Document:

Exhibit 4.8

Exhibit 4.8

LANCE, INC. 2008 DIRECTOR STOCK PLAN

1.     Purpose and Duration of the Plan. The purpose of the Plan is to enable the Corporation to
attract and retain persons of exceptional ability to serve as Directors and to further align the
interests of Directors and stockholders in enhancing the value of the Common Stock and to encourage
such Directors to remain with and to devote their best efforts to the Corporation.

     The Corporation establishes this Plan effective as of April 25, 2008, subject to approval by
the Corporation’s stockholders prior to that date. The Plan shall remain in effect until the
earlier of (i) the date that no additional shares of Common Stock are available for issuance under
the Plan, (ii) the date that the Plan has been terminated in accordance with Section 9 or (iii) the
close of business on May 31, 2013. Upon the Plan becoming effective, no further awards shall be
made under the Lance, Inc. 2003 Director Stock Plan.

2.     Definitions:

     For purposes of the Plan, the following terms shall have the following meanings:

     “Annual Award” means a number of shares of Restricted Stock up to and including 4,000
shares, as the Board shall establish from time to time, awarded under the provisions of Section
5(a) below.

     “Award Date” means the 20th day of the month next following an annual stockholders
meeting; provided, however, that with respect to an Initial Award, “Award Date” means the 20th day
of the month next following the date the Non-Employee Director commences service as a Non-Employee
Director.

     “Board” means the Board of Directors of the Corporation.

     “Change in Control” means “Change in Control” as defined under the Lance, Inc. 2003
Key Employee Stock Plan, as the same may be amended from time to time, or any successor plan
thereto.

     “Common Stock” means the Common Stock, $.83-1/3 par value, of the Corporation and any
other stock or securities resulting from the adjustment thereof or substitution therefor as
described in Section 6 below.

     “Corporation” means Lance, Inc., a North Carolina corporation, and its successors and
assigns.

     “Effective Date” means April 25, 2008 subject to approval by the stockholders of the
Corporation.

 

 

     “Fair Market Value” of a share of Common Stock on a particular date, shall be (i) if
such Common Stock is listed on a national securities exchange or a foreign securities exchange or
traded on The NASDAQ Stock Market, the closing sale price of the Common Stock on said date on the
national securities exchange, the foreign securities exchange or The NASDAQ Stock Market on which
the Common Stock is principally traded, or, if no sales occur on said date, then on the next
preceding date on which there were such sales of Common Stock, or (ii) if the Common Stock shall
not be listed on a national securities exchange or a foreign securities exchange or traded on The
NASDAQ Stock Market, the mean between the closing bid and asked prices last reported by the
National Association of Securities Dealers, Inc. for the over-the-counter market on said date or,
if no bid and asked prices are reported on said date, then on the next preceding date on which
there were such quotations, or (iii) if at any time quotations for the Common Stock shall not be
reported by the National Association of Securities Dealers, Inc. for the over-the-counter market
and the Common Stock shall not be listed on any national securities exchange or any foreign
securities exchange or traded on The NASDAQ Stock Market, the fair market value based on quotations
for the Common Stock by market makers or other securities dealers as determined by the Board in
such manner as the Board may deem reasonable.

     “Initial Award” means a number of shares of Restricted Stock up to and including 4,000
shares, as the Board shall establish from time to time, awarded under the provisions of Section
5(b) below.

     “Non-Employee Director” means an individual who is a member of the Board, but who is
not an employee of the Corporation or any of its subsidiaries.

     “Plan” means the Lance, Inc. 2008 Director Stock Plan as set forth herein, as the same
may be amended from time to time.

     “Restricted Stock” means the Common Stock awarded to a Non-Employee Director pursuant
to Section 5 of the Plan that is subject to the vesting restrictions set forth in Section 5.

3.     Administration. The Board shall be responsible for administering the Plan. The Board shall
have all of the powers necessary to enable it to properly carry out its duties under the Plan. Not
in limitation of the foregoing, the Board shall have the power to construe and interpret the Plan
and to determine all questions that shall arise thereunder. The Board shall have such other and
further specified duties, powers, authority and discretion as are elsewhere in the Plan either
expressly or by necessary implication conferred upon it. The Board may appoint such agents as it
may deem necessary for the effective performance of its duties, and may delegate to such agents
such powers and duties as the Board may deem expedient or appropriate that are not inconsistent
with the intent of the Plan. The decision of the Board upon all matters within its scope of
authority shall be final and conclusive on all persons, except to the extent otherwise provided by
law.

4.     Shares Available. The maximum number of shares of Common Stock that may delivered under the
Plan shall equal 200,000. Such shares shall be subject to adjustment or substitution pursuant to
Section 6 below. If any shares of Restricted Stock awarded hereunder are canceled, lapse or
forfeited in accordance with the provisions of Section 5 below, then such

2

 

shares shall again be available for delivery under the Plan. Shares delivered under the Plan may
be original issue shares or shares purchased in the open market or otherwise, all as determined by
the Chief Financial Officer of the Corporation (or the Chief Financial Officer’s designee) from
time to time.

5.     Restricted Stock Awards.

     (a) Annual Awards. Each Non-Employee Director serving on the Award Date shall
automatically be granted an Annual Award.

     (b) Initial Awards. Each Non-Employee Director first elected after June 1 and before
December 31 of any year shall automatically receive an Initial Award on the 20th day of the month
next following the date the Non-Employee Director commences service as a Non-Employee Director.

     (c) No Fractional Shares. In no event shall the Corporation be obligated to
issue fractional shares under this Section, but instead shall pay any such fractional share in cash
based on the Fair Market Value of the Common Stock on the Award Date.

     (d) Vesting. Except as otherwise provided in this Section 5(d), shares of Restricted
Stock shall become vested on the date that is 12 months after the applicable Award Date (the
“Vesting Date”). If the Non-Employee Director ceases to serve as a Non-Employee Director before
the Vesting Date due to the Non-Employee Director’s death, or if there is a Change in Control prior
to the Vesting Date, then the shares shall become fully vested as of the date of such death or
Change in Control, as applicable. If the Non-Employee Director ceases to serve as a Non-Employee
Director for any reason other than death before the Vesting Date, then the shares shall vest on a
pro-rata basis at a rate one-twelfth (1/12) for each month the Non-Employee Director serves as a
Non-Employee Director after the applicable Award Date. Any shares not vested according to the
preceding sentence shall be forfeited as of the date of such cessation of services. For purposes
of pro-rata vesting, a Non-Employee Director shall be credited with a full month of service if the
Non-Employee Director serves for one day during the applicable month. A Non-Employee Director may
not sell, transfer or otherwise dispose of any such shares of Restricted Stock until they become
vested; however, the Non-Employee Director shall have the right to receive dividends with respect
to the shares and to vote the shares prior to vesting.

6.     Adjustments in Authorized Shares. In the event of any change in corporate capitalization, such
as a stock split, or a corporate transaction, such as any merger, consolidation, separation,
including a spin-off, or other distribution of stock or property of the Corporation, any
reorganization (whether or not such reorganization comes within the definition of such term in
Internal Revenue Code Section 368) or any partial or complete liquidation of the Corporation, such
adjustment shall be made in the number and class of shares of Common Stock which may be delivered
under the Plan, as may be determined to be appropriate and equitable by the Board, in its sole
discretion, to prevent dilution or enlargement of rights.

