10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 27, 2014

Commission file number 1-12551

CENVEO, INC.

(Exact name of Registrant as specified in its charter.)

COLORADO	84-1250533
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
200 FIRST STAMFORD PLACE
STAMFORD, CT	06902
(Address of principal executive offices)	(Zip Code)
203-595-3000
(Registrant’s telephone number, including area code)

Securities Registered Pursuant to Section 12(b) of the Act:

Title of Each Class	Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per share	New York Stock Exchange

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes o No ý

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes o No ý

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes ý No o

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of "accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange Act.  Large accelerated filer  o Accelerated filer ý Non-accelerated filer o Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No ý

As of June 28, 2014, the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was approximately $201,749,227 based on the closing sale price as reported on the New York Stock Exchange.

As of February 17, 2015, the registrant had 67,760,229 shares of common stock, par value $0.01 per share, outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Certain information required by Part II (Item 5) and Part III of this form (Items 11, 12, 13 and 14, and part of Item 10) is incorporated by reference from the Registrant’s Proxy Statement to be filed pursuant to Regulation 14A with respect to the Registrant’s Annual Meeting of Shareholders to be held on or about April 30, 2015.

CENVEO, INC. AND SUBSIDIARIES

TABLE OF CONTENTS

	PART I
		Page
Item 1.	Business	2
Item 1A.	Risk Factors	8
Item 1B.	Unresolved Staff Comments	11
Item 2.	Properties	11
Item 3.	Legal Proceedings	11
Item 4.	Mine Safety Disclosures	11
	PART II
Item 5.	Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities	12
Item 6.	Selected Financial Data	14
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	34
Item 8.	Financial Statements and Supplementary Data	35
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	88
Item 9A.	Controls and Procedures	88
Item 9B.	Other Information	91
	PART III
Item 10.	Directors, Executive Officers and Corporate Governance	91
Item 11.	Executive Compensation	91
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters	91
Item 13.	Certain Relationships and Related Transactions, and Director Independence	91
Item 14.	Principal Accountant Fees and Services	91
	PART IV
Item 15.	Exhibits and Financial Statement Schedules	91

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PART I

Item 1.  Business

Overview

We are a diversified manufacturing company focused on print-related products. Our broad portfolio of products includes envelope converting, commercial printing, label manufacturing and specialty packaging. We operate a global network of strategically located manufacturing facilities, serving a diverse base of over 100,000 customers. We operate our business in three complementary reportable segments: envelope, print, and label and packaging.

Envelope. We are the largest envelope manufacturer in North America. On September 16, 2013, we enhanced our manufacturing capabilities and reduced capacity in the envelope industry with the acquisition of certain assets of National Envelope Corporation, which we refer to as National. Our envelope segment had net sales of $929.5 million, $749.9 million and $658.2 million and operating income of $29.6 million, $39.8 million and $45.5 million, in 2014, 2013 and 2012, respectively. Total assets for our envelope segment were $449.8 million and $472.3 million, as of the years ended 2014 and 2013, respectively. Our envelope segment represented approximately 47.7% of our consolidated net sales for the year ended 2014.

Our envelope segment offers direct mail products used for customer solicitations and transactional envelopes used for billing and remittance by end users including financial institutions, insurance companies and telecommunications companies. We also produce a broad line of specialty and stock envelopes which are sold through wholesalers, distributors and national catalogs for the office product markets and office product superstores.

Print. We are one of the leading commercial printers in North America. Our print segment had net sales of $534.0 million, $529.8 million and $585.6 million and operating income (loss) of $19.2 million, $(6.0) million and $32.8 million, in 2014, 2013 and 2012, respectively. Total assets for our print segment were $291.9 million and $320.7 million, as of the years ended 2014 and 2013, respectively. Our print segment represented approximately 27.4% of our consolidated net sales for the year ended 2014.

Our print segment primarily caters to the consumer products, automotive, travel and leisure and telecommunications industries. We provide a wide array of print offerings to our customers including electronic prepress, digital asset archiving, direct-to-plate technology, high-quality color printing on web and sheet-fed presses, digital printing and content management. The broad selection of print products we produce includes car brochures, annual reports, direct mail products, advertising literature, corporate identity materials and brand marketing materials.  Our content management business offers complete solutions, including: editing, content processing, content management, electronic peer review, production, distribution and reprint marketing.

Label and Packaging.  We are a leading label manufacturer and the largest North American prescription label manufacturer for retail pharmacy chains. On December 31, 2012, we added to our label business with the acquisition of Express Label Company, which we refer to as Express Label. Our specialty packaging business currently focuses on specialty folded carton packaging and shrink-sleeve packaging. Our label and packaging segment had net sales of $485.5 million, $498.2 million and $494.4 million and operating income of $37.0 million, $32.6 million and $54.7 million in 2014, 2013 and 2012, respectively. Total assets for our label and packaging segment were $355.3 million and $356.2 million, as of the years ended 2014 and 2013, respectively. Our label and packaging segment represented approximately 24.9% of our consolidated net sales for the year ended 2014.

Our label and packaging segment produces a diverse line of custom labels for a broad range of industries including manufacturing, warehousing, packaging, food and beverage, and health and beauty, which we sell through extensive networks within the resale channels. We provide direct mail and overnight packaging labels, food and beverage labels, and shelf and scale labels for national and regional customers. We produce pressure-sensitive prescription labels for the retail pharmacy chain market. We produce premium, high-quality promotional packaging offerings including: folded carton and full body shrink-sleeves. Our primary customers for our specialty packaging products are pharmaceutical, apparel, neutraceutical and other large, multinational consumer product companies.

The primary methods of distribution of the principal products for our three segments are by freight carriers, direct shipment via express mail and the United States postal system.

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Acquisitions and Divestitures

Acquisitions

On September 16, 2013, we acquired certain assets of National. National's accounts receivable and inventory were purchased by unrelated third parties in conjunction with our acquisition. National manufactured and distributed envelope products for the wholesale, billing, financial, direct mail and office products markets and had approximately 1,600 employees. We believe the acquisition of certain assets of National enhanced our manufacturing capabilities and reduced capacity in the envelope industry.

On December 31, 2012, we acquired all of the assets of Express Label, which had annual net sales of approximately $5.4 million prior to our acquisition. Express Label is a label business focusing on food and grocery customers and was acquired to further enhance our label operations.

Divestitures

On September 28, 2013, we completed the sale of our Custom Envelope Group, which we refer to as Custom Envelope. Additionally, during the second quarter of 2013, we decided to exit the San Francisco market and closed a manufacturing facility located there. As a result, the financial results of Custom Envelope and the San Francisco facility have been accounted for as discontinued operations. Our historical, consolidated financial statements have been reclassified to reflect these discontinued operations separately from continuing operations for all periods presented. See Note 3 of our consolidated financial statements for further discussion.

In February of 2012, we completed the sale of our documents and forms business, which we refer to as the Documents Group. In January of 2012, we completed the sale of our wide-format papers business.

Collectively, we refer to these businesses as the Discontinued Operations.

Our Business Strategy

Our business strategy has been, and continues to be, focused on improving sales performance, pursuing and integrating strategic acquisitions, improving our cost and capital structure, and maintaining reasonable levels of financial flexibility. We believe this strategy has allowed us to diversify our revenue base, maintain our low cost structure and deliver quality product offerings to our customers.

Improving Sales Performance

Our sales focus has been, and will continue to be, on our customers' experience across each of our businesses, ensuring we meet our customers' demands. We conduct regular reviews of our product offerings, manufacturing processes and distribution methods to ensure they meet the changing needs of our customers. By expanding our product offerings, we intend to increase cross-selling opportunities to better serve our existing customer base. Additionally, we will continue to make investments in our e-commerce platform and sales force resources to maintain and expand our customer base.

Pursuing Strategic Acquisitions

We continue to selectively review opportunities to expand within growing niche markets, broaden our product offerings and increase our economies of scale through acquisitions. Our acquisition strategy is focused on product expansion or expanding our position in the current markets in which we operate. We believe this focused approach to acquisitions will allow us to grow at a faster pace than the broader industries in which we do business, and continue to leverage our competitive advantage by utilizing our existing infrastructure, operating expertise and customer relationships. We intend to continue practicing acquisition disciplines and pursuing opportunities for greater expected profitability and cash flow and improved operating efficiencies, such as increased utilization of our manufacturing assets. We believe our acquisition strategy will allow us to both realize increased revenue and cost-saving synergies, and apply our management expertise to improve the operations of acquired entities.

Improving our Cost Structure

We continue to review strategic alternatives for business lines we believe are underperforming or non-strategic to our future operations. Over the past eight years, we have initiated cost savings, restructuring and acquisition integration plans that have included the closure of a significant number of manufacturing facilities throughout our operating platform and a significant number of headcount reductions. We continue to work with our core suppliers to improve all aspects of our purchasing spend and

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other logistical capabilities as well as to ensure a stable source of supply. We seek to lower costs through more favorable pricing and payment terms, more effective inventory management and improved communications with vendors.

Improving our Capital Structure

We are focused on improving our capital structure through a number of initiatives including working capital improvements, exiting underperforming or non-strategic businesses, and taking advantage of attractive leveraged loan and high yield debt market conditions.

Our Industry

The overall industry for print-related products is highly fragmented with excess capacity. We face price sensitivity and price pressures in many of our businesses. The information set forth below is applicable to the operating environments within our segments.

Raw Materials

The primary materials used in our businesses are paper, ink, film, offset plates, chemicals and cartons, with paper accounting for the majority of total material costs.  We purchase these materials from a number of key suppliers and have not experienced any significant difficulties in obtaining the raw materials necessary for our operations. However, in times of limited supply, we have occasionally experienced minor delays in delivery.  We believe we purchase our materials and supplies at competitive prices, primarily due to the size and scope of our purchasing power; however, many of our businesses experience pricing pressure related to increases in the cost of materials used in the production of our products.

The uncoated free sheet paper market, which is the primary input for our envelope segment and certain other products, experienced supply reductions beginning in the fourth quarter of 2013, and into the first quarter of 2014. As a result, our suppliers announced price increases which became effective for us during our fourth quarter of 2013. We began to pass along these increases, as well as other ancillary raw material cost increases, which we were unable to pass through to our envelope customers over the previous two years, in the fourth quarter of 2013. We believe we have passed along price increases which have more than offset the average year-over-year increase in uncoated free sheet paper prices, as well as the ancillary raw material cost increases from previous years. However, we cannot be assured we will be successful in passing on future price increases, and any increase in price may have an adverse impact on future product demand from our customers.

Patents, Trademarks and Trade Names

Our sales do not materially depend upon any single patent or group of related patents; however, we do market products under a number of trademarks and trade names. We also hold or have rights to use various patents relating to our businesses. Our patents expire between 2016 and 2032 and our trademarks expire between 2015 and 2028.

Seasonality

Our envelope market and certain segments of the direct mail market have historically experienced seasonality with a higher percentage of volume of products sold to these markets during the fourth quarter of the year, primarily related to holiday purchases.

Our print plants experience seasonal variations. Revenues associated with consumer publications, such as holiday catalogs and automobile brochures tend to be concentrated from July through October. Revenues from annual reports are generally concentrated from February through April. Revenues associated with the educational and scholastic market and promotional materials tend to decline in the summer. As a result of these seasonal variations, some of our print operations operate at or near capacity at certain times throughout the year.

Our general label business has historically experienced a seasonal increase in net sales during the first and second quarters of the year, primarily resulting from the release of our product catalogs to the trade channel customers and our customers’ spring advertising campaigns. Our prescription label business has historically experienced seasonality in net sales due to cold and flu seasons, generally concentrated in the fourth and first quarters of the year. As a result of these seasonal variations, some of our label operations operate at or near capacity at certain times throughout the year. Our packaging business has not historically experienced seasonal variations.

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Backlog

Backlog generally is not considered a significant factor in our business due to the relatively short delivery periods and frequent inventory turnover many of our businesses experience. Our backlog of customer orders to be produced or shipped was approximately $110.2 million and $119.4 million as of the years ended 2014 and 2013, respectively.

Competition

We compete with a few multi-plant and many single-plant companies which primarily service regional and local markets in selling our envelope products. We also face competition from alternative sources of communication and information transfer such as electronic mail, the internet, interactive television and electronic retailing. Although these sources of communication and advertising may eliminate some domestic envelope sales in the future, we believe we will experience continued demand for envelope products due to: (i) the ability of our customers to obtain a relatively low-cost information delivery vehicle that may be customized with text, color, graphics and action devices to achieve the desired presentation effect; (ii) the ability of our direct mail customers to penetrate desired markets as a result of the widespread delivery of mail to residences and businesses through the United States Postal Service; and (iii) the ability of our direct mail customers to include return materials inside their mailings. Principal competitive factors in the envelope business are quality, service and price. Although all three factors are equally important, various customers may emphasize one or more over the others.

In selling our commercial print product offerings, we compete with large multinational commercial printing companies, as well as regional and local printers. The commercial printing industry continues to have excess capacity, and is highly competitive in most of our product categories and geographic regions. This excess capacity has resulted in a competitive pricing environment, in which companies have focused on reducing costs in order to preserve operating margins. Competition is based largely on price, quality and servicing the special requirements of customers. We believe this environment, combined with recent economic trends, will continue to lead to more consolidation within the commercial print industry as companies seek economies of scale, broader customer relationships, geographic coverage and product breadth to overcome or offset excess industry capacity and pricing pressures.

In selling our printed labels products, we compete with other label manufacturers with nationwide locations as well as regional and local printers that typically sell within a few hundred mile radius of their plants. Printed labels competition is based mainly on quick-turn customization, quality of products and customer service levels.

Employees

We employed approximately 8,100 people worldwide as of the year ended 2014, approximately 23% of whom were members of various local labor unions. Collective bargaining agreements, each of which cover the workers at a particular facility, expire from time to time and are negotiated separately. Accordingly, we believe no single collective bargaining agreement is material to our operations as a whole.

Environmental Regulations

Our operations are subject to federal, state, local and foreign environmental laws and regulations, including those relating to air emissions, waste generation, handling, management and disposal, and remediation of contaminated sites. We have implemented environmental programs designed to ensure that we operate in compliance with the applicable laws and regulations governing environmental protection. We believe we are in substantial compliance with applicable laws and regulations relating to environmental protection, and we do not anticipate material capital expenditures will be required to achieve or maintain compliance with environmental laws and regulations. However, there can be no assurance newly discovered conditions, or new laws and regulations or stricter interpretations of existing laws and regulations, will not result in increased compliance or remediation costs.

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Executive Officers

The following presents a list of our executive officers, their age, present position, the year elected to their present position and other positions they have held during the past five years.  Robert G. Burton, Jr. and Michael G. Burton are the sons of Robert G. Burton, Sr. There are no undisclosed arrangements or understandings pursuant to which any person was selected as an officer. This information is presented as of the date of the Form 10-K filing.

Name	Age	Position	Year Elected to Present Position
Robert G. Burton, Sr.	74	Chairman and Chief Executive Officer	2005
Robert G. Burton, Jr.	39	President	2011
Scott J. Goodwin	37	Chief Financial Officer	2012
Michael G. Burton	37	Chief Operating Officer	2014
Ian R. Scheinmann	46	Senior Vice President, Legal Affairs	2010

Robert G. Burton,Sr.  Mr. Burton, 74, has been Cenveo’s Chairman and Chief Executive Officer since September 2005. In January 2003, he formed Burton Capital Management, LLC, a company which invests in manufacturing companies, and has been its Chairman, Chief Executive Officer and sole managing member since its formation. From December 2000 through December 2002, Mr. Burton was the Chairman, President, and Chief Executive Officer of Moore Corporation Limited, a leading printing company with over $2.0 billion in revenue for fiscal year 2002.  Preceding his employment at Moore, Mr. Burton was Chairman, President, and Chief Executive Officer of Walter Industries, Inc., a diversified holding company.  From April 1991 through October 1999, he was the Chairman, President, and Chief Executive Officer of World Color Press, Inc., a $3.0 billion diversified printing company. From 1981 through 1991, he held a series of senior executive positions at Capital Cities/ABC, including President of ABC Publishing.  Mr. Burton was also employed for 10 years as a senior executive of SRA, the publishing division of IBM.

Robert G. Burton, Jr. Mr. Burton, Jr., 39, has served as Cenveo’s President since August 10, 2011. From December 2010 to August 2011, Mr. Burton was President of Corporate Operations, with a primary focus on M&A, Treasury, IT, Human Resources, Legal and Investor Relations. From September 2005 to December 2010, Mr. Burton was EVP of Investor Relations, Treasury, HR and Legal at Cenveo. He has been a member of the Chairman’s Executive Committee since joining Cenveo. From 2004 to 2005, Mr. Burton was also President of Burton Capital Management, LLC and was the primary investment officer before he joined Cenveo on September 12, 2005. Mr. Burton has over 16 years of business experience as an Investor Relations, M&A and financial professional. Mr. Burton also served as the Senior Vice President, Investor Relations and Corporate Communications for Moore Wallace Incorporated (and its predecessor, Moore Corporation) from December 2001 to May 2003. Mr. Burton served as Vice President, Investor Relations of Walter Industries in 2000. From 1996 through December 1999, Mr. Burton held various management positions at World Color Press, Inc., including Vice President, Investor Relations. Mr. Burton earned a Bachelor of Arts degree from Vanderbilt University.

Scott J. Goodwin.Mr. Goodwin, 37, has served as Cenveo's Chief Financial Officer since August 2012 and was Chief Accounting Officer from April 2012 to August 2012.  From June 2009 to April 2012, Mr. Goodwin served as Cenveo's Corporate Controller. Mr. Goodwin joined Cenveo as its Assistant Corporate Controller in June 2006.  Prior to joining Cenveo, Mr. Goodwin spent seven years in public accounting at Deloitte & Touche LLP.  Mr. Goodwin is a Certified Public Accountant and received his degree in accounting from The Citadel.

Michael G. Burton. Mr. Burton, 37, has served as Cenveo’s Chief Operating Officer since July 2014. From July 2013 to July 2014, Mr. Burton served as President, Print, Label and Packaging Group. In November 2010 Mr. Burton became President of the Label division and subsequently became responsible for the Packaging division in January 2012. From September 2005 to November 2010, Mr. Burton was Senior Vice President, Operations with a primary focus on, Procurement, Information Technology, Environmental Health & Safety, and Human Resources. From 2003 to 2005, Mr. Burton was also Executive Vice President, Operations of Burton Capital Management, LLC. He was a founding member of this group before he joined Cenveo on September 12, 2005. Mr. Burton was previously Vice President of Commercial & Subsidiary Operations, a $600 million division of Moore Corporation Limited. Mr. Burton received his Bachelor of Arts degree from the University of Connecticut where he was captain of the football team.

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Ian R. Scheinmann. Mr. Scheinmann, 46, has served as Cenveo’s Senior Vice President, Legal Affairs since August 2010. From May 2010 until August 2010, he served as Cenveo’s in-house real estate counsel.  Prior to joining Cenveo, Mr. Scheinmann was Cenveo’s outside real estate counsel as a member of Rudoler & DeRosa, LLC where his practice covered a wide range of real estate and business transactions.  Prior to joining Rudoler & DeRosa, Mr. Scheinmann was a real estate shareholder with Greenberg Traurig, LLP from August 2002 until March 2009. From 1995 until 2002, he was engaged in private practice with (i) Dilworth Paxson, LLP (September 2000 until July 2002); (ii) Anderson, Kill and Olick, P.C. (November 1996 until May 2000); and (iii) Weiner Lesniak (October 1995 until October 1996).  Mr. Scheinmann received his B.S.B.A. from the John M. Olin School of Business at Washington University, St. Louis, Missouri and his J.D. with honors from Seton Hall University School of Law.

Cautionary Statements

Certain statements in this report, particularly statements found in "Risk Factors," "Business" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations," may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, we or our representatives have made or continue to make forward-looking statements, orally or in writing, in other contexts. These forward-looking statements generally can be identified by the use of terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "plan," "foresee," "believe" or "continue" and similar expressions, or as other statements which do not relate solely to historical facts. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict or quantify. Management believes these statements to be reasonable when made. However, actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements. As a result, these statements speak only as of the date they were made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In view of such uncertainties, investors should not place undue reliance on our forward-looking statements.

Such forward-looking statements involve known and unknown risks, including, but not limited to, those identified in "Risk Factors," along with changes in general economic, business and labor conditions. More information regarding these and other risks can be found below under "Risk Factors" in Item 1A, "Business," "Management’s Discussion and Analysis of Financial Condition and Results of Operations" and other sections of this report.

Available Information

Our Internet address is: www.cenveo.com. References to our website address do not constitute incorporation by reference of the information contained on the website, and the information contained on the website is not part of this document. We make available free of charge through our website our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed pursuant to the Securities Exchange Act of 1934, as amended, which we refer to as the Exchange Act, as soon as reasonably practicable after such documents are filed electronically with the Securities and Exchange Commission, which we refer to as the SEC. Our Code of Business Conduct and Ethics is also posted on our website. In addition, our earnings conference calls are archived for replay on our website. In May 2014, we submitted to the New York Stock Exchange a certificate of our Chief Executive Officer certifying he is not aware of any violation by us of New York Stock Exchange corporate governance listing standards. We also filed as exhibits to our annual report on Form 10-K for our year ended 2013 certificates of the Chief Executive Officer and Chief Financial Officer as required under Section 302 of the Sarbanes-Oxley Act.

The public may read and copy any materials we file with the SEC at the SEC’s Public Reference Room at 100 F Street, NE, Washington, D.C. 20549. The public may obtain information about the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC maintains an Internet site (http://www.sec.gov) which contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC.

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Item 1A.   Risk Factors

Many factors which affect our business and operations involve risks and uncertainties. The factors described below are some of the risks that could materially harm our business, financial conditions, results of operations or prospects.

The recent United States and global economic conditions have adversely affected us and could continue to do so.

The current United States and global economic conditions have affected and, most likely, will continue to affect our results of operations and financial position. A significant part of our business relies on our customers’ printing spend. The prolonged downturn in the United States and global economies and an uncertain economic outlook has reduced the demand for printed materials and related offerings that we provide our customers. Consequently, the reductions and delays in our customers’ spending have adversely impacted and could continue to adversely impact our results of operations, financial position and cash flows. We believe the extended economic uncertainty will continue to impact our operating results.

Our substantial level of indebtedness could impair our financial condition, and prevent us from fulfilling our business obligations.

We currently have a substantial amount of debt, which requires significant principal and interest payments.  As of our year ended 2014, our total indebtedness was approximately $1.2 billion.  Our level of indebtedness could affect our future operations, for example by:

• requiring a substantial portion of our cash flow from operations to be dedicated to the payment of principal and interest on indebtedness instead of funding working capital, capital expenditures, acquisitions and other business purposes;

• making it more difficult for us to satisfy all of our debt obligations, thereby increasing the risk of triggering a cross-default provision;

• increasing our vulnerability to economic downturns or other adverse developments relative to less leveraged competitors;

• limiting our ability to obtain additional financing for working capital, capital expenditures, acquisitions or other corporate purposes in the future; and

• increasing our cost of borrowing to satisfy business needs.

We may be unable to service or refinance our debt.

Our ability to make scheduled payments on, or to reduce or refinance, our indebtedness will depend on our future financial and operating performance, and prevailing market conditions. Our future performance will be affected by the impact of general economic, financial, competitive and other factors beyond our control, including the availability of financing in bank and capital markets. We cannot be certain our business will generate sufficient cash flow from operations in an amount necessary to service our debt.  If we are unable to meet our debt obligations or to fund our other liquidity needs, we may be required to restructure or refinance all, or a portion of, our debt to avoid defaulting on our debt obligations or to meet other business needs.  Such a refinancing of our indebtedness could result in higher interest rates, could require us to comply with more onerous covenants further restricting our business operations, could be restricted by another one of our debt instruments outstanding, or refinancing opportunities may not be available at all.

The terms of our indebtedness impose significant restrictions on our operating and financial flexibility.

The agreements governing our principal debt obligations contain various covenants which limit our ability to, among other things:

• incur or guarantee additional indebtedness;

• make restricted payments, including dividends and prepaying indebtedness;

• create or permit certain liens;

• enter into business combinations and asset sale transactions;

• make investments, including capital expenditures;

• amend organizational documents and change accounting methods;

• enter into transactions with affiliates; and,

• enter into new businesses.

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These restrictions could limit our ability to obtain future financing, make acquisitions or incur needed capital expenditures, withstand a future downturn in our business or the economy in general, conduct operations or otherwise take advantage of business opportunities which may arise. Our senior secured asset-based revolving credit facility also contains a minimum consolidated fixed charge coverage ratio which, under certain circumstances, we must comply with on a quarterly basis. Our ability to meet such fixed charge coverage ratio may be affected by events beyond our control, such as further deterioration in general economic conditions. We are also required to provide certain financial information on a quarterly basis. Our failure to maintain the fixed charge coverage ratio or effective internal controls could, in certain circumstances, prevent us from borrowing additional amounts, and could result in a default under our senior secured asset-based revolving credit facility. A default could cause the indebtedness outstanding under the senior secured asset-based revolving credit facility, and, by reason of cross-acceleration or cross-default provisions, the junior priority secured notes, the senior priority secured notes, the senior notes and the senior exchangeable notes, and any other indebtedness we may then have, to become immediately due and payable. If we are unable to repay those amounts, the lenders under our senior secured asset-based revolving credit facility, junior priority secured notes indenture and senior priority secured notes indenture could initiate a bankruptcy or liquidation proceeding, or proceed against the collateral granted to them which secures that indebtedness. If the lenders under our senior secured asset-based revolving credit facility agreement, junior priority secured notes indenture and/or senior priority secured notes indenture were to accelerate the repayment of outstanding borrowings, we might not have sufficient assets to repay our indebtedness.

There are additional borrowings available to us which could further exacerbate our risk exposure from debt.

Despite current indebtedness levels, we may incur substantial additional indebtedness in the future. Our junior priority secured notes indenture, senior priority secured notes indenture, senior secured asset-based revolving credit facility, senior notes indenture and our other debt instruments limit, but do not prohibit, us from incurring additional debt. If we incur additional debt above our current outstanding levels, the risks associated with our substantial leverage would increase.

To the extent we make select acquisitions, we may not be able to successfully integrate the acquired businesses into our business.

In the past, we have grown rapidly through acquisitions. We intend to continue to pursue select acquisition opportunities within our core and niche businesses.  To the extent we seek to pursue additional acquisitions, we cannot be certain target businesses will be available on favorable terms or that, if we are able to acquire businesses on favorable terms, we will be able to successfully integrate or profitably manage them.  Successfully integrating an acquisition involves minimizing disruptions and efficiently managing substantial changes, some of which may be beyond our control. An acquisition always carries the risk that such changes, including facility and equipment location, management and employee base, policies, philosophies and procedures, could have unanticipated effects, could require more resources than intended and could cause customers to temporarily or permanently seek alternate suppliers.  A failure to realize acquisition synergies and savings could negatively impact the results of both our acquired and existing operations.

A decline in our consolidated profitability or profitability within one of our individual reporting units could result in the impairment of assets, including goodwill and other long-lived assets.

We have material amounts of goodwill and other long-lived assets on our consolidated balance sheet. A decline in expected profitability, particularly the impact of an extended uncertainty in the United States and global economies, could call into question the recoverability of our related goodwill and other long-lived assets and require us to write down or write-off these assets.

The industries in which we operate our business are highly competitive and extremely fragmented.

The industries in which we compete are highly competitive and extremely fragmented. In the envelope market, we compete primarily with a few multi-plant and many single-plant companies servicing regional and local markets. In the commercial printing market, we compete against a few large, diversified and financially stronger printing companies, as well as smaller regional and local commercial printers, many of which are capable of competing with us on volume, price and production quality.  We believe there currently is excess capacity in the industries in which we operate, which has resulted in substantial price competition which may continue as customers put product work out for competitive bid.  We are constantly seeking ways to reduce our costs, become more efficient and attract customers.  We cannot, however, be certain these efforts will be successful or our competitors will not be more successful in their similar efforts.  If we fail to reduce costs and increase productivity, or to meet customer demand for new value-added products, services or technologies, we may face decreased revenues and profit margins in markets where we encounter price competition, which in turn could reduce our cash flow and profitability.

The printing business we compete in generally does not have long-term customer agreements, and our printing operations may be subject to quarterly and cyclical fluctuations.

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The printing industry in which we compete is generally characterized by individual orders from customers or short-term contracts.  A significant portion of our customers are not contractually obligated to purchase products or services from us.  Most customer orders are for specific printing jobs, and repeat business largely depends on our customers’ satisfaction with our work product.  Although our business does not depend on any one customer or group of customers, we cannot be sure that any particular customer will continue to do business with us for any period of time. In addition, the timing of particular jobs or types of jobs at particular times of year may cause significant fluctuations in the operating results of our operations in any given quarter.  We depend to some extent on sales to certain industries, such as the financial services, advertising, pharmaceutical, automotive and office products industries.  To the extent these industries experience downturns, the results of our operations may be adversely affected.

Factors affecting the United States Postal Service can impact demand for our products.

Postal costs are a significant component of many of our customers’ cost structure. Historically, increases in postal rates have resulted in reductions in the volume of mail sent, including direct mail, which is a meaningful portion of our envelope volume. As postal rate increases in the United States are outside our control, we can provide no assurance that any future increases in United States postal rates will not have a negative effect on the level of mail sent or the volume of envelopes purchased.  

Factors other than postal rates which affect the volume of mail sent through the United States postal system may also negatively affect our business. Congress enacted a federal "Do Not Call" registry in response to consumer backlash against telemarketers and is contemplating enacting so-called "anti-spam" legislation in response to consumer complaints about unsolicited e-mail advertisements.  If similar legislation becomes enacted for direct mail advertisers, our business could be adversely affected. Additionally, the United States Postal Service has also indicated the potential need to reduce delivery days from six to five.  We can provide no assurance that such a change would not impact our customers’ decisions to use direct mail products, which may in turn cause a decrease in our revenues and profitability; however, we do not expect such an impact.

The availability of the internet and other electronic media may adversely affect our business.

Our business is highly dependent upon the demand for envelopes sent through the mail.  Such demand comes from utility companies, banks and other financial institutions, among other companies.  Our printing business also depends upon demand for printed advertising among other products.  Consumers increasingly use the internet and other electronic media to purchase goods and services, and for other purposes, such as paying bills and obtaining electronic versions of printed product.  The level of acceptance of electronic media by consumers as well as the extent that consumers are replacing traditional printed reading materials with internet hosted media content or e-reading devices is difficult to predict. Advertisers use the internet and other electronic media for targeted campaigns directed at specific electronic user groups.  We cannot be certain the acceleration of the trend towards electronic media will not cause a decrease in the demand for our products.  If demand for our products decreases, our cash flow or profitability could materially decrease.

Increases in paper costs and any decreases in the availability of our raw materials could have a material effect on ourbusiness.

Paper costs represent a significant portion of our cost of materials. Changes in paper pricing generally do not affect the operating margins of our commercial printing business, because the transactional nature of the business allows us to pass on most announced increases in paper prices to our customers. However, our ability to pass on increases in paper prices is dependent upon the competitive environment at any given time. Paper pricing also affects the operating margins of our envelope business. We have historically been less successful in immediately passing on such paper price increases due to several factors, including contractual restrictions in certain cases and the inability to quickly update catalog prices in other instances. Moreover, rising paper costs, and their consequent impact on our pricing, could lead to a decrease in demand for our products.

We depend on the availability of paper in manufacturing most of our products.  During periods of tight paper supply, many paper producers allocate shipments of paper based on the historical purchase levels of customers.  In the past, we have occasionally experienced minor delays in delivery.  Any future delay in availability could negatively impact our cash flow and profitability.

We depend on good labor relations.

As of our year ended 2014, we employed approximately 8,100 people worldwide, approximately 23% of whom were members of various local labor unions.  If our unionized employees were to engage in a concerted strike or other work stoppage, or if other employees were to become unionized, we could experience a disruption of operations, higher labor costs or both.  A lengthy strike could result in a material decrease in our cash flow or profitability.

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Environmental laws may affect our business.

Our operations are subject to federal, state, local and foreign environmental laws and regulations, including those relating to air emissions, wastewater discharge, waste generation, handling, management and disposal, and remediation of contaminated sites. Currently unknown environmental conditions or matters at our existing and prior facilities, new laws and regulations, or stricter interpretations of existing laws and regulations could result in increased compliance or remediation costs which, if substantial, could have a material effect on our business or operations in the future.

We are dependent on key management personnel.

Our success will depend to a significant degree on our executive officers and other key management personnel.  We cannot be certain we will be able to retain our executive officers and key personnel, or attract additional qualified management in the future.  In addition, the success of any acquisitions we may pursue may depend, in part, on our ability to retain management personnel of the acquired companies. We do not carry key person insurance on any of our managerial personnel.

Our business could be materially adversely affected by any failure, interruption or security lapse of our information technology systems.

We are increasingly dependent on information technology systems to process transactions, manage inventory, purchase, sell and ship goods on a timely basis and maintain cost-efficient operations. We use information systems to support decision making and to monitor business performance. Our information technology systems depend on global communications providers, telephone systems, hardware, software and other aspects of internet infrastructure which can experience significant system failures and outages.  Our systems are susceptible to outages due to fire, floods, power loss, telecommunications failures and similar events.  Despite the implementation of network security measures, our systems are vulnerable to computer viruses and similar disruptions from unauthorized tampering with our systems.  In addition, cybersecurity threats are evolving and include, but are not limited to, malicious software, attempts to gain unauthorized access to data, denial of service attacks and other electronic security breaches which could lead to disruptions in critical systems, unauthorized release of confidential or otherwise protected information and corruption of data. The occurrence of these or other events could disrupt or damage our information technology systems and inhibit internal operations, the ability to provide customer service or provide management with accurate financial and operational information essential for making decisions at various levels of management.

Item 1B.   Unresolved Staff Comments

None.

Item 2. Properties

We currently occupy 54 manufacturing facilities, primarily in North America, of which 19 are owned and 35 are leased. We also lease our corporate headquarters space in Stamford, Connecticut. We believe we have adequate facilities to conduct our current and future operations.

Item 3. Legal Proceedings

From time to time we may be involved in claims or lawsuits that arise in the ordinary course of business. Accruals for claims or lawsuits have been provided for to the extent losses are deemed probable and estimable. Although the ultimate outcome of these claims or lawsuits cannot be ascertained, on the basis of present information and advice received from counsel, it is our opinion that the disposition or ultimate determination of such claims or lawsuits will not have a material effect on our consolidated financial statements.

In the case of administrative proceedings related to environmental matters involving governmental authorities, we do not believe that any imposition of monetary damages or fines would be material.

Item 4. Mine Safety Disclosures

Not applicable.

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PART II

Item 5. Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities

The certificate of incorporation of Cenveo, Inc. and its subsidiaries, which we refer to as Cenveo, states that the total authorized capital stock is 100 million shares of common stock, $0.01 par value per share, which we refer to as Common Stock. Each share of voting Common Stock is entitled to one vote in respect of each share of Cenveo voting Common Stock held of record on all matters submitted to a vote of stockholders.

Our Common Stock is traded on the New York Stock Exchange, which we refer to as NYSE under the symbol "CVO." As of February 6, 2015, there were 584 shareholders of record and, as of that date, we estimate there were approximately 9,922 beneficial owners holding stock in nominee or "street" name. The following table sets forth, for the periods indicated, the range of the high and low closing prices for our Common Stock as reported by the NYSE:

2014	High		Low
First Quarter	$	3.85	$	3.04
Second Quarter	3.77		2.89
Third Quarter	3.80		2.66
Fourth Quarter	2.61		1.40
2013	High		Low
First Quarter	$	3.03	$	1.98
Second Quarter	2.40		1.99
Third Quarter	3.00		2.02
Fourth Quarter	3.53		2.75

We have not paid a dividend on our Common Stock since our incorporation and do not anticipate paying dividends in the foreseeable future as the instruments governing a portion of our debt obligations limit our ability to pay Common Stock dividends.

See Note 12 to our consolidated financial statements included in Item 8 of this Annual Report on Form 10-K for information regarding our stock compensation plans. Compensation information required by Item 11 will be presented in our 2015 definitive proxy statement, which is incorporated herein by reference.

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The graph below compares five-year returns of our Common Stock with those of the S&P 500 Index and the S&P 1500 Commercial Printing Index. The graph assumes that $100 was invested as of our year ended 2009 in each of our Common Stock, the S&P 500 Index, and the S&P 1500 Commercial Printing Index and that all dividends were reinvested. The S&P 1500 Commercial Printing Index is a capitalization weighted index designed to measure the performance of all NASDAQ-traded stocks in the commercial printing sector.

	Years Ended
	2009	2010	2011	2012	2013	2014
Cenveo	100.00	61.03	38.86	30.86	39.31	24.00
S&P 500 Index	100.00	115.06	117.49	136.29	180.43	205.13
S&P 1500 Commercial Printing Index	100.00	101.11	108.59	98.16	199.56	204.31

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Item 6.  Selected Financial Data

The following table sets forth our selected financial and operating data for the years ended December 27, 2014, December 28, 2013, December 29, 2012, December 31, 2011 and January 1, 2011, which we refer to as the years ended 2014, 2013, 2012, 2011 and 2010, respectively.

The following consolidated selected financial data has been derived from, and should be read in conjunction with, the related consolidated financial statements, either elsewhere in this report or in reports we have previously filed with the SEC. Additionally, it reflects the reclassification of Custom Envelope, our San Francisco manufacturing facility, Documents Group and our wide-format papers business to discontinued operations, for all periods presented.

CENVEO, INC. AND SUBSIDIARIES (in thousands, except per share data)
	Years Ended
Statement of Operations:	2014			2013				2012				2011				2010
Net sales	$	1,949,040		$	1,777,808			$	1,738,293			$	1,844,371			$	1,643,286
Restructuring and other charges	22,458			13,100				27,100				17,812				44,731
Impairment of goodwill and intangible assets	—			33,367				—				—				181,419
Operating income (loss)	43,758			29,363				101,185				105,162				(130,504		)
Loss (gain) on early extinguishment of debt, net	27,449			11,324				12,487				(4,011		)		9,592
Loss from continuing operations	(86,319		)	(85,527		)	(1)	(80,528		)	(3)	(8,694		)		(205,387		)
Income from discontinued operations, net of taxes	2,456			16,741			(2)	641			(4)	129			(5)	19,011
Net loss	(83,863		)	(68,786		)	(1) (2)	(79,887		)	(3) (4)	(8,565		)	(5)	(186,377		)
Loss per share from continuing operations:
Basic	(1.29		)	(1.32		)		(1.27		)		(0.14		)		(3.29		)
Diluted	(1.29		)	(1.32		)		(1.27		)		(0.14		)		(3.29		)
Income per share from discontinued operations:
Basic	0.04			0.25				0.01				—				0.30
Diluted	0.04			0.25				0.01				—				0.30
Net loss per share:
Basic	(1.25		)	(1.07		)		(1.26		)		(0.14		)		(2.99		)
Diluted	(1.25		)	(1.07		)		(1.26		)		(0.14		)		(2.99		)
Balance Sheet data:
Total assets	$	1,157,891		$	1,213,704			$	1,200,555			$	1,391,104			$	1,412,270
Total long-term debt, including current maturities	1,234,339			1,185,525				1,183,618				1,246,343				1,294,003

__________________________

(1) Includes $40.6 million valuation allowance charge related to deferred tax assets.

(2) Includes $14.9 million gain on sale of discontinued operations, net of tax expense of $10.7 million.

(3) Includes $56.5 million valuation allowance charge related to deferred tax assets.

(4) Includes $6.3 million loss on sale of discontinued operations, net of tax benefit of $2.6 million.

(5) Includes $13.5 million goodwill impairment charges.

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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Management's Discussion and Analysis of Financial Condition and Results of Operations, which we refer to as MD&A, should be read in conjunction with our consolidated financial statements included in Item 8 of this Annual Report on Form 10-K, which we refer to as the Form 10-K. Cenveo, Inc. and its subsidiaries are referred to herein as “Cenveo,” the “Company,” “we,” “our,” or “us.”

Certain statements we make under this Item 7 constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. See Cautionary Statements regarding forward-looking statements in Item 1, and "Risk Factors" in Item 1A.

Introduction and Executive Overview

We are a diversified manufacturing company focused on print-related products. Our broad portfolio of products includes envelope converting, commercial printing, label manufacturing and specialty packaging. We operate a global network of strategically located manufacturing facilities, serving a diverse base of over 100,000 customers.

Our business strategy has been, and continues to be, focused on improving sales performance, pursuing and integrating strategic acquisitions, improving our cost and capital structure, and maintaining reasonable levels of financial flexibility. We believe this strategy has allowed us to diversify our revenue base, maintain our low cost structure and deliver quality product offerings to our customers.

See Part 1, Item 1 of this Form 10-K for a more complete description of our business.

2014 Overview/2015 Outlook

Generally, print-related industries are highly fragmented and extremely competitive due to over-capacity and pricing pressures. We believe these factors, combined with uncertain economic conditions in the United States, will continue to impact our results of operations.

Our current management focus is on the following areas:

Improving Sales Performance

Our sales focus has been, and will continue to be, on our customers’ experience across each of our businesses, ensuring we meet our customers’ demands. We seek to expand our relationship with them through cross-selling initiatives available within our platform. Over the past two years, we have made significant investments to improve our top line performance. These investments include a customer relationship management tool across our entire sales platform, capital investments in our e-commerce platform and incremental headcount. We have been successful in our recruiting efforts focusing on attracting not only talented individuals with experience in our current business lines, but also individuals with experience in complementary industry channels. We expect these focus points will allow us to experience sales stability despite operating in challenging industries and an uncertain economy.

In addition, the uncoated free sheet paper market, which is the primary input for our envelope segment and certain other products, experienced supply reductions beginning in the fourth quarter of 2013, and into the first quarter of 2014. As a result, our suppliers announced price increases which became effective for us during our fourth quarter of 2013. We began to pass along these increases, as well as other ancillary raw material cost increases, which we were unable to pass through to our envelope customers over the previous two years, in the fourth quarter of 2013. We believe we have passed along price increases which have more than offset the average year-over-year increase in uncoated free sheet paper prices, as well as the ancillary raw material cost increases from previous years. However, we cannot be assured we will be successful in passing on future price increases, and any increase in price may have an adverse impact on future product orders from our customers.

Integrating Certain Assets of National

We believe our acquisition and accelerated integration of certain assets of National has provided much needed capacity reductions within the envelope industry. We are substantially complete with the accelerated integration of these assets, which has included the closure and consolidation of nine manufacturing facilities into our existing envelope operations and two new facilities, as of the end of 2014. While the accelerated integration has taken substantially less time than our original plan, it has still taken in excess of a year to complete due to the condition of National’s operating platform and asset base at the time of acquiring these assets out of bankruptcy. As a result of this accelerated integration, we experienced inefficiencies in our operations that we originally

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anticipated occurring over a longer duration in our initial integration plan. Our 2014 results reflect the impact of this accelerated timeline. We believe this accelerated integration timeline will better position us for 2015 and beyond.

Improving our Cost Structure

We continue to monitor our cost structure as marketplace conditions warrant, and expect to further reduce costs as necessary. We believe our fixed costs have been reduced significantly as we enter 2015 as a result of the facility consolidations related to integrating National with our existing operations and select downsizing of certain commercial print assets. We also continue to focus on strategic investments, capital expenditures and acquisitions in areas that we believe will strengthen our manufacturing platform and product offerings. We continue to review strategic alternatives for business lines we believe are underperforming or non-strategic to our future operations.

Improving our Capital Structure

Since the beginning of 2011, we have been focused on improving our capital structure through a number of initiatives including working capital improvements, exiting underperforming or non-strategic businesses, and taking advantage of attractive leveraged loan and high yield debt market conditions. Since we began this initiative, we have reduced our outstanding debt and weighted average interest rate, despite our continued reinvestments of cash into our businesses via four acquisitions, focused capital expenditures, and incurring over $90 million in transaction costs associated with the improvement of our capital structure.

On June 26, 2014, we issued $540.0 million aggregate principal amount of 6.000% senior priority secured notes due 2019, which we refer to as the 6.000% Notes, and $250.0 million aggregate principal amount of 8.500% junior priority secured notes due 2022, which we refer to as the 8.500% Notes. Net proceeds from the 6.000% Notes and 8.500% Notes were used to refinance: (i) the $360 million secured term loan facility, which we refer to as the Term Loan Facility, which at the time had a remaining principal balance of $327.3 million; and (ii) the 8.875% senior second lien notes due 2018, which we refer to as the 8.875% Notes, which at the time had a remaining principal balance of $400.0 million. Additionally, in June 2014, we used cash on hand of $9.4 million to repay in full the remaining principal balance on our unsecured $50.0 million aggregate principal amount term loan due 2017, which we refer to as the Unsecured Term Loan. These transactions resulted in reductions in future cash interest expense, elimination of maintenance covenants within our capital structure and a significant extension of our existing maturities.

The June refinancing provides us greater flexibility to address our higher interest rate debt instruments. Since the completion of the refinancing, we have: (i) extinguished $2.7 million of our 11.5% senior notes due 2017, which we refer to as our 11.5% Notes, during 2014 and an additional $6.0 million in the first quarter of 2015; (ii) exchanged $3.0 million of our $86.3 million 7% senior exchangeable notes due 2017, which we refer to as our 7% Notes, for approximately one million shares of our common stock; and (iii) extinguished $2.0 million of our 8.500% Notes. In 2015, we will use cash flow generated from operations and any proceeds from non-strategic asset sales, to the extent allowable by our indentures, to continue to address our highest interest rate debt instruments.

On January 30, 2015, we entered into Amendment No. 3 to the $230 million asset-based revolving credit facility, which we call the ABL Facility. Among other things, this amendment increased the borrowing capacity by $10 million to $240 million, and increased our flexibility to sell assets and apply the proceeds thereof to prepay our indebtedness. The amendment also generally increased our flexibility to prepay outstanding indebtedness, make acquisitions and other investments, and pay dividends, subject to the satisfaction of certain conditions.

Acquisitions

On September 16, 2013, we acquired certain assets of National. National's accounts receivable and inventory were purchased by unrelated third parties in conjunction with our acquisition. National manufactured and distributed envelope products for the billing, financial, direct mail and office products markets and had approximately 1,600 employees. We believe the acquisition of certain assets of National has enhanced our manufacturing capabilities and reduced capacity in the envelope industry.

On December 31, 2012, we acquired all of the assets of Express Label, which had annual net sales of approximately $5.4 million prior to our acquisition. Express Label is a label business that focuses on food and grocery customers and was acquired to further enhance our label operations.

Discontinued Operations

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In September of 2013, we completed the sale of Custom Envelope within our envelope segment and received net proceeds of $47.0 million.     During the second quarter of 2013, we decided to exit the San Francisco market and closed a manufacturing facility within our print segment.

In February of 2012, we completed the sale of the Documents Group within our label and packaging segment. Net cash proceeds were approximately $35.5 million. In January of 2012, we completed the sale of our wide-format papers business and received proceeds of approximately $4.7 million.

The operating results of these transactions are reported in discontinued operations in our consolidated financial statements for all periods presented.

Reportable Segments

We operate three complementary reportable segments: envelope, print, and label and packaging. During the fourth quarter of 2013, we completed a realignment of our segments as a result of a change in management reporting and strategy. Our historical financial statement disclosures have been updated to reflect the segment realignment.

Deferred Taxes

In the fourth quarter of 2013, we recorded a non-cash valuation allowance charge of $40.6 million related to the realizability of our net deferred tax assets due to excess capacity and pricing pressure, combined with the decline in net sales of our print segment during 2013.

In the fourth quarter of 2012, we recorded a non-cash valuation allowance charge of $56.5 million related to the realizability of our net deferred tax assets due to excess capacity and pricing pressure, combined with the decline in net sales of our print segment during 2012.

Goodwill and Intangible Asset Impairments

We did not record any goodwill impairment charges in the years ended 2014, 2013 or 2012.

During the fourth quarter of 2013, we made the decision to retire certain indefinite lived trade names in 2014 as a result of rebranding our print and packaging business lines. Accordingly, based on our evaluation using a relief-from-royalty and other discounted cash flow methodologies, we concluded that those trade name assets were impaired. An impairment charge of $33.4 million was recorded to reduce their carrying value to their estimated fair value. Those trade names were fully amortized during 2014. There were no intangible asset impairments in the years ended 2014 or 2012.

Consolidated Operating Results

This MD&A includes an overview of our consolidated results of operations for 2014, 2013 and 2012 followed by a discussion of the results of operations of each of our reportable segments for the same periods. Our results for the year ended 2014 include the operating results of National and Express Label for a full year. Our results for the year ended 2013 include the operating results of Express Label for a full year. National's results of operations are included in our operating results for the year ended 2013 from September 16, 2013, the date of acquisition. Our results for the year ended 2012 do not include the operating results of National or Express Label.

A summary of our consolidated statements of operations is presented below.  The summary presents reported net sales and operating income (loss). See Segment Operations below for a summary of net sales and operating income (loss) of our reportable segments we use internally to assess our operating performance. Our reporting periods for 2014, 2013 and 2012 each consisted of 52 week periods and ended on December 27, 2014, December 28, 2013, and December 29, 2012, respectively. We refer to such periods herein as: (i) the year ended 2014; (ii) the year ended 2013; and (iii) the year ended 2012. All references to years and year-ends herein relate to fiscal years rather than calendar years.

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	For The Years Ended
	2014			2013			2012
	(in thousands, except per share amounts)
Net sales	$	1,949,040		$	1,777,808		$	1,738,293
Operating income (loss):
Envelope	$	29,602		$	39,775		$	45,485
Print	19,192			(6,042		)	32,845
Label and packaging	37,010			32,644			54,666
Corporate	(42,046		)	(37,014		)	(31,811		)
Total operating income	43,758			29,363			101,185
Gain on bargain purchase	—			(17,262		)	—
Interest expense, net	106,798			112,677			114,755
Loss on early extinguishment of debt, net	27,449			11,324			12,487
Other income, net	(7,004		)	(5,602		)	(1,249		)
Loss from continuing operations before income taxes	(83,485		)	(71,774		)	(24,808		)
Income tax expense	2,834			13,753			55,720
Loss from continuing operations	(86,319		)	(85,527		)	(80,528		)
Income from discontinued operations, net of taxes	2,456			16,741			641
Net loss	$	(83,863	)	$	(68,786	)	$	(79,887	)
(Loss) income per share – basic:
Continuing operations	$	(1.29	)	$	(1.32	)	$	(1.27	)
Discontinued operations	0.04			0.25			0.01
Net loss	$	(1.25	)	$	(1.07	)	$	(1.26	)
(Loss) income per share – diluted:
Continuing operations	$	(1.29	)	$	(1.32	)	$	(1.27	)
Discontinued operations	0.04			0.25			0.01
Net loss	$	(1.25	)	$	(1.07	)	$	(1.26	)

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Net Sales

Net sales increased$171.2 million, or 9.6%, in 2014, as compared to 2013, due to higher sales from our envelope segment of $179.6 million and higher sales from our print segment of $4.3 million, offset by lower sales from our label and packaging segment of $12.7 million.

Net sales increased $39.5 million, or 2.3%, in 2013, as compared to 2012, due to higher sales of $91.7 million from our envelope segment and higher sales of $3.7 million from our label and packaging segment, offset by lower sales from our print segment of $55.9 million.

See Segment Operations below for a detailed discussion of the primary factors affecting the change in our net sales by reportable segment.

Operating Income

Operating income increased$14.4 million, or 49.0%, in 2014, as compared to 2013. This increase was due to: (i) an increase in operating income from our print segment of $25.2 million; and (ii) an increase in operating income from our label and packaging segment of $4.4 million, partially offset by: (i) a decrease in operating income from our envelope segment of $10.2 million; and (ii) higher corporate expenses of $5.0 million.

Operating income decreased $71.8 million, or 71.0%, in 2013, as compared to 2012. This decrease was due to: (i) a decrease in operating income from our print segment of $38.9 million; (ii) a decrease in operating income from our label and packaging segment of $22.0 million; (iii) a decrease in operating income from our envelope segment of $5.7 million; and (iv) higher corporate expenses of $5.2 million.

See Segment Operations below for a more detailed discussion of the primary factors for the changes in operating income by reportable segment.

Gain on Bargain Purchase

                During 2013, in connection with the acquisition of certain assets of National, we recognized a bargain purchase gain of approximately $17.3 million.

Interest Expense

Interest expense decreased$5.9 million to $106.8 million in 2014, as compared to $112.7 million in 2013. The decrease was primarily due to a lower weighted average interest rate in 2014 as a result of: (i) the debt refinancings in the second quarters of 2013 and 2014; and (ii) principal repayments made on our Unsecured Term Loan, and on our Term Loan Facility, since the first quarter of 2013 using cash flow from operations and proceeds from the sale of Custom Envelope. Interest expense in 2014 reflected average outstanding debt of approximately $1.2 billion and a weighted average interest rate of 7.6%, compared to the average outstanding debt of approximately $1.2 billion and a weighted average interest rate of 8.2% in 2013.

Interest expense decreased $2.1 million to $112.7 million in 2013, as compared to $114.8 million in 2012. The decrease was primarily due to lower average outstanding debt balances primarily as a result of debt repayments using cash flow from operations and the proceeds from the sale of Custom Envelope, as well as lower interest rates on our revolver borrowings as a result of our refinancing of debt in the second quarter of 2013. Interest expense in 2013 reflected average outstanding debt of approximately $1.2 billion and a weighted average interest rate of 8.2%, compared to the average outstanding debt of approximately $1.3 billion and a weighted average interest rate of 8.2% in 2012.

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Loss on Early Extinguishment of Debt

During the year ended 2014, we recorded a total loss on early extinguishment of debt of $27.4 million. We extinguished a total of $2.7 million of our 11.5% Notes. In connection with these retirements, we recorded a total loss on early extinguishment of debt of $0.1 million. In the fourth quarter of 2014, we extinguished $2.0 million of our 8.500% Notes. In connection with the extinguishment, we recorded a gain on early extinguishment of debt of $0.4 million. In connection with the exchange of $3.0 million of our 7% Notes completed in the third quarter of 2014, we incurred a non-cash induced conversion expense of $1.1 million, which was recorded as a loss on early extinguishment of debt. In the second quarter of 2014, we extinguished our Term Loan Facility and 8.875% Notes. In connection with this extinguishment, we recorded a loss on early extinguishment of debt of approximately $9.0 million, of which $5.8 million related to the write-off of unamortized debt issuance costs, and $3.2 million related to the write-off of original issuance discount. Additionally, in connection with the issuance of the 6.000% Notes and 8.500% Notes in the second quarter of 2014, we expensed debt issuance costs of $16.5 million, of which $1.6 million related to fees paid to third parties. We also used cash on hand of $9.4 million in the second quarter of 2014 to repay in full the remaining principal balance on the Unsecured Term Loan. In connection with the extinguishment of the Unsecured Term Loan in the second quarter of 2014, we recorded a loss on early extinguishment of debt of approximately $1.0 million, of which $0.6 million related to the write-off of unamortized debt issuance costs, and $0.4 million related to the write-off of original issuance discount.

During the year ended 2013, we recorded a total loss on early extinguishment of debt of $11.3 million. In connection with the refinancing of our $170 million revolving credit facility due 2014, which we refer to as the Revolving Credit Facility, and our existing term loan B due 2016, which we refer to as Term Loan B, and collectively with the Revolving Credit Facility we refer to as the Refinanced Facility, we recorded a loss on early extinguishment of debt of approximately $6.4 million, of which $4.1 million related to consent fees paid to consenting lenders, $2.1 million related to the write-off of unamortized debt issuance costs and $0.2 million related to the write-off of original issuance discount. We recorded a loss on early extinguishment of debt of approximately $4.0 million related to the extinguishment of $40.0 million of our Unsecured Term Loan, of which $2.2 million related to the write-off of unamortized debt issuance costs and $1.8 million related to the write-off of original issuance discount. In connection with the extinguishment of $28.2 million of our Term Loan Facility, we recorded a loss on early extinguishment of debt of approximately $0.8 million, of which $0.5 million related to the write-off of unamortized debt issuance costs and $0.3 million related to the write-off of original issuance discount.

During 2012, we recorded a total loss on early extinguishment of debt of $12.5 million. In connection with various refinancing activities, we incurred losses on early extinguishment of debt of $14.9 million, of which $11.7 million related to tender and consent fees paid to consenting lenders and $3.2 million related to the write-off of previously unamortized debt issuance costs. The losses on early extinguishment of debt were partially offset by the gains on early extinguishment of debt of $2.4 million related to repurchases of: (i) our 7.875% senior subordinated notes due 2013, which we refer to as the 7.875% Notes; (ii) our 10.5% senior notes due 2016, which we refer to as the 10.5% Notes; and (iii) our 8.375% senior subordinated notes due 2014, which we refer to as the 8.375% Notes, plus in each case accrued and unpaid interest thereon.

Other Income, Net    

During the year ended 2014, we recognized other income, net, of $7.0 million. This is primarily comprised of the receipt of settlement proceeds and the forfeiture of certain benefits in connection with certain litigation arising out of our packaging division.

During the year ended 2013, we recognized other income, net, of $5.6 million. This is primarily comprised of receipts under a gain sharing arrangement, as well as the receipt of an insurance settlement related to a press fire in our label and packaging segment.

During the year ended 2012, we recognized other income, net, of $1.2 million. This is primarily due to a gain on the sale of assets in our envelope segment.

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Income Taxes

	For The Years Ended
	2014			2013			2012
	(in thousands)
Income tax expense from U.S. operations	$	3,659		$	14,197		$	56,173
Income tax benefit from foreign operations	(825		)	(444		)	(453		)
Income tax expense	$	2,834		$	13,753		$	55,720
Effective income tax rate	(3.4		)%	(19.2		)%	(224.6		)%

Income Tax Expense

In 2014, we had an income tax expense of $2.8 million and our effective tax rate in 2014 differed from the federal statutory rate primarily as a result of having a full valuation allowance related to our net deferred tax assets. We do not believe our unrecognized tax benefits will change significantly in the next twelve months.

In 2013, we had an income tax expense of $13.8 million and our effective tax rate during 2013 differed from the federal statutory rate primarily due to a non-cash valuation allowance charge related to our net deferred tax assets.

In 2012, we had an income tax expense of $55.7 million. Our effective tax rate during 2012 differed from the federal statutory rate primarily due to a non-cash valuation allowance charge related to our net deferred tax assets. 

Valuation Allowance

We review the likelihood that we will realize the benefit of our deferred tax assets and therefore the need for valuation allowances on a quarterly basis, or more frequently if events indicate that a review is required. In determining the requirement for a valuation allowance, the historical and projected financial results of the legal entity or consolidated group recording the net deferred tax asset is considered, along with all other available positive and negative evidence. The factors considered in our determination of the probability of the realization of the deferred tax assets include, but are not limited to: recent historical financial results, historical taxable income, projected future taxable income, the expected timing of the reversals of existing temporary differences, the duration of statutory carryforward periods and tax planning strategies. If, based upon the weight of available evidence, it is more likely than not the deferred tax assets will not be realized, a valuation allowance is recorded.

Concluding that a valuation allowance is not required is difficult when there is significant negative evidence which is objective and verifiable, such as cumulative losses in recent years. We utilize a rolling twelve quarters of pre-tax income or loss adjusted for significant permanent book to tax differences as a measure of our cumulative results in recent years. In the United States, our analysis indicates that we have cumulative three year historical losses on this basis. While there are significant impairment, restructuring and refinancing charges driving our cumulative three year loss, this is considered significant negative evidence which is objective and verifiable and therefore, difficult to overcome. However, the three year loss position is not solely determinative and accordingly, we consider all other available positive and negative evidence in our analysis. Based upon our analysis, which incorporated the excess capacity and pricing pressure we have experienced in certain of our product lines, along with the recent decline in net sales and profitability from our print segment during 2013, we believe it is more likely than not that the net deferred tax assets in the United States will not be fully realized in the future. Accordingly, we have a valuation allowance related to those net deferred tax assets of $135.4 million as of the year ended 2014. Deferred tax assets related to certain state net operating losses and foreign tax credit carryforwards also did not reach the more likely than not realizability criteria and accordingly, were subject to a valuation allowance. As of the year ended 2014, our valuation allowance related to these state net operating losses and foreign tax credit carryforwards was $24.7 million.

There is no corresponding income tax benefit recognized with respect to losses incurred and no corresponding income tax expense recognized with respect to earnings generated in jurisdictions with a valuation allowance. This causes variability in our effective tax rate. We intend to maintain the valuation allowances until it is more likely than not that the net deferred tax assets will be realized. If operating results improve on a sustained basis, or if certain tax planning strategies are implemented, our conclusions regarding the need for valuation allowances could change, resulting in the reversal of the valuation allowances in the future, which could have a significant impact on income tax expense in the period recognized and subsequent periods.

Income from Discontinued Operations, net of taxes

As a result of exploring opportunities to divest certain non-strategic or underperforming businesses within our manufacturing platform, we decided to exit the San Francisco market and closed a manufacturing facility within the print segment

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in the second quarter of 2013. Additionally, in the third quarter of 2013, we completed the sale of Custom Envelope within our envelope segment. The results of operations and cash flows of these businesses are reflected within discontinued operations for all periods presented herein, including the related tax effects. The results within income from discontinued operations in prior periods also contain the results from the Documents Group and our wide-format papers business sold in 2012.

During 2014, income from discontinued operations was $2.5 million, primarily comprised of a $2.5 million gain related to the sale of Custom Envelope. There was no tax expense or benefit recognized on the gain on sale of discontinued operations recorded in 2014.

During 2013, income from discontinued operations was $16.7 million, which includes: (i) the gain on the sale of Custom Envelope of $14.9 million, net of tax expense of $10.7 million; (ii) income from operations related to Custom Envelope of $4.0 million, net of tax expense of $2.7 million; and (iii) a loss from operations related to San Francisco of $2.2 million, net of a tax benefit of $0.1 million.

During 2012, income from discontinued operations was $0.6 million, which included a loss on sale of previous divestitures of $6.3 million, net of a tax benefit of $2.6 million. The loss was offset by income from operations of our discontinued operations of $6.9 million, net of tax expense of $4.4 million, which includes the reduction of a liability of $1.8 million, net of tax expense of $1.2 million, due to the expiration of certain statutes of limitations related to a previous divestiture.

Segment Operations

Our Chief Executive Officer monitors the performance of the ongoing operations of our three reportable segments. We assess performance based on net sales and operating income.

Envelope

	For The Years Ended
	2014			2013			2012
	(in thousands)
Segment net sales	$	929,518		$	749,898		$	658,217
Segment operating income	$	29,602		$	39,775		$	45,485
Operating income margin	3.2		%	5.3		%	6.9		%
Restructuring and other charges	$	14,181		$	5,476		$	6,161

Segment Net Sales

Segment net sales for our envelope segment increased$179.6 million, or 24.0%, in 2014, as compared to 2013. Net sales for our envelope operations increased primarily due to: (i) sales generated from the integration of certain assets of National with our operations, as National was only included in our 2013 results beginning on September 16, 2013, the date of acquisition; (ii) higher sales revenues due to our ability to pass along paper price increases to certain customers; and (iii) increased demand from certain direct mail customers, primarily financial institutions. These increases were partially offset by volume declines associated with the closure and consolidation of several envelope facilities over the last twelve months related to the integration of National with our existing operations and two new facilities.

Segment net sales for our envelope segment increased $91.7 million, or 13.9%, in 2013, as compared to 2012. Net sales for our envelope operations increased primarily due to: (i) sales generated from the integration of certain assets of National into our operations, including the impact of work transitioned from our existing operations to National, as National was not included in our 2012 results; (ii) increased demand from certain direct mail customers, primarily financial institutions; and (iii) higher sales volumes from our initiatives to obtain further market share within our more generic envelope products. These increases were partially offset by: (i) lower sales volumes from our office products customers related to our decision to exit certain low margin business; and (ii) lower average selling prices due to our initiatives to gain market share as well as continued pricing pressures.

Segment Operating Income

Segment operating income for our envelope segment decreased$10.2 million, or 25.6%, in 2014, as compared to 2013. This decrease was primarily due to: (i) higher restructuring and other charges of $8.7 million, primarily due to the closure and consolidation of several envelope facilities related to the integration of National with our existing operations and two new facilities;

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and (ii) higher selling, general and administrative expenses of $5.2 million in 2014 as compared to 2013, primarily due to higher commission expense from increased sales, expenses related to the integration of certain assets of National with our operations, and incremental expenses of National, as National was only included in our 2013 results beginning on September 16, 2013, the date of acquisition. This decrease was partially offset by higher gross margin of $3.8 million in 2014 as compared to 2013, primarily due to: (i) increased sales volumes from the integration of certain assets of National with our operations, as National was only included in our 2013 results beginning on September 16, 2013, the date of acquisition; and (ii) our ability to pass along paper price increases to certain customers, and changes in product mix.

Segment operating income for our envelope segment decreased $5.7 million, or 12.6%, in 2013, as compared to 2012. This decrease was primarily due to higher selling, general and administrative expenses of $13.5 million, of which $7.5 million were acquisition-related costs, primarily due to National, as National was only included in our 2013 results beginning on September 16, 2013, the date of acquisition. The decrease was partially offset by: (i) higher gross margin of $7.1 million, which was primarily due to increased sales volumes; and (ii) lower restructuring and other charges of $0.7 million, primarily due to the closure and consolidation of two envelope plants into our existing operations in the first quarter of 2012.

Print

	For The Years Ended
	2014			2013			2012
	(in thousands)
Segment net sales	$	534,033		$	529,760		$	585,632
Segment operating income (loss)	$	19,192		$	(6,042	)	$	32,845
Operating income margin	3.6		%	(1.1		)%	5.6		%
Restructuring and other charges	$	3,091		$	4,289		$	18,089
Impairment of intangible assets	$	—		$	24,493		$	—

Segment Net Sales

Segment net sales for our print segment increased$4.3 million, or 0.8%, in 2014, as compared to 2013. The increase was primarily due to: (i) increased demand from our media and telecommunications customers; and (ii) several new account wins. These increases were partially offset by sales declines due to: (i) the closure of two print facilities since the second quarter of 2013; (ii) lower demand from our managed care customers; and (iii) lower demand for journals and periodicals.

Segment net sales for our print segment decreased $55.9 million, or 9.5%, in 2013, as compared to 2012. The decline was primarily due to: (i) lower sales volumes due to lower demand in the commercial print and publishing industries; and (ii) lower sales due to pricing pressures which continue to exist in the printing industry.

Segment Operating Income

Segment operating income for our print segment increased$25.2 million, or 417.6%, in 2014, as compared to 2013. This increase was primarily due to: (i) an intangible asset impairment of $24.5 million in 2013 as a result of rebranding our print business lines; (ii) higher gross margin of $1.7 million, related to increased sales volumes and previously enacted cost reduction actions; and (iii) lower restructuring and other charges of $1.2 million. These increases were partially offset by: (i) higher amortization expense of $1.5 million related to the accelerated retirement of certain trade names; and (ii) increased selling, general and administrative expenses of $0.7 million, driven by higher sales.

Segment operating income for our print segment decreased $38.9 million, or 118.4%, in 2013, as compared to 2012. This decrease was primarily due to: (i) an intangible asset impairment of $24.5 million in 2013 as a result of rebranding our print business lines; and (ii) lower gross margin of $24.9 million, which was primarily due to lower sales volumes and higher input costs from our commercial printing operations. These decreases were partially offset by lower restructuring and other charges of $13.8 million which was primarily due to the closure and consolidation of a print plant in the first quarter of 2012, and no similar events in 2013.

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Label and Packaging

	For The Years Ended
	2014			2013			2012
	(in thousands)
Segment net sales	$	485,489		$	498,150		$	494,444
Segment operating income	$	37,010		$	32,644		$	54,666
Operating income margin	7.6		%	6.6		%	11.1		%
Restructuring and other charges	$	1,089		$	1,147		$	2,014
Impairment of intangible assets	$	—		$	8,874		$	—

Segment Net Sales

Segment net sales for our label and packaging segment decreased$12.7 million, or 2.5%, in 2014, as compared to 2013. Net sales from our label operations declined$13.4 million, primarily due to: (i) volume declines from our retail customers due to our decision to exit lower margin business; and (ii) our decision to exit our dry gum product line within our specialty papers business. These decreases were partially offset by volume increases in our prescription and overnight packaging label businesses, as well as organic sales growth in our custom labels business. Net sales from our packaging operations increased$0.7 million primarily due to increased sales volumes from new customers, partially offset by lower pricing due to product mix.

Segment net sales for our label and packaging segment increased $3.7 million, or 0.7%, in 2013, as compared to 2012. Net sales from our label operations increased $5.7 million, primarily due to: (i) the acquisition of Express Label in the first quarter of 2013, as Express Label was not included in our 2012 results; and (ii) higher sales from our ability to pass along price increases within our specialty and custom products business to cover higher raw material input costs. These increases were offset in part by lower sales volumes from our short-run and long-run label businesses due to lower customer demand. Net sales from our packaging operations decreased $2.0 million primarily due to lower sales volumes and a disruption due to a press fire.

Segment Operating Income

Segment operating income for our label and packaging segment increased$4.4 million, or 13.4%, in 2014, as compared to 2013. This increase was primarily due to an $8.9 million intangible asset impairment in 2013 in our packaging operations as a result of rebranding our packaging business lines, partially offset by: (i) higher selling, general and administrative expenses of $2.5 million in 2014, primarily due to our e-commerce and information technology initiatives; and (ii) lower gross margin of $2.3 million in our packaging operations, primarily due to our inability to pass certain raw material cost increases onto our customers, and disruptions related to the transition of work from our domestic operations to our international operations.

Segment operating income for our label and packaging segment decreased $22.0 million, or 40.3%, in 2013, as compared to 2012. This decrease was primarily due to: (i) an $8.9 million intangible asset impairment in our packaging operations as a result of rebranding our packaging business lines; (ii) lower gross margins of $8.5 million primarily due to higher input costs; and (iii) higher selling, general and administrative expenses of $5.4 million primarily driven by our e-commerce initiatives. These decreases were offset in part by the integration of Express Label into our existing label operations.

Corporate Expenses

Corporate expenses include the costs of running our corporate headquarters. Corporate expenses increased by $5.0 million, or 13.6%, in 2014, as compared to 2013, primarily due to costs associated with the integration of National, as well as higher restructuring and other charges. Corporate expenses increased by $5.2 million, or 16.4%, in 2013, as compared to 2012, primarily due to lower vendor related discounts of $2.9 million and higher restructuring and other charges.

Restructuring and Other Charges

Restructuring

We currently have three active cost savings, restructuring and integration plans: (i) two plans related to the implementation of cost savings initiatives focused on overhead cost eliminations including headcount reductions and the potential closure of certain manufacturing facilities, which we refer to as the 2014 Plan and the 2013 Plan; and (ii) the plan related to the integration of certain assets of National into our existing envelope operations, which we refer to as the National Plan.

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During 2014, we implemented the 2014 Plan, which was primarily focused on overhead cost eliminations, including headcount reductions and the potential closure of certain manufacturing facilities. Additionally, during 2014, we continued implementing the 2013 Plan, which was also primarily focused on overhead cost eliminations, including headcount reductions and the potential closure of certain manufacturing facilities. We also continued implementing our plan to integrate certain assets of National, acquired in the third quarter of 2013, by substantially completing the closure and consolidation of nine manufacturing facilities into our existing envelope operations and two new facilities, as of the end of 2014.

During 2013, we completed the integration of our acquisition of Envelope Product Group, which we refer to as EPG, with the closure and consolidation of an envelope facility. We also implemented additional cost savings actions in the first quarter of 2013, which were focused on overhead cost elimination, including targeted headcount reductions of approximately 400 employees and the closure of certain manufacturing facilities.

We currently have certain residual cost savings, restructuring and integration plans, which we refer to as the Residual Plans. As a result of these cost savings actions, over the last nine years we have closed or consolidated a significant amount of manufacturing facilities and have had a significant number of headcount reductions. We do not anticipate any significant future expenses related to the Residual Plans, other than modifications to its current assumptions for lease terminations, multi-employer pension withdrawal liabilities and ongoing expenses related to maintaining restructured assets.

During 2014, as a result of our restructuring and integration activities, we incurred $22.5 million of restructuring and other charges, which included $8.1 million of employee separation costs, $2.0 million of net non-cash charges on long-lived assets, equipment moving expenses of $3.4 million, lease termination expenses of $2.2 million, multi-employer pension withdrawal expenses of $1.3 million and building clean-up and other expenses of $5.5 million.

During 2013, as a result of our restructuring and integration activities, we incurred $13.1 million of restructuring and other charges, which included $6.5 million of employee separation costs, $1.3 million of net non-cash charges on long-lived assets, equipment moving expenses of $1.5 million, lease termination expenses of $1.1 million, multi-employer pension withdrawal expenses of $0.5 million and building clean-up and other expenses of $2.3 million.

During 2012, as a result of our restructuring and integration activities, we incurred $27.1 million of restructuring and other charges, which included $7.6 million of employee separation costs, $8.4 million of net non-cash charges on long-lived assets, equipment moving expenses of $1.1 million, lease termination expenses of $1.2 million, multi-employer pension withdrawal expenses of $5.1 million and building clean-up and other expenses of $3.8 million.

As of December 27, 2014, our total restructuring liability was $22.2 million, of which $5.2 million is included in other current liabilities, and $17.0 million, which is expected to be paid through 2032, is included in other liabilities in our consolidated balance sheet. Our multi-employer pension withdrawal liabilities are $18.7 million of our remaining restructuring liabilities. We believe these liabilities represent our anticipated ultimate withdrawal liabilities; however, we are exposed to significant risks and uncertainties arising from our participation in these multi-employer pension plans. It is not possible to quantify the potential impact of our future actions or the future actions of other participating employers from the multi-employer pension plans for which we have exited. Our anticipated ultimate withdrawal liabilities may be significantly impacted in the future due to lower future contributions or increased withdrawals from other participating employers.

Goodwill and Intangible Asset Impairments

There were no goodwill impairments recorded in 2014, 2013 or 2012.

During the fourth quarter of 2013, we made the decision that certain trade names would be retired in 2014 as a result of rebranding our print and packaging business lines. Accordingly, based on our evaluation using a relief-from-royalty and other discounted cash flow methodologies, we concluded those trade name assets were impaired. An impairment charge of $33.4 million was recorded to reduce the carrying value of these assets to their estimated fair values. Those trade names were fully amortized during 2014. There were no intangible asset impairments in the years ended 2014 or 2012.

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Liquidity and Capital Resources

Net Cash Provided By Operating Activities of Continuing Operations: Net cash provided by operating activities of continuing operations was $25.8 million in 2014, which was primarily due to: (i) our net loss adjusted for non-cash items of $36.6 million; and (ii) a source of cash of $8.8 million from working capital. This was partially offset by pension and other postretirement plan contributions of $14.0 million. The source of working capital primarily resulted from a decline in inventories due to various inventory management initiatives.

Net cash provided by operating activities of continuing operations was $22.3 million in 2013, which was primarily due to: (i) net loss adjusted for non-cash items of $39.1 million; (ii) pension and other postretirement plan contributions, net of expense, of $12.8 million; and (iii) a use of cash of $1.6 million from working capital. The use of working capital primarily related to the building of working capital associated with the acquisition of certain assets of National, substantially offset by our legacy working capital initiatives.

Cash provided by operating activities is generally sufficient to meet daily disbursement needs. On days when our cash receipts exceed disbursements, we reduce our revolving credit balance or place excess funds in conservative, short-term investments until there is an opportunity to pay down debt. On days when our cash disbursements exceed cash receipts, we use invested cash balances and/or our revolving credit to fund the difference. As a result, our daily revolving credit balance fluctuates depending on working capital needs.  Regardless, at all times we believe we have sufficient liquidity available to us to fund our cash needs.

Net Cash (Used In) Provided By Operating Activities of Discontinued Operations: Represents the net cash (used in) provided by operating activities of our Discontinued Operations.

Net Cash Used In Investing Activities of Continuing Operations: Net cash used in investing activities of continuing operations was $35.5 million in 2014, primarily resulting from: (i) capital expenditures of $37.2 million; and (ii) the purchase of an investment of $2.0 million. These uses of cash were partially offset by proceeds received from the sale of property, plant and equipment of $3.8 million.

Net cash used in investing activities of continuing operations was $52.7 million in 2013, primarily resulting from: (i) $33.2 million of cash consideration paid for the acquisition of Express Label and certain assets of National; (ii) capital expenditures of $29.2 million; and (iii) a cash investment of $1.7 million. These uses of cash were partially offset by: (i) proceeds received from the sale of property, plant and equipment of $8.3 million; and (ii) proceeds received from an insurance claim of $3.0 million as a result of a fire that destroyed a press in our label and packaging segment.

Our debt agreements limit capital expenditures to $45.0 million in 2015 plus any proceeds received from the sale of property, plant and equipment and, if certain conditions are satisfied, any unused permitted amounts from 2014. We estimate that we will spend approximately $30.0 million on capital expenditures in 2015, after considering proceeds from the sale of property, plant and equipment. Our primary sources for our capital expenditures are cash generated from operations, proceeds from the sale of property, plant and equipment, and financing capacity within our current debt arrangements. These sources of funding are consistent with prior years’ funding of our capital expenditures.

Net Cash Provided By Investing Activities of Discontinued Operations: Represents the net cash provided by our Discontinued Operations related to investing activities. In 2014, the cash provided by investing activities of discontinued operations of $2.2 million is comprised of net cash proceeds received in 2014 related to the sale of Custom Envelope.

In 2013, the cash provided by investing activities of discontinued operations of $45.2 million is comprised primarily of net cash proceeds of $44.8 million from the sale of Custom Envelope.

Net Cash Provided By (Used In) Financing Activities of Continuing Operations: Net cash provided by financing activities of continuing operations was $12.5 million in 2014, primarily due to: (i) net borrowings of $13.3 million under our ABL Facility; and (ii) net cash proceeds from the 6.000% Notes and 8.500% Notes and the related refinancing of the Term Loan Facility and 8.875% Notes, after payment of financing-related costs and expenses. These sources of cash were partially offset by: (i) the repayment in full of our Unsecured Term Loan of $10.0 million; (ii) the payment of other long-term debt of $8.5 million; and (iii) the extinguishment of $2.7 million of our 11.5% Notes, and $2.0 million of our 8.500% Notes.

Net cash used in financing activities of continuing operations was $17.6 million in 2013, primarily due to: (i) the repayment of our Term Loan B of $388.2 million; (ii) the repayment of our 7.875% Notes of $67.8 million; (iii) the repayment of our Unsecured Term Loan of $40.0 million; (iv) the repayment of our Term Loan Facility of $30.9 million; (v) $18.0 million in repayments of our Revolving Credit Facility; (vi) the payment of $15.6 million of financing-related costs and expenses; and (vii) the repayment

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of other long-term debt of $7.3 million. These uses of cash were partially offset by: (i) proceeds from the issuance of the $360 million secured term loan facility; (ii) net borrowings of $121.4 million under our ABL Facility; (iii) proceeds from the issuance of our Unsecured Term Loan of $50.0 million; and (iv) proceeds from the issuance of an equipment loan of $20.0 million in connection with the acquisition of certain assets of National.

Net Cash Used In Financing Activities of Discontinued Operations: Represents the net cash used in our Discontinued Operations related to financing activities.

Contractual Obligations and Other Commitments: The following table details our significant contractual obligations and other commitments as of the year ended (in thousands):

Payments Due	Long-TermDebt(1)		Operating Leases		Other (2)		Total
2015	$	95,088	$	25,668	$	17,174	$	137,930
2016	94,240		20,383		9,114		123,737
2017	512,199		17,269		7,760		537,228
2018	60,383		13,494		5,137		79,014
2019	579,980		9,360		4,786		594,126
Thereafter	302,457		19,013		39,688		361,158
Total	$	1,644,347	$	105,187	$	83,659	$	1,833,193

 ________________________

(1) Includes $397.7 million of estimated interest expense over the term of our long-term debt, with variable rate debt having an average interest rate of approximately 3.9%.

(2) Includes projected 2015 pension contributions of $4.6 million, anticipated benefit payments related to other postretirement benefit plans of $17.8 million, anticipated worker’s compensation paid losses of $12.2 million, restructuring-related liabilities of $49.1 million, including interest expense on lease terminations and multi-employer pension withdrawal liabilities. Excluded from the table are $4.8 million of income tax contingencies as we are unable to reasonably estimate the ultimate amount payable or timing of settlement.

Long-Term Debt: Our total outstanding long-term debt, including current maturities, was approximately $1.2 billion as of December 27, 2014, an increase of $48.8 million from December 28, 2013. This increase was primarily due to the issuance of the 6.000% Notes and 8.500% Notes and the related refinancings, as well as net borrowings of $13.3 million under our ABL Facility during 2014. As of December 27, 2014, approximately 88% of our debt outstanding was subject to fixed interest rates. As of February 17, 2015, we had approximately $53 million of borrowing availability under our ABL Facility. From time to time, we may refinance our debt obligations as business needs and market conditions warrant.

6.000% Senior Priority Secured Notes

On June 26, 2014, we issued the 6.000% Notes, which were sold to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, and to certain non-U.S. persons in accordance with Regulation S under the Securities Act of 1933.  The 6.000% Notes were issued at par, pursuant to an indenture, which we refer to as the 6.000% Indenture, among us and the other guarantors party thereto, and The Bank of New York Mellon, as trustee and collateral agent. We will pay interest on the 6.000% Notes semi-annually, in cash in arrears, on February 1 and August 1 of each year, commencing on August 1, 2014. The 6.000% Notes have no required principal payments prior to their maturity on August 1, 2019.  The 6.000% Notes are guaranteed on a senior secured basis by us and substantially all of our existing and future North American subsidiaries (other than Cenveo Corporation). As such, the 6.000% Notes rank pari passu with all of our existing and future senior debt and senior to any of our subordinated debt and effectively junior to our obligations under the ABL Facility (to the extent that the ABL Facility has a first priority perfected security interest in certain of our assets). We may redeem the 6.000% Notes, in whole or in part, on or after February 1, 2019, at a redemption price of 100.0% plus accrued and unpaid interest. In addition, at any time between August 1, 2017, and February 1, 2019, we may redeem in whole or in part the remaining aggregate principal amount of the notes originally issued at a redemption price of 100% plus accrued and unpaid interest and a "make-whole" premium of not less than 1%. At any time prior to August 1, 2017, we may redeem up to 35% of the aggregate principal amount of the notes originally issued with the net cash proceeds of certain public equity offerings, at a redemption price of 106.0% plus accrued and unpaid interest. Each holder of the 6.000% Notes has the right to require us to repurchase such holder's notes at a purchase price of 101% of the principal

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amount thereof, plus accrued and unpaid interest thereon, upon the occurrence of certain events specified in the indenture that constitute a change of control. The 6.000% Indenture contains a number of covenants that, among other things, restrict, subject to certain exceptions, our ability and the ability of our subsidiaries, to incur or guarantee additional indebtedness, make restricted payments (including paying dividends on, redeeming or repurchasing our capital stock), permit restricted subsidiaries to pay dividends or make other distributions or payments, dispose of assets, make investments, grant liens on assets, merge or consolidate or transfer certain assets, and enter into transactions with affiliates. The 6.000% Indenture also contains certain customary affirmative covenants and events of default.

8.500% Junior Priority Secured Notes

Concurrently with the issuance of the 6.000% Notes on June 26, 2014, we issued the 8.500% Notes, which were sold to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933. The 8.500% Notes were issued at par, pursuant to an indenture, which we refer to as the 8.500% Indenture, among us and the other guarantors party thereto, and The Bank of New York Mellon, as trustee and collateral agent. We will pay interest on the 8.500% Notes semi-annually, in cash in arrears, on March 15 and September 15 of each year, commencing September 15, 2014. The 8.500% Notes have no required principal payments prior to their maturity on September 15, 2022.  The 8.500% Notes are guaranteed on a junior secured basis by us and substantially all of our existing and future North American subsidiaries (other than Cenveo Corporation). As such, the 8.500% Notes rank junior to any senior secured obligations of ours, senior to any existing and future unsecured obligations of ours and senior to all existing and future obligations of ours that are expressly subordinated to the 8.500% Notes. We may redeem the 8.500% Notes, in whole or in part, on or after September 15, 2017, September 15, 2018, September 15, 2019 or September 15, 2020, at redemption prices of 106.375%, 104.250%, 102.125% and 100.00%, respectively, plus accrued and unpaid interest. At any time prior to September 15, 2017, we may redeem up to 35% of the aggregate principal amount of the notes originally issued with the net cash proceeds of certain public equity offerings, at a redemption price of 108.5% plus accrued and unpaid interest. Each holder of the 8.500% Notes has the right to require us to repurchase such holder's notes at a purchase price of 101% of the principal amount thereof, plus accrued and unpaid interest thereon, upon the occurrence of certain events specified in the indenture that constitute a change of control. The 8.500% Indenture contains a number of covenants that, among other things, restrict, subject to certain exceptions, our ability and the ability of our subsidiaries, to incur or guarantee additional indebtedness, make restricted payments (including paying dividends on, redeeming or repurchasing our capital stock), permit restricted subsidiaries to pay dividends or make other distributions or payments, dispose of assets, make investments, grant liens on assets, merge or consolidate or transfer certain assets, and enter into transactions with affiliates. The 8.500% Indenture also contains certain customary affirmative covenants and events of default.

Net proceeds of the 6.000% Notes and 8.500% Notes were used to: (i) refinance the Term Loan Facility, which at the time had a remaining principal balance of $327.3 million; (ii) refinance the 8.875% Notes, which at the time had a remaining principal balance of $400.0 million; and (iii) pay related fees, expenses and accrued interest. In connection with the issuance of the 6.000% Notes and the 8.500% Notes, we capitalized debt issuance costs of $14.7 million and $7.1 million, respectively, all of which will be amortized over the life of the 6.000% Notes and the 8.500% Notes.

A portion of the refinancing was accounted for as a modification of debt. As a result, we will continue to amortize a portion of the unamortized debt issuance costs on the 8.875% Notes and Term Loan Facility. The modification resulted in the recording of a discount of $5.9 million on the 6.000% Notes and $2.8 million on the 8.500% Notes.

Additionally, during the second quarter of 2014, we used cash on hand of $9.4 million to repay in full the remaining principal balance on our Unsecured Term Loan.

Note Repurchases

We may from time to time seek to purchase our outstanding notes in open market purchases, privately negotiated transactions or other means. Such repurchases, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors.

During the third quarter of 2014, we exchanged $3.0 million of our 7% Notes for approximately one million shares of our common stock. We also extinguished $2.7 million of our 11.5% Notes, and $2.0 million of our 8.500% Notes, during 2014.

Debt Compliance

As of the year ended 2014, we were in compliance with all debt agreement covenants. We anticipate being in compliance with all debt agreements throughout the 2015 fiscal year.

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Letters of Credit

As of December 27, 2014, we had outstanding letters of credit of approximately $19.9 million related to performance and payment guarantees. Based on our experience with these arrangements, we do not believe any obligations which may arise will be significant.

Credit Ratings

Our current credit ratings are as follows:

Rating Agency	Corporate Rating	6.000% Notes	8.500% Notes	11.5% Notes	Outlook	Last Update
Moody’s	Caa1	B3	Caa2	Caa3	Stable	June 2014
Standard & Poor’s	B-	B	CCC	CCC	Stable	June 2014

In June 2014, Moody's Investors Services, which we refer to as Moody's, affirmed our Corporate Rating and the ratings on our 11.5% Notes. Additionally, they rated the 6.000% Notes and 8.500% Notes for the first time. In June 2014, Standard & Poor's Ratings Services, which we refer to as Standard & Poor's, affirmed our Corporate Rating and the ratings on our 11.5% Notes, and rated the 6.000% Notes and the 8.500% Notes for the first time. The detail of all current ratings has been provided in the table above.

The terms of our existing debt do not have any rating triggers that impact our funding availability or influence our daily operations, including planned capital expenditures. We do not believe that our current ratings will unduly influence our ability to raise additional capital if and/or when needed. Some of our constituents closely track rating agency actions and would note any raising or lowering of our credit ratings; however, we believe that along with reviewing our credit ratings, additional quantitative and qualitative analysis must be performed to accurately judge our financial condition.

We expect our internally generated cash flows and financing available under our ABL Facility will be sufficient to fund our working capital needs for the next twelve months; however, this cannot be assured.

Off-Balance Sheet Arrangements: We have no off-balance sheet arrangements other than those disclosed on the Contractual Obligations and Other Commitments table.

Critical Accounting Matters

We prepare our consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. This requires us to make estimates and assumptions which affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as the reported amount of revenues and expenses during the reporting period. We evaluate these estimates and assumptions on an ongoing basis based on historical experience, and various other factors which we believe are reasonable under the circumstances. Actual results could differ from estimates.

We believe the following represent our more critical estimates and assumptions used in the preparation of our consolidated financial statements:

Allowance for Losses on Accounts Receivable: We maintain a valuation allowance based on the expected collectability of our accounts receivable, which requires a considerable amount of judgment in assessing the current credit worthiness of customers and related aging of past due balances. As of the years ended 2014 and 2013, the allowance provided for potentially uncollectible accounts receivable was $5.1 million and $5.4 million, respectively. Charges for bad debts recorded to the statement of operations for the years ended 2014, 2013 and 2012 were $2.2 million, $4.4 million and $2.0 million, respectively. We cannot guarantee that our current credit losses will be consistent with those in the past. These estimates may prove to be inaccurate, in which case we may have overstated or understated the allowance for losses required for uncollectible accounts receivable.

Inventory Valuation: Inventories are stated at the lower of cost or market, with cost determined on a first-in, first-out or average cost basis. Cost includes materials, labor and overhead related to the purchase and production of inventories. When

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there is a significant decrease in demand for our products and market price is below cost, we are required to reduce our inventory balances accordingly.

Provision for Impairment of Long-Lived Assets: We evaluate long-lived assets, including property, plant and equipment and intangible assets other than goodwill and indefinite lived intangible assets, for impairment whenever events or changes in circumstances indicate the carrying amounts of specific assets or group of assets may not be recoverable. When an evaluation is required, we estimate the future undiscounted cash flows associated with the specific asset or group of assets. If the cost of the asset or group of assets cannot be recovered by these undiscounted cash flows, we would assess the fair value of the asset or asset group and if necessary, an impairment charge would be recorded. Our estimates of future cash flows are based on our experience and internal business plans. Our internal business plans require judgments regarding future economic conditions, product demand and pricing. Although we believe our estimates are appropriate, significant differences in the actual performance of an asset or group of assets may materially affect our evaluation of the recoverability of the asset values currently recorded. Additional impairment charges may be necessary in future years.

Provision for Impairment of Goodwill and Indefinite Lived Intangible Assets: We evaluate the carrying value of our goodwill and indefinite lived intangible assets annually at the beginning of December and whenever events or circumstances make it more likely than not an impairment may have occurred. Accounting Standards Codification 350, Goodwill and Other Intangible Assets ("ASC 350"), provides us with the option of performing a qualitative assessment, if elected, prior to calculating the fair value of an indefinite lived intangible asset or the fair value of a reporting unit for goodwill under a quantitative approach. If we determine, based on qualitative factors, the fair value of an indefinite lived intangible asset or the fair value of a reporting unit is more likely than not to be less than the respective carrying value, a quantitative impairment test would be required to be performed. Otherwise, further impairment testing would not be needed.

ASC 350 prescribes a two-step quantitative method for determining goodwill impairment. In the first step, we compare the estimated fair value of each reporting unit to its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds the estimated fair value, step two is completed to determine the amount of the impairment loss. Step two requires the allocation of the estimated fair value of the reporting unit to the assets, including any unrecognized intangible assets, and liabilities in a hypothetical purchase price allocation. Any remaining unallocated fair value represents the implied fair value of goodwill, which is compared to the corresponding carrying value of goodwill to compute the goodwill impairment amount.

As part of our quantitative impairment analysis for each reporting unit, we estimate the fair value of each reporting unit, primarily using the income approach. The income approach requires management to estimate a number of factors for each reporting unit, including projected future operating results, economic projections, anticipated future cash flows, discount rates, and the allocation of shared service or corporate items. The market approach was used as a test of reasonableness of the conclusions reached in the income approach. The market approach estimates fair value using comparable marketplace fair value data from within a comparable industry grouping.

The determination of the fair value of the reporting units and the allocation of that value to individual assets and liabilities within those reporting units requires management to make significant estimates and assumptions. These estimates and assumptions primarily include, but are not limited to: the selection of appropriate peer group companies; control premiums appropriate for acquisitions in the industries in which we compete; the discount rate; terminal growth rates; and forecasts of net sales, operating income, depreciation and amortization and capital expenditures. The allocation requires several analyses to determine the fair value of assets and liabilities including, among others, trade names, customer relationships, and property, plant and equipment. Although we believe our estimates of fair value are reasonable, actual financial results could differ from those estimates due to the inherent uncertainty involved in making such estimates. Changes in assumptions concerning future financial results or other underlying assumptions could have a significant impact on either the fair value of the reporting units, the amount of the goodwill impairment charge, or both. We also compared the sum of the estimated fair values of the reporting units to our total enterprise value as implied by the market value of our equity securities. This comparison indicated that, in total, our assumptions and estimates were reasonable. However, future declines in the overall market value of our equity securities may indicate the fair value of one or more reporting units has declined below their carrying value.

In 2014, 2013 and 2012, we elected to bypass the qualitative only assessment and perform quantitative assessments on both goodwill and indefinite lived intangible assets. We did not record any goodwill impairment charges in 2014, 2013 or 2012.

One measure of the sensitivity of the amount of goodwill impairment charges to key assumptions is the amount by which each reporting unit had fair value in excess of its carrying amount or had carrying amount in excess of fair value for the first step of the goodwill impairment test. In 2014, the envelope, print and label reporting units had fair value in excess of carrying value, with fair value exceeding carrying value by at least 60%. The packaging reporting unit had fair value in excess of carrying value, with fair value exceeding carrying value by less than 15%. Goodwill allocated to the packaging reporting unit was approximately $8 million as of the year ended 2014. Generally, changes in estimates of expected future cash flows would have a similar effect

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on the estimated fair value of the reporting unit. That is, a 1% change in estimated future cash flows would decrease the estimated fair value of the reporting unit by approximately 1%. Of the other key assumptions that impact the estimated fair values, most reporting units have the greatest sensitivity to changes in the estimated discount rate. In 2014, the discount rate for each reporting unit was between 9% and 11%. A 100 basis point increase in our estimated discount rates would not have resulted in any reporting units failing step one.

During the fourth quarter of 2013, we made the decision to retire certain trade names in 2014 as a result of rebranding our print and packaging business lines. Accordingly, based on our evaluation using a relief-from-royalty and other discounted cash flow methodologies, we concluded that those trade name assets were impaired. An impairment charge of $33.4 million was recorded to reduce their carrying value to their estimated fair value. Those trade names were fully amortized during 2014. There were no intangible asset impairments in the years ended 2014 or 2012.

Determining whether an impairment of indefinite lived intangible assets has occurred requires an analysis of the fair value of each of the related trade names. However, if our estimates of the valuations of our trade names prove to be inaccurate, an impairment charge could be necessary in future periods.

Our quantitative impairment analysis for trade names utilizes a relief-from-royalty method in which the hypothetical benefits of owning each respective trade name are valued by discounting hypothetical royalty revenue over projected revenues covered by the trade names. We utilized royalty rates of 1.5% to 2.0% for the use of the subject trade names based on comparable market rates, the profitability of the product employing the trade name, and qualitative factors, such as the strength of the name and years in usage. The discount rate utilized was between 11.5% and 12.5%, which was based on the weighted average cost of capital for the respective business plus a premium to account for the relative risks of the subject trade name.

In order to evaluate the sensitivity of the fair value calculations for all of our indefinite lived trade names, we applied hypothetical 5% and 10% decreases to the estimated fair value of our trade names. Such hypothetical decreases in fair value could be due to changes in discount rates and/or assumed royalty rates. These hypothetical 5% and 10% decreases in estimated fair value would not have resulted in any impairment of any of our identifiable indefinite lived trade names.

Self-Insurance Reserves: We are self-insured for the majority of our workers’ compensation and health insurance costs, subject to specific retention levels. We rely on claims experience and the advice of consulting actuaries and administrators in determining an adequate liability for self-insurance claims. While we believe these estimates of our self-insurance liabilities are reasonable, significant differences in our experience or a significant change in any of our assumptions could materially affect the amount of workers’ compensation and healthcare expenses we record on an annual basis.

Our self-insurance workers’ compensation liability is estimated based on reserves for claims which are established by a third-party administrator. The estimate of these reserves is adjusted from time to time to reflect the estimated future development of the claims. Our liability for workers’ compensation claims is the estimated total cost of the claims on a fully-developed and discounted basis which considers anticipated payment patterns. As of the years ended 2014 and 2013, the undiscounted liability was $13.2 million and $12.9 million, respectively, and the discounted liability was $12.2 million and $11.9 million, respectively, using discount rates of 2% for each of the years ended 2014 and 2013.

Our self-insured healthcare liability represents our estimate of claims which have been incurred, but not reported as of the years ended 2014 and 2013. We rely on claims experience and the advice of consulting actuaries to determine an adequate liability for self-insured plans. This liability was $3.3 million as of both of the years ended 2014 and 2013, and was estimated based on an analysis of actuarial completion factors that estimated incurred but unreported liabilities derived from the historical claims experience. The estimate of our liability for employee healthcare represents between 30 and 35 days of unreported claims.

Revenue Recognition: We recognize revenue when persuasive evidence of an arrangement exists, product delivery has occurred, pricing is fixed or determinable, and collection is reasonably assured, net of rebates earned by customers. Since a significant portion of our products are customer specific, it is common for our customers to inspect the quality of the product at our facilities prior to shipment. Products shipped are not subject to contractual right of return provisions.

Amounts billed for freight costs and sales tax are included in net sales, and the costs of delivering finished goods to customers are recorded as freight costs, and included in cost of sales.

Accounting for Income Taxes: We are required to estimate our income taxes in each jurisdiction in which we operate, which primarily includes the United States, Canada and India. This process involves estimating our actual current tax expense, together with assessing temporary differences resulting from differing treatment of items for tax and financial reporting purposes. The tax effects of these temporary differences are recorded as deferred tax assets or deferred tax liabilities. Deferred tax assets generally represent items that can be used as a tax deduction or credit in our tax return in future years for which we have already recorded an expense in our consolidated financial statements. Deferred tax liabilities generally represent tax items that have been

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deducted for tax purposes, but have not yet been recorded as an expense in our consolidated financial statements. As of the years ended 2014 and 2013, we had net deferred tax liabilities of $36.3 million and $33.8 million, respectively, from our United States operations. As of the years ended 2014 and 2013, we had net deferred tax assets of $0.4 million and net deferred tax liabilities of $1.5 million, respectively, from our foreign operations.

We review the likelihood that we will realize the benefit of our deferred tax assets and therefore the need for valuation allowances on a quarterly basis, or more frequently if events indicate that a review is required. In determining the requirement for a valuation allowance, the historical and projected financial results of the legal entity or consolidated group recording the net deferred tax asset is considered, along with all other available positive and negative evidence. The factors considered in our determination of the probability of the realization of the deferred tax assets include, but are not limited to: recent historical financial results, historical taxable income, projected future taxable income, the expected timing of the reversals of existing temporary differences, the duration of statutory carryforward periods and tax planning strategies. If, based upon the weight of available evidence, it is more likely than not the deferred tax assets will not be realized, a valuation allowance is recorded.

Concluding that a valuation allowance is not required is difficult when there is significant negative evidence which is objective and verifiable, such as cumulative losses in recent years. We utilize a rolling twelve quarters of pre-tax income or loss adjusted for significant permanent book to tax differences as a measure of our cumulative results in recent years. In the United States, our analysis indicates that we have cumulative three year historical losses on this basis. While there are significant impairment, restructuring and refinancing charges driving our cumulative three year loss, this is considered significant negative evidence which is objective and verifiable and therefore, difficult to overcome. However, the three year loss position is not solely determinative and accordingly, we consider all other available positive and negative evidence in our analysis. Based upon our analysis, which incorporated the excess capacity and pricing pressure we have experienced in certain of our product lines, along with the recent decline in net sales and profitability from our print segment during 2013, we believe it is more likely than not that the net deferred tax assets in the United States will not be fully realized in the future. Accordingly, we have a valuation allowance related to those net deferred tax assets of $135.4 million as of the year ended 2014. Deferred tax assets related to certain state net operating losses and foreign tax credit carryforwards also did not reach the more likely than not realizability criteria and accordingly, were subject to a valuation allowance. As of the year ended 2014, our valuation allowance related to these state net operating losses and foreign tax credit carryforwards was $24.7 million.

There is no corresponding income tax benefit recognized with respect to losses incurred and no corresponding income tax expense recognized with respect to earnings generated in jurisdictions with a valuation allowance. This causes variability in our effective tax rate. We intend to maintain the valuation allowances until it is more likely than not that the net deferred tax assets will be realized. If operating results improve on a sustained basis, or if certain tax planning strategies are implemented, our conclusions regarding the need for valuation allowances could change, resulting in the reversal of the valuation allowances in the future, which could have a significant impact on income tax expense in the period recognized and subsequent periods.

We recognize a tax position in our consolidated financial statements when it is more likely than not that the position would be sustained upon examination by tax authorities. This recognized tax position is then measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Although we believe that our estimates are reasonable, the final outcome of uncertain tax positions may be materially different from that which is reflected in our consolidated financial statements. We adjust such reserves upon changes in circumstances that would cause a change to the estimate of the ultimate liability, upon effective settlement or upon the expiration of the statute of limitations, in the period in which such event occurs. During 2014 and 2013, we did not reduce our liabilities for uncertain tax positions.

Pension and Other Postretirement Benefit Plans: The valuation of our pension and other postretirement plans requires the use of assumptions and estimates to develop actuarial valuations of expenses, assets and liabilities. Inherent in these valuations are key assumptions, which include discount rate, investment returns and mortality rates. We review our actuarial assumptions on an annual basis and make modifications to the assumptions based on current rates and trends when it is appropriate to do so. The effects of modifications are recognized immediately on our consolidated balance sheet, but are generally amortized into our consolidated statement of operations over future periods, with the deferred amount recorded in accumulated other comprehensive loss. We believe that the assumptions utilized in recording our obligations under our plans are reasonable based on our experience, market conditions and input from our actuaries and investment advisers. We select the discount rate to be used for purposes of computing annual service and interest costs based on the Citigroup Pension Liability Index as of our respective year end dates. The weighted average discount rate used to determine the benefit obligation as of the years ended 2014 and 2013 was 3.75% and 4.50%, respectively. A one percentage point decrease in the discount rate at year end 2014 would increase the pension and other postretirement plans’ projected benefit obligation by approximately $54.0 million. A one percentage point increase in the discount rate at the year ended 2014 would decrease the pension and other postretirement plans’ projected benefit obligation by approximately $43.9 million.

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In 2014, we began to allow certain participants in the pension plans the option of settling their vested benefits through the receipt of a lump-sum payment. Lump-sum payments made in 2014 did not meet the criteria to apply settlement accounting. Since settlement via lump-sum payment is dependent on an employee's decision and election, the extent of future settlements and the associated losses may fluctuate significantly.

Our investment objective is to maximize the long-term return on the pension plan assets within prudent levels of risk. Investments are primarily diversified with a blend of equity securities, fixed income securities and alternative investments. Equity investments are diversified by including United States and non-United States stocks, growth stocks, value stocks and stocks of large and small companies. Fixed income securities are primarily United States governmental and corporate bonds, including mutual funds. Alternative investments are primarily private equity hedge funds and hedge fund-of-funds. We consult with our financial advisers on a regular basis regarding our investment objectives and asset performance.

New Accounting Pronouncements: We are required to adopt certain new accounting pronouncements. See Note 1 to our consolidated financial statements.

Commitments and Contingencies: Our business and operations are subject to a number of significant risks, most of which are summarized in our "Risk Factors" in Item 1A, and in Note 14 to our consolidated financial statements.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

We are exposed to market risks such as changes in interest and foreign currency exchange rates, which may adversely affect our results of operations and financial position.

As of December 27, 2014, we had variable rate debt outstanding of $149.2 million. A change of 1% to the current London Interbank Offered Rate (“LIBOR”) would have a minimal impact to our interest expense.

Our changes in foreign currency exchange rates are managed through normal operating and financing activities. We have foreign operations, primarily in Canada and India, and thus are exposed to market risk for changes in foreign currency exchange rates. For the year ended 2014, a uniform 10% strengthening of the United States dollar relative to the local currency of our foreign operations would have resulted in a decrease in sales of approximately $6.6 million and an increase in operating income of less than $0.1 million, respectively.

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Item 8.   Financial Statements

Report of Independent Registered Public Accounting Firm

Board of Directors and Shareholders

Cenveo, Inc.

We have audited the accompanying consolidated balance sheets of Cenveo, Inc. (a Colorado corporation) and subsidiaries (the “Company”) as of December 27, 2014 and December 28, 2013, and the related consolidated statements of operations and comprehensive income (loss), changes in shareholders’ (deficit) equity, and cash flows for each of the three years in the period ended December 27, 2014. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Cenveo, Inc. and subsidiaries as of December 27, 2014 and December 28, 2013, and the results of their operations and their cash flows for each of the three years in the period ended December 27, 2014 in conformity with accounting principles generally accepted in the United States of America.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company’s internal control over financial reporting as of December 27, 2014, based on criteria established in the 2013 Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated February 18, 2015 expressed an unqualified opinion.

/s/ GRANT THORNTON LLP

New York, New York

February 18, 2015

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CENVEO, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except par values)
	2014			2013
Assets
Current assets:
Cash and cash equivalents	$	14,593		$	11,329
Accounts receivable, net	281,898			281,586
Inventories	137,010			161,565
Prepaid and other current assets	50,406			55,353
Assets of discontinued operations - current	8			132
Total current assets	483,915			509,965
Property, plant and equipment, net	282,408			304,907
Goodwill	185,849			186,436
Other intangible assets, net	157,704			168,749
Other assets, net	48,015			43,614
Assets of discontinued operations - long-term	—			33
Total assets	$	1,157,891		$	1,213,704
Liabilities and Shareholders’ Deficit
Current liabilities:
Current maturities of long-term debt	$	4,355		$	9,174
Accounts payable	232,184			244,228
Accrued compensation and related liabilities	37,125			32,139
Other current liabilities	87,221			81,198
Liabilities of discontinued operations - current	70			2,013
Total current liabilities	360,955			368,752
Long-term debt	1,229,984			1,176,351
Other liabilities	199,627			165,581
Commitments and contingencies
Shareholders’ deficit:
Preferred stock, $0.01 par value; 25 shares authorized, no shares issued	—			—
Common stock, $0.01 par value; 100,000 shares authorized, 67,682 and 66,265 shares issued and outstanding as of the years ended 2014 and 2013, respectively	677			663
Paid-in capital	370,228			364,177
Retained deficit	(905,383		)	(821,520		)
Accumulated other comprehensive loss	(98,197		)	(40,300		)
Total shareholders’ deficit	(632,675		)	(496,980		)
Total liabilities and shareholders’ deficit	$	1,157,891		$	1,213,704

See notes to consolidated financial statements.

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CENVEO, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

(in thousands, except per share data)

	For The Years Ended
	2014			2013			2012
Net sales	$	1,949,040		$	1,777,808		$	1,738,293
Cost of sales	1,653,513			1,485,931			1,417,147
Selling, general and administrative expenses	217,530			206,085			182,980
Amortization of intangible assets	11,781			9,962			9,881
Restructuring and other charges	22,458			13,100			27,100
Impairment of intangible assets	—			33,367			—
Operating income	43,758			29,363			101,185
Gain on bargain purchase	—			(17,262		)	—
Interest expense, net	106,798			112,677			114,755
Loss on early extinguishment of debt, net	27,449			11,324			12,487
Other income, net	(7,004		)	(5,602		)	(1,249		)
Loss from continuing operations before income taxes	(83,485		)	(71,774		)	(24,808		)
Income tax expense	2,834			13,753			55,720
Loss from continuing operations	(86,319		)	(85,527		)	(80,528		)
Income from discontinued operations, net of taxes	2,456			16,741			641
Net loss	(83,863		)	(68,786		)	(79,887		)
Other comprehensive income (loss):
Changes in pension and other employee benefit accounts, net of taxes	(56,576		)	31,430			(7,986		)
Currency translation adjustment	(1,321		)	(4,529		)	665
Comprehensive loss	$	(141,760	)	$	(41,885	)	$	(87,208	)
(Loss) income per share – basic:
Continuing operations	$	(1.29	)	$	(1.32	)	$	(1.27	)
Discontinued operations	0.04			0.25			0.01
Net loss	$	(1.25	)	$	(1.07	)	$	(1.26	)
(Loss) income per share – diluted:
Continuing operations	$	(1.29	)	$	(1.32	)	$	(1.27	)
Discontinued operations	0.04			0.25			0.01
Net loss	$	(1.25	)	$	(1.07	)	$	(1.26	)
Weighted average shares outstanding:
Basic	66,952			64,576			63,567
Diluted	66,952			64,576			63,567

See notes to consolidated financial statements.

37

CENVEO, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
	For The Years Ended
	2014			2013			2012
Cash flows from operating activities:
Net loss	$	(83,863	)	$	(68,786	)	$	(79,887	)
Adjustments to reconcile net loss to net cash provided by operating activities:
(Gain) loss on sale of discontinued operations, net of taxes	(2,519		)	(14,933		)	6,260
Loss (income) from discontinued operations, net of taxes	63			(1,808		)	(6,901		)
Depreciation	52,207			50,534			50,777
Amortization of intangible assets	11,781			9,962			9,881
Non-cash interest expense, net	9,772			10,289			8,263
Deferred income taxes	1,165			(28,672		)	(1,948		)
Non-cash taxes	—			40,562			56,500
Gain on bargain purchase	—			(17,262		)	—
Loss (gain) on sale of assets	127			(120		)	(2,782		)
Non-cash restructuring and other charges, net	4,946			2,622			11,226
Impairment of intangible assets	—			33,367			—
Loss on early extinguishment of debt, net	27,449			11,324			12,487
Provisions for bad debts	2,174			4,392			2,024
Provisions for inventory obsolescence	10,879			6,523			3,588
Stock-based compensation provision	2,420			3,739			5,333
Gain on insurance claim	—			(2,670		)	—
Changes in operating assets and liabilities, excluding the effects of acquired businesses:
Accounts receivable	(3,088		)	(31,686		)	26,594
Inventories	13,369			(40,622		)	(617		)
Accounts payable and accrued compensation and related liabilities	(5,652		)	69,848			(13,291		)
Other working capital changes	4,148			4,047			(29,050		)
Other, net	(19,571		)	(18,335		)	(15,613		)
Net cash provided by operating activities of continuing operations	25,807			22,315			42,844
Net cash (used in) provided by operating activities of discontinued operations	(1,892		)	5,878			9,221
Net cash provided by operating activities	23,915			28,193			52,065
Cash flows from investing activities:
Cost of business acquisitions, net of cash acquired	—			(33,166		)	(644		)
Capital expenditures	(37,231		)	(29,235		)	(20,563		)
Purchase of investment	(2,000		)	(1,650		)	(350		)
Proceeds from insurance claim	—			3,036			—
Proceeds from sale of property, plant and equipment	3,767			8,304			7,978
Proceeds from sale of intangible asset	—			—			5,700
Net cash used in investing activities of continuing operations	(35,464		)	(52,711		)	(7,879		)
Net cash provided by investing activities of discontinued operations	2,196			45,214			39,533
Net cash (used in) provided by investing activities	(33,268		)	(7,497		)	31,654
Cash flows from financing activities:
Proceeds from issuance of 6.000% senior secured priority notes due 2019	540,000			—			—
Proceeds from issuance of 8.500% junior secured priority notes due 2022	250,000			—			—
Repayment of 10.5% senior notes	—			—			(169,875		)
Repayment of 7.875% senior subordinated notes	—			(67,848		)	(214,831		)
(Repayment) borrowing of Term Loan B due 2016	—			(388,205		)	31,844
Repayment of 8.375% senior subordinated notes	—			—			(24,787		)
Payment of financing related costs and expenses and debt issuance discounts	(37,994		)	(15,570		)	(37,836		)
Proceeds from issuance of other long-term debt	—			20,000			—
Repayments of other long-term debt	(8,493		)	(7,865		)	(4,846		)
Proceeds from issuance of 11.5% senior notes due 2017	—			—			225,000
Repayment of 11.5% senior notes due 2017	(2,680		)	—			—
Repayment of 8.500% junior secured priority notes due 2022	(2,000		)	—			—
Purchase and retirement of common stock upon vesting of RSUs	(562		)	(660		)	(735		)
Proceeds from issuance of 7% senior exchangeable notes due 2017	—			—			86,250
(Repayment) borrowings under Revolving Credit Facility, net	—			(18,000		)	18,000
Proceeds from issuance of 15% Unsecured Term Loan due 2017	—			50,000			—
Repayment of 15% Unsecured Term Loan due 2017	(10,000		)	(40,000		)	—
Proceeds from exercise of stock options	20			98			—
Proceeds from issuance of Term Loan Facility due 2017	—			360,000			—
Repayment of Term Loan Facility due 2017	(329,100		)	(30,900		)	—
Repayment of 8.875% senior second lien notes due 2018	(400,000		)	—			—
Borrowings under ABL Facility due 2017	520,100			699,200			—
Repayments under ABL Facility due 2017	(506,800		)	(577,800		)	—
Net cash provided by (used in) financing activities of continuing operations	12,491			(17,550		)	(91,816		)
Net cash used in financing activities of discontinued operations	—			—			(1,652		)
Net cash provided by (used in) financing activities	12,491			(17,550		)	(93,468		)
Effect of exchange rate changes on cash and cash equivalents	126			73			106
Net increase (decrease) in cash and cash equivalents	3,264			3,219			(9,643		)
Cash and cash equivalents at beginning of period	11,329			8,110			17,753
Cash and cash equivalents at end of period	$	14,593		$	11,329		$	8,110

See notes to consolidated financial statements.

38

CENVEO, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ (DEFICIT) EQUITY (in thousands)
	Common Stock			Paid-In Capital			Retained Deficit			Accumulated Other Comprehensive (Loss) Income			Total Shareholders’ Equity (Deficit)
	Shares	Amount
Balance as of the year ended 2011	63,260	$	633	$	350,390		$	(672,847	)	$	(59,880	)	$	(381,704	)
Comprehensive (loss) income:
Net loss							(79,887		)				(79,887		)
Other comprehensive (loss) income:
Pension liability adjustment, net of tax benefit of $5,225										(7,986		)	(7,986		)
Currency translation adjustment										665			665
Other comprehensive loss													(7,321		)
Total comprehensive loss													(87,208		)
Purchase and retirement of common stock upon vesting of RSUs	502	5		(740		)							(735		)
Amortization of stock based compensation				5,333									5,333
Balance as of the year ended 2012	63,762	638		354,983			(752,734		)	(67,201		)	(464,314		)
Comprehensive (loss) income:
Net loss							(68,786		)				(68,786		)
Other comprehensive income (loss):
Pension liability adjustment, net of tax expense of $20,105										31,430			31,430
Currency translation adjustment										(4,529		)	(4,529		)
Other comprehensive income													26,901
Total comprehensive loss													(41,885		)
Issuance of stock	2,083	21		6,021									6,042
Exercise of stock options	20	—		98									98
Purchase and retirement of common stock upon vesting of RSUs	400	4		(664		)							(660		)
Amortization of stock based compensation				3,739									3,739
Balance as of the year ended 2013	66,265	663		364,177			(821,520		)	(40,300		)	(496,980		)
Comprehensive (loss)income:
Net loss							(83,863		)				(83,863		)
Other comprehensive (loss) income:
Pension liability adjustment, net of tax benefit of zero										(56,576		)	(56,576		)
Currency translation adjustment										(1,321		)	(1,321		)
Other comprehensive loss													(57,897		)
Total comprehensive loss													(141,760		)
Exchange of 7% Notes	1,068	11		4,176									4,187
Exercise of stock options	10	—		20									20
Purchase and retirement of common stock upon vesting of RSUs	339	3		(565		)							(562		)
Amortization of stock based compensation				2,420									2,420
Balance as of the year ended 2014	67,682	$	677	$	370,228		$	(905,383	)	$	(98,197	)	$	(632,675	)

See notes to consolidated financial statements.

39

CENVEO, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Summary of Significant Accounting Policies

Basis of Presentation: The consolidated financial statements include the results of Cenveo, Inc. and its subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). All intercompany transactions have been eliminated.

Cenveo, Inc. and its wholly-owned subsidiaries (collectively, the "Company" or "Cenveo") are engaged in envelope converting, commercial printing, and the manufacturing of label and specialty packaging products. The Company is headquartered in Stamford, Connecticut, is organized under Colorado law, and its common stock is traded on the New York Stock Exchange under the symbol "CVO." The Company operates a network of strategically located manufacturing facilities, serving a diverse base of over 100,000 customers. The Company’s operations are based in North America, Latin America and Asia.

The Company’s reporting periods for 2014, 2013 and 2012 in this report each consist of 52 week periods and ended on December 27, 2014, December 28, 2013, and December 29, 2012, respectively. Such periods are referred to herein as: (i) "as of the year ended 2014," "the year ended 2014" or "2014;" (ii) "as of the year ended 2013," "the year ended 2013" or "2013;" and (iii) "as of the year ended 2012," "the year ended 2012" or "2012." All references to years and year-ends herein relate to fiscal years rather than calendar years.

The Company acquired certain assets of National Envelope Corporation ("National") during the third quarter of 2013 and all of the assets of Express Label Company ("Express Label") during the first quarter of 2013. The Company’s results include the operating results of these acquisitions subsequent to their respective acquisition dates.

As a result of exploring opportunities to divest certain non-strategic or underperforming businesses within its manufacturing platform, the Company completed the sale of its Custom Envelope Group ("Custom Envelope") during the third quarter of 2013. Additionally, during the second quarter of 2013, the Company decided to exit the San Francisco market and closed a manufacturing facility. Beginning in the fourth quarter of 2011, the financial results of the Company's documents and forms business ("Documents Group") as well as the Company's wide-format papers business have been accounted for as discontinued operations. These businesses were sold in the first quarter of 2012. Collectively, the Company refers to these businesses as the "Discontinued Operations." As a result, the Company's historical consolidated balance sheets, statements of operations and comprehensive income (loss) ("statement of operations") and statements of cash flows have been reclassified to reflect the Discontinued Operations separately from the Company's continuing operations for all periods presented.

During the fourth quarter of 2013, the Company completed a realignment of its reportable segments as a result of a change in management reporting and strategy. The reportable segments were realigned into three complementary reportable segments: the envelope segment, the print segment and the label and packaging segment. Previously, the two reportable segments were print and envelope and label and packaging. Prior year disclosures have been updated to reflect the segment realignment.

Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Estimates and assumptions are used for, but not limited to, establishing the allowance for doubtful accounts, valuation of inventory, purchase price allocation, depreciation and amortization lives, asset impairment evaluations, deferred tax assets and liabilities, self-insurance accruals, stock-based compensation and other contingencies. Actual results could differ from estimates.

Fair Value Measurements: Certain assets and liabilities of the Company are required to be recorded at fair value. Fair value is determined based on the exchange price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value of cash and cash equivalents, accounts receivable, short-term debt and accounts payable approximate their carrying values due to their short-term nature. The Company also has other assets or liabilities that it records at fair value, such as its pension plan assets. The three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies, is as follows:

 Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets.

 Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

 Level 3 — Valuations based on unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants.

Cash and Cash Equivalents: Cash and cash equivalents include cash on deposit and highly liquid investments with original maturities of three months or less. The Company places its cash and cash equivalents with institutions with high credit

40

CENVEO, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

quality. However, at certain times, such cash and cash equivalents may be in excess of FDIC insurance limits. Cash and cash equivalents are stated at cost, which approximates fair value.

Accounts Receivable: Trade accounts receivable are stated net of allowances for doubtful accounts. Specific customer provisions are made when a review of significant outstanding amounts, customer creditworthiness and current economic trends indicate that collection is doubtful. In addition, provisions are made at differing amounts, based upon the balance and age of the receivable and the Company’s historical collection experience. Trade accounts are charged off against the allowance for doubtful accounts or expensed when it is probable the accounts will not be recovered. As of the years ended 2014 and 2013, accounts receivable were reduced by an allowance for doubtful accounts of $5.1 million and $5.4 million, respectively. Transactions affecting the allowance for doubtful accounts were as follows (in thousands):

	For The Years Ended
	2014			2013			2012
Balance at beginning of year	$	5,409		$	4,664		$	5,584
Charged to expense	2,174			4,392			2,024
Write-offs, recoveries and other	(2,512		)	(3,647		)	(2,944		)
Balance at end of year	$	5,071		$	5,409		$	4,664

Inventories: Inventories are stated at the lower of cost or market, with cost primarily determined on a first-in, first-out or average cost basis. Cost includes materials, labor and overhead related to the purchase and production of inventories.

Property, Plant and Equipment: Property, plant and equipment are recorded at cost and depreciated over their estimated useful lives. Depreciation is provided using the straight-line method generally based on the estimated useful lives of 15 to 45 years for buildings and building improvements, 10 to 15 years for machinery and equipment and three to 10 years for furniture and fixtures. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the improvements. When an asset is retired or otherwise disposed of, the related gross cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the statement of operations. Expenditures for repairs and maintenance are charged to expense as incurred, and expenditures that increase the capacity, efficiency or useful lives of existing assets are capitalized.

Computer Software: The Company develops and purchases software for internal use. Software development costs incurred during the application development stage are capitalized. Once the software has been installed, tested and is ready for use, additional costs incurred in connection with the software are expensed as incurred. Capitalized computer software costs are amortized over the estimated useful life of the software, generally between three and seven years. Net computer software costs included in property, plant and equipment were $19.3 million and $10.4 million as of the years ended 2014 and 2013, respectively.

Debt Issuance Costs: Direct expenses such as legal, accounting and underwriting fees incurred to issue, extend or amend debt are included in other assets, net. Debt issuance costs were $25.2 million and $22.8 million as of the years ended 2014 and 2013, respectively, net of accumulated amortization, and are amortized to interest expense over the term of the related debt. Interest expense includes the amortization of debt issuance costs of $9.8 million, $9.4 million and $7.0 million in 2014, 2013 and 2012, respectively.

Goodwill and Other Intangible Assets: Goodwill represents the excess of purchase price over the fair value of net assets of businesses acquired. Goodwill is not amortized. Goodwill is subject to an annual impairment test and is reviewed annually as of the beginning of December to determine if there is an impairment or more frequently if an indication of possible impairment exists. Impairment testing for goodwill is performed at a reporting unit level, with all goodwill assigned to a reporting unit. The Company's reporting units are the same as its four operating segments. An impairment loss generally would be recognized when the carrying amount of the reporting unit's net assets exceeds the estimated fair value of the reporting unit. No impairment charges for goodwill were recorded in 2014, 2013 or 2012.

Other intangible assets consist primarily of customer relationships and trademarks. Other intangible assets primarily arise from the purchase price allocations of businesses acquired. Intangible assets with determinable lives are amortized on a straight-line basis over the estimated useful life assigned to these assets. Intangible assets that are expected to generate cash flows indefinitely are not amortized, but are evaluated for impairment similar to goodwill.

During the fourth quarter of 2013, the Company made the decision that certain trade names would be retired in 2014 as a result of rebranding the Company's print and packaging business lines. Accordingly, based on its evaluation using a relief-from-royalty and other discounted cash flow methodologies, the Company concluded those trade name assets were impaired. An

41

CENVEO, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

impairment charge of $33.4 million was recorded to reduce their carrying value to their estimated fair value. Those trade names were fully amortized during 2014. There were no intangible asset impairments in the years ended 2014 or 2012.

Long-Lived Assets: Long-lived assets, including property, plant and equipment, and intangible assets with definite lives, are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be fully recoverable. An impairment is assessed if the undiscounted expected future cash flows generated from an asset are less than its carrying value. Impairment losses are recognized for the amount by which the carrying value of an asset exceeds its fair value (Level 2 and 3). Additionally, the estimated useful lives of all long-lived assets are periodically reviewed and revised, if necessary.

Self-Insurance: The Company is self-insured for the majority of its workers’ compensation costs and health insurance costs, subject to specific retention levels. The Company records its liability for workers’ compensation claims on a fully-developed basis. The Company’s liability for health insurance claims includes an estimate for claims incurred, but not reported. As of the years ended 2014 and 2013, the (i) undiscounted workers' compensation liability was $13.2 million and $12.9 million, respectively, and the discounted liability was $12.2 million and $11.9 million, respectively, using discount rates of 2% for each of the years ended 2014 and 2013, and the (ii) healthcare liability was $3.3 million in both 2014 and 2013.

Pension and Other Postretirement Plans:The Company records expense relating to its pension and other postretirement plans based on actuarial calculations. The inputs for these estimates mainly include discount rates, anticipated mortality rates and assumed rates of return. The Company reviews its actuarial assumptions on an annual basis and modifies the assumptions based on current anticipated rates. The effect of modifications on the value of plan obligations and assets is recognized in accumulated other comprehensive income (loss) ("AOCI") and is recognized in the statement of operations over future periods.

Revenue Recognition: The Company recognizes revenue when persuasive evidence of an arrangement exists, product delivery has occurred, pricing is fixed or determinable, and collection is reasonably assured, net of rebates earned by customers. Since a significant portion of the Company’s products are customer specific, it is common for customers to inspect the quality of the product at the Company’s facility prior to its shipment. Products shipped are not subject to contractual right of return provisions.

Sales Tax: The Company records sales net of applicable sales tax.

Freight Costs: The costs of delivering finished goods to customers are recorded as freight costs and included in cost of sales. Freight costs that are either billed separately to the customer or included in the price of the product are included in net sales.

Advertising Costs: All advertising costs are expensed as incurred. Advertising costs were $3.5 million, $2.9 million and $2.8 million for 2014, 2013 and 2012, respectively.

Stock-Based Compensation: The Company uses the fair value method of accounting for stock-based compensation. The Company uses the Black-Scholes-Merton option-pricing model ("Black-Scholes") to measure fair value of these stock option awards. The Black-Scholes model requires the Company to make significant judgments regarding the assumptions used within the model, the most significant of which are the stock price volatility assumption, the expected life of the option award, the risk-free rate of return and dividends during the expected term. The Company recognizes stock-based compensation expense for share-based awards expected to vest on a straight-line basis over the requisite service period of the award based on their grant date fair value.

