Document:

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                          8-1/8% NOTES DUE JULY 8, 2005

                             SUPPLEMENTAL INDENTURE

                                     between

                           INTERNATIONAL PAPER COMPANY

                                       and

                              THE BANK OF NEW YORK

                            Dated as of June 14, 2000

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                                TABLE OF CONTENTS

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                                                                            PAGE

                                    ARTICLE 1
                                   DEFINITIONS

SECTION 1.01.  Definition of Terms.............................................2

                                    ARTICLE 2
                    GENERAL TERMS AND CONDITIONS OF THE NOTES

SECTION 2.01.  Designation and Principal Amount................................4
SECTION 2.02.  Maturity........................................................4
SECTION 2.03.  Form; Denomination..............................................5
SECTION 2.04.  Restrictive Legends.............................................5
SECTION 2.05.  Special Transfer Provisions.....................................7
SECTION 2.06.  Interest........................................................9

                                    ARTICLE 3
                             REDEMPTION OF THE NOTES

SECTION 3.01.  Optional Redemption by Company.................................11
SECTION 3.02.  No Sinking Fund................................................13

                                    ARTICLE 4
                                  MODIFICATION

SECTION 4.01.  Modification of Indenture and Supplemental Indenture...........13

                                    ARTICLE 5
                                  FORM OF NOTE

SECTION 5.01.  Form of Note...................................................13

                                    ARTICLE 6
                             ORIGINAL ISSUE OF NOTES

SECTION 6.01.  Original Issue of Notes; Further Issuances.....................28

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                                    ARTICLE 7
                                  MISCELLANEOUS

SECTION 7.01.  Ratification of Indenture......................................28
SECTION 7.02.  Trustee Not Responsible for Recitals...........................28
SECTION 7.03.  Governing Law..................................................28
SECTION 7.04.  Separability...................................................28
SECTION 7.05.  Counterparts...................................................29

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         8-1/8% NOTES DUE JULY 8, 2005 SUPPLEMENTAL INDENTURE, dated as of June
14, 2000 (the "Supplemental Indenture"), between International Paper Company, a
New York corporation (the "Company"), and The Bank of New York, as trustee (the
"Trustee") under the Indenture, dated as of April 12, 1999, between the Company
and the Trustee (the "Indenture").

         WHEREAS, the Company executed and delivered the Indenture to the
Trustee to provide, among other things, for the future issuance of the Company's
unsecured Securities to be issued from time to time in one or more series as
might be determined by the Company under the Indenture, in an unlimited
aggregate principal amount which may be authenticated and delivered as provided
in the Indenture;

         WHEREAS, Section 9.1 of the Indenture provides for various matters with
respect to any series of Securities issued under the Indenture to be established
in an indenture supplemental to the Indenture;

         WHEREAS, Section 9.1(7) of the Indenture provides for the Company and
the Trustee to enter into an indenture supplemental to the Indenture to
establish the form or terms of Securities of any series as provided by Sections
2.1 and 3.1 of the Indenture;

         WHEREAS, the Board of Directors of the Company has duly adopted
resolutions authorizing the Company to execute and deliver this Supplemental
Indenture;

         WHEREAS, pursuant to the terms of the Indenture, the Company desires to
provide for the establishment of a new series of its Securities to be known as
its 8-1/8% Notes due July 8, 2005 (the "Notes due July 8, 2005"), the form and
substance of such Notes and the terms, provisions and conditions thereof to be
set forth as provided in the Indenture, and this Supplemental Indenture;

         WHEREAS, the Company has requested that the Trustee execute and deliver
this Supplemental Indenture and all requirements necessary to make (i) this
Supplemental Indenture a valid instrument in accordance with its terms, and (ii)
the Notes, when executed by the Company and authenticated and delivered by the
Trustee, the valid obligations of the Company, have been performed, and the
execution and delivery of this Supplemental Indenture has been duly authorized
in all respects:

         NOW THEREFORE, in consideration of the purchase and acceptance of the
Notes by the Holders thereof, and for the purpose of setting forth, as provided
in the Indenture, the form and substance of the Notes and the terms, provisions

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and conditions thereof, the Company covenants and agrees with the Trustee as
follows:

                                    ARTICLE 1
                                   DEFINITIONS

         SECTION 1.01.  Definition of Terms.

         Unless the context otherwise requires:

         (a) a term defined in the Indenture has the same meaning when used in
this Supplemental Indenture unless the definition of such term is amended and
supplemented pursuant to this Supplemental Indenture;

         (b) a term defined anywhere in this Supplemental Indenture has the same
meaning throughout;

         (c) the singular includes the plural and vice versa;

         (d) a reference to a Section or Article is to a Section or Article of
this Supplemental Indenture;

         (e) headings are for convenience of reference only and do not affect
interpretation;

         (f) the following terms have the meanings given to them in this Section
1.01(f):

         "Additional Interest" shall have the meaning set forth in Section
2.06(d).

         "Business Day" shall have the meaning set forth in Section 3.01(b).

         "Comparable Treasury Issue" shall have the meaning set forth in Section
3.01(b).

         "Comparable Treasury Price" shall have the meaning set forth in Section
3.01(b).

         "Exchange Offer" means the exchange offer by the Company of Exchange
Notes for Initial Notes pursuant to the Registration Rights Agreement.

         "Exchange Offer Registration Statement" means a registration statement
relating to an Exchange Offer on an appropriate form and all

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amendments and supplements to such registration statement, in each case
including the prospectus contained therein, all exhibits thereto and all
material incorporated by reference therein.

         "Exchange Notes" means the debt securities of the Company to be offered
to Holders in exchange for Initial Notes pursuant to the Exchange Offer or
otherwise pursuant to a Registration of Exchange Notes containing terms
identical to the Notes for which they are exchanged (except that (i) interest
thereon shall accrue from the last date on which interest was paid on the Notes
or, if no such interest has been paid, from the date of issuance of the Notes
and (ii) the Exchange Notes will contain the alternative fifth paragraph
appearing on the reverse of the Notes in the form recited above and will not
contain terms with respect to transfer restrictions).

         "Global Note" shall have the meaning set forth in Section 2.03(a).

         "Independent Investment Banker" shall have the meaning set forth in
Section 3.01(b).

         "Initial Notes" means the Notes issued under this Indenture which are
not Exchange Notes.

         "Note" or "Notes" means any Security or Securities, as the case may be,
authenticated and delivered under this Supplemental Indenture. For all purposes
of this Supplemental Indenture, the term "Notes" shall include the Initial Notes
and any Exchange Notes to be issued and exchanged for any Initial Notes pursuant
to the Registration Rights Agreement and this Indenture and, for purposes of
this Supplemental Indenture, all Initial Notes and Exchange Notes shall vote
together as one series of Notes under this Supplemental Indenture.

         "Notes due July 8, 2005" shall have the meaning set forth in the
recitals above.

         "Private Placement Legend" means the legend initially set forth on the
Notes in the form set forth in 2.04(a).

         "Reference Treasury Dealer" shall have the meaning set forth in Section
3.01(b).

         "Reference Treasury Dealer Quotations" shall have the meaning set forth
in Section 3.01(b).

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         "Registration" means a registered exchange offer for the Notes by the
Company or other registration of the Notes under the Securities Act pursuant to
and in accordance with the terms of the Registration Rights Agreement.

         "Registration Rights Agreement" means the Registration Rights
Agreement, dated as of June 14, 2000, among the Company and the Purchasers and
certain permitted assigns specified therein.

         "Registration Statement" means the Registration Statement pursuant to
and as defined in the Registration Rights Agreement.

         "Regulation S" means Regulation S under the Securities Act.

         "Remaining Life" shall have the meaning set forth in Section 3.01(b).

         "Restricted Legend" means the legend set forth in Section 2.04 hereof.

         "Rule 144A" means Rule 144A under the Securities Act.

         "Securities Act" means the Securities Act of 1933, as amended.

