Document:

Exhibit
10.1

 

FIFTH
AMENDMENT TO RESTRUCTURING AGREEMENT

 

This FIFTH AMENDMENT, dated November 4,
2004 (the “Amendment”), to the Restructuring Agreement (as amended from
time to time in accordance with the terms therein, the “Restructuring
Agreement”), dated August 24, 2004, by and among the parties specified
therein is executed by (i) Applied Extrusion Technologies, Inc., a Delaware
corporation (“AET”), Applied Extrusion Technologies, Inc. (Canada), a
Delaware corporation (“AET Canada” and together, with AET, the “Company”)
and Applied Extrusion Technologies Limited (“AET/UK”), and (ii) Barclays
Bank PLC, DDJ Capital Management, LLC (as investment manger or adviser acting
on behalf of certain funds and accounts it manages or advises), Post Advisory
Group, LLC, TCW Shared Opportunity Fund III, L.P., TCW Shared Opportunity Fund
IV, L.P., TCW Shared Opportunity Fund IVB, L.P., TCW/PCG Special Situation
Partners, LLC, Xerion Partners I LLC and Pequot Capital Management, Inc. (as
investment manager or adviser acting on behalf of certain funds and accounts it
manages or advises) (together the “Participating Holders”).

 

WHEREAS,
the Company, AET/UK and each of the Participating Holders have determined that
it is in each of their best interests to, as of the date hereof, amend and
restate Section 8(b)(iv) of the Restructuring
Agreement in its entirety in the form specified below.

 

NOW
THEREFORE, in consideration of the promises and the mutual
covenants and agreements set forth herein, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the Company,
AET/UK and each of the Participating Holders hereby agree as follows:

 

1.                                       Amendment & Restatement of Section 8(b)(iv) of the Restructuring Agreement.

 

Section 8(b)(iv)
is amended and restated in its entirety to read as follows:

“(iv)                        If the Solicitation does not
expire on 5:00 p.m. (prevailing New York City Time) on the first business day
that is on or after the date that is twenty three (23) days after the
Solicitation Commencement Date (the “Solicitation Expiration Date”);”

 

2.                                       Entire
Agreement.  This Amendment
constitutes the entire agreement among the parties hereto with respect to the
subject matter hereof and supersedes all other prior negotiations, agreements
and understandings, both written and oral, among the parties hereto with
respect to the subject matter hereof.

 

3.                                       Other Terms
& Conditions.  Each of the other
provisions, terms and conditions of the Restructuring Agreement are deemed to
have been incorporated by reference herein and remain in full force and effect
without amendment, alteration or any other modification notwithstanding
anything to the contrary herein.

 

[Remainder of Page Left
Intentionally Blank]

 

 

IN WITNESS WHEREOF, each
of the parties hereto has caused this Amendment to be executed and delivered by
its duly authorized officer as of the date first above written.

 

	
   

  	
  APPLIED EXTRUSION TECHNOLOGIES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David N. Terhune

  	
   

  
	
   

  	
   

  	
  Name: David N. Terhune

  	
   

  
	
   

  	
   

  	
  Title: President

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  APPLIED EXTRUSION TECHNOLOGIES

  (CANADA), INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David N. Terhune

  	
   

  
	
   

  	
   

  	
  Name: David N. Terhune

  	
   

  
	
   

  	
   

  	
  Title: President

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  APPLIED EXTRUSION TECHNOLOGIES LIMITED

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David N. Terhune

  	
   

  
	
   

  	
   

  	
  Name: David N. Terhune

  	
   

  
	
   

  	
   

  	
  Title: President

  	
   

  

 

 

IN WITNESS WHEREOF, each
of the parties hereto has caused this Amendment to be executed and delivered by
its duly authorized officer as of the date first above written.

 

	
   

  	
  Barclays Bank PLC

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven J. Landzberg

  	
   

  
	
   

  	
   

  	
  Name: Steven J. Landzberg

  	
   

  
	
   

  	
   

  	
  Title: Director

  	
   

  

 

 

IN WITNESS WHEREOF, each
of the parties hereto has caused this Amendment to be executed and delivered by
its duly authorized officer as of the date first above written.

