Document:

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                                                                   Exhibit 10.15

                             SUBORDINATION AGREEMENT

         This Subordination Agreement ("Agreement") is entered into as of this
19th day of December between Guaranty Business Credit Corporation ("GBCC"),
General Electric Capital Corporation, The CIT Group/Equipment Financing, Inc.,
HSBC Business Credit (USA), Inc., People's Capital and Leasing Corp., Safeco
Credit Company and Siemens Financial Services, Inc. (collectively the
"Lenders").

                                    RECITALS:

         WHEREAS, GBCC has or will be obtaining a security interest in all of
the assets of U.S. Plastic Lumber, Ltd. and U.S. Plastic Lumber Corp.
(collectively, the "Debtors") except as specifically excluded in the lending
agreements between Debtors and GBCC (the "GBCC Collateral");

         WHEREAS, the Lenders currently hold: (i) a first priority security
interest in the equipment described on Exhibit 1 hereto and by this reference
incorporated herein, together with all additions, attachments, accessions,
substitutions, replacements or exchanges therefore and any and all insurance
and/or other proceeds thereof (the "Initial Collateral"); and (ii) a security
interest in all other equipment of Debtor, whether now owned or hereafter
acquired, including all accessions, attachments, replacements, substitutions,
modifications and additions thereto, and any and all proceeds and products
thereof (the "Additional Collateral"), which liens were granted pursuant to and
are more particularly described in that certain Master Security Agreement dated
as of February 24, 2000, by and among Lenders, U.S. Plastic Lumber, Ltd. and The
Eaglebrook Group, Inc., as amended, together with Lenders' related security
documents; and

         WHEREAS, in order to induce GBCC to make loans to Debtors, or either of
them, the parties' desire to confirm the respective priority of their security
interests as set forth below.

         NOW THEREFORE, for good and valuable consideration, the parties hereto
do hereby agree as follows:

         1.       GBCC hereby subordinates its lien and security interest in the
GBCC Collateral, whether now existing or hereafter arising, to the lien and
security interest of Lenders in the Initial Collateral, subject however to the
terms of paragraph 3 below. GBCC confirms that nothing contained herein shall
affect the Acknowledgement of GBCC in favor of Lenders with respect to those
certain contractual options of The Eaglebrook Group, Inc. which Acknowledgment
remains in full force and effect.

         2.       Lenders subordinate their lien and security interest whether
now existing or hereafter arising in the Additional Collateral, to the lien and
security interest of GBCC in such Additional Collateral.

         3.       Lenders further subordinate their lien and security interest
in any replacements, substitutions or exchanges (collectively "Replacements") to
the Initial Collateral. For purposes of this Agreement, the term Replacements
shall be limited to only replacement or substituted
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equipment purchased by Debtors with loaned funds received from GBCC or equipment
received by exchange but only to the extent any portion of the price for the new
equipment is paid with loaned funds received from GBCC. "Replacements" shall not
include any replacement, substituted or exchanged equipment that was purchased
with insurance or other proceeds or any other sources of the Initial Collateral.

         4.       GBCC agrees it will not foreclose on the Initial Collateral
(other than with respect to Replacements as defined in paragraph 3 above)
without the prior written consent of Lenders or unless all obligations owed to
Lenders by Debtors have been repaid and satisfied in full. Lenders agree they
will not foreclose on the GBCC Collateral, other than the Initial Collateral
(excluding Replacements) without the prior written consent of GBCC or until all
obligations of Debtors to GBCC have been paid and satisfied in full and all
commitments of GBCC to provide financing have been terminated.

         5.       This Subordination Agreement shall be governed by the laws of
the State of California. In the event of an action to enforce the terms of this
Subordination Agreement, the prevailing party shall be entitled to recovery of
its costs and reasonable attorneys' fees.

                  [Remainder of Page Intentionally Left Blank]
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         IN WITNESS WHEREOF, this Subordination Agreement has been duly executed
as of the date first set forth above.

                                          GUARANTY BUSINESS CREDIT CORPORATION

                                          By: /s/ Ronald S. Montgomery
                                             --------------------------------
                                          Its: Senior Vice President
                                             --------------------------------

                                          GENERAL ELECTRIC CAPITAL CORPORATION

                                          By: /s/ Ronald L. Fontana
                                             --------------------------------
                                          Its: Senior Risk Manager
                                             --------------------------------

                                          THE CIT GROUP/EQUIPMENT FINANCING,
                                          INC.

                                          By: /s/ Tyler Clement
                                             --------------------------------
                                          Its: Senior Portfolio Manager
                                             --------------------------------

                                          SAFECO CREDIT COMPANY, INC.