         "Stated Maturity Date" has the meaning set forth in Section 2.02.

         "Treasury Rate" shall have the meaning set forth in Section 3.01(b).

                                    ARTICLE 2
                    GENERAL TERMS AND CONDITIONS OF THE NOTES

         SECTION 2.01.  Designation and Principal Amount.

         There is hereby authorized a series of Securities designated the "Notes
due July 8, 2005" initially offered in aggregate principal amount to
$1,000,000,000 which amount shall be as set forth in any written order of the
Company for the authentication and delivery of Notes pursuant to Section 3.3 of
the Indenture.

         SECTION 2.02.  Maturity.

          (a) The Notes will mature on July 8, 2005 (the "Stated Maturity
Date").

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         SECTION 2.03.  Form; Denomination.

         (a) The Notes shall be issued initially in the form of one or more
permanent restricted global Notes in registered form, substantially in the form
herein below recited (each and collectively, the "Global Note"), deposited with
the Trustee, as custodian for the Depository, duly executed by the Company and
authenticated by the Trustee as herein provided; provided that Exchange Notes
(i) contain the alternative fifth paragraph appearing on the reverse of the
Notes in the form recited below and (ii) shall not contain terms with respect to
transfer restrictions.

         The aggregate principal amount of the Global Note may from time to time
be increased or decreased by adjustments made on the records of the Trustee, as
custodian for the Depository or its nominee, as hereinafter provided.

         (b) The Notes shall be issuable in denominations provided for in the
form of Note recited below. The Notes shall be numbered, lettered, or otherwise
distinguished in such manner or in accordance with such plans as the officers of
the Company executing the same may determine with the approval of the Trustee.

         SECTION 2.04.  Restrictive Legends. (a) Except as otherwise provided in
paragraph (c), each Global Note shall bear the following legend on the face
thereof:

         THIS SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A
TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF
1933 (THE "SECURITIES ACT"), AND THIS SECURITY MAY NOT BE OFFERED, SOLD, PLEDGED
OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE
EXEMPTION THEREFROM. EACH PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED THAT THE
SELLER OF THIS SECURITY MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF
SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.

         THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF INTERNATIONAL
PAPER THAT (A) THIS SECURITY MAY BE OFFERED, RESOLD OR OTHERWISE TRANSFERRED,
ONLY (I) TO INTERNATIONAL PAPER, (II) IN THE UNITED STATES TO A PERSON WHOM THE
SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF
RULE 144A, (III) OUTSIDE THE UNITED STATES IN AN OFFSHORE

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TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (IV) PURSUANT
TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144
THEREUNDER (IF AVAILABLE) OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT, OR (V) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (II) THROUGH (V) IN
ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED
STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO,
NOTIFY ANY PURCHASER OF THIS SECURITY FROM IT OF THE RESALE RESTRICTIONS
REFERRED TO IN (A) ABOVE.

         BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE
HOLDER REPRESENTS THAT IT (1) IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A UNDER THE SECURITIES ACT AND IS ACQUIRING THE NOTES FOR ITS
OWN ACCOUNT OR FOR THE ACCOUNT OF ONE OR MORE QUALIFIED INSTITUTIONAL BUYERS AND
THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT,
(2) ACQUIRED SUCH SECURITY IN A TRANSACTION THAT DID NOT REQUIRE REGISTRATION
UNDER THE SECURITIES ACT OR (3) IS NOT A U.S. PERSON AND IS PURCHASING THE NOTES
IN AN OFFSHORE TRANSACTION PURSUANT TO REGULATION S.

         PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (A)(IV)
ABOVE, THE COMPANY RESERVES THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL
OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN
ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH
THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS
MADE AS TO THE AVAILABILITY OF ANY RULE 144 EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT.

          (b) Each Global Note shall also bear the following legend on the face
thereof:

         THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A
NOMINEE OF A DEPOSITORY. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE

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NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER
THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE
DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER
NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

         UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT HEREON IS MADE TO CEDE & CO., ANY
TRANSFER, PLEDGE OR OTHER USE THEREOF FOR VALUE OR OTHERWISE BY A PERSON IS
WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

          (c) (i) If the Company determines (upon the advice of counsel and such
other certifications and evidence as the Company may reasonably require) that
any Note is eligible for resale pursuant to Rule 144(k) under the Securities Act
(or a successor provision) and that the Restricted Legend is no longer necessary
or appropriate in order to ensure that subsequent transfers of such Note (or a
beneficial interest therein) are effected in compliance with the Securities Act,
or

               (ii) after an Initial Note is (x) sold pursuant to an effective
          registration statement under the Securities Act, pursuant to the
          Registration Rights Agreement or otherwise, or (y) exchanged for an
          Exchange Note,

the Company may instruct the Trustee to cancel such Note and issue to the Holder
thereof (or to its transferee) a new Note of like tenor and amount, registered
in the name of the Holder thereof (or its transferee), that does not bear the
Restricted Legend, and the Trustee will comply with such instruction.

         SECTION 2.05. Special Transfer Provisions. Unless and until an Initial
Note is exchanged for an Exchange Note in connection with an effective
Registration pursuant to the Registration Rights Agreement, the following
provisions shall apply:

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          (a) The transfer or exchange of any Note (or a beneficial interest
therein) that bears the Restricted Legend may only be made in compliance with
the provisions of the Restricted Legend.

          (b) The Trustee will retain copies of all certificates, opinions and
other documents received in connection with the transfer or exchange of a Note
(or a beneficial interest therein), and the Company will have the right to
inspect and make copies thereof at any reasonable time upon written notice to
the Trustee.

          (c) By its acceptance of any Note bearing the Private Placement
Legend, each Holder of such a Note acknowledges the restrictions on transfer of
such Note set forth in this Supplemental Indenture and in the Private Placement
Legend and agrees that it will transfer such Note only as provided in this
Supplemental Indenture. The Registrar shall not register a transfer of any Note
unless such transfer complies with the restrictions on transfer of such Note set
forth in this Supplemental Indenture. In connection with any transfer of Notes,
each Holder agrees by its acceptance of the Notes to furnish the Registrar or
the Company such certifications, legal opinions or other information as either
of them may reasonably require to confirm that such transfer is being made
pursuant to an exemption from, or a transaction not subject to, the registration
requirements of the Securities Act; provided that the Registrar shall not be
required to determine (but may rely on a determination made by the Company with
respect to) the sufficiency of any such certifications, legal opinions or other
information.

         The Registrar shall retain copies of all letters, notices and other
written communications received pursuant to Section 3.5 of the Indenture or this
Section 2.05. The Company shall have the right to inspect and make copies of all
such letters, notices or other written communications at any reasonable time
upon the giving of reasonable written notice to the Registrar.

         Each Holder of a Note agrees to indemnify the Company and the Trustee
against any liability that may result from the transfer, exchange or assignment
of such Holder's Note in violation of any provision of this Supplemental
Indenture and/or applicable United States Federal or state securities law.

         The Trustee shall have no obligation or duty to monitor, determine or
inquire as to compliance with any restrictions on transfer imposed under this
Supplemental Indenture or under applicable law with respect to any transfer of
any interest in any Note (including any transfers between or among members of,
or participants in, the Depository or beneficial owners of interests in any
Global Note) other than to require delivery of such certificates and other
documentation or evidence as are expressly required by, and to do so if and when
expressly

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required by the terms of, this Supplemental Indenture, and to examine the same
to determine substantial compliance as to form with the express requirements
hereof.

          (d) A Global Note may be transferred, in whole but not in part, only
to another nominee of the Depository, or to a successor Depository selected or
approved by the Company or to a nominee of such successor Depository.