 

	
   

  	
  DDJ Capital Management, LLC, as investment
  manager

  or adviser acting on behalf of certain funds and

  accounts it manages or advises

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David J. Breazzano

  	
   

  
	
   

  	
   

  	
  Name: David J. Breazzano

  	
   

  
	
   

  	
   

  	
  Title: Member

  	
   

  

 

 

IN WITNESS WHEREOF, each
of the parties hereto has caused this Amendment to be executed and delivered by
its duly authorized officer as of the date first above written.

 

	
   

  	
  Post Advisory Group, LLC,

  on behalf of certain funds and accounts it manages

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Carl Goldsmith

  	
   

  
	
   

  	
   

  	
  Name: 
  Carl Goldsmith

  
	
   

  	
   

  	
  Title: 
  Senior Investment Officer

  

 

 

IN WITNESS WHEREOF, each
of the parties hereto has caused this Amendment to be executed and delivered by
its duly authorized officer as of the date first above written.

 

	
   

  	
  Pequot Capital Management, Inc., as
  investment

  manager or adviser acting on behalf of certain funds

  and accounts it manages or advises.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Aryeh Davis

  	
   

  
	
   

  	
  Name: 
  Aryeh Davis

  	
   

  
	
   

  	
  Title: 
  General Counsel

  	
   

  

 

 

IN WITNESS WHEREOF, each of the parties hereto has caused this
Amendment to be executed and delivered by its duly authorized officer as of the
date first above written.

 

 

	
  TCW Shared
  Opportunity Fund III, L.P.

  	
  TCW Shared Opportunity Fund IVB, L.P.

  
	
   

  	
   

  
	
  Face Amount
  of Notes Held: (set forth in

  accompanying memorandum)

  	
  Face Amount
  of Notes Held: (set forth in

  accompanying memorandum)

  
	
   

  	
   

  
	
  By: TCW
  Asset Management Company, its

  Investment Adviser

  	
  By: TCW
  Asset Management Company, its

  Investment Adviser

  
	
   

  	
   

  
	
  By:

  	
  /s/ Nicholas
  W. Tell, Jr.

  	
   

  	
  By:

  	
  /s/ Nicholas
  W. Tell, Jr.

  	
   

  
	
  Name:
  Nicholas W. Tell, Jr.

  	
  Name:  Nicholas W. Tell, Jr.

  
	
  Title:
  Managing Director

  	
  Title:  Managing Director

  
	
   

  	
   

  
	
  By:

  	
  /s/ Richard
  H. Stevenson

  	
   

  	
  By:

  	
  /s/ Richard
  H. Stevenson

  	
   

  
	
  Name:
  Richard H. Stevenson

  	
  Name:
  Richard H. Stevenson

  
	
  Title: Vice
  President

  	
  Title:  Vice President

  
	
   

  	
   

  
	
  TCW Shared
  Opportunity Fund IV, L.P.

  	
  TCW/PCG Special Situation Partners, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
  Face Amount
  of Notes Held: (set forth in

  accompanying memorandum)

  	
  Face Amount
  of Notes Held: (set forth in

  accompanying memorandum)

  
	
   

  	
   

  
	
  By: TCW
  Asset Management Company, its

  Investment Adviser

  	
  By: TCW
  Asset Management Company, its

  Investment Adviser

  
	
   

  	
   

  
	
  By:

  	
  /s/ Nicholas
  W. Tell, Jr.

  	
   

  	
  By:

  	
  /s/ Nicholas
  W. Tell, Jr.

  	
   

  
	
  Name:
  Nicholas W. Tell, Jr.

  	
  Name:  Nicholas W. Tell, Jr.

  
	
  Title:
  Managing Director

  	
  Title:  Managing Director

  
	
   

  	
   

  
	
  By:

  	
  /s/ Richard
  H. Stevenson

  	
   

  	
  By:

  	
  /s/ Richard
  H. Stevenson

  	
   

  
	
  Name:
  Richard H. Stevenson

  	
  Name:
  Richard H. Stevenson

  
	
  Title: Vice
  President

  	
  Title:  Vice President

  
												

 

 

IN WITNESS WHEREOF, each
of the parties hereto has caused this Amendment to be executed and delivered by
its duly authorized officer as of the date first above written.

