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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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first, to pay any fees, indemnities, or expense reimbursements including amounts then<br />

due to the Administrative Agent and the Issuing Banks from the Borrower (other than in<br />

connection with Banking Services or Designated Hedge Obligations),<br />

second, to pay any fees, indemnities or expense reimbursements then due to the Lenders<br />

from the Borrower (other than in connection with Banking Services or Designated Hedge<br />

Obligations),<br />

third, to pay interest due in respect of the Protective Advances,<br />

fourth, to pay the principal of the Protective Advances,<br />

fifth, to pay interest then due and payable on the Loans (other than the Protective<br />

Advances) ratably,<br />

sixth, to pay principal on the Loans (other than the Protective Advances) and<br />

unreimbursed LC Disbursements ratably,<br />

seventh, to pay an amount to the Administrative Agent equal to one hundred five percent<br />

(105%) of the aggregate undrawn face amount of all outstanding Letters of Credit and the<br />

aggregate amount of any unpaid LC Disbursements, to be held as cash collateral for such<br />

Obligations,<br />

eighth, to payment of any amounts owing with respect to Priority Banking Services<br />

Obligations up to and including the amount most recently provided to the Administrative Agent<br />

pursuant to Section 2.22 but in no event in excess of the Maximum Banking Priority Amount<br />

designated for such Priority Banking Services Obligations and Designated Hedge Obligations up<br />

to and including the amount most recently provided to the Administrative Agent pursuant to<br />

Section 2.22 but in no event in excess of the Maximum Hedge Priority Amount designated for<br />

such Priority Hedge Obligations,<br />

ninth to payment of any other amounts owing with respect to Banking Services<br />

Obligations up to and including the amount most recently provided to the Administrative Agent<br />

pursuant to Section 2.22 (including the amounts of Priority Banking Services Obligations in<br />

excess of the Maximum Banking Services Amount) and other Designated Hedge Obligations up<br />

to and including the amount most recently provided to the Administrative Agent pursuant to<br />

Section 2.22 (including the amounts of Priority Hedge Obligations in excess of the Maximum<br />

Hedge Priority Amounts), and<br />

tenth, to the payment of any other Secured Obligation due to the Administrative Agent or<br />

any Secured Party by the Borrower.<br />

Notwithstanding anything to the contrary contained in this <strong>Agreement</strong>, unless so directed<br />

by the Borrower, or unless a Default is in existence, neither the Administrative Agent nor any<br />

Lender shall apply any payment which it receives to any Eurodollar Loan of a Class, except (a)<br />

on the expiration date of the Interest Period applicable thereto or (b) in the event, and only to the<br />

extent, that there are no outstanding ABR Loans of the same Class and, in any such event, the<br />

Borrower shall pay the break funding payment required in accordance with Section 2.16. As<br />

CH\1416587.18<br />

68

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