          (e) If at any time the Depository notifies the Company that it is
unwilling or unable to continue as Depository or if at any time the Depository
for such series shall no longer be registered or in good standing under the
Securities Exchange Act of 1934, as amended, or other applicable statute or
regulation, and a successor Depository for such series is not appointed by the
Company within 90 days after the Company receives such notice or becomes aware
of such condition, as the case may be, the Company will execute, and, subject to
Article III of the Indenture, the Trustee, upon written notice from the Company,
will authenticate and make available for delivery the Notes in definitive
registered form without coupons, in authorized denominations, and in an
aggregate principal amount equal to the principal amount of the Global Note in
exchange for the Global Note. In addition, the Company may at any time determine
that the Notes shall no longer be represented by a Global Note. In such event
the Company will execute, and subject to Section 3.5 of the Indenture, the
Trustee, upon receipt of an Officers' Certificate evidencing such determination
by the Company, will authenticate and deliver the Notes in definitive registered
form without coupons, in authorized denominations, and in an aggregate principal
amount equal to the principal amount of the Global Note in exchange for the
Global Note. Upon the exchange of the Global Note for such Notes in definitive
registered form without coupons, in authorized denominations, the Global Note
shall be cancelled by the Trustee. Such Notes in definitive registered form
issued in exchange for the Global Note shall be registered in such names and in
such authorized denominations as the Depositary, pursuant to instructions from
its direct or indirect participants or otherwise, shall instruct the Trustee.
The Trustee shall deliver such Notes to the Depositary for delivery to the
Persons in whose names such Notes are so registered.

         SECTION 2.06.  Interest.

          (a) Each Note will bear interest at the rate of 8-1/8% per annum (the
"Coupon Rate") from the original date of issuance until the principal thereof
becomes due and payable, and on any overdue principal and (to the extent that
payment of such interest is enforceable under applicable law) on any overdue
installment of interest at the Coupon Rate, compounded semi-annually, payable
semi-annually in arrears on January 8 and July 8 of each year (each, an
"Interest Payment Date") commencing on January 8, 2001, to the Person in whose
name

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such Note or any predecessor Note is registered, at the close of business on the
regular record date for such interest installment, which shall be the close of
business on the December 23 or June 23 (whether or not a Business Day), as the
case may be, immediately preceding such Interest Payment Date.

          (b) The amount of interest payable for any period less than a full
interest period will be computed on the basis of a 360-day year of twelve 30-day
months and the actual days elapsed in a partial month in such period. In the
event that any date on which interest is payable on the Notes is not a Business
Day, then payment of the interest payable on such date will be made on the next
succeeding day which is a Business Day (and without any interest or other
payment in respect of any such delay) with the same force and effect as if made
on the date such payment was originally payable, except that, if such Business
Day is in the next succeeding calendar year, such payment shall be made on the
immediately preceding Business Day, in each case with the same force and effect
as if made on such date.

          (c) Accrued interest that is not paid on the applicable Interest
Payment Date will bear additional interest on the amount thereof at the Coupon
Rate, compounded semi-annually and computed on the basis of a 360-day year of
twelve 30-day months and the actual days elapsed in a partial month in such
period. The amount of additional interest payable for any full interest period
will be computed by dividing the Coupon Rate by two.

          (d) In the event that a Registration Default (as defined in the
Registration Rights Agreement) occurs, the Company shall pay additional interest
(in addition to the interest otherwise due herein) ("Additional Interest") to
the Holder during the period immediately following the occurrence of any such
Registration Default in an amount equal to 0.25% per annum (regardless of the
number of Registration Defaults) from and including the date on which any such
Registration Default shall occur (subject to the terms of the Registration
Rights Agreement) to but excluding the date on which all such Registration
Defaults have been cured. The Company shall pay amounts due in respect of
Additional Interest on each Interest Payment Date (or, if the Company shall
default in the payment of interest on any Interest Payment Date, on the date
such interest is otherwise paid as provided in the Indenture).

         There shall also be payable in respect of the Note all Additional
Interest that may have accrued on such Note for which the Note was exchanged (as
defined in such Note) pursuant to the Exchange Offer, such Additional Interest
to be calculated in accordance with the terms of such Note and payable at the
same time and in the same manner as periodic interest on such Note.

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                                    ARTICLE 3
                             REDEMPTION OF THE NOTES

SECTION 3.01.  Optional Redemption by Company.

          (a) Subject to the provisions of Section 3.01(b) and to the provisions
of Article XI of the Indenture, except as otherwise may be specified in this
Supplemental Indenture, the Company shall have the right to redeem the Notes, in
whole or in part, at any time or from time to time, at a redemption price (the
"Optional Redemption Price") equal to the greater of:

               (i) 100% of the principal amount plus accrued and unpaid interest
          to the Redemption Date; or

               (ii) the sum of the present values of the remaining scheduled
          payments of principal and interest (exclusive of interest accrued to
          the Redemption Date) discounted to the Redemption Date on a
          semi-annual basis (assuming a 360-day year consisting of twelve 30-day
          months at the Treasury Rate plus 25 basis points plus accrued interest
          on the principal amount being redeemed to the Redemption Date.

         Any redemption pursuant to the preceding paragraph will be made upon
not less than 30 nor more than 60 days' prior notice before the Redemption Date
to each Holder of the Notes, at the Optional Redemption Price. If the Notes are
only partially redeemed pursuant to this Section 3.01(a), the Notes will be
redeemed pro rata or by lot or by any other method utilized by the Trustee;
provided, that if at the time of redemption the Notes are registered as a Global
Note, the Depositary shall determine, in accordance with its procedures, the
principal amount of such Notes held by each Holder of Notes to be redeemed. The
Optional Redemption Price shall be paid prior to 12:00 noon, New York time, on
the date of such redemption or at such earlier time as the Company determines
provided that the Company shall deposit with the Trustee an amount sufficient to
pay the Optional Redemption Price by 10:00 a.m., New York time, on the date such
Optional Redemption Price is to be paid.

          (b) The following terms have the meanings given to them in this
Section 3.01(b).

         "Business Day" means any calendar day that is not a Saturday, Sunday or
legal holiday in New York, New York and on which commercial banks are open for
business in New York, New York.

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         "Comparable Treasury Issue" means the United States Treasury security
selected by an Independent Investment Banker as having a maturity comparable to
the remaining term ("Remaining Life") of the Notes to be redeemed that would be
utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of the Notes.

         "Comparable Treasury Price" means, with respect to any Redemption Date,
(A) the average of four Reference Treasury Dealer Quotations for such Redemption
Date, after excluding the highest and lowest such Reference Treasury Dealer
Quotations, or (B) if the Independent Investment Banker obtains fewer than four
such Reference Treasury Dealer Quotations, the average of all such Quotations.

         "Independent Investment Banker" means Credit Suisse First Boston
Corporation or, if such firm is unwilling or unable to select the Comparable
Treasury Issue, an independent investment banking institution of national
standing appointed by the Company.

         "Reference Treasury Dealer" means (i) Credit Suisse First Boston
Corporation and its successors, provided, however, that if Credit Suisse First
Boston Corporation shall cease to be a primary U.S. Government securities dealer
in New York City (a "Primary Treasury Dealer"), we will substitute therefor
another Primary Treasury Dealer and (ii) any other Primary Treasury Dealer
selected by the Company

         "Reference Treasury Dealer Quotations" means, with respect to the
Reference Treasury Dealer and any Redemption Date, the average, as determined by
the Independent Investment Banker, of the bid and asked prices for the
Comparable Treasury Issue (expressed in each case as a percentage of its
principal amount) quoted in writing to the Independent Investment Banker by the
Reference Treasury Dealer at 5:00 p.m. on the third Business Day preceding such
Redemption Date.

