Document:

EX-10.1

Exhibit 10.1

FORM OF LETTER AGREEMENT

May 9, 2008

Banco Santander, S.A.

Ciudad Grupo Santander

Avda. de Cantabria, s/n-28660

Boadilla del Monte

Madrid, Spain

Attention: Ignacio Benjumea

Gonzalo de Las Heras

Dear Messrs. Benjumea and de Las Heras,

     Reference is made to the Investment Agreement between Banco Santander, S.A.
(“Santander”) and Sovereign Bancorp, Inc. (“Sovereign” or the “Company” and
together with Santander, the “Parties”), dated as of October 24, 2005, as amended on
November 22, 2005 and May 31, 2006 (as so amended, the “Investment Agreement”).

     Pursuant to the recommendations of Lehman Brothers, the financial advisor to Sovereign’s Board
of Directors (the “Board”) and the Capital Committee of the Board, the Board, at a meeting
held on May 7, 2008, approved by the unanimous affirmative vote of the disinterested directors
(namely all the directors other than the directors appointed by Santander), a public offering of
$1 billion of Tier I qualifying equity securities. The Company acknowledges that Section 2.04 of
the Investment Agreement grants Santander certain rights with respect to such public offering and
has requested that Santander waive certain of its rights in respect to such public offering. The
Parties acknowledge and agree that this letter agreement (including, without limitation, any waiver
set forth herein) shall apply to such public offering only if it meets the terms set forth herein
(such public offering, the “Applicable Public Offering”), and shall in no event apply to
any other issuance or proposed issuance by the Company of any securities, whether or not approved
by the Board at its above-mentioned May 7, 2008 meeting or at any other time. The Parties
acknowledge that some of the final terms of the Applicable Public Offering will be established by
prevailing market conditions at the time of pricing. Notwithstanding the immediately preceding sentence, the Parties acknowledge and agree that no offering will
constitute an Applicable Public Offering unless it meets the terms set forth below:

 

 

	•	 	The gross proceeds of the Applicable Public Offering shall not be less than
$975 million or more than $1.25 billion, subject to increase in the event that the
underwriters or placement agents elect to exercise an over-allotment option, which
will be on customary market terms covering 15% of the aggregate amount of the firm shares placed in the Applicable Public Offering (the “Gross Proceeds”).
The entire amount of the Gross Proceeds received by the Company in the Applicable
Public Offering shall qualify for Tier I capital treatment.
	 
	•	 	The securities sold by the Company in the Applicable Public Offering are
expected to consist of such number of shares of common stock of the Company
sufficient to generate the Gross Proceeds (such shares of common stock sold in the
Applicable Public Offering are referred to herein as the “Common
Portion”); provided, however, that a portion of the Applicable
Public Offering may consist of shares of convertible preferred stock of the
Company (such shares of convertible preferred stock sold in the Applicable Public
Offering are referred to herein as the “Preferred Portion”), but the
Preferred Portion will not be more then $500 million. For the sake of clarity, no
securities sold by the Company in the Applicable Public Offering shall consist of
any securities other than the Common Portion and the Preferred Portion.
	 
	•	 	The price per share at which the Common Portion is sold in the Applicable
Public Offering shall be at a discount of approximately no more than 15% to the
closing price on the date immediately preceding the date of pricing of the
Applicable Public Offering.
	 
	•	 	The annual dividend payable on the Preferred Portion (if any) sold in the
Applicable Public Offering shall be a non-cumulative dividend payable in cash in
the range of 6.5% to 7.5% and such Preferred Portion will be convertible into shares of common stock of Company at a premium to market of 20% to 30%;
provided, however, that (1) if the dividend payable on the
Preferred Portion is greater than 7.0%, then the conversion premium on the
Preferred Portion must be more than 25% and (2) if the conversion premium on the
Preferred Portion is less than 25% then the dividend payable on the Preferred
Portion must be no greater than 7%.
	 
	•	 	The pricing of the Applicable Public Offering will be set on or before market
open on May 16, 2008.
	 
	•	 	The Applicable Public Offering shall be a public offering effected through
Lehman Brothers.

