EXHIBIT 4.6

                      REVOLVING BUSINESS NOTE

 $12,500,000.00                                     March 9, 2001


     FOR VALUE RECEIVED, the undersigned, WAUSAU-MOSINEE PAPER CORPORATION,
 a Wisconsin corporation (the "Borrower"), hereby unconditionally promises
 to pay on or before the Termination Date (as defined below), to the order
 of M&I MARSHALL & ILSLEY BANK, a Wisconsin banking corporation (the
 "Bank"), at the offices of the Bank located at 770 North Water Street,
 Milwaukee, Wisconsin 53202, in lawful money of the United States of
 America and in immediately available funds, the aggregate unpaid principal
 amount of all Revolving Business Loans (as defined below) made by the Bank
 to the Borrower pursuant hereto.  For purposes hereof, the Termination
 Date shall mean March 8, 2002, or such earlier date as the Bank's
 commitment to make Revolving Business Loans may terminate pursuant to
 Paragraph 4, below.

     The Borrower also unconditionally promises to pay interest in like
 money to said offices of the Bank on the unpaid principal amount hereof
 from time to time outstanding for the period from and including the date
 hereof until such amount shall be paid in full, at the rates set forth on
 EXHIBIT A attached hereto.  Interest shall be payable to the Bank monthly
 commencing April 1, 2001, and on the first day of each month thereafter
 and on the Termination Date.  Interest shall be calculated on the basis of
 a three hundred sixty (360) day year for the actual days elapsed.  If any
 payment to be made hereunder shall be stated to be due on a day which is
 not a date the Bank is open for business, such payment may be made on the
 next succeeding day that the Bank is open for business and such extension
 of time shall be included in the computation of interest hereunder.  All
 payments (including prepayments) by the Borrower on account of principal,
 interest and fees, shall be made without set-off or counterclaim.  The
 Bank is hereby authorized to debit the Borrower's Account No. 319406 at
 the Bank by the amount of any interest due hereunder.

     The Bank, by its acceptance hereof, agrees to make one or more loans
 ("Revolving Business Loans") to the Borrower from time to time during the
 term hereof; PROVIDED, THAT, the aggregate outstanding principal amount of
 Revolving Business Loans shall not exceed, at any time, Twelve Million
 Five Hundred Thousand Dollars ($12,500,000.00) (the "Total Loan
 Commitment").  During the term hereof, the Borrower may use the Total Loan
 Commitment by borrowing, repaying Revolving Business Loans and
 reborrowing.  The Borrower may obtain Revolving Business Loans against the
 Total Loan Commitment by making a verbal or written request for a
 Revolving Business Loan prior to 3:00 p.m. on the requested borrowing date
 of a Revolving Business Loan.  Such request shall specify (i) the date on
 which such Revolving Business Loan is to be made and (ii) the amount of
 the Revolving Business Loan requested; PROVIDED, THAT, each Revolving
 Business Loan shall be in an amount of not less than Two Hundred Fifty
 Thousand Dollars ($250,000.00) or an integral multiple of Fifty Thousand
 Dollars ($50,000.00) in excess thereof.  Upon receipt of such notice from
 the Borrower, the Bank shall deposit prior to 5:00 p.m. on the borrowing
 date in the Borrower's account with the Bank the amount of the Revolving
 Business Loan to be made in accordance with the Borrower's request.
<PAGE>
     The Bank is hereby authorized to record the date and amount of each
 Revolving Business Loan made by the Bank, and the date and amount of each
 payment or prepayment of principal thereof, either on the schedule annexed
 to and constituting a part of this Revolving Business Note or otherwise
 and any such recordation shall constitute PRIMA FACIE evidence of the
 accuracy of the information so recorded.

