Exhibit No. 10.14.5

 

AMENDMENT NO. 4

 

This Amendment No. 4 dated as of January 26, 2006 (“Amendment”) is among
Schweitzer-Mauduit International, Inc. a Delaware corporation (“Company”),
Schweitzer-Mauduit France S.A.R.L, a French corporation (“SARL”, together with
the Company, the “Borrowers”), the banks party hereto (“Banks”) and Société
Générale, as agent for the Banks (“Agent”).

 

INTRODUCTION

 

A.            The Borrowers, the Banks and the Agent are party to the Credit
Agreement dated as of January 31, 2002, as amended by Amendment No. 1 dated as
of January 30, 2003, Amendment No. 2 dated as of January 29, 2004 and Amendment
No. 3 dated as of January 27, 2005  (the “Credit Agreement”).

 

B.            The Borrowers have requested that the Banks agree to (1) extend
the Maturity Date of the Tranche A Commitments under the Credit Agreement from
January 26, 2006 to January 25, 2007, (2) decrease the Applicable Margin with
respect to Tranche A Advances and (3) make certain other amendments to the
Credit Agreement.

 

THEREFORE, the Borrowers, the Agent and the Banks hereby agree as follows:

 

Section 1.               Definitions; References.   Unless otherwise defined in
this Amendment, terms used in this Amendment that are defined in the Credit
Agreement shall have the meanings assigned to such terms in the Credit
Agreement.

 

Section 2.               Amendments.  Upon the satisfaction of the conditions
precedent set forth in Section 4 below,

 

(a)                                  Section 1.01 of the Credit Agreement is
hereby amended as follows:

 

(i)                                     by deleting the date “January 26, 2006”
in the definition of

 “Maturity Date” and replacing it with the date “January 25, 2007”, and

 

(ii)                                  by deleting “0.65%” and “0.75%”, each in
the definition of

 “Applicable Margin” and replacing it with”0.45% and “0.55%”, respectively.

 

(b)                                 Section 6.03 of the Credit Agreement is
hereby amended by deleting

 “$10,000,000” in clause (a)(iv) therein and replacing it with “$13,000,000”.

 

(c)           Subsection (iv) of Section 6.09 of the Credit Agreement is hereby
amended by adding “PT PDM Indonesia, PDM Philippines Industries, Inc.” after
“Malaucene Industries S.N.C.”

 

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Section 3.               Representations and Warranties.  The Borrowers
represent and warrant to the Agent and the Banks as of the date hereof:

 

(a)           Any representations and warranties set forth in the Credit
Agreement and in the other Credit Documents (other than those made as of a
specific date) are true and correct in all material respects;

 

(b)           (i)  The execution, delivery and performance of this Amendment are
within the corporate power and authority of the Borrowers and have or will have
been duly authorized by appropriate proceedings and (ii) this Amendment
constitutes a legal, valid, and binding obligation of the Borrowers enforceable
in accordance with its terms, except as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, or similar laws affecting the rights of
creditors generally and general principles of equity; and

 

(c)                                  No Default or Event of Default has occurred
and is continuing.

 

Section 4.               Effectiveness.       This Amendment shall become
effective and the Credit

 Agreement shall be amended as provided in Section 2 of this Amendment when the
Agent shall have received this Amendment duly and validly executed by the
Borrowers, the Agent and the Majority Banks.

 

Section 5.               Reaffirmation of Guaranty. The Company hereby reaffirms
its obligations under Article VIII of the Credit Agreement and agrees to remain
liable for the repayment of the Guaranteed Obligations (as defined therein), as
such Guaranteed Obligations have been amended hereby.

 

Section 6.               Choice of Law.  The Amendment shall be governed by and
interpreted in accordance with the laws of the State of New York, without giving
effect to the conflict of laws principles thereof.

 

Section 7.               Counterparts.        This Amendment may be signed in
any number of counterparts, each of which shall be an original.

 

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EXECUTED as of the date first set forth above.

 

 

BORROWERS:

 

 

 

 

SCHWEITZER-MAUDUIT INTERNATIONAL, INC.

 

 

 

 

 

By:

 

 

 

Wayne H. Deitrich

 

 

Chairman and Chief Executive Officer

 

 

 

 

 

SCHWEITZER-MAUDUIT FRANCE. S.A.R.L.

 

 

 

 

 

By:

 

 

 

Jean-Pierre Le Hetet

 

 

Gérant (Manager)

 

 

 

 

 

AGENT:

 

 

 

 

 

 

SOCIÉTÉ GÉNÉRALE

 

 

 

 

 

By:

 

 

 

Anne Marie Dumortier

 

 

Director

 

 

 

 

 

BANKS.

 

 

 

 

SOCIÉTÉ GÉNÉRALE

 

 

 

 

 

By:

 

 

 

Anne Marie Dumortier

 

 

Director

 

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BANK OF CHINA LIMITED PARIS BRANCH

 

 

 

 

 

By:

 

 

 

Name:

Pierre THEZE

 

Title:

Co-head of Corporate Banking Dept.

 

 

 

 

 

NATEXIS BANQUES POPULAIRES

 

 

 

 

 

By:

 

 

 

Name:

Hervé MASSIAS

 

Title:

Directeur Régional Bretagne

 

 

 

By:

 

 

 

Name:

Hélene HUBLIN

 

Title:

Chargée d’Affaires

 

 

 

 

 

BNP PARIBAS

 

 

 

 

 

By:

 

 

 

Name:

Frédéric QUANDALLE

 

Title:

R.C.E.I. du Centre d’Affaires Ouest Entrprises

 

 

 

 

 

By:

 

 

 

Name:

Jean Eudes BLEHER

 

Title:

Responsable du Pôle Risques du Centre d’Affaires

 

 

Ouest Entreprises

 

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CAISSE RÉGIONALE DE CRÉDIT

 

AGRICOLE MUTUEL DU FINISTERE

 

 

 

 

 

By:

 

 

 

Name:

Philippe MENOU

 

Title:

Directeur Agence Grande Entreprises

 

 

 

 

 

SUNTRUST BANK

 

 

 

 

 

By:

 

 

 

Name:

Bradley J. Staples

 

Title:

Managing Director

 

 

 

 

 

LE CREDIT LYONNAIS

 

 

 

 

 

By:

 

 

 

Name:

Eric CORBISIER

 

Title:

Directeur Régional Entreprises

 

 

 

 

 

HSBC FRANCE

 

 

 

By:

 

 

 

Name:

Bertrand de VASSELOT

 

Title:

Rennes Branch Manager

 

 

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