2

 

     Solely with respect to the Applicable Public Offering, Santander hereby agrees to waive its
“Gross Up Rights” set forth in Section 2.04(a) of the Investment Agreement and its notice right set
forth in Section 2.04(b) of the Investment Agreement.

     In consideration of these waivers, the Company agrees that a Santander representative who is
currently a member of the Board will have the right to listen in on every update call from Lehman
Brothers to the Company regarding the status of the order book and the price indications from
investors relating to the Applicable Public Offering.

     The Parties acknowledge that, if the Applicable Public Offering is consummated, as a result of
the waiver of its “Gross Up Rights” set forth in Section 2.04(a) of the Investment Agreement,
Santander’s ownership interest in the Company may decrease but that, pursuant to Section 2.03(a) of
the Investment Agreement, Santander has the right to increase its ownership interest the Permitted
Limit (as such term is defined in the Investment Agreement). Accordingly, in consideration of the
waivers set forth herein, the Company and Santander further agree that, if the Applicable Public
Offering is consummated, Section 8.11(b) of the Investment Agreement shall automatically without
any further action be amended and restated to read in its entirety as follows:

“So long as Buyer and its Affiliates Beneficially Own at least 19.8% and not more than
24.9% of the outstanding shares of Common Stock, the Company shall continue to nominate and
recommend for election two persons designated by Buyer to serve as directors on the Board
who shall be nominated to serve in the respective class of their respective predecessors;
provided that, upon any increase in the size of the Board, the Board shall elect as
directors to fill such newly created vacancies persons designated by Buyer in sufficient
number so that the number of directors serving on the Board who have been designated by
Buyer shall in no event represent less than 20% or more than 25% of the total number of
directors, and the Company shall continue to nominate and recommend for election such
persons designated by Buyer. So long as Buyer and its Affiliates Beneficially Own less than
19.8% but more than 10% of the outstanding shares of Common Stock, the Company shall
continue to nominate and recommend for election one person designated by Buyer to serve as
a director on the Board. If Buyer and its Affiliates beneficially own more than 24.9% of
the outstanding shares of Common Stock and Buyer has not breached any of its obligations
hereunder, Buyer shall be entitled to Board representation proportional to its ownership.
Upon the death, disability, retirement, resignation or other removal of a director
designated by Buyer, the Board shall elect as a director to fill the vacancy so created a
person designated by Buyer to fill such vacancy. Solely for purposes of calculating the
number of shares of Common Stock Beneficially Owned by Buyer and its Affiliates for
purposes of determining the rights of Buyer and the obligations of the Company under this
Section 8.11(b), (i) shares of Common Stock issued at any time after Closing, to any Person
other than Buyer or any of its Affiliates, shall be excluded from such calculations, unless
Buyer is entitled, pursuant to Section 2.04, to purchase additional securities of the
Company in connection with such issuance, and, in each such case, until Buyer

3

 

shall have had the opportunity to exercise its rights to purchase such additional
securities pursuant to Section 2.04 and, in the event of such exercise, shall have
completed such purchase and (ii) until the day of the regular 2009 Annual Meeting of
Sovereign’s shareholders, the number of shares issued by the Company in the Applicable
Public Offering shall not be treated as outstanding shares. For purposes of this
Section 8.11(b) only, “Applicable Public Offering” means the underwritten public offering
by the Company meeting the conditions specified in the letter agreement, dated May 8, 2008,
between Buyer and the Company.”

     In furtherance of the foregoing, the Company hereby withdraws the letter, dated May 6, 2008,
from Sovereign which was delivered to Santander on that date pursuant to the Investment Agreement.

     The Parties acknowledge and agree that the terms set forth in this letter agreement are part
of a comprehensive compromise, each element of which is an integral part of this letter agreement
and, as such, such terms are non-severable.

[remainder of page intentionally left blank]

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     Please acknowledge your agreement to the foregoing by returning a countersigned of this letter
agreement.