     In addition to other payments required hereunder, if, as of any day
 the sum of the aggregate principal amount of Revolving Business Loans
 outstanding hereunder exceeds the amount of the Total Loan Commitment as
 of such date, the Borrower shall on that date repay the amount of such
 excess.  The Bank is authorized, without further notice to the Borrower,
 to debit the Borrower's Account No. 319406 at the Bank by the amount of
 any excess borrowings.

     1.   USE OF PROCEEDS.  The proceeds of the Revolving Business Loans
 shall be used by the Borrower for working capital and general corporate
 purposes.

     2.   REPRESENTATIONS AND WARRANTIES.  In order to induce the Bank to
 make the Revolving Business Loans herein provided for, and in recognition
 that the Bank is acting in reliance thereupon, the Borrower hereby
 covenants, represents and warrants to the Bank as follows:

          (a)  The Borrower is a corporation duly organized, validly
 existing and in good standing under the laws of the State of Wisconsin and
 is duly qualified to do business in, and is in good standing in, all other
 jurisdictions where the nature of its business or the nature of property
 owned or used by it makes such qualification necessary.  The Borrower has
 all requisite corporate powers and authority to own or lease and operate
 its properties and to carry on its business as now conducted and as
 proposed to be conducted.

          (b)  The execution, delivery and performance by the Borrower of
 this Revolving Business Note are within the Borrower's corporate powers,
 have been duly authorized by all necessary corporate action, do not
 contravene (i) the Borrower's charter or bylaws, (ii) any law, rule or
 regulation applicable to the Borrower, or (iii) any contractual or legal
 restriction binding on or affecting the Borrower, and will not result in
 or require the imposition of any lien or encumbrance on, or security
 interest in, any property (including, without limitation, accounts or
 contract rights) of the Borrower.

          (c)  This Revolving Business Note is the legal, valid and binding
 obligation of the Borrower enforceable against the Borrower in accordance
 with its terms.

          (d)  The representations and warranties of the Borrower contained
 in the Bank of America Agreement (as defined below) are true and correct
 as of the date of this Revolving Business Note as though made on and as of
 the date of this Revolving Business Note, except to the extent any such
 representation and warranty relates to an earlier date, which
 representation and warranty shall remain true and correct in all material
 respects as of such earlier date.
<PAGE>
     3.   CONDITION PRECEDENT.  The Bank shall not be required to make any
 Revolving Business Loan hereunder, unless the Bank shall have received a
 certificate of the secretary of the Borrower as to: (i) the incumbency and
 signatures of the officers of the Borrower signing this Revolving Business
 Note; (ii) the adoption and continued effect of resolutions of the Board
 of Directors of the Borrower authorizing the execution, delivery and
 performance of this Revolving Business Note; and (iii) the accuracy of the
 copy of the Articles of Incorporation and the Bylaws of the Borrower
 attached thereto all in a form acceptable to the Bank.

     4.   DEFAULT.  An "Event of Default" shall be deemed to have occurred
 if:

          (a)  The Borrower shall fail to pay any principal, interest or
 any other amount payable hereunder when due in accordance with the terms
 hereof;

          (b)  An "Event of Default" occurs under that certain Credit
 Agreement by and among the Borrower, certain of its subsidiaries, various
 lenders from time to time party to the Credit Agreement and Bank of
 America, N. A., as administrative agent, dated as of December 10, 1999, as
 amended (the "Bank of America Agreement") or any further change,
 modification or amendment to, or waiver of any term, provision or covenant
 of, the Bank of America Agreement is affected without obtaining the prior
 written consent of the Bank;

          (c)  Any representation or warranty made by or on behalf of the
 Borrower herein or by or on behalf of the Borrower (or any of its
 officers) in connection with the Bank of America Agreement shall prove to
 have been incorrect in any material respect when made or deemed made; or

          (d)  This Revolving Business Note shall, at any time after its
 execution and delivery, and for any reason, cease to be in full force and
 effect or shall be declared null and void, or be revoked or terminated, or
 the validity or enforceability hereof shall be contested by the Borrower,
 or the Borrower shall deny that it has any or further liability or
 obligation hereunder.

