Exhibit 10.5

EXECUTION VERSION

AMENDMENT NO. 2, dated as of February 26, 2009 (this “Amendment”), among
INTERNATIONAL PAPER COMPANY, a New York corporation (the “Borrower”), and the
Lenders listed on the signature pages hereto, to the Credit Agreement dated as
of June 16, 2008, as amended (the “Credit Agreement”) among the Borrower, the
Guarantors, the Lenders from time to time party thereto, and JPMorgan Chase
Bank, N.A., as Administrative Agent. Capitalized terms used and not otherwise
defined herein shall have the meanings assigned to them in the Credit Agreement.

WHEREAS, the Borrower has requested that the Administrative Agent and the
Required Lenders consent to this Amendment as set forth below;

WHEREAS, Section 9.02(b) of the Credit Agreement permits the Credit Agreement to
be amended from time to time;

NOW, THEREFORE, in consideration of the premises and covenants contained herein
and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto, intending to be legally bound
hereby, agree as follows:

Section 1. Amendments.

Section 2.09(d) of the Credit Agreement is hereby amended by replacing the last
sentence with the following:

“All prepayments of Tranche A Loans shall be applied to reduce scheduled
repayments required under Section 2.08(a)(i) in direct order of maturity.”

Section 2. Conditions to Effectiveness.

This Amendment shall become effective as of the date when each of the following
conditions is satisfied:

(a) The Administrative Agent (or its counsel) shall have received from
(i) Lenders constituting the Required Lenders and (ii) the Borrower, a
counterpart of this Amendment signed on behalf of such party;

(b) All corporate and other proceedings taken or to be taken in connection with
this Amendment and all documents incidental thereto, whether or not referred to
herein, shall be reasonably satisfactory in form and substance to the
Administrative Agent; and

(c) At the time of and after giving effect to the Amendment, no Default or Event
of Default has occurred and is continuing.

Section 3. Representations and Warranties.

In order to induce the Lenders and the Administrative Agent to authorize this
Amendment, the Borrower represents and warrants to each of the Lenders that both
before and after giving effect to this Amendment:

(a) The execution, delivery, and performance of this Amendment by the Borrower
is within the corporate power and authority of the Borrower and has been duly
authorized by all necessary corporate action.

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(b) This Amendment and the Credit Agreement, as amended hereby, constitute
legal, valid, and binding obligations of each of the Obligors, enforceable in
accordance with their terms, except as enforcement may be limited by equitable
principles or by bankruptcy, insolvency, reorganization, moratorium, or similar
laws relating to or limiting creditor’s rights generally.

(c) At the time of and after giving effect to the Amendment, no Default or Event
of Default has occurred and is continuing.

Section 4. Expenses. The Borrower agrees to reimburse the Administrative Agent
for its reasonable out-of-pocket expenses incurred by them in connection with
this Amendment, including the reasonable fees, charges and disbursements of
Cahill Gordon & Reindel LLP, counsel for the Administrative Agent.

Section 5. Counterparts. This Amendment may be executed in any number of
counterparts and by different parties hereto on separate counterparts, each of
which when so executed and delivered shall be deemed to be an original, but all
of which when taken together shall constitute a single instrument. Delivery of
an executed counterpart of a signature page of this Amendment by facsimile
transmission shall be effective as delivery of a manually executed counterpart
hereof.

Section 6. Applicable Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

Section 7. Headings. The headings of this Amendment are for purposes of
reference only and shall not limit or otherwise affect the meaning hereof.

Section 8. Effect of Amendment. Except as expressly set forth herein, this
Amendment shall not by implication or otherwise limit, impair, constitute a
waiver of or otherwise affect the rights and remedies of the Lenders, the
Administrative Agent, the Syndication Agent or the Co-Documentation Agents under
the Credit Agreement, and shall not alter, modify, amend or in any way affect
any of the terms, conditions, obligations, covenants or agreements contained in
the Credit Agreement or any other provision of the Credit Agreement, all of
which are ratified and affirmed in all respects and shall continue in full force
and effect.

Section 9. Reference to the Credit Agreement. Upon and after the execution of
this Amendment by each of the parties hereto, each reference in the Credit
Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import
referring to the Credit Agreement shall mean and be a reference to the Credit
Agreement as modified hereby.

 

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Section 10. Binding Effect. This Amendment and the rights evidenced hereby shall
inure to the benefit of and be binding upon the successors and permitted assigns
of the parties hereto, and shall be enforceable by any such successors and
assigns.

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed as of the date first above written.

 

INTERNATIONAL PAPER COMPANY By:  

/s/ Errol Harris

 

Name:

  Errol Harris   Title:   Vice President & Treasurer

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JPMORGAN CHASE BANK, N.A., as Administrative Agent and a Lender By:  

/s/ Peter S. Predun

  Name:   Peter S. Predun   Title:   Executive Director

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COBANK, ABC, as a Lender By:  

/s/ Michael Tousignant

  Name:   Michael Tousignant   Title:   Vice President

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BANK OF AMERICA, N.A., as a Lender By:  

/s/ Michael L. Letson

  Name:   Michael L. Letson   Title:   Vice President

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DEUTSCHE BANK AG NEW YORK

BRANCH, as a Lender

By:  

/s/ Ming K. Chu

 

Name:

  Ming K. Chu   Title:   Vice President By:  

/s/ Heidi Sandquist

  Name:   Heidi Sandquist   Title:   Director

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THE ROYAL BANK OF SCOTLAND PLC, as a Lender By:  

/s/ L. Peter Yetman

  Name:   L. Peter Yetman   Title:   SVP

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BNP PARIBAS, as a Lender By:  