	 	 	 	 	 	 	 
	 	 	Sincerely,
	 
	 	 	 	 	 	 
	 	 	SOVEREIGN BANCORP, INC.
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

Richard Toomey
	 	 
	 	 	Title: General Counsel

ACKNOWLEDGED AS OF THE DATE FIRST WRITTEN ABOVE:

BANCO SANTANDER, S.A.

	 	 	 	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name: Gonzalo de Las Heras
	 	 
	 

	 	Title: Executive Vice President	 	 

	 	 	 	 	 
	cc:

	 	Kirk Walters,
	 	 
	 

	 	    Chief Financial Officer	 	 
	 

	 	Thomas Janson	 	 
	 

	 	Douglas Tanner	 	 
	 

	 	Lee Meyerson	 	 
	 

	 	Franck Cicero	 	 
	 

	 	Diane Kerr	 	 

[Signature Page to Letter Agreement]EX-10.6

EXHIBIT 10.6

AMENDMENT NO. 1

          AMENDMENT NO. 1, dated as of May 12, 2008 (this “Amendment”), by and among Tekni-Plex, Inc.
(the “Borrower”), each of the Subsidiaries of the Borrower listed on the signature pages hereof
(collectively, the “Guarantors” and, together with the Borrower, the “Loan Parties”), Citicorp USA,
Inc., as Administrative Agent (in such capacity, the “Administrative Agent”), General Electric
Capital Corporation, as Syndication Agent (in such capacity, the “Syndication Agent”), and the
lenders party hereto (such lenders referred to collectively herein as the “Lenders”).

WITNESSETH:

          WHEREAS, the Borrower, the Administrative Agent, the Syndication Agent and the Lenders have
entered into that certain Amended and Restated Credit Agreement, dated as of February 14, 2008 (as
amended, supplemented or otherwise modified from time to time, the “Credit Agreement”); and

          WHEREAS, the Borrower has requested that the Administrative Agent and the Lenders enter into
this Amendment to amend the Credit Agreement as set forth herein;

          NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby
agree as follows:

     1. Defined Terms. Capitalized terms used herein and not otherwise defined herein
shall have the meanings ascribed to such terms in the Credit Agreement.

     2. Amendments. Effective as of the First Amendment Effective Date (as defined below)
and subject to the terms and conditions set forth herein, the Credit Agreement is hereby amended as
follows:

          (a) Section 1.1 (Defined Terms) of the Credit Agreement is hereby amended by deleting the
definitions of “Agreement”, “Consolidated EBITDA”
and “Debt Swap” and replacing them in their entirety with the following:

“Agreement” means this Amended and Restated Credit Agreement.

“Consolidated EBITDA” means, for any period, Consolidated Net Income (excluding any
non-cash write-up of the value of assets) for such period (a) plus, to the extent
deducted in determining Consolidated Net Income for such period, the aggregate
amount of (i) Consolidated Interest Expense, (ii) income tax expense, (iii)
depreciation, amortization and other similar non-cash charges (including, without
limitation, non-cash fixed asset impairment charges and non-cash impairment charges
in respect of goodwill and other intangible assets), (iv) fees, expenses and
restructuring charges incurred in connection with the negotiation and entry into of
this Agreement, the Debt Swap and any amendment or forbearance in respect of the
Existing Subordinated Notes, the New Senior Secured Notes or the Existing Senior
Secured Notes, (v) costs, fees (including professional fees) and expenses incurred
in connection with restructuring the business operations of the Borrower and its
Subsidiaries in accordance with the business plan provided to the Administrative
Agent under Section 3.1(i), (vi) any non-cash loss arising from any sale of assets
outside of the ordinary course of business, (vii) fees and expenses of AP Services
LLC for the period beginning on the First Amendment Effective Date through and
including the date that is four months after the First Amendment Effective Date and
(viii) any extraordinary loss; provided, however, that for purposes of determining
Consolidated EBITDA for any Test Period during which a Permitted Acquisition has
been made, Consolidated EBITDA shall be increased for any Fiscal Quarter which began
prior to such Permitted Acquisition and which is included in such Test Period by the
amount of Consolidated EBITDA which the Borrower (with the consent of the Agents,
such consent not to be unreasonably withheld or delayed) shall determine would have
been attributable to the acquired assets for the Fiscal Quarter most recently ended
on or prior to

 

 

the date of such Permitted Acquisition, it being agreed that for the Fiscal Quarter
in which the Permitted Acquisition has occurred, such increase shall be prorated to
reflect only the days during such Fiscal Quarter prior to the consummation of such
Permitted Acquisition and (b) minus the amount of any non-cash gains not otherwise
excluded from Consolidated Net Income.