 If an Event of Default specified in any of Sections 11.1 (i), (j), (k) or
 (l) of the Bank of America Agreement shall occur, the Bank's obligation to
 make Revolving Business Loans hereunder shall immediately terminate and
 any Revolving Business Loan or Loans (with accrued interest thereon) and
 all other amounts owing hereunder shall immediately become due and
 payable.  If any other Event of Default shall occur, the Bank may (i) by
 notice of default to the Borrower, declare the Bank's obligation to make
 Revolving Business Loans hereunder terminated forthwith, whereupon such
 obligation shall terminate, and/or (ii) by notice of default to the
 Borrower, declare, any Revolving Business Loans and all amounts owing
 hereunder to be due and payable forthwith, whereupon the same shall become
 immediately due and payable.  Except as expressly provided above,
 presentment, demand, protest or further notice of any kind are hereby
 expressly waived.

     5.   COMMITMENT FEE.  During the term hereof, the Borrower shall pay
 the Bank a quarterly commitment fee in the amount of Seven Thousand Eight
 Hundred Twelve and 50/100 Dollars ($7,812.50).  Such commitment fees shall
 be payable on April 1, 2001, July 1, 2001, October 1, 2001 and January 1,
 2002.
<PAGE>
     6.   MISCELLANEOUS.

          (a)  The Borrower shall (i) pay or reimburse the Bank for all of
 its out-of-pocket costs and expenses incurred in connection with the
 negotiation, consideration, preparation and/or execution of, and any
 amendment, supplement or modification to, this Revolving Business Note or
 any other documents prepared in connection herewith (whether or not any
 such amendment, supplement, or modification is effected or consummated),
 and the consummation of the transactions contemplated hereby and thereby,
 including, without limitation, the fees and disbursements of counsel to
 the Bank, and (ii) pay or reimburse the Bank for all of its costs and
 expenses including, but not limited to, litigation costs or costs incident
 to any proceeding relating to the Borrower pursuant to 11 U.S.C. Section
 101 ET SEQ. incurred in connection with the enforcement or preservation of
 any rights or questions arising under or interpretations of this Revolving
 Business Note or any related documents, including, without limitation,
 fees and disbursements of counsel, legal assistants or paralegals to the
 Bank. The obligations in this subsection shall survive repayment of all
 amounts payable hereunder.

          (b)  In addition to any rights or remedies provided by law, or
 any other rights or remedies provided for herein, upon the occurrence of
 any Event of Default, the Bank is hereby irrevocably authorized, at any
 time and from time to time without prior notice to the Borrower, any such
 notice being expressly waived by the Borrower, to set off, appropriate and
 apply any and all deposits (general or special, time or demand,
 provisional or final), in any currency and any other credits, indebtedness
 or claims, in any currency, in each case whether direct or indirect or
 contingent or matured or unmatured, at any time held or owing by the Bank
 to or for the credit or the account of the Borrower, or any part thereof,
 in such amounts as the Bank may elect, against and on account of the
 obligations and liabilities of the Borrower to the Bank hereunder and
 claims of every nature and description of the Bank against the Borrower
 arising hereunder whether or not the Bank has made any demand for payment
 and although such obligations, liabilities and claims may be contingent or
 unmatured.

          (c)  All communications or notices required or permitted by this
 Revolving Business Note shall be in writing and shall be deemed to have
 been given or made when delivered in hand, three (3) days after deposited
 in the mail, or sent by facsimile.  Communications or notices shall be
 delivered personally or by certified or registered mail, postage prepaid,
 or by facsimile and addressed as follows, unless and until either of such
 parties notifies the other in accordance with this paragraph of a change
 of address:

          The Borrower:  Wausau-Mosinee Paper Corporation
                         1244 Kronenwetter Drive
                         Mosinee, Wisconsin 54455-9099
                         Attention: Gary P. Peterson
                         Facsimile: (715) 692-2082

