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In reference to direct mail, it is the package used to hold the pieces to the direct mail program, such as an envelope, box, tube or polybag.
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In reference to integrated and affixed products, it is the continuous or laser sheet that the card or label is affixed to or integrated into.
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In reference to pressure sensitive labels, it is the layer that holds the adhesive and facestock until time of application. Also referred to as the liner.