7.     Resales of Shares. The Corporation may impose such restrictions on the sale or other
disposition of shares issued under this Plan as the Board deems necessary to comply with

3

 

applicable securities laws. Certificates for shares issued under this Plan may bear such legends
as the Corporation deems necessary to give notice of such restrictions.

8.     Compliance With Law and Other Conditions. No shares shall be issued under this Plan prior to
compliance by the Corporation, to the satisfaction of its counsel, with any applicable laws. The
Corporation shall not be obligated to (but may in its discretion) take any

action under applicable federal or state securities laws (including registration or qualification
of the Plan or the Common Stock) necessary for compliance therewith in order to permit the issuance
of shares hereunder, except for actions (other than registration or qualification) that may be
taken by the Corporation without unreasonable effort or expense and without the incurrence of any
material exposure to liability.

9.     Amendment, Modification and Termination of the Plan. The Board shall have the right and power
at any time and from time to time to amend the Plan in whole or in part and at any time to
terminate the Plan; provided, however, that an amendment to the Plan may be
conditioned on the approval of the stockholders of the Corporation if and to the extent the Board
determines that stockholder approval is necessary or appropriate. No termination, amendment, or
modification of the Plan shall adversely affect in any material way any Restricted Stock award
previously granted under the Plan, without the written consent of the affected Non-Employee
Director.

10.   Miscellaneous. The Plan shall be construed, administered, regulated and governed in all
respects under and by the laws of the State of North Carolina. The Plan shall be binding on the
Corporation and any successor in interest of the Corporation.

4Exhibit 10.1

EXHIBIT 10.1

FIFTH AMENDMENT

     This Fifth Amendment
(the “Agreement”) to the Credit Agreement referred to below is dated as
of April 30, 2008, by and among BOWATER INCORPORATED, a corporation organized under the laws of
Delaware, in its capacity as Borrower under the Credit Agreement referred to below (the
“Borrower”), certain Subsidiaries of the Borrower party
hereto (the “Subsidiary Grantors”),
AbitibiBowater Inc., a corporation organized under the laws of Delaware (the “Parent”), the Lenders
and the Canadian Lenders party hereto (collectively, the “Consenting Lenders”) pursuant to
an authorization (in the form attached hereto as Exhibit A, each a “Lender Authorization”)
and WACHOVIA BANK, NATIONAL ASSOCIATION, as administrative agent (the “Administrative Agent”) for
the Lenders party to the Credit Agreement referred to below.

STATEMENT OF PURPOSE:

     The Borrower, the Lenders, certain other financial institutions and the Administrative Agent
are parties to the Credit Agreement dated as of May 31, 2006 (as amended by that certain First
Amendment dated as of July 20, 2007, that certain Second Amendment dated as of October 31, 2007,
that certain Third Amendment and Waiver dated as of February 25, 2008, that certain Fourth
Amendment dated as of March 31, 2008, as amended hereby and as further amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”).

     The Borrower has requested that the Administrative Agent, the Lenders and the Canadian
Lenders agree to amend the Credit Agreement as more specifically set forth herein. Subject to the
terms and conditions set forth herein, the Administrative Agent and each of the Consenting Lenders
have agreed to grant such requests of the Borrower.

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto hereby agree as follows:

     1. Capitalized Terms. Except as otherwise provided herein, all capitalized undefined
terms used in this Agreement (including, without limitation, in the introductory paragraph and the
statement of purpose hereto) shall have the meanings assigned thereto in the Credit Agreement (as
amended by this Agreement) or the Collateral Agreement (as amended by this Agreement), as
applicable.

     2. Credit Agreement Amendments. The Credit Agreement is hereby amended by:

     (a) Section 1.1 of the Credit Agreement is hereby
amended by:

          (i) amending and restating the following definitions

     “New Borrower Mortgages” means those certain mortgages, deeds of trust,
security agreements, subordination agreements or other real property security documents
encumbering the New Borrower Fixed Assets, in each case in form and substance reasonably
satisfactory to the Administrative Agent and the Canadian Administrative Agent and executed
by the applicable New Borrower in favor of the Administrative Agent, for the ratable
benefit of the Secured Parties and the Canadian Secured Parties, as

1

 

amended, restated, supplemented or otherwise modified from time to time. Unless
specifically excluded, the Supplemental New Borrower Mortgage shall be a New Borrower
Mortgage.

     “New Borrowers” means (a) Bowater Alabama LLC (formerly known as Bowater Alabama,
Inc.), an Alabama limited liability company (the “Coosa Pines Borrower”), (b) Bowater
Newsprint South LLC, a Delaware limited liability company (“BNS Holdings”) and (c) Bowater
Newsprint South Operations LLC (formerly known as Bowater Newsprint South, Inc.), a
Delaware corporation and the successor by merger to Bowater Mississippi, LLC (the
“Grenada Borrower”).

          (ii) adding the following new definition in proper alphabetical order:

     “Supplemental New Borrower Mortgage” means that certain mortgage, deed of
trust, security agreement, subordination agreement or other real property security document
encumbering a fee interest in the Coosa Pines Mill and a leasehold interest in the Coosa
Pines Real Property or otherwise subordinating the interests of the Industrial Development
Board of the City of Childersburg, a public corporation duly organized and existing under
the laws of the State of Alabama (such Person, the “Supplemental New Borrower
Mortgagor”), in the Coosa Pines Mill or Coosa Pines Real Property to the interests of
the Administrative Agent and the Canadian Administrative Agent therein, in each case in
form and substance reasonably satisfactory to the Administrative Agent and the Canadian
Administrative Agent and executed by the Supplemental New Borrower Mortgagor in favor of
the Administrative Agent, for the ratable benefit of the Secured Parties and the Canadian
Secured Parties, as amended, restated, supplemented or otherwise modified from time to
time.

     “Supplemental New Borrower Mortgagor” has the meaning set forth in the
definition of Supplemental New Borrower Mortgage.

          (b) Amendment to Section 5.3. The following new subsection (d) shall be added to
Section 5.3:

     “(d) Delivery of Documentation Pursuant to Section 8.10(e)(ii). If the
requested borrowing, conversion or continuation of any Loan or the requested issuance or
extension of any Letter of Credit would cause the aggregate principal amount of all
Obligations outstanding as of the date of such borrowing, conversion, continuation,
issuance or extension (after giving effect to the requested borrowing, conversion, continuation shall have received each item required to be delivered thereto pursuant to Section
8.10(e)(ii)(A), 8.10(e)(ii)(B), 8.10(e)(ii)(C) and
8.10(e)(ii)(D). in all cases, in accordance with the terms and provisions thereof
(or as such terms and conditions may be amended, modified or waived in accordance with the
terms of Section 13.2).”

     (c) Amendment to Section 8.10. Clause (ii) of subsection (e) of Section 8.10 of the
Credit Agreement is hereby amended and restated as follows:

          “(ii) New Borrower Loan Documentation.