/s/ Richard Pace

  Name:   Richard Pace   Title:   Managing Director By:  

/s/ Nuala Marley

  Name:   Nuala Marley   Title:   Managing director

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SUMITOMO MITSUI BANKING CORPORATION, as a Lender By:  

/s/ Yoshihiro Hyakutome

  Name:   Yoshihiro Hyakutome   Title:   General Manager

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BANCO BILBAO VIZCAYA ARGENTARIA S.A., as a Lender By:  

/s/ Michael D’Anna

  Name:   Michael D’Anna   Title:   Director By:  

/s/ Krister Holm

  Name:   Krister Holm   Title:   Managing Director

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CALYON NEW YORK BRANCH, as a Lender By:  

/s/ Rod Hurst

  Name:   Rod Hurst   Title:   Managing Director By:  

/s/ Yuri Muzichenko

  Name:   Yuri Muzichenko   Title:   Director

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Regions Bank, as a Lender By:  

/s/ Bryan W. Ford

  Name:   Bryan W. Ford   Title:   Senior Vice President

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SOCIETE GENERALE, as a Lender By:  

/s/ Andrew S. Green

  Name:   Andrew S. Green   Title:   Director

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THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. NEW YORK BRANCH, as a Lender By:  

/s/ Ravneet Mumick

  Name:   Ravneet Mumick   Title:   Authorized Signatory

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TORONTO DOMINION (TEXAS) LLC, as a Lender By:  

/s/ Debbi L. Brito

  Name:   Debbi L. Brito   Title:   Authorized Signatory

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THE BANK OF NOVIA SCOTIA, as a Lender By:  

/s/ Paula Czach

 

Name:

  Paula Czach  

Title:

  Director

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MIZUHO CORPORATE BANK, LTD., as a Lender

By:  

/s/ Raymond Ventura

 

Name:

  Raymond Ventura  

Title:

 

Deputy General Manager

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Nordea Bank Finland Plc, Acting through its New York and Grand Cayman Branches,
as a Lender

By:  

/s/ Henrik M. Steffensen

 

Name:

  Henrik M. Steffensen  

Title:

 

Senior Vice President

By:  

/s/ Leena Parker

 

Name:

 

Leena Parker

 

Title:

 

Vice President

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SCOTIABANC INC., as a Lender

By:  

/s/ J.F. Todd

 

Name:

 

J.F. Todd

 

Title:

 

Managing Director

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The Governor and Company of the Bank of Ireland, as a Lender

By:  

/s/ Carla Ryan

 

Name:

  Carla Ryan  

Title:

 

Associate Director

By:  

/s/ Peter O’Connor

 

Name:

 

Peter O’Connor

 

Title:

 

Deputy Manager

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LANDESBANK BADEN-WUERTTEMBERG NEW YORK AND/OR GRAND CAYMAN ISLANDS BRANCH, as a
Lender

By:  

/s/ Francois Delangle

 

Name:

  Francois Delangle  

Title:

 

Vice President

By:  

/s/ Carolyn Gutbrod

 

Name:

 

Carolyn Gutbrod

 

Title:

 

Vice President

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PNC Bank, National Association, as a Lender

By:  

/s/ Robert M. Martin

 

Name:

 

Robert M. Martin

 

Title:

 

Senior Vice President

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AGFIRST FARM CREDIT BANK, as a Lender

By:  

/s/ Matt H. Jeffords

 

Name:

 

Matt H. Jeffords

 

Title:

 

Assistant Vice President

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First Tennessee Bank, as a Lender

By:  

/s/ Matthew A. Wages

 

Name:

 

Matthew A. Wages

 

Title:

 

Vice President

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CATHAY UNITED BANK, as a Lender

By:  

/s/ Clement Au

 

Name:

 

Clement Au

 

Title:

 

VP & Deputy General Manager

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AMERICAN SAVINGS BANK, FSB, as a Lender

By:  

/s/ Carl A. Morita

 

Name:

 

Carl A. Morita

 

Title:

 

Vice President

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AGFIRST FARM CREDIT BANK, as a Voting Participant

By:  

/s/ Matt H. Jeffords

 

Name:

 

Matt H. Jeffords

 

Title:

 

Assistant Vice President

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AMERICAN AGCREDIT FMA, as a Lender

By:  

/s/ Vern Zander

 

Name:

 

Vern Zander

 

Title:

 

Vice President

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BADGERLAND FINANCIAL F/K/A BADGERLAND FARM CREDIT SERVICES, as a Lender

By:  

/s/ Kenneth H. Rue

 

Name:

 

Kenneth H. Rue

 

Title:

 

authorized signatory

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FARM CREDIT SERVICES OF THE MOUNTAIN PLAINS, FLCA, as a Voting Participant of
CoBank, ACB

By:  

/s/ Bradley K. Leafgren

 

Name:

 

Bradley K. Leafgren

 

Title:

 

Vice President

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FARM CREDIT WEST, FLCA as a Lender

By:  

/s/ Ben Madonna

 

Name:

 

Ben Madonna

 

Title:

 

Vice President

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FRESNO-MADERA PRODUCTION CREDIT ASSOCIATION, as a Lender

By:  

/s/ Bruce L. McAbee

 

Name:

 

Bruce L. McAbee

 

Title:

 

Executive Vice President

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UNITED FCS, FLCA d/b/a/ FCS COMMERCIAL FINANCE GROUP, as a Lender

By:  

/s/ Lisa Caswell

 

Name:

 

Lisa Caswell

 

Title:

 

Assistant Vice President