 

	
   

  	
  Xerion Partners I LLC

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Daniel J. Arbess

  	
   

  
	
   

  	
  Name:  Daniel J. Arbess

  	
   

  
	
   

  	
  Title:Exhibit 4.1

 

SUPPLEMENTAL
INDENTURE

 

This
Supplemental Indenture (this “Supplemental Indenture”),
dated as of November 1, 2004, is entered into between Cole National Group,
Inc., a Delaware corporation (the “Company”),
and Wells Fargo Bank, N.A. (successor by merger to Wells Fargo Bank Minnesota,
N.A.), as trustee under the indenture referred to below (the “Trustee”).

 

W I T N E S S E T H

 

WHEREAS,
the Company has heretofore executed and delivered to the Trustee an indenture  dated as of May 22, 2002 (the “Indenture”),
providing for the issuance by the Company of an aggregate principal amount of
$150,000,000 of 87/8% Senior Subordinated Notes due 2012
(the “Notes”);

 

WHEREAS,
capitalized terms used herein but not defined shall have the meanings ascribed
to them in the Indenture;

 

WHEREAS,
Section 9.02 of the Indenture provides, among other things, that the Company
and the Trustee may amend or supplement the Indenture and the Notes with the
consent of the Holders of at least a majority in principal amount of the Notes
then outstanding voting as a single class (including consents obtained in
connection with a tender offer for the Notes) (the “Requisite
Holders”);

 

WHEREAS, the Company desires to execute and deliver
an amendment to the Indenture for the purposes of eliminating and amending certain of the restrictive covenants, events of default
and other provisions contained in the Indenture and the Notes;

 

WHEREAS,
the Company has caused to
be delivered to the Holders of the Notes an Offer to Purchase and Consent Solicitation
Statement, dated October 18, 2004 (as the same may be amended from time to
time, the “Offer to Purchase”), and the
related Consent and Letter of Transmittal pursuant to which the Company has (i)
offered to purchase for cash any and all of the outstanding Notes (such offer
on the terms set forth in the Offer to Purchase and the Consent and Letter of
Transmittal, the “Offer”) and (ii) solicited
consents to the adoption of amendments to the Indenture as set forth in Article I hereof (the
“Amendments”);

 

WHEREAS,
the Company has received
the written consents of the Requisite Holders to the Amendments;

 

WHEREAS,
the execution and delivery of this Supplemental Indenture has been duly
authorized and all conditions and requirements necessary to make this

 

 

Supplemental Indenture a valid and binding agreement of the Company
have been duly performed and complied with; and

 

WHEREAS,
pursuant to Section 9.02 of the Indenture, the Trustee is authorized to execute
this Supplemental Indenture.

 

NOW,
THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the Company and the
Trustee mutually covenant and agree for the equal and ratable benefit of the
holders of the Notes as follows:

 

ARTICLE I 

AMENDMENTS TO INDENTURE

 

Section 1.01.                             Amendment of Articles 4 and 5.  The following sections of Articles 4 and 5 of
the Indenture and any corresponding provisions in the Notes are hereby deleted
in their entirety and replaced with “Intentionally Omitted” (except as
otherwise noted) and all references made thereto throughout the Indenture and
the Notes are hereby deleted in their entirety:

 

(a)                                  4.03
Reports;

 

(b)                                 4.04
Compliance Certificate;

 

(c)                                  4.05
Taxes;

 

(d)                                 4.06
Stay, Extension and Usury Laws;

 

(e)                                  4.07
Restricted Payments;

 

(f)                                    4.08
Dividend and Other Payment Restrictions Affecting Subsidiaries;

 

(g)                                 4.09
Incurrence of Indebtedness and Issuance of Preferred Stock;

 

(h)                                 4.10
Asset Sales;

 

(i)                                     4.11
Transactions with Affiliates;

 

(j)                                     4.12
Liens;

 

(k)                                  4.13
Corporate Existence;

 

(l)                                     4.14
Offer to Repurchase Upon Change of Control;

 

(m)                               4.15
No Senior Subordinated Debt;

 

(n)                                 4.16
Limitation on Sale and Leaseback Transactions;

 

2

 

(o)                                 4.17
Limitation on Capital Stock of Restricted Subsidiaries;

 

(p)                                 4.18
Future Note Guarantees;

 

(q)                                 4.19
Limitation on Designation of Restricted and Unrestricted Subsidiaries;

 

(r)                                    4.20
Payments for Consent; and

 

(s)                                  5.01
Merger, Consolidation, or Sale of Assets.

