Definition of Excluded Flexo VIE Debt

Excluded Flexo VIE Debt means all Indebtedness for Borrowed Money of Flexo owed to VLM or VLUS, subject to satisfaction of the following conditions: (a) such indebtedness was incurred under the leasing arrangement described in footnote 15 to the consolidated financial statements attached to the Company's Form 10-K filed on March 31, 2011; (b) the aggregate amount of Flexo's liability for such indebtedness does not exceed $1,000,000 at any time; (c) none of the Company and its other Subsidiaries has done any of the following: (i) directly or indirectly guaranteed such indebtedness; (ii) agreed (contingently or otherwise) to purchase or otherwise acquire such indebtedness; or (iii) otherwise assured VLM or VLUS against loss in respect of such indebtedness; and (d) no creditor of VLM or VLUS has recourse to the general credit of the Company or any of its other Subsidiaries as a result of including VLM and VLUS in the consolidated financial statements of the Company and its Subsidiaries.