         "Treasury Rate" means, with respect to any Redemption Date, (i) the
yield, under the heading which represents the average for the immediately
preceding week, appearing in the most recently published statistical release
designated "H.15 (519)" or any successor publication which is published weekly
by the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded United States Treasury securities adjusted to constant
maturity under the caption "Treasury Constant Maturities," for the maturity
corresponding to the Comparable Treasury Issue (if no maturity is within three
months before or after the Remaining Life, yields for the two published
maturities

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<PAGE>

most closely corresponding to the Comparable Treasury Issue shall be determined
and the Treasury Rate shall be interpolated or extrapolated from such yields on
a straight line basis, rounding to the nearest month) or (ii) if such release
(or any successor release) is not published during the week preceding the
calculation date or does not contain such yields, the rate per annum equal to
the semiannual equivalent yield to maturity of the Comparable Treasury Issue,
calculated using a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for
such Redemption Date. The Treasury Rate shall be calculated on the third
Business Day preceding the Redemption Date.

         SECTION 3.02.  No Sinking Fund.

         The Notes are not entitled to the benefit of any sinking fund.

                                    ARTICLE 4
                                  MODIFICATION

         SECTION 4.01.  Modification of Indenture and Supplemental Indenture.

         Section 9.2 of the Indenture, as it relates to this series of Notes, is
hereby modified so that the reference to "not less than 66-2/3%" shall read "not
less than a majority", except in the case of increasing (or reopening) the
principal amount, no consent of Holders will be required.

                                    ARTICLE 5
                                  FORM OF NOTE

         SECTION 5.01.  Form of Note.

         The Notes and the Trustee's Certificate of Authentication to be
endorsed thereon are to be substantially in the following forms:

                             (FORM OF FACE OF NOTE)

         [IF THE NOTE IS TO BE A GLOBAL NOTE, INSERT - THIS NOTE IS A GLOBAL
NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A DEPOSITORY. THIS NOTE
IS

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<PAGE>

EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITORY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A
WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE
DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE
REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

          UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT HEREON
IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY A PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.]

         THIS SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A
TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF
1933 (THE "SECURITIES ACT"), AND THIS SECURITY MAY NOT BE OFFERED, SOLD, PLEDGED
OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE
EXEMPTION THEREFROM. EACH PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED THAT THE
SELLER OF THIS SECURITY MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF
SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.

         THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF INTERNATIONAL
PAPER THAT (A) THIS SECURITY MAY BE OFFERED, RESOLD OR OTHERWISE TRANSFERRED,
ONLY (I) TO INTERNATIONAL PAPER, (II) IN THE UNITED STATES TO A PERSON WHOM THE
SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF
RULE 144A, (III) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN
ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (IV) PURSUANT TO AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144

                                       14

<PAGE>

THEREUNDER (IF AVAILABLE) OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT, OR (V) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (II) THROUGH (V) IN
ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED
STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO,
NOTIFY ANY PURCHASER OF THIS SECURITY FROM IT OF THE RESALE RESTRICTIONS
REFERRED TO IN (A) ABOVE.

         BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE
HOLDER REPRESENTS THAT IT (1) IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A UNDER THE SECURITIES ACT AND IS ACQUIRING THE NOTES FOR ITS
OWN ACCOUNT OR FOR THE ACCOUNT OF ONE OR MORE QUALIFIED INSTITUTIONAL BUYERS AND
THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT,
(2) ACQUIRED SUCH SECURITY IN A TRANSACTION THAT DID NOT REQUIRE REGISTRATION
UNDER THE SECURITIES ACT OR (3) IS NOT A U.S. PERSON AND IS PURCHASING THE NOTES
IN AN OFFSHORE TRANSACTION PURSUANT TO REGULATION S.

         PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (A)(IV)
ABOVE, THE COMPANY RESERVES THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL
OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN
ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH
THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS
MADE AS TO THE AVAILABILITY OF ANY RULE 144 EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT.

No.________________________                                        CUSIP No. o

                           INTERNATIONAL PAPER COMPANY

                          8-1/8% NOTES DUE JULY 8, 2005

         INTERNATIONAL PAPER COMPANY, a New York corporation (the "Company",
which term includes any successor corporation under the Indenture

                                       15

<PAGE>

hereinafter referred to), for value received, hereby promises to pay
to_____________ or registered assigns, the principal sum of___________ Dollars
($___________ ) on July 8, 2005, and to pay interest on said principal sum from
the date of original issuance, or from the most recent interest payment date to
which interest has been paid or duly provided for, semi-annually in arrears on
January 8 and July 8 of each year (each such date, an "Interest Payment Date")
commencing January 8, 2001, at the rate of 8-1/8% per annum until the principal
hereof shall have become due and payable, and on any overdue principal and
premium, if any, and (without duplication and to the extent that payment of such
interest is enforceable under applicable law) on any overdue installment of
interest at the same rate per annum compounded semi-annually. The amount of
interest payable for any period less than a full interest period will be
computed on the basis of a 360-day year of twelve 30-day months and the actual
days elapsed in a partial month in such period. In the event that any date on
which interest is payable on the Notes is not a Business Day, then payment of
the interest payable on such date will be made on the next succeeding day which
is a Business Day (and without any interest or other payment in respect of any
such delay) with the same force and effect as if made on the date such payment
was originally payable, except that, if such Business Day is in the next
succeeding calendar year, such payment shall be made on the immediately
preceding Business Day, in each case with the same force and effect as if made
on such date. The interest installment so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in the Indenture,
be paid to the person in whose name this Note (or one or more Predecessor
Securities, as defined in said Indenture) is registered at the close of business
on the regular record date for such interest installment, which shall be the
close of business on the December 23 or June 23 (whether or not a Business Day),
as the case may be, immediately preceding such Interest Payment Date. Any such
interest installment not punctually paid or duly provided for shall forthwith
cease to be payable to the registered Holders on such regular record date and
may be paid to the Person in whose name this Note (or one or more Predecessor
Securities) is registered at the close of business on a special record date to
be fixed by the Trustee for the payment of such defaulted interest, notice
whereof shall be given to the registered Holders of this series of Notes not
less than 10 days prior to such special record date, or may be paid at any time
in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Notes may be listed, and upon such notice as
may be required by such exchange, all as more fully provided in the Indenture.
The principal of (and premium, if any) and the interest on this Note shall be
payable at the office or agency of the Trustee maintained for that purpose in
any coin or currency of the United States of America that at the time of payment
is legal tender for payment of public and private debts.

                                       16

<PAGE>

         Accrued interest that is not paid on the applicable Interest Payment
Date will bear additional interest on the amount thereof at the Coupon Rate,
compounded semi-annually and computed on the basis of a 360-day year of twelve
30-day months and the actual days elapsed in a partial month in such period.

         This Note shall not be entitled to any benefit under the Indenture
hereinafter referred to, be valid or become obligatory for any purpose until the
Certificate of Authentication hereon shall have been signed by or on behalf of
the Trustee.

         The provisions of this Note are continued on the reverse side hereof
and such continued provisions shall for all purposes have the same effect as
though fully set forth at this place.

                                       17

<PAGE>

         IN WITNESS WHEREOF, the Company has caused this instrument to be
executed on this [         ]th day of [                  ], [             ].

                                            INTERNATIONAL PAPER COMPANY

                                            By:________________________________
                                                 Name:
                                                 Title:

Attest:

By:___________________________
     Name:
     Title:

                                       18

<PAGE>

                     (FORM OF CERTIFICATE OF AUTHENTICATION)

                          CERTIFICATE OF AUTHENTICATION

         This is one of the Securities of the series designated herein referred
to in the within-mentioned Indenture.

Dated_____________________

The Bank of New York,
as Trustee

By:________________________
     Authorized Signatory

                            (FORM OF REVERSE OF NOTE)

         This Note is one of a duly authorized series of Notes of the Company
(herein sometimes referred to as the "Notes"), specified in the Indenture, all
issued or to be issued in one or more series under and pursuant to an Indenture
dated as of April 12, 1999, duly executed and delivered between the Company and
The Bank of New York as Trustee (the "Trustee"), as supplemented by the 8-1/8%
Notes due July 8, 2005 Supplemental Indenture dated as of June 14, 2000, between
the Company and the Trustee (the Indenture, as so supplemented, the
"Indenture"), to which Indenture and all Indentures supplemental thereto
reference is hereby made for a description of the rights, limitations of rights,
obligations, duties and immunities thereunder of the Trustee, the Company and
the Holders of the Notes. By the terms of the Indenture, the Notes are issuable
in series that may vary as to amount, date of maturity, rate of interest and in
other respects as provided in the Indenture. This series of Notes is initially
offered in aggregate principal amount as specified in said Supplemental
Indenture.