 

 

     (A) As soon as practicable, but in no event later than April 15, 2008, the Administrative
Agent shall have received:

     (1) evidence satisfactory to the Administrative Agent that the Borrower shall be
diligently pursuing in good faith the rendering of the solvency opinions referred to in
Sections 8.10(e)(ii)(B) and 8.10(e)(ii)(C) by a third party consultant
reasonably acceptable to the Administrative Agent (including having delivered to such third
party consultant all financial and other information necessary to provide the basis for the
delivery of such solvency opinion); and

     (2) information, in form and substance reasonably satisfactory to the Administrative
Agent, confirming (x) that the New Borrowers own, free and clear of any Liens, the New
Borrower Fixed Assets and (y) the ability of the New Borrowers to grant to the
Administrative Agent, on behalf of the Secured Parties and the Canadian Secured Parties, a
perfected first priority security interest in the New Borrower Fixed Assets without the
consent or approval of any third Person; and

     (B) As soon as practicable, but in no event later than May 15, 2008, the Administrative Agent
shall have received:

     (1) a copy of a solvency opinion from Houlihan Lokey Howard & Zukin Financial Advisors,
Inc. or another opinion provider reasonably acceptable to the Administrative Agent as to the
solvency of the Original Borrower after giving effect to the New Borrower Transactions and
the transactions contemplated by the Fourth Amendment, this Agreement and the joinder
agreement referred to in clause (2) below and such other matters as the Lenders shall
request (which such opinion shall expressly permit reliance (or be accompanied by a letter,
in form and substance satisfactory to the Administrative Agent, executed by the opinion
provider that expressly permits reliance) by the Administrative Agent, the Lenders and any
successors and assigns of the Administrative Agent or any Lender);

     (2) a duly executed joinder agreement, in form and substance reasonably satisfactory to
the Administrative Agent, joining each New Borrower to the Credit Agreement, the Intercompany Subordination Agreement and any other
applicable Loan Documents;

     (3) such updated Schedules to the Loan Documents as requested by the Administrative
Agent or the Canadian Administrative Agent with regard to the New Borrowers (including,
without limitation, an updated Schedule 6.1 (b));

 

 

     (4) a certificate of a Responsible Officer of each New
Borrower certifying as to the
incumbency and genuineness of the signature of each officer of each New Borrower executing the Loan
Documents to which it is a party and certifying that attached thereto is a true, correct and
complete copy of (w) the articles or certificate of incorporation or formation of each New Borrower
and all amendments thereto, certified as of a recent date by the appropriate Governmental Authority
in its jurisdiction of incorporation or formation, (x) the bylaws or other governing document of
each New Borrower as in effect on the date hereof, (y) resolutions duly adopted by the board of
directors or other governing body of each New Borrower authorizing the transactions contemplated
hereunder and the execution, delivery and performance of this Agreement and the other Loan
Documents to which it is a party, and (z) certificates as of a recent date of the good standing of
each New Borrower under the laws of its jurisdiction of incorporation or formation;

     (5) an originally executed counterpart of a collateral agreement, in form and substance
satisfactory to the Administrative Agent, executed by each New Borrower in favor of the
Administrative Agent and the other Secured Parties and all other Security Documents entered into in
connection therewith (the “New Borrower Security Documents”), together with all schedules,
exhibits and annexes thereto;

     (6) all filings and recordations that are necessary to perfect the security interests of the
Administrative Agent, on behalf of itself and the other Secured Parties, in the Collateral granted
by each New Borrower under the New Borrower Security Documents and evidence satisfactory to the
Administrative Agent that upon such filings and recordations such security interests constitute
valid and perfected first priority Liens therein;

     (7) the results of a Lien search (including a search as to judgments, pending litigation and
tax matters) made against each New Borrower under the Uniform Commercial Code (or applicable
judicial docket) as in effect in each jurisdiction in which filings or recordations under the
Uniform Commercial Code should be made to evidence or perfect security interests in all assets of
each New Borrower, indicating among other things that the assets of each New Borrower are free and
clear of any Liens (except Permitted Liens);

     (8) evidence in form and substance reasonably satisfactory to the Administrative Agent
confirming: (x) the adequacy and effectiveness of the property and liability insurance coverage of
the Borrower (including, without limitation, coverage of each New Borrower) and its Subsidiaries
and (y) the interest of the Administrative Agent (as loss payee and additional insured and, with
respect to the real property subject to the New Borrower Mortgages (other than the Supplemental New
Borrower Mortgage), as mortgagee) with respect to such insurance coverage;

 

 

     (9) a duly executed counterpart of each New Borrower Mortgage (other than the Supplemental
New Borrower Mortgage);

     (10) all filings and recordations that are necessary to perfect the security interests of
the Administrative Agent, on behalf of itself, the other Secured Parties and the Canadian
Secured Parties, in the Collateral granted by each New Borrower under each New Borrower
Mortgage (other than the Supplemental New Borrower Mortgage) and evidence satisfactory to the
Administrative Agent that upon such filings and recordations such security interests constitute
valid and perfected first priority Liens therein;

     (11) duly executed copies of amended and restated Notes to replace the Notes issued to the
applicable Lenders on or prior to the date each New Borrower is joined pursuant to clause (2)
above;

     (12) the original New Borrower Note, along with a blank endorsement executed by the
Original Borrower (which such endorsement shall be in form and substance satisfactory to the
Administrative Agent);

     (13) favorable opinions of counsel of each New Borrower addressed to the Administrative
Agent and the Lenders with respect to the New Borrowers, this Agreement, each of the New
Borrower Mortgages (other than the Supplemental New Borrower Mortgage) and the other Loan
Documents to which the New Borrowers are a party and such other matters as the Lenders shall
reasonably request (which such opinions shall expressly permit reliance by successors and
assigns of the Administrative Agent or any Lender); and

     (14) such other instruments, documents and certificates as the Administrative Agent shall
reasonably request.

     (C) As soon as practicable, but in no event later than May 22,
2008, the Administrative Agent
shall have received a copy of a solvency opinion from Houlihan Lokey Howard & Zukin
Financial
Advisors, Inc. or another opinion provider reasonably acceptable to the
Administrative Agent as to the
solvency of each of the New Borrowers (other than BNS
Holdings if BNS Holdings is a holding company that
holds only the Capital Stock of the Coosa Pines Borrower and the Grenada Borrower and has no
creditors other than the Lenders), in each case after giving effect to the New Borrower
Transactions
and the transactions contemplated by the Fourth Amendment, this Agreement and the joinder
agreement
referred to in Section 8.10(e)(ii)(B)(2) above and such other matters as the
Lenders shall
request (which such opinion shall expressly permit reliance (or be
accompanied by a letter, in form
and substance satisfactory to the Administrative Agent, executed by the opinion provider that
expressly permits reliance) by the Administrative Agent, the Lenders and any successors and
assigns of the
Administrative Agent or any Lender).

 

 

     (D) As soon as practicable, but in no event later than May 30, 2008, the Administrative Agent
shall have received:

     (1) to the extent reasonably requested by the Administrative Agent, evidence in form
and substance reasonably satisfactory to the Administrative Agent confirming the interest of
the Administrative Agent as loss payee, additional insured and mortgagee with respect to the
Coosa Pines Mill and Coosa Pines Real Property subject to the Supplemental New Borrower
Mortgage;

     (2) a duly executed counterpart of the Supplemental New Borrower Mortgage;

     (3) all filings and recordations that are necessary to perfect the security interests
of the Administrative Agent, on behalf of itself, the other Secured Parties and the Canadian
Secured Parties, in the Collateral granted by the Supplemental New Borrower Mortgagor, and
evidence satisfactory to the Administrative Agent that upon such filings and recordations
such security interests constitute valid and perfected first priority Liens therein (or, to
the extent acceptable to the Administrative Agent, evidence satisfactory to the
Administrative Agent that upon delivery of the Supplemental New Borrower Mortgage, all
right, title and interest of the Supplemental New Borrower Mortgagor shall be subordinated
in all respects to the security interests of the Administrative Agent, on behalf of itself,
the other Secured Parties and the Canadian Secured Parties, with respect to the interests
subject to the Supplemental New Borrower Mortgage);

     (4) favorable opinions of counsel of the Supplemental New Borrower Mortgagor addressed
to the Administrative Agent and the Lenders with respect to the Supplemental New Borrower
Mortgage and such other matters as the Lenders shall reasonably request (which such opinions
shall expressly permit reliance by successors and assigns of the Administrative Agent or any
Lender); and

     (5) such other instruments, documents and certificates as the Administrative Agent
shall reasonably request.

