Exit Financing Credit Agreement

Exhibit 99.4

Exit Financing Credit Agreement

Exit Financing. On the Effective Date, without any requirement of further action by security holders or directors of New Pliant, the Debtors or Reorganized Debtors, New Pliant and the Reorganized Debtors shall be authorized and directed to enter into the Exit Facility Credit Agreement, as well as any notes, documents or agreements in connection therewith, including, without limitation, any documents required in connection with the creation or perfection of the liens on the exit facility collateral. The Exit Facility Credit Agreement shall be designated as a Senior Credit Agreement pursuant to the terms of the Intercreditor Agreement. The final terms of the Exit Facility Credit Agreement and related documents will be filed by the Debtors as part of the Plan Supplement. The principal terms of the Exit Financing Credit Facility will be no less favorable to the Reorganized Debtors than the following:

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Borrower:		New Pliant
Guarantors:		All domestic and Canadian subsidiaries of the Borrowers
Lenders:		An agent and syndicate of lenders of national stature to be selected by the Debtors upon the conclusion of negotiations.
Facility Type:		Asset based revolving line of credit
Amount:		Line Limit: Estimated to be at least $170 million, including $25 million sublimit for letters of credit. In no event will borrowings under the Exit Facility, when added to other outstanding senior debt, exceed the permitted senior debt baskets under the 0xx Xxxx xxx 0xx Xxxx Xxxxxxxxxx. Availability Upon Emergence: Estimated to exceed $150 million. Estimated draw on Plan’s Effective Date: $108.6 million.
Maturity Date:		No sooner than 2nd anniversary date of the Effective Date.
Interest Rate:		Market Rate
Collateral:		First priority security interest in substantially all inventory, receivables, deposits accounts, 100% of capital stock of, or other equity interests in, domestic subsidiaries, and 65% of the capital stock of, or other equity interests in, foreign subsidiaries, investment property and certain other assets (the “First Priority Security Interest”) and a second priority security interest in the real property, fixtures, equipment, intellectual property and other assets of the Borrowers (the “Second Priority Security Interest”)
Commitment and Closing Fees		Market Rate. Presently estimated to be in the range of approximately $2 miliom to $5 million. Debtors’ projections assume fees of $3.0 million.
Letters of Credit Fee		Market Rate
Representations, Warranties, Covenants, and Events of Default		Customary for facilities of this type.

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Ranking First Priority Security Interest senior to security interest of the First Lien Notes and the Second Lien Notes

Second Priority Security Interest that, within a bankruptcy or upon a collateral enforcement action by the First Lien Notes, ranks junior to the security interest of the First Lien Notes and pari passu with the security interest of the Second Lien Notes. Second Priority Security Interest that, upon payment in full of the First Lien Notes and release of the related liens outside of a bankruptcy or collateral enforcement action, ranks senior to the Second Lien Notes

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