EXHIBIT 10.11
AMENDMENT TO CONVERTIBLE DEBENTURE PURCHASE AGREEMENT
AMENDMENT TO CONVERTIBLE DEBENTURE PURCHASE AGREEMENT ("AGREEMENT")
dated as of April 4, 2002 between the U.S. Plastic Lumber Corp. (the "Company"),
and Xxxxx Partnership, a New Jersey Partnership (the "INVESTORS")
6 W I T N E S S E T H:
WHEREAS, U.S. Plastic Lumber Corp. (the "Company") and the Investors
have heretofore entered into a Convertible Debenture Agreement on December 1,
2000 in the aggregate amount of $5,000,000 which was subsequently amended on
March 15, 2001; and
WHEREAS, the Company and the Investors are desirous of amending the
Convertible Debenture Agreement to further extend the due date of the
debentures; and
WHEREAS, the Investors are major shareholders in the Company and derive
economic benefit from the success of the Company, and
WHEREAS, the Investors are willing to execute this Amendment;
NOW, THEREFORE, in consideration of the foregoing premises and the
covenants contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:
1. MATURITY DATE. The Maturity Date as defined in the Debenture shall be
amended to be July 1, 2003.
2. CONSIDERATION FOR MATURITY DATE EXTENSION. In consideration for
extending the Maturity Date of the Debenture the Company agrees to
increase the interest rate from 11.5% to 16% per annum payable monthly,
said increase in interest rate to take effect as of April 1, 2002.
3. MISCELLANEOUS. All remaining terms of the Convertible Debenture
Purchase Agreement and related agreements between the Company and
Investors are unchanged and shall remain in full force and effect. This
Agreement shall be governed by and construed and enforced in accordance
with the laws of the State of Florida. This Agreement may be executed
in two or more counterparts, all of which shall be considered on and
the same agreement, it being understood that all parties need not sign
the same counterpart.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed on the date first written above.
XXXXX PARTNERSHIP
/s/ XXXX X. XXXXXXX
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Xxxx X. Xxxxxxx
Title: Managing Partner
U.S. Plastic Lumber Corp.
/s/ XXXXX X. XXXXXXX
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Xxxxx X. Xxxxxxx, Secretary