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Exhibit 10.1.3
CONFORMED COPY
WAIVER
WAIVER (the "WAIVER") dated as of August 7, 1997 among: APPLIED EXTRUSION
TECHNOLOGIES, INC. (the "COMPANY") and the LENDERS listed on the signature pages
hereof (the "LENDERS").
WITNESSETH:
WHEREAS, the parties hereto and The Chase Manhattan Bank, as Administrative
Agent (the "ADMINISTRATIVE AGENT"), have heretofore entered into a Credit
Agreement dated as of April 7, 1994 (as amended by Amendment No. 1 dated as of
December 30, 1994, Waiver and Amendment No. 2 dated as of July 10, 1995,
Amendment No. 3 dated as of June 28, 1996 and Amendment No. 4 dated as of March
31, 1997, the "AGREEMENT"); and
WHEREAS, the Company and the Lenders have agreed to waive compliance with
the fixed charge coverage ratio covenant for the period ended on June 30, 1997;
NOW, THEREFORE, the parties hereto agree as follows:
SECTION 1. Definitions; References. Unless otherwise specifically
defined in the recitals above, each term used herein which is defined in the
Agreement shall have the meaning assigned to such term in the Agreement.
SECTION 2. Waiver of Section 9.11 of the Agreement. The Lenders hereby waive
compliance with Section 9.11 of the Agreement for the period (and only for the
period) ended on June 30, 1997.
SECTION 3. GOVERNING LAW. THIS WAIVER SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
SECTION 4. Counterparts; Effectiveness. This Waiver may be signed in
any number of counterparts, each of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument.
This
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Waiver shall become effective as of the date first above written when the
Administrative Agent shall have received counterparts of this Waiver executed
and delivered by or on behalf of the Majority Lenders and the Company (or, in
the case of any Lender as to which the Administrative Agent shall not have
received such a counterpart, the Administrative Agent shall have received
evidence satisfactory to it of the execution and delivery by such Lender of a
counterpart hereof).
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IN WITNESS WHEREOF, the parties hereto have caused this Waiver to
be duly executed as of the date first above written.
APPLIED EXTRUSION TECHNOLOGIES, INC.
By /s/ Xxxxxxx X. Xxxxxx
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Title: Vice President & CFO
THE CHASE MANHATTAN BANK
By /s/ Xxxxxx X. Xxxxx
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Title: Managing Director
LASALLE BUSINESS CREDIT, INC.
By /s/ Xxxx X. Xxxxxxxx
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Title: Vice President
PNC BANK, N.A.
By /s/ Xxxxx X. Xxxxxx
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Title: Vice President
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FLEET NATIONAL BANK
By /s/ H. Xxxxxx Xxxxxxxxx
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Title: Assistant Vice President
SIGNET BANK
By /s/ Xxxx Xxxx
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Title: Assistant Vice President
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