Exhibit 10.2 NewPage - Executed ABL Agreement
Exhibit 10.2 NewPage - Executed ABL Agreement
Exhibit 10.2 NewPage - Executed ABL Agreement
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(a) Upon the Discharge of Revolving Loan Debt, to the extent<br />
permitted under applicable law, upon the request of Term Loan Agent, Revolving Loan Agent<br />
shall, without recourse or warranty, transfer the possession and control of the Pledged Collateral,<br />
if any, then in its possession or control to Term Loan Agent, except in the event and to the extent<br />
(i) Revolving Loan Agent or any other Revolving Loan Secured Party has retained or otherwise<br />
acquired such Pledged Collateral in full or partial satisfaction of any of the Revolving Loan<br />
Debt, (ii) such Pledged Collateral is sold or otherwise disposed of by Revolving Loan Agent or<br />
any other Revolving Loan Secured Party or by a Grantor as provided herein or (iii) it is<br />
otherwise required by any order of any court or other governmental authority or applicable law<br />
or would result in the risk of liability of Revolving Loan Secured Party to any third party. In<br />
connection with any transfer described in the immediately preceding sentence to Term Loan<br />
Agent, Revolving Loan Agent agrees to take reasonable actions in its power (with all costs and<br />
expenses in connection therewith to be for the account of Term Loan Agent and to be paid by the<br />
Grantors) as shall be reasonably requested by Term Loan Agent to permit Term Loan Agent to<br />
obtain, for the benefit of the Term Loan Secured Parties, a first priority security interest in the<br />
Pledged Collateral, including in connection with the terms of any Landlord Personal Property<br />
Collateral Access <strong>Agreement</strong> (as defined in the Revolving Loan <strong>Agreement</strong>), whether with a<br />
landlord, processor, warehouse or other third party or any Deposit Account Control <strong>Agreement</strong>s<br />
(as defined in the Revolving Loan <strong>Agreement</strong>), with respect to any such agreement delivered on<br />
or after the date hereof, Revolving Loan Agent shall notify the other parties thereto that it is no<br />
longer the “Secured Party Representative”, “Agent Representative”, “Lender Representative” or<br />
otherwise entitled to act under such agreement and shall confirm to such parties that Term Loan<br />
Agent is thereafter the “Secured Party Representative”, “Agent Representative”, “Lender<br />
Representative” as any of such terms are used in any such agreement and is otherwise entitled to<br />
the rights of the secured party under such agreement. The foregoing provision shall not impose<br />
on Revolving Loan Agent or any other Revolving Loan Secured Party any obligations which<br />
would conflict with prior perfected claims therein in favor of any other person or any order or<br />
decree of any court or other governmental authority or any applicable law.<br />
(b) Upon the Discharge of Term Loan Debt, to the extent permitted<br />
under applicable law, upon the request of Revolving Loan Agent, Term Loan Agent shall,<br />
without recourse or warranty, transfer the possession and control of the Pledged Collateral, if<br />
any, then in its possession or control to Revolving Loan Agent, except in the event and to the<br />
extent (i) Term Loan Agent or any other Term Loan Secured Party has retained or otherwise<br />
acquired such Pledged Collateral in full or partial satisfaction of any of the Term Loan Debt, (ii)<br />
such Pledged Collateral is sold or otherwise disposed of by Term Loan Agent or any other Term<br />
Loan Secured Party or by a Grantor as provided herein or (iii) it is otherwise required by any<br />
order of any court or other governmental authority or applicable law or would result in the risk of<br />
liability of Term Loan Secured Party to any third party. In connection with any transfer<br />
described in the immediately preceding sentence to Revolving Loan Agent, Term Loan Agent<br />
agrees to take reasonable actions in its power (with all costs and expenses in connection<br />
therewith to be for the account of Revolving Loan Agent and to be paid by Grantors) as shall be<br />
reasonably requested by Revolving Loan Agent to permit Revolving Loan Agent to obtain, for<br />
the benefit of the Revolving Loan Secured Parties, a first priority security interest in the Pledged<br />
Collateral. The foregoing provision shall not impose on Term Loan Agent or any other Term<br />
Loan Secured Party any obligations which would conflict with prior perfected claims therein in<br />
CH\1408709.10<br />
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