Foreign Currency Translation: Assets and liabilities of subsidiaries operating outside the United States with a functional currency other than the United States dollar are translated at year-end exchange rates. The effects of translation are included in shareholders’ deficit. Income and expense items and gains and losses are translated at the average monthly rate. Foreign currency transaction gains and losses are recorded in other income, net.

Income Taxes: Deferred income taxes reflect the future tax effect of temporary differences between the carrying amount of assets and liabilities for financial and income tax reporting and are measured by applying statutory tax rates in effect for the year during which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent it is more likely than not that the net deferred tax assets in the United States will not be realized. The Company has a full valuation allowance related to its net deferred tax assets as of the year ended 2014.

The Company recognizes a tax position in its consolidated financial statements when it is more likely than not that the position would be sustained upon examination by tax authorities. This recognized tax position is then measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Although the Company believes that its estimates are reasonable, the final outcome of uncertain tax positions may be materially different from that which is recognized in its consolidated financial statements. The Company adjusts such reserves upon changes in circumstances that would

42

CENVEO, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

cause a change to the estimate of the ultimate liability, upon effective settlement or upon the expiration of the statute of limitations, in the period in which such event occurs.

New Accounting Pronouncements: In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists." This ASU provides guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward exists.  The objective of this ASU is to eliminate diversity in practice related to this topic.  The ASU states that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the consolidated financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, similar tax loss or a tax credit carryforward except in certain situations.  The update is effective for annual and interim periods beginning after December 15, 2013.  The Company's adoption of this amendment did not have a material impact on the Company's consolidated financial statements.

In April 2014, the FASB issued ASU 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." The amendments in the ASU change the criteria for reporting discontinued operations while enhancing related disclosures. The amendments in the ASU are effective in the first quarter of 2015. The Company is currently evaluating the impact of the pending adoption of ASU 2014-08 on its consolidated financial statements.

In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)." The new revenue recognition standard provides a five-step analysis to determine when and how revenue is recognized.  The standard requires that a company recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This ASU is effective for annual periods beginning after December 15, 2016 and will be applied retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption.  The Company is currently evaluating the impact of the pending adoption of ASU 2014-09 on its consolidated financial statements.

2. Acquisitions

The Company accounts for business combinations under the provisions of the Business Combination Topic of the FASB's Accounting Standards Codification ("ASC") 805.  Acquisitions are accounted for by the purchase method, and accordingly, the assets and liabilities of the acquired businesses have been recorded at their estimated fair value on the acquisition date with the excess of the purchase price over their estimated fair value recorded as goodwill. In the event the estimated fair value of the assets and liabilities acquired exceeds the purchase price paid, a bargain purchase gain is recorded in the statement of operations.

Acquisition-related costs are expensed as incurred. Acquisition-related costs, including integration costs, are included in selling, general and administrative expenses in the Company’s consolidated statement of operations and were $5.2 million, $8.7 million and $1.5 million for the years ended 2014, 2013 and 2012, respectively.

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CENVEO, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

2013

National Envelope

On September 16, 2013, the Company acquired certain assets of National. National's accounts receivable and inventory were purchased by unrelated third parties in conjunction with the Company's acquisition. National manufactured and distributed envelope products for the wholesale, billing, financial, direct mail and office products markets and had approximately 1,600 employees. The Company believes the acquisition of certain assets of National has enhanced the Company's manufacturing capabilities and reduced capacity in the envelope industry. The purchase price was $34.1 million, of which $6.0 million was Cenveo common stock, and was allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date, and was assigned to the Company's envelope segment. The acquisition of certain assets of National resulted in a bargain purchase gain of approximately $17.3 million, exclusive of $6.8 million of tax expense, which was recognized in the Company's consolidated statement of operations. Prior to the recognition of the bargain purchase gain, the Company reassessed the fair value of the tangible and identifiable intangible assets acquired and liabilities assumed in the acquisition. The Company believes it was able to acquire those assets of National for less than their fair value due to National's bankruptcy prior to the Company's acquisition. The acquired identifiable intangible asset relates to a leasehold interest with a fair value of $4.4 million, which is being amortized over the remaining lease term of 20 years, which includes renewal periods. The Company finalized the purchase price allocation in the third quarter of 2014 and adjusted the preliminary values allocated to certain assets and liabilities. There were no material adjustments to the purchase price allocation.

National's results of operations and cash flows are included in the Company’s consolidated statement of operations and cash flows from September 16, 2013. As a result of the Company's integration of certain assets of National into the Company's existing envelope operations, it is impracticable to disclose the amounts of revenues and operating income of National since the acquisition date.

Purchase Price Allocation

The following table summarizes the allocation of the purchase price of National to the assets acquired and liabilities assumed in the acquisition (in thousands):

Property, plant and equipment	$	53,108
Other intangible assets	4,430
Total assets acquired	57,538
Accounts payable	1,015
Accrued compensation and related liabilities	1,210
Other current liabilities	1,453
Note payable	2,536
Total liabilities assumed	6,214
Net assets acquired	51,324
Cost of the acquisition of certain assets of National	34,062
Gain on bargain purchase	$	17,262

Property, plant and equipment values were estimated based on discussions with machinery and equipment brokers, internal expertise related to the equipment and current marketplace conditions. The value of the leasehold interest acquired was determined based on the present value of the difference between: (i) the contractual amounts to be paid pursuant to the lease; and (ii) management's estimate of current market lease rates for the corresponding lease, measured over the remaining lease term and renewal periods.

The fair values of property, plant and equipment and the intangible asset acquired from National were determined to be Level 3 under the fair value hierarchy.

44

CENVEO, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Unaudited Pro Forma Financial Information

The following supplemental pro forma consolidated summary financial information of the Company for the year ended 2013 herein have been prepared by adjusting the historical data as set forth in its statement of operations to give effect to the acquisition of certain assets of National as if it had been made as of January 1, 2012 (in thousands, except per share amounts).

	2013
Net sales
As reported	$	1,777,808
Pro forma	$	2,027,799
Loss from continuing operations
As reported	$	(85,527	)
Pro forma	$	(114,127	)
Loss per share from continuing operations - basic
As reported	$	(1.32	)
Pro forma	$	(1.73	)
Loss per share from continuing operations - diluted
As reported	$	(1.32	)
Pro forma	$	(1.73	)

The supplemental pro forma consolidated summary financial information is presented for comparative purposes only and does not purport to be indicative of the Company’s actual consolidated results of operations had the acquisition of certain assets of National been consummated as of the beginning of the period noted above, or of the Company’s expected future results of operations. The adjustments related to the supplemental pro forma consolidated summary financial information above include the removal of $7.5 million in acquisition-related expenses incurred during 2013, as well as the removal of a bargain purchase gain of $17.3 million in 2013, and the related $6.8 million of tax expense.

The Company has completed its assessment of the purchase price allocation by identifying and estimating the fair values of tangible and identifiable intangible assets, comprised of a leasehold interest and property, plant and equipment. Pro forma adjustments have been made to depreciation and amortization expense related to these estimated fair values, and to reflect the Company's borrowing rate in the above supplemental pro forma consolidated summary financial information. The pro forma operating results do not include any anticipated synergies related to integrating these assets into the Company's existing operations.

Express Label

On December 31, 2012, the Company acquired certain assets and assumed certain liabilities of Express Label, which had annual net sales of approximately $5.4 million prior to the acquisition by the Company. The total purchase price was approximately $5.1 million, and was allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values at their acquisition date. The Express Label acquisition resulted in $0.1 million of goodwill, all of which is deductible for income tax purposes, and was assigned to the Company's label and packaging segment. The Company believes that the recognized goodwill related to Express Label is due to expected synergies and a reasonable market premium. The acquired identifiable intangible assets relate to: (i) customer relationships of $3.0 million, which are being amortized over their estimated useful life of 10 years; and (ii) a trade name of $0.3 million, which is being amortized over its estimated useful life of 10 years.

Express Label's results of operations and cash flows are included in the Company’s consolidated statement of operations and cash flows from December 31, 2012. Pro forma results for the year ended 2013, assuming the acquisition of Express Label had been made on January 1, 2012 are not presented in the table above since the effect would not be material.

3. Discontinued Operations

On September 28, 2013, the Company completed the sale of Custom Envelope. The Company received total net cash proceeds of approximately $47.0 million, of which $2.2 million was received in 2014. This resulted in the recognition of a total after-tax gain of $16.5 million, of which $14.9 million was recognized in the year ended 2013. The operating results of Custom Envelope are reported in discontinued operations in the Company's financial statements for all periods presented herein.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

During the second quarter of 2013, the Company decided to exit the San Francisco market and closed a manufacturing facility within its print segment. The operating results of this manufacturing facility are reported in discontinued operations in the Company's consolidated financial statements for all periods presented herein.

On February 10, 2012, the Company completed the sale of the Documents Group. Net cash proceeds were approximately $35.5 million. The original sale price of $40.0 million was subject to customary working capital settlement negotiations, which were completed during the third quarter of 2012, pursuant to the purchase and sale agreement. The operating results of the Documents Group are reported in discontinued operations in the Company's consolidated financial statements for all periods presented herein.

On January 27, 2012, the Company completed the sale of its wide-format papers business, for cash proceeds of approximately $4.7 million. The operating results of the wide-format papers business are reported in discontinued operations in the Company's consolidated financial statements for all periods presented herein.

The following table shows the components of assets and liabilities that are classified as discontinued operations in the Company's consolidated balance sheets as of December 27, 2014, and December 28, 2013 (in thousands):

	2014			2013
Accounts receivable, net	$	—		$	9
Prepaid and other current assets	8			123
Assets of discontinued operations - current	8			132
Property, plant and equipment, net	—			33
Assets of discontinued operations - long-term	—			33
Accrued compensation and related liabilities	70			627
Other current liabilities	—			1,386
Liabilities of discontinued operations - current	70			2,013
Net assets	$	(62	)	$	(1,848	)

The following table summarizes certain statement of operations information for discontinued operations (in thousands, except per share data):

	For The Years Ended
	2014			2013		2012
Net sales	$	—		$	34,891	$	68,478
(Loss) income from discontinued operations before income taxes (1)	(63		)	4,471		11,342
Income tax expense on discontinued operations	—			2,663		4,441
Gain (loss) on sale of discontinued operations, net of tax (2)	2,519			14,933		(6,260		)
Income from discontinued operations, net of taxes	$	2,456		$	16,741	$	641
Income per share - basic	$	0.04		$	0.25	$	0.01
Income per share - diluted	$	0.04		$	0.25	$	0.01

^{____________________} 

⁽¹⁾     Income from discontinued operations for the year ended 2012 also includes the reduction of a liability of $1.8 million, net of tax expense of $1.2 million, due to the expiration of certain statutes of limitations related to a previous divestiture.

⁽²⁾     The gain (loss) on the sale of discontinued operations is shown net of tax expense of zero and $10.7 million for the years ended 2014 and 2013, respectively, and a tax benefit of $2.6 million for the year ended 2012.

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CENVEO, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

4. Inventories

Inventories by major category are as follows (in thousands):

	2014		2013
Raw materials	$	45,341	$	62,241
Work in process	19,649		21,698
Finished goods	72,020		77,626
	$	137,010	$	161,565

5. Property, Plant and Equipment

Property, plant and equipment are as follows (in thousands):

	2014			2013
Land and land improvements	$	13,982		$	14,507
Buildings and building improvements	101,407			97,674
Machinery and equipment	623,619			635,638
Furniture and fixtures	10,086			11,049
Construction in progress	13,154			11,828
	762,248			770,696
Accumulated depreciation	(479,840		)	(465,789		)
	$	282,408		$	304,907

Sale Leaseback Transaction

During the first quarter of 2013, the Company sold one manufacturing facility related to its label and packaging segment, which had a net book value of $3.7 million for net proceeds of $6.3 million, and entered into a seven-year operating lease for the same facility. In connection with the sale, the Company recorded a deferred gain of $2.6 million, which will be amortized on a straight-line basis over the term of the lease as a reduction to rent expense in cost of sales in the Company's consolidated statement of operations.

Proceeds From Long-Lived Assets

During the fourth quarter of 2014, the Company sold one manufacturing facility, which related to its envelope segment, for net proceeds of $1.0 million. During the third quarter of 2014, the Company sold one manufacturing facility, which related to its print segment, for net proceeds of $1.2 million.

During the fourth quarter of 2013, the Company sold one office facility, which related to its envelope segment for net proceeds of $0.5 million. During the second quarter of 2013, the Company sold one manufacturing facility, which related to its envelope segment, for net proceeds of $1.7 million.

During the first quarter of 2013, a press in the Company's label and packaging segment was destroyed by a fire. The Company's insurance policy provided coverage for business interruption and the replacement cost of the press. The insurance settlement was finalized during the second quarter of 2013 and the Company received cash proceeds of $4.4 million, resulting in a $2.7 million gain. The gain on the insurance settlement represents the difference between the replacement cost and carrying value of the press. The gain is recorded in other income, net, in the Company's consolidated statement of operations.

In 2012, the Company sold three manufacturing facilities, one of which related to its envelope segment and two of which related to its print segment, for net proceeds of $6.4 million.

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CENVEO, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

6. Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill as of the years ended 2014 and 2013 by reportable segment are as follows (in thousands):

	Envelope		Print			Label and Packaging			Total
Balance as of the year ended 2012	$	23,433	$	46,267		$	117,715		$	187,415
Acquisitions, net	—		—			92			92
Foreign currency translation	—		(691		)	(380		)	(1,071		)
Balance as of the year ended 2013	23,433		45,576			117,427			186,436
Foreign currency translation	—		(144		)	(443		)	(587		)
Balance as of the year ended 2014	$	23,433	$	45,432		$	116,984		$	185,849

The impairment test for goodwill uses a two-step approach. Step one compares the estimated fair value of a reporting unit with goodwill to its carrying value. If the carrying value exceeds the estimated fair value, step two must be performed. Step two compares the carrying value of the reporting unit to the fair value of all of the assets and liabilities of the reporting unit (including any unrecognized intangibles) as if the reporting unit was acquired in a business combination. If the carrying amount of a reporting unit’s goodwill exceeds the implied fair value of its goodwill, an impairment loss is recognized in an amount equal to the excess. The Company's valuation of all of its reporting units was performed using the income approach in which the Company utilized a discounted cash flow analysis to determine the present value of expected future cash flows of each reporting unit. The Company performed a market approach analysis in order to support the reasonableness of the fair value determined under the income approach.

The estimated fair value for each of the Company's reporting units, as of the year ended 2014, exceeded the respective carrying values of each reporting unit. As a result, it was concluded that the goodwill assigned to each reporting unit, as of December 27, 2014, was not impaired. Additionally, there were no goodwill impairments recorded in the years ended 2013 and 2012. 

Other intangible assets are as follows (in thousands):

		2014										2013
	Weighted Average Remaining Amortization Period (Years)	Gross Carrying Amount		Accumulated Impairment Charges			Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Impairment Charges			Accumulated Amortization			Net Carrying Amount
Intangible assets with definite lives:
Customer relationships	8	$	144,732	$	(27,234	)	$	(62,202	)	$	55,296	$	144,898	$	(27,234	)	$	(53,682	)	$	63,982
Trademarks and trade names	22	77,750		(55,367		)	(9,383		)	13,000		77,754		(55,367		)	(6,734		)	15,653
Leasehold interest	18	4,430		—			(291		)	4,139		3,780		—			(55		)	3,725
Patents	11	3,528		—			(3,159		)	369		3,528		—			(3,039		)	489
Non-compete agreements		—		—			—			—		140		—			(140		)	—
Subtotal	11	230,440		(82,601		)	(75,035		)	72,804		230,100		(82,601		)	(63,650		)	83,849
Intangible assets with indefinite lives:
Trademarks		84,900		—			—			84,900		84,900		—			—			84,900
Total		$	315,340	$	(82,601	)	$	(75,035	)	$	157,704	$	315,000	$	(82,601	)	$	(63,650	)	$	168,749

48

CENVEO, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Annual amortization expense of intangible assets for the next five years is estimated to be as follows (in thousands):

	Annual Estimated  Expense
2015	$	9,743
2016	7,997
2017	7,300
2018	7,139
2019	6,920
Thereafter	33,705
Total	$	72,804

Sale of Intangible Asset

In 2012, the Company received proceeds of $5.7 million related to the buyout of a royalty agreement by a third party and certain other intellectual property. Prior to its sale, the royalty agreement was accounted for as an intangible asset in the Company's consolidated balance sheet. As a result of the transaction, the Company recorded a gain of $2.8 million in other income, net, in its consolidated statement of operations.

Asset Impairments

During the fourth quarter of 2013, the Company made the decision to retire certain trade names during 2014 as a result of rebranding the Company's print and packaging business lines. Accordingly, based on its evaluation using a relief-from-royalty and other discounted cash flow methodologies, the Company concluded that those trade name assets were impaired. An impairment charge of $33.4 million was recorded to reduce their carrying value to their estimated fair value. Those trade names were fully amortized during 2014. There were no intangible asset impairments in the years ended 2014 or 2012.

7. Other Current Liabilities

Other current liabilities are as follows (in thousands):

	2014		2013
Accrued interest expense	$	24,379	$	20,040
Accrued customer rebates	21,212		16,901
Restructuring liabilities	5,174		4,555
Other accrued liabilities	36,456		39,702
	$	87,221	$	81,198

49

CENVEO, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

8. Long-Term Debt

Long-term debt is as follows (in thousands): 

	2014			2013
ABL Facility due 2017	$	134,700		$	121,400
8.500% junior priority secured notes due 2022 ($248.0 million and $0 outstanding principal amount as of the years ended 2014 and 2013, respectively)	245,384			—
6.000% senior priority secured notes due 2019 ($540.0 million and $0 outstanding principal amount as of the years ended 2014 and 2013, respectively)	534,552			—
8.875% senior second lien notes due 2018 ($0 and $400.0 million outstanding principal amount as of the years ended 2014 and 2013, respectively)	—			398,326
Term Loan Facility due 2017 ($0 and $329.1 million outstanding principal amount as of the years ended 2014 and 2013, respectively)	—			326,013
15% Unsecured Term Loan due 2017 ($0 and $10.0 million outstanding principal amount as of the years ended 2014 and 2013, respectively)	—			9,500
11.5% senior notes due 2017 ($222.3 million and $225.0 million outstanding principal amount as of the years ended 2014 and 2013, respectively)	218,011			219,068
7% senior exchangeable notes due 2017	83,250			86,250
Other debt including capital leases	18,442			24,968
	1,234,339			1,185,525
Less current maturities	(4,355		)	(9,174		)
Long-term debt	$	1,229,984		$	1,176,351

The estimated fair value of the Company’s long-term debt was approximately $1.1 billion and $1.2 billion for the years ended 2014 and 2013, respectively. The fair value was determined by the Company to be Level 2 under the fair value hierarchy and was based upon review of observable pricing in secondary markets for each debt instrument. Interest expense in 2014 reflected average outstanding debt of approximately $1.2 billion and a weighted average interest rate of 7.6%, compared to the average outstanding debt of approximately $1.2 billion and a weighted average interest rate of 8.2% in 2013. Cash interest payments on long-term debt were $94.7 million, $103.0 million and $110.7 million in 2014, 2013 and 2012, respectively.

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CENVEO, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

6.000% Senior Priority Secured Notes

On June 26, 2014, the Company's wholly-owned subsidiary, Cenveo Corporation (the "Subsidiary Issuer") issued $540.0 million aggregate principal amount of 6.000% senior priority secured notes due 2019 (the "6.000% Notes"), which were sold to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, and to certain non-U.S. persons in accordance with Regulation S under the Securities Act of 1933.  The 6.000% Notes were issued at par, pursuant to an indenture (the "6.000% Indenture") among the Subsidiary Issuer, Cenveo, Inc. and the other guarantors party thereto, and The Bank of New York Mellon, as trustee and collateral agent. The Subsidiary Issuer will pay interest on the 6.000% Notes semi-annually, in cash in arrears, on February 1 and August 1 of each year, commencing on August 1, 2014. The 6.000% Notes have no required principal payments prior to their maturity on August 1, 2019.  The 6.000% Notes are guaranteed on a senior secured basis by Cenveo, Inc. and substantially all of its existing and future North American subsidiaries (other than the Subsidiary Issuer). As such, the 6.000% Notes rank pari passu with all of the Subsidiary Issuer's existing and future senior debt, and senior to any of the Subsidiary Issuer's subordinated debt and effectively junior to the Subsidiary Issuer's obligations under the $230 million asset-based revolving credit facility (the "ABL Facility"), to the extent that the ABL Facility has a first priority perfected security interest in certain of our assets. The Subsidiary Issuer may redeem the 6.000% Notes, in whole or in part, on or after February 1, 2019, at a redemption price of 100.0% plus accrued and unpaid interest. In addition, at any time between August 1, 2017, and February 1, 2019, the Subsidiary Issuer may redeem in whole or in part the remaining aggregate principal amount of the notes originally issued at a redemption price of 100% plus accrued and unpaid interest and a "make-whole" premium of not less than 1%. At any time prior to August 1, 2017, the Subsidiary Issuer may redeem up to 35% of the aggregate principal amount of the notes originally issued with the net cash proceeds of certain public equity offerings, at a redemption price of 106.0% plus accrued and unpaid interest. Each holder of the 6.000% Notes has the right to require the Subsidiary Issuer to repurchase such holder's notes at a purchase price of 101% of the principal amount thereof, plus accrued and unpaid interest thereon, upon the occurrence of certain events specified in the indenture that constitute a change of control. The 6.000% Indenture contains a number of covenants which, among other things, restrict, subject to certain exceptions, the Company's ability and the ability of the Subsidiary Issuer and the Company's other subsidiaries, to incur or guarantee additional indebtedness, make restricted payments (including paying dividends on, redeeming or repurchasing our capital stock), permit restricted subsidiaries to pay dividends or make other distributions or payments, dispose of assets, make investments, grant liens on assets, merge or consolidate or transfer certain assets, and enter into transactions with affiliates. The 6.000% Indenture also contains certain customary affirmative covenants and events of default.

8.500% Junior Priority Secured Notes

Concurrently with the issuance of the 6.000% Notes on June 26, 2014, the Subsidiary Issuer issued $250.0 million aggregate principal amount of 8.500% junior priority secured notes due 2022 (the "8.500% Notes") which were sold to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933.  The 8.500% Notes were issued at par, pursuant to an indenture (the "8.500% Indenture") among the Subsidiary Issuer, Cenveo, Inc. and the other guarantors party thereto, and The Bank of New York Mellon, as trustee and collateral agent. The Subsidiary Issuer will pay interest on the 8.500% Notes semi-annually, in cash in arrears, on March 15 and September 15 of each year, commencing on September 15, 2014. The 8.500% Notes have no required principal payments prior to their maturity on September 15, 2022.  The 8.500% Notes are guaranteed on a junior secured basis by Cenveo, Inc. and substantially all of its existing and future North American subsidiaries (other than the Subsidiary Issuer). As such, the 8.500% Notes rank junior to any senior secured obligations of the Subsidiary Issuer, senior to any existing and future unsecured obligations of the Subsidiary Issuer, and senior to all existing and future obligations of the Subsidiary Issuer that are expressly subordinated to the 8.500% Notes. The Subsidiary Issuer may redeem the 8.500% Notes, in whole or in part, on or after September 15, 2017, September 15, 2018, September 15, 2019, or September 15, 2020, at redemption prices of 106.375%, 104.250%, 102.125% and 100.00%, respectively, plus accrued and unpaid interest. At any time prior to September 15, 2017, the Subsidiary Issuer may redeem up to 35% of the aggregate principal amount of the notes originally issued with the net cash proceeds of certain public equity offerings, at a redemption price of 108.5% plus accrued and unpaid interest. Each holder of the 8.500% Notes has the right to require the Subsidiary Issuer to repurchase such holder's notes at a purchase price of 101% of the principal amount thereof, plus accrued and unpaid interest thereon, upon the occurrence of certain events specified in the indenture that constitute a change of control. The 8.500% Indenture contains a number of covenants which, among other things, restrict, subject to certain exceptions, the Company's ability and the ability of the Subsidiary Issuer and the Company's other subsidiaries, to incur or guarantee additional indebtedness, make restricted payments (including paying dividends on, redeeming or repurchasing our capital stock), permit restricted subsidiaries to pay dividends or make other distributions or payments, dispose of assets, make investments, grant liens on assets, merge or consolidate or transfer certain assets, and enter into transactions with affiliates. The 8.500% Indenture also contains certain customary affirmative covenants and events of default.

Net proceeds of the 6.000% Notes and 8.500% Notes were used to: (i) refinance the $360 million secured term loan facility (the "Term Loan Facility"), which at the time had a remaining principal balance of $327.3 million; (ii) refinance the 8.875% senior second lien notes due 2018 (the "8.875% Notes"), which at the time had a remaining principal balance of $400.0 million; and (iii) pay related fees, expenses and accrued interest. In connection with the issuance of the 6.000% Notes and the 8.500%

51

CENVEO, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Notes, the Company capitalized debt issuance costs of $14.7 million and $7.1 million, respectively, all of which will be amortized over the life of the 6.000% Notes and the 8.500% Notes.

A portion of the refinancing was accounted for as a modification of debt. As a result, the Company will continue to amortize a portion of the unamortized debt issuance costs on the 8.875% Notes and Term Loan Facility. The modification resulted in the recording of a discount of $5.9 million on the 6.000% Notes and $2.8 million on the 8.500% Notes.

2013 Credit Facilities

On April 16, 2013, the Company completed the refinancing of its $170 million revolving credit facility due 2014 (the "Revolving Credit Facility") and its existing term loan B due 2016 (the "Term Loan B," and collectively with the Revolving Credit Facility, the "Refinanced Facility") by entering into: (i) a Second Amended and Restated Credit Agreement providing for the Term Loan Facility, with a syndicate of lenders arranged by Bank of America, N.A., Macquarie Capital (USA) Inc. and Barclays Bank PLC, with Bank of America, N.A. serving as administrative agent, syndication agent and documentation agent; and (ii) a Credit Agreement providing for the ABL Facility; and together with the Term Loan Facility, the "2013 Credit Facilities"), with a syndicate of lenders arranged by Bank of America, N.A., Barclays Bank PLC, General Electric Capital Corporation and Wells Fargo Bank, National Association, with Bank of America, N.A. serving as administrative agent, issuing bank and swingline lender. In connection with the 2013 Credit Facilities, the Company capitalized debt issuance costs of $7.2 million, of which $1.8 million relates to original issuance discount.Proceeds from the 2013 Credit Facilities, together with available cash on hand, were used to refinance the outstanding term loans and revolving loans, and accrued interest thereon, under the Refinanced Facility, and to pay certain fees and expenses incurred in connection with the transactions.

Borrowing rates under each of the 2013 Credit Facilities are selected at the Company's option at the time of each borrowing and are generally based on London Interbank Offered Rate ("LIBOR") or the prime rate publicly announced by Bank of America, N.A. from time to time, in each case plus a specified interest rate margin. With respect to the Term Loan Facility, LIBOR-based borrowings had an interest rate of not less than 1.25% per annum plus an applicable margin of 5.00% per annum, and prime rate borrowings had an interest rate of not less than 2.25% per annum plus an applicable margin of 4.00% per annum. With respect to the ABL Facility, LIBOR-based borrowings have an interest rate margin ranging from 2.00% to 2.50% per annum, and prime rate borrowings have an interest rate margin ranging from 1.00% to 1.50% per annum, in each case depending on average availability under the ABL Facility for the most recent fiscal quarter. Under the ABL Facility, the Company pays a commitment fee on unused revolving loan commitments of 0.375% per annum or 0.50% per annum, depending on average usage under the ABL Facility for the most recent fiscal quarter.

Under the Term Loan Facility, the term loan amortized in quarterly installments equal to 1.00% per year, commencing June 21, 2013, with the remaining principal balance due at maturity on February 13, 2017. Under the ABL Facility, all loans mature on February 13, 2017. Under each of the 2013 Credit Facilities, the Company may elect, in its sole discretion, to extend the maturity date upon the satisfaction of certain conditions related to the refinancing of the Company's outstanding indebtedness under its 11.5% senior notes due 2017 (the "11.5% Notes") and its 8.875% Notes. If such conditions are satisfied, the maturity date of the ABL Facility may be extended to April 16, 2018.

On December 11, 2013, the Company entered into an Amendment No. 1 to the ABL Facility ("ABL Amendment No. 1"), pursuant to which the revolving commitments under the original agreement were increased by $30.0 million.  Capitalized fees and expenses associated with the ABL Amendment No. 1 were approximately $0.3 million.  A portion of the additional $30.0 million borrowing capacity under the ABL Facility, together with cash on hand, were used to repay $28.2 million of its Term Loan Facility.

In February 2014, the Company entered into an amendment to adjust, among other things, its covenant requirements under its Term Loan Facility. This amendment eliminated the maximum consolidated leverage ratio and replaced it with a maximum consolidated first lien leverage ratio, providing the Company additional financial flexibility. In connection with this amendment, the Company capitalized $1.5 million related to original issuance discount. The refinancing in June 2014, which resulted in the issuance of the 6.000% Notes and 8.500% Notes, eliminated all covenant requirements of the Term Loan Facility.

The obligations under the 2013 Credit Facilities are each guaranteed by the Company and each existing and future direct and indirect North American subsidiary. The 2013 Credit Facilities are secured by a first priority perfected security interest in substantially all assets of the Company and its North American subsidiaries, including: (i) all capital stock of each present and future subsidiary (with certain exclusions of foreign subsidiaries); (ii) all present and future inter-company debt; (iii) all intellectual property rights, including patents, trademarks and copyrights; and (iv) substantially all of the present and future other property and assets, including material real property.

52

CENVEO, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

In connection with the 2013 Credit Facilities, the Company entered into a third supplemental indenture to the indenture dated as of February 5, 2010, among the Company, the guarantors named therein and Wells Fargo Bank, National Association, as trustee, pursuant to which the Company's 8.875% Notes were issued.

Also in connection with the 2013 Credit Facilities, the Company entered into an Amendment No. 1 to its existing Unsecured Term Loan (as defined below). The Unsecured Term Loan was amended in order to, among other things, permit the refinancing of the Refinanced Facility.

Subsequent Event

On January 30, 2015, the Company entered into Amendment No. 3 to the ABL Facility ("ABL Amendment No. 3"), pursuant to which the revolving commitments were increased by $10 million. Among other things, ABL Amendment No. 3 increased the Company's flexibility to sell assets and apply the proceeds thereof to prepay our indebtedness. The Amendment also generally increased our flexibility to prepay outstanding indebtedness, make acquisitions and other investments, and pay dividends, subject to the satisfaction of certain conditions.

Unsecured Term Loan

On January 18, 2013, the Company entered into an unsecured credit agreement with Macquarie US Trading LLC, as administrative agent, and the lenders named therein, which provided for an unsecured $50.0 million aggregate principal amount term loan due March 31, 2017 (the "Unsecured Term Loan"). In connection with the Unsecured Term Loan, the Company capitalized debt issuance costs of $6.1 million, of which $2.5 million relates to original issuance discount. In connection with the Unsecured Term Loan, all of the Company's North American subsidiaries as guarantors, entered into a guaranty agreement, dated as of January 18, 2013 (the "Guaranty"), in favor of the administrative agent. Proceeds from the Unsecured Term Loan together with borrowings on its Revolving Credit Facility were used to redeem, satisfy and discharge in full the Company's 7.875% senior subordinated notes due 2013 ("7.875% Notes"), and to pay certain fees and expenses incurred in connection with the Unsecured Term Loan and the redemption, satisfaction and discharge of the 7.875% Notes. On January 22, 2013, U.S. Bank National Association, the trustee for the 7.875% Notes, officially canceled the 7.875% Notes.

The Unsecured Term Loan bore interest at a rate of 15% per annum, payable quarterly in arrears on the 25th day of each February, May, August and November prior to the maturity of the Unsecured Term Loan, and on the maturity date of the Unsecured Term Loan.

During the second quarter of 2014, the Company used cash on hand to repay in full the remaining principal balance on the Unsecured Term Loan.

Other Debt

Other debt as of the year ended 2014 primarily consisted of equipment loans. On September 16, 2013, in connection with the acquisition of certain assets of National, the Company entered into an equipment loan in the aggregate amount of $20.0 million, secured by the machinery and equipment of National. Interest on the equipment loan accrues at a rate of LIBOR plus 11% per year and is payable monthly in arrears for a period of five years beginning on November 1, 2013. A prepayment fee applies if the Company elects to prepay the loan in full before the maturity date. From the date of issuance through September 30, 2014, the prepayment fee was 4%, and the fee declines by 1% in each subsequent year. In connection with the equipment loan, the Company capitalized debt issuance costs of $0.7 million.

2010 Credit Facilities

On December 14, 2012, the Company issued $15 million aggregate principal amount of additional term loans (the "$15 million Term Loan Add-On," and together with the $65 million Term Loan Add-On, as described below, the "Term Loan Add-On") under its senior secured credit agreement, which includes the Revolving Credit Facility, and the Term Loan B (collectively with the Term Loan Add-On and Revolving Credit Facility, the "2010 Credit Facilities"). The $15 million Term Loan Add-On was issued at par. Concurrently with the $15 million Term Loan Add-On, the Company amended the 2010 Credit Facilities (the "December 2012 Amendment") to allow the Company to enter into the Unsecured Term Loan. The Company capitalized debt issuance costs of $2.7 million, which was amortized over the remaining life of the 2010 Credit Facilities. Consenting lenders received $2.6 million, which was capitalized and amortized over the remaining life of the 2010 Credit Facilities.

On June 8, 2012, the Company issued the $65 million aggregate principal amount of additional term loans (the "$65 million Term Loan Add-On") under its 2010 Credit Facilities. The $65 million Term Loan Add-On was issued at a discount of

53

CENVEO, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

approximately $0.7 million. Concurrently with the $65 million Term Loan Add-On, the Company amended the 2010 Credit Facilities (the "Add-On Amendment") to allow for the repurchase of up to $135 million of its 7.875% Notes, subject to maintaining certain liquidity thresholds and other customary conditions. The Company capitalized debt issuance costs of $1.1 million, which was amortized over the remaining life of the 2010 Credit Facilities. Consenting lenders received $2.0 million for the Add-On Amendment, of which $1.8 million was capitalized and amortized over the remaining life of the 2010 Credit Facilities.

On February 3, 2012, the Company amended the 2010 Credit Facilities (the "2012 Amendment") to increase its restricted dispositions basket in connection with the sale of the Documents Group. The 2012 Amendment required that 25% of the net proceeds of such sale be used to repay the Term Loan B and requires that the remaining amount be used to reinvest in the business or refinance certain existing debt. On February 14, 2012, the Company repaid $9.5 million of the Term Loan B in connection with this provision. The 2012 Amendment required the Company to prepay unsecured debt, second lien debt and/or the loans under the 2010 Credit Facilities within 360 days after the effective date of the 2012 Amendment in an amount equal to 75% of the net proceeds. In connection with the 2012 Amendment, the Company paid $1.7 million to consenting lenders and related fees, which are included in discontinued operations in the consolidated statement of operations.

Effective March 5, 2012, the Company increased its borrowing capacity under the Revolving Credit Facility to $170 million from $150 million as a result of receiving an additional commitment, as permitted under the 2010 Credit Facilities. In connection with this increase, the Company capitalized debt issuance costs of $1.0 million, which is amortized over the life of the Revolving Credit Facility. On March 9, 2012, the Company repaid $34.7 million of its Term Loan B as part of its required excess cash flow pre-payment.

11.5% Senior Notes

On March 28, 2012, the Company issued $225 million aggregate principal amount of 11.5% Notes that were sold with registration rights to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, and to certain non-U.S. persons in accordance with Regulation S under the Securities Act of 1933.  The 11.5% Notes were issued at a discount of approximately $8.3 million. The 11.5% Notes were issued pursuant to an indenture (the "11.5% Indenture") among the Company, certain subsidiary guarantors and U.S. Bank N.A., as trustee. The Company will pay interest on the 11.5% Notes, semi-annually, in cash in arrears, on May 15 and November 15 of each year, commencing on May 15, 2012. The 11.5% Notes have no required principal payments prior to their maturity on May 15, 2017.  The 11.5% Notes are guaranteed on a senior unsecured basis by the Company and substantially all of its existing and future North American subsidiaries. As such, the 11.5% Notes rank pari passu with all of the Company's existing and future senior debt and senior to any of the Company's subordinated debt. The Company may redeem the 11.5% Notes, in whole or in part, on or after May 15, 2015, at redemption prices ranging from 100% to 105.75%, plus accrued and unpaid interest. In addition, at any time prior to May 15, 2015, the Company may redeem up to 35% of the aggregate principal amount of the notes originally issued with the net cash proceeds of certain public equity offerings, at a redemption price of 111.5% plus accrued and unpaid interest. The Company may also redeem some or all of the 11.5% Notes before May 15, 2015 at a redemption price of 100% of the principal amount, plus accrued and unpaid interest, if any, to the redemption date, plus a "make whole" premium. Each holder of the 11.5% Notes has the right to require the Company to repurchase such holder's notes at a purchase price of 101% of the principal amount thereof, plus accrued and unpaid interest thereon, upon the occurrence of certain events specified in the indenture that constitute a change of control. The 11.5% Indenture contains a number of covenants that, among other things, restrict, subject to certain exceptions, the Company's ability and the ability of the Company's subsidiaries to incur or guarantee additional indebtedness, make restricted payments (including paying dividends on, redeeming or repurchasing the Company's capital stock), permit restricted subsidiaries to pay dividends or make other distributions or payments, dispose of assets, make investments, grant liens on assets, merge or consolidate or transfer certain assets, and enter into transactions with affiliates. The 11.5% Indenture also contains certain customary affirmative covenants. In order to fulfill its registration rights obligations, on May 10, 2012, the Company launched a registered exchange offer to exchange any and all of its unregistered 11.5% Notes for publicly tradable notes having substantially identical terms, except for the elimination of some transfer restrictions, registration rights and additional interest payments relating to the outstanding notes, which expired on June 18, 2012.

7% Senior Exchangeable Notes

Concurrently with the issuance of the 11.5% Notes on March 28, 2012, the Company issued $86.3 million aggregate principal amount of senior exchangeable notes due 2017 (the "7% Notes") that were sold to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933.  The 7% Notes were issued pursuant to an indenture (the "7% Indenture") among the Company, certain subsidiary guarantors and U.S. Bank N.A., as trustee. The Company will pay interest on the 7% Notes semi-annually, in cash in arrears, on May 15 and November 15 of each year, commencing on November 15, 2012. The 7% Notes have no required principal payments prior to their maturity on May 15, 2017.  The 7% Notes are guaranteed on a senior unsecured basis by the Company and substantially all of its existing and future North American subsidiaries. As such, the 7% Notes rank pari passu with all of the Company's existing and future senior debt and senior to any of the Company's subordinated

54

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

debt. The Company may not redeem the notes at its option. Upon a fundamental change, as defined in the 7% Indenture, each holder of 7% Notes may require the Company to repurchase all or a portion of such holder's notes for cash at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date, as defined in the 7% Indenture. The 7% Indenture does not contain any financial covenants or any restrictions, among other things, on the payment of dividends, the incurrence of other indebtedness, or the issuance or repurchase of securities by the Company. The 7% Indenture does not contain any covenants or other provisions to protect holders of the notes in the event of a highly leveraged transaction or a change of control, except to the extent described in the 7% Indenture.

The 7% Notes are exchangeable at any time prior to the close of business on the business day immediately preceding the maturity date, for shares of the Company's common stock at an exchange rate of 241.5167 shares per $1,000 principal amount of 7% Notes, which is equal to an exchange price of approximately $4.14 per share, subject to adjustment under certain specified circumstances. This represents a premium of 22.5% above the last reported sale price of Cenveo's common stock on the New York Stock Exchange on Thursday, March 22, 2012, which was $3.38 per share. If a holder elects to exchange notes in connection with a make-whole fundamental change, as described in the 7% Indenture, such holder may also be entitled to receive a make-whole premium upon exchange in certain circumstances.

Net proceeds of the 11.5% Notes and 7% Notes together with borrowings under the Company's Revolving Credit Facility were used to fund the cash tender offers for any and all of the Company's 8.375% senior subordinated notes, due 2014 (the "8.375% Notes") and the 10.5% senior notes due 2016 (the "10.5% Notes"), plus $45 million aggregate principal amount of the Company's 7.875% Notes and to repurchase an additional $73 million of the 7.875% Notes through open market, negotiated purchases to refinance such indebtedness, and to pay related fees and expenses. In connection with the issuance of the 11.5% Notes and the 7% Notes, the Company capitalized debt issuance costs of $6.0 million and $3.0 million, respectively, all of which will be amortized over the life of the 11.5% Notes and the 7% Notes.

8.875% Notes

In 2010, the Company issued $400 million of 8.875%Notes that were sold with registration rights to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, and to certain non-United States persons in accordance with Regulation S under the Securities Act of 1933.  The 8.875%Notes were issued at a discount of approximately $2.8 million. Net proceeds after fees and expenses were used to pay down $300.0 million of the Company’s outstanding senior secured term loans and $88.0 million outstanding under the Company's then existing senior secured revolving credit facility.

The 8.875%Notes were issued pursuant to an indenture among Cenveo Corporation, certain subsidiary guarantors and Wells Fargo Bank, National Association, as trustee, and an Intercreditor Agreement among Cenveo Corporation, certain subsidiary guarantors, Bank of America, N.A., as first lien agent and control agent, and Wells Fargo Bank, National Association, as second lien collateral agent.  The 8.875%Notes paid interest semi-annually on February 1 and August 1, commencing August 1, 2010. The 8.875%Notes had no required principal payments prior to their maturity on February 1, 2018.  The 8.875%Notes were guaranteed on a senior secured basis by Cenveo, Inc. and substantially all of its domestic subsidiaries with a second priority lien on substantially all of the assets that secured the 2010 Credit Facilities, and on a senior unsecured basis by substantially all of the Canadian subsidiaries. As such the 8.875%Notes ranked pari passu with all the Company’s senior debt and senior in right of payment to all of the Company’s subordinated debt. The Company had the right to redeem the 8.875% Notes, in whole or in part, on or after February 1, 2014, at redemption prices ranging from 100.0% to approximately 104.4%, plus accrued and unpaid interest. Each holder of the 8.875%Notes had the right to require the Company to repurchase such holder’s notes at a purchase price of 101% of the principal amount thereof, plus accrued and unpaid interest thereon, upon the occurrence of certain events specified in the indenture that constitute a change in control. The 8.875%Notes contained customary covenants, representations and warranties, plus a consolidated secured debt to consolidated cash flow liens incurrence test. In order to fulfill its registration rights obligations, on April 28, 2010, the Company launched a registered exchange offer to exchange any and all of its outstanding unregistered 8.875%Notes for publicly tradable notes having substantially identical terms and guarantees, except that the exchange notes were freely tradable. The exchange offer expired on May 26, 2010, and nearly all unregistered 8.875%Notes were exchanged for registered 8.875%Notes.

In connection with the issuance of the 8.875% Notes, the Company capitalized $9.4 million of debt issuance costs, of which $7.6 million related to fees paid to consenting lenders and $1.8 million related to offering expenses.

During 2014, the 8.875% Notes, which at the time had a remaining principal balance of $400.0 million, were extinguished in full using the net proceeds of the 6.000% Notes and 8.500% Notes.

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CENVEO, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

2014 Extinguishments

During the year ended 2014, the Company recorded a total loss on extinguishment of $27.4 million. In 2014, the Company extinguished a total of $2.7 million of its 11.5% Notes. In connection with these retirements, the Company recorded a total loss on early extinguishment of debt of $0.1 million. In the fourth quarter of 2014, the Company extinguished $2.0 million of its 8.500% Notes. In connection with the extinguishment, the Company recorded a gain on early extinguishment of debt of $0.4 million. In connection with the exchange of $3.0 million of its 7% Notes completed in the third quarter of 2014, the Company incurred a non-cash induced conversion expense of $1.1 million, which has been recorded in loss on early extinguishment of debt, net. In the second quarter of 2014, the Company extinguished its Term Loan Facility and its 8.875% Notes. In connection with this extinguishment, the Company recorded a loss on early extinguishment of debt of approximately $9.0 million, of which $5.8 million related to the write-off of unamortized debt issuance costs, and $3.2 million related to the write-off of original issuance discount. Additionally, in connection with the issuance of the 6.000% Notes and 8.500% Notes in the second quarter of 2014, the Company expensed debt issuance costs of $16.5 million, of which $1.6 million related to fees paid to third parties. The Company also used cash on hand of $9.4 million to repay in full the remaining principal balance on the Unsecured Term Loan. In connection with the extinguishment of the Unsecured Term Loan, the Company recorded a loss on early extinguishment of debt of approximately $1.0 million, of which $0.6 million related to the write-off of unamortized debt issuance costs, and $0.4 million related to the write-off of original issuance discount.

2013 Extinguishments

During the year ended 2013, the Company recorded a total loss on early extinguishment of debt of $11.3 million. In connection with the Refinanced Facility, the Company recorded a loss on early extinguishment of debt of approximately $6.4 million, of which $4.1 million related to consent fees paid to consenting lenders, $2.1 million related to the write-off of unamortized debt issuance costs and $0.2 million related to the write-off of original issuance discount.     The Company recorded a loss on early extinguishment of debt of approximately $4.0 million related to the extinguishment of $40.0 million of its Unsecured Term Loan, of which $2.2 million related to the write-off of unamortized debt issuance costs and $1.8 million related to the write-off of original issuance discount. In connection with the extinguishment of $28.2 million of its Term Loan Facility, the Company recorded a loss on early extinguishment of debt of approximately $0.8 million, of which $0.5 million related to the write-off of unamortized debt issuance costs and $0.3 million related to the write-off of original issuance discount.

2012 Extinguishments

During 2012, the Company recorded a total loss on early extinguishment of debt of $12.5 million. In connection with the various refinancing activities discussed, the Company incurred a loss on early extinguishment of debt of $14.9 million, of which $11.7 million related to tender and consent fees paid to consenting lenders and $3.2 million related to the write-off of previously unamortized debt issuance costs. The losses on early extinguishment of debt were partially offset by the gains on early extinguishment of debt of $2.4 million related to repurchases of the 7.875% Notes, the 10.5% Notes, and the 8.375% Notes, plus in each case accrued and unpaid interest thereon.

Debt Restrictions and Compliance

The ABL Facility contains a minimum consolidated fixed charge coverage ratio covenant that applies if availability thereunder falls below a certain level. In addition, the ABL Facility contains customary covenants that, among other things, place limits on the ability of Cenveo, the Company and their respective subsidiaries to incur debt, create liens, make investments and acquisitions, sell assets, pay dividends, prepay debt, merge with other entities, engage in transactions with affiliates, and make capital expenditures. The ABL Facility also contain customary representations and warranties and events of default.

The obligations under the ABL Facility are guaranteed by the Company and each existing and future direct and indirect North American subsidiary of the Company. The ABL Facility is secured by a first priority perfected security interest in substantially all accounts receivable and inventory, and a junior priority perfected security interest in substantially all other assets, of the Company and its North American subsidiaries.  Provided the Company is in compliance with the covenants contained in the ABL Facility, the Company would also be in compliance, in most circumstances, with the Company’s incurrence tests within all of the Company’s debt indentures.

Any default under the ABL Facility would prevent the Company from borrowing additional amounts and could cause the indebtedness outstanding under the ABL Facility and, by reason of cross-acceleration or cross-default provisions, all of the aforementioned notes and any other indebtedness the Company may then have, to become immediately due and payable.

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CENVEO, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

As of the year ended 2014, the Company was in compliance with all debt agreement covenants. The Company anticipates being in compliance with all of its debt agreements throughout its 2015 fiscal year.

The aggregate annual maturities for long-term debt, including the original issuance discount, are as follows (in thousands):

2015	$	4,355
2016	3,943
2017	443,999
2018	6,395
2019	540,000
Thereafter	248,000
	$	1,246,692

The Company may from time to time seek to purchase its outstanding notes in open market purchases, privately negotiated transactions or other means. Such repurchases, if any, will depend on prevailing market conditions, the Company's liquidity requirements, contractual restrictions and other factors.

9. Fair Value Measurements

Certain assets and liabilities of the Company are required to be recorded at fair value on either a recurring or non-recurring basis. Fair value is determined based on the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants.

Assets and Liabilities Measured at Fair Value on a Recurring Basis:

On a recurring basis, the Company records its pension plan assets (Note 13) at fair value. No additional assets or liabilities were recorded at fair value on a recurring basis for the years ended 2014 and 2013.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis:

Assets and liabilities measured at fair value on a nonrecurring basis relate primarily to the Company's tangible fixed assets, goodwill and other intangible assets, which are remeasured when the derived fair value is below carrying value on the consolidated balance sheets. For these assets, the Company does not periodically adjust carrying value to fair value except in the event of impairment. When the Company determines that impairment has occurred, the carrying value of the asset is reduced to fair value and the difference is recorded within operating income in the statement of operations. No impairment of fixed assets or goodwill has been recorded in 2014 or 2013.

Refer to Note 6 for further information associated with the impairment of certain trade names. Fair value was derived using the relief-from-royalty method, as described in Note 1.

The following table provides information for assets that are measured at fair value on a nonrecurring basis as of the years ended 2014 and 2013 (in thousands): 

	2014				2013
	Impairments		Remaining Net Carrying Value		Impairments		Remaining Net Carrying Value
Other intangible assets, net	$	—	$	—	$	33,367	$	1,933

The fair value re-measurements included in the table above were based on significant unobservable inputs (Level 3).

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Fair Value of Financial Instruments:

The Company’s financial instruments include cash and cash equivalents, accounts receivable, net, long-term debt and accounts payable. The carrying values of cash and cash equivalents, accounts receivable, net, current maturities of long-term debt and accounts payable are reasonable estimates of their fair values as of the years ended 2014 and 2013 due to the short-term nature of these instruments. See Note 8 for fair value of the Company’s long-term debt. Additionally, the Company also records the assets and liabilities assumed in its acquisitions (Note 2) at fair value.

10. Income Taxes

Income Tax Expense (Benefit)

Income (loss) from continuing operations before income taxes was as follows for the years ended (in thousands):

	2014			2013			2012
Domestic	$	(81,615	)	$	(70,385	)	$	(26,572	)
Foreign	(1,870		)	(1,389		)	1,764
	$	(83,485	)	$	(71,774	)	$	(24,808	)

Income tax expense (benefit) on loss from continuing operations consisted of the following for the years ended (in thousands):

	2014			2013			2012
Current tax expense:
Federal	$	—		$	—		$	—
Foreign	589			977			295
State	1,080			888			874
	1,669			1,865			1,169
Deferred tax expense (benefit):
Federal	(8,771		)	2,659			40,703
Foreign	(1,414		)	(1,421		)	(748		)
State	11,350			10,650			14,596
	1,165			11,888			54,551
Income tax expense	$	2,834		$	13,753		$	55,720

The Company's deferred tax expense (benefit) for the year ended 2013 includes a tax charge of $40.6 million related to a valuation allowance against its deferred tax assets.

The Company's deferred tax expense (benefit) for the year ended 2012 includes a tax charge of $56.5 million related to a valuation allowance against its deferred tax assets.

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CENVEO, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

A reconciliation of the expected tax benefit based on the federal statutory tax rate to the Company’s actual income tax expense is summarized as follows for the years ended (in thousands):

	2014			2013			2012
Expected tax benefit at federal statutory income tax rate	$	(29,221	)	$	(25,121	)	$	(8,683	)
State and local income tax benefit	(1,411		)	(1,706		)	(1,075		)
Change in valuation allowance	27,693			34,049			55,374
Change in contingency reserves	(118		)	(105		)	(94		)
Non-U.S. tax rate differences	(169		)	42			(1,063		)
Non-deductible expenses	4,120			3,260			2,426
Change in state tax rates	1,379			(272		)	1,564
Expiration of stock option contracts	—			968			7,007
Other	561			2,638			264
Income tax expense	$	2,834		$	13,753		$	55,720

Deferred Income Taxes

Deferred taxes are recorded to give recognition to temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements. The tax effects of these temporary differences are recorded as deferred tax assets and deferred tax liabilities. Deferred tax assets generally represent items that can be used as a tax deduction or credit in future years. Deferred tax liabilities generally represent items that have been deducted for tax purposes, but have not yet been recorded in the consolidated statement of operations.

The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities of the Company, were as follows (in thousands):

	2014			2013
Deferred tax assets:
Net operating loss carryforwards	$	132,958		$	108,580
Compensation and benefit related accruals	50,537			35,238
Foreign tax credit carryforwards	7,013			7,456
Alternative minimum tax credit carryforwards	7,706			8,242
Accounts receivable	2,468			2,075
Inventory	2,501			2,682
Restructuring accruals	8,592			9,985
Accrued tax and interest	1,763			1,645
Other	9,049			9,958
Valuation allowance	(160,080		)	(110,754		)
Total deferred tax assets	62,507			75,107
Deferred tax liabilities:
Property, plant and equipment	(37,374		)	(44,804		)
Goodwill and other intangible assets	(54,143		)	(56,376		)
Other	(6,939		)	(9,203		)
Total deferred tax liabilities	(98,456		)	(110,383		)
Net deferred tax liability	$	(35,949	)	$	(35,276	)

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CENVEO, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

The net deferred tax (liability) asset included the following (in thousands):

	2014			2013
Current deferred tax asset (included in prepaid and other current assets)	$	5,042		$	7,823
Long-term deferred tax liability (included in other liabilities)	(40,991		)	(43,099		)
Total	$	(35,949	)	$	(35,276	)

The Company has federal and state net operating loss carryforwards. The tax effect of these attributes was $133.0 million as of the year ended 2014. Federal net operating loss carryforwards of $342.4 million will expire from 2022 through 2034, foreign tax credit carryforwards of $7.0 million will expire in 2015 and alternative minimum tax credit carryforwards of $7.7 million do not have an expiration date.

The Company reviews the likelihood that it will realize the benefit of its deferred tax assets and therefore the need for valuation allowances on a quarterly basis, or more frequently if events indicate that a review is required. In determining the requirement for a valuation allowance, the historical and projected financial results of the legal entity or consolidated group recording the net deferred tax asset is considered, along with all other available positive and negative evidence. The factors considered in the determination of the probability of the realization of the deferred tax assets include, but are not limited to: recent historical financial results, historical taxable income, projected future taxable income, the expected timing of the reversals of existing temporary differences, the duration of statutory carryforward periods and tax planning strategies. If, based upon the weight of available evidence, it is more likely than not that the deferred tax assets will not be realized, a valuation allowance is recorded.

Concluding that a valuation allowance is not required is difficult when there is significant negative evidence which is objective and verifiable, such as cumulative losses in recent years. The Company utilizes a rolling twelve quarters of pre-tax income or loss adjusted for significant permanent book to tax differences as a measure of its cumulative results in recent years.In the United States, the Company's analysis indicates that it has cumulative three year historical losses on this basis. While there are significant impairment, restructuring and refinancing charges driving the cumulative three year loss, this is considered significant negative evidence which is objective and verifiable and therefore, difficult to overcome. However, the three year loss position is not solely determinative and accordingly, the Company considers all other available positive and negative evidence in its analysis. Based upon the Company's analysis, which incorporated the excess capacity and pricing pressure experienced in certain product lines, along with the recent decline in net sales and profitability from the print segment during 2013, the Company believes it is more likely than not that the net deferred tax assets in the United States will not be fully realized in the future. Accordingly, the Company has a valuation allowance related to those net deferred tax assets of $135.4 million as of the year ended 2014. Deferred tax assets related to certain state net operating losses and foreign tax credit carryforwards also did not reach the more likely than not realizability criteria and accordingly, were subject to a valuation allowance. As of the year ended 2014, the valuation allowance related to these state net operating losses and foreign tax credit carryforwards was $24.7 million.

There is no corresponding income tax benefit recognized with respect to losses incurred and no corresponding income tax expense recognized with respect to earnings generated in jurisdictions with a valuation allowance. This causes variability in the Company's effective tax rate. The Company intends to maintain the valuation allowances until it is more likely than not that the net deferred tax assets will be realized. If operating results improve on a sustained basis, or if certain tax planning strategies are implemented, conclusions regarding the need for valuation allowances could change, resulting in a decrease of the valuation allowances in the future, which could have a significant impact on income tax expense in the period recognized and subsequent periods.

Uncertain Tax Positions

The Company accounts for uncertain tax positions by prescribing a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken on a tax return. During 2014 and 2013, the Company did not reduce its liability for uncertain tax positions. The Company does not anticipate significant changes to its unrecognized tax benefits in the next twelve months. The balance of the Company’s remaining unrecognized tax benefits as of the year ended 2014 includes $2.2 million of tax benefits that, if recognized would affect the effective tax rate, which is included in other liabilities. The Company recognizes interest accrued related to unrecognized tax benefits and penalties as income tax expense. Related to the uncertain tax benefits noted above, the Company accrued interest of $0.3 million during 2014 and, in total, as of the year ended 2014, has recognized no liabilities for penalties and liabilities of $2.5 million for interest.

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CENVEO, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

The Company’s unrecognized tax benefit activity for the years ended 2014, 2013 and 2012 was as follows (in thousands):

Unrecognized tax benefit – As of year end 2011	$	2,226
Gross decreases  - tax positions in prior period	—
Gross decreases – expiration of applicable statute of limitations	—
Unrecognized tax benefit – As of year end 2012	2,226
Gross decreases  - tax positions in prior period	—
Gross decreases – expiration of applicable statute of limitations	—
Unrecognized tax benefit – As of year end 2013	2,226
Gross decreases  - tax positions in prior period	—
Gross decreases – expiration of applicable statute of limitations	—
Unrecognized tax benefit – As of year end 2014	$	2,226

The Internal Revenue Service ("IRS") has examined the Company’s federal income tax returns through 2010. The Company’s federal income tax returns for tax years 2004 through 2006, and 2009 through 2010, remain subject to examination by the IRS due to a federal net operating loss generated in those years. The various states in which the Company is subject to income tax audits are generally open for the tax years after 2009. In Canada, the Company remains subject to audit for tax years after 2004. The Company does not believe that the outcome of any examination will have a material impact on its consolidated financial statements.

Current Taxes and Cash Taxes

As of the years ended 2014 and 2013, the Company had income tax receivables of $0.9 million and $0.6 million, respectively, included in other current assets. Net cash payments for income taxes were $1.6 million, $0.3 million and $1.4 million in 2014, 2013 and 2012, respectively.

11. Restructuring and Other Charges

Cost Savings, Restructuring and Integration Plans

The Company currently has three active cost savings, restructuring and integration plans: (i) two plans related to the implementation of cost savings initiatives focused on overhead cost eliminations, including headcount reductions, and the potential closure of certain manufacturing facilities (the "2014 Plan" and the "2013 Plan"); and (ii) the plan related to the integration of certain assets of National into existing envelope operations (the "National Plan").

2014 Plan

During the first quarter of 2014, the Company began implementing the 2014 Plan, which primarily focuses on overhead cost eliminations, including headcount reductions, and the potential closure of certain manufacturing facilities. The Company expects to be substantially complete with the 2014 Plan during the 2015 fiscal year.

2013 Plan

During the first quarter of 2013, the Company began implementing the 2013 Plan, which primarily focused on overhead cost eliminations, including headcount reductions, and the closure of certain manufacturing facilities. The Company substantially completed the 2013 Plan during the 2014 fiscal year.

Acquisition Integration Plans

Upon the completion of the acquisition of certain assets of National, the Company developed and began implementing the National Plan. The Company is substantially complete with the accelerated integration of these assets, which has included the closure and consolidation of nine manufacturing facilities into existing envelope operations and two new facilities, as of the end of 2014.

Upon the completion of the Envelope Product Group ("EPG") acquisition, the Company developed and implemented its plan to integrate EPG into its existing envelope operations (the "EPG Plan"). Since the date of acquisition, activities related to the EPG Plan have included the closure and consolidation of five manufacturing facilities into the Company's existing operations and the elimination of duplicative headcount. The Company has substantially completed the EPG Plan.

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2012 Plan

In 2012, the Company announced the closure and consolidation of a print plant and an envelope plant into its existing operations. Additionally, the Company began implementing a cost savings initiative (the "2012 Plan"), which primarily focused on the Company's print and envelope segments and corporate expenses. This initiative focused on the consolidation of office and warehouse space and other overhead cost elimination plans, including headcount reductions.

Residual Plans

The Company currently has certain residual cost savings, restructuring and integration plans (the "Residual Plans"). As a result of these cost savings actions over the last eight years, the Company has closed or consolidated a significant amount of manufacturing facilities and has had a significant number of headcount reductions.

The Company does not anticipate any significant future expenses related to either the 2012 Plan or the Residual Plans.

The following tables present the details of the expenses recognized as a result of these plans.

2014 Activity

Restructuring and other charges for the year ended 2014 were as follows (in thousands):

		Employee Separation Costs			Asset Charges Net of Gain on Sale			Equipment Moving Expenses		Lease Termination Expenses			Multi-employer Pension Withdrawal Expenses		Building Clean-up & Other Expenses		Total
Envelope
	2014 Plan	$	145		$	—		$	—	$	—		$	—	$	—	$	145
	2013 Plan	(4		)	—			—		—			—		—		(4		)
	2012 Plan	—			—			—		(198		)	—		1		(197		)
	Residual Plans	—			—			—		—			140		88		228
	Acquisition Integration Plans	2,019			2,793			3,432		1,949			—		3,816		14,009
Total Envelope		2,160			2,793			3,432		1,751			140		3,905		14,181
Print
	2014 Plan	597			(747		)	11		—			—		376		237
	2013 Plan	299			(41		)	—		172			—		457		887
	2012 Plan	—			—			—		20			749		—		769
	Residual Plans	—			—			—		170			371		657		1,198
Total Print		896			(788		)	11		362			1,120		1,490		3,091
Label and Packaging
	2014 Plan	1,039			—			—		—			—		—		1,039
	2013 Plan	8			—			—		—			—		—		8
	Residual Plans	—			—			—		42			—		—		42
Total Label and Packaging		1,047			—			—		42			—		—		1,089
Corporate
	2014 Plan	4,016			—			—		—			—		46		4,062
	2013 Plan	—			—			—		—			—		15		15
	Residual Plans	—			—			—		—			—		20		20
Total Corporate		4,016			—			—		—			—		81		4,097
Total Restructuring and Other Charges		$	8,119		$	2,005		$	3,443	$	2,155		$	1,260	$	5,476	$	22,458

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2013 Activity

Restructuring and other charges for the year ended 2013 were as follows (in thousands):

		Employee Separation Costs			Asset Charges Net of Gain on Sale		Equipment Moving Expenses		Lease Termination Expenses			Multi-employer Pension Withdrawal Expenses		Building Clean-up & Other Expenses		Total
Envelope
	2013 Plan	$	232		$	—	$	10	$	215		$	—	$	65	$	522
	2012 Plan	(37		)	118		193		300			—		728		1,302
	Residual Plans	—			—		—		—			107		13		120
	Acquisition Integration Plans	448			1,030		1,274		37			—		743		3,532
Total Envelope		643			1,148		1,477		552			107		1,549		5,476
Print
	2013 Plan	2,688			—		—		104			—		224		3,016
	2012 Plan	(74		)	147		39		11			—		56		179
	Residual Plans	—			—		10		454			346		284		1,094
Total Print		2,614			147		49		569			346		564		4,289
Label and Packaging
	2013 Plan	1,239			—		—		9			—		13		1,261
	2012 Plan	25			—		—		—			—		—		25
	Residual Plans	(4		)	—		—		(135		)	—		—		(139		)
Total Label and Packaging		1,260			—		—		(126		)	—		13		1,147
Corporate
	2013 Plan	1,940			—		—		64			—		64		2,068
	Residual Plans	23			—		—		—			—		97		120
Total Corporate		1,963			—		—		64			—		161		2,188
Total Restructuring and Other Charges		$	6,480		$	1,295	$	1,526	$	1,059		$	453	$	2,287	$	13,100

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

2012 Activity

Restructuring and other charges for the year ended 2012 were as follows (in thousands):

		Employee Separation Costs			Asset Charges Net of Gain on Sale		Equipment Moving Expenses			Lease Termination Expenses		Multi-employer Pension Withdrawal Expenses			Building Clean-up & Other Expenses		Total
Envelope
	2012 Plan	$	1,483		$	441	$	35		$	319	$	—		$	68	$	2,346
	Residual Plans	(12		)	—		—			13		168			153		322
	Acquisition Integration Plans	1,029			1,199		414			172		—			679		3,493
Total Envelope		2,500			1,640		449			504		168			900		6,161
Print
	2012 Plan	2,241			6,220		572			337		5,400			1,571		16,341
	Residual Plans	532			535		47			156		(486		)	964		1,748
Total Print		2,773			6,755		619			493		4,914			2,535		18,089
Label and Packaging
	2012 Plan	1,288			—		6			—		—			13		1,307
	Residual Plans	364			—		—			162		—			185		711
	Acquisition Integration Plans	—			—		(4		)	—		—			—		(4		)
Total Label and Packaging		1,652			—		2			162		—			198		2,014
Corporate
	2012 Plan	646			—		—			—		—			—		646
	Residual Plans	—			—		—			—		—			190		190
Total Corporate		646			—		—			—		—			190		836
Total Restructuring and Other Charges		$	7,571		$	8,395	$	1,070		$	1,159	$	5,082		$	3,823	$	27,100

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A summary of the activity related to the restructuring liabilities for all the cost savings, restructuring and integration initiatives were as follows (in thousands):

	Employee Separation Cost			Lease Termination			Pension Withdrawal Liabilities			Building Clean-up, Equipment Moving and Other Expenses			Total
2014 Plan
Balance as of the year ended 2013	$	—		$	—		$	—		$	—		$	—
Accruals, net	5,797			—			—			433			6,230
Payments	(4,291		)	—			—			(433		)	(4,724		)
Balance as of the year ended 2014	$	1,506		$	—		$	—		$	—		$	1,506
2013 Plan
Balance as of the year ended 2012	$	—		$	—		$	—		$	—		$	—
Accruals, net	6,099			392			—			376			6,867
Payments	(5,262		)	(336		)	—			(376		)	(5,974		)
Balance as of the year ended 2013	837			56			—			—			893
Accruals, net	303			172			—			472			947
Payments	(1,086		)	(225		)	—			(472		)	(1,783		)
Balance as of the year ended 2014	$	54		$	3		$	—		$	—		$	57
2012 Plan
Balance as of the year ended 2012	$	1,199		$	493		$	5,400		$	—		$	7,092
Accruals, net	(86		)	311			—			1,016			1,241
Payments	(1,113		)	(477		)	—			(1,016		)	(2,606		)
Balance as of the year ended 2013	—			327			5,400			—			5,727
Accruals, net	—			(178		)	749			1			572
Payments	—			(124		)	(481		)	(1		)	(606		)
Balance as of the year ended 2014	$	—		$	25		$	5,668		$	—		$	5,693
Residual Plans
Balance as of the year ended 2012	$	127		$	2,017		$	19,519		$	—		$	21,663
Accruals, net	19			319			453			404			1,195
Payments	(146		)	(1,319		)	(4,817		)	(404		)	(6,686		)
Balance as of the year ended 2013	—			1,017			15,155			—			16,172
Accruals, net	—			212			511			765			1,488
Payments	—			(580		)	(2,634		)	(765		)	(3,979		)
Balance as of the year ended 2014	$	—		$	649		$	13,032		$	—		$	13,681
Acquisition Integration Plans
Balance as of the year ended 2012	$	298		$	1,088		$	—		$	—		$	1,386
Accruals, net	448			37			—			2,017			2,502
Acquisition	—			1,985			—			—			1,985
Payments	(591		)	(607		)	—			(2,017		)	(3,215		)
Balance as of the year ended 2013	155			2,503			—			—			2,658
Accruals, net	2,019			1,949			—			7,248			11,216
Payments	(2,097		)	(3,316		)	—			(7,248		)	(12,661		)
Balance as of the year ended 2014	$	77		$	1,136		$	—		$	—		$	1,213
Total Restructuring Liability	$	1,637		$	1,813		$	18,700		$	—		$	22,150

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12. Stock-Based Compensation

The Company’s 2007 Long-Term Equity Incentive Plan, as amended, approved in May 2008 (the "2007 Plan"), authorizes the issuance of up to 4,500,000 shares of the Company’s common stock. Upon approval of the 2007 Plan, the Company ceased making awards under its prior equity plans, including the Company’s 2001 Long-Term Equity Incentive Plan. Unused shares previously authorized under prior plans have been rolled over into the 2007 Plan and increased the total number of shares authorized for issuance under the 2007 Plan by 1,040,000 shares in 2013.

The Company’s outstanding unvested stock options have maximum contractual terms of up to six years, principally vest ratably over four years and are granted at exercise prices equal to the market price of the Company’s common stock on the date of grant. The Company’s outstanding stock options are exercisable into shares of the Company’s common stock. The Company’s outstanding restricted share units ("RSUs") principally vest ratably over four years. Upon vesting, RSUs convert into shares of the Company’s common stock. The Company currently issues authorized shares of common stock upon vesting of restricted shares or the exercise of other equity awards. The Company has no outstanding stock appreciation rights.

The Company measures the cost of employee services received in exchange for an award of equity instruments, including grants of employee stock options and RSUs, based on the fair value of the award at the date of grant in accordance with the modified prospective method. The Company uses the Black-Scholes model for purposes of determining the fair value of stock options granted and recognizes compensation costs ratably over the requisite service period for each separately vesting portion of the award, net of estimated forfeitures. The Black-Scholes model has limitations on its effectiveness including that it was developed for use in estimating the fair value of traded options which have no vesting restrictions and are fully transferable and that the model requires the use of parameters, such as stock price volatility that must be estimated from historical data and other market information. The Company’s stock option awards to employees have characteristics significantly different from those of traded options and parameter estimation methodologies can materially affect fair value estimates.

Total stock-based compensation expense recognized in selling, general and administrative expenses in the Company’s consolidated statement of operations was $2.4 million, $3.7 million and $5.3 million for the years ended 2014, 2013 and 2012, respectively. The income tax benefits related to the Company’s stock-based compensation expense was $0.6 million, $0.7 million and $1.2 million for the years ended 2014, 2013 and 2012, respectively.

As of December 27, 2014, there was approximately $0.7 million of total unrecognized compensation cost related to unvested stock-based compensation grants, which is expected to be amortized over a weighted average period of 2.1 years.

Stock Options

A summary of the Company’s outstanding stock options as of and for the years ended 2014, 2013 and 2012 is as follows:

	Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (In Years)	Aggregate Intrinsic Value (1) (in thousands)
Outstanding as of the year ended 2011	4,192,980		$	10.21	2.5	$	—
Granted	—		—
Exercised	—		—			$	—
Forfeited/expired	(1,966,980	)	13.00
Outstanding as of the year ended 2012	2,226,000		$	7.75	2.7	$	—
Granted	189,500		2.00
Exercised	(20,000	)	2.00			$	22
Forfeited/expired	(617,500	)	13.43
Outstanding as of the year ended 2013	1,778,000		$	5.23	2.4	$	259
Granted	—		—
Exercised	(10,000	)	2.00			$	—
Forfeited/expired	(97,500	)	6.35
Outstanding as of the year ended 2014	1,670,500		$	5.18	1.4	$	29
Exercisable as of the year ended 2014	1,458,375		$	5.41	1.1	$	—

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

__________________________

(1) Intrinsic value for purposes of this table represents the amount by which the fair value of the underlying stock, based on the respective market prices as of the years ended 2014, 2013 and 2012, or, if exercised, the exercise dates, exceeds the exercise prices of the respective options.

The weighted average grant date fair value of stock options granted during 2013, were at exercise prices equal to the market price of the stock on the grant dates, as calculated under the Black-Scholes model with the weighted average assumptions as follows:

	2013
Weighted average fair value of option grants during the year	$	1.01
Assumptions:
Expected option life in years	4.25
Risk-free interest rate	0.50		%
Expected volatility	65.7		%
Expected dividend yield	0.0		%

The risk-free interest rate represents the United States Treasury Bond constant maturity yield approximating the expected option life of stock options granted during the period. The expected option life represents the period of time that the stock options granted during the period are expected to be outstanding, based on the mid-point between the vesting date and contractual expiration date of the option. The expected volatility is based on the historical market price volatility of the Company’s common stock for the expected term of the options, adjusted for expected mean reversion.

There were no stock options granted during 2014 and 2012.

RSUs

A summary of the Company’s non-vested restricted share units ("RSUs") as of and for the years ended 2014, 2013 and 2012 is as follows:

	RSUs		Weighted Average Grant Date Fair Value
Unvested as of the year ended 2011	1,754,834		$	6.46
Granted	136,840		1.90
Vested	(795,459	)	7.02
Forfeited	(21,875	)	7.32
Unvested as of the year ended 2012	1,074,340		$	5.44
Granted	549,500		2.00
Vested	(629,340	)	4.88
Forfeited	(13,750	)	2.99
Unvested as of the year ended 2013	980,750		$	3.91
Granted	88,236		3.06
Vested	(555,500	)	4.40
Forfeited	(625	)	5.62
Unvested as of the year ended 2014	512,861		$	3.22

On May 1, 2014, 88,236 RSUs were issued to certain members of the Company's Board of Directors. The RSUs vest one year from the date of issuance. The fair value of these awards was determined based on the Company's stock price on the date of issuance.

In 2013, 419,500 RSUs were issued to certain employees of the Company, which vest ratably over four years. Additionally, 130,000 RSUs were issued during 2013 to certain members of the Company's Board of Directors, which vested one year from the date of issuance. The fair value of these awards was determined based on the Company's stock price on the dates of issuance.

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In 2012, 136,840 RSUs were issued to certain members of the Company's Board of Directors. The RSUs vested one year from the date of issuance. The fair value of these awards was determined based on the Company's stock price on the date of issuance.

The total fair value of RSUs, which vested during 2014, 2013 and 2012 was $1.7 million, $1.6 million and $2.0 million, respectively, as of the respective vesting dates.

PSUs

On May 1, 2013, 730,500 performance share units ("PSUs") were granted to certain employees, with each award representing the right to receive one share of the Company's common stock upon the achievement of certain established performance targets and service conditions. The performance period for the awards was December 30, 2012 through December 28, 2013. As the performance targets were not met, the PSUs expired unvested and no compensation expense related to PSUs was recognized in the consolidated statement of operations for the year ended December 28, 2013. There were no PSUs granted in fiscal year 2014 or 2012.

13. Retirement Plans

Pension Plans: The Company currently has two defined benefit pension plans for certain of its employees in the United States. The defined benefit plans provide benefit payments using formulas based on an employee's compensation and length of service, or stated amounts for each year of service. The Company expects to continue to fund these plans based on governmental requirements, amounts deductible for income tax purposes and as needed to ensure that plan assets are sufficient to satisfy plan liabilities. The benefits under the Company’s defined benefit pension plans are frozen.

Supplemental Executive Retirement Plans: The Company has various supplemental executive retirement plans ("SERP"), which provide benefits to certain former directors and executives. For accounting purposes, these plans are unfunded; however, one plan has annuities that cover a portion of the liability to the participants in its plan and the income from the annuities offsets a portion of the cost of the plan. These annuities are included in other assets, net in the consolidated balance sheets.

OtherPostretirementPlans:The Company has various other postretirement benefit plans ("OPEB"), primarily focused on postretirement healthcare, such as medical insurance and life insurance and related benefits for certain of its former employees and, in some instances, their spouses. Benefits, eligibility and cost-sharing provisions vary by plan documents or union collective bargaining arrangements.

Savings Plan: The Company sponsors a defined contribution plan to provide substantially all United States salaried and certain hourly employees an opportunity to accumulate personal funds for their retirement. The Company contributed $0.5 million and $0.3 million to the plan in 2014 and 2013, respectively. In 2012, the Company did not make any voluntary contributions. Employees participating in the plan held 2,129,084 shares of the Company’s common stock as of the year ended 2014.

Funded Status and Net Periodic Cost:The following tables provide a reconciliation of the changes in the Company’s pension, SERP and OPEB plans' benefit obligations and fair value of assets for 2014 and 2013, a statement of the funded status as of the years ended 2014 and 2013, respectively, and the amounts recognized in the consolidated balance sheets as of the years ended 2014 and 2013 (in thousands).

	Pensions						SERPs						OPEBs
	2014			2013			2014			2013			2014			2013
Benefit obligation at beginning of year	$	319,151		$	352,009		$	17,824		$	19,603		$	2,075		$	2,479
Service cost	—			—			—			—			2			—
Interest cost	14,027			12,932			754			696			88			88
Actuarial loss (gain)	55,821			(29,158		)	1,925			(381		)	(254		)	(418		)
Benefits paid	(23,673		)	(16,632		)	(1,995		)	(2,094		)	(122		)	(136		)
Prior service cost due to acquisition	—			—			—			—			—			62
Benefit obligation at end of year	$	365,326		$	319,151		$	18,508		$	17,824		$	1,789		$	2,075

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The following table provides a reconciliation of the Company’s fair value of plan assets:

	Pensions						SERPs						OPEBs
	2014			2013			2014			2013			2014			2013
Fair value of plan assets at beginning of year	$	260,917		$	231,897		$	—		$	—		$	—		$	—
Actual return on plan assets	18,466			32,085			—			—			—			—
Employer contributions	11,925			13,567			1,995			2,094			122			136
Benefits paid	(23,673		)	(16,632		)	(1,995		)	(2,094		)	(122		)	(136		)
Fair value of plan assets at end of year	$	267,635		$	260,917		$	—		$	—		$	—		$	—

The following table shows the funded status at the end of the year:

	Pensions						SERPs						OPEBs
	2014			2013			2014			2013			2014			2013
Funded status at end of year	$	(97,691	)	$	(58,234	)	$	(18,508	)	$	(17,824	)	$	(1,789	)	$	(2,075	)

The following table shows amounts recognized in AOCI:

	Pensions				SERPs				OPEBs
	2014		2013		2014		2013		2014			2013
Net actuarial loss (gain)	$	115,438	$	60,338	$	5,872	$	4,158	$	(830	)	$	(614	)
Prior service cost	—		—		—		—		44			44
Total	$	115,438	$	60,338	$	5,872	$	4,158	$	(786	)	$	(570	)

The following table shows amounts recognized in the consolidated balance sheets:

	Pensions				SERPs				OPEBs
	2014		2013		2014		2013		2014		2013
Other current liabilities	$	—	$	—	$	1,989	$	2,077	$	164	$	250
Other liabilities	97,691		58,234		16,519		15,747		1,625		1,825
Total liabilities	$	97,691	$	58,234	$	18,508	$	17,824	$	1,789	$	2,075

The following table provides components of the net periodic cost for the pension, SERP and OPEB plans for the years ended 2014, 2013 and 2012 (in thousands):

	For The Years Ended
	2014			2013			2012
Service cost	$	2		$	—		$	1,932
Interest cost	14,870			13,716			14,546
Expected return on plan assets	(20,792		)	(18,455		)	(16,875		)
Net amortization and deferral	—			(6		)	(6		)
Recognized net actuarial loss	3,220			7,779			6,424
Net periodic (benefit) expense	$	(2,700	)	$	3,034		$	6,021

Interest cost on projected benefit obligation includes $0.8 million, $0.8 million and $0.9 million related to the Company’s SERP and OPEB plans in 2014, 2013 and 2012, respectively.

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The pre-tax amount of actuarial losses in AOCI as of the year ended 2014 that are expected to be recognized in net periodic benefit cost in 2015 is $8.7 million for defined benefit pension plans and $0.3 million for other postretirement benefit plans, including SERP. The pre-tax amount of prior service cost included in AOCI as of the year ended 2014 that is expected to be recognized in net periodic benefit cost in 2015 is zero for all defined benefit plans.

The assumptions used were as follows:

	2014		2013		2012
Discount rate used to calculate net periodic benefit expense	4.50	%	3.75	%	4.25	%
Discount rate used to calculate projected benefit obligation	3.75	%	4.50	%	3.75	%
Expected long-term rate of return on plan assets	8.00	%	8.00	%	8.00	%
Rate of compensation increase	—	%	—	%	—	%

The discount rate assumption used to determine the Company’s pension obligations as of the years ended 2014 and 2013 takes into account the projected future benefit cash flow and the underlying individual yields in the Citigroup Pension Liability Index that would be available to provide for the payment of those benefits. The ultimate rate is developed by calculating an equivalent discounted present value of the benefit cash flow as of the years ended 2014 and 2013, respectively, using a single discount rate rounded to the nearest quarter percent.

The expected long-term rate of return on plan assets of 8.0% for the years ended 2014 and 2013 was based on historical returns and the expectations for future returns for each asset class in which plan assets are invested as well as the target asset allocation of the investments of the plan assets.

The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the Company’s pension plans with accumulated benefit obligations in excess of plan assets were as follows (in thousands):

	2014		2013
Projected benefit obligation	$	383,834	$	336,975
Accumulated benefit obligation	383,834		336,975
Fair value of plan assets	267,635		260,917

The Company currently expects to contribute approximately $4.6 million to its pension plans in 2015.

The estimated pension benefit payments expected to be paid by the pension plans and the estimated SERP and OPEB payments expected to be paid by the Company for the years 2015 through 2019, and in the aggregate for the years 2020 through 2024, are as follows (in thousands):

	Pension Plans		SERP		OPEB
2015	$	17,471	$	2,027	$	167
2016	17,719		2,002		162
2017	18,045		1,857		156
2018	18,537		1,688		150
2019	18,973		1,620		143
2020 through 2024	100,501		6,980		609

Fair Value of Assets:The Company's investment objective is to maximize the long-term return on its pension plan assets within prudent levels of risk. Investments are primarily diversified with a blend of equity securities, fixed income securities and alternative investments. The intent is to minimize plan expenses by outperforming plan liabilities over the long run.

The Company segregated its plan assets by the following major categories and levels for determining their fair values as of the years ended 2014 and 2013:

Cash and cash equivalents - Carrying value approximates fair value. As such, these assets were classified as Level 1.

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Equity - Equity investments are diversified by including United States and non-United States stocks, growth stocks, value stocks and stocks of large and small companies. The values of individual equity securities are based on quoted prices in active markets and are classified as Level 1.

Fixed income - Fixed income securities are primarily United States governmental and corporate bonds including mutual funds. The Company invests in certain fixed income funds that were priced in active markets and were classified as Level 1. The Company also invests in certain fixed income securities that are priced based on valuation models rather than a last trade basis and are not exchange-traded and are classified as Level 2.

Other - The Company also invests in group annuity contracts, which are invested in certain fixed income securities and are classified as Level 2.

Alternative investments - Alternative investments are primarily private equity hedge funds and hedge fund-of-funds. The fair value of alternative investments has been estimated using their Net Asset Values ("NAV") as reported by the investment manager of the respective alternative investment funds. NAV reported by the hedge funds is used as a practical expedient to estimate the fair value. The investment manager values these investments on a periodic basis with models that use market, income and valuation methods. The valuation inputs are not highly observable, and these investments are not actively traded in an open market. These investments were classified as Level 3.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value, or reflective of future fair values. While the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement. The Company invests in various assets in which valuation is determined by NAV. The Company believes that the NAV is representative of fair value, as there are no significant restrictions on redemption on these investments or other reasons that indicate the investment would be redeemed at an amount different than the NAV.

The fair values of the Company’s pension plan assets as of the years ended 2014 and 2013, by asset category are as follows (in thousands):

	2014								2013
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	6,661	$	—	$	—	$	6,661	$	6,115	$	—	$	—	$	6,115
Equity	133,833		—		—		133,833		141,334		—		—		141,334
Fixed income	16,696		50,203		—		66,899		17,181		41,487		—		58,668
Other	—		1,599		—		1,599		—		1,684		—		1,684
Alternative investments	—		—		58,643		58,643		—		—		53,116		53,116
Total pension plan assets	$	157,190	$	51,802	$	58,643	$	267,635	$	164,630	$	43,171	$	53,116	$	260,917

The following table provides a summary of changes in the fair value of the Company’s Level 3 assets (in thousands):

	Alternative Investments
Balance as of the year ended 2012	$	46,297
Purchases, sales and settlements	—
Unrealized gains	6,819
Balance as of the year ended 2013	53,116
Asset sales (1)	(2,884		)
Asset purchases	2,884
Unrealized gains	5,527
Balance as of the year ended 2014	$	58,643

__________________________

(1)     A loss of approximately $0.1 million was realized on sales during 2014.

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The range of asset allocations and the target allocations for the pension plan assets were as follows:

	2014				2013				Target
Equity securities	48	%	62	%	53	%	65	%	60	%	75	%
Fixed income securities	26	%	33	%	23	%	33	%	25	%	35	%
Alternative investments and other	5	%	26	%	2	%	24	%	10	%	30	%

Multi-Employer Pension Plans: Certain of the Company’s union employees are included in multi-employer pension plans ("Multi-Employer Pension Plans"), to which the Company makes contributions in accordance with contractual union agreements. Such contributions are made on a monthly basis in accordance with the requirements of the plans and the actuarial computations and assumptions of the administrators of the plans. Contributions to Multi-Employer Pension Plans were $0.9 million in 2014, $1.1 million in 2013 and $1.1 million in 2012. In 2014, 2013 and 2012, the Company recorded expenses of $1.3 million, $0.5 million, and $5.1 million, respectively, as a result of exiting certain Multi-Employer Pension Plans in connection with its cost savings and restructuring plans.

The Company's participation in these plans for the years ended 2014, 2013 and 2012, is outlined in the table below:

Pension Fund	EIN	Pension Plan Number	Pension Protection Act Reported Status (1)		FIP/RP Status (2)	Contributions						Surcharge imposed	Expiration Date of Collective Bargaining Agreement
			2014	2013		2014		2013		2012
						(in thousands)
GCC/IBT National Pension Fund	526118568	001	Red	Red	Implemented	$220		$262		$236		Yes	6/30/2016
GCC/IBT National Pension Fund	526118568	001	Red	Red	Implemented	135		100		102		Yes	12/31/2014
GCC/IBT National Pension Fund	526118568	001	Red	Red	Implemented	11		14		15		Yes	4/30/2017
CEP Graphical Pension Plan of Canada	M5000050	223	Red	Red	Implemented	164		195		225		No	6/30/2015
CEP Graphical Supplemental Retirement and Disability Fund of Canada	M5000050	226, 251	Red	Red	Implemented	397		429		479		No	6/30/2015
CWA/ITU Negotiated Pension Plan	136212879	001	Red	Red	Implemented	—		88		86		No	3/1/2018
				Total contributions		$	927	$	1,088	$	1,143

__________________________

(1) Unless otherwise noted, the most recent Pension Protection Act ("PPA") zone status available in 2014 and 2013 is for the plan's year end, not the Company's year end. The zone status is based on information that the Company received from the plan and is certified by the plan's actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded.

(2) The FIP/RP Status column indicates plans for which a financial improvement plan ("FIP") or a rehabilitation plan ("RP") is either pending or has been implemented.

14. Commitments and Contingencies

Leases: The Company leases buildings and equipment under operating lease agreements expiring at various dates through 2033. Certain leases include renewal and/or purchase options, which may be exercised by us. As of the year ended 2014, future minimum annual lease payments by year and, in the aggregate, under non-cancelable operating lease agreements with original terms of one year or more consisted of the following (in thousands):

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2015	$	25,668
2016	20,383
2017	17,269
2018	13,494
2019	9,360
Thereafter	19,013
Total	$	105,187

Rent expense was $31.1 million, $26.6 million and $25.6 million in 2014, 2013 and 2012, respectively.

Environmental:  The Company is involved in certain environmental matters and has been designated as a potentially responsible party for certain hazardous waste sites. Prior to the Company’s acquisition of Nashua, Nashua was involved in certain environmental matters and was designated by the Environmental Protection Agency ("EPA") as a potentially responsible party for certain hazardous waste sites. In addition, Nashua had been notified by certain state environmental agencies that Nashua may bear responsibility for remedial action at other sites which have not been addressed by the EPA. The sites at which Nashua may have remedial responsibilities are in various stages of investigation and remediation. Due to the unique physical characteristics of each site, the remedial technology employed, the extended time-frames of each remediation, the interpretation of applicable laws and regulations and the financial viability of other potential participants, the ultimate range of outcomes cannot be predicted with certainty; therefore, the Company’s ultimate cost of remediation is an estimate and is contingent on these factors. Based on information currently available, the Company believes that Nashua’s remediation expense, if any, is not likely to have a material effect on its consolidated financial position or results of operations. As of the years ended 2014 and 2013, the undiscounted liability relating to the Company’s environmental matters was $1.7 million and $2.0 million, respectively, primarily the amount recorded on Nashua’s acquisition date, and is included in other liabilities. There have been no material changes related to these environmental matters since Nashua's acquisition date.

Litigation: The Company is party to various legal actions that are ordinary and incidental to its business. While the outcome of pending legal actions cannot be predicted with certainty, management believes the outcome of these various proceedings will not have a material effect on the Company’s consolidated financial statements.

Effective September 19, 2014, the Company reached an agreement with all defendants to settle all controversies and disputes, and agreed to dismiss all claims against defendants with prejudice, in connection with certain litigation arising out of the Company’s packaging division.  Pursuant to the settlement agreement, the Company received settlement proceeds from the litigation during the third quarter of 2014, which has been recorded in other income, net, in the Company’s consolidated statement of operations.   Additionally, certain defendants in the above-referenced action forfeited certain benefits, the effect of which has been recorded in other income, net, in the Company’s consolidated statement of operations.

The Company has incurred $2.6 million of legal expenses over several years related to this litigation, including $0.9 million, $0.5 million and $0.4 million for the years ended 2014, 2013 and 2012, respectively, which have been recorded in selling, general and administrative expenses in the Company’s statement of operations. 

In 2012, the Company reached an agreement with all parties to settle all controversies and disputes with prejudice in connection with certain civil litigations filed in the United States District Court for the Northern District of New York and in the Superior Court of New Jersey, Burlington County. As the Company's liability arising out of these litigations existed as of the December 2011 balance sheet date, this settlement was recorded in the fourth quarter of 2011 within other expense (income), net in the consolidated statement of operations. The Company funded this settlement in 2012. In 2011, the Company reached an agreement with all defendants to settle all controversies and disputes and agreed to dismiss all claims against the defendants with prejudice in connection with a civil litigation filed in Minneapolis, Minnesota. This settlement was recorded as a reduction to selling, general and administrative expenses in the consolidated statement of operations.

Concentrations of Credit Risk: The Company has limited concentrations of credit risk with respect to financial instruments. Temporary cash investments and other investments are placed with high credit quality institutions, and concentrations within accounts receivable are generally limited due to the Company’s diverse customer base and its dispersion across different industries and geographic areas. The Company extends credit to customers based on its evaluation of the customer's financial condition. The Company does not require that any collateral be provided by its customers.

Letters of Credit: As of the year ended 2014, the Company had outstanding letters of credit of approximately $19.9 million and a de minimis amount of surety bonds. Based on the Company’s experience with these arrangements, it does not believe

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that any obligations that may arise will have a material effect on the Company's consolidated financial condition or results of operations.

Tax Audits: The Company’s income, sales and use, and other tax returns are routinely subject to audit by various authorities. The Company believes that the resolution of any matters raised during such audits will not have a material effect on the Company’s consolidated financial position or its results of operations.

Multi-Employer Pension Plans: The Company participates in a number of Multi-Employer Pension Plans and is exposed to significant risks and uncertainties arising from its participation in these Multi-Employer Pension Plans. These risks and uncertainties, including changes in future contributions due to partial or full withdrawal of the Company and other participating employers from these Multi-Employer Pension Plans, could significantly increase the Company’s future contributions or the underfunded status of these Multi-Employer Pension Plans. Two of the Multi-Employer Pension Plans are in mass withdrawal status. While it is not possible to quantify the potential impact of future actions of the Company or other participating employers from these Multi-Employer Pension Plans, continued participation in or withdrawal from these Multi-Employer Pension Plans could have a material impact on the Company’s consolidated financial statements.

15. Accumulated Other Comprehensive Income (Loss)

The following table presents the changes in the balances of each component of AOCI, net of tax (in thousands):

		Foreign Currency Translation			Pension and Other Postretirement Benefits			Total
Balance as of the year ended 2012		$	2,945		$	(70,146	)	$	(67,201	)
	Other comprehensive (loss) income before reclassifications	(4,529		)	26,688			22,159
	Amounts reclassified from AOCI	—			4,742			4,742
	Other comprehensive (loss) income	(4,529		)	31,430			26,901
Balance as of the year ended 2013		(1,584		)	(38,716		)	(40,300		)
	Other comprehensive loss before reclassifications	(1,321		)	(59,796		)	(61,117		)
	Amounts reclassified from AOCI	—			3,220			3,220
	Other comprehensive loss	(1,321		)	(56,576		)	(57,897		)
Balance as of the year ended 2014		$	(2,905	)	$	(95,292	)	$	(98,197	)

Reclassifications from AOCI

AOCI Components		Amounts Reclassified from AOCI (in thousands)					Income Statement Line Item
		2014		2013
Amortization of pension and other benefit items
	Net actuarial losses (1)	$	3,220	$	7,779		Selling, general and administrative expenses
	Prior service cost (1)	—		(6		)	Selling, general and administrative expenses
		3,220		7,773			Total before tax
Taxes		—		(3,031		)	Income tax expense
Total reclassifications for the period		$	3,220	$	4,742		Net of tax

 __________________________

(1) Components are included in the computation of net periodic benefit cost as presented in Note 13.

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16.  Related Party Transactions

In the fourth quarter of 2013, the Company entered into a 10-year lease of a manufacturing facility with a related party wholly owned and managed by certain executives of the Company. The Company believes the lease terms have not been significantly affected by the fact that the Company and the lessors are related parties.  The Company recognized approximately $0.5 million and less than $0.1 million in rental expense associated with the lease during 2014 and 2013, respectively, which is recorded in cost of sales. Future lease payments related to this lease (undiscounted) are $4.7 million as of the year ended 2014. The Company has no other commitments or guarantees related to the lease.

17.  Income (Loss) per Share

Basic income (loss) per share is computed based upon the weighted average number of common shares outstanding for the period. When applicable, diluted income (loss) per share is calculated using two approaches. The first approach, the treasury stock method, reflects the potential dilution that could occur if the stock options, RSUs and, when applicable, PSUs, (collectively, the "Equity Awards") to issue common stock were exercised. The second approach, the if converted method, reflects the potential dilution of the Equity Awards and the 7% Notes being exchanged for common stock. Under this method, interest expense associated with the 7% Notes, net of tax, is added back to income from continuing operations and the shares outstanding are increased by the underlying 7% Notes equivalent.

For the years ended 2014, 2013 and 2012, the effect of approximately 20.3 million, 22.9 million and 24.1 million shares, respectively, related to the exchange of the 7% Notes for common stock and the issuance of common stock upon exercise of Equity Awards, were excluded from the calculation of diluted income (loss) per share, as the effect would be anti-dilutive.

The following table sets forth the computation of basic and diluted (loss) income per share for the periods ended (in thousands, except per share data): 

	For The Years Ended
	2014			2013			2012
Numerator for basic and diluted loss per share:
Loss from continuing operations	$	(86,319	)	$	(85,527	)	$	(80,528	)
Income from discontinued operations, net of taxes	2,456			16,741			641
Net loss	$	(83,863	)	$	(68,786	)	$	(79,887	)
Denominator for weighted average common shares outstanding:
Basic shares	66,952			64,576			63,567
Dilutive effect of 7% Notes	—			—			—
Dilutive effect of Equity Awards	—			—			—
Diluted shares	66,952			64,576			63,567
(Loss) income per share – basic:
Continuing operations	$	(1.29	)	$	(1.32	)	$	(1.27	)
Discontinued operations	0.04			0.25			0.01
Net loss	$	(1.25	)	$	(1.07	)	$	(1.26	)
(Loss) income per share – diluted:
Continuing operations	$	(1.29	)	$	(1.32	)	$	(1.27	)
Discontinued operations	0.04			0.25			0.01
Net loss	$	(1.25	)	$	(1.07	)	$	(1.26	)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

18. Segment Information

The Company operates four operating segments: envelope, print, label and packaging. Based upon similar economic characteristics and management reporting, the Company has aggregated the label and packaging operating segments to have a total of three reportable segments: envelope, print and label and packaging. The envelope segment provides direct mail offerings and transactional and stock envelopes. The print segment provides a wide array of print offerings such as high-end printed materials including car brochures, advertising literature, corporate identity and brand marketing material, digital printing and content management. The label and packaging segment specializes in the design, manufacturing and printing of labels such as custom labels, overnight packaging labels, pressure-sensitive prescription labels, full body shrink sleeves, and specialized folded carton packaging.

Operating income (loss) of each segment includes all costs and expenses directly related to the segment's operations. Corporate expenses include corporate general and administrative expenses including stock-based compensation.

Corporate identifiable assets primarily consist of cash and cash equivalents, miscellaneous receivables, deferred financing fees, deferred tax assets and other assets.

The following tables present certain segment information (in thousands):

	For The Years Ended
	2014			2013			2012
Net sales:
Envelope	$	929,518		$	749,898		$	658,217
Print	534,033			529,760			585,632
Label and packaging	485,489			498,150			494,444
Total	$	1,949,040		$	1,777,808		$	1,738,293
Operating income (loss):
Envelope	$	29,602		$	39,775		$	45,485
Print	19,192			(6,042		)	32,845
Label and packaging	37,010			32,644			54,666
Corporate	(42,046		)	(37,014		)	(31,811		)
Total	$	43,758		$	29,363		$	101,185
Restructuring and other charges:
Envelope	$	14,181		$	5,476		$	6,161
Print	3,091			4,289			18,089
Label and packaging	1,089			1,147			2,014
Corporate	4,097			2,188			836
Total	$	22,458		$	13,100		$	27,100
Impairment of intangible assets:
Envelope	$	—		$	—		$	—
Print	—			24,493			—
Label and packaging	—			8,874			—
Corporate	—			—			—
Total	$	—		$	33,367		$	—
Depreciation and intangible asset amortization:
Envelope	$	19,616		$	16,407		$	16,986
Print	22,115			20,894			21,333
Label and packaging	17,469			18,214			18,012
Corporate	4,788			4,981			4,327
Total	$	63,988		$	60,496		$	60,658

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Capital expenditures:
Envelope	$	17,267	$	7,221	$	1,402
Print	6,541		6,868		8,145
Label and packaging	7,600		9,605		4,374
Corporate	5,823		5,541		6,642
Total	$	37,231	$	29,235	$	20,563
Net sales by product line:
Envelope	$	929,518	$	749,898	$	658,217
Print	534,033		529,760		585,632
Label	323,884		337,270		331,542
Packaging	161,605		160,880		162,902
Total	$	1,949,040	$	1,777,808	$	1,738,293
Intercompany sales:
Envelope	$	6,114	$	4,178	$	8,676
Print	15,329		4,579		3,097
Label and packaging	10,422		10,560		11,688
Total	$	31,865	$	19,317	$	23,461

	2014		2013
Total assets:
Envelope	$	449,819	$	472,334
Print	291,892		320,720
Label and packaging	355,325		356,183
Corporate	60,855		64,467
Total	$	1,157,891	$	1,213,704

Geographic information is as follows as of and for the years ended (in thousands):

	2014		2013		2012
Net sales:
US	$	1,883,259	$	1,705,043	$	1,655,589
Foreign	65,781		72,765		82,704
Total	$	1,949,040	$	1,777,808	$	1,738,293
			2014		2013
Long-lived assets (property, plant and equipment, goodwill and intangible assets):
US			$	603,538	$	634,212
Foreign			22,423		25,880
Total			$	625,961	$	660,092

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19. Condensed Consolidating Financial Information

Cenveo, Inc. is a holding company (the "Parent Company"), which is the ultimate parent of all Cenveo subsidiaries. The Parent Company’s wholly-owned subsidiary, Cenveo Corporation (the "Subsidiary Issuer"), issued the 6.000% Notes, the 8.500% Notes, the 7.875% Notes, the 8.875% Notes, the 7% Notes, and the 11.5% Notes (collectively with the 6.000% Notes, the 8.500% Notes, the 7.875% Notes, the 8.875% Notes, and the 7% Notes, the "Subsidiary Issuer Notes"), which are fully and unconditionally guaranteed, on a joint and several basis, by the Parent Company and substantially all of its wholly-owned subsidiaries (the "Guarantor Subsidiaries").

Presented below is condensed consolidating financial information for the Parent Company, the Subsidiary Issuer, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries as of December 27, 2014 and December 28, 2013 and for the years ended 2014, 2013 and 2012.  The condensed consolidating financial information has been presented to show the financial position, results of operations and cash flows of the Parent Company, the Subsidiary Issuer, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries, assuming the guarantee structure of the Subsidiary Issuer Notes was in effect at the beginning of the periods presented.

The supplemental condensed consolidating financial information reflects the investments of the Parent Company in the Subsidiary Issuer, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries using the equity method of accounting. The Company’s primary transactions with its subsidiaries other than the investment account and related equity in net income (loss) of subsidiaries are the intercompany payables and receivables between its subsidiaries.

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CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 27, 2014 (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	—		$	10,965		$	844		$	2,784		$	—		$	14,593
Accounts receivable, net	—			128,599			149,528			3,771			—			281,898
Inventories	—			71,108			64,036			1,866			—			137,010
Notes receivable from subsidiaries	—			36,938			3,245			—			(40,183		)	—
Prepaid and other current assets	—			42,889			5,012			2,505			—			50,406
Assets of discontinued operations - current	—			—			8			—			—			8
Total current assets	—			290,499			222,673			10,926			(40,183		)	483,915
Investment in subsidiaries	(632,675		)	1,944,300			3,608			7,829			(1,323,062		)	—
Property, plant and equipment, net	—			120,949			160,903			556			—			282,408
Goodwill	—			25,540			155,118			5,191			—			185,849
Other intangible assets, net	—			10,011			146,843			850			—			157,704
Other assets, net	—			42,242			5,289			484			—			48,015
Total assets	$	(632,675	)	$	2,433,541		$	694,434		$	25,836		$	(1,363,245	)	$	1,157,891
Liabilities and Shareholders’ (Deficit) Equity
Current liabilities:
Current maturities of long-term debt	$	—		$	3,000		$	1,355		$	—		$	—		$	4,355
Accounts payable	—			138,939			91,860			1,385			—			232,184
Accrued compensation and related liabilities	—			29,851			6,736			538			—			37,125
Other current liabilities	—			66,895			19,346			980			—			87,221
Liabilities of discontinued operations - current	—			—			70			—			—			70
Intercompany payable (receivable)	—			1,439,715			(1,449,419		)	9,704			—			—
Notes payable to issuer	—			—			36,938			3,245			(40,183		)	—
Total current liabilities	—			1,678,400			(1,293,114		)	15,852			(40,183		)	360,955
Long-term debt	—			1,227,397			2,587			—			—			1,229,984
Other liabilities	—			160,419			40,661			(1,453		)	—			199,627
Shareholders’ (deficit) equity	(632,675		)	(632,675		)	1,944,300			11,437			(1,323,062		)	(632,675		)
Total liabilities and shareholders’ (deficit) equity	$	(632,675	)	$	2,433,541		$	694,434		$	25,836		$	(1,363,245	)	$	1,157,891

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CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME For The Year Ended 2014 (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net sales	$	—		$	932,099		$	1,004,246		$	12,695		$	—	$	1,949,040
Cost of sales	—			817,761			827,575			8,177			—		1,653,513
Selling, general and administrative expenses	—			128,806			87,071			1,653			—		217,530
Amortization of intangible assets	—			703			10,590			488			—		11,781
Restructuring and other charges	—			18,560			3,898			—			—		22,458
Operating (loss) income	—			(33,731		)	75,112			2,377			—		43,758
Interest expense, net	—			106,276			522			—			—		106,798
Intercompany interest (income) expense	—			(1,107		)	1,107			—			—		—
Loss on early extinguishment of debt, net	—			27,449			—			—			—		27,449
Other income, net	—			(106		)	(6,776		)	(122		)	—		(7,004		)
(Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries	—			(166,243		)	80,259			2,499			—		(83,485		)
Income tax expense	—			694			1,515			625			—		2,834
(Loss) income from continuing operations before equity in (loss) income of subsidiaries	—			(166,937		)	78,744			1,874			—		(86,319		)
Equity in (loss) income of subsidiaries	(83,863		)	81,935			1,874			—			54		—
(Loss) income from continuing operations	(83,863		)	(85,002		)	80,618			1,874			54		(86,319		)
Income from discontinued operations, net of taxes	—			1,139			1,317			—			—		2,456
Net (loss) income	(83,863		)	(83,863		)	81,935			1,874			54		(83,863		)
Other comprehensive (loss) income:
Other comprehensive (loss) income of subsidiaries	(57,897		)	(4,952		)	(407		)	—			63,256		—
Pension liability adjustment, net of taxes	—			(52,945		)	(3,631		)	—			—		(56,576		)
Currency translation adjustment	—			—			(914		)	(407		)	—		(1,321		)
Comprehensive (loss) income	$	(141,760	)	$	(141,760	)	$	76,983		$	1,467		$	63,310	$	(141,760	)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For The Year Ended 2014  (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operating activities:
Net cash provided by (used in) operating activities of continuing operations	$	2,420		$	(91,517	)	$	117,654		$	(2,750	)	$	—	$	25,807
Net cash used in operating activities of discontinued operations	—			(884		)	(1,008		)	—			—		(1,892		)
Net cash provided by (used in) operating activities	2,420			(92,401		)	116,646			(2,750		)	—		23,915
Cash flows from investing activities:
Capital expenditures	—			(24,554		)	(12,459		)	(218		)	—		(37,231		)
Purchase of investment	—			(2,000		)	—			—			—		(2,000		)
Proceeds from sale of property, plant and equipment	—			3,465			302			—			—		3,767
Net cash used in investing activities of continuing operations	—			(23,089		)	(12,157		)	(218		)	—		(35,464		)
Net cash provided by investing activities of discontinued operations	—			1,033			1,163			—			—		2,196
Net cash used in investing activities	—			(22,056		)	(10,994		)	(218		)	—		(33,268		)
Cash flows from financing activities:
Proceeds from issuance of 6.000% senior secured priority notes due 2019	—			540,000			—			—			—		540,000
Proceeds from issuance of 8.500% junior secured priority notes due 2022	—			250,000			—			—			—		250,000
Payment of financing related costs and expenses and debt issuance discounts	—			(37,994		)	—			—			—		(37,994		)
Repayments of other long-term debt	—			(6,967		)	(1,526		)	—			—		(8,493		)
Repayment of 11.5% senior notes due 2017	—			(2,680		)	—			—			—		(2,680		)
Repayment of 8.500% junior secured priority notes due 2022	—			(2,000		)	—			—			—		(2,000		)
Purchase and retirement of common stock upon vesting of RSUs	(562		)	—			—			—			—		(562		)
Repayment of 15% Unsecured Term Loan due 2017	—			(10,000		)	—			—			—		(10,000		)
Proceeds from exercise of stock options	20			—			—			—			—		20
Repayment of Term Loan Facility due 2017	—			(329,100		)	—			—			—		(329,100		)
Repayment of 8.875% senior second lien notes	—			(400,000		)	—			—			—		(400,000		)
Borrowings under ABL Facility due 2017	—			520,100			—			—			—		520,100
Repayments under ABL Facility due 2017	—			(506,800		)	—			—			—		(506,800		)
Intercompany advances	(1,878		)	101,359			(103,450		)	3,969			—		—
Net cash (used in) provided by financing activities	(2,420		)	115,918			(104,976		)	3,969			—		12,491
Effect of exchange rate changes on cash and cash equivalents	—			—			168			(42		)	—		126
Net increase in cash and cash equivalents	—			1,461			844			959			—		3,264
Cash and cash equivalents at beginning of period	—			9,504			—			1,825			—		11,329
Cash and cash equivalents at end of period	$	—		$	10,965		$	844		$	2,784		$	—	$	14,593

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 28, 2013 (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	—		$	9,504		$	—		$	1,825		$	—		$	11,329
Accounts receivable, net	—			128,214			152,091			1,281			—			281,586
Inventories	—			89,830			71,722			13			—			161,565
Notes receivable from subsidiaries	—			36,938			—			—			(36,938		)	—
Prepaid and other current assets	—			46,050			6,813			2,490			—			55,353
Assets of discontinued operations - current	—			—			132			—			—			132
Total current assets	—			310,536			230,758			5,609			(36,938		)	509,965
Investment in subsidiaries	(496,980		)	1,865,003			5,385			6,725			(1,380,133		)	—
Property, plant and equipment, net	—			134,326			169,770			811			—			304,907
Goodwill	—			25,540			155,561			5,335			—			186,436
Other intangible assets, net	—			9,930			157,621			1,198			—			168,749
Other assets, net	—			37,952			5,175			487			—			43,614
Assets of discontinued operations - long-term	—			—			33			—			—			33
Total assets	$	(496,980	)	$	2,383,287		$	724,303		$	20,165		$	(1,417,071	)	$	1,213,704
Liabilities and Shareholders’ (Deficit) Equity
Current liabilities:
Current maturities of long-term debt	$	—		$	6,600		$	2,574		$	—		$	—		$	9,174
Accounts payable	—			148,678			94,889			661			—			244,228
Accrued compensation and related liabilities	—			20,684			10,969			486			—			32,139
Other current liabilities	—			60,845			19,674			679			—			81,198
Liabilities of discontinued operations - current	—			1,372			641			—			—			2,013
Intercompany payable (receivable)	—			1,341,397			(1,349,273		)	7,876			—			—
Notes payable to issuer	—			—			36,938			—			(36,938		)	—
Total current liabilities	—			1,579,576			(1,183,588		)	9,702			(36,938		)	368,752
Long-term debt	—			1,173,457			2,894			—			—			1,176,351
Other liabilities	—			127,234			39,994			(1,647		)	—			165,581
Shareholders’ (deficit) equity	(496,980		)	(496,980		)	1,865,003			12,110			(1,380,133		)	(496,980		)
Total liabilities and shareholders’ (deficit) equity	$	(496,980	)	$	2,383,287		$	724,303		$	20,165		$	(1,417,071	)	$	1,213,704

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME For The Year Ended 2013 (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	762,810		$	999,441		$	15,557		$	—		$	1,777,808
Cost of sales	—			660,679			812,034			13,218			—			1,485,931
Selling, general and administrative expenses	—			119,046			86,072			967			—			206,085
Amortization of intangible assets	—			602			8,829			531			—			9,962
Restructuring and other charges	—			7,744			5,342			14			—			13,100
Impairment of intangible assets	—			—			33,367			—			—			33,367
Operating (loss) income	—			(25,261		)	53,797			827			—			29,363
Gain on bargain purchase	—			(17,262		)	—			—			—			(17,262		)
Interest expense, net	—			112,232			445			—			—			112,677
Intercompany interest (income) expense	—			(1,203		)	1,203			—			—			—
Loss on early extinguishment of debt, net	—			11,324			—			—			—			11,324
Other income, net	—			(2,238		)	(3,106		)	(258		)	—			(5,602		)
(Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries	—			(128,114		)	55,255			1,085			—			(71,774		)
Income tax expense (benefit)	—			28,109			(15,023		)	667			—			13,753
(Loss) income from continuing operations before equity in (loss) income of subsidiaries	—			(156,223		)	70,278			418			—			(85,527		)
Equity in (loss) income of subsidiaries	(68,786		)	78,447			418			—			(10,079		)	—
(Loss) income from continuing operations	(68,786		)	(77,776		)	70,696			418			(10,079		)	(85,527		)
Income from discontinued operations, net of taxes	—			8,990			7,751			—			—			16,741
Net (loss) income	(68,786		)	(68,786		)	78,447			418			(10,079		)	(68,786		)
Other comprehensive income (loss):
Other comprehensive income (loss) of subsidiaries	26,901			(1,754		)	(2,704		)	—			(22,443		)	—
Pension liability adjustment, net of taxes	—			28,655			2,775			—			—			31,430
Currency translation adjustment	—			—			(1,825		)	(2,704		)	—			(4,529		)
Comprehensive (loss) income	$	(41,885	)	$	(41,885	)	$	76,693		$	(2,286	)	$	(32,522	)	$	(41,885	)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For The Year Ended 2013 (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operating activities:
Net cash provided by (used in) operating activities of continuing operations	$	3,739		$	(117,743	)	$	136,232		$	87		$	—	$	22,315
Net cash provided by (used in) operating activities of discontinued operations	—			6,227			(349		)	—			—		5,878
Net cash provided by (used in) operating activities	3,739			(111,516		)	135,883			87			—		28,193
Cash flows from investing activities:
Cost of business acquisitions, net of cash acquired	—			(33,166		)	—			—			—		(33,166		)
Capital expenditures	—			(13,708		)	(15,424		)	(103		)	—		(29,235		)
Purchase of investment	—			(1,650		)	—			—			—		(1,650		)
Proceeds from insurance claim	—			—			3,036			—			—		3,036
Proceeds from sale of property, plant and equipment	—			258			8,046			—			—		8,304
Net cash used in investing activities of continuing operations	—			(48,266		)	(4,342		)	(103		)	—		(52,711		)
Net cash provided by investing activities of discontinued operations	—			23,160			22,054			—			—		45,214
Net cash (used in) provided by investing activities	—			(25,106		)	17,712			(103		)	—		(7,497		)
Cash flows from financing activities:
Repayment of 7.875% senior subordinated notes	—			(67,848		)	—			—			—		(67,848		)
Borrowings of Term Loan B due 2016	—			(388,205		)	—			—			—		(388,205		)
Payment of financing related costs and expenses and debt issuance discounts	—			(15,570		)	—			—			—		(15,570		)
Proceeds from issuance of other long-term debt	—			20,000			—			—			—		20,000
Repayments of other long-term debt	—			(3,036		)	(4,829		)	—			—		(7,865		)
Purchase and retirement of common stock upon vesting of RSUs	(660		)	—			—			—			—		(660		)
Borrowings under Revolving Credit Facility, net	—			(18,000		)	—			—			—		(18,000		)
Proceeds from issuance of 15% Unsecured Term Loan due 2017	—			50,000			—			—			—		50,000
Repayment of 15% Unsecured Term Loan due 2017	—			(40,000		)	—			—			—		(40,000		)
Proceeds from exercise of stock options	98			—			—			—			—		98
Proceeds from issuance of Term Loan Facility due 2017	—			360,000			—			—			—		360,000
Repayment of Term Loan Facility due 2017	—			(30,900		)	—			—			—		(30,900		)
Borrowings under ABL Facility due 2017	—			699,200			—			—			—		699,200
Repayments under ABL Facility due 2017	—			(577,800		)	—			—			—		(577,800		)
Intercompany advances	(3,177		)	152,522			(149,225		)	(120		)	—		—
Net cash (used in) provided by financing activities	(3,739		)	140,363			(154,054		)	(120		)	—		(17,550		)
Effect of exchange rate changes on cash and cash equivalents	—			—			173			(100		)	—		73
Net increase (decrease) in cash and cash equivalents	—			3,741			(286		)	(236		)	—		3,219
Cash and cash equivalents at beginning of period	—			5,763			286			2,061			—		8,110
Cash and cash equivalents at end of period	$	—		$	9,504		$	—		$	1,825		$	—	$	11,329

84

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME For The Year Ended 2012 (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net sales	$	—		$	684,257		$	1,038,793		$	15,243		$	—	$	1,738,293
Cost of sales	—			576,286			827,342			13,519			—		1,417,147
Selling, general and administrative expenses	—			101,704			80,511			765			—		182,980
Amortization of intangible assets	—			582			8,777			522			—		9,881
Restructuring and other charges	—			5,917			21,087			96			—		27,100
Operating (loss) income	—			(232		)	101,076			341			—		101,185
Interest expense, net	—			114,164			607			(16		)	—		114,755
Intercompany interest (income) expense	—			(1,476		)	1,404			72			—		—
Gain on early extinguishment of debt, net	—			12,487			—			—			—		12,487
Other (income) expense, net	—			(1,125		)	46			(170		)	—		(1,249		)
(Loss) income from continuing operations before income taxes and equity in (loss) income of unconsolidated subsidiaries	—			(124,282		)	99,019			455			—		(24,808		)
Income tax expense (benefit)	—			31,623			24,503			(406		)	—		55,720
(Loss) income from continuing operations before equity in (loss) income of unconsolidated subsidiaries	—			(155,905		)	74,516			861			—		(80,528		)
Equity in (loss) income of unconsolidated subsidiaries	(79,887		)	68,896			861			—			10,130		—
(Loss) income from continuing operations	(79,887		)	(87,009		)	75,377			861			10,130		(80,528		)
Income (loss) from discontinued operations, net of taxes	—			7,122			(6,481		)	—			—		641
Net (loss) income	(79,887		)	(79,887		)	68,896			861			10,130		(79,887		)
Other comprehensive (loss) income:
Other comprehensive (loss) income of subsidiaries	(7,321		)	(64		)	(589		)	—			7,974		—
Pension liability adjustment, net of taxes	—			(7,257		)	(729		)	—			—		(7,986		)
Currency translation adjustment	—			—			1,254			(589		)	—		665
Comprehensive (loss) income	$	(87,208	)	$	(87,208	)	$	68,832		$	272		$	18,104	$	(87,208	)

85

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For The Year Ended 2012 (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities:
Net cash provided by (used in) operating activities of continuing operations	$	5,333		$	(115,689	)	$	150,706		$	2,494		$	—		$	42,844
Net cash provided by operating activities of discontinued operations	—			8,240			981			—			—			9,221
Net cash provided by (used in) operating activities	5,333			(107,449		)	151,687			2,494			—			52,065
Cash flows from investing activities:
Cost of business acquisitions, net of cash acquired	—			(644		)	—			—			—			(644		)
Capital expenditures	—			(10,263		)	(10,135		)	(165		)	—			(20,563		)
Purchase of investment	—			(350		)	—			—			—			(350		)
Proceeds from sale of property, plant and equipment	—			360			7,618			—			—			7,978
Proceeds from sale of intangible assets	—			5,700			—			—			—			5,700
Intercompany note	—			3,900			—			—			(3,900		)	—
Net cash used in investing activities of continuing operations	—			(1,297		)	(2,517		)	(165		)	(3,900		)	(7,879		)
Net cash provided by investing activities of discontinued operations	—			16,114			23,419			—			—			39,533
Net cash provided by (used in) investing activities	—			14,817			20,902			(165		)	(3,900		)	31,654
Cash flows from financing activities:
Repayment of 10.5% senior notes	—			(169,875		)	—			—			—			(169,875		)
Repayment of 7.875% senior subordinated notes	—			(214,831		)	—			—			—			(214,831		)
Repayment of Term Loan B due 2016	—			31,844			—			—			—			31,844
Repayment of 8.375% senior subordinated notes	—			(24,787		)	—			—			—			(24,787		)
Payment of financing related costs and expenses	—			(37,836		)	—			—			—			(37,836		)
Repayments of other long-term debt	—			(147		)	(4,699		)	—			—			(4,846		)
Proceeds from issuance of 11.5% senior notes	—			225,000			—			—			—			225,000
Purchase and retirement of common stock upon vesting of RSUs	(735		)	—			—			—			—			(735		)
Proceeds from issuance of 7% senior exchangeable notes	—			86,250			—			—			—			86,250
Borrowings under Revolving Credit Facility, net	—			18,000			—			—			—			18,000
Intercompany note	—			—			—			(3,900		)	3,900			—
Intercompany advances	(4,598		)	170,396			(167,988		)	2,190			—			—
Net cash (used in) provided by financing activities of continuing operations	(5,333		)	84,014			(172,687		)	(1,710		)	3,900			(91,816		)
Net cash used in financing activities of discontinued operations	—			(1,652		)	—			—			—			(1,652		)
Net cash (used in) provided by financing activities	(5,333		)	82,362			(172,687		)	(1,710		)	3,900			(93,468		)
Effect of exchange rate changes on cash and cash equivalents	—			—			104			2			—			106
Net (decrease) increase in cash and cash equivalents	—			(10,270		)	6			621			—			(9,643		)
Cash and cash equivalents at beginning of year	—			16,033			280			1,440			—			17,753
Cash and cash equivalents at end of year	$	—		$	5,763		$	286		$	2,061		$	—		$	8,110

86

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

20. Selected Quarterly Financial Information (Unaudited)

The following table sets forth certain quarterly financial data for the periods indicated (in thousands, except per share amounts):

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Fiscal Year 2014
Net sales	$	490,119		$	479,410		$	480,576		$	498,935
Operating income	10,072			13,347			9,330			11,009
Loss from continuing operations(2)	(16,787		)	(39,301		)	(10,794		)	(19,437		)
Income (loss) from discontinued operations, net of taxes	953			664			(99		)	938
Net loss	$	(15,834	)	$	(38,637	)	$	(10,893	)	$	(18,499	)
Net (loss) income per share—basic
Continuing operations (1)	$	(0.25	)	$	(0.59	)	$	(0.16	)	$	(0.29	)
Discontinued operations (1)	0.01			0.01			—			0.02
Net loss (1)	$	(0.24	)	$	(0.58	)	$	(0.16	)	$	(0.27	)
Net (loss) income per share—diluted
Continuing operations (1)	$	(0.25	)	$	(0.59	)	$	(0.16	)	$	(0.29	)
Discontinued operations (1)	0.01			0.01			—			0.02
Net loss (1)	$	(0.24	)	$	(0.58	)	$	(0.16	)	$	(0.27	)

	First Quarter			Second Quarter			Third Quarter		Fourth Quarter
Fiscal Year 2013
Net sales	$	418,614		$	406,540		$	442,781	$	509,873
Operating income (loss)	11,678			16,842			16,524		(15,681		)
(Loss) income from continuing operations (4)(5)(6)	(20,490		)	(18,996		)	13,427		(59,468		)
Income from discontinued operations, net of taxes (3)	1,345			113			13,492		1,791
Net (loss) income  (4)(5)(6)	$	(19,145	)	$	(18,883	)	$	26,919	$	(57,677	)
Net (loss) income per share—basic
Continuing operations (1)	$	(0.32	)	$	(0.30	)	$	0.21	$	(0.90	)
Discontinued operations (1)	0.02			—			0.21		0.03
Net (loss) income (1)	$	(0.30	)	$	(0.30	)	$	0.42	$	(0.87	)
Net (loss) income per share—diluted
Continuing operations (1)	$	(0.32	)	$	(0.30	)	$	0.16	$	(0.90	)
Discontinued operations (1)	0.02			—			0.16		0.03
Net (loss) income (1)	$	(0.30	)	$	(0.30	)	$	0.32	$	(0.87	)

 __________________________

(1) The quarterly earnings per share information is computed separately for each period. Therefore, the sum of such quarterly per share amounts may differ from the total year.

(2) Includes a total loss on extinguishment of debt of $27.4 million, most of which was recognized in the second quarter of 2014 in connection with the issuance of the 6.000% Notes and 8.500% Notes, and extinguishment of the Term Loan Facility and the 8.875% Notes.

(3) Includes $25.6 million gain on sale of discontinued operations, net of tax expense of $10.7 million, most of which was recognized in the third quarter of 2013.

(4) Includes a bargain purchase gain of $17.3 million, exclusive of $6.8 million of tax expense, recognized in the third quarter of 2013.

(5) Includes valuation allowance charge related to deferred tax assets of $40.6 million recognized in the fourth quarter of 2013.

(6) Includes $33.4 million impairment charge on intangible assets recognized in the fourth quarter of 2013.

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Item 9.  Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

Item 9A.  Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain "disclosure controls and procedures," as such term is defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time period specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.

We have evaluated, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, the effectiveness of our disclosure controls and procedures as of the end of the fiscal year covered by this Annual Report on Form 10-K. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.

Management’s Report on Internal Control Over Financial Reporting

The management of Cenveo is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. Our internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of assets which could have a material effect on our financial statements.

Management assessed the effectiveness of our internal control over financial reporting as of December 27, 2014, based on the framework set forth by the 2013 Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission ("2013 COSO Framework"). Based on that assessment, management concluded that, as of December 27, 2014, our internal control over financial reporting was effective based on the criteria established in the 2013 COSO Framework.

Our independent registered public accounting firm, Grant Thornton LLP, has issued an attestation report on the effectiveness of our internal control over financial reporting as of December 27, 2014. This report follows.

Changes in Internal Controls Over Financial Reporting

There were no changes in our internal control over financial reporting during the fourth quarter of 2014 that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.

Inherent Limitations on Effectiveness of Controls

Our management, including our Chief Executive Officer and our Chief Financial Officer, does not expect that our disclosure controls or our internal control over financial reporting will prevent or detect all error and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met. Our disclosure controls and procedures are designed to provide reasonable assurance of achieving their objectives. The design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Further, because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Controls can also be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system

88

of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Projections of any evaluation of controls effectiveness to future periods are subject to risks. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures.

89

Report of Independent Registered Public Accounting Firm

Board of Directors and Shareholders

Cenveo, Inc.

We have audited the internal control over financial reporting of Cenveo, Inc. (a Colorado corporation) and subsidiaries (the “Company”) as of December 27, 2014, based on criteria established in the 2013 Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 27, 2014, based on criteria established in the 2013 Internal Control-Integrated Framework issued by COSO.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated financial statements of the Company as of and for the year ended December 27, 2014, and our report dated February 18, 2015 expressed an unqualified opinion on those financial statements.

/s/ GRANT THORNTON LLP

New York, New York

February 18, 2015

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Item 9B.   Other Information

None.

PART III

Item 10.   Directors, Executive Officers and Corporate Governance

The information relating to directors and nominees of the Company and the information required by Items 401, 405, 406 and 407(c)(3), (d)(4) and (d)(5) of Regulation S-K are included in the Company’s Proxy Statement to be filed pursuant to Regulation 14A in connection with the 2015 Annual Meeting of Shareholders (2015 Proxy Statement) under the captions "Nominees for the Board of Directors", "Section 16(a) Beneficial Ownership Reporting Compliance," "Corporate Governance," "Nomination of Directors," and "Audit Committee," and such information is incorporated herein by reference.

Item 11.   Executive Compensation

This information is included under the captions "Compensation of Executive Officers," "Board Compensation," "Compensation Committee Interlocks and Insider Participation" and "Compensation Committee Report" in our 2015 Proxy Statement and is incorporated herein by reference.

Item 12.   Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

This information is included under the captions "Security Ownership of Certain Beneficial Owners and Management," "Compensation of Executive Officers" and "Equity Compensation Plan Information" in our 2015 Proxy Statement and is incorporated herein by reference.

Item 13.   Certain Relationships and Related Transactions, and Director Independence

This information is included under the captions "Transactions with Related Persons, Promoters and Certain Control Persons" and "Director Independence" in our 2015 Proxy Statement and is incorporated herein by reference.

Item 14.   Principal Accountant Fees and Services

This information is included under the captions "Independent Registered Public Accounting Firm" and "Report of the Audit Committee" in our 2015 Proxy Statement and is incorporated herein by reference.