     (E) Within forty-five (45) days of the date upon which each New Borrower is joined as a Credit
Party pursuant to Section 8.10(e)

(ii)(B):

     (1) a final title policy, insuring the first priority Liens of the Secured Parties and
the Canadian Secured Parties and showing no Liens prior to the Liens of the Secured Parties
and the Canadian Secured Parties (other than for ad valorem taxes not yet due and payable)
and containing only such other customary title exceptions as are reasonably acceptable to
the Administrative Agent, with title insurance companies acceptable to the Administrative
Agent, on each of the Coosa Pines Mill Real Property and Grenada Mill Real Property (it
being agreed that the Borrower and its

 

 

Subsidiaries shall provide or obtain any customary affidavits and indemnities as may be required
or necessary to obtain title insurance satisfactory to the Administrative Agent);

     (2) copies of all recorded documents creating exceptions to the title policies referred to in
Section 8.10(e)(ii)(E)(l);

     (3) a certification form of a certification from the National Research Center, or any
successor agency thereto, regarding each of the Coosa Pines Mill Real Property and the Grenada Mill
Real Property;

     (4) copies of as-built surveys of a recent date of each of the Coosa Pines Mill Real Property
and the Grenada Mill Real Property, in each case certified as of a recent date by a registered
engineer or land surveyor. Each such survey shall be accompanied by an affidavit (a “Survey
Affidavit”) of an authorized signatory of the owner of such property stating that there have been
no improvements or encroachments to the property since the date of the respective survey such that
the existing survey is no longer accurate. Each such survey shall show the area of such property,
all boundaries of the land with courses and distances indicated, including chord bearings and arc
and chord distances for all curves, and shall show dimensions and locations of all easements,
private drives, roadways, and other facts materially affecting such property, and shall show such
other details as the Administrative Agent may reasonably request, including, without limitation,
any encroachment (and the extent thereof in feet and inches) onto the property or by any of the
improvements on the property upon adjoining land or upon any easement burdening the property; any
improvements, to the extent constructed, and the relation of the improvements by distances to the
boundaries of the property, to any easements burdening the property, and to the established
building lines and the street lines; and if improvements are existing, (x) a statement of the
number of each type of parking space required by Applicable Laws, ordinances, orders, rules,
regulations, restrictive covenants and easements affecting the improvement, and the number of each
such type of parking space provided, and (y) the locations of all utilities serving the
improvement;

     (5) a Phase I environmental assessment and such other
environmental report reasonably requested by the Administrative Agent regarding each of the Coosa
Pines Mill Real Property and the Grenada Mill Real Property, in each
case prepared by an environmental engineering firm acceptable to the Administrative Agent showing
no environmental conditions in violation of Environmental Laws or liabilities under Environmental
Laws, either of which could reasonably be expected to have a Material Adverse Effect; and

     (6) such other certificates, documents and information (including, without limitation,
engineering and structural reports,

 

 

permanent certificates of occupancy and evidence of zoning compliance, in
each case, with respect to each of the Coosa Pines Mill Real Property and
the Grenada Mill Real Property) as may be reasonably requested by the
Administrative Agent, all in form, consent and scope reasonably
satisfactory to the Administrative Agent.”

     (c) Amendment to Section 11.1 (d). Section ll.l(d) of the Credit
Agreement is hereby amended and restated in its entirety as follows:

     “(d) The Borrower or any other Credit Party shall default in the performance or
observance of any covenant or agreement contained in Sections 5.4, 7.1
(other than, solely during the time period from the Fourth Amendment Effective Date
through the Conversion Date, any reporting required pursuant to subsections (g) and (h)
thereof (it being agreed and acknowledged that subsections (g) and (h) thereof shall be
subject to this subsection (d) on and after the Conversion Date)), 7.2,
7.5(e)(i), 8.2(b)(ii), 8.10(e)(i), 8.10(e)(ii) or
Articles IX or X.”

     3. Amendment to Collateral Agreement. The Collateral Agreement is hereby amended by
adding the following new clause (d) to Section 4.9:

     “(d) No Partnership/LLC Interests issued by any Grantor (i) shall be traded on a
Securities exchange or in Securities markets, (ii) shall by their terms expressly provide
that they are Securities governed by Article 8 of the UCC, (iii) shall be Investment
Company Securities, (iv) shall be held in a Securities Account or (iv) shall be
certificated unless such certificates are delivered to the Administrative Agent with
appropriate instruments of transfer.”

     4. Conditions to Effectiveness. Upon the satisfaction of each of the following
conditions, this Agreement shall be deemed to be effective as of the date hereof:

     (a) the Administrative Agent shall have received counterparts of this Agreement executed by
the Administrative Agent (on behalf of itself and each of the Consenting Lenders by virtue of each
Consenting Lender’s execution of a Lender Authorization), the Borrower, the Parent and the
Subsidiary Grantors;

     (b) the Administrative Agent shall have received executed Lender Authorizations from the
requisite Consenting Lenders;

     (c) the Administrative Agent shall have been reimbursed for all fees and out-of-pocket
charges and other expenses incurred in connection with this Agreement, including, without
limitation, the reasonable fees and disbursements of counsel for the Administrative Agent;

     (d) the Administrative Agent shall have received a corresponding amendment to the Canadian
Credit Agreement, in form and substance substantially consistent with this Agreement (with such
changes as are applicable only to the Canadian Credit Agreement), duly executed by the Canadian
Administrative Agent, the Canadian Borrower, the Parent, each Canadian

 

 

Guarantor and the requisite Consenting Lenders (whether directly or through a lender
authorization); and

     (e) the Administrative Agent shall have received such other instruments, documents and
certificates as the Administrative Agent shall reasonably request in connection with the
execution of this Agreement.

     5. Effect of the Agreement. Except as expressly provided herein, the Credit Agreement
and the other Loan Documents shall remain unmodified and in full force and effect. Except as
expressly set forth herein, this Agreement shall not be deemed (a) to be a waiver of, or consent
to, a modification or amendment of, any other term or condition of the Credit Agreement or any
other Loan Document, (b) to prejudice any other right or rights which the Administrative Agent or
the Lenders may now have or may have in the future under or in connection with the Credit
Agreement or the other Loan Documents or any of the instruments or agreements referred to therein,
as the same may be amended, restated, supplemented or otherwise modified from time to time, (c) to
be a commitment or any other undertaking or expression of any willingness to engage in any further
discussion with the Borrower or any other Person with respect to any waiver, amendment,
modification or any other change to the Credit Agreement or the Loan Documents or any rights or
remedies arising in favor of the Lenders or the Administrative Agent, or any of them, under or
with respect to any such documents or (d) to be a waiver of, or consent to or a modification or
amendment of, any other term or condition of any other agreement by and among the Borrower, on the
one hand, and the Administrative Agent or any other Lender, on the other hand. References in the
Credit Agreement to “this Agreement” (and indirect references such as “hereunder”, “hereby”,
“herein”, and “hereof”) and in any Loan Document to the Credit Agreement shall be deemed to be
references to the Credit Agreement as modified hereby.