                                          By: /s/ Ronald L. Fontana
                                             --------------------------------
                                          Its: Senior Risk Manager
                                             --------------------------------

                                          HSBC BUSINESS CREDIT (USA), Inc. as
                                          successor to HSBC BUSINESS LOANS, INC.

                                          By: /s/ Fernando A. Torres
                                             --------------------------------
                                          Its: Vice President, Special Credits
                                             --------------------------------
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                                          PEOPLE'S CAPITAL AND LEASING CORP.

                                          By: /s/ Frank J. Fonseca
                                             -----------------------------------
                                          Its: Vice President, Credit
                                             -----------------------------------

                                          SIEMENS FINANCIAL SERVICES, INC.

                                          By: /s/  Craig L. Johnson
                                             -----------------------------------
                                          Its: Vice President, Credit and
                                               Operations -- Risk Management
                                             -----------------------------------

Agreed to and acknowledged:

U.S. PLASTIC LUMBER, LTD.

By:  /s/ Bruce C. Rosetto
---------------------------------
Its: Secretary
---------------------------------

U.S. PLASTIC LUMBER CORP.

By:  /s/ Bruce C. Rosetto
---------------------------------
Its: General Counsel and Secretary
---------------------------------<PAGE>
                                                                   Exhibit 10.16

                      ASSIGNMENT AND ASSUMPTION AGREEMENT

         THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (this "Agreement") dated as of
December 19, 2002 is between U.S. Plastic Lumber Corp. ("USPL") and Quakertown,
LLC (the "Company").

         WHEREAS, USPL, various financial institutions (the "Banks") and Bank of
America, N.A., as administrative agent for the Banks (in such capacity, the
"Administrative Agent") are parties to a Credit Agreement dated as of September
9, 2002 (as amended or otherwise modified prior to the date hereof, the "Credit
Agreement"; capitalized terms used but not otherwise defined herein have the
respective meanings given to them in the Credit Agreement);

         WHEREAS, on the date hereof, USPL has paid all of its obligations under
the Credit Agreement other than $1,000,000 of principal;

         WHEREAS, the Company has agreed to assume all of the remaining
obligations of USPL under the Credit Agreement, which obligations are to be
evidenced by notes issued on the date hereof (together with all additional notes
issued thereunder after the date hereof, the "Quakertown Notes") by the Company
to the Banks;

         WHEREAS, in consideration for such assumption by the Company, USPL has
agreed to transfer to the Company, subject to the existing security interest of
the Administrative Agent, all of its right, title and interest in the Quakertown
Claim; and

         WHEREAS, concurrently with such transfer, the Company and the
Administrative Agent will enter into a Second Amended and Restated Security
Agreement (the "Restated Security Agreement") to set forth their agreements with
respect to the Administrative Agent's security interest in, and rights with
respect to, the Quakertown Claim;

         NOW THEREFORE, in consideration of the foregoing, USPL and the Company
hereby agree as follows:

         1. Effective immediately, USPL hereby irrevocably contributes, assigns,
transfers and conveys to the Company all of USPL's right, title and interest in
and to the Quakertown Claim, together with all proceeds, products, profits and
returns of and from, all rights to prosecute, settle or otherwise pursue, and
all distributions on and rights arising out of, the Quakertown Claim (all of the
foregoing, the "Quakertown Rights"), subject to the existing security interest
of the Administrative Agent under the Security Agreement.

         2. The Company hereby (a) assumes all rights and obligations of USPL
under the Credit Agreement, which obligations shall be evidenced from and after
the date hereof by the Quakertown Notes, (b) acknowledges receipt of the
Quakertown Rights from USPL and (c) acknowledges that the Quakertown Rights are
and shall continue to be subject to the security interest created by the
Security Agreement (or, after the amendment and restatement thereof, the
Restated Security Agreement).

         USPL and the Company agree that the Administrative Agent and the Banks
shall be third-party beneficiaries of this Agreement.

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         This Agreement shall be governed by, and construed in accordance with,
the laws of the State of Illinois applicable to contracts made and to be
performed entirely within the State of Illinois.

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         IN WITNESS WHEREOF, the undersigned have duly executed and delivered
this Agreement as of the date and year first written above.

                                U.S. PLASTIC LUMBER CORP.

                                By: /s/ Bruce C. Rosetto
                                    -----------------------------------
                                Name Printed: Bruce C. Rosetto
                                    -----------------------------------
                                Title: General Counsel and Secretary
                                    -----------------------------------

                                 QUAKERTOWN, LLC

                                By:  U.S. Plastic Lumber Corp., its sole Member

                                By: /s/ Bruce C. Rosetto
                                    -----------------------------------
                                Name Printed: Bruce C. Rosetto
                                    -----------------------------------
                                Title: President
                                    -----------------------------------

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