PART IV

Item 15.   Exhibits and Financial Statement Schedules

(a)(1) Financial Statements

Included in Part II, Item 8 of this Report.

(a)(2) Financial Statement Schedules

Included in Part II, Item 8 of this Report.

(a)(3) Exhibits

91

Exhibit Number	Description
2.1	Stock Purchase Agreement dated as of July 17, 2007 among Cenveo Corporation, Commercial Envelope Manufacturing Co. Inc. and its shareholders—incorporated by reference to Exhibit 2.1 to registrant’s current report on Form 8-K, filed July 20, 2007.
3.1	Articles of Incorporation—incorporated by reference to Exhibit 3(i) of the registrant’s quarterly report on Form 10-Q for the quarter ended June 30, 1997, filed August 14, 1997.
3.2	Articles of Amendment to the Articles of Incorporation dated May 17, 2004—incorporated by reference to Exhibit 3.2 to registrant’s quarterly report on Form 10-Q for the quarter ended June 30, 2004, filed August 2, 2004.
3.3	Amendment to Articles of Incorporation and Certificate of Designations of Series A Junior Participating Preferred Stock of the registrant dated April 20, 2005—incorporated by reference to Exhibit 3.1 to registrant’s current report on Form 8-K, filed April 21, 2005.
3.4	Bylaws as amended and restated as of March 31, 2014-incorporated by reference to Exhibit 3.2 to registrant’s current report on Form 8-K, filed April 4, 2014.
4.1	Indenture, dated as of March 28, 2012, among the Company, Cenveo Corporation, the other guarantors named therein and U.S. Bank National Association, as Trustee, relating to the 11.5% Notes—incorporated by reference to Exhibit 4.3 to registrant's current report on Form 8-K filed March 30, 2012.
4.2	Form of Guarantee issued by the Company and the other guarantors named therein relating to the 11.5% Notes—incorporated by reference to Exhibit 4.4 to registrant's current report on Form 8-K filed March 30, 2012.
4.3	Registration Rights Agreement, dated as of March 28, 2012, among the Company, Cenveo Corporation, the other guarantors named therein and the initial purchasers named therein relating to the 11.5% Notes—incorporated by reference to Exhibit 4.7 to registrant's current report on Form 8-K filed March 30, 2012.
4.4	Indenture, dated as of March 28, 2012, by and among the Company, Cenveo Corporation, the other guarantors named therein and U.S. Bank National Association, as Trustee, relating to the 7% Notes—incorporated by reference to Exhibit 4.5 to registrant's current report on Form 8-K filed March 30, 2012.
4.5	Form of Guarantee issued by the Company and the other guarantors named therein relating to the 7% Notes—incorporated by reference to Exhibit 4.6 to registrant's current report on Form 8-K filed March 30, 2012.
4.6	Indenture, dated as of June 26, 2014, by and among Cenveo, Inc., Cenveo Corporation, the other guarantors named therein and The Bank of New York Mellon, as Trustee and Collateral Agent, relating to the 6.000% Senior Priority Secured Notes due 2019--incorporated by reference to Exhibit 4.1 to registrant's current report on Form 8-K filed July 1, 2014.
4.7	Form of Guarantee issued by Cenveo, Inc. and the other guarantors named therein relating to the 6.000% Senior Priority Secured Notes due 2019--incorporated by reference to Exhibit 4.2 to registrant's current report on Form 8-K filed July 1, 2014.
4.8	Indenture, dated as of June 26, 2014, by and among Cenveo, Inc., Cenveo Corporation, the other guarantors named therein and The Bank of New York Mellon, as Trustee and Collateral Agent, relating to the 8.500% Junior Priority Secured Notes due 2022--incorporated by reference to Exhibit 4.3 to registrant's current report on Form 8-K filed July 1, 2014.
4.9	Form of Guarantee issued by Cenveo, Inc. and the other guarantors named therein relating to the 8.500% Junior Priority Secured Notes due 2022--incorporated by reference to Exhibit 4.4 to registrant's current report on Form 8-K filed July 1, 2014.
4.10	Intercreditor Agreement, dated as of June 26, 2014, by and among Cenveo, Inc., Cenveo Corporation, the other guarantors named therein, Bank of America, N.A., as ABL Agent, and The Bank of New York Mellon, as Collateral Agent with respect to the 6.000% Senior Priority Secured Notes due 2019--incorporated by reference to Exhibit 4.5 to registrant's current report on Form 8-K filed July 1, 2014.
4.11	Intercreditor Agreement, dated as of June 26, 2014, by and among Cenveo, Inc., Cenveo Corporation, the other guarantors named therein, Bank of America, N.A., as ABL Agent, The Bank of New York Mellon, as Collateral Agent with respect to the 6.000% Senior Priority Secured Notes due 2019, and The Bank of New York Mellon, as Collateral Agent with respect to 8.500% Junior Priority Secured Notes due 2022--incorporated by reference to Exhibit 4.6 to registrant's current report on Form 8-K filed July 1, 2014.

92

Exhibit Number	Description
10.1+	Form of Indemnity Agreement between Mail-Well, Inc. and each of its officers and directors—incorporated by reference from Exhibit 10.17 of the registrant’s Registration Statement on Form S-1 dated March 25, 1994.
10.2+	Employment Agreement, dated as of October 27, 2005, between the registrant and Robert G. Burton, Sr.—incorporated by reference to Exhibit 10.29 of registrant’s annual report on Form 10-K for the year ended December 31, 2005, filed March 2, 2006.
10.3+	Amendment, dated November 8, 2006, to Employment Agreement, dated as of October 27, 2005 between the registrant and Robert G. Burton, Sr.—incorporated by reference to Exhibit 10.19 of registrant’s annual report on Form 10-K for the year ended December 30, 2006, filed February 28, 2007.
10.4+	Amendment, dated November 6, 2007, to Employment Agreement, dated as of October 27, 2005, as amended, between the registrant and Robert G. Burton, Sr.—incorporated by reference to Exhibit 10.4 to registrant’s annual report on Form 10-K for the year ended December 29, 2007, filed March 28, 2008.
10.5+	Amendment, dated February 27, 2008, to Employment Agreement, dated as of October 27, 2005, as amended, between the registrant and Robert G. Burton, Sr.—incorporated by reference to Exhibit 10.1 to registrant’s quarterly report on Form 10-Q for the quarter ended March 29, 2008, filed May 7, 2008.
10.6+	Amendment, dated December 29, 2008, to Employment Agreement, dated as of October 27, 2005, as amended, between the registrant and Robert G. Burton, Sr.—incorporated by reference to Exhibit 10.6 to registrant’s annual report on Form 10-K for the year ended January 3, 2009, filed March 19, 2009.
10.7+	Employment Agreement, dated as of July 11, 2007, between the registrant and Mark Hiltwein—incorporated by reference to Exhibit 10.2 to registrant’s quarterly report on Form 10-Q for the quarter ended September 29, 2007, filed November 8, 2007.
10.8+	Employment Agreement, dated as of February 25, 2014, between the registrant and Scott J. Goodwin-incorporated by reference to Exhibit 10.8 to registrant’s annual report on Form 10-K for the year ended December 28, 2013, filed February 26, 2014.
10.9	Settlement and Governance Agreement by and among the registrant, Burton Capital Management, LLC and Robert G. Burton, Sr., dated September 9, 2005—incorporated by reference to Exhibit 10.1 to the registrant’s current report on Form 8-K, filed September 12, 2005.
10.10+	Cenveo, Inc. 2001 Long-Term Equity Incentive Plan, as amended—incorporated by reference to Exhibit 10.24 to registrant’s quarterly report on Form 10-Q for the quarter ended June 30, 2004, filed August 2, 2004.
10.11+	Cenveo, Inc. 2007 Long-Term Equity Incentive Plan, as amended—incorporated by reference to Exhibit A to registrant’s Schedule 14A, filed April 6, 2009.
10.12+	Form of Non-Qualified Stock Option Agreement for Employees under 2007 Long-Term Equity Incentive Plan—incorporated by reference to Exhibit 10.17 to registrant’s annual report on Form 10-K for the year ended December 29, 2007, filed on March 28, 2008.
10.13+	Form of Restricted Share Unit Award Agreement for Employees under 2007 Long-Term Equity Incentive Plan—incorporated by reference to Exhibit 10.18 to registrant’s annual report on Form 10-K for the year ended December 29, 2007, filed on March 28, 2008.
10.14+	Form of Restricted Share Unit Award Agreement for Non-Employee Directors under 2007 Long-Term Equity Incentive Plan—incorporated by reference to Exhibit 10.19 to registrant’s annual report on Form 10-K for the year ended December 29, 2007, filed on March 28, 2008.
10.15+	Employment Agreement, as amended, dated as of June 22, 2006, between the registrant and Robert G. Burton Jr.—incorporated by reference to Exhibit 10.2 to registrant’s quarterly report on Form 10-Q for the quarter ended October 1, 2011, filed November 9, 2011.
10.16	Credit Agreement, dated as of April 16, 2013, among Cenveo Corporation, Cenveo, Inc., Bank of America, N.A., as Administrative Agent, an Issuing Bank and Swingline Lender, and the other lenders party thereto-incorporated by reference to Exhibit 10.2 to registrant's current report on Form 8-K, filed April 22, 2013.
10.17	Amendment No. 1, dated as of December 11, 2013, to Credit Agreement, dated as of April 16, 2013, among Cenveo Corporation, Cenveo, Inc., Bank of America, N.A., as Administrative Agent, and the lenders party thereto - incorporated by reference to Exhibit 10.1 to registrant’s current report on Form 8-K, filed December 17, 2013.

93

Exhibit Number	Description
10.18	Asset Purchase Agreement, dated as of August 21, 2013, among Cenveo Corporation, Cenveo, Inc. and NE Opco, Inc. -incorporated by reference to Exhibit 10.1 to registrant’s quarterly report on Form 10-Q for the quarter ended September 29, 2013, filed November 6, 2013.
10.19	Amendment No. 2, dated as of June 10, 2014, to Credit Agreement, dated as of April 16, 2013, among Cenveo Corporation, Cenveo, Inc., Bank of America, N.A., as administrative agent, and the lenders party thereto-incorporated by reference to Exhibit 10.1 to registrant's quarterly report on Form 10-Q for the quarter ended June 28, 2014, filed August 6, 2014.
10.20*	Amendment No. 3, dated as of January 30, 2015, to Credit Agreement, dated as of April 16, 2013, among Cenveo Corporation, Cenveo, Inc., Bank of America, N.A., as administrative agent, and the lenders party thereto.
10.21	Purchase Agreement, dated June 19, 2014, among Cenveo Corporation, Cenveo, Inc., the other guarantor party thereto and JP Morgan Securities LLC, as representative of the Initial Purchasers party thereto--incorporated by reference to Exhibit 10.1 to registrant's current report on Form 8-K filed June 25, 2014.
21.1*	Subsidiaries of the registrant.
23.1*	Consent of Grant Thornton LLP.
24.1	Power of Attorney—incorporated by reference to page 96.
31.1*	Certification by Robert G. Burton, Sr., Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification by Scott J. Goodwin, Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**	Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, furnished as an exhibit to this report on Form 10-K.
32.2**	Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, furnished as an exhibit to this report on Form 10-K.
101.INS*	XBRL Instance Document.
101.SCH*	XBRL Taxonomy Extension Schema Document.
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB*	XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document.

__________________________

+ Management contract or compensatory plan or arrangement.

* Filed herewith.

** Furnished herewith.

(b) Exhibits Filed

Included in Item 15(a) (3) of this Report.

94

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Englewood, State of Colorado, on February 18, 2015.

CENVEO, INC.
By:	/s/ Robert G. Burton, Sr.
	Robert G. Burton, Sr.
	Chairman and Chief Executive Officer
	(Principal Executive Officer)
By:	/s/ Scott J. Goodwin
	Scott J. Goodwin
	Chief Financial Officer
	(Principal Financial Officer and
	Principal Accounting Officer)

95

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, this report has been signed by the following persons in the capacities and on the dates indicated.

POWER OF ATTORNEY

Each person whose signature appears below constitutes and appoints Robert G. Burton, Sr. and Scott J. Goodwin as attorney-in-fact, each with the power of substitution, for him or her in any and all capacities, to sign any amendments to this report and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission.

Signature	Title	Date
/s/ ROBERT G. BURTON, SR.	Chairman and Chief Executive Officer	February 18, 2015
Robert G. Burton, Sr.	(Principal Executive Officer)
/s/ SCOTT J. GOODWIN	Chief Financial Officer	February 18, 2015
Scott J. Goodwin	(Principal Financial Officer and
	Principal Accounting Officer)
/s/ GERALD S. ARMSTRONG	Director	February 18, 2015
Gerald S. Armstrong
/s/ MARK J. GRIFFIN	Director	February 18, 2015
Mark J. Griffin
/s/ ROBERT OBERNIER	Director	February 18, 2015
Robert Obernier
/s/ SUSAN HERBST	Director	February 18, 2015
Susan Herbst
/s/ ROBERT G. BURTON, JR.	Director	February 18, 2015
Robert G. Burton, Jr.

96

EX-10.20

Exhibit 10.20

AMENDMENT NO. 3 TO THE CREDIT AGREEMENT

AMENDMENT NO. 3 TO THE CREDIT AGREEMENT, dated as of January 30, 2015 (this “Amendment”), by and among CENVEO CORPORATION, a Delaware corporation (the “Borrower”), each of the LENDERS party hereto and each of the other LOAN PARTIES party hereto, and acknowledged by BANK OF AMERICA, N.A., as administrative agent (in such capacity, the “Administrative Agent”) under the Credit Agreement (as defined below).

WHEREAS, reference is hereby made to the Credit Agreement, dated as of April 16, 2013, as amended by Amendment No. 1 to the Credit Agreement, dated as of December 11, 2013, and as further amended by Amendment No. 2 to the Credit Agreement, dated as of June 10, 2014 (as so amended, the “Existing Agreement”; as the Existing Agreement is amended by this Amendment, and as it may be further amended, amended and restated, supplemented or otherwise modified from time to time in accordance with the terms thereof, the “Credit Agreement”), among Cenveo, Inc., the Borrower, the Administrative Agent, the Issuing Bank, the Swingline Lender, the other agents party thereto and each Lender from time to time party thereto; and

WHEREAS, pursuant to Section 11.01 of the Existing Agreement, the Borrower desires to amend the Existing Agreement to (i) modify certain negative covenants as set forth herein and (ii) make certain other modifications set forth herein, and the Required Lenders have agreed to such amendments on the terms and conditions set forth herein.

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

Section 1.Defined Terms; References. Unless otherwise specifically defined herein, each term used herein (including, without limitation, in the preamble and recitals hereto) which is defined in the Credit Agreement has the meaning assigned to such term in the Credit Agreement. Each reference to “this Agreement”, “hereof”, “hereunder”, “herein” and “hereby” and each other similar reference to the Existing Agreement contained in the Existing Agreement shall, after this Amendment becomes effective, refer to the Credit Agreement. Each reference to “the Credit Agreement”, “thereof”, “thereunder”, “therein” and “thereby” and each other similar reference to the Existing Agreement contained in the other Loan Documents shall, after this Amendment becomes effective, refer to the Credit Agreement. This Amendment is a “Loan Document” as defined under the Credit Agreement.

Section 2.Amendments to Existing Agreement. The Existing Agreement is, effective as of the Amendment No. 3 Effective Date (as defined below), hereby amended pursuant to Section 11.01 of the Existing Agreement, to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example: double-underlined text) as set forth in the form of the Credit Agreement attached as Exhibit A hereto.

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

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

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

(c)Except to the extent the failure to obtain or make the same would not reasonably be expected to have a Material Adverse Effect, no order, consent, approval, license, authorization or validation of, or filing, recording or registration with (except for (x) those that have otherwise been obtained or made on or prior to the Amendment No. 3 Effective Date and which remain in full force and effect on the Amendment No. 3 Effective Date and (y) filings which are necessary to perfect the security interests created under the Collateral Documents), or exemption by, any governmental or public body or authority, or any subdivision thereof, is required to be obtained or made by, or on behalf of, any Loan Party to authorize, or is required to be obtained or made by, or on behalf of, any Loan Party in connection with, the execution, delivery and performance of this Amendment.

Section 4.Effectiveness. This Amendment shall become effective as of the date hereof (the “Amendment No. 3 Effective Date”), subject to the satisfaction or waiver of the following conditions:

(a)Counterparts of this Amendment shall have been executed and delivered by the Borrower, the other Loan Parties, and the Required Lenders, and the Administrative Agent shall have executed and delivered an acknowledgement counterpart of this Amendment;

(b)The Administrative Agent’s receipt of a duly executed certificate of an appropriate officer of each Loan Party, certifying (i) that the copies of each Loan Party’s certificate or articles of incorporation, certificate of formation, limited liability company agreement or by-laws (or equivalent organizational documents), as applicable, (x) as certified and delivered to the Administrative Agent on the date that such Loan Party became a Loan Party, remain in full force and effect as of the Amendment No. 3 Effective Date without modification or amendment since such original delivery or (y) as certified as of a recent date by the appropriate Governmental Authority of the jurisdiction of such Loan Party’s organization or formation (or, in the case of the limited liability company agreement or by-laws (or equivalent organizational documents) of such Loan Party, as certified by such appropriate officer) and attached to such officer’s certificate, are true, correct and complete and in full force and effect as of the Amendment No. 3 Effective Date, (ii) that the copies of each Loan Party’s resolutions approving and adopting this Amendment, the transactions contemplated herein, and authorizing the execution and delivery thereof, as attached to such officer’s certificate, are true, correct and complete copies and in full force and effect as of the Amendment No. 3 Effective Date and (iii) as to incumbency certificates identifying the officers of each Loan Party that are authorized to execute this Amendment and to act on such Loan Party’s behalf in connection with this Amendment and the other Loan Documents;

(c)The Administrative Agent shall have received certificates of good standing or the equivalent (if any) for each Loan Party from such Loan Party’s jurisdiction of organization or formation, in each case certified as of a recent date by the appropriate Governmental Authority;

(d)The Administrative Agent shall have received from Hughes Hubbard & Reed LLP, special counsel to the Loan Parties, an opinion addressed to the Administrative Agent and each of the Lenders and dated the Amendment No. 3 Effective Date, in form and substance reasonably satisfactory to the Administrative Agent;

(e)(A)(i) the representations and warranties set forth in Article V of the Credit Agreement and in each other Loan Document shall be true and correct in all material respects on and as of the Amendment No. 3 Effective Date with the same effect as though made on and as of the Amendment No. 3 Effective Date, except to the extent such representations and warranties expressly relate to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date, (ii) the representations and warranties in Section 3 of this Amendment shall be true and correct in all material respects as of the Amendment No. 3 Effective Date and (iii) no Default shall exist as of the date hereof and after giving effect to this Amendment, and (B) the Administrative Agent shall have received a certificate of an appropriate officer of the Borrower certifying that, after giving effect to this Amendment, the conditions set forth in the foregoing clause (A) have been satisfied;

(f)The Administrative Agent shall have received, for the account of each Revolving Lender that executes and delivers to the Administrative Agent a counterpart of this Amendment prior to 5:00 p.m., New York City time, on January 29, 2015 (each, a “Consenting Lender”), a consent fee equal to 0.075% of the aggregate principal amount of such Consenting Lender’s Revolving Commitment as of the Amendment No. 3 Effective Date; and

(g)All reasonable out-of-pocket costs and expenses of the Administrative Agent, including all reasonable invoiced fees and expenses of one primary counsel to the Administrative Agent, to the extent invoiced at least two (2) Business Day prior to the date hereof, shall have been paid or reimbursed, on or prior to the Amendment No. 3 Effective Date.

Section 5.Fees Generally. All fees payable hereunder shall be in all respects fully earned, due and payable on the Amendment No. 3 Effective Date and non-refundable and non-creditable thereafter.

Section 6.Acknowledgments. Each Loan Party hereby expressly acknowledges the terms of this Amendment and reaffirms, as of the date hereof, (i) the covenants and agreements contained in each Loan Document to which it is a party, including, in each case, such covenants and agreements as in effect immediately after giving effect to this Amendment and the transactions contemplated hereby, (ii) in the case of each Guarantor, its guarantee of the Obligations under the Loan Documents and (iii) its grant of Liens on the Collateral to secure the Obligations pursuant to the Collateral Documents.

Section 7.Amendment, Modification and Waiver. This Amendment may not be amended, modified or waived except in accordance with Section 11.01 of the Credit Agreement.

Section 8.Liens Unimpaired. After giving effect to this Amendment, neither the modification of the Existing Agreement effected pursuant to this Amendment nor the execution, delivery, performance or effectiveness of this Amendment

(a)impairs the validity, effectiveness or priority of the Liens granted pursuant to any Loan Document, and such Liens continue unimpaired with the same priority to secure repayment of all Obligations, whether heretofore or hereafter incurred; or

(b) requires that any new filings be made or other action taken to perfect or to maintain the perfection of such Liens.

Section 9.Entire Agreement. This Amendment, the Credit Agreement and the other Loan Documents constitute the entire agreement among the parties hereto with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal, among the parties hereto with respect to the subject matter hereof. Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of any party under, the Existing Agreement, nor alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Existing Agreement, all of which are ratified and affirmed in all respects and shall continue in full force and effect.

Section 10.GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. SECTIONS 11.14 AND 11.15 OF THE CREDIT AGREEMENT ARE HEREBY INCORPORATED BY REFERENCE INTO THIS AMENDMENT AND SHALL APPLY HERETO.

Section 11.Severability. If any provision of this Amendment is held to be illegal, invalid or unenforceable, the legality, validity and enforceability of the remaining provisions of this Amendment shall not be affected or impaired thereby. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

Section 12.Counterparts. This Amendment may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Delivery by facsimile or other electronic means of an executed counterpart of a signature page to this Amendment shall be effective as delivery of an original executed counterpart of this Amendment

Section 13.Headings. The headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.

[Remainder of Page Intentionally Left Blank]

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

CENVEO CORPORATION, a Delaware corporation

By: /s/ SCOTT J. GOODWIN

Name: Scott J. Goodwin

Title: Chief Financial Officer

CENVEO, INC., a Colorado corporation

By: /s/ SCOTT J. GOODWIN

Name: Scott J. Goodwin

Title: Chief Financial Officer

CENVEO COMMERCIAL OHIO, LLC, a Colorado limited liability company

CNMW INVESTMENTS, INC., a Delaware corporation

CENVEO SERVICES, LLC, a Colorado limited liability company

DISCOUNT LABELS, LLC, an Indiana limited liability company

CENVEO OMEMEE LLC, a Delaware limited liability company

COLORHOUSE CHINA, INC., a Colorado corporation

RX JV HOLDING, INC., a Delaware corporation

CRX JV, LLC, a Delaware limited liability company

CRX HOLDING, INC., a Delaware corporation

RX TECHNOLOGY CORP., a Delaware corporation

CADMUS PRINTING GROUP, INC., a Virginia corporation

CADMUS FINANCIAL DISTRIBUTION, INC., a Virginia corporation

GARAMOND/PRIDEMARK PRESS, INC., a Maryland corporation

WASHBURN GRAPHICS, INC., a North Carolina corporation

CADMUS JOURNAL SERVICES, INC., a Virginia corporation

CADMUS DELAWARE, INC., a Delaware corporation

CADMUS UK, INC., a Virginia corporation

EXPERT GRAPHICS, INC., a Virginia corporation

CADMUS MARKETING GROUP, INC., a Virginia corporation

CADMUS MARKETING, INC., a Virginia corporation

CADMUS/O’KEEFE MARKETING, INC., a Virginia corporation

OLD TSI, INC., a Georgia corporation

PORT CITY PRESS, INC., a Maryland corporation

By:

By: /s/ SCOTT J. GOODWIN

Name: Scott J. Goodwin

Title: Chief Financial Officer

CADMUS INTERNATIONAL HOLDINGS, INC., a Virginia corporation

CDMS MANAGEMENT, LLC, a Delaware limited liability company

MADISON/GRAHAM COLORGRAPHICS, INC., a California corporation

VSUB HOLDING COMPANY, a Virginia corporation

VAUGHAN PRINTERS INCORPORATED, a Florida corporation

MADISON/GRAHAM COLORGRAPHICS INTERSTATE SERVICES, INC., a California corporation

COMMERCIAL ENVELOPE MANUFACTURING CO. INC., a New York corporation

CENVEO CEM, INC., a Delaware corporation

CENVEO CEM, LLC, a Delaware limited liability company

REX 2010, LLC, a Florida limited liability company

136 EASTPORT ROAD, LLC, a Delaware limited liability company

LIGHTNING LABELS, LLC, a Delaware limited liability company

NASHUA CORPORATION, a Massachusetts corporation

NASHUA INTERNATIONAL, INC., a Delaware corporation

IMPAXX, INC., a Delaware corporation

CMS GILBRETH PACKAGING SYSTEMS, INC., a Delaware corporation

ENVELOPE PRODUCT GROUP, LLC, a Delaware limited liability company

CENVEO MCLAREN MORRIS AND TODD COMPANY, a Nova Scotia unlimited company

By:

By: /s/ SCOTT J. GOODWIN

Name: Scott J. Goodwin

Title: Chief Financial Officer

BANK OF AMERICA, N.A., as a Lender

By: /s/ ROBERT Q. MAHONEY

Name: Robert Q. Mahoney

Title: Senior Vice President

JPMorgan Chase Bank, N.A. as a Lender

By: /s/ DONNA DiFORIO

Name: Donna DiForio

Title: Authorized Officer

Wells Fargo Bank, National Association, as a Lender

By: /s/ MARK BRADFORD

Name: Mark Bradford

Title: Duly Authorized Signatory

BARCLAYS BANK PLC, as a Lender

By: /s/ MARGUERITE SUTTON

Name: Marguerite Sutton

Title: Vice President

GE ASSET BASED MASTER NOTE, LLC as a Lender

By:/s/ VICTOR VERAZAIN

Name: Victor Verazain

Title: Duly Authorized Signatory

PNC BANK, National Association, as a Lender

By: /s/ JOSEPH K. KOTUSKY

Name: Joseph K. Kotusky

Title: Vice-President

AMALGAMATED BANK. as a Lender

By: /s/ MICHAEL LaMANES

Name: Michael LaManes

Title: First Vice President

Webster Business Credit Corporation. as a Lender

By: /s/ CHRIS MAGNATE

Name: Chris Magnate

Title: Vice President

MIHI LLC, as a Lender

By:/s/ CALEB HSIEH

Name: Caleb Hsieh

Title: Authorized Signatory

By: /s/ AYESHA FAROOQI

Name: Ayesha Farooqi

Title: Authorized Signatory

ACKNOWLEDGED:

BANK OF AMERICA, N.A., as Administrative Agent

By: /s/ ROBERT Q. MAHONEY

Name: Robert Q. Mahoney

Title: Senior Vice President

EXHIBIT A TO AMENDMENT NO. 3

MARKED VERSION REFLECTING CHANGES

PURSUANT TO AMENDMENT NO. 3

ADDED TEXT SHOWN UNDERSCORED

DELETED TEXT SHOWN STRIKETHROUGH

CREDIT AGREEMENT¹ 

Dated as of April 16, 2013

among

CENVEO CORPORATION,

as Borrower,

CENVEO, INC.,

as a Guarantor,

BANK OF AMERICA, N.A.,

as Administrative Agent, an Issuing Bank and Swingline Lender

BARCLAYS BANK PLC,

GENERAL ELECTRIC CAPITAL CORPORATION and

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Co-Syndication Agents,

PNC BANK, NATIONAL ASSOCIATION

as Documentation Agent,

and

the other lenders party hereto

________________

BANK OF AMERICA, N.A.,

BARCLAYS BANK PLC,

GENERAL ELECTRIC CAPITAL CORPORATION and

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Joint Lead Arrangers and Joint Book Managers

Cahill Gordon & Reindel llp

80 Pine Street

New York, NY 10005

(212) 701-3000

¹ Conformed to reflect Amendment No. 1 to the Credit Agreement, dated as of December 11, 2013 (“Amendment No. 1”), Amendment No. 2 to the Credit Agreement, dated as of June 10, 2014 (“Amendment No. 2”), and Amendment No. 3 to the Credit Agreement, dated as of January 30, 2015 (“Amendment No. 3”).  In the event of any conflict between this document and Amendment No. 1 or Amendment No. 2, except to the extent that the Credit Agreement has been further amended by Amendment No. 3, Amendment No. 1 and Amendment No. 2 shall control.

TABLE OF CONTENTS

ARTICLE I

DEFINITIONS AND ACCOUNTING TERMS

	Page
1.01    Defined Terms.	1
1.02    Other Interpretive Provisions.	3435
1.03    Accounting Terms.	3536
1.04    Rounding.	3637
1.05    Times of Day.	3738
1.06    Uniform Commercial Code and PPSA	3738
1.07    Currency Equivalents Generally.	3738
1.08    Currency Fluctuations.	3738
1.09    Interpretation (Quebec).	3738

ARTICLE II

AMOUNT AND TERMS OF CREDIT

2.01    Commitments.	3839
2.02    Revolving Loans.	3839
2.03    Borrowing Procedure.	3940
2.04    Evidence of Debt; Repayment of Revolving Loans.	4041
2.05    Fees.	4142
2.06    Interest on Revolving Loans	4142
2.07    Termination and Reduction of Commitments.	4243
2.08    Interest Elections.	4243
2.09    Optional and Mandatory Prepayments of Revolving Loans.	4344
2.10    Payments Generally; Pro Rata Treatment; Sharing of Set-offs.	4546
2.11    Defaulting Lenders.	4647
2.12    Swingline Loans.	4748
2.13    Letters of Credit.	4849
2.14    Settlement Amongst Lenders.	5354
2.15    Revolving Commitment Increase.	5355
2.16    [Reserved]	5556
2.17    Overadvances.	5556
2.18    Protective Advances.	5556
2.19    Extended Loans.	5557

ARTICLE III

TAXES, YIELD PROTECTION AND ILLEGALITY

3.01    Taxes.	5758
3.02    Illegality.	5961
3.03    Inability to Determine Rates.	6061
3.04    Increased Costs; Reserves on Eurodollar Rate Loans.	6061
3.05    Compensation for Losses.	6162
3.06    Mitigation Obligations; Replacement of Lenders.	6263
3.07    Survival.	6263

ARTICLE IV

CONDITIONS PRECEDENT TO BORROWINGS

4.01    Conditions of Initial Borrowing.	6263
4.02    Conditions to All Credit Extensions.	6667

ARTICLE V

REPRESENTATIONS AND WARRANTIES

5.01    Existence, Qualification and Power.	6668
5.02    Authorization; No Contravention.	6768
5.03    Governmental Authorization; Other Consents.	6768
5.04    Binding Effect.	6768
5.05    Financial Statements; No Material Adverse Effect; No Internal Control Event.	6769
5.06    Litigation.	6869
5.07    No Default.	6869
5.08    Ownership of Property; Liens; Investments.	6870
5.09    Environmental Compliance.	6970
5.10    Insurance.	6971
5.11    Taxes.	7071
5.12    ERISA Compliance.	7071
5.13    Canadian Benefit Plans; Canadian Pension Plans.	7172
5.14    Subsidiaries; Equity Interests; Loan Parties.	7172
5.15    Margin Regulations; Investment Company Act.	7173
5.16    Disclosure.	7173
5.17    Compliance with Laws.	7273
5.18    Intellectual Property; Licenses, Etc.	7273
5.19    Solvency.	7273
5.20    Casualty, Etc.	7273
5.21    Labor Matters.	7274
5.22    Collateral Documents.	7274
5.23    Anti-Terrorism Laws.	7374

ARTICLE VI

AFFIRMATIVE COVENANTS

6.01    Financial Statements.	7375
6.02    Certificates; Other Information.	7475
6.03    Notices.	7677
6.04    Payment of Obligations.	7778
6.05    Preservation of Existence, Etc	7778
6.06    Maintenance of Properties.	7778
6.07    Maintenance of Insurance.	7779
6.08    Compliance with Laws.	7879
6.09    Books and Records.	7879
6.10    Inspection Rights.	7879
6.11    Use of Proceeds.	7980
6.12    Covenant to Guarantee Obligations and Give Security.	7980
6.13    Compliance with Environmental Laws.	8283
6.14    Preparation of Environmental Reports.	8283
6.15    Further Assurances.	8283
6.16    Compliance with Terms of Leaseholds.	8384
6.17    [Reserved] .	8384

6.18    Material Contracts.	8384
6.19    [Reserved] .	8384
6.20    Collateral Monitoring and Reporting.	8384
6.21    Post-Closing Actions Related to Real Estate Collateral.	8586

ARTICLE VII

NEGATIVE COVENANTS

7.01    Liens.	8788
7.02    Indebtedness.	8890
7.03    Investments.	9193
7.04    Fundamental Changes.	9294
7.05    Dispositions.	9395
7.06    Restricted Payments.	9496
7.07    Change in Nature of Business.	9496
7.08    Transactions with Affiliates.	9496
7.09    Burdensome Agreements.	9597
7.10    Use of Proceeds.	9597
7.11    Financial Covenant.	9597
7.12    Capital Expenditures[Reserved].	9597
7.13    Amendments of Organization Documents.	9697
7.14    Accounting Changes.	9698
7.15    Prepayments, Etc. of Indebtedness.	9698
7.16    Amendment, Etc. of Related Documents and Indebtedness.	9799
7.17    Holding Company.	9799
7.18    Sanctions.	9799

ARTICLE VIII

EVENTS OF DEFAULT AND REMEDIES

8.01    Events of Default.	98100
8.02    Remedies upon Event of Default.	100102
8.03    Application of Funds.	101103

ARTICLE IX

ADMINISTRATIVE AGENT

9.01    Appointment and Authority.	102104
9.02    Rights as a Lender.	103105
9.03    Exculpatory Provisions.	104106
9.04    Reliance by Administrative Agent.	104106
9.05    Delegation of Duties	104107
9.06    Resignation of Administrative Agent.	105107
9.07    Non-Reliance on Administrative Agent and Other Lenders.	105107
9.08    No Other Duties, Etc.	106108
9.09    Administrative Agent May File Proofs of Claim.	106108
9.10    Collateral and Guaranty Matters.	106108
9.11    Bank Product Providers.	107109
9.12    Tax Indemnity.	107109

ARTICLE X

CONTINUING GUARANTY

10.01    Guaranty.	107110
10.02    Rights of Lenders.	108110
10.03    Certain Waivers.	108110
10.04    Obligations Independent.	108111
10.05    Subrogation.	109111
10.06    Termination; Reinstatement.	109111
10.07    Subordination.	109111
10.08    Stay of Acceleration.	109111
10.09    Condition of Borrower.	109111
10.10    Additional Guarantor Waivers and Agreements.	109112
10.11    Keepwell.	110112

ARTICLE XI

MISCELLANEOUS

11.01    Amendments, Etc.	110113
11.02    Notices; Effectiveness; Electronic Communications	112114
11.03    No Waiver; Cumulative Remedies.	113115
11.04    Expenses; Indemnity; Damage Waiver.	114116
11.05    Payments Set Aside.	115117
11.06    Successors and Assigns.	115118
11.07    Treatment of Certain Information; Confidentiality.	119121
11.08    Right of Setoff.	119122
11.09    Interest Rate Limitation.	120122
11.10    Counterparts; Effectiveness.	120122
11.11    Survival of Representations and Warranties.	120122
11.12    Severability.	120123
11.13    Replacement of Lenders.	121123
11.14    Governing Law; Jurisdiction; Etc.	122124
11.15    Waiver of Jury Trial.	122124
11.16    No Advisory or Fiduciary Responsibility.	122125
11.17    Judgment Currency.	123125
11.18    USA PATRIOT Act Notice.	123126
11.19    Canadian Anti-Money Laundering Legislation	124126
11.20    ENTIRE AGREEMENT.	124126
11.21    Second Lien Indenture..	124126
11.22    Subject to Intercreditor Agreements.	124126

SCHEDULES

1.02 -    Material Contracts

1.03 -    Consolidated Adjusted EBITDA

1.04 -    Rebate Accruals

1.05 -    Accounts

2.01 -    Revolving Commitments and Applicable Percentages

2.13 -    Existing Letters or Credit

5.08(b) -    Existing Liens

5.08(c) -    Owned Real Property

5.08(d)(i) -    Leased Real Property (Lessee)

5.08(d)(ii) -    Leased Real Property (Lessor)

5.08(e) -    Existing Investments

5.09 -    Environmental Matters

5.13 -    Subsidiaries and Other Equity Investments; Loan Parties

5.18 -    Intellectual Property Matters

5.21 -    Labor Matters

6.12 -    Guarantors

6.20 -    Deposit Accounts

7.01 -    Existing Liens

7.02 -    Existing Indebtedness

7.09 Restrictions

11.02 -    Administrative Agent’s Office, Certain Addresses for Notices

11.06 -    Processing and Recordation Fees

11.07 -     Canadian Existing Liens

EXHIBITS

Form of

A‑1 -    Notice of Borrowing

A‑2 -    Notice of Conversion/Continuation

B‑1 -    Revolving Note

B‑2 -    Swingline Note

C -    Compliance Certificate

D -    Assignment and Assumption

E-1 -    Guaranty

E-2 -    Canadian Guaranty

F-1 -    Security Agreement

F-2 -    Canadian Security Agreement

G -    Mortgage

H-1 -    Intellectual Property Security Agreement

H-2 -    Canadian Intellectual Property Security Agreement

I‑1 -    Opinion Matters - Ian R. Scheinmann, Esq., Vice President, Legal Affairs of Holdings

I‑2 -    Opinion Matters - Hughes Hubbard & Reed LLP, Special New York Counsel to Loan Parties

I‑3 -    Opinion Matters - Davis Graham & Stubbs LLP, Colorado Counsel to Loan Parties

I‑4 -    Opinion Matters - DLA Piper LLP, Georgia, Maryland, Massachusetts, North Carolina and Virginia Counsel to Loan Parties

I‑5 -    Opinion Matters - Bose McKinney & Evans LLP, Indiana Counsel to Loan Parties

I‑6 -    Opinion Matters - Fasken Martineau DuMoulin LLP, Ontario Counsel to the Canadian Guarantors

I-7 -    Opinion Matters - Stewart McKelvey, Nova Scotia Counsel to the Canadian Guarantors

J -    Joinder Agreement

K -    Pro Forma Adjustment Compliance Certificate

L -    Tax Status Certificate

M -    Borrowing Base Certificate

CREDIT AGREEMENT

This CREDIT AGREEMENT (“Agreement”) is entered into as of April 16, 2013, among CENVEO CORPORATION, a Delaware corporation (the “Borrower”), CENVEO, INC., a Colorado corporation (“Holdings”), each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”), BANK OF AMERICA, N.A., as Administrative Agent, Issuing Bank and Swingline Lender, BARCLAYS BANK PLC, GENERAL ELECTRIC CAPITAL CORPORATION AND WELLS FARGO BANK , NATIONAL ASSOCIATION, as Co-Syndication Agents and PNC BANK, NATIONAL ASSOCIATION, as Documentation Agent.

PRELIMINARY STATEMENTS:

On the Closing Date, Holdings, the Borrower, Bank of America, N.A., as administrative agent, and the lenders from time to time party thereto will enter into the Second Amended and Restated Credit Agreement and on the Closing Date, the Borrower will use the proceeds of borrowings thereunder to refinance the term loans under the Existing Credit Agreement and terminate the revolving commitments under the Existing Credit Agreement simultaneously therewith.

In furtherance of the foregoing, (a) the Borrower has requested that the Lenders extend credit in the form of Revolving Loans in an aggregate principal amount at any time outstanding not to exceed $200,000,000, (b) the Borrower has requested that the Issuing Bank issue Letters of Credit in an aggregate stated amount at any time outstanding not to exceed $35,000,000 and (c) the Borrower has requested the Swingline Lender to extend credit in the form of Swingline Loans in an aggregate principal amount at any time outstanding not to exceed $20,000,000.

The Lenders are willing to extend such credit to the Borrower, the Swingline Lender is willing to make Swingline Loans to the Borrower and the Issuing Bank is willing to issue Letters of Credit for the account of the Borrower on the terms and subject to the conditions set forth herein.

ARTICLE I

DEFINITIONS AND ACCOUNTING TERMS

1.01 Defined Terms.

As used in this Agreement, the following terms shall have the meanings set forth below:

“2014 Intercreditor Agreement” means an intercreditor agreement among the Loan Parties, the Administrative Agent, the trustee and/or collateral agent (as the case may be) for the First Lien Notes, and the trustee and/or collateral agent (as the case may be) for the 2014 Second Lien Notes, in form and substance substantially similar to the Intercreditor Agreement or such other form on customary and reasonable terms as may be approved by the Administrative Agentthat certain Intercreditor Agreement, dated as of June 26, 2014, among the Borrower, Holdings, the other Guarantors, Bank of America, N.A., as administrative agent for the holders of the “Revolving Credit Obligations” (as defined therein), The Bank of New York Mellon, as collateral agent for the holders of the “Senior Priority Fixed Asset Obligations” (as defined therein), and The Bank of New York Mellon, as collateral agent for the holders of the “Junior Priority Obligations” (as defined therein), as the same may be amended, amended and restated, supplemented or otherwise modified from time to time.

“2014 Notes” means, collectively, the First Lien Notes and the 2014 Second Lien Notes.

“2014 Second Lien Notes” means the senior secured second priority notes to be issued on or before October 31, 2014 by the Borrower in an aggregate original principal amount, together with the aggregate original principal amount of the First Lien Notes, not to exceed $800,000,000; provided, that the indenture or indentures, as the case may be, governing the 2014 Second Lien Notes do not contain any mandatory prepayments (other than customary asset sale and change of control offer covenants) or amortization and the terms relating to principal amount,

maturity, collateral (if any) and subordination (if any), and other material terms taken as a whole, of any such 2014 Second Lien Notes, and of any agreement entered into and of any instrument issued in connection therewith, are no less favorable in any material respect to the Loan Parties or the Lenders than the terms contained in the Second Lien Notes Documents.8.500% Junior Priority Secured Notes due 2022 issued by the Borrower pursuant to the 2014 Second Lien Notes Indenture.

“2014 Second Lien Notes Indenture” means the Indenture, dated as of June 26, 2014, among the Borrower, the guarantors party thereto and The Bank of New York Mellon, in its capacities as trustee and as collateral agent, which provides for the issuance of the 2014 Second Lien Notes.

“Account Debtor” means any Person who may become obligated to another Person under, with respect to, or on account of, an Account.

“Accounts” means all “accounts,” as such term is defined in the UCC as in effect on the date hereof in the State of New York (or, with respect to any Canadian Guarantor, as such term is defined in the PPSA), in which any Person now or hereafter has rights.

“Acquisition” by any Person, means the purchase or acquisition in a single transaction or a series of related transactions by any such Person, individually or, together with its Affiliates, of (a) any Equity Interest of any other Person (other than an existing Subsidiary of the Borrower) which are sufficient such that such other Person becomes a direct or indirect Subsidiary of the Borrower or (b) all or a substantial portion of the Property, including, without limitation, all or a substantial portion of the property comprising a division, business unit or line of business, of any other Person (other than a Subsidiary of the Borrower), whether involving a merger or consolidation with such other Person. “Acquire” has a meaning correlative thereto.

“Acquisitions and Investment Conditions” means, as to any relevant action contemplated in this Agreement, (i) no Event of Default has then occurred and is continuing or would result from any action, (ii) (a and (ii) either (1)(x)(a) Availability on a Pro Forma Basis immediately after giving effect to such action would be at least 15.0% of the Aggregate Commitments and (b) over the 30 consecutive days prior to consummation of such action, Availabilityon a Pro Forma Basis forsuch action averaged no less than 15.0% of the Aggregate Commitments (for the avoidance of doubt, Availability for each of the foregoing clauses (a) and (b) shall be calculated to include any applicable acquired entity’s working capital assets, subject to receipt by the Administrative Agent of satisfactory inventory appraisals and field examination information of such acquired entity from examiners and appraisers reasonably satisfactory to the Administrative Agent) and (y) the Consolidated Fixed Charge Coverage Ratio would be at least 1.0 to 1.0on a Pro Forma Basis for such action, or (2) (x) Availability on a Pro Forma Basis immediately after giving effect to such action would be at least 17.520.0% of the Aggregate Commitments and (by) over the 30 consecutive days prior to consummation of such action, Availability on a Pro Forma Basis for such action averaged no less than 17.520.0% of the Aggregate Commitments (for the avoidance of doubt, Availability for each of the foregoing clauses (ax) and (by) shall be calculated to include any applicable acquired entity’s working capital assets, subject to receipt by the Administrative Agent of satisfactory inventory appraisals and field examination information of such acquired entity from examiners and appraisers reasonably satisfactory to the Administrative Agent)and (iii) the Consolidated Fixed Charge Coverage Ratio would be at least 1.0 to 1.0 on a Pro Forma Basis forsuch action.

“Additional Senior Unsecured Notes” means any senior notes evidencing Indebtedness permitted under Section 7.02(j).

“Adjustment Date” means the first day of January, April, July and October of each fiscal year.

“Administrative Agent” means Bank of America in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent.

“Administrative Agent’s Office” means the Administrative Agent’s address and, as appropriate, account as set forth on Schedule 11.02, or such other address or account as the Administrative Agent may from time to time notify to the Borrower and the Lenders.

“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.

“Affiliate” means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified.

“Agent Parties” has the meaning specified in Section 11.02(c).

“Agent-Related Person” means the Administrative Agent and its affiliates and the officers, directors, employees, agents and attorneys-in-fact of the Administrative Agent and its affiliates.

“Aggregate Commitments” means, at any time, the aggregate amount of the Revolving Commitments of all Lenders.

“Aggregate Exposures” means, at any time, the sum of (a) the aggregate Outstanding Amount of all Revolving Loans plus (b) the LC Exposure, each determined at such time.

“Agreement” means this Credit Agreement.

“Amendment No. 1” means Amendment No. 1 to the Credit Agreement, dated as of December 11, 2013, by and among the Borrower, the Administrative Agent, the Increase Loan Lenders (as defined therein) party thereto, the Lenders party thereto and the other Loan Parties party thereto.

“Amendment No. 1 Effective Date” means December 11, 2013.

“Amendment No. 2” means Amendment No. 2 to the Credit Agreement, dated as of June 10, 2014, by and among the Borrower, the Lenders party thereto and the other Loan Parties party thereto, and acknowledged by the Administrative Agent.

“Amendment No. 3” means Amendment No. 3 to the Credit Agreement, dated as of January 30, 2015, by and among the Borrower, the Lenders party thereto and the other Loan Parties party thereto, and acknowledged by the Administrative Agent.

“Amendment No. 3 Effective Date” means January 30, 2015.

“Anti-Terrorism Laws” means Law related to terrorism financing or money laundering including the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (“USA PATRIOT Act”) of 2001 (Title III of Pub. L. 107-56), The Currency and Foreign Transactions Reporting Act (also known as the “Bank Secrecy Act,” 31 U.S.C. §§ 5311-5330 and 12 U.S.C. §§ 1818(s), 1820(b) and 1951-1959), the Trading With the Enemy Act (50 U.S.C. § 1 etseq., as amended), Executive Order 13224 (effective September 24, 2001) and Canadian Anti-Terrorism and AML Legislation.

“Applicable Margin” means, with respect to any Type of Revolving Loan, the per annum margin set forth below, as determined by the Average Availability as of the most recent Adjustment Date:

Level	Average Availability (percentage of Aggregate Commitments)	Base Rate Loans	Eurodollar Rate Loans
I	≥ 66%	1.00%	2.00%
II	≥ 33% but < 66%	1.25%	2.25%
III	< 33%	1.50%	2.50%

Until completion of the second full fiscal quarter after the Closing Date, the Applicable Margin shall be determined as if Level I were applicable. Thereafter, the Applicable Margin shall be subject to increase or decrease on the first Business Day of each fiscal quarter based on Average Availability, and each such increase or decrease in the Applicable Margin shall be effective on the Adjustment Date occurring immediately after the last day of the fiscal quarter most recently ended. If the Borrower fails to deliver any Borrowing Base Certificate on or before the date required for delivery thereof, then, at the option of the Required Lenders, the Applicable Margin shall be determined as if Level III were applicable, from the first day of the calendar month following the date such Borrowing Base Certificate was required to be delivered until the date of delivery of such Borrowing Base Certificate.

“Applicable Percentage” means, with respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of the Aggregate Commitments represented by the principal amount of such Lender’s Revolving Commitment at such time. The initial Applicable Percentage of each Lender is set forth opposite the name of such Lender on Schedule 2.01 hereto or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable.

“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

“Approved Processor” means a processor at which Inventory in an amount in excess of $100,000 is located and has entered into a Landlord Lien Waiver and Access Agreement.

“Assignee Group” means two or more Eligible Assignees that are Affiliates of one another or two or more Approved Funds managed by the same investment advisor.

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 11.06(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit D or any other form approved by the Administrative Agent.

“Assignment Taxes” has the meaning specified in the definition of “Other Taxes.”

“Attributable Indebtedness” means, on any date, (a) in respect of any Capitalized Lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, (b) in respect of any Synthetic Lease Obligation, the capitalized amount of the remaining lease or similar payments under the relevant lease or other applicable agreement or instrument that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease or other agreement or instrument were accounted for as a Capitalized Lease and (c) all Synthetic Debt of such Person.

“Audited Financial Statements” means the audited consolidated balance sheet of Holdings and its Subsidiaries for the fiscal year ended December 29, 2012, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year of Holdings and its Subsidiaries, including the notes thereto, in each case as included in Holdings’ Annual Report on Form 10-K for the fiscal year ended December 29, 2012.

“Availability” means, as of any applicable date, the amount by which the Line Cap at such time exceeds the Aggregate Exposures on such date.

“Average Availability” means, at any Adjustment Date, the average daily Availability for the fiscal quarter immediately preceding such Adjustment Date.

“Average Usage” means, on any date of determination, the average utilization of Revolving Commitments during the immediately preceding fiscal quarter.

“Bank of America” means Bank of America, N.A. and its successors.

“Bank Product” means any of the following products, services or facilities extended to the Borrower or any of its Subsidiaries: (a) Cash Management Services; (b) products under Swap Contracts; (c) commercial credit card and merchant card services; (d) foreign exchange banking products and services; and (e) other banking products or services as may be requested by the Borrower, other than Letters of Credit.

“Bank Product Debt” means Indebtedness and other obligations of the Borrower or any of its Subsidiaries relating to Bank Products.

“Bank Product Reserve” means the aggregate amount of reserves established by the Administrative Agent from time to time in its Permitted Discretion in respect of Secured Bank Product Obligations.

“Base Rate” means, for any day, a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 1/2 of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate” and (c) the Eurodollar Rate for an Interest Period of one month plus 1.00%. The “prime rate” is a rate set by Bank of America based upon various factors including Bank of America’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in the Base Rate due to a change in the “prime rate” or the Federal Funds Rate shall take effect at the opening of business on the day specified in the public announcement of such change. For the purposes of subsection (c) above, the Eurodollar Rate shall be determined daily and any change in the Eurodollar Rate shall take effect on the day of such change.

“Base Rate Loan” means a Revolving Loan that bears interest based on the Base Rate.

“Borrower” has the meaning specified in the introductory paragraph hereto.

“Borrower Materials” has the meaning specified in Section 6.02.

“Borrowing” means a borrowing consisting of simultaneous Revolving Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Lenders pursuant to Section 2.02.

“Borrowing Base” means, at any time of calculation, the Dollar Equivalent sum of, without duplication:

(a)85% of Eligible Accounts of the Loan Parties, plus

(b)the lesser of (x) 65% of the lesser of Cost (on a basis consistent with the Loan Parties’ historical accounting practices) or market value of Eligible Inventory of the Loan Parties and (y) 85% of the appraised NOLV Percentage of Eligible Inventory of the Loan Parties; minus

(c)any Reserves established from time to time by the Administrative Agent in accordance herewith.

The Administrative Agent shall (i) promptly notify the Borrower in writing (including via e-mail) whenever it determines that the Borrowing Base set forth on a Borrowing Base Certificate differs from the Borrowing Base, (ii)

discuss the basis for any such deviation and any changes proposed by the Borrower, including the reasons for any impositions of or changes in Reserves or any change in advance rates with respect to Eligible Accounts (in the Administrative Agent’s Permitted Discretion and subject to the definition thereof) or eligibility criteria, with the Borrower, (iii) consider, in the exercise of its Permitted Discretion, any additional factual information provided by the Borrower relating to the determination of the Borrowing Base and (iv) promptly notify the Borrower of its decision with respect to any changes proposed by the Borrower. Pending a decision by the Administrative Agent to make any requested change, the initial determination of the Borrowing Base by the Administrative Agent shall continue to constitute the Borrowing Base.

“Borrowing Base Certificate” means a certificate of a Responsible Officer of the Borrower substantially in the form of Exhibit M.

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the state where the Administrative Agent’s Office is located, Stamford, Connecticut or New York, New York and, if such day relates to any Eurodollar Rate Loan, means any such day that is a London Banking Day.

“Canadian Anti-Terrorism and AML Legislation” means the anti-terrorist provisions of the Criminal Code (Canada), the Proceeds of Crime Act, the Terrorist Financing Act (Canada), the United Nations Suppression of Terrorism Regulations and the Anti-terrorism Act (Canada) and all regulations and orders made thereunder.

“Canadian Benefit Plan” means any employee benefit, health, welfare, supplemental unemployment benefit, bonus, pension, supplemental pension, profit sharing, retiring allowance, severance, deferred compensation, stock compensation, stock purchase, unit purchase, retirement, life, hospitalization insurance, medical, dental, disability or other employee group or similar benefit or employment plans or supplemental arrangements applicable to the Canadian Employees other than statutory employee plans or the Canadian Pension Plans.

“Canadian Dollars” and “Cdn$” mean lawful currency of Canada.

“Canadian Employee” means any employee or former employee of a Canadian Guarantor.

“Canadian Existing Lien Reserve” means, until the date that the Canadian Guarantor delivers (i) an estoppel letter in form and substance reasonably satisfactory to the Administrative Agent, or (ii) confirmation of discharge, in each case in respect of those PPSA registrations listed on Schedule11.07, a reserve equal to 150% of the liabilities owing to the secured party under such registration.

“Canadian Guarantor” means Cenveo Canada and each other Canadian Subsidiary of Holdings that is, or becomes, a Guarantor hereunder.

“Canadian Intellectual Property Security Agreement” has the meaning specified in Section 4.01(a)(v).

“Canadian IP Security Agreement Supplement” has the meaning specified in Section 1.03 of the Canadian Security Agreement.

“Canadian Mortgage” has the meaning specified in Section 6.21(a)(i).

“Canadian Multi-Employer Pension Plan” means any multi-employer pension plan as that term is defined under Section 147.1(1) of the Income Tax Act (Canada).

“Canadian Pension Legislation” means the Pension Benefits Act (Ontario), and any Canadian federal, provincial, territorial or local counterparts or equivalents.

“Canadian Pension Plan” means any pension plan that is required to be registered under the Income Tax Act (Canada) and contributed to by a Canadian Guarantor for its Canadian Employees, including a pension plan that is subject to the Pension Benefits Act (Ontario) or other Canadian Pension Legislation and includes any Canadian Multi-

Employer Pension Plan to which a Canadian Guarantor is required by contract to contribute to for its Canadian Employees but does not include the Canada Pension Plan maintained by the Government of Canada or Quebec Pension Plan maintained by the Government of Quebec.

“Canadian Priority Payables Reserve” means, on any date of determination, reserves established by the Administrative Agent in its Permitted Discretion for amounts payable by Canadian Guarantors and secured by any Liens, choate or inchoate, which rank or which would reasonably be expected to rank in priority to or pari passu with the Administrative Agent’s Liens on Collateral in the Borrowing Base, including, without duplication, amounts deemed to be held in trust, or held in trust, pursuant to applicable Law and/or for amounts which represent costs in connection with the preservation, protection, collection or realization of the Collateral included in the Borrowing Base, any such amounts due and not paid for wages, vacation pay, amounts (including severance pay) payable under the Wage Earner Protection Program Act (Canada) or under the Bankruptcy and Insolvency Act (Canada) or the Companies’ Creditors Arrangement Act (Canada), amounts due and not paid under any legislation relating to workers’ compensation or to employment insurance, all amounts deducted or withheld and not paid and remitted when due under the Income Tax Act (Canada), sales tax, goods and services tax, value added tax, harmonized tax, excise tax, tax payable pursuant to Part IX of the Excise Tax Act (Canada) or similar applicable provincial legislation, government royalties, amounts currently or past due and not paid for realty, municipal or similar taxes and all amounts currently or past due and not contributed, remitted or paid in respect of any Canadian Pension Plan, or any similar statutory or other claims that would have or would reasonably be expected to have priority over or pari passu with any Liens on Collateral in the Borrowing Base granted to the Administrative Agent in the future (including, as the case may be, in respect of any wind up deficiency or solvency deficiency, whether or not yet due or payable).

“Canadian Security Agreement” has the meaning specified in Section 4.01(a)(iii).

“Canadian Security Agreement Supplement” has the meaning specified in Section 1.03 of the Canadian Security Agreement.

“Canadian Subsidiary” means any Subsidiary that is organized under the laws of Canada or any province or territory thereof.

“Capital Expenditures” means, with respect to any Person for any period, any expenditure in respect of the purchase or other acquisition of any fixed or capital asset (excluding normal replacements and maintenance which are properly charged to current operations). For purposes of this definition, the purchase price of equipment that is purchased simultaneously with the trade-in of existing equipment or with Insurance Proceeds shall be included in Capital Expenditures only to the extent of the gross amount by which such purchase price exceeds the credit granted by the seller of such equipment for the equipment being traded in at such time or the amount of such Insurance Proceeds, as the case may be. It is understood and agreed that for purposes of calculating the Consolidated Fixed Charge Coverage Ratio, Capital Expenditures shall never be less than zero.

“Capitalized Leases” means all leases that have been or should be, in accordance with GAAP, recorded as capitalized leases.

“Cash Collateralize” means to pledge and deposit with or deliver to the Administrative Agent for deposit into the LC Collateral Account, for the benefit of the Administrative Agent, the Issuing Bank or the Swingline Lender (as applicable) and the Lenders, cash as collateral for the LC Exposure, Obligations in respect of Swingline Loans, or obligations of Lenders to fund participations in respect of either thereof (as the context may require) in accordance with Section 2.13(j). “Cash Collateral” has a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support.

“Cash Equivalents” means any of the following types of Investments, to the extent owned by the Borrower or any of its Subsidiaries free and clear of all Liens (other than Liens created under the Collateral Documents):

(a)readily marketable obligations issued or directly and fully guaranteed or insured by the United States of America or Canada or any agency or instrumentality thereof having maturities of not more

than one year from the date of acquisition thereof; provided that the full faith and credit of the United States of America or Canada, as the case may be, is pledged in support thereof;

(b)time deposits with, or insured certificates of deposit or bankers’ acceptances of, any nationally-recognized securities dealer or any commercial bank, trust company, savings and loan association or savings bank that (i) (A) is a Lender or (B) is (x) organized under the laws of the United States of America, any state thereof or the District of Columbia, or is organized under the laws of Canada, or any province or territory thereof, or a political subdivision thereof, (y) a U.S. branch of any such institution organized under the laws of any other country that is a member of the OECD, or (z) the principal banking subsidiary of a bank holding company organized under the laws of the United States of America, any state thereof or the District of Columbia, and is a member of the Federal Reserve System, (ii) issues (or the parent of which issues) commercial paper rated as described in clause (c) of this definition and (iii) has combined capital and surplus of at least $1,000,000,000, in each case with maturities of not more than 180 days from the date of acquisition thereof;

(c)commercial paper issued by any Person organized under the laws of any state of the United States of America or any province or territory of Canada and rated at least “Prime-2” (or the then equivalent grade) by Moody’s or at least “A‑2” (or the then equivalent grade) by S&P, in each case with maturities of not more than 180 days from the date of acquisition thereof;

(d)Investments, classified in accordance with GAAP as current assets of the Borrower or any of its Subsidiaries, in money market investment programs registered under the Investment Company Act of 1940, which are administered by financial institutions that have the highest rating obtainable from either Moody’s or S&P, and the portfolios of which are limited solely to Investments of the character, quality and maturity described in clauses (a), (b) and (c) of this definition; and

(e)obligations with any Lender, any other bank or trust company described in clause (b) above, or any nationally-recognized securities dealer, in respect of the repurchase of obligations of the type described in clause (a) above, provided that such repurchase obligations shall be fully secured by obligations of the type described in said clause and the possession of such obligations shall be transferred to, and segregated from other obligations owned by, such Lender, such other bank or trust company or such securities dealer.

“Cash Management Services” means any services provided from time to time to the Borrower or any of its Subsidiaries in connection with operating, collections, payroll, trust, or other depository or disbursement accounts, including automated clearinghouse, e-payable, electronic funds transfer, wire transfer, controlled disbursement, overdraft, depository, information reporting, lockbox and stop payment services.

“Cenveo Canada” means Cenveo McLaren Morris and Todd Company, a Nova Scotia unlimited company.

“CERCLA” means the Comprehensive Environmental Response, Compensation and Liability Act of 1980.

“CFC” means a Person that is a controlled foreign corporation under Section 957 of the Code.

“Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation or application thereof by any Governmental Authority or (c) the making or issuance of any request, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law,” regardless of the date enacted, adopted or issued.

“Change of Control” means an event or series of events by which:

(a)any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan), except the Permitted Holders, becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934), directly or indirectly, of 35% or more of the equity securities of Holdings entitled to vote for members of the board of directors or equivalent governing body of Holdings on a fully-diluted basis; or

(b)during any period of 12 consecutive months, a majority of the members of the board of directors or other equivalent governing body of Holdings cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body (excluding, in the case of both clause (ii) and clause (iii), any individual whose initial nomination for, or assumption of office as, a member of that board or equivalent governing body occurs as a result of an actual or threatened solicitation of proxies or consents for the election or removal of one or more directors by any person or group other than a solicitation for the election of one or more directors by or on behalf of the board of directors); or

(c)any Person or two or more Persons acting in concert (excluding the Permitted Holders) shall have acquired by contract or otherwise, the power to exercise, directly or indirectly, a controlling influence over the management or policies of Holdings, or control over the equity securities of Holdings entitled to vote for members of the board of directors or equivalent governing body of Holdings on a fully-diluted basis representing 35% or more of the combined voting power of such securities; or

(d)Holdings shall cease, directly or indirectly, to own and control legally and beneficially all of the Equity Interests in the Borrower.

“Chattel Paper” has the meaning provided in Article 9 of the UCC (or, with respect to any Canadian Guarantor, as such term is defined in the PPSA).

“Closing Date” means April 16, 2013.

“Co-Syndication Agents” has the meaning assigned to such term in the preamble hereto.

“Code” means the Internal Revenue Code of 1986.

“Collateral” means all of the “Collateral” and “Mortgaged Property” referred to in the Collateral Documents and all of the other property that is or is intended under the terms of the Collateral Documents to be subject to Liens in favor of the Administrative Agent for the benefit of the Secured Parties.

“Collateral Documents” means, collectively, the Security Agreement, the Canadian Security Agreement, the Intellectual Property Security Agreement, the Canadian Intellectual Property Security Agreement, the Mortgages, the Canadian Mortgages, the Deposit Account Control Agreements, the Security Agreement Supplements, the Canadian Security Agreement Supplements, the IP Security Agreement Supplements, the Canadian IP Security Agreement Supplements, or other similar agreements delivered to the Administrative Agent pursuant to Section 6.12, and each of the other agreements, instruments or documents that creates or purports to create a Lien in favor of the Administrative Agent for the benefit of the Secured Parties.

“Commitment” means, with respect to any Lender, such Lender’s Revolving Commitment, LC Commitment or Swingline Commitment, or any Extended Revolving Loan Commitment.

“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 etseq.), as amended from time to time, and any successor statute.

“Compliance Certificate” means a certificate substantially in the form of Exhibit C.

“Consolidated Adjusted EBITDA” means, at any date of determination, an amount equal to Consolidated Net Income of Holdings and its Subsidiaries on a consolidated basis for the most recently completed Measurement Period plus (a) the following to the extent deducted in calculating such Consolidated Net Income for such Measurement Period: (i) Consolidated Interest Charges, (ii) the provision for Federal, state, local and foreign income taxes payable and tax contingencies, (iii) depreciation and amortization expense and (iv) non-cash charges resulting from the write-down of goodwill, furniture, fixtures, equipment and software, minus (b) the following to the extent added in calculating such Consolidated Net Income for such Measurement Period: (i) Federal, state, local and foreign income tax credits and tax contingency credits and (ii) all non-cash items increasing Consolidated Net Income (in each case of or by Holdings and its Subsidiaries for such Measurement Period), and excluding (c) without duplication, the following to the extent included in the calculation of Consolidated Net Income for such Measurement Period: (i) cash restructuring, integration, impairment and related fees, expenses and charges in an aggregate amount of up to the lesser of (x) 5.0% of Consolidated Adjusted EBITDA (prior to giving effect to any addbacks pursuant to this clause (i)) and (y) $10,000,000 during any fiscal year, (ii) non-cash restructuring, integration, impairment and related fees, expenses and charges, (iii) the results of operations and gain (loss) on the Disposition of non-strategic assets, businesses and discontinued operations, (iv) stock based compensation expense, (v) gain (loss) on the early extinguishment of Indebtedness, (vi) cumulative effect of changes in accounting principles, (vii) non-cash extraordinary gains and non-cash extraordinary losses for such Measurement Period and (viii) other non-cash non-recurring charges and expenses (in each case of or by Holdings and its Subsidiaries for such Measurement Period). For the purpose of calculating the Financial Covenant, Consolidated Adjusted EBITDA shall be calculated on a Pro Forma Basis in accordance with the provisions in Section 1.03. Notwithstanding the foregoing, Consolidated Adjusted EBITDA shall be the amount set forth on Schedule 1.03 for each of the respective periods referenced therein.

“Consolidated First Lien Leverage Ratio” has the meaning assigned to such term in the Second Amended and Restated Credit Agreement as in effect on the Closing Date.

“Consolidated Fixed Charge Coverage Ratio” means, for any period of four consecutive fiscal quarters for which financial statements were required to have been delivered in accordance with Section 6.01, the ratio of (a) Consolidated Adjusted EBITDA for such period, minus (x) Capital Expenditures paid in cash (excluding any Capital Expenditures to the extent financed with the proceeds of any Indebtedness (other than Indebtedness hereunder)) for such period, (y) the amount of cash payments made during such period by Holdings, the Borrower and their respective Subsidiaries in respect of federal, state, provincial, local and foreign income taxes during such period and (z) Restricted Payments permitted by Section 7.06(d) paid in cash for such period to (b) Consolidated Fixed Charges for such period. In making any determination of the Consolidated Fixed Charge Coverage Ratio, in the event that the Borrower or any of its Subsidiaries incurs, assumes, guarantees, repays, repurchases, redeems, defeases or otherwise discharges any Indebtedness (other than in the case of revolving credit borrowings, in which case interest expense will be computed based upon the average daily balance of such Indebtedness during the Measurement Period), in each case, subsequent to the commencement of the period for which the Consolidated Fixed Charge Coverage Ratio is being calculated and on or prior to the date on which the event for which the calculation of the Consolidated Fixed Charge Coverage Ratio is made (the “Calculation Date”), then the Consolidated Fixed Charge Coverage Ratio will be calculated on a Pro Forma Basis as if such incurrence, assumption, guarantee, repayment, repurchase, redemption, defeasance or other discharge of Indebtedness, and the use of the proceeds therefrom, had occurred at the beginning of the Measurement Period.

For purposes of this definition, if any Indebtedness bears a floating rate of interest and is being calculated on a Pro Forma Basis, the interest on such Indebtedness will be calculated as if the rate in effect on the Calculation

Date had been the applicable rate for the entire period (taking into account any hedging obligations applicable to such Indebtedness if such hedging obligations have a remaining term in excess of 12 months as of the Calculation Date). For purposes of this definition, interest on obligations in respect of Capitalized Leases will be deemed to accrue at an interest rate reasonably determined by a Responsible Officer of the Borrower to be the rate of interest implicit in such obligations in accordance with GAAP. For purposes of making the computation referred to above, interest on any Indebtedness under a revolving credit facility computed on a pro forma basis will be computed based upon the average daily balance of such Indebtedness during the applicable period. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, will be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the Borrower may designate.

“Consolidated Fixed Charges” means, for any period of four consecutive fiscal quarters for which financial statements were required to have been delivered in accordance with Section 6.01, for Holdings, the Borrower and their respective Subsidiaries on a consolidated basis, the sum, without duplication, of (a) Consolidated Interest Charges for such period to the extent paid in cash (or accrued and payable during such period on a current basis in cash), (b) the aggregate amount of scheduled amortization payments of principal made during such period in respect of Consolidated Funded Indebtedness of Holdings, the Borrower and their respective Subsidiaries and (c) to the extent not deducted from Consolidated Net Income to determine Consolidated Adjusted EBITDA during such period, amounts paid during such period with respect to any pension and other post-employment benefit liabilities. Notwithstanding the foregoing, for purposes of calculating Consolidated Fixed Charges for any period that includes a fiscal quarter (or portion thereof) prior to the Closing Date, Consolidated Fixed Charges shall be calculated from the period from the Closing Date to the date of determination divided by the number of days in such period and multiplied by 365.

“Consolidated Funded Indebtedness” means, as of any date of determination, for Holdings and its Subsidiaries on a consolidated basis, the sum of (a) the outstanding principal amount of (i) all obligations, whether current or long-term, for borrowed money (including Obligations hereunder) and (ii) all obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments, (b) all purchase money Indebtedness, (c) all direct obligations arising under letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments, (d) all obligations in respect of the deferred purchase price of property or services (other than trade accounts payable in the ordinary course of business), (e) all Attributable Indebtedness, (f) without duplication, all Guarantees with respect to outstanding Indebtedness of the types specified in clauses (a) through (e) above of Persons other than Holdings or any Subsidiary thereof, and (g) all Indebtedness of the types referred to in clauses (a) through (e) above of any partnership or joint venture (other than a joint venture that is itself a corporation, limited liability company or similar legal entity) in which Holdings or a Subsidiary thereof is a general partner or joint venturer, except to the extent such Indebtedness is expressly made non-recourse to Holdings or such Subsidiary. For the purpose of calculating the Financial Covenant, Consolidated Funded Indebtedness shall be calculated on a Pro Forma Basis in accordance with the provisions in Section 1.03.

“Consolidated Interest Charges” means, at any date of determination, the sum of (a) all cash interest, premium payments, debt discount, fees, charges and related expenses in connection with borrowed money (including capitalized interest) or in connection with the deferred purchase price of assets, in each case to the extent treated as interest in accordance with GAAP, (b) all interest that is treated as “interest” under GAAP that is paid or payable with respect to discontinued operations, and (c) the portion of rent expense under Capitalized Leases that is treated as interest expense in accordance with GAAP, in each case, of or by Holdings and its Subsidiaries on a consolidated basis for the most recently completed Measurement Period. For the purpose of calculating the Financial Covenant, Consolidated Interest Charges shall be calculated on a Pro Forma Basis in accordance with the provisions in Section 1.03.

“Consolidated Leverage Ratio” has the meaning assigned to such term in the Second Amended and Restated Credit Agreement as in effect on the Closing Date.

“Consolidated Net Income” means, at any date of determination, the net income (or loss) of Holdings and its Subsidiaries on a consolidated basis for the most recently completed Measurement Period; provided that

Consolidated Net Income shall exclude (a) the net income of any Subsidiary (other than any Loan Party) during such Measurement Period to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary of such income is not permitted by operation of the terms of its Organization Documents or any agreement, instrument or Law applicable to such Subsidiary during such Measurement Period, except that Holdings’ equity in any net loss of any such Subsidiary for such Measurement Period shall be included in determining Consolidated Net Income, and (b) any income (or loss) for such Measurement Period of any Person if such Person is not a Subsidiary, except that Holdings’ equity in the net income of any such Person for such Measurement Period shall be included in Consolidated Net Income up to the aggregate amount of cash actually distributed by such Person during such Measurement Period to Holdings or a Subsidiary as a dividend or other distribution (and in the case of a dividend or other distribution to a Subsidiary (other than any Loan Party), such Subsidiary is not precluded from further distributing such amount as described in clause (a) of this proviso). For the purpose of calculating the Financial Covenant, Consolidated Net Income shall be calculated on a Pro Forma Basis in accordance with the provisions in Section 1.03.

“Consolidated Secured Debt Ratio” has the meaning assigned to such term in the Senior Notes Indenture as in effect on the Closing Date.

“Consolidated Senior Secured Debt Ratio” has the meaning assigned to such term in the First Lien Notes Indenture as in effect on the Amendment No. 3 Effective Date.

“Consolidated Total Secured Debt Ratio” has the meaning assigned to such term in the 2014 Second Lien Notes Indenture as in effect on the Amendment No. 3 Effective Date.

“Contractual Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound.

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto.

“Cost” means, as reasonably determined by the Administrative Agent in good faith, with respect to Inventory, the lower of (a) cost computed on a specific identification or first in first out basis or (b) market value, provided that for purposes of the calculation of Borrowing Base, the Cost of Inventory shall not include (A) the portion of the cost of Inventory equal to the profit earned by any Affiliate on the sale thereof to the Borrower or another Loan Party, (B) write-ups or write-downs in cost with respect to currency exchange rates or (C) any “step-ups” calculated in connection with any Acquisition.

“Credit Event” means the making of any Revolving Loan.

“Credit Extension” means, as the context may require, (i) a Credit Event or (ii) the issuance, amendment, extension or renewal of any Letter of Credit by the Issuing Bank or the amendment, extension or renewal of any Existing Letter of Credit; provided that “Credit Extensions” shall not include (A) conversions and continuations of outstanding Revolving Loans or (B) amendments to any Letter of Credit that do not increase the stated amount thereof or extend the expiration date thereof.

“Debt Rating” means, as of any date of determination, the rating as determined by either S&P or Moody’s of the Indebtedness under the Second Amended and Restated Credit Agreement.

“Debtor Relief Laws” means the Bankruptcy Code of the United States, the Bankruptcy and Insolvency Act (Canada), the Companies’ Creditors Arrangement Act (Canada), the Winding-Up Act (Canada) and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States, Canada, any state,

province or territory thereof, or of any other applicable jurisdictions, from time to time in effect and affecting the rights of creditors generally (including, as the case may be, applicable corporate statutes).

“Default” means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default.

“Default Rate” has the meaning assigned to such term in Section 2.06(c).

“Defaulting Lender” means any Lender that (a) has failed to perform any funding obligations hereunder, or that has failed to pay to the Administrative Agent, any Issuing Bank, any Swingline Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swingline Loans) and, in each case, such failure is not cured within three Business Days; (b) has notified the Administrative Agent or the Borrower that such Lender does not intend to comply with its funding obligations hereunder or has made a public statement to the effect that it does not intend to comply with its funding obligations hereunder or under any other credit facility; (c) has failed, within three Business Days following request by the Administrative Agent, to confirm in a manner satisfactory to the Administrative Agent that such Lender will comply with its funding obligations hereunder; or (d) has, or has a direct or indirect parent company that has, become the subject of an insolvency proceeding or taken any action in furtherance thereof; provided, however, that a Lender shall not be a Defaulting Lender solely by virtue of a Governmental Authority’s ownership of any equity interest in such Lender or parent company.

“Deposit Account” has the meaning assigned thereto in Article 9 of the UCC and, with respect to any Canadian Guarantor, means any demand, time, savings, checking, passbook, deposit, collection, lock-box or other similar account maintained with any financial institution.

“Deposit Account Control Agreement” means a Deposit Account control agreement to be executed by each institution maintaining a Deposit Account (other than an Excluded Deposit Account) for the Borrower or any other Loan Party, in each case as required by and in accordance with the terms of Section 6.20.

“Designated Jurisdiction” means any country or territory to the extent that such country or territory itself is the subject of any Sanction.

“Designated Lenders” means the collective reference to (a) any Defaulting Lenders and (b) any Impacted Lenders with respect to which the Borrower has been required to provide cash collateral or other credit support to the Issuing Bank or the Swingline Lender, as the case may be, or otherwise as a result of which the Borrower cannot obtain a Letter of Credit or a Swingline Loan hereunder.

“Dilution Reserve” means a reserve in an amount equal to the sum of the following: (a) the aggregate amount of rebate accruals described on Schedule 1.04 attached hereto established by the Borrower from time to time and reflected on the most recent balance sheet of the Borrower and its Subsidiaries; and (b) an additional amount determined by the Administrative Agent in its Permitted Discretion from time to time.

“Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition (including any sale and leaseback transaction) of any real or personal property by any Person (or the granting of any option or other right to do any of the foregoing), including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith.

“Distress Event” means, with respect to any Person (each, a “Distressed Person”), (i) a voluntary or involuntary case (or comparable proceeding) has been commenced with respect to such Person under any Debtor Relief Law, (ii) a custodian, conservator, receiver, national receiver, trustee, monitor, liquidator, administrator, interim receiver or similar official has been appointed for such Person or for any substantial part of such Person’s assets, or (iii) such Person has made a general assignment for the benefit of creditors or has otherwise been adjudicated as, or determined by any Governmental Authority having regulatory authority over such Person or its assets to be, insolvent or bankrupt; provided, that a Lender shall not be a Distressed Person solely as the result of

the acquisition or ownership of an equity interest in such Lender or any Person controlling such Lender or the exercise of control over a Lender or any Person controlling such Lender by a Governmental Authority or instrumentality thereof so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of the courts of the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lenders.

“Distressed Person” has the meaning specified in the definition of “Distress Event.”

“Distribution Conditions” means as to any relevant action contemplated in this Agreement, (i) no Event of Default has then occurred and is continuing or would result from such action,and (ii) either (1) (x)(a) Availability on a Pro Forma Basis immediately after giving effect to such action would be at least 25.017.5% of the Aggregate Commitments and (b) over the 30 consecutive days prior to consummation of such action, Availability on a Pro Forma Basis for such action averaged no less than 25.017.5% of the Aggregate Commitments and (iiiy) the Consolidated Fixed Charge Coverage Ratio would be at least 1.11.0 to 1.0 on a Pro Forma Basis for such actionor(2) (x) Availability on a Pro Forma Basis immediately after giving effect to such action would be at least25.0% of the Aggregate Commitments and (y) over the 60 consecutive days prior to consummation of such action, Availability on a Pro Forma Basis for such action averaged no less than 25.0% of the Aggregate Commitments.

“Dollar” and “$” mean lawful money of the United States.

“Dollar Equivalent” means on any date, with respect to any amount denominated in Dollars, such amount in Dollars, and with respect to any stated amount denominated in a currency other than Dollars, the equivalent amount thereof in Dollars as determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) pursuant to Sections 1.07 and 1.08.

“Domestic Subsidiary” means any Subsidiary that is organized under the laws of the United States, any state thereof or the District of Columbia.

“Dominion Account” means a special concentration account established by the Borrower at Bank of America, N.A. or another bank reasonably acceptable to the Administrative Agent over which the Administrative Agent has exclusive control for withdrawal purposes pursuant to the terms and provisions of this Agreement and the other Loan Documents.

“Effective Yield” means, as to any Revolving Loans, the effective yield on such Revolving Loans as determined by the Administrative Agent, taking into account the applicable interest rate margins, any interest rate floors or similar devices and all fees, including upfront or similar fees or original issue discount (amortized over the shorter of (x) the Weighted Average Life to Maturity of such Revolving Loans and (y) the four years following the date of incurrence thereof) payable generally to Lenders making such Revolving Loans, but excluding any arrangement, structuring or other fees payable in connection therewith that are not generally shared with the relevant Lenders and customary consent fees paid generally to consenting Lenders.

“Eligible Accounts” means an Account owing to any Loan Party that arises in the ordinary course of business from the sale of goods, is payable in Dollars or Canadian Dollars (or other currencies acceptable to the Administrative Agent) and is deemed by the Administrative Agent, in its Permitted Discretion, to be an Eligible Account. Without limiting the foregoing, no Account shall be an Eligible Account if: (a) it is unpaid for more than 60 days after the original due date, or more than 90 days after the original invoice date; provided, that, notwithstanding the foregoing, up to $1,000,000 in the aggregate at any time outstanding of Accounts on Schedule 1.05, which may remain unpaid up to 120 days after the original invoice date, will not be considered ineligible under this clause (a); (b) 50% or more of the Accounts owing by the Account Debtor are not Eligible Accounts; (c) when aggregated with other Accounts owing by the Account Debtor and its Affiliates, it exceeds 15% of the aggregate Eligible Accounts (or such higher percentage as the Administrative Agent may establish for the Account Debtor from time to time); (d) it is owing by a creditor or supplier, or is otherwise subject to a potential offset, counterclaim, dispute, deduction, discount, recoupment, reserve, defense, chargeback, credit or allowance (but

ineligibility shall be limited to the amount thereof); (e) an insolvency proceeding has been commenced by or against the Account Debtor; or the Account Debtor has suspended or ceased doing business, is liquidating, dissolving or winding up its affairs, is not Solvent, or is subject to any country sanctions program or specially designated nationals list maintained by the Office of Foreign Assets Control of the U.S. Treasury Department, or the Borrower is not able to bring suit or enforce remedies against the Account Debtor through judicial process; (f) the Account Debtor is organized or has its principal offices or assets outside the United States or Canada, unless the Account is supported by a letter of credit (delivered to and directly drawable by the Administrative Agent) or credit insurance satisfactory in all respects to the Administrative Agent; (g) it is owing by a Governmental Authority, unless the Account Debtor is the United States or Canada or any department, agency or instrumentality thereof and the Account has been assigned to the Administrative Agent in compliance with the federal Assignment of Claims Act, the Financial Administration Act (Canada) or other applicable Law; (h) it is not subject to a duly perfected, first priority Lien in favor of the Administrative Agent, or is subject to any other Lien (other than Liens permitted under Section 7.01); (i) the goods giving rise to it have not been delivered to the Account Debtor, or it otherwise does not represent a final sale; (j) it is evidenced by Chattel Paper or an Instrument of any kind that has not been delivered to the Administrative Agent, or has been reduced to judgment; (k) it arises from a sale to an Affiliate, from a sale on a cash-on-delivery, sale-or-return, sale-on-approval, consignment, or other repurchase or return basis, or from a sale for personal, family or household purposes; (l) it arises from a sale on a bill-and-hold (unless supported by bill-and-hold letter reasonably acceptable to the Administrative Agent); (m) is subject to offset by customer deposit; or (n) it includes a billing for interest, fees or late charges, but ineligibility shall be limited to the extent thereof. In calculating delinquent portions of Accounts under clauses (a) and (b), credit balances more than 90 days old will be excluded.

“Eligible Assignee” means any Person that meets the requirements to be an assignee under Sections 11.06(b)(iii), (v) and (vi) (subject to such consents, if any, as may be required under Section 11.06(b)(iii)).

“Eligible Inventory”means Inventory owned by any Loan Party that the Administrative Agent, in its Permitted Discretion, deems to be Eligible Inventory. Without limiting the foregoing, no Inventory shall be Eligible Inventory unless it (a) is finished goods or raw materials, and not work-in-process, packaging or shipping materials, labels, samples, display items, bags, replacement parts or manufacturing supplies, provided that work-in-process, packaging or shipping materials, labels, samples, display items, bags, replacement parts, and manufacturing supplies shall not be deemed ineligible under this clause (a) to the extent the most recent inventory appraisal delivered to the Administrative Agent ascribes a value to such work-in-process, packaging or shipping materials, labels, samples, display items, bags, replacement parts, and manufacturing supplies; (b) is not held on consignment, nor subject to any deposit or down payment; (c) is in new and saleable condition and is not damaged, defective, shopworn or otherwise unfit for sale; (d) is not slow-moving, perishable, obsolete or unmerchantable, and does not constitute returned or repossessed goods, provided that slow-moving or obsolete inventory shall not be deemed ineligible under this clause (d) to the extent the most recent inventory appraisal delivered to the Administrative Agent ascribes a value to such slow moving or obsolete inventory; (e) meets all standards imposed by any Governmental Authority, and does not constitute Hazardous Materials; (f) conforms in all material respects with the covenants and representations herein; (g) is subject to the Administrative Agent’s duly perfected, first priority Lien, and no other Lien except for Liens in favor of the Fixed Asset Collateral Agent as permitted by the Term Intercreditor Agreement and other Liens permitted under Section 7.01; (h) is within the continental United States or Canada and is not consigned to any Person; (i) is not bill & hold inventory; (j) is not subject to any warehouse receipt or negotiable document; (k) is not subject to any license or other property or property right or other arrangement that restricts the applicable Loan Party’s or the Administrative Agent’s right to dispose of such Inventory, unless the Administrative Agent has received an appropriate Lien Waiver or is otherwise satisfied that it could sell such inventory on favorable terms following a Default; (l) is not located on leased premises or in the possession of a warehouseman, processor, repairman or mechanic, unless the lessor or such Person is an Approved Processor and (i) has delivered a Landlord Lien Waiver and Access Agreement or (ii) an appropriate Rent and Charges Reserve has been established for such location; and (l) is reflected in the details of a current perpetual inventory report.

“Embargoed Person” means any party that (i) is publicly identified on the most current list of “Specially Designated Nationals and Blocked Persons” published by the U.S. Treasury Department’s Office of Foreign Assets

Control (“OFAC”) or (ii) resides, is organized or chartered, or has a place of business in a country or territory subject to OFAC sanctions programs.

“Environment” means ambient air, indoor air, surface water, groundwater, drinking water, soil, surface and subsurface strata, and natural resources such as wetlands, flora and fauna.

“Environmental Laws” means any and all applicable Laws relating to pollution or the protection of the Environment or human health (to the extent related to exposure to Hazardous Materials or the Release into the Environment of Hazardous Materials).

“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower, any other Loan Party or any of their respective Subsidiaries directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the Release or threatened Release of any Hazardous Materials into the Environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

“Environmental Permit” means any permit, approval, identification number, license or other authorization required under any Environmental Law.

“Equipment Loans” means those certain senior unsecured equipment loans owing by Cadmus Journal Services, Inc. (and Guaranteed by the Borrower, as successor to Cadmus Communications Corporation) and set forth on Schedule 7.02 in an aggregate amount not to exceed $1,300,000.

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

“ERISA” means the Employee Retirement Income Security Act of 1974.

“ERISA Affiliate” means any trade or business (whether or not incorporated) under common control with the Borrower within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).

“ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by the Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by the Borrower, Holdings or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to terminate, the treatment of a Pension Plan amendment as a termination under Section 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (e) an event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; or (f) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower, Holdings or any ERISA Affiliate.

“Eurodollar Rate” means:

(a)     for any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to (i) the London Interbank Offered Rate (“LIBOR”) or a comparable or successor rate, which rate is approved by the Administrative Agent, as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two London Banking Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period or (ii) if such rate is not available at such time for any reason, then the “Eurodollar Rate” for such Interest Period shall be the rate per annum determined by the Administrative Agent to be the rate at which deposits in Dollars for delivery on the first day of such Interest Period in same day funds in the approximate amount of the Eurodollar Rate Loan being made, continued or converted by Bank of America and with a term equivalent to such Interest Period would be offered by Bank of America’s London Branch to major banks in the London interbank eurodollar market at their request at approximately 11:00 a.m. (London time) two London Banking Days prior to the commencement of such Interest Period; and

(b)     for any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to (i) LIBOR, at approximately 11:00 a.m., London time determined two London Banking Days prior to such date for Dollar deposits being delivered in the London interbank market for a term of one month commencing that day or (ii) if such published rate is not available at such time for any reason, the rate per annum determined by the Administrative Agent to be the rate at which deposits in Dollars for delivery on the date of determination in same day funds in the approximate amount of the Base Rate Loan being made or maintained and with a term equal to one month would be offered by Bank of America’s London Branch to major banks in the London interbank Eurodollar market at their request at the date and time of determination;

providedthat to the extent a comparable or successor rate is approved by the Administrative Agent in connection herewith, the approved rate shall be applied in a manner consistent with market practice; provided, further, that to the extent such market practice is not administratively feasible for the Administrative Agent, such approved rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent.

“Eurodollar Rate Loan” means a Revolving Loan that bears interest at a rate based on the Eurodollar Rate.

“Eurodollar Reserve Percentage” of any Lender for each Interest Period for any Eurodollar Rate Loan means the reserve percentage applicable to such Lender during such Interest Period (or if more than one such percentage shall be so applicable, the daily average of such percentages for those days in such Interest Period during which any such percentage shall be so applicable) under Regulation D or other regulations issued from time to time by the FRB for determining the maximum reserve requirement (including any emergency, supplemental or other marginal reserve requirement) then applicable to such Lender with respect to liabilities or assets consisting of or including “Eurocurrency liabilities” (as defined in Regulation D of the FRB) having a term equal to such Interest Period.

“Event of Default” has the meaning specified in Section 8.01.

“Exchange Rate” means, on any day with respect to any currency other than Dollars, the exchange rate reported by Bloomberg (or other commercially available source designated by the Administrative Agent) as of the end of the preceding Business Day in the financial market for such currency.

“Exchange Rate Date” has the meaning set forth in Section 1.08.

“Excluded Deposit Account” means a Deposit Account (i) which is used for the sole purpose of making payroll and withholding tax payments related thereto and other employee wage and benefit payments and accrued and unpaid employee compensation (including salaries, wages, benefits and expense reimbursements), (ii) which is used for paying taxes, including sales taxes, (iii) which is used as an escrow account or as a fiduciary or trust

account, (iv) which is a zero balance Deposit Account or (v) with an average monthly balance of less than $100,000, not to exceed $1,000,000 in the aggregate at any time for all Deposit Accounts that are Excluded Deposit Accounts pursuant to this clause (v).

“Excluded Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Guaranty of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guaranty thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act (determined after giving effect to Section 10.11 of this Agreement and Section 5.15 of the Guaranty and any other “keepwell, support or other agreement” for the benefit of such Guarantor and any and all guarantees of such Guarantor’s Swap Obligations by other Loan Parties) at the time the Guaranty of such Guarantor, or a grant by such Guarantor of a security interest, becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guaranty or security interest is or becomes excluded in accordance with the first sentence of this definition.

“Excluded Taxes” means, with respect to the Administrative Agent, any Lender or any other recipient of any payment to be made by or on account of any Obligation of the Borrower or any Guarantor hereunder, (a) Taxes imposed on or measured by its net income (however denominated) and franchise Taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political subdivision thereof) under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable Lending Office is located, or by any other jurisdiction in which it is subject to such Taxes as a result of a connection with such jurisdiction unrelated to the Loan Documents, (b) any branch profits Taxes imposed under Section 884(a) of the Code, or any similar Tax imposed by any jurisdiction described in clause (a), (c) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower under Section 11.13), any United States federal withholding Tax that is imposed on amounts payable to such Foreign Lender pursuant to Laws in effect at the time such Foreign Lender becomes a party hereto (or designates a new Lending Office), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, immediately prior to the designation of a new Lending Office (or assignment), to receive additional amounts from a Loan Party with respect to such withholding Tax pursuant to Section 3.01(a), (d) any Tax attributable to a failure of a Lender to comply with Section 3.01(e) and (e) anyanyU.S. federal withholding Taxes imposed under FATCA.

“Existing Credit Agreement” means that certain Amended and Restated Credit Agreement, dated as of December 21, 2010, among the Borrower, Holdings, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and a syndicate of lenders, as amended, supplemented or otherwise modified from time to time and in effect on the date hereof.

“Existing Letters of Credit” means those Letters of Credit issued under the Existing Credit Agreement described on Schedule 2.13 hereto.

“Existing Revolving Loans” has the meaning specified in Section 2.19(a).

“Extended Revolving Loans” has the meaning specified in Section 2.19(a).

“Extended Revolving Loan Commitment” means the commitment of any Lender, established pursuant to Section 2.15, to make Extended Revolving Loans to the Borrower.

“Extending Lender” has the meaning specified in Section 2.19(c).

“Extension” has the meaning provided in Section 2.19(e).

“Extension Amendment” has the meaning provided in Section 2.19(d).

“Extension Election” has the meaning provided in Section 2.19(c).

“Extension Request” has the meaning provided in Section 2.19(c).

“Extension Series” has the meaning provided in Section 2.19(a).

“FATCA” means Sections 1471 through 1474 of the Code as of the date hereof (and any amended or successor version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or other official interpretations thereof (including any Revenue Ruling, Revenue Procedure, Notice or similar guidance issued by the IRS under such provisions).

“Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on such day on such transactions as determined by the Administrative Agent.

“Fee Letter” means the letter agreement, dated April 2, 2013, between the Borrower and the Administrative Agent.

“Fees” means all amounts payable pursuant to or referred to in Section 2.05.

“Financial Covenant” means the covenant set forth in Section 7.11.

“First Lien Intercreditor Agreement” means an intercreditor agreementthat certain Intercreditor Agreement, dated as of June 26, 2014, among the Borrower, Holdings, the other Guarantors, the Administrative Agent and the trustee and/or collateral agent (as the case may be) for the First Lien Notes, in form and substance substantially similar to the Term Intercreditor Agreement or such other form on customary and reasonable terms as may be approved by the Administrative AgentBank of America, N.A., as administrative agent for the holders of the “Revolving Credit Obligations” (as defined therein), and The Bank of New York Mellon, as collateral agent for the holders of the “Fixed Asset Obligations” (as defined therein), as the same may be amended, amended and restated, supplemented or otherwise modified from time to time.

“First Lien Notes” means the senior secured first priority notes to be issued on or before October 31, 2014 by the Borrower in an aggregate original principal amount, together with the aggregate original principal amount of the 2014 Second Lien Notes, not to exceed $800,000,000; provided that the indenture or indentures, as the case may be, governing the First Lien Notes do not contain any mandatory prepayments (other than customary asset sale and change of control offer covenants) or amortization and the terms relating to principal amount, maturity, collateral (if any) and subordination (if any), and other material terms taken as a whole, of any such First Lien Notes, and of any agreement entered into and of any instrument issued in connection therewith, are no less favorable in any material respect to the Loan Parties or the Lenders than the terms contained in the Second Lien Notes Documents.“First Lien Notes” means the 6.000% Senior Priority Secured Notes due 2019 issued by the Borrower pursuant to the First Lien Notes Indenture.

“First Lien Notes Indenture” means the Indenture, dated as of June 26, 2014, among the Borrower, the guarantors party thereto and The Bank of New York Mellon, in its capacities as trustee and as collateral agent, which provides for the issuance of the First Lien Notes.

“Fixed Asset Collateral Agent” has the meaning assigned to such term in the Term Intercreditor Agreement.

“Flood Insurance Laws” means, collectively, (i) the National Flood Insurance Act of 1968, (ii) the Flood Disaster Protection Act of 1973, (iii) the National Flood Insurance Reform Act of 1994 and1994, (iv) the Flood Insurance Reform Act of 2004,2004 and (v) the Biggert-Waters Flood Insurance Reform Act of 2012, or, in each case, any successor statute thereto.

“Foreign Lender” means any Lender that is not a U.S. Person within the meaning of Section 7701(a)(30) of the Code.

“Foreign Plan” means any defined benefit plan (within the meaning of Section 3(35) of ERISA), other than any Canadian Benefit Plan or Canadian Pension Plan, established or maintained by Borrower, Holdings or any Subsidiary (other than a Plan or Multiemployer Plan) for the benefit of employees employed outside the United States.

“FRB” means the Board of Governors of the Federal Reserve System of the United States.

“Fronting Exposure” means a Defaulting Lender’s Pro Rata Share of LC Exposure or Swingline Loans, as applicable, except to the extent allocated to other Lenders under Section 2.11.

“Fronting Fee” has the meaning specified in Section 2.05(c).

“Fund” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business.

“GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied.

“Governmental Authority” means the government of the United States, Canada or any other nation, or of any political subdivision thereof, whether state, provincial, territorial, local, municipal or otherwise, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank).

“Guarantee” means, as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person. The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning.

“Guarantors” means, collectively (a) Holdings, (b) the Subsidiaries listed on Schedule 6.12 and each other Subsidiary of the Borrower that shall be required to execute and deliver a guaranty or guaranty supplement pursuant to Section 6.12 and (c) with respect to (i) Obligations owing by any Loan Party or any Subsidiary of a Loan Party (in each case, other than the Borrower) under any Secured Bank Product Obligations and (ii) the payment and performance by each Specified Loan Party (other than the Borrower) of its obligations under its Guaranty with respect to all Swap Obligations, the Borrower.

“Guaranty” means, collectively, (i) the Guaranty made by Holdings under Article X in favor of the Secured Parties, (ii) the Guaranty made by the Guarantors (other than Cenveo Canada) in favor of the Secured Parties, substantially in the form of Exhibit E-1, and (iii) the Canadian Guaranty made by Cenveo Canada and each other Canadian Subsidiary of the Borrower in favor of the Secured Parties, substantially in the form of Exhibit E-2, in each case, together with each other guaranty and guaranty supplement delivered pursuant to Section 6.12.

“Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances or wastes, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other materials, substances, pollutants, contaminants or wastes of any nature in any form regulated pursuant to any Environmental Law.

“Holdings” has the meaning specified in the introductory paragraph hereto.

“Impacted Lender” means any Revolving Lender (a) that has given written notice to the Borrower, the Administrative Agent, the Swingline Lender, the Issuing Bank or any Lender or has otherwise publicly announced that such Revolving Lender believes it will become, or that fails following inquiry promptly to provide to the Borrower, the Administrative Agent, the Swingline Lender or the Issuing Bank making such inquiry reasonably satisfactory assurance that such Revolving Lender will not become, a Defaulting Lender, (b) as to which the Borrower, the Administrative Agent, the Swingline Lender or the Issuing Bank has a good faith belief that such Revolving Lender has defaulted more than once in fulfilling its funding obligations (as a lender, letter of credit issuer or issuer of bank guarantees and including, but not limited to, funding or paying when due loan requests, swing line participations, letter of credit participations, pro rata sharing obligations and expense and indemnification obligations) under any other syndicated credit facility and such Revolving Lender shall not have provided assurances satisfactory to the Borrower, the Administrative Agent, the Swingline Lender and the Issuing Bank that despite such defaults such Revolving Lender will not become a Defaulting Lender hereunder, (c) as to which a Distress Event has occurred with respect to any Affiliate of such Revolving Lender that directly or indirectly controls such Revolving Lender or (d) as to which such Revolving Lender or any Affiliate of such Revolving Lender that directly or indirectly controls such Revolving Lender has consummated or entered into a commitment to consummate a forced (in the good faith judgment of the Administrative Agent) liquidation, merger, sale of assets or other transaction resulting, in the good faith judgment of the Administrative Agent, in a change of ownership or operating control of such Person supported in whole or in part by guaranties, assumption of liabilities or other comparable credit support of (including without limitation the nationalization or assumption of ownership or operating control by) any Governmental Authority and the Administrative Agent (in its good faith judgment) or the Required Lenders (in their respective good faith judgment) believe that such event increases the risk that such Revolving Lender could default in performing its obligations hereunder for so long as the Administrative Agent (in its good faith judgment) or the Required Lenders (in their respective good faith judgment) so believe (it being understood and agreed that the Administrative Agent shall make any determination under this clause (d) promptly after being requested to do so by the Borrower or any Lender); provided, that no Revolving Lender shall be an Impacted Lender solely as the result of the acquisition or ownership of an equity interest in such Revolving Lender or any Person controlling such Revolving Lender or the exercise of control over such Revolving Lender or any Person controlling such Revolving Lender by a Governmental Authority or instrumentality thereof.

“Increase Loan Lender” has the meaning specified in Section 2.15(b).

“Increase Date” has the meaning specified in Section 2.15(b).

“IncreasedReportingInspection RightsPeriod” means the occurrence of a date when (a) Availability shall have been less than the greater of (i)10.020.0% of the Aggregate Commitmentsand (ii) $20,000,000,in either case, until such date as (b) Availability shall have been at least equal to 20.0% of the Aggregate Commitments for 60 consecutive calendar days.

“IncreasedReportingPeriod” means the occurrence of a date when (a) Availability shall have been less than the greater of (i) 10.0% of the Aggregate Commitments and (ii) $20,000,000, in either case, until such date as (b) Availability shall have been at least equal tothe greater of (i) 10.0% of the Aggregate Commitments and (ii) $20,000,000 for 30 consecutive calendar days.

“Incremental Revolving Commitment Agreement” has the meaning provided in Section 2.15(d).

“Indebtedness” means, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with GAAP:

(a)    all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments;

(b)    the maximum amount of all direct or contingent obligations of such Person arising under letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments;

(c)    net obligations of such Person under any Swap Contract;

(d)    all obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts payable in the ordinary course of business and not past due for more than 90 days after the date on which such trade account was created);

(e)    indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse;

(f)    all Attributable Indebtedness in respect of Capitalized Leases and Synthetic Lease Obligations of such Person and all Synthetic Debt of such Person;

(g)    all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Equity Interest in such Person or any Affiliate of such Person or any warrant, right or option to acquire such Equity Interest, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; and

(h)    all Guarantees of such Person in respect of any of the foregoing.

For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation limited liability company or similar legal entity) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person. The amount of any net obligations of any Person under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof due and payable by such Person as of such date.

“Indemnified Taxes” means all Taxes other than Excluded Taxes.

“Indemnitees” has the meaning specified in Section 11.04(b).

“Information” has the meaning specified in Section 11.07.

“Instrument” has the meaning provided in Article 9 of the UCC.

“Insurance Proceeds” means all insurance proceeds (other than business interruption insurance proceeds), damages, awards, claims and rights of action with respect to any casualty or other loss, damage or destruction of any real or personal property of Holdings or its Subsidiaries.

“Intellectual Property Security Agreement” has the meaning specified in Section 4.01(a)(v).

“Intercreditor Agreement” means that certain Intercreditor Agreement, dated as of February 5, 2010, as amended, among the Loan Parties, Bank of America, as First Lien Administrative Agent, Bank of America, as control agent, and the Second Lien Indenture Trustee.

“Interest Payment Date” means, (a) as to any Eurodollar Rate Loan, the last day of each Interest Period applicable to such Eurodollar Rate Loan and the Maturity Date; provided, however, that if any Interest Period for a Eurodollar Rate Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan, the first Business Day of each January, April, July and October and the Maturity Date.

“Interest Period” means, as to any Borrowing of a Eurodollar Rate Loan, the period commencing on the date of such Borrowing or on the last day of the immediately preceding Interest Period applicable to such Borrowing, as applicable, and ending on the date that is two weeks thereafter (only if available by the ICE Benchmark Administration or the successor thereto if the ICE Benchmark Administration is no longer making a LIBOR rate available) or on the numerically corresponding day (or, if there is no numerically corresponding day, on the last day) in the calendar month that is one, two, three or six months thereafter, as the Borrower may elect, or the date any Borrowing of a Eurodollar Rate Loan is converted to a Borrowing of a Base Rate Loan in accordance with Section 2.08 or repaid or prepaid in accordance with Section 2.07 or Section 2.09; provided, that if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day. Interest shall accrue from and including the first day of an Interest Period to but excluding the last day of such Interest Period.

“Internal Control Event” means a material weakness in, or fraud that involves management or other employees who have a significant role in, Holdings’ and its Subsidiaries’ internal controls over financial reporting, in each case as described in the Securities Laws.

“Inventory” has the meaning as defined in the UCC (or, with respect to any Canadian Guarantor, the PPSA), including all goods intended for sale, lease, display or demonstration, all work in process, and all raw materials, and other materials and supplies of any kind that are or could be used in connection with the manufacture, printing, packing, shipping, advertising, sale, lease or furnishing of such goods, or otherwise used or consumed in a Loan Party’s business.

“Inventory Reserve” means reserves established by the Administrative Agent in its Permitted Discretion to reflect factors that may negatively impact the value of Inventory, including change in salability, obsolescence, seasonality, theft, shrinkage, imbalance, change in composition or mix, markdowns and vendor chargebacks.

“Investment” means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of Equity Interests of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of debt of, or purchase or other acquisition of any other debt or interest in, another Person, or (C) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person that constitute a business unit or all or a substantial part of the business of such Person. For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment.

“IP Rights” has the meaning specified in Section 5.18.

“IP Security Agreement Supplement” has the meaning specified in Section 1.03 of the Security Agreement.

“IRS” means the United States Internal Revenue Service.

“Issuing Bank” means, as the context may require, (a) Bank of America (including any branch thereof) with respect to Letters of Credit issued by it; (b) any other Lender that may become an Issuing Bank pursuant to Sections 2.13(i) and 2.13(k), with respect to Letters of Credit issued by such Lender; (c) with respect to the Existing Letters of Credit, the Lender which issued each such Letter of Credit; or (d) collectively, all of the foregoing.

“Joinder Agreement” means a Joinder Agreement executed and delivered in accordance with the provisions of Section 6.12, substantially in the form of Exhibit J hereto.

“Landlord Lien Waiver and Access Agreement” means a Landlord Lien Waiver and Access Agreement, in a form reasonably approved by the Administrative Agent.

“Laws” means, collectively, all international, foreign, federal, state, provincial, territorial, municipal and local statutes, treaties, rules, guidelines, regulations, ordinances, codes, executive orders and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law.

“LC Collateral Account” means a collateral account in the form of a Deposit Account established and maintained by the Administrative Agent for the benefit of the Secured Parties, in accordance with the provisions of Section 2.13.

“LC Commitment” means the commitment of the Issuing Bank to issue Letters of Credit pursuant to Section 2.13.

“LC Disbursement” means a payment or disbursement made by the Issuing Bank pursuant to a Letter of Credit.

“LC Documents” means all documents, instruments and agreements delivered by the Borrower or any other Person to the Issuing Bank or the Administrative Agent in connection with any Letter of Credit.

“LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time plus (b) the aggregate principal amount of all LC Disbursements that have not yet been reimbursed at such time. The LC Exposure of any Revolving Lender at any time means its Pro Rata Percentage of the aggregate LC Exposure at such time.

“LC Obligations” means the sum (without duplication) of (a) all amounts owing by the Borrower for any drawings under Letters of Credit (including any bankers’ acceptances or other payment obligations arising therefrom); and (b) the stated amount of all outstanding Letters of Credit.

“LC Participation Fee” has the meaning assigned to such term in Section 2.05(c)(i).

“LC Request” means a request by the Borrower in accordance with the terms of Section 2.13(b) in form and substance satisfactory to the Issuing Bank.

“Lead Arrangers” means Bank of America, N.A., General Electric Capital Corporation, Barclays Bank PLC and Wells Fargo Bank, National Association, each in their respective capacity as joint lead arranger and joint book manager.

“Lender” has the meaning specified in the introductory paragraph hereto.

“Lending Office” means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent.

“Letter of Credit” means any letters of credit issued or to be issued by an Issuing Bank for the account of the Borrower or any of its Subsidiaries pursuant to Section 2.13, including each Existing Letter of Credit.

“Letter of Credit Expiration Date” means the date which is five (5) Business Days prior to the Maturity Date.

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

“Line Cap” means an amount that is equal to the lesser of (a) the Aggregate Commitments and (b) the then applicable Borrowing Base.

“Liquidity Event” means the occurrence of a date when (a) Availability shall have been less than the greater of (i) 12.510.0% of the Aggregate Commitments and (ii) $25,000,000,20,000,000, in either case, until such date as (b) Availability shall have been at least equal to the greater of (i) 12.510.0% of the Aggregate Commitments and (ii) $25,000,00020,000,000 for 30 consecutive calendar days.

“Liquidity Notice” means a written notice delivered by the Administrative Agent at any time during a Liquidity Period to any bank or other depository at which any Deposit Account (other than any Excluded Deposit Account) is maintained directing such bank or other depository (a) to remit all funds in such Deposit Account to a Dominion Account, or in the case of a Dominion Account, to the Administrative Agent on a daily basis, (b) to cease following directions or instructions given to such bank or other depository by any Loan Party regarding the disbursement of funds from such Deposit Account (other than any Excluded Deposit Account), and (c) to follow all directions and instructions given to such bank or other depository by the Administrative Agent in each case, pursuant to the terms of any Deposit Account Control Agreement in place.

“Liquidity Period” means any period throughout which (a) a Liquidity Event has occurred and is continuing or (b) a Specified Event of Default has occurred and is continuing.

“Loan Documents” means, collectively, (a) this Agreement, (b) the Notes, (c) the Guaranty, (d) the Collateral Documents, (e) theIntercreditor Agreement, (f) the Fee Letter, (gf) each agreement governing Secured Bank Product Obligations, (hg) each Joinder Agreement, (i) the Termh) Amendment No. 1, (i) Amendment No. 2, (j) Amendment No. 3, (k) the 2014Intercreditor Agreement, (l) the First Lien Intercreditor Agreement and (jm) all other documents and agreements executed and delivered in connection with the Obligations hereunder.

“Loan Parties” means, collectively, the Borrower and each Guarantor, and “Loan Party” means any one such Person.

“London Banking Day” means any day on which dealings in Dollar deposits are conducted by and between banks in the London interbank Eurodollar market.

“Material Adverse Effect” means (a) a material adverse change in, or a material adverse effect upon, the operations, business, properties, liabilities (actual or contingent) or condition (financial or otherwise) of the Loan Parties taken as a whole; (b) a material impairment of the rights and remedies of the Administrative Agent or any Lender under any Loan Document, or of the ability of any Loan Party to perform its obligations under any Loan

Document to which it is a party; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against any Loan Party of any Loan Document to which it is a party.

“Material Contract” means, with respect to any Loan Party, each contract or agreement listed on Schedule 1.02 hereto and each other contract or agreement entered into after the Closing Date by any Loan Party the breach or termination of which could reasonably be expected to have a Material Adverse Effect.

“Maturity Date” means February 13, 2017, as such date may be extended from time to time with respect to Extended Revolving Loans pursuant to Section 2.19; provided that if (i) prior to January 14, 2017, the Borrower purchases, redeems, defeases or otherwise refinances its 11.50% Senior Notes due 2017, such that no more than $10.0 million of such 11.50% Senior Notes due 2017 remain outstanding, with cash on hand and/or indebtedness maturing at least 91 days after the fifth anniversary of the Closing Date (the “Senior Notes Refinancing”), the Borrower may elect in its sole discretion (without, for the avoidance of doubt, any other conditions or consent requirements) to extend the Maturity Date to November 2, 2017, by written notice to the Administrative Agent prior to January 14, 2017, and (ii) if prior to October 3, 2017, the Borrower has affected the Senior Notes Refinancing and purchases, redeems, defeases or otherwise refinances the Second Lien Notes, such that no more than $10.0 million of such Second Lien Notes remain outstanding, with cash on hand and/or indebtedness maturing at least 91 days after the fifth anniversary of the Closing Date, the Borrower may elect in its sole discretion (without, for the avoidance of doubt, any other conditions or consent requirements) to extend the Maturity Date (including as it may have already been extended) to the fifth anniversary of the Closing Date by written notice to the Administrative Agent prior to October 3, 2017.

“Maximum Cap Ex Amount” has the meaning specified in Section 7.12.

“Maximum Rate” has the meaning specified in Section 11.09.

“Measurement Period” means, at any date of determination, the most recently completed four fiscal quarters of the Borrower.

“Moody’s” means Moody’s Investors Service, Inc. and any successor thereto.

“Mortgage” has the meaning specified in Section 6.21(a)(i).

“Mortgage Policies” has the meaning specified in Section 6.21(c)(i).

“Mortgaged Property” means each parcel of real (immovable) property (together with all improvements, immovables and fixtures thereon and rights appurtenant thereto) required to be encumbered by a Mortgage or Canadian Mortgage pursuant to Section 6.12 or 6.20 hereof.

“Multiemployer Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which the Borrower, Holdings or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions.

“NOLV Percentage” means the net orderly liquidation value of Eligible Inventory, expressed as a percentage, expected to be realized at an orderly, negotiated sale held within a reasonable period of time, net of all liquidation expenses, as determined from the most recent satisfactory inventory appraisals and field examination information of the Loan Parties’ Eligible Inventory received by the Administrative Agent and performed by examiners and appraisers reasonably satisfactory to the Administrative Agent.

“Non-Operating Subsidiary” means any non-operating, inactive Subsidiary with assets having a net book value of less than $100,000.

“Note” means a promissory note made by the Borrower in favor of a Revolving Lender or Swingline Lender, evidencing Revolving Loans or Swingline Loans, as applicable, made by such Revolving Lender or Swingline Lender, as the case may be, substantially in the form of Exhibit B‑1 or Exhibit B‑2, as applicable.

“Notice of Borrowing” means a notice substantially in the form of Exhibit A‑1 hereto.

“Notice of Conversion/Continuation” means a notice substantially in the form of Exhibit A‑2 hereto.

“Noticed Hedge” means any Secured Bank Product Obligations arising under a Swap Contract with respect to which the Borrower and the Secured Bank Product Provider thereof have notified the Administrative Agent of the intent to include such Secured Bank Product Obligations as a Noticed Hedge hereunder and with respect to which a Bank Products Reserve has subsequently been established in the maximum amount thereof.

“NPL” means the National Priorities List under CERCLA.

“Obligations” means (x) all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding and (y) Secured Bank Product Obligations, excluding, with respect to any Guarantor at any time, Excluded Swap Obligations.

“OECD” means the Organization for Economic Cooperation and Development.

“OFAC” has the meaning specified in the definition of “Embargoed Person.”

“Organization Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement; (c) with respect to any unlimited company, the memorandum of association and articles of association; and (d) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity.

“Other Taxes” means all present or future stamp, court, filing, recording, intangible or documentary Taxes or any other excise or property Taxes arising from any payment made hereunder or under any other Loan Document or from the execution, delivery, performance, registration or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document, but shall not include Taxes imposed as a result of a transfer by a Lender or a Participant of any interest in a Loan Document (“Assignment Taxes”), other than Assignment Taxes imposed in respect of a transfer pursuant to Section 11.13(a), if such Assignment Taxes are imposed as a result of a connection between the assignor or assignee and the taxing jurisdiction that is unrelated to the Loan Documents.

“Outstanding Amount” means (a) with respect to all Revolving Loans and Swingline Loans on any date, the aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Revolving Loans and Swingline Loans occurring on such date and (b) with respect to any LC Obligations on any date, the amount of such LC Obligations on such date after giving effect to any LC Disbursement occurring on such date and any other changes in the aggregate amount of the LC Obligations as of such date, including as a result of any reimbursements by the Borrower of Unreimbursed Amounts.

“Overadvance” has the meaning specified in Section 2.17.

“Overadvance Loan” means a Base Rate Loan made when an Overadvance exists or is caused by the funding thereof.

“Participant” has the meaning specified in Section 11.06(d).

“Participant Register” has the meaning specified in Section 11.06(d).

“Payment Office” means the office of the Administrative Agent located at 101 S. Tryon Street, Charlotte, NC 28255-0001, Attention: Operations Manager, Telephone No.: 860-952-6829, Telecopier No.: 860-952-6830, or such other office as the Administrative Agent may hereafter designate in writing as such to the other parties hereto.

“PBGC” means the Pension Benefit Guaranty Corporation.

“PCAOB” means the Public Company Accounting Oversight Board.

“Pension Event” means, solely with respect to a Canadian Pension Plan that contains a defined benefit provision, (a) the whole or partial withdrawal of a Canadian Guarantor from participation in a Canadian Pension Plan that is a Canadian Multi-Employer Pension Plan registered in Quebec during a plan year; or (b) the filing of a notice of proposal to terminate a Canadian Pension Plan or the treatment of a Canadian Pension Plan amendment as a termination; or (c) the issuance of a notice of proposal by any Governmental Authority to terminate or to appoint an administrator or like body appointed to administer a Canadian Pension Plan that is not a Canadian Multi-Employer Pension Plan; or (d) any other event or condition which constitutes grounds for the termination of any Canadian Pension Plan, to the extent any relevant Governmental Authority has so notified a Loan Party, unless such grounds are being contested by a Canadian Guarantor or any of its Subsidiaries in good faith or (e) except for any Canadian Pension Plan that is a Canadian Multi-Employer Pension Plan or any successor thereto, the establishment or participation by a Canadian Guarantor in a defined benefit pension plan on or after the Closing Date.

“Pension Plan” means any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by the Borrower, Holdings or any ERISA Affiliate or to which the Borrower, Holdings or any ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding five plan years.

“Perfection Certificate” has the meaning given such term in Section 1.03 of the Security Agreement or the Canadian Security Agreement, as applicable.

“Permitted Discretion”means reasonable credit judgment in accordance with customary business practices for comparable asset-based lending transactions, and as it relates to the establishment of reserves or the imposition of exclusionary criteria shall require that (x) the contributing factors to the imposition of any reserves shall not duplicate (i) the exclusionary criteria set forth in the definitions of Eligible Accounts or Eligible Inventory as applicable (and vice versa) or (ii) any reserves deducted in computing book value and (y) the amount of any such reserve so established or the effect of any adjustment or imposition of exclusionary criteria be a reasonable quantification of the incremental dilution of the Borrowing Base attributable to such contributing factors.

“Permitted Encumbrances” has the meaning (if any) specified in the Mortgages and includes any Liens on any real property interests of any Loan Party permitted to be created, incurred or assumed, or otherwise permitted to exist, pursuant to the terms of any Mortgage.

“Permitted Holders” means Robert G. Burton, Sr., his immediate family and their heirs and estates and any Person (other than a natural Person and Holdings and its Subsidiaries) that is wholly-owned or otherwise directly Controlled by any of the foregoing, including, without limitation, Burton Capital Management, LLC.

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

“Plan” means any “employee benefit plan” (as such term is defined in Section 3(3) of ERISA), other than any Canadian Benefit Plan, Canadian Pension Plan, Canadian Multi-Employer Pension Plan, Multiemployer Plan or Foreign Plan, established or maintained by the Borrower, Holdings or any Subsidiary.

“Platform” has the meaning specified in Section 6.02.

“Pledged Debt” has the meaning specified in Section 2.01 of the Security Agreement or the Canadian Security Agreement, as applicable.

“Pledged Equity” has the meaning specified in Section 2.01 of the Security Agreement or the Canadian Security Agreement, as applicable.

“PPSA” means the Personal Property Security Act (Ontario) and the regulations thereunder; provided, however, if validity, perfection and effect of perfection and non-perfection of the Administrative Agent’s Lien on any Collateral are governed by the personal property security laws of any Canadian jurisdiction other than Ontario, PPSA shall mean those personal property security laws (including the Civil Code of Quebec) in such other jurisdiction for the purposes of the provisions hereof relating to such validity, perfection and effect of perfection and non-perfection and for the definitions related to such provisions, as from time to time in effect.

“Prepayment Conditions” means, as to any relevant action contemplated in this Agreement, (i) no Event of Default has then occurred and is continuing or would result from such action,and (ii) either (1) (x)(a) Availability on a Pro Forma Basis immediately after giving effect to such action would be at least 20.015.0% of the Aggregate Commitments and (b) over the 30 consecutive days prior to consummation of such action, Availability averaged on a Pro Forma Basis for such action no less than 20.015.0% of the Aggregate Commitments and (iiiy) the Consolidated Fixed Charge Coverage Ratio would be at least 1.0 to 1.0 on a Pro Forma Basis for such actionor (2) (x) Availability on a Pro Forma Basis immediately after giving effect to such action would be at least 20.0% of the Aggregate Commitments and (y) over the 30 consecutive days prior to consummation of such action, Availability averaged on a Pro Forma Basis for such action no less than 20.0% of the Aggregate Commitments.

“Pro Forma Adjustment Compliance Certificate” means a certificate substantially in the form of Exhibit K.

“Pro Forma Basis” has the meaning specified in Section 1.03.

“Pro Rata Percentage” of any Revolving Lender at any time means the percentage of the Aggregate Commitments represented by such Lender’s Revolving Commitment.

“Pro Rata Share” means, with respect to each Lender at any time, a fraction (expressed as a percentage, carried out to the ninth decimal place), the numerator of which is the amount of the Aggregate Exposures of such Lender at such time and the denominator of which is the Aggregate Exposures at such time. The initial Pro Rata Shares of each Lender are set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable.

“Protective Advances” has the meaning specified in Section 2.18.

“Public Lender” has the meaning specified in Section 6.02.

“Qualified Cash” means unrestricted cash of the Borrower and the Subsidiaries that (i) is subject to Deposit Account Control Agreements in form and substance reasonably satisfactory to the Administrative Agent (which will not prohibit withdrawal of such funds by the Borrower or such Subsidiaries in the absence of an Event of Default), (ii) does not include customer deposits or unapplied cash and (iii) does not otherwise constitute proceeds from the Disposition of any Revolver Priority Collateral.

“Qualified ECP Guarantor” shall mean, at any time, each Loan Party with total assets exceeding $10,000,000 or that qualifies at such time as an “eligible contract participant” under the Commodity Exchange Act

and can cause another Person to qualify as an “eligible contract participant” at such time under §1a(18)(A)(v)(II) of the Commodity Exchange Act.

“Register” has the meaning specified in Section 11.06(c).

“Registered Public Accounting Firm” has the meaning specified by the Securities Laws and shall be independent of Holdings as prescribed by the Securities Laws.

“Related Documents” means (a) the Second Lien Notes Documents, (b) the Unsecured Term Loan Facility Documents, (c) the Term Documents and (d) all Material Contracts.

“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees and advisors of such Person and of such Person’s Affiliates.

“Release” means any release, spill, emission, discharge, deposit, disposal, leaking, pumping, pouring, dumping, emptying, injection or leaching into the Environment, or into, from or through any building, structure or facility.

“Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day notice period has been waived.

“Required Lenders” means, as of any date of determination, Lenders holding without duplication more than 50% of the Outstanding Amount and unused Revolving Commitments; provided that the portion of the Outstanding Amount and unused Revolving Commitments held or deemed held by any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders.

“Rent and Charges Reserve” means the aggregate of (a) all past due rent and other amounts owing by a Loan Party to any landlord, warehouseman, processor, repairman, mechanic, shipper, freight forwarder, broker or other Person who possesses any Collateral or could assert a Lien on any Collateral; and (b) a reserve at least equal to three months rent and other charges that could be payable to any such Person, unless it has executed a Landlord Lien Waiver and Access Agreement.

“Reserves” means the sum (without duplication) of (a) the Inventory Reserve; (b) the Rent and Charges Reserve; (c) reserves for accrued and unpaid Royalties, whether or not then due and payable; (d) the Bank Product Reserve; (e) to the extent that the Borrowing Base includes any Eligible Account and/or Eligible Inventory of a Canadian Guarantor, the Canadian Priority Payables Reserve; (f) the Dilution Reserve; (g) reserves for amounts owed by any Loan Party to any processor (including, without limitation, the Approved Processors); (h) the aggregate amount of liabilities secured by Liens upon Collateral included in the Borrowing Base that are senior to the Administrative Agent’s Liens (but imposition of any such reserve shall not waive an Event of Default arising therefrom); (i) the Canadian Existing Lien Reserve and (j) such additional reserves, in such amounts and with respect to such matters, as the Administrative Agent in its Permitted Discretion may elect to impose from time to time.

Notwithstanding anything to the contrary in this Agreement, (i) such Reserves shall not be established or changed except upon not less than three (3) Business Days’ prior written notice to the Borrower (or such shorter period as may be agreed by the Borrower), which notice shall include a reasonably detailed description of such Reserve being established (during which period (a) the Administrative Agent shall, if requested, discuss any such Reserve or change with the Borrower and (b) the Borrower may take such action as may be required so that the event, condition or matter that is the basis for such Reserve or change thereto no longer exists or exists in a manner that would result in the establishment of a lower Reserve or result in a lesser change thereto, in a manner and to the extent reasonably satisfactory to the Administrative Agent), and (ii) the amount of any Reserve established by the Administrative Agent, and any change in the amount of any Reserve, shall have a reasonable relationship to the event, condition or other matter that is the basis for such Reserve or such change. Notwithstanding clause (i) of the preceding sentence, changes to the Reserves solely for purposes of correcting mathematical or clerical errors shall

not be subject to such notice period, it being understood that no Default or Event of Default shall be deemed to result therefrom, if applicable, for a period of three (3) Business Days.

“Responsible Officer” means the chief executive officer, president, chief financial officer, treasurer, assistant treasurer or controller of a Loan Party. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party.

“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any capital stock or other Equity Interest of any Person or any of its Subsidiaries, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, defeasance, acquisition, cancellation or termination of any such capital stock or other Equity Interest, or on account of any return of capital to any Person’s stockholders, partners or members (or the equivalent of any thereof), or any option, warrant or other right to acquire any such dividend or other distribution or payment.

“Revolver Priority Collateral” has the meaning assigned to the term “ABL Collateral” in the Term Intercreditor Agreement.

“Revolving Availability Period” means the period from and including the Closing Date to but excluding the earlier of the Maturity Date and the date of termination of the Revolving Commitments.

“Revolving Borrowing” means a Borrowing comprised of Revolving Loans.

“Revolving Commitment” means, with respect to each Lender, the commitment, if any, of such Lender to make Revolving Loans hereunder up to the amount set forth on Schedule 2.01, or in the Assignment and Assumption Agreement pursuant to which such Lender assumed its Revolving Commitment, as applicable, as the same may be (a) reduced from time to time pursuant to Section 2.07, (b) increased from time to time pursuant to Section 2.15 and (c) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 11.06. The aggregate amount of the Lenders’ Revolving Commitments on the Amendment No. 3 Effective Date is $230,000,000.

“Revolving Commitment Increase” has the meaning specified in Section 2.15(a).

“Revolving Commitment Increase Notice” has the meaning specified in Section 2.15(b).

“Revolving Exposure” means, with respect to any Lender at any time, the aggregate principal amount at such time of all outstanding Revolving Loans of such Lender, plus the aggregate amount at such time of such Lender’s LC Exposure, plus the aggregate amount at such of such Lender’s Swingline Exposure.

“Revolving Lender” means a Lender with a Revolving Commitment.

“Revolving Loan” means a loan made pursuant to Article II hereof including, without duplication, any Swingline Loan (to the extent the context so requires the same), Overadvance Loan, Protective Advance and Extended Revolving Loan.

“Revolving Note” means each revolving note substantially in the form of Exhibit B‑1 hereto.

“Royalties” means all royalties, fees, expense reimbursement and other amounts payable by a Loan Party under a license.

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and any successor thereto.

“Sanction(s)” means any international economic sanction administered or enforced by the United States Government (including without limitation, OFAC), the United Nations Security Council, the European Union, Her Majesty’s Treasury or the Canadian Government.

“Sarbanes-Oxley” means the Sarbanes-Oxley Act of 2002.

“SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

“Second Amended and Restated Credit Agreement” means that certain Second Amended and Restated Credit Agreement, dated as of the date hereof, among the Borrower, Holdings, Bank of America, N.A., as administrative agent, and a syndicate of lenders, as the same may be amended, restated, amended and restated, modified, supplemented, replaced or refinanced from time to time in accordance herewith and the TerrmTerm Intercreditor Agreement.