     6. Representations and Warranties/No Default. By their execution hereof,

     (a) 
the Parent, the Borrower and each Subsidiary Grantor (including, without limitation, BNSO
(as defined below)) hereby certifies, represents and warrants to the Administrative Agent and the
Lenders that after giving effect to the amendments set forth in Sections 2 and 3 above,
each of the representations and warranties set forth in the Credit Agreement and the other Loan
Documents is true and correct in all material respects as of the date hereof (except to the extent
that (A) any such representation or warranty that is qualified by materiality or by reference to
Material Adverse Effect, in which case such representation or warranty is true and correct in all
respects as of the date hereof or (B) any such representation or warranty relates only to an
earlier date, in which case such representation or warranty shall remain true and correct as of
such earlier date) and that no Default or Event of Default has
occurred or is continuing;

     (b) the Borrower, the Parent and each of the Subsidiary Grantors (including, without
limitation, BNSO (as defined below)) hereby certifies, represents and warrants to the
Administrative Agent and the Lenders that:

     (i) it has the right, power and authority and has taken all necessary corporate and
other action to authorize the execution, delivery and performance of this Agreement and
each of the other documents executed in connection herewith to which it is a party in
accordance with their respective terms and the transactions contemplated hereby; and

 

 

     (ii) this Agreement and each other document executed in connection herewith has
been duly executed and delivered by the duly authorized officers of the Borrower, the
Parent and each of the Subsidiary Grantors, and each such document constitutes the
legal, valid and binding obligation of the Borrower, the Parent and each of the
Subsidiary Grantors, enforceable in accordance with its terms, except as may be
limited by bankruptcy, insolvency, reorganization, moratorium or similar state or
federal debtor relief laws from time to time in effect which affect the enforcement
of creditors’ rights in general and the availability of equitable remedies.

     7. Acknowledgement by Bowater Newsprint South Operations LLC. Bowater Mississippi
LLC, a Mississippi limited liability company and a Subsidiary Guarantor, was merged with and
into Bowater Newsprint South Operations LLC (formerly known as Bowater Newsprint South, Inc.),
a Delaware limited liability company (“BNSO”), with BNSO as the surviving entity of such
merger. By its execution hereof, BNSO hereby acknowledges and agrees that BNSO shall be bound
by the Credit Agreement and the other Loan Documents as a “Subsidiary Guarantor” as if it were
a Subsidiary Guarantor on the Closing Date. BNSO shall comply with, and be subject to, and
have the benefit of, and hereby assumes and agrees to be bound by, all of the terms,
conditions, covenants, agreements and obligations applicable to a Subsidiary Guarantor set
forth in the Credit Agreement and the other Loan Documents. Each party hereto hereby agrees
that each reference to a “Credit Party” or a “Subsidiary Guarantor” in the Credit Agreement
and in the other Loan Documents shall be deemed to include BNSO.

     8. Reaffirmations. Each Credit Party (a) agrees that the transactions
contemplated by this Agreement shall not limit or diminish the obligations of such Person
under, or release such Person from any obligations under, the Parent Guaranty Agreement, the
Subsidiary Guaranty Agreement, the Collateral Agreement and each other Security Document to
which it is a party, (b) confirms and reaffirms its obligations under the Parent Guaranty
Agreement, the Subsidiary Guaranty Agreement, the Collateral Agreement and each other Security
Document to which it is a party and (c) agrees that the Parent Guaranty Agreement, the
Subsidiary Guaranty Agreement, the Collateral Agreement and each other Security Document to
which it is a party remain in full force and effect and are hereby ratified and confirmed.

     9. Acknowledgement by Parent. The Parent hereby acknowledges receipt of a copy of
the Credit Agreement and agrees, for the benefit of the Administrative Agent and the Secured
Parties, to be bound thereby and to comply with the terms thereof insofar as such terms are
applicable to it (including, without limitation, Sections 7.1(f), 10.6(1) and
ll.l(o)).

     10. Governing
Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO THE CONFLICTS OF LAW PRINCIPLES THEREOF.

     11. Counterparts. This Agreement may be executed by one or more of the parties
hereto in any number of separate counterparts and all of said counterparts taken together
shall be deemed to constitute one and the same instrument.

 

 

     12. Electronic Transmission. A facsimile, telecopy, pdf or other reproduction of this
Agreement may be executed by one or more parties hereto, and an executed copy of this Agreement may
be delivered by one or more parties hereto by facsimile or similar instantaneous electronic
transmission device pursuant to which the signature of or on behalf of such party can be seen, and
such execution and delivery shall be considered valid, binding and effective for all purposes. At
the request of any party hereto, all parties hereto agree to execute an original of this Agreement
as well as any facsimile, telecopy, pdf or other reproduction hereof.

[Signature Pages Follow]

 

 

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

	 	 	 	 	 
	 	BORROWER:

BOWATER INCORPORATED

 	 
	 	By:  	/s/ William G. Harvey
 	 
	 	 	Name:  	William G. Harvey 	 
	 	 	Title:  	SVP and CFO 	 
	 
	 	PARENT:

ABITIBIBOWATER INC.
 	 
	 	By:  	/s/ William G. Harvey
 	 
	 	 	Name:  	William G. Harvey 	 
	 	 	Title:  	SVP and CFO 	 
	 
	 	SUBSIDIARY GRANTORS:

BOWATER NEWSPRINT SOUTH OPERATIONS LLC

 	 
	 	By:  	BOWATER NEWSPRINT SOUTH LLC     
Its: Manager
 	 
	 
	 	 	By:  
 	/s/ William G. Harvey	 
	 	 	Name:  	William G. Harvey 	 
	 	 	Title:  	Manager 	 
	 
	 	BOWATER AMERICA INC.

 	 
	 	By:  	/s/
William A. Mccormick 	 
	 	 	Name:  	William A. Mccormick 	 
	 	 	Title:  	Assistant Secretary 	 
	 
	 	BOWATER NUWAY INC.
 	 
	 	By:  	/s/ William A. Mccormick 	 
	 	 	Name:  	William A. Mccormick 	 
	 	 	Title:  	Asst. Secretary 	 
	 

[Fifth Amendment — Bowater]

[Signature Pages Continue]

 

 

	 	 	 	 	 
	 	BOWATER NUWAY MID-STATES INC.

 	 
	 	By:  	/s/ William A. Mccormick 	 
	 	 	Name:  	William A. Mccormick 	 
	 	 	Title:  	Asst. Secretary 	 
	 
	 	BOWATER ALABAMA LLC

 	 
	 	By:  	/s/ William G. Harvey
 	 
	 	 	Name:  	William G. Harvey 	 
	 	 	Title:  	Manager 	 
	 

[Fifth Amendment — Bowater]

[Signature Pages Continue]

 

 

	 	 	 	 	 	 	 
	 	 	WACHOVIA BANK, NATIONAL ASSOCIATION, as Administrative Agent
(on behalf of itself and the Consenting Lenders who have executed
a Lender Authorization) and as Issuing Lender, Swingline
Lender and a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ James Travagline
 
James Travagline	 	 
	 

	 	Title:
	 	Vice President	 	 

[Fifth Amendment to US Credit Agreement — Bowater]

 

 

     Loan Documents (as defined in the Canadian Credit Agreement) to which Canadian Lenders are
parties and shall have the rights and obligations of a “Lender” (as defined in the Canadian Credit
Agreement), and agrees to be bound by the terms and provisions applicable to a “Lender” under each
such agreement. In furtherance of the foregoing, each financial institution executing this Lender
Authorization agrees to execute any additional documents reasonably requested by the U.S.
Administrative Agent or the Canadian Administrative Agent, as applicable, to evidence such
financial institution’s rights and obligations under the U.S. Credit Agreement or the Canadian
Credit Agreement, as applicable.