          The Bank:      M&I Marshall & Ilsley Bank
                         770 North Water Street
                         Milwaukee, Wisconsin 53202
                         Attention: Ronald J. Carey
                         Facsimile: (414) 765-7625
<PAGE>
          (d)  The Bank and the Borrower may, from time to time, enter into
 written amendments, supplements or modifications hereto for the purpose of
 changing in any manner the rights of the Bank or of the Borrower
 hereunder, and the Bank may execute and deliver to the Borrower a written
 instrument waiving, on such terms and conditions as the Bank may specify
 in such instrument, any of the requirements of this Revolving Business
 Note or any Event of Default and its consequences.  In the case of any
 waiver, the Borrower and the Bank shall be restored to their former
 position and rights under this Revolving Business Note, and any Event of
 Default waived shall be deemed to be cured and not continuing.  However,
 no waiver of an Event of Default shall extend to any subsequent or other
 Event of Default, or impair any right consequent thereon.  No amendment,
 supplement, modification, or waiver shall be effective except if in
 writing and duly executed by the Bank and the Borrower.

          (e)  This Revolving Business Note shall be binding upon and inure
 to the benefit of the Borrower, the Bank, all future holders hereof and
 their respective successors and assigns, except that the Borrower may not
 assign or transfer any of its rights under this Revolving Business Note
 without the prior written consent of the Bank.

          (f)  This Revolving Business Note and the rights and obligations
 of the parties hereto shall be governed by, and construed and interpreted
 in accordance with the laws of the State of Wisconsin.  Venue for the
 settlement of disputes under this Revolving Business Note shall be in the
 United States District Court for the Eastern District of Wisconsin or the
 Circuit Court of Milwaukee County, Wisconsin.  The Borrower consents to
 the exercise of jurisdiction by these courts and the vesting of venue
 therein.  THE BORROWER WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS UPON
 IT AND CONSENTS TO ALL SUCH SERVICE OF PROCESS MADE BY MAIL OR BY
 MESSENGER DIRECTED TO IT AT THE ADDRESS SPECIFIED IN PARAGRAPH 5(c)
 HEREOF.

          (g)  Neither the Bank nor any of its affiliates, directors,
 officers, agents, attorneys or employees shall be liable to Borrower for
 any action taken, or omitted to be taken, by it or them or any of them
 under this Revolving Business Note or in connection herewith except that
 no person shall be relieved of any liability imposed by law for gross
 negligence or willful misconduct.  No claim may be made by the Borrower
 against the Bank, or any of its affiliates, directors, officers,
 employees, attorneys or agents for any special, indirect, consequential or
 punitive damages in respect of any breach of wrongful conduct (whether the
 claim is based on contract or tort or duty imposed by law) arising out of
 or related to the transactions contemplated by this Revolving Business
 Note or any act, omission or event occurring in connection herewith.

          (h)  Any provision of this Revolving Business Note which is
 prohibited or unenforceable shall be ineffective to the extent of such
 prohibition or unenforceability without invalidating the remaining
 provisions hereof.

          (i)  This Revolving Business Note and the Exhibits attached
 hereto constitute the entire agreement between the Borrower and the Bank
 relating to the subject matter hereof, and all prior agreements,
 correspondence, discussions and understandings of the Borrower and the
 Bank (whether oral or written) are merged herein and made a part hereof.
<PAGE>
          (j)  The Borrower hereby acknowledges and agrees that each
 determination by the Bank of the Adjusted Interbank Rate (as defined in
 EXHIBIT A) in connection with Revolving Business Loans shall be conclusive
 and binding upon the Borrower in the absence of demonstrable error.

 WAUSAU-MOSINEE PAPER CORPORATION



 By:



 By:

 Accepted this 9th day of March, 2001.