         The Company shall have the right to redeem this Note at the option of
the Company, without premium or penalty, in whole or in part (an "Optional
Redemption"), at a redemption price (the "Optional Redemption Price") equal to
the greater of:

         (i)  100% of the principal amount plus accrued and unpaid interest to
the Redemption Date; or

         (ii) the sum of the present values of the remaining scheduled payments
of principal and interest (exclusive of interest accrued to the Redemption Date)
discounted to the Redemption Date on a semi-annual basis (assuming a 360-day

                                       19

<PAGE>

year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis
points plus accrued interest on the principal amount being redeemed to the
Redemption Date.

         Any redemption pursuant to the preceding paragraph will be made upon
not less than 30 nor more than 60 days prior notice before the Redemption Date
to the Holders, at the Optional Redemption Price. If the Notes are only
partially redeemed by the Company pursuant to an Optional Redemption, the Notes
will be redeemed pro rata or by lot or by any other method utilized by the
Trustee; provided that if at the time of redemption the Notes are registered as
a Global Note, the Depositary shall determine, in accordance with its
procedures, the principal amount of such Notes held by each Holder of Notes to
be redeemed.

         In the event of redemption of this Note in part only, a new Note or
Notes of this series for the unredeemed portion hereof shall be issued in the
name of the Holder hereof upon the cancellation hereof.

         [In the event that a Registration Default (as defined in the
Registration Rights Agreement) occurs, then the Company shall pay additional
interest (in addition to the interest otherwise due hereon) ("Additional
Interest") to the Holder during the period immediately following the occurrence
of any such Registration Default in an amount equal to 0.25% per annum
(regardless of the number of Registration Defaults) from and including the date
on which any such Registration Default shall occur (subject to the terms of the
Registration Rights Agreement) to but excluding the date on which all such
Registration Defaults have been cured. The Company shall pay amounts due in
respect of Additional Interest on each Interest Payment Date (or, if the Company
shall default in the payment of interest on any Interest Payment Date, on the
date such interest is otherwise paid as provided in the Indenture).]1

         [There shall also be payable in respect of this Note all Additional
Interest that may have accrued on the Note for which this Note was exchanged (as
defined in such Note) pursuant to the Exchange Offer, such Additional Interest
to be calculated in accordance with the terms of such Note and payable at the
same time and in the same manner as periodic interest on this Note.]2

         In case an Event of Default, as defined in the Indenture, shall have
occurred and be continuing, the principal of all of the Notes may be declared,
and

--------
         1  To be included in Initial Notes not Exchange Notes.
         2  To be included in Exchange Notes.

                                       20

<PAGE>

upon such declaration shall become, due and payable, in the manner, with the
effect and subject to the conditions provided in the Indenture.

         The Indenture contains provisions permitting the Company and the
Trustee, with the consent of the Holders of not less than a majority in
aggregate principal amount of the Notes of each series affected at the time
outstanding, as defined in the Indenture, to execute supplemental indentures for
the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of the indenture or of any supplemental indenture or of
modifying in any manner the rights of the Holders of the Notes; provided,
however, that no such supplemental indenture shall (i) extend the fixed maturity
of any Notes of any series, or reduce the principal amount thereof, or reduce
the rate or extend the time of payment of interest thereon, or reduce any
premium payable upon the redemption thereof, without the consent of the Holder
of each Note so affected, or (ii) reduce the aforesaid percentage of Notes, the
Holders of which are required to consent to any such supplemental indenture,
without the consent of the Holders of each Note then outstanding and affected
thereby. The Indenture also contains provisions permitting the Holders of a
majority in aggregate principal amount of the Notes of any series at the time
outstanding affected thereby, on behalf of all of the Holders of the Notes of
such series, to waive any past default in the performance of any of the
covenants contained in the Indenture, or established pursuant to the Indenture
with respect to such series, and its consequences, except a default in the
payment of the principal of or premium, if any, or interest on any of the Notes
of such series. Any such consent or waiver by the registered Holder of this Note
(unless revoked as provided in the Indenture) shall be conclusive and binding
upon such Holder and upon all future Holders and owners of this Note and of any
Note issued in exchange therefor or in place hereof (whether by registration of
transfer or otherwise), irrespective of whether or not any notation of such
consent or waiver is made upon this Note.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and premium, if any, and
interest on this Note at the time and place and at the rate and in the money
herein prescribed.

         As provided in the Indenture and subject to certain limitations therein
set forth, this Note is transferable by the registered Holder hereof on the
Security Register of the Company, upon surrender of this Note for registration
of transfer at the office or agency of the Trustee in the City and State of New
York accompanied by a written instrument or instruments of transfer in form
satisfactory to the Company or the Trustee duly executed by the registered
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new

                                       21

<PAGE>

Notes of authorized denominations and for the same aggregate principal amount
and series will be issued to the designated transferee or transferees. No
service charge will be made for any such transfer, but the Company may require
payment of a sum sufficient to cover any tax or other governmental charge
payable in relation thereto.

         Prior to due presentment for registration of transfer of this Note, the
Company, the Trustee, any paying agent and the Security Registrar may deem and
treat the registered Holder hereof as the absolute owner hereof (whether or not
this Note shall be overdue and notwithstanding any notice of ownership or
writing hereon made by anyone other than the Security Registrar) for the purpose
of receiving payment of or on account of the principal hereof and premium, if
any, and interest due hereon and for all other purposes, and neither the Company
nor the Trustee nor any paying agent nor any Security Registrar shall be
affected by any notice to the contrary.

         No recourse shall be had for the payment of the principal of, premium,
if any, or the interest on this Note, or for any claim based hereon, or
otherwise in respect hereof, or based on or in respect of the Indenture, against
any incorporator, stockholder, officer or director, past, present or future, as
such, of the Company or of any predecessor or successor corporation, whether by
virtue of any constitution, statute or rule of law, or by the enforcement of any
assessment or penalty or otherwise, all such liability being, by the acceptance
hereof and as part of the consideration for the issuance hereof, expressly
waived and released.

         The Notes of this series are issuable only in registered form without
coupons in denominations of $1,000 and any integral multiple thereof. This
Global Note is exchangeable for Notes in definitive form only under certain
limited circumstances set forth in the Indenture. As provided in the Indenture
and subject to certain limitations herein and therein set forth, Notes of this
series so issued are exchangeable for a like aggregate principal amount of Notes
of this series of a different authorized denomination, as requested by the
Holder surrendering the same.

         All terms used in this Note that are defined in the Indenture shall
have the meanings assigned to them in the Indenture.

         THE INTERNAL LAWS OF THE STATE OF NEW YORK SHALL GOVERN THE INDENTURE
AND THE NOTES WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

                                       22

<PAGE>

                            [FORM OF TRANSFER NOTICE]

         FOR VALUE RECEIVED the undersigned registered holder hereby sell(s),
assign(s) and transfer(s) unto

Insert Taxpayer Identification No.

_______________________________________________________________________________
Please print or typewrite name and address including zip code of assignee

_______________________________________________________________________________
the within Note and all rights thereunder, hereby irrevocably constituting and
appointing ____________________ attorney to transfer said Note on the books of
the Company with full power of substitution in the premises.