“Debt Swap” means a debt-for-equity swap with certain holders of the Existing
Subordinated Notes on terms and conditions specified in Exhibit A to the
Restructuring Agreement, as in effect on the First Amendment Effective Date.

          (b) Section 1.1 (Defined Terms) of the Credit Agreement is hereby amended by inserting the
following definitions in the appropriate alphabetical order:

     “First Amendment” means that certain Amendment No. 1 to this Agreement, dated as of the
First Amendment Effective Date, among the Borrower, the Administrative Agent, the
Syndication Agent, each other Lender party hereto, and the Guarantors.

     “First
Amendment Effective Date” means May 12, 2008, the date on which the First
Amendment to this Agreement shall, by its terms, have become effective.

     “Pre-Debt Swap Common Shareholders” means the holders of record of the Borrower’s
existing and issued common stock immediately prior to the consummation of the Debt Swap.

     “Pre-Debt Swap Preferred Shareholders” means the holders of record of the Borrower’s
existing and issued Series A Preferred Stock immediately prior to the consummation of the
Debt Swap.

     “Restructuring Agreement” means that certain Restructuring Agreement, dated as of April
11, 2008, among the Borrower and the other parties signatory thereto, as such agreement was
filed with the SEC on April 14, 2008 as Exhibit 10.1 to the Current Report on Form 8-K and
without any amendment or other modification thereto (other than to permit the extension of
the “Effective Date” thereunder to a date on or prior to June 2, 2008).

     “Restructuring Warrants” means the Series A Warrants, Series B Warrants and Series C
Warrants to be issued on the terms described in Exhibit A to the Restructuring Agreement, as
in effect on the First Amendment Effective Date.

     “Restructuring Warrant Documents” means the documentation to be entered into by the
Borrower and the Pre-Debt Swap Preferred Shareholders in connection with the issuance of the
Restructuring Warrants.

          (c) Section 5.1(b) (Quarterly and Monthly Reports) of the Credit Agreement is hereby amended by
inserting, in clause (ii) thereof, after the expression “first two fiscal months in each Fiscal
Quarter” on the eleventh line thereof, the expression “(or, in the case of the financials due for
the fiscal month of May 2008, the period beginning on the first day of such fiscal month and ending
on the date upon which the Debt Swap is consummated)”:

          (d) Article 5 (Affirmative Covenants) of the Credit Agreement is hereby amended by adding a
new Section 5.15 (Retention of Advisors) as follows:

          “Section 5.15 Retention of Advisors

     The Borrower shall, until the date that is four months after the First
Amendment Effective Date, continue to retain the services of AP Services LLC as its
restructuring advisor.”

          (e) Section 6.5 (Restricted Payments) of the Credit Agreement is hereby amended by (i)
deleting the word “and” at the end of clause (c) thereto, (ii) deleting the period at the end of
clause (d) thereto and replacing it with a semi-colon, and (iii) adding the following as new
clauses (e), (f) and (g) immediately after existing clause (d) thereof:

“(e) simultaneously with or promptly after the consummation of the Debt Swap, a
distribution not to exceed $250,000 in the aggregate, consistent with the terms of
the Restructuring Agreement, to the Pre-Debt Swap Common Shareholders in exchange
for the cancellation,

2

 

redemption or purchase of the common Stock held by such Pre-Debt Swap Common
Shareholders;

(f) simultaneously with or promptly after the consummation of the Debt Swap, a
distribution not to exceed $10,000 in the aggregate, consistent with the terms of
the Restructuring Agreement, to certain Pre-Debt Swap Preferred Shareholders for the redemption of the Series A Preferred Stock
held by such Pre-Debt Swap Preferred Shareholders; and

(g) simultaneously with or promptly after the consummation of the Debt Swap, a
distribution of Restructuring Warrants, consistent with the terms of the
Restructuring Agreement, to the Pre-Debt
Swap Preferred Shareholders.”