     A facsimile, telecopy, pdf or other reproduction of this Lender Authorization may be executed
by one or more parties hereto, and an executed copy of this Lender Authorization may be delivered
by one or more parties hereto by facsimile or similar instantaneous electronic transmission device
pursuant to which the signature of or on behalf of such party can be seen, and such execution and
delivery shall be considered valid, binding and effective for all purposes.

	 	 	 	 	 	 	 
	 	 	Wachovia Bank, National Association	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ James Travagline
 

James Travagline
	 	 
	 

	 	Title:
	 	Vice President	 	 

[Lender Authorization — Fifth Amendment — Bowater]

 

 

Lender Authorization agrees or reaffirms that it shall be a party to the Agreements and the other
Loan Documents (as defined in the Canadian Credit Agreement) to which Canadian Lenders are parties
and shall have the rights and obligations of a “Lender” (as defined in the Canadian Credit
Agreement), and agrees to be bound by the terms and provisions applicable to a “Lender” under each
such agreement. In furtherance of the foregoing, each financial institution executing this Lender
Authorization agrees to execute any additional documents reasonably requested by the U.S.
Administrative Agent or the Canadian Administrative Agent, as applicable, to evidence such
financial institution’s rights and obligations under the U.S. Credit Agreement or the Canadian
Credit Agreement, as applicable.

     A facsimile, telecopy, pdf or other reproduction of this Lender Authorization may be executed
by one or more parties hereto, and an executed copy of this Lender Authorization may be delivered
by one or more parties hereto by facsimile or similar instantaneous electronic transmission device
pursuant to which the signature of or on behalf of such party can be seen, and such execution and
delivery shall be considered valid, binding and effective for all purposes.

	 	 	 	 	 	 	 
	 	 	WELLS FARGO FOOTHILL, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Rohan Damani
 

	 	 
	 

	 	Name:
	 	Rohan Damani	 	 
	 

	 	Title:
	 	Vice President	 	 

[Fifth Amendment — Bowater]

 

 

Loan Documents (as defined in the Canadian Credit Agreement) to which Canadian Lenders are parties
and shall have the rights and obligations of a “Lender” (as defined in the Canadian Credit
Agreement), and agrees to be bound by the terms and provisions applicable to a “Lender” under each
such agreement. In furtherance of the foregoing, each financial institution executing this Lender
Authorization agrees to execute any additional documents reasonably requested by the U.S.
Administrative Agent or the Canadian Administrative Agent, as applicable, to evidence such
financial institution’s rights and obligations under the U.S. Credit Agreement or the Canadian
Credit Agreement, as applicable.

     A facsimile, telecopy, pdf or other reproduction of this Lender Authorization may be executed
by one or more parties hereto, and an executed copy of this Lender Authorization may be delivered
by one or more parties hereto by facsimile or similar instantaneous electronic transmission device
pursuant to which the signature of or on behalf of such party can be seen, and such execution and
delivery shall be considered valid, binding and effective for all purposes.

	 	 	 	 	 	 	 
	 	 	UBS Loan Finance LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Irja R. Otsa
 

	 	 
	 

	 	Name:
	 	Irja R. Otsa	 	 
	 

	 	Title:
	 	Associate Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ David B. Julie
 

David B. Julie
	 	 
	 

	 	Title:
	 	Associate Director	 	 

[Fifth Amendment — Bowater]

 

 

Loan Documents (as defined in the Canadian Credit Agreement) to which Canadian Lenders are parties
and shall have the rights and obligations of a “Lender” (as defined in the Canadian Credit
Agreement), and agrees to be bound by the terms and provisions applicable to a “Lender” under each
such agreement. In furtherance of the foregoing, each financial
institution executing this Lender
Authorization agrees to execute any additional documents reasonably requested by the U.S.
Administrative Agent or the Canadian Administrative Agent, as applicable, to evidence such
financial institution’s rights and obligations under the U.S. Credit Agreement or the Canadian
Credit Agreement, as applicable.

     A facsimile, telecopy, pdf or other reproduction of this Lender Authorization may be executed
by one or more parties hereto, and an executed copy of this Lender Authorization may be delivered
by one or more parties hereto by facsimile or similar instantaneous electronic transmission device
pursuant to which the signature of or on behalf of such party can be seen, and such execution and
delivery shall be considered valid, binding and effective for all purposes.

	 	 	 	 	 	 	 
	 	 	JPMorgan Chase
Bank, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Peter Predun
 

Peter Predun
	 	 
	 

	 	Title:
	 	Executive Director	 	 

[Fifth Amendment — Bowater]

 

 

Loan Documents (as defined in the Canadian Credit Agreement) to which Canadian Lenders are parties
and shall have the rights and obligations of a “Lender” (as defined in the Canadian Credit
Agreement), and agrees to be bound by the terms and provisions applicable to a “Lender” under each
such agreement. In furtherance of the foregoing, each financial institution executing this Lender
Authorization agrees to execute any additional documents reasonably requested by the U.S.
Administrative Agent or the Canadian Administrative Agent, as applicable, to evidence such
financial institution’s rights and obligations under the U.S. Credit Agreement or the Canadian
Credit Agreement, as applicable.

     A
facsimile, telecopy, pdf or other reproduction of this Lender Authorization may be executed
by one or more parties hereto, and an executed copy of this Lender
Authorization may be delivered
by one or more parties hereto by facsimile or similar instantaneous electronic transmission device
pursuant to which the signature of or on behalf of such party can be seen, and such execution and
delivery shall be considered valid, binding and effective for all purposes.

	 	 	 	 	 	 	 
	 	 	Carolina First Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Kevin M. Short
 

	 	 
	 

	 	Name:
	 	 Kevin M. Short	 	 
	 

	 	Title:
	 	Executive Vice President	 	 

[Fifth Amendment — Bowater]

 

 

Loan Documents (as defined in the Canadian Credit Agreement) to which Canadian Lenders are parties
and shall have the rights and obligations of a “Lender” (as defined in the Canadian Credit
Agreement), and agrees to be bound by the terms and provisions applicable to a “Lender” under each
such agreement. In furtherance of the foregoing, each financial institution executing this Lender
Authorization agrees to execute any additional documents reasonably requested by the U.S.
Administrative Agent or the Canadian Administrative Agent, as applicable, to evidence such
financial institution’s rights and obligations under the U.S. Credit Agreement or the Canadian
Credit Agreement, as applicable.

     A facsimile, telecopy, pdf or other reproduction of this Lender Authorization may be executed
by one or more parties hereto, and an executed copy of this Lender Authorization may be delivered
by one or more parties hereto by facsimile or similar instantaneous electronic transmission device
pursuant to which the signature of or on behalf of such party can be seen, and such execution and
delivery shall be considered valid, binding and effective for all purposes.

	 	 	 	 	 	 	 
	 	 	GE BUSINESS FINANCIAL SERVICES INC. 