By:     _________________________

Date:   _________________________

                                       23

<PAGE>

                     [THE FOLLOWING PROVISION TO BE INCLUDED
                     ON ALL NOTES OTHER THAN EXCHANGE NOTES]

         In connection with any transfer of this Note occurring prior to the
date which is the earlier of (i) the date of an effective Registration or (ii)
two years (or such lesser period as may be provided in any amendment to Rule
144(k) under the Securities Act) after the later of the original issuance of
this Note or the last date on which this Note was held by the Company or an
Affiliate of the Company, the undersigned confirms that without utilizing any
general solicitation or general advertising that this Note is being transferred
in accordance with its terms:

                                   [Check One]

         (1) [ ]     to the Company; or

         (2) [ ]     pursuant to an effective registration statement under the
                     Securities Act of 1933; or

         (3) [ ]     in the United States to a "qualified institutional buyer"
                     (as defined in Rule 144A under the Securities Act of 1933)
                     that purchases for its own account or for the account of a
                     qualified institutional buyer to whom notice is given that
                     such transfer is being made in reliance on Rule 144A, in
                     each case pursuant to and in compliance with Rule 144A
                     under the Securities Act of 1933; or

         (4) [ ]     outside the United States in an offshore transaction within
                     the meaning of Regulation S under the Securities Act in
                     compliance with Rule 904 under the Securities Act of 1933;
                     or

         (5) [ ]     pursuant to the exemption from registration provided by
                     Rule 144 under the Securities Act of 1933.

                                       24

<PAGE>

Unless one of the boxes is checked, the Trustee will refuse to register any of
the Notes evidenced by this certificate in the name of any Person other than the
registered holder thereof, provided, however, that if box (4) or (5) is checked,
the Trustee may require, prior to registering any such transfer of the Notes,
such legal opinions, certifications and other information as the Company has
reasonably requested to confirm that such transfer is being made pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act of 1933.

                                         ----------------------------
                                                   Signature

Signature Guarantee:

--------------------------------         ----------------------------
Signature must be guaranteed                        Signature

         Signatures must be guaranteed by an "eligible guarantor institution"
meeting the requirements of the Registrar, which requirements include membership
or participation in the Security Transfer Agent Medallion Program ("STAMP") or
such other "signature guarantee program" as may be determined by the Registrar
in addition to, or in substitution for, STAMP, all in accordance with the
Securities and Exchange Act of 1934, as amended.

                                       25

<PAGE>

              TO BE COMPLETED BY PURCHASER IF (3) ABOVE IS CHECKED.

         The undersigned represents and warrants that it is purchasing this Note
for its own account or an account with respect to which it exercises sole
investment discretion and that it and any such account is a "qualified
institutional buyer" within the meaning of Rule 144A under the Securities Act of
1933, and is aware that the sale to it is being made in reliance on Rule 144A
and acknowledges that it has received such information regarding the Company as
the undersigned has requested pursuant to Rule 144A or has determined not to
request such information and that it is aware that the transferor is relying
upon the undersigned's foregoing representations in order to claim the exemption
from registration provided by Rule 144A.

Dated: ___________                      -------------------------------------
                                        NOTICE: To be executed by an executive
                                                officer

                                       26

<PAGE>

                        [TO BE ATTACHED TO GLOBAL NOTES]

                SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE

The following increases or decreases in this Global Note have been made:

<TABLE>
                                                                                            Signature of
          Amount of decrease in   Amount of Increase in     Principal Amount of this   authorized signatory of
Date of    Principal Amount of     Principal Amount of     Global Note following such   Trustee or Securities
Exchange     this Global Note        this Global Note         decrease or increase            Custodian
--------  ----------------------   --------------------    --------------------------  -----------------------
<S>       <C>                      <C>                      <C>                           <C>

</TABLE>

                                       27

<PAGE>

                                   ARTICLE 6
                            ORIGINAL ISSUE OF NOTES

         SECTION 6.01.  Original Issue of Notes; Further Issuances.

         (a) Notes in the initial aggregate principal amount of $1,000,000,000
may, upon execution of this Supplemental Indenture, be executed by the Company
and delivered to the Trustee for authentication, and the Trustee shall
thereupon authenticate and deliver said Notes to or upon the written order of
the Company, signed by its Chairman, its Vice Chairman, its President, or any
Vice President and its Treasurer or an Assistant Treasurer, without any further
action by the Company.

        (b) The Company may, without notice to or the consent of the Holders
of the Notes, issue additional notes of the same tenor as the Notes, so that
such additional notes and the Notes shall form a single series. Any such Notes
referred to in this Section 6.01(b) will be issued under a further supplemental
indenture.

                                   ARTICLE 7
                                 MISCELLANEOUS

         SECTION 7.01.  Ratification of Indenture.

         The Indenture, as supplemented by this Supplemental Indenture, is in
all respects ratified and confirmed, and this Supplemental Indenture shall be
deemed part of the Indenture in the manner and to the extent herein and therein
provided.

         SECTION 7.02.  Trustee Not Responsible for Recitals.

         The recitals herein contained are made by the Company and not by the
Trustee, and the Trustee assumes no responsibility for the correctness thereof.
The Trustee makes no representation as to the validity or sufficiency of this
Supplemental Indenture.

         SECTION 7.03.  Governing Law.

         This Supplemental Indenture and each Note shall be governed by and
construed in accordance with the laws of the State of New York without regard to
conflicts of laws.

         SECTION 7.04.  Separability.

                                       28

<PAGE>

         In case any one or more of the provisions contained in this
Supplemental Indenture or in the Notes shall for any reason be held to be
invalid, illegal or unenforceable in any respect, such invalidity, illegality or
unenforceability shall not affect any other provisions of this Supplemental
Indenture or of the Notes, but this Supplemental Indenture and the Notes shall
be construed as if such invalid or illegal or unenforceable provision had never
been contained herein or therein.

         SECTION 7.05.  Counterparts.

         This Supplemental Indenture may be executed in any number of
counterparts each of which shall be an original; but such counterparts shall
together constitute but one and the same instrument.

                                       29

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Supplemental
Indenture to be duly executed, and their respective corporate seals to be
hereunto affixed and attested, on the date or dates indicated in the
acknowledgments and as of the day and year first above written.

                                            INTERNATIONAL PAPER COMPANY

                                            By   /s/ Tobin Treichel
                                              ----------------------------------
                                                 Name:  Tobin Treichel
                                                 Title: Vice President - Finance

[Seal]

Attest:

By: /s/ Barbara L. Smithers
  -------------------------

                                            THE BANK OF NEW YORK
                                            as Trustee

                                            By  /s/ Ming J. Shiang
                                              --------------------
                                                 Name:  Ming J. Shiang
                                                 Title: Vice President

                                       30REGISTRATION RIGHTS AGREEMENT

         THIS REGISTRATION RIGHTS AGREEMENT (the "Agreement") is made and
entered into as of June 14, 2000, by and among International Paper Company (the
"Company"), a corporation duly organized and existing under the laws of the
State of New York, and the several initial purchasers listed on Schedule I
hereto (the "Purchasers").

         This Agreement is made pursuant to the Purchase Agreement dated June 7,
2000, by and among the Company and the Purchasers (the "Purchase Agreement"),
which provides for the sale by the Company to the Purchasers of $800,000,000
principal amount of its Floating Rate Notes due July 8, 2002 (the "Floating Rate
Notes"), $1,200,000,000 principal amount of its 8% Notes due July 8, 2003 (the
"Notes due 2003") and $1,000,000,000 principal amount of its 8-1/8% Notes due
July 8, 2005 (the "Notes due 2005"). The Notes are to be issued pursuant to the
provisions of an Indenture dated as of April 19, 1999 (the "Base Indenture")
between the Company and The Bank of New York, as Trustee (the "Trustee"), as
supplemented by the Floating Rate Notes Supplemental Indenture, the Notes due
2003 Supplemental Indenture and the Notes due 2005 Supplemental Indenture, each
dated as of the Closing Date between the Company and the Trustee (each a
"Supplemental Indenture" and collectively, with the Base Indenture, the
"Indenture").

         In order to induce the Purchasers to enter into the Purchase Agreement,
the Company has agreed to provide to each Purchaser and its direct and indirect
transferees the registration rights with respect to the Notes set forth in this
Agreement. The execution of this Agreement is a condition to the closing under
the Purchase Agreement.