“Second Lien Indenture Trustee” means Wells Fargo Bank, National Association, in its capacity as trustee under the Second Lien Notes Indenture.

“Second Lien Notes” means the Senior Second Lien Notes due 2018 issued pursuant to the Second Lien Notes Documents.

“Second Lien Notes Documents” means the Second Lien Notes Indenture, the Second Lien Notes and all other agreements, instruments and other documents pursuant to which the Second Lien Notes have been or will be issued or otherwise setting forth the terms of the Second Lien Notes.

“Second Lien Notes Indenture” means the Indenture, dated as of February 5, 2010, by and among the Borrower, the guarantors party thereto and the Second Lien Indenture Trustee.

“Section 6.01 Financials” means the quarterly and annual financial statements required to be delivered pursuant to Sections 6.01(a) and (b).

“Secured Bank Product Obligations” means Bank Product Debt owing to a Secured Bank Product Provider, up to the maximum amount (in the case of any Secured Bank Product Provider other than Bank of America, N.A. and its Affiliates) specified by such provider in writing to the Administrative Agent, which amount may be established or increased (by further written notice by the Borrower to the Administrative Agent from time to time) as long as no Default or Event of Default then exists and no Overadvance would result from establishment of a Bank Product Reserve for such amount and all other Secured Bank Product Obligations.

“Secured Bank Product Provider” means, at the time of entry into a Bank Product (or, if such Bank Product exists on the Closing Date, as of the Closing Date), the Administrative Agent, any Lender or any of their respective Affiliates that is providing a Bank Product; provided such provider delivers written notice to the Administrative Agent, in form and substance satisfactory to the Administrative Agent, by the later of the Closing Date or ten (10) days following creation of the Bank Product, (i) describing the Bank Product and setting forth the maximum amount to be secured by the Collateral and the methodology to be used in calculating such amount, and (ii) agreeing to be bound by Section 9.11. It is hereby understood that a Person may not be a Secured Bank Product Provider to the extent it is similarly treated as such under the Second Amended and Restated Credit Agreement in respect of such Bank Product.

“Secured Parties” means, collectively, the Administrative Agent, the Lenders, the Secured Bank Product Providers, each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to Section 9.05, and the other Persons the Obligations owing to which are or are purported to be secured by the Collateral under the terms of the Collateral Documents.

“Securities Laws” means the Securities Act of 1933, the Securities Exchange Act of 1934, Sarbanes-Oxley, and the applicable accounting and auditing principles, rules, standards and practices promulgated, approved or incorporated by the SEC or the PCAOB.

“Security Agreement” has the meaning specified in Section 4.01(a)(iii).

“Security Agreement Supplement” has the meaning specified in Section 1.03 of the Security Agreement.

“Senior Notes” means the (i) 11.5% Senior Notes due 2017 issued pursuant to the Senior Notes Indenture and (ii) 7.0% Exchangeable Senior Notes due 2017 issued pursuant to the Senior Exchangeable Notes Indenture.

“Senior Notes Documents” means the Senior Notes Indenture, the Senior Exchangeable Notes Indenture, the Senior Notes and all other agreements, instruments and other documents pursuant to which the Senior Notes have been or will be issued or otherwise setting forth the terms of the Senior Notes.

“Senior Notes Indenture” means the Indenture, dated as of March 28, 2012, among the Borrower, the guarantors party thereto and U.S. Bank National Association, as trustee, which provides for the issuance of the Borrower’s 11.5% Senior Notes due 2017.

“Senior Exchangeable Notes Indenture” means the Indenture, dated as of March 28, 2012, among the Borrower, the guarantors party thereto and U.S. Bank National Association, as trustee, which provides for the issuance of the Borrower’s 7.0% Exchangeable Senior Notes due 2017.

“Settlement Date” has the meaning specified in Section 2.14(b).

“Solvent” and “Solvency” mean, with respect to any Person on any date of determination, that on such date (a) the fair value of the property of such Person is greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair salable value of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay such debts and liabilities as they mature, (d) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person’s property would constitute an unreasonably small capital, (e) such Person is able to pay its debts and liabilities, contingent obligations and other commitments as they mature in the ordinary course of business, and (f) as regards the Canadian Guarantors, none is an “insolvent person” as defined in the Bankruptcy and Insolvency Act (Canada). The amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

“Specified Event of Default” means any Event of Default arising under Section 8.01(a),8.01(b)(i) (solely relating to a failure to comply with Section 6.20(c)), 8.01(b)(iv) or 8.01(f).

“Specified Loan Party” means any Loan Party that is not an “eligible contract participant” under the Commodity Exchange Act (determined prior to giving effect to Section 10.11 of this Agreement and Section 5.15 of the Guaranty).

“Spot Rate” means the exchange rate, as determined by the Administrative Agent, that is applicable to conversion of one currency into another currency, which is (a) the exchange rate reported by Bloomberg (or other commercially available source designated by the Administrative Agent) as of the end of the preceding Business Day in the financial market for the first currency; or (b) if such report is unavailable for any reason, the spot rate for the purchase of the first currency with the second currency as in effect during the preceding Business Day in the Administrative Agent’s principal foreign exchange trading office for the first currency as of the end of such preceding Business Day.

“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of Holdings.

“Supermajority Lenders” means those non-Defaulting Lenders which would constitute the Required Lenders under, and as defined in, this Agreement if the percentage “50%” contained therein were changed to “66⅔%.”

“Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement governing any transaction described in clause (a) above (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement.

“Swap Obligation” means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act.

“Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate of a Lender).

“Swingline Commitment” means the commitment of the Swingline Lender to make loans pursuant to Section 2.12, as the same may be reduced from time to time pursuant to Section 2.07 or Section 2.12.

“Swingline Exposure” means, at any time, the aggregate principal amount at such time of all outstanding Swingline Loans. The Swingline Exposure of any Revolving Lender at any time shall equal its Pro Rata Percentage of the aggregate Swingline Exposure at such time.

“Swingline Lender” means Bank of America, N.A.

“Swingline Loan” means any Revolving Loan made by the Swingline Lender pursuant to Section 2.12.

“Swingline Note” means each swingline note substantially in the form of Exhibit B‑2 hereto.

“Synthetic Debt” means, with respect to any Person as of any date of determination thereof, all obligations of such Person in respect of transactions entered into by such Person that are intended to function primarily as a borrowing of funds (including any minority interest transactions that function primarily as a borrowing) but are not

otherwise included in the definition of “Indebtedness” or as a liability on the consolidated balance sheet of such Person and its Subsidiaries in accordance with GAAP.

“Synthetic Lease Obligation” means the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property (including sale and leaseback transactions), in each case, creating obligations that do not appear on the balance sheet of such Person but which, upon the application of any Debtor Relief Laws to such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment).

“Tax Status Certificate” has the meaning set forth in Section 3.01(e).

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

“Term Agent” means Bank of America, N.A., in its capacity as administrative agent under the Term Documents.

“Term Documents” means the Second Amended and Restated Credit Agreement and the other “Loan Documents” (as such term is defined in the Second Amended and Restated Credit Agreement).

“Term Intercreditor Agreement” means the Intercreditor Agreement, dated as of the date hereof, among the Borrower, Holdings, the other Guarantors, the Administrative Agent and the Term Agent, as the same may be amended, amended and restated, supplemented or otherwise modified from time to time.

“Term Loans” means the term loans borrowed under the Second Amended and Restated Credit Agreement.

“Threshold Amount” means $35,000,000.

“Trade Date” has the meaning specified in Section 11.06(b)(i)(B).

“Transaction” means, collectively, (a) the entering into by the Loan Parties and their applicable Subsidiaries of the Loan Documents to which they are or are intended to be a party, (b) the entry into the Second Amended and Restated Credit Agreement, (c) the refinancing of the term loans under the Existing Credit Agreement and the termination of the revolving commitments under the Existing Credit Agreement and (d) the payment of the fees and expenses incurred in connection with the consummation of the foregoing.

“Type” means, with respect to a Revolving Loan, its character as a Base Rate Loan or a Eurodollar Rate Loan.

“UCC” means the Uniform Commercial Code as in effect in the State of New York; provided that, if perfection or the effect of perfection or non-perfection or the priority of any security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, “UCC” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection or priority.

“Unfunded Pension Liability” means the excess of a Pension Plan’s benefit liabilities under Section 4001(a)(16) of ERISA, over the current value of that Pension Plan’s assets, determined in accordance with the assumptions used for funding the Pension Plan pursuant to Section 412 of the Code for the applicable plan year.

“United States” and “U.S.” mean the United States of America.

“Unreimbursed Amount” has the meaning specified in Section 2.13(e).

“Unsecured Term Loan Facility” means that certain unsecured credit agreement, dated as of January 18, 2013, among the Borrower, Holdings, as a guarantor, Macquarie US Trading LLC, as administrative agent, and the lenders named therein and from time to time party thereto, together with any refinancing, refunding, renewal or extension thereof pursuant to Section 7.02(m).

“Unsecured Term Loan Facility Documents” means the Unsecured Term Loan Facility and all other agreements, instruments and other documents executed in connection therewith.

“Unsecured Term Loan Prepayment Conditions” means, as to any relevant action contemplated in this Agreement, (i) no Event of Default has then occurred and is continuing or would result from such action, (ii) (a) the sum of (x) the amount of Qualified Cash on the date of such action plus (y) Availability on a Pro Forma Basis immediately after giving effect to such action would be at least $35,000,000 and (b) over the 30 consecutive days prior to consummation of such action, the sum of (x) the amount of Qualified Cash plus (y) Availability averaged no less than $30,000,000 and (iii) the Consolidated Fixed Charge Coverage Ratio would be at least 1.0 to 1.0 on a Pro Forma Basis for such action.

“Unused Line Fee” has the meaning specified in Section 2.05(a).

“Unused Line Fee Rate” means, (i) initially, 0.50% per annum and (ii) from and after the delivery by the Borrower to the Administrative Agent of the Borrowing Base Certificate for the second full fiscal quarter completed after the Closing Date, the rate determined by reference to the following grid on a per annum basis based on the Average Usage as a percentage of the Aggregate Commitments during the immediately preceding fiscal quarter:

Average Usage (percentage of Aggregate Commitments)	Unused Line Fee Rate
< 50%	0.50%
≥ 50%	0.375%

“USA PATRIOT Act” has the meaning specified in the definition of “Anti-Terrorism Laws.”

“U.S. Loan Party” means any Loan Party that is organized under the laws of one of the states of the United States of America and that is not a CFC.

“Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing (i) the then outstanding principal amount of such Indebtedness into (ii) the product obtained by multiplying (x) the amount of each then remaining installment or other required scheduled payments of principal, including payment at final maturity, in respect thereof, by (y) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment.

1.02    Other Interpretive Provisions.

With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document:

(a)    The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document (including any Organization Document) shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth

herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “herein,” “hereof” and “hereunder,” and words of similar import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Preliminary Statements, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Preliminary Statements, Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and (vi) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

(b)    In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including”; the words “to” and “until” each mean “to but excluding”; and the word “through” means “to and including.”

(c)    Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document.

(d)    The Borrower has a fiscal year and fiscal quarters not ending on the calendar year and calendar quarter, respectively. For the avoidance of doubt for so long as such situation exists, when interpreting any provision of this Agreement relating to a fiscal year or fiscal quarter or period ended at or as of the end of a fiscal year or fiscal quarter, including, without limitation, the financial covenant set forth in Section 7.11, any reference to such a period shall be deemed to refer to the Borrower’s fiscal quarter or year ended nearest the given date. In addition, any reference to a fiscal quarter of the Borrower contained in Section 7.11 (e.g., “Q3 2010”) shall be deemed to refer to the specified fiscal quarter of the specified fiscal year (e.g., in the case of Q3 2010, such reference means the third fiscal quarter of the Borrower’s 2010 fiscal year).

(e)    On and after the initial issuance date of the 2014 Notes, (i) each reference to the term “Intercreditor Agreement” in this Agreement and the other Loan Documents shall mean and be deemed to be a reference to the 2014 Intercreditor Agreement, and (ii) each reference to the term “Term Intercreditor Agreement” in this Agreement and the other Loan Documents shall mean and be deemed to be a reference to the First Lien Intercreditor Agreement.

1.03     Accounting Terms.

(a)Generally. All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein.

(b)Changes in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP.

(c)Pro Forma Calculations. Notwithstanding anything herein to the contrary, any calculation of the Financial Covenant for any Measurement Period during which an Acquisition or Disposition shall have occurred (or shall be deemed to have occurred for the purposes described in clause (ii) of this Section 1.03(c)) shall each be made on a Pro Forma Basis for purposes of making the following determinations:

(i)determining compliance with the Financial Covenant (other than whether the conditions precedent for a proposed transaction have been satisfied as contemplated by clause (ii) of this Section 1.03(c)); and

(ii)determining whether the conditions precedent have been satisfied for a proposed transaction which is permitted hereunder only so long as no Default will result from the consummation thereof, including, without limitation, any Disposition or any Investment which results in an Acquisition.

Any calculation made on a Pro Forma Basis or to determine pro forma compliance with any Financial Covenant or financial ratio shall similarly count any other Acquisition or Disposition consummated and any other Indebtedness and related interest expense otherwise incurred or repaid after the latest Measurement Period and prior to the calculation date. Any time this Agreement requires pro forma compliance with any Financial Covenant or financial ratio, such compliance shall be demonstrated by a certified calculation of such pro forma compliance provided by the Borrower to the Administrative Agent.

“Pro Forma Basis” means, for purposes of calculating any financial ratio (including the Consolidated Leverage Ratio, the Consolidated Secured Debt Ratio, the Consolidated First Lien Leverage Ratio and the Consolidated Fixed Charge Coverage Ratio) or financial amount for any Measurement Period for any of the purposes specified in this Section 1.03(c), and with respect to each proposed Acquisition or Disposition and each such transaction actually consummated in such Measurement Period, that such financial ratio or financial amount shall be calculated on a pro forma basis based on the following assumptions: (a) each such transaction shall be deemed to have occurred on the first day of such Measurement Period; (b) any funds to be used by any Person in consummating any such transaction will be assumed to have been used for that purpose as of the first day of such Measurement Period; (c) any Indebtedness to be incurred by any Person in connection with the consummation of any such transaction will beassumed to have been incurred on the first day of such Measurement Period; (d) the gross interest expenses, determined in accordance with GAAP, with respect to such Indebtedness assumed to have been incurred on the first day of such Measurement Period; (d) the gross interest expenses, determined in accordance with GAAP, with respect to such Indebtedness assumed to have been incurred on the first day of such Measurement Period that bears interest at a floating rate shall be calculated at the current rate (as of the date of such calculation) under the agreement governing such Indebtedness (including this Agreement if the Indebtedness is incurred hereunder); and (e) any gross interest expense, determined in accordance with GAAP, with respect to Indebtedness outstanding during such Measurement Period that was or is to be refinanced with proceeds of a transaction assumed to have been incurred as of the first day of the Measurement Period will be excluded from such calculations (and to the extent not already excluded pursuant to clause (a) or (b) above, the principal amount of such Indebtedness shall be excluded). “Pro Forma Basis” may also include such adjustments for expected cost savings in connection with an Acquisition or Disposition as forecasted by the Borrower to occur within twelve months after such Acquisition or Disposition in a reasonable manner with appropriate supporting documentation and representations by management, reasonably satisfactory to the Administrative Agent; provided, that, (i) “Pro Forma Basis” shall not include any expected cost savings arising from (A) any Acquisition of property by any Loan Party or any of its Subsidiaries from any Affiliate thereof or (B) any Disposition of any Property by any Loan Party or any of its Subsidiaries to any Affiliate thereof, and (ii) prior to taking into account any such expected cost savings in calculating any financial ratio or financial amount pursuant to this paragraph, the Borrower shall deliver to the Administrative Agent a Pro Forma Adjustment Compliance Certificate; provided, further, that the aggregate amount of such adjustments for expected cost savings during any Measurement Period (excluding cost savings arising from an Acquisition with respect to which at least 85% of the purchase price is financed with Equity) shall not exceed 15.0% of Consolidated Adjusted EBITDA for such Measurement Period.

(d)Consolidation of Variable Interest Entities. All references herein to consolidated financial statements of Holdings and its Subsidiaries or to the determination of any amount for Holdings and its Subsidiaries on a consolidated basis or any similar reference shall, in each case, be deemed to include each variable interest entity that Holdings is required to consolidate pursuant to FASB Interpretation No. 46 - Consolidation of Variable Interest Entities: an interpretation of ARB No. 51 (January 2003) as if such variable interest entity were a Subsidiary as defined herein.

1.04     Rounding.

Any financial ratios required to be maintained by the Borrower pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).

1.05     Times of Day.

Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable).

1.06    Uniform Commercial Code and PPSA.

As used herein, the following terms are defined in accordance with the UCC in effect in the State of New York (and with respect to any Canadian Guarantor, such definition (or correlative terms (if existing) under the PPSA) shall be defined in accordance with the PPSA) from time to time: “Commercial Tort Claim,” “Document” and “Document of Title,” “Equipment,” “General Intangibles” and “Intangibles,” “Goods,” “Instrument” and “Supporting Obligations.”

1.07    Currency Equivalents Generally.

Any amount specified in this Agreement or any of the other Loan Documents to be in Dollars shall also include the equivalent of such amount in any currency other than Dollars to the extent necessary to give effect to the intent, where applicable, that this Agreement apply to Canadian Guarantors, such equivalent amount thereof in the applicable currency to be determined by the Administrative Agent at such time on the basis of the Spot Rate for the purchase of such currency with Dollars. Unless expressly provided otherwise, all references in the Loan Documents to Revolving Loans, Letters of Credit, Obligations, Revolving Commitments, Borrowing Base components and other amounts shall be denominated in Dollars. The Dollar Equivalent of any amounts denominated or reported under a Loan Document in a currency other than Dollars shall be determined by the Administrative Agent at its discretion, based on the current Spot Rate. The Borrower shall report Borrowing Base components to the Administrative Agent in the currency invoiced by the applicable Loan Parties or shown in their financial records, and unless expressly provided otherwise herein, shall deliver financial statements and calculate financial covenants in Dollars.

1.08    Currency Fluctuations.

On such dates determined by the Administrative Agent (the “Exchange Rate Date”), the Administrative Agent shall determine the Exchange Rate as of such date. The Exchange Rate so determined shall become effective on the first Business Day immediately following such determination (a “Reset Date”) and shall remain effective until the next succeeding Reset Date.

1.09    Interpretation (Quebec).

For purposes of any Collateral located in the Province of Quebec or charged by any deed of hypothec (or any other Loan Document) and for all other purposes pursuant to which the interpretation or construction of a Loan Document may be subject to the laws of the Province of Quebec or a court or tribunal exercising jurisdiction in the Province of Quebec, (a) “personal property” shall be deemed to include “movable property,” (b) “real property”

shall be deemed to include “immovable property,” (c) “tangible property” shall be deemed to include “corporeal property,” (d) “intangible property” shall be deemed to include “incorporeal property,” (e) “security interest,” “mortgage” and “lien” shall be deemed to include a “hypothec,” “prior claim” and a “resolutory clause,” (f) all references to filing, registering or recording under the UCC or the PPSA shall be deemed to include publication under the Civil Code of Quebec, (g) all references to “perfection” of or “perfected” Liens shall be deemed to include a reference to an “opposable” or “set up” Liens as against third parties, (h) any “right of offset,” “right of setoff” or similar expression shall be deemed to include a “right of compensation,” (i) “goods” shall be deemed to include “corporeal movable property” other than chattel paper, documents of title, instruments, money and securities, (j) an “agent” shall be deemed to include a “mandatary,” (k) “construction liens” shall be deemed to include “legal hypothecs,” (l) “joint and several” shall be deemed to include “solidary,” (m) “gross negligence or willful misconduct” shall be deemed to be “intentional or gross fault,” (n) “beneficial ownership” shall be deemed to include “ownership on behalf of another as mandatary,” (o) “easement” shall be deemed to include “servitude,” (p) “priority” shall be deemed to include “prior claim,” (q) “survey” shall be deemed to include “certificate of location and plan” and (r) “fee simple title” shall be deemed to include “absolute ownership.” The parties hereto confirm that it is their wish that this Agreement and any other document executed in connection with the transactions contemplated herein be drawn up in the English language only (except if another language is required under any applicable Law) and that all other documents contemplated thereunder or relating thereto, including notices, may also be drawn up in the English language only. Les parties aux présentes confirment que c’est leur volonté que cette convention et les autres documents de crédit soient rédigés en langue anglaise seulement et que tous les documents, y compris tous avis, envisagés par cette convention et les autres documents peuvent être rédigés en la langue anglaise seulement (sauf si une autre langue est requise en vertu d’une loi applicable).

ARTICLE II

AMOUNT AND TERMS OF CREDIT

2.01    Commitments.

Subject to the terms and conditions and relying upon the representations and warranties herein set forth, each Lender agrees, severally and not jointly, to make Revolving Loans to the Borrower, at any time and from time to time on and after the Closing Date until the earlier of one Business Day prior to the Maturity Date and the termination of the Commitment of such Lender in accordance with the terms hereof, in an aggregate principal amount at any time outstanding that will not result in such Lender’s Revolving Exposure exceeding the lesser of (A) such Lender’s Revolving Commitment, and (B) such Lender’s Pro Rata Percentage multiplied by the Borrowing Base then in effect. Within the limits set forth above and subject to the terms, conditions and limitations set forth herein, the Borrower may borrow, pay or prepay and reborrow Revolving Loans.

2.02    Revolving Loans.

(a)Each Revolving Loan (other than Swingline Loans) shall be made as part of a Borrowing consisting of Revolving Loans made by the Lenders ratably in accordance with their applicable Commitments; provided that the failure of any Lender to make any Revolving Loan shall not in itself relieve any other Lender of its obligation to lend hereunder (it being understood, however, that no Lender shall be responsible for the failure of any other Lender to make any Revolving Loan required to be made by such other Lender). Except for Revolving Loans deemed made pursuant to Section 2.02(f), Revolving Loans (other than Swingline Loans) comprising any Borrowing shall be in an aggregate principal amount that is (i) (A) in the case of Base Rate Loans, not less than $500,000 and (B) in the case of Eurodollar Rate Loans, an integral multiple of $250,000 and not less than $1,000,000, or (ii) equal to the remaining available balance of the applicable Revolving Commitments.

(b)Subject to Sections 3.02, 3.03 and 3.04, each Borrowing shall be comprised entirely of Base Rate Loans or Eurodollar Rate Loans as the Borrower may request pursuant to Section 2.03. Each Lender may at its option make any Eurodollar Rate Loan by causing any domestic or foreign branch or Affiliate of such Lender to

make such Revolving Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Revolving Loan in accordance with the terms of this Agreement or cause the Borrower to pay additional amounts pursuant to Sections 3.02, 3.03 and 3.04. Borrowings of more than one Type may be outstanding at the same time; provided further that the Borrower shall not be entitled to request any Borrowing that, if made, would result in more than ten Borrowings of Eurodollar Rate Loans outstanding hereunder at any one time. For purposes of the foregoing, Borrowings having different Interest Periods, regardless of whether they commence on the same date, shall be considered separate Borrowings.

(c)Except with respect to Revolving Loans deemed made pursuant to Section 2.02(f), each Lender shall make each Revolving Loan (other than Swingline Loans) to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds to such account in New York City as the Administrative Agent may designate not later than 3:00 p.m., New York City time, and the Administrative Agent shall promptly credit the amounts so received to an account as directed by the Borrower in the applicable Notice of Borrowing maintained with the Administrative Agent or, if a Borrowing shall not occur on such date because any condition precedent herein specified shall not have been met or waived, return the amounts so received to the respective Lenders.

(d)Unless the Administrative Agent shall have received notice from a Lender prior to the date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with paragraph (c) above, and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If the Administrative Agent shall have so made funds available then, to the extent that such Lender shall not have made such portion available to the Administrative Agent, such Lender and the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to the Borrower until the date such amount is repaid to the Administrative Agent at (i) in the case of the Borrower, the interest rate applicable at the time to the Revolving Loans comprising such Borrowing and (ii) in the case of such Lender, a rate determined by the Administrative Agent to represent its cost of overnight or short-term funds (which determination shall be conclusive absent manifest error). If such Lender shall repay to the Administrative Agent such corresponding amount, such amount shall constitute such Lender’s Revolving Loan as part of such Borrowing for purposes of this Agreement.

(e)Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date.

(f)If the Issuing Bank shall not have received from the Borrower the payment required to be made by Section 2.13(e)within the time specified in such Section, the Issuing Bank will promptly notify the Administrative Agent of the LC Disbursement and the Administrative Agent will promptly notify each Revolving Lender of such LC Disbursement and its Pro Rata Percentage thereof. Each Revolving Lender shall pay by wire transfer of immediately available funds to the Administrative Agent on such date (or, if such Revolving Lender shall have received such notice later than 12:00 (noon), New York City time, on any day, not later than 11:00 a.m., New York City time, on the immediately following Business Day), an amount equal to such Lender’s Pro Rata Percentage of such LC Disbursement (it being understood that such amount shall be deemed to constitute a Base Rate Loan of such Lender, and such payment shall be deemed to have reduced the LC Exposure), and the Administrative Agent will promptly pay to the Issuing Bank amounts so received by it from the Revolving Lenders. The Administrative Agent will promptly pay to the Issuing Bank any amounts received by it from the Borrower pursuant to Section 2.13(e) prior to the time that any Revolving Lender makes any payment pursuant to this paragraph (f); any such amounts received by the Administrative Agent thereafter will be promptly remitted by the Administrative Agent to the Revolving Lenders that shall have made such payments and to the Issuing Bank, as their interests may appear. If any Revolving Lender shall not have made its Pro Rata Percentage of such LC Disbursement available to the Administrative Agent as provided above, such Lender and the Borrower severally agree to pay interest on such

amount, for each day from and including the date such amount is required to be paid in accordance with this paragraph (f) to but excluding the date such amount is paid, to the Administrative Agent for the account of the Issuing Bank at (i) in the case of the Borrower, a rate per annum equal to the interest rate applicable to Revolving Loans pursuant to Section 2.06(a), and (ii) in the case of such Lender, for the first such day, the Federal Funds Rate, and for each day thereafter, the Base Rate.

2.03    Borrowing Procedure.

To request a Revolving Borrowing, the Borrower shall notify the Administrative Agent of such request by telecopy or electronic transmission (if arrangements for doing so have been approved by the Administrative Agent, which approval shall not be unreasonably withheld, conditioned or delayed) or telephone (promptly confirmed by telecopy) (i) in the case of a Borrowing of Eurodollar Rate Loans, not later than 11:00 a.m., New York City time, three Business Days before the date of the proposed Borrowing or (ii) in the case of a Borrowing of Base Rate Loans (other than Swingline Loans), not later than 11:00 a.m., New York City time, on the Business Day of the proposed Borrowing. Each such telephonic Notice of Borrowing shall be irrevocable, subject to Sections 2.09 and 3.01, and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Notice of Borrowing in a form approved by the Administrative Agent and signed by the Borrower. Each such telephonic and written Notice of Borrowing shall specify the following information in compliance with Section 2.02:

(a)    the aggregate amount of such Borrowing;

(b)    the date of such Borrowing, which shall be a Business Day;

(c)    whether such Borrowing is to be a Borrowing of Base Rate Loans or a Borrowing of Eurodollar Rate Loans;

(d)    in the case of a Borrowing of Eurodollar Rate Loans, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term “Interest Period”;

(e)    the location and number of the account to which funds are to be disbursed, which shall comply with the requirements of Section 2.02; and

(f)    that the conditions set forth in Section 4.01 or Section 4.02, as applicable, are satisfied or waived as of the date of the notice.

If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be a Borrowing of Base Rate Loans. If no Interest Period is specified with respect to any requested Borrowing of Eurodollar Rate Loans, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration (subject to the proviso in clause (d) above). Promptly following receipt of a Notice of Borrowing in accordance with this Section 2.03, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Revolving Loan to be made as part of the requested Borrowing.

2.04    Evidence of Debt; Repayment of Revolving Loans.

(a)    The Borrower hereby unconditionally promises to pay (i) to the Administrative Agent for the account of each Revolving Lender, the then unpaid principal amount of each Revolving Loan of such Lender on the Maturity Date and (ii) to the Swingline Lender the then unpaid principal amount of each Swingline Loan on the Maturity Date.

(b)    Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Revolving Loan made by such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time under this Agreement. The Borrower shall be entitled to review records of such accounts with prior reasonable notice during normal business hours.

(c)    The Administrative Agent shall maintain accounts in which it will record (i) the amount of each Revolving Loan made hereunder, the Type thereof and the Interest Period applicable thereto; (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder; and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender. The Borrower shall be entitled to review records of such accounts with prior reasonable notice during normal business hours.

(d)    The entries made in the accounts maintained pursuant to paragraphs (b) and (c) above shall be prima facie evidence of the existence and amounts of the obligations therein recorded absent manifest error; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligations of the Borrower to repay the Revolving Loans in accordance with their terms.

(e)    Any Lender may request that Revolving Loans made by it be evidenced by a promissory note. In such event, the Borrower shall promptly prepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and its registered assigns) substantially in the form of Exhibit B-1 or Exhibit B-2, as applicable.

2.05    Fees.

(a)    Unused Line Fee. The Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders (other than any Defaulting Lender), a fee equal to the Unused Line Fee Rate multiplied by the amount by which the Revolving Commitments (other than Revolving Commitments of a Defaulting Lender) exceed the average daily balance of outstanding Revolving Loans (other than Swingline Loans) and stated amount of outstanding Letters of Credit during any fiscal quarter (such fee, the “Unused Line Fee”). Such fee shall accrue commencing on the Closing Date, and will be payable in arrears, on the first day of each fiscal quarter, commencing July 1, 2013.

(b)    Administrative Agent Fees. The Borrower agrees to pay to the Administrative Agent, for its own account, the fees set forth in the Fee Letter or such other fees payable in the amounts and at the times separately agreed upon between the Borrower and the Administrative Agent (the “Administrative Agent Fees”).

(c)    LC and Fronting Fees. The Borrower agrees to pay (i) to the Administrative Agent for the account of each Revolving Lender a participation fee (“LC Participation Fee”) with respect to its participations in Letters of Credit, which shall accrue at a rate per annum equal to the Applicable Margin from time to time used to determine the interest rate on Eurodollar Rate Loans pursuant to Section 2.06, on the average daily amount of such Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Closing Date to but excluding the later of the date on which such Lender’s Revolving Commitment terminates and the date on which such Lender ceases to have any LC Exposure, and (ii) to the Issuing Bank a fronting fee (“Fronting Fee”), which shall accrue at the rate of 0.125% per annum on the average daily amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Closing Date to but excluding the later of the date of termination of the Revolving Commitments and the date on which there ceases to be any LC Exposure, as well as the Issuing Bank’s standard and reasonable fees with respect to the issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder as agreed among the Borrower and the Issuing Bank from time to time. LC Participation Fees and Fronting Fees accrued through and including the last day of March, June, September and December of each year shall be payable on the third Business Day following such last day, commencing on the first such date to occur after the Closing Date; provided that all such fees shall be payable on the date on which the Revolving Commitments terminate and any such fees accruing after the date on which the Revolving Commitments terminate shall be payable on demand (including documentation reasonably supporting such request). Any other fees payable to the Issuing Bank pursuant to this paragraph shall be payable within 10 days after written demand

(together with backup documentation supporting such reimbursement request). All LC Participation Fees and Fronting Fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).

(d)    All fees shall be paid on the dates due, in immediately available funds, to the Administrative Agent for distribution, if and as appropriate, among the Lenders (other than Defaulting Lenders), except that the Fronting Fees shall be paid directly to the Issuing Bank. Once paid, none of the fees shall be refundable under any circumstances.

2.06    Interest on Revolving Loans.

(a)    Subject to the provisions of Section 2.06(c), the Revolving Loans comprising each Borrowing of Base Rate Loans, including each Swingline Loan, shall bear interest at a rate per annum equal to the Base Rate plus the Applicable Margin in effect from time to time.

(b)     Subject to the provisions of Section 2.06(c), the Revolving Loans comprising each Borrowing of Eurodollar Rate Loans shall bear interest at a rate per annum equal to the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin in effect from time to time.

(c)     Notwithstanding the foregoing, if any principal of or interest on any Revolving Loan or any fees or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of, or interest on, any Revolving Loan, 2% plus the rate otherwise applicable to such Revolving Loan or (ii) in the case of any other amount, 2% plus the rate applicable to Base Rate Loans (in each case, the “Default Rate”).

(d)    Accrued interest on each Revolving Loan shall be payable in arrears on each Adjustment Date, commencing with July 1, 2013, for such Revolving Loan and upon termination of the Revolving Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section 2.06 shall be payable on demand and, absent demand, on each Adjustment Date and upon termination of the Revolving Commitments, (ii) in the event of any repayment or prepayment of any Revolving Loan (other than a prepayment of a Base Rate Loan prior to the end of the Revolving Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Rate Loan prior to the end of the current Interest Period therefor, accrued interest on such Revolving Loan shall be payable on the effective date of such conversion.

(e)     All interest hereunder shall be computed on the basis of a year of 365/366 days, except that interest computed by reference to the Eurodollar Rate (other than Base Rate Loans determined by reference to the Eurodollar Rate) and all fees shall be computed on the basis of a year of 360 days, and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Base Rate or Eurodollar Rate shall be determined by the Administrative Agent in accordance with the provisions of this Agreement and such determination shall be conclusive absent manifest error.

2.07    Termination and Reduction of Commitments.

(a)     The Revolving Commitments, the Swingline Commitment, and the LC Commitment shall automatically terminate on the Maturity Date.

(b)    The Borrower may at any time terminate, or from time to time reduce, the Revolving Commitments; provided that (i) any such reduction shall be in an amount that is an integral multiple of $1,000,000 and (ii) the Revolving Commitments shall not be terminated or reduced if after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.09, the Aggregate Exposures would exceed the Aggregate Commitments.

(c)    The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Aggregate Commitments under paragraph (b) of this Section 2.07 at least two Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.07 shall be irrevocable except that, to the extent delivered in connection with a refinancing of the Obligations, such notice shall not be irrevocable until such refinancing is closed and funded. Any effectuated termination or reduction of the Aggregate Commitments shall be permanent. Each reduction of the Aggregate Commitments shall be made ratably among the Lenders in accordance with their respective Revolving Commitments.

2.08    Interest Elections.

(a)    Each Revolving Borrowing initially shall be of the Type specified in the applicable Notice of Borrowing and, in the case of a Borrowing of Eurodollar Rate Loans, shall have an initial Interest Period as specified in such Notice of Borrowing. Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Borrowing of Eurodollar Rate Loans, may elect Interest Periods therefor, all as provided in this Section 2.08. The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Revolving Loans comprising such Borrowing, and the Revolving Loans comprising each such portion shall be considered a separate Borrowing. Notwithstanding anything to the contrary, the Borrower shall not be entitled to request any conversion or continuation that, if made, would result in more than ten Borrowings of Eurodollar Rate Loans outstanding hereunder at any one time. This Section 2.08 shall not apply to Swingline Loans, which may not be converted or continued.

(b)    To make an election pursuant to this Section 2.08, the Borrower shall notify the Administrative Agent of such election by telephone or electronic transmission (if arrangements for doing so have been approved by the Administrative Agent, which approval shall not be unreasonably withheld, delayed or conditioned) by the time that a Notice of Borrowing would be required under Section 2.03 if the Borrower was requesting a Revolving Borrowing of the Type resulting from such election to be made on the effective date of such election, subject to Section 3.05. Each such telephonic Notice of Conversion/Continuation shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Notice of Conversion/Continuation substantially in the form of Exhibit A-2, unless otherwise agreed to by the Administrative Agent and the Borrower.

(c)    Each telephonic and written Notice of Conversion/Continuation shall specify the following information in compliance with Section 2.02:

(i)the Borrowing to which such Notice of Conversion/Continuation applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);

(ii)the effective date of the election made pursuant to such Notice of Conversion/Continuation, which shall be a Business Day;

(iii)whether the resulting Borrowing is to be a Borrowing of Base Rate Loans or a Borrowing of Eurodollar Rate Loans; and

(iv)if the resulting Borrowing is a Borrowing of Eurodollar Rate Loans, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period.”

If any such Notice of Conversion/Continuation requests a Borrowing of Eurodollar Rate Loans but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.

(d)    Promptly following receipt of a Notice of Conversion/Continuation, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing.

(e)    If a Notice of Conversion/Continuation with respect to a Borrowing of Eurodollar Rate Loans is not timely delivered prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to a Borrowing of Base Rate Loans. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, after the occurrence and during the continuance of such Event of Default (i) no outstanding Borrowing may be converted to or continued as a Borrowing of Eurodollar Rate Loans and (ii) unless repaid, each Borrowing of Eurodollar Rate Loans shall be converted to a Borrowing of Base Rate Loans at the end of the Interest Period applicable thereto.

2.09    Optional and Mandatory Prepayments of Revolving Loans.

(a)    Optional Prepayments. The Borrower shall have the right at any time and from time to time to prepay, without premium or penalty, any Borrowing, in whole or in part, subject to the requirements of this Section 2.09; provided that each partial prepayment shall be in an amount that is an integral multiple of $100,000.

(b)    Revolving Loan Prepayments.

(i)    In the event of the termination of all the Revolving Commitments, the Borrower shall, on the date of such termination, repay or prepay all the outstanding Revolving Borrowings and all outstanding Swingline Loans and Cash Collateralize or backstop on terms reasonably satisfactory to the Administrative Agent the LC Exposure in accordance with Section 2.13(j).

(ii)    In the event of any partial reduction of the Revolving Commitments, then (A) at or prior to the effective date of such reduction, the Administrative Agent shall notify the Borrower and the Revolving Lenders of the Aggregate Exposures after giving effect thereto and (B) if the Aggregate Exposures would exceed the Line Cap then in effect, after giving effect to such reduction, then the Borrower shall, on the date of such reduction (or, if such reduction is due to the imposition of new Reserves or a change in the methodology of calculating existing Reserves, within five Business Days following such notice), first, repay or prepay all Swingline Loans, second, repay or prepay Revolving Borrowings and third, replace or Cash Collateralize outstanding Letters of Credit in accordance with the procedures set forth in Section 2.13(j), in an amount sufficient to eliminate such excess.

(iii)    In the event that the Aggregate Exposures at any time exceeds the Line Cap then in effect, the Borrower shall, immediately after demand (or, if such overadvance is due to the imposition of new Reserves or a change in the methodology of calculating existing Reserves, or change in eligibility standards, within five Business Days following notice), apply an amount equal to such excess to prepay the Revolving Loans and any interest accrued thereon, in accordance with this Section 2.09(b)(iii). The Borrower shall, first, repay or prepay all Swingline Loans, second, repay or prepay Revolving Borrowings, and third, replace or Cash Collateralize outstanding Letters of Credit in accordance with the procedures set forth in Section 2.13(j), in an amount sufficient to eliminate such excess.

(iv)    In the event that the aggregate LC Exposure exceeds the LC Commitment then in effect, the Borrower shall, without notice or demand, immediately replace or Cash Collateralize outstanding Letters of Credit in accordance with the procedures set forth in Section 2.13(j), in an amount sufficient to eliminate such excess.

(c)    Application of Prepayments.

(i)    Prior to any optional or mandatory prepayment of Borrowings hereunder, the Borrower shall select the Borrowing or Borrowings to be prepaid and shall specify such selection in the notice of such prepayment pursuant to paragraph (i) of this Section 2.09(c). Unless during a Liquidity Period, except as provided in Section 2.09(b)(iii) hereof, all mandatory prepayments shall be applied as follows: first, to fees and reimbursable expenses of the Administrative Agent then due and payable pursuant to the Loan Documents; second, to interest then due and payable on the Borrower’s Swingline Loans; third, to the principal balance of the Swingline Loans outstanding until the same has been prepaid in full; fourth, to interest then due and payable on the Revolving Loans and other amounts due pursuant to Section 3.05; fifth, to the principal balance of the Revolving Loans until the same have been prepaid in full; sixth, to Cash Collateralize all LC Exposure plus any accrued and unpaid interest thereon (to be held and applied in accordance with Section 2.13(j) hereof); seventh, to all other Obligations pro rata in accordance with the amounts that such Lender certifies is outstanding; and eighth, as required by the Term Intercreditor Agreement or, in the absence of any such requirement, returned to the Borrower or to such party as otherwise required by law.

(ii)    Amounts to be applied pursuant to this Section 2.09 to the prepayment of Revolving Loans shall be applied, as applicable, first to reduce outstanding Base Rate Loans. Any amounts remaining after each such application shall be applied to prepay Eurodollar Rate Loans. Notwithstanding the foregoing, if the amount of any prepayment of Revolving Loans required under this Section 2.09 shall be in excess of the amount of the Base Rate Loans at the time outstanding, only the portion of the amount of such prepayment that is equal to the amount of such outstanding Base Rate Loans shall be immediately prepaid and, at the election of the Borrower, the balance of such required prepayment shall be either (A) deposited in the LC Collateral Account and applied to the prepayment of Eurodollar Rate Loans on the last day of the then next-expiring Interest Period for Eurodollar Rate Loans (with all interest accruing thereon for the account of the Borrower) or (B) prepaid immediately, together with any amounts owing to the Lenders under Section 2.10. Notwithstanding any such deposit in the LC Collateral Account, interest shall continue to accrue on such Revolving Loans until prepayment.

(d)    Notice of Prepayment. The Borrower shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the Swingline Lender) by telephone (confirmed by telecopy) of any prepayment hereunder (i) in the case of prepayment of a Borrowing of Eurodollar Rate Loans, not later than 1:00 p.m., New York City time, three Business Days before the date of prepayment, (ii) in the case of prepayment of a Borrowing of Base Rate Loans, not later than 4:00 p.m., New York City time, on the date of prepayment or (iii) in the case of prepayment of a Swingline Loan, not later than 1:00 p.m., New York City time, on the date of prepayment. Each such notice shall specify the prepayment date, the principal amount of each Borrowing or portion thereof to be prepaid and, in the case of a mandatory prepayment, a reasonably detailed calculation of the amount of such prepayment. Each notice of prepayment pursuant to this Section shall be irrevocable, except that the Borrower may, by subsequent notice to the Administrative Agent, revoke any such notice of prepayment if such notice of revocation is received not later than 10:00 a.m. (New York City time) on the day on which such prepayment is scheduled to occur and, provided that (i) the Borrower reimburses each Lender pursuant to Section 3.05 for any funding losses within five Business Days after receiving written demand therefor and (ii) the amount of Revolving Loans as to which such revocation applies shall be deemed converted to (or continued as, as applicable) Base Rate Loans in accordance with the provisions of Section 2.08 as of the date of notice of revocation (subject to subsequent conversion in accordance with the provisions of this Agreement). Promptly following receipt of any such notice (other than a notice relating solely to Swingline Loans), the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount that would be permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02, except as necessary to apply fully the required amount of a mandatory prepayment. Each prepayment of a Borrowing shall be applied ratably to the Revolving Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.06.

2.10    Payments Generally; Pro Rata Treatment; Sharing of Set-offs.

(a)    The Borrower shall make each payment required to be made by it hereunder or under any other Loan Document (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable

under Sections 3.02, 3.03, 3.04 and 3.05 or otherwise) at or before the time expressly required hereunder or under such other Loan Document for such payment (or, if no such time is expressly required, prior to 2:00 p.m., New York City time), on the date when due, in immediately available funds, without setoff or counterclaim. Any amounts received after such time on any date may, in the reasonable discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at the Payment Office, except payments to be made directly to the Issuing Bank or Swingline Lender as expressly provided herein and except that payments pursuant to Sections 3.02, 3.03, 3.04, 3.05 and 11.04 shall be made to the Administrative Agent for the benefit of to the Persons entitled thereto and payments pursuant to other Loan Documents shall be made to the Administrative Agent for the benefit of the Persons specified therein. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment under any Loan Document shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments under each Loan Document shall be made in Dollars.

(b)    If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied in the manner as provided in Section 2.09(c) or 8.03 hereof, as applicable, ratably among the parties entitled thereto.

(c)    If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Revolving Loans or participations in LC Disbursements or Swingline Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Revolving Loans and participations in LC Disbursements and Swingline Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Revolving Loans and participations in LC Disbursements and Swingline Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Revolving Loans and participations in LC Disbursements and Swingline Loans; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Revolving Loans or participations in LC Disbursements to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Loan Parties rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of a Loan Party in the amount of such participation.

(d)    Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Bank hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Bank, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

(e)    If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.02(c), 2.02(f), 2.10(d), 2.12(d) or 2.13(d), then the Administrative Agent may, in its discretion (notwithstanding any

contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid.

2.11    Defaulting Lenders.

a.Reallocation of Pro Rata Share; Amendments. For purposes of determining the Lenders’ obligations to fund or acquire participations in Revolving Loans (including Swingline Loans) or Letters of Credit, the Administrative Agent may exclude the Revolving Commitments and Revolving Loans of any Defaulting Lender(s) from the calculation of Pro Rata Shares and any Revolving Commitments or Fronting Exposure of any such Defaulting Lender shall automatically be reallocated among the non-Defaulting Lenders pro rata in accordance with their Revolving Commitments up to an amount such that the Revolving Exposure of each non-Defaulting Lender does not exceed its Revolving Commitments, so long as the conditions set forth in Section 4.02 are satisfied at the time of such reallocation. A Defaulting Lender shall have no right to vote on any amendment, waiver or other modification of a Loan Document, except as provided in Section 11.01.

b.Payments; Fees. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of a Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise, and including any amounts made available to the Administrative Agent by that Defaulting Lender pursuant to Section 11.08) shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by that Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by that Defaulting Lender to any applicable Issuing Banks and Swingline Lenders hereunder; third, if so reasonably determined by the Administrative Agent or reasonably requested by the applicable Issuing Bank or Swingline Lender, to be held as Cash Collateral for the Fronting Exposure of such Defaulting Lender; fourth, to the funding of any Revolving Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent or the Borrower, to be held in a deposit account and released in order to satisfy obligations of that Defaulting Lender to fund Revolving Loans under this Agreement and to Cash Collateralize any Issuing Bank’s Fronting Exposure with respect to such Defaulting Lender; sixth, to the payment of any amounts owing to the Lenders, the Issuing Banks or Swingline Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender, any Issuing Bank or any Swingline Lender against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; seventh, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Revolving Loans or LC Obligations in respect of which that Defaulting Lender has not fully funded its appropriate share and (y) such Revolving Loans or LC Obligations were made at a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the Revolving Loans of, and LC Obligations owed to, all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Revolving Loans of, or LC Obligations owed to, that Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.11(b) shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto. A Lender shall not be entitled to receive any fees accruing hereunder during the period in which it is a Defaulting Lender, and the unfunded portion of its Revolving Commitment shall be disregarded for purposes of calculating the Unused Line Fee Rate under Section 2.05(a). To the extent any LC Obligations owing to a Defaulting Lender are reallocated to other Lenders, Letter of Credit fees attributable to such LC Obligations under Section 2.05(c) shall be paid to such other Lenders. The Borrower shall not be required to pay any Letter of Credit fees attributable to LC Obligations that are not so reallocated; provided that if the Borrower has not Cash Collateralized the Fronting Exposure associated with a Defaulting Lender pursuant to Section 2.13(j)(ii), then the Borrower shall pay such Letter of Credit fees to the Administrative Agent.

c.Cure. The Borrower, the Administrative Agent and the Issuing Bank may agree in writing that a Lender is no longer a Defaulting Lender. At such time, Pro Rata Shares shall be reallocated without exclusion of such Lender’s Revolving Commitments and Revolving Loans, and all outstanding Revolving Loans, LC Obligations and other exposures under the Revolving Commitments shall be reallocated among the Lenders and settled by the Administrative Agent (with appropriate payments by the reinstated Lender) in accordance with the readjusted Pro Rata Shares. Unless expressly agreed in writing by the Borrower, the Administrative Agent and the Issuing Bank (each of which shall make such determination, in its sole discretion), no reinstatement of a Defaulting Lender shall constitute a waiver or release of claims against such Lender. The failure of any Lender to fund a Revolving Loan, to make a payment in respect of LC Obligations or otherwise to perform its obligations hereunder shall not relieve any other Lender of its obligations, and no Lender shall be responsible for default by another Lender. No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a non-Defaulting Lender as a result of such non-Defaulting Lender’s increased exposure following such reallocation.

2.12    Swingline Loans.

(a)Swingline Commitment. Subject to the terms and conditions set forth herein, the Swingline Lender may, but shall not be obligated to, make Swingline Loans to the Borrower from time to time during the Revolving Availability Period, in an aggregate principal amount at any time outstanding that will not result in (i) the aggregate principal amount of outstanding Swingline Loans exceeding $20,000,000 or (ii) the Aggregate Exposures exceeding the Line Cap; provided that the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline Loan. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, repay and reborrow Swingline Loans.

(b)Swingline Loans. To request a Swingline Loan, the Borrower shall notify the Administrative Agent of such request by telephone (confirmed by telecopy), not later than 4:00 p.m., New York City time, on the day of a proposed Swingline Loan. Each such notice shall be irrevocable and specify the requested date (which shall be a Business Day) and amount of the requested Swingline Loan. The Administrative Agent will promptly advise the Swingline Lender of any such notice received from the Borrower. The Swingline Lender shall make each Swingline Loan available to the Borrower by means of a credit to the general deposit account of the Borrower with the Swingline Lender (or, in the case of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided in Section 2.13(e), by remittance to the Issuing Bank) by 5:00 p.m., New York City time, on the requested date of such Swingline Loan. The Borrower shall not request a Swingline Loan if at the time of and immediately after giving effect to such request a Default has occurred and is continuing. Swingline Loans shall be made in minimum amounts of $100,000.

(c)Prepayment. The Borrower shall have the right at any time and from time to time to repay, without premium or penalty, any Swingline Loan, in whole or in part, upon giving written or telecopy notice (or telephone notice promptly confirmed by written, or telecopy notice) to the Swingline Lender and to the Administrative Agent before 4:00 p.m., New York City time on the date of repayment at the Swingline Lender’s address for notices specified in the Swingline Lender’s administrative questionnaire. All principal payments of Swingline Loans shall be accompanied by accrued interest on the principal amount being repaid to the date of payment.

(d)Participations. The Swingline Lender may by written notice given to the Administrative Agent not later than 4:00 p.m., New York City time, on any Business Day require the Revolving Lenders to acquire participations on such Business Day in all or a portion of the Swingline Loans outstanding. Such notice shall specify the aggregate amount of Swingline Loans in which Revolving Lenders will participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Revolving Lender, specifying in such notice such Lender’s Pro Rata Percentage of such Swingline Loan(s). Each Revolving Lender hereby absolutely and unconditionally agrees, upon receipt of notice as provided above, to pay to the Administrative Agent, for the account of the Swingline Lender, such Lender’s Pro Rata Percentage of such Swingline Loan(s). Each Revolving Lender acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by any circumstance whatsoever, including

the occurrence and continuance of a Default or reduction or termination of the Aggregate Commitments or whether an Overadvance exists or is created thereby, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever (provided that such payment shall not cause such Lender’s Revolving Exposure to exceed such Lender’s Revolving Commitment). Each Revolving Lender shall comply with its obligation under this paragraph by wire transfer of immediately available funds, in the same manner as provided in Section 2.02(f) with respect to Revolving Loans made by such Lender (and Section 2.02 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it from the Revolving Lenders. The Administrative Agent shall notify the Borrower of any participations in any Swingline Loan acquired pursuant to this paragraph, and thereafter payments in respect of such Swingline Loan shall be made to the Administrative Agent and not to the Swingline Lender. Any amounts received by the Swingline Lender from the Borrower (or other party on behalf of the Borrower) in respect of a Swingline Loan after receipt by the Swingline Lender of the proceeds of a sale of participations therein shall be promptly remitted to the Administrative Agent; any such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Revolving Lenders that shall have made their payments pursuant to this paragraph and to the Swingline Lender, as their interests may appear. The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve the Borrower of any default in the payment thereof.

(e)If the Maturity Date shall have occurred at a time when Extended Revolving Loan Commitments are in effect, then on the Maturity Date all then outstanding Swingline Loans shall be repaid in full on such date (and there shall be no adjustment to the participations in such Swingline Loans as a result of the occurrence of such Maturity Date); provided that, if on the occurrence of the Maturity Date (after giving effect to any repayments of Revolving Loans and any reallocation of Letter of Credit participations as contemplated in Section 2.13(o)), there shall exist sufficient unutilized Extended Revolving Loan Commitments so that the respective outstanding Swingline Loans could be incurred pursuant to the Extended Revolving Loan Commitments which will remain in effect after the occurrence of the Maturity Date, then there shall be an automatic adjustment on such date of the participations in such Swingline Loans and same shall be deemed to have been incurred solely pursuant to the Extended Revolving Loan Commitments and such Swingline Loans shall not be so required to be repaid in full on the Maturity Date.

2.13    Letters of Credit.

(a)General. Subject to the terms and conditions set forth herein, the Borrower may request the issuance of Letters of Credit for the Borrower’s account or the account of a Subsidiary of the Borrower in a form reasonably acceptable to the Administrative Agent and the Issuing Bank, at any time and from time to time during the Revolving Availability Period (provided that the Borrower shall be a co-applicant with respect to each Letter of Credit issued for the account of or in favor of a Subsidiary). All Existing Letters of Credit shall be deemed, without further action by any party hereto, to have been issued on the Closing Date pursuant to this Agreement, and the Lenders shall thereupon acquire participations in the Existing Letters of Credit as if so issued without further action by any party hereto, to be acquired by the Lenders hereto. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by the Borrower to, or entered into by the Borrower with, the Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control.

(b)Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit or the amendment, renewal or extension of an outstanding Letter of Credit, the Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the Issuing Bank) a LC Request to the Issuing Bank and the Administrative Agent not later than 1:00 p.m. on the second Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is reasonably acceptable to the Issuing Bank). A request for an initial issuance of a Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented

by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (vii) such other matters as the Issuing Bank may reasonably require. A request for an amendment, renewal or extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank (w) the Letter of Credit to be amended, renewed or extended, (x) the proposed date of amendment, renewal or extension thereof (which shall be a Business Day), (y) the nature of the proposed amendment, renewal or extension, and (z) such other matters as the Issuing Bank may reasonably require. If requested by the Issuing Bank, the Borrower also shall submit a letter of credit application substantially on the Issuing Bank’s standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended only if, and upon issuance, amendment, renewal or extension of each Letter of Credit the Borrower shall be deemed to represent and warrant that, after giving effect to such issuance, amendment, renewal or extension (A) the LC Exposure shall not exceed $35,000,000, (B) the total Revolving Exposures shall not exceed the lesser of (1) the total Revolving Commitments and (2) the Borrowing Base then in effect and (C) if a Defaulting Lender exists, either such Lender or the Borrower has entered into arrangements satisfactory to the Administrative Agent and Issuing Bank to eliminate any Fronting Exposure associated with such Lender. Unless the Issuing Bank shall otherwise agree, no Letter of Credit shall be denominated in a currency other than Dollars.

(c)Expiration Date. Each Letter of Credit shall expire at or prior to the close of business on the earlier of the date which is one year after the date of the issuance of such Letter of Credit (or such other longer period of time as the Administrative Agent and the applicable Issuing Bank may agree and, in the case of any renewal or extension thereof, one (1) year after such renewal or extension) and, unless Cash Collateralized or otherwise credit supported to the reasonable satisfaction of the Administrative Agent and the applicable Issuing Bank (in which case the expiry may extend no longer than twelve months after the Letter of Credit Expiration Date), the Letter of Credit Expiration Date. Each Letter of Credit may, upon the request of the Borrower, include a provision whereby such Letter of Credit shall be renewed automatically for additional consecutive periods of twelve (12) months or less (but, subject to the foregoing, not beyond the date that is after the Letter of Credit Expiration Date) unless the applicable Issuing Bank notifies the beneficiary thereof at least thirty (30) days prior to the then-applicable expiration date that such Letter of Credit will not be renewed.

(d)Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further action on the part of the Issuing Bank or the Lenders, the Issuing Bank hereby grants to each Revolving Lender, and each Revolving Lender hereby acquires from the Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Pro Rata Percentage of the aggregate amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Revolving Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the Issuing Bank, such Lender’s Pro Rata Percentage of each LC Disbursement made by the Issuing Bank and not reimbursed by the Borrower on the date due as provided in paragraph (e) of this Section 2.13, or of any reimbursement payment required to be refunded to the Borrower for any reason. Each Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Aggregate Commitments or whether or not an Overadvance exists or is created thereby, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever.

(e)Reimbursement. If the Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse such LC Disbursement by paying to the Issuing Bank an amount equal to such LC Disbursement not later than 2:00 p.m., New York City time, on the Business Day after receiving notice from the Issuing Bank of such LC Disbursement; provided that, whether or not the Borrower submits a Notice of Borrowing, the Borrower shall be deemed to have requested (except to the extent the Borrower makes payment to reimburse such LC Disbursement when due) a Borrowing of Base Rate Loans in an amount necessary to reimburse such LC Disbursement. If the Borrower fails to make such payment when due, the Issuing Bank shall notify the Administrative Agent and the Administrative Agent shall notify each Revolving Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Lender’s Pro Rata Percentage

thereof. Promptly following receipt of such notice, each Revolving Lender shall pay to the Administrative Agent its Pro Rata Percentage of the unreimbursed LC Disbursement (such aggregate amount, the “Unreimbursed Amount”) in the same manner as provided in Section 2.02(f) with respect to Revolving Loans made by such Lender, and the Administrative Agent shall promptly pay to the Issuing Bank the amounts so received by it from the Revolving Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall, to the extent that Revolving Lenders have made payments pursuant to this paragraph to reimburse the Issuing Bank, distribute such payment to such Lenders and the Issuing Bank as their interests may appear. Any payment made by a Revolving Lender pursuant to this paragraph to reimburse the Issuing Bank for any LC Disbursement (other than the funding of Base Rate Loans or a Swingline Loan as contemplated above) shall not constitute a Revolving Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.

(f)Obligations Absolute.

(i)    Subject to the limitations set forth below, the obligation of the Borrower to reimburse LC Disbursements as provided in paragraph (e) of this Section 2.13 shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not strictly comply with the terms of such Letter of Credit, (iv) the existence of any claim, setoff, defense or other right which the Borrower may have at any time against a beneficiary of any Letter of Credit, or (v) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section 2.13, constitute a legal or equitable discharge of, or provide a right of setoff against, the obligations of the Borrower hereunder; provided that the Borrower shall have no obligation to reimburse the Issuing Bank to the extent that such payment was made in error due to the gross negligence, bad faith, or willful misconduct of the Issuing Bank (as determined by a court of competent jurisdiction or another independent tribunal having jurisdiction). Neither the Administrative Agent, the Lenders nor the Issuing Bank, nor any of their Affiliates, shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the Issuing Bank; provided that the foregoing shall not be construed to excuse the Issuing Bank from liability to the Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable Law) suffered by the Borrower that are caused by the Issuing Bank’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence, willful misconduct, or bad faith on the part of the Issuing Bank (as determined by a court of competent jurisdiction or another independent tribunal having jurisdiction), the Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.

(ii)    The Issuing Bank does not assume any responsibility for any failure or delay in performance or any breach by the Borrower or other Person of any obligations under any LC Document. The Issuing Bank does not make to the Lenders any express or implied warranty, representation or guaranty with respect to the Collateral, such documents or any Loan Party. The Issuing Bank shall not be responsible to any Lender for any recitals, statements, information, representations or warranties contained in, or for the execution, validity,

genuineness, effectiveness or enforceability of any LC Document; the validity, genuineness, enforceability, collectability, value or sufficiency of any Collateral or the perfection of any Lien therein; or the assets, liabilities, financial condition, results of operations, business, creditworthiness or legal status of any Loan Party.

(iii)    No Issuing Bank or any of its Affiliates, or any of their respective officers, directors, employees, agents and investment advisors, shall be liable to any Lender or other Person for any action taken or omitted to be taken in connection with any LC Documents except as a result of its actual gross negligence or willful misconduct as determined by court of competent jurisdiction in a final nonappealable judgment. The Issuing Bank shall not have any liability to any Lender if the Issuing Bank refrains from any action under any Letter of Credit or such LC Documents until it receives written instructions from the Required Lenders.

(g)Disbursement Procedures. The Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. The Issuing Bank shall promptly notify the Administrative Agent and the Borrower by telephone (confirmed by telecopy) of such demand for payment and whether the Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse the Issuing Bank and the Revolving Lenders with respect to any such LC Disbursement (other than with respect to the timing of such reimbursement obligation set forth in Section 2.13(e)).

(h)Interim Interest. If the Issuing Bank shall make any LC Disbursement, then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made (whether with the proceeds of a Revolving Loan or otherwise), the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to Base Rate Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to Section 2.13(e), then Section 2.06(c) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to Section 2.13(e) to reimburse the Issuing Bank shall be for the account of such Lender to the extent of such payment.

(i)Resignation or Removal of the Issuing Bank. The Issuing Bank may resign as Issuing Bank hereunder at any time upon at least 30 days’ prior written notice to the Lenders, the Administrative Agent and the Borrower. The Issuing Bank may be replaced at any time by agreement between the Borrower and the Administrative Agent, provided that so long as no Default or Event of Default exists, such successor Issuing Bank shall be reasonably acceptable to the Borrower. One or more Lenders may be appointed as additional Issuing Banks in accordance with subsection (k) below. The Administrative Agent shall notify the Lenders of any such replacement of the Issuing Bank or any such additional Issuing Bank. At the time any such resignation or replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant toSection 2.05(c). From and after the effective date of any such resignation or replacement or addition, as applicable, (i) the successor or additional Issuing Bank shall have all the rights and obligations of the Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or such addition or to any previous Issuing Bank, or to such successor or such additional Issuing Bank and all previous Issuing Banks, as the context shall require. After the resignation or replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such resignation or replacement, but shall not be required to issue additional Letters of Credit. If at any time there is more than one Issuing Bank hereunder, the Borrower may, in its discretion, select which Issuing Bank is to issue any particular Letter of Credit.

(j)Cash Collateralization.

(i)    If any Specified Event of Default shall occur and be continuing, on the Business Day that the Borrower receives notice from the Administrative Agent (acting at the request of the Required Lenders) demanding the deposit of Cash Collateral pursuant to this paragraph, the Borrower shall deposit in the LC Collateral

Account, in the name of the Administrative Agent and for the benefit of the Secured Parties, an amount in cash equal to 103.0% of the LC Exposure as of such date. Each such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of the Borrower under this Agreement, but shall be immediately released and returned to the Borrower (in no event later than two (2) Business Days) once all Specified Events of Default are cured or waived. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposits, which investments shall be made only in Cash Equivalents and at the direction of the Borrower and at the Borrower’s risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse the Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the LC Exposure at such time or, if the maturity of the Revolving Loans has been accelerated (but subject to the consent of Revolving Lenders with LC Exposure representing greater than 50% of the total LC Exposure), be applied to satisfy other Obligations of the Borrower.

(ii)    The Borrower shall, on demand by the Issuing Bank or the Administrative Agent from time to time, Cash Collateralize the Fronting Exposure associated with any Defaulting Lender.

(k)Additional Issuing Banks. The Borrower may, at any time and from time to time with the consent of the Administrative Agent (which consent shall not be unreasonably withheld, delayed or conditioned) and such Lender, designate one or more additional Lenders to act as an issuing bank under the terms of this Agreement. Any Lender designated as an issuing bank pursuant to this paragraph (k) shall be deemed (in addition to being a Lender) to be the Issuing Bank with respect to Letters of Credit issued or to be issued by such Lender, and all references herein and in the other Loan Documents to the term “Issuing Bank” shall, with respect to such Letters of Credit, be deemed to refer to such Lender in its capacity as Issuing Bank, as the context shall require.

(l)The Issuing Bank shall be under no obligation to issue any Letter of Credit if:

i.any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the Issuing Bank from issuing such Letter of Credit, or any law applicable to the Issuing Bank or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the Issuing Bank shall prohibit, or request that the Issuing Bank refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the Issuing Bank with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the Issuing Bank is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon the Issuing Bank any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which the Issuing Bank in good faith deems material to it; or

ii.the issuance of such Letter of Credit would violate one or more policies of the Issuing Bank.

(m)The Issuing Bank shall be under no obligation to amend any Letter of Credit if (i) the Issuing Bank would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof, or (ii) the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit.

(n)LC Collateral Account.

(i)    The Administrative Agent is hereby authorized to establish and maintain at the Payment Office, in the name of the Administrative Agent and pursuant to a dominion and control agreement, a restricted deposit account designated “The Borrower LC Collateral Account.” Each Loan Party shall deposit into the LC Collateral Account from time to time the Cash Collateral required to be deposited under Section 2.13(j) hereof.

(ii)    The balance from time to time in such LC Collateral Account shall constitute part of the Collateral and shall not constitute payment of the Obligations until applied as hereinafter provided.

Notwithstanding any other provision hereof to the contrary, all amounts held in the LC Collateral Account shall constitute collateral security first for the liabilities in respect of Letters of Credit outstanding from time to time and second for the other Obligations hereunder until such time as all Letters of Credit shall have been terminated and all of the liabilities in respect of Letters of Credit have been paid in full. All funds in “The Borrower LC Collateral Account” may be invested in accordance with the provisions of Section 2.13(j).

(o)Extended Commitments. If the Maturity Date shall have occurred at a time when Extended Revolving Loan Commitments are in effect, then (i) such Letters of Credit shall automatically be deemed to have been issued (including for purposes of the obligations of the Lenders to purchase participations therein and to make payments in respect thereof pursuant to Sections 2.13(d) and (e)) under (and ratably participated in by Lenders providing) the Extended Revolving Loan Commitments, up to an aggregate amount not to exceed the aggregate principal amount of the unutilized Extended Revolving Loan Commitments thereunder at such time (it being understood that no partial face amount of any Letter of Credit may be so reallocated) and (ii) to the extent not reallocated pursuant to the immediately preceding clause (i), the Borrower shall Cash Collateralize any such Letter of Credit in accordance with Section 2.13(j). Except to the extent of reallocations of participations pursuant to the prior sentence, the occurrence of the Maturity Date with respect to Existing Revolving Loans shall have no effect upon (and shall not diminish) the percentage participations of the Lenders of Extended Revolving Loans in any Letter of Credit issued before the Maturity Date.

2.14    Settlement Amongst Lenders.

(a)The Swingline Lender may, at any time (but, in any event shall weekly), on behalf of the Borrower (which hereby authorizes the Swingline Lender to act on its behalf in that regard) request the Administrative Agent to cause the Lenders to make a Revolving Loan (which shall be a Base Rate Loan) in an amount equal to such Lender’s Pro Rata Percentage of the Outstanding Amount of Swingline Loans, which request may be made regardless of whether the conditions set forth in Section 4.02have been satisfied. Upon such request, each Lender shall make available to the Administrative Agent the proceeds of such Revolving Loan for the account of the Swingline Lender. If the Swingline Lender requires a Revolving Loan to be made by the Lenders and the request therefor is received prior to 12:00 Noon on a Business Day, such transfers shall be made in immediately available funds no later than 3:00 p.m. that day; and, if the request therefor is received after 12:00 Noon, then no later than 3:00 p.m. on the next Business Day. The obligation of each such Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent or the Swingline Lender. If and to the extent any Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand, such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, at the Federal Funds Rate.

(b)The amount of each Lender’s Pro Rata Percentage of outstanding Revolving Loans (including Swingline Loans) shall be computed weekly (or more frequently in the Administrative Agent’s discretion) and shall be adjusted upward or downward based on all Revolving Loans (including Swingline Loans) and repayments of Revolving Loans (including Swingline Loans) received by the Administrative Agent as of 3:00 p.m. on the first Business Day (such date, the “Settlement Date”) following the end of the period specified by the Administrative Agent.    

(c)The Administrative Agent shall deliver to each of the Lenders promptly after a Settlement Date a summary statement of the amount of outstanding Revolving Loans (including Swingline Loans) for the period and the amount of repayments received for the period. As reflected on the summary statement, (i) the Administrative Agent shall transfer to each Lender its applicable Pro Rata Percentage of repayments, and (ii) each Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Revolving Loans made by each Lender with respect to Revolving Loans to the Borrower (including Swingline Loans) shall be equal to such Lender’s applicable Pro Rata Percentage of Revolving Loans (including Swingline Loans) outstanding as of such Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the Lenders and is received prior to 12:00 Noon on a Business Day, such transfers shall be made in immediately

available funds no later than 3:00 p.m. that day; and, if received after 12:00 Noon, then no later than 3:00 p.m. on the next Business Day. The obligation of each Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, at the Federal Funds Rate.

2.15    Revolving Commitment Increase.

(a)Subject to the terms and conditions set forth herein, after the Closing Date, the Borrower shall have the right to request, by written notice to the Administrative Agent, an increase in the Revolving Commitments (a “Revolving Commitment Increase”) in an aggregate amount not to exceed $50,000,000; provided that (a) the Borrower shall only be permitted to request five (5) Revolving Commitment Increases during the term of this Agreement and (b) any Revolving Commitment Increase shall be in a minimum amount of $5,000,000.

(b)Each notice submitted pursuant to this Section 2.15 (a “Revolving Commitment Increase Notice”) requesting a Revolving Commitment Increase shall specify the amount of the increase in the Revolving Commitments being requested. Upon receipt of a Revolving Commitment Increase Notice, the Administrative Agent may (at the direction of the Borrower) promptly notify the Lenders and each Lender may (subject to the Borrower’s consent, not to be unreasonably withheld) have the right to elect to have its Revolving Commitment increased by its Pro Rata Share (it being understood and agreed that a Lender may elect to have its Revolving Commitment increased in excess of its Pro Rata Share in its discretion if any other Lender declines to participate in the Revolving Commitment Increase) of the requested increase in Revolving Commitments; provided that (i) each Lender may elect or decline, in its sole discretion, to have its Revolving Commitment increased in connection with any requested Revolving Commitment Increase, it being understood that no Lender shall be obligated to increase its Revolving Commitment unless it, in its sole discretion, so agrees and, if a Lender fails to respond to any Revolving Commitment Increase Notice within five (5) Business Days after such Lender’s receipt of such request, such Lender shall be deemed to have declined to participate in such Revolving Commitment Increase, (ii) if any Lender declines to participate in any Revolving Commitment Increase and, as a result, commitments from additional financial institutions are required in connection with the Revolving Commitment Increase, any Person or Persons providing such commitment shall be subject to the written consent of the Administrative Agent, the Swingline Lender and the Issuing Bank (such consent not to be unreasonably withheld or delayed), if such consent would be required pursuant to the definition of Eligible Assignee and (iii) in no event shall a Defaulting Lender be entitled to participate in such Revolving Commitment Increase. In the event that any Lender or other Person agrees to participate in any Revolving Commitment Increase (each an “Increase Loan Lender”), such Revolving Commitment Increase shall become effective on such date as shall be mutually agreed upon by the Increase Loan Lenders and the Borrower, which date shall be as soon as practicable after the date of receipt of the Revolving Commitment Increase Notice (such date, the “Increase Date”); provided that the establishment of such Revolving Commitment Increase shall be subject to the satisfaction of each of the following conditions: (1) the conditions set forth in Section 4.02(a) and (b) shall be satisfied; (2) the Revolving Commitment Increase shall be effected pursuant to one or more joinder agreements executed and delivered by the Borrower, the Administrative Agent, and the Increase Loan Lenders, each of which shall be reasonably satisfactory to the Borrower, the Administrative Agent, and the Increase Loan Lenders; (3) the Loan Parties shall execute and deliver or cause to be executed and delivered to the Administrative Agent such amendments to the Loan Documents, customary legal opinions and other documents as the Administrative Agent may reasonably request in connection with any such transaction, which amendments, legal opinions and other documents shall be reasonably satisfactory to the Administrative Agent; (4) the Borrower shall have paid to the Administrative Agent and the Lenders such additional fees as may be agreed to be paid by the Borrower in connection therewith; and (5) such Revolving Commitment Increase shall be permitted under the Second Lien Notes Indenture.

(c)On the Increase Date, upon fulfillment of the conditions set forth in this Section 2.15, (i) the Administrative Agent shall effect a settlement of all outstanding Revolving Loans among the Lenders that will reflect the adjustments to the Revolving Commitments of the Lenders as a result of the Revolving Commitment

Increase, (ii) the Administrative Agent shall notify the Lenders and Loan Parties of the occurrence of the Revolving Commitment Increase to be effected on the Increase Date, (iii) Schedule 2.01 shall be deemed modified to reflect the revised Revolving Commitments of the affected Lenders and (iv) Notes will be issued, at the expense of the Borrower, to any Lender participating in the Revolving Commitment Increase and requesting a Note.

(d)The terms and provisions of the Revolving Commitment Increase shall be identical to the Revolving Loans and the Revolving Commitments and, for purposes of this Agreement and the other Loan Documents, all Revolving Loans made under the Revolving Commitment Increase shall be deemed to be Revolving Loans. Without limiting the generality of the foregoing, (i) the rate of interest applicable to the Revolving Commitment Increase shall be the same as the rate of interest applicable to the existing Revolving Loans, (ii) unused line fees applicable to the Revolving Commitment Increase shall be calculated using the same Unused Line Fee Rates applicable to the existing Revolving Loans, (iii) the Revolving Commitment Increase shall share ratably in any mandatory prepayments of the Revolving Loans, (iv) after giving effect to such Revolving Commitment Increases, Revolving Commitments shall be reduced based on each Lender’s Pro Rata Percentage, and (v) the Revolving Commitment Increase shall rank paripassu in right of payment and security with the existing Revolving Loans. Each joinder agreement and any amendment to any Loan Document requested by the Administrative Agent in connection with the establishment of the Revolving Commitment Increase may, without the consent of any of the Lenders, effect such amendments to this Agreement (an “Incremental Revolving Commitment Agreement”) and the other Loan Documents as may be reasonably necessary or appropriate, in the opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section 2.15.

2.16    [Reserved]

2.17    Overadvances.

If the aggregate Revolving Loans outstanding exceed the Line Cap (an “Overadvance”) at any time, the excess amount shall be payable by the Borrower on demand by the Administrative Agent, but all such Revolving Loans shall nevertheless constitute Obligations secured by the Collateral and entitled to all benefits of the Loan Documents. The Administrative Agent may require the Lenders to honor requests for Overadvance Loans and to forbear from requiring the Borrower to cure an Overadvance, (a) when no other Event of Default is known to the Administrative Agent, as long as (i) the Overadvance does not continue for more than 30 consecutive days (and no Overadvance may exist for at least five consecutive days thereafter before further Overadvance Loans are required) and (ii) the aggregate amount of all Overadvances and Protective Advances is not known by the Administrative Agent to exceed 10.0% of the Borrowing Base, (b) regardless of whether an Event of Default exists, if the Administrative Agent discovers an Overadvance not previously known by it to exist, as long as from the date of such discovery the Overadvance (i) is not increased by more than $500,000, and (ii) does not continue for more than 30 consecutive days. In no event shall Overadvance Loans be required that would cause the aggregate outstanding Revolving Loans and LC Obligations to exceed the aggregate Revolving Commitments. The making of any Overadvance shall not create nor constitute a Default or Event of Default; it being understood that the making or continuance of an Overadvance shall not constitute a waiver by the Administrative Agent or the Lenders of the then existing Event of Default. In no event shall the Borrower or other Loan Party be permitted to require any Overadvance Loan to be made.

2.18    Protective Advances.

The Administrative Agent shall be authorized, in its discretion, following notice to and consultation with the Borrower, at any time, to make Base Rate Loans (“Protective Advances”) (a) in an aggregate amount, together with the aggregate amount of all Overadvance Loans, not to exceed 10.0% of the Borrowing Base, if the Administrative Agent deems such Protective Advances necessary or desirable to preserve and protect the Collateral, or to enhance the collectability or repayment of the Obligations; or (b) to pay any other amounts chargeable to Loan Parties under any Loan Documents, including costs, fees and expenses; provided that, the aggregate amount of outstanding Protective Advances plus the outstanding amount of Revolving Loans and LC Obligations shall not exceed the aggregate Revolving Commitments. Each Lender shall participate in each Protective Advance in

accordance with its Pro Rata Percentage. Required Lenders may at any time revoke the Administrative Agent’s authority to make further Protective Advances under clause (a) by written notice to the Administrative Agent. Absent such revocation, the Administrative Agent’s determination that funding of a Protective Advance is appropriate shall be conclusive. The Administrative Agent may use the proceeds of such Protective Advances to (a) protect, insure, maintain or realize upon any Collateral; or (b) defend or maintain the validity or priority of the Administrative Agent’s Liens in any Collateral, including any payment of a judgment, insurance premium, warehouse charge, finishing or processing charge, or landlord claim, or any discharge of a Lien; provided that the Administrative Agent shall use reasonable efforts to notify the Borrower after paying any such amount or taking any such action and shall not make payment of any item that is being properly contested.

2.19    Extended Loans.

(a)Notwithstanding anything to the contrary in this Agreement, subject to the terms of this Section 2.19, the Borrower may at any time and from time to time when no Event of Default then exists request that all or a portion of the Revolving Loans (the “Existing Revolving Loans”), together with any related outstandings, be converted to extend the scheduled maturity date(s) of any payment of principal with respect to all or any portion of the principal amount (and related outstandings) of such Revolving Loans (any such Revolving Loans which have been so converted, “Extended Revolving Loans”) and to provide for other terms consistent with this Section 2.19. In order to establish any Extended Revolving Loans, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders) (each, an “Extension Request”) setting forth the proposed terms of the Extended Revolving Loans to be established, which shall (x) be identical as offered to each Lender (including as to the proposed interest rates and fees payable) and (y) be identical to the Existing Revolving Loans, except that: (i) repayments of principal of the Extended Revolving Loans may be delayed to later dates than the Maturity Date; (ii) the Effective Yield with respect to the Extended Revolving Loans (whether in the form of interest rate margin, upfront fees, original issue discount or otherwise) may be different than the Effective Yield for the Existing Revolving Loans to the extent provided in the applicable Extension Amendment; and (iii) the Extension Amendment may provide for other covenants and terms that apply solely to any period after the Maturity Date that is in effect on the effective date of the Extension Amendment (immediately prior to the establishment of such Extended Revolving Loans); provided, however, that (A) in no event shall the final maturity date of any Extended Revolving Loans at the time of establishment thereof be earlier than the then Maturity Date of any other Revolving Loans hereunder and (B) the Weighted Average Life to Maturity of any Extended Revolving Loans at the time of establishment thereof shall be no shorter than the remaining Weighted Average Life to Maturity of any other Revolving Loans then outstanding. Any Extended Revolving Loans converted pursuant to any Extension Request shall be designated a series (each, an “Extension Series”) of Extended Revolving Loans, as applicable, for all purposes of this Agreement; provided that any Extended Revolving Loans converted from Existing Revolving Loans may, to the extent provided in the applicable Extension Amendment, be designated as an increase in any previously established Extension Series with respect to such Revolving Loans.

(b)With respect to any Extended Revolving Loans, subject to the provisions of Sections 2.12(e) and 2.13(o), to the extent dealing with Swingline Loans and Letters of Credit which mature or expire after the Maturity Date, all Swingline Loans and Letters of Credit shall be participated in on a pro rata basis by all Lenders with Revolving Loan Commitments and/or Extended Revolving Loan Commitments in accordance with their Pro Rata Share of the Aggregate Commitments (and, except as provided in Sections 2.12(e) and 2.13(o), without giving effect to changes thereto on the Maturity Date with respect to Swingline Loans and Letters of Credit theretofore incurred or issued) and all borrowings under the Aggregate Commitments and repayments thereunder shall be made on a pro rata basis (except for (x) payments of interest and fees at different rates on Extended Revolving Loan Commitments (and related outstandings) and (y) repayments required upon any Maturity Date of any Revolving Commitments or Extended Revolving Loan Commitments).

(c)The Borrower shall provide the applicable Extension Request at least ten (10) Business Days prior to the date on which Lenders under the Existing Revolving Loans are requested to respond, and shall agree to such procedures, if any, as may be established by, or acceptable to, the Administrative Agent, in each case acting reasonably to accomplish the purposes of this Section 2.19. No Lender shall have any obligation to agree to have

any of its Existing Revolving Loans converted into Extended Revolving Loans pursuant to any Extension Request. Any Lender (each, an “Extending Lender”) wishing to have all or a portion of its Existing Revolving Loans subject to such Extension Request converted into Extended Revolving Loans shall notify the Administrative Agent (each, an “Extension Election”) on or prior to the date specified in such Extension Request of the amount of its Existing Revolving Loans which it has elected to request be converted into Extended Revolving Loans (subject to any minimum denomination requirements imposed by the Administrative Agent). Any Lender that does not respond to the Extension Request on or prior to the date specified therein shall be deemed to have rejected such Extension Request. In the event that the aggregate principal amount of Existing Revolving Loans subject to Extension Elections relating to a particular Extension Request exceeds the amount of Extended Revolving Loans requested pursuant to such Extension Request, Revolving Loans subject to such Extension Elections shall be converted to Extended Revolving Loans, on a pro rata basis based on the aggregate principal amount of Revolving Loans included in each such Extension Election or to the extent such option is expressly set forth in the respective Extension Request, the Borrower shall have the option to increase the amount of Extended Revolving Loans so that such excess does not exist.

(d)Extended Revolving Loans shall be established pursuant to an amendment (each, a “Extension Amendment”) to this Agreement among the Borrower, the Administrative Agent and each Extending Lender providing Extended Revolving Loans thereunder which shall be consistent with the provisions set forth in Section 2.19(a) above (but which shall not require the consent of any other Lender). The Administrative Agent shall promptly notify each relevant Lender as to the effectiveness of each Extension Amendment.

(e)With respect to any extension (an “Extension”) consummated by the Borrower pursuant to this Section 2.19, (i) such Extension shall not constitute voluntary or mandatory payments or prepayments for purposes of this Agreement, (ii) with respect to Extended Revolving Loan Commitments, if the aggregate amount extended is less than (A) the LC Commitment, the LC Commitment shall be reduced upon the date that is five (5) Business Days prior to the Maturity Date to the extent needed so that the LC Commitment does not exceed the aggregate Revolving Commitment which would be in effect after the Maturity Date, and, if applicable, the Borrower shall Cash Collateralize obligations under any issued Letters of Credit in an amount equal to 103.0% of the stated amount of such Letters of Credit, or (B) the Swingline Commitment, the Swingline Commitment shall be reduced upon the date that is five (5) Business Days prior to the Maturity Date (to the extent needed so that the Swingline Commitment does not exceed the aggregate Revolving Commitment which would be in effect after the Maturity Date, and, if applicable, the Borrower shall prepay any outstanding Swingline Loans. The Administrative Agent and the Lenders hereby consent to each Extension and the other transactions contemplated by this Section 2.19 (including, for the avoidance of doubt, payment of any interest or fees in respect of any Extended Revolving Loan Commitments on such terms as may be set forth in the Extension Request) and hereby waive the requirements of any provision of this Agreement or any other Loan Document that may otherwise prohibit any Extension or any other transaction contemplated by this Section 2.19, provided that such consent shall not be deemed to be an acceptance of the Extension Request.

(f)Each of the parties hereto hereby agrees that this Agreement and the other Loan Documents may be amended pursuant to an Extension Amendment, without the consent of any other Lenders, to the extent (but only to the extent) necessary to (i) reflect the existence and terms of any Extended Revolving Loans incurred pursuant thereto, (ii) establish new tranches or sub-tranches in respect of Revolving Loan Commitments so extended and such technical amendments as may be necessary in connection with the establishment of such new tranches or sub-tranches, in each case on terms consistent with this Section 2.19, and (iii) effect such other amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section, and the Required Lenders hereby expressly authorize the Administrative Agent to enter into any such Extension Amendment. Notwithstanding the foregoing, the Administrative Agent shall have the right (but not the obligation) to seek the advice or concurrence of the Required Lenders with respect to any matter contemplated by this Section 2.19 and, if the Administrative Agent seeks such advice or concurrence, the Administrative Agent shall be permitted to enter into such amendments with the Borrower in accordance with any instructions actually received from such Required Lenders and shall also be entitled to refrain from entering into such amendments with the Borrower unless and until it shall have received

such advice or concurrence; provided, however, that whether or not there has been a request by the Administrative Agent for any such advice or concurrence, all such amendments entered into with the Borrower by the Administrative Agent hereunder shall be binding and conclusive on the Lenders.

ARTICLE III

TAXES, YIELD PROTECTION AND ILLEGALITY

3.01    Taxes.

(a)Payments Free of Taxes. Any and all payments by, or on account of any Obligation of, any Loan Party hereunder or under any other Loan Document shall be made free and clear of and without reduction or withholding for any Taxes, provided that if the applicable withholding agent shall be required by applicable Law to deduct any Taxes in respect of such payments, then (i) if the Tax in question is an Indemnified Tax or Other Tax, the sum payable by the applicable Loan Party shall be increased as necessary so that after all required deductions have been made (including deductions applicable to additional sums payable under this Section 3.01) the Administrative Agent or any Lender, as the case may be, receives an amount equal to the sum it would have received had no such deductions been made, (ii) the applicable withholding agent shall make such deductions and (iii) the applicable withholding agent shall timely pay the full amount deducted to the relevant Governmental Authority in accordance with applicable Law.

(b)Payment of Other Taxes by the Loan Parties. Without limiting the provisions of subsection (a) above, the Loan Parties shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable Law.

(c)Indemnification by the Loan Parties. The Loan Parties shall jointly and severally indemnify the Administrative Agent and each Lender, within 10 days after demand therefor, for the full amount of any Indemnified Taxes with respect to amounts payable under the Loan Documents or any Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section 3.01) paid by the Administrative Agent or such Lender, as the case may be, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

(d)Evidence of Payments. As soon as practicable after any payment of Indemnified Taxes or Other Taxes by any Loan Party to a Governmental Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

(e)Status of Lenders. Any Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which the Borrower, Holdings or any other Loan Party, as the case may be, is resident for tax purposes, or any treaty to which such jurisdiction is a party, with respect to any payments hereunder or under any other Loan Document shall deliver to the Borrower, Holdings, such other Loan Party and the Administrative Agent, at the time or times reasonably requested by the Borrower, Holdings, such other Loan Party or the Administrative Agent, such properly completed and executed documentation prescribed by applicable Law, or reasonably requested by the Borrower, Holdings, such other Loan Party or the Administrative Agent, as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if requested by the Borrower, Holdings, any other Loan Party or the Administrative Agent, shall deliver such other documentation prescribed by applicable Law or reasonably requested by the Borrower, Holdings, such other Loan Party or the Administrative Agent as will enable the Borrower, Holdings, such other Loan Party or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information

reporting requirements. Each Lender shall, whenever a lapse in time or change in circumstances renders any documentation (including any specific documentation required below in this Section 3.01(e)) obsolete, expired or inaccurate in any respect, deliver promptly to the Borrower, Holdings, such other Loan Party and the Administrative Agent updated or other appropriate documentation or promptly notify the Borrower, Holdings, such other Loan Party and the Administrative Agent of its legal ineligibility to do so.

Without limiting the generality of the foregoing, if the Borrower or Holdings, as the case may be, is resident for tax purposes in the United States, any Foreign Lender shall deliver to the Borrower, Holdings and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement whichever of the following is applicable:

(i)duly completed copies of Internal Revenue Service Form W‑8BEN claiming eligibility for benefits of an income tax treaty to which the United States is a party,

(ii)duly completed copies of Internal Revenue Service Form W‑8ECI,

(iii)in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under section 881(c) of the Code, (A) a certificate substantially in the form of Exhibit L (a “Tax Status Certificate”) to the effect that such Foreign Lender is not (1) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (2) a “10 percent shareholder” of the Borrower within the meaning of section 881(c)(3)(B) of the Code, or (3) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code, and that no interest payments will be considered effectively connected income and (B) duly completed copies of Internal Revenue Service Form W‑8BEN,

(iv)where such Foreign Lender is a partnership (for U.S. federal income tax purposes) or otherwise not a beneficial owner (e.g., where such Lender has sold a participation), IRS Form W‑8IMY (or any successor thereto) and all required supporting documentation (including, where one or more of the underlying beneficial owner(s) is claiming the benefits of the Portfolio Interest Exemption, a Tax Status Certificate of such beneficial owner(s) (provided that, if the Foreign Lender is a partnership and not a participating Lender, the Tax Status Certificate from the beneficial owner(s) may be provided by the Foreign Lender on the beneficial owner(s) behalf)), and/or

(v)any other form prescribed by applicable Law as a basis for claiming exemption from or a reduction in United States federal withholding tax duly completed together with such supplementary documentation as may be prescribed by applicable Law to permit the Borrower to determine the withholding or deduction required to be made.

If a payment made to a Foreign Lender or the Administrative Agent hereunder or under any other Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender or the Administrative Agent (as the case may be) were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable, or in any agreement or request entered into or issued pursuant to such Sections), such Lender or the Administrative Agent (as the case may be) shall deliver to the Borrower, Holdings and (in the case of such Lender) to the Administrative Agent, at the time or times prescribed by law and at such time or times reasonably requested by the Borrower, Holdings or the Administrative Agent, such documentation, certifications or other information prescribed by applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation, certifications or other information reasonably requested by the Borrower, Holdings or the Administrative Agent as may be necessary for the Borrower, Holdings or the Administrative Agent to comply with its obligations under FATCA, to determine whether such Lender or the Administrative Agent (as the case may be) has complied with its obligations under FATCA or to determine the amount, if any, to deduct and withhold from such payment. Solely for purposes of this paragraph, “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

Notwithstanding anything to the contrary in this Section 3.01(e), no Lender shall be required to deliver any documentation that it is not legally eligible to deliver.

(f)Treatment of Certain Refunds. If the Administrative Agent or any Lender determines, in its sole discretion, that it has received a refund of any Indemnified Taxes or Other Taxes as to which it has been indemnified by any Loan Party, or with respect to which any Loan Party has paid additional amounts pursuant to this Section 3.01, it shall pay to the Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the Loan Parties under this Section 3.01 with respect to the Indemnified Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of the Administrative Agent or such Lender, as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that the Borrower, upon the request of the Administrative Agent, such Lender or the Issuing Bank, agrees to repay the amount paid over to such Loan Party (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender if the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. This Section shall not be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information relating to its taxes that it deems confidential) to the Borrower, Holdings or any other Person.

(g)For purposes of this Section 3.01, the term “Lender” shall include any Swingline Lender and the Issuing Bank.

3.02    Illegality.

If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Eurodollar Rate Loans, or to determine or charge interest rates based upon the Eurodollar Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender to the Borrower through the Administrative Agent, any obligation of such Lender to make or continue Eurodollar Rate Loans or to convert Base Rate Loans to Eurodollar Rate Loans shall be suspended until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all Eurodollar Rate Loans of such Lender to Base Rate Loans, either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Rate Loans. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted.

3.03    Inability to Determine Rates.

If the Required Lenders determine that for any reason in connection with any request for a Eurodollar Rate Loan or a conversion to or continuation thereof that (a) Dollar deposits are not being offered to banks in the London interbank eurodollar market for the applicable amount and Interest Period of such Eurodollar Rate Loan, (b) adequate and reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan, or (c) the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, the obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be suspended until the Administrative Agent (upon the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans or, failing that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans in the amount specified therein.

3.04    Increased Costs; Reserves on Eurodollar Rate Loans.

(a)Increased Costs Generally. If any Change in Law shall:

i.impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement contemplated by Section 3.04(e)), the Swingline Lender or the Issuing Bank;

ii.subject any Lender, the Swingline Lender or the Issuing Bank to any Tax of any kind whatsoever with respect to this Agreement, any Letter of Credit, any participation in a Letter of Credit or any Eurodollar Rate Loan made by it, or change the basis of Taxation of payments to such Lender, the Swingline Lender or the Issuing Bank in respect thereof (except for Indemnified Taxes or Other Taxes indemnifiable under Section 3.01 and any Excluded Tax); or

iii.impose on any Lender, the Swingline Lender or the Issuing Bank or the London interbank market any other condition, cost or expense affecting this Agreement or Eurodollar Rate Loans made by such Lender, the Swingline Lender or any Letter of Credit or participation therein;

and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Eurodollar Rate Loan (or of maintaining its obligation to make any such Revolving Loan), or to increase the cost to such Lender or the Issuing Bank of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or the Issuing Bank hereunder (whether of principal, interest or any other amount) then, upon request of such Lender or the Issuing Bank, the Borrower will pay to such Lender or the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Bank, as the case may be, for such additional costs incurred or reduction suffered.

(b)Capital Requirements. If any Lender or the Issuing Bank determines that any Change in Law affecting such Lender or the Issuing Bank or any Lending Office of such Lender or such Lender’s or the Issuing Bank’s holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or the Issuing Bank’s capital or on the capital of such Lender’s or the Issuing Bank’s holding company, if any, as a consequence of this Agreement, the Revolving Commitments of such Lender or the Revolving Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by the Issuing Bank, to a level below that which such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the Issuing Bank’s policies and the policies of such Lender’s or the Issuing Bank’s holding company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender or the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company for any such reduction suffered.

(c)Certificates for Reimbursement. A certificate of a Lender or the Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or the Issuing Bank or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender or the Issuing Bank, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof.

(d)Delay in Requests. Failure or delay on the part of any Lender or the Issuing Bank to demand compensation pursuant to the foregoing provisions of this Section shall not constitute a waiver of such Lender’s or the Issuing Bank’s right to demand such compensation, provided that the Borrower shall not be required to compensate a Lender or the Issuing Bank pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than 120 days prior to the date that such Lender or the Issuing Bank, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or the Issuing Bank’s intention to claim compensation therefor (except that, if the Change in Law

giving rise to such increased costs or reductions is retroactive, then the 120 day period referred to above shall be extended to include the period of retroactive effect thereof).

(e)Reserves on Eurodollar Rate Loans. The Borrower shall pay to each Lender, as long as such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency liabilities,” as defined in Regulation D of the FRB), additional interest on the unpaid principal amount of each Eurodollar Rate Loan equal to the actual costs of such reserves allocated to such Eurodollar Rate Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), which shall be due and payable on each date on which interest is payable on such Eurodollar Rate Loan, provided the Borrower shall have received at least 10 days’ prior notice (with a copy to the Administrative Agent) of such additional interest from such Lender together with a schedule containing a reasonably detailed explanation and calculation thereof; and provided, further, that such additional interest shall not exceed an amount based upon an interest rate per annum equal to the remainder obtained by subtracting (i) the Eurodollar Rate for the Interest Period for such Eurodollar Rate Loan from (ii) the rate obtained by dividing such Eurodollar Rate by a percentage equal to 100% minus the Eurodollar Reserve Percentage of such Lender for such Interest Period. If a Lender fails to give notice 10 days prior to the relevant Interest Payment Date, such additional interest shall be due and payable 10 days from receipt of such notice.

3.05    Compensation for Losses.

Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Borrower shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of:

(a)    any continuation, conversion, payment or prepayment of any Eurodollar Rate Loan on a day other than the last day of the Interest Period for such Eurodollar Rate Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise);

(b)    any failure by the Borrower (for a reason other than the failure of a Lender to make a Revolving Loan) to prepay, borrow, continue or convert any Eurodollar Rate Loan on the date or in the amount notified by the Borrower; or

(c)    any assignment of a Eurodollar Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request by the Borrower pursuant to Section 11.13;

excluding any loss of anticipated profits but including any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Eurodollar Rate Loan or from fees payable to terminate the deposits from which such funds were obtained. The Borrower shall also pay any customary administrative fees charged by such Lender in connection with the foregoing.

For purposes of calculating amounts payable by the Borrower to the Lenders under this Section 3.05, each Lender shall be deemed to have funded each Eurodollar Rate Loan made by it at the Eurodollar Rate for such Eurodollar Rate Loan by a matching deposit or other borrowing in the London interbank eurodollar market for a comparable amount and for a comparable period, whether or not such Eurodollar Rate Loan was in fact so funded.

3.06    Mitigation Obligations; Replacement of Lenders.

(a)Designation of a Different Lending Office. If any Lender requests compensation under Section 3.04, or the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then such Lender shall use reasonable efforts to designate a different Lending Office for funding or booking its Revolving Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the notice

pursuant to Section 3.02, as applicable, and (ii) in each case, would not subject such Lender to any unreimbursed cost or expense and would not, in the good faith judgment of such Lender, otherwise be materially disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

(b)Replacement of Lenders. If any Lender requests compensation under Section 3.04, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, the Borrower may replace such Lender in accordance with Section 11.13.

3.07    Survival.

All of the Borrower’s obligations under this Article III shall survive termination of the Aggregate Commitments and repayment of all other Obligations hereunder.

ARTICLE IV

CONDITIONS PRECEDENT TO BORROWINGS

4.01    Conditions of Initial Borrowing.

The Administrative Agent, the Swingline Lender, the Issuing Bank and the Lenders shall not be required to fund any Revolving Loans or Swingline Loans, or arrange for the issuance of any Letters of Credit on the Closing Date, until the following conditions are satisfied or waived:

(a)    Documents, Certificates, Opinions and Other Instruments. The Administrative Agent’s receipt of the following, each of which shall be originals or facsimiles (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance satisfactory to the Administrative Agent and each of the Lenders:

(i)    (x) with respect to each Loan Party (other than the Canadian Guarantors), to the extent that it is a party thereto, executed counterparts of this Agreement, the Second Amended and Restated Credit Agreement, a Guaranty and the Term Intercreditor Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower, and (y) with respect to each Canadian Guarantor, to the extent it is a party thereto, executed counterparts of a Canadian Guaranty, the Term Intercreditor Agreement and a counterpart to the Intercreditor Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;

(ii)    a Note executed by the Borrower in favor of each Lender requesting a Note;

(iii)    a pledge and security agreement, in substantially the form of Exhibit F-1 (together with each other pledge and security agreement and pledge and security agreement supplement delivered by any Loan Party (other than the Canadian Guarantors) pursuant to Section 6.12, in each case as amended, the “Security Agreement”), duly executed by each Loan Party (other than the Canadian Guarantors), and a pledge and security agreement, in substantially the form of Exhibit F-2 (together with each other pledge and security agreement and pledge and security agreement supplement delivered by a Canadian Guarantor pursuant to Section 6.12, in each case as amended, the “Canadian Security Agreement”), duly executed by each Canadian Guarantor, together with:

(A)    certificates (if any) representing the Pledged Equity referred to therein accompanied by undated stock powers executed in blank and instruments evidencing the Pledged Debt (if any) indorsed in blank,

(B)    proper financing statements in form appropriate for filing under the Uniform Commercial Code or the PPSA of all jurisdictions that the Administrative Agent may deem necessary or desirable in order to perfect the Liens created under the Security Agreement or the Canadian Security Agreement, covering the Collateral described therein,

(C)    certified copies of UCC, PPSA, Bank Act, insolvency, tax, judgment lien and execution searches, or equivalent reports or searches, each of a recent date listing all effective financing statements, lien notices or comparable documents (together with copies of such financing statements and documents) that name any Loan Party as debtor and that are filed in those state, province, territory and county jurisdictions in which any Loan Party is organized or maintains its principal place of business or maintains assets in Canada, and such other searches that are required by the Perfection Certificate or that the Administrative Agent deems necessary or appropriate,

(D)    evidence of the completion of all other actions, recordings and filings of or with respect to the Security Agreement and the Canadian Security Agreement that the Administrative Agent may deem necessary or desirable in order to perfect the Liens created thereby,

(E)    a Perfection Certificate, duly executed by each Loan Party, and

(F)    evidence that all other action that the Administrative Agent may deem necessary or desirable in order to perfect the Liens created under the Security Agreement and the Canadian Security Agreement has been taken (including receipt of duly executed payoff letters, UCC-3 termination statements, PPSA termination and financing change statements and landlords’ and bailees’ waiver and consent agreements);

(iv)    with respect to each Mortgaged Property located in the United States, (x) a completed “Life-of-Loan” Federal Emergency Management Agency Standard Flood Hazard Determination and (y) if any portion of any Mortgaged Property is at any time located in an area identified by the Federal Emergency Management Agency (or any successor agency) as a Special Flood Hazard Area with respect to which flood insurance has been made available under the National Flood Insurance Act of 1968 (as now or hereafter in effect or successor act thereto), a notice about special flood hazard area status and flood disaster assistance duly executed by the Borrower and each Loan Party relating thereto and the evidence of flood insurance required pursuant to Section 6.07 hereof;

(v)    an intellectual property security agreement, in substantially the form of Exhibit H-1 (together with each other intellectual property security agreement and intellectual property security agreement supplement delivered by any Loan Party (other than the Canadian Guarantors) pursuant to Section 6.12 or for the avoidance of doubt pursuant to the Existing Credit Agreement, in each case as amended, the “Intellectual Property Security Agreement”), duly executed by the applicable Loan Parties (other than the Canadian Guarantors), and, to the extent that any Canadian Guarantor owns any patents, trademarks, copyrights or other registered intellectual property rights, an intellectual property security agreement, in substantially the form of Exhibit H-2 (together with each other intellectual property security agreement and intellectual property security agreement supplement delivered by a Canadian Guarantor pursuant to Section 6.12, the “Canadian Intellectual Property Security Agreement”), duly executed by each Canadian Guarantor, together with evidence that all action that the Administrative Agent may reasonably deem necessary in order to perfect the

Liens created under the Intellectual Property Security Agreement and the Canadian Intellectual Property Security Agreement has been taken;

(vi)    such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each Loan Party as the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which such Loan Party is a party or is to be a party;

(vii)    such documents and certifications as the Administrative Agent may reasonably require to evidence that each Loan Party is duly organized or formed and is validly existing, in good standing and qualified to engage in business in each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect;

(viii)    a favorable opinion of Ian R. Scheinmann, Esq., Senior Vice President, Legal Affairs of Holdings, addressed to the Administrative Agent and each Lender, as to the matters set forth in Exhibit I-1 and such other matters concerning the Loan Parties and the Loan Documents as the Administrative Agent may reasonably request;

(ix)    a favorable opinion of Hughes Hubbard & Reed LLP, special counsel to the Loan Parties, addressed to the Administrative Agent and each Lender, as to the matters set forth in Exhibit I‑2 and such other matters concerning the Loan Parties and the Loan Documents as the Administrative Agent may reasonably request;

(x)    a favorable opinion of Davis Graham & Stubbs LLP, special Colorado counsel to the Loan Parties, addressed to the Administrative Agent and each Lender, as to the matters set forth in Exhibit I‑3 and such other matters concerning the Loan Parties and the Loan Documents as the Administrative Agent may reasonably request;

(xi)    a favorable opinion of DLA Piper LLP, special Georgia, Maryland, Massachusetts, North Carolina and Virginia counsel to the Loan Parties, addressed to the Administrative Agent and each Lender, as to the matters set forth in Exhibit I‑4 and such other matters concerning the Loan Parties and the Loan Documents as the Administrative Agent may reasonably request;

(xii)    a favorable opinion of Bose McKinney & Evans LLP, special Indiana counsel to the Loan Parties, addressed to the Administrative Agent and each Lender, as to the matters set forth in Exhibit I‑5 and such other matters concerning the Loan Parties and the Loan Documents as the Administrative Agent may reasonably request;

(xiii)    a favorable opinion of Fasken Martineau DuMoulin LLP, special Ontario counsel to the Canadian Guarantors, addressed to the Administrative Agent and each Lender, as to the matters set forth in Exhibit I‑6 and such other matters concerning the Canadian Guarantors and the Loan Documents as the Administrative Agent may reasonably request;

(xiv)    a favorable opinion of Stewart McKelvey, special Nova Scotia counsel to the Canadian Guarantors, addressed to the Administrative Agent and each Lender, as to the matters set forth in Exhibit I‑7 and such other matters concerning the Canadian Guarantors and the Loan Documents as the Administrative Agent may reasonably request;

(xv)    a certificate of a Responsible Officer of each Loan Party either (A) attaching copies of all consents, licenses and approvals required in connection with the execution, delivery and performance by such Loan Party and the validity against such Loan Party of the Loan Documents

to which it is a party, and such consents, licenses and approvals shall be in full force and effect, or (B) stating that no such consents, licenses or approvals are so required;

(xvi)    a certificate signed by a Responsible Officer of the Borrower certifying that the conditions specified in Sections 4.02(a) and (b) have been satisfied;

(xvii)    certificates attesting to the Solvency of each Loan Party, individually and together with its Subsidiaries on a consolidated basis, before and after giving effect to the Transaction, from its chief financial officer;

(xviii)    evidence that all insurance required to be maintained pursuant to the Loan Documents has been obtained and is in effect, together with the certificates of insurance, naming the Administrative Agent, on behalf of the Lenders, as an additional insured or loss payee, as the case may be, under all insurance policies maintained with respect to the assets and properties of the Loan Parties that constitutes Collateral;

(xix)    such other assurances, certificates, documents, consents or opinions as the Administrative Agent, the Issuing Bank, the Swingline Lender or any Lender reasonably may require; and

(xx)    a Borrowing Base Certificate prepared as of the last day of the most recent fiscal month ended at least 15 consecutive Business Days prior to the Closing Date (or such shorter period as may be elected by the Borrower).

(b)    Fees. (i) All fees required to be paid to the Administrative Agent and the Lead Arrangers on or before the Closing Date shall have been paid and (ii) all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.

(c)    Counsel’s Fees. Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable fees, charges and disbursements of counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such reasonable fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).

(d)    Availability on the Closing Date, after giving effect to the Transaction, shall not be less than $35.0 million.

(e)    Substantially concurrently with the initial Borrowing on the Closing Date, (i) the Second Amended and Restated Credit Agreement shall become effectiveand (ii) an amendment to the Unsecured Term Loan Facility shall have become effective.

Without limiting the generality of the provisions of Section 9.04, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

4.02    Conditions to All Credit Extensions.

The obligation of each Lender and each Issuing Bank to make any Credit Extension (including the initial Credit Extension) shall be subject to the satisfaction (or waiver) of each of the conditions precedent set forth below:

(a)    Representations and Warranties. The representations and warranties of the Borrower and each other Loan Party contained in Article V or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects (except to the extent already qualified by materiality, in which case such representation and warranty shall be true and correct in all respects) on and as of the date of such Borrowing, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (except to the extent already qualified by materiality, in which case such representation and warranty shall be true and correct in all respects) as of such earlier date, and except that for purposes of this Section 4.02, the representations and warranties contained inSections 5.05(a) and (b) shall be deemed to refer to the most recent statements furnished pursuant to Sections 6.01(a) and (b), respectively.

(b)    No Default. No Default shall exist, or would result from such proposed Borrowing or from the application of proceeds thereof.

(c)    Notice of Borrowing. The Administrative Agent shall have received a Notice of Borrowing as required by Section 2.03 (or such notice shall have been deemed given in accordance with Section 2.03) if Revolving Loans are being requested or, in the case of the issuance, amendment, extension or renewal of a Letter of Credit, the Issuing Bank and the Administrative Agent shall have received a notice requesting the issuance, amendment, extension or renewal of such Letter of Credit as required by Section 2.13(b) or, in the case of the Borrowing of a Swingline Loan, the Swingline Lender and the Administrative Agent shall have received a notice requesting such Swingline Loan as required by Section 2.12(b).

(d)    Availability. Availability on the proposed date of such Credit Extension shall be adequate to cover the amount of such Credit Extension.

Each Notice of Borrowing (other than a Notice of Borrowing requesting only a conversion of Revolving Loans of one Type to another Type or a continuation of Eurodollar Rate Loans) submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections 4.02(a) and (b) have been satisfied on and as of the date of the applicable Borrowing.

ARTICLE V

REPRESENTATIONS AND WARRANTIES

Each of Holdings and the Borrower represents and warrants to the Administrative Agent and the Lenders that:

5.01    Existence, Qualification and Power.

Each Loan Party and each of its Subsidiaries (a) is duly organized or formed, validly existing and, as applicable, in good standing under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to (i) own or lease its assets and carry on its business and (ii) execute, deliver and perform its obligations under the Loan Documents or Material Contracts to which it is a party and consummate the Transaction, and (c) is duly qualified and is licensed and, as applicable, in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license; except in each case referred to in clause (b)(i) or (c), to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.

5.02    Authorization; No Contravention.

The execution, delivery and performance by each Loan Party of each Loan Document to which such Person is or is to be a party have been duly authorized by all necessary corporate or other organizational action, and do not and will not (a) contravene the terms of any of such Person’s Organization Documents; (b) conflict with or result in any breach or contravention of, or result in the creation of any Lien under (i) any Contractual Obligation to which such Person is a party or binding upon such Person or the properties of such Person or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (c) violate any Law, except in each case referred to in the foregoing clauses (b) and (c), to the extent that such conflict, breach, contravention or violation could not reasonably be expected to have a Material Adverse Effect.

5.03    Governmental Authorization; Other Consents.

No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with (a) the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document or Material Contract, or for the consummation of the Transaction, (b) the grant by any Loan Party of the Liens granted by it pursuant to the Collateral Documents, (c) the perfection or maintenance of the Liens created under the Collateral Documents (including the first priority nature thereof (subject to the Term Intercreditor Agreement)) or (d) the exercise by the Administrative Agent or any Lender of its rights under the Loan Documents or the remedies in respect of the Collateral pursuant to the Collateral Documents, except for (i) filings and recordings necessary to perfect Liens created under the Collateral Documents, (ii) with respect to clause (d) above, any approvals, authorizations or filings that may be required under the Securities Laws and (iii) such authorizations, approvals, actions, notices and filings that have been duly obtained, taken, given or made and are in full force and effect. All applicable waiting periods in connection with the Transaction have expired without any action having been taken by any Governmental Authority restraining, preventing or imposing materially adverse conditions upon the Transaction or the rights of the Loan Parties or their Subsidiaries freely to transfer or otherwise dispose of, or to create any Lien on, any properties now owned or hereafter acquired by any of them.

5.04    Binding Effect.

This Agreement has been, and each other Loan Document, when delivered hereunder, will have been, duly executed and delivered by each Loan Party that is party thereto. This Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and binding obligation of each Loan Party that is party thereto, enforceable against such Loan Party that is party thereto in accordance with its terms, except as enforceability may be limited by applicable Debtor Relief Laws and by equitable principles regardless of whether considered in a proceeding in equity or at law.

5.05    Financial Statements; No Material Adverse Effect; No Internal Control Event.

(a)The Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; (ii) fairly present the financial condition of Holdings and its Subsidiaries as of the date thereof and their results of operations for the period covered thereby in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; and (iii) show all material indebtedness and other liabilities, direct or contingent, of Holdings and its Subsidiaries as of the date thereof, including liabilities for taxes, material commitments and Indebtedness.

(b)The unaudited consolidated balance sheet of Holdings and its Subsidiaries as at September 29, 2012, and the related consolidated statements of income or operations, and cash flows for the fiscal quarter ended on that date (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein, and (ii) fairly present the financial condition of Holdings and its Subsidiaries as of the date thereof and their results of operations for the period covered thereby, subject, in the case of clauses (i) and (ii), to the absence of footnotes and to normal quarter-end or year-end adjustments.

(c)Since the date of the Audited Financial Statements, except as disclosed in Holdings’ public filings with the SEC made prior to the Closing Date, there has been no event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect.

(d)To the best knowledge of Holdings and the Borrower, no Internal Control Event exists or has occurred since the date of the Audited Financial Statements that has resulted in or could reasonably be expected to result in a misstatement in any material respect, in any financial information delivered or to be delivered to the Administrative Agent or the Lenders, of (i) covenant compliance calculations provided hereunder or (ii) the assets, liabilities, financial condition or results of operations of Holdings and its Subsidiaries on a consolidated basis.

(e)The consolidated forecasted balance sheets, statements of income and cash flows of Holdings and its Subsidiaries delivered by or on behalf of the Borrower to the Administrative Agent or the Lenders during the period prior to the Closing Date in connection with the syndication of the credit facilities evidenced by this Agreement were prepared in good faith on the basis of the assumptions stated therein, which assumptions were reasonable in light of the conditions existing at the time of delivery of such forecasts.

5.06    Litigation.

There are no actions, suits, proceedings, investigations, claims or disputes pending or, to the knowledge of Holdings or the Borrower after due and diligent investigation, threatened or contemplated, at law, in equity, in arbitration or before any Governmental Authority, by or against Holdings, the Borrower or any of Holding’s other Subsidiaries or against any of their properties or revenues that (a) purport to affect or pertain to this Agreement, any other Loan Document, any Related Document or the consummation of the Transaction, or (b) either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

5.07    No Default.

Neither any Loan Party nor any Subsidiary thereof is in default under or with respect to any Contractual Obligation in any manner that could, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. No Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this Agreement or any other Loan Document.

5.08    Ownership of Property; Liens; Investments.

(a)Each Loan Party and each of its Subsidiaries has good record and marketable title in fee simple to, or valid leasehold interests in, all real property necessary or used in the ordinary conduct of its business, except for such defects in title as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

(b)Schedule 5.08(b) sets forth a complete and accurate list as of the Closing Date of all Liens (except Liens securing the Obligations) on the property or assets of each Loan Party and each of its Subsidiaries, showing as of the Closing Date the property or assets of such Loan Party or such Subsidiary subject thereto. The property of each Loan Party and each of its Subsidiaries is subject to no Liens, other than Liens set forth on Schedule 5.08(b), and as otherwise permitted by Section 7.01.

(c)Schedule 5.08(c) sets forth a complete and accurate list as of the Closing Date of all real property owned by each Loan Party and each of its Subsidiaries, showing as of the Closing Date the street address, county or other relevant jurisdiction, state, record owner and fair market value thereof (as reasonably determined by the Borrower). Each Loan Party and each of its Subsidiaries has good, marketable and insurable fee simple title to the real property owned by such Loan Party or such Subsidiary, free and clear of all Liens, other than Liens created or permitted by the Loan Documents.

(d)Schedules 5.08(d)(i) and (ii) set forth as of the Closing Date a complete and accurate list of all leases of real property under which any Loan Party or any Subsidiary of a Loan Party is the lessee or the lessor, respectively, showing as of the Closing Date the street address, county or other relevant jurisdiction, state, lessor, lessee and annual rental cost thereof. Each such lease is the legal, valid and binding obligation of such Loan Party or Subsidiary party thereto, enforceable against such Loan Party or Subsidiary in accordance with its terms, except as enforceability may be limited by applicable Debtor Relief Laws and by equitable principles regardless of whether considered in a proceeding in equity or at law.

(e)Schedule 5.08(e) sets forth a complete and accurate list of all Investments held by any Loan Party or any Subsidiary of a Loan Party on the Closing Date (other than Investments in Subsidiaries), showing as of the Closing Date the amount, obligor or issuer and maturity, if any, thereof.

5.09    Environmental Compliance.

Except as specifically disclosed in Schedule 5.09 or for any matters, individually or in the aggregate, that could not reasonably be expected to have a Material Adverse Effect:

(a)    the Loan Parties and their respective Subsidiaries conduct in the ordinary course of business a review of the effect of existing Environmental Laws and claims alleging potential liability or responsibility for violation of any Environmental Law on their respective businesses, operations and properties, and as a result thereof the Borrower has reasonably concluded that such Environmental Laws and claims could not reasonably be expected to result in an Environmental Liability;

(b)    (i) none of the properties currently or, to the best knowledge of Holdings and the Borrower, formerly owned or operated by any Loan Party or any of its Subsidiaries is listed or formally proposed for listing on the NPL or any analogous foreign, state, provincial, territorial or local list; (ii) there are no and never have been any underground or above-ground storage tanks or any surface impoundments, septic tanks, pits, sumps or lagoons in which Hazardous Materials are being or have been treated, stored or disposed on any property currently owned or operated by any Loan Party or, to the best of the knowledge of the Loan Parties, on any property formerly owned or operated by any Loan Party or any of its Subsidiaries, in each case except in compliance with all applicable Environmental Laws; (iii) there is no asbestos or asbestos-containing material on any property currently owned or operated by any Loan Party or any of its Subsidiaries, in each case except in compliance with all applicable Environmental Laws, and (iv) there has been no Release of Hazardous Materials on, at, under or from any property currently or formerly owned or operated by any Loan Party or any of its Subsidiaries that could reasonably be expected to result in an Environmental Liability; and

(c)    neither any Loan Party nor any of its Subsidiaries is undertaking, and has not completed, either individually or together with other potentially responsible parties, any investigation or assessment or remedial or response action relating to any actual or threatened Release of Hazardous Materials at any site, location or operation, either voluntarily or pursuant to the order of any Governmental Authority or the requirements of any Environmental Law; and all Hazardous Materials generated, used, treated, handled or stored at, or transported to or from, any property currently or, to the knowledge of Holdings and the Borrower, formerly owned or operated by any Loan Party or any of its Subsidiaries have been disposed of in a manner not reasonably expected to result in an Environmental Liability.

5.10    Insurance.

(a)The properties of the Borrower, Holdings and its other Subsidiaries are insured with financially sound and reputable insurance companies having an A.M. Best Financial Strength Rating of at least A which are not Affiliates of the Borrower, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the Borrower or the applicable Subsidiary operates.

(b)With respect to any portion of any Mortgaged Property which is located in an area identified by the Federal Emergency Management Agency (or any successor agency) as a Special Flood Hazard Area with respect to

which flood insurance has been made available under the National Flood Insurance Act of 1968 (as now or hereafter in effect or successor act thereto), the Borrower or the applicable Loan Party (x) maintains, or causes to be maintained, with a financially sound and reputable insurer, flood insurance in an amount and otherwise sufficient to comply with all applicable rules and regulations promulgated pursuant to the Flood Insurance Laws and (y) has delivered to the Administrative Agent evidence of such compliance in form and substance reasonably acceptable to the Administrative Agent.

5.11    Taxes.

The Borrower, Holdings and each of their respective Subsidiaries have filed all federal, state, provincial, territorial and other material tax returns and reports required to be filed, and have paid all federal, state, provincial, territorial and other material Taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income or assets otherwise due and payable, except those which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been established in accordance with GAAP. To the best knowledge of Holdings and the Borrower, there is no proposed Tax assessment against the Borrower, Holdings or any other Subsidiary that would, if made, reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. Neither any Loan Party nor any Subsidiary thereof is party to any tax sharing agreement.

5.12    ERISA Compliance.

(a)Compliance Generally. Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other Federal or state Laws. Each Plan that is intended to qualify under Section 401(a) of the Code has received a favorable determination letter from the IRS (or is a prototype plan that is the subject of a favorable opinion letter from the IRS) or an application for such a letter is currently being processed by the IRS with respect thereto and, to the best knowledge of the Borrower, nothing has occurred which would prevent, or cause the loss of, such qualification. The Borrower, Holdings and each ERISA Affiliate have made all required contributions to each Pension Plan, and no application for a funding waiver or an extension of any amortization period pursuant to Section 412 of the Code has been made with respect to any Pension Plan. Each Foreign Plan is in compliance in all material respects with the applicable requirements of Law. No Loan Party nor any of its Subsidiaries has incurred any obligation in connection with the termination of or withdrawal from any Foreign Plan.

(b)Pending Claims. There are no pending or, to the best knowledge of the Borrower, threatened claims, actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that could reasonably be expected to have a Material Adverse Effect. There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan that has resulted or could reasonably be expected to result in a Material Adverse Effect.

(c)No ERISA or Unfunded Pension Liability. (i) No ERISA Event has occurred or is reasonably expected to occur that could reasonably be expected to have a Material Adverse Effect; (ii) as of the Closing Date, no Pension Plan has any Unfunded Pension Liability that could reasonably be expected to result in a liability in an amount in excess of $75,000,000; and (iii) neither the Borrower nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability (A) under Title IV of ERISA with respect to any Pension Plan (other than premiums due and not delinquent under Section 4007 of ERISA), (B) under Section 4201 or 4243 of ERISA with respect to a Multiemployer Plan (and no event has occurred which, with the giving of notice under Section 4219 of ERISA, would result in such liability), or (C) as a result of a transaction that could be subject to Section 4069 or 4212(c) of ERISA, which liability described in the foregoing clauses (A) through (C), individually or in the aggregate, could reasonably be expected to exceed $50,000,000.

5.13    Canadian Benefit Plans; Canadian Pension Plans.

(a)Except as, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, each Canadian Pension Plan that is not a Canadian Multi-Employer Pension Plan is, and has been,

established, registered, funded, administered and invested in compliance in all material respects with the terms of such Canadian Pension Plan, all applicable Laws and any collective agreements, as applicable.

(b)Except as, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, there are no pending or, to the knowledge of Holdings or the Borrower, threatened claims (other than routine claims for benefits), actions or lawsuits, or other action by any Governmental Authority, with respect to any Canadian Benefit Plan.

(c)Except for any Canadian Pension Plan that is a Canadian Multi-Employer Pension Plan or any successor thereto, no Canadian Guarantor has at any time prior to the Closing Date established or participated or currently participates in a defined benefit pension plan.

(d)Except as, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, no Pension Event in respect of a Canadian Guarantor has occurred and is continuing.

(e)No Lien has arisen in respect of any Canadian Guarantor in connection with any Canadian Pension Plan (save for contribution amounts not yet due) which could reasonably be expected to secure assets of such Canadian Guarantor exceeding $1,000,000 in value.

5.14    Subsidiaries; Equity Interests; Loan Parties.

As of the Closing Date, no Loan Party has any Subsidiaries other than those specifically disclosed in Part (a) of Schedule 5.13, and all of the outstanding Equity Interests in such Subsidiaries have been validly issued, are fully paid and non-assessable and are owned directly or indirectly by a Loan Party in the amounts specified in Part (a) of Schedule 5.13 free and clear of all Liens except those created under the Collateral Documents. As of the Closing Date, no Loan Party has any equity investments in any other corporation or entity other than such Subsidiaries and those specifically disclosed in Part (b) of Schedule 5.13. All of the outstanding Equity Interests in the Borrower have been validly issued, are fully paid and non-assessable and are owned by Holdings free and clear of all Liens except those created under the Collateral Documents. Set forth in Part (c) of Schedule 5.13 is a complete and accurate list of Holdings and all Loan Parties, showing as of the Closing Date, the jurisdiction of its incorporation, the address of its principal place of business and its U.S. taxpayer identification number or, in the case of any non-U.S. Loan Party that does not have a U.S. taxpayer identification number, its unique identification number issued to it by the jurisdiction of its incorporation. The copy of the charter of each Loan Party and each amendment thereto provided pursuant to Section 4.01(a) is a true and correct copy of each such document, each of which is valid and in full force and effect as of the Closing Date.

5.15    Margin Regulations; Investment Company Act.

(a)Margin Stock. The Borrower is not engaged and will not engage, principally or as one of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock.

(b)Investment Company Act. None of the Borrower, any Person Controlling the Borrower, or any Subsidiary is or is required to be, or after giving effect to the Transaction will be required to be, registered as an “investment company” under the Investment Company Act of 1940.

5.16    Disclosure.

The Borrower has disclosed to the Administrative Agent and the Lenders all agreements, instruments and corporate or other restrictions to which it or any of its Subsidiaries or any other Loan Party is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. No report, financial statement, certificate or other information furnished (whether in writing or orally) by or on behalf of any Loan Party to the Administrative Agent or any Lender in connection with the

transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other Loan Document, including any confidential information memorandum (in each case as modified or supplemented by other information so furnished), taken as a whole, contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not materially misleading; provided that, with respect to projected financial information, each of Holdings and the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time.

5.17    Compliance with Laws.

Each Loan Party and each Subsidiary thereof is in compliance in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted or (b) the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

5.18    Intellectual Property; Licenses, Etc.

Each Loan Party and each of its Subsidiaries own, or possess the right to use, all of the trademarks, service marks, trade names, copyrights, patents, patent rights, franchises, licenses and other intellectual property rights (collectively, “IP Rights”) that are reasonably necessary for the operation of their respective businesses, without conflict with the rights of any other Person, and Schedule 5.18 sets forth a complete and accurate list of all such IP Rights owned or licensed by each Loan Party and each of its Subsidiaries as of the Closing Date. To the best knowledge of the Borrower and Holdings, no slogan or other advertising device, product, process, method, substance, part or other material now employed, or now contemplated to be employed, by any Loan Party or any of its Subsidiaries infringes upon any rights held by any other Person. No claim or litigation regarding any of the foregoing is pending or, to the best knowledge of the Borrower and Holdings, threatened, which, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

5.19    Solvency.

Each Loan Party is, individually and together with its Subsidiaries on a consolidated basis, Solvent.

5.20    Casualty, Etc.

Neither the businesses nor the properties of any Loan Party or any of its Subsidiaries are affected by any fire, explosion, accident, strike, lockout or other labor dispute, drought, storm, hail, earthquake, embargo, act of God or of the public enemy or other casualty (whether or not covered by insurance) that, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

5.21    Labor Matters.

Except as described on Schedule 5.21 hereto, there are no collective bargaining agreements or Multiemployer Plans covering the employees of the Borrower or any of its Subsidiaries as of the Closing Date and to the best knowledge of any Responsible Officer of the Borrower and Holdings, neither the Borrower nor any Subsidiary has suffered any strikes, walkouts, work stoppages or other material labor difficulty within the last five years.

5.22    Collateral Documents.

The provisions of the Collateral Documents are effective to create in favor of the Administrative Agent for the benefit of the Secured Parties a legal, valid and enforceable first priority Lien (subject to Liens permitted by Section 7.01 and the Term Intercreditor Agreement) on all right, title and interest of the respective Loan Parties in the Collateral described therein. Except for filings and recordings completed prior to the Closing Date and as

contemplated hereby and by the Collateral Documents, no filing or other action will be necessary to perfect or protect such Liens.

5.23    Anti-Terrorism Laws.

(a)No Loan Party, none of its Subsidiaries and, to the actual knowledge of the Responsible Officers of each Loan Party, none of the respective officers, directors, brokers or agents of such Loan Party or such Subsidiary (i) has violated or is in violation of Anti-Terrorism Laws or (ii) has engaged or engages in any transaction, investment, undertaking or activity that conceals the identity, source or destination of the proceeds from any category of offenses designated in the “Forty Recommendations” and “Nine Special Recommendations” published by the Organisation for Economic Co-operation and Development’s Financial Action Task Force on Money Laundering.

(b)No Loan Party, none of its Subsidiaries and, to the actual knowledge of the Responsible Officers of each Loan Party, none of the respective officers, directors, brokers or agents of such Loan Party or such Subsidiary that is acting or benefiting in any capacity in connection with the Revolving Loans is an Embargoed Person.

(c)Except as otherwise authorized by OFAC, no Loan Party, none of its Subsidiaries and, to the actual knowledge of the Responsible Officers of each Loan Party, none of the respective officers, directors, brokers or agents of such Loan Party or such Subsidiary acting or benefiting in any capacity in connection with the Revolving Loans (i) conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any Embargoed Person, (ii) deals in, or otherwise engages in any transaction related to, any property or interests in property blocked pursuant to any Anti-Terrorism Law or (iii) engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law.