          (f) Section 6.10 (Limitation on Voluntary Payments and Modifications of Indebtedness and
Preferred Stock Documents) of the Credit Agreement is hereby amended by (i) changing the title of
such Section 6.10 to “Limitation on Voluntary Payments Under and Modifications to Certain
Documents”, (ii) deleting the word “and” at the end of clause (b) thereof, (iii) deleting the
period at the end of clause (c) thereof and replacing it with a semi-colon, and (iv) adding the
following new clauses (d and (e) immediately after existing clause (c) thereof:

“(d) amend or modify, or permit the amendment or modification of, any Restructuring
Warrant Documents if such change or amendment or the effect of such change or
amendment would materially increase the obligations of the Borrower or confer
additional rights to the holder of such Restructuring Warrant in a manner materially
adverse to the Borrower, any of its Subsidiaries, the Administrative Agent or any
Lender; and

(e) amend or modify, or permit the amendment or modification of, the Restructuring
Agreement, without the consent of each Lender (other than to permit the extension of
the “Effective Date” thereunder to a date on or prior to June 2, 2008).”

          (g) Article 6 (Negative Covenants) of the Credit Agreement is hereby amended by adding a new
Section 6.18 (Minimum Collateral Availability) as follows:

          “Section6.18 Minimum Collateral Availability

     At all times after December 1, 2008, the Borrower shall maintain a minimum
Collateral Availability amount of $5,000,000.”

          (h) Section 7.01(o) (Events of Default) of the Credit Agreement is hereby amended by replacing
the date “May 13, 2008” therein with the date “June 2, 2008”.

          3. Consent to Terms of Debt Swap. The terms of the Debt Swap, as set forth in Exhibit
A to that certain Restructuring Agreement, dated as of April 11, 2008 (the “Restructuring
Agreement”), among the Borrower, the Guarantors and the parties signatory thereto, a copy of which
is attached hereto as Annex A, are hereby consented to by each Lender as of the First
Amendment Effective Date.

          4. Conditions to Effectiveness of this Amendment. This Amendment shall become
effective as of the date (the “First Amendment Effective Date”) the Administrative Agent shall have
received counterparts of this Amendment duly executed and delivered by each of the Borrower, the
Guarantors, the Administrative Agent, the Syndication Agent and the other Lenders.

          5. Representations and Warranties. Each Loan Party hereby represents and warrants to
the Administrative Agent and the Lenders, on and as of the date hereof, that (a) such Loan Party
has taken all necessary action to authorize the execution, delivery and performance of this
Amendment; (b) this Amendment has been duly

3

 

executed and delivered by such Loan Party,; (c) this Amendment is the legal, valid and binding
obligation of such Loan Party, enforceable against it in accordance with its terms, except (i) as
may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally,
(ii) as rights of acceleration and the availability of equitable remedies may be limited by
equitable principles of general applicability, and (iii) as limited by legal or equitable
principles of reasonableness, good faith and fair dealing; (d) the copy of the Restructuring
Agreement (including, without limitation, Exhibit A thereto) attached hereto as Annex A is true and
complete in all respects, and such agreement has not been amended or modified in any respect as of
the First Amendment Effective Date (other than to permit the extension of the “Effective Date”
thereunder to a date on or prior to June 2, 2008); (e) on the First Amendment Effective Date prior
to and after giving effect to this Amendment, each of the representations and warranties made by
any Loan Party in or pursuant to the Loan Documents shall be true and correct in all material
respects (except that any representation and warranty that is qualified as to “materiality” or
“Material Adverse Effect” shall be, as so qualified, true and correct in all respects) on and as of the date hereof,
as if made on and as of such date, except to the extent such representations and warranties
expressly relate to an earlier date, in which case such representations and warranties shall be
true and correct in all material respects (except that any representation and warranty that is
qualified as to “materiality” or “Material Adverse Effect” shall be, as so
qualified,  true and correct in all
respects) as of such earlier date; and (f) on the First Amendment Effective Date prior to and after
giving effect to this Amendment, no Default or Event of Default shall have occurred and be
continuing.