         In consideration of the foregoing, the parties hereto agree as follows:

           1.   Definitions.

         As used in this Agreement, the following capitalized defined terms
shall have the following meanings:

         "Additional Interest" shall have the meaning set forth in Section 2(e).

         "Closing Date" shall mean the Closing Date as defined in the Purchase
Agreement.

         "Company" shall have the meaning set forth in the preamble and shall
also include the Company's successors.

<PAGE>

         "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended from time to time.

         "Exchange Date" shall have the meaning set forth in Section 2(a)(ii).

         "Exchange Notes" means the debt securities of the Company to be offered
to Holders in exchange for Notes pursuant to the Exchange Offer or otherwise
pursuant to a registration of securities containing terms identical to the Notes
for which they are exchanged (except that (i) interest thereon shall accrue from
the last date on which interest was paid on the Notes or, if no such interest
has been paid, from the date of issuance of the Notes, (ii) the Exchange Notes
will not contain terms with respect to transfer restrictions, and (iii) certain
provisions relating to an increase in the stated rate of interest on the Notes
shall be eliminated).

         "Exchange Offer" shall mean the exchange offer by the Company of
Exchange Notes for all Notes that are Registrable Notes pursuant to Section 2(a)
hereof.

         "Exchange Offer Registration" shall mean a registration under the
Securities Act effected pursuant to Section 2(a) hereof.

         "Exchange Offer Registration Statement" shall mean an exchange offer
registration statement on an appropriate form and all amendments and supplements
to such registration statement, in each case including the Prospectus contained
therein, all exhibits thereto and all material incorporated by reference
therein.

         "Holder" shall mean each Purchaser, for so long as it owns any
Registrable Notes, and each of its successors, assigns and direct and indirect
transferees who become registered owners of Registrable Notes under the
Indenture; provided that for purposes of Sections 4 and 5 of this Agreement, the
term "Holder" shall include Participating Broker- Dealers (as defined in Section
4(a)).

         "Indenture" shall have the meaning set forth in the preamble.

         "Majority Holders" shall mean the Holders of a majority of the
aggregate principal amount of outstanding Registrable Notes; provided that, for
purposes of Section 6(b), whenever the consent or approval of Holders of a
specified percentage of Registrable Notes is required hereunder, Registrable
Notes held by the Company or any of its affiliates (as such term is defined in
Rule 405 under the Securities Act) shall not be considered outstanding and shall
not be counted in determining whether such consent or approval was given by the
Holders of such required percentage or amount.

         "Notes" shall mean the Floating Rate Notes, the Notes due 2003, the
Notes due 2005, the Registrable Notes, the Exchange Notes and the Private
Exchange Notes.

                                        2

<PAGE>

         "Offer Termination Date" shall have the meaning set forth in Section
2(a)(iv).

         "Participating Broker-Dealer" shall have the meaning set forth in
Section 4(a) hereof.

         "Person" shall mean an individual, partnership, corporation, trust or
unincorporated organization, or a government or agency or political subdivision
thereof.

         "Private Exchange" shall have the meaning set forth in Section 2(a).

         "Private Exchange Notes" shall have the meaning set forth in Section
2(a).

         "Prospectus" shall mean the prospectus included in a Registration
Statement, including any preliminary prospectus, and any such prospectus as
amended or supplemented by any prospectus supplement, including a prospectus
supplement with respect to the terms of the offering of any portion of the
Registrable Notes covered by a Shelf Registration Statement, and by all other
amendments and supplements to such prospectus, and in each case including all
material incorporated by reference therein.

         "Purchase Agreement" shall have the meaning set forth in the preamble.

         "Purchasers" shall have the meaning set forth in the preamble.

         "Registrable Notes" shall mean the Floating Rate Notes, the Notes due
2003 and the Notes due 2005; provided, however, that such notes shall cease to
be Registrable Notes when (i) a Registration Statement with respect to such
notes or the resale thereof shall have been declared effective under the
Securities Act and such notes shall have been disposed of pursuant to such
Registration Statement, (ii) such notes have been sold pursuant to Rule 144(k)
(or any similar provision then in force, but not Rule 144A) under the Securities
Act, (iii) such notes shall have ceased to be outstanding or (iv) such notes
have been exchanged for Exchange Notes upon consummation of the Exchange Offer.

         "Registration Default" shall have the meaning set forth in Section
2(e).

         "Registration Expenses" shall mean any and all expenses incident to
performance of or compliance by the Company with this Agreement, including
without limitation: (i) all SEC, stock exchange or National Association of
Securities Dealers, Inc. registration and filing fees, (ii) all fees and
expenses incurred in connection with compliance with state securities or blue
sky laws, (iii) all expenses of any Person in preparing or assisting in
preparing, word processing, printing and distributing, at the request of the
Company, any Registration Statement, any Prospectus, any amendments or
supplements thereto, any underwriting agreements, securities sales agreements,
Notes and other documents relating to the performance of and compliance with
this Agreement, (iv)

                                        3

<PAGE>

all fees and disbursements relating to the qualification of the Indenture under
applicable securities laws, (v) the fees and disbursements of the Trustee and
its counsel, (vi) the fees and disbursements of counsel for the Company and, in
the case of a Shelf Registration Statement, the fees and disbursements of one
counsel for the Holders incurred on or before the initial effectiveness of the
Shelf Registration Statement, which counsel shall be counsel for the Purchasers
or other counsel selected by the Company and not objected to by the Majority
Holders ("counsel for the Holders") and (vii) the fees and disbursements of the
independent public accountants of the Company, including the expenses of any
special audits or comfort letters required by or incident to such performance
and compliance, but excluding fees of counsel to the Underwriters or the Holders
and underwriting discounts, if any, and commissions and transfer taxes, if any,
relating to the sale or disposition of Registrable Notes by a Holder.

         "Registration Statement" shall mean any registration statement of the
Company filed with the SEC that covers any of the Exchange Notes or the
Registrable Notes pursuant to the provisions of this Agreement and all
amendments and supplements to any such Registration Statement, including
post-effective amendments, in each case including the Prospectus contained
therein, all exhibits thereto and all material incorporated by reference
therein.

         "SEC" shall mean the Securities and Exchange Commission.

         "Securities Act" shall mean the Securities Act of 1933, as amended from
time to time.

         "Shelf Registration" shall mean a registration effected pursuant to
Section 2(b) hereof.

         "Shelf Registration Statement" shall mean a "shelf" registration
statement of the Company pursuant to the provisions of Section 2(b) of this
Agreement which covers all of the Registrable Notes ((or Private Exchange Notes)
except Registrable Notes that the Holders have elected not to include in such
Shelf Registration Statement) or Notes that represent an unsold allotment for
the original offering thereof on an appropriate form under Rule 415 under the
Securities Act, or any similar rule that may be adopted by the SEC, and all
amendments and supplements to such registration statement, including post-
effective amendments, in each case including the Prospectus contained therein,
all exhibits thereto and all material incorporated by reference therein.

         "TIA" shall have the meaning set forth in Section 3(1) hereof.

         "Trustee" shall have the meaning set forth in the preamble.

         "Underwriters" shall have the meaning set forth in Section 3 hereof.

                                        4

<PAGE>

         "Underwritten Offering" shall mean a registration in which Registrable
Notes are sold to an Underwriter for reoffering to the public.