 M&I MARSHALL & ILSLEY BANK


 By:


 By:


               EXHIBIT A TO REVOLVING BUSINESS NOTE


 This Revolving Business Note bears interest on the unpaid principal
 balance before maturity (whether upon demand, acceleration or otherwise)
 at an annual rate equal to the Adjusted Interbank Rate (as defined below)
 plus one hundred (100) basis points, which rate will change as of the
 first day of each calendar month.  If the first day of any calendar month
 is not a regular Business Day, the Adjusted Interbank Rate shall be
 established on the preceding Business Day.  "Business Day" shall mean any
 day other than a Saturday, Sunday, public holiday or other day when
 commercial banks in Wisconsin are authorized or required by law to close.

 Unpaid principal and interest bear interest after maturity (whether by
 acceleration or lapse of time) until paid at the prime rate of interest
 adopted by Lender as its base rate determinations from time to time which
 may or may not be the lowest rate charged by Lender ("Prime Rate") (with
 the rate changing as and when that Prime Rate changes) plus 3%.

 Borrower may, from time to time and without premium or penalty, borrow and
 repay the Revolving Business Loans in whole or in part; PROVIDED requests
 for advances or repayments occur prior to 3:00 P.M. on any Business Day.

 "Adjusted Interbank Rate" means an annual rate for all loans evidenced by
 this Revolving Business Note (the "Revolving Business Loans") (rounded
 upwards, if necessary, to the nearest 1/100 of 1%), determined pursuant to
 the following formula:

                                           Interbank Rate
     Adjusted Interbank Rate =     1 - Interbank Reserve Requirement
<PAGE>
 "Interbank Rate" means with respect to any Revolving Business Loan, the
 rate per annum equal to the rate (rounded upwards, if necessary, to the
 nearest 1/16 of 1%) quoted as the rate at which dollar deposits in
 immediately available funds are offered on the first day of each calendar
 month in the interbank Eurodollar market on or about 9:00 A.M., Milwaukee
 time, for a period of one (1) calendar month.  If the first day of any
 calendar month is not a regular Business Day, the Interbank Rate shall be
 established on the preceding Business Day.  Lender currently uses the
 Knight Ridder Information Service to provide information with respect to
 the interbank Eurodollar market, but Lender may change the service
 providing such information at any time.  Each such determination shall be
 conclusive and binding upon the parties hereto in the absence of
 demonstrable error.

 "Interbank Reserve Requirement" means a percentage (expressed as a
 decimal) equal to the aggregate reserve requirements in effect on the
 first day of each calendar month (including all basic, supplemental,
 marginal and other reserves and taking into account any transitional
 adjustments or other scheduled changes in reserve requirements during each
 calendar month) specified for "Eurocurrency Liabilities" under Regulation
 D of the Board of Governors of the Federal Reserve System, or any other
 regulation of the Board of Governors which prescribes reserve requirements
 applicable to "Eurocurrency Liabilities" as presently defined in
 Regulation D, as then in effect as applicable to the class or classes of
 banks of which Lender is a member.  As of the date of this Revolving
 Business Note, the Interbank Reserve Requirement is 0%.

 INCREASED COSTS.  If, Regulation D of the Board of Governors of the
 Federal Reserve System, or the adoption of any applicable law, rule or
 regulation of general application, or any change therein, or any
 interpretation or administration thereof by any governmental authority,
 central bank or comparable agency charged with the interpretation or
 administration thereof, or compliance by Lender with any request or
 directive of general application (whether or not having the force of law)
 of any such authority, central bank or comparable agency:

     (a)  shall subject Lender to any tax, duty or other charge with
 respect to the Revolving Business Loans, the Revolving Business Note or
 its obligation to make Revolving Business Loans, or shall change the basis
 of taxation of payments to Lender of the principal of or interest on the
 Revolving Business Loans or any other amounts due under this Revolving
 Business Note in respect of the Revolving Business Loans or its obligation
 to make Revolving Business Loans (except for changes in the rate of tax on
 the overall net income of Lender); or