ARTICLE VI

AFFIRMATIVE COVENANTS

So long as any Lender shall have any Commitment hereunder or any Revolving Loan or other Obligation hereunder shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding (unless Cash Collateralized or backstopped on terms reasonably satisfactory to the Administrative Agent), each of Holdings and the Borrower shall, and shall (except in the case of the covenants set forth in Sections 6.01, 6.02, 6.03 and 6.11) cause each Subsidiary to:

6.01    Financial Statements.

Deliver to the Administrative Agent and each Lender, in form and detail reasonably satisfactory to the Administrative Agent and the Required Lenders (provided that the Required Lenders shall be deemed to find the following items satisfactory unless the Administrative Agent shall have received notice from the Required Lenders specifying their objections thereto within five Business Days of the Lenders’ receipt of such items):

(a)    Annual Financials. As soon as available, but in any event within 110 days (or such shorter period as required by the SEC) after the end of each fiscal year of Holdings, a consolidated balance sheet of Holdings and its Subsidiaries as at the end of such fiscal year, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, audited and accompanied by a report and opinion of a Registered Public Accounting Firm of nationally recognized standing reasonably acceptable to the Required Lenders, which report and opinion shall be prepared in accordance with generally accepted auditing standards and applicable Securities Laws and shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit or with respect to the absence of any material misstatement; and

(b)    Quarterly Financials. As soon as available, but in any event within 45 days after the end of each of the first three fiscal quarters of each fiscal year of Holdings, a consolidated balance sheet of Holdings and its Subsidiaries as at the end of such fiscal quarter, and the related consolidated statements of income or operations and cash flows for such fiscal quarter and for the portion of Holdings’ fiscal year then ended, setting forth in each case in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail, such consolidated statements to be certified by the chief executive officer, chief financial officer, treasurer or controller of Holdings as fairly presenting the financial condition, results of operations and cash flows of Holdings and its Subsidiaries in accordance with GAAP, subject only to normal quarter-end or year-end adjustments and the absence of footnotes.

(c)    Monthly Financials. As soon as available, but in any event within 30 days after the end of each fiscal month, a consolidated balance sheet of Holdings and its Subsidiaries as at the end of such fiscal month, and the related consolidated statements of income or operations and cash flows for such fiscal month and for the portion of Holdings’ fiscal year then ended, setting forth in each case in comparative form the figures for the corresponding month of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail.

As to any information contained in materials furnished pursuant to Section 6.02(d), neither Holdings nor the Borrower shall be separately required to furnish such information under Section 6.01(a) or (b) above, but the foregoing shall not be in derogation of the obligation of Holdings and the Borrower to furnish the information and materials described in Sections 6.01(a) and (b) above at the times specified therein.

6.02    Certificates; Other Information.

Deliver to the Administrative Agent and each Lender, in form and detail reasonably satisfactory to the Administrative Agent and the Required Lenders (provided that the Required Lenders shall be deemed to find the following items satisfactory unless the Administrative Agent shall have received notice from the Required Lenders specifying their objections thereto within five Business Days of the Lenders’ receipt of such items):

(a)    [Intentionally Omitted];

(b)    Compliance Certificate. Concurrently with the delivery of the financial statements referred to in Sections 6.01(a) and (b), a duly completed Compliance Certificate signed by the chief executive officer, chief financial officer, treasurer or controller of the Borrower, which certificate shall set forth reasonably detailed calculations with respect to the Consolidated Fixed Charge Coverage Ratio for such period, whether or not the Financial Covenant is then in effect, and in the event of any change in generally accepted accounting principles used in the preparation of such financial statements, the Borrower shall also provide, if necessary for the determination of compliance with Section 7.11, a statement of reconciliation conforming such financial statements to GAAP;

(c)    Annual Budget. Concurrently with the delivery of the financial statements referred to in Section 6.01(a), an annual budget of Holdings and its Subsidiaries on a consolidated basis, including forecasts prepared by management of the Borrower, in form reasonably satisfactory to the Administrative Agent, of consolidated balance sheets and statements of income or operations and cash flows of Holdings and its Subsidiaries on a quarterly basis for the then-current fiscal year;

(d)    SEC Filings. Promptly after the same are available, copies of each annual report, proxy or financial statement or other report or communication sent to the stockholders of the Borrower, and copies of all annual, regular, periodic and special reports and registration statements which the Borrower may file or be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934, or with any national securities exchange, and in any case not otherwise required to be delivered to the Administrative Agent pursuant hereto;

(e)    Other Reports. Promptly after the furnishing thereof, copies of any statement or report furnished to any holder of debt securities of any Loan Party or of any of its Subsidiaries pursuant to the terms of any indenture,

loan or credit or similar agreement and not otherwise required to be furnished to the Lenders pursuant to Section 6.01 or any other clause of this Section 6.02;

(f)    Insurance Coverage. As soon as available, but in any event within 30 days after the end of each fiscal year of the Borrower, a report summarizing the insurance coverage (specifying type, amount and carrier) in effect for each Loan Party and its Subsidiaries and containing such additional information as the Administrative Agent, or any Lender through the Administrative Agent, may reasonably specify;

(g)    Investigations. Promptly, and in any event within ten Business Days after receipt thereof by any Loan Party or any Subsidiary thereof, copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation or possible investigation or other inquiry by such agency regarding financial or other operational results of any Loan Party or any Subsidiary thereof;

(h)    Related Document Notices. Not later than five Business Days after receipt thereof by any Loan Party or any Subsidiary thereof, copies of all notices, requests and other documents (including amendments, waivers and other modifications) so received under or pursuant to any Related Document regarding or related to any breach or default by any party thereto or any other event that could materially impair the value of the interests or the rights of any Loan Party or otherwise have a Material Adverse Effect and, from time to time upon request by the Administrative Agent, such information and reports regarding the Related Documents as the Administrative Agent may reasonably request;

(i)    Environmental Notices. Promptly after the assertion or occurrence thereof, notice of any action or proceeding alleging an Environmental Liability against any Loan Party or any of its Subsidiaries that could (i) reasonably be expected to have a Material Adverse Effect or (ii) cause any property described in the Mortgages or Canadian Mortgages to be subject to any restrictions on ownership, occupancy, use or transferability under any Environmental Law;

(j)    Schedule Supplements. As soon as available, but in any event within 90 days after the end of each fiscal year of the Borrower, (i) a report supplementing Schedules 5.08(c), 5.08(d)(i) and 5.08(d)(ii), including an identification of all owned and leased real property disposed of by any Loan Party or any Subsidiary thereof during such fiscal year, a list and description (including the street address, county or other relevant jurisdiction, state, record owner, book value thereof and, in the case of leases of property, lessor, lessee, expiration date and annual rental cost thereof) of all real property acquired or leased during such fiscal year and a description of such other changes in the information included in such schedules as may be necessary for such schedules to be accurate and complete and (ii) a report supplementing Schedules 5.08(e) and 5.13 and each schedule to the Security Agreement and the Canadian Security Agreement containing a description of all changes in the information included in such schedules as may be necessary for such schedules to be accurate and complete, each such report to be signed by a Responsible Officer of the Borrower and to be in a form reasonably satisfactory to the Administrative Agent; and

(k)    Additional Information. Promptly, such additional information regarding the business, financial, legal or corporate affairs of any Loan Party or any Subsidiary thereof, or compliance with the terms of the Loan Documents, as the Administrative Agent or any Lender may from time to time reasonably request.

Documents required to be delivered pursuant to Section 6.01(a), (b) or (c) or Section 6.02(d) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet at the website address listed on Schedule 11.02; or (ii) on which such documents are posted on the Borrower’s behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that (i) the Borrower shall deliver paper copies of such documents to the Administrative Agent or any Lender that requests the Borrower to deliver such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender and (ii) the Borrower shall notify the Administrative Agent and each Lender (by facsimile or electronic mail) of the posting of

any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. Except for such Compliance Certificates, the Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents.

The Borrower hereby acknowledges that (a) the Administrative Agent and/or the Lead Arrangers will make available to the Lenders and the Issuing Bank materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks or another similar electronic system (the “Platform”) and (b) certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive material non-public information with respect to the Borrower or its securities) (each, a “Public Lender”). The Borrower hereby agrees that it will use commercially reasonable efforts to identify that portion of the Borrower Materials that may be distributed to the Public Lenders and that (w) all such Borrower Materials shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, means that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent, the Lead Arrangers, the Issuing Bank and the Lenders to treat such Borrower Materials as not containing any material non-public information (although it may be sensitive and proprietary) with respect to the Borrower or its securities for purposes of United States Federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 11.07); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Investor”; and (z) the Administrative Agent and the Lead Arrangers shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Investor.” Notwithstanding the foregoing, the Borrower shall be under no obligation to mark any Borrower Materials “PUBLIC.”

6.03    Notices.

Promptly notify the Administrative Agent and each Lender:

(a)    of the occurrence of any Default;

(b)    of any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect, including (i) breach or non-performance of, or any default under, a Contractual Obligation of any Loan Party or any Subsidiary thereof; (ii) any dispute, litigation, investigation, proceeding or suspension between any Loan Party or any Subsidiary thereof and any Governmental Authority; or (iii) the commencement of, or any material development in, any litigation or proceeding affecting any Loan Party or any Subsidiary thereof, including pursuant to any Environmental Laws, but only if any of the matters described in the foregoing clauses (i) through (iii) has resulted or reasonably could be expected to result in a Material Adverse Effect;

(c)    after a Responsible Officer of the Borrower or Holdings knows or has reason to know of the occurrence of any ERISA Event or Pension Event that could reasonably be expected to result in liability of one or more Loan Parties or any Subsidiary thereof in excess of $2,500,000;

(d)    of any material change in accounting policies or financial reporting practices by any Loan Party or any Subsidiary thereof;

(e)    of the Borrower’s determination at any time of the occurrence or existence of any Internal Control Event; and

(f)    of any announcement by Moody’s or S&P of any change in a Debt Rating.

Each notice pursuant to Section 6.03 (other than Section 6.03(f)) shall be accompanied by a statement of a Responsible Officer of the Borrower setting forth details of the occurrence referred to therein and stating what action the Borrower has taken and proposes to take with respect thereto. Each notice pursuant to Section 6.03(a)

shall describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached.

6.04    Payment of Obligations.

Pay and discharge as the same shall become due and payable, all its obligations and liabilities, including (a) all Tax liabilities, assessments and governmental charges or levies upon it or its properties or assets, unless the same are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained by Holdings, the Borrower or such Subsidiary; and (b) all lawful claims which, if unpaid, would by law become a Lien upon its property, unless the same are being contested in good faith by appropriate proceedings diligently conducted, adequate reserves in accordance with GAAP are being maintained by Holdings, the Borrower or such Subsidiary and such contest could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

6.05    Preservation of Existence, Etc.

(a)Preserve, renew and maintain in full force and effect its legal existence and good standing under the Laws of the jurisdiction of its organization except in a transaction permitted by Section 7.04 or 7.05;

(b)take all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its business, except to the extent that failure to do so could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; and

(c)preserve or renew all of its registered patents, trademarks, trade names and service marks, the non-preservation of which could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

6.06    Maintenance of Properties.

(a)Maintain, preserve and protect all of its material properties and equipment necessary in the operation of its business in good working order and condition, ordinary wear and tear excepted;

(b)make all necessary repairs thereto and renewals and replacements thereof except where the failure to do so could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; and

(c)use the standard of care typical in the industry in the operation and maintenance of its facilities.

6.07    Maintenance of Insurance.

(a)Maintain with financially sound and reputable insurance companies having an A.M. Best Financial Strength Rating of at least A which are not Affiliates of the Borrower, insurance with respect to its properties and business against interruption, loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts as are customarily carried under similar circumstances by such other Persons and providing for such insurer to endeavor to give not less than 30 days’ prior notice to the Administrative Agent of termination, lapse or cancellation of such insurance. The Loan Parties shall cause the Administrative Agent to be named on each policy evidencing such insurance as secured party, mortgagee, loss payee or additional insured, as applicable, in a manner acceptable to the Administrative Agent.

(b)If any portion of any Mortgaged Property is at any time located in an area identified by the Federal Emergency Management Agency (or any successor agency) as a Special Flood Hazard Area with respect to which flood insurance has been made available under the National Flood Insurance Act of 1968 (as now or hereafter in effect or successor act thereto), (x) maintain, or cause to be maintained, with a financially sound and reputable insurer, flood insurance in an amount and otherwise sufficient to comply with all applicable rules and regulations

promulgated pursuant to the Flood Insurance Laws and (y) deliver to the Administrative Agent evidence of such compliance in form and substance reasonably acceptable to the Administrative Agent.

6.08    Compliance with Laws.

Comply in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted or (b) the failure to comply therewith could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

6.09    Books and Records.

Maintain proper books of record and account, in which full, true and correct entries in conformity with GAAP consistently applied shall be made of all financial transactions and matters involving the assets and business of Holdings, the Borrower or such Subsidiary, as the case may be.

6.10    Inspection Rights.

(a)Permit the Administrative Agent (and any Lender, at the expense of any such Lender), subject to reasonable advance notice to, and reasonable coordination with, the Borrower and during normal business hours, to visit and inspect the properties of the Loan Parties, at the Borrower’s expense as provided in clause (b) below, inspect, audit and make extracts from the Loan Parties’ corporate, financial or operating records, and discuss with its officers, employees, agents, advisors and independent accountants (subject to such accountants’ customary policies and procedures) the Loan Parties’ business, financial condition, assets and results of operations (it being understood that a representative of the Borrower is allowed to be present in any discussions with officers, employees, agent, advisors and independent accountants); provided that the Administrative Agent shall only be permitted to conduct twoone field examinationsexamination and twoone inventory appraisalsappraisal (in each case, exclusive of any field examination or appraisal initiated during an Increased ReportingInspection Rights Period or during the existence and continuance of an Event of Default) with respect to any Collateral comprising the Borrowing Base per 12-month period; provided, further, that during any Increased ReportingInspection Rights Period, one additional field examination and one additional inventory appraisal of Revolver Priority Collateral will be permitted to be commenced in such 12-month period (and once commenced may be completed regardless of whether such Increased Inspection Rights Period shall terminate), except that during the existence and continuance of an Event of Default, there shall be no limit on the number of additional field examinations and inventory appraisals of Revolver Priority Collateral that shall be permitted at the Administrative Agent’s request. No such inspection or visit shall unduly interfere with the business or operations of the Loan Parties, nor result in any damage to the property or other Collateral. Neither the Administrative Agent nor any Lender shall have any duty to the Borrower to make any inspection, nor to share any results of any inspection, appraisal or report with the Borrower. The Borrower acknowledges that all inspections, appraisals and reports are prepared by the Administrative Agent and Lenders for their purposes, and the Borrower shall not be entitled to rely upon them.

hem.

(b)Reimburse the Administrative Agent for all reasonable and documented out-of-pocket costs and expenses (other than any legal fees or costs and expenses covered under Section 11.04) of the Administrative Agent in connection with (i) two examinations per fiscal year of the Loan Parties’ books and records or any other financial or Collateral matters as the Administrative Agent deems appropriate and (ii) field examinations and inventory appraisals of Collateral comprising the Borrowing Base, in each case subject to the limitations on such examinations, audits and appraisals permitted under the preceding paragraph. Subject to and without limiting the foregoing, the Borrower specifically agrees to pay the Administrative Agent’s then standard charges for examination activities, including the standard charges of the Administrative Agent’s internal appraisal group. This Section shall not be construed to limit the Administrative Agent’s right to use third parties for such purposes.

6.11    Use of Proceeds.

Use the proceeds of the Borrowings to consummate the Transactions and for general corporate purposes not in contravention of any Law or of any Loan Document; provided that no more than $10,000,000 of Revolving Loans may be used to prepay, purchase, redeem or defease the 7.0% Exchangeable Senior Notes due 2017.

6.12    Covenant to Guarantee Obligations and Give Security.

(a)Upon the formation or acquisition of any new direct or indirect Domestic Subsidiary (other than any CFC and any Subsidiary that is held directly or indirectly by a CFC) or Canadian Subsidiary by any Loan Party, then the Borrower shall, at the Borrower’s expense:

(i)within 30 days after such formation or acquisition, cause such Domestic Subsidiary or Canadian Subsidiary, as the case may be, and cause each direct and indirect parent of such Domestic Subsidiary or Canadian Subsidiary, as the case may be (if it has not already done so), to duly execute and deliver to the Administrative Agent a Joinder Agreement, pursuant to which such other Loan Party shall guaranty the other Loan Parties’ obligations under the Loan Documents and pledge a security interest in and to all of its assets in support of such guaranty in accordance with the terms and conditions of the Security Agreement (for each Domestic Subsidiary) or the Canadian Security Agreement (for each Canadian Subsidiary, and in addition, to the extent any such Canadian Subsidiary maintains its chief executive office, registered office or domicile (within the meaning of such term in the Civil Code of Québec) or any property or assets within the Province of Québec, also in accordance with a deed of hypothec),

(ii)within 15 days after such formation or acquisition, furnish to the Administrative Agent a description of the real and personal properties of such Domestic Subsidiary or Canadian Subsidiary, as the case may be, in detail satisfactory to the Administrative Agent,

(iii)within 30 days after such formation or acquisition, cause such Domestic Subsidiary or Canadian Subsidiary, as the case may be, and each direct and indirect parent of such Domestic Subsidiary or Canadian Subsidiary, as the case may be (if it has not already done so) to duly execute and deliver to the Administrative Agent deeds of trust, trust deeds, deeds to secure debt, mortgages (other than leasehold mortgages and leasehold deeds of trust), Security Agreement Supplements, Canadian Security Agreement Supplements, IP Security Agreement Supplements, Canadian IP Security Agreement Supplements and other security and pledge agreements, as specified by and in form and substance reasonably satisfactory to the Administrative Agent (including delivery of all Pledged Equity in and of such Domestic Subsidiary or Canadian Subsidiary, as the case may be, and other instruments of the type specified in Section 4.01(a)(iii)), securing payment of all the Obligations of such Domestic Subsidiary or Canadian Subsidiary, as the case may be, or such parent, as the case may be, under the Loan Documents and constituting Liens on all such real and personal properties, and with respect to each Mortgaged Property encumbered by a Mortgage or a Canadian Mortgage, as the case may be, pursuant to this Section 6.12(a)(iii), deliver the items set forth in Sections 4.01(a)(iv) and 6.21 hereof,

(iv)within 30 days after such formation or acquisition, cause such Domestic Subsidiary or Canadian Subsidiary, as the case may be, and each direct and indirect parent of such Domestic Subsidiary or Canadian Subsidiary, as the case may be (if it has not already done so) to take whatever action (including the recording of mortgages, the filing of Uniform Commercial Code or PPSA financing statements, the giving of notices and the endorsement of notices on title documents) as may be necessary or advisable in the opinion of the Administrative Agent to vest in the Administrative Agent (or in any representative of the Administrative Agent designated by it) valid and subsisting Liens on the properties purported to be subject to the deeds of trust, trust deeds, deeds to secure debt, mortgages (other than leasehold mortgages and leasehold deeds of trust), hypothecs, Security Agreement Supplements, Canadian Security Agreement Supplements, IP Security Agreement Supplements, Canadian IP Security Agreement Supplements and

security and pledge agreements delivered pursuant to this Section 6.12, enforceable against all third parties in accordance with their terms,

(v)within 60 days after such formation or acquisition, deliver to the Administrative Agent, upon the request of the Administrative Agent in its sole discretion, a signed copy of a favorable opinion, addressed to the Administrative Agent and the other Secured Parties, of counsel for the Loan Parties reasonably acceptable to the Administrative Agent (certain of which opinions, in the Administrative Agent’s discretion, may be given by in-house counsel) as to the matters contained in clauses (i), (iii) and (iv) above, and as to such other matters as the Administrative Agent may reasonably request, and

(vi)as promptly as practicable after such formation or acquisition, deliver, upon the request of the Administrative Agent in its sole discretion, to the Administrative Agent with respect to each parcel of real property or series of related real properties with a fair market value (as reasonably determined by the Borrower) of $3,000,000 or more that is owned or held by the entity that is the subject of such formation or acquisition title reports, surveys and engineering, soils and other reports, and environmental assessment reports, each in scope, form and substance reasonably satisfactory to the Administrative Agent, provided, however, that to the extent that any Loan Party or any of its Subsidiaries shall have otherwise received any of the foregoing items with respect to such real property, such items shall, promptly after the receipt thereof, be delivered to the Administrative Agent.

(b)Upon the acquisition of any property (other than any CFC and any Subsidiary that is held directly or indirectly by a CFC) by any Loan Party, if such property, in the judgment of the Administrative Agent, shall not already be subject to a perfected first priority security interest and Lien in favor of the Administrative Agent for the benefit of the Secured Parties (subject to the Term Intercreditor Agreement), then the Borrower shall, at the Borrower’s expense:

(i)within 15 days after such acquisition, furnish to the Administrative Agent a description of the property so acquired in detail satisfactory to the Administrative Agent,

(ii)within 30 days after such acquisition, cause the applicable Loan Party to duly execute and deliver to the Administrative Agent deeds of trust, trust deeds, deeds to secure debt, mortgages (other than leasehold mortgages and leasehold deeds of trust), Security Agreement Supplements, Canadian Security Agreement Supplements, IP Security Agreement Supplements, Canadian IP Security Agreement Supplements and other security and pledge agreements (including any deed of hypothec), as specified by and in form and substance reasonably satisfactory to the Administrative Agent, securing payment of all the Obligations of the applicable Loan Party under the Loan Documents and constituting Liens on all such properties, and with respect to each Mortgaged Property encumbered by a Mortgage or a Canadian Mortgage pursuant to this Section 6.12(b)(ii), deliver the items set forth in Sections 4.01(a)(iv) and 6.21 hereof,

(iii)within 30 days after such acquisition, cause the applicable Loan Party to take whatever action (including the recording of mortgages, the filing of Uniform Commercial Code or PPSA financing statements, the giving of notices and the endorsement of notices on title documents) as may be necessary or advisable in the opinion of the Administrative Agent to vest in the Administrative Agent (or in any representative of the Administrative Agent designated by it) valid and subsisting Liens on such property, enforceable against all third parties,

(iv)within 60 days after such acquisition, deliver to the Administrative Agent, upon the request of the Administrative Agent in its sole discretion, a signed copy of a favorable opinion, addressed to the Administrative Agent and the other Secured Parties, of counsel for the Loan Parties reasonably acceptable to the Administrative Agent (certain of which opinions, in the Administrative Agent’s discretion, may be given by in-house counsel) as to the matters contained in clauses (ii) and (iii) above and as to such other matters as the Administrative Agent may reasonably request, and

(v)as promptly as practicable after any acquisition of any real property or series of related real properties with a fair market value (as reasonably determined by the Borrower) of $3,000,000 or more, deliver, upon the request of the Administrative Agent in its sole discretion, to the Administrative Agent with respect to such real property title reports, surveys and engineering, soils and other reports, and environmental assessment reports, each in scope, form and substance reasonably satisfactory to the Administrative Agent, provided,however, that to the extent that any Loan Party or any of its Subsidiaries shall have otherwise received any of the foregoing items with respect to such real property, such items shall, promptly after the receipt thereof, be delivered to the Administrative Agent.

(c)Upon the request of the Administrative Agent following the occurrence and during the continuance of a Default, the Borrower shall, at the Borrower’s expense:

(i)within 10 days after such request, furnish to the Administrative Agent a description of the real and personal properties of the Loan Parties and their respective Subsidiaries in detail reasonably satisfactory to the Administrative Agent,

(ii)within 15 days after such request, duly execute and deliver, and cause each Domestic Subsidiary (other than any Subsidiary that is held directly or indirectly by a CFC) and Canadian Subsidiary of the Borrower (if it has not already done so) to duly execute and deliver, to the Administrative Agent deeds of trust, trust deeds, deeds to secure debt, mortgages (other than leasehold mortgages and leasehold deeds of trust), Security Agreement Supplements, Canadian Security Agreement Supplements, IP Security Agreement Supplements, Canadian IP Security Agreement Supplements and other security and pledge agreements (including any deed of hypothec), as specified by and in form and substance reasonably satisfactory to the Administrative Agent (including delivery of all Pledged Equity and Pledged Debt in and of such Subsidiary, and other instruments of the type specified in Section 4.01(a)(iii)), securing payment of all the Obligations of such Domestic Subsidiary or Canadian Subsidiary, as applicable, under the Loan Documents and constituting Liens on all such properties,

(iii)within 30 days after such request, take, and cause each Domestic Subsidiary (other than any Subsidiary that is held directly or indirectly by a CFC) and Canadian Subsidiary of the Borrower to take, whatever action (including the recording of mortgages, the filing of Uniform Commercial Code or PPSA financing statements, the giving of notices and the endorsement of notices on title documents) as may be necessary or advisable in the opinion of the Administrative Agent to vest in the Administrative Agent (or in any representative of the Administrative Agent designated by it) valid and subsisting Liens on the properties purported to be subject to the deeds of trust, trust deeds, deeds to secure debt, mortgages (other than leasehold mortgages and leasehold deeds of trust), Security Agreement Supplements, Canadian Security Agreement Supplements, IP Security Agreement Supplements, Canadian IP Security Agreement Supplements and other security and pledge agreements (including any deed of hypothec) delivered pursuant to this Section 6.12, enforceable against all third parties in accordance with their terms,

(iv)within 60 days after such request, deliver to the Administrative Agent, upon the request of the Administrative Agent in its sole discretion, a signed copy of a favorable opinion, addressed to the Administrative Agent and the other Secured Parties, of counsel for the Loan Parties reasonably acceptable to the Administrative Agent (certain of which opinions, in the discretion of the Administrative Agent, may be given by in-house counsel) as to the matters contained in clauses (ii) and (iii) above, and as to such other matters as the Administrative Agent may reasonably request, and

(v)as promptly as practicable after such request, deliver to the Administrative Agent with respect to each parcel of real property owned or held by the Borrower and its Subsidiaries, title reports, surveys and engineering, soils and other reports, and environmental assessment reports, each in scope, form and substance reasonably satisfactory to the Administrative Agent.

(d)At any time upon request of the Administrative Agent, promptly execute and deliver any and all further instruments and documents and take all such other action as the Administrative Agent may deem necessary or desirable in obtaining the full benefits of, or (as applicable) in perfecting and preserving the Liens of, such guaranties, deeds of trust, trust deeds, deeds to secure debt, mortgages (other than leasehold mortgages and leasehold deeds of trust), Security Agreement Supplements, Canadian Security Agreement Supplements, IP Security Agreement Supplements, Canadian IP Security Agreement Supplements and other security and pledge agreements (including any deed of hypothec).

Notwithstanding anything in this Section 6.12 to the contrary (i) no Loan Party shall be required to deliver a mortgage on any real property or series of related real properties with a fair market value (as reasonably determined by the Borrower) of less than $3,000,000 and (ii) any Subsidiary that pledges assets to secure obligations under the Second Amended and Restated Credit Agreement or that guarantees the obligations under the Second Amended and Restated Credit Agreement shall similarly guarantee and grant Liens to secure the Obligations even if such Subsidiary is a CFC.

6.13    Compliance with Environmental Laws.

Comply, and use commercially reasonable efforts to cause all lessees and other Persons operating or occupying its properties to comply, in all material respects, with all Environmental Laws and Environmental Permits; obtain and renew all Environmental Permits necessary for its operations and properties; and conduct any investigation, study, sampling and testing, and undertake any cleanup, removal, remedial or other action necessary to remove and clean up all Hazardous Materials from any of its properties, in accordance with the requirements of all Environmental Laws; provided, however, that neither Holdings nor any of its Subsidiaries shall be required to undertake any such cleanup, removal, remedial or other action to the extent that its obligation to do so is being contested in good faith and by proper proceedings and appropriate reserves are being maintained with respect to such circumstances in accordance with GAAP.

6.14    Preparation of Environmental Reports.

At the request of the Required Lenders from time to time upon the occurrence of any Release of Hazardous Materials or other event governed by Environmental Law that could reasonably be expected to materially impair the interests of the Secured Parties in any property of the Loan Parties, provide to the Lenders within 90 days after such request, at the expense of the Borrower, an environmental site assessment report for any of such properties, prepared by an environmental consulting firm reasonably acceptable to the Administrative Agent indicating the presence or absence of Hazardous Materials and the estimated cost of any compliance, removal or remedial action in connection with any Hazardous Materials on such properties; without limiting the generality of the foregoing, if the Administrative Agent determines at any time that a material risk exists that any such report will not be provided within the time referred to above, the Administrative Agent may retain an environmental consulting firm to prepare such report at the expense of the Borrower, and the Borrower hereby grants and agrees to cause any Subsidiary that owns any property described in such request to grant at the time of such request to the Administrative Agent, the Lenders, such firm and any agents or representatives thereof an irrevocable non-exclusive license, subject to the rights of tenants, to enter onto their respective properties to undertake such an assessment.

6.15    Further Assurances.

Promptly upon request by the Administrative Agent, or any Lender through the Administrative Agent, (a) correct any material defect or error that may be discovered in any Loan Document or in the execution, acknowledgment, filing or recordation thereof, (b) do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts, deeds, certificates, assurances and other instruments as the Administrative Agent, or any Lender through the Administrative Agent, may reasonably require from time to time in order to (i) carry out more effectively the purposes of the Loan Documents, (ii) to the fullest extent permitted by applicable Law, subject any Loan Party’s or any of its Domestic Subsidiaries’ (other than any CFC and any Subsidiary that is held directly or indirectly by a CFC) or Canadian Subsidiaries’ properties, assets, rights or interests to the Liens now or hereafter intended to be covered by any of the Collateral Documents, (iii) perfect and

maintain the validity, effectiveness and priority of any of the Collateral Documents and any of the Liens intended to be created thereunder and (iv) assure, convey, grant, assign, transfer, preserve, protect and confirm more effectively unto the Secured Parties the rights granted or now or hereafter intended to be granted to the Secured Parties under any Loan Document or under any other instrument executed in connection with any Loan Document to which any Loan Party or any of its Subsidiaries is or is to be a party, and cause each of its Domestic Subsidiaries (other than any CFC and any Subsidiary that is held directly or indirectly by a CFC) or Canadian Subsidiaries to do so, and (c) if an Event of Default has occurred and is continuing, deliver to the Administrative Agent such surveys, appraisals, environmental assessments, title insurance updates or policies and other related documents with respect to each parcel of real estate subject to a Mortgage or Canadian Mortgage.

6.16    Compliance with Terms of Leaseholds.

Make all payments and otherwise perform all obligations in respect of all leases of real property to which the Borrower or any of its Subsidiaries is a party, keep such leases in full force and effect and not allow such leases to lapse or be terminated or any rights to renew such leases to be forfeited or cancelled, notify the Administrative Agent of any default by any party with respect to such leases and cooperate with the Administrative Agent in all respects to cure any such default, and cause each of its Subsidiaries to do so, except, in any case, where the failure to do so, either individually or in the aggregate, could not be reasonably likely to have a Material Adverse Effect.

6.17    [Reserved] .

6.18    Material Contracts.

Perform and observe all the terms and provisions of each Material Contract to be performed or observed by it, maintain each such Material Contract in full force and effect, enforce each such Material Contract in accordance with its terms, take all such action to such end as may be from time to time requested by the Administrative Agent and, upon request of the Administrative Agent, make to each other party to each such Material Contract such demands and requests for information and reports or for action as any Loan Party or any of its Subsidiaries is entitled to make under such Material Contract, and cause each of its Subsidiaries to do so, except, in any case, where the failure to do so, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

6.19    [Reserved] .

6.20    Collateral Monitoring and Reporting.

(a)Borrowing Base Certificates. By the 20th day after the end of each fiscal month, the Borrower shall deliver to the Administrative Agent (and the Administrative Agent shall promptly deliver same to the Lenders) a Borrowing Base Certificate prepared as of the close of business on the last Business Day of the previous month (provided that, during an Increased Reporting Period, the Borrower shall deliver to the Administrative Agent weekly Borrowing Base Certificates by Wednesday of every week prepared as of the close of business on Friday of the previous week, which weekly Borrowing Base Certificates shall be in standard form unless otherwise reasonably agreed to by the Administrative Agent;it being understood that (i) Inventory amounts shown in the Borrowing Base Certificates delivered on a weekly basis will be based on the Inventory amount (x) set forth in the most recent weekly report, where possible, and (y) for the most recently ended fiscal month for which such information is available with regard to locations where it is impracticable to report Inventory more frequently, and (ii) the amount of Eligible Accounts shown in such Borrowing Base Certificate will be based on the amount of the gross Accounts set forth in the most recent weekly report, less the amount of ineligible Accounts reported for the most recently ended fiscal month). All calculations of Availability in any Borrowing Base Certificate shall be made by the Borrower and certified by a Responsible Officer, provided that the Administrative Agent may from time to time review and adjust any such calculation in consultation with the Borrower to the extent the calculation is not made in accordance with this Agreement or does not accurately reflect the Reserves.

(b)Records and Schedules of Accounts. Each Loan Party shall keep accurate and complete records of its Accounts, including all payments and collections thereon, and shall submit to the Administrative Agent sales, collection, reconciliation and other reports in form reasonably satisfactory to the Administrative Agent on a periodic basis (but not more frequently than at the time of delivery of each of the financial statements required pursuant to Sections 6.01(a) and (b)). The Borrower shall also provide to the Administrative Agent, on or before the 15th day after the end of each fiscal month, a detailed aged trial balance of all Accounts of the Loan Parties as of the end of the preceding month, specifying each Account’s Account Debtor name and the amount, invoice date and due date as the Administrative Agent may reasonably request. If Accounts of Loan Parties owing from any single Account Debtor in an aggregate face amount of $500,000 or more cease to be Eligible Accounts, the Borrower shall notify the Administrative Agent of such occurrence promptly (and in any event within five Business Days) after any Responsible Officer of the Borrower has actual knowledge thereof.

(c)Maintenance of Dominion Account. Within sixty (60) days (or such later date as the Administrative Agent may agree in its reasonable discretion) of the Closing Date (or, with respect to any Deposit Account other than Excluded Deposit Accounts opened following the Closing Date, within thirty (30) days (or such later date as the Administrative Agent may agree in its reasonable discretion) after the date such Loan Party notifies the Administrative Agent of the opening of such Deposit Account or the date any Person becomes a Loan Party hereunder), (i) each Loan Party shall cause each bank or other depository institution at which any Deposit Account other than any Excluded Deposit Account is maintained, to enter into a Deposit Account Control Agreement that provides for such bank or other depository institution to transfer to a Dominion Account, on a daily basis, all balances in each Deposit Account other than any Excluded Deposit Account maintained by any Loan Party with such depository institution for application to the Obligations then outstanding following the receipt by such bank or other depository institution of a Liquidity Notice (it being understood that the Administrative Agent shall reasonably promptly deliver a copy of such Liquidity Notice to the Borrower), (ii) the Borrower shall establish the Dominion Account and obtain an agreement (in form reasonably satisfactory to the Administrative Agent) from the Dominion Account bank, establishing the Administrative Agent’s control over and Lien in the Dominion Account, which will be exercised by the Administrative Agent during any Liquidity Period, requiring immediate deposit of all remittances received to a Dominion Account, (iii) each Loan Party shall irrevocably appoint the Administrative Agent as such Loan Party’s attorney-in-fact to collect such balances during a Liquidity Period to the extent any such delivery is not so made and (iv) each Loan Party shall instruct each Account Debtor to make all payments with respect to Revolver Priority Collateral into Deposit Accounts subject to Deposit Account Control Agreements, or the Loan Parties shall immediately direct any such payments into Deposit Accounts subject to Deposit Account Control Agreements. Following the commencement of a Liquidity Period, the Administrative Agent shall promptly deliver Liquidity Notices to banks or depository institutions that have entered into Deposit Account Control Agreements, unless otherwise directed by the Required Lenders. The Administrative Agent and the Lenders assume no responsibility to the Borrower for any lockbox arrangement or Dominion Account, including any claim of accord and satisfaction or release with respect to any check, draft or other item of payment payable to a Loan Party (including those constituting proceeds of Collateral) accepted by any bank.

(d)Proceeds of Collateral. Each Loan Party shall request in writing and otherwise take all necessary steps to ensure that all payments on Accounts or otherwise relating to Revolver Priority Collateral are made directly to a Deposit Account subject to a Deposit Account Control Agreement (or a lockbox relating to a Dominion Account). If any Loan Party receives cash or any check, draft or other item of payment payable to a Loan Party with respect to any Revolver Priority Collateral, it shall hold the same in trust for the Administrative Agent and promptly deposit the same into any such Deposit Account or Dominion Account.

(e)Administration of Deposit Accounts. Schedule 6.20 sets forth all Deposit Accounts (other than Excluded Deposit Accounts) maintained by the Loan Parties, including all Dominion Accounts, as of the Closing Date. Subject to Section 6.20(c), each Loan Party shall take all actions necessary to establish the Administrative Agent’s control (within the meaning of the UCC) over each such Deposit Account other than Excluded Deposit Accounts at all times. Each Loan Party shall be the sole account holder of each Deposit Account and shall not allow any other Person (other than (i) prior to the issuance of the 2014 Notes, subject to the terms of the Term Intercreditor Agreement and the Intercreditor Agreement, the Administrative Agent, the Term Agent, the Second

Lien Indenture Trustee and the applicable depositary bank, and (ii) on and after the date of issuance of the 2014 Notes, subject to the terms of the First Lien Intercreditor Agreement and the 2014 Intercreditor Agreement, the Administrative Agent, the trustee and/or collateral agent (as the case may be) for the First Lien Notes, the trustee and/or collateral agent (as the case may be) for the 2014 Second Lien Notes, and the applicable depositary bank) to have control over a Deposit Account or any deposits therein. The Borrower shall promptly notify the Administrative Agent of any opening or closing of a Deposit Account by any Loan Party (other than any Excluded Deposit Accounts), and no Loan Party shall open any Deposit Accounts (other than any Excluded Deposit Accounts) at a bank not reasonably acceptable to the Administrative Agent.

(f)Account Verification. Whether or not a Default or Event of Default exists, the Administrative Agent shall have the right at any time, in the name of the Administrative Agent, any designee of the Administrative Agent or any Loan Party, to verify the validity, amount or any other matter relating to any Accounts of the Loan Parties by mail, telephone or otherwise. Loan Parties shall cooperate fully with the Administrative Agent in an effort to facilitate and promptly conclude any such verification process.

(g)Administration of Inventory.

(i)    Records and Reports of Inventory. Each Loan Party shall keep accurate and complete records of its Inventory, including costs and daily withdrawals and additions, and, prior to the 15th day after the end of each fiscal month, shall submit or otherwise make available to the Administrative Agent inventory and reconciliation reports for such month in form reasonably satisfactory to the Administrative Agent. Each Loan Party shall conduct a physical inventory at least once per calendar year (and on a more frequent basis if requested by the Administrative Agent when an Event of Default exists) and periodic cycle counts consistent with historical practices, and shall provide to the Administrative Agent a report based on each such inventory and count promptly upon completion thereof, together with such supporting information as the Administrative Agent may reasonably request. The Administrative Agent may participate in and observe each physical count.

(ii)    Returns of Inventory. No Loan Party shall return any Inventory to a supplier, vendor or other Person, whether for cash, credit or otherwise, unless (a) such return is in the ordinary course of business; (b) no Default, Event of Default or Overadvance exists or would result therefrom; (c) the Administrative Agent is promptly notified if the aggregate value of all Inventory returned in any month exceeds $250,000; and (d) any payment received by a Loan Party for a return is promptly remitted to the Administrative Agent for application to the Obligations.

(iii)    Acquisition, Sale and Maintenance. No Loan Party shall acquire or accept any Inventory on consignment or approval from any individual vendor in excess of $1,000,000 without notifying the Administrative Agent, and shall take all steps to assure that all Inventory is produced in accordance with applicable Law, including the Fair Labor Standards Act and that any such Inventory is segregated from all other Inventory of the Loan Parties. No Loan Party shall sell any Inventory on consignment or approval or any other basis under which the customer may return or require a Loan Party to repurchase such Inventory to any individual customer in excess of $1,000,000 without notifying the Administrative Agent. Loan Parties shall use, store and maintain all Inventory with reasonable care and caution, in accordance with applicable standards of any insurance and in conformity in all material respects with all applicable Law, and shall make current rent payments (within applicable grace periods provided for in leases) at all locations where any Collateral is located.

6.21    Post-Closing Actions Related to Real Estate Collateral.

(a)Within ninety (90) days after the Closing Date or such longer period as agreed to by the Administrative Agent in its reasonable discretion, deliver to the Administrative Agent the following items (unless the requirement for any such item is waived by the Administrative Agent due to costs that are excessive in relation to the benefits afforded thereby or on such other basis as the Administrative Agent may determine in its sole discretion):

(i)deeds of trust, trust deeds, deeds to secure debt and mortgages (other than leasehold mortgages and leasehold deeds of trust), in substantially the form of Exhibit G (with such changes as may be satisfactory to the Administrative Agent and its counsel to account for local law matters) and covering the properties identified to be mortgaged on Schedule 5.08(c) (together with the assignments of leases and rents contained therein and each other mortgage delivered pursuant to Section 6.12, in each case as amended, the “Mortgages”), duly executed by the appropriate Loan Party (other than Canadian Guarantors), as well as deeds of trust, trust deeds, deeds to secure debt and mortgages (other than leasehold mortgages and leasehold deeds of trust), in form and substance satisfactory to the Administrative Agent (with such changes as may be satisfactory to the Administrative Agent and its counsel to account for local law matters, including, as the case may be, for purposes of creating a hypothec) and covering the properties identified to be mortgaged on Schedule 5.08(c) (together with the assignments of leases and rents contained therein and each other mortgage delivered pursuant to Section 6.12, in each case as amended, the “Canadian Mortgages”), duly executed by the appropriate Canadian Guarantor;

(ii)evidence that counterparts of the Mortgages and the Canadian Mortgages have been duly executed, acknowledged and delivered and are in form suitable for filing or recording in all filing or recording offices that the Administrative Agent may deem necessary or desirable in order to create a valid first and subsisting Lien (subject only to Liens set forth on Schedule 5.08(b) and Liens otherwise permitted by Section 7.01) on the property described therein in favor of the Administrative Agent for the benefit of the Secured Parties and that all filing, documentary, stamp, intangible and recording taxes and fees have been paid (or that arrangements for the payment thereof satisfactory to the Administrative Agent have been made);

(iii)with respect to each Mortgage and Canadian Mortgage, as the case may be, a title search dated contemporaneous with the delivery of such Mortgage or Canadian Mortgage conducted by a title insurance company in the case of such Mortgage and by the Canadian Guarantor’s counsel in the case of such Canadian Mortgage which reflects that the Mortgaged Property subject to such Mortgage or Canadian Mortgage, as the case may be, is free and clear of all defects and encumbrances other than Liens set forth on Schedule 5.08(b) and Liens otherwise permitted by Section 7.01;

(iv)evidence of the insurance required by the terms of the Mortgages and the Canadian Mortgages and Section 6.07 hereof; and

(v)evidence that all other action that the Administrative Agent may deem necessary or desirable in order to create valid first and subsisting Liens (subject only to Liens set forth on Schedule 5.08(b) and Liens otherwise permitted by Section 7.01) on the property described in the Mortgages and the Canadian Mortgages has been taken.

(b)Within thirty (30) days after the recording of each Mortgage or Canadian Mortgage, as the case may be, delivered pursuant to Section 6.12 or Section 6.21(a) or such longer period as agreed to by the Administrative Agent in its reasonable discretion, a confirmatory lien search conducted by a title insurance company in the case of such Mortgage and by the Canadian Guarantor’s counsel in the case of such Canadian Mortgage which reflects that such Mortgage or Canadian Mortgage, as the case may be, was duly recorded and that the Mortgaged Property subject to such Mortgage or Canadian Mortgage, as the case may be, was free and clear of all defects and encumbrances other than Liens set forth on Schedule 5.08(b) and Liens otherwise permitted by Section 7.01 as of the date of such recording.

(c)If any Event of Default shall have occurred and be continuing, promptly following written request by the Administrative Agent, deliver to the Administrative Agent the following items with respect to each Mortgage or Canadian Mortgage delivered pursuant to Section 6.12 or 6.21(a) hereof or the applicable Mortgaged Property:

(i)if requested by the Administrative Agent, fully paid American Land Title Association Lender’s Extended Coverage title insurance policies (the “Mortgage Policies”) in form and substance, with

endorsements (other than zoning, creditors rights and environmental) and in amounts reasonably acceptable to the Administrative Agent (but in any event not greater than the fair market value of the applicable Mortgaged Property, as reasonably determined by the Borrower), issued, coinsured and reinsured by title insurers reasonably acceptable to the Administrative Agent, insuring the Mortgages to be valid first and subsisting Liens on the property described therein, free and clear of all defects (including, but not limited to, mechanics’ and materialmen’s Liens) and encumbrances, excepting only Permitted Encumbrances and Liens otherwise permitted by Section 7.01, and providing for such other affirmative insurance (including endorsements for future advances under the Loan Documents and for mechanics’ and materialmen’s Liens) and such coinsurance and direct access reinsurance as the Administrative Agent may deem necessary or desirable;

(ii)if requested by the Administrative Agent, American Land Title Association/American Congress on Surveying and Mapping form surveys (or with respect to any Canadian property, a new survey prepared by a qualified land surveyor), for which all necessary fees (where applicable) have been paid, certified to the Administrative Agent and the issuer of the Mortgage Policies in a manner satisfactory to the Administrative Agent by a land surveyor duly registered and licensed in the States, provinces or territories in which the property described in such surveys is located and acceptable to the Administrative Agent, showing all buildings and other improvements, any off-site improvements, the location of any easements, parking spaces, rights of way, building set-back lines and other dimensional regulations and the absence of encroachments, either by such improvements or on to such property, and other defects, other than encroachments and other defects acceptable to the Administrative Agent or that do not materially adversely affect the value of the applicable Mortgaged Property;

(iii)if requested by the Administrative Agent, Phase I environmental site assessments as to the properties described in the Mortgages, in form and substance and from professional firms reasonably acceptable to the Administrative Agent; and

(iv)if requested by the Administrative Agent, an appraisal of each of the properties described in the Mortgages complying with the requirements of the Federal Financial Institutions Reform, Recovery and Enforcement Act of 1989.

ARTICLE VII

NEGATIVE COVENANTS

So long as any Lender shall have any Commitment hereunder or any Revolving Loan or other Obligation hereunder shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding (unless Cash Collateralized or backstopped on terms reasonably satisfactory to the Administrative Agent), the Borrower shall not, nor shall it permit any Subsidiary to, directly or indirectly:

7.01    Liens.

Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, or sign or file or suffer to exist under the Uniform Commercial Code or the PPSA of any jurisdiction a financing statement that names the Borrower, Holdings or any of its other Subsidiaries as debtor, or assign any accounts or other right to receive income, other than the following (including any financing statements filed in connection with any of the following):

(a)    (i) Liens pursuant to any Loan Document; and (ii) Liens securing Indebtedness and other obligations under the Term Documents so long as such Liens are subject to the Term Intercreditor Agreement;

(b)    Liens existing on the Closing Date and listed on Schedule 7.01 and any renewals or extensions thereof, provided that (i) the property covered thereby is not changed, (ii) the amount secured or benefited thereby is not increased except as contemplated by Section 7.02(d), as applicable, (iii) the direct or any contingent obligor with respect thereto is not changed, and (iv) any renewal or extension of the obligations secured or benefited thereby is permitted by Section 7.02(d) or Section 7.15(d);

(c)    Liens for taxes not yet due or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;

(d)    carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s, construction or other like Liens arising in the ordinary course of business which are not overdue for a period of more than 30 days or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;

(e)    pledges or deposits in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other social security legislation, other than any Lien imposed by ERISA or Canadian Pension Legislation;

(f)    deposits to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business;

(g)    (i) easements, (ii) rights-of-way, (iii) servitudes, (iv) restrictions, (v) reservations, limitations, provisos and conditions expressed in an original grant from the Crown and (vi) other similar encumbrances affecting real property which, in the aggregate, are not substantial in amount, and which do not in any case materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the applicable Person;

(h)    Liens securing judgments for the payment of money not constituting an Event of Default under Section 8.01(h);

(i)    Liens securing Indebtedness permitted under Section 7.02(f); provided that (i) such Liens do not at any time encumber any property other than the property financed by such Indebtedness and (ii) the Indebtedness secured thereby does not exceed the cost or fair market value, whichever is lower, of the property being acquired on the date of acquisition;

(j)    Liens on property of a Person existing at the time such Person is merged into, amalgamated with or consolidated with the Borrower or any Subsidiary of the Borrower or becomes a Subsidiary of the Borrower; provided that such Liens were not created in contemplation of such merger, amalgamation, consolidation or Investment and do not extend to any assets other than those of the Person merged into, amalgamated with or consolidated with the Borrower or such Subsidiary or acquired by the Borrower or such Subsidiary, and the applicable Indebtedness secured by such Lien is permitted under Section 7.02(g);

(k)    other Liens securing Indebtedness outstanding in an aggregate principal amount not to exceed $25,000,000, provided that no such Lien shall extend to or cover Revolver Priority Collateral with a book or fair market value (whichever is higher) of over $1,000,000 in the aggregate;

(l)    the replacement, extension or renewal of any Lien permitted by clauses (i) through (k) above upon or in the same property theretofore subject thereto;

(m)    Liens securing Indebtedness evidenced by the Second Lien Notes outstanding on the Closing Date or Indebtedness incurred pursuant to Section 7.02(n), so long as such Liens are subject and

subordinate to the Liens upon the Collateral under the Loan Documents in accordance with the terms and conditions of the Intercreditor Agreement;

(n)     Liens in favor of a depositary institution on cash deposits and other funds maintained with such depository institution in each case arising in the ordinary course of business by virtue of any statutory or common law provision relating to banker’s liens, including Section 4-208 of the UCC;

(o)     Liens on Collateralsecuring Indebtedness and other obligations evidenced by the 2014 Second Lien Notesand other Indebtedness permitted under Section 7.02(p) and the documents executed and delivered by the Loan Parties in connection therewith, so long as such Liens are subject and subordinate to the Liens upon the Collateral under the Loan Documents in accordance with the terms and conditions of the 2014 Intercreditor Agreement; and

(p)    Liens on Collateralsecuring Indebtedness and other obligations evidenced by the First Lien Notesand other Indebtedness permitted under Section 7.02(o) and the documents executed and delivered by the Loan Parties in connection therewith, so long as such Liens are subject to the First Lien Intercreditor Agreement.

7.2    Indebtedness.

Create, incur, assume or suffer to exist any Indebtedness, except:

(a)    obligations (contingent or otherwise) of the Borrower existing or arising under any Swap Contract; provided that (A) such obligations are (or were) entered into by such Person in the ordinary course of business for the purpose of directly mitigating risks associated with liabilities, commitments, investments, assets, or property held or reasonably anticipated by such Person, or changes in the value of securities issued by such Person, and not for purposes of speculation or taking a “market view,” and (B) such Swap Contract does not contain any provision exonerating the non-defaulting party from its obligation to make payments on outstanding transactions to the defaulting party;

(b)    unsecured Indebtedness of a Subsidiary of the Borrower owed to the Borrower or a wholly-owned Subsidiary of the Borrower, which Indebtedness shall (i) in the case of Indebtedness owed to a Loan Party, constitute “Pledged Debt” under the Security Agreement or the Canadian Security Agreement, as the case may be, (ii) be on terms (including subordination terms) acceptable to the Administrative Agent and (iii) be otherwise permitted under the provisions of Section 7.03;

(c)     (i) Indebtedness under the Loan Documents; and (ii) (x) prior to the issuance of the 2014 Notes pursuant to Section 7.02(o), Indebtedness under the Second Amended and Restated Credit Agreement not to exceed $360,000,000 at any one time outstanding and (y) on and after the date of issuance of the 2014 Notes, this clause (ii) and the two provisos of this Section 7.02(c) shall have no further force or effect; provided that the total Indebtedness incurred pursuant to this clause (c) shall not exceed $560,000,000 at any one time outstanding; providedfurther, however, that notwithstanding the foregoing provisions of this clause (c), the Borrower and its Subsidiaries may incur Indebtedness under the Loan Documents and the Second Amended and Restated Credit Agreement in an aggregate amount in excess of $560,000,000 (and, for the avoidance of doubt, Indebtedness under the Second Amended and Restated Credit Agreement in excess of $360,000,000) so long as (A) immediately after giving effect to the incurrence of such Indebtedness, Holdings and its Subsidiaries shall have a Consolidated First Lien Leverage Ratio calculated on a Pro Forma Basis, as determined on the basis of the financial information most recently delivered to the Administrative Agent and the Lenders pursuant to Section 6.01(a) or (b), as applicable, less than 2.25 to 1.0, (B) after giving effect to the incurrence of such Indebtedness, the sum of (x) the Aggregate Commitments and (y) the aggregate outstanding principal amount of the Term Loans shall not exceed the Maximum First Lien Principal Indebtedness (as defined in the Intercreditor Agreement), (C) any such Indebtedness in excess of $560,000,000 shall be used solely to finance all or a portion of the purchase price

of any Acquisition permitted under Section 7.03 and related fees, costs and expenses, and (D) no Default exists immediately prior to, or would result from, the issuance or incurrence of such Indebtedness;

(d)    Indebtedness (excluding Indebtedness permitted to be incurred under Section 7.02(k)) outstanding on the Closing Date and listed on Schedule 7.02 and any refinancings, refundings, renewals or extensions of such Indebtedness or of Indebtedness permitted under Section 7.02(g); provided that (i) no Default shall have occurred and be continuing or would result from any such refinancing, refunding, renewal or extension on a Pro Forma Basis, (ii) the amount of such Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing and by an amount equal to any existing commitments unutilized thereunder and any accrued and unpaid interest thereon, (iii) the direct or any contingent obligor with respect thereto is not changed as a result of or in connection with such refinancing, refunding, renewal or extension, and (iv) the terms relating to principal amount, amortization, maturity, collateral (if any) and subordination (if any), and other material terms taken as a whole, of any such refinancing, refunding, renewing or extending Indebtedness, and of any agreement entered into and of any instrument issued in connection therewith, are no less favorable in any material respect to the Loan Parties or the Lenders than the terms of any agreement or instrument governing the Indebtedness being refinanced, refunded, renewed or extended and the interest rate applicable to any such refinancing, refunding, renewing or extending Indebtedness does not exceed the then applicable market interest rate;

(e)    Guarantees of Holdings, the Borrower, or any Subsidiary in respect of Indebtedness otherwise permitted hereunder of the Borrower or any of its Subsidiaries;

(f)    Indebtedness in respect of Capitalized Leases, Synthetic Lease Obligations, Synthetic Debt and purchase money obligations for fixed or capital assets within the limitations set forth in Section 7.01(i); provided, however, that the aggregate amount of all such Indebtedness at any one time outstanding shall not exceed $25,000,000;

(g)    Indebtedness of any Person that becomes a Subsidiary of the Borrower after the Closing Date in accordance with the terms of Section 7.03(h), which Indebtedness is existing at the time such Person becomes a Subsidiary of the Borrower (other than Indebtedness incurred in contemplation of such Person’s becoming a Subsidiary of the Borrower);

(h)     (i) Indebtedness of any Subsidiary that is not a Loan Party owing to any other Subsidiary that is not a Loan Party and (ii) other Indebtedness of Subsidiaries which are not Loan Parties in an aggregate principal amount not to exceed $5,000,000 at any time outstanding;

(i)    other Indebtedness in any aggregate amount of up to $25,000,000 which may be secured by Liens permitted under Section 7.01(k);

(j)    other unsecured Indebtedness, provided that (A) no Default exists immediately prior to, or would result from, on a Pro Forma Basis, the incurrence of such Indebtedness, (B) no portion of such Indebtedness is scheduled to be paid (either at maturity or as amortization or as a mandatory prepayment (except, in the case of the initial Unsecured Term Loan Facility only, any mandatory prepayments thereunder that are paid only after any mandatory prepayments then due and payable hereunder are satisfied) prior to 91 days after the Maturity Date of any Revolving Loan hereunder, (C) such Indebtedness is not Indebtedness of Holdings to the Borrower or any of its Subsidiaries, (D) the material terms and conditions of such Indebtedness are not more restrictive than the terms and conditions of this Agreement, (E) immediately after giving effect to such incurrence, Holdings and its Subsidiaries shall have a Consolidated Leverage Ratio that is 0.25 less than the level set forth in Section 7.11 of the Second Amended and Restated Credit Agreement (as in effect on the Closing Date) (i.e., if the level set forth is 6.00 to 1.00 the required level under this clause (j) shall be 5.75 to 1.00) on a Pro Forma Basis, such compliance to be determined on the basis of the financial information most recently delivered to the Administrative

Agent and the Lenders pursuant to Section 6.01(a) or (b) and (F) if such Indebtedness is subordinated Indebtedness, such Indebtedness is subordinated in right of payment to the Obligations pursuant to terms of subordination in form and substance acceptable to the Administrative Agent;

(k)    Indebtedness evidenced by the Senior Notes and the Second Lien Notes in each case outstanding on the Closing Date;

(l)    Indebtedness issued as consideration for all or any portion of the purchase price of any Acquisition permitted under Section 7.03(h), provided that (A) no Default exists immediately prior to, or would result from, on a Pro Forma Basis, the incurrence of such Indebtedness, (B) such Indebtedness is not Indebtedness of a Loan Party to any other Loan Party and (C) the aggregate amount of such Indebtedness shall not exceed $20,000,000;

(m)    any refinancings, refundings, renewals or extensions of the Unsecured Term Loan Facility in whole or in part; provided that (i) no Default shall have occurred and be continuing or would result from any such refinancing, refunding, renewal or extension on a Pro Forma Basis, (ii) the Borrower shall be in compliance with the financial covenant set forth in Section 7.11 of the Second Amended and Restated Credit Agreement (as in effect on the Closing Date) on a Pro Forma Basis after giving effect to such refinancing, refunding, renewal or extension, (iii) the amount of such Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing, refunding, renewal or extension and by an amount equal to any existing commitments unutilized thereunder and any accrued and unpaid interest thereon, (iv) the direct or any contingent obligor with respect thereto is not changed as a result of or in connection with such refinancing, refunding, renewal or extension, (v) such refinancing, refunding, renewing or extending Indebtedness does not contain any mandatory prepayments or amortization and the terms relating to principal amount, maturity, collateral (if any) and subordination (if any), and other material terms taken as a whole, of any such refinancing, refunding, renewing or extending Indebtedness, and of any agreement entered into and of any instrument issued in connection therewith, are no less favorable in any material respect to the Loan Parties or the Lenders than the terms of any agreement or instrument governing the Indebtedness being refinanced, refunded, renewed or extended and (vi) the interest rate and yield (as reasonably measured by the Borrower in a manner acceptable to the Administrative Agent) applicable to any such refinancing, refunding, renewing or extending Indebtedness does not exceed the interest rate or yield (as reasonably measured by the Borrower in a manner acceptable to the Administrative Agent), respectively, applicable to the Indebtedness being refinanced, refunded, renewed or extended;

(n)    Indebtedness issued or incurred from time to time in respect of the Second Lien Notes after the Closing Date or other Indebtedness secured by Liens on the Collateral that are junior to the Liens securing the Obligations (including, without limitation, Permitted Additional Pari Passu Obligations (as defined in the Second Lien Notes Indenture)); provided, that (x) immediately after giving effect to such issuance or incurrence, Holdings and its Subsidiaries shall have a Consolidated Secured Debt Ratio not greater than 4.5 to 1.0, (y) no Default exists immediately prior to, or would result from, on a Pro Forma Basis, the incurrence of such Indebtedness and (z) such Indebtedness is in compliance with the terms and conditions of the Intercreditor Agreement; and

(o)    Indebtedness in an aggregate principal amount not to exceed $800,000,000 issued or incurred from time to time in respect of the 2014 Notes; provided, that (i) the proceeds of the 2014 Notes are concurrently applied solely to repay or prepay in full the Borrower’s obligations under the Term Documents and to satisfy and discharge in full the Borrower’s obligations under the Second Lien Notes Documents, and to pay related transaction fees, premiums and expenses, (ii) all commitments (if any) in respect of the Term Documents shall have been terminated, (iii) any security interest or Lien granted to the secured parties under each of the Term Documents and the Second Lien Notes Documents, as applicable, in the personal property or real property of the Loan Parties securing amounts evidenced by such Term Documents and Second Lien Notes Documents, as applicable, shall have been terminated and (iv) the

maturity date of the 2014 Notes shall be no earlier than the date that occurs 91 days after the fifth anniversary of the Closing Date.respect of the First Lien Notes or, after the Amendment No. 3 Effective Date, Indebtedness issued or incurred from time to time in respect of Permitted Additional Pari Passu Obligations (as defined in the First Lien Notes Indenture); provided, that, with respect to any such issuance or incurrence of such Permitted Additional Pari Passu Obligations, (i) immediately after giving effect to such issuance or incurrence, Holdings and its Subsidiaries shall have a Consolidated Senior Secured Debt Ratio not greater than 4.0 to 1.0, (ii) no Default exists immediately prior to, or would result from, on a Pro Forma Basis, the incurrence of such Indebtedness, (iii) such Indebtedness is in compliance with the terms and conditions of the First Lien Intercreditor Agreement, (iv) the proceeds of such Indebtedness are used to refinance, or such Indebtedness is issued in exchange for, all or any portion of the Borrower’s 11.50% Senior Notes due 2017, (v) such Indebtedness does not contain any mandatory prepayments or mandatory redemptions (other than customary asset sale, event of loss and change of control offer covenants) or require any amortization, (vi) the Weighted Average Life to Maturity of such Indebtedness at the time of incurrence thereof shall not be shorter than the period from the date of such incurrence to the date that is 180 days after the Maturity Date of any then outstanding Revolving Commitments and (vii) such Indebtedness is otherwise permitted under the First Lien Notes Indenture; and

(p)Indebtedness in respect of the 2014 Second Lien Notes or, after the Amendment No. 3 Effective Date, Indebtedness issued or incurred from time to time in respect of Permitted Additional Pari Passu Obligations (as defined in the 2014 Second Lien Notes Indenture); provided, that, with respect to any such issuance or incurrence of such Permitted Additional Pari Passu Obligations, (i) immediately after giving effect to such issuance or incurrence, Holdings and its Subsidiaries shall have a Consolidated Total Secured Debt Ratio not greater than 5.25 to 1.00, (ii) no Default exists immediately prior to, or would result from, on a Pro Forma Basis, the incurrence of such Indebtedness, (iii) such Indebtedness is in compliance with the terms and conditions of the 2014 Intercreditor Agreement, (iv) the proceeds of such Indebtedness are used to refinance, or such Indebtedness is issued in exchange for, all or any portion of the Borrower’s 11.50% Senior Notes due 2017, (v) such Indebtedness does not contain any mandatory prepayments or mandatory redemptions (other than customary asset sale, event of loss and change of control offer covenants) or require any amortization, (vi) the Weighted Average Life to Maturity of such Indebtedness at the time of incurrence thereof shall not be shorter than the period from the date of such incurrence to the date that is 180 days after the Maturity Date of any then outstanding Revolving Commitments and (vii) such Indebtedness is otherwise permitted under the 2014 Second Lien Notes Indenture.

7.3    Investments.

Make or hold any Investments, except:

(a)    Investments held by Holdings and its Subsidiaries in the form of Cash Equivalents;

(b)    advances to officers, directors and employees of Holdings and its Subsidiaries in an aggregate amount not to exceed $2,000,000 at any time outstanding, for travel, entertainment, relocation and analogous ordinary business purposes;

(c)    (i) Investments by Holdings and its Subsidiaries in their respective Subsidiaries outstanding on the Closing Date, (ii) additional Investments by Holdings and its Subsidiaries in Loan Parties (other than Holdings), and (iii) additional Investments by Subsidiaries of the Borrower that are not Loan Parties in other Subsidiaries that are not Loan Parties; provided that each such Investment that consists of intercompany Indebtedness owing to a Loan Party shall be evidenced by an intercompany note which shall be delivered to, and in form reasonably acceptable to, the Administrative Agent and shall constitute “Pledged Debt” pursuant to the terms of the Security Agreement or the Canadian Security Agreement, as the case may be;

(d)    Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business, and Investments

received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss;

(e)    Guarantees permitted by Section 7.02;

(f)    Investments existing on the Closing Date (other than those referred to in Section 7.03(c)(i)) and set forth on Schedule 5.08(e);

(g)    Investments by the Borrower in Swap Contracts permitted under Section 7.02(a);

(h)    any Acquisition; provided that each of the following conditions shall be satisfied:

(i)    any Subsidiary created or acquired in connection with such Acquisition shall comply with the requirements of Section 6.12;

(ii)    the lines of business of the Person to be (or the property of which is to be) so Acquired shall be substantially similar or related to one or more of the principal businesses of the Borrower and its Subsidiaries in the ordinary course;

(iii)    immediately before and immediately after giving effect to any such Acquisition, the Acquisitions and Investment Conditions shall be satisfied on a Pro Forma Basis for such Acquisition; and

(iv)    the Borrower shall have delivered to the Administrative Agent and each Lender, at least two Business Days prior to the date on which any such Acquisition is to be consummated, a certificate of a Responsible Officer, in form and substance reasonably satisfactory to the Administrative Agent, certifying that all of the requirements set forth in this clause (h) have been satisfied or will be satisfied on or prior to the consummation of such Acquisition;

(i)    Investments by the Borrower and its Subsidiaries not otherwise permitted under this Section 7.03, so long as the Acquisitions and Investment Conditions are satisfied on a Pro Forma Basis immediately after giving effect to such Investment; provided that, with respect to each Investment made pursuant to this Section 7.03(i):

(i)    such Investment shall not include or result in any contingent liabilities that could reasonably be expected to be material to the business, financial condition, operations or prospects of the Borrower and its Subsidiaries, taken as a whole (as determined in good faith by the board of directors (or persons performing similar functions) of the Borrower or such Subsidiary if the board of directors is otherwise approving such transaction and, in each other case, by a Responsible Officer); and

(ii)    such Investment shall be in property that is part of, or in lines of business that are substantially similar or related to, one or more of the principal businesses of the Borrower and its Subsidiaries in the ordinary course; and

(j)    Investments by the Borrower and its Subsidiaries not otherwise permitted under this Section 7.03 not to exceed $3,000,000 in any fiscal year (provided that no more than $6,000,000 in the aggregate shall be permitted during the term of this Agreement), so long as the Acquisitions and Investment Conditions are satisfied on a Pro Forma Basis immediately after giving effect to such Investment.

7.4    Fundamental Changes.

Merge, dissolve, liquidate, consolidate or amalgamate with or into another Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter

acquired) to or in favor of any Person, except that, so long as no Default exists or would result therefrom on a Pro Forma Basis:

(a)    any Domestic Subsidiary may merge with (i) the Borrower, provided that the Borrower shall be the continuing or surviving Person, or (ii) any one or more other Domestic Subsidiaries, providedthat when any Loan Party is merging with another Subsidiary, such Loan Party shall be the continuing or surviving Person;

(b)    any Canadian Subsidiary may amalgamate with any one or more other Canadian Subsidiaries, provided that when any Canadian Guarantor is amalgamating with another Canadian Subsidiary, such Canadian Guarantor shall be the continuing or surviving Person;

(c)    any Loan Party may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to the Borrower or to another Loan Party (other than Holdings);

(d)    any Subsidiary that is not a Loan Party may dispose of all or substantially all its assets (including any Disposition that is in the nature of a liquidation) to any other Subsidiary;

(e)    in connection with any Acquisition permitted under Section 7.03, any Subsidiary of the Borrower may merge into or amalgamate or consolidate with any other Person or permit any other Person to merge into or amalgamate or consolidate with it; provided that (i) the Person surviving or continuing such merger, amalgamation or consolidation shall be a wholly-owned Subsidiary of the Borrower and (ii) in the case of any such merger, amalgamation or consolidation to which any Loan Party is a party, such Loan Party is the surviving or continuing Person;

(f)    so long as no Default has occurred and is continuing or would result therefrom, each of the Borrower and any of its Subsidiaries may merge into or amalgamate or consolidate with any other Person or permit any other Person to merge into or amalgamate or consolidate with it; provided, however, that in each case, immediately after giving effect thereto (i) in the case of any such merger, amalgamation or consolidation to which the Borrower is a party, the Borrower is the surviving corporation and (ii) in the case of any such merger, amalgamation or consolidation to which any Loan Party (other than the Borrower) is a party, such Loan Party is the surviving or continuing corporation; and

(g)    any Non-Operating Subsidiary may be dissolved or liquidated so long as such dissolution or liquidation would not reasonably be expected to result in a Material Adverse Effect.

7.5    Dispositions.

Make any Disposition or enter into any agreement to make any Disposition, except:

(a)    Dispositions of obsolete or worn out property, whether now owned or hereafter acquired, in the ordinary course of business;

(b)    Dispositions of inventory in the ordinary course of business;

(c)    Dispositions of equipment or real property to the extent that (i) such property is exchanged for credit against the purchase price of similar replacement property or (ii) the net proceeds of such Disposition are reasonably promptly applied to the purchase price of such replacement property;

(d)    Dispositions of property by any Subsidiary to the Borrower or to a wholly-owned Subsidiary; provided that if the transferor of such property is a Guarantor, the transferee thereof must either be the Borrower or a Guarantor;

(e)    Dispositions permitted by Section 7.04;

(f)    Dispositions by the Borrower and its Subsidiaries of property pursuant to sale-leaseback transactions, provided that the book value of all property so Disposed of shall not exceed $15,000,000 in the aggregate from and after the Closing Date;

(g)    non-exclusive licenses of IP Rights in the ordinary course of business and substantially consistent with past practice for terms not exceeding ten years; and

(h)    Dispositions by the Borrower and its Subsidiaries not otherwise permitted under this Section 7.05; provided that (i) at the time of such Disposition, no Default shall exist or would result from such Disposition on a Pro Forma Basis, (ii) in connection with the Disposition of any Revolver Priority Collateral, (x) the Borrower shall receive not less than 75% of consideration in connection with such Disposition in the form of cash and (y) a new Borrowing Base Certificate shall be delivered and (iii) the aggregate book value of all property Disposed of in reliance on this clause (h) in any fiscal year shall not exceed $35,000,000(provided, that this clause (iii) shall not apply to any Disposition for which the net proceeds thereof are appliedin accordance with Section4.07 of the First Lien Notes Indenture so long as either (A) (x)(1) Availability on a Pro Forma Basis immediately after giving effect to such action would be at least 15.0% of the Aggregate Commitments and (2) over the 30 consecutive days prior to consummation of such action, Availability on a Pro Forma Basis for such action averaged no less than 15.0% of the Aggregate Commitments and (y) the Consolidated Fixed Charge Coverage Ratio would be at least 1.0 to 1.0 on a Pro Forma Basis for such action, or (B) (1) Availability on a Pro Forma Basis immediately after giving effect to such action would be at least 20.0% of the Aggregate Commitments and (2) over the 30 consecutive days prior to consummation of such action, Availability on a Pro Forma Basis for such action averaged no less than 20.0% of the Aggregate Commitments);

provided, however, that any Disposition pursuant to Section 7.05(a) through Section 7.05(h) shall be for fair market value (as reasonably determined by the Borrower or the applicable Subsidiary).

7.06    Restricted Payments.

Declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except that:

(a)    each Subsidiary may make Restricted Payments to (i) the Borrower, (ii) any Subsidiaries of the Borrower that are Guarantors and (iii) so long as no Default has occurred and is continuing, any other Person that owns a direct Equity Interest in such Subsidiary, ratably according to their respective holdings of the type of Equity Interest in respect of which such Restricted Payment is being made;

(b)    Holdings and each Subsidiary may declare and make dividend payments or other distributions payable solely in the common stock or other common Equity Interests of such Person;

(c)    Holdings and each Subsidiary may purchase, redeem or otherwise acquire its common Equity Interests with the proceeds received from the substantially concurrent issue of new common Equity Interests;

(d)    Holdings and the Borrower may declare and make any Restricted Payments so long as the Distribution Conditions are satisfied on a Pro Forma Basis immediately after giving effect to such Restricted Payment; and

(e)    the Borrower may declare and pay cash dividends to Holdings (i) in the amounts of and at the times necessary to permit Holdings to make payments permitted pursuant to Section 7.06(d) above and (ii) so long as no Default exists or would be caused thereby, in an aggregate amount not to exceed $10,000,000 in any fiscal year to permit Holdings to pay (A) reasonable and customary corporate and operating expenses (including reasonable out-of-pocket expenses for legal, administrative and accounting services provided by third parties, and compensation, benefits and other amounts payable to officers and

employees in connection with their employment in the ordinary course of business and to board of director observers), (B) franchise fees or similar Taxes and fees required to maintain its corporate existence, and (C) its proportionate share of the tax liability of the affiliated group of corporations that file consolidated Federal income tax returns determined as if the Borrower and its Subsidiaries had filed a separate consolidated federal income tax return (or that file state and local income tax returns on a consolidated basis), in each case under clauses (i) and (ii) above, only to the extent such payments are actually made by Holdings; and

(f)    the Borrower may declare and make dividend payments or other distributions to Holdings in an aggregate amount of up to $2,500,000 in order for Holdings to purchase, redeem or otherwise acquire its outstanding common Equity Interests, so long as either (A) (x)(i) Availability on a Pro Forma Basis immediately after giving effect to such action would be at least 15.0% of the Aggregate Commitments and (ii) over the 30 consecutive days prior to consummation of such action, Availability on a Pro Forma Basis for such action averaged no less than 15.0% of the Aggregate Commitments and (y) the Consolidated Fixed Charge Coverage Ratio would be at least 1.0 to 1.0 on a Pro Forma Basis for such action or (B) (i) Availability on a Pro Forma Basis immediately after giving effect to such action would be at least 20.0% of the Aggregate Commitments and (ii) over the 30 consecutive days prior to consummation of such action, Availability on a Pro Forma Basis for such action averaged no less than 20.0% of the Aggregate Commitments.

7.07    Change in Nature of Business.

Engage in any material line of business substantially different from those lines of business conducted by the Borrower and its Subsidiaries on the Closing Date or any business substantially related or incidental thereto.

7.08    Transactions with Affiliates.

Enter into any transaction of any kind with any Affiliate of the Borrower, whether or not in the ordinary course of business, other than on fair and reasonable terms substantially as favorable to the Borrower or such Subsidiary as would be obtainable by the Borrower or such Subsidiary at the time in a comparable arm’s length transaction with a Person other than an Affiliate; provided that the foregoing restriction shall not apply to transactions between or among the Loan Parties (other than Holdings).

7.09    Burdensome Agreements.

Enter into or permit to exist any Contractual Obligation (other than this Agreement or any other Loan Document) that (a) limits the ability (i) of any Subsidiary to make Restricted Payments to the Borrower or any Guarantor or to otherwise transfer property to or invest in the Borrower or any Guarantor, except for any agreement in effect (A) on the Closing Date and set forth on Schedule 7.09 (including the Term Documents, the Senior Notes Indenture, the Senior Exchangeable Notes Indenture and the Second Lien Notes Documents), (B) at the time any Subsidiary becomes a Subsidiary of the Borrower, so long as such agreement was not entered into solely in contemplation of such Person becoming a Subsidiary of the Borrower, (C) on the effective date of any Unsecured Term Loan Facility and contained in the Unsecured Term Loan Facility Documents or (D) on the date of issuance of the 2014 Notes and contained in the indentures or other documents that evidence, or that are executed and delivered by the Loan Parties in connection with, the 2014 Notes, (ii) of any Subsidiary to Guarantee the Indebtedness of the Borrower or (iii) of the Borrower or any Subsidiary to create, incur, assume or suffer to exist Liens on property of such Person, except for (A) any agreement in effect on the Closing Date and set forth on Schedule 7.09 (including the Term Documents, the Term Intercreditor Agreement, the Intercreditor Agreement, the Senior Notes Indenture, the Senior Exchangeable Notes Indenture and the Second Lien Notes Documents) or (B) the First Lien Intercreditor Agreement, the 2014 Intercreditor Agreement and the indentures or other documents that evidence, or that are executed and delivered by the Loan Parties in connection with, the 2014 Notes; provided, however, that this clause (iii) shall not prohibit any negative pledge incurred or provided in favor of any holder of Indebtedness permitted under (x) Section 7.02(f) solely to the extent any such negative pledge relates to the property financed by or the subject of such Indebtedness or (y) Sections 7.02(d), (i), (j),(k) and (n) so long as such negative pledge does not

limit the ability of the Borrower or any Subsidiary to create, incur, assume or suffer to exist Liens on property of such Person to secure the Obligations.

7.10    Use of Proceeds.

Use the proceeds of any Borrowing, whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose.

7.11    Financial Covenant.

The Borrower and its Subsidiaries shall, on any date when Availability is less than the greater of (a) 12.510.0% of the Aggregate Commitments and (b) $25,000,00020,000,000 (the “FCCR Test Amount”), have a Consolidated Fixed Charge Coverage Ratio of at least 1.0 to 1.0, tested for the four fiscal quarter period ending on the last day of the most recently ended fiscal quarter for which the Borrower has delivered Section 6.01 Financials, and at the end of each succeeding fiscal quarter thereafter until the date on which Availability has exceeded the FCCR Test Amount for 30 consecutive days.

7.12     Capital Expenditures.[Reserved].

Make or become legally obligated to make any Capital Expenditure, except for Capital Expenditures in the ordinary course of business not exceeding for each fiscal year $45,000,000 in the aggregate for the Borrower and its Subsidiaries during any such fiscal year (together with any such amounts carried over pursuant to clause (i) below, the “Maximum Cap Ex Amounts”); provided, however, that (i) so long as (A) no Default has occurred and is continuing or would result from such expenditure and (B) the Consolidated Leverage Ratio set forth in the Compliance Certificate (as defined in the Second Amended and Restated Credit Agreement) delivered concurrently with the financial statements most recently delivered to the Term Agent pursuant to Section 6.01(a) of the Second Amended and Restated Credit Agreement is less than 4.75 to 1.0, any portion of the fixed amount set forth above, if not expended in the fiscal year for which it is permitted, may be carried over for expenditure in the next following fiscal year and (ii) if any such amount is so carried over, it will be deemed used in the applicable subsequent fiscal year after the fixed amount set forth above has been expended; and provided, further, that any reinvestment in operating assets, in accordance with Section 2.05(b)(ii) of the Second Amended and Restated Credit Agreement, of any Net Cash Proceeds (as defined in the Second Amended and Restated Credit Agreement) arising from Dispositions permitted under Section 7.05 of the Second Amended and Restated Credit Agreement shall not constitute Capital Expenditures for purposes of this Section 7.12 (and, accordingly, such reinvestments shall not reduce the amount of the unutilized Maximum Cap Ex Amounts or otherwise be subject to the limitations on Capital Expenditures set forth in this Section).

7.13    Amendments of Organization Documents.

Amend any of its Organization Documents in any material respect adverse to the Administrative Agent or the Lenders.

7.14    Accounting Changes.

Make any change in (a) accounting policies or reporting practices, except as required by GAAP or applicable Laws, or (b) its fiscal year, except in the case of this clause (b) to a fiscal year ending December 31 or otherwise upon 30 days prior written notice to the Administrative Agent.

7.15    Prepayments, Etc. of Indebtedness.

Prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity thereof in any manner, or make any payment in violation of any subordination terms of, any Indebtedness, except:

(a)    (i) the prepayment of the Revolving Loans in accordance with the terms of this Agreement and (ii) the repayment and prepayment of Indebtedness under the Second Amended and Restated Credit Agreement in accordance with the terms of the Term Intercreditor Agreement; provided that the Borrower shall not make any voluntary prepayments under the Second Amended and Restated Credit Agreement (other than refinancings of the Second Amended and Restated Credit Agreement permitted under Section 7.02) unless the Prepayment Conditions are satisfied on a Pro Forma Basis immediately after giving effect to such prepayment;

(b)    regularly scheduled or required repayments, purchases or redemptions of Indebtedness set forth in Schedule 7.02 (except any such repayment, purchase or redemption subject to Section 7.15(d) below) and refinancings and refundings of such Indebtedness and any Unsecured Term Loan Facility in compliance with Section 7.02(d) or Section 7.02(m), as applicable;

(c)    prepayments, redemptions, defeasances or satisfactions of Indebtedness permitted under Section 7.02(g); provided that (i) such prepayments, redemptions, defeasances or satisfactions are made on, or within sixty (60) days after, the date on which the Person owing such Indebtedness becomes a Subsidiary of the Borrower, and (ii) the funds required to make such prepayment, redemption, defeasance or satisfaction of such Indebtedness are deposited with a trustee, escrow agent, paying agent or similar agent on the closing date of the Borrower’s acquisition of such Person, and such funds reduce, or are otherwise included as a portion of, the purchase price for such Person pursuant to the terms of the purchase and sale agreement governing such acquisition;

(d)    the prepayment, purchase, redemption or defeasance of (i) the Second Lien Notes, (ii) other Indebtedness permitted to be incurred pursuant to Section 7.02(g) or 7.02(n), (iii) the Senior Notes, (iv) the Equipment Loans in an aggregate amount not to exceed $1,300,000 or (v) other Indebtedness (other than the Unsecured Term Loan Facility) in an aggregate amount not to exceed $5,000,000, in each case with (for the avoidance of doubt) such debt being permanently retired, so long as the Prepayment Conditions are satisfied on a Pro Forma Basis immediately after giving effect to such prepayment, purchase, redemption or defeasance;

(e)    prepayments of Indebtedness permitted under Section 7.02(b);

(f)    notwithstanding any other provision contained in this Section 7.15 or elsewhere in this Agreement to the contrary, the prepayment, redemption, purchase or defeasance of all Indebtedness under the Term Documents and the Second Lien Notes Documents with the proceeds of the 2014 Notes, in each case with (for the avoidance of doubt) such Indebtedness being permanently retired;

(g)    [Reserved]the prepayment, purchase, redemption, defeasance or satisfaction of Indebtedness (i) with the proceeds received from the substantially concurrent issue of new common Equity Interests of Holdings or (ii) to the extent such prepayment, purchase, redemption, defeasance or satisfaction is consummated pursuant to the exchange of Indebtedness for common Equity Interests of Holdings;

(h)    the prepayment, purchase, redemption, defeasance or satisfaction of Indebtedness not otherwise permitted under this Section 7.15 in an aggregate amount not to exceed $10,000,000; providedthat (i) Availability on a Pro Forma Basis immediately after giving effect to such action would be at least $32,500,000, (ii) over the 30 consecutive days prior to consummation of such action, Availability averaged on a Pro Forma Basis for such action no less than $32,500,000 and (iii) the Consolidated Fixed Charge Coverage Ratio would be at least 1.0 to 1.0 on a Pro Forma Basis for such action;and

(i)    prior to the refinancing in full of the initial Unsecured Term Loan Facility with Indebtedness incurred pursuant to Section 7.02(m), the prepayment, purchase, redemption, exchange or defeasance of the initial Unsecured Term Loan Facility in an aggregate amount not to exceed the principal amount thereof so long as the Unsecured Term Loan Prepayment Conditions are satisfied on a Pro Forma Basis immediately after giving effect to such prepayment, purchase, redemption, exchange or defeasance.

Notwithstanding the foregoing clauses (a) through (hi) of this Section 7.15, Holdings and the Borrower shall not, nor shall they permit any Subsidiary to, directly or indirectly, make any payment in violation of the Intercreditor Agreement with respect to any Indebtedness evidenced by the Second Lien Notes.

7.16    Amendment, Etc. of Related Documents and Indebtedness.

(a) Cancel or terminate any Unsecured Term Loan Facility Documents or Second Lien Notes Documents or consent to or accept any cancellation or termination thereof, except, in the case of the Unsecured Term Loan Facility, in connection with any transaction permitted under Section 7.15(i), and, in the case of the Second Lien Notes Documents, in connection with any transaction permitted under Section 7.15(d) or Section 7.15(f), (b) cancel or terminate any Material Contract or consent to or accept any cancellation or termination thereof, unless the cancellation or termination thereof could not reasonably be expected to have a Material Adverse Effect, (c) amend, modify or change in any manner any term or condition of any Unsecured Term Loan Facility Documents or Second Lien Notes Documents or give any consent, waiver or approval thereunder that, in any such case, could impair the rights and remedies of the Secured Parties under the Loan Documents or otherwise result in a Material Adverse Effect, (d) amend, modify or change in any manner any term or condition of any Material Contract or give any consent, waiver or approval thereunder unless such amendment, modification or change could not reasonably be expected to have a Material Adverse Effect, (e) [intentionally omitted], (f) waive any material default or any breach of any material term or condition of any Material Contract, (g) take any other action in connection with any Related Document that would impair in any material respect the value of the interest or rights of any Loan Party thereunder or that would impair the rights or interests of the Administrative Agent or any Lender or (h) amend, modify or change in any manner any term or condition of any Indebtedness set forth in Schedule 7.02, except for any refinancing, refunding, renewal or extension thereof permitted by Section 7.02(d), Section 7.02(m), Section 7.15(d) or Section 7.15(i) and except for any such amendment, modification or change that could not reasonably be expected to impair the rights and remedies of the Secured Parties under the Loan Documents or otherwise result in a Material Adverse Effect.

7.17    Holding Company.

In the case of Holdings, engage in any business or activity other than (a) the ownership of all outstanding Equity Interests in the Borrower and CNMW Investments, Inc., (b) maintaining its corporate existence, (c) participating in tax, accounting and other administrative activities as the parent of the consolidated group of companies, including the Loan Parties, (d) the execution and delivery of the Loan Documents, the Related Documents to which it is a party and the Senior Notes Documents to which it is a party and the performance of its obligations thereunder, (e) activities incidental to the businesses or activities described in clauses (a) through (d) of this Section and (f) any other activities substantially similar or related to the lines of business of Holdings in the ordinary course of business as of the Closing Date to the extent otherwise permitted under the Loan Documents.

7.18    Sanctions.

Directly or indirectly, use the proceeds of any Borrowing, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other individual or entity, to fund any activities of or business with any individual or entity, or in any Designated Jurisdiction that, at the time of such funding, is the subject of Sanctions, or in any other manner that will result in a violation by any individual or entity (including any individual or entity participating in the transaction, whether as Lender, Lead Arranger, Administrative Agent or otherwise) of Sanctions.

ARTICLE VIII

EVENTS OF DEFAULT AND REMEDIES

8.01    Events of Default.

Any of the following shall constitute an Event of Default:

(a)    Non-Payment. The Borrower or any other Loan Party fails to (i) pay when and as required to be paid herein, any amount of principal of any Revolving Loan or any LC Obligation or deposit any funds as Cash Collateral in respect of LC Obligations, (ii) pay within three Business Days after the same becomes due, any interest on any Revolving Loan or any LC Obligation, or any fee due hereunder, or (iii) pay within five Business Days after the same becomes due, any other amount payable hereunder or under any other Loan Document; or

(b)    Specific Covenants. (i) The Borrower fails to perform or observe any term, covenant or agreement contained in any of Section 6.01(a), 6.01(b), 6.02(b), 6.03, 6.05(a), 6.05(c), 6.10, 6.11, 6.12, 6.14, 6.20(c) or 6.21 or Article VII, (ii) any Guarantor fails to perform or observe any term, covenant or agreement set forth in the foregoing subclause (i) that such Guarantor has agreed to perform or observe pursuant to Section 4.01 of any Guaranty to which it is a party, (iii) any Loan Party fails to perform or observe any term, covenant or agreement contained in (x) Section 5.01(c), 5.01(d), Section 5.01(g), or Section 5.02 of the Security Agreement or the Canadian Security Agreement, as applicable, or (y) the foregoing subclause (i) that any Loan Party agreed to perform or observe pursuant to any Mortgage or Canadian Mortgage to which it is a party or (iv) the Borrower fails to deliver a Borrowing Base Certificate required to be delivered pursuant to Section 6.20(a) within five (5) Business Days of the date such Borrowing Base Certificate is required to be delivered (other than during an Increased Reporting Period, in which case such period shall be two (2) Business Days); or

(c)    Other Defaults. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in Section 8.01(a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days from the earlier of (i) the date that any Responsible Officer of a Loan Party has actual knowledge thereof or (ii) the date that the Administrative Agent delivers to Borrower written notice of such failure; or

(d)    Representations and Warranties. Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of the Borrower or any other Loan Party herein, in any other Loan Document, or in any document delivered in connection herewith or therewith shall be incorrect or misleading in any material respect when made or deemed made; or

(e)    Cross-Default. (i) Any Loan Party or any Subsidiary thereof (A) fails to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness or Guarantee (other than Indebtedness hereunder and Indebtedness under Swap Contracts) having an aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than the Threshold Amount, or (B) fails to observe or perform any other agreement or condition relating to any such Indebtedness or Guarantee or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity, or such Guarantee to become payable or cash collateral in respect thereof to be demanded; or (ii) there occurs under any Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting from any event of default under such Swap Contract as to which a Loan Party or any Subsidiary thereof is the Defaulting Party (as defined in such Swap Contract) and the Swap Termination Value owed by such Loan Party or such Subsidiary as a result thereof is greater than the Threshold Amount; or

(f)    Insolvency Proceedings, Etc. Any Loan Party or any Subsidiary thereof institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for the

benefit of creditors; or applies for or consents to the appointment of any receiver, national receiver, interim receiver, trustee, custodian, conservator, liquidator, rehabilitator, monitor or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person and the appointment continues undischarged or unstayed for 60 calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent of such Person and continues undismissed or unstayed for 60 calendar days, or an order for relief is entered in any such proceeding; or

(g)    Inability to Pay Debts; Attachment. (i) Any Loan Party or any Subsidiary thereof becomes unable or admits in writing its inability or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part of the property of any such Person and is not released, vacated or fully bonded within 30 days after its issue or levy; or

(h)    Judgments. There is entered against any Loan Party or any Subsidiary thereof (i) one or more final judgments or orders for the payment of money in an aggregate amount (as to all such judgments and orders) exceeding the Threshold Amount (to the extent not covered by independent third-party insurance as to which the insurer has an A.M. Best Financial Strength Rating of at least “A,” been notified of the potential claim and does not dispute coverage), or (ii) any one or more non-monetary final judgments that have, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period of 30 consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or

(i)    ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected to result in liability of any Loan Party under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of $50,000,000, or (ii) any Loan Party or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess of the Threshold Amount; or

(j)    Pension Event. A Pension Event shall have occurred that when taken either alone or together with all other such Pension Events (i) could reasonably be expected to result in a Material Adverse Effect or (ii) causes any Lien to arise in respect of any Canadian Guarantor in connection with any Canadian Pension Plan (save for contribution amounts not yet due) which could reasonably be expected to secure assets of such Canadian Guarantor exceeding $1,000,000 in value; or

(k)    Invalidity of Loan Documents. Any material provision of any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Loan Party or any other Person contests in any manner the validity or enforceability of any provision of any Loan Document; or any Loan Party denies that it has any or further liability or obligation under any provision of any Loan Document, or purports to revoke, terminate or rescind any provision of any Loan Document; or

(l)    Change of Control. There occurs any Change of Control; or

(m)    Collateral Documents. Any Collateral Document after delivery thereof pursuant to Section 4.01 or 6.12 shall for any reason (other than pursuant to the terms hereof of thereof) cease to create a valid and perfected first priority Lien (subject to Liens permitted by Section 7.01 and the Term Intercreditor Agreement) on the Collateral purported to be covered thereby; or

(n)    Subordination. (i) The Intercreditor Agreement or the Term Intercreditor Agreement shall, in whole or in part, terminate, cease to be effective or cease to be legally valid, binding and enforceable

against any holder of the Second Lien Notes or Indebtedness under the Second Amended and Restated Credit Agreement, in each case except pursuant to the express terms thereof; (ii) all or any material portion of the Obligations cease to constitute “First Lien Obligations” under the Second Lien Notes Documents; (iii) the Borrower or any other Loan Party shall, directly or indirectly, disavow or contest in any manner (A) the effectiveness, validity or enforceability of the Intercreditor Agreement or the Term Intercreditor Agreement, (B) that the Intercreditor Agreement or the Term Intercreditor Agreement exists for the benefit of the Administrative Agent, the Lenders and the Issuing Bank or (C) limitations set forth in the Intercreditor Agreement or the Term Intercreditor Agreement upon application of proceeds from any source to payment of principal of, or premium or interest on, the Second Lien Notes or other junior lien Indebtedness or the Indebtedness under the Second Amended and Restated Credit Agreement; (iv) any holders of the Second Lien Notes or other junior lien Indebtedness shall, directly or indirectly, disavow or contest in any manner the effectiveness, validity or enforceability of any material term of the Intercreditor Agreement; or (v) any holder of Indebtedness under the Second Amended and Restated Credit Agreement shall, directly or indirectly, disavow or contest in any manner the effectiveness, validity or enforceability of any material term of the Term Intercreditor Agreement;

provided, however, that upon the issuance of the 2014 Notes and the execution and delivery of the First Lien Intercreditor Agreement and the 2014 Intercreditor Agreement by the parties thereto, this Section 8.01(n) shall be of no further force or effect; or

(o)    Subordination. At any time following the issuance of the 2014 Notes and the execution and delivery of the First Lien Intercreditor Agreement and the 2014 Intercreditor Agreement by the parties thereto, (i) the First Lien Intercreditor Agreement or the 2014 Intercreditor Agreement shall, in whole or in part, terminate, cease to be effective or cease to be legally valid, binding and enforceable against any holder of the First Lien Notes or the 2014 Second Lien Notes, in each case except pursuant to the express terms thereof; (ii) all or any material portion of the Obligations cease to constitute “First LienSenior Priority Obligations” (or any comparable defined term) under the indenture governing the2014 Second Lien NotesIndenture; (iii) the Borrower or any other Loan Party shall, directly or indirectly, disavow or contest in any manner (A) the effectiveness, validity or enforceability of the First Lien Intercreditor Agreement or the 2014 Intercreditor Agreement, (B) that the First Lien Intercreditor Agreement or the 2014 Intercreditor Agreement exists for the benefit of the Administrative Agent, the Lenders and the Issuing Bank or (C) limitations set forth in the First Lien Intercreditor Agreement or the 2014 Intercreditor Agreement upon application of proceeds from any source to payment of principal of, or premium or interest on, the 2014 Second Lien Notes or other junior lien Indebtedness or the Indebtedness under the First Lien Notes; (iv) any holders of the 2014 Second Lien Notes or other junior lien Indebtedness shall, directly or indirectly, disavow or contest in any manner the effectiveness, validity or enforceability of any material term of the 2014 Intercreditor Agreement; or (v) any holder of the First Lien Notes shall, directly or indirectly, disavow or contest in any manner the effectiveness, validity or enforceability of any material term of the First Lien Intercreditor Agreement.

8.02    Remedies upon Event of Default.

If any Event of Default occurs and is continuing, the Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders, take any or all of the following actions:

(a)    declare the Aggregate Commitments and the LC Commitment to be terminated, whereupon such commitments shall be terminated;

(b)    declare the unpaid principal amount of all outstanding Revolving Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower;

(c)    subject to the Term Intercreditor Agreement, exercise on behalf of itself, the Lenders and the Issuing Bank all rights and remedies available to it and the Lenders under the Loan Documents or applicable Law;

(d)    terminate, reduce or condition any Revolving Commitment, or make any adjustment to the Borrowing Base; and

(e)    require the Loan Parties to Cash Collateralize the LC Obligations, and, if the Loan Parties fail promptly to deposit such Cash Collateral, the Administrative Agent may (and shall upon the direction of the Required Lenders) advance the required Cash Collateral as Revolving Loans (whether or not an Overadvance exists or is created thereby, or the conditions in Section 4.02 are satisfied);

provided, however, that upon the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the United States, the obligation of each Lender to make Revolving Loans and any obligation of the Issuing Bank to issue, amend, extend or renew Letters of Credit shall automatically terminate, the unpaid principal amount of all outstanding Revolving Loans and all interest and other amounts as aforesaid shall automatically become due and payable, and the obligation of the Loan Parties to Cash Collateralize the LC Obligations as aforesaid shall automatically become effective, in each case without further act of the Administrative Agent or any Lender.

8.03    Application of Funds.

After the exercise of remedies provided for in Section 8.02 (or after the Revolving Loans have automatically become immediately due and payable and the LC Exposure has automatically been required to be Cash Collateralized as set forth above), any amounts received on account of the Obligations (including without limitation, proceeds received by the Administrative Agent in respect of any sale of, collection from, or other realization upon, all or any part of the Collateral (including, without limitation, pursuant to the exercise by the Administrative Agent of its remedies during the continuance of an Event of Default) or otherwise received on account of the Obligations) shall, subject to the provisions of Sections 2.11 and 2.13(j), be applied in the following order:

First, to the payment of all reasonable costs and out-of-pocket expenses, fees, commissions and taxes of such sale, collection or other realization including, without limitation, compensation to the Administrative Agent and its agents and counsel payable pursuant to the Loan Documents, and all expenses, liabilities and advances made or incurred by the Administrative Agent in connection therewith;

Second, to the payment of all other reasonable costs and out-of-pocket expenses of such sale, collection or other realization including, without limitation, costs and expenses incurred by the other Secured Parties (other than in respect of Secured Bank Product Obligations) and all expenses, liabilities and advances made or incurred by the other Secured Parties in connection therewith (other than in respect of Secured Bank Product Obligations);

Third, to interest then due and payable on the Borrower’s Swingline Loans;

Fourth, to the principal balance of the Swingline Loans outstanding until the same has been prepaid in full;

Fifth, to interest then due and payable on Revolving Loans and other amounts due pursuant to Sections 3.02, 3.03, 3.04 and 3.05;

Sixth, to Cash Collateralize all LC Exposures (to the extent not otherwise Cash Collateralized pursuant to the terms hereof) plus any accrued and unpaid interest thereon;

Seventh, to the principal balance of Revolving Borrowings then outstanding and all Obligations on account of Noticed Hedges with Secured Parties, pro rata;

Eighth, to all other Obligations pro rata; and

Ninth, the balance, if any, as required by the Term Intercreditor Agreement or, in the absence of any such requirement, to the Person lawfully entitled thereto (including the applicable Loan Party or its successors or assigns).

Amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Sixth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Obligations, if any, in the order set forth above. Amounts distributed with respect to any Secured Bank Product Obligations shall be the lesser of the maximum Secured Bank Product Obligations last reported to the Administrative Agent or the actual Secured Bank Product Obligations as calculated by the methodology reported to the Administrative Agent for determining the amount due. The Administrative Agent shall have no obligation to calculate the amount to be distributed with respect to any Secured Bank Product Obligations, and may request a reasonably detailed calculation of such amount from the applicable Secured Party. If a Secured Party fails to deliver such calculation within five days following request by the Administrative Agent, the Administrative Agent may assume the amount to be distributed is zero.

In the event that any such proceeds are insufficient to pay in full the items described in clauses Firstthrough Eighth of this Section 8.03, the Loan Parties shall remain liable for any deficiency. Notwithstanding the foregoing provisions, this Section 8.03 is subject to the provisions of the Term Intercreditor Agreement.

ARTICLE IX

ADMINISTRATIVE AGENT

9.01    Appointment and Authority.

(a)Each of the Lenders and the Issuing Bank hereby irrevocably appoints Bank of America to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent, the Lenders and the Issuing Bank, and none of Holdings, the Borrower nor any other Loan Party shall have rights as a third party beneficiary of any of such provisions.

(b)Each of the Lenders (including in its capacity as a Secured Bank Product Provider) hereby further authorizes the Administrative Agent to enter into the Term Intercreditor Agreement and the Intercreditor Agreement, and any respective amendments thereto on behalf of such Lender. Without limiting the generality of the foregoing, each of the Lenders hereby authorizes and directs the Administrative Agent to bind each Lender to the actions required by such Lender under the terms of the Term Intercreditor Agreement and the Intercreditor Agreement.

(c)The Administrative Agent shall also act as the “collateral agent” under the Loan Documents, and each of the Lenders (in its capacities as a Lender, Swingline Lender (if applicable), the Issuing Bank and potential Secured Bank Products Provider) hereby irrevocably appoints and authorizes the Administrative Agent to act as the agent of such Lender and the Issuing Bank for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Obligations, together with such powers and discretion as are reasonably incidental thereto. In this connection, the Administrative Agent, as “collateral agent” and any co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent pursuant to Section 9.05 for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral

Documents, or for exercising any rights and remedies thereunder at the direction of the Administrative Agent, shall be entitled to the benefits of all provisions of this Article IX and Article XI (including Section 11.04(c), as though such co-agents, sub-agents and attorneys-in-fact were the “collateral agent” under the Loan Documents) as if set forth in full herein with respect thereto.

9.02    Québec Liens.

Without in any way limiting any of the foregoing provisions of this Section 9.01:

(i)Solidary Interests. Should the Administrative Agent choose to create Liens (hypothecs) pursuant to the Civil Code of Quebec through the solidarité structure, then for the purposes of creating a solidarité active in accordance with Article 1541 of the Civil Code of Quebec between each Secured Party, taken individually, on the one hand, and the Administrative Agent, on the other hand, each Loan Party granting a Lien (hypothec) to the Administrative Agent under the Civil Code of Quebec and each such Secured Party acknowledges and agrees with the Administrative Agent that such Secured Party and the Administrative Agent are hereby conferred the legal status of solidary creditors of each such Loan Party in respect of all Indebtedness, liabilities and other obligations, present and future, owed by each such Loan Party to the Administrative Agent and such Secured Party hereunder and under the other Loan Documents (collectively, the “Solidary Claim”) and that, accordingly, but subject (for the avoidance of doubt) to Article 1542 of the Civil Code of Quebec, each such Loan Party is irrevocably bound towards the Administrative Agent and each Secured Party in respect of the entire Solidary Claim of the Administrative Agent and such Secured Party. As a result of the foregoing, the parties hereto acknowledge that the Administrative Agent and each Secured Party shall at all times have a valid and effective right of action for the entire Solidary Claim of the Administrative Agent and such Secured Party and the right to give full acquittance for it. Accordingly, and without limiting the generality of the foregoing, the Administrative Agent, as solidary creditor with each Secured Party, shall at all times have a valid and effective right of action in respect of the Solidary Claim and the right to give a full acquittance for same. By its execution of the Loan Documents to which it is a party, each such Loan Party not a party hereto shall also be deemed to have accepted the stipulations hereinabove provided. The parties further agree and acknowledge that such Liens (hypothecs) under the Loan Documents shall be granted to the Administrative Agent, for its own benefit and for the benefit of Secured Parties, as solidary creditor as hereinabove set forth.

(ii)Fondé de Pouvoir. Should the Administrative Agent choose to create Liens (hypothecs) pursuant to the Civil Code of Quebec through the fondé de pouvoir structure, then for the purposes of holding any Liens (hypothecs) that secure the payment of any bond (or similar instrument), granted by any Loan Party pursuant to any Quebec law governed Collateral Documents, the Secured Parties hereby acknowledge that the Administrative Agent shall be and act as the Person holding the power of attorney of all present and future Secured Parties for all purposes of Article 2692 of the Civil Code of Québec, and, more specifically, all present and future holders of bonds or similar instruments. Each Secured Party therefore appoints, to the extent necessary, the Administrative Agent as its irrevocable fondé de pouvoir to hold the Liens created pursuant to such Quebec law governed Collateral Documents in order to secure the payment of any bonds or similar instruments. By executing an Assignment and Acceptance, each future Secured Party shall be deemed to ratify the power of attorney granted to the Administrative Agent hereunder. Notwithstanding the provisions of Section 32 of An Act Respecting theSpecial Powers of Legal Persons (Québec), the Administrative Agent may acquire bonds and similar instruments. Finally, each Loan Party acknowledges that any bond or other similar instrument executed by it shall constitute a “title of indebtedness” as such expression is defined in Article 2692 of the Civil Code of Quebec. The Administrative Agent accepts to act as fondé de pouvoir of the Secured Parties.

9.03    Rights as a Lender.

The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent

and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders.

9.04    Exculpatory Provisions.

The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Administrative Agent:

(a)    shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

(b)    shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable Law; and

(c)    shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity.

The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 11.01 and 8.02) or (ii) in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given to the Administrative Agent by the Borrower, a Lender or the Issuing Bank.

The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or the creation, perfection or priority of any Lien purported to be created by the Collateral Documents, (v) the value or the sufficiency of any Collateral, or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

9.05    Reliance by Administrative Agent.

The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Revolving Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a

Lender or the Issuing Bank, the Administrative Agent may presume that such condition is satisfactory to such Lender or the Issuing Bank unless the Administrative Agent shall have received notice to the contrary from such Lender or the Issuing Bank prior to the making of such Revolving Loan or the issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

9.06    Delegation of Duties.

The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent.

9.07    Resignation of Administrative Agent.

The Administrative Agent may at any time give notice of its resignation to the Lenders, the Issuing Bank and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower (and, so long as no Event of Default has occurred and is continuing, with the prior written consent of the Borrower, which consent shall not be unreasonably withheld or delayed), to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may on behalf of the Lenders or the Issuing Bank, appoint a successor Administrative Agent meeting the qualifications set forth above; provided that if the Administrative Agent shall notify the Borrower and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (a) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders or the Issuing Bank under any of the Loan Documents, the retiring Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (b) all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and the Issuing Bank directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for above in this Section. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring Administrative Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article and Section 11.04 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent.

Any resignation by Bank of America as Administrative Agent pursuant to this Section shall also constitute its resignation as Issuing Bank and Swingline Lender. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, (i) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Issuing Bank and Swingline Lender, (ii) the retiring Issuing Bank and Swingline Lender shall be discharged from all of their respective duties and obligations hereunder or under the other Loan Documents, and (iii) the successor Issuing Bank shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the retiring

Issuing Bank to effectively assume the obligations of the retiring Issuing Bank with respect to such Letters of Credit.

9.08    Non-Reliance on Administrative Agent and Other Lenders.

Each Lender and the Issuing Bank acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender and the Issuing Bank also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.

9.09    No Other Duties, Etc.

Anything herein to the contrary notwithstanding, none of the Lead Arrangers, Syndication Agents or Documentation Agents listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender or the Issuing Bank hereunder.

9.10    Administrative Agent May File Proofs of Claim.

In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Revolving Loan or LC Exposure shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:

(a)    to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Revolving Loans, LC Exposure and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the Issuing Bank and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the Issuing Bank and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders, the Issuing Bank and the Administrative Agent under Sections 2.05 and 11.04) allowed in such judicial proceeding; and

(b)    to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and the Issuing Bank to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders and the Issuing Bank, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 2.05 and 11.04.

Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or the Issuing Bank any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or the Issuing Bank to authorize the Administrative Agent to vote in respect of the claim of any Lender or the Issuing Bank in any such proceeding.

9.11    Collateral and Guaranty Matters.

The Lenders and the Issuing Bank irrevocably authorize the Administrative Agent, at its option and in its discretion,

(a)    to release any Lien on any property granted to or held by the Administrative Agent under any Loan Document (i) upon termination of the Aggregate Commitments and payment in full of all Obligations (other than (x) obligations under Secured Bank Product Obligations and (y) contingent indemnification obligations) and the expiration or termination of all Letters of Credit (unless Cash Collateralized or backstopped on terms reasonably satisfactory to the Administrative Agent), (ii) that is Disposed of or to be Disposed of as part of or in connection with any Disposition permitted hereunder or under any other Loan Document, or (iii) if approved, authorized or ratified in writing in accordance with Section 11.01;

(b)    to release any Guarantor from its obligations under the Guaranty if such Person ceases to be a Subsidiary as a result of a transaction permitted hereunder;

(c)    to subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder of any Lien on such property that is permitted by Section 7.01(i); and

(d)    to enter into the Term Intercreditor Agreement and execute a joinder to the Intercreditor Agreement.

Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release or subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under the Guaranty pursuant to this Section 9.10. In each case as specified in this Section 9.10, the Administrative Agent will, at the Borrower’s expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Collateral Documents or to subordinate its interest in such item, or to release such Guarantor from its obligations under the Guaranty, in each case in accordance with the terms of the Loan Documents and this Section 9.10.

9.12    Bank Product Providers.

Each Secured Bank Product Provider, by delivery of a notice to the Administrative Agent of such agreement, agrees to be bound by this Article IX. Each such Secured Bank Product Provider shall indemnify and hold harmless Agent-Related Persons, to the extent not reimbursed by the Loan Parties, against all claims that may be incurred by or asserted against any Agent-Related Person in connection with such provider’s Secured Bank Product Obligations.

9.13    Tax Indemnity.

To the extent required by any applicable Laws (as determined in good faith by the Administrative Agent), the Administrative Agent may withhold from any payment to any Lender under any Loan Document an amount equivalent to any applicable withholding Tax. Without limiting or expanding the provisions of Section 3.01, each Lender shall indemnify and hold harmless the Administrative Agent against, and shall make payable in respect thereof within 10 days after demand therefor, any and all Taxes and any and all related losses, claims, liabilities and expenses (including fees, charges and disbursements of any counsel for the Administrative Agent) incurred by or asserted against the Administrative Agent by the IRS or any other Governmental Authority as a result of the failure of the Administrative Agent to properly withhold Tax from amounts paid to or for the account of such Lender for any reason (including because the appropriate form was not delivered or not properly executed, or because such Lender failed to notify the Administrative Agent of a change in circumstance that rendered the exemption from or reduction of withholding Tax ineffective), whether or not such Taxes were correctly or legally imposed or asserted

by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due the Administrative Agent under this Section 9.12. The agreements in this Section 9.12 shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender and the repayment, satisfaction or discharge of all other Obligations.

ARTICLE X

CONTINUING GUARANTY

10.01    Guaranty.

Holdings hereby absolutely and unconditionally guarantees, as a guaranty of payment and performance and not merely as a guaranty of collection, prompt payment when due, whether at stated maturity, by required prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of any and all of the Obligations, whether for principal, interest, premiums, fees, indemnities, damages, costs, expenses or otherwise, of the Borrower to the Secured Parties, arising hereunder and under the other Loan Documents (including all renewals, extensions, amendments, refinancings and other modifications thereof and all costs, reasonable attorneys’ fees and expenses incurred by the Secured Parties in connection with the collection or enforcement thereof), excluding, with respect to any Guarantor at any time, Excluded Swap Obligations with respect to such Guarantor at such time. The Administrative Agent’s books and records showing the amount of the Obligations shall be admissible in evidence in any action or proceeding, and shall be binding upon Holdings, and conclusive for the purpose of establishing the amount of the Obligations, absent manifest error. This Guaranty shall not be affected by the genuineness, validity, regularity or enforceability of the Obligations or any instrument or agreement evidencing any Obligations, or by the existence, validity, enforceability, perfection, non-perfection or extent of any collateral therefor, or by any fact or circumstance relating to the Obligations which might otherwise constitute a defense to the obligations of Holdings under this Guaranty, and Holdings hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to any or all of the foregoing, whether arising as a result of any law or regulation of any jurisdiction or any other event affecting any term of the Obligations.

10.02    Rights of Lenders.

Holdings consents and agrees that the Secured Parties may, at any time and from time to time, without notice or demand, and without affecting the enforceability or continuing effectiveness hereof: (a) amend, extend, renew, compromise, discharge, accelerate or otherwise change the time for payment or the terms of the Obligations or any part thereof; (b) take, hold, exchange, enforce, waive, release, fail to perfect, sell, or otherwise dispose of any security for the payment of this Guaranty or any Obligations; (c) apply such security and direct the order or manner of sale thereof as the Administrative Agent, the Issuing Bank and the Lenders in their sole discretion may determine; and (d) release or substitute one or more of any endorsers or other guarantors of any of the Obligations. Without limiting the generality of the foregoing, Holdings consents to the taking of, or failure to take, any action which might in any manner or to any extent vary the risks of Holdings under this Guaranty or which, but for this provision, might operate as a discharge of Holdings.

10.03    Certain Waivers.

Holdings waives (a) any defense arising by reason of any disability or other defense of the Borrower or any other guarantor, or the cessation from any cause whatsoever (including any act or omission of any Secured Party) of the liability of the Borrower; (b) any defense based on any claim that Holdings’ obligations exceed or are more burdensome than those of the Borrower; (c) the benefit of any statute of limitations affecting Holdings’ liability hereunder; (d) subject to Section 10.05, any right to proceed against the Borrower, proceed against or exhaust any security for the Obligations, or pursue any other remedy in the power of any Secured Party whatsoever; (e) subject

to Section 10.05, any benefit of and any right to participate in any security now or hereafter held by any Secured Party; and (f) to the fullest extent permitted by law, any and all other defenses or benefits that may be derived from or afforded by applicable Law limiting the liability of or exonerating guarantors or sureties. Holdings expressly waives all setoffs and counterclaims and all presentments, demands for payment or performance, notices of nonpayment or nonperformance, protests, notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with respect to the Obligations, and all notices of acceptance of this Guaranty or of the existence, creation or incurrence of new or additional Obligations. Holdings waives any rights and defenses that are or may become available to Holdings by reason of §§ 2787 to 2855, inclusive, and §§ 2899 and 3433 of the California Civil Code. As provided below, this Guaranty shall be governed by, and construed in accordance with, the laws of the State of New York. The foregoing waivers and the provisions hereinafter set forth in this Guaranty which pertain to California law are included solely out of an abundance of caution, and shall not be construed to mean that any of the above-referenced provisions of California law are in any way applicable to this Guaranty or the Obligations.

10.04    Obligations Independent.

The obligations of Holdings hereunder are those of primary obligor, and not merely as surety, and are independent of the Obligations and the obligations of any other guarantor, and a separate action may be brought against Holdings to enforce this Guaranty whether or not the Borrower or any other person or entity is joined as a party.

10.05    Subrogation.

Holdings shall not exercise any right of subrogation, contribution, indemnity, reimbursement or similar rights with respect to any payments it makes under this Guaranty until all of the Obligations and any amounts payable under this Guaranty have been paid in full in cash and performed in full and the Aggregate Commitments and this Agreement are terminated. If any amounts are paid to Holdings in violation of the foregoing limitation, then such amounts shall be held in trust for the benefit of the Secured Parties and shall forthwith be paid to the Secured Parties to reduce the amount of the Obligations, whether matured or unmatured.

10.06    Termination; Reinstatement.

This Guaranty is a continuing and irrevocable guaranty of all Obligations now or hereafter existing and shall remain in full force and effect until all Obligations and any other amounts payable under this Guaranty are paid in full in cash and the Aggregate Commitments and this Agreement are terminated. Notwithstanding the foregoing, this Guaranty shall continue in full force and effect or be revived, as the case may be, if any payment by or on behalf of the Borrower or Holdings is made, or any of the Secured Parties exercises its right of setoff, in respect of the Obligations and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by any of the Secured Parties in their discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Laws or otherwise, all as if such payment had not been made or such setoff had not occurred and whether or not the Secured Parties are in possession of or have released this Guaranty and regardless of any prior revocation, rescission, termination or reduction. The obligations of Holdings under this paragraph shall survive termination of this Guaranty.

10.07    Subordination.

Holdings hereby subordinates the payment of all obligations and indebtedness of the Borrower owing to Holdings, whether now existing or hereafter arising, including but not limited to any obligation of the Borrower to Holdings as subrogee of the Secured Parties or resulting from Holdings’ performance under this Guaranty, to the payment in full in cash of all Obligations. If the Secured Parties so request, any such obligation or indebtedness of the Borrower to Holdings shall be enforced and performance received by Holdings as trustee for the Secured Parties and the proceeds thereof shall be paid over to the Secured Parties on account of the Obligations, but without reducing or affecting in any manner the liability of Holdings under this Guaranty.

10.08    Stay of Acceleration.

If acceleration of the time for payment of any of the Obligations is stayed, in connection with any case commenced by or against Holdings or the Borrower under any Debtor Relief Laws, or otherwise, all such amounts shall nonetheless be payable by Holdings immediately upon demand by the Secured Parties.

10.09    Condition of Borrower.

Holdings acknowledges and agrees that it has the sole responsibility for, and has adequate means of, obtaining from the Borrower and any other guarantor such information concerning the financial condition, business and operations of the Borrower and any such other guarantor as Holdings requires, and that none of the Secured Parties has any duty, and Holdings is not relying on the Secured Parties at any time, to disclose to Holdings any information relating to the business, operations or financial condition of the Borrower or any other guarantor (Holdings waiving any duty on the part of the Secured Parties to disclose such information and any defense relating to the failure to provide the same).

10.10    Additional Guarantor Waivers and Agreements.

(a)Holdings understands and acknowledges that if the Secured Parties foreclose judicially or nonjudicially against any real property security for the Obligations, that foreclosure could impair or destroy any ability that Holdings may have to seek reimbursement, contribution, or indemnification from the Borrower or others based on any right Holdings may have of subrogation, reimbursement, contribution, or indemnification for any amounts paid by Holdings under this Guaranty. Holdings further understands and acknowledges that in the absence of this paragraph, such potential impairment or destruction of Holdings’ rights, if any, may entitle Holdings to assert a defense to this Guaranty based on Section 580d of the California Code of Civil Procedure as interpreted in Union Bank v. Gradsky, 265 Cal. App. 2d 40 (1968). By executing this Guaranty, Holdings freely, irrevocably, and unconditionally: (i) waives and relinquishes that defense and agrees that Holdings will be fully liable under this Guaranty even though the Secured Parties may foreclose, either by judicial foreclosure or by exercise of power of sale, any deed of trust securing the Obligations; (ii) agrees that Holdings will not assert that defense in any action or proceeding which the Secured Parties may commence to enforce this Guaranty; (iii) acknowledges and agrees that the rights and defenses waived by Holdings in this Guaranty include any right or defense that Holdings may have or be entitled to assert based upon or arising out of any one or more of §§ 580a, 580b, 580d, or 726 of the California Code of Civil Procedure or § 2848 of the California Civil Code; and (iv) acknowledges and agrees that the Secured Parties are relying on this waiver in creating the Obligations, and that this waiver is a material part of the consideration which the Secured Parties are receiving for creating the Obligations.

(b)Holdings waives all rights and defenses that Holdings may have because any of the Obligations is secured by real property. This means, among other things, (i) the Secured Parties may collect from Holdings without first foreclosing on any real or personal property collateral pledged by the other Loan Parties; and (ii) if the Secured Parties foreclose on any real property collateral pledged by the other Loan Parties: (A) the amount of the Obligations may be reduced only by the price for which that collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price, and (B) the Secured Parties may collect from Holdings even if the Secured Parties, by foreclosing on the real property collateral, have destroyed any right Holdings may have to collect from the Borrower. This is an unconditional and irrevocable waiver of any rights and defenses Holdings may have because any of the Obligations is secured by real property. These rights and defenses include, but are not limited to, any rights or defenses based upon § 580a, 580b, 580d, or 726 of the California Code of Civil Procedure.

(c)Holdings waives any right or defense it may have at law or equity, including California Code of Civil Procedure § 580a, to a fair market value hearing or action to determine a deficiency judgment after a foreclosure.

10.11    Keepwell.

Each Loan Party that is a Qualified ECP Guarantor at the time the Guaranty or the grant of the security interest under the Loan Documents, in each case, by any Specified Loan Party, becomes effective with respect to any Swap Obligation, hereby jointly and severally, absolutely, unconditionally and irrevocably undertakes to provide such funds or other support to each Specified Loan Party with respect to such Swap Obligation as may be needed by such Specified Loan Party from time to time to honor all of its obligations under its Guaranty and the other Loan Documents in respect of such Swap Obligation (but, in each case, only up to the maximum amount of such liability that can be hereby incurred without rendering such Qualified ECP Guarantor’s obligations and undertakings under this Article X voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations and undertakings of each Qualified ECP Guarantor under this Section shall remain in full force and effect until the Obligations have been paid and performed in full. Each Qualified ECP Guarantor intends this Section to constitute, and this Section shall be deemed to constitute, a guarantee of the obligations of, and a “keepwell, support, or other agreement” for the benefit of, each Specified Loan Party for all purposes of the Commodity Exchange Act.

ARTICLE XI

MISCELLANEOUS

11.01    Amendments, Etc.

(a)Required Lender and Unanimous Consent. No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by the Borrower or any other Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders and the Borrower or the applicable Loan Party, as the case may be, and acknowledged by the Administrative Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no such amendment, waiver or consent shall:

(i)[reserved];

(ii)[reserved];

(iii)subject to Section 2.19, extend or increase the Revolving Commitment of any Lender (or reinstate any Revolving Commitment terminated pursuant to Section 8.02) without the written consent of such Lender (and the Issuing Bank, if applicable);

(iv)subject to Section 2.19, postpone any date fixed by this Agreement or any other Loan Document for any payment (excluding mandatory prepayments) of principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder or under such other Loan Document or modify the definition of “Maturity Date” (or waive any provision thereof) without the written consent of each Lender directly and adversely affected thereby;

(v)reduce the principal of, or the rate of interest specified herein on, any Revolving Loan or LC Disbursement, or (subject to clause (D) of the second proviso to this Section 11.01(a)) any fees or other amounts payable hereunder or under any other Loan Document, without the written consent of each Lender entitled to such amount; provided, however, that only the consent of the Required Lenders shall be necessary (i) to amend the definition of “Default Rate” or to waive any obligation of the Borrower to pay interest or LC Participation Fees at the Default Rate or (ii) to amend any financial covenant hereunder (or any defined term used therein) even if the effect of such amendment would be to reduce the rate of interest on any Revolving Loan or LC Disbursement or to reduce any fee payable hereunder;

(vi)change Section 2.10 or Section 8.03 in a manner that would alter the pro rata sharing of payments required thereby without the written consent of each Lender;

(vii)change any provision of this Section 11.01 or the definition of “Required Lenders,” “Supermajority Lenders” or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender;

(viii)subject to Section 9.10, release all or substantially all of the Collateral in any transaction or series of related transactions, without the written consent of each Lender;

(ix)subject to Section 9.10, release all or substantially all of the value of the Guaranty, without the written consent of each Lender;

(x)subordinate the Obligations or the Liens securing the Obligations without the written consent of each Lender; or

(xi)modify the definition of “Interest Period” without the consent of each affected Lender;

and provided, further, that (A) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; (B) the Fee Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto; (C) no such amendment, waiver or consent shall, without the consent of the Issuing Bank or the Swingline Lender, amend, modify or waive any provision relating to the rights or obligations of the Issuing Bank or the Swingline Lender, respectively; (D) no such amendment, waiver or consent shall, without the prior written consent of the Supermajority Lenders, change the definition of the terms “Availability” or “Borrowing Base” or any component definition used therein (including, without limitation, the definitions of “Eligible Accounts” and “Eligible Inventory”) if, as a result thereof, the amounts available to be borrowed by the Borrower would be increased; provided that the foregoing shall not limit the discretion of the Administrative Agent to change, establish or eliminate any Reserves or to add Accounts and Inventory acquired in a permitted Acquisition to the Borrowing Base as provided herein; and (E) no such amendment, waiver or consent shall, without the prior written consent of the Supermajority Lenders, increase the percentages set forth in the term “Borrowing Base” or add any new classes of eligible assets thereto.

(b)Defaulting Lenders. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except those described in Section 11.01(a)(iii), (iv) and (v).

(c)Replacement of Non-Consenting Lenders. If any Lender does not consent to a proposed amendment, waiver, consent or release with respect to any Loan Document that requires the consent of each Lender and that has been approved by the Required Lenders, the Borrower may replace such non-consenting Lender in accordance with Section 11.13; provided that such amendment, waiver, consent or release can be effected as a result of the assignment contemplated by such Section (together with all other such assignments required by the Borrower to be made pursuant to this paragraph).

11.02    Notices; Effectiveness; Electronic Communications.

(a)Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

(i)if to Holdings, the Borrower, the Administrative Agent, the Issuing Bank or the Swingline Lender, to the address, facsimile number, electronic mail address or telephone number specified for such Person on Schedule 11.02; and

(ii)if to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative Questionnaire.

Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices delivered through electronic communications to the extent provided in subsection (b) below shall be effective as provided in such subsection (b).

(b)Electronic Communications. Notices and other communications to the Lenders and the Issuing Bank hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender or the Issuing Bank pursuant to Article II if such Lender or the Issuing Bank, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, providedthat approval of such procedures may be limited to particular notices or communications.

Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor.

(c)The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to Holdings, the Borrower, any Lender, the Issuing Bank or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower’s or the Administrative Agent’s transmission of Borrower Materials through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; provided, however, that in no event shall any Agent Party have any liability to Holdings, the Borrower, any Lender, the Issuing Bank or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages).

(d)Change of Address, Etc. Each of Holdings, the Borrower, the Administrative Agent, the Issuing Bank and the Swingline Lender may change its address, facsimile or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each Lender may change its address, facsimile or telephone number for notices and other communications hereunder by notice to the Borrower, the Administrative Agent, the Issuing Bank and the Swingline Lender. In addition, each Lender agrees to notify the Administrative

Agent from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone number, facsimile number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender.

(e)Reliance by Administrative Agent, the Issuing Bank and Lenders. The Administrative Agent, the Issuing Bank and the Lenders shall be entitled to rely and act upon any notices (including any telephonic Notice of Borrowing) purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrower shall indemnify the Administrative Agent, the Issuing Bank, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrower, except to the extent that such losses, costs, expenses or liabilities are determined by a final judgment of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Person. All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording.

11.03    No Waiver; Cumulative Remedies.

No failure by any Lender, the Issuing Bank or the Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with Section 8.02 for the benefit of all the Lenders and the Issuing Bank; provided, however, that the foregoing shall not prohibit (a) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) the Issuing Bank or the Swingline Lender from exercising the rights and remedies that inure to its benefit (solely in its capacity as Issuing Bank or Swingline Lender, as the case may be) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with Section 11.08 (subject to the terms of Section 2.10), or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and provided, further, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to Section 8.02 and (ii) in addition to the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject to Section 2.10, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.

11.04    Expenses; Indemnity; Damage Waiver.

(a)Costs and Expenses. The Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent, the Issuing Banks and their respective Affiliates (including the reasonable fees, charges and disbursements of counsel for the Administrative Agent and the Issuing Banks, but excluding any costs of maintaining the Platform), in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated) and (ii) all out-of-pocket expenses incurred by the Administrative Agent, the Issuing Banks or any Lender (including the reasonable fees, charges and disbursements

of any counsel for the Administrative Agent, the Issuing Banks or any Lender), and shall pay all reasonable, allocated fees and time charges for attorneys who may be employees of the Administrative Agent, the Issuing Banks or any Lender, in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with Revolving Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Revolving Loans or Letters of Credit.

