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Exhibit 10.2 NewPage - Executed ABL Agreement

Exhibit 10.2 NewPage - Executed ABL Agreement

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(vi) exercise all other rights and remedies as unsecured creditors<br />

against Grantor so long as such exercise does not contravene any provision of this<br />

<strong>Agreement</strong> (it being understood that any provision of this <strong>Agreement</strong> that requires any<br />

party hereto to act or to refrain from acting shall be applicable to such party in its<br />

respective capacities as a secured and an unsecured creditor).<br />

3.2 Release of Second Priority Liens.<br />

(a) If the Agent with the senior Lien on any Shared Collateral (the<br />

“Senior Agent”) releases its Liens on any part of such Shared Collateral in connection with (i)<br />

any Disposition of such Shared Collateral permitted under the terms of the Revolving Loan<br />

Documents and the terms of the Term Loan Documents, (ii) the Disposition by an Agent (but not<br />

by a Grantor) of such Shared Collateral in connection with the exercise of such Agent’s<br />

enforcement remedies in respect of such Shared Collateral or (iii) the Disposition by any Grantor<br />

of such Shared Collateral with the consent of the Senior Agent so long as, in the case of any<br />

Disposition of such Shared Collateral pursuant to this clause (iii), (A) a Revolving Loan Event of<br />

Default (in the case of a Disposition of Revolving Loan Priority Collateral) or Term Loan Event<br />

of Default (in the case of a Disposition of Term Loan Priority Collateral) has occurred and is<br />

continuing, (B) the net cash proceeds received from such Disposition shall be applied to repay<br />

the Revolving Loan Debt (in the case of a Disposition of Revolving Loan Priority Collateral) or<br />

the Term Loan Debt (in the case of a Disposition of Term Loan Priority Collateral) and, in the<br />

case of a Disposition of Revolving Loan Priority Collateral, the commitments under the<br />

Revolving Loan <strong>Agreement</strong> shall be permanently reduced by an amount equal to the amount of<br />

such net cash proceeds, (C) such Disposition shall be conducted in a commercially reasonable<br />

manner, (D) the Agent with the junior Lien on such Shared Collateral shall have received not<br />

less than five (5) Business Days’ prior written notice of such Disposition and (E) the<br />

consideration paid for such Shared Collateral shall consist of all cash paid at the closing of the<br />

Disposition of such Shared Collateral (unless all or any of such consideration is required to be<br />

paid in cash within thirty (30) days after the closing of such Disposition), then (in each case)<br />

effective upon the consummation of any such Disposition or exercise of enforcement remedies,<br />

the Agent with the junior Lien on any such Collateral (the “Junior Agent”) shall:<br />

(i) be deemed to have automatically and without further action<br />

consented to such Disposition, waived any conflicting provision in the Revolving Loan<br />

Documents or the Term Loan Documents, as the case may be, and released and<br />

terminated any Liens it may have on such Shared Collateral; provided, that, (A) the Liens<br />

of the Senior Agent on the Shared Collateral so sold or disposed of are released at the<br />

same time, and (B) such junior Lien shall remain in place with respect to any Proceeds of<br />

such sale, transfer or other disposition under this clause (a)(i) that remain after the<br />

Discharge of Revolving Loan Debt (in the case of Revolving Loan Priority Collateral) or<br />

the Discharge of Term Loan Debt (in the case of Term Loan Priority Collateral);<br />

(ii) be deemed to have authorized the Senior Agent to file UCC<br />

amendments and terminations covering the Shared Collateral so sold or otherwise<br />

disposed of with respect to the UCC financing statements between any Grantor and the<br />

Junior Agent to evidence such release and termination; and<br />

CH\1408709.10<br />

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