Exhibit 10.28

 

April 16, 2018

 

KapStone Receivables, LLC

1101 Skokie Blvd, Suite 300

Northbrook, IL 60062

 

Re:                             Specified Victory Receivables

 

Ladies and Gentlemen:

 

Reference is hereby made to the Receivables Purchase Agreement dated as of
September 26, 2014 (as amended or otherwise modified from time to time prior to
the date hereof, the “Purchase Agreement”), by and among:

 

(a)                     KapStone Receivables, LLC, a Delaware limited liability
company (the “Seller”),

 

(b)                     KapStone Paper and Packaging Corporation, a Delaware
corporation (the “Servicer”),

 

(c)                      the Purchasers from time to time party thereto
including Wells Fargo Bank, N.A., PNC Bank, National Association, Sumitomo
Mitsui Banking Corporation, New York Branch, and Coöperatieve Rabobank, U.A.,
New York Branch, and

 

(d)                     Wells Fargo Bank, N.A., in its capacity as
administrative agent for the Purchasers (in such capacity, together with its
successors and assigns in such capacity, the “Administrative Agent”).

 

Capitalized terms used and not otherwise defined herein are used with the
meanings attributed thereto in the Purchase Agreement.

 

1.                                      Specified Victory
Receivables.                            Victory Packaging, L.P. (“Victory”) has
directed (and may in the future direct) Obligors on certain accounts receivable
originated by Victory to make payments thereon to Victory’s credit card
processing account at BBVA Compass Bank (which such account is not a Collection
Account).  Such accounts receivable are referred to herein as the “Specified
Victory Receivables”. The parties to the Purchase Agreement and the Sale
Agreement did not intend for the Specified Victory Receivables to be
“Receivables” for purposes of the Transaction Documents but instead “Excluded
Receivables”.  Accordingly, each of the undersigned confirms that the Specified
Victory Receivables are (and have at all times been) “Excluded Receivables” for
purposes of the Purchase Agreement, the Sale Agreement and each of the other
Transaction Documents.  Each of the Seller and the Servicer confirms that the
Specified Victory Receivables have not at any time been included as Eligible
Receivables for purposes of the calculation of the Net Pool Balance.

 

2.                                      Miscellaneous.

 

(a)                                 This letter shall be governed by, and
construed in accordance with, the internal laws, and not the conflict of laws
principles, of the State of New York.

 

(b)                                 This letter may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

 

<Signature pages follow>

 

LETTER AGREEMENT

 

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Sincerely,

 

WELLS FARGO BANK, N.A., as a Purchaser and as Administrative Agent

 

By:

/s/Michael J. Landry

 

Name:

Michael J. Landry

 

Title:

Vice President

 

 

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PNC BANK, NATIONAL ASSOCIATION, as a Purchaser

 

By:

/s/Michael Brown

 

Name:

Michael Brown

 

Title:

Senior Vice President

 

 

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SUMITOMO MITSUI BANKING CORPORATION, NEW YORK BRANCH, as a Purchaser

 

By:

/s/James D. Weinstein

 

Name:

James D. Weinstein

 

Title:

Managing Director

 

 

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COÖPERATIEVE RABOBANK, U.A., NEW YORK BRANCH,

as a Purchaser

 

 

 

By:

/s/ Christopher Lew

 

Name:

Christopher Lew

 

Title:

Executive Director

 

 

 

By:

/s/ Thomas McNamara

 

Name:

Thomas McNamara

 

Title:

Executive Director

 

 

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Agreed to and accepted as of the date first above written:

 

 

 

KAPSTONE RECEIVABLES, LLC, as the Seller

 

 

 

By:

/s/ Andrea K. Tarbox

 

Name:

Andrea K. Tarbox

 

Title:

Treasurer

 

 

 

KAPSTONE KRAFT PAPER CORPORATION, as an Originator

 

 

By:

/s/ Andrea K. Tarbox

 

Name:

Andrea K. Tarbox

 

Title:

Chief Financial Officer

 

 

 

KAPSTONE CONTAINER CORPORATION, as an Originator

 

 

 

By:

/s/ Andrea K. Tarbox

 

Name:

Andrea K. Tarbox

 

Title:

Chief Financial Officer

 

 

 

LONGVIEW FIBRE PAPER AND PACKAGING, INC., as an Originator

 

 

By:

/s/ Andrea K. Tarbox

 

Name:

Andrea K. Tarbox

 

Title:

Chief Financial Officer

 

 

 

KAPSTONE CHARLESTON KRAFT LLC, as an Originator

 

 

 

By:

/s/ Andrea K. Tarbox

 

Name:

Andrea K. Tarbox

 

Title:

Chief Financial Officer

 

 

 

VICTORY PACKAGING, L.P.,

 

as an Originator

 

 

 

By:

/s/ Andrea K. Tarbox

 

Name:

Andrea K. Tarbox

 

Title:

Vice President

 

 

 

KAPSTONE PAPER AND PACKAGING CORPORATION, as Servicer

 

 

By:

/s/ Andrea K. Tarbox

 

Name:

Andrea K. Tarbox

 

Title:

Chief Financial Officer

 

 

 

 

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