(b)Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), each Issuing Bank, each Lender and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities, penalties and related expenses (including the reasonable fees, charges and disbursements of any counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee from all reasonable, allocated fees and time charges and disbursements for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the Borrower or any other Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, or, in the case of the Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other Loan Documents, (ii) any Revolving Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or Release of Hazardous Materials on, at, under or from any property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any other Loan Party or any of the Borrower’s or such Loan Party’s directors, shareholders or creditors, and regardless of whether any Indemnitee is a party thereto, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNITEE; providedthat such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by the Borrower or any other Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower or such Loan Party has obtained a final judgment in its favor on such claim as determined by a court of competent jurisdiction.

(c)Reimbursement by Lenders. To the extent that the Borrower for any reason fails to pay any amount required under subsection (a) or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof), the Issuing Bank or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), the Issuing Bank or such Related Party, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent) or the Issuing Bank in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent) or Issuing Bank in connection with such capacity.

(d)Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable Law, neither the Borrower nor any Indemnitee shall assert, and each of the Borrower and the Indemnitees hereby waives, any claim against the Borrower, any other Loan Party or any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the

transactions contemplated hereby or thereby, any Revolving Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee referred to in subsection (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting from the gross negligence or willful misconduct of such Indemnitee as determined by a final judgment of a court of competent jurisdiction. For the avoidance of doubt, this subsection (d) shall not limit the obligation of the Borrower to indemnify each Indemnitee for any liabilities or damages incurred by such Indemnitee that are asserted against such Indemnitee by a third party and that are payable by the Borrower pursuant to Section 11.04(b).

(e)Payments. All amounts due under this Section shall be payable not later than ten Business Days after demand therefor.

(f)Survival. The agreements in this Section shall survive the resignation of the Administrative Agent, the Issuing Bank and the Swingline Lender, the replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations.

11.05    Payments Set Aside.

To the extent that any payment by or on behalf of the Borrower is made to the Administrative Agent, the Issuing Bank or any Lender, or the Administrative Agent, the Issuing Bank or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent, the Issuing Bank or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender and the Issuing Bank severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders and the Issuing Bank under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement.

11.06    Successors and Assigns.

(a)Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that neither the Borrower nor any other Loan Party may assign or otherwise transfer any of its rights or obligations hereunder or under the other Loan Documents (except in connection with any transaction permitted by Section 7.04(a), (d) or (e)) without the prior written consent of the Administrative Agent and each Lender, and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of Section 11.06(b), (ii) by way of participation in accordance with the provisions of Section 11.06(d), or (iii) by way of pledge or assignment of a security interest subject to the restrictions of Section 11.06(f) (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Issuing Bank and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

(b)Assignments by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Revolving Commitment(s) and the Revolving Loans (including for purposes of this Section 11.06(b), participations in LC Obligations and

in Swingline Loans) at the time owing to it); provided that any such assignment shall be subject to the following conditions:

(i)Minimum Amounts.

(A)    in the case of an assignment of the entire remaining amount of the assigning Lender’s Revolving Commitment and the Revolving Loans at the time owing to it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

(B)    in any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of the Revolving Commitment (which for this purpose includes Revolving Loans outstanding thereunder) or, if the Revolving Commitment is not then in effect, the outstanding principal balance of the Revolving Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $5,000,000 unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided,however, that concurrent assignments to members of an Assignee Group and concurrent assignments from members of an Assignee Group to a single Eligible Assignee (or to an Eligible Assignee and members of its Assignee Group) will be treated as a single assignment for purposes of determining whether such minimum amount has been met;

(ii)Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Revolving Loans or the Revolving Commitment assigned, except that this clause (ii) shall not apply to the Swingline Lender’s rights and obligations in respect of Swingline Loans;

(iii)Required Consents. No consent shall be required for any assignment except to the extent required by subsection (b)(i)(B) of this Section and, in addition:

1.the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event of Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided, that if the Borrower fails to respond to a request for a consent to an assignment within five Business Days following the date such request is received by the Borrower, then the Borrower shall be deemed to have consented to such assignment;

2.the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments in respect of any Revolving Commitment or any Revolving Loan if such assignment is to a Person that is not a Lender, an Affiliate of a Lender or an Approved Fund;

3.the consent of the Issuing Bank (such consent not to be unreasonably withheld or delayed) shall be required for any assignment that increases the obligation of the assignee to participate in exposure under one or more Letters of Credit (whether or not then outstanding); and

4.the consent of the Swingline Lender (such consent not to be unreasonably withheld or delayed) shall be required for any assignment in respect of the Revolving Commitments.

(iv)Assignment and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee in the amount, if any, required as set forth in Schedule 11.06; provided, however, that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any

assignment. The assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

(v)No Assignment to the Borrower. No such assignment shall be made to the Borrower or any of the Borrower’s Affiliates or Subsidiaries.

(vi)No Assignment to Natural Persons. No such assignment shall be made to a natural person.

Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection (c) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 3.01, 3.04, 3.05 and 11.04 with respect to facts and circumstances occurring prior to the effective date of such assignment). Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 11.06(d).

(c)Register. The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Revolving Commitments of, and principal and interest amounts of the Revolving Loans and LC Obligations owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and, with respect to itself, any Lender, at any reasonable time and from time to time upon reasonable prior notice.

(d)Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations to any Person (other than a natural person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Revolving Commitment and/or the Revolving Loans (including such Lender’s participations in LC Obligations and/or Swingline Loans) owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent, the Lenders and the Issuing Bank shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in clauses (iii) through (vi) of the first proviso to Section 11.01(a) that affects such Participant. Subject to subsection (e) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 (subject to the requirements and limitations of those Sections, including the documentation requirements in Section 3.01(e), and Section 3.06) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 11.06(b). To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 11.08 as though it were a Lender, provided such Participant complies with Section 2.10 as though it were a Lender.

Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal and interest amounts of each Participant’s interest in the Revolving Loans or other obligations under this Agreement (the “Participant Register”). The entries in the Participant Register shall be conclusive and such Lender (and the Borrower, to the extent that the Participant requests payment from the Borrower) shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. No Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any commitments, loans or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.

(e)Limitations upon Participant Rights. A Participant shall not be entitled to receive any greater payment under Section 3.01, 3.04or 3.05 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent or except to the extent such entitlement to a greater payment results from a Change in Law occurring after such Participant became a Participant.

(f)Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other central bank having jurisdiction over such Lender; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

(g)Electronic Execution of Assignments. The words “execution,” “signed,” “signature,” and words of like import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

(h)Resignation as Issuing Bank or Swingline Lender after Assignment. Notwithstanding anything to the contrary contained herein, if at any time Bank of America assigns all of its Revolving Commitments and Revolving Loans pursuant to Section 11.06(b), Bank of America may, (i) upon 30 days’ notice to the Borrower and the Lenders, resign as Issuing Bank and/or (ii) upon 30 days’ notice to the Borrower, resign as Swingline Lender. In the event of any such resignation as Issuing Bank or Swingline Lender, the Borrower shall be entitled to appoint from among the Lenders a successor Issuing Bank or Swingline Lender hereunder; provided, however, that no failure by the Borrower to appoint any such successor shall affect the resignation of Bank of America as Issuing Bank or Swingline Lender, as the case may be. If Bank of America resigns as Issuing Bank, it shall retain all the rights, powers, privileges and duties of the Issuing Bank hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as Issuing Bank and all LC Obligations with respect thereto (including the right to require the Lenders to make Base Rate Loans or fund risk participations pursuant to Section 2.13). If Bank of America resigns as Swingline Lender, it shall retain all the rights of the Swingline Lender provided for hereunder with respect to Swingline Loans made by it and outstanding as of the effective date of such resignation, including the right to require the Lenders to make Base Rate Loans or fund risk participations in outstanding Swingline Loans pursuant to Section 2.12(d). Upon the appointment of a successor Issuing Bank and/or Swingline Lender, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Issuing Bank or Swingline Lender, as the case may be, and (b) the successor Issuing Bank shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to Bank of America to effectively assume the obligations of Bank of America with respect to such Letters of Credit.

11.07    Treatment of Certain Information; Confidentiality.

Each of the Administrative Agent, the Lenders and the Issuing Bank agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, advisors and representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable Laws or regulations or by any subpoena or similar legal process (provided, that in the event of any such disclosure under this clause (c), the Administrative Agent, such Lender or the Issuing Bank, as the case may be, agrees to use commercially reasonable efforts to inform the Borrower of such disclosure to the extent not prohibited by Law), (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) with the consent of the Borrower or (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to the Administrative Agent, any Lender, the Issuing Bank or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrower (other than through a Person whom the Administrative Agent, such Lender or the Issuing Bank actually knows to be acting in violation of his or its obligations to the Borrower or any other Loan Party).

For purposes of this Section, “Information” means all information received from any Loan Party or any Subsidiary thereof relating to any Loan Party or any Subsidiary thereof or their respective businesses, other than any such information that is available to the Administrative Agent, any Lender or the Issuing Bank on a nonconfidential basis prior to disclosure by any Loan Party or any Subsidiary thereof, provided that, in the case of information received from a Loan Party or any such Subsidiary after the Closing Date, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

Each of the Administrative Agent, the Lenders and the Issuing Bank acknowledges that (a) the Information may include material non-public information concerning the Borrower or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle such material non-public information in accordance with applicable Law, including Federal and state securities Laws.

11.08    Right of Setoff.

If an Event of Default shall have occurred and be continuing, each Lender, the Issuing Bank and each of their respective Affiliates is hereby authorized at any time and from time to time, after obtaining the prior written consent of the Administrative Agent, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, the Issuing Bank or any such Affiliate to or for the credit or the account of Holdings, the Borrower or any other Loan Party against any and all of the obligations of Holdings, the Borrower or such Loan Party now or hereafter existing under this Agreement or any other Loan Document to such Lender or the Issuing Bank, irrespective of whether or not such Lender or the Issuing Bank shall have made any demand under this Agreement or any other Loan Document and although such obligations of Holdings, the Borrower or such Loan Party may be contingent or unmatured or are owed to a branch or office of such Lender or the Issuing Bank different from the branch or office holding such deposit or obligated on such indebtedness; provided, that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in

accordance with the provisions of Section 2.11(b) and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, the Issuing Bank and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, the Issuing Bank or their respective Affiliates may have. Each Lender and the Issuing Bank agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application, provided that the failure to give such notice shall not affect the validity of such setoff and application.

11.09    Interest Rate Limitation.

Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law, or that would result in the receipt by any Lender of “interest” at a “criminal rate” as such terms are construed under the Criminal Code (Canada) (the “Maximum Rate”). If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Revolving Loans or, if it exceeds such unpaid principal, refunded to the Borrower. In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.

11.10    Counterparts; Effectiveness.

This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement.

11.11    Survival of Representations and Warranties.

All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the Administrative Agent and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any Borrowing, and shall continue in full force and effect as long as any Revolving Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding.

11.12    Severability.

If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

11.13    Replacement of Lenders.

(a)If any Lender requests compensation under Section 3.04, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, if any Lender is a Defaulting Lender, or if any other circumstance exists hereunder that gives the Borrower the right to replace a Lender as a party hereto, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 11.06 (notwithstanding the foregoing, it being understood that such assignment shall not require the consent of such Lender), all of its interests, rights and obligations under this Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that:

i.the Borrower shall have paid to the Administrative Agent the processing and recordation fee specified in Section 11.06(b);

ii.such Lender shall have received payment of an amount equal to the outstanding principal of its Revolving Loans and LC Disbursements, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Sections 3.01, 3.04 or 3.05) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts);

iii.in the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments required to be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter; and

iv.such assignment does not conflict with applicable Laws.

A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

(b)Notwithstanding anything herein to the contrary, the Borrower may at any time terminate in full the Revolving Commitment of any Revolving Lender that is a Designated Lender (without any requirement of any reduction in the Revolving Commitments of any other Revolving Lenders) by giving notice to such Designated Lender and the Administrative Agent (which notice shall specify the effective date of such termination); provided, that (i) at the time of such termination, no Event of Default exists; (ii) concurrently with such termination, the Borrower shall pay to such Designated Lender an amount equal to the outstanding principal of its Revolving Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents; (iii) if, on the effective date of such termination, any Letter of Credit is outstanding, the conditions specified in Section 2.13(b) would be satisfied (after giving effect to such termination) were each such Letter of Credit issued on such date; and (iv) if, on the effective date of such termination, any Swingline Loan is outstanding, the conditions specified in Section 2.12(a) would be satisfied (after giving effect to such termination) were each such Swingline Loan to be made on such date. Upon satisfaction of the conditions specified in the foregoing clauses (i), (ii), (iii) and (iv), the Revolving Commitment of such Designated Lender shall terminate on the effective date specified in such notice, its participation in the LC Obligations and outstanding Swingline Loans (if any) shall terminate on such effective date and the participations of the other Revolving Lenders in the LC Obligations and outstanding Swingline Loans shall be redetermined as of such termination date as if the outstanding Letters of Credit had been issued, the LC Disbursements had been paid by the Issuing Bank, and the Swingline Loans had been advanced by the Swingline Lender, in each case on such termination date. The termination of the Revolving Commitment of a Designated Lender pursuant to this Section 11.13(b) shall not be deemed to be a waiver of any right that the Borrower, the Administrative Agent, the Issuing Bank, the Swingline Lender or any other Lender may have against such Designated Lender.

11.14    Governing Law; Jurisdiction; Etc.

(a)GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

(b)SUBMISSION TO JURISDICTION. THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (OTHER THAN AS PROVIDED IN ANY MORTGAGE OR OTHER COLLATERAL DOCUMENT WITH RESPECT TO ITSELF), OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

(c)WAIVER OF VENUE. THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (b) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

(d)SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 11.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

11.15    Waiver of Jury Trial.

EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

11.16    No Advisory or Fiduciary Responsibility.

In connection with all aspects of each transaction contemplated hereby, the Borrower and Holdings each acknowledge and agree, and acknowledge their respective Affiliates’ understanding, that: (i) the credit facility provided for hereunder and any related arranging or other services in connection therewith (including in connection

with any amendment, waiver or other modification hereof or of any other Loan Document) are an arm’s-length commercial transaction between the Borrower, Holdings and their respective Affiliates, on the one hand, and the Administrative Agent and the Lead Arrangers, on the other hand, and each of the Borrower and Holdings is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents (including any amendment, waiver or other modification hereof or thereof); (ii) in connection with the process leading to such transaction, each of the Administrative Agent and the Lead Arrangers is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary for the Borrower, Holdings or any of their respective Affiliates, stockholders, creditors or employees or any other Person; (iii) neither the Administrative Agent nor any Lead Arranger has assumed or will assume an advisory, agency or fiduciary responsibility in favor of the Borrower or Holdings with respect to any of the transactions contemplated hereby or the process leading thereto, including with respect to any amendment, waiver or other modification hereof or of any other Loan Document (irrespective of whether the Administrative Agent or any Lead Arranger has advised or is currently advising the Borrower, Holdings or any of their respective Affiliates on other matters) and neither the Administrative Agent nor any Lead Arranger has any obligation to the Borrower, Holdings or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; (iv) the Administrative Agent and the Lead Arrangers and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower, Holdings and their respective Affiliates, and neither the Administrative Agent nor any Lead Arranger has any obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship; and (v) the Administrative Agent and the Lead Arrangers have not provided and will not provide any legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby (including any amendment, waiver or other modification hereof or of any other Loan Document) and each of the Borrower and Holdings has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate. Each of the Borrower and Holdings hereby waives and releases, to the fullest extent permitted by law, any claims that it may have against the Administrative Agent and the Lead Arrangers with respect to any breach or alleged breach of agency or fiduciary duty.

11.17    Judgment Currency.

If, for the purposes of obtaining judgment in any court in any jurisdiction with respect to this Agreement or any other Loan Document, it becomes necessary to convert into a particular currency (the “Judgment Currency”) any amount due under this Agreement or under any other Loan Document in any currency other than the Judgment Currency (the “Currency Due”), then conversion shall be made at the rate of exchange prevailing on the Business Day before the day on which judgment is given. For this purpose “rate of exchange” means the rate at which the Administrative Agent is able, on the relevant date, to purchase the Currency Due with the Judgment Currency in accordance with its normal practice at its head office in New York, New York. In the event that there is a change in the rate of exchange prevailing between the Business Day before the day on which the judgment is given and the date of receipt by the Administrative Agent of the amount due, the Borrower will, on the date of receipt by the Administrative Agent, pay such additional amounts, if any, or be entitled to receive reimbursement of such amount, if any, as may be necessary to ensure that the amount received by the Administrative Agent on such date is the amount in the Judgment Currency that when converted at the rate of exchange prevailing on the date of receipt by the Administrative Agent is the amount then due under this Agreement or such other Loan Document in the Currency Due. If the amount of the Currency Due which the Administrative Agent is so able to purchase is less than the amount of the Currency Due originally due to it, the Borrower shall indemnify and save the Administrative Agent and the Lenders harmless from and against all loss or damage arising as a result of such deficiency. This indemnity shall constitute an obligation separate and independent from the other obligations contained in this Agreement and the other Loan Documents, shall give rise to a separate and independent cause of action, shall apply irrespective of any indulgence granted by the Administrative Agent from time to time and shall continue in full force and effect notwithstanding any judgment or order for a liquidated sum in respect of an amount due under this Agreement or any other Loan Document or under any judgment or order.

11.18    USA PATRIOT Act Notice.

.

Each Lender that is subject to the USA PATRIOT Act and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies each Loan Party that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of each Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify each Loan Party in accordance with the USA PATRIOT Act. The Loan Parties shall, promptly following a request by the Administrative Agent or any Lender, provide all documentation and other information that the Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know your customer” an anti-money laundering rules and regulations, including the USA PATRIOT Act.

11.19    Canadian Anti-Money Laundering Legislation.

If the Administrative Agent has ascertained the identity of any Canadian Guarantor or any authorized signatories of any Canadian Guarantor for the purposes of any Canadian Anti-Terrorism and AML Legislation (including any “know your client” policies, regulations, laws or rules), then the Administrative Agent:

(i)shall be deemed to have done so as an agent for each Lender and this Agreement shall constitute a “written agreement” in such regard between each Lender and the Administrative Agent within the meaning of the applicable Canadian Anti-Terrorism and AML Legislation; and

(ii)shall provide to the Administrative Agent copies of all information obtained in such regard without any representation or warranty as to its accuracy or completeness.

Notwithstanding the preceding sentence and except as may otherwise be agreed in writing, each Lender agrees that the Administrative Agent has no obligation to ascertain the identity of the Canadian Guarantors or any authorized signatories of the Canadian Guarantors on behalf of any Lender or to confirm the completeness or accuracy of any information it obtains from any Canadian Guarantor or any such authorized signatory in doing so.

11.20    ENTIRE AGREEMENT.

THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

11.21    Second Lien Indenture.    The Borrower hereby designates the Indebtedness incurred under this Agreement and the other Loan Documents as “First Lien Obligations” for purposes of the Second Lien Notes Indenture.

11.22    Subject to Intercreditor Agreements.

Notwithstanding anything herein to the contrary, (i) the liens and security interests granted to the Secured Parties pursuant to the Collateral Documents are expressly subject to the Term Intercreditor Agreement and the Intercreditor Agreement and (ii) the exercise of any right or remedy by the Administrative Agent hereunder or under the Term Intercreditor Agreement or the Intercreditor Agreement is subject to the limitations and provisions of the Term Intercreditor Agreement and the Intercreditor Agreement. In the event of any conflict between the terms of the Term Intercreditor Agreement or the Intercreditor Agreement and the terms of this Agreement, the terms of the Term Intercreditor Agreement or the Intercreditor Agreement (as applicable) shall govern. In the event of any conflict between the terms of the Term Intercreditor Agreement and the terms of the Intercreditor Agreement, the terms of the Intercreditor Agreement shall govern.

[Remainder of Page Intentionally Left Blank]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.

CENVEO CORPORATION, a Delaware corporation

By:

Name:

Title:

CENVEO, INC., a Colorado corporation

By:

Name:

Title:

BANK OF AMERICA, N.A., as Administrative Agent, an Issuing Bank and Swingline Lender

By:

Name:

Title:

BANK OF AMERICA, N.A., as a Lender

By:

Name:

Title:

EX-21.1

Exhibit 21.1

SUBSIDIARIES OF REGISTRANT

SUBSIDIARY	STATE OR JURISDICTION OF INCORPORATION OR ORGANIZATION
Cenveo Corporation	Delaware
Cenveo Commercial Ohio, LLC	Colorado
Cenveo Government Printing, Inc.	Colorado
Cenveo McLaren Morris and Todd Company	Canada
3120587 Nova Scotia Company	Canada
Cenveo Omemee LLC	Delaware
Cenveo Services, LLC	Colorado
CNMW Investments, Inc.	Delaware
Colorhouse China, Inc.	Colorado
Discount Labels, LLC	Indiana
Rx Technology Corp.	Delaware
Rx JV Holding, Inc.	Delaware
CRX Holding, Inc.	Delaware
CRX JV, LLC	Delaware
Madison/Graham ColorGraphics, Inc.	California
Madison/Graham ColorGraphics Interstate Services, Inc.	California
Cadmus Delaware, Inc.	Delaware
Cadmus Financial Distribution, Inc.	Virginia
Cadmus Hong Kong Limited	Hong Kong
Cadmus International Holdings, Inc.	Virginia
Cadmus Journal Services, Inc.	Virginia
Cadmus KnowledgeWorks International Ltd.	Mauritius
Cenveo Publisher Services India Limited	India
Cadmus Marketing Group, Inc.	Virginia
Cadmus Marketing, Inc.	Virginia
Cadmus/O’Keefe Marketing, Inc.	Virginia
Cadmus Packaging Company Limited	Thailand
Cadmus Packaging Private Limited	India
Cadmus Packaging (Shanghai) Co. Ltd.	China
Cadmus Printing Group, Inc.	Virginia
Cadmus UK, Inc.	Virginia
CDMS Management, LLC	Delaware
Expert Graphics, Inc.	Virginia
Garamond/Pridemark Press, Inc.	Maryland
Old TSI, Inc.	Georgia
Port City Press, Inc.	Maryland
Vaughn Printers Incorporated	Florida
VSUB Holding Company	Virginia
Washburn Graphics, Inc.	North Carolina
Commercial Envelope Manufacturing Co. Inc.	New York
Cenveo CEM, LLC	Delaware
Cenveo CEM, Inc.	Delaware

Rex 2010, LLC	Florida
136 Eastport Road, LLC	Delaware
Lightning Labels, LLC	Delaware
Nashua Corporation	Massachusetts
Nashua International, Inc.	Delaware
Nashua FSC Limited	Jamaica
Nashua P.R., Inc.	Puerto Rico
Glyph International UK Limited	UK
CMS Gilbreth Packaging Systems, Inc.	Delaware
Impaxx, Inc.	Delaware
Envelope Product Group, LLC	Delaware
Cadmus de Honduras, S.A.	Honduras

EX-23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We have issued our reports dated February 18, 2015, with respect to the consolidated financial statements and internal control over financial reporting included in the Annual Report of Cenveo, Inc. and subsidiaries (the “Company”) on Form 10-K for the fiscal year ended December 27, 2014. We hereby consent to the incorporation by reference of said reports in the Registration Statements of the Company on Forms S-8 (File Nos., 333-26743, 333-61467, 333-74490, 333-118861, 333-153447, 333-161927, 333-176289, 333-166929, 333-178203 and 333-161925).

/s/ Grant Thornton LLP

New York, New York

February 18, 2015

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert G. Burton, Sr., certify that:

1. I have reviewed this annual report on Form 10-K of Cenveo, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  February 18, 2015	/s/ ROBERT G. BURTON, SR.
	Robert G. Burton, Sr.
	Chairman and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Scott J. Goodwin, certify that:

1. I have reviewed this annual report on Form 10-K of Cenveo, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  February 18, 2015	/s/ SCOTT J. GOODWIN
	Scott J. Goodwin
	Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert G. Burton, Sr., the Chairman and Chief Executive Officer of Cenveo, Inc. (the ''Company''), certify pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

(1) the Annual Report on Form 10-K of the Company for the fiscal year ended December 27, 2014 (the ''Report'') fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:  February 18, 2015	/s/ ROBERT G. BURTON, SR.
	Robert G. Burton, Sr.
	Chairman and Chief Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Scott J. Goodwin, the Chief Financial Officer of Cenveo, Inc. (the ''Company''), certify pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

(1) the Annual Report on Form 10-K of the Company for the fiscal year ended December 27, 2014 (the ''Report'') fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:  February 18, 2015	/s/ SCOTT J. GOODWIN
	Scott J. Goodwin
	Chief Financial Officer

XML

Restructuring and Other Charges (Tables)

12 Months Ended

Dec. 27, 2014

Restructuring and Related Activities [Abstract]

Schedule of restructuring expenses

The following tables present the details of the expenses recognized as a result of these plans.

2014 Activity

Restructuring and other charges for the year ended 2014 were as follows (in thousands):

		Employee Separation Costs			Asset Charges Net of Gain on Sale			Equipment Moving Expenses		Lease Termination Expenses			Multi-employer Pension Withdrawal Expenses		Building Clean-up & Other Expenses		Total
Envelope
	2014 Plan	$	145		$	—		$	—	$	—		$	—	$	—	$	145
	2013 Plan	(4		)	—			—		—			—		—		(4		)
	2012 Plan	—			—			—		(198		)	—		1		(197		)
	Residual Plans	—			—			—		—			140		88		228
	Acquisition Integration Plans	2,019			2,793			3,432		1,949			—		3,816		14,009
Total Envelope		2,160			2,793			3,432		1,751			140		3,905		14,181
Print
	2014 Plan	597			(747		)	11		—			—		376		237
	2013 Plan	299			(41		)	—		172			—		457		887
	2012 Plan	—			—			—		20			749		—		769
	Residual Plans	—			—			—		170			371		657		1,198
Total Print		896			(788		)	11		362			1,120		1,490		3,091
Label and Packaging
	2014 Plan	1,039			—			—		—			—		—		1,039
	2013 Plan	8			—			—		—			—		—		8
	Residual Plans	—			—			—		42			—		—		42
Total Label and Packaging		1,047			—			—		42			—		—		1,089
Corporate
	2014 Plan	4,016			—			—		—			—		46		4,062
	2013 Plan	—			—			—		—			—		15		15
	Residual Plans	—			—			—		—			—		20		20
Total Corporate		4,016			—			—		—			—		81		4,097
Total Restructuring and Other Charges		$	8,119		$	2,005		$	3,443	$	2,155		$	1,260	$	5,476	$	22,458

2013 Activity

Restructuring and other charges for the year ended 2013 were as follows (in thousands):

		Employee Separation Costs			Asset Charges Net of Gain on Sale		Equipment Moving Expenses		Lease Termination Expenses			Multi-employer Pension Withdrawal Expenses		Building Clean-up & Other Expenses		Total
Envelope
	2013 Plan	$	232		$	—	$	10	$	215		$	—	$	65	$	522
	2012 Plan	(37		)	118		193		300			—		728		1,302
	Residual Plans	—			—		—		—			107		13		120
	Acquisition Integration Plans	448			1,030		1,274		37			—		743		3,532
Total Envelope		643			1,148		1,477		552			107		1,549		5,476
Print
	2013 Plan	2,688			—		—		104			—		224		3,016
	2012 Plan	(74		)	147		39		11			—		56		179
	Residual Plans	—			—		10		454			346		284		1,094
Total Print		2,614			147		49		569			346		564		4,289
Label and Packaging
	2013 Plan	1,239			—		—		9			—		13		1,261
	2012 Plan	25			—		—		—			—		—		25
	Residual Plans	(4		)	—		—		(135		)	—		—		(139		)
Total Label and Packaging		1,260			—		—		(126		)	—		13		1,147
Corporate
	2013 Plan	1,940			—		—		64			—		64		2,068
	Residual Plans	23			—		—		—			—		97		120
Total Corporate		1,963			—		—		64			—		161		2,188
Total Restructuring and Other Charges		$	6,480		$	1,295	$	1,526	$	1,059		$	453	$	2,287	$	13,100

2012 Activity

Restructuring and other charges for the year ended 2012 were as follows (in thousands):

		Employee Separation Costs			Asset Charges Net of Gain on Sale		Equipment Moving Expenses			Lease Termination Expenses		Multi-employer Pension Withdrawal Expenses			Building Clean-up & Other Expenses		Total
Envelope
	2012 Plan	$	1,483		$	441	$	35		$	319	$	—		$	68	$	2,346
	Residual Plans	(12		)	—		—			13		168			153		322
	Acquisition Integration Plans	1,029			1,199		414			172		—			679		3,493
Total Envelope		2,500			1,640		449			504		168			900		6,161
Print
	2012 Plan	2,241			6,220		572			337		5,400			1,571		16,341
	Residual Plans	532			535		47			156		(486		)	964		1,748
Total Print		2,773			6,755		619			493		4,914			2,535		18,089
Label and Packaging
	2012 Plan	1,288			—		6			—		—			13		1,307
	Residual Plans	364			—		—			162		—			185		711
	Acquisition Integration Plans	—			—		(4		)	—		—			—		(4		)
Total Label and Packaging		1,652			—		2			162		—			198		2,014
Corporate
	2012 Plan	646			—		—			—		—			—		646
	Residual Plans	—			—		—			—		—			190		190
Total Corporate		646			—		—			—		—			190		836
Total Restructuring and Other Charges		$	7,571		$	8,395	$	1,070		$	1,159	$	5,082		$	3,823	$	27,100

Schedule of activity related to the restructuring liability

A summary of the activity related to the restructuring liabilities for all the cost savings, restructuring and integration initiatives were as follows (in thousands):

	Employee Separation Cost			Lease Termination			Pension Withdrawal Liabilities			Building Clean-up, Equipment Moving and Other Expenses			Total
2014 Plan
Balance as of the year ended 2013	$	—		$	—		$	—		$	—		$	—
Accruals, net	5,797			—			—			433			6,230
Payments	(4,291		)	—			—			(433		)	(4,724		)
Balance as of the year ended 2014	$	1,506		$	—		$	—		$	—		$	1,506
2013 Plan
Balance as of the year ended 2012	$	—		$	—		$	—		$	—		$	—
Accruals, net	6,099			392			—			376			6,867
Payments	(5,262		)	(336		)	—			(376		)	(5,974		)
Balance as of the year ended 2013	837			56			—			—			893
Accruals, net	303			172			—			472			947
Payments	(1,086		)	(225		)	—			(472		)	(1,783		)
Balance as of the year ended 2014	$	54		$	3		$	—		$	—		$	57
2012 Plan
Balance as of the year ended 2012	$	1,199		$	493		$	5,400		$	—		$	7,092
Accruals, net	(86		)	311			—			1,016			1,241
Payments	(1,113		)	(477		)	—			(1,016		)	(2,606		)
Balance as of the year ended 2013	—			327			5,400			—			5,727
Accruals, net	—			(178		)	749			1			572
Payments	—			(124		)	(481		)	(1		)	(606		)
Balance as of the year ended 2014	$	—		$	25		$	5,668		$	—		$	5,693
Residual Plans
Balance as of the year ended 2012	$	127		$	2,017		$	19,519		$	—		$	21,663
Accruals, net	19			319			453			404			1,195
Payments	(146		)	(1,319		)	(4,817		)	(404		)	(6,686		)
Balance as of the year ended 2013	—			1,017			15,155			—			16,172
Accruals, net	—			212			511			765			1,488
Payments	—			(580		)	(2,634		)	(765		)	(3,979		)
Balance as of the year ended 2014	$	—		$	649		$	13,032		$	—		$	13,681
Acquisition Integration Plans
Balance as of the year ended 2012	$	298		$	1,088		$	—		$	—		$	1,386
Accruals, net	448			37			—			2,017			2,502
Acquisition	—			1,985			—			—			1,985
Payments	(591		)	(607		)	—			(2,017		)	(3,215		)
Balance as of the year ended 2013	155			2,503			—			—			2,658
Accruals, net	2,019			1,949			—			7,248			11,216
Payments	(2,097		)	(3,316		)	—			(7,248		)	(12,661		)
Balance as of the year ended 2014	$	77		$	1,136		$	—		$	—		$	1,213
Total Restructuring Liability	$	1,637		$	1,813		$	18,700		$	—		$	22,150

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Segment Information (Narrative) (Details)	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 28, 2013 reportable_segment	Sep. 28, 2013 reportable_segment	Dec. 27, 2014 reportable_segment operating_segment
Segment Reporting [Abstract]
Number of operating segments (operating segment)			4
Number of reportable segments (reportable segment)	3	2	3

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Discontinued Operations (Components of Assets and Liabilities) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 27, 2014	Dec. 28, 2013
Discontinued Operations and Disposal Groups [Abstract]
Accounts receivable, net	$ 0	$ 9
Prepaid and other current assets	8	123
Assets of discontinued operations - current	8	132
Property, plant and equipment, net	0	33
Assets of discontinued operations - long-term	0	33
Accrued compensation and related liabilities	70	627
Other current liabilities	0	1,386
Liabilities of discontinued operations - current	70	2,013
Net assets	$ (62)	$ (1,848)

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Summary of Significant Accounting Policies (Narrative) (Details) (USD $)	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 28, 2013 reportable_segment	Sep. 28, 2013 reportable_segment	Dec. 27, 2014 reportable_segment customer	Dec. 28, 2013	Dec. 29, 2012
BasisOfPresentationAndSummaryOfSignificantAccountingPoliciesTable [Line Items]
Number of customers (customer)			100,000
Number of reportable segments (reportable segment)	3	2	3
Interest and Debt Expense [Abstract]
Unamortized debt issuance costs	$ 22,800,000		$ 25,200,000	$ 22,800,000
Amortization of debt issuance costs			9,800,000	9,400,000	7,000,000
Goodwill and Intangible Asset Impairment [Abstract]
Impairment of intangible assets			0	33,367,000	0
Workers' Compensation Discount [Abstract]
Workers' compensation liability, undiscounted	12,900,000		13,200,000	12,900,000
Workers' compensation liability	11,900,000		12,200,000	11,900,000
Workers' compensation discount rate (percent)			2.00%	2.00%
Insurance Loss Reserves [Abstract]
Self insurance reserve	3,300,000		3,300,000	3,300,000
Advertising Costs [Abstract]
Advertising costs			3,500,000	2,900,000	2,800,000
Building and building improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, useful life (years)			15 years
Building and building improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, useful life (years)			45 years
Machinery and equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, useful life (years)			10 years
Machinery and equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, useful life (years)			15 years
Furniture and fixtures [Member] | Minimum [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, useful life (years)			3 years
Furniture and fixtures [Member] | Maximum [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, useful life (years)			10 years
Software and software development costs [Member]
Computer Software [Abstract]
Net capitalized computer software	10,400,000		19,300,000	10,400,000
Software and software development costs [Member] | Minimum [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, useful life (years)			3 years
Software and software development costs [Member] | Maximum [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, useful life (years)			7 years
Level 3 [Member] | Nonrecurring fair value [Member]
Goodwill and Intangible Asset Impairment [Abstract]
Impairment of intangible assets			0	33,367,000
Trade names [Member] | Carrying value [Member] | Level 3 [Member] | Nonrecurring fair value [Member]
Goodwill and Intangible Asset Impairment [Abstract]
Impairment of intangible assets	$ 33,367,000		$ 0	$ 33,367,000	$ 0

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Long-Term Debt (Other Debt) (Details) (USD $)	12 Months Ended			0 Months Ended
	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012	Sep. 16, 2013
Debt Instrument [Line Items]
Payments of debt issuance costs	$ 37,994,000	$ 15,570,000	$ 37,836,000
Other debt including capital leases [Member] | Equipment note [Member]
Debt Instrument [Line Items]
Debt instrument, face amount				20,000,000
Debt interest rate (percent)				11.00%
Debt prepayment fee (percentage)				4.00%
Debt prepayment fee, subsequent annual decrease (percentage)				1.00%
Payments of debt issuance costs				$ 700,000

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Discontinued Operations (Statement of Operations Information) (Details) (USD $)	3 Months Ended								12 Months Ended
	Dec. 27, 2014	Sep. 27, 2014	Jun. 28, 2014	Mar. 29, 2014	Dec. 28, 2013	Sep. 28, 2013	Jun. 29, 2013	Mar. 30, 2013	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012
Discontinued Operations and Disposal Groups [Abstract]
Net sales									$ 0	$ 34,891,000	$ 68,478,000
Income from discontinued operations before income taxes									(63,000)	4,471,000	11,342,000
Income tax expense on discontinued operations									0	2,663,000	4,441,000
Gain (loss) on sale of discontinued operations, net of tax									2,519,000	14,933,000	(6,260,000)
Income from discontinued operations, net of taxes	938,000	(99,000)	664,000	953,000	1,791,000	13,492,000	113,000	1,345,000	2,456,000	16,741,000	641,000
Discontinued operations per share - basic	$ 0.02	$ 0.00	$ 0.01	$ 0.01	$ 0.03	$ 0.21	$ 0.00	$ 0.02	$ 0.04	$ 0.25	$ 0.01
Discontinued operations per share - diluted	$ 0.02	$ 0.00	$ 0.01	$ 0.01	$ 0.03	$ 0.16	$ 0.00	$ 0.02	$ 0.04	$ 0.25	$ 0.01
Discontinued operations, decrease in liabilities											1,800,000
Discontinued operations, decrease in liabilities, tax effect											1,200,000
Tax expense (benefit) on income (loss) from discontinued operations									$ 0	$ 10,700,000	$ (2,600,000)

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Income Taxes (Components of Income (Loss) From Continuing Operations Before Income Taxes) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012
Income (Loss) from Continuing Operations before Income Taxes [Abstract]
Domestic	$ (81,615)	$ (70,385)	$ (26,572)
Foreign	(1,870)	(1,389)	1,764
Loss from continuing operations before income taxes	$ (83,485)	$ (71,774)	$ (24,808)

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Retirement Plans (Narrative) (Details) (USD $)	12 Months Ended
	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012
Retirement Plans [Line Items]
Savings Plan, company matching contributions	$ 500,000	$ 300,000	$ 0
Savings Plan, shares of Cenveo's common stock (shares)	2,129,084
Interest cost	14,870,000	13,716,000	14,546,000
Contributions to multi-employer plans	900,000	1,100,000	1,100,000
Multi-employer plans, expense	1,300,000	500,000	5,100,000
Supplemental Employee Retirement and Other Postretirement Benefit Plans [Member]
Retirement Plans [Line Items]
Interest cost	800,000	800,000	900,000
Actuarial losses expected to be recognized in net periodic benefit costs	300,000
Pensions [Member]
Retirement Plans [Line Items]
Interest cost	14,027,000	12,932,000
Actuarial losses expected to be recognized in net periodic benefit costs	8,700,000
Prior service cost expected to be recognized in net periodic benefit costs	0
Expected long-term rate of return on plan assets (percent)	8.00%	8.00%	8.00%
Estimated future employer contributions in 2015	4,600,000
Other Postretirement Benefit Plans [Member]
Retirement Plans [Line Items]
Interest cost	$ 88,000	$ 88,000

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Condensed Consolidating Financial Information (Tables)

12 Months Ended

Dec. 27, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Schedule of condensed consolidating balance sheet

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 27, 2014 (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	—		$	10,965		$	844		$	2,784		$	—		$	14,593
Accounts receivable, net	—			128,599			149,528			3,771			—			281,898
Inventories	—			71,108			64,036			1,866			—			137,010
Notes receivable from subsidiaries	—			36,938			3,245			—			(40,183		)	—
Prepaid and other current assets	—			42,889			5,012			2,505			—			50,406
Assets of discontinued operations - current	—			—			8			—			—			8
Total current assets	—			290,499			222,673			10,926			(40,183		)	483,915
Investment in subsidiaries	(632,675		)	1,944,300			3,608			7,829			(1,323,062		)	—
Property, plant and equipment, net	—			120,949			160,903			556			—			282,408
Goodwill	—			25,540			155,118			5,191			—			185,849
Other intangible assets, net	—			10,011			146,843			850			—			157,704
Other assets, net	—			42,242			5,289			484			—			48,015
Total assets	$	(632,675	)	$	2,433,541		$	694,434		$	25,836		$	(1,363,245	)	$	1,157,891
Liabilities and Shareholders’ (Deficit) Equity
Current liabilities:
Current maturities of long-term debt	$	—		$	3,000		$	1,355		$	—		$	—		$	4,355
Accounts payable	—			138,939			91,860			1,385			—			232,184
Accrued compensation and related liabilities	—			29,851			6,736			538			—			37,125
Other current liabilities	—			66,895			19,346			980			—			87,221
Liabilities of discontinued operations - current	—			—			70			—			—			70
Intercompany payable (receivable)	—			1,439,715			(1,449,419		)	9,704			—			—
Notes payable to issuer	—			—			36,938			3,245			(40,183		)	—
Total current liabilities	—			1,678,400			(1,293,114		)	15,852			(40,183		)	360,955
Long-term debt	—			1,227,397			2,587			—			—			1,229,984
Other liabilities	—			160,419			40,661			(1,453		)	—			199,627
Shareholders’ (deficit) equity	(632,675		)	(632,675		)	1,944,300			11,437			(1,323,062		)	(632,675		)
Total liabilities and shareholders’ (deficit) equity	$	(632,675	)	$	2,433,541		$	694,434		$	25,836		$	(1,363,245	)	$	1,157,891

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 28, 2013 (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	—		$	9,504		$	—		$	1,825		$	—		$	11,329
Accounts receivable, net	—			128,214			152,091			1,281			—			281,586
Inventories	—			89,830			71,722			13			—			161,565
Notes receivable from subsidiaries	—			36,938			—			—			(36,938		)	—
Prepaid and other current assets	—			46,050			6,813			2,490			—			55,353
Assets of discontinued operations - current	—			—			132			—			—			132
Total current assets	—			310,536			230,758			5,609			(36,938		)	509,965
Investment in subsidiaries	(496,980		)	1,865,003			5,385			6,725			(1,380,133		)	—
Property, plant and equipment, net	—			134,326			169,770			811			—			304,907
Goodwill	—			25,540			155,561			5,335			—			186,436
Other intangible assets, net	—			9,930			157,621			1,198			—			168,749
Other assets, net	—			37,952			5,175			487			—			43,614
Assets of discontinued operations - long-term	—			—			33			—			—			33
Total assets	$	(496,980	)	$	2,383,287		$	724,303		$	20,165		$	(1,417,071	)	$	1,213,704
Liabilities and Shareholders’ (Deficit) Equity
Current liabilities:
Current maturities of long-term debt	$	—		$	6,600		$	2,574		$	—		$	—		$	9,174
Accounts payable	—			148,678			94,889			661			—			244,228
Accrued compensation and related liabilities	—			20,684			10,969			486			—			32,139
Other current liabilities	—			60,845			19,674			679			—			81,198
Liabilities of discontinued operations - current	—			1,372			641			—			—			2,013
Intercompany payable (receivable)	—			1,341,397			(1,349,273		)	7,876			—			—
Notes payable to issuer	—			—			36,938			—			(36,938		)	—
Total current liabilities	—			1,579,576			(1,183,588		)	9,702			(36,938		)	368,752
Long-term debt	—			1,173,457			2,894			—			—			1,176,351
Other liabilities	—			127,234			39,994			(1,647		)	—			165,581
Shareholders’ (deficit) equity	(496,980		)	(496,980		)	1,865,003			12,110			(1,380,133		)	(496,980		)
Total liabilities and shareholders’ (deficit) equity	$	(496,980	)	$	2,383,287		$	724,303		$	20,165		$	(1,417,071	)	$	1,213,704

Schedule of condensed consolidating statement of operations and comprehensive income

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME For The Year Ended 2014 (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net sales	$	—		$	932,099		$	1,004,246		$	12,695		$	—	$	1,949,040
Cost of sales	—			817,761			827,575			8,177			—		1,653,513
Selling, general and administrative expenses	—			128,806			87,071			1,653			—		217,530
Amortization of intangible assets	—			703			10,590			488			—		11,781
Restructuring and other charges	—			18,560			3,898			—			—		22,458
Operating (loss) income	—			(33,731		)	75,112			2,377			—		43,758
Interest expense, net	—			106,276			522			—			—		106,798
Intercompany interest (income) expense	—			(1,107		)	1,107			—			—		—
Loss on early extinguishment of debt, net	—			27,449			—			—			—		27,449
Other income, net	—			(106		)	(6,776		)	(122		)	—		(7,004		)
(Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries	—			(166,243		)	80,259			2,499			—		(83,485		)
Income tax expense	—			694			1,515			625			—		2,834
(Loss) income from continuing operations before equity in (loss) income of subsidiaries	—			(166,937		)	78,744			1,874			—		(86,319		)
Equity in (loss) income of subsidiaries	(83,863		)	81,935			1,874			—			54		—
(Loss) income from continuing operations	(83,863		)	(85,002		)	80,618			1,874			54		(86,319		)
Income from discontinued operations, net of taxes	—			1,139			1,317			—			—		2,456
Net (loss) income	(83,863		)	(83,863		)	81,935			1,874			54		(83,863		)
Other comprehensive (loss) income:
Other comprehensive (loss) income of subsidiaries	(57,897		)	(4,952		)	(407		)	—			63,256		—
Pension liability adjustment, net of taxes	—			(52,945		)	(3,631		)	—			—		(56,576		)
Currency translation adjustment	—			—			(914		)	(407		)	—		(1,321		)
Comprehensive (loss) income	$	(141,760	)	$	(141,760	)	$	76,983		$	1,467		$	63,310	$	(141,760	)

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME For The Year Ended 2013 (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	762,810		$	999,441		$	15,557		$	—		$	1,777,808
Cost of sales	—			660,679			812,034			13,218			—			1,485,931
Selling, general and administrative expenses	—			119,046			86,072			967			—			206,085
Amortization of intangible assets	—			602			8,829			531			—			9,962
Restructuring and other charges	—			7,744			5,342			14			—			13,100
Impairment of intangible assets	—			—			33,367			—			—			33,367
Operating (loss) income	—			(25,261		)	53,797			827			—			29,363
Gain on bargain purchase	—			(17,262		)	—			—			—			(17,262		)
Interest expense, net	—			112,232			445			—			—			112,677
Intercompany interest (income) expense	—			(1,203		)	1,203			—			—			—
Loss on early extinguishment of debt, net	—			11,324			—			—			—			11,324
Other income, net	—			(2,238		)	(3,106		)	(258		)	—			(5,602		)
(Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries	—			(128,114		)	55,255			1,085			—			(71,774		)
Income tax expense (benefit)	—			28,109			(15,023		)	667			—			13,753
(Loss) income from continuing operations before equity in (loss) income of subsidiaries	—			(156,223		)	70,278			418			—			(85,527		)
Equity in (loss) income of subsidiaries	(68,786		)	78,447			418			—			(10,079		)	—
(Loss) income from continuing operations	(68,786		)	(77,776		)	70,696			418			(10,079		)	(85,527		)
Income from discontinued operations, net of taxes	—			8,990			7,751			—			—			16,741
Net (loss) income	(68,786		)	(68,786		)	78,447			418			(10,079		)	(68,786		)
Other comprehensive income (loss):
Other comprehensive income (loss) of subsidiaries	26,901			(1,754		)	(2,704		)	—			(22,443		)	—
Pension liability adjustment, net of taxes	—			28,655			2,775			—			—			31,430
Currency translation adjustment	—			—			(1,825		)	(2,704		)	—			(4,529		)
Comprehensive (loss) income	$	(41,885	)	$	(41,885	)	$	76,693		$	(2,286	)	$	(32,522	)	$	(41,885	)

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME For The Year Ended 2012 (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net sales	$	—		$	684,257		$	1,038,793		$	15,243		$	—	$	1,738,293
Cost of sales	—			576,286			827,342			13,519			—		1,417,147
Selling, general and administrative expenses	—			101,704			80,511			765			—		182,980
Amortization of intangible assets	—			582			8,777			522			—		9,881
Restructuring and other charges	—			5,917			21,087			96			—		27,100
Operating (loss) income	—			(232		)	101,076			341			—		101,185
Interest expense, net	—			114,164			607			(16		)	—		114,755
Intercompany interest (income) expense	—			(1,476		)	1,404			72			—		—
Gain on early extinguishment of debt, net	—			12,487			—			—			—		12,487
Other (income) expense, net	—			(1,125		)	46			(170		)	—		(1,249		)
(Loss) income from continuing operations before income taxes and equity in (loss) income of unconsolidated subsidiaries	—			(124,282		)	99,019			455			—		(24,808		)
Income tax expense (benefit)	—			31,623			24,503			(406		)	—		55,720
(Loss) income from continuing operations before equity in (loss) income of unconsolidated subsidiaries	—			(155,905		)	74,516			861			—		(80,528		)
Equity in (loss) income of unconsolidated subsidiaries	(79,887		)	68,896			861			—			10,130		—
(Loss) income from continuing operations	(79,887		)	(87,009		)	75,377			861			10,130		(80,528		)
Income (loss) from discontinued operations, net of taxes	—			7,122			(6,481		)	—			—		641
Net (loss) income	(79,887		)	(79,887		)	68,896			861			10,130		(79,887		)
Other comprehensive (loss) income:
Other comprehensive (loss) income of subsidiaries	(7,321		)	(64		)	(589		)	—			7,974		—
Pension liability adjustment, net of taxes	—			(7,257		)	(729		)	—			—		(7,986		)
Currency translation adjustment	—			—			1,254			(589		)	—		665
Comprehensive (loss) income	$	(87,208	)	$	(87,208	)	$	68,832		$	272		$	18,104	$	(87,208	)

Schedule of condensed consolidating statement of cash flows

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For The Year Ended 2014  (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operating activities:
Net cash provided by (used in) operating activities of continuing operations	$	2,420		$	(91,517	)	$	117,654		$	(2,750	)	$	—	$	25,807
Net cash used in operating activities of discontinued operations	—			(884		)	(1,008		)	—			—		(1,892		)
Net cash provided by (used in) operating activities	2,420			(92,401		)	116,646			(2,750		)	—		23,915
Cash flows from investing activities:
Capital expenditures	—			(24,554		)	(12,459		)	(218		)	—		(37,231		)
Purchase of investment	—			(2,000		)	—			—			—		(2,000		)
Proceeds from sale of property, plant and equipment	—			3,465			302			—			—		3,767
Net cash used in investing activities of continuing operations	—			(23,089		)	(12,157		)	(218		)	—		(35,464		)
Net cash provided by investing activities of discontinued operations	—			1,033			1,163			—			—		2,196
Net cash used in investing activities	—			(22,056		)	(10,994		)	(218		)	—		(33,268		)
Cash flows from financing activities:
Proceeds from issuance of 6.000% senior secured priority notes due 2019	—			540,000			—			—			—		540,000
Proceeds from issuance of 8.500% junior secured priority notes due 2022	—			250,000			—			—			—		250,000
Payment of financing related costs and expenses and debt issuance discounts	—			(37,994		)	—			—			—		(37,994		)
Repayments of other long-term debt	—			(6,967		)	(1,526		)	—			—		(8,493		)
Repayment of 11.5% senior notes due 2017	—			(2,680		)	—			—			—		(2,680		)
Repayment of 8.500% junior secured priority notes due 2022	—			(2,000		)	—			—			—		(2,000		)
Purchase and retirement of common stock upon vesting of RSUs	(562		)	—			—			—			—		(562		)
Repayment of 15% Unsecured Term Loan due 2017	—			(10,000		)	—			—			—		(10,000		)
Proceeds from exercise of stock options	20			—			—			—			—		20
Repayment of Term Loan Facility due 2017	—			(329,100		)	—			—			—		(329,100		)
Repayment of 8.875% senior second lien notes	—			(400,000		)	—			—			—		(400,000		)
Borrowings under ABL Facility due 2017	—			520,100			—			—			—		520,100
Repayments under ABL Facility due 2017	—			(506,800		)	—			—			—		(506,800		)
Intercompany advances	(1,878		)	101,359			(103,450		)	3,969			—		—
Net cash (used in) provided by financing activities	(2,420		)	115,918			(104,976		)	3,969			—		12,491
Effect of exchange rate changes on cash and cash equivalents	—			—			168			(42		)	—		126
Net increase in cash and cash equivalents	—			1,461			844			959			—		3,264
Cash and cash equivalents at beginning of period	—			9,504			—			1,825			—		11,329
Cash and cash equivalents at end of period	$	—		$	10,965		$	844		$	2,784		$	—	$	14,593

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For The Year Ended 2013 (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operating activities:
Net cash provided by (used in) operating activities of continuing operations	$	3,739		$	(117,743	)	$	136,232		$	87		$	—	$	22,315
Net cash provided by (used in) operating activities of discontinued operations	—			6,227			(349		)	—			—		5,878
Net cash provided by (used in) operating activities	3,739			(111,516		)	135,883			87			—		28,193
Cash flows from investing activities:
Cost of business acquisitions, net of cash acquired	—			(33,166		)	—			—			—		(33,166		)
Capital expenditures	—			(13,708		)	(15,424		)	(103		)	—		(29,235		)
Purchase of investment	—			(1,650		)	—			—			—		(1,650		)
Proceeds from insurance claim	—			—			3,036			—			—		3,036
Proceeds from sale of property, plant and equipment	—			258			8,046			—			—		8,304
Net cash used in investing activities of continuing operations	—			(48,266		)	(4,342		)	(103		)	—		(52,711		)
Net cash provided by investing activities of discontinued operations	—			23,160			22,054			—			—		45,214
Net cash (used in) provided by investing activities	—			(25,106		)	17,712			(103		)	—		(7,497		)
Cash flows from financing activities:
Repayment of 7.875% senior subordinated notes	—			(67,848		)	—			—			—		(67,848		)
Borrowings of Term Loan B due 2016	—			(388,205		)	—			—			—		(388,205		)
Payment of financing related costs and expenses and debt issuance discounts	—			(15,570		)	—			—			—		(15,570		)
Proceeds from issuance of other long-term debt	—			20,000			—			—			—		20,000
Repayments of other long-term debt	—			(3,036		)	(4,829		)	—			—		(7,865		)
Purchase and retirement of common stock upon vesting of RSUs	(660		)	—			—			—			—		(660		)
Borrowings under Revolving Credit Facility, net	—			(18,000		)	—			—			—		(18,000		)
Proceeds from issuance of 15% Unsecured Term Loan due 2017	—			50,000			—			—			—		50,000
Repayment of 15% Unsecured Term Loan due 2017	—			(40,000		)	—			—			—		(40,000		)
Proceeds from exercise of stock options	98			—			—			—			—		98
Proceeds from issuance of Term Loan Facility due 2017	—			360,000			—			—			—		360,000
Repayment of Term Loan Facility due 2017	—			(30,900		)	—			—			—		(30,900		)
Borrowings under ABL Facility due 2017	—			699,200			—			—			—		699,200
Repayments under ABL Facility due 2017	—			(577,800		)	—			—			—		(577,800		)
Intercompany advances	(3,177		)	152,522			(149,225		)	(120		)	—		—
Net cash (used in) provided by financing activities	(3,739		)	140,363			(154,054		)	(120		)	—		(17,550		)
Effect of exchange rate changes on cash and cash equivalents	—			—			173			(100		)	—		73
Net increase (decrease) in cash and cash equivalents	—			3,741			(286		)	(236		)	—		3,219
Cash and cash equivalents at beginning of period	—			5,763			286			2,061			—		8,110
Cash and cash equivalents at end of period	$	—		$	9,504		$	—		$	1,825		$	—	$	11,329

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For The Year Ended 2012 (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities:
Net cash provided by (used in) operating activities of continuing operations	$	5,333		$	(115,689	)	$	150,706		$	2,494		$	—		$	42,844
Net cash provided by operating activities of discontinued operations	—			8,240			981			—			—			9,221
Net cash provided by (used in) operating activities	5,333			(107,449		)	151,687			2,494			—			52,065
Cash flows from investing activities:
Cost of business acquisitions, net of cash acquired	—			(644		)	—			—			—			(644		)
Capital expenditures	—			(10,263		)	(10,135		)	(165		)	—			(20,563		)
Purchase of investment	—			(350		)	—			—			—			(350		)
Proceeds from sale of property, plant and equipment	—			360			7,618			—			—			7,978
Proceeds from sale of intangible assets	—			5,700			—			—			—			5,700
Intercompany note	—			3,900			—			—			(3,900		)	—
Net cash used in investing activities of continuing operations	—			(1,297		)	(2,517		)	(165		)	(3,900		)	(7,879		)
Net cash provided by investing activities of discontinued operations	—			16,114			23,419			—			—			39,533
Net cash provided by (used in) investing activities	—			14,817			20,902			(165		)	(3,900		)	31,654
Cash flows from financing activities:
Repayment of 10.5% senior notes	—			(169,875		)	—			—			—			(169,875		)
Repayment of 7.875% senior subordinated notes	—			(214,831		)	—			—			—			(214,831		)
Repayment of Term Loan B due 2016	—			31,844			—			—			—			31,844
Repayment of 8.375% senior subordinated notes	—			(24,787		)	—			—			—			(24,787		)
Payment of financing related costs and expenses	—			(37,836		)	—			—			—			(37,836		)
Repayments of other long-term debt	—			(147		)	(4,699		)	—			—			(4,846		)
Proceeds from issuance of 11.5% senior notes	—			225,000			—			—			—			225,000
Purchase and retirement of common stock upon vesting of RSUs	(735		)	—			—			—			—			(735		)
Proceeds from issuance of 7% senior exchangeable notes	—			86,250			—			—			—			86,250
Borrowings under Revolving Credit Facility, net	—			18,000			—			—			—			18,000
Intercompany note	—			—			—			(3,900		)	3,900			—
Intercompany advances	(4,598		)	170,396			(167,988		)	2,190			—			—
Net cash (used in) provided by financing activities of continuing operations	(5,333		)	84,014			(172,687		)	(1,710		)	3,900			(91,816		)
Net cash used in financing activities of discontinued operations	—			(1,652		)	—			—			—			(1,652		)
Net cash (used in) provided by financing activities	(5,333		)	82,362			(172,687		)	(1,710		)	3,900			(93,468		)
Effect of exchange rate changes on cash and cash equivalents	—			—			104			2			—			106
Net (decrease) increase in cash and cash equivalents	—			(10,270		)	6			621			—			(9,643		)
Cash and cash equivalents at beginning of year	—			16,033			280			1,440			—			17,753
Cash and cash equivalents at end of year	$	—		$	5,763		$	286		$	2,061		$	—		$	8,110

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Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 27, 2014

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment are as follows (in thousands):

	2014			2013
Land and land improvements	$	13,982		$	14,507
Buildings and building improvements	101,407			97,674
Machinery and equipment	623,619			635,638
Furniture and fixtures	10,086			11,049
Construction in progress	13,154			11,828
	762,248			770,696
Accumulated depreciation	(479,840		)	(465,789		)
	$	282,408		$	304,907

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Income Taxes (Components of Income Tax Txpense (Benefit) on Income (Loss) from Continuing Operations) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012
Current tax expense:
Federal	$ 0	$ 0	$ 0
Foreign	589	977	295
State	1,080	888	874
Current tax expense	1,669	1,865	1,169
Deferred tax expense (benefit):
Federal	(8,771)	2,659	40,703
Foreign	(1,414)	(1,421)	(748)
State	11,350	10,650	14,596
Deferred tax expense (benefit)	1,165	11,888	54,551
Income tax expense	$ 2,834	$ 13,753	$ 55,720

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Selected Quarterly Financial Information (Unaudited) (Details) (USD $)	3 Months Ended								12 Months Ended			0 Months Ended
	Dec. 27, 2014	Sep. 27, 2014	Jun. 28, 2014	Mar. 29, 2014	Dec. 28, 2013	Sep. 28, 2013	Jun. 29, 2013	Mar. 30, 2013	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012	Sep. 16, 2013
Quarterly Financial Data [Abstract]
Net sales	$ 498,935,000	$ 480,576,000	$ 479,410,000	$ 490,119,000	$ 509,873,000	$ 442,781,000	$ 406,540,000	$ 418,614,000	$ 1,949,040,000	$ 1,777,808,000	$ 1,738,293,000
Operating income (loss)	11,009,000	9,330,000	13,347,000	10,072,000	(15,681,000)	16,524,000	16,842,000	11,678,000	43,758,000	29,363,000	101,185,000
Loss from continuing operations	(19,437,000)	(10,794,000)	(39,301,000)	(16,787,000)	(59,468,000)	13,427,000	(18,996,000)	(20,490,000)	(86,319,000)	(85,527,000)	(80,528,000)
Income from discontinued operations, net of taxes	938,000	(99,000)	664,000	953,000	1,791,000	13,492,000	113,000	1,345,000	2,456,000	16,741,000	641,000
Net (loss) income	(18,499,000)	(10,893,000)	(38,637,000)	(15,834,000)	(57,677,000)	26,919,000	(18,883,000)	(19,145,000)	(83,863,000)	(68,786,000)	(79,887,000)
(Loss) income per share – basic:
Loss per share from continuing operations - basic	$ (0.29)	$ (0.16)	$ (0.59)	$ (0.25)	$ (0.90)	$ 0.21	$ (0.30)	$ (0.32)	$ (1.29)	$ (1.32)	$ (1.27)
Discontinued operations per share - basic	$ 0.02	$ 0.00	$ 0.01	$ 0.01	$ 0.03	$ 0.21	$ 0.00	$ 0.02	$ 0.04	$ 0.25	$ 0.01
Net loss per share - basic	$ (0.27)	$ (0.16)	$ (0.58)	$ (0.24)	$ (0.87)	$ 0.42	$ (0.30)	$ (0.30)	$ (1.25)	$ (1.07)	$ (1.26)
(Loss) income per share – diluted:
Loss per share from continuing operations - diluted	$ (0.29)	$ (0.16)	$ (0.59)	$ (0.25)	$ (0.90)	$ 0.16	$ (0.30)	$ (0.32)	$ (1.29)	$ (1.32)	$ (1.27)
Discontinued operations per share - diluted	$ 0.02	$ 0.00	$ 0.01	$ 0.01	$ 0.03	$ 0.16	$ 0.00	$ 0.02	$ 0.04	$ 0.25	$ 0.01
Net loss per share - diluted	$ (0.27)	$ (0.16)	$ (0.58)	$ (0.24)	$ (0.87)	$ 0.32	$ (0.30)	$ (0.30)	$ (1.25)	$ (1.07)	$ (1.26)
Gains (losses) on extinguishment of debt									(27,449,000)	(11,324,000)	(12,487,000)
Gain on sale of discontinued operations, before tax										25,600,000
Tax expense (benefit) on income (loss) from discontinued operations									0	10,700,000	(2,600,000)
Gain on bargain purchase									0	17,262,000	0
Valuation allowance, change in deferred tax asset					40,600,000					40,600,000	56,500,000
Impairment of intangible assets									0	33,367,000	0
National Envelope Acquisition [Member]
(Loss) income per share – diluted:
Gain on bargain purchase												17,262,000
Gain on bargain purchase, tax expense												6,800,000
Level 3 [Member] | Nonrecurring fair value [Member]
(Loss) income per share – diluted:
Impairment of intangible assets									0	33,367,000
Trade names [Member] | Level 3 [Member] | Carrying value [Member] | Nonrecurring fair value [Member]
(Loss) income per share – diluted:
Impairment of intangible assets					$ 33,367,000				$ 0	$ 33,367,000	$ 0

XML

Long-Term Debt (7% Senior Exchangeable Notes) (Details) (USD $)	12 Months Ended			0 Months Ended
	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012	Mar. 28, 2012
Debt Instrument [Line Items]
Proceeds from issuance of 7% senior exchangeable notes due 2017	$ 0	$ 0	$ 86,250,000
Payments of debt issuance costs	37,994,000	15,570,000	37,836,000
Convertible debt [Member] | 7% senior exchangeable notes due 2017 [Member]
Debt Instrument [Line Items]
Proceeds from issuance of 7% senior exchangeable notes due 2017				86,300,000
Redemption price percentage if a fundamental change occurs (percent)				100.00%
Debt conversion ratio				241.5167
Debt instrument, face amount				1,000
Debt conversion price (dollars per share)				$ 4.14
Premium debt converted into shares of company's common stock (percent)				22.50%
Common stock price per share (dollars per share)				$ 3.38
Payments of debt issuance costs				3,000,000
Senior notes [Member] | 11.5% senior notes due 2017 [Member]
Debt Instrument [Line Items]
Payments of debt issuance costs				6,000,000
Tender Offer [Member] | Senior subordinated notes [Member] | 7.875% senior subordinated notes, due 2013 [Member]
Debt Instrument [Line Items]
Debt extinguishment amount				45,000,000
Open Market Negotiated Purchase [Member] | Senior subordinated notes [Member] | 7.875% senior subordinated notes, due 2013 [Member]
Debt Instrument [Line Items]
Debt extinguishment amount				$ 73,000,000

XML

Stock-Based Compensation (RSU Activity) (Details) (Restricted Stock Units (RSUs) [Member], USD $)	12 Months Ended
	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012
Restricted Stock Units (RSUs) [Member]
Nonvested, Restricted Shares and RSUs, Number of Shares [Roll Forward]
Unvested, Beginning balance (shares)	980,750	1,074,340	1,754,834
Granted (shares)	88,236	549,500	136,840
Vested (shares)	(555,500)	(629,340)	(795,459)
Forfeited (shares)	(625)	(13,750)	(21,875)
Unvested, Ending balance (shares)	512,861	980,750	1,074,340
Nonvested, Restricted Shares and RSUs, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted Average Grant Date Fair Value, Beginning balance (dollars per share)	$ 3.91	$ 5.44	$ 6.46
Weighted Average Grant Date Fair Value, Granted (dollars per share)	$ 3.06	$ 2.00	$ 1.90
Weighted Average Grant Date Fair Value, Vested (dollars per share)	$ 4.40	$ 4.88	$ 7.02
Weighted Average Grant Date Fair Value, Foreited (dollars per share)	$ 5.62	$ 2.99	$ 7.32
Weighted Average Grant Date Fair Value, Ending balance (dollars per share)	$ 3.22	$ 3.91	$ 5.44

XML

Property, Plant and Equipment (Schedule of Property, Plant, and Equipment) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 27, 2014	Dec. 28, 2013
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 762,248	$ 770,696
Accumulated depreciation	(479,840)	(465,789)
Property, plant and equipment, net	282,408	304,907
Land and land improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	13,982	14,507
Building and building improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	101,407	97,674
Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	623,619	635,638
Furniture and fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	10,086	11,049
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 13,154	$ 11,828

XML

Related Party Transactions (Details) (USD $)	12 Months Ended			3 Months Ended
	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012	Dec. 28, 2013
Related Party Transaction [Line Items]
Operating lease rent expense	$ 31,100,000	$ 26,600,000	$ 25,600,000
Future lease payments	105,187,000
Building [Member] | Executives [Member]
Related Party Transaction [Line Items]
Lease term (years)				10 years
Operating lease rent expense	500,000	100,000
Future lease payments	$ 4,700,000

XML

Long-Term Debt (Debt Maturity Schedule) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 27, 2014
Debt Disclosure [Abstract]
2015	$ 4,355
2016	3,943
2017	443,999
2018	6,395
2019	540,000
Thereafter	248,000
Long-term Debt	$ 1,246,692

XML

Restructuring and Other Charges (Changes in Restructuring Liability) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012
Restructuring Reserve [Roll Forward]
Accruals, net	$ 22,458	$ 13,100	$ 27,100
Restructuring reserve, ending balance	22,150
Employee Separation Costs [Member]
Restructuring Reserve [Roll Forward]
Accruals, net	8,119	6,480	7,571
Restructuring reserve, ending balance	1,637
Lease Termination [Member]
Restructuring Reserve [Roll Forward]
Accruals, net	2,155	1,059	1,159
Restructuring reserve, ending balance	1,813
Pension Withdrawal Liabilities [Member]
Restructuring Reserve [Roll Forward]
Accruals, net	1,260	453	5,082
Restructuring reserve, ending balance	18,700
Building Clean-up, Equipment Moving and Other Expenses [Member]
Restructuring Reserve [Roll Forward]
Accruals, net	5,476	2,287	3,823
Restructuring reserve, ending balance	0
2014 Plan [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0
Accruals, net	6,230
Payments	(4,724)
Restructuring reserve, ending balance	1,506
2014 Plan [Member] | Employee Separation Costs [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0
Accruals, net	5,797
Payments	(4,291)
Restructuring reserve, ending balance	1,506
2014 Plan [Member] | Lease Termination [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0
Accruals, net	0
Payments	0
Restructuring reserve, ending balance	0
2014 Plan [Member] | Pension Withdrawal Liabilities [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0
Accruals, net	0
Payments	0
Restructuring reserve, ending balance	0
2014 Plan [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0
Accruals, net	433
Payments	(433)
Restructuring reserve, ending balance	0
2013 Plan [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	893	0
Accruals, net	947	6,867
Payments	(1,783)	(5,974)
Restructuring reserve, ending balance	57	893
2013 Plan [Member] | Employee Separation Costs [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	837	0
Accruals, net	303	6,099
Payments	(1,086)	(5,262)
Restructuring reserve, ending balance	54	837
2013 Plan [Member] | Lease Termination [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	56	0
Accruals, net	172	392
Payments	(225)	(336)
Restructuring reserve, ending balance	3	56
2013 Plan [Member] | Pension Withdrawal Liabilities [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0	0
Accruals, net	0	0
Payments	0	0
Restructuring reserve, ending balance	0	0
2013 Plan [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0	0
Accruals, net	472	376
Payments	(472)	(376)
Restructuring reserve, ending balance	0	0
2012 Plan [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	5,727	7,092
Accruals, net	572	1,241
Payments	(606)	(2,606)
Restructuring reserve, ending balance	5,693	5,727
2012 Plan [Member] | Employee Separation Costs [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0	1,199
Accruals, net	0	(86)
Payments	0	(1,113)
Restructuring reserve, ending balance	0	0
2012 Plan [Member] | Lease Termination [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	327	493
Accruals, net	(178)	311
Payments	(124)	(477)
Restructuring reserve, ending balance	25	327
2012 Plan [Member] | Pension Withdrawal Liabilities [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	5,400	5,400
Accruals, net	749	0
Payments	(481)	0
Restructuring reserve, ending balance	5,668	5,400
2012 Plan [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0	0
Accruals, net	1	1,016
Payments	(1)	(1,016)
Restructuring reserve, ending balance	0	0
Residual Plans [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	16,172	21,663
Accruals, net	1,488	1,195
Payments	(3,979)	(6,686)
Restructuring reserve, ending balance	13,681	16,172
Residual Plans [Member] | Employee Separation Costs [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0	127
Accruals, net	0	19
Payments	0	(146)
Restructuring reserve, ending balance	0	0
Residual Plans [Member] | Lease Termination [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	1,017	2,017
Accruals, net	212	319
Payments	(580)	(1,319)
Restructuring reserve, ending balance	649	1,017
Residual Plans [Member] | Pension Withdrawal Liabilities [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	15,155	19,519
Accruals, net	511	453
Payments	(2,634)	(4,817)
Restructuring reserve, ending balance	13,032	15,155
Residual Plans [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0	0
Accruals, net	765	404
Payments	(765)	(404)
Restructuring reserve, ending balance	0	0
Acquisition Integration Plans [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	2,658	1,386
Accruals, net	11,216	2,502
Acquisition		1,985
Payments	(12,661)	(3,215)
Restructuring reserve, ending balance	1,213	2,658
Acquisition Integration Plans [Member] | Employee Separation Costs [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	155	298
Accruals, net	2,019	448
Acquisition		0
Payments	(2,097)	(591)
Restructuring reserve, ending balance	77	155
Acquisition Integration Plans [Member] | Lease Termination [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	2,503	1,088
Accruals, net	1,949	37
Acquisition		1,985
Payments	(3,316)	(607)
Restructuring reserve, ending balance	1,136	2,503
Acquisition Integration Plans [Member] | Pension Withdrawal Liabilities [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0	0
Accruals, net	0	0
Acquisition		0
Payments	0	0
Restructuring reserve, ending balance	0	0
Acquisition Integration Plans [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0	0
Accruals, net	7,248	2,017
Acquisition		0
Payments	(7,248)	(2,017)
Restructuring reserve, ending balance	$ 0	$ 0

XML

Income Taxes (Schedule of Deferred Tax Assets and Deferred Tax Liabilities) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 27, 2014	Dec. 28, 2013
Deferred tax assets:
Net operating loss carryforwards	$ 132,958	$ 108,580
Compensation and benefit related accruals	50,537	35,238
Foreign tax credit carryforwards	7,013	7,456
Alternative minimum tax credit carryforwards	7,706	8,242
Accounts receivable	2,468	2,075
Inventory	2,501	2,682
Restructuring accruals	8,592	9,985
Accrued tax and interest	1,763	1,645
Other	9,049	9,958
Valuation allowance	(160,080)	(110,754)
Total deferred tax assets	62,507	75,107
Deferred tax liabilities:
Property, plant and equipment	(37,374)	(44,804)
Goodwill and other intangible assets	(54,143)	(56,376)
Other	(6,939)	(9,203)
Total deferred tax liabilities	(98,456)	(110,383)
Net deferred tax liability	(35,949)	(35,276)
Prepaid and Other Current Assets [Member]
Deferred Tax Assets, Net, Classification [Abstract]
Current deferred tax asset	5,042	7,823
Other Liabilities [Member]
Deferred Tax Assets, Net, Classification [Abstract]
Long-term deferred tax liability	$ (40,991)	$ (43,099)

XML

Stock-Based Compensation (Stock Option Activity) (Details) (Stock Options [Member], USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012	Dec. 31, 2011
Stock Options [Member]
Options, Outstanding [Roll Forward]
Options, Beginning balance (options)	1,778,000	2,226,000	4,192,980
Options, Granted (shares)	0	189,500	0
Options, Exercised (shares)	(10,000)	(20,000)	0
Options, Forfeited (shares)	(97,500)	(617,500)	(1,966,980)
Options, Ending balance (options)	1,670,500	1,778,000	2,226,000	4,192,980
Options Outstanding, Weighted Average Exercise Price [Roll Forward]
Weighted Average Exercise Price, Beginning balance (dollars per share)	$ 5.23	$ 7.75	$ 10.21
Weighted Average Exercise Price, Granted (dollars per share)	$ 0.00	$ 2.00	$ 0.00
Weighted Average Exercise Price, Exercised (dollars per share)	$ 2.00	$ 2.00	$ 0.00
Weighted Average Exercise Price, Forfeited (dollars per share)	$ 6.35	$ 13.43	$ 13.00
Weighted Average Exercise Price, Ending balance (dollars per share)	$ 5.18	$ 5.23	$ 7.75	$ 10.21
Wt Avg Exercise Price, Contractual Term, Intrinsic Value, Options, Additional Disclosures [Abstract]
Weighted Average Remaining Contractual Term (In Years)	1 year 5 months	2 years 5 months 4 days	2 years 8 months 12 days	2 years 6 months
Aggregate Intrinsic Value	$ 29	$ 259	$ 0	$ 0
Aggregate Intrinsic Value, Exercised	0	22	0
Options, Exercisable (shares)	1,458,375
Weighted Average Exercise Price, Options Excercisable (dollars per share)	$ 5.41
Weighted Average Remaining Contractual Term, Options Excersiable (In Years)	1 year 1 month 12 days
Aggregate Intrinsic Value, Options Exercisable (dollars per share)	$ 0

XML

Fair Value Measurements (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of intangible assets	$ 0	$ 33,367	$ 0
Nonrecurring fair value [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of intangible assets	0	33,367
Nonrecurring fair value [Member] | Level 3 [Member] | Carrying value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining Net Carrying Value, Other intangible assets, net	$ 0	$ 1,933

XML

Long-Term Debt (2010 Credit Facilities) (Details) (USD $)	12 Months Ended			0 Months Ended
	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012	Dec. 11, 2013	Mar. 09, 2012	Feb. 03, 2012	Mar. 05, 2012	Feb. 05, 2010	Dec. 14, 2012	Jun. 08, 2012	Feb. 28, 2014	Apr. 16, 2013	Jan. 18, 2013
Debt Instrument [Line Items]
Payments of debt issuance costs	$ 37,994,000	$ 15,570,000	$ 37,836,000
Repayments of debt	329,100,000	30,900,000	0
Long-term debt [Member] | Term loan facility due 2017 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount												360,000,000
Debt, unamortized discount											1,500,000
Repayments of debt				28,200,000
Long-term debt [Member] | $15 Million Term Loan Add-On [Member]
Debt Instrument [Line Items]
Debt instrument, face amount									15,000,000
Long-term debt [Member] | $65 Million Term Loan Add-On [Member]
Debt Instrument [Line Items]
Debt instrument, face amount										65,000,000
Debt, unamortized discount										700,000
Long-term debt [Member] | Term Loan B, due 2016 [Member]
Debt Instrument [Line Items]
Payments of debt issuance costs, fees paid to consenting lenders						1,700,000
Percentage of net proceeds used to pay down debt (percent)						25.00%
Repayments of debt					34,700,000	9,500,000
Line of credit [Member] | Revolving credit facility due 2014 [Member]
Debt Instrument [Line Items]
Payments of debt issuance costs							1,000,000
Credit facility, borrowing capacity							150,000,000					170,000,000	170,000,000
Senior subordinated notes [Member] | 7.875% senior subordinated notes, due 2013 [Member]
Debt Instrument [Line Items]
Debt, repurchase limit										135,000,000
Senior subordinated notes [Member] | 8.875% senior second lien notes due 2018 [Member]
Debt Instrument [Line Items]
Payments of debt issuance costs								9,400,000
Payments of debt issuance costs, fees paid to consenting lenders								7,600,000
Debt, unamortized discount								2,800,000
Percentage of net proceeds used to pay down debt (percent)						75.00%
Line of Credit and Loans Payable [Member] | 2010 Credit Facilities [Member]
Debt Instrument [Line Items]
Payments of debt issuance costs									2,700,000
Payments of debt issuance costs, fees paid to consenting lenders									2,600,000
Line of Credit and Loans Payable [Member] | Term Loan B and Revolving Credit Facility Due 2014 [Member]
Debt Instrument [Line Items]
Payments of debt issuance costs										1,100,000
Line of Credit and Loans Payable [Member] | $65 Million Term Loan Add-On [Member]
Debt Instrument [Line Items]
Payments of debt issuance costs										2,000,000
Payments of debt issuance costs, fees paid to consenting lenders										$ 1,800,000

XML

Segment Information

12 Months Ended

Dec. 27, 2014

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company operates four operating segments: envelope, print, label and packaging. Based upon similar economic characteristics and management reporting, the Company has aggregated the label and packaging operating segments to have a total of three reportable segments: envelope, print and label and packaging. The envelope segment provides direct mail offerings and transactional and stock envelopes. The print segment provides a wide array of print offerings such as high-end printed materials including car brochures, advertising literature, corporate identity and brand marketing material, digital printing and content management. The label and packaging segment specializes in the design, manufacturing and printing of labels such as custom labels, overnight packaging labels, pressure-sensitive prescription labels, full body shrink sleeves, and specialized folded carton packaging.

Operating income (loss) of each segment includes all costs and expenses directly related to the segment's operations. Corporate expenses include corporate general and administrative expenses including stock-based compensation.

Corporate identifiable assets primarily consist of cash and cash equivalents, miscellaneous receivables, deferred financing fees, deferred tax assets and other assets.

The following tables present certain segment information (in thousands):

	For The Years Ended
	2014			2013			2012
Net sales:
Envelope	$	929,518		$	749,898		$	658,217
Print	534,033			529,760			585,632
Label and packaging	485,489			498,150			494,444
Total	$	1,949,040		$	1,777,808		$	1,738,293
Operating income (loss):
Envelope	$	29,602		$	39,775		$	45,485
Print	19,192			(6,042		)	32,845
Label and packaging	37,010			32,644			54,666
Corporate	(42,046		)	(37,014		)	(31,811		)
Total	$	43,758		$	29,363		$	101,185
Restructuring and other charges:
Envelope	$	14,181		$	5,476		$	6,161
Print	3,091			4,289			18,089
Label and packaging	1,089			1,147			2,014
Corporate	4,097			2,188			836
Total	$	22,458		$	13,100		$	27,100
Impairment of intangible assets:
Envelope	$	—		$	—		$	—
Print	—			24,493			—
Label and packaging	—			8,874			—
Corporate	—			—			—
Total	$	—		$	33,367		$	—
Depreciation and intangible asset amortization:
Envelope	$	19,616		$	16,407		$	16,986
Print	22,115			20,894			21,333
Label and packaging	17,469			18,214			18,012
Corporate	4,788			4,981			4,327
Total	$	63,988		$	60,496		$	60,658

Capital expenditures:
Envelope	$	17,267	$	7,221	$	1,402
Print	6,541		6,868		8,145
Label and packaging	7,600		9,605		4,374
Corporate	5,823		5,541		6,642
Total	$	37,231	$	29,235	$	20,563
Net sales by product line:
Envelope	$	929,518	$	749,898	$	658,217
Print	534,033		529,760		585,632
Label	323,884		337,270		331,542
Packaging	161,605		160,880		162,902
Total	$	1,949,040	$	1,777,808	$	1,738,293
Intercompany sales:
Envelope	$	6,114	$	4,178	$	8,676
Print	15,329		4,579		3,097
Label and packaging	10,422		10,560		11,688
Total	$	31,865	$	19,317	$	23,461

	2014		2013
Total assets:
Envelope	$	449,819	$	472,334
Print	291,892		320,720
Label and packaging	355,325		356,183
Corporate	60,855		64,467
Total	$	1,157,891	$	1,213,704

Geographic information is as follows as of and for the years ended (in thousands):

	2014		2013		2012
Net sales:
US	$	1,883,259	$	1,705,043	$	1,655,589
Foreign	65,781		72,765		82,704
Total	$	1,949,040	$	1,777,808	$	1,738,293
			2014		2013
Long-lived assets (property, plant and equipment, goodwill and intangible assets):
US			$	603,538	$	634,212
Foreign			22,423		25,880
Total			$	625,961	$	660,092

XML

Acquisitions (Narrative) (Details) (USD $)	12 Months Ended			0 Months Ended
	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012	Sep. 16, 2013 employee	Dec. 31, 2012
Business Acquisition [Line Items]
Acquisition related costs	$ 5,200,000	$ 8,700,000	$ 1,500,000
Gain on bargain purchase	0	17,262,000	0
Intangible asset, useful life (years)	11 years
Goodwill	185,849,000	186,436,000	187,415,000
National Envelope Acquisition [Member]
Business Acquisition [Line Items]
Acquisition related costs		7,500,000
Number of employees (employee)				1,600
Acquisition purchase price				34,062,000
Acquistion purchase price, company common stock				6,000,000
Gain on bargain purchase				17,262,000
Gain on bargain purchase, tax expense				6,800,000
Other intangible assets				4,430,000
Express Label Acquisition [Member]
Business Acquisition [Line Items]
Acquisition purchase price					5,100,000
Annual net sales prior to acquisition by the Company					5,400,000
Goodwill					100,000
Leashold interests [Member]
Business Acquisition [Line Items]
Intangible asset, useful life (years)	18 years
Leashold interests [Member] | National Envelope Acquisition [Member]
Business Acquisition [Line Items]
Other intangible assets				4,400,000
Intangible asset, useful life (years)				20 years 0 months
Customer relationships [Member]
Business Acquisition [Line Items]
Intangible asset, useful life (years)	8 years
Customer relationships [Member] | Express Label Acquisition [Member]
Business Acquisition [Line Items]
Other intangible assets					3,000,000
Intangible asset, useful life (years)					10 years
Trade names [Member] | Express Label Acquisition [Member]
Business Acquisition [Line Items]
Other intangible assets					$ 300,000
Intangible asset, useful life (years)					10 years

XML

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 27, 2014

Commitments and Contingencies Disclosure [Abstract]

Schedule of future minimum lease payments

As of the year ended 2014, future minimum annual lease payments by year and, in the aggregate, under non-cancelable operating lease agreements with original terms of one year or more consisted of the following (in thousands):

2015	$	25,668
2016	20,383
2017	17,269
2018	13,494
2019	9,360
Thereafter	19,013
Total	$	105,187

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Long-Term Debt (Debt Extinguishment) (Details) (USD $)	12 Months Ended			3 Months Ended
	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012	Jun. 28, 2014	Dec. 27, 2014	Sep. 27, 2014	Apr. 16, 2013	Mar. 28, 2012	Jun. 26, 2014	Jan. 18, 2013
Debt Instrument [Line Items]
Gains (losses) on extinguishment of debt	$ (27,449,000)	$ (11,324,000)	$ (12,487,000)
8.875% senior second lien notes, due 2018 and Term Loan Facility due 2017 [Member]
Debt Instrument [Line Items]
Gains (losses) on extinguishment of debt				(9,000,000)
Term Loan B and Revolving Credit Facility Due 2014 [Member]
Debt Instrument [Line Items]
Gains (losses) on extinguishment of debt		(6,400,000)
Long-term debt [Member] | Term loan facility due 2017 [Member]
Debt Instrument [Line Items]
Gains (losses) on extinguishment of debt		(800,000)
Debt extinguishment amount		28,200,000
Debt instrument, face amount							360,000,000
Secured debt [Member] | 11.5% senior notes due 2017 [Member]
Debt Instrument [Line Items]
Gains (losses) on extinguishment of debt	(100,000)
Debt extinguishment amount	2,700,000
Debt instrument, face amount								225,000,000
Junior subordinated debt [Member] | 8.500% junior secured priority notes due 2022 [Member]
Debt Instrument [Line Items]
Gains (losses) on extinguishment of debt					400,000
Debt extinguishment amount					2,000,000
Debt instrument, face amount									250,000,000
Senior subordinated notes [Member] | 7.875% Notes, 10.5% Notes and 8.375% Notes [Member]
Debt Instrument [Line Items]
Gains (losses) on extinguishment of debt			2,400,000
Unsecured debt [Member] | 15% unsecured term loan due 2017 [Member]
Debt Instrument [Line Items]
Gains (losses) on extinguishment of debt		(4,000,000)		(1,000,000)
Debt extinguishment amount		40,000,000		9,400,000
Debt instrument, face amount										50,000,000.0
Convertible debt [Member] | 7% senior exchangeable notes due 2017 [Member]
Debt Instrument [Line Items]
Gains (losses) on extinguishment of debt						(1,100,000)
Debt Conversion, Converted Instrument, Amount						3,000,000
Debt instrument, face amount								1,000
Original Issuance Discount [Member] | 8.875% senior second lien notes, due 2018 and Term Loan Facility due 2017 [Member]
Debt Instrument [Line Items]
Gains (losses) on extinguishment of debt				(3,200,000)
Original Issuance Discount [Member] | Term Loan B and Revolving Credit Facility Due 2014 [Member]
Debt Instrument [Line Items]
Gains (losses) on extinguishment of debt		(200,000)
Original Issuance Discount [Member] | Long-term debt [Member] | Term loan facility due 2017 [Member]
Debt Instrument [Line Items]
Gains (losses) on extinguishment of debt		(300,000)
Original Issuance Discount [Member] | Unsecured debt [Member] | 15% unsecured term loan due 2017 [Member]
Debt Instrument [Line Items]
Gains (losses) on extinguishment of debt		(1,800,000)		(400,000)
Debt Issuance Costs [Member] | Secured debt [Member] | 6.000% Senior Secured Priority Notes Due 2019 and 8.500% Junior Secured Priority Notes Due 2022 [Member]
Debt Instrument [Line Items]
Gains (losses) on extinguishment of debt				(16,500,000)
Fees Paid to Third Parties [Member] | Secured debt [Member] | 6.000% Senior Secured Priority Notes Due 2019 and 8.500% Junior Secured Priority Notes Due 2022 [Member]
Debt Instrument [Line Items]
Gains (losses) on extinguishment of debt				(1,600,000)
Unamortized Debt Issuance Costs [Member] | 8.875% senior second lien notes, due 2018 and Term Loan Facility due 2017 [Member]
Debt Instrument [Line Items]
Gains (losses) on extinguishment of debt				(5,800,000)
Unamortized Debt Issuance Costs [Member] | Term Loan B and Revolving Credit Facility Due 2014 [Member]
Debt Instrument [Line Items]
Gains (losses) on extinguishment of debt		(2,100,000)
Unamortized Debt Issuance Costs [Member] | Long-term debt [Member] | Term loan facility due 2017 [Member]
Debt Instrument [Line Items]
Gains (losses) on extinguishment of debt		(500,000)
Unamortized Debt Issuance Costs [Member] | Senior subordinated notes [Member]
Debt Instrument [Line Items]
Gains (losses) on extinguishment of debt			(3,200,000)
Unamortized Debt Issuance Costs [Member] | Unsecured debt [Member] | 15% unsecured term loan due 2017 [Member]
Debt Instrument [Line Items]
Gains (losses) on extinguishment of debt		(2,200,000)		(600,000)
2012 Extinguishments [Member] | Senior subordinated notes [Member]
Debt Instrument [Line Items]
Gains (losses) on extinguishment of debt			(14,900,000)
Fees Paid to Consenting Lenders [Member] | Term Loan B and Revolving Credit Facility Due 2014 [Member]
Debt Instrument [Line Items]
Gains (losses) on extinguishment of debt		(4,100,000)
Fees Paid to Consenting Lenders [Member] | Senior subordinated notes [Member]
Debt Instrument [Line Items]
Gains (losses) on extinguishment of debt			$ (11,700,000)

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Retirement Plans (Weighted Average Assumptions for Net Periodic Benefit Cost) (Details) (Pensions [Member])	12 Months Ended
	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012
Pensions [Member]
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate used to calculate net periodic benefit expense (percent)	4.50%	3.75%	4.25%
Discount rate used to calculate projected benefit obligation (percent)	3.75%	4.50%	3.75%
Expected long-term rate of return on plan assets (percent)	8.00%	8.00%	8.00%
Rate of compensation increase (percent)	0.00%	0.00%	0.00%

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Fair Value Measurements (Tables)

12 Months Ended

Dec. 27, 2014

Fair Value Disclosures [Abstract]

Schedule of the fair value of assets on a nonrecurring basis

The following table provides information for assets that are measured at fair value on a nonrecurring basis as of the years ended 2014 and 2013 (in thousands): 

	2014				2013
	Impairments		Remaining Net Carrying Value		Impairments		Remaining Net Carrying Value
Other intangible assets, net	$	—	$	—	$	33,367	$	1,933

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Acquisitions (Pro Forma Financial Information of National Envelope) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 27, 2014	Sep. 27, 2014	Jun. 28, 2014	Mar. 29, 2014	Dec. 28, 2013	Sep. 28, 2013	Jun. 29, 2013	Mar. 30, 2013	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012
Business Acquisition [Line Items]
Net sales	$ 498,935	$ 480,576	$ 479,410	$ 490,119	$ 509,873	$ 442,781	$ 406,540	$ 418,614	$ 1,949,040	$ 1,777,808	$ 1,738,293
Loss from continuing operations	(19,437)	(10,794)	(39,301)	(16,787)	(59,468)	13,427	(18,996)	(20,490)	(86,319)	(85,527)	(80,528)
Loss per share from continuing operations - basic	$ (0.29)	$ (0.16)	$ (0.59)	$ (0.25)	$ (0.90)	$ 0.21	$ (0.30)	$ (0.32)	$ (1.29)	$ (1.32)	$ (1.27)
Loss per share from continuing operations - diluted	$ (0.29)	$ (0.16)	$ (0.59)	$ (0.25)	$ (0.90)	$ 0.16	$ (0.30)	$ (0.32)	$ (1.29)	$ (1.32)	$ (1.27)
National Envelope Acquisition [Member]
Business Acquisition [Line Items]
Pro forma net sales										2,027,799
Pro forma loss from continuing operations										$ (114,127)
Pro forma loss per share from continuing operations - basic										$ (1.73)
Pro forma loss per share from continuing operations - diluted										$ (1.73)

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Long-Term Debt (8.5% Junior Priority Secured Notes) (Details) (Junior subordinated debt [Member], 8.500% junior secured priority notes due 2022 [Member], USD $)	0 Months Ended
	Jun. 26, 2014	Dec. 27, 2014
Debt Instrument [Line Items]
Debt instrument, face amount	250,000,000
Debt interest rate (percent)	8.50%	8.50%
Debt redemption price, maximum percentage of principal amount redeemable (percent)	35.00%
Debt redemption price, change of control (percentage)	101.00%
Prior to September 15, 2017 [Member]
Debt Instrument [Line Items]
Debt redemption price (percentage)	108.50%
September 15, 2017 through September 14, 2018 [Member]
Debt Instrument [Line Items]
Debt redemption price (percentage)	106.375%
September 15, 2018 through September 14, 2019 [Member]
Debt Instrument [Line Items]
Debt redemption price (percentage)	104.25%
September 15, 2019 through September 14, 2020 [Member]
Debt Instrument [Line Items]
Debt redemption price (percentage)	102.125%
On or After September 15, 2020 [Member]
Debt Instrument [Line Items]
Debt redemption price (percentage)	100.00%

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Income (Loss) Per Share (Computation of Basic and Diluted Income (Loss) per Share) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 27, 2014	Sep. 27, 2014	Jun. 28, 2014	Mar. 29, 2014	Dec. 28, 2013	Sep. 28, 2013	Jun. 29, 2013	Mar. 30, 2013	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012
Earnings Per Share [Abstract]
Loss from continuing operations	$ (19,437)	$ (10,794)	$ (39,301)	$ (16,787)	$ (59,468)	$ 13,427	$ (18,996)	$ (20,490)	$ (86,319)	$ (85,527)	$ (80,528)
Income from discontinued operations, net of taxes	938	(99)	664	953	1,791	13,492	113	1,345	2,456	16,741	641
Net loss	$ (18,499)	$ (10,893)	$ (38,637)	$ (15,834)	$ (57,677)	$ 26,919	$ (18,883)	$ (19,145)	$ (83,863)	$ (68,786)	$ (79,887)
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Basic shares									66,952	64,576	63,567
Dilutive effect of 7% Notes (shares)									0	0	0
Dilutive effect of Equity Awards (shares)									0	0	0
Diluted shares									66,952	64,576	63,567
(Loss) income per share – basic:
Loss per share from continuing operations - basic	$ (0.29)	$ (0.16)	$ (0.59)	$ (0.25)	$ (0.90)	$ 0.21	$ (0.30)	$ (0.32)	$ (1.29)	$ (1.32)	$ (1.27)
Discontinued operations per share - basic	$ 0.02	$ 0.00	$ 0.01	$ 0.01	$ 0.03	$ 0.21	$ 0.00	$ 0.02	$ 0.04	$ 0.25	$ 0.01
Net loss per share - basic	$ (0.27)	$ (0.16)	$ (0.58)	$ (0.24)	$ (0.87)	$ 0.42	$ (0.30)	$ (0.30)	$ (1.25)	$ (1.07)	$ (1.26)
(Loss) income per share – diluted:
Loss per share from continuing operations - diluted	$ (0.29)	$ (0.16)	$ (0.59)	$ (0.25)	$ (0.90)	$ 0.16	$ (0.30)	$ (0.32)	$ (1.29)	$ (1.32)	$ (1.27)
Discontinued operations per share - diluted	$ 0.02	$ 0.00	$ 0.01	$ 0.01	$ 0.03	$ 0.16	$ 0.00	$ 0.02	$ 0.04	$ 0.25	$ 0.01
Net loss per share - diluted	$ (0.27)	$ (0.16)	$ (0.58)	$ (0.24)	$ (0.87)	$ 0.32	$ (0.30)	$ (0.30)	$ (1.25)	$ (1.07)	$ (1.26)

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Goodwill and Other Intangible Assets (Annual Amortization expense) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 27, 2014	Dec. 28, 2013
Goodwill and Intangible Assets Disclosure [Abstract]
2015	$ 9,743
2016	7,997
2017	7,300
2018	7,139
2019	6,920
Thereafter	33,705
Total Net Carrying Amount	$ 72,804	$ 83,849

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Selected Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 27, 2014

Selected Quarterly Financial Information [Abstract]

Schedule of quarterly financial information

The following table sets forth certain quarterly financial data for the periods indicated (in thousands, except per share amounts):

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Fiscal Year 2014
Net sales	$	490,119		$	479,410		$	480,576		$	498,935
Operating income	10,072			13,347			9,330			11,009
Loss from continuing operations(2)	(16,787		)	(39,301		)	(10,794		)	(19,437		)
Income (loss) from discontinued operations, net of taxes	953			664			(99		)	938
Net loss	$	(15,834	)	$	(38,637	)	$	(10,893	)	$	(18,499	)
Net (loss) income per share—basic
Continuing operations (1)	$	(0.25	)	$	(0.59	)	$	(0.16	)	$	(0.29	)
Discontinued operations (1)	0.01			0.01			—			0.02
Net loss (1)	$	(0.24	)	$	(0.58	)	$	(0.16	)	$	(0.27	)
Net (loss) income per share—diluted
Continuing operations (1)	$	(0.25	)	$	(0.59	)	$	(0.16	)	$	(0.29	)
Discontinued operations (1)	0.01			0.01			—			0.02
Net loss (1)	$	(0.24	)	$	(0.58	)	$	(0.16	)	$	(0.27	)

	First Quarter			Second Quarter			Third Quarter		Fourth Quarter
Fiscal Year 2013
Net sales	$	418,614		$	406,540		$	442,781	$	509,873
Operating income (loss)	11,678			16,842			16,524		(15,681		)
(Loss) income from continuing operations (4)(5)(6)	(20,490		)	(18,996		)	13,427		(59,468		)
Income from discontinued operations, net of taxes (3)	1,345			113			13,492		1,791
Net (loss) income  (4)(5)(6)	$	(19,145	)	$	(18,883	)	$	26,919	$	(57,677	)
Net (loss) income per share—basic
Continuing operations (1)	$	(0.32	)	$	(0.30	)	$	0.21	$	(0.90	)
Discontinued operations (1)	0.02			—			0.21		0.03
Net (loss) income (1)	$	(0.30	)	$	(0.30	)	$	0.42	$	(0.87	)
Net (loss) income per share—diluted
Continuing operations (1)	$	(0.32	)	$	(0.30	)	$	0.16	$	(0.90	)
Discontinued operations (1)	0.02			—			0.16		0.03
Net (loss) income (1)	$	(0.30	)	$	(0.30	)	$	0.32	$	(0.87	)

 __________________________

(1) The quarterly earnings per share information is computed separately for each period. Therefore, the sum of such quarterly per share amounts may differ from the total year.

(2) Includes a total loss on extinguishment of debt of $27.4 million, most of which was recognized in the second quarter of 2014 in connection with the issuance of the 6.000% Notes and 8.500% Notes, and extinguishment of the Term Loan Facility and the 8.875% Notes.

(3) Includes $25.6 million gain on sale of discontinued operations, net of tax expense of $10.7 million, most of which was recognized in the third quarter of 2013.

(4) Includes a bargain purchase gain of $17.3 million, exclusive of $6.8 million of tax expense, recognized in the third quarter of 2013.

(5) Includes valuation allowance charge related to deferred tax assets of $40.6 million recognized in the fourth quarter of 2013.

(6) Includes $33.4 million impairment charge on intangible assets recognized in the fourth quarter of 2013.

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Acquisitions

12 Months Ended

Dec. 27, 2014

Business Combinations [Abstract]

Acquisitions

Acquisitions

The Company accounts for business combinations under the provisions of the Business Combination Topic of the FASB's Accounting Standards Codification ("ASC") 805.  Acquisitions are accounted for by the purchase method, and accordingly, the assets and liabilities of the acquired businesses have been recorded at their estimated fair value on the acquisition date with the excess of the purchase price over their estimated fair value recorded as goodwill. In the event the estimated fair value of the assets and liabilities acquired exceeds the purchase price paid, a bargain purchase gain is recorded in the statement of operations.

Acquisition-related costs are expensed as incurred. Acquisition-related costs, including integration costs, are included in selling, general and administrative expenses in the Company’s consolidated statement of operations and were $5.2 million, $8.7 million and $1.5 million for the years ended 2014, 2013 and 2012, respectively.

2013

National Envelope

On September 16, 2013, the Company acquired certain assets of National. National's accounts receivable and inventory were purchased by unrelated third parties in conjunction with the Company's acquisition. National manufactured and distributed envelope products for the wholesale, billing, financial, direct mail and office products markets and had approximately 1,600 employees. The Company believes the acquisition of certain assets of National has enhanced the Company's manufacturing capabilities and reduced capacity in the envelope industry. The purchase price was $34.1 million, of which $6.0 million was Cenveo common stock, and was allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date, and was assigned to the Company's envelope segment. The acquisition of certain assets of National resulted in a bargain purchase gain of approximately $17.3 million, exclusive of $6.8 million of tax expense, which was recognized in the Company's consolidated statement of operations. Prior to the recognition of the bargain purchase gain, the Company reassessed the fair value of the tangible and identifiable intangible assets acquired and liabilities assumed in the acquisition. The Company believes it was able to acquire those assets of National for less than their fair value due to National's bankruptcy prior to the Company's acquisition. The acquired identifiable intangible asset relates to a leasehold interest with a fair value of $4.4 million, which is being amortized over the remaining lease term of 20 years, which includes renewal periods. The Company finalized the purchase price allocation in the third quarter of 2014 and adjusted the preliminary values allocated to certain assets and liabilities. There were no material adjustments to the purchase price allocation.

National's results of operations and cash flows are included in the Company’s consolidated statement of operations and cash flows from September 16, 2013. As a result of the Company's integration of certain assets of National into the Company's existing envelope operations, it is impracticable to disclose the amounts of revenues and operating income of National since the acquisition date.

Purchase Price Allocation

The following table summarizes the allocation of the purchase price of National to the assets acquired and liabilities assumed in the acquisition (in thousands):

Property, plant and equipment	$	53,108
Other intangible assets	4,430
Total assets acquired	57,538
Accounts payable	1,015
Accrued compensation and related liabilities	1,210
Other current liabilities	1,453
Note payable	2,536
Total liabilities assumed	6,214
Net assets acquired	51,324
Cost of the acquisition of certain assets of National	34,062
Gain on bargain purchase	$	17,262

Property, plant and equipment values were estimated based on discussions with machinery and equipment brokers, internal expertise related to the equipment and current marketplace conditions. The value of the leasehold interest acquired was determined based on the present value of the difference between: (i) the contractual amounts to be paid pursuant to the lease; and (ii) management's estimate of current market lease rates for the corresponding lease, measured over the remaining lease term and renewal periods.

The fair values of property, plant and equipment and the intangible asset acquired from National were determined to be Level 3 under the fair value hierarchy.

Unaudited Pro Forma Financial Information

The following supplemental pro forma consolidated summary financial information of the Company for the year ended 2013 herein have been prepared by adjusting the historical data as set forth in its statement of operations to give effect to the acquisition of certain assets of National as if it had been made as of January 1, 2012 (in thousands, except per share amounts).

	2013
Net sales
As reported	$	1,777,808
Pro forma	$	2,027,799
Loss from continuing operations
As reported	$	(85,527	)
Pro forma	$	(114,127	)
Loss per share from continuing operations - basic
As reported	$	(1.32	)
Pro forma	$	(1.73	)
Loss per share from continuing operations - diluted
As reported	$	(1.32	)
Pro forma	$	(1.73	)

The supplemental pro forma consolidated summary financial information is presented for comparative purposes only and does not purport to be indicative of the Company’s actual consolidated results of operations had the acquisition of certain assets of National been consummated as of the beginning of the period noted above, or of the Company’s expected future results of operations. The adjustments related to the supplemental pro forma consolidated summary financial information above include the removal of $7.5 million in acquisition-related expenses incurred during 2013, as well as the removal of a bargain purchase gain of $17.3 million in 2013, and the related $6.8 million of tax expense.

The Company has completed its assessment of the purchase price allocation by identifying and estimating the fair values of tangible and identifiable intangible assets, comprised of a leasehold interest and property, plant and equipment. Pro forma adjustments have been made to depreciation and amortization expense related to these estimated fair values, and to reflect the Company's borrowing rate in the above supplemental pro forma consolidated summary financial information. The pro forma operating results do not include any anticipated synergies related to integrating these assets into the Company's existing operations.

Express Label

On December 31, 2012, the Company acquired certain assets and assumed certain liabilities of Express Label, which had annual net sales of approximately $5.4 million prior to the acquisition by the Company. The total purchase price was approximately $5.1 million, and was allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values at their acquisition date. The Express Label acquisition resulted in $0.1 million of goodwill, all of which is deductible for income tax purposes, and was assigned to the Company's label and packaging segment. The Company believes that the recognized goodwill related to Express Label is due to expected synergies and a reasonable market premium. The acquired identifiable intangible assets relate to: (i) customer relationships of $3.0 million, which are being amortized over their estimated useful life of 10 years; and (ii) a trade name of $0.3 million, which is being amortized over its estimated useful life of 10 years.

Express Label's results of operations and cash flows are included in the Company’s consolidated statement of operations and cash flows from December 31, 2012. Pro forma results for the year ended 2013, assuming the acquisition of Express Label had been made on January 1, 2012 are not presented in the table above since the effect would not be material.

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Condensed Consolidating Financial Information (Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 27, 2014	Sep. 27, 2014	Jun. 28, 2014	Mar. 29, 2014	Dec. 28, 2013	Sep. 28, 2013	Jun. 29, 2013	Mar. 30, 2013	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012
Condensed Financial Statements, Captions [Line Items]
Net sales	$ 498,935	$ 480,576	$ 479,410	$ 490,119	$ 509,873	$ 442,781	$ 406,540	$ 418,614	$ 1,949,040	$ 1,777,808	$ 1,738,293
Cost of sales									1,653,513	1,485,931	1,417,147
Selling, general and administrative expenses									217,530	206,085	182,980
Amortization of intangible assets									11,781	9,962	9,881
Restructuring and other charges									22,458	13,100	27,100
Impairment of intangible assets									0	33,367	0
Operating income	11,009	9,330	13,347	10,072	(15,681)	16,524	16,842	11,678	43,758	29,363	101,185
Gain on bargain purchase									0	(17,262)	0
Interest expense, net									106,798	112,677	114,755
Intercompany interest (income) expense									0	0	0
Loss on early extinguishment of debt, net									27,449	11,324	12,487
Other expense (income), net									(7,004)	(5,602)	(1,249)
Loss from continuing operations before income taxes									(83,485)	(71,774)	(24,808)
Income tax (benefit) expense									2,834	13,753	55,720
Income (loss) from continuing operations before equity in income (loss) of subsidiaries									(86,319)	(85,527)	(80,528)
Equity in income (loss) of subsidiaries									0	0	0
Loss from continuing operations	(19,437)	(10,794)	(39,301)	(16,787)	(59,468)	13,427	(18,996)	(20,490)	(86,319)	(85,527)	(80,528)
Income from discontinued operations, net of taxes	938	(99)	664	953	1,791	13,492	113	1,345	2,456	16,741	641
Net loss	(18,499)	(10,893)	(38,637)	(15,834)	(57,677)	26,919	(18,883)	(19,145)	(83,863)	(68,786)	(79,887)
Other comprehensive income (loss):
Other comprehensive income (loss) of subsidiaries									0	0	0
Changes in pension and other employee benefit accounts, net of taxes									(56,576)	31,430	(7,986)
Currency translation adjustment									(1,321)	(4,529)	665
Comprehensive loss									(141,760)	(41,885)	(87,208)
Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Net sales									0	0	0
Cost of sales									0	0	0
Selling, general and administrative expenses									0	0	0
Amortization of intangible assets									0	0	0
Restructuring and other charges									0	0	0
Impairment of intangible assets										0
Operating income									0	0	0
Gain on bargain purchase										0
Interest expense, net									0	0	0
Intercompany interest (income) expense									0	0	0
Loss on early extinguishment of debt, net									0	0	0
Other expense (income), net									0	0	0
Loss from continuing operations before income taxes									0	0	0
Income tax (benefit) expense									0	0	0
Income (loss) from continuing operations before equity in income (loss) of subsidiaries									0	0	0
Equity in income (loss) of subsidiaries									(83,863)	(68,786)	(79,887)
Loss from continuing operations									(83,863)	(68,786)	(79,887)
Income from discontinued operations, net of taxes									0	0	0
Net loss									(83,863)	(68,786)	(79,887)
Other comprehensive income (loss):
Other comprehensive income (loss) of subsidiaries									(57,897)	26,901	(7,321)
Changes in pension and other employee benefit accounts, net of taxes									0	0	0
Currency translation adjustment									0	0	0
Comprehensive loss									(141,760)	(41,885)	(87,208)
Subsidiary Issuer [Member]
Condensed Financial Statements, Captions [Line Items]
Net sales									932,099	762,810	684,257
Cost of sales									817,761	660,679	576,286
Selling, general and administrative expenses									128,806	119,046	101,704
Amortization of intangible assets									703	602	582
Restructuring and other charges									18,560	7,744	5,917
Impairment of intangible assets										0
Operating income									(33,731)	(25,261)	(232)
Gain on bargain purchase										(17,262)
Interest expense, net									106,276	112,232	114,164
Intercompany interest (income) expense									(1,107)	(1,203)	(1,476)
Loss on early extinguishment of debt, net									27,449	11,324	12,487
Other expense (income), net									(106)	(2,238)	(1,125)
Loss from continuing operations before income taxes									(166,243)	(128,114)	(124,282)
Income tax (benefit) expense									694	28,109	31,623
Income (loss) from continuing operations before equity in income (loss) of subsidiaries									(166,937)	(156,223)	(155,905)
Equity in income (loss) of subsidiaries									81,935	78,447	68,896
Loss from continuing operations									(85,002)	(77,776)	(87,009)
Income from discontinued operations, net of taxes									1,139	8,990	7,122
Net loss									(83,863)	(68,786)	(79,887)
Other comprehensive income (loss):
Other comprehensive income (loss) of subsidiaries									(4,952)	(1,754)	(64)
Changes in pension and other employee benefit accounts, net of taxes									(52,945)	28,655	(7,257)
Currency translation adjustment									0	0	0
Comprehensive loss									(141,760)	(41,885)	(87,208)
Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net sales									1,004,246	999,441	1,038,793
Cost of sales									827,575	812,034	827,342
Selling, general and administrative expenses									87,071	86,072	80,511
Amortization of intangible assets									10,590	8,829	8,777
Restructuring and other charges									3,898	5,342	21,087
Impairment of intangible assets										33,367
Operating income									75,112	53,797	101,076
Gain on bargain purchase										0
Interest expense, net									522	445	607
Intercompany interest (income) expense									1,107	1,203	1,404
Loss on early extinguishment of debt, net									0	0	0
Other expense (income), net									(6,776)	(3,106)	46
Loss from continuing operations before income taxes									80,259	55,255	99,019
Income tax (benefit) expense									1,515	(15,023)	24,503
Income (loss) from continuing operations before equity in income (loss) of subsidiaries									78,744	70,278	74,516
Equity in income (loss) of subsidiaries									1,874	418	861
Loss from continuing operations									80,618	70,696	75,377
Income from discontinued operations, net of taxes									1,317	7,751	(6,481)
Net loss									81,935	78,447	68,896
Other comprehensive income (loss):
Other comprehensive income (loss) of subsidiaries									(407)	(2,704)	(589)
Changes in pension and other employee benefit accounts, net of taxes									(3,631)	2,775	(729)
Currency translation adjustment									(914)	(1,825)	1,254
Comprehensive loss									76,983	76,693	68,832
Non-Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net sales									12,695	15,557	15,243
Cost of sales									8,177	13,218	13,519
Selling, general and administrative expenses									1,653	967	765
Amortization of intangible assets									488	531	522
Restructuring and other charges									0	14	96
Impairment of intangible assets										0
Operating income									2,377	827	341
Gain on bargain purchase										0
Interest expense, net									0	0	(16)
Intercompany interest (income) expense									0	0	72
Loss on early extinguishment of debt, net									0	0	0
Other expense (income), net									(122)	(258)	(170)
Loss from continuing operations before income taxes									2,499	1,085	455
Income tax (benefit) expense									625	667	(406)
Income (loss) from continuing operations before equity in income (loss) of subsidiaries									1,874	418	861
Equity in income (loss) of subsidiaries									0	0	0
Loss from continuing operations									1,874	418	861
Income from discontinued operations, net of taxes									0	0	0
Net loss									1,874	418	861
Other comprehensive income (loss):
Other comprehensive income (loss) of subsidiaries									0	0	0
Changes in pension and other employee benefit accounts, net of taxes									0	0	0
Currency translation adjustment									(407)	(2,704)	(589)
Comprehensive loss									1,467	(2,286)	272
Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Net sales									0	0	0
Cost of sales									0	0	0
Selling, general and administrative expenses									0	0	0
Amortization of intangible assets									0	0	0
Restructuring and other charges									0	0	0
Impairment of intangible assets										0
Operating income									0	0	0
Gain on bargain purchase										0
Interest expense, net									0	0	0
Intercompany interest (income) expense									0	0	0
Loss on early extinguishment of debt, net									0	0	0
Other expense (income), net									0	0	0
Loss from continuing operations before income taxes									0	0	0
Income tax (benefit) expense									0	0	0
Income (loss) from continuing operations before equity in income (loss) of subsidiaries									0	0	0
Equity in income (loss) of subsidiaries									54	(10,079)	10,130
Loss from continuing operations									54	(10,079)	10,130
Income from discontinued operations, net of taxes									0	0	0
Net loss									54	(10,079)	10,130
Other comprehensive income (loss):
Other comprehensive income (loss) of subsidiaries									63,256	(22,443)	7,974
Changes in pension and other employee benefit accounts, net of taxes									0	0	0
Currency translation adjustment									0	0	0
Comprehensive loss									$ 63,310	$ (32,522)	$ 18,104

XML

Goodwill and Other Intangible Assets (Narrative) (Details) (USD $)	3 Months Ended	12 Months Ended
	Dec. 28, 2013	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012
Finite-Lived Intangible Assets [Line Items]
Proceeds from sale of intangible asset		$ 0	$ 0	$ 5,700,000
Gain on sale of intangible assets				2,800,000
Impairment of intangible assets		0	33,367,000	0
Level 3 [Member] | Nonrecurring fair value [Member]
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets		0	33,367,000
Trade names [Member] | Carrying value [Member] | Level 3 [Member] | Nonrecurring fair value [Member]
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets	$ 33,367,000	$ 0	$ 33,367,000	$ 0

XML

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 27, 2014

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of changes in AOCI components

The following table presents the changes in the balances of each component of AOCI, net of tax (in thousands):

		Foreign Currency Translation			Pension and Other Postretirement Benefits			Total
Balance as of the year ended 2012		$	2,945		$	(70,146	)	$	(67,201	)
	Other comprehensive (loss) income before reclassifications	(4,529		)	26,688			22,159
	Amounts reclassified from AOCI	—			4,742			4,742
	Other comprehensive (loss) income	(4,529		)	31,430			26,901
Balance as of the year ended 2013		(1,584		)	(38,716		)	(40,300		)
	Other comprehensive loss before reclassifications	(1,321		)	(59,796		)	(61,117		)
	Amounts reclassified from AOCI	—			3,220			3,220
	Other comprehensive loss	(1,321		)	(56,576		)	(57,897		)
Balance as of the year ended 2014		$	(2,905	)	$	(95,292	)	$	(98,197	)

Schedule of reclassifications from accumulated other comprehensive income

Reclassifications from AOCI

AOCI Components		Amounts Reclassified from AOCI (in thousands)					Income Statement Line Item
		2014		2013
Amortization of pension and other benefit items
	Net actuarial losses (1)	$	3,220	$	7,779		Selling, general and administrative expenses
	Prior service cost (1)	—		(6		)	Selling, general and administrative expenses
		3,220		7,773			Total before tax
Taxes		—		(3,031		)	Income tax expense
Total reclassifications for the period		$	3,220	$	4,742		Net of tax

 __________________________

(1) Components are included in the computation of net periodic benefit cost as presented in Note 13.

XML

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 27, 2014

Accounting Policies [Abstract]

Schedule of allowance for doubtful accounts

Transactions affecting the allowance for doubtful accounts were as follows (in thousands):

	For The Years Ended
	2014			2013			2012
Balance at beginning of year	$	5,409		$	4,664		$	5,584
Charged to expense	2,174			4,392			2,024
Write-offs, recoveries and other	(2,512		)	(3,647		)	(2,944		)
Balance at end of year	$	5,071		$	5,409		$	4,664

XML

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 27, 2014

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation: The consolidated financial statements include the results of Cenveo, Inc. and its subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). All intercompany transactions have been eliminated.

Cenveo, Inc. and its wholly-owned subsidiaries (collectively, the "Company" or "Cenveo") are engaged in envelope converting, commercial printing, and the manufacturing of label and specialty packaging products. The Company is headquartered in Stamford, Connecticut, is organized under Colorado law, and its common stock is traded on the New York Stock Exchange under the symbol "CVO." The Company operates a network of strategically located manufacturing facilities, serving a diverse base of over 100,000 customers. The Company’s operations are based in North America, Latin America and Asia.

The Company’s reporting periods for 2014, 2013 and 2012 in this report each consist of 52 week periods and ended on December 27, 2014, December 28, 2013, and December 29, 2012, respectively. Such periods are referred to herein as: (i) "as of the year ended 2014," "the year ended 2014" or "2014;" (ii) "as of the year ended 2013," "the year ended 2013" or "2013;" and (iii) "as of the year ended 2012," "the year ended 2012" or "2012." All references to years and year-ends herein relate to fiscal years rather than calendar years.

The Company acquired certain assets of National Envelope Corporation ("National") during the third quarter of 2013 and all of the assets of Express Label Company ("Express Label") during the first quarter of 2013. The Company’s results include the operating results of these acquisitions subsequent to their respective acquisition dates.

As a result of exploring opportunities to divest certain non-strategic or underperforming businesses within its manufacturing platform, the Company completed the sale of its Custom Envelope Group ("Custom Envelope") during the third quarter of 2013. Additionally, during the second quarter of 2013, the Company decided to exit the San Francisco market and closed a manufacturing facility. Beginning in the fourth quarter of 2011, the financial results of the Company's documents and forms business ("Documents Group") as well as the Company's wide-format papers business have been accounted for as discontinued operations. These businesses were sold in the first quarter of 2012. Collectively, the Company refers to these businesses as the "Discontinued Operations." As a result, the Company's historical consolidated balance sheets, statements of operations and comprehensive income (loss) ("statement of operations") and statements of cash flows have been reclassified to reflect the Discontinued Operations separately from the Company's continuing operations for all periods presented.

During the fourth quarter of 2013, the Company completed a realignment of its reportable segments as a result of a change in management reporting and strategy. The reportable segments were realigned into three complementary reportable segments: the envelope segment, the print segment and the label and packaging segment. Previously, the two reportable segments were print and envelope and label and packaging. Prior year disclosures have been updated to reflect the segment realignment.

Use of Estimates

Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Estimates and assumptions are used for, but not limited to, establishing the allowance for doubtful accounts, valuation of inventory, purchase price allocation, depreciation and amortization lives, asset impairment evaluations, deferred tax assets and liabilities, self-insurance accruals, stock-based compensation and other contingencies. Actual results could differ from estimates.

Fair Value Measurement

Fair Value Measurements: Certain assets and liabilities of the Company are required to be recorded at fair value. Fair value is determined based on the exchange price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value of cash and cash equivalents, accounts receivable, short-term debt and accounts payable approximate their carrying values due to their short-term nature. The Company also has other assets or liabilities that it records at fair value, such as its pension plan assets. The three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies, is as follows:

 Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets.

 Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

 Level 3 — Valuations based on unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants.

Cash and Cash Equivalents

Cash and Cash Equivalents: Cash and cash equivalents include cash on deposit and highly liquid investments with original maturities of three months or less. The Company places its cash and cash equivalents with institutions with high credit quality. However, at certain times, such cash and cash equivalents may be in excess of FDIC insurance limits. Cash and cash equivalents are stated at cost, which approximates fair value.

Accounts Receivable

Accounts Receivable: Trade accounts receivable are stated net of allowances for doubtful accounts. Specific customer provisions are made when a review of significant outstanding amounts, customer creditworthiness and current economic trends indicate that collection is doubtful. In addition, provisions are made at differing amounts, based upon the balance and age of the receivable and the Company’s historical collection experience. Trade accounts are charged off against the allowance for doubtful accounts or expensed when it is probable the accounts will not be recovered. As of the years ended 2014 and 2013, accounts receivable were reduced by an allowance for doubtful accounts of $5.1 million and $5.4 million, respectively. Transactions affecting the allowance for doubtful accounts were as follows (in thousands):

	For The Years Ended
	2014			2013			2012
Balance at beginning of year	$	5,409		$	4,664		$	5,584
Charged to expense	2,174			4,392			2,024
Write-offs, recoveries and other	(2,512		)	(3,647		)	(2,944		)
Balance at end of year	$	5,071		$	5,409		$	4,664

Inventories

Inventories: Inventories are stated at the lower of cost or market, with cost primarily determined on a first-in, first-out or average cost basis. Cost includes materials, labor and overhead related to the purchase and production of inventories.

Property, Plant and Equipment

Property, Plant and Equipment: Property, plant and equipment are recorded at cost and depreciated over their estimated useful lives. Depreciation is provided using the straight-line method generally based on the estimated useful lives of 15 to 45 years for buildings and building improvements, 10 to 15 years for machinery and equipment and three to 10 years for furniture and fixtures. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the improvements. When an asset is retired or otherwise disposed of, the related gross cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the statement of operations. Expenditures for repairs and maintenance are charged to expense as incurred, and expenditures that increase the capacity, efficiency or useful lives of existing assets are capitalized.

Computer Software

Computer Software: The Company develops and purchases software for internal use. Software development costs incurred during the application development stage are capitalized. Once the software has been installed, tested and is ready for use, additional costs incurred in connection with the software are expensed as incurred. Capitalized computer software costs are amortized over the estimated useful life of the software, generally between three and seven years. Net computer software costs included in property, plant and equipment were $19.3 million and $10.4 million as of the years ended 2014 and 2013, respectively.

Debt Issuance Costs

Debt Issuance Costs: Direct expenses such as legal, accounting and underwriting fees incurred to issue, extend or amend debt are included in other assets, net. Debt issuance costs were $25.2 million and $22.8 million as of the years ended 2014 and 2013, respectively, net of accumulated amortization, and are amortized to interest expense over the term of the related debt. Interest expense includes the amortization of debt issuance costs of $9.8 million, $9.4 million and $7.0 million in 2014, 2013 and 2012, respectively.

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets: Goodwill represents the excess of purchase price over the fair value of net assets of businesses acquired. Goodwill is not amortized. Goodwill is subject to an annual impairment test and is reviewed annually as of the beginning of December to determine if there is an impairment or more frequently if an indication of possible impairment exists. Impairment testing for goodwill is performed at a reporting unit level, with all goodwill assigned to a reporting unit. The Company's reporting units are the same as its four operating segments. An impairment loss generally would be recognized when the carrying amount of the reporting unit's net assets exceeds the estimated fair value of the reporting unit. No impairment charges for goodwill were recorded in 2014, 2013 or 2012.

Other intangible assets consist primarily of customer relationships and trademarks. Other intangible assets primarily arise from the purchase price allocations of businesses acquired. Intangible assets with determinable lives are amortized on a straight-line basis over the estimated useful life assigned to these assets. Intangible assets that are expected to generate cash flows indefinitely are not amortized, but are evaluated for impairment similar to goodwill.

During the fourth quarter of 2013, the Company made the decision that certain trade names would be retired in 2014 as a result of rebranding the Company's print and packaging business lines. Accordingly, based on its evaluation using a relief-from-royalty and other discounted cash flow methodologies, the Company concluded those trade name assets were impaired. An impairment charge of $33.4 million was recorded to reduce their carrying value to their estimated fair value. Those trade names were fully amortized during 2014. There were no intangible asset impairments in the years ended 2014 or 2012.

Long-Lived Assets

Long-Lived Assets: Long-lived assets, including property, plant and equipment, and intangible assets with definite lives, are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be fully recoverable. An impairment is assessed if the undiscounted expected future cash flows generated from an asset are less than its carrying value. Impairment losses are recognized for the amount by which the carrying value of an asset exceeds its fair value (Level 2 and 3). Additionally, the estimated useful lives of all long-lived assets are periodically reviewed and revised, if necessary.

Self Insurance

Self-Insurance: The Company is self-insured for the majority of its workers’ compensation costs and health insurance costs, subject to specific retention levels. The Company records its liability for workers’ compensation claims on a fully-developed basis. The Company’s liability for health insurance claims includes an estimate for claims incurred, but not reported. As of the years ended 2014 and 2013, the (i) undiscounted workers' compensation liability was $13.2 million and $12.9 million, respectively, and the discounted liability was $12.2 million and $11.9 million, respectively, using discount rates of 2% for each of the years ended 2014 and 2013, and the (ii) healthcare liability was $3.3 million

Pension and Postretirement Plans

Pension and Other Postretirement Plans:The Company records expense relating to its pension and other postretirement plans based on actuarial calculations. The inputs for these estimates mainly include discount rates, anticipated mortality rates and assumed rates of return. The Company reviews its actuarial assumptions on an annual basis and modifies the assumptions based on current anticipated rates. The effect of modifications on the value of plan obligations and assets is recognized in accumulated other comprehensive income (loss) ("AOCI") and is recognized in the statement of operations over future periods.

Revenue Recognition

Revenue Recognition: The Company recognizes revenue when persuasive evidence of an arrangement exists, product delivery has occurred, pricing is fixed or determinable, and collection is reasonably assured, net of rebates earned by customers. Since a significant portion of the Company’s products are customer specific, it is common for customers to inspect the quality of the product at the Company’s facility prior to its shipment. Products shipped are not subject to contractual right of return provisions.

Sales Tax: The Company records sales net of applicable sales tax.

Freight Costs

Freight Costs: The costs of delivering finished goods to customers are recorded as freight costs and included in cost of sales. Freight costs that are either billed separately to the customer or included in the price of the product are included in net sales.

Advertising Costs

Advertising Costs: All advertising costs are expensed as incurred. Advertising costs were $3.5 million, $2.9 million and $2.8 million for 2014, 2013 and 2012, respectively.

Stock-Based Compensation

Stock-Based Compensation: The Company uses the fair value method of accounting for stock-based compensation. The Company uses the Black-Scholes-Merton option-pricing model ("Black-Scholes") to measure fair value of these stock option awards. The Black-Scholes model requires the Company to make significant judgments regarding the assumptions used within the model, the most significant of which are the stock price volatility assumption, the expected life of the option award, the risk-free rate of return and dividends during the expected term. The Company recognizes stock-based compensation expense for share-based awards expected to vest on a straight-line basis over the requisite service period of the award based on their grant date fair value.

Foreign Currency Translation

Foreign Currency Translation: Assets and liabilities of subsidiaries operating outside the United States with a functional currency other than the United States dollar are translated at year-end exchange rates. The effects of translation are included in shareholders’ deficit. Income and expense items and gains and losses are translated at the average monthly rate. Foreign currency transaction gains and losses are recorded in other income, net.

