Exhibit 10.15.2
LASALLE NATIONAL LEASING CORPORATION
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LASALLE BANKS
000 Xxxxxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxx 00000
(000) 000-0000
April 28, 1999
Applied Extrusion Technologies, Inc.
0 Xxxxxxxxxx Xxxxx
Xxxxxxx, Xxxxxxxxxxxxx 00000
RE: EQUIPMENT LEASE AGREEMENT DATED AS OF DECEMBER 29, 1997
Gentlemen:
This will confirm the collateral understanding which has been reached
between us with respect to the above-referenced Equipment Lease Agreement
(the "Lease"), between LaSalle National Leasing Corporation, as lessor, and
Applied Extrusion Technologies, Inc., as lessee. Capitalized terms used
herein without definition shall have the meaning given such term in the Lease.
In consideration of the sum of Ten Dollars ($10.00) in hand paid, and
other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties agree as follows:
1. The following new Section 3(g) is added to the Lease:
"(g) Lessee has reviewed the areas within its business and
operations which could be adversely affected by, and has developed
or is developing a program to address on a timely basis, the "Year
2000 Problem" (that is, the risk that computer applications used by
Lessee may be unable to recognize and perform properly
date-sensitive functions involving certain dates prior to and any
date on or after December 31, 1999), and has made related
appropriate inquiry of material suppliers and vendors. Based on such
review and program, Lessee believes that the "Year 2000 Problem"
will not have a Material Adverse Effect. From time to time, at the
request of Lessor, Lessee shall provide to Lessor such updated
information or documentation as is requested regarding the status of
its efforts to address the Year 2000 Problem. As used herein,
"Material Adverse Effect" shall mean (1) a materially adverse effect
on the business, condition (financial or otherwise), operations,
performance or properties of Lessee, or (2) a material impairment of
the ability of Lessee to perform its obligations under or to remain
in compliance with the Lease Documents."
2. The following new Section 5(a)(8) is added to the Lease: "and (8)
such appraisals, bringdown certificates and bringdown opinions as Lessor
reasonably may require".
LASALLE NATIONAL LEASING CORPORATION
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LASALLE BANKS
Applied Extrusion Technologies, Inc.
April 28, 1999
Page 2
3. In Section 5(e) of the Lease, the last sentence is deleted and the
following substituted in lieu thereof:
"Lessee's obligations under each Equipment Schedule designated
as a Series B Equipment Schedule (collectively, the "Series B
Equipment Schedules"), this Lease (solely to the extent
incorporated by reference in the Series B Equipment Schedules)
and each Xxxx of Sale (collectively, the "Series B Xxxx of Sale")
executed with respect to the Equipment to be leased pursuant to
the Series B Equipment Schedules (the "Series B Equipment"),
including Lessee's obligation to sell the Series B Equipment to
Lessor pursuant to the Series B Xxxx of Sale, are conditioned
upon Lessee's receipt from Lessor by Federal wire transfer or
other immediately available funds in the amount of the Total
Invoice Cost set forth on the applicable Series B Equipment
Schedules, which aggregate amounts shall not be less than Twenty
Million Dollars ($20,000,000)."
4. In Section 10(b)(ii)(D) of the Lease, the following words are added
to the end thereof: "with respect to Equipment Schedules Nos. 1 through 8
executed pursuant hereto, and to a balloon payment of twenty (20) percent at
the twentieth (20th) quarter of the term with respect to each Equipment
Schedule executed pursuant hereto and designated as a Series B Equipment
Schedule."
5. Rider No. 1 attached to the Lease shall be applicable solely with
respect to the Equipment described on Equipment Schedules Nos. 1 through 8
executed pursuant to the Lease.
6. Riders Nos. 5 and 6 attached hereto, applicable solely with respect
to the Equipment described on those Equipment Schedules executed pursuant to
the Lease which are designated as Series B Equipment Schedules, are
incorporated in the Lease as fully as if originally set forth therein.
7. Except as expressly set forth herein, the terms and conditions of
the Lease remain unmodified and in full force and effect.
If the foregoing accurately sets forth our understanding with respect to
the subject matter hereof, please sign and return the enclosed copy of this
letter and it will constitute an amendment of the Lease pursuant to
Section 18(a) thereof.
LASALLE NATIONAL LEASING CORPORATION
By: _________________________________
Name: _______________________________
Title: ______________________________
LASALLE NATIONAL LEASING CORPORATION
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LASALLE BANKS
Applied Extrusion Technologies, Inc.
April 28, 1999
Page 3
AGREED:
APPLIED EXTRUSION TECHNOLOGIES, INC.
By: /s/ Xxxxxxx X. Xxxxxx
________________________________
Name: Xxxxxxx X. Xxxxxx
______________________________
Title: Vice President and Chief Financial Officer
_____________________________