          6. Reaffirmation.

          (a) Each Loan Party hereby consents to the execution, delivery and performance of this
Amendment and agrees that each reference to the Credit Agreement in the Loan Documents shall, on
and after the First Amendment Effective Date, be deemed to be a reference to the Credit Agreement
as amended by this Amendment.

          (b) Each Loan Party hereby acknowledges and agrees that, after giving effect to this
Amendment, all of its respective obligations and liabilities under the Loan Documents to which it
is a party are reaffirmed, and remain in full force and effect.

          (c) After giving effect to this Amendment, each Loan Party reaffirms each Lien granted by it
to the Administrative Agent for the benefit of the Secured Parties under each of the Loan Documents
to which it is a party, which Liens shall continue in full force and effect during the term of the
Credit Agreement as amended by this Amendment, and shall continue to secure the Secured
Obligations, in each case, on and subject to the terms and conditions set forth in the Credit
Agreement as amended by this Amendment.

          7. Release. Each Loan Party hereby acknowledges and agrees that: (a) neither it nor
any of its Affiliates has any claim or cause of action against any Agent or any Lender (or any of
their respective Affiliates, officers, directors, employees, attorneys, consultants or agents) and
(b) each Agent and each Lender has heretofore properly performed and satisfied in a timely manner
all of its obligations to the Loan Parties and their Affiliates under the Credit Agreement and the
other Loan Documents. Notwithstanding the foregoing, each Agent and each Lender wish (and the Loan
Parties agree) to eliminate any possibility that any past conditions, acts, omissions, events or
circumstances would impair or otherwise adversely affect any of the Agents’ or the Lenders’ rights,
interests, security and/or remedies under the Credit Agreement and the other Loan Documents.
Accordingly, for and in consideration of the agreements contained in this Amendment and other good
and valuable consideration, each Loan Party (for itself and its Affiliates and the successors,
assigns, heirs and representatives of each of the foregoing) (collectively, the “Releasors”) does
hereby fully, finally, unconditionally and irrevocably release and forever discharge each Agent,
each Lender and each of their respective Affiliates, officers, directors, employees, attorneys,
consultants and agents (collectively, the “Released Parties”) from any and all debts, claims,
obligations, damages, costs, attorneys’ fees, suits, demands, liabilities, actions, proceedings and
causes of action, in each case, whether known or unknown, contingent or fixed, direct or indirect,
and of whatever nature or description, and whether in law or in equity, under contract, tort,
statute or otherwise, which any Releasor has heretofore had or now or hereafter can, shall or may
have against any Released Party by reason of any act, omission or thing whatsoever done or omitted
to be done on or prior to the First Amendment Effective Date arising out of, connected with or
related in any way to this Amendment, the Credit Agreement or any other Loan Document, or any act,
event or transaction related or attendant thereto, or the agreements of any Agent or any Lender
contained therein, or the

4

 

possession, use, operation or control of any of the assets of any Loan Party, or the making of
any Loans or other advances, or the management of such Loans or advances or the Collateral on or
prior to the First Amendment Effective Date.

          8. Continuing Effect. Except as expressly set forth in this Amendment, all of the
terms and provisions of the Credit Agreement are and shall remain in full force and effect and the
Borrower shall continue to be bound by all of such terms and provisions. The amendments provided
for herein are limited to the specific provisions of the Credit Agreement specified herein and
shall not constitute an amendment of, or an indication of the Administrative Agent’s or the
Lenders’ willingness to amend or waive, any other provisions of the Credit Agreement or the same
sections for any other date or purpose.

          9. Expenses. The Borrower agrees to pay and reimburse the Administrative Agent for
all its reasonable out-of-pocket costs and expenses incurred in connection with the negotiation,
preparation, execution and delivery of this Amendment, and other documents prepared in connection
herewith, and the transactions contemplated hereby, including, without limitation, reasonable fees
and disbursements and other charges of counsel to the Administrative Agent and the charges of
IntraLinksTM relating to the Amendment.