(Formerly known
as Merrill Lynch Business Financial Services Inc.)	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Rebecca A. Ford
 

Rebecca A. Ford
	 	 
	 

	 	Title:
	 	It’s Duly Authorized Signatory	 	 

 

 

Lender Authorization agrees or reaffirms that it shall be a party to the Agreements and the other
Loan Documents (as defined in the Canadian Credit Agreement) to which Canadian Lenders are
parties and shall have the rights and obligations of a “Lender” (as defined in the Canadian
Credit Agreement), and agrees to be bound by the terms and provisions applicable to a “Lender”
under each such agreement. In furtherance of the foregoing, each financial institution executing
this Lender Authorization agrees to execute any additional documents reasonably requested by the
U.S. Administrative Agent or the Canadian Administrative Agent, as applicable, to evidence such
financial institution’s rights and obligations under the U.S. Credit Agreement or the Canadian
Credit Agreement, as applicable.

     A facsimile, telecopy, pdf or other reproduction of this Lender Authorization may be
executed by one or more parties hereto, and an executed copy of this Lender Authorization may be
delivered by one or more parties hereto by facsimile or similar instantaneous electronic
transmission device pursuant to which the signature of or on behalf of such party can be seen,
and such execution and delivery shall be considered valid, binding and effective for all
purposes.

	 	 	 
	 

	 	ROB T. JOKHAI
	 

	 	Vice President
	 

	 	388 Greenwint Street
	 

	 	New York, NY 10013
	 

	 	212-816-8272

	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Citicorp USA, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Rob Jokhai
 

Rob Jokhai
	 	 
	 

	 	Title:
	 	Vice President	 	 

[Fifth Amendment — Bowater]

 

 

Loan Documents (as defined in the
Canadian Credit Agreement) to which Canadian Lenders are parlies
and shall have the rights and obligations of a “Lender” (as defined in the Canadian Credit
Agreement), and agrees to be bound by the terms and provisions applicable to a “Lender” under each
such agreement. In furtherance of the foregoing, each financial institution executing this Lender
Authorization agrees to execute any additional documents reasonably requested by the U.S.
Administrative Agent or the Canadian Administrative Agent, as applicable, to evidence such
financial institution’s rights and obligations under the U.S. Credit Agreement or the Canadian
Credit Agreement, as applicable.

     A
facsimile, telecopy, pdf or other reproduction of this Lender
Authorization may be executed by
one or more parties hereto, and an executed copy of this Lender Authorization may be delivered by
one or more parties hereto by facsimile or similar instantancous electronic transmission device
pursuant to which the signature of or on behalf of such party can be seen, and such execution and
delivery shall be considered valid, binding and effective for all purposes.

	 	 	 	 	 	 	 
	 	 	Credit Industriel et Commercial	 	 
	 	 	[Insert name of applicable financial institution]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Anthony Rock
 

Anthony. Rock
	 	 
	 

	 	Title:
	 	Managing Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Marcus Edward
 

Marcus Edward
	 	 
	 

	 	Title:
	 	Managing Director	 	 

[Fifth Amendment — Bowater]

 

 

Lender Authorization agrees or reaffirms that it shall be a party to the Agreements and the other
Loan Documents (as defined in the Canadian Credit Agreement) to which Canadian Lenders are parties
and shall have the rights and obligations of a “Lender” (as defined in the Canadian Credit
Agreement), and agrees to be bound by the terms and provisions applicable to a “Lender” under each
such agreement. In furtherance of the foregoing, each financial institution executing this Lender
Authorization agrees to execute any additional documents reasonably requested by the U.S.
Administrative Agent or the Canadian Administrative Agent, as applicable, to evidence such
financial institution’s rights and obligations under the U.S. Credit Agreement or the Canadian
Credit Agreement, as applicable.

     A facsimile, telecopy, pdf or other reproduction of this Lender Authorization may be executed
by one or more parties hereto, and an executed copy of this Lender Authorization may be delivered
by one or more parties hereto by facsimile or similar instantaneous electronic transmission device
pursuant to which the signature of or on behalf of such party can be seen, and such execution and
delivery shall be considered valid, binding and effective for all purposes.

	 	 	 	 	 	 	 
	 	 	The Bank of New York	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	[ILLEGIBLE]
 

[ILLEGIBLE]
	 	 
	 

	 	Title:
	 	Vice President	 	 

[Fifth Amendment — Bowater]

 

 

Loan Documents (as defined in the Canadian Credit Agreement) to which Canadian Lenders are parties
and shall have the rights and obligations of a “Lender” (as defined in the Canadian Credit
Agreement), and agrees to be bound by the terms and provisions applicable to a “Lender” under each
such agreement. In furtherance of the foregoing, each financial institution executing this Lender
Authorization agrees to execute any additional documents reasonably requested by the U.S.
Administrative Agent or the Canadian Administrative Agent, as applicable, to evidence such
financial institution’s rights and obligations under the U.S. Credit Agreement or the Canadian
Credit Agreement, as applicable.

     A facsimile, telecopy, pdf or other reproduction of this Lender Authorization may be executed
by one or more parties hereto, and an executed copy of this Lender Authorization may be delivered
by one or more parties hereto by facsimile or similar instantaneous electronic transmission device
pursuant to which the signature of or on behalf of such party can be seen, and such execution and
delivery shall be considered valid, binding and effective for all purposes.

	 	 	 	 	 	 	 
	 	 	     BANK OF MONTREAL	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Bruno Jarry
 

Bruno Jarry
	 	 
	 

	 	Title:
	 	Director	 	 

[Fifth Amendment — Bowater]

 

 

Loan Documents (as defined in the Canadian Credit Agreement) to which Canadian Lenders are parties
and shall have the rights and obligations of a “Lender” (as defined in the Canadian Credit
Agreement), and agrees to be bound by the terms and provisions applicable to a “Lender” under each
such agreement. In furtherance of the foregoing, each financial institution executing this Lender
Authorization agrees to execute any additional documents reasonably requested by the U.S.
Administrative Agent or the Canadian Administrative Agent, as applicable, to evidence such
financial institution’s rights and obligations under the U.S. Credit Agreement or the Canadian
Credit Agreement, as applicable.

     A facsimile, telecopy, pdf or other reproduction of this Lender Authorization may be executed
by one or more parties hereto, and an executed copy of this Lender Authorization may be delivered
by one or more parties hereto by facsimile or similar instantaneous electronic transmission device
pursuant to which the signature of or on behalf of such party can be seen, and such execution and
delivery shall be considered valid, binding and effective for all purposes.

	 	 	 	 	 	 	 
	 	 	Export Development Canada	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Matthew Devine
 

Matthew Devine
	 	 
	 

	 	Title:
	 	Asset Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Howard Clysdale
 

Howard Clysdale
	 	 
	 

	 	Title:
	 	Loan Portfolio Manager	 	 

 

 

Loan Documents (as defined in the Canadian Credit Agreement) to which Canadian Lenders are parties
and shall have the rights and obligations of a “Lender” (as defined in the Canadian Credit
Agreement), and agrees to be bound by the terms and provisions applicable to a “Lender” under each
such agreement. In furtherance of the foregoing, each financial institution executing this Lender
Authorization agrees to execute any additional documents reasonably requested by the U.S.
Administrative Agent or the Canadian Administrative Agent, as applicable, to evidence such
financial institution’s rights and obligations under the U.S. Credit Agreement or the Canadian
Credit Agreement, as applicable.

