July 14, 2005American Pallet Leasing, Inc. • July 20th, 2005 • Sawmills & planting mills, general
Reference is made to our discussion on July 12, 2005, wherein we agreed to modify our understanding of our obligation under the Registration Rights Agreement, dated as of April 27, 2005 and your rights under that certain Note dated as of April 27, 2005 (the "Note"), the Stock Pledge Agreement dated as of April 27, 2005 (the "Pledge"), and the Limited Recourse Guarantee, dated as of April 27, 2005 (the "Guarantee") (together the "Lending Documents"). In this letter "we" or the "Company" shall refer to American Pallet Leasing, Inc., a Delaware corporation and "you" or "your" shall refer to Brittany Capital Management Limited, a Bahamian corporation.