 

Section 1.02.                             Amendment of Article 6.  The following clauses of Section 6.01 of the
Indenture and any corresponding provisions in the Notes, are hereby deleted in
their entirety and replaced with “Intentionally Omitted,” and all references
made thereto throughout the Indenture are hereby deleted in their entirety:

 

(a)                                  Section
6.01(3);

 

(b)                                 Section
6.01(5); and

 

(c)                                  Section
6.01(6).

 

Section 1.03.                             Definitions.  Definitions contained in Article 1 of the
Indenture shall be deemed deleted when reference to such definitions would be
eliminated as a result of the foregoing amendments.

 

Section 1.04.                             Section and Other References.  To the extent any amendments result in the
renumbering of sections or clauses, any references thereto shall be deemed
amended so as to refer to the amended section or clause.

 

ARTICLE II 

EFFECTIVENESS

 

Section 2.01.                             Effectiveness. This Supplemental
Indenture shall become effective and binding on the Company, the Trustee and
the Holders upon execution and delivery of this Supplemental Indenture by the
parties hereto.  The amendments set forth
in Article I of this Supplemental Indenture shall become operative when the
Company pays to the holders the consideration for all of the Notes validly
tendered pursuant to the Offer.  In the
event that the Offer is terminated or withdrawn, this Supplemental Indenture
shall be null and void.

 

ARTICLE III 

MISCELLANEOUS

 

Section 3.01.                             Indenture Ratified.  Except as otherwise provided herein, the
Indenture is in all respects ratified and confirmed, and all of the terms,
provisions and conditions thereof shall be and remain in full force and effect.

 

3

 

Section 3.02.                             Construction of Supplemental Indenture.  This Supplemental Indenture is executed as
and shall constitute an indenture supplemental to the Indenture and shall be
construed in connection with and as part of the Indenture.

 

Section 3.03.                             Trust Indenture Act Controls.  If any provision of this Supplemental
Indenture limits, qualifies or conflicts with any other provision of this
Supplemental Indenture or the Indenture that is required to be included by the
Trust Indenture Act of 1939, as amended, as in force at the date this
Supplemental Indenture is executed, the provision required by said Act shall control.

 

Section 3.04.                             Counterparts.  This Supplemental Indenture may be executed
in any number of counterparts, each of which shall be an original, but such
counterparts shall together constitute but one and the same instrument.

 

Section 3.05.                             Trustee Not Responsible.  The Trustee shall not be responsible in any
manner whatsoever for or in respect of the validity or sufficiency of this
Supplemental Indenture or for or in respect of the recitals contained herein,
all of which are made solely by the Company.

 

Section 3.06.                             Governing Law.  The internal law of the State of New York
will govern and be used to construe this Supplemental Indenture without giving
effect to applicable principles of conflicts of law to the extent that the
application of the laws of another jurisdiction would be required thereby.

 

Section 3.07.                             Successors.  All covenants and agreements in this
Supplemental Indenture by the Company or the Trustee shall bind their
respective successors and assigns, whether so expressed or not.

 

Section 3.08.                             Severability.  In case any provisions in this Supplemental
Indenture shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

 

4

 

IN
WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to
be duly executed and attested, all as of the date first above written.

 

	
   

  	
  COLE
  NATIONAL GROUP, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Vito Giannola

  	
   

  
	
   

  	
  Name:
  Vito Giannola

  
	
   

  	
  Title:
  Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WELLS
  FARGO BANK, N.A., as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Timothy P. Mowdy

  	
   

  
	
   

  	
  Name: Timothy P. Mowdy

  
	
   

  	
  Title: Assistant Vice President

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