Abstract: A machine for applying particularly configured pieces of thermally-activated tape to a heated substrate, such as a continuous strip of lead frames, it is capable of long term, high speed operation without becoming fouled with tape pieces or residual adhesive. A drop-through die assembly to blank the tape pieces is mounted for reciprocal movement to and from the metal strip normally supported in spaced relation beneath the assembly. Cooling fluid is circulated through the die and stripper plate of the die assembly for dissipating heat generated in the punch during the blanking operation. This cooling feature together with the normally spaced arrangement of the die assembly and the heated substrate, serves to maintain the temperature of the punch well below the activating temperature of the tape, whereby the tendency of the punch to collect a build-up of adhesive and tape pieces is virtually eliminated.