Income Taxes

Income Taxes: Deferred income taxes reflect the future tax effect of temporary differences between the carrying amount of assets and liabilities for financial and income tax reporting and are measured by applying statutory tax rates in effect for the year during which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent it is more likely than not that the net deferred tax assets in the United States will not be realized. The Company has a full valuation allowance related to its net deferred tax assets as of the year ended 2014.

The Company recognizes a tax position in its consolidated financial statements when it is more likely than not that the position would be sustained upon examination by tax authorities. This recognized tax position is then measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Although the Company believes that its estimates are reasonable, the final outcome of uncertain tax positions may be materially different from that which is recognized in its consolidated financial statements. The Company adjusts such reserves upon changes in circumstances that would cause a change to the estimate of the ultimate liability, upon effective settlement or upon the expiration of the statute of limitations, in the period in which such event occurs.

New Accounting Pronouncements

New Accounting Pronouncements: In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists." This ASU provides guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward exists.  The objective of this ASU is to eliminate diversity in practice related to this topic.  The ASU states that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the consolidated financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, similar tax loss or a tax credit carryforward except in certain situations.  The update is effective for annual and interim periods beginning after December 15, 2013.  The Company's adoption of this amendment did not have a material impact on the Company's consolidated financial statements.

In April 2014, the FASB issued ASU 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." The amendments in the ASU change the criteria for reporting discontinued operations while enhancing related disclosures. The amendments in the ASU are effective in the first quarter of 2015. The Company is currently evaluating the impact of the pending adoption of ASU 2014-08 on its consolidated financial statements.

In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)." The new revenue recognition standard provides a five-step analysis to determine when and how revenue is recognized.  The standard requires that a company recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This ASU is effective for annual periods beginning after December 15, 2016 and will be applied retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption.  The Company is currently evaluating the impact of the pending adoption of ASU 2014-09 on its consolidated financial statements.

XML

Retirement Plans (Fair Value of Pension Plan Assets) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012
Retirement Plans [Line Items]
Fair value of plan assets	$ 267,635	$ 260,917
Pensions [Member]
Retirement Plans [Line Items]
Fair value of plan assets	267,635	260,917	231,897
Cash and cash equivalents [Member] | Pensions [Member]
Retirement Plans [Line Items]
Fair value of plan assets	6,661	6,115
Equity [Member] | Pensions [Member]
Retirement Plans [Line Items]
Fair value of plan assets	133,833	141,334
Fixed income [Member] | Pensions [Member]
Retirement Plans [Line Items]
Fair value of plan assets	66,899	58,668
Other [Member] | Pensions [Member]
Retirement Plans [Line Items]
Fair value of plan assets	1,599	1,684
Alternative investments [Member] | Pensions [Member]
Retirement Plans [Line Items]
Fair value of plan assets	58,643	53,116
Level 1 [Member] | Pensions [Member]
Retirement Plans [Line Items]
Fair value of plan assets	157,190	164,630
Level 1 [Member] | Cash and cash equivalents [Member] | Pensions [Member]
Retirement Plans [Line Items]
Fair value of plan assets	6,661	6,115
Level 1 [Member] | Equity [Member] | Pensions [Member]
Retirement Plans [Line Items]
Fair value of plan assets	133,833	141,334
Level 1 [Member] | Fixed income [Member] | Pensions [Member]
Retirement Plans [Line Items]
Fair value of plan assets	16,696	17,181
Level 1 [Member] | Other [Member] | Pensions [Member]
Retirement Plans [Line Items]
Fair value of plan assets	0	0
Level 1 [Member] | Alternative investments [Member] | Pensions [Member]
Retirement Plans [Line Items]
Fair value of plan assets	0	0
Level 2 [Member] | Pensions [Member]
Retirement Plans [Line Items]
Fair value of plan assets	51,802	43,171
Level 2 [Member] | Cash and cash equivalents [Member] | Pensions [Member]
Retirement Plans [Line Items]
Fair value of plan assets	0	0
Level 2 [Member] | Equity [Member] | Pensions [Member]
Retirement Plans [Line Items]
Fair value of plan assets	0	0
Level 2 [Member] | Fixed income [Member] | Pensions [Member]
Retirement Plans [Line Items]
Fair value of plan assets	50,203	41,487
Level 2 [Member] | Other [Member] | Pensions [Member]
Retirement Plans [Line Items]
Fair value of plan assets	1,599	1,684
Level 2 [Member] | Alternative investments [Member] | Pensions [Member]
Retirement Plans [Line Items]
Fair value of plan assets	0	0
Level 3 [Member] | Pensions [Member]
Retirement Plans [Line Items]
Fair value of plan assets	58,643	53,116
Level 3 [Member] | Cash and cash equivalents [Member] | Pensions [Member]
Retirement Plans [Line Items]
Fair value of plan assets	0	0
Level 3 [Member] | Equity [Member] | Pensions [Member]
Retirement Plans [Line Items]
Fair value of plan assets	0	0
Level 3 [Member] | Fixed income [Member] | Pensions [Member]
Retirement Plans [Line Items]
Fair value of plan assets	0	0
Level 3 [Member] | Other [Member] | Pensions [Member]
Retirement Plans [Line Items]
Fair value of plan assets	0	0
Level 3 [Member] | Alternative investments [Member] | Pensions [Member]
Retirement Plans [Line Items]
Fair value of plan assets	$ 58,643	$ 53,116	$ 46,297

XML

Inventories (Details) (USD $) In Thousands, unless otherwise specified	Dec. 27, 2014	Dec. 28, 2013
Inventory Disclosure [Abstract]
Raw materials	$ 45,341	$ 62,241
Work in process	19,649	21,698
Finished goods	72,020	77,626
Inventories, net	$ 137,010	$ 161,565

XML

Income (Loss) Per Share (Tables)

12 Months Ended

Dec. 27, 2014

Earnings Per Share [Abstract]

Computation of basic and diluted income (loss) per share

The following table sets forth the computation of basic and diluted (loss) income per share for the periods ended (in thousands, except per share data): 

	For The Years Ended
	2014			2013			2012
Numerator for basic and diluted loss per share:
Loss from continuing operations	$	(86,319	)	$	(85,527	)	$	(80,528	)
Income from discontinued operations, net of taxes	2,456			16,741			641
Net loss	$	(83,863	)	$	(68,786	)	$	(79,887	)
Denominator for weighted average common shares outstanding:
Basic shares	66,952			64,576			63,567
Dilutive effect of 7% Notes	—			—			—
Dilutive effect of Equity Awards	—			—			—
Diluted shares	66,952			64,576			63,567
(Loss) income per share – basic:
Continuing operations	$	(1.29	)	$	(1.32	)	$	(1.27	)
Discontinued operations	0.04			0.25			0.01
Net loss	$	(1.25	)	$	(1.07	)	$	(1.26	)
(Loss) income per share – diluted:
Continuing operations	$	(1.29	)	$	(1.32	)	$	(1.27	)
Discontinued operations	0.04			0.25			0.01
Net loss	$	(1.25	)	$	(1.07	)	$	(1.26	)

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Acquisitions (Tables)

12 Months Ended

Dec. 27, 2014

Business Combinations [Abstract]

Purchase price allocation

The following table summarizes the allocation of the purchase price of National to the assets acquired and liabilities assumed in the acquisition (in thousands):

Property, plant and equipment	$	53,108
Other intangible assets	4,430
Total assets acquired	57,538
Accounts payable	1,015
Accrued compensation and related liabilities	1,210
Other current liabilities	1,453
Note payable	2,536
Total liabilities assumed	6,214
Net assets acquired	51,324
Cost of the acquisition of certain assets of National	34,062
Gain on bargain purchase	$	17,262

Pro forma financial information

The following supplemental pro forma consolidated summary financial information of the Company for the year ended 2013 herein have been prepared by adjusting the historical data as set forth in its statement of operations to give effect to the acquisition of certain assets of National as if it had been made as of January 1, 2012 (in thousands, except per share amounts).

	2013
Net sales
As reported	$	1,777,808
Pro forma	$	2,027,799
Loss from continuing operations
As reported	$	(85,527	)
Pro forma	$	(114,127	)
Loss per share from continuing operations - basic
As reported	$	(1.32	)
Pro forma	$	(1.73	)
Loss per share from continuing operations - diluted
As reported	$	(1.32	)
Pro forma	$	(1.73	)

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Discontinued Operations (Tables)

12 Months Ended

Dec. 27, 2014

Discontinued Operations and Disposal Groups [Abstract]

Components of discontinued operations

The following table shows the components of assets and liabilities that are classified as discontinued operations in the Company's consolidated balance sheets as of December 27, 2014, and December 28, 2013 (in thousands):

	2014			2013
Accounts receivable, net	$	—		$	9
Prepaid and other current assets	8			123
Assets of discontinued operations - current	8			132
Property, plant and equipment, net	—			33
Assets of discontinued operations - long-term	—			33
Accrued compensation and related liabilities	70			627
Other current liabilities	—			1,386
Liabilities of discontinued operations - current	70			2,013
Net assets	$	(62	)	$	(1,848	)

The following table summarizes certain statement of operations information for discontinued operations (in thousands, except per share data):

	For The Years Ended
	2014			2013		2012
Net sales	$	—		$	34,891	$	68,478
(Loss) income from discontinued operations before income taxes (1)	(63		)	4,471		11,342
Income tax expense on discontinued operations	—			2,663		4,441
Gain (loss) on sale of discontinued operations, net of tax (2)	2,519			14,933		(6,260		)
Income from discontinued operations, net of taxes	$	2,456		$	16,741	$	641
Income per share - basic	$	0.04		$	0.25	$	0.01
Income per share - diluted	$	0.04		$	0.25	$	0.01

^{____________________} 

⁽¹⁾     Income from discontinued operations for the year ended 2012 also includes the reduction of a liability of $1.8 million, net of tax expense of $1.2 million, due to the expiration of certain statutes of limitations related to a previous divestiture.

⁽²⁾     The gain (loss) on the sale of discontinued operations is shown net of tax expense of zero and $10.7 million for the years ended 2014 and 2013, respectively, and a tax benefit of $2.6 million for the year ended 2012.

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Summary of Significant Accounting Policies

12 Months Ended

Dec. 27, 2014

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Basis of Presentation: The consolidated financial statements include the results of Cenveo, Inc. and its subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). All intercompany transactions have been eliminated.

Cenveo, Inc. and its wholly-owned subsidiaries (collectively, the "Company" or "Cenveo") are engaged in envelope converting, commercial printing, and the manufacturing of label and specialty packaging products. The Company is headquartered in Stamford, Connecticut, is organized under Colorado law, and its common stock is traded on the New York Stock Exchange under the symbol "CVO." The Company operates a network of strategically located manufacturing facilities, serving a diverse base of over 100,000 customers. The Company’s operations are based in North America, Latin America and Asia.

The Company’s reporting periods for 2014, 2013 and 2012 in this report each consist of 52 week periods and ended on December 27, 2014, December 28, 2013, and December 29, 2012, respectively. Such periods are referred to herein as: (i) "as of the year ended 2014," "the year ended 2014" or "2014;" (ii) "as of the year ended 2013," "the year ended 2013" or "2013;" and (iii) "as of the year ended 2012," "the year ended 2012" or "2012." All references to years and year-ends herein relate to fiscal years rather than calendar years.

The Company acquired certain assets of National Envelope Corporation ("National") during the third quarter of 2013 and all of the assets of Express Label Company ("Express Label") during the first quarter of 2013. The Company’s results include the operating results of these acquisitions subsequent to their respective acquisition dates.

As a result of exploring opportunities to divest certain non-strategic or underperforming businesses within its manufacturing platform, the Company completed the sale of its Custom Envelope Group ("Custom Envelope") during the third quarter of 2013. Additionally, during the second quarter of 2013, the Company decided to exit the San Francisco market and closed a manufacturing facility. Beginning in the fourth quarter of 2011, the financial results of the Company's documents and forms business ("Documents Group") as well as the Company's wide-format papers business have been accounted for as discontinued operations. These businesses were sold in the first quarter of 2012. Collectively, the Company refers to these businesses as the "Discontinued Operations." As a result, the Company's historical consolidated balance sheets, statements of operations and comprehensive income (loss) ("statement of operations") and statements of cash flows have been reclassified to reflect the Discontinued Operations separately from the Company's continuing operations for all periods presented.

During the fourth quarter of 2013, the Company completed a realignment of its reportable segments as a result of a change in management reporting and strategy. The reportable segments were realigned into three complementary reportable segments: the envelope segment, the print segment and the label and packaging segment. Previously, the two reportable segments were print and envelope and label and packaging. Prior year disclosures have been updated to reflect the segment realignment.

Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Estimates and assumptions are used for, but not limited to, establishing the allowance for doubtful accounts, valuation of inventory, purchase price allocation, depreciation and amortization lives, asset impairment evaluations, deferred tax assets and liabilities, self-insurance accruals, stock-based compensation and other contingencies. Actual results could differ from estimates.

Fair Value Measurements: Certain assets and liabilities of the Company are required to be recorded at fair value. Fair value is determined based on the exchange price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value of cash and cash equivalents, accounts receivable, short-term debt and accounts payable approximate their carrying values due to their short-term nature. The Company also has other assets or liabilities that it records at fair value, such as its pension plan assets. The three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies, is as follows:

 Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets.

 Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

 Level 3 — Valuations based on unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants.

Cash and Cash Equivalents: Cash and cash equivalents include cash on deposit and highly liquid investments with original maturities of three months or less. The Company places its cash and cash equivalents with institutions with high credit quality. However, at certain times, such cash and cash equivalents may be in excess of FDIC insurance limits. Cash and cash equivalents are stated at cost, which approximates fair value.

Accounts Receivable: Trade accounts receivable are stated net of allowances for doubtful accounts. Specific customer provisions are made when a review of significant outstanding amounts, customer creditworthiness and current economic trends indicate that collection is doubtful. In addition, provisions are made at differing amounts, based upon the balance and age of the receivable and the Company’s historical collection experience. Trade accounts are charged off against the allowance for doubtful accounts or expensed when it is probable the accounts will not be recovered. As of the years ended 2014 and 2013, accounts receivable were reduced by an allowance for doubtful accounts of $5.1 million and $5.4 million, respectively. Transactions affecting the allowance for doubtful accounts were as follows (in thousands):

	For The Years Ended
	2014			2013			2012
Balance at beginning of year	$	5,409		$	4,664		$	5,584
Charged to expense	2,174			4,392			2,024
Write-offs, recoveries and other	(2,512		)	(3,647		)	(2,944		)
Balance at end of year	$	5,071		$	5,409		$	4,664

Inventories: Inventories are stated at the lower of cost or market, with cost primarily determined on a first-in, first-out or average cost basis. Cost includes materials, labor and overhead related to the purchase and production of inventories.

Property, Plant and Equipment: Property, plant and equipment are recorded at cost and depreciated over their estimated useful lives. Depreciation is provided using the straight-line method generally based on the estimated useful lives of 15 to 45 years for buildings and building improvements, 10 to 15 years for machinery and equipment and three to 10 years for furniture and fixtures. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the improvements. When an asset is retired or otherwise disposed of, the related gross cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the statement of operations. Expenditures for repairs and maintenance are charged to expense as incurred, and expenditures that increase the capacity, efficiency or useful lives of existing assets are capitalized.

Computer Software: The Company develops and purchases software for internal use. Software development costs incurred during the application development stage are capitalized. Once the software has been installed, tested and is ready for use, additional costs incurred in connection with the software are expensed as incurred. Capitalized computer software costs are amortized over the estimated useful life of the software, generally between three and seven years. Net computer software costs included in property, plant and equipment were $19.3 million and $10.4 million as of the years ended 2014 and 2013, respectively.

Debt Issuance Costs: Direct expenses such as legal, accounting and underwriting fees incurred to issue, extend or amend debt are included in other assets, net. Debt issuance costs were $25.2 million and $22.8 million as of the years ended 2014 and 2013, respectively, net of accumulated amortization, and are amortized to interest expense over the term of the related debt. Interest expense includes the amortization of debt issuance costs of $9.8 million, $9.4 million and $7.0 million in 2014, 2013 and 2012, respectively.

Goodwill and Other Intangible Assets: Goodwill represents the excess of purchase price over the fair value of net assets of businesses acquired. Goodwill is not amortized. Goodwill is subject to an annual impairment test and is reviewed annually as of the beginning of December to determine if there is an impairment or more frequently if an indication of possible impairment exists. Impairment testing for goodwill is performed at a reporting unit level, with all goodwill assigned to a reporting unit. The Company's reporting units are the same as its four operating segments. An impairment loss generally would be recognized when the carrying amount of the reporting unit's net assets exceeds the estimated fair value of the reporting unit. No impairment charges for goodwill were recorded in 2014, 2013 or 2012.

Other intangible assets consist primarily of customer relationships and trademarks. Other intangible assets primarily arise from the purchase price allocations of businesses acquired. Intangible assets with determinable lives are amortized on a straight-line basis over the estimated useful life assigned to these assets. Intangible assets that are expected to generate cash flows indefinitely are not amortized, but are evaluated for impairment similar to goodwill.

During the fourth quarter of 2013, the Company made the decision that certain trade names would be retired in 2014 as a result of rebranding the Company's print and packaging business lines. Accordingly, based on its evaluation using a relief-from-royalty and other discounted cash flow methodologies, the Company concluded those trade name assets were impaired. An impairment charge of $33.4 million was recorded to reduce their carrying value to their estimated fair value. Those trade names were fully amortized during 2014. There were no intangible asset impairments in the years ended 2014 or 2012.

Long-Lived Assets: Long-lived assets, including property, plant and equipment, and intangible assets with definite lives, are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be fully recoverable. An impairment is assessed if the undiscounted expected future cash flows generated from an asset are less than its carrying value. Impairment losses are recognized for the amount by which the carrying value of an asset exceeds its fair value (Level 2 and 3). Additionally, the estimated useful lives of all long-lived assets are periodically reviewed and revised, if necessary.

Self-Insurance: The Company is self-insured for the majority of its workers’ compensation costs and health insurance costs, subject to specific retention levels. The Company records its liability for workers’ compensation claims on a fully-developed basis. The Company’s liability for health insurance claims includes an estimate for claims incurred, but not reported. As of the years ended 2014 and 2013, the (i) undiscounted workers' compensation liability was $13.2 million and $12.9 million, respectively, and the discounted liability was $12.2 million and $11.9 million, respectively, using discount rates of 2% for each of the years ended 2014 and 2013, and the (ii) healthcare liability was $3.3 million in both 2014 and 2013.

Pension and Other Postretirement Plans:The Company records expense relating to its pension and other postretirement plans based on actuarial calculations. The inputs for these estimates mainly include discount rates, anticipated mortality rates and assumed rates of return. The Company reviews its actuarial assumptions on an annual basis and modifies the assumptions based on current anticipated rates. The effect of modifications on the value of plan obligations and assets is recognized in accumulated other comprehensive income (loss) ("AOCI") and is recognized in the statement of operations over future periods.

Revenue Recognition: The Company recognizes revenue when persuasive evidence of an arrangement exists, product delivery has occurred, pricing is fixed or determinable, and collection is reasonably assured, net of rebates earned by customers. Since a significant portion of the Company’s products are customer specific, it is common for customers to inspect the quality of the product at the Company’s facility prior to its shipment. Products shipped are not subject to contractual right of return provisions.

Sales Tax: The Company records sales net of applicable sales tax.

Freight Costs: The costs of delivering finished goods to customers are recorded as freight costs and included in cost of sales. Freight costs that are either billed separately to the customer or included in the price of the product are included in net sales.

Advertising Costs: All advertising costs are expensed as incurred. Advertising costs were $3.5 million, $2.9 million and $2.8 million for 2014, 2013 and 2012, respectively.

Stock-Based Compensation: The Company uses the fair value method of accounting for stock-based compensation. The Company uses the Black-Scholes-Merton option-pricing model ("Black-Scholes") to measure fair value of these stock option awards. The Black-Scholes model requires the Company to make significant judgments regarding the assumptions used within the model, the most significant of which are the stock price volatility assumption, the expected life of the option award, the risk-free rate of return and dividends during the expected term. The Company recognizes stock-based compensation expense for share-based awards expected to vest on a straight-line basis over the requisite service period of the award based on their grant date fair value.

Foreign Currency Translation: Assets and liabilities of subsidiaries operating outside the United States with a functional currency other than the United States dollar are translated at year-end exchange rates. The effects of translation are included in shareholders’ deficit. Income and expense items and gains and losses are translated at the average monthly rate. Foreign currency transaction gains and losses are recorded in other income, net.

Income Taxes: Deferred income taxes reflect the future tax effect of temporary differences between the carrying amount of assets and liabilities for financial and income tax reporting and are measured by applying statutory tax rates in effect for the year during which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent it is more likely than not that the net deferred tax assets in the United States will not be realized. The Company has a full valuation allowance related to its net deferred tax assets as of the year ended 2014.

The Company recognizes a tax position in its consolidated financial statements when it is more likely than not that the position would be sustained upon examination by tax authorities. This recognized tax position is then measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Although the Company believes that its estimates are reasonable, the final outcome of uncertain tax positions may be materially different from that which is recognized in its consolidated financial statements. The Company adjusts such reserves upon changes in circumstances that would cause a change to the estimate of the ultimate liability, upon effective settlement or upon the expiration of the statute of limitations, in the period in which such event occurs.

New Accounting Pronouncements: In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists." This ASU provides guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward exists.  The objective of this ASU is to eliminate diversity in practice related to this topic.  The ASU states that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the consolidated financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, similar tax loss or a tax credit carryforward except in certain situations.  The update is effective for annual and interim periods beginning after December 15, 2013.  The Company's adoption of this amendment did not have a material impact on the Company's consolidated financial statements.

In April 2014, the FASB issued ASU 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." The amendments in the ASU change the criteria for reporting discontinued operations while enhancing related disclosures. The amendments in the ASU are effective in the first quarter of 2015. The Company is currently evaluating the impact of the pending adoption of ASU 2014-08 on its consolidated financial statements.

In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)." The new revenue recognition standard provides a five-step analysis to determine when and how revenue is recognized.  The standard requires that a company recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This ASU is effective for annual periods beginning after December 15, 2016 and will be applied retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption.  The Company is currently evaluating the impact of the pending adoption of ASU 2014-09 on its consolidated financial statements.

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Inventories (Tables)

12 Months Ended

Dec. 27, 2014

Inventory Disclosure [Abstract]

Inventories

Inventories by major category are as follows (in thousands):

	2014		2013
Raw materials	$	45,341	$	62,241
Work in process	19,649		21,698
Finished goods	72,020		77,626
	$	137,010	$	161,565

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Income Taxes (Narrative) (Details) (USD $)	3 Months Ended	12 Months Ended
	Dec. 28, 2013	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012
Operating Loss Carryforwards [Line Items]
Valuation allowance, change in deferred tax asset	$ 40,600,000		$ 40,600,000	$ 56,500,000
Net operating loss carryforwards	108,580,000	132,958,000	108,580,000
Foreign tax credit carryforwards	7,456,000	7,013,000	7,456,000
Alternative minimum tax credit carryforwards	8,242,000	7,706,000	8,242,000
Valuation allowance	110,754,000	160,080,000	110,754,000
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense [Abstract]
Unrecognized tax benefits that would impact effective tax rate		2,200,000
Unrecognized tax benefits, interest on income taxes expense		300,000
Unrecognized tax benefits, interest on income taxes accrued		2,500,000
Income Taxes Paid, Net [Abstract]
Income taxes receivable	600,000	900,000	600,000
Income taxes paid		1,600,000	300,000	1,400,000
Internal Revenue Service (IRS) [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		342,400,000
Federal and State Net Operating Loss Carry Forwards [Member]
Operating Loss Carryforwards [Line Items]
Valuation allowance		135,400,000
State Net Operating Loss and Foreign Tax Credit Carry Forwards [Member]
Operating Loss Carryforwards [Line Items]
Valuation allowance		$ 24,700,000

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Condensed Consolidating Financial Information (Narrative) (Details)	Dec. 27, 2014	Jun. 26, 2014	Dec. 28, 2013
6.000% senior secured priority notes due 2019 [Member] | Senior notes [Member]
Condensed Financial Statements, Captions [Line Items]
Debt interest rate (percent)	6.00%	6.00%
8.500% junior secured priority notes due 2022 [Member] | Junior subordinated debt [Member]
Condensed Financial Statements, Captions [Line Items]
Debt interest rate (percent)	8.50%	8.50%
7.875% senior subordinated notes, due 2013 [Member] | Senior subordinated notes [Member]
Condensed Financial Statements, Captions [Line Items]
Debt interest rate (percent)	7.875%
8.875% senior second lien notes due 2018 [Member] | Senior subordinated notes [Member]
Condensed Financial Statements, Captions [Line Items]
Debt interest rate (percent)	8.875%		8.875%
7% senior exchangeable notes due 2017 [Member] | Convertible debt [Member]
Condensed Financial Statements, Captions [Line Items]
Debt interest rate (percent)	7.00%
11.5% senior notes due 2017 [Member] | Secured debt [Member]
Condensed Financial Statements, Captions [Line Items]
Debt interest rate (percent)	11.50%

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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 27, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of stock options outstanding

Stock Options

A summary of the Company’s outstanding stock options as of and for the years ended 2014, 2013 and 2012 is as follows:

	Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (In Years)	Aggregate Intrinsic Value (1) (in thousands)
Outstanding as of the year ended 2011	4,192,980		$	10.21	2.5	$	—
Granted	—		—
Exercised	—		—			$	—
Forfeited/expired	(1,966,980	)	13.00
Outstanding as of the year ended 2012	2,226,000		$	7.75	2.7	$	—
Granted	189,500		2.00
Exercised	(20,000	)	2.00			$	22
Forfeited/expired	(617,500	)	13.43
Outstanding as of the year ended 2013	1,778,000		$	5.23	2.4	$	259
Granted	—		—
Exercised	(10,000	)	2.00			$	—
Forfeited/expired	(97,500	)	6.35
Outstanding as of the year ended 2014	1,670,500		$	5.18	1.4	$	29
Exercisable as of the year ended 2014	1,458,375		$	5.41	1.1	$	—

__________________________

(1) Intrinsic value for purposes of this table represents the amount by which the fair value of the underlying stock, based on the respective market prices as of the years ended 2014, 2013 and 2012, or, if exercised, the exercise dates, exceeds the exercise prices of the respective options.

Schedule of stock option fair value assumptions

The weighted average grant date fair value of stock options granted during 2013, were at exercise prices equal to the market price of the stock on the grant dates, as calculated under the Black-Scholes model with the weighted average assumptions as follows:

	2013
Weighted average fair value of option grants during the year	$	1.01
Assumptions:
Expected option life in years	4.25
Risk-free interest rate	0.50		%
Expected volatility	65.7		%
Expected dividend yield	0.0		%

Schedule of nonvested restricted share unit activity

RSUs

A summary of the Company’s non-vested restricted share units ("RSUs") as of and for the years ended 2014, 2013 and 2012 is as follows:

	RSUs		Weighted Average Grant Date Fair Value
Unvested as of the year ended 2011	1,754,834		$	6.46
Granted	136,840		1.90
Vested	(795,459	)	7.02
Forfeited	(21,875	)	7.32
Unvested as of the year ended 2012	1,074,340		$	5.44
Granted	549,500		2.00
Vested	(629,340	)	4.88
Forfeited	(13,750	)	2.99
Unvested as of the year ended 2013	980,750		$	3.91
Granted	88,236		3.06
Vested	(555,500	)	4.40
Forfeited	(625	)	5.62
Unvested as of the year ended 2014	512,861		$	3.22

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Discontinued Operations (Narrative) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended		15 Months Ended	0 Months Ended
	Dec. 27, 2014	Dec. 28, 2013	Dec. 27, 2014	Feb. 10, 2012	Jan. 27, 2012
Custom Envelope [Member]
Discontinued Operations [Line Items]
Proceeds from the sale of discontinued operations	$ 2.2		$ 47.0
Gain on sale of discontinued operations		14.9	16.5
Documents Group [Member]
Discontinued Operations [Line Items]
Proceeds from the sale of discontinued operations				35.5
Wide Format Business [Member]
Discontinued Operations [Line Items]
Proceeds from the sale of discontinued operations					4.7
Scenario, Previously Reported [Member] | Documents Group [Member]
Discontinued Operations [Line Items]
Proceeds from the sale of discontinued operations				$ 40.0

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Long-Term Debt (11.5% Senior Notes) (Details) (Secured debt [Member], 11.5% senior notes due 2017 [Member], USD $)	0 Months Ended
	Mar. 28, 2012
Debt Instrument [Line Items]
Debt instrument, face amount	$ 225,000,000
Debt, unamortized discount	$ 8,300,000
Debt redemption price (percentage)	100.00%
Debt redemption price, change of control (percentage)	101.00%
Prior to May 15, 2015 [Member]
Debt Instrument [Line Items]
Debt redemption price (percentage)	111.50%
Debt redemption price, maximum percentage of principal amount redeemable (percent)	35.00%
On or After May 15, 2015 [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt redemption price (percentage)	100.00%
On or After May 15, 2015 [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt redemption price (percentage)	105.75%

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CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Dec. 27, 2014	Dec. 28, 2013
Current assets:
Cash and cash equivalents	$ 14,593	$ 11,329
Accounts receivable, net	281,898	281,586
Inventories	137,010	161,565
Prepaid and other current assets	50,406	55,353
Assets of discontinued operations - current	8	132
Total current assets	483,915	509,965
Property, plant and equipment, net	282,408	304,907
Goodwill	185,849	186,436
Other intangible assets, net	157,704	168,749
Other assets, net	48,015	43,614
Assets of discontinued operations - long-term	0	33
Total assets	1,157,891	1,213,704
Current liabilities:
Current maturities of long-term debt	4,355	9,174
Accounts payable	232,184	244,228
Accrued compensation and related liabilities	37,125	32,139
Other current liabilities	87,221	81,198
Liabilities of discontinued operations - current	70	2,013
Total current liabilities	360,955	368,752
Long-term debt	1,229,984	1,176,351
Other liabilities	199,627	165,581
Commitments and contingencies
Shareholders’ deficit:
Preferred stock, $0.01 par value; 25 shares authorized, no shares issued	0	0
Common stock, $0.01 par value; 100,000 shares authorized, 67,682 and 66,265 shares issued and outstanding as of the years ended 2014 and 2013, respectively	677	663
Paid-in capital	370,228	364,177
Retained deficit	(905,383)	(821,520)
Accumulated other comprehensive loss	(98,197)	(40,300)
Total shareholders’ deficit	(632,675)	(496,980)
Total liabilities and shareholders’ deficit	$ 1,157,891	$ 1,213,704

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Segment Information (Tables)

12 Months Ended

Dec. 27, 2014

Segment Reporting [Abstract]

Segment information

The following tables present certain segment information (in thousands):

	For The Years Ended
	2014			2013			2012
Net sales:
Envelope	$	929,518		$	749,898		$	658,217
Print	534,033			529,760			585,632
Label and packaging	485,489			498,150			494,444
Total	$	1,949,040		$	1,777,808		$	1,738,293
Operating income (loss):
Envelope	$	29,602		$	39,775		$	45,485
Print	19,192			(6,042		)	32,845
Label and packaging	37,010			32,644			54,666
Corporate	(42,046		)	(37,014		)	(31,811		)
Total	$	43,758		$	29,363		$	101,185
Restructuring and other charges:
Envelope	$	14,181		$	5,476		$	6,161
Print	3,091			4,289			18,089
Label and packaging	1,089			1,147			2,014
Corporate	4,097			2,188			836
Total	$	22,458		$	13,100		$	27,100
Impairment of intangible assets:
Envelope	$	—		$	—		$	—
Print	—			24,493			—
Label and packaging	—			8,874			—
Corporate	—			—			—
Total	$	—		$	33,367		$	—
Depreciation and intangible asset amortization:
Envelope	$	19,616		$	16,407		$	16,986
Print	22,115			20,894			21,333
Label and packaging	17,469			18,214			18,012
Corporate	4,788			4,981			4,327
Total	$	63,988		$	60,496		$	60,658

Capital expenditures:
Envelope	$	17,267	$	7,221	$	1,402
Print	6,541		6,868		8,145
Label and packaging	7,600		9,605		4,374
Corporate	5,823		5,541		6,642
Total	$	37,231	$	29,235	$	20,563
Net sales by product line:
Envelope	$	929,518	$	749,898	$	658,217
Print	534,033		529,760		585,632
Label	323,884		337,270		331,542
Packaging	161,605		160,880		162,902
Total	$	1,949,040	$	1,777,808	$	1,738,293
Intercompany sales:
Envelope	$	6,114	$	4,178	$	8,676
Print	15,329		4,579		3,097
Label and packaging	10,422		10,560		11,688
Total	$	31,865	$	19,317	$	23,461

	2014		2013
Total assets:
Envelope	$	449,819	$	472,334
Print	291,892		320,720
Label and packaging	355,325		356,183
Corporate	60,855		64,467
Total	$	1,157,891	$	1,213,704

Geographic information is as follows as of and for the years ended (in thousands):

	2014		2013		2012
Net sales:
US	$	1,883,259	$	1,705,043	$	1,655,589
Foreign	65,781		72,765		82,704
Total	$	1,949,040	$	1,777,808	$	1,738,293
			2014		2013
Long-lived assets (property, plant and equipment, goodwill and intangible assets):
US			$	603,538	$	634,212
Foreign			22,423		25,880
Total			$	625,961	$	660,092

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Retirement Plans (Components of Net Periodic Pension Cost) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012
Net Periodic Benefit Cost [Abstract]
Service cost	$ 2	$ 0	$ 1,932
Interest cost	14,870	13,716	14,546
Expected return on plan assets	(20,792)	(18,455)	(16,875)
Net amortization and deferral	0	(6)	(6)
Recognized net actuarial loss	3,220	7,779	6,424
Net periodic (benefit) expense	$ (2,700)	$ 3,034	$ 6,021

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Segment Information (Schedule of Segment Information) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 27, 2014	Sep. 27, 2014	Jun. 28, 2014	Mar. 29, 2014	Dec. 28, 2013	Sep. 28, 2013	Jun. 29, 2013	Mar. 30, 2013	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012
Segment Information [Line Items]
Net sales	$ 498,935	$ 480,576	$ 479,410	$ 490,119	$ 509,873	$ 442,781	$ 406,540	$ 418,614	$ 1,949,040	$ 1,777,808	$ 1,738,293
Operating income (loss)	11,009	9,330	13,347	10,072	(15,681)	16,524	16,842	11,678	43,758	29,363	101,185
Restructuring and other charges									22,458	13,100	27,100
Impairment of intangible assets									0	33,367	0
Depreciation and intangible asset amortization									63,988	60,496	60,658
Capital expenditures									37,231	29,235	20,563
Intercompany sales									31,865	19,317	23,461
Total assets	1,157,891				1,213,704				1,157,891	1,213,704
Long-lived assets	625,961				660,092				625,961	660,092
U.S. [Member]
Segment Information [Line Items]
Net sales									1,883,259	1,705,043	1,655,589
Long-lived assets	603,538				634,212				603,538	634,212
Foreign [Member]
Segment Information [Line Items]
Net sales									65,781	72,765	82,704
Long-lived assets	22,423				25,880				22,423	25,880
Envelope [Member]
Segment Information [Line Items]
Net sales									929,518	749,898	658,217
Print [Member]
Segment Information [Line Items]
Net sales									534,033	529,760	585,632
Label [Member]
Segment Information [Line Items]
Net sales									323,884	337,270	331,542
Packaging [Member]
Segment Information [Line Items]
Net sales									161,605	160,880	162,902
Envelope [Member]
Segment Information [Line Items]
Net sales									929,518	749,898	658,217
Operating income (loss)									29,602	39,775	45,485
Restructuring and other charges									14,181	5,476	6,161
Impairment of intangible assets									0	0	0
Depreciation and intangible asset amortization									19,616	16,407	16,986
Capital expenditures									17,267	7,221	1,402
Intercompany sales									6,114	4,178	8,676
Total assets	449,819				472,334				449,819	472,334
Print [Member]
Segment Information [Line Items]
Net sales									534,033	529,760	585,632
Operating income (loss)									19,192	(6,042)	32,845
Restructuring and other charges									3,091	4,289	18,089
Impairment of intangible assets									0	24,493	0
Depreciation and intangible asset amortization									22,115	20,894	21,333
Capital expenditures									6,541	6,868	8,145
Intercompany sales									15,329	4,579	3,097
Total assets	291,892				320,720				291,892	320,720
Label and packaging [Member]
Segment Information [Line Items]
Net sales									485,489	498,150	494,444
Operating income (loss)									37,010	32,644	54,666
Restructuring and other charges									1,089	1,147	2,014
Impairment of intangible assets									0	8,874	0
Depreciation and intangible asset amortization									17,469	18,214	18,012
Capital expenditures									7,600	9,605	4,374
Intercompany sales									10,422	10,560	11,688
Total assets	355,325				356,183				355,325	356,183
Corporate [Member]
Segment Information [Line Items]
Operating income (loss)									(42,046)	(37,014)	(31,811)
Restructuring and other charges									4,097	2,188	836
Impairment of intangible assets									0	0	0
Depreciation and intangible asset amortization									4,788	4,981	4,327
Capital expenditures									5,823	5,541	6,642
Total assets	$ 60,855				$ 64,467				$ 60,855	$ 64,467

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CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) (USD $) In Thousands, except Share data, unless otherwise specified	Total	Common Stock [Member]	Paid-in Capital [Member]	Retained Deficit [Member]	Accumulated Other Comprehensive (Loss) Income [Member]
Stockholders' equity, beginning balance at Dec. 31, 2011	$ (381,704)	$ 633	$ 350,390	$ (672,847)	$ (59,880)
Common stock, beginning balance (shares) at Dec. 31, 2011		63,260,000
Other comprehensive income (loss):
Net loss	(79,887)			(79,887)
Other comprehensive (loss) income:
Changes in pension and other employee benefit accounts, net of taxes	(7,986)				(7,986)
Currency translation adjustment	665				665
Other comprehensive loss	(7,321)
Total comprehensive loss	(87,208)
Purchase and retirement of common stock upon vesting of RSUs (shares)		502,000
Purchase and retirement of common stock upon vesting of RSUs	(735)	(5)	(740)
Amortization of stock based compensation	5,333		5,333
Stockholders' equity, ending balance at Dec. 29, 2012	(464,314)	638	354,983	(752,734)	(67,201)
Common stock, ending balance (shares) at Dec. 29, 2012		63,762,000
Other comprehensive income (loss):
Net loss	(68,786)			(68,786)
Other comprehensive (loss) income:
Changes in pension and other employee benefit accounts, net of taxes	31,430				31,430
Currency translation adjustment	(4,529)				(4,529)
Other comprehensive loss	26,901
Total comprehensive loss	(41,885)
Issuance of stock (shares)		2,083,000
Issuance of stock	6,042	21	6,021
Exercise of stock options (shares)		20,000
Exercise of stock options	98	0	98
Purchase and retirement of common stock upon vesting of RSUs (shares)		400,000
Purchase and retirement of common stock upon vesting of RSUs	(660)	(4)	(664)
Amortization of stock based compensation	3,739		3,739
Stockholders' equity, ending balance at Dec. 28, 2013	(496,980)	663	364,177	(821,520)	(40,300)
Common stock, ending balance (shares) at Dec. 28, 2013	66,265,000	66,265,000
Other comprehensive income (loss):
Net loss	(83,863)			(83,863)
Other comprehensive (loss) income:
Changes in pension and other employee benefit accounts, net of taxes	(56,576)				(56,576)
Currency translation adjustment	(1,321)				(1,321)
Other comprehensive loss	(57,897)
Total comprehensive loss	(141,760)
Exchange of 7% Notes (shares)		1,068,000
Exchange of 7% Notes	4,187	11	4,176
Exercise of stock options (shares)		10,000
Exercise of stock options	20	0	20
Purchase and retirement of common stock upon vesting of RSUs (shares)		339,000
Purchase and retirement of common stock upon vesting of RSUs	(562)	(3)	(565)
Amortization of stock based compensation	2,420		2,420
Stockholders' equity, ending balance at Dec. 27, 2014	$ (632,675)	$ 677	$ 370,228	$ (905,383)	$ (98,197)
Common stock, ending balance (shares) at Dec. 27, 2014	67,682,000	67,682,000

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Retirement Plans (Amounts Recognized in Accumulated Other Comprehensive Income) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 27, 2014	Dec. 28, 2013
Pensions [Member]
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax [Abstract]
Net actuarial loss (gain)	$ 115,438	$ 60,338
Prior service cost	0	0
Total	115,438	60,338
Supplemental Employee Retirement Plans [Member]
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax [Abstract]
Net actuarial loss (gain)	5,872	4,158
Prior service cost	0	0
Total	5,872	4,158
Other Postretirement Benefit Plans [Member]
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax [Abstract]
Net actuarial loss (gain)	(830)	(614)
Prior service cost	44	44
Total	$ (786)	$ (570)

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Goodwill and Other Intangible Assets (Goodwill by Reportable Segment) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 27, 2014	Dec. 28, 2013
Goodwill [Roll Forward]
Balance as of the year ended	$ 186,436	$ 187,415
Acquisitions, net		92
Foreign currency translation	(587)	(1,071)
Balance as of the year ended	185,849	186,436
Envelope [Member]
Goodwill [Roll Forward]
Balance as of the year ended	23,433	23,433
Acquisitions, net		0
Foreign currency translation	0	0
Balance as of the year ended	23,433	23,433
Print [Member]
Goodwill [Roll Forward]
Balance as of the year ended	45,576	46,267
Acquisitions, net		0
Foreign currency translation	(144)	(691)
Balance as of the year ended	45,432	45,576
Label and packaging [Member]
Goodwill [Roll Forward]
Balance as of the year ended	117,427	117,715
Acquisitions, net		92
Foreign currency translation	(443)	(380)
Balance as of the year ended	$ 116,984	$ 117,427

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Retirement Plans (Schedule of Expected Benefit Payments) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 27, 2014
Pensions [Member]
Expected Future Benefit Payments [Abstract]
2015	$ 17,471
2016	17,719
2017	18,045
2018	18,537
2019	18,973
2020 through 2024	100,501
Supplemental Employee Retirement Plans [Member]
Expected Future Benefit Payments [Abstract]
2015	2,027
2016	2,002
2017	1,857
2018	1,688
2019	1,620
2020 through 2024	6,980
Other Postretirement Benefit Plans [Member]
Expected Future Benefit Payments [Abstract]
2015	167
2016	162
2017	156
2018	150
2019	143
2020 through 2024	$ 609

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Other Current Liabilities (Tables)

12 Months Ended

Dec. 27, 2014

Other Liabilities, Current [Abstract]

Other current liabilities

Other current liabilities are as follows (in thousands):

	2014		2013
Accrued interest expense	$	24,379	$	20,040
Accrued customer rebates	21,212		16,901
Restructuring liabilities	5,174		4,555
Other accrued liabilities	36,456		39,702
	$	87,221	$	81,198

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Long-Term Debt (Narrative) (Details) (USD $)	12 Months Ended
	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012	Jun. 26, 2014	Feb. 28, 2014	Apr. 16, 2013	Feb. 05, 2010	Dec. 11, 2013	Jan. 30, 2015
Debt Instrument [Line Items]
Long-term debt, fair value	$ 1,100,000,000	$ 1,200,000,000
Debt, average outstanding amount	1,200,000,000	1,200,000,000
Debt, weighted average interest rate (percent)	7.60%	8.20%
Cash interest paid	94,700,000	103,000,000	110,700,000
Unamortized debt issuance costs	25,200,000	22,800,000
Long-term debt [Member] | Term loan facility due 2017 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount						360,000,000
Long-term debt, outstanding principal amount	0	329,100,000.0		327,300,000
Debt, unamortized discount					1,500,000
Senior subordinated notes [Member] | 8.875% senior second lien notes due 2018 [Member]
Debt Instrument [Line Items]
Long-term debt, outstanding principal amount	0	400,000,000		400,000,000
Debt, unamortized discount							2,800,000
Senior notes [Member] | 6.000% senior secured priority notes due 2019 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount				540,000,000
Long-term debt, outstanding principal amount	540,000,000	0
Unamortized debt issuance costs				14,700,000
Debt, unamortized discount				5,900,000
Junior subordinated debt [Member] | 8.500% junior secured priority notes due 2022 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount				250,000,000
Long-term debt, outstanding principal amount	248,000,000	0
Unamortized debt issuance costs				7,100,000
Debt, unamortized discount				2,800,000
Line of credit [Member] | ABL Facility due 2017 [Member]
Debt Instrument [Line Items]
Additional borrowing capacity								30,000,000.0
Subsequent event [Member] | Line of credit [Member] | ABL Facility due 2017 [Member]
Debt Instrument [Line Items]
Additional borrowing capacity									$ 10,000,000

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Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 27, 2014

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Income (Loss)

The following table presents the changes in the balances of each component of AOCI, net of tax (in thousands):

		Foreign Currency Translation			Pension and Other Postretirement Benefits			Total
Balance as of the year ended 2012		$	2,945		$	(70,146	)	$	(67,201	)
	Other comprehensive (loss) income before reclassifications	(4,529		)	26,688			22,159
	Amounts reclassified from AOCI	—			4,742			4,742
	Other comprehensive (loss) income	(4,529		)	31,430			26,901
Balance as of the year ended 2013		(1,584		)	(38,716		)	(40,300		)
	Other comprehensive loss before reclassifications	(1,321		)	(59,796		)	(61,117		)
	Amounts reclassified from AOCI	—			3,220			3,220
	Other comprehensive loss	(1,321		)	(56,576		)	(57,897		)
Balance as of the year ended 2014		$	(2,905	)	$	(95,292	)	$	(98,197	)

Reclassifications from AOCI

AOCI Components		Amounts Reclassified from AOCI (in thousands)					Income Statement Line Item
		2014		2013
Amortization of pension and other benefit items
	Net actuarial losses (1)	$	3,220	$	7,779		Selling, general and administrative expenses
	Prior service cost (1)	—		(6		)	Selling, general and administrative expenses
		3,220		7,773			Total before tax
Taxes		—		(3,031		)	Income tax expense
Total reclassifications for the period		$	3,220	$	4,742		Net of tax

 __________________________

(1) Components are included in the computation of net periodic benefit cost as presented in Note 13.

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Long-Term Debt (Tables)

12 Months Ended

Dec. 27, 2014

Debt Disclosure [Abstract]

Schedule of long-term debt

Long-term debt is as follows (in thousands): 

	2014			2013
ABL Facility due 2017	$	134,700		$	121,400
8.500% junior priority secured notes due 2022 ($248.0 million and $0 outstanding principal amount as of the years ended 2014 and 2013, respectively)	245,384			—
6.000% senior priority secured notes due 2019 ($540.0 million and $0 outstanding principal amount as of the years ended 2014 and 2013, respectively)	534,552			—
8.875% senior second lien notes due 2018 ($0 and $400.0 million outstanding principal amount as of the years ended 2014 and 2013, respectively)	—			398,326
Term Loan Facility due 2017 ($0 and $329.1 million outstanding principal amount as of the years ended 2014 and 2013, respectively)	—			326,013
15% Unsecured Term Loan due 2017 ($0 and $10.0 million outstanding principal amount as of the years ended 2014 and 2013, respectively)	—			9,500
11.5% senior notes due 2017 ($222.3 million and $225.0 million outstanding principal amount as of the years ended 2014 and 2013, respectively)	218,011			219,068
7% senior exchangeable notes due 2017	83,250			86,250
Other debt including capital leases	18,442			24,968
	1,234,339			1,185,525
Less current maturities	(4,355		)	(9,174		)
Long-term debt	$	1,229,984		$	1,176,351

Schedule of long-term debt maturities

The aggregate annual maturities for long-term debt, including the original issuance discount, are as follows (in thousands):

2015	$	4,355
2016	3,943
2017	443,999
2018	6,395
2019	540,000
Thereafter	248,000
	$	1,246,692

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Retirement Plans (Schedule of Benefit Obligations in Excess of Plan Assets) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 27, 2014	Dec. 28, 2013
Compensation and Retirement Disclosure [Abstract]
Projected benefit obligation	$ 383,834	$ 336,975
Accumulated benefit obligation	383,834	336,975
Fair value of plan assets	$ 267,635	$ 260,917

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Income (Loss) Per Share

12 Months Ended

Dec. 27, 2014

Earnings Per Share [Abstract]

Income (Loss) per Share

 Income (Loss) per Share

Basic income (loss) per share is computed based upon the weighted average number of common shares outstanding for the period. When applicable, diluted income (loss) per share is calculated using two approaches. The first approach, the treasury stock method, reflects the potential dilution that could occur if the stock options, RSUs and, when applicable, PSUs, (collectively, the "Equity Awards") to issue common stock were exercised. The second approach, the if converted method, reflects the potential dilution of the Equity Awards and the 7% Notes being exchanged for common stock. Under this method, interest expense associated with the 7% Notes, net of tax, is added back to income from continuing operations and the shares outstanding are increased by the underlying 7% Notes equivalent.

For the years ended 2014, 2013 and 2012, the effect of approximately 20.3 million, 22.9 million and 24.1 million shares, respectively, related to the exchange of the 7% Notes for common stock and the issuance of common stock upon exercise of Equity Awards, were excluded from the calculation of diluted income (loss) per share, as the effect would be anti-dilutive.

The following table sets forth the computation of basic and diluted (loss) income per share for the periods ended (in thousands, except per share data): 

	For The Years Ended
	2014			2013			2012
Numerator for basic and diluted loss per share:
Loss from continuing operations	$	(86,319	)	$	(85,527	)	$	(80,528	)
Income from discontinued operations, net of taxes	2,456			16,741			641
Net loss	$	(83,863	)	$	(68,786	)	$	(79,887	)
Denominator for weighted average common shares outstanding:
Basic shares	66,952			64,576			63,567
Dilutive effect of 7% Notes	—			—			—
Dilutive effect of Equity Awards	—			—			—
Diluted shares	66,952			64,576			63,567
(Loss) income per share – basic:
Continuing operations	$	(1.29	)	$	(1.32	)	$	(1.27	)
Discontinued operations	0.04			0.25			0.01
Net loss	$	(1.25	)	$	(1.07	)	$	(1.26	)
(Loss) income per share – diluted:
Continuing operations	$	(1.29	)	$	(1.32	)	$	(1.27	)
Discontinued operations	0.04			0.25			0.01
Net loss	$	(1.25	)	$	(1.07	)	$	(1.26	)

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Long-Term Debt (2013 Credit Facilities) (Details) (USD $)	12 Months Ended			0 Months Ended
	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012	Mar. 05, 2012	Dec. 11, 2013	Apr. 16, 2013	Jan. 18, 2013	Feb. 28, 2014
Debt Instrument [Line Items]
Payments of debt issuance costs	$ 37,994,000	$ 15,570,000	$ 37,836,000
Repayments of debt	329,100,000	30,900,000	0
Line of credit [Member] | Revolving credit facility due 2014 [Member]
Debt Instrument [Line Items]
Credit facility, borrowing capacity				150,000,000		170,000,000	170,000,000
Payments of debt issuance costs				1,000,000
Line of credit [Member] | ABL Facility due 2017 [Member]
Debt Instrument [Line Items]
Credit facility, borrowing capacity	230,000,000
Payments of debt issuance costs					300,000
Additional borrowing capacity					30,000,000.0
Long-term debt [Member] | Term loan facility due 2017 [Member]
Debt Instrument [Line Items]
Debt, unamortized discount								1,500,000
Debt, minimum required annual principal payment percentage (percent)						0.01
Repayments of debt					28,200,000
Long-term debt [Member] | 2013 Credit Facilities [Member]
Debt Instrument [Line Items]
Payments of debt issuance costs						7,200,000
Debt, unamortized discount						$ 1,800,000
Minimum [Member] | Line of credit [Member] | ABL Facility due 2017 [Member]
Debt Instrument [Line Items]
Commitment fee percentage (percent)						0.375%
Maximum [Member] | Line of credit [Member] | ABL Facility due 2017 [Member]
Debt Instrument [Line Items]
Commitment fee percentage (percent)						0.50%
Prime Rate [Member] | Line of credit [Member] | ABL Facility due 2017 [Member]
Debt Instrument [Line Items]
Debt, interest rate, minimum (percent)						1.00%
Debt, interest rate, maximum (percent)						1.50%
Prime Rate [Member] | Long-term debt [Member] | Term loan facility due 2017 [Member]
Debt Instrument [Line Items]
Debt, interest rate, minimum (percent)						2.25%
Debt, interest rate increase (percent)						4.00%
London Interbank Offered Rate (LIBOR) [Member] | Line of credit [Member] | ABL Facility due 2017 [Member]
Debt Instrument [Line Items]
Debt, interest rate, minimum (percent)						2.00%
Debt, interest rate, maximum (percent)						2.50%
London Interbank Offered Rate (LIBOR) [Member] | Long-term debt [Member] | Term loan facility due 2017 [Member]
Debt Instrument [Line Items]
Debt, interest rate, minimum (percent)						1.25%
Debt, interest rate increase (percent)						5.00%

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Accumulated Other Comprehensive Income (Loss) (Reclassifications out of AOCI) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 27, 2014	Sep. 27, 2014	Jun. 28, 2014	Mar. 29, 2014	Dec. 28, 2013	Sep. 28, 2013	Jun. 29, 2013	Mar. 30, 2013	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Total before tax									$ (83,485)	$ (71,774)	$ (24,808)
Income tax expense									(2,834)	(13,753)	(55,720)
Loss from continuing operations	(19,437)	(10,794)	(39,301)	(16,787)	(59,468)	13,427	(18,996)	(20,490)	(86,319)	(85,527)	(80,528)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Total before tax									3,220	7,773
Income tax expense									0	(3,031)
Loss from continuing operations									3,220	4,742
Pension and Other Postretirement Benefits [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Net actuarial losses									3,220	7,779
Prior service cost									$ 0	$ (6)

XML

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) (Parenthetical) (Accumulated Other Comprehensive (Loss) Income [Member], USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012
Accumulated Other Comprehensive (Loss) Income [Member]
Other Comprehensive Income (Loss), Tax, Parenthetical Disclosures [Abstract]
Pension liability adjustments, tax expense (benefit)	$ 0	$ 20,105	$ (5,225)

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CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 27, 2014	Dec. 28, 2013
Statement of Financial Position [Abstract]
Preferred stock, par value (dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (shares)	25,000	25,000
Preferred stock, shares issued (shares)	0	0
Preferred stock, shares outstanding (shares)	0	0
Common stock, par value (dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	100,000,000	100,000,000
Common stock, shares issued (shares)	67,682,000	66,265,000
Common stock, shares outstanding (shares)	67,682,000	66,265,000

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Income Taxes

12 Months Ended

Dec. 27, 2014

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

Income Tax Expense (Benefit)

Income (loss) from continuing operations before income taxes was as follows for the years ended (in thousands):

	2014			2013			2012
Domestic	$	(81,615	)	$	(70,385	)	$	(26,572	)
Foreign	(1,870		)	(1,389		)	1,764
	$	(83,485	)	$	(71,774	)	$	(24,808	)

Income tax expense (benefit) on loss from continuing operations consisted of the following for the years ended (in thousands):

	2014			2013			2012
Current tax expense:
Federal	$	—		$	—		$	—
Foreign	589			977			295
State	1,080			888			874
	1,669			1,865			1,169
Deferred tax expense (benefit):
Federal	(8,771		)	2,659			40,703
Foreign	(1,414		)	(1,421		)	(748		)
State	11,350			10,650			14,596
	1,165			11,888			54,551
Income tax expense	$	2,834		$	13,753		$	55,720

The Company's deferred tax expense (benefit) for the year ended 2013 includes a tax charge of $40.6 million related to a valuation allowance against its deferred tax assets.

The Company's deferred tax expense (benefit) for the year ended 2012 includes a tax charge of $56.5 million related to a valuation allowance against its deferred tax assets.

A reconciliation of the expected tax benefit based on the federal statutory tax rate to the Company’s actual income tax expense is summarized as follows for the years ended (in thousands):

	2014			2013			2012
Expected tax benefit at federal statutory income tax rate	$	(29,221	)	$	(25,121	)	$	(8,683	)
State and local income tax benefit	(1,411		)	(1,706		)	(1,075		)
Change in valuation allowance	27,693			34,049			55,374
Change in contingency reserves	(118		)	(105		)	(94		)
Non-U.S. tax rate differences	(169		)	42			(1,063		)
Non-deductible expenses	4,120			3,260			2,426
Change in state tax rates	1,379			(272		)	1,564
Expiration of stock option contracts	—			968			7,007
Other	561			2,638			264
Income tax expense	$	2,834		$	13,753		$	55,720

Deferred Income Taxes

Deferred taxes are recorded to give recognition to temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements. The tax effects of these temporary differences are recorded as deferred tax assets and deferred tax liabilities. Deferred tax assets generally represent items that can be used as a tax deduction or credit in future years. Deferred tax liabilities generally represent items that have been deducted for tax purposes, but have not yet been recorded in the consolidated statement of operations.

The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities of the Company, were as follows (in thousands):

	2014			2013
Deferred tax assets:
Net operating loss carryforwards	$	132,958		$	108,580
Compensation and benefit related accruals	50,537			35,238
Foreign tax credit carryforwards	7,013			7,456
Alternative minimum tax credit carryforwards	7,706			8,242
Accounts receivable	2,468			2,075
Inventory	2,501			2,682
Restructuring accruals	8,592			9,985
Accrued tax and interest	1,763			1,645
Other	9,049			9,958
Valuation allowance	(160,080		)	(110,754		)
Total deferred tax assets	62,507			75,107
Deferred tax liabilities:
Property, plant and equipment	(37,374		)	(44,804		)
Goodwill and other intangible assets	(54,143		)	(56,376		)
Other	(6,939		)	(9,203		)
Total deferred tax liabilities	(98,456		)	(110,383		)
Net deferred tax liability	$	(35,949	)	$	(35,276	)

The net deferred tax (liability) asset included the following (in thousands):

	2014			2013
Current deferred tax asset (included in prepaid and other current assets)	$	5,042		$	7,823
Long-term deferred tax liability (included in other liabilities)	(40,991		)	(43,099		)
Total	$	(35,949	)	$	(35,276	)

The Company has federal and state net operating loss carryforwards. The tax effect of these attributes was $133.0 million as of the year ended 2014. Federal net operating loss carryforwards of $342.4 million will expire from 2022 through 2034, foreign tax credit carryforwards of $7.0 million will expire in 2015 and alternative minimum tax credit carryforwards of $7.7 million do not have an expiration date.

The Company reviews the likelihood that it will realize the benefit of its deferred tax assets and therefore the need for valuation allowances on a quarterly basis, or more frequently if events indicate that a review is required. In determining the requirement for a valuation allowance, the historical and projected financial results of the legal entity or consolidated group recording the net deferred tax asset is considered, along with all other available positive and negative evidence. The factors considered in the determination of the probability of the realization of the deferred tax assets include, but are not limited to: recent historical financial results, historical taxable income, projected future taxable income, the expected timing of the reversals of existing temporary differences, the duration of statutory carryforward periods and tax planning strategies. If, based upon the weight of available evidence, it is more likely than not that the deferred tax assets will not be realized, a valuation allowance is recorded.

Concluding that a valuation allowance is not required is difficult when there is significant negative evidence which is objective and verifiable, such as cumulative losses in recent years. The Company utilizes a rolling twelve quarters of pre-tax income or loss adjusted for significant permanent book to tax differences as a measure of its cumulative results in recent years.In the United States, the Company's analysis indicates that it has cumulative three year historical losses on this basis. While there are significant impairment, restructuring and refinancing charges driving the cumulative three year loss, this is considered significant negative evidence which is objective and verifiable and therefore, difficult to overcome. However, the three year loss position is not solely determinative and accordingly, the Company considers all other available positive and negative evidence in its analysis. Based upon the Company's analysis, which incorporated the excess capacity and pricing pressure experienced in certain product lines, along with the recent decline in net sales and profitability from the print segment during 2013, the Company believes it is more likely than not that the net deferred tax assets in the United States will not be fully realized in the future. Accordingly, the Company has a valuation allowance related to those net deferred tax assets of $135.4 million as of the year ended 2014. Deferred tax assets related to certain state net operating losses and foreign tax credit carryforwards also did not reach the more likely than not realizability criteria and accordingly, were subject to a valuation allowance. As of the year ended 2014, the valuation allowance related to these state net operating losses and foreign tax credit carryforwards was $24.7 million.

There is no corresponding income tax benefit recognized with respect to losses incurred and no corresponding income tax expense recognized with respect to earnings generated in jurisdictions with a valuation allowance. This causes variability in the Company's effective tax rate. The Company intends to maintain the valuation allowances until it is more likely than not that the net deferred tax assets will be realized. If operating results improve on a sustained basis, or if certain tax planning strategies are implemented, conclusions regarding the need for valuation allowances could change, resulting in a decrease of the valuation allowances in the future, which could have a significant impact on income tax expense in the period recognized and subsequent periods.

Uncertain Tax Positions

The Company accounts for uncertain tax positions by prescribing a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken on a tax return. During 2014 and 2013, the Company did not reduce its liability for uncertain tax positions. The Company does not anticipate significant changes to its unrecognized tax benefits in the next twelve months. The balance of the Company’s remaining unrecognized tax benefits as of the year ended 2014 includes $2.2 million of tax benefits that, if recognized would affect the effective tax rate, which is included in other liabilities. The Company recognizes interest accrued related to unrecognized tax benefits and penalties as income tax expense. Related to the uncertain tax benefits noted above, the Company accrued interest of $0.3 million during 2014 and, in total, as of the year ended 2014, has recognized no liabilities for penalties and liabilities of $2.5 million for interest.

The Company’s unrecognized tax benefit activity for the years ended 2014, 2013 and 2012 was as follows (in thousands):

Unrecognized tax benefit – As of year end 2011	$	2,226
Gross decreases  - tax positions in prior period	—
Gross decreases – expiration of applicable statute of limitations	—
Unrecognized tax benefit – As of year end 2012	2,226
Gross decreases  - tax positions in prior period	—
Gross decreases – expiration of applicable statute of limitations	—
Unrecognized tax benefit – As of year end 2013	2,226
Gross decreases  - tax positions in prior period	—
Gross decreases – expiration of applicable statute of limitations	—
Unrecognized tax benefit – As of year end 2014	$	2,226

The Internal Revenue Service ("IRS") has examined the Company’s federal income tax returns through 2010. The Company’s federal income tax returns for tax years 2004 through 2006, and 2009 through 2010, remain subject to examination by the IRS due to a federal net operating loss generated in those years. The various states in which the Company is subject to income tax audits are generally open for the tax years after 2009. In Canada, the Company remains subject to audit for tax years after 2004. The Company does not believe that the outcome of any examination will have a material impact on its consolidated financial statements.

Current Taxes and Cash Taxes

As of the years ended 2014 and 2013, the Company had income tax receivables of $0.9 million and $0.6 million, respectively, included in other current assets. Net cash payments for income taxes were $1.6 million, $0.3 million and $1.4 million in 2014, 2013 and 2012, respectively.

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Retirement Plans (Schedule of Multi-employer Plans) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012
Multiemployer Plans [Line Items]
Contributions	$ 927	$ 1,088	$ 1,143
Multiemployer Plans, Pension [Member] | GCC/IBT National Pension Fund [Member] | Oregon Location [Member]
Multiemployer Plans [Line Items]
EIN	526118568
Pension Plan Number	001
Pension Protection Act Reported Status	Red
FIP/RP Status	Implemented
Contributions	220	262	236
Surcharge imposed	Yes
Expiration Date of Collective Bargaining Agreement	Jun. 30, 2016
Multiemployer Plans, Pension [Member] | GCC/IBT National Pension Fund [Member] | Missouri Location [Member]
Multiemployer Plans [Line Items]
EIN	526118568
Pension Plan Number	001
Pension Protection Act Reported Status	Red
FIP/RP Status	Implemented
Contributions	135	100	102
Surcharge imposed	Yes
Expiration Date of Collective Bargaining Agreement	Dec. 31, 2014
Multiemployer Plans, Pension [Member] | GCC/IBT National Pension Fund [Member] | Minneapolis Location [Member]
Multiemployer Plans [Line Items]
EIN	526118568
Pension Plan Number	001
Pension Protection Act Reported Status	Red
FIP/RP Status	Implemented
Contributions	11	14	15
Surcharge imposed	Yes
Expiration Date of Collective Bargaining Agreement	Apr. 30, 2017
Multiemployer Plans, Pension [Member] | Graphic Communications Pension Trust Fund of Canada [Member] | Canadian Location [Member]
Multiemployer Plans [Line Items]
Pension Plan Number	223
Pension Protection Act Reported Status	Red
FIP/RP Status	Implemented
Contributions	164	195	225
Surcharge imposed	No
Expiration Date of Collective Bargaining Agreement	Jun. 30, 2015
Multiemployer Plans, Pension [Member] | Graphic Communications Supplemental Retirement and Disability Fund 226 [Member] | Canadian Location [Member]
Multiemployer Plans [Line Items]
Pension Plan Number	226
Pension Protection Act Reported Status	Red
FIP/RP Status	Implemented
Contributions	397	429	479
Surcharge imposed	No
Expiration Date of Collective Bargaining Agreement	Jun. 30, 2015
Multiemployer Plans, Pension [Member] | Graphic Communications Supplemental Retirement and Disability Fund 251 [Member] | Canadian Location [Member]
Multiemployer Plans [Line Items]
Pension Plan Number	251
Multiemployer Plans, Pension [Member] | CWA/ITU Negotiated Pension Plan [Member] | Virginia Location [Member]
Multiemployer Plans [Line Items]
EIN	136212879
Pension Plan Number	001
Pension Protection Act Reported Status	Red
FIP/RP Status	Implemented
Contributions	$ 0	$ 88	$ 86
Surcharge imposed	No
Expiration Date of Collective Bargaining Agreement	Mar. 01, 2018

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Retirement Plans (Plan Funded Status) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 27, 2014	Dec. 28, 2013
Pensions [Member]
Funded Status of Plan [Abstract]
Funded status at end of year	$ (97,691)	$ (58,234)
Supplemental Employee Retirement Plans [Member]
Funded Status of Plan [Abstract]
Funded status at end of year	(18,508)	(17,824)
Other Postretirement Benefit Plans [Member]
Funded Status of Plan [Abstract]
Funded status at end of year	$ (1,789)	$ (2,075)

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Retirement Plans (Funded Status and Net Periodic Cost) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012
Reconciliation of Benefit Obligation [Roll Forward]
Benefit obligation at beginning of year	$ 336,975
Service cost	2	0	1,932
Interest cost	14,870	13,716	14,546
Actuarial loss (gain)	3,220	7,779	6,424
Benefit obligation at end of year	383,834	336,975
Pensions [Member]
Reconciliation of Benefit Obligation [Roll Forward]
Benefit obligation at beginning of year	319,151	352,009
Service cost	0	0
Interest cost	14,027	12,932
Actuarial loss (gain)	55,821	(29,158)
Benefits paid	(23,673)	(16,632)
Prior service cost due to acquisition	0	0
Benefit obligation at end of year	365,326	319,151
Supplemental Employee Retirement Plans [Member]
Reconciliation of Benefit Obligation [Roll Forward]
Benefit obligation at beginning of year	17,824	19,603
Service cost	0	0
Interest cost	754	696
Actuarial loss (gain)	1,925	(381)
Benefits paid	(1,995)	(2,094)
Prior service cost due to acquisition	0	0
Benefit obligation at end of year	18,508	17,824
Other Postretirement Benefit Plans [Member]
Reconciliation of Benefit Obligation [Roll Forward]
Benefit obligation at beginning of year	2,075	2,479
Service cost	2	0
Interest cost	88	88
Actuarial loss (gain)	(254)	(418)
Benefits paid	(122)	(136)
Prior service cost due to acquisition	0	62
Benefit obligation at end of year	$ 1,789	$ 2,075

XML

Document and Entity Information (USD $)	12 Months Ended
	Dec. 27, 2014	Feb. 17, 2015	Jun. 28, 2014
Document And Entity Information [Abstract]
Entity Registrant Name	CENVEO, INC
Entity Central Index Key	0000920321
Current Fiscal Year End Date	--12-27
Entity Filer Category	Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 27, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		67,760,229
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 201,749,227

XML

Restructuring and Other Charges

12 Months Ended

Dec. 27, 2014

Restructuring and Related Activities [Abstract]

Restructuring and Other Charges

Restructuring and Other Charges

Cost Savings, Restructuring and Integration Plans

The Company currently has three active cost savings, restructuring and integration plans: (i) two plans related to the implementation of cost savings initiatives focused on overhead cost eliminations, including headcount reductions, and the potential closure of certain manufacturing facilities (the "2014 Plan" and the "2013 Plan"); and (ii) the plan related to the integration of certain assets of National into existing envelope operations (the "National Plan").

2014 Plan

During the first quarter of 2014, the Company began implementing the 2014 Plan, which primarily focuses on overhead cost eliminations, including headcount reductions, and the potential closure of certain manufacturing facilities. The Company expects to be substantially complete with the 2014 Plan during the 2015 fiscal year.

2013 Plan

During the first quarter of 2013, the Company began implementing the 2013 Plan, which primarily focused on overhead cost eliminations, including headcount reductions, and the closure of certain manufacturing facilities. The Company substantially completed the 2013 Plan during the 2014 fiscal year.

Acquisition Integration Plans

Upon the completion of the acquisition of certain assets of National, the Company developed and began implementing the National Plan. The Company is substantially complete with the accelerated integration of these assets, which has included the closure and consolidation of nine manufacturing facilities into existing envelope operations and two new facilities, as of the end of 2014.

Upon the completion of the Envelope Product Group ("EPG") acquisition, the Company developed and implemented its plan to integrate EPG into its existing envelope operations (the "EPG Plan"). Since the date of acquisition, activities related to the EPG Plan have included the closure and consolidation of five manufacturing facilities into the Company's existing operations and the elimination of duplicative headcount. The Company has substantially completed the EPG Plan.

2012 Plan

In 2012, the Company announced the closure and consolidation of a print plant and an envelope plant into its existing operations. Additionally, the Company began implementing a cost savings initiative (the "2012 Plan"), which primarily focused on the Company's print and envelope segments and corporate expenses. This initiative focused on the consolidation of office and warehouse space and other overhead cost elimination plans, including headcount reductions.

Residual Plans

The Company currently has certain residual cost savings, restructuring and integration plans (the "Residual Plans"). As a result of these cost savings actions over the last eight years, the Company has closed or consolidated a significant amount of manufacturing facilities and has had a significant number of headcount reductions.

The Company does not anticipate any significant future expenses related to either the 2012 Plan or the Residual Plans.

The following tables present the details of the expenses recognized as a result of these plans.

2014 Activity

Restructuring and other charges for the year ended 2014 were as follows (in thousands):

		Employee Separation Costs			Asset Charges Net of Gain on Sale			Equipment Moving Expenses		Lease Termination Expenses			Multi-employer Pension Withdrawal Expenses		Building Clean-up & Other Expenses		Total
Envelope
	2014 Plan	$	145		$	—		$	—	$	—		$	—	$	—	$	145
	2013 Plan	(4		)	—			—		—			—		—		(4		)
	2012 Plan	—			—			—		(198		)	—		1		(197		)
	Residual Plans	—			—			—		—			140		88		228
	Acquisition Integration Plans	2,019			2,793			3,432		1,949			—		3,816		14,009
Total Envelope		2,160			2,793			3,432		1,751			140		3,905		14,181
Print
	2014 Plan	597			(747		)	11		—			—		376		237
	2013 Plan	299			(41		)	—		172			—		457		887
	2012 Plan	—			—			—		20			749		—		769
	Residual Plans	—			—			—		170			371		657		1,198
Total Print		896			(788		)	11		362			1,120		1,490		3,091
Label and Packaging
	2014 Plan	1,039			—			—		—			—		—		1,039
	2013 Plan	8			—			—		—			—		—		8
	Residual Plans	—			—			—		42			—		—		42
Total Label and Packaging		1,047			—			—		42			—		—		1,089
Corporate
	2014 Plan	4,016			—			—		—			—		46		4,062
	2013 Plan	—			—			—		—			—		15		15
	Residual Plans	—			—			—		—			—		20		20
Total Corporate		4,016			—			—		—			—		81		4,097
Total Restructuring and Other Charges		$	8,119		$	2,005		$	3,443	$	2,155		$	1,260	$	5,476	$	22,458

2013 Activity

Restructuring and other charges for the year ended 2013 were as follows (in thousands):

		Employee Separation Costs			Asset Charges Net of Gain on Sale		Equipment Moving Expenses		Lease Termination Expenses			Multi-employer Pension Withdrawal Expenses		Building Clean-up & Other Expenses		Total
Envelope
	2013 Plan	$	232		$	—	$	10	$	215		$	—	$	65	$	522
	2012 Plan	(37		)	118		193		300			—		728		1,302
	Residual Plans	—			—		—		—			107		13		120
	Acquisition Integration Plans	448			1,030		1,274		37			—		743		3,532
Total Envelope		643			1,148		1,477		552			107		1,549		5,476
Print
	2013 Plan	2,688			—		—		104			—		224		3,016
	2012 Plan	(74		)	147		39		11			—		56		179
	Residual Plans	—			—		10		454			346		284		1,094
Total Print		2,614			147		49		569			346		564		4,289
Label and Packaging
	2013 Plan	1,239			—		—		9			—		13		1,261
	2012 Plan	25			—		—		—			—		—		25
	Residual Plans	(4		)	—		—		(135		)	—		—		(139		)
Total Label and Packaging		1,260			—		—		(126		)	—		13		1,147
Corporate
	2013 Plan	1,940			—		—		64			—		64		2,068
	Residual Plans	23			—		—		—			—		97		120
Total Corporate		1,963			—		—		64			—		161		2,188
Total Restructuring and Other Charges		$	6,480		$	1,295	$	1,526	$	1,059		$	453	$	2,287	$	13,100

2012 Activity

Restructuring and other charges for the year ended 2012 were as follows (in thousands):

		Employee Separation Costs			Asset Charges Net of Gain on Sale		Equipment Moving Expenses			Lease Termination Expenses		Multi-employer Pension Withdrawal Expenses			Building Clean-up & Other Expenses		Total
Envelope
	2012 Plan	$	1,483		$	441	$	35		$	319	$	—		$	68	$	2,346
	Residual Plans	(12		)	—		—			13		168			153		322
	Acquisition Integration Plans	1,029			1,199		414			172		—			679		3,493
Total Envelope		2,500			1,640		449			504		168			900		6,161
Print
	2012 Plan	2,241			6,220		572			337		5,400			1,571		16,341
	Residual Plans	532			535		47			156		(486		)	964		1,748
Total Print		2,773			6,755		619			493		4,914			2,535		18,089
Label and Packaging
	2012 Plan	1,288			—		6			—		—			13		1,307
	Residual Plans	364			—		—			162		—			185		711
	Acquisition Integration Plans	—			—		(4		)	—		—			—		(4		)
Total Label and Packaging		1,652			—		2			162		—			198		2,014
Corporate
	2012 Plan	646			—		—			—		—			—		646
	Residual Plans	—			—		—			—		—			190		190
Total Corporate		646			—		—			—		—			190		836
Total Restructuring and Other Charges		$	7,571		$	8,395	$	1,070		$	1,159	$	5,082		$	3,823	$	27,100

A summary of the activity related to the restructuring liabilities for all the cost savings, restructuring and integration initiatives were as follows (in thousands):

	Employee Separation Cost			Lease Termination			Pension Withdrawal Liabilities			Building Clean-up, Equipment Moving and Other Expenses			Total
2014 Plan
Balance as of the year ended 2013	$	—		$	—		$	—		$	—		$	—
Accruals, net	5,797			—			—			433			6,230
Payments	(4,291		)	—			—			(433		)	(4,724		)
Balance as of the year ended 2014	$	1,506		$	—		$	—		$	—		$	1,506
2013 Plan
Balance as of the year ended 2012	$	—		$	—		$	—		$	—		$	—
Accruals, net	6,099			392			—			376			6,867
Payments	(5,262		)	(336		)	—			(376		)	(5,974		)
Balance as of the year ended 2013	837			56			—			—			893
Accruals, net	303			172			—			472			947
Payments	(1,086		)	(225		)	—			(472		)	(1,783		)
Balance as of the year ended 2014	$	54		$	3		$	—		$	—		$	57
2012 Plan
Balance as of the year ended 2012	$	1,199		$	493		$	5,400		$	—		$	7,092
Accruals, net	(86		)	311			—			1,016			1,241
Payments	(1,113		)	(477		)	—			(1,016		)	(2,606		)
Balance as of the year ended 2013	—			327			5,400			—			5,727
Accruals, net	—			(178		)	749			1			572
Payments	—			(124		)	(481		)	(1		)	(606		)
Balance as of the year ended 2014	$	—		$	25		$	5,668		$	—		$	5,693
Residual Plans
Balance as of the year ended 2012	$	127		$	2,017		$	19,519		$	—		$	21,663
Accruals, net	19			319			453			404			1,195
Payments	(146		)	(1,319		)	(4,817		)	(404		)	(6,686		)
Balance as of the year ended 2013	—			1,017			15,155			—			16,172
Accruals, net	—			212			511			765			1,488
Payments	—			(580		)	(2,634		)	(765		)	(3,979		)
Balance as of the year ended 2014	$	—		$	649		$	13,032		$	—		$	13,681
Acquisition Integration Plans
Balance as of the year ended 2012	$	298		$	1,088		$	—		$	—		$	1,386
Accruals, net	448			37			—			2,017			2,502
Acquisition	—			1,985			—			—			1,985
Payments	(591		)	(607		)	—			(2,017		)	(3,215		)
Balance as of the year ended 2013	155			2,503			—			—			2,658
Accruals, net	2,019			1,949			—			7,248			11,216
Payments	(2,097		)	(3,316		)	—			(7,248		)	(12,661		)
Balance as of the year ended 2014	$	77		$	1,136		$	—		$	—		$	1,213
Total Restructuring Liability	$	1,637		$	1,813		$	18,700		$	—		$	22,150

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Income Taxes (Effective Tax Rate Reconciliation) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract]
Expected tax benefit at federal statutory income tax rate	$ (29,221)	$ (25,121)	$ (8,683)
State and local income tax benefit	(1,411)	(1,706)	(1,075)
Change in valuation allowance	27,693	34,049	55,374
Change in contingency reserves	(118)	(105)	(94)
Non-U.S. tax rate differences	(169)	42	(1,063)
Non-deductible expenses	4,120	3,260	2,426
Change in state tax rates	1,379	(272)	1,564
Expiration of stock option contracts	0	968	7,007
Other	561	2,638	264
Income tax expense	$ 2,834	$ 13,753	$ 55,720

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Stock-Based Compensation (Narrative) (Details) (USD $)	12 Months Ended			0 Months Ended
	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012	May 01, 2013	May 01, 2014	May 31, 2008
Narrative Disclosures [Abstract]
Stock-based compensation provision	$ 2,420,000	$ 3,739,000	$ 5,333,000
Stock compensation, tax benefit	600,000	700,000	1,200,000
Unrecognized share based compensation expense	700,000
Unrecognized share based compensation costs, amortization period (years)	2 years 1 month 2 days
Stock Options [Member]
Narrative Disclosures [Abstract]
Maximum remaining contractual term (years)	6 years
Vesting period (years)	4 years
Restricted Stock Units (RSUs) [Member]
Narrative Disclosures [Abstract]
Vesting period (years)	4 years		1 year
RSU fair value	$ 1,700,000	$ 1,600,000	$ 2,000,000
Shares granted (shares)	88,236	549,500	136,840
Performance Shares [Member]
Narrative Disclosures [Abstract]
Shares granted (shares)	0		0	730,500
2007 Long-term Equity Incentive Plan [Member]
Narrative Disclosures [Abstract]
Number of shares authorized for issuance (shares)						4,500,000
2007 Long-term Equity Incentive Plan [Member] | Stock Options [Member]
Narrative Disclosures [Abstract]
Number of additional shares authorized for issuance (shares)		1,040,000
Director [Member] | Restricted Stock Units (RSUs) [Member]
Narrative Disclosures [Abstract]
Vesting period (years)		1 year			1 year
Shares granted (shares)		130,000			88,236
Executives [Member] | Restricted Stock Units (RSUs) [Member]
Narrative Disclosures [Abstract]
Vesting period (years)		4 years
Shares granted (shares)		419,500

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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 27, 2014	Sep. 27, 2014	Jun. 28, 2014	Mar. 29, 2014	Dec. 28, 2013	Sep. 28, 2013	Jun. 29, 2013	Mar. 30, 2013	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012
Income Statement [Abstract]
Net sales	$ 498,935	$ 480,576	$ 479,410	$ 490,119	$ 509,873	$ 442,781	$ 406,540	$ 418,614	$ 1,949,040	$ 1,777,808	$ 1,738,293
Cost of sales									1,653,513	1,485,931	1,417,147
Selling, general and administrative expenses									217,530	206,085	182,980
Amortization of intangible assets									11,781	9,962	9,881
Restructuring and other charges									22,458	13,100	27,100
Impairment of intangible assets									0	33,367	0
Operating income	11,009	9,330	13,347	10,072	(15,681)	16,524	16,842	11,678	43,758	29,363	101,185
Gain on bargain purchase									0	(17,262)	0
Interest expense, net									106,798	112,677	114,755
Loss on early extinguishment of debt, net									27,449	11,324	12,487
Other income, net									(7,004)	(5,602)	(1,249)
Loss from continuing operations before income taxes									(83,485)	(71,774)	(24,808)
Income tax expense									2,834	13,753	55,720
Loss from continuing operations	(19,437)	(10,794)	(39,301)	(16,787)	(59,468)	13,427	(18,996)	(20,490)	(86,319)	(85,527)	(80,528)
Income from discontinued operations, net of taxes	938	(99)	664	953	1,791	13,492	113	1,345	2,456	16,741	641
Net loss	(18,499)	(10,893)	(38,637)	(15,834)	(57,677)	26,919	(18,883)	(19,145)	(83,863)	(68,786)	(79,887)
Other comprehensive income (loss):
Changes in pension and other employee benefit accounts, net of taxes									(56,576)	31,430	(7,986)
Currency translation adjustment									(1,321)	(4,529)	665
Comprehensive loss									$ (141,760)	$ (41,885)	$ (87,208)
(Loss) income per share – basic:
Continuing operations per share - basic	$ (0.29)	$ (0.16)	$ (0.59)	$ (0.25)	$ (0.90)	$ 0.21	$ (0.30)	$ (0.32)	$ (1.29)	$ (1.32)	$ (1.27)
Discontinued operations per share - basic	$ 0.02	$ 0.00	$ 0.01	$ 0.01	$ 0.03	$ 0.21	$ 0.00	$ 0.02	$ 0.04	$ 0.25	$ 0.01
Net loss per share - basic	$ (0.27)	$ (0.16)	$ (0.58)	$ (0.24)	$ (0.87)	$ 0.42	$ (0.30)	$ (0.30)	$ (1.25)	$ (1.07)	$ (1.26)
(Loss) income per share – diluted:
Continuing operations per share - diluted	$ (0.29)	$ (0.16)	$ (0.59)	$ (0.25)	$ (0.90)	$ 0.16	$ (0.30)	$ (0.32)	$ (1.29)	$ (1.32)	$ (1.27)
Discontinued operations per share - diluted	$ 0.02	$ 0.00	$ 0.01	$ 0.01	$ 0.03	$ 0.16	$ 0.00	$ 0.02	$ 0.04	$ 0.25	$ 0.01
Net loss per share - diluted	$ (0.27)	$ (0.16)	$ (0.58)	$ (0.24)	$ (0.87)	$ 0.32	$ (0.30)	$ (0.30)	$ (1.25)	$ (1.07)	$ (1.26)
Weighted average shares outstanding:
Basic shares									66,952	64,576	63,567
Diluted shares									66,952	64,576	63,567

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Property, Plant and Equipment

12 Months Ended

Dec. 27, 2014

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant and Equipment

Property, plant and equipment are as follows (in thousands):

	2014			2013
Land and land improvements	$	13,982		$	14,507
Buildings and building improvements	101,407			97,674
Machinery and equipment	623,619			635,638
Furniture and fixtures	10,086			11,049
Construction in progress	13,154			11,828
	762,248			770,696
Accumulated depreciation	(479,840		)	(465,789		)
	$	282,408		$	304,907

Sale Leaseback Transaction

During the first quarter of 2013, the Company sold one manufacturing facility related to its label and packaging segment, which had a net book value of $3.7 million for net proceeds of $6.3 million, and entered into a seven-year operating lease for the same facility. In connection with the sale, the Company recorded a deferred gain of $2.6 million, which will be amortized on a straight-line basis over the term of the lease as a reduction to rent expense in cost of sales in the Company's consolidated statement of operations.

Proceeds From Long-Lived Assets

During the fourth quarter of 2014, the Company sold one manufacturing facility, which related to its envelope segment, for net proceeds of $1.0 million. During the third quarter of 2014, the Company sold one manufacturing facility, which related to its print segment, for net proceeds of $1.2 million.

During the fourth quarter of 2013, the Company sold one office facility, which related to its envelope segment for net proceeds of $0.5 million. During the second quarter of 2013, the Company sold one manufacturing facility, which related to its envelope segment, for net proceeds of $1.7 million.

During the first quarter of 2013, a press in the Company's label and packaging segment was destroyed by a fire. The Company's insurance policy provided coverage for business interruption and the replacement cost of the press. The insurance settlement was finalized during the second quarter of 2013 and the Company received cash proceeds of $4.4 million, resulting in a $2.7 million gain. The gain on the insurance settlement represents the difference between the replacement cost and carrying value of the press. The gain is recorded in other income, net, in the Company's consolidated statement of operations.

In 2012, the Company sold three manufacturing facilities, one of which related to its envelope segment and two of which related to its print segment, for net proceeds of $6.4 million.

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Inventories

12 Months Ended

Dec. 27, 2014

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories by major category are as follows (in thousands):

	2014		2013
Raw materials	$	45,341	$	62,241
Work in process	19,649		21,698
Finished goods	72,020		77,626
	$	137,010	$	161,565

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Related Party Transactions

12 Months Ended

Dec. 27, 2014

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

In the fourth quarter of 2013, the Company entered into a 10-year lease of a manufacturing facility with a related party wholly owned and managed by certain executives of the Company. The Company believes the lease terms have not been significantly affected by the fact that the Company and the lessors are related parties.  The Company recognized approximately $0.5 million and less than $0.1 million in rental expense associated with the lease during 2014 and 2013, respectively, which is recorded in cost of sales. Future lease payments related to this lease (undiscounted) are $4.7 million as of the year ended 2014. The Company has no other commitments or guarantees related to the lease.

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Stock-Based Compensation

12 Months Ended

Dec. 27, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

Stock-Based Compensation

The Company’s 2007 Long-Term Equity Incentive Plan, as amended, approved in May 2008 (the "2007 Plan"), authorizes the issuance of up to 4,500,000 shares of the Company’s common stock. Upon approval of the 2007 Plan, the Company ceased making awards under its prior equity plans, including the Company’s 2001 Long-Term Equity Incentive Plan. Unused shares previously authorized under prior plans have been rolled over into the 2007 Plan and increased the total number of shares authorized for issuance under the 2007 Plan by 1,040,000 shares in 2013.

The Company’s outstanding unvested stock options have maximum contractual terms of up to six years, principally vest ratably over four years and are granted at exercise prices equal to the market price of the Company’s common stock on the date of grant. The Company’s outstanding stock options are exercisable into shares of the Company’s common stock. The Company’s outstanding restricted share units ("RSUs") principally vest ratably over four years. Upon vesting, RSUs convert into shares of the Company’s common stock. The Company currently issues authorized shares of common stock upon vesting of restricted shares or the exercise of other equity awards. The Company has no outstanding stock appreciation rights.

The Company measures the cost of employee services received in exchange for an award of equity instruments, including grants of employee stock options and RSUs, based on the fair value of the award at the date of grant in accordance with the modified prospective method. The Company uses the Black-Scholes model for purposes of determining the fair value of stock options granted and recognizes compensation costs ratably over the requisite service period for each separately vesting portion of the award, net of estimated forfeitures. The Black-Scholes model has limitations on its effectiveness including that it was developed for use in estimating the fair value of traded options which have no vesting restrictions and are fully transferable and that the model requires the use of parameters, such as stock price volatility that must be estimated from historical data and other market information. The Company’s stock option awards to employees have characteristics significantly different from those of traded options and parameter estimation methodologies can materially affect fair value estimates.

Total stock-based compensation expense recognized in selling, general and administrative expenses in the Company’s consolidated statement of operations was $2.4 million, $3.7 million and $5.3 million for the years ended 2014, 2013 and 2012, respectively. The income tax benefits related to the Company’s stock-based compensation expense was $0.6 million, $0.7 million and $1.2 million for the years ended 2014, 2013 and 2012, respectively.

As of December 27, 2014, there was approximately $0.7 million of total unrecognized compensation cost related to unvested stock-based compensation grants, which is expected to be amortized over a weighted average period of 2.1 years.

Stock Options

A summary of the Company’s outstanding stock options as of and for the years ended 2014, 2013 and 2012 is as follows:

	Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (In Years)	Aggregate Intrinsic Value (1) (in thousands)
Outstanding as of the year ended 2011	4,192,980		$	10.21	2.5	$	—
Granted	—		—
Exercised	—		—			$	—
Forfeited/expired	(1,966,980	)	13.00
Outstanding as of the year ended 2012	2,226,000		$	7.75	2.7	$	—
Granted	189,500		2.00
Exercised	(20,000	)	2.00			$	22
Forfeited/expired	(617,500	)	13.43
Outstanding as of the year ended 2013	1,778,000		$	5.23	2.4	$	259
Granted	—		—
Exercised	(10,000	)	2.00			$	—
Forfeited/expired	(97,500	)	6.35
Outstanding as of the year ended 2014	1,670,500		$	5.18	1.4	$	29
Exercisable as of the year ended 2014	1,458,375		$	5.41	1.1	$	—

__________________________

(1) Intrinsic value for purposes of this table represents the amount by which the fair value of the underlying stock, based on the respective market prices as of the years ended 2014, 2013 and 2012, or, if exercised, the exercise dates, exceeds the exercise prices of the respective options.

The weighted average grant date fair value of stock options granted during 2013, were at exercise prices equal to the market price of the stock on the grant dates, as calculated under the Black-Scholes model with the weighted average assumptions as follows:

	2013
Weighted average fair value of option grants during the year	$	1.01
Assumptions:
Expected option life in years	4.25
Risk-free interest rate	0.50		%
Expected volatility	65.7		%
Expected dividend yield	0.0		%

The risk-free interest rate represents the United States Treasury Bond constant maturity yield approximating the expected option life of stock options granted during the period. The expected option life represents the period of time that the stock options granted during the period are expected to be outstanding, based on the mid-point between the vesting date and contractual expiration date of the option. The expected volatility is based on the historical market price volatility of the Company’s common stock for the expected term of the options, adjusted for expected mean reversion.

There were no stock options granted during 2014 and 2012.

RSUs

A summary of the Company’s non-vested restricted share units ("RSUs") as of and for the years ended 2014, 2013 and 2012 is as follows:

	RSUs		Weighted Average Grant Date Fair Value
Unvested as of the year ended 2011	1,754,834		$	6.46
Granted	136,840		1.90
Vested	(795,459	)	7.02
Forfeited	(21,875	)	7.32
Unvested as of the year ended 2012	1,074,340		$	5.44
Granted	549,500		2.00
Vested	(629,340	)	4.88
Forfeited	(13,750	)	2.99
Unvested as of the year ended 2013	980,750		$	3.91
Granted	88,236		3.06
Vested	(555,500	)	4.40
Forfeited	(625	)	5.62
Unvested as of the year ended 2014	512,861		$	3.22

On May 1, 2014, 88,236 RSUs were issued to certain members of the Company's Board of Directors. The RSUs vest one year from the date of issuance. The fair value of these awards was determined based on the Company's stock price on the date of issuance.

In 2013, 419,500 RSUs were issued to certain employees of the Company, which vest ratably over four years. Additionally, 130,000 RSUs were issued during 2013 to certain members of the Company's Board of Directors, which vested one year from the date of issuance. The fair value of these awards was determined based on the Company's stock price on the dates of issuance.

In 2012, 136,840 RSUs were issued to certain members of the Company's Board of Directors. The RSUs vested one year from the date of issuance. The fair value of these awards was determined based on the Company's stock price on the date of issuance.

The total fair value of RSUs, which vested during 2014, 2013 and 2012 was $1.7 million, $1.6 million and $2.0 million, respectively, as of the respective vesting dates.

PSUs

On May 1, 2013, 730,500 performance share units ("PSUs") were granted to certain employees, with each award representing the right to receive one share of the Company's common stock upon the achievement of certain established performance targets and service conditions. The performance period for the awards was December 30, 2012 through December 28, 2013. As the performance targets were not met, the PSUs expired unvested and no compensation expense related to PSUs was recognized in the consolidated statement of operations for the year ended December 28, 2013. There were no PSUs granted in fiscal year 2014 or 2012.

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Restructuring and Other Charges (Narrative) (Details)	Dec. 27, 2014 restructuring_plan
Restructuring Cost and Reserve [Line Items]
Number of active restructuring plans (restructuring plan)	3
National Envelope Acquisition [Member] | Acquisition Integration Plans [Member] | Envelope [Member]
Restructuring Cost and Reserve [Line Items]
Number of facilities closed (facility)	9
Number of new facilities (facility)	2
Envelope Product Group Acquisition [Member] | Acquisition Integration Plans [Member] | Envelope [Member]
Restructuring Cost and Reserve [Line Items]
Number of facilities closed (facility)	5

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Long-Term Debt

12 Months Ended

Dec. 27, 2014

Debt Disclosure [Abstract]

Long-Term Debt

Long-Term Debt

Long-term debt is as follows (in thousands): 

	2014			2013
ABL Facility due 2017	$	134,700		$	121,400
8.500% junior priority secured notes due 2022 ($248.0 million and $0 outstanding principal amount as of the years ended 2014 and 2013, respectively)	245,384			—
6.000% senior priority secured notes due 2019 ($540.0 million and $0 outstanding principal amount as of the years ended 2014 and 2013, respectively)	534,552			—
8.875% senior second lien notes due 2018 ($0 and $400.0 million outstanding principal amount as of the years ended 2014 and 2013, respectively)	—			398,326
Term Loan Facility due 2017 ($0 and $329.1 million outstanding principal amount as of the years ended 2014 and 2013, respectively)	—			326,013
15% Unsecured Term Loan due 2017 ($0 and $10.0 million outstanding principal amount as of the years ended 2014 and 2013, respectively)	—			9,500
11.5% senior notes due 2017 ($222.3 million and $225.0 million outstanding principal amount as of the years ended 2014 and 2013, respectively)	218,011			219,068
7% senior exchangeable notes due 2017	83,250			86,250
Other debt including capital leases	18,442			24,968
	1,234,339			1,185,525
Less current maturities	(4,355		)	(9,174		)
Long-term debt	$	1,229,984		$	1,176,351

The estimated fair value of the Company’s long-term debt was approximately $1.1 billion and $1.2 billion for the years ended 2014 and 2013, respectively. The fair value was determined by the Company to be Level 2 under the fair value hierarchy and was based upon review of observable pricing in secondary markets for each debt instrument. Interest expense in 2014 reflected average outstanding debt of approximately $1.2 billion and a weighted average interest rate of 7.6%, compared to the average outstanding debt of approximately $1.2 billion and a weighted average interest rate of 8.2% in 2013. Cash interest payments on long-term debt were $94.7 million, $103.0 million and $110.7 million in 2014, 2013 and 2012, respectively.

6.000% Senior Priority Secured Notes

On June 26, 2014, the Company's wholly-owned subsidiary, Cenveo Corporation (the "Subsidiary Issuer") issued $540.0 million aggregate principal amount of 6.000% senior priority secured notes due 2019 (the "6.000% Notes"), which were sold to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, and to certain non-U.S. persons in accordance with Regulation S under the Securities Act of 1933.  The 6.000% Notes were issued at par, pursuant to an indenture (the "6.000% Indenture") among the Subsidiary Issuer, Cenveo, Inc. and the other guarantors party thereto, and The Bank of New York Mellon, as trustee and collateral agent. The Subsidiary Issuer will pay interest on the 6.000% Notes semi-annually, in cash in arrears, on February 1 and August 1 of each year, commencing on August 1, 2014. The 6.000% Notes have no required principal payments prior to their maturity on August 1, 2019.  The 6.000% Notes are guaranteed on a senior secured basis by Cenveo, Inc. and substantially all of its existing and future North American subsidiaries (other than the Subsidiary Issuer). As such, the 6.000% Notes rank pari passu with all of the Subsidiary Issuer's existing and future senior debt, and senior to any of the Subsidiary Issuer's subordinated debt and effectively junior to the Subsidiary Issuer's obligations under the $230 million asset-based revolving credit facility (the "ABL Facility"), to the extent that the ABL Facility has a first priority perfected security interest in certain of our assets. The Subsidiary Issuer may redeem the 6.000% Notes, in whole or in part, on or after February 1, 2019, at a redemption price of 100.0% plus accrued and unpaid interest. In addition, at any time between August 1, 2017, and February 1, 2019, the Subsidiary Issuer may redeem in whole or in part the remaining aggregate principal amount of the notes originally issued at a redemption price of 100% plus accrued and unpaid interest and a "make-whole" premium of not less than 1%. At any time prior to August 1, 2017, the Subsidiary Issuer may redeem up to 35% of the aggregate principal amount of the notes originally issued with the net cash proceeds of certain public equity offerings, at a redemption price of 106.0% plus accrued and unpaid interest. Each holder of the 6.000% Notes has the right to require the Subsidiary Issuer to repurchase such holder's notes at a purchase price of 101% of the principal amount thereof, plus accrued and unpaid interest thereon, upon the occurrence of certain events specified in the indenture that constitute a change of control. The 6.000% Indenture contains a number of covenants which, among other things, restrict, subject to certain exceptions, the Company's ability and the ability of the Subsidiary Issuer and the Company's other subsidiaries, to incur or guarantee additional indebtedness, make restricted payments (including paying dividends on, redeeming or repurchasing our capital stock), permit restricted subsidiaries to pay dividends or make other distributions or payments, dispose of assets, make investments, grant liens on assets, merge or consolidate or transfer certain assets, and enter into transactions with affiliates. The 6.000% Indenture also contains certain customary affirmative covenants and events of default.

8.500% Junior Priority Secured Notes

Concurrently with the issuance of the 6.000% Notes on June 26, 2014, the Subsidiary Issuer issued $250.0 million aggregate principal amount of 8.500% junior priority secured notes due 2022 (the "8.500% Notes") which were sold to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933.  The 8.500% Notes were issued at par, pursuant to an indenture (the "8.500% Indenture") among the Subsidiary Issuer, Cenveo, Inc. and the other guarantors party thereto, and The Bank of New York Mellon, as trustee and collateral agent. The Subsidiary Issuer will pay interest on the 8.500% Notes semi-annually, in cash in arrears, on March 15 and September 15 of each year, commencing on September 15, 2014. The 8.500% Notes have no required principal payments prior to their maturity on September 15, 2022.  The 8.500% Notes are guaranteed on a junior secured basis by Cenveo, Inc. and substantially all of its existing and future North American subsidiaries (other than the Subsidiary Issuer). As such, the 8.500% Notes rank junior to any senior secured obligations of the Subsidiary Issuer, senior to any existing and future unsecured obligations of the Subsidiary Issuer, and senior to all existing and future obligations of the Subsidiary Issuer that are expressly subordinated to the 8.500% Notes. The Subsidiary Issuer may redeem the 8.500% Notes, in whole or in part, on or after September 15, 2017, September 15, 2018, September 15, 2019, or September 15, 2020, at redemption prices of 106.375%, 104.250%, 102.125% and 100.00%, respectively, plus accrued and unpaid interest. At any time prior to September 15, 2017, the Subsidiary Issuer may redeem up to 35% of the aggregate principal amount of the notes originally issued with the net cash proceeds of certain public equity offerings, at a redemption price of 108.5% plus accrued and unpaid interest. Each holder of the 8.500% Notes has the right to require the Subsidiary Issuer to repurchase such holder's notes at a purchase price of 101% of the principal amount thereof, plus accrued and unpaid interest thereon, upon the occurrence of certain events specified in the indenture that constitute a change of control. The 8.500% Indenture contains a number of covenants which, among other things, restrict, subject to certain exceptions, the Company's ability and the ability of the Subsidiary Issuer and the Company's other subsidiaries, to incur or guarantee additional indebtedness, make restricted payments (including paying dividends on, redeeming or repurchasing our capital stock), permit restricted subsidiaries to pay dividends or make other distributions or payments, dispose of assets, make investments, grant liens on assets, merge or consolidate or transfer certain assets, and enter into transactions with affiliates. The 8.500% Indenture also contains certain customary affirmative covenants and events of default.

Net proceeds of the 6.000% Notes and 8.500% Notes were used to: (i) refinance the $360 million secured term loan facility (the "Term Loan Facility"), which at the time had a remaining principal balance of $327.3 million; (ii) refinance the 8.875% senior second lien notes due 2018 (the "8.875% Notes"), which at the time had a remaining principal balance of $400.0 million; and (iii) pay related fees, expenses and accrued interest. In connection with the issuance of the 6.000% Notes and the 8.500% Notes, the Company capitalized debt issuance costs of $14.7 million and $7.1 million, respectively, all of which will be amortized over the life of the 6.000% Notes and the 8.500% Notes.

A portion of the refinancing was accounted for as a modification of debt. As a result, the Company will continue to amortize a portion of the unamortized debt issuance costs on the 8.875% Notes and Term Loan Facility. The modification resulted in the recording of a discount of $5.9 million on the 6.000% Notes and $2.8 million on the 8.500% Notes.

2013 Credit Facilities

On April 16, 2013, the Company completed the refinancing of its $170 million revolving credit facility due 2014 (the "Revolving Credit Facility") and its existing term loan B due 2016 (the "Term Loan B," and collectively with the Revolving Credit Facility, the "Refinanced Facility") by entering into: (i) a Second Amended and Restated Credit Agreement providing for the Term Loan Facility, with a syndicate of lenders arranged by Bank of America, N.A., Macquarie Capital (USA) Inc. and Barclays Bank PLC, with Bank of America, N.A. serving as administrative agent, syndication agent and documentation agent; and (ii) a Credit Agreement providing for the ABL Facility; and together with the Term Loan Facility, the "2013 Credit Facilities"), with a syndicate of lenders arranged by Bank of America, N.A., Barclays Bank PLC, General Electric Capital Corporation and Wells Fargo Bank, National Association, with Bank of America, N.A. serving as administrative agent, issuing bank and swingline lender. In connection with the 2013 Credit Facilities, the Company capitalized debt issuance costs of $7.2 million, of which $1.8 million relates to original issuance discount.Proceeds from the 2013 Credit Facilities, together with available cash on hand, were used to refinance the outstanding term loans and revolving loans, and accrued interest thereon, under the Refinanced Facility, and to pay certain fees and expenses incurred in connection with the transactions.

Borrowing rates under each of the 2013 Credit Facilities are selected at the Company's option at the time of each borrowing and are generally based on London Interbank Offered Rate ("LIBOR") or the prime rate publicly announced by Bank of America, N.A. from time to time, in each case plus a specified interest rate margin. With respect to the Term Loan Facility, LIBOR-based borrowings had an interest rate of not less than 1.25% per annum plus an applicable margin of 5.00% per annum, and prime rate borrowings had an interest rate of not less than 2.25% per annum plus an applicable margin of 4.00% per annum. With respect to the ABL Facility, LIBOR-based borrowings have an interest rate margin ranging from 2.00% to 2.50% per annum, and prime rate borrowings have an interest rate margin ranging from 1.00% to 1.50% per annum, in each case depending on average availability under the ABL Facility for the most recent fiscal quarter. Under the ABL Facility, the Company pays a commitment fee on unused revolving loan commitments of 0.375% per annum or 0.50% per annum, depending on average usage under the ABL Facility for the most recent fiscal quarter.

Under the Term Loan Facility, the term loan amortized in quarterly installments equal to 1.00% per year, commencing June 21, 2013, with the remaining principal balance due at maturity on February 13, 2017. Under the ABL Facility, all loans mature on February 13, 2017. Under each of the 2013 Credit Facilities, the Company may elect, in its sole discretion, to extend the maturity date upon the satisfaction of certain conditions related to the refinancing of the Company's outstanding indebtedness under its 11.5% senior notes due 2017 (the "11.5% Notes") and its 8.875% Notes. If such conditions are satisfied, the maturity date of the ABL Facility may be extended to April 16, 2018.

On December 11, 2013, the Company entered into an Amendment No. 1 to the ABL Facility ("ABL Amendment No. 1"), pursuant to which the revolving commitments under the original agreement were increased by $30.0 million.  Capitalized fees and expenses associated with the ABL Amendment No. 1 were approximately $0.3 million.  A portion of the additional $30.0 million borrowing capacity under the ABL Facility, together with cash on hand, were used to repay $28.2 million of its Term Loan Facility.

In February 2014, the Company entered into an amendment to adjust, among other things, its covenant requirements under its Term Loan Facility. This amendment eliminated the maximum consolidated leverage ratio and replaced it with a maximum consolidated first lien leverage ratio, providing the Company additional financial flexibility. In connection with this amendment, the Company capitalized $1.5 million related to original issuance discount. The refinancing in June 2014, which resulted in the issuance of the 6.000% Notes and 8.500% Notes, eliminated all covenant requirements of the Term Loan Facility.

The obligations under the 2013 Credit Facilities are each guaranteed by the Company and each existing and future direct and indirect North American subsidiary. The 2013 Credit Facilities are secured by a first priority perfected security interest in substantially all assets of the Company and its North American subsidiaries, including: (i) all capital stock of each present and future subsidiary (with certain exclusions of foreign subsidiaries); (ii) all present and future inter-company debt; (iii) all intellectual property rights, including patents, trademarks and copyrights; and (iv) substantially all of the present and future other property and assets, including material real property.

In connection with the 2013 Credit Facilities, the Company entered into a third supplemental indenture to the indenture dated as of February 5, 2010, among the Company, the guarantors named therein and Wells Fargo Bank, National Association, as trustee, pursuant to which the Company's 8.875% Notes were issued.

Also in connection with the 2013 Credit Facilities, the Company entered into an Amendment No. 1 to its existing Unsecured Term Loan (as defined below). The Unsecured Term Loan was amended in order to, among other things, permit the refinancing of the Refinanced Facility.

Subsequent Event

On January 30, 2015, the Company entered into Amendment No. 3 to the ABL Facility ("ABL Amendment No. 3"), pursuant to which the revolving commitments were increased by $10 million. Among other things, ABL Amendment No. 3 increased the Company's flexibility to sell assets and apply the proceeds thereof to prepay our indebtedness. The Amendment also generally increased our flexibility to prepay outstanding indebtedness, make acquisitions and other investments, and pay dividends, subject to the satisfaction of certain conditions.

Unsecured Term Loan

On January 18, 2013, the Company entered into an unsecured credit agreement with Macquarie US Trading LLC, as administrative agent, and the lenders named therein, which provided for an unsecured $50.0 million aggregate principal amount term loan due March 31, 2017 (the "Unsecured Term Loan"). In connection with the Unsecured Term Loan, the Company capitalized debt issuance costs of $6.1 million, of which $2.5 million relates to original issuance discount. In connection with the Unsecured Term Loan, all of the Company's North American subsidiaries as guarantors, entered into a guaranty agreement, dated as of January 18, 2013 (the "Guaranty"), in favor of the administrative agent. Proceeds from the Unsecured Term Loan together with borrowings on its Revolving Credit Facility were used to redeem, satisfy and discharge in full the Company's 7.875% senior subordinated notes due 2013 ("7.875% Notes"), and to pay certain fees and expenses incurred in connection with the Unsecured Term Loan and the redemption, satisfaction and discharge of the 7.875% Notes. On January 22, 2013, U.S. Bank National Association, the trustee for the 7.875% Notes, officially canceled the 7.875% Notes.

The Unsecured Term Loan bore interest at a rate of 15% per annum, payable quarterly in arrears on the 25th day of each February, May, August and November prior to the maturity of the Unsecured Term Loan, and on the maturity date of the Unsecured Term Loan.

During the second quarter of 2014, the Company used cash on hand to repay in full the remaining principal balance on the Unsecured Term Loan.

Other Debt

Other debt as of the year ended 2014 primarily consisted of equipment loans. On September 16, 2013, in connection with the acquisition of certain assets of National, the Company entered into an equipment loan in the aggregate amount of $20.0 million, secured by the machinery and equipment of National. Interest on the equipment loan accrues at a rate of LIBOR plus 11% per year and is payable monthly in arrears for a period of five years beginning on November 1, 2013. A prepayment fee applies if the Company elects to prepay the loan in full before the maturity date. From the date of issuance through September 30, 2014, the prepayment fee was 4%, and the fee declines by 1% in each subsequent year. In connection with the equipment loan, the Company capitalized debt issuance costs of $0.7 million.

2010 Credit Facilities

On December 14, 2012, the Company issued $15 million aggregate principal amount of additional term loans (the "$15 million Term Loan Add-On," and together with the $65 million Term Loan Add-On, as described below, the "Term Loan Add-On") under its senior secured credit agreement, which includes the Revolving Credit Facility, and the Term Loan B (collectively with the Term Loan Add-On and Revolving Credit Facility, the "2010 Credit Facilities"). The $15 million Term Loan Add-On was issued at par. Concurrently with the $15 million Term Loan Add-On, the Company amended the 2010 Credit Facilities (the "December 2012 Amendment") to allow the Company to enter into the Unsecured Term Loan. The Company capitalized debt issuance costs of $2.7 million, which was amortized over the remaining life of the 2010 Credit Facilities. Consenting lenders received $2.6 million, which was capitalized and amortized over the remaining life of the 2010 Credit Facilities.

On June 8, 2012, the Company issued the $65 million aggregate principal amount of additional term loans (the "$65 million Term Loan Add-On") under its 2010 Credit Facilities. The $65 million Term Loan Add-On was issued at a discount of approximately $0.7 million. Concurrently with the $65 million Term Loan Add-On, the Company amended the 2010 Credit Facilities (the "Add-On Amendment") to allow for the repurchase of up to $135 million of its 7.875% Notes, subject to maintaining certain liquidity thresholds and other customary conditions. The Company capitalized debt issuance costs of $1.1 million, which was amortized over the remaining life of the 2010 Credit Facilities. Consenting lenders received $2.0 million for the Add-On Amendment, of which $1.8 million was capitalized and amortized over the remaining life of the 2010 Credit Facilities.

On February 3, 2012, the Company amended the 2010 Credit Facilities (the "2012 Amendment") to increase its restricted dispositions basket in connection with the sale of the Documents Group. The 2012 Amendment required that 25% of the net proceeds of such sale be used to repay the Term Loan B and requires that the remaining amount be used to reinvest in the business or refinance certain existing debt. On February 14, 2012, the Company repaid $9.5 million of the Term Loan B in connection with this provision. The 2012 Amendment required the Company to prepay unsecured debt, second lien debt and/or the loans under the 2010 Credit Facilities within 360 days after the effective date of the 2012 Amendment in an amount equal to 75% of the net proceeds. In connection with the 2012 Amendment, the Company paid $1.7 million to consenting lenders and related fees, which are included in discontinued operations in the consolidated statement of operations.

Effective March 5, 2012, the Company increased its borrowing capacity under the Revolving Credit Facility to $170 million from $150 million as a result of receiving an additional commitment, as permitted under the 2010 Credit Facilities. In connection with this increase, the Company capitalized debt issuance costs of $1.0 million, which is amortized over the life of the Revolving Credit Facility. On March 9, 2012, the Company repaid $34.7 million of its Term Loan B as part of its required excess cash flow pre-payment.

11.5% Senior Notes

On March 28, 2012, the Company issued $225 million aggregate principal amount of 11.5% Notes that were sold with registration rights to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, and to certain non-U.S. persons in accordance with Regulation S under the Securities Act of 1933.  The 11.5% Notes were issued at a discount of approximately $8.3 million. The 11.5% Notes were issued pursuant to an indenture (the "11.5% Indenture") among the Company, certain subsidiary guarantors and U.S. Bank N.A., as trustee. The Company will pay interest on the 11.5% Notes, semi-annually, in cash in arrears, on May 15 and November 15 of each year, commencing on May 15, 2012. The 11.5% Notes have no required principal payments prior to their maturity on May 15, 2017.  The 11.5% Notes are guaranteed on a senior unsecured basis by the Company and substantially all of its existing and future North American subsidiaries. As such, the 11.5% Notes rank pari passu with all of the Company's existing and future senior debt and senior to any of the Company's subordinated debt. The Company may redeem the 11.5% Notes, in whole or in part, on or after May 15, 2015, at redemption prices ranging from 100% to 105.75%, plus accrued and unpaid interest. In addition, at any time prior to May 15, 2015, the Company may redeem up to 35% of the aggregate principal amount of the notes originally issued with the net cash proceeds of certain public equity offerings, at a redemption price of 111.5% plus accrued and unpaid interest. The Company may also redeem some or all of the 11.5% Notes before May 15, 2015 at a redemption price of 100% of the principal amount, plus accrued and unpaid interest, if any, to the redemption date, plus a "make whole" premium. Each holder of the 11.5% Notes has the right to require the Company to repurchase such holder's notes at a purchase price of 101% of the principal amount thereof, plus accrued and unpaid interest thereon, upon the occurrence of certain events specified in the indenture that constitute a change of control. The 11.5% Indenture contains a number of covenants that, among other things, restrict, subject to certain exceptions, the Company's ability and the ability of the Company's subsidiaries to incur or guarantee additional indebtedness, make restricted payments (including paying dividends on, redeeming or repurchasing the Company's capital stock), permit restricted subsidiaries to pay dividends or make other distributions or payments, dispose of assets, make investments, grant liens on assets, merge or consolidate or transfer certain assets, and enter into transactions with affiliates. The 11.5% Indenture also contains certain customary affirmative covenants. In order to fulfill its registration rights obligations, on May 10, 2012, the Company launched a registered exchange offer to exchange any and all of its unregistered 11.5% Notes for publicly tradable notes having substantially identical terms, except for the elimination of some transfer restrictions, registration rights and additional interest payments relating to the outstanding notes, which expired on June 18, 2012.

7% Senior Exchangeable Notes

Concurrently with the issuance of the 11.5% Notes on March 28, 2012, the Company issued $86.3 million aggregate principal amount of senior exchangeable notes due 2017 (the "7% Notes") that were sold to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933.  The 7% Notes were issued pursuant to an indenture (the "7% Indenture") among the Company, certain subsidiary guarantors and U.S. Bank N.A., as trustee. The Company will pay interest on the 7% Notes semi-annually, in cash in arrears, on May 15 and November 15 of each year, commencing on November 15, 2012. The 7% Notes have no required principal payments prior to their maturity on May 15, 2017.  The 7% Notes are guaranteed on a senior unsecured basis by the Company and substantially all of its existing and future North American subsidiaries. As such, the 7% Notes rank pari passu with all of the Company's existing and future senior debt and senior to any of the Company's subordinated debt. The Company may not redeem the notes at its option. Upon a fundamental change, as defined in the 7% Indenture, each holder of 7% Notes may require the Company to repurchase all or a portion of such holder's notes for cash at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date, as defined in the 7% Indenture. The 7% Indenture does not contain any financial covenants or any restrictions, among other things, on the payment of dividends, the incurrence of other indebtedness, or the issuance or repurchase of securities by the Company. The 7% Indenture does not contain any covenants or other provisions to protect holders of the notes in the event of a highly leveraged transaction or a change of control, except to the extent described in the 7% Indenture.

The 7% Notes are exchangeable at any time prior to the close of business on the business day immediately preceding the maturity date, for shares of the Company's common stock at an exchange rate of 241.5167 shares per $1,000 principal amount of 7% Notes, which is equal to an exchange price of approximately $4.14 per share, subject to adjustment under certain specified circumstances. This represents a premium of 22.5% above the last reported sale price of Cenveo's common stock on the New York Stock Exchange on Thursday, March 22, 2012, which was $3.38 per share. If a holder elects to exchange notes in connection with a make-whole fundamental change, as described in the 7% Indenture, such holder may also be entitled to receive a make-whole premium upon exchange in certain circumstances.

Net proceeds of the 11.5% Notes and 7% Notes together with borrowings under the Company's Revolving Credit Facility were used to fund the cash tender offers for any and all of the Company's 8.375% senior subordinated notes, due 2014 (the "8.375% Notes") and the 10.5% senior notes due 2016 (the "10.5% Notes"), plus $45 million aggregate principal amount of the Company's 7.875% Notes and to repurchase an additional $73 million of the 7.875% Notes through open market, negotiated purchases to refinance such indebtedness, and to pay related fees and expenses. In connection with the issuance of the 11.5% Notes and the 7% Notes, the Company capitalized debt issuance costs of $6.0 million and $3.0 million, respectively, all of which will be amortized over the life of the 11.5% Notes and the 7% Notes.

8.875% Notes

In 2010, the Company issued $400 million of 8.875%Notes that were sold with registration rights to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, and to certain non-United States persons in accordance with Regulation S under the Securities Act of 1933.  The 8.875%Notes were issued at a discount of approximately $2.8 million. Net proceeds after fees and expenses were used to pay down $300.0 million of the Company’s outstanding senior secured term loans and $88.0 million outstanding under the Company's then existing senior secured revolving credit facility.

The 8.875%Notes were issued pursuant to an indenture among Cenveo Corporation, certain subsidiary guarantors and Wells Fargo Bank, National Association, as trustee, and an Intercreditor Agreement among Cenveo Corporation, certain subsidiary guarantors, Bank of America, N.A., as first lien agent and control agent, and Wells Fargo Bank, National Association, as second lien collateral agent.  The 8.875%Notes paid interest semi-annually on February 1 and August 1, commencing August 1, 2010. The 8.875%Notes had no required principal payments prior to their maturity on February 1, 2018.  The 8.875%Notes were guaranteed on a senior secured basis by Cenveo, Inc. and substantially all of its domestic subsidiaries with a second priority lien on substantially all of the assets that secured the 2010 Credit Facilities, and on a senior unsecured basis by substantially all of the Canadian subsidiaries. As such the 8.875%Notes ranked pari passu with all the Company’s senior debt and senior in right of payment to all of the Company’s subordinated debt. The Company had the right to redeem the 8.875% Notes, in whole or in part, on or after February 1, 2014, at redemption prices ranging from 100.0% to approximately 104.4%, plus accrued and unpaid interest. Each holder of the 8.875%Notes had the right to require the Company to repurchase such holder’s notes at a purchase price of 101% of the principal amount thereof, plus accrued and unpaid interest thereon, upon the occurrence of certain events specified in the indenture that constitute a change in control. The 8.875%Notes contained customary covenants, representations and warranties, plus a consolidated secured debt to consolidated cash flow liens incurrence test. In order to fulfill its registration rights obligations, on April 28, 2010, the Company launched a registered exchange offer to exchange any and all of its outstanding unregistered 8.875%Notes for publicly tradable notes having substantially identical terms and guarantees, except that the exchange notes were freely tradable. The exchange offer expired on May 26, 2010, and nearly all unregistered 8.875%Notes were exchanged for registered 8.875%Notes.

In connection with the issuance of the 8.875% Notes, the Company capitalized $9.4 million of debt issuance costs, of which $7.6 million related to fees paid to consenting lenders and $1.8 million related to offering expenses.

During 2014, the 8.875% Notes, which at the time had a remaining principal balance of $400.0 million, were extinguished in full using the net proceeds of the 6.000% Notes and 8.500% Notes.

2014 Extinguishments

During the year ended 2014, the Company recorded a total loss on extinguishment of $27.4 million. In 2014, the Company extinguished a total of $2.7 million of its 11.5% Notes. In connection with these retirements, the Company recorded a total loss on early extinguishment of debt of $0.1 million. In the fourth quarter of 2014, the Company extinguished $2.0 million of its 8.500% Notes. In connection with the extinguishment, the Company recorded a gain on early extinguishment of debt of $0.4 million. In connection with the exchange of $3.0 million of its 7% Notes completed in the third quarter of 2014, the Company incurred a non-cash induced conversion expense of $1.1 million, which has been recorded in loss on early extinguishment of debt, net. In the second quarter of 2014, the Company extinguished its Term Loan Facility and its 8.875% Notes. In connection with this extinguishment, the Company recorded a loss on early extinguishment of debt of approximately $9.0 million, of which $5.8 million related to the write-off of unamortized debt issuance costs, and $3.2 million related to the write-off of original issuance discount. Additionally, in connection with the issuance of the 6.000% Notes and 8.500% Notes in the second quarter of 2014, the Company expensed debt issuance costs of $16.5 million, of which $1.6 million related to fees paid to third parties. The Company also used cash on hand of $9.4 million to repay in full the remaining principal balance on the Unsecured Term Loan. In connection with the extinguishment of the Unsecured Term Loan, the Company recorded a loss on early extinguishment of debt of approximately $1.0 million, of which $0.6 million related to the write-off of unamortized debt issuance costs, and $0.4 million related to the write-off of original issuance discount.

2013 Extinguishments

During the year ended 2013, the Company recorded a total loss on early extinguishment of debt of $11.3 million. In connection with the Refinanced Facility, the Company recorded a loss on early extinguishment of debt of approximately $6.4 million, of which $4.1 million related to consent fees paid to consenting lenders, $2.1 million related to the write-off of unamortized debt issuance costs and $0.2 million related to the write-off of original issuance discount.     The Company recorded a loss on early extinguishment of debt of approximately $4.0 million related to the extinguishment of $40.0 million of its Unsecured Term Loan, of which $2.2 million related to the write-off of unamortized debt issuance costs and $1.8 million related to the write-off of original issuance discount. In connection with the extinguishment of $28.2 million of its Term Loan Facility, the Company recorded a loss on early extinguishment of debt of approximately $0.8 million, of which $0.5 million related to the write-off of unamortized debt issuance costs and $0.3 million related to the write-off of original issuance discount.

2012 Extinguishments

During 2012, the Company recorded a total loss on early extinguishment of debt of $12.5 million. In connection with the various refinancing activities discussed, the Company incurred a loss on early extinguishment of debt of $14.9 million, of which $11.7 million related to tender and consent fees paid to consenting lenders and $3.2 million related to the write-off of previously unamortized debt issuance costs. The losses on early extinguishment of debt were partially offset by the gains on early extinguishment of debt of $2.4 million related to repurchases of the 7.875% Notes, the 10.5% Notes, and the 8.375% Notes, plus in each case accrued and unpaid interest thereon.

Debt Restrictions and Compliance

The ABL Facility contains a minimum consolidated fixed charge coverage ratio covenant that applies if availability thereunder falls below a certain level. In addition, the ABL Facility contains customary covenants that, among other things, place limits on the ability of Cenveo, the Company and their respective subsidiaries to incur debt, create liens, make investments and acquisitions, sell assets, pay dividends, prepay debt, merge with other entities, engage in transactions with affiliates, and make capital expenditures. The ABL Facility also contain customary representations and warranties and events of default.

The obligations under the ABL Facility are guaranteed by the Company and each existing and future direct and indirect North American subsidiary of the Company. The ABL Facility is secured by a first priority perfected security interest in substantially all accounts receivable and inventory, and a junior priority perfected security interest in substantially all other assets, of the Company and its North American subsidiaries.  Provided the Company is in compliance with the covenants contained in the ABL Facility, the Company would also be in compliance, in most circumstances, with the Company’s incurrence tests within all of the Company’s debt indentures.

Any default under the ABL Facility would prevent the Company from borrowing additional amounts and could cause the indebtedness outstanding under the ABL Facility and, by reason of cross-acceleration or cross-default provisions, all of the aforementioned notes and any other indebtedness the Company may then have, to become immediately due and payable.

As of the year ended 2014, the Company was in compliance with all debt agreement covenants. The Company anticipates being in compliance with all of its debt agreements throughout its 2015 fiscal year.

The aggregate annual maturities for long-term debt, including the original issuance discount, are as follows (in thousands):

2015	$	4,355
2016	3,943
2017	443,999
2018	6,395
2019	540,000
Thereafter	248,000
	$	1,246,692

The Company may from time to time seek to purchase its outstanding notes in open market purchases, privately negotiated transactions or other means. Such repurchases, if any, will depend on prevailing market conditions, the Company's liquidity requirements, contractual restrictions and other factors.

XML

Goodwill and Other Intangible Assets (Schedule of Intangible Assets) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 27, 2014	Dec. 28, 2013
Finite-Lived Intangible Assets [Abstract]
Weighted Average Remaining Amortization Period (Years)	11 years
Gross Carrying Amount	$ 230,440	$ 230,100
Accumulated Impairment Charges	(82,601)	(82,601)
Accumulated Amortization	(75,035)	(63,650)
Total Net Carrying Amount	72,804	83,849
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	315,340	315,000
Accumulated Impairment Charges	(82,601)	(82,601)
Accumulated Amortization	(75,035)	(63,650)
Net Carrying Amount	157,704	168,749
Trademarks [Member]
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Gross Carrying Amount	84,900	84,900
Accumulated Impairment Charges	0	0
Net Carrying Amount	84,900	84,900
Customer relationships [Member]
Finite-Lived Intangible Assets [Abstract]
Weighted Average Remaining Amortization Period (Years)	8 years
Gross Carrying Amount	144,732	144,898
Accumulated Impairment Charges	(27,234)	(27,234)
Accumulated Amortization	(62,202)	(53,682)
Total Net Carrying Amount	55,296	63,982
Trademarks and trade names [Member]
Finite-Lived Intangible Assets [Abstract]
Weighted Average Remaining Amortization Period (Years)	22 years
Gross Carrying Amount	77,750	77,754
Accumulated Impairment Charges	(55,367)	(55,367)
Accumulated Amortization	(9,383)	(6,734)
Total Net Carrying Amount	13,000	15,653
Leashold interests [Member]
Finite-Lived Intangible Assets [Abstract]
Weighted Average Remaining Amortization Period (Years)	18 years
Gross Carrying Amount	4,430	3,780
Accumulated Impairment Charges	0	0
Accumulated Amortization	(291)	(55)
Total Net Carrying Amount	4,139	3,725
Patents [Member]
Finite-Lived Intangible Assets [Abstract]
Weighted Average Remaining Amortization Period (Years)	11 years
Gross Carrying Amount	3,528	3,528
Accumulated Impairment Charges	0	0
Accumulated Amortization	(3,159)	(3,039)
Total Net Carrying Amount	369	489
Non-compete agreements [Member]
Finite-Lived Intangible Assets [Abstract]
Gross Carrying Amount	0	140
Accumulated Impairment Charges	0	0
Accumulated Amortization	0	(140)
Total Net Carrying Amount	$ 0	$ 0

XML

Income (Loss) Per Share (Narrative) (Details) In Millions, unless otherwise specified	12 Months Ended
	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (shares)	20.3	22.9	24.1

XML

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 27, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill as of the years ended 2014 and 2013 by reportable segment are as follows (in thousands):

	Envelope		Print			Label and Packaging			Total
Balance as of the year ended 2012	$	23,433	$	46,267		$	117,715		$	187,415
Acquisitions, net	—		—			92			92
Foreign currency translation	—		(691		)	(380		)	(1,071		)
Balance as of the year ended 2013	23,433		45,576			117,427			186,436
Foreign currency translation	—		(144		)	(443		)	(587		)
Balance as of the year ended 2014	$	23,433	$	45,432		$	116,984		$	185,849

The impairment test for goodwill uses a two-step approach. Step one compares the estimated fair value of a reporting unit with goodwill to its carrying value. If the carrying value exceeds the estimated fair value, step two must be performed. Step two compares the carrying value of the reporting unit to the fair value of all of the assets and liabilities of the reporting unit (including any unrecognized intangibles) as if the reporting unit was acquired in a business combination. If the carrying amount of a reporting unit’s goodwill exceeds the implied fair value of its goodwill, an impairment loss is recognized in an amount equal to the excess. The Company's valuation of all of its reporting units was performed using the income approach in which the Company utilized a discounted cash flow analysis to determine the present value of expected future cash flows of each reporting unit. The Company performed a market approach analysis in order to support the reasonableness of the fair value determined under the income approach.

