Exhibit 10.23

FI
No. 22.349
Agora No. 1997 1040

STENDAL CELLULOSE PROJECT

Agreement on the Implementation of the Project

between the

European Investment Bank

and

Stellstoff Stendal GmbH

(Translator thinksStellstoffis misprint)

Luxemburg, December 12, 2003
Arneburg, December 11, 2003

European
Investment Bank

E U R O P E A N    I N V E S T M E N T    B A N K

FI
No. 22.349

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STENDAL CELLULOSE PROJECT

Agreement on the Implementation of the Project

between the

European Investment Bank

and

Zellstoff Stendal GmbH

(Stendal Cellulose Co. Ltd.)

Luxemburg,
December 12, 2003
Arneburg, December 11, 2003

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THE
UNDERSIGNED,

the
European Investment Bank, with Head Office
in Luxemburg, Grand Duchy of Luxemburg,
represented by Mr. J. Link, Director, and
Dr. G. Hütz, Department Head,

|                                                                                                                                                                                                                                                                             | hereinafter referred to as "BANK",
on the one hand         
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------
|                                                                                                                                                                                                                                                                             |                                                            
|and                                                                                                                                                                                                                                                                          |                                                            
|                                                                                                                                                                                                                                                                             |                                                            
|the Zellstoff Stendal GmbH, a company with limited liability under German Law, with Head Office in Arneburg, which is registered in the Commercial Registry under number HRB 2446, represented by the jointly authorized
business managers Wolfram Ridder and Ulf Johansson,
|                                                                                                                                                                                                                                                                             |                                                            
|                                                                                                                                                                                                                                                                             | hereinafter referred to as "END BORROWER"
on the other hand

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TAKING
INTO CONSIDERATION:

THE
FOLLOWING IS AGREED UPON:

ARTICLE 1    Carrying out and bringing into service of the PROJECT

The END BORROWER will construct the PROJECT according to the technical description as indicated in Appendix A.

ARTICLE 2    Exceeding the cost of the PROJECT

The END BORROWER shall, if the construction costs of the PROJECT exceed the projected estimates, take the appropriate measures whereby the excess costs will be
covered without the assistance of the BANK and that the PROJECT will be completed as per technical description indicated in Appendix A.

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ARTICLE 3    Maintenance

The END BORROWER will, in the framework of the PROJECT, maintain the buildings and equipment in a business-like manner and capacity and renovate them,
as the case may be.

ARTICLE 4    Contract allocations for labour, supplies and services; environmental regulations

The END BORROWER will, when allocating contracts for labour, supplies and services needed for the construction of the PROJECT, as much as possible and within
reason, invite competing international bids, which should at least be extended to all the states which have signed the agreements of the European Economic Union. The END BORROWER, as far as the
PROJECT is concerned, will follow the related guidelines of the Council of the European Union.

As
per Point A.1.2 of the Appendix A, the END BORROWER will for all components of the PROJECT, in accordance with the national and European environmental legislations, have an
environmental study undertaken, including the identification of the necessary corrective measures. The END BORROWER will adhere to the environmental regulations applicable to the PROJECT.

ARTICLE 5    Insurance

During the entire period of the loan issued as per financing agreement, the END BORROWER will take out and maintain an insurance policy for the appropriate mounts
covering the PROJECT, its buildings and equipment, in the manner that is usual in the German Federal Republic

ARTICLE 6    Proceeding with the PROJECT

The END BORROWER will, for the entire period of the loan, remain the owner the property and assets of the PROJECT, in conformity with the original plans as
outlined in Appendix A, that is to which the BANK has given its written permission.

The
BANK may refuse to give its permission when the financing capability of the PROJECT by the BANK is not possible anymore, as per Article 267 of the criteria determined by the
EG Agreement.

ARTICLE 7    Information and supervision

7.01    Information concerning the PROJECT

The END BORROWER



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7.02    Information concerning the END BORROWER

The END BORROWER



ARTICLE 8    Inspections

The END BORROWER will permit and facilitate inspections by persons appointed by the BANK, to view the places, buildings, equipment installations and works, as
well as after having made arrangements, to make examinations which the BANK may require within reason.