          10. Choice of Law. This Amendment and the rights and obligations of the parties
hereto shall be governed by, and construed and interpreted in accordance with the law of the State
of New York.

          11. Counterparts. This Amendment may be executed in any number of counterparts and by
different parties and separate counterparts, each of which when so executed and delivered, shall be
deemed an original, and all of which, when taken together, shall constitute one and the same
instrument. Delivery of an executed counterpart of a signature page to this Amendment by facsimile
or e-mail shall be effective as delivery of a manually executed counterpart of this Amendment.

          12. Integration. This Amendment, together with the other Loan Documents, incorporates
all negotiations of the parties hereto with respect to the subject matter hereof and is the final
expression and agreement of the parties hereto with respect to the subject matter hereof.

          13. Severability. In case any provision in this Amendment shall be invalid, illegal
or unenforceable, such provision shall be severable from the remainder of this Amendment and the
validity, legality and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

          14. Loan Document. This Amendment is a Loan Document.

          15. Waiver of Jury Trial. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES TRIAL BY JURY
IN ANY ACTION OR PROCEEDING WITH RESPECT TO THIS AMENDMENT AND ANY OTHER LOAN DOCUMENT.

[Signature Pages Follow]

5

 

     IN WITNESS WHEREOF, the parties have entered into this Amendment as of the date first above
written.

	 	 	 	 	 	 	 
	 	 	TEKNI-PLEX, INC.,	 	 
	 	 	as Borrower	 
	 
	 	 	 	 	 	 
	 	 	 
	 	 	By:  	/s/ James E. Condon
 	 
	 	 	Name:  	James E. Condon	 
	 	 	Title:  	Chief Financial Officer 
	 
	 	 	PURETEC CORPORATION	 	 
	 	 	NATVAR HOLDINGS, INC.	 	 
	 	 	TRI-SEAL HOLDINGS, INC.	 	 
	 	 	PLASTIC SPECIALTIES AND TECHNOLOGIES, INC.	 	 
	 	 	BURLINGTON RESINS, INC.	 	 
	 	 	PLASTIC SPECIALTIES AND TECHNOLOGIES	 	 
	 	 	INVESTMENTS, INC.	 	 
	 	 	DISTRIBUTORS RECYCLING, INC.	 	 
	 	 	TPI ACQUISITION SUBSIDIARY, INC.	 	 
	 	 	TP/ELM ACQUISITION SUBSIDIARY, INC.,	 	 
	 

	 	as Guarantors	 	 
	 
	 	 	 	 	 	 
	 	 	 
	 	 	By:  	/s/ James E. Condon
 	 
	 	 	Name:  	James E. Condon	 
	 	 	Title:  	Chief Financial Officer 
	 

[
Signature
Page to
Amendment
No. 1
to
Amended and
Restated
Credit
Agreement]

 

 

	 	 	 	 	 
	 	CITICORP USA, INC.,

as Administrative Agent and Lender

 	 
	 	 	 
	 	By:  	                                                               /s/ Miles D. McManus
 	 
	 	Name:  	Miles D. McManus 	 
	 	Title:  	Vice President and Director 	 
	 

[Signature
Page to
Amendment No. 1 to Amended and
Restated Credit
Agreement]

 

 

	 	 	 	 	 
	 	GENERAL ELECTRIC CAPITAL CORPORATION,

as Syndication Agent and Lender

 	 
	 	By:  	                                                               /s/ Annie Schorr
 	 
	 	Name:  	Annie Schorr 	 
	 	Title:  	Authorized Signatory 	 
	 

[Signature
Page to
Amendment No. 1 to Amended and
Restated Credit
Agreement]

 

 

	 	 	 	 	 
	 	WELLS FARGO FOOTHILL, LLC,

as Lender

 	 
	 	By:  	/s/ Juan Barrera 	 
	 	Name:  	Juan Barrera 	 
	 	Title:  	Vice President 	 
	 

[Signature
Page to
Amendment No. 1 to Amended and
Restated Credit
Agreement]

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