The estimated fair value for each of the Company's reporting units, as of the year ended 2014, exceeded the respective carrying values of each reporting unit. As a result, it was concluded that the goodwill assigned to each reporting unit, as of December 27, 2014, was not impaired. Additionally, there were no goodwill impairments recorded in the years ended 2013 and 2012. 

Other intangible assets are as follows (in thousands):

		2014										2013
	Weighted Average Remaining Amortization Period (Years)	Gross Carrying Amount		Accumulated Impairment Charges			Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Impairment Charges			Accumulated Amortization			Net Carrying Amount
Intangible assets with definite lives:
Customer relationships	8	$	144,732	$	(27,234	)	$	(62,202	)	$	55,296	$	144,898	$	(27,234	)	$	(53,682	)	$	63,982
Trademarks and trade names	22	77,750		(55,367		)	(9,383		)	13,000		77,754		(55,367		)	(6,734		)	15,653
Leasehold interest	18	4,430		—			(291		)	4,139		3,780		—			(55		)	3,725
Patents	11	3,528		—			(3,159		)	369		3,528		—			(3,039		)	489
Non-compete agreements		—		—			—			—		140		—			(140		)	—
Subtotal	11	230,440		(82,601		)	(75,035		)	72,804		230,100		(82,601		)	(63,650		)	83,849
Intangible assets with indefinite lives:
Trademarks		84,900		—			—			84,900		84,900		—			—			84,900
Total		$	315,340	$	(82,601	)	$	(75,035	)	$	157,704	$	315,000	$	(82,601	)	$	(63,650	)	$	168,749

Annual amortization expense of intangible assets for the next five years is estimated to be as follows (in thousands):

	Annual Estimated  Expense
2015	$	9,743
2016	7,997
2017	7,300
2018	7,139
2019	6,920
Thereafter	33,705
Total	$	72,804

Sale of Intangible Asset

In 2012, the Company received proceeds of $5.7 million related to the buyout of a royalty agreement by a third party and certain other intellectual property. Prior to its sale, the royalty agreement was accounted for as an intangible asset in the Company's consolidated balance sheet. As a result of the transaction, the Company recorded a gain of $2.8 million in other income, net, in its consolidated statement of operations.

Asset Impairments

During the fourth quarter of 2013, the Company made the decision to retire certain trade names during 2014 as a result of rebranding the Company's print and packaging business lines. Accordingly, based on its evaluation using a relief-from-royalty and other discounted cash flow methodologies, the Company concluded that those trade name assets were impaired. An impairment charge of $33.4 million was recorded to reduce their carrying value to their estimated fair value. Those trade names were fully amortized during 2014. There were no intangible asset impairments in the years ended 2014 or 2012.

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Other Current Liabilities

12 Months Ended

Dec. 27, 2014

Other Liabilities, Current [Abstract]

Other Current Liabilities

Other Current Liabilities

Other current liabilities are as follows (in thousands):

	2014		2013
Accrued interest expense	$	24,379	$	20,040
Accrued customer rebates	21,212		16,901
Restructuring liabilities	5,174		4,555
Other accrued liabilities	36,456		39,702
	$	87,221	$	81,198

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Fair Value Measurements

12 Months Ended

Dec. 27, 2014

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Certain assets and liabilities of the Company are required to be recorded at fair value on either a recurring or non-recurring basis. Fair value is determined based on the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants.

Assets and Liabilities Measured at Fair Value on a Recurring Basis:

On a recurring basis, the Company records its pension plan assets (Note 13) at fair value. No additional assets or liabilities were recorded at fair value on a recurring basis for the years ended 2014 and 2013.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis:

Assets and liabilities measured at fair value on a nonrecurring basis relate primarily to the Company's tangible fixed assets, goodwill and other intangible assets, which are remeasured when the derived fair value is below carrying value on the consolidated balance sheets. For these assets, the Company does not periodically adjust carrying value to fair value except in the event of impairment. When the Company determines that impairment has occurred, the carrying value of the asset is reduced to fair value and the difference is recorded within operating income in the statement of operations. No impairment of fixed assets or goodwill has been recorded in 2014 or 2013.

Refer to Note 6 for further information associated with the impairment of certain trade names. Fair value was derived using the relief-from-royalty method, as described in Note 1.

The following table provides information for assets that are measured at fair value on a nonrecurring basis as of the years ended 2014 and 2013 (in thousands): 

	2014				2013
	Impairments		Remaining Net Carrying Value		Impairments		Remaining Net Carrying Value
Other intangible assets, net	$	—	$	—	$	33,367	$	1,933

The fair value re-measurements included in the table above were based on significant unobservable inputs (Level 3).

Fair Value of Financial Instruments:

The Company’s financial instruments include cash and cash equivalents, accounts receivable, net, long-term debt and accounts payable. The carrying values of cash and cash equivalents, accounts receivable, net, current maturities of long-term debt and accounts payable are reasonable estimates of their fair values as of the years ended 2014 and 2013 due to the short-term nature of these instruments. See Note 8 for fair value of the Company’s long-term debt. Additionally, the Company also records the assets and liabilities assumed in its acquisitions (Note 2) at fair value.

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Long-Term Debt (Schedule of Long-Term Debt) (Details) (USD $)	Dec. 27, 2014	Dec. 28, 2013	Jun. 26, 2014	Jan. 18, 2013
Debt Instrument [Line Items]
Total long-term debt	$ 1,234,339,000	$ 1,185,525,000
Less current maturities	(4,355,000)	(9,174,000)
Long-term debt	1,229,984,000	1,176,351,000
Line of credit [Member] | ABL Facility due 2017 [Member]
Debt Instrument [Line Items]
Total long-term debt	134,700,000	121,400,000
Junior subordinated debt [Member] | 8.500% junior secured priority notes due 2022 [Member]
Debt Instrument [Line Items]
Total long-term debt	245,384,000	0
Debt interest rate (percent)	8.50%		8.50%
Long-term debt, outstanding principal amount	248,000,000	0
Senior notes [Member] | 6.000% senior secured priority notes due 2019 [Member]
Debt Instrument [Line Items]
Total long-term debt	534,552,000	0
Debt interest rate (percent)	6.00%		6.00%
Long-term debt, outstanding principal amount	540,000,000	0
Senior subordinated notes [Member] | 8.875% senior second lien notes due 2018 [Member]
Debt Instrument [Line Items]
Total long-term debt	0	398,326,000
Debt interest rate (percent)	8.875%	8.875%
Long-term debt, outstanding principal amount	0	400,000,000	400,000,000
Long-term debt [Member] | Term loan facility due 2017 [Member]
Debt Instrument [Line Items]
Total long-term debt	0	326,013,000
Long-term debt, outstanding principal amount	0	329,100,000.0	327,300,000
Unsecured debt [Member] | 15% unsecured term loan due 2017 [Member]
Debt Instrument [Line Items]
Total long-term debt	0	9,500,000
Debt interest rate (percent)		15.00%		15.00%
Long-term debt, outstanding principal amount	0	10,000,000
Secured debt [Member] | 11.5% senior notes due 2017 [Member]
Debt Instrument [Line Items]
Total long-term debt	218,011,000	219,068,000
Debt interest rate (percent)	11.50%
Long-term debt, outstanding principal amount	222,300,000.0	225,000,000
Convertible debt [Member] | 7% senior exchangeable notes due 2017 [Member]
Debt Instrument [Line Items]
Total long-term debt	83,250,000	86,250,000
Debt interest rate (percent)	7.00%
Other debt including capital leases [Member] | Other debt including capital leases [Member]
Debt Instrument [Line Items]
Total long-term debt	$ 18,442,000	$ 24,968,000

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Restructuring and Other Charges (Restructuring Expenses) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012
Restructuring Charges [Abstract]
Restructuring and other charges	$ 22,458	$ 13,100	$ 27,100
Employee Separation Costs [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	8,119	6,480	7,571
Asset Charges, Net of Gain on Sale [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	2,005	1,295	8,395
Equipment Moving Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	3,443	1,526	1,070
Lease Termination Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	2,155	1,059	1,159
Multi-employer Pension Withdrawal Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	1,260	453	5,082
Building Clean-up and Other Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	5,476	2,287	3,823
Envelope [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	14,181	5,476	6,161
Envelope [Member] | Employee Separation Costs [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	2,160	643	2,500
Envelope [Member] | Asset Charges, Net of Gain on Sale [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	2,793	1,148	1,640
Envelope [Member] | Equipment Moving Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	3,432	1,477	449
Envelope [Member] | Lease Termination Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	1,751	552	504
Envelope [Member] | Multi-employer Pension Withdrawal Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	140	107	168
Envelope [Member] | Building Clean-up and Other Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	3,905	1,549	900
Print [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	3,091	4,289	18,089
Print [Member] | Employee Separation Costs [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	896	2,614	2,773
Print [Member] | Asset Charges, Net of Gain on Sale [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	(788)	147	6,755
Print [Member] | Equipment Moving Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	11	49	619
Print [Member] | Lease Termination Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	362	569	493
Print [Member] | Multi-employer Pension Withdrawal Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	1,120	346	4,914
Print [Member] | Building Clean-up and Other Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	1,490	564	2,535
Label and packaging [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	1,089	1,147	2,014
Label and packaging [Member] | Employee Separation Costs [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	1,047	1,260	1,652
Label and packaging [Member] | Asset Charges, Net of Gain on Sale [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	0	0
Label and packaging [Member] | Equipment Moving Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	0	2
Label and packaging [Member] | Lease Termination Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	42	(126)	162
Label and packaging [Member] | Multi-employer Pension Withdrawal Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	0	0
Label and packaging [Member] | Building Clean-up and Other Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	13	198
Corporate [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	4,097	2,188	836
Corporate [Member] | Employee Separation Costs [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	4,016	1,963	646
Corporate [Member] | Asset Charges, Net of Gain on Sale [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	0	0
Corporate [Member] | Equipment Moving Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	0	0
Corporate [Member] | Lease Termination Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	64	0
Corporate [Member] | Multi-employer Pension Withdrawal Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	0	0
Corporate [Member] | Building Clean-up and Other Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	81	161	190
2014 Plan [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	6,230
2014 Plan [Member] | Employee Separation Costs [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	5,797
2014 Plan [Member] | Lease Termination Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0
2014 Plan [Member] | Multi-employer Pension Withdrawal Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0
2014 Plan [Member] | Building Clean-up and Other Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	433
2014 Plan [Member] | Envelope [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	145
2014 Plan [Member] | Envelope [Member] | Employee Separation Costs [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	145
2014 Plan [Member] | Envelope [Member] | Asset Charges, Net of Gain on Sale [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0
2014 Plan [Member] | Envelope [Member] | Equipment Moving Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0
2014 Plan [Member] | Envelope [Member] | Lease Termination Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0
2014 Plan [Member] | Envelope [Member] | Multi-employer Pension Withdrawal Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0
2014 Plan [Member] | Envelope [Member] | Building Clean-up and Other Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0
2014 Plan [Member] | Print [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	237
2014 Plan [Member] | Print [Member] | Employee Separation Costs [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	597
2014 Plan [Member] | Print [Member] | Asset Charges, Net of Gain on Sale [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	(747)
2014 Plan [Member] | Print [Member] | Equipment Moving Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	11
2014 Plan [Member] | Print [Member] | Lease Termination Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0
2014 Plan [Member] | Print [Member] | Multi-employer Pension Withdrawal Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0
2014 Plan [Member] | Print [Member] | Building Clean-up and Other Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	376
2014 Plan [Member] | Label and packaging [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	1,039
2014 Plan [Member] | Label and packaging [Member] | Employee Separation Costs [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	1,039
2014 Plan [Member] | Label and packaging [Member] | Asset Charges, Net of Gain on Sale [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0
2014 Plan [Member] | Label and packaging [Member] | Equipment Moving Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0
2014 Plan [Member] | Label and packaging [Member] | Lease Termination Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0
2014 Plan [Member] | Label and packaging [Member] | Multi-employer Pension Withdrawal Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0
2014 Plan [Member] | Label and packaging [Member] | Building Clean-up and Other Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0
2014 Plan [Member] | Corporate [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	4,062
2014 Plan [Member] | Corporate [Member] | Employee Separation Costs [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	4,016
2014 Plan [Member] | Corporate [Member] | Asset Charges, Net of Gain on Sale [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0
2014 Plan [Member] | Corporate [Member] | Equipment Moving Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0
2014 Plan [Member] | Corporate [Member] | Lease Termination Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0
2014 Plan [Member] | Corporate [Member] | Multi-employer Pension Withdrawal Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0
2014 Plan [Member] | Corporate [Member] | Building Clean-up and Other Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	46
2013 Plan [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	947	6,867
2013 Plan [Member] | Employee Separation Costs [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	303	6,099
2013 Plan [Member] | Lease Termination Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	172	392
2013 Plan [Member] | Multi-employer Pension Withdrawal Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	0
2013 Plan [Member] | Building Clean-up and Other Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	472	376
2013 Plan [Member] | Envelope [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	(4)	522
2013 Plan [Member] | Envelope [Member] | Employee Separation Costs [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	(4)	232
2013 Plan [Member] | Envelope [Member] | Asset Charges, Net of Gain on Sale [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	0
2013 Plan [Member] | Envelope [Member] | Equipment Moving Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	10
2013 Plan [Member] | Envelope [Member] | Lease Termination Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	215
2013 Plan [Member] | Envelope [Member] | Multi-employer Pension Withdrawal Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	0
2013 Plan [Member] | Envelope [Member] | Building Clean-up and Other Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	65
2013 Plan [Member] | Print [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	887	3,016
2013 Plan [Member] | Print [Member] | Employee Separation Costs [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	299	2,688
2013 Plan [Member] | Print [Member] | Asset Charges, Net of Gain on Sale [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	(41)	0
2013 Plan [Member] | Print [Member] | Equipment Moving Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	0
2013 Plan [Member] | Print [Member] | Lease Termination Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	172	104
2013 Plan [Member] | Print [Member] | Multi-employer Pension Withdrawal Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	0
2013 Plan [Member] | Print [Member] | Building Clean-up and Other Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	457	224
2013 Plan [Member] | Label and packaging [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	8	1,261
2013 Plan [Member] | Label and packaging [Member] | Employee Separation Costs [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	8	1,239
2013 Plan [Member] | Label and packaging [Member] | Asset Charges, Net of Gain on Sale [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	0
2013 Plan [Member] | Label and packaging [Member] | Equipment Moving Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	0
2013 Plan [Member] | Label and packaging [Member] | Lease Termination Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	9
2013 Plan [Member] | Label and packaging [Member] | Multi-employer Pension Withdrawal Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	0
2013 Plan [Member] | Label and packaging [Member] | Building Clean-up and Other Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	13
2013 Plan [Member] | Corporate [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	15	2,068
2013 Plan [Member] | Corporate [Member] | Employee Separation Costs [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	1,940
2013 Plan [Member] | Corporate [Member] | Asset Charges, Net of Gain on Sale [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	0
2013 Plan [Member] | Corporate [Member] | Equipment Moving Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	0
2013 Plan [Member] | Corporate [Member] | Lease Termination Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	64
2013 Plan [Member] | Corporate [Member] | Multi-employer Pension Withdrawal Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	0
2013 Plan [Member] | Corporate [Member] | Building Clean-up and Other Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	15	64
2012 Plan [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	572	1,241
2012 Plan [Member] | Employee Separation Costs [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	(86)
2012 Plan [Member] | Lease Termination Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	(178)	311
2012 Plan [Member] | Multi-employer Pension Withdrawal Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	749	0
2012 Plan [Member] | Building Clean-up and Other Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	1	1,016
2012 Plan [Member] | Envelope [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	(197)	1,302	2,346
2012 Plan [Member] | Envelope [Member] | Employee Separation Costs [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	(37)	1,483
2012 Plan [Member] | Envelope [Member] | Asset Charges, Net of Gain on Sale [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	118	441
2012 Plan [Member] | Envelope [Member] | Equipment Moving Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	193	35
2012 Plan [Member] | Envelope [Member] | Lease Termination Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	(198)	300	319
2012 Plan [Member] | Envelope [Member] | Multi-employer Pension Withdrawal Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	0	0
2012 Plan [Member] | Envelope [Member] | Building Clean-up and Other Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	1	728	68
2012 Plan [Member] | Print [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	769	179	16,341
2012 Plan [Member] | Print [Member] | Employee Separation Costs [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	(74)	2,241
2012 Plan [Member] | Print [Member] | Asset Charges, Net of Gain on Sale [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	147	6,220
2012 Plan [Member] | Print [Member] | Equipment Moving Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	39	572
2012 Plan [Member] | Print [Member] | Lease Termination Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	20	11	337
2012 Plan [Member] | Print [Member] | Multi-employer Pension Withdrawal Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	749	0	5,400
2012 Plan [Member] | Print [Member] | Building Clean-up and Other Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	56	1,571
2012 Plan [Member] | Label and packaging [Member]
Restructuring Charges [Abstract]
Restructuring and other charges		25	1,307
2012 Plan [Member] | Label and packaging [Member] | Employee Separation Costs [Member]
Restructuring Charges [Abstract]
Restructuring and other charges		25	1,288
2012 Plan [Member] | Label and packaging [Member] | Asset Charges, Net of Gain on Sale [Member]
Restructuring Charges [Abstract]
Restructuring and other charges		0	0
2012 Plan [Member] | Label and packaging [Member] | Equipment Moving Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges		0	6
2012 Plan [Member] | Label and packaging [Member] | Lease Termination Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges		0	0
2012 Plan [Member] | Label and packaging [Member] | Multi-employer Pension Withdrawal Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges		0	0
2012 Plan [Member] | Label and packaging [Member] | Building Clean-up and Other Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges		0	13
2012 Plan [Member] | Corporate [Member]
Restructuring Charges [Abstract]
Restructuring and other charges			646
2012 Plan [Member] | Corporate [Member] | Employee Separation Costs [Member]
Restructuring Charges [Abstract]
Restructuring and other charges			646
2012 Plan [Member] | Corporate [Member] | Asset Charges, Net of Gain on Sale [Member]
Restructuring Charges [Abstract]
Restructuring and other charges			0
2012 Plan [Member] | Corporate [Member] | Equipment Moving Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges			0
2012 Plan [Member] | Corporate [Member] | Lease Termination Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges			0
2012 Plan [Member] | Corporate [Member] | Multi-employer Pension Withdrawal Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges			0
2012 Plan [Member] | Corporate [Member] | Building Clean-up and Other Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges			0
Residual Plans [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	1,488	1,195
Residual Plans [Member] | Employee Separation Costs [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	19
Residual Plans [Member] | Lease Termination Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	212	319
Residual Plans [Member] | Multi-employer Pension Withdrawal Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	511	453
Residual Plans [Member] | Building Clean-up and Other Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	765	404
Residual Plans [Member] | Envelope [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	228	120	322
Residual Plans [Member] | Envelope [Member] | Employee Separation Costs [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	0	(12)
Residual Plans [Member] | Envelope [Member] | Asset Charges, Net of Gain on Sale [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	0	0
Residual Plans [Member] | Envelope [Member] | Equipment Moving Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	0	0
Residual Plans [Member] | Envelope [Member] | Lease Termination Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	0	13
Residual Plans [Member] | Envelope [Member] | Multi-employer Pension Withdrawal Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	140	107	168
Residual Plans [Member] | Envelope [Member] | Building Clean-up and Other Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	88	13	153
Residual Plans [Member] | Print [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	1,198	1,094	1,748
Residual Plans [Member] | Print [Member] | Employee Separation Costs [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	0	532
Residual Plans [Member] | Print [Member] | Asset Charges, Net of Gain on Sale [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	0	535
Residual Plans [Member] | Print [Member] | Equipment Moving Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	10	47
Residual Plans [Member] | Print [Member] | Lease Termination Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	170	454	156
Residual Plans [Member] | Print [Member] | Multi-employer Pension Withdrawal Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	371	346	(486)
Residual Plans [Member] | Print [Member] | Building Clean-up and Other Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	657	284	964
Residual Plans [Member] | Label and packaging [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	42	(139)	711
Residual Plans [Member] | Label and packaging [Member] | Employee Separation Costs [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	(4)	364
Residual Plans [Member] | Label and packaging [Member] | Asset Charges, Net of Gain on Sale [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	0	0
Residual Plans [Member] | Label and packaging [Member] | Equipment Moving Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	0	0
Residual Plans [Member] | Label and packaging [Member] | Lease Termination Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	42	(135)	162
Residual Plans [Member] | Label and packaging [Member] | Multi-employer Pension Withdrawal Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	0	0
Residual Plans [Member] | Label and packaging [Member] | Building Clean-up and Other Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	0	185
Residual Plans [Member] | Corporate [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	20	120	190
Residual Plans [Member] | Corporate [Member] | Employee Separation Costs [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	23	0
Residual Plans [Member] | Corporate [Member] | Asset Charges, Net of Gain on Sale [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	0	0
Residual Plans [Member] | Corporate [Member] | Equipment Moving Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	0	0
Residual Plans [Member] | Corporate [Member] | Lease Termination Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	0	0
Residual Plans [Member] | Corporate [Member] | Multi-employer Pension Withdrawal Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	0	0
Residual Plans [Member] | Corporate [Member] | Building Clean-up and Other Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	20	97	190
Acquisition Integration Plans [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	11,216	2,502
Acquisition Integration Plans [Member] | Employee Separation Costs [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	2,019	448
Acquisition Integration Plans [Member] | Lease Termination Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	1,949	37
Acquisition Integration Plans [Member] | Multi-employer Pension Withdrawal Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	0
Acquisition Integration Plans [Member] | Building Clean-up and Other Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	7,248	2,017
Acquisition Integration Plans [Member] | Envelope [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	14,009	3,532	3,493
Acquisition Integration Plans [Member] | Envelope [Member] | Employee Separation Costs [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	2,019	448	1,029
Acquisition Integration Plans [Member] | Envelope [Member] | Asset Charges, Net of Gain on Sale [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	2,793	1,030	1,199
Acquisition Integration Plans [Member] | Envelope [Member] | Equipment Moving Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	3,432	1,274	414
Acquisition Integration Plans [Member] | Envelope [Member] | Lease Termination Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	1,949	37	172
Acquisition Integration Plans [Member] | Envelope [Member] | Multi-employer Pension Withdrawal Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	0	0	0
Acquisition Integration Plans [Member] | Envelope [Member] | Building Clean-up and Other Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges	3,816	743	679
Acquisition Integration Plans [Member] | Label and packaging [Member]
Restructuring Charges [Abstract]
Restructuring and other charges			(4)
Acquisition Integration Plans [Member] | Label and packaging [Member] | Employee Separation Costs [Member]
Restructuring Charges [Abstract]
Restructuring and other charges			0
Acquisition Integration Plans [Member] | Label and packaging [Member] | Asset Charges, Net of Gain on Sale [Member]
Restructuring Charges [Abstract]
Restructuring and other charges			0
Acquisition Integration Plans [Member] | Label and packaging [Member] | Equipment Moving Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges			(4)
Acquisition Integration Plans [Member] | Label and packaging [Member] | Lease Termination Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges			0
Acquisition Integration Plans [Member] | Label and packaging [Member] | Multi-employer Pension Withdrawal Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges			0
Acquisition Integration Plans [Member] | Label and packaging [Member] | Building Clean-up and Other Expenses [Member]
Restructuring Charges [Abstract]
Restructuring and other charges			$ 0

XML

Long-Term Debt (6.0% Senior Priority Secured Notes) (Details) (USD $)	0 Months Ended
	Jun. 26, 2014	Dec. 27, 2014
Senior notes [Member] | 6.000% senior secured priority notes due 2019 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	540,000,000
Debt interest rate (percent)	6.00%	6.00%
Debt redemption price, change of control (percentage)	101.00%
Senior notes [Member] | 6.000% senior secured priority notes due 2019 [Member] | Prior to August 1, 2017 [Member]
Debt Instrument [Line Items]
Debt redemption price (percentage)	106.00%
Debt redemption price, maximum percentage of principal amount redeemable (percent)	35.00%
Senior notes [Member] | 6.000% senior secured priority notes due 2019 [Member] | Between August 1, 2017, and February 1, 2019 [Member]
Debt Instrument [Line Items]
Debt redemption price (percentage)	100.00%
Debt redemption price, minimum make-whole premium (percentage)	1.00%
Senior notes [Member] | 6.000% senior secured priority notes due 2019 [Member] | On or After February 1, 2019 [Member]
Debt Instrument [Line Items]
Debt redemption price (percentage)	100.00%
Line of credit [Member] | ABL Facility due 2017 [Member]
Debt Instrument [Line Items]
Credit facility, borrowing capacity		230,000,000

XML

Retirement Plans (Schedule of Actual and Target Allocations of Plan Assets) (Details) (Pensions [Member])	12 Months Ended
	Dec. 27, 2014	Dec. 28, 2013
Equity [Member]
Target Allocations [Abstract]
Target plan asset allocations range, minimum (percent)	60.00%
Target plan asset allocations range, maximum (percent)	75.00%
Fixed income [Member]
Target Allocations [Abstract]
Target plan asset allocations range, minimum (percent)	25.00%
Target plan asset allocations range, maximum (percent)	35.00%
Alternative and other investments [Member]
Target Allocations [Abstract]
Target plan asset allocations range, minimum (percent)	10.00%
Target plan asset allocations range, maximum (percent)	30.00%
Minimum [Member] | Equity [Member]
Target Allocations [Abstract]
Actual plan asset allocations (percent)	48.00%	53.00%
Minimum [Member] | Fixed income [Member]
Target Allocations [Abstract]
Actual plan asset allocations (percent)	26.00%	23.00%
Minimum [Member] | Alternative and other investments [Member]
Target Allocations [Abstract]
Actual plan asset allocations (percent)	5.00%	2.00%
Maximum [Member] | Equity [Member]
Target Allocations [Abstract]
Actual plan asset allocations (percent)	62.00%	65.00%
Maximum [Member] | Fixed income [Member]
Target Allocations [Abstract]
Actual plan asset allocations (percent)	33.00%	33.00%
Maximum [Member] | Alternative and other investments [Member]
Target Allocations [Abstract]
Actual plan asset allocations (percent)	26.00%	24.00%

XML

Other Current Liabilities (Details) (USD $) In Thousands, unless otherwise specified	Dec. 27, 2014	Dec. 28, 2013
Other Liabilities, Current [Abstract]
Accrued interest expense	$ 24,379	$ 20,040
Accrued customer rebates	21,212	16,901
Restructuring liabilities	5,174	4,555
Other accrued liabilities	36,456	39,702
Other current liabilities	$ 87,221	$ 81,198

XML

Retirement Plans (Reconciliation of Fair Value of Plan Assets) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 27, 2014	Dec. 28, 2013
Reconciliation of Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at end of year	$ 267,635	$ 260,917
Pensions [Member]
Reconciliation of Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	260,917	231,897
Actual return on plan assets	18,466	32,085
Employer contributions	11,925	13,567
Benefits paid	(23,673)	(16,632)
Fair value of plan assets at end of year	267,635	260,917
Supplemental Employee Retirement Plans [Member]
Reconciliation of Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	0	0
Actual return on plan assets	0	0
Employer contributions	1,995	2,094
Benefits paid	(1,995)	(2,094)
Fair value of plan assets at end of year	0	0
Other Postretirement Benefit Plans [Member]
Reconciliation of Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	0	0
Actual return on plan assets	0	0
Employer contributions	122	136
Benefits paid	(122)	(136)
Fair value of plan assets at end of year	$ 0	$ 0

XML

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 27, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

The changes in the carrying amount of goodwill as of the years ended 2014 and 2013 by reportable segment are as follows (in thousands):

	Envelope		Print			Label and Packaging			Total
Balance as of the year ended 2012	$	23,433	$	46,267		$	117,715		$	187,415
Acquisitions, net	—		—			92			92
Foreign currency translation	—		(691		)	(380		)	(1,071		)
Balance as of the year ended 2013	23,433		45,576			117,427			186,436
Foreign currency translation	—		(144		)	(443		)	(587		)
Balance as of the year ended 2014	$	23,433	$	45,432		$	116,984		$	185,849

Schedule of intangible assets

Other intangible assets are as follows (in thousands):

		2014										2013
	Weighted Average Remaining Amortization Period (Years)	Gross Carrying Amount		Accumulated Impairment Charges			Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Impairment Charges			Accumulated Amortization			Net Carrying Amount
Intangible assets with definite lives:
Customer relationships	8	$	144,732	$	(27,234	)	$	(62,202	)	$	55,296	$	144,898	$	(27,234	)	$	(53,682	)	$	63,982
Trademarks and trade names	22	77,750		(55,367		)	(9,383		)	13,000		77,754		(55,367		)	(6,734		)	15,653
Leasehold interest	18	4,430		—			(291		)	4,139		3,780		—			(55		)	3,725
Patents	11	3,528		—			(3,159		)	369		3,528		—			(3,039		)	489
Non-compete agreements		—		—			—			—		140		—			(140		)	—
Subtotal	11	230,440		(82,601		)	(75,035		)	72,804		230,100		(82,601		)	(63,650		)	83,849
Intangible assets with indefinite lives:
Trademarks		84,900		—			—			84,900		84,900		—			—			84,900
Total		$	315,340	$	(82,601	)	$	(75,035	)	$	157,704	$	315,000	$	(82,601	)	$	(63,650	)	$	168,749

Schedule of future amortization expense of intangible assets

Annual amortization expense of intangible assets for the next five years is estimated to be as follows (in thousands):

	Annual Estimated  Expense
2015	$	9,743
2016	7,997
2017	7,300
2018	7,139
2019	6,920
Thereafter	33,705
Total	$	72,804

XML

Acquisitions (Purchase Price Allocation of National Envelope) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended			0 Months Ended
	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012	Sep. 16, 2013
Business Acquisition [Line Items]
Gain on bargain purchase	$ 0	$ 17,262	$ 0
National Envelope Acquisition [Member]
Business Acquisition [Line Items]
Property, plant and equipment				53,108
Other intangible assets				4,430
Total assets acquired				57,538
Accounts payable				1,015
Accrued compensation and related liabilities				1,210
Other current liabilities				1,453
Note payable				2,536
Total liabilities assumed				6,214
Net assets acquired				51,324
Cost of the acquisition of certain assets of National				34,062
Gain on bargain purchase				$ 17,262

XML

Commitments and Contingencies

12 Months Ended

Dec. 27, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Leases: The Company leases buildings and equipment under operating lease agreements expiring at various dates through 2033. Certain leases include renewal and/or purchase options, which may be exercised by us. As of the year ended 2014, future minimum annual lease payments by year and, in the aggregate, under non-cancelable operating lease agreements with original terms of one year or more consisted of the following (in thousands):

2015	$	25,668
2016	20,383
2017	17,269
2018	13,494
2019	9,360
Thereafter	19,013
Total	$	105,187

Rent expense was $31.1 million, $26.6 million and $25.6 million in 2014, 2013 and 2012, respectively.

Environmental:  The Company is involved in certain environmental matters and has been designated as a potentially responsible party for certain hazardous waste sites. Prior to the Company’s acquisition of Nashua, Nashua was involved in certain environmental matters and was designated by the Environmental Protection Agency ("EPA") as a potentially responsible party for certain hazardous waste sites. In addition, Nashua had been notified by certain state environmental agencies that Nashua may bear responsibility for remedial action at other sites which have not been addressed by the EPA. The sites at which Nashua may have remedial responsibilities are in various stages of investigation and remediation. Due to the unique physical characteristics of each site, the remedial technology employed, the extended time-frames of each remediation, the interpretation of applicable laws and regulations and the financial viability of other potential participants, the ultimate range of outcomes cannot be predicted with certainty; therefore, the Company’s ultimate cost of remediation is an estimate and is contingent on these factors. Based on information currently available, the Company believes that Nashua’s remediation expense, if any, is not likely to have a material effect on its consolidated financial position or results of operations. As of the years ended 2014 and 2013, the undiscounted liability relating to the Company’s environmental matters was $1.7 million and $2.0 million, respectively, primarily the amount recorded on Nashua’s acquisition date, and is included in other liabilities. There have been no material changes related to these environmental matters since Nashua's acquisition date.

Litigation: The Company is party to various legal actions that are ordinary and incidental to its business. While the outcome of pending legal actions cannot be predicted with certainty, management believes the outcome of these various proceedings will not have a material effect on the Company’s consolidated financial statements.

Effective September 19, 2014, the Company reached an agreement with all defendants to settle all controversies and disputes, and agreed to dismiss all claims against defendants with prejudice, in connection with certain litigation arising out of the Company’s packaging division.  Pursuant to the settlement agreement, the Company received settlement proceeds from the litigation during the third quarter of 2014, which has been recorded in other income, net, in the Company’s consolidated statement of operations.   Additionally, certain defendants in the above-referenced action forfeited certain benefits, the effect of which has been recorded in other income, net, in the Company’s consolidated statement of operations.

The Company has incurred $2.6 million of legal expenses over several years related to this litigation, including $0.9 million, $0.5 million and $0.4 million for the years ended 2014, 2013 and 2012, respectively, which have been recorded in selling, general and administrative expenses in the Company’s statement of operations. 

In 2012, the Company reached an agreement with all parties to settle all controversies and disputes with prejudice in connection with certain civil litigations filed in the United States District Court for the Northern District of New York and in the Superior Court of New Jersey, Burlington County. As the Company's liability arising out of these litigations existed as of the December 2011 balance sheet date, this settlement was recorded in the fourth quarter of 2011 within other expense (income), net in the consolidated statement of operations. The Company funded this settlement in 2012. In 2011, the Company reached an agreement with all defendants to settle all controversies and disputes and agreed to dismiss all claims against the defendants with prejudice in connection with a civil litigation filed in Minneapolis, Minnesota. This settlement was recorded as a reduction to selling, general and administrative expenses in the consolidated statement of operations.

Concentrations of Credit Risk: The Company has limited concentrations of credit risk with respect to financial instruments. Temporary cash investments and other investments are placed with high credit quality institutions, and concentrations within accounts receivable are generally limited due to the Company’s diverse customer base and its dispersion across different industries and geographic areas. The Company extends credit to customers based on its evaluation of the customer's financial condition. The Company does not require that any collateral be provided by its customers.

Letters of Credit: As of the year ended 2014, the Company had outstanding letters of credit of approximately $19.9 million and a de minimis amount of surety bonds. Based on the Company’s experience with these arrangements, it does not believe that any obligations that may arise will have a material effect on the Company's consolidated financial condition or results of operations.

Tax Audits: The Company’s income, sales and use, and other tax returns are routinely subject to audit by various authorities. The Company believes that the resolution of any matters raised during such audits will not have a material effect on the Company’s consolidated financial position or its results of operations.

Multi-Employer Pension Plans: The Company participates in a number of Multi-Employer Pension Plans and is exposed to significant risks and uncertainties arising from its participation in these Multi-Employer Pension Plans. These risks and uncertainties, including changes in future contributions due to partial or full withdrawal of the Company and other participating employers from these Multi-Employer Pension Plans, could significantly increase the Company’s future contributions or the underfunded status of these Multi-Employer Pension Plans. Two of the Multi-Employer Pension Plans are in mass withdrawal status. While it is not possible to quantify the potential impact of future actions of the Company or other participating employers from these Multi-Employer Pension Plans, continued participation in or withdrawal from these Multi-Employer Pension Plans could have a material impact on the Company’s consolidated financial statements.

XML

Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheet) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012	Dec. 31, 2011
Current assets:
Cash and cash equivalents	$ 14,593	$ 11,329	$ 8,110	$ 17,753
Accounts receivable, net	281,898	281,586
Inventories	137,010	161,565
Notes receivable from subsidiaries	0	0
Prepaid and other current assets	50,406	55,353
Assets of discontinued operations - current	8	132
Total current assets	483,915	509,965
Investment in subsidiaries	0	0
Property, plant and equipment, net	282,408	304,907
Goodwill	185,849	186,436	187,415
Other intangible assets, net	157,704	168,749
Other assets, net	48,015	43,614
Assets of discontinued operations - long-term	0	33
Total assets	1,157,891	1,213,704
Current liabilities:
Current maturities of long-term debt	4,355	9,174
Accounts payable	232,184	244,228
Accrued compensation and related liabilities	37,125	32,139
Other current liabilities	87,221	81,198
Liabilities of discontinued operations - current	70	2,013
Intercompany payable (receivable)	0	0
Notes payable to issuer	0	0
Total current liabilities	360,955	368,752
Long-term debt	1,229,984	1,176,351
Other liabilities	199,627	165,581
Shareholders’ (deficit) equity	(632,675)	(496,980)	(464,314)	(381,704)
Total liabilities and shareholders’ deficit	1,157,891	1,213,704
Parent Company [Member]
Current assets:
Cash and cash equivalents	0	0	0	0
Accounts receivable, net	0	0
Inventories	0	0
Notes receivable from subsidiaries	0	0
Prepaid and other current assets	0	0
Assets of discontinued operations - current	0	0
Total current assets	0	0
Investment in subsidiaries	(632,675)	(496,980)
Property, plant and equipment, net	0	0
Goodwill	0	0
Other intangible assets, net	0	0
Other assets, net	0	0
Assets of discontinued operations - long-term		0
Total assets	(632,675)	(496,980)
Current liabilities:
Current maturities of long-term debt	0	0
Accounts payable	0	0
Accrued compensation and related liabilities	0	0
Other current liabilities	0	0
Liabilities of discontinued operations - current	0	0
Intercompany payable (receivable)	0	0
Notes payable to issuer	0	0
Total current liabilities	0	0
Long-term debt	0	0
Other liabilities	0	0
Shareholders’ (deficit) equity	(632,675)	(496,980)
Total liabilities and shareholders’ deficit	(632,675)	(496,980)
Subsidiary Issuer [Member]
Current assets:
Cash and cash equivalents	10,965	9,504	5,763	16,033
Accounts receivable, net	128,599	128,214
Inventories	71,108	89,830
Notes receivable from subsidiaries	36,938	36,938
Prepaid and other current assets	42,889	46,050
Assets of discontinued operations - current	0	0
Total current assets	290,499	310,536
Investment in subsidiaries	1,944,300	1,865,003
Property, plant and equipment, net	120,949	134,326
Goodwill	25,540	25,540
Other intangible assets, net	10,011	9,930
Other assets, net	42,242	37,952
Assets of discontinued operations - long-term		0
Total assets	2,433,541	2,383,287
Current liabilities:
Current maturities of long-term debt	3,000	6,600
Accounts payable	138,939	148,678
Accrued compensation and related liabilities	29,851	20,684
Other current liabilities	66,895	60,845
Liabilities of discontinued operations - current	0	1,372
Intercompany payable (receivable)	1,439,715	1,341,397
Notes payable to issuer	0	0
Total current liabilities	1,678,400	1,579,576
Long-term debt	1,227,397	1,173,457
Other liabilities	160,419	127,234
Shareholders’ (deficit) equity	(632,675)	(496,980)
Total liabilities and shareholders’ deficit	2,433,541	2,383,287
Guarantor Subsidiaries [Member]
Current assets:
Cash and cash equivalents	844	0	286	280
Accounts receivable, net	149,528	152,091
Inventories	64,036	71,722
Notes receivable from subsidiaries	3,245	0
Prepaid and other current assets	5,012	6,813
Assets of discontinued operations - current	8	132
Total current assets	222,673	230,758
Investment in subsidiaries	3,608	5,385
Property, plant and equipment, net	160,903	169,770
Goodwill	155,118	155,561
Other intangible assets, net	146,843	157,621
Other assets, net	5,289	5,175
Assets of discontinued operations - long-term		33
Total assets	694,434	724,303
Current liabilities:
Current maturities of long-term debt	1,355	2,574
Accounts payable	91,860	94,889
Accrued compensation and related liabilities	6,736	10,969
Other current liabilities	19,346	19,674
Liabilities of discontinued operations - current	70	641
Intercompany payable (receivable)	(1,449,419)	(1,349,273)
Notes payable to issuer	36,938	36,938
Total current liabilities	(1,293,114)	(1,183,588)
Long-term debt	2,587	2,894
Other liabilities	40,661	39,994
Shareholders’ (deficit) equity	1,944,300	1,865,003
Total liabilities and shareholders’ deficit	694,434	724,303
Non-Guarantor Subsidiaries [Member]
Current assets:
Cash and cash equivalents	2,784	1,825	2,061	1,440
Accounts receivable, net	3,771	1,281
Inventories	1,866	13
Notes receivable from subsidiaries	0	0
Prepaid and other current assets	2,505	2,490
Assets of discontinued operations - current	0	0
Total current assets	10,926	5,609
Investment in subsidiaries	7,829	6,725
Property, plant and equipment, net	556	811
Goodwill	5,191	5,335
Other intangible assets, net	850	1,198
Other assets, net	484	487
Assets of discontinued operations - long-term		0
Total assets	25,836	20,165
Current liabilities:
Current maturities of long-term debt	0	0
Accounts payable	1,385	661
Accrued compensation and related liabilities	538	486
Other current liabilities	980	679
Liabilities of discontinued operations - current	0	0
Intercompany payable (receivable)	9,704	7,876
Notes payable to issuer	3,245	0
Total current liabilities	15,852	9,702
Long-term debt	0	0
Other liabilities	(1,453)	(1,647)
Shareholders’ (deficit) equity	11,437	12,110
Total liabilities and shareholders’ deficit	25,836	20,165
Eliminations [Member]
Current assets:
Cash and cash equivalents	0	0	0	0
Accounts receivable, net	0	0
Inventories	0	0
Notes receivable from subsidiaries	(40,183)	(36,938)
Prepaid and other current assets	0	0
Assets of discontinued operations - current	0	0
Total current assets	(40,183)	(36,938)
Investment in subsidiaries	(1,323,062)	(1,380,133)
Property, plant and equipment, net	0	0
Goodwill	0	0
Other intangible assets, net	0	0
Other assets, net	0	0
Assets of discontinued operations - long-term		0
Total assets	(1,363,245)	(1,417,071)
Current liabilities:
Current maturities of long-term debt	0	0
Accounts payable	0	0
Accrued compensation and related liabilities	0	0
Other current liabilities	0	0
Liabilities of discontinued operations - current	0	0
Intercompany payable (receivable)	0	0
Notes payable to issuer	(40,183)	(36,938)
Total current liabilities	(40,183)	(36,938)
Long-term debt	0	0
Other liabilities	0	0
Shareholders’ (deficit) equity	(1,323,062)	(1,380,133)
Total liabilities and shareholders’ deficit	$ (1,363,245)	$ (1,417,071)

XML

Condensed Consolidating Financial Information

12 Months Ended

Dec. 27, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Financial Information

Condensed Consolidating Financial Information

Cenveo, Inc. is a holding company (the "Parent Company"), which is the ultimate parent of all Cenveo subsidiaries. The Parent Company’s wholly-owned subsidiary, Cenveo Corporation (the "Subsidiary Issuer"), issued the 6.000% Notes, the 8.500% Notes, the 7.875% Notes, the 8.875% Notes, the 7% Notes, and the 11.5% Notes (collectively with the 6.000% Notes, the 8.500% Notes, the 7.875% Notes, the 8.875% Notes, and the 7% Notes, the "Subsidiary Issuer Notes"), which are fully and unconditionally guaranteed, on a joint and several basis, by the Parent Company and substantially all of its wholly-owned subsidiaries (the "Guarantor Subsidiaries").

Presented below is condensed consolidating financial information for the Parent Company, the Subsidiary Issuer, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries as of December 27, 2014 and December 28, 2013 and for the years ended 2014, 2013 and 2012.  The condensed consolidating financial information has been presented to show the financial position, results of operations and cash flows of the Parent Company, the Subsidiary Issuer, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries, assuming the guarantee structure of the Subsidiary Issuer Notes was in effect at the beginning of the periods presented.

The supplemental condensed consolidating financial information reflects the investments of the Parent Company in the Subsidiary Issuer, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries using the equity method of accounting. The Company’s primary transactions with its subsidiaries other than the investment account and related equity in net income (loss) of subsidiaries are the intercompany payables and receivables between its subsidiaries.

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 27, 2014 (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	—		$	10,965		$	844		$	2,784		$	—		$	14,593
Accounts receivable, net	—			128,599			149,528			3,771			—			281,898
Inventories	—			71,108			64,036			1,866			—			137,010
Notes receivable from subsidiaries	—			36,938			3,245			—			(40,183		)	—
Prepaid and other current assets	—			42,889			5,012			2,505			—			50,406
Assets of discontinued operations - current	—			—			8			—			—			8
Total current assets	—			290,499			222,673			10,926			(40,183		)	483,915
Investment in subsidiaries	(632,675		)	1,944,300			3,608			7,829			(1,323,062		)	—
Property, plant and equipment, net	—			120,949			160,903			556			—			282,408
Goodwill	—			25,540			155,118			5,191			—			185,849
Other intangible assets, net	—			10,011			146,843			850			—			157,704
Other assets, net	—			42,242			5,289			484			—			48,015
Total assets	$	(632,675	)	$	2,433,541		$	694,434		$	25,836		$	(1,363,245	)	$	1,157,891
Liabilities and Shareholders’ (Deficit) Equity
Current liabilities:
Current maturities of long-term debt	$	—		$	3,000		$	1,355		$	—		$	—		$	4,355
Accounts payable	—			138,939			91,860			1,385			—			232,184
Accrued compensation and related liabilities	—			29,851			6,736			538			—			37,125
Other current liabilities	—			66,895			19,346			980			—			87,221
Liabilities of discontinued operations - current	—			—			70			—			—			70
Intercompany payable (receivable)	—			1,439,715			(1,449,419		)	9,704			—			—
Notes payable to issuer	—			—			36,938			3,245			(40,183		)	—
Total current liabilities	—			1,678,400			(1,293,114		)	15,852			(40,183		)	360,955
Long-term debt	—			1,227,397			2,587			—			—			1,229,984
Other liabilities	—			160,419			40,661			(1,453		)	—			199,627
Shareholders’ (deficit) equity	(632,675		)	(632,675		)	1,944,300			11,437			(1,323,062		)	(632,675		)
Total liabilities and shareholders’ (deficit) equity	$	(632,675	)	$	2,433,541		$	694,434		$	25,836		$	(1,363,245	)	$	1,157,891

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME For The Year Ended 2014 (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net sales	$	—		$	932,099		$	1,004,246		$	12,695		$	—	$	1,949,040
Cost of sales	—			817,761			827,575			8,177			—		1,653,513
Selling, general and administrative expenses	—			128,806			87,071			1,653			—		217,530
Amortization of intangible assets	—			703			10,590			488			—		11,781
Restructuring and other charges	—			18,560			3,898			—			—		22,458
Operating (loss) income	—			(33,731		)	75,112			2,377			—		43,758
Interest expense, net	—			106,276			522			—			—		106,798
Intercompany interest (income) expense	—			(1,107		)	1,107			—			—		—
Loss on early extinguishment of debt, net	—			27,449			—			—			—		27,449
Other income, net	—			(106		)	(6,776		)	(122		)	—		(7,004		)
(Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries	—			(166,243		)	80,259			2,499			—		(83,485		)
Income tax expense	—			694			1,515			625			—		2,834
(Loss) income from continuing operations before equity in (loss) income of subsidiaries	—			(166,937		)	78,744			1,874			—		(86,319		)
Equity in (loss) income of subsidiaries	(83,863		)	81,935			1,874			—			54		—
(Loss) income from continuing operations	(83,863		)	(85,002		)	80,618			1,874			54		(86,319		)
Income from discontinued operations, net of taxes	—			1,139			1,317			—			—		2,456
Net (loss) income	(83,863		)	(83,863		)	81,935			1,874			54		(83,863		)
Other comprehensive (loss) income:
Other comprehensive (loss) income of subsidiaries	(57,897		)	(4,952		)	(407		)	—			63,256		—
Pension liability adjustment, net of taxes	—			(52,945		)	(3,631		)	—			—		(56,576		)
Currency translation adjustment	—			—			(914		)	(407		)	—		(1,321		)
Comprehensive (loss) income	$	(141,760	)	$	(141,760	)	$	76,983		$	1,467		$	63,310	$	(141,760	)

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For The Year Ended 2014  (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operating activities:
Net cash provided by (used in) operating activities of continuing operations	$	2,420		$	(91,517	)	$	117,654		$	(2,750	)	$	—	$	25,807
Net cash used in operating activities of discontinued operations	—			(884		)	(1,008		)	—			—		(1,892		)
Net cash provided by (used in) operating activities	2,420			(92,401		)	116,646			(2,750		)	—		23,915
Cash flows from investing activities:
Capital expenditures	—			(24,554		)	(12,459		)	(218		)	—		(37,231		)
Purchase of investment	—			(2,000		)	—			—			—		(2,000		)
Proceeds from sale of property, plant and equipment	—			3,465			302			—			—		3,767
Net cash used in investing activities of continuing operations	—			(23,089		)	(12,157		)	(218		)	—		(35,464		)
Net cash provided by investing activities of discontinued operations	—			1,033			1,163			—			—		2,196
Net cash used in investing activities	—			(22,056		)	(10,994		)	(218		)	—		(33,268		)
Cash flows from financing activities:
Proceeds from issuance of 6.000% senior secured priority notes due 2019	—			540,000			—			—			—		540,000
Proceeds from issuance of 8.500% junior secured priority notes due 2022	—			250,000			—			—			—		250,000
Payment of financing related costs and expenses and debt issuance discounts	—			(37,994		)	—			—			—		(37,994		)
Repayments of other long-term debt	—			(6,967		)	(1,526		)	—			—		(8,493		)
Repayment of 11.5% senior notes due 2017	—			(2,680		)	—			—			—		(2,680		)
Repayment of 8.500% junior secured priority notes due 2022	—			(2,000		)	—			—			—		(2,000		)
Purchase and retirement of common stock upon vesting of RSUs	(562		)	—			—			—			—		(562		)
Repayment of 15% Unsecured Term Loan due 2017	—			(10,000		)	—			—			—		(10,000		)
Proceeds from exercise of stock options	20			—			—			—			—		20
Repayment of Term Loan Facility due 2017	—			(329,100		)	—			—			—		(329,100		)
Repayment of 8.875% senior second lien notes	—			(400,000		)	—			—			—		(400,000		)
Borrowings under ABL Facility due 2017	—			520,100			—			—			—		520,100
Repayments under ABL Facility due 2017	—			(506,800		)	—			—			—		(506,800		)
Intercompany advances	(1,878		)	101,359			(103,450		)	3,969			—		—
Net cash (used in) provided by financing activities	(2,420		)	115,918			(104,976		)	3,969			—		12,491
Effect of exchange rate changes on cash and cash equivalents	—			—			168			(42		)	—		126
Net increase in cash and cash equivalents	—			1,461			844			959			—		3,264
Cash and cash equivalents at beginning of period	—			9,504			—			1,825			—		11,329
Cash and cash equivalents at end of period	$	—		$	10,965		$	844		$	2,784		$	—	$	14,593

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 28, 2013 (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	—		$	9,504		$	—		$	1,825		$	—		$	11,329
Accounts receivable, net	—			128,214			152,091			1,281			—			281,586
Inventories	—			89,830			71,722			13			—			161,565
Notes receivable from subsidiaries	—			36,938			—			—			(36,938		)	—
Prepaid and other current assets	—			46,050			6,813			2,490			—			55,353
Assets of discontinued operations - current	—			—			132			—			—			132
Total current assets	—			310,536			230,758			5,609			(36,938		)	509,965
Investment in subsidiaries	(496,980		)	1,865,003			5,385			6,725			(1,380,133		)	—
Property, plant and equipment, net	—			134,326			169,770			811			—			304,907
Goodwill	—			25,540			155,561			5,335			—			186,436
Other intangible assets, net	—			9,930			157,621			1,198			—			168,749
Other assets, net	—			37,952			5,175			487			—			43,614
Assets of discontinued operations - long-term	—			—			33			—			—			33
Total assets	$	(496,980	)	$	2,383,287		$	724,303		$	20,165		$	(1,417,071	)	$	1,213,704
Liabilities and Shareholders’ (Deficit) Equity
Current liabilities:
Current maturities of long-term debt	$	—		$	6,600		$	2,574		$	—		$	—		$	9,174
Accounts payable	—			148,678			94,889			661			—			244,228
Accrued compensation and related liabilities	—			20,684			10,969			486			—			32,139
Other current liabilities	—			60,845			19,674			679			—			81,198
Liabilities of discontinued operations - current	—			1,372			641			—			—			2,013
Intercompany payable (receivable)	—			1,341,397			(1,349,273		)	7,876			—			—
Notes payable to issuer	—			—			36,938			—			(36,938		)	—
Total current liabilities	—			1,579,576			(1,183,588		)	9,702			(36,938		)	368,752
Long-term debt	—			1,173,457			2,894			—			—			1,176,351
Other liabilities	—			127,234			39,994			(1,647		)	—			165,581
Shareholders’ (deficit) equity	(496,980		)	(496,980		)	1,865,003			12,110			(1,380,133		)	(496,980		)
Total liabilities and shareholders’ (deficit) equity	$	(496,980	)	$	2,383,287		$	724,303		$	20,165		$	(1,417,071	)	$	1,213,704

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME For The Year Ended 2013 (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	762,810		$	999,441		$	15,557		$	—		$	1,777,808
Cost of sales	—			660,679			812,034			13,218			—			1,485,931
Selling, general and administrative expenses	—			119,046			86,072			967			—			206,085
Amortization of intangible assets	—			602			8,829			531			—			9,962
Restructuring and other charges	—			7,744			5,342			14			—			13,100
Impairment of intangible assets	—			—			33,367			—			—			33,367
Operating (loss) income	—			(25,261		)	53,797			827			—			29,363
Gain on bargain purchase	—			(17,262		)	—			—			—			(17,262		)
Interest expense, net	—			112,232			445			—			—			112,677
Intercompany interest (income) expense	—			(1,203		)	1,203			—			—			—
Loss on early extinguishment of debt, net	—			11,324			—			—			—			11,324
Other income, net	—			(2,238		)	(3,106		)	(258		)	—			(5,602		)
(Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries	—			(128,114		)	55,255			1,085			—			(71,774		)
Income tax expense (benefit)	—			28,109			(15,023		)	667			—			13,753
(Loss) income from continuing operations before equity in (loss) income of subsidiaries	—			(156,223		)	70,278			418			—			(85,527		)
Equity in (loss) income of subsidiaries	(68,786		)	78,447			418			—			(10,079		)	—
(Loss) income from continuing operations	(68,786		)	(77,776		)	70,696			418			(10,079		)	(85,527		)
Income from discontinued operations, net of taxes	—			8,990			7,751			—			—			16,741
Net (loss) income	(68,786		)	(68,786		)	78,447			418			(10,079		)	(68,786		)
Other comprehensive income (loss):
Other comprehensive income (loss) of subsidiaries	26,901			(1,754		)	(2,704		)	—			(22,443		)	—
Pension liability adjustment, net of taxes	—			28,655			2,775			—			—			31,430
Currency translation adjustment	—			—			(1,825		)	(2,704		)	—			(4,529		)
Comprehensive (loss) income	$	(41,885	)	$	(41,885	)	$	76,693		$	(2,286	)	$	(32,522	)	$	(41,885	)

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For The Year Ended 2013 (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operating activities:
Net cash provided by (used in) operating activities of continuing operations	$	3,739		$	(117,743	)	$	136,232		$	87		$	—	$	22,315
Net cash provided by (used in) operating activities of discontinued operations	—			6,227			(349		)	—			—		5,878
Net cash provided by (used in) operating activities	3,739			(111,516		)	135,883			87			—		28,193
Cash flows from investing activities:
Cost of business acquisitions, net of cash acquired	—			(33,166		)	—			—			—		(33,166		)
Capital expenditures	—			(13,708		)	(15,424		)	(103		)	—		(29,235		)
Purchase of investment	—			(1,650		)	—			—			—		(1,650		)
Proceeds from insurance claim	—			—			3,036			—			—		3,036
Proceeds from sale of property, plant and equipment	—			258			8,046			—			—		8,304
Net cash used in investing activities of continuing operations	—			(48,266		)	(4,342		)	(103		)	—		(52,711		)
Net cash provided by investing activities of discontinued operations	—			23,160			22,054			—			—		45,214
Net cash (used in) provided by investing activities	—			(25,106		)	17,712			(103		)	—		(7,497		)
Cash flows from financing activities:
Repayment of 7.875% senior subordinated notes	—			(67,848		)	—			—			—		(67,848		)
Borrowings of Term Loan B due 2016	—			(388,205		)	—			—			—		(388,205		)
Payment of financing related costs and expenses and debt issuance discounts	—			(15,570		)	—			—			—		(15,570		)
Proceeds from issuance of other long-term debt	—			20,000			—			—			—		20,000
Repayments of other long-term debt	—			(3,036		)	(4,829		)	—			—		(7,865		)
Purchase and retirement of common stock upon vesting of RSUs	(660		)	—			—			—			—		(660		)
Borrowings under Revolving Credit Facility, net	—			(18,000		)	—			—			—		(18,000		)
Proceeds from issuance of 15% Unsecured Term Loan due 2017	—			50,000			—			—			—		50,000
Repayment of 15% Unsecured Term Loan due 2017	—			(40,000		)	—			—			—		(40,000		)
Proceeds from exercise of stock options	98			—			—			—			—		98
Proceeds from issuance of Term Loan Facility due 2017	—			360,000			—			—			—		360,000
Repayment of Term Loan Facility due 2017	—			(30,900		)	—			—			—		(30,900		)
Borrowings under ABL Facility due 2017	—			699,200			—			—			—		699,200
Repayments under ABL Facility due 2017	—			(577,800		)	—			—			—		(577,800		)
Intercompany advances	(3,177		)	152,522			(149,225		)	(120		)	—		—
Net cash (used in) provided by financing activities	(3,739		)	140,363			(154,054		)	(120		)	—		(17,550		)
Effect of exchange rate changes on cash and cash equivalents	—			—			173			(100		)	—		73
Net increase (decrease) in cash and cash equivalents	—			3,741			(286		)	(236		)	—		3,219
Cash and cash equivalents at beginning of period	—			5,763			286			2,061			—		8,110
Cash and cash equivalents at end of period	$	—		$	9,504		$	—		$	1,825		$	—	$	11,329

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME For The Year Ended 2012 (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net sales	$	—		$	684,257		$	1,038,793		$	15,243		$	—	$	1,738,293
Cost of sales	—			576,286			827,342			13,519			—		1,417,147
Selling, general and administrative expenses	—			101,704			80,511			765			—		182,980
Amortization of intangible assets	—			582			8,777			522			—		9,881
Restructuring and other charges	—			5,917			21,087			96			—		27,100
Operating (loss) income	—			(232		)	101,076			341			—		101,185
Interest expense, net	—			114,164			607			(16		)	—		114,755
Intercompany interest (income) expense	—			(1,476		)	1,404			72			—		—
Gain on early extinguishment of debt, net	—			12,487			—			—			—		12,487
Other (income) expense, net	—			(1,125		)	46			(170		)	—		(1,249		)
(Loss) income from continuing operations before income taxes and equity in (loss) income of unconsolidated subsidiaries	—			(124,282		)	99,019			455			—		(24,808		)
Income tax expense (benefit)	—			31,623			24,503			(406		)	—		55,720
(Loss) income from continuing operations before equity in (loss) income of unconsolidated subsidiaries	—			(155,905		)	74,516			861			—		(80,528		)
Equity in (loss) income of unconsolidated subsidiaries	(79,887		)	68,896			861			—			10,130		—
(Loss) income from continuing operations	(79,887		)	(87,009		)	75,377			861			10,130		(80,528		)
Income (loss) from discontinued operations, net of taxes	—			7,122			(6,481		)	—			—		641
Net (loss) income	(79,887		)	(79,887		)	68,896			861			10,130		(79,887		)
Other comprehensive (loss) income:
Other comprehensive (loss) income of subsidiaries	(7,321		)	(64		)	(589		)	—			7,974		—
Pension liability adjustment, net of taxes	—			(7,257		)	(729		)	—			—		(7,986		)
Currency translation adjustment	—			—			1,254			(589		)	—		665
Comprehensive (loss) income	$	(87,208	)	$	(87,208	)	$	68,832		$	272		$	18,104	$	(87,208	)

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For The Year Ended 2012 (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities:
Net cash provided by (used in) operating activities of continuing operations	$	5,333		$	(115,689	)	$	150,706		$	2,494		$	—		$	42,844
Net cash provided by operating activities of discontinued operations	—			8,240			981			—			—			9,221
Net cash provided by (used in) operating activities	5,333			(107,449		)	151,687			2,494			—			52,065
Cash flows from investing activities:
Cost of business acquisitions, net of cash acquired	—			(644		)	—			—			—			(644		)
Capital expenditures	—			(10,263		)	(10,135		)	(165		)	—			(20,563		)
Purchase of investment	—			(350		)	—			—			—			(350		)
Proceeds from sale of property, plant and equipment	—			360			7,618			—			—			7,978
Proceeds from sale of intangible assets	—			5,700			—			—			—			5,700
Intercompany note	—			3,900			—			—			(3,900		)	—
Net cash used in investing activities of continuing operations	—			(1,297		)	(2,517		)	(165		)	(3,900		)	(7,879		)
Net cash provided by investing activities of discontinued operations	—			16,114			23,419			—			—			39,533
Net cash provided by (used in) investing activities	—			14,817			20,902			(165		)	(3,900		)	31,654
Cash flows from financing activities:
Repayment of 10.5% senior notes	—			(169,875		)	—			—			—			(169,875		)
Repayment of 7.875% senior subordinated notes	—			(214,831		)	—			—			—			(214,831		)
Repayment of Term Loan B due 2016	—			31,844			—			—			—			31,844
Repayment of 8.375% senior subordinated notes	—			(24,787		)	—			—			—			(24,787		)
Payment of financing related costs and expenses	—			(37,836		)	—			—			—			(37,836		)
Repayments of other long-term debt	—			(147		)	(4,699		)	—			—			(4,846		)
Proceeds from issuance of 11.5% senior notes	—			225,000			—			—			—			225,000
Purchase and retirement of common stock upon vesting of RSUs	(735		)	—			—			—			—			(735		)
Proceeds from issuance of 7% senior exchangeable notes	—			86,250			—			—			—			86,250
Borrowings under Revolving Credit Facility, net	—			18,000			—			—			—			18,000
Intercompany note	—			—			—			(3,900		)	3,900			—
Intercompany advances	(4,598		)	170,396			(167,988		)	2,190			—			—
Net cash (used in) provided by financing activities of continuing operations	(5,333		)	84,014			(172,687		)	(1,710		)	3,900			(91,816		)
Net cash used in financing activities of discontinued operations	—			(1,652		)	—			—			—			(1,652		)
Net cash (used in) provided by financing activities	(5,333		)	82,362			(172,687		)	(1,710		)	3,900			(93,468		)
Effect of exchange rate changes on cash and cash equivalents	—			—			104			2			—			106
Net (decrease) increase in cash and cash equivalents	—			(10,270		)	6			621			—			(9,643		)
Cash and cash equivalents at beginning of year	—			16,033			280			1,440			—			17,753
Cash and cash equivalents at end of year	$	—		$	5,763		$	286		$	2,061		$	—		$	8,110

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Retirement Plans (Amount Recongized in the Balance Sheet) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 27, 2014	Dec. 28, 2013
Pensions [Member]
Liabilities [Abstract]
Other current liabilities	$ 0	$ 0
Other liabilities	97,691	58,234
Total liabilities	97,691	58,234
Supplemental Employee Retirement Plans [Member]
Liabilities [Abstract]
Other current liabilities	1,989	2,077
Other liabilities	16,519	15,747
Total liabilities	18,508	17,824
Other Postretirement Benefit Plans [Member]
Liabilities [Abstract]
Other current liabilities	164	250
Other liabilities	1,625	1,825
Total liabilities	$ 1,789	$ 2,075

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Summary of Significant Accounting Policies (Accounts Receivable) (Details) (Allowance for Doubtful Accounts [Member], USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012
Allowance for Doubtful Accounts [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of year	$ 5,409	$ 4,664	$ 5,584
Charged to expense	2,174	4,392	2,024
Write-offs, recoveries and other	(2,512)	(3,647)	(2,944)
Balance at end of year	$ 5,071	$ 5,409	$ 4,664

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Commitments and Contingencies (Schedule of Future Minimum Lease Payments) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 27, 2014
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2015	$ 25,668
2016	20,383
2017	17,269
2018	13,494
2019	9,360
Thereafter	19,013
Total	$ 105,187

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Retirement Plans (Tables)

12 Months Ended

Dec. 27, 2014

Compensation and Retirement Disclosure [Abstract]

Schedule of changes in projected benefit obligations

The following tables provide a reconciliation of the changes in the Company’s pension, SERP and OPEB plans' benefit obligations and fair value of assets for 2014 and 2013, a statement of the funded status as of the years ended 2014 and 2013, respectively, and the amounts recognized in the consolidated balance sheets as of the years ended 2014 and 2013 (in thousands).

	Pensions						SERPs						OPEBs
	2014			2013			2014			2013			2014			2013
Benefit obligation at beginning of year	$	319,151		$	352,009		$	17,824		$	19,603		$	2,075		$	2,479
Service cost	—			—			—			—			2			—
Interest cost	14,027			12,932			754			696			88			88
Actuarial loss (gain)	55,821			(29,158		)	1,925			(381		)	(254		)	(418		)
Benefits paid	(23,673		)	(16,632		)	(1,995		)	(2,094		)	(122		)	(136		)
Prior service cost due to acquisition	—			—			—			—			—			62
Benefit obligation at end of year	$	365,326		$	319,151		$	18,508		$	17,824		$	1,789		$	2,075

Schedule of changes in fair value of plan assets

The following table provides a reconciliation of the Company’s fair value of plan assets:

	Pensions						SERPs						OPEBs
	2014			2013			2014			2013			2014			2013
Fair value of plan assets at beginning of year	$	260,917		$	231,897		$	—		$	—		$	—		$	—
Actual return on plan assets	18,466			32,085			—			—			—			—
Employer contributions	11,925			13,567			1,995			2,094			122			136
Benefits paid	(23,673		)	(16,632		)	(1,995		)	(2,094		)	(122		)	(136		)
Fair value of plan assets at end of year	$	267,635		$	260,917		$	—		$	—		$	—		$	—

Schedule of net funded status

The following table shows the funded status at the end of the year:

	Pensions						SERPs						OPEBs
	2014			2013			2014			2013			2014			2013
Funded status at end of year	$	(97,691	)	$	(58,234	)	$	(18,508	)	$	(17,824	)	$	(1,789	)	$	(2,075	)

Schedule of net periodic benefit cost recognized in accumulated other comprehensive loss

The following table shows amounts recognized in AOCI:

	Pensions				SERPs				OPEBs
	2014		2013		2014		2013		2014			2013
Net actuarial loss (gain)	$	115,438	$	60,338	$	5,872	$	4,158	$	(830	)	$	(614	)
Prior service cost	—		—		—		—		44			44
Total	$	115,438	$	60,338	$	5,872	$	4,158	$	(786	)	$	(570	)

Schedule of amounts recognized in the balance sheet

The following table shows amounts recognized in the consolidated balance sheets:

	Pensions				SERPs				OPEBs
	2014		2013		2014		2013		2014		2013
Other current liabilities	$	—	$	—	$	1,989	$	2,077	$	164	$	250
Other liabilities	97,691		58,234		16,519		15,747		1,625		1,825
Total liabilities	$	97,691	$	58,234	$	18,508	$	17,824	$	1,789	$	2,075

Schedule of net benefit costs

The following table provides components of the net periodic cost for the pension, SERP and OPEB plans for the years ended 2014, 2013 and 2012 (in thousands):

	For The Years Ended
	2014			2013			2012
Service cost	$	2		$	—		$	1,932
Interest cost	14,870			13,716			14,546
Expected return on plan assets	(20,792		)	(18,455		)	(16,875		)
Net amortization and deferral	—			(6		)	(6		)
Recognized net actuarial loss	3,220			7,779			6,424
Net periodic (benefit) expense	$	(2,700	)	$	3,034		$	6,021

Schedule of assumptions used in computing net periodic cost and funded status

The assumptions used were as follows:

	2014		2013		2012
Discount rate used to calculate net periodic benefit expense	4.50	%	3.75	%	4.25	%
Discount rate used to calculate projected benefit obligation	3.75	%	4.50	%	3.75	%
Expected long-term rate of return on plan assets	8.00	%	8.00	%	8.00	%
Rate of compensation increase	—	%	—	%	—	%

Schedule of benefit obligations in excess of fair value of plan assets

The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the Company’s pension plans with accumulated benefit obligations in excess of plan assets were as follows (in thousands):

	2014		2013
Projected benefit obligation	$	383,834	$	336,975
Accumulated benefit obligation	383,834		336,975
Fair value of plan assets	267,635		260,917

Schedule of expected benefit payments

The estimated pension benefit payments expected to be paid by the pension plans and the estimated SERP and OPEB payments expected to be paid by the Company for the years 2015 through 2019, and in the aggregate for the years 2020 through 2024, are as follows (in thousands):

	Pension Plans		SERP		OPEB
2015	$	17,471	$	2,027	$	167
2016	17,719		2,002		162
2017	18,045		1,857		156
2018	18,537		1,688		150
2019	18,973		1,620		143
2020 through 2024	100,501		6,980		609

Schedule of allocation of plan assets

The fair values of the Company’s pension plan assets as of the years ended 2014 and 2013, by asset category are as follows (in thousands):

	2014								2013
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	6,661	$	—	$	—	$	6,661	$	6,115	$	—	$	—	$	6,115
Equity	133,833		—		—		133,833		141,334		—		—		141,334
Fixed income	16,696		50,203		—		66,899		17,181		41,487		—		58,668
Other	—		1,599		—		1,599		—		1,684		—		1,684
Alternative investments	—		—		58,643		58,643		—		—		53,116		53,116
Total pension plan assets	$	157,190	$	51,802	$	58,643	$	267,635	$	164,630	$	43,171	$	53,116	$	260,917

The range of asset allocations and the target allocations for the pension plan assets were as follows:

	2014				2013				Target
Equity securities	48	%	62	%	53	%	65	%	60	%	75	%
Fixed income securities	26	%	33	%	23	%	33	%	25	%	35	%
Alternative investments and other	5	%	26	%	2	%	24	%	10	%	30	%

Schedule of changes in fair value of level 3 assets

The following table provides a summary of changes in the fair value of the Company’s Level 3 assets (in thousands):

	Alternative Investments
Balance as of the year ended 2012	$	46,297
Purchases, sales and settlements	—
Unrealized gains	6,819
Balance as of the year ended 2013	53,116
Asset sales (1)	(2,884		)
Asset purchases	2,884
Unrealized gains	5,527
Balance as of the year ended 2014	$	58,643

__________________________

(1)     A loss of approximately $0.1 million was realized on sales during 2014.

Schedule of multiemployer plans

The Company's participation in these plans for the years ended 2014, 2013 and 2012, is outlined in the table below:

Pension Fund	EIN	Pension Plan Number	Pension Protection Act Reported Status (1)		FIP/RP Status (2)	Contributions						Surcharge imposed	Expiration Date of Collective Bargaining Agreement
			2014	2013		2014		2013		2012
						(in thousands)
GCC/IBT National Pension Fund	526118568	001	Red	Red	Implemented	$220		$262		$236		Yes	6/30/2016
GCC/IBT National Pension Fund	526118568	001	Red	Red	Implemented	135		100		102		Yes	12/31/2014
GCC/IBT National Pension Fund	526118568	001	Red	Red	Implemented	11		14		15		Yes	4/30/2017
CEP Graphical Pension Plan of Canada	M5000050	223	Red	Red	Implemented	164		195		225		No	6/30/2015
CEP Graphical Supplemental Retirement and Disability Fund of Canada	M5000050	226, 251	Red	Red	Implemented	397		429		479		No	6/30/2015
CWA/ITU Negotiated Pension Plan	136212879	001	Red	Red	Implemented	—		88		86		No	3/1/2018
				Total contributions		$	927	$	1,088	$	1,143

__________________________

(1) Unless otherwise noted, the most recent Pension Protection Act ("PPA") zone status available in 2014 and 2013 is for the plan's year end, not the Company's year end. The zone status is based on information that the Company received from the plan and is certified by the plan's actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded.

(2) The FIP/RP Status column indicates plans for which a financial improvement plan ("FIP") or a rehabilitation plan ("RP") is either pending or has been implemented.

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Accumulated Other Comprehensive Income (Loss) (Changes in AOCI Components) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012
Accumulated Other Comprehensive Income Loss [Roll Forward]
Accumulated Other Comprehensive Loss, Beginning balance	$ (40,300)	$ (67,201)
Other comprehensive income (loss) before reclassifications	(61,117)	22,159
Amounts reclassified from AOCI	3,220	4,742
Other comprehensive loss	(57,897)	26,901	(7,321)
Accumulated Other Comprehensive Loss, Ending balance	(98,197)	(40,300)	(67,201)
Foreign Currency Translation [Member]
Accumulated Other Comprehensive Income Loss [Roll Forward]
Accumulated Other Comprehensive Loss, Beginning balance	(1,584)	2,945
Other comprehensive income (loss) before reclassifications	(1,321)	(4,529)
Amounts reclassified from AOCI	0	0
Other comprehensive loss	(1,321)	(4,529)
Accumulated Other Comprehensive Loss, Ending balance	(2,905)	(1,584)
Pension and Other Postretirement Benefits [Member]
Accumulated Other Comprehensive Income Loss [Roll Forward]
Accumulated Other Comprehensive Loss, Beginning balance	(38,716)	(70,146)
Other comprehensive income (loss) before reclassifications	(59,796)	26,688
Amounts reclassified from AOCI	3,220	4,742
Other comprehensive loss	(56,576)	31,430
Accumulated Other Comprehensive Loss, Ending balance	$ (95,292)	$ (38,716)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012
Cash flows from operating activities:
Net loss	$ (83,863)	$ (68,786)	$ (79,887)
Adjustments to reconcile net loss to net cash provided by operating activities:
(Gain) loss on sale of discontinued operations, net of taxes	(2,519)	(14,933)	6,260
Loss (income) from discontinued operations, net of taxes	63	(1,808)	(6,901)
Depreciation	52,207	50,534	50,777
Amortization of intangible assets	11,781	9,962	9,881
Non-cash interest expense, net	9,772	10,289	8,263
Deferred income taxes	1,165	(28,672)	(1,948)
Non-cash taxes	0	40,562	56,500
Gain on bargain purchase	0	(17,262)	0
Loss (gain) on sale of assets	127	(120)	(2,782)
Non-cash restructuring and other charges, net	4,946	2,622	11,226
Impairment of intangible assets	0	33,367	0
Loss on early extinguishment of debt, net	27,449	11,324	12,487
Provisions for bad debts	2,174	4,392	2,024
Provisions for inventory obsolescence	10,879	6,523	3,588
Stock-based compensation provision	2,420	3,739	5,333
Gain on insurance claim	0	(2,670)	0
Changes in operating assets and liabilities, excluding the effects of acquired businesses:
Accounts receivable	(3,088)	(31,686)	26,594
Inventories	13,369	(40,622)	(617)
Accounts payable and accrued compensation and related liabilities	(5,652)	69,848	(13,291)
Other working capital changes	4,148	4,047	(29,050)
Other, net	(19,571)	(18,335)	(15,613)
Net cash provided by operating activities of continuing operations	25,807	22,315	42,844
Net cash (used in) provided by operating activities of discontinued operations	(1,892)	5,878	9,221
Net cash provided by operating activities	23,915	28,193	52,065
Cash flows from investing activities:
Cost of business acquisitions, net of cash acquired	0	(33,166)	(644)
Capital expenditures	(37,231)	(29,235)	(20,563)
Purchase of investment	(2,000)	(1,650)	(350)
Proceeds from insurance claim	0	3,036	0
Proceeds from sale of property, plant and equipment	3,767	8,304	7,978
Proceeds from sale of intangible asset	0	0	5,700
Net cash used in investing activities of continuing operations	(35,464)	(52,711)	(7,879)
Net cash provided by investing activities of discontinued operations	2,196	45,214	39,533
Net cash (used in) provided by investing activities	(33,268)	(7,497)	31,654
Cash flows from financing activities:
Proceeds from issuance of 6.000% senior secured priority notes due 2019	540,000	0	0
Proceeds from issuance of 8.500% junior secured priority notes due 2022	250,000	0	0
Repayment of 10.5% senior notes	0	0	(169,875)
Repayment of 7.875% senior subordinated notes	0	(67,848)	(214,831)
(Repayment) borrowing of Term Loan B due 2016	0	(388,205)	31,844
Repayment of 8.375% senior subordinated notes	0	0	(24,787)
Payment of financing related costs and expenses and debt issuance discounts	(37,994)	(15,570)	(37,836)
Proceeds from issuance of other long-term debt	0	20,000	0
Repayments of other long-term debt	(8,493)	(7,865)	(4,846)
Proceeds from issuance of 11.5% senior notes due 2017	0	0	225,000
Repayment of 11.5% senior notes due 2017	(2,680)	0	0
Repayment of 8.500% junior secured priority notes due 2022	(2,000)	0	0
Purchase and retirement of common stock upon vesting of RSUs	(562)	(660)	(735)
Proceeds from issuance of 7% senior exchangeable notes due 2017	0	0	86,250
(Repayment) borrowings under Revolving Credit Facility, net	0	(18,000)	18,000
Proceeds from issuance of 15% Unsecured Term Loan due 2017	0	50,000	0
Repayment of 15% Unsecured Term Loan due 2017	(10,000)	(40,000)	0
Proceeds from exercise of stock options	20	98	0
Proceeds from issuance of Term Loan Facility due 2017	0	360,000	0
Repayment of Term Loan Facility due 2017	(329,100)	(30,900)	0
Repayment of 8.875% senior second lien notes due 2018	(400,000)	0	0
Borrowings under ABL Facility due 2017	520,100	699,200	0
Repayments under ABL Facility due 2017	(506,800)	(577,800)	0
Net cash provided by (used in) financing activities of continuing operations	12,491	(17,550)	(91,816)
Net cash used in financing activities of discontinued operations	0	0	(1,652)
Net cash provided by (used in) financing activities	12,491	(17,550)	(93,468)
Effect of exchange rate changes on cash and cash equivalents	126	73	106
Net increase (decrease) in cash and cash equivalents	3,264	3,219	(9,643)
Cash and cash equivalents at beginning of period	11,329	8,110	17,753
Cash and cash equivalents at end of period	$ 14,593	$ 11,329	$ 8,110

XML

Stock-Based Compensation (Stock Option Fair Value Assumptions) (Details) (Stock Options [Member], USD $)	12 Months Ended
	Dec. 28, 2013
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of option grants during the year (dollars per share)	$ 1.01
Expected option life in years (years)	4 years 3 months
Risk-free interest rate (percent)	0.50%
Expected volatility (percent)	65.70%
Expected dividend yield (percent)	0.00%

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Discontinued Operations

12 Months Ended

Dec. 27, 2014

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

On September 28, 2013, the Company completed the sale of Custom Envelope. The Company received total net cash proceeds of approximately $47.0 million, of which $2.2 million was received in 2014. This resulted in the recognition of a total after-tax gain of $16.5 million, of which $14.9 million was recognized in the year ended 2013. The operating results of Custom Envelope are reported in discontinued operations in the Company's financial statements for all periods presented herein.

During the second quarter of 2013, the Company decided to exit the San Francisco market and closed a manufacturing facility within its print segment. The operating results of this manufacturing facility are reported in discontinued operations in the Company's consolidated financial statements for all periods presented herein.

On February 10, 2012, the Company completed the sale of the Documents Group. Net cash proceeds were approximately $35.5 million. The original sale price of $40.0 million was subject to customary working capital settlement negotiations, which were completed during the third quarter of 2012, pursuant to the purchase and sale agreement. The operating results of the Documents Group are reported in discontinued operations in the Company's consolidated financial statements for all periods presented herein.

On January 27, 2012, the Company completed the sale of its wide-format papers business, for cash proceeds of approximately $4.7 million. The operating results of the wide-format papers business are reported in discontinued operations in the Company's consolidated financial statements for all periods presented herein.

The following table shows the components of assets and liabilities that are classified as discontinued operations in the Company's consolidated balance sheets as of December 27, 2014, and December 28, 2013 (in thousands):

	2014			2013
Accounts receivable, net	$	—		$	9
Prepaid and other current assets	8			123
Assets of discontinued operations - current	8			132
Property, plant and equipment, net	—			33
Assets of discontinued operations - long-term	—			33
Accrued compensation and related liabilities	70			627
Other current liabilities	—			1,386
Liabilities of discontinued operations - current	70			2,013
Net assets	$	(62	)	$	(1,848	)

The following table summarizes certain statement of operations information for discontinued operations (in thousands, except per share data):

	For The Years Ended
	2014			2013		2012
Net sales	$	—		$	34,891	$	68,478
(Loss) income from discontinued operations before income taxes (1)	(63		)	4,471		11,342
Income tax expense on discontinued operations	—			2,663		4,441
Gain (loss) on sale of discontinued operations, net of tax (2)	2,519			14,933		(6,260		)
Income from discontinued operations, net of taxes	$	2,456		$	16,741	$	641
Income per share - basic	$	0.04		$	0.25	$	0.01
Income per share - diluted	$	0.04		$	0.25	$	0.01

^{____________________} 

⁽¹⁾     Income from discontinued operations for the year ended 2012 also includes the reduction of a liability of $1.8 million, net of tax expense of $1.2 million, due to the expiration of certain statutes of limitations related to a previous divestiture.

⁽²⁾     The gain (loss) on the sale of discontinued operations is shown net of tax expense of zero and $10.7 million for the years ended 2014 and 2013, respectively, and a tax benefit of $2.6 million for the year ended 2012.

XML

Property, Plant and Equipment (Narrative) (Details) (USD $)	12 Months Ended			3 Months Ended
	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012	Mar. 30, 2013 facility	Sep. 27, 2014 facility	Dec. 27, 2014 facility	Dec. 28, 2013 facility	Jun. 29, 2013 facility
Property, Plant and Equipment [Line Items]
Proceeds from sale of property, plant and equipment	$ 3,767,000	$ 8,304,000	$ 7,978,000
Gain on insurance claim	0	2,670,000	0
Building and building improvements [Member]
Property, Plant and Equipment [Line Items]
Number of manufacturing facilities sold (facility)			3
Proceeds from sale of property, plant and equipment			6,400,000
Label and packaging [Member] | Building and building improvements [Member]
Property, Plant and Equipment [Line Items]
Number of manufacturing facilities sold (facility)				1
Sale leaseback transaction, net book value				3,700,000
Sale leaseback transaction, net proceeds				6,300,000
Sale leaseback transaction, deferred gain				2,600,000
Label and packaging [Member] | Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Proceeds from insurance settlement				4,400,000
Gain on insurance claim				2,700,000
Print [Member] | Building and building improvements [Member]
Property, Plant and Equipment [Line Items]
Number of manufacturing facilities sold (facility)			2		1
Proceeds from sale of property, plant and equipment					1,200,000
Envelope [Member] | Building and building improvements [Member]
Property, Plant and Equipment [Line Items]
Number of manufacturing facilities sold (facility)			1			1	1	1
Proceeds from sale of property, plant and equipment						$ 1,000,000	$ 500,000	$ 1,700,000

XML

Income Taxes (Changes in Unrecognized Tax Benefits) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefits, beginning balance	$ 2,226	$ 2,226	$ 2,226
Gross decreases - tax positions in prior period	0	0	0
Gross decreases – expiration of applicable statute of limitations	0	0	0
Unrecognized tax benefits, ending balance	$ 2,226	$ 2,226	$ 2,226

XML

Commitments and Contingencies (Narrative) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended			36 Months Ended
	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012	Dec. 27, 2014
Loss Contingencies [Line Items]
Operating lease rent expense	$ 31.1	$ 26.6	$ 25.6
Letters of credit	19.9			19.9
Environmental Remediation [Member]
Loss Contingencies [Line Items]
Environmental remediation reserve	1.7	2.0		1.7
Packaging [Member]
Loss Contingencies [Line Items]
Legal Fees	$ 0.9	$ 0.5	$ 0.4	$ 2.6

XML

Long-Term Debt (Unsecured Term Loan) (Details) (USD $)	12 Months Ended			0 Months Ended
	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012	Jan. 18, 2013
Debt Instrument [Line Items]
Payments of debt issuance costs	$ 37,994,000	$ 15,570,000	$ 37,836,000
Unsecured debt [Member] | 15% unsecured term loan due 2017 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount				50,000,000.0
Payments of debt issuance costs				6,100,000
Debt, unamortized discount				$ 2,500,000
Debt interest rate (percent)		15.00%		15.00%

XML

Selected Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 27, 2014

Selected Quarterly Financial Information [Abstract]

Selected Quarterly Financial Information (Unaudited)

Selected Quarterly Financial Information (Unaudited)

The following table sets forth certain quarterly financial data for the periods indicated (in thousands, except per share amounts):

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Fiscal Year 2014
Net sales	$	490,119		$	479,410		$	480,576		$	498,935
Operating income	10,072			13,347			9,330			11,009
Loss from continuing operations(2)	(16,787		)	(39,301		)	(10,794		)	(19,437		)
Income (loss) from discontinued operations, net of taxes	953			664			(99		)	938
Net loss	$	(15,834	)	$	(38,637	)	$	(10,893	)	$	(18,499	)
Net (loss) income per share—basic
Continuing operations (1)	$	(0.25	)	$	(0.59	)	$	(0.16	)	$	(0.29	)
Discontinued operations (1)	0.01			0.01			—			0.02
Net loss (1)	$	(0.24	)	$	(0.58	)	$	(0.16	)	$	(0.27	)
Net (loss) income per share—diluted
Continuing operations (1)	$	(0.25	)	$	(0.59	)	$	(0.16	)	$	(0.29	)
Discontinued operations (1)	0.01			0.01			—			0.02
Net loss (1)	$	(0.24	)	$	(0.58	)	$	(0.16	)	$	(0.27	)

	First Quarter			Second Quarter			Third Quarter		Fourth Quarter
Fiscal Year 2013
Net sales	$	418,614		$	406,540		$	442,781	$	509,873
Operating income (loss)	11,678			16,842			16,524		(15,681		)
(Loss) income from continuing operations (4)(5)(6)	(20,490		)	(18,996		)	13,427		(59,468		)
Income from discontinued operations, net of taxes (3)	1,345			113			13,492		1,791
Net (loss) income  (4)(5)(6)	$	(19,145	)	$	(18,883	)	$	26,919	$	(57,677	)
Net (loss) income per share—basic
Continuing operations (1)	$	(0.32	)	$	(0.30	)	$	0.21	$	(0.90	)
Discontinued operations (1)	0.02			—			0.21		0.03
Net (loss) income (1)	$	(0.30	)	$	(0.30	)	$	0.42	$	(0.87	)
Net (loss) income per share—diluted
Continuing operations (1)	$	(0.32	)	$	(0.30	)	$	0.16	$	(0.90	)
Discontinued operations (1)	0.02			—			0.16		0.03
Net (loss) income (1)	$	(0.30	)	$	(0.30	)	$	0.32	$	(0.87	)

 __________________________

(1) The quarterly earnings per share information is computed separately for each period. Therefore, the sum of such quarterly per share amounts may differ from the total year.

(2) Includes a total loss on extinguishment of debt of $27.4 million, most of which was recognized in the second quarter of 2014 in connection with the issuance of the 6.000% Notes and 8.500% Notes, and extinguishment of the Term Loan Facility and the 8.875% Notes.

(3) Includes $25.6 million gain on sale of discontinued operations, net of tax expense of $10.7 million, most of which was recognized in the third quarter of 2013.

(4) Includes a bargain purchase gain of $17.3 million, exclusive of $6.8 million of tax expense, recognized in the third quarter of 2013.

(5) Includes valuation allowance charge related to deferred tax assets of $40.6 million recognized in the fourth quarter of 2013.

(6) Includes $33.4 million impairment charge on intangible assets recognized in the fourth quarter of 2013.

XML

Condensed Consolidating Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) (USD $)	12 Months Ended
	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012
Cash flows from operating activities:
Net cash provided by (used in) operating activities of continuing operations	$ 25,807,000	$ 22,315,000	$ 42,844,000
Net cash (used in) provided by operating activities of discontinued operations	(1,892,000)	5,878,000	9,221,000
Net cash provided by operating activities	23,915,000	28,193,000	52,065,000
Cash flows from investing activities:
Cost of business acquisitions, net of cash acquired	0	(33,166,000)	(644,000)
Capital expenditures	(37,231,000)	(29,235,000)	(20,563,000)
Purchase of investment	(2,000,000)	(1,650,000)	(350,000)
Proceeds from insurance claim	0	3,036,000	0
Proceeds from sale of property, plant and equipment	3,767,000	8,304,000	7,978,000
Proceeds from sale of intangible asset	0	0	5,700,000
Intercompany note			0
Net cash used in investing activities of continuing operations	(35,464,000)	(52,711,000)	(7,879,000)
Net cash provided by investing activities of discontinued operations	2,196,000	45,214,000	39,533,000
Net cash (used in) provided by investing activities	(33,268,000)	(7,497,000)	31,654,000
Cash flows from financing activities:
Proceeds from issuance of 6.000% senior secured priority notes due 2019	540,000,000	0	0
Proceeds from issuance of 8.500% junior secured priority notes due 2022	250,000,000	0	0
Repayment of 10.5% senior notes	0	0	(169,875,000)
Repayment of 7.875% senior subordinated notes	0	(67,848,000)	(214,831,000)
(Repayment) borrowing of Term Loan B due 2016	0	(388,205,000)	31,844,000
Repayment of 8.375% senior subordinated notes	0	0	(24,787,000)
Payment of financing related costs and expenses and debt issuance discounts	(37,994,000)	(15,570,000)	(37,836,000)
Proceeds from issuance of other long-term debt	0	20,000,000	0
Repayments of other long-term debt	(8,493,000)	(7,865,000)	(4,846,000)
Proceeds from issuance of 11.5% senior notes due 2017	0	0	225,000,000
Repayment of 11.5% senior notes due 2017	(2,680,000)	0	0
Repayment of 8.500% junior secured priority notes due 2022	(2,000,000)	0	0
Purchase and retirement of common stock upon vesting of RSUs	(562,000)	(660,000)	(735,000)
Proceeds from issuance of 7% senior exchangeable notes due 2017	0	0	86,250,000
(Repayment) borrowings under Revolving Credit Facility, net	0	(18,000,000)	18,000,000
Proceeds from issuance of 15% Unsecured Term Loan due 2017	0	50,000,000	0
Repayment of 15% Unsecured Term Loan due 2017	(10,000,000)	(40,000,000)	0
Proceeds from exercise of stock options	20,000	98,000	0
Proceeds from issuance of Term Loan Facility due 2017	0	360,000,000	0
Repayment of Term Loan Facility due 2017	(329,100,000)	(30,900,000)	0
Repayment of 8.875% senior second lien notes due 2018	(400,000,000)	0	0
Borrowings under ABL Facility due 2017	520,100,000	699,200,000	0
Repayments under ABL Facility due 2017	(506,800,000)	(577,800,000)	0
Intercompany note			0
Intercompany advances	0	0	0
Net cash provided by (used in) financing activities of continuing operations	12,491,000	(17,550,000)	(91,816,000)
Net cash used in financing activities of discontinued operations	0	0	(1,652,000)
Net cash provided by (used in) financing activities	12,491,000	(17,550,000)	(93,468,000)
Effect of exchange rate changes on cash and cash equivalents	126,000	73,000	106,000
Net increase (decrease) in cash and cash equivalents	3,264,000	3,219,000	(9,643,000)
Cash and cash equivalents at beginning of period	11,329,000	8,110,000	17,753,000
Cash and cash equivalents at end of period	14,593,000	11,329,000	8,110,000
Parent Company [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities of continuing operations	2,420,000	3,739,000	5,333,000
Net cash (used in) provided by operating activities of discontinued operations	0	0	0
Net cash provided by operating activities	2,420,000	3,739,000	5,333,000
Cash flows from investing activities:
Cost of business acquisitions, net of cash acquired		0	0
Capital expenditures	0	0	0
Purchase of investment	0	0	0
Proceeds from insurance claim		0
Proceeds from sale of property, plant and equipment	0	0	0
Proceeds from sale of intangible asset			0
Intercompany note			0
Net cash used in investing activities of continuing operations	0	0	0
Net cash provided by investing activities of discontinued operations	0	0	0
Net cash (used in) provided by investing activities	0	0	0
Cash flows from financing activities:
Proceeds from issuance of 6.000% senior secured priority notes due 2019	0
Proceeds from issuance of 8.500% junior secured priority notes due 2022	0
Repayment of 10.5% senior notes			0
Repayment of 7.875% senior subordinated notes		0	0
(Repayment) borrowing of Term Loan B due 2016		0	0
Repayment of 8.375% senior subordinated notes			0
Payment of financing related costs and expenses and debt issuance discounts	0	0	0
Proceeds from issuance of other long-term debt		0
Repayments of other long-term debt	0	0	0
Proceeds from issuance of 11.5% senior notes due 2017			0
Repayment of 11.5% senior notes due 2017	0
Repayment of 8.500% junior secured priority notes due 2022	0
Purchase and retirement of common stock upon vesting of RSUs	(562,000)	(660,000)	(735,000)
Proceeds from issuance of 7% senior exchangeable notes due 2017			0
(Repayment) borrowings under Revolving Credit Facility, net		0	0
Proceeds from issuance of 15% Unsecured Term Loan due 2017		0
Repayment of 15% Unsecured Term Loan due 2017	0	0
Proceeds from exercise of stock options	20,000	98,000
Proceeds from issuance of Term Loan Facility due 2017		0
Repayment of Term Loan Facility due 2017	0	0
Repayment of 8.875% senior second lien notes due 2018	0
Borrowings under ABL Facility due 2017	0	0
Repayments under ABL Facility due 2017	0	0
Intercompany note			0
Intercompany advances	(1,878,000)	(3,177,000)	(4,598,000)
Net cash provided by (used in) financing activities of continuing operations			(5,333,000)
Net cash used in financing activities of discontinued operations			0
Net cash provided by (used in) financing activities	(2,420,000)	(3,739,000)	(5,333,000)
Effect of exchange rate changes on cash and cash equivalents	0	0	0
Net increase (decrease) in cash and cash equivalents	0	0	0
Cash and cash equivalents at beginning of period	0	0	0
Cash and cash equivalents at end of period	0	0	0
Subsidiary Issuer [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities of continuing operations	(91,517,000)	(117,743,000)	(115,689,000)
Net cash (used in) provided by operating activities of discontinued operations	(884,000)	6,227,000	8,240,000
Net cash provided by operating activities	(92,401,000)	(111,516,000)	(107,449,000)
Cash flows from investing activities:
Cost of business acquisitions, net of cash acquired		(33,166,000)	(644,000)
Capital expenditures	(24,554,000)	(13,708,000)	(10,263,000)
Purchase of investment	(2,000,000)	(1,650,000)	(350,000)
Proceeds from insurance claim		0
Proceeds from sale of property, plant and equipment	3,465,000	258,000	360,000
Proceeds from sale of intangible asset			5,700,000
Intercompany note			3,900,000
Net cash used in investing activities of continuing operations	(23,089,000)	(48,266,000)	(1,297,000)
Net cash provided by investing activities of discontinued operations	1,033,000	23,160,000	16,114,000
Net cash (used in) provided by investing activities	(22,056,000)	(25,106,000)	14,817,000
Cash flows from financing activities:
Proceeds from issuance of 6.000% senior secured priority notes due 2019	540,000,000
Proceeds from issuance of 8.500% junior secured priority notes due 2022	250,000,000
Repayment of 10.5% senior notes			(169,875,000)
Repayment of 7.875% senior subordinated notes		(67,848,000)	(214,831,000)
(Repayment) borrowing of Term Loan B due 2016		(388,205,000)	31,844,000
Repayment of 8.375% senior subordinated notes			(24,787,000)
Payment of financing related costs and expenses and debt issuance discounts	(37,994,000)	(15,570,000)	(37,836,000)
Proceeds from issuance of other long-term debt		20,000,000
Repayments of other long-term debt	(6,967,000)	(3,036,000)	(147,000)
Proceeds from issuance of 11.5% senior notes due 2017			225,000,000
Repayment of 11.5% senior notes due 2017	(2,680,000)
Repayment of 8.500% junior secured priority notes due 2022	(2,000,000)
Purchase and retirement of common stock upon vesting of RSUs	0	0	0
Proceeds from issuance of 7% senior exchangeable notes due 2017			86,250,000
(Repayment) borrowings under Revolving Credit Facility, net		(18,000,000)	18,000,000
Proceeds from issuance of 15% Unsecured Term Loan due 2017		50,000,000
Repayment of 15% Unsecured Term Loan due 2017	(10,000,000)	(40,000,000)
Proceeds from exercise of stock options	0	0
Proceeds from issuance of Term Loan Facility due 2017		360,000,000
Repayment of Term Loan Facility due 2017	(329,100,000)	(30,900,000)
Repayment of 8.875% senior second lien notes due 2018	(400,000,000)
Borrowings under ABL Facility due 2017	520,100,000	699,200,000
Repayments under ABL Facility due 2017	(506,800,000)	(577,800,000)
Intercompany note			0
Intercompany advances	101,359,000	152,522,000	170,396,000
Net cash provided by (used in) financing activities of continuing operations			84,014,000
Net cash used in financing activities of discontinued operations			(1,652,000)
Net cash provided by (used in) financing activities	115,918,000	140,363,000	82,362,000
Effect of exchange rate changes on cash and cash equivalents	0	0	0
Net increase (decrease) in cash and cash equivalents	1,461,000	3,741,000	(10,270,000)
Cash and cash equivalents at beginning of period	9,504,000	5,763,000	16,033,000
Cash and cash equivalents at end of period	10,965,000	9,504,000	5,763,000
Guarantor Subsidiaries [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities of continuing operations	117,654,000	136,232,000	150,706,000
Net cash (used in) provided by operating activities of discontinued operations	(1,008,000)	(349,000)	981,000
Net cash provided by operating activities	116,646,000	135,883,000	151,687,000
Cash flows from investing activities:
Cost of business acquisitions, net of cash acquired		0	0
Capital expenditures	(12,459,000)	(15,424,000)	(10,135,000)
Purchase of investment	0	0	0
Proceeds from insurance claim		3,036,000
Proceeds from sale of property, plant and equipment	302,000	8,046,000	7,618,000
Proceeds from sale of intangible asset			0
Intercompany note			0
Net cash used in investing activities of continuing operations	(12,157,000)	(4,342,000)	(2,517,000)
Net cash provided by investing activities of discontinued operations	1,163,000	22,054,000	23,419,000
Net cash (used in) provided by investing activities	(10,994,000)	17,712,000	20,902,000
Cash flows from financing activities:
Proceeds from issuance of 6.000% senior secured priority notes due 2019	0
Proceeds from issuance of 8.500% junior secured priority notes due 2022	0
Repayment of 10.5% senior notes			0
Repayment of 7.875% senior subordinated notes		0	0
(Repayment) borrowing of Term Loan B due 2016		0	0
Repayment of 8.375% senior subordinated notes			0
Payment of financing related costs and expenses and debt issuance discounts	0	0	0
Proceeds from issuance of other long-term debt		0
Repayments of other long-term debt	(1,526,000)	(4,829,000)	(4,699,000)
Proceeds from issuance of 11.5% senior notes due 2017			0
Repayment of 11.5% senior notes due 2017	0
Repayment of 8.500% junior secured priority notes due 2022	0
Purchase and retirement of common stock upon vesting of RSUs	0	0	0
Proceeds from issuance of 7% senior exchangeable notes due 2017			0
(Repayment) borrowings under Revolving Credit Facility, net		0	0
Proceeds from issuance of 15% Unsecured Term Loan due 2017		0
Repayment of 15% Unsecured Term Loan due 2017	0	0
Proceeds from exercise of stock options	0	0
Proceeds from issuance of Term Loan Facility due 2017		0
Repayment of Term Loan Facility due 2017	0	0
Repayment of 8.875% senior second lien notes due 2018	0
Borrowings under ABL Facility due 2017	0	0
Repayments under ABL Facility due 2017	0	0
Intercompany note			0
Intercompany advances	(103,450,000)	(149,225,000)	(167,988,000)
Net cash provided by (used in) financing activities of continuing operations			(172,687,000)
Net cash used in financing activities of discontinued operations			0
Net cash provided by (used in) financing activities	(104,976,000)	(154,054,000)	(172,687,000)
Effect of exchange rate changes on cash and cash equivalents	168,000	173,000	104,000
Net increase (decrease) in cash and cash equivalents	844,000	(286,000)	6,000
Cash and cash equivalents at beginning of period	0	286,000	280,000
Cash and cash equivalents at end of period	844,000	0	286,000
Non-Guarantor Subsidiaries [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities of continuing operations	(2,750,000)	87,000	2,494,000
Net cash (used in) provided by operating activities of discontinued operations	0	0	0
Net cash provided by operating activities	(2,750,000)	87,000	2,494,000
Cash flows from investing activities:
Cost of business acquisitions, net of cash acquired		0	0
Capital expenditures	(218,000)	(103,000)	(165,000)
Purchase of investment	0	0	0
Proceeds from insurance claim		0
Proceeds from sale of property, plant and equipment	0	0	0
Proceeds from sale of intangible asset			0
Intercompany note			0
Net cash used in investing activities of continuing operations	(218,000)	(103,000)	(165,000)
Net cash provided by investing activities of discontinued operations	0	0	0
Net cash (used in) provided by investing activities	(218,000)	(103,000)	(165,000)
Cash flows from financing activities:
Proceeds from issuance of 6.000% senior secured priority notes due 2019	0
Proceeds from issuance of 8.500% junior secured priority notes due 2022	0
Repayment of 10.5% senior notes			0
Repayment of 7.875% senior subordinated notes		0	0
(Repayment) borrowing of Term Loan B due 2016		0	0
Repayment of 8.375% senior subordinated notes			0
Payment of financing related costs and expenses and debt issuance discounts	0	0	0
Proceeds from issuance of other long-term debt		0
Repayments of other long-term debt	0	0	0
Proceeds from issuance of 11.5% senior notes due 2017			0
Repayment of 11.5% senior notes due 2017	0
Repayment of 8.500% junior secured priority notes due 2022	0
Purchase and retirement of common stock upon vesting of RSUs	0	0	0
Proceeds from issuance of 7% senior exchangeable notes due 2017			0
(Repayment) borrowings under Revolving Credit Facility, net		0	0
Proceeds from issuance of 15% Unsecured Term Loan due 2017		0
Repayment of 15% Unsecured Term Loan due 2017	0	0
Proceeds from exercise of stock options	0	0
Proceeds from issuance of Term Loan Facility due 2017		0
Repayment of Term Loan Facility due 2017	0	0
Repayment of 8.875% senior second lien notes due 2018	0
Borrowings under ABL Facility due 2017	0	0
Repayments under ABL Facility due 2017	0	0
Intercompany note			(3,900,000)
Intercompany advances	3,969,000	(120,000)	2,190,000
Net cash provided by (used in) financing activities of continuing operations			(1,710,000)
Net cash used in financing activities of discontinued operations			0
Net cash provided by (used in) financing activities	3,969,000	(120,000)	(1,710,000)
Effect of exchange rate changes on cash and cash equivalents	(42,000)	(100,000)	2,000
Net increase (decrease) in cash and cash equivalents	959,000	(236,000)	621,000
Cash and cash equivalents at beginning of period	1,825,000	2,061,000	1,440,000
Cash and cash equivalents at end of period	2,784,000	1,825,000	2,061,000
Eliminations [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities of continuing operations	0	0	0
Net cash (used in) provided by operating activities of discontinued operations	0	0	0
Net cash provided by operating activities	0	0	0
Cash flows from investing activities:
Cost of business acquisitions, net of cash acquired		0	0
Capital expenditures	0	0	0
Purchase of investment	0	0	0
Proceeds from insurance claim		0
Proceeds from sale of property, plant and equipment	0	0	0
Proceeds from sale of intangible asset			0
Intercompany note			(3,900,000)
Net cash used in investing activities of continuing operations	0	0	(3,900,000)
Net cash provided by investing activities of discontinued operations	0	0	0
Net cash (used in) provided by investing activities	0	0	(3,900,000)
Cash flows from financing activities:
Proceeds from issuance of 6.000% senior secured priority notes due 2019	0
Proceeds from issuance of 8.500% junior secured priority notes due 2022	0
Repayment of 10.5% senior notes			0
Repayment of 7.875% senior subordinated notes		0	0
(Repayment) borrowing of Term Loan B due 2016		0	0
Repayment of 8.375% senior subordinated notes			0
Payment of financing related costs and expenses and debt issuance discounts	0	0	0
Proceeds from issuance of other long-term debt		0
Repayments of other long-term debt	0	0	0
Proceeds from issuance of 11.5% senior notes due 2017			0
Repayment of 11.5% senior notes due 2017	0
Repayment of 8.500% junior secured priority notes due 2022	0
Purchase and retirement of common stock upon vesting of RSUs	0	0	0
Proceeds from issuance of 7% senior exchangeable notes due 2017			0
(Repayment) borrowings under Revolving Credit Facility, net		0	0
Proceeds from issuance of 15% Unsecured Term Loan due 2017		0
Repayment of 15% Unsecured Term Loan due 2017	0	0
Proceeds from exercise of stock options	0	0
Proceeds from issuance of Term Loan Facility due 2017		0
Repayment of Term Loan Facility due 2017	0	0
Repayment of 8.875% senior second lien notes due 2018	0
Borrowings under ABL Facility due 2017	0	0
Repayments under ABL Facility due 2017	0	0
Intercompany note			3,900,000
Intercompany advances	0	0	0
Net cash provided by (used in) financing activities of continuing operations			3,900,000
Net cash used in financing activities of discontinued operations			0
Net cash provided by (used in) financing activities	0	0	3,900,000
Effect of exchange rate changes on cash and cash equivalents	0	0	0
Net increase (decrease) in cash and cash equivalents	0	0	0
Cash and cash equivalents at beginning of period	0	0	0
Cash and cash equivalents at end of period	$ 0	$ 0	$ 0

XML

Long-Term Debt (8.875% Notes) (Details) (USD $)	12 Months Ended			0 Months Ended
	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012	Feb. 05, 2010	Jun. 26, 2014
Debt Instrument [Line Items]
Proceeds from issuance of 8.500% junior secured priority notes due 2022	$ 250,000,000	$ 0	$ 0
Payments of debt issuance costs	37,994,000	15,570,000	37,836,000
Senior subordinated notes [Member] | 8.875% senior second lien notes due 2018 [Member]
Debt Instrument [Line Items]
Proceeds from issuance of 8.500% junior secured priority notes due 2022				400,000,000
Debt, unamortized discount				2,800,000
Redemption price percentage if there was a change of control (percent)				101.00%
Payments of debt issuance costs				9,400,000
Payments of debt issuance costs, fees paid to consenting lenders				7,600,000
Payments of debt issuance costs, offering expenses				1,800,000
Long-term debt, outstanding principal amount	0	400,000,000			400,000,000
Loans payable [Member] | Term Loan, due 2013 [Member]
Debt Instrument [Line Items]
Debt extinguishment amount				300,000,000
Line of credit [Member] | Revolving credit facility, due 2012 [Member]
Debt Instrument [Line Items]
Debt extinguishment amount				$ 88,000,000
Maximum [Member] | Senior subordinated notes [Member] | 8.875% senior second lien notes due 2018 [Member]
Debt Instrument [Line Items]
Debt redemption price (percentage)				104.40%
Minimum [Member] | Senior subordinated notes [Member] | 8.875% senior second lien notes due 2018 [Member]
Debt Instrument [Line Items]
Debt redemption price (percentage)				100.00%

XML

Income Taxes (Tables)

12 Months Ended

Dec. 27, 2014

Income Tax Disclosure [Abstract]

Schedule of income (loss) from continuing operations before income taxes

Income (loss) from continuing operations before income taxes was as follows for the years ended (in thousands):

	2014			2013			2012
Domestic	$	(81,615	)	$	(70,385	)	$	(26,572	)
Foreign	(1,870		)	(1,389		)	1,764
	$	(83,485	)	$	(71,774	)	$	(24,808	)

Schedule of components of income tax expense (benefit) on income (loss) from continuing operations

Income tax expense (benefit) on loss from continuing operations consisted of the following for the years ended (in thousands):

	2014			2013			2012
Current tax expense:
Federal	$	—		$	—		$	—
Foreign	589			977			295
State	1,080			888			874
	1,669			1,865			1,169
Deferred tax expense (benefit):
Federal	(8,771		)	2,659			40,703
Foreign	(1,414		)	(1,421		)	(748		)
State	11,350			10,650			14,596
	1,165			11,888			54,551
Income tax expense	$	2,834		$	13,753		$	55,720

Schedule of effective income tax rate reconciliation

A reconciliation of the expected tax benefit based on the federal statutory tax rate to the Company’s actual income tax expense is summarized as follows for the years ended (in thousands):

	2014			2013			2012
Expected tax benefit at federal statutory income tax rate	$	(29,221	)	$	(25,121	)	$	(8,683	)
State and local income tax benefit	(1,411		)	(1,706		)	(1,075		)
Change in valuation allowance	27,693			34,049			55,374
Change in contingency reserves	(118		)	(105		)	(94		)
Non-U.S. tax rate differences	(169		)	42			(1,063		)
Non-deductible expenses	4,120			3,260			2,426
Change in state tax rates	1,379			(272		)	1,564
Expiration of stock option contracts	—			968			7,007
Other	561			2,638			264
Income tax expense	$	2,834		$	13,753		$	55,720

Schedule of deferred tax assets and liabilities

The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities of the Company, were as follows (in thousands):

	2014			2013
Deferred tax assets:
Net operating loss carryforwards	$	132,958		$	108,580
Compensation and benefit related accruals	50,537			35,238
Foreign tax credit carryforwards	7,013			7,456
Alternative minimum tax credit carryforwards	7,706			8,242
Accounts receivable	2,468			2,075
Inventory	2,501			2,682
Restructuring accruals	8,592			9,985
Accrued tax and interest	1,763			1,645
Other	9,049			9,958
Valuation allowance	(160,080		)	(110,754		)
Total deferred tax assets	62,507			75,107
Deferred tax liabilities:
Property, plant and equipment	(37,374		)	(44,804		)
Goodwill and other intangible assets	(54,143		)	(56,376		)
Other	(6,939		)	(9,203		)
Total deferred tax liabilities	(98,456		)	(110,383		)
Net deferred tax liability	$	(35,949	)	$	(35,276	)

The net deferred tax (liability) asset included the following (in thousands):

	2014			2013
Current deferred tax asset (included in prepaid and other current assets)	$	5,042		$	7,823
Long-term deferred tax liability (included in other liabilities)	(40,991		)	(43,099		)
Total	$	(35,949	)	$	(35,276	)

Schedule of changes of the unrecognized tax benefits

The Company’s unrecognized tax benefit activity for the years ended 2014, 2013 and 2012 was as follows (in thousands):

Unrecognized tax benefit – As of year end 2011	$	2,226
Gross decreases  - tax positions in prior period	—
Gross decreases – expiration of applicable statute of limitations	—
Unrecognized tax benefit – As of year end 2012	2,226
Gross decreases  - tax positions in prior period	—
Gross decreases – expiration of applicable statute of limitations	—
Unrecognized tax benefit – As of year end 2013	2,226
Gross decreases  - tax positions in prior period	—
Gross decreases – expiration of applicable statute of limitations	—
Unrecognized tax benefit – As of year end 2014	$	2,226

XML

Retirement Plans

12 Months Ended

Dec. 27, 2014

Compensation and Retirement Disclosure [Abstract]

Retirement Plans

Retirement Plans

Pension Plans: The Company currently has two defined benefit pension plans for certain of its employees in the United States. The defined benefit plans provide benefit payments using formulas based on an employee's compensation and length of service, or stated amounts for each year of service. The Company expects to continue to fund these plans based on governmental requirements, amounts deductible for income tax purposes and as needed to ensure that plan assets are sufficient to satisfy plan liabilities. The benefits under the Company’s defined benefit pension plans are frozen.

Supplemental Executive Retirement Plans: The Company has various supplemental executive retirement plans ("SERP"), which provide benefits to certain former directors and executives. For accounting purposes, these plans are unfunded; however, one plan has annuities that cover a portion of the liability to the participants in its plan and the income from the annuities offsets a portion of the cost of the plan. These annuities are included in other assets, net in the consolidated balance sheets.

OtherPostretirementPlans:The Company has various other postretirement benefit plans ("OPEB"), primarily focused on postretirement healthcare, such as medical insurance and life insurance and related benefits for certain of its former employees and, in some instances, their spouses. Benefits, eligibility and cost-sharing provisions vary by plan documents or union collective bargaining arrangements.

Savings Plan: The Company sponsors a defined contribution plan to provide substantially all United States salaried and certain hourly employees an opportunity to accumulate personal funds for their retirement. The Company contributed $0.5 million and $0.3 million to the plan in 2014 and 2013, respectively. In 2012, the Company did not make any voluntary contributions. Employees participating in the plan held 2,129,084 shares of the Company’s common stock as of the year ended 2014.

Funded Status and Net Periodic Cost:The following tables provide a reconciliation of the changes in the Company’s pension, SERP and OPEB plans' benefit obligations and fair value of assets for 2014 and 2013, a statement of the funded status as of the years ended 2014 and 2013, respectively, and the amounts recognized in the consolidated balance sheets as of the years ended 2014 and 2013 (in thousands).

	Pensions						SERPs						OPEBs
	2014			2013			2014			2013			2014			2013
Benefit obligation at beginning of year	$	319,151		$	352,009		$	17,824		$	19,603		$	2,075		$	2,479
Service cost	—			—			—			—			2			—
Interest cost	14,027			12,932			754			696			88			88
Actuarial loss (gain)	55,821			(29,158		)	1,925			(381		)	(254		)	(418		)
Benefits paid	(23,673		)	(16,632		)	(1,995		)	(2,094		)	(122		)	(136		)
Prior service cost due to acquisition	—			—			—			—			—			62
Benefit obligation at end of year	$	365,326		$	319,151		$	18,508		$	17,824		$	1,789		$	2,075

The following table provides a reconciliation of the Company’s fair value of plan assets:

	Pensions						SERPs						OPEBs
	2014			2013			2014			2013			2014			2013
Fair value of plan assets at beginning of year	$	260,917		$	231,897		$	—		$	—		$	—		$	—
Actual return on plan assets	18,466			32,085			—			—			—			—
Employer contributions	11,925			13,567			1,995			2,094			122			136
Benefits paid	(23,673		)	(16,632		)	(1,995		)	(2,094		)	(122		)	(136		)
Fair value of plan assets at end of year	$	267,635		$	260,917		$	—		$	—		$	—		$	—

The following table shows the funded status at the end of the year:

	Pensions						SERPs						OPEBs
	2014			2013			2014			2013			2014			2013
Funded status at end of year	$	(97,691	)	$	(58,234	)	$	(18,508	)	$	(17,824	)	$	(1,789	)	$	(2,075	)

The following table shows amounts recognized in AOCI:

	Pensions				SERPs				OPEBs
	2014		2013		2014		2013		2014			2013
Net actuarial loss (gain)	$	115,438	$	60,338	$	5,872	$	4,158	$	(830	)	$	(614	)
Prior service cost	—		—		—		—		44			44
Total	$	115,438	$	60,338	$	5,872	$	4,158	$	(786	)	$	(570	)

The following table shows amounts recognized in the consolidated balance sheets:

	Pensions				SERPs				OPEBs
	2014		2013		2014		2013		2014		2013
Other current liabilities	$	—	$	—	$	1,989	$	2,077	$	164	$	250
Other liabilities	97,691		58,234		16,519		15,747		1,625		1,825
Total liabilities	$	97,691	$	58,234	$	18,508	$	17,824	$	1,789	$	2,075

The following table provides components of the net periodic cost for the pension, SERP and OPEB plans for the years ended 2014, 2013 and 2012 (in thousands):

	For The Years Ended
	2014			2013			2012
Service cost	$	2		$	—		$	1,932
Interest cost	14,870			13,716			14,546
Expected return on plan assets	(20,792		)	(18,455		)	(16,875		)
Net amortization and deferral	—			(6		)	(6		)
Recognized net actuarial loss	3,220			7,779			6,424
Net periodic (benefit) expense	$	(2,700	)	$	3,034		$	6,021

Interest cost on projected benefit obligation includes $0.8 million, $0.8 million and $0.9 million related to the Company’s SERP and OPEB plans in 2014, 2013 and 2012, respectively.

The pre-tax amount of actuarial losses in AOCI as of the year ended 2014 that are expected to be recognized in net periodic benefit cost in 2015 is $8.7 million for defined benefit pension plans and $0.3 million for other postretirement benefit plans, including SERP. The pre-tax amount of prior service cost included in AOCI as of the year ended 2014 that is expected to be recognized in net periodic benefit cost in 2015 is zero for all defined benefit plans.

The assumptions used were as follows:

	2014		2013		2012
Discount rate used to calculate net periodic benefit expense	4.50	%	3.75	%	4.25	%
Discount rate used to calculate projected benefit obligation	3.75	%	4.50	%	3.75	%
Expected long-term rate of return on plan assets	8.00	%	8.00	%	8.00	%
Rate of compensation increase	—	%	—	%	—	%

The discount rate assumption used to determine the Company’s pension obligations as of the years ended 2014 and 2013 takes into account the projected future benefit cash flow and the underlying individual yields in the Citigroup Pension Liability Index that would be available to provide for the payment of those benefits. The ultimate rate is developed by calculating an equivalent discounted present value of the benefit cash flow as of the years ended 2014 and 2013, respectively, using a single discount rate rounded to the nearest quarter percent.

The expected long-term rate of return on plan assets of 8.0% for the years ended 2014 and 2013 was based on historical returns and the expectations for future returns for each asset class in which plan assets are invested as well as the target asset allocation of the investments of the plan assets.

The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the Company’s pension plans with accumulated benefit obligations in excess of plan assets were as follows (in thousands):

	2014		2013
Projected benefit obligation	$	383,834	$	336,975
Accumulated benefit obligation	383,834		336,975
Fair value of plan assets	267,635		260,917

The Company currently expects to contribute approximately $4.6 million to its pension plans in 2015.

The estimated pension benefit payments expected to be paid by the pension plans and the estimated SERP and OPEB payments expected to be paid by the Company for the years 2015 through 2019, and in the aggregate for the years 2020 through 2024, are as follows (in thousands):

	Pension Plans		SERP		OPEB
2015	$	17,471	$	2,027	$	167
2016	17,719		2,002		162
2017	18,045		1,857		156
2018	18,537		1,688		150
2019	18,973		1,620		143
2020 through 2024	100,501		6,980		609

Fair Value of Assets:The Company's investment objective is to maximize the long-term return on its pension plan assets within prudent levels of risk. Investments are primarily diversified with a blend of equity securities, fixed income securities and alternative investments. The intent is to minimize plan expenses by outperforming plan liabilities over the long run.

The Company segregated its plan assets by the following major categories and levels for determining their fair values as of the years ended 2014 and 2013:

Cash and cash equivalents - Carrying value approximates fair value. As such, these assets were classified as Level 1.

Equity - Equity investments are diversified by including United States and non-United States stocks, growth stocks, value stocks and stocks of large and small companies. The values of individual equity securities are based on quoted prices in active markets and are classified as Level 1.

Fixed income - Fixed income securities are primarily United States governmental and corporate bonds including mutual funds. The Company invests in certain fixed income funds that were priced in active markets and were classified as Level 1. The Company also invests in certain fixed income securities that are priced based on valuation models rather than a last trade basis and are not exchange-traded and are classified as Level 2.

Other - The Company also invests in group annuity contracts, which are invested in certain fixed income securities and are classified as Level 2.

Alternative investments - Alternative investments are primarily private equity hedge funds and hedge fund-of-funds. The fair value of alternative investments has been estimated using their Net Asset Values ("NAV") as reported by the investment manager of the respective alternative investment funds. NAV reported by the hedge funds is used as a practical expedient to estimate the fair value. The investment manager values these investments on a periodic basis with models that use market, income and valuation methods. The valuation inputs are not highly observable, and these investments are not actively traded in an open market. These investments were classified as Level 3.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value, or reflective of future fair values. While the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement. The Company invests in various assets in which valuation is determined by NAV. The Company believes that the NAV is representative of fair value, as there are no significant restrictions on redemption on these investments or other reasons that indicate the investment would be redeemed at an amount different than the NAV.

The fair values of the Company’s pension plan assets as of the years ended 2014 and 2013, by asset category are as follows (in thousands):

	2014								2013
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	6,661	$	—	$	—	$	6,661	$	6,115	$	—	$	—	$	6,115
Equity	133,833		—		—		133,833		141,334		—		—		141,334
Fixed income	16,696		50,203		—		66,899		17,181		41,487		—		58,668
Other	—		1,599		—		1,599		—		1,684		—		1,684
Alternative investments	—		—		58,643		58,643		—		—		53,116		53,116
Total pension plan assets	$	157,190	$	51,802	$	58,643	$	267,635	$	164,630	$	43,171	$	53,116	$	260,917

The following table provides a summary of changes in the fair value of the Company’s Level 3 assets (in thousands):

	Alternative Investments
Balance as of the year ended 2012	$	46,297
Purchases, sales and settlements	—
Unrealized gains	6,819
Balance as of the year ended 2013	53,116
Asset sales (1)	(2,884		)
Asset purchases	2,884
Unrealized gains	5,527
Balance as of the year ended 2014	$	58,643

__________________________

(1)     A loss of approximately $0.1 million was realized on sales during 2014.

The range of asset allocations and the target allocations for the pension plan assets were as follows:

	2014				2013				Target
Equity securities	48	%	62	%	53	%	65	%	60	%	75	%
Fixed income securities	26	%	33	%	23	%	33	%	25	%	35	%
Alternative investments and other	5	%	26	%	2	%	24	%	10	%	30	%

Multi-Employer Pension Plans: Certain of the Company’s union employees are included in multi-employer pension plans ("Multi-Employer Pension Plans"), to which the Company makes contributions in accordance with contractual union agreements. Such contributions are made on a monthly basis in accordance with the requirements of the plans and the actuarial computations and assumptions of the administrators of the plans. Contributions to Multi-Employer Pension Plans were $0.9 million in 2014, $1.1 million in 2013 and $1.1 million in 2012. In 2014, 2013 and 2012, the Company recorded expenses of $1.3 million, $0.5 million, and $5.1 million, respectively, as a result of exiting certain Multi-Employer Pension Plans in connection with its cost savings and restructuring plans.

The Company's participation in these plans for the years ended 2014, 2013 and 2012, is outlined in the table below:

Pension Fund	EIN	Pension Plan Number	Pension Protection Act Reported Status (1)		FIP/RP Status (2)	Contributions						Surcharge imposed	Expiration Date of Collective Bargaining Agreement
			2014	2013		2014		2013		2012
						(in thousands)
GCC/IBT National Pension Fund	526118568	001	Red	Red	Implemented	$220		$262		$236		Yes	6/30/2016
GCC/IBT National Pension Fund	526118568	001	Red	Red	Implemented	135		100		102		Yes	12/31/2014
GCC/IBT National Pension Fund	526118568	001	Red	Red	Implemented	11		14		15		Yes	4/30/2017
CEP Graphical Pension Plan of Canada	M5000050	223	Red	Red	Implemented	164		195		225		No	6/30/2015
CEP Graphical Supplemental Retirement and Disability Fund of Canada	M5000050	226, 251	Red	Red	Implemented	397		429		479		No	6/30/2015
CWA/ITU Negotiated Pension Plan	136212879	001	Red	Red	Implemented	—		88		86		No	3/1/2018
				Total contributions		$	927	$	1,088	$	1,143

__________________________

(1) Unless otherwise noted, the most recent Pension Protection Act ("PPA") zone status available in 2014 and 2013 is for the plan's year end, not the Company's year end. The zone status is based on information that the Company received from the plan and is certified by the plan's actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded.

(2) The FIP/RP Status column indicates plans for which a financial improvement plan ("FIP") or a rehabilitation plan ("RP") is either pending or has been implemented.

XML

Retirement Plans (Summary of Changes in Fair Value of Level 3 Assets) (Details) (USD $)	12 Months Ended
	Dec. 27, 2014	Dec. 28, 2013	Dec. 29, 2012
Fair Value of Level 3 Assets [Roll Forward]
Fair value of plan assets at end of year	$ 267,635,000	$ 260,917,000
Pensions [Member]
Fair Value of Level 3 Assets [Roll Forward]
Fair value of plan assets at beginning of year			231,897,000
Fair value of plan assets at end of year	267,635,000	260,917,000	231,897,000
Alternative investments [Member] | Pensions [Member]
Fair Value of Level 3 Assets [Roll Forward]
Fair value of plan assets at end of year	58,643,000	53,116,000
Level 3 [Member] | Pensions [Member]
Fair Value of Level 3 Assets [Roll Forward]
Fair value of plan assets at end of year	58,643,000	53,116,000
Level 3 [Member] | Alternative investments [Member] | Pensions [Member]
Fair Value of Level 3 Assets [Roll Forward]
Fair value of plan assets at beginning of year	53,116,000	46,297,000
Purchases, sales and settlements		0
Asset sales	(2,884,000)
Asset purchases	2,884,000
Unrealized gains	5,527,000	6,819,000
Fair value of plan assets at end of year	58,643,000	53,116,000
Realized losses on asset sales	$ 100,000