     (b)  shall impose, modify or deem applicable any reserve (including,
 without limitation, any reserve imposed by the Board of Governors of the
 Federal Reserve System, but excluding any reserve included in the
 determination of interest rates pursuant to this Revolving Business Note),
 special deposit or similar requirement against assets of, deposits with or
 for the account of, or credit extended by, Lender; or

     (c)  shall affect the amount of capital required or expected to be
 maintained by Lender or any corporation controlling Lender; or

     (d)  shall impose on Lender any other condition affecting the
 Revolving Business Loans, the Revolving Business Note or its obligation to
 make Revolving Business Loans;
<PAGE>
 and the result of any of the foregoing is to increase the cost to (or in
 the case of Regulation D referred to above, to impose a cost on) Lender of
 making or maintaining any Revolving Business Loans, or to reduce the
 amount of any sum received or receivable by Lender under this Revolving
 Business Note with respect thereto, then within ten (10) days after demand
 by Lender (which demand shall be accompanied by a statement setting forth
 the basis of such demand), Borrower shall pay directly to Lender such
 additional amount or amounts as will compensate Lender for such increased
 cost or such reduction.  Determinations by Lender for purposes of this
 section of the effect of any change in applicable laws or regulations or
 of any interpretations, directives or requests thereunder on its costs of
 making or maintaining Revolving Business Loans or sums receivable by it in
 respect of Revolving Business Loans, and of the additional amounts
 required to compensate Lender in respect thereof, shall be conclusive,
 absent manifest error.

 DEPOSITS UNAVAILABLE OR INTEREST RATE UNASCERTAINABLE.

     (a)  If Lender is advised that deposits in dollars (in the applicable
 amount) are not being offered to banks in the relevant market for a period
 of one (1) calendar month, or Lender otherwise determines (which
 determination shall be binding and conclusive on all parties) that by
 reason of circumstances affecting the interbank Eurodollar market adequate
 and reasonable means do not exist for ascertaining the applicable
 Interbank Rate; or

     (b)  If lenders similar to Lender have determined that the Interbank
 Rate will not adequately and fairly reflect the cost to such lenders of
 maintaining or funding loans based on the Interbank Rate, or that the
 making or funding of such Interbank Rate loans has become impracticable as
 a result of an event occurring after the date of this Revolving Business
 Note which in the opinion of Lender materially affects such Interbank Rate
 loans;

 then so long as such circumstances shall continue, Lender shall not be
 under any obligation to make or continue Revolving Business Loans based on
 the Interbank Rate and on the first Business Day of the next calendar
 month, such Revolving Business Loans shall bear interest at the Prime
 Rate, with the rate changing as and when the Prime Rate changes.  If such
 an agreement cannot be reached, such Revolving Business Loans shall be
 repaid in full by Borrower.

 CHANGE IN LAW RENDERING INTERBANK RATE LOANS UNLAWFUL.  In the event that
 any change in (including the adoption of any new) applicable laws or
 regulations, or any change in the interpretation of applicable laws or
 regulations by any governmental or other regulatory body charged with the
 administration thereof, should make it unlawful for any lender to make,
 maintain or fund Revolving Business Loans based on the Interbank Rate,
 then: (a) Lender shall promptly notify Borrower; (b) the obligation of
 Lender to make or continue Revolving Business Loans based on the Interbank
 Rate shall be suspended for the duration of such unlawfulness; and (c) on
 the first Business Day of the following calendar month, such Revolving
 Business Loans shall bear interest at the Prime Rate, with the rate
 changing as and when the Prime Rate changes.
<PAGE>
 Dated as of March 9, 2001.

 WAUSAU-MOSINEE PAPER                   M&I MARSHALL ILSLEY BANK
 CORPORATION


 By:                                    By:

     Gary P. Peterson                       Ronald J. Carey
     Senior Vice President of Finance       Vice President