     A facsimile, telecopy, pdf or other reproduction of this Lender Authorization may be executed
by one or more parties hereto, and an executed copy of this Lender Authorization may be delivered
by one or more parties hereto by facsimile or similar instantaneous electronic transmission device
pursuant to which the signature of or on behalf of such party can be seen, and such execution and
delivery shall be considered valid, binding and effective for all purposes.

	 	 	 	 	 	 	 
	 	 	     Bank of America, N. A.	 	 
	 	 	 	 	 
	 	 	[Insert name of applicable financial institution]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Covinne Barrett
 

Covinne Barrett
	 	 
	 

	 	Title:
	 	Senior Vice President	 	 

[Fifth Amendment — Bowater]

 

 

Bowater Incorporated

Bowater Canadian Forest Products Inc.

Fifth Amendment

April 30,
2008

Wachovia Bank, National Association

NC0680

1525 West W.T. Harris Blvd.

Charlotte, North Carolina 28262

Attention: Syndication Agency Services

The Bank of Nova Scotia

40 King Street West

Scotia Plaza, 62nd Floor

Toronto, Ontario M5W 2X6

Attention: Corporate Banking Loan Syndication

	 	 	 	 	 
	 

	 	Re:
	 	(a) the Fifth Amendment dated as of
April 30, 2008 (the “U.S.
Agreement”) to that certain Credit Agreement dated as of May 31, 2006 (as
amended, the “U.S. Credit Agreement”) among Bowater Incorporated (the
“U.S. Borrower”), the lenders party thereto (the
“U.S. Lenders”), and Wachovia
Bank, National Association, as administrative agent (the “U.S. Administrative
Agent”) for the U.S. Lenders and (b) the Fourth Amendment dated as of April
30, 2008 (the “Canadian Agreement” and, together with the U.S. Agreement,
the “Agreements”) to that certain Credit Agreement dated as of May 31, 2006 (as
amended, the “Canadian Credit Agreement”) among Bowater Canadian Forest
Products Inc. (the “Canadian Borrower”), the U.S. Borrower, the lenders party
thereto (the “Canadian Lenders”), and The Bank of Nova Scotia, as administrative
agent (the “Canadian Administrative Agent”) for the Canadian Lenders.

     This Lender Authorization acknowledges our receipt and review of the execution copy of
the Agreements, each in the form posted on SyndTrak Online or otherwise distributed to us by
the U.S. Administrative Agent or the Canadian Administrative Agent. By executing this Lender
Authorization, we hereby approve the Agreements and authorize the U.S. Administrative Agent or
the Canadian Administrative Agent (as applicable) to execute and deliver the Agreements on our
behalf.

     Each financial institution purporting to be a U.S. Lender and executing this Lender
Authorization agrees or reaffirms that it shall be a party to the Agreements and the other
Loan Documents (as defined in the U.S. Credit Agreement) to which U.S. Lenders are parties
and shall have the rights and obligations of a “Lender” (as defined in the U.S. Credit
Agreement), and agrees to be bound by the terms and provisions applicable to a “Lender” under
each such agreement. Each financial institution purporting to be a Canadian Lender and
executing this Lender Authorization agrees or reaffirms that it shall be a party to the
Agreements and the other

[ILLEGIBLE] RZBLLCNY • A WHOLLY OWNED SUBSIDIARY OF RAIFFEISEN
ZENTRALBANK ÕSTERREICH AG
(RZB-AUSTRIA) 

• Head Office: A-1030 Vienna, Am Stãdtpark 9, Postal Address: A-1011 Vienna, P.O. Box 50 • Member of
UNICO Banking Group

 

 

Loan Documents (as defined in the Canadian Credit Agreement) to which Canadian Lenders are parties
and shall have the rights and obligations of a “Lender” (as defined in the Canadian Credit
Agreement), and agrees to be bound by the terms and provisions
applicable to a “Lender” Under
each such agreement. In furtherance of the foregoing, each financial institution executing this
Lender Authorization agrees to execute any additional documents reasonably requested by the U.S.
Administrative Agent or the Canadian Administrative Agent, as applicable, to evidence such
financial institution’s rights and obligations under the U.S. Credit Agreement or the Canadian
Credit Agreement, as applicable.

     A facsimile, telecopy, pdf or other reproduction of this Lender Authorization may be executed
by one or more parties hereto, and an executed copy of this Lender Authorization may be delivered
by one or more parties hereto by facsimile or similar instantaneous electronic transmission device
pursuant to which the signature of or on behalf of such party can be seen, and such execution and
delivery shall be considered valid, binding and effective for all purposes.

	 	 	 	 	 	 	 
	 	 	RZB Finance LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ John A. Valiska
 

John A. Valiska
	 	 
	 

	 	Title:
	 	First Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Shirley Ritch
 

Shirley Ritch
	 	 
	 

	 	Title:
	 	Assistant Vice President	 	 

[Fifth Amendment — Bowater]

 

 

Loan Documents (as defined in the Canadian Credit Agreement) to which Canadian Lenders are parties
and shall have the rights and obligations of a “Lender” (as defined in the Canadian Credit
Agreement), and agrees to be bound by the terms and provisions applicable to a “Lender” under each
such agreement. In furtherance of the foregoing, each financial institution executing this Lender
Authorization agrees to execute any additional documents reasonably
requested by the U.S.
Administrative Agent or the Canadian Administrative Agent, as applicable, to evidence such
financial institution’s rights and obligations under the U.S. Credit Agreement or the Canadian
Credit Agreement, as applicable.

     A facsimile, telecopy, pdf or other reproduction of this Lender Authorization may be executed
by one or more parties hereto, and an executed copy of this Lender Authorization may be delivered
by one or more parlies hereto by facsimile or similar instantaneous electronic transmission device
pursuant to which the signature of or on behalf of such party can be seen, and such execution and
delivery shall be considered valid, binding and effective for all purposes.

	 	 	 	 	 	 	 
	 	 	GOLDMAN SACHS CREDIT PARTNERS, L.P.	 	 
	 	 	[Insert name of
applicable financial institution]
	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Andrew Caditz
 

Andrew Caditz
	 	 
	 

	 	Title:
	 	Authorized Signatory	 	 

[Fifth Amendment — Bowater]

 

 

Loan Documents (as defined in the Canadian Credit Agreement) to which Canadian Lenders are parties
and shall have the rights and obligations of a “Lender” (as defined in the Canadian Credit
Agreement), and agrees to be bound by the terms and provisions applicable to a “Lender” under each
such agreement. In furtherance of the foregoing, each financial institution executing this Lender
Authorization agrees to execute any additional documents reasonably requested by the U.S.
Administrative Agent or the Canadian Administrative Agent, as applicable, to evidence such
financial institution’s rights and obligations under the U.S. Credit Agreement or the Canadian
Credit Agreement, as applicable.

     A facsimile, telecopy, pdf or other reproduction of this Lender Authorization may be executed
by one or more parties hereto, and an executed copy of this Lender Authorization may be delivered
by one or more parties hereto by facsimile or similar instantaneous electronic transmission device
pursuant to which the signature of or on behalf of such party can be seen, and such execution and
delivery shall be considered valid, binding and effective for all purposes.

	 	 	 	 	 	 	 
	 	 	AgFirst Farm Credit Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Matt Jeffords
 

Matt Jeffords
	 	 
	 

	 	Title:
	 	Assistant Vice President	 	 

[Fifth Amendment — Bowater]

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