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ARTICLE 9    Law, Place of Performance, Place of Jurisdiction

9.01    Applicable Law

The legal relationships between the Parties of the Agreement as well as the creation and validity are based on the Laws of the German Federal Republic.

9.02    Place of Performance

The Place of Performance of this Agreement is the Head Office of the BANK.

9.03    Place of Jurisdiction

For the settling of disputes arising from this contract, the place of jurisdiction is Stendal.

ARTICLE 10    Final Regulations

10.01    Addresses



| |  |  To the BANK:         |  | 100 Boulevard Konrad Adenauer
L-2950 Luxemburg
Grand Duchy of Luxemburg
| |  | ---------------------- |  | -----------------------------------------------------------------------
| |  |                        |  |                                                                        
| |  |  To the END BORROWER: |  | Niedergörner Damm 1
39596 Arneburg
German Federal Republic             



10.02    Format of the Communications

Statements and communications which are related to a dispute or which have time limits or through which the receiving Parties is given a deadline, must be made by
registered mail or by telegram, each with a return slip, or by telex. Decisive for the meeting of a deadline is the date of the cancellation of the stamp or any other making on the return slip, which
is the point in time of the transfer of the mail to the receiving Party.

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10.03    Appendix



Accordingly
agreed upon and the three originals in the German language signed.

This
Agreement has been initialled on behalf of the END BORROWER by Mr. W. Ridder, Business Manager, and on behalf of the BANK by Mr. M. Vatter of the Legal Department.

Luxemburg,
December 12, 2003
Arneburg, December 11, 2003

|EUROPEAN INVESTMENT BANK  | ZELLSTOFF STENDAL GMBH
|------------------------- | ----------------------
|                          |                       
|Signature not legible     | Signature not legible 
|J. Lind                   | Dr. G. Hütz           
|                          |                       
|For: Johansson Signature:
|                          |                       
|B. Egelkraut             

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Appendix A

TECHNICAL DESCRIPTION

A.1.    TECHNICAL DESCRIPTION











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A.2CONTENTS OF THE PROJECT INFORMATION AND MAILING PROCEDURESTO THE BANK







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European Investment Bank

|Luxemburg, December 12, 2003 | JU/SB/ag/2834
|---------------------------- | -------------

Zellstoff Stendal GmbH
Niedergörner Damm 1
39596 Arneburg

Re: Zellstoff Stendal Project

Implementation
of the Project Agreement between the European Investment bank ("EIB") and the Zellsoff Stendal GmbH ("End Borrower"), dated December 11 / 12, 2003

Gentlemen,
Mesdames,

Referring
to Article 4 Paragraph 1, we confirm to you that the information provided to us by the End Borrower concerning the construction of the Zellstofffabrik Stendal satisfies in
principle the requirements of the EIB.

Concerning
Article 4 Paragraph 2 Sentence 2, the EIB states that this qualification only relates to the environmental regulations applicable to the Project. The End Borrower explains
that minor infractions of the environmental regulations can happen to any Project of this size.

With
regards to Article 6, we can communicate to you that, in principle, the transfer of safeguards of the installations belonging to the Project to the financing Bank does not conflict with
the contractual obligations as per Article 6.

As
far as Article 7.01 a) is concerned, the End Borrower and the Bank mutually agree that the End Borrower will make available to the Bank information concerning the progress of the
construction and about the wood treatment (a.o. indication of quantities, certification, average prices F.O.B. factory, marketing organization, market performance), as well as environmental aspects of
the forestry use. Should the construction progress reports with regards to the wood deliveries (a.o. certification and average price F.O.B. at factory), market performance and marketing organization
be deemed
insufficient by the Bank, the End Borrower will provide, on a confidential basis and during the period of the loan, additional information to the Bank.

Yours
truly,

|EUROPEAN INVESTMENT BANK     
|-----------------------------
|                             
|Signature not legible
J. Link

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