           2.   Registration under the Securities Act.

               (a) To the extent not prohibited by any applicable law or
          applicable interpretation of the Staff of the SEC, the Company shall
          use its reasonable best efforts to cause to be filed an Exchange Offer
          Registration Statement covering the offer by the Company to the
          Holders to exchange all of the Registrable Notes for Exchange Notes on
          or prior to the date that is 150 days after the Closing Date, to have
          the Exchange Offer Registration Statement declared effective by the
          SEC on or prior to the date that is 180 days after the Closing Date
          and remain effective until the closing of the Exchange Offer and to
          consummate the Exchange Offer on or prior to the date that is 210 days
          after the Closing Date (or such longer period as may be necessary to
          complete such Exchange Offer). For purposes hereof, "consummate" shall
          mean that the Exchange Offer Registration Statement shall have been
          declared effective, subject to Section 2(b), the period of the
          Exchange Offer provided in accordance with clause (ii) below shall
          have expired and all Registrable Notes validly tendered in connection
          with such Exchange Offer shall have been exchanged for Exchange Notes
          (assuming the Holder tendering such Notes is not an affiliate of the
          Company within the meaning of Rule 405 of the Securities Act and is
          not a broker-dealer tendering Registrable Notes acquired directly from
          the Company for its own account, acquires the Exchange Notes in the
          ordinary course of such Holder's business and has no arrangements or
          understandings with any Person for the purpose of distributing the
          Exchange Notes and that each such Holder makes a representation to the
          Company to such effect). The Company shall commence the Exchange Offer
          by mailing the related exchange offer Prospectus and accompanying
          documents to each Holder stating, in addition to such other
          disclosures as are required by applicable law:

                       (i) that the Exchange Offer is being made pursuant to
                  this Registration Rights Agreement and that all Registrable
                  Notes validly tendered will be accepted for exchange;

                       (ii) the dates of acceptance for exchange (which shall be
                  a period of at least 20 business days or such longer period as
                  may be required by the Securities Act from the date such
                  notice is mailed) (each such date being an "Exchange Date");

                      (iii) that any Registrable Note not tendered will remain
                  outstanding and continues to accrue interest, but will not
                  retain any rights under this Agreement, other than Notes that
                  represent an unsold allotment for the original offering
                  thereof;

                                        5

<PAGE>

                       (iv) that Holders electing to have a Registrable Note
                  exchanged pursuant to the Exchange Offer will be required to
                  surrender such Registrable Note, together with the enclosed
                  letters of transmittal, to the institution and at the address
                  specified in the notice prior to the close of business on the
                  last Exchange Date (the "Offer Termination Date"); and

                        (v) that Holders will be entitled to withdraw their
                  election, not later than the close of business on the Offer
                  Termination Date, by sending to the institution and at the
                  address specified in the notice a telegram, telex, facsimile
                  transmission or letter setting forth the name of such Holder,
                  the principal amount of Registrable Notes delivered for
                  exchange and a statement that such Holder is withdrawing his
                  election to have such Registration Notes exchanged.

         As soon as practicable after the Offer Termination Date, the Company
shall:

         (A) accept for exchange in accordance with the Exchange Offer
Registration Statement and the letter of transmittal Registrable Notes or
portions thereof tendered and not validly withdrawn pursuant to the Exchange
Offer or the Private Exchange, as the case may be; and

         (B) deliver, or cause to be delivered, to the Trustee for cancellation
all Registrable Notes or portions thereof so accepted for exchange by the
Company and issue, and cause the Trustee to promptly authenticate and deliver to
each Holder, an Exchange Note or Private Exchange Note, as the case may be,
equal in aggregate principal amount to the aggregate principal amount of the
Registrable Notes surrendered by such Holder.

         To the extent not prohibited by any law or the Staff of the SEC, the
Company shall use its reasonable best efforts to complete the Exchange Offer as
provided above and shall comply with the applicable requirements of the
Securities Act, the Exchange Act and other applicable laws and regulations in
connection with the Exchange Offer. The Exchange Offer shall not be subject to
any conditions, other than that (i) the Exchange Offer does not violate
applicable law or any applicable interpretation of the Staff of the SEC and (ii)
the due tendering of Registrable Notes in accordance with the Exchange Offer.
Each Holder of Registrable Notes who wishes to exchange such Registrable Notes
for Exchange Notes in the Exchange Offer will be required to make certain
customary representations in connection therewith, including representations
that such Holder is not an affiliate of the Company within the meaning of Rule
405 under the Securities Act, that any Exchange Notes to be received by it will
be acquired in the ordinary course of business and that at the time of the
commencement of the Exchange

                                        6

<PAGE>

Offer it has no arrangement with any Person to participate in the distribution
(within the meaning of the Securities Act) of the Exchange Notes.

         If upon consummation of the Exchange Offer, any Purchaser holds
Registrable Notes acquired by it as part of their initial distribution, the
Company, simultaneously with the delivery of the Exchange Notes pursuant to the
Exchange Offer, shall issue and deliver to such Purchaser upon the request of
such Purchaser, in exchange (the "Private Exchange") for the Registrable Notes
held by such Purchaser, a like principal amount of debt securities of the
Company issued under the Indenture and identical in all material respects to the
Registrable Notes (the "Private Exchange Notes").

               (b) In the event that (i) the Company determines that the
          Exchange Offer Registration provided for in Section 2(a) above is not
          available or may not be consummated as soon as practicable after the
          Offer Termination Date because it would violate applicable law or the
          applicable interpretations of the Staff of the SEC or (ii) in the
          opinion of counsel for the Purchasers a Registration Statement must be
          filed and a Prospectus must be delivered by the Purchasers in
          connection with any offering or sale of Registrable Notes (or Private
          Exchange Notes) because such Registrable Notes (or Private Exchange
          Notes) represent an unsold allotment for the original offering
          thereof, the Company shall use its reasonable best efforts to cause to
          be filed within 150 days of the Closing Date, a Shelf Registration
          Statement providing for the sale of such Registrable Notes (or Private
          Exchange Notes) and to have such Shelf Registration Statement declared
          effective within 180 days of the Closing Date by the SEC. In the event
          the Company is required to file a Shelf Registration Statement solely
          as a result of the matters referred to in clause (ii) of the preceding
          sentence, the Company shall file and have declared effective by the
          SEC both an Exchange Offer Registration Statement pursuant to Section
          2(a) with respect to all Registrable Notes (or Private Exchange Notes)
          and a Shelf Registration Statement with respect to offers and sales of
          Registrable Notes (or Private Exchange Notes) held by the Purchasers
          after completion of the Exchange Offer (or Private Exchange) . The
          Company agrees to use its reasonable best efforts to keep the Shelf
          Registration Statement continuously effective until two years from the
          effective date thereof or such shorter period that will terminate when
          all of the Registrable Notes covered by the Shelf Registration
          Statement have been sold pursuant to the Shelf Registration Statement
          or cease to be outstanding. The Company further agrees to supplement
          or amend the Shelf Registration Statement if required by the rules,
          regulations or instructions applicable to the registration form used
          by the Company for such Shelf Registration Statement or by the
          Securities Act or by any other rules and regulations thereunder for
          shelf registration or if reasonably requested by a Holder with respect
          to information relating to such Holder, and to use its reasonable best
          efforts to cause any such amendment to become effective and such Shelf
          Registration Statement to become usable as soon as practicable
          thereafter. The

                                        7

<PAGE>

          Company agrees to furnish to the Holders of Registrable Notes copies
          of any such supplement or amendment promptly after its being used or
          filed with the SEC.

               (c) The Company shall pay all Registration Expenses in connection
          with the registration pursuant to Section 2(a) or Section 2(b). Each
          Holder shall pay all underwriting discounts, if any, and commissions
          and transfer taxes, if any, relating to the sale or disposition of
          such Holder's Registrable Notes pursuant to a Shelf Registration
          Statement.

               (d) An Exchange Offer Registration Statement pursuant to Section
          2(a) hereof or a Shelf Registration Statement pursuant to Section 2(b)
          hereof will not be deemed to have become effective unless it has been
          declared effective by the SEC; provided, however, that, if, after it
          has been declared effective, the offering of Registrable Notes (or
          Private Exchange Notes) pursuant to a Shelf Registration Statement is
          interfered with by any stop order, injunction or other order or
          requirement of the SEC or any other governmental agency or court, such
          Registration Statement will be deemed not to have become effective
          during the period of such interference until the offering of
          Registrable Notes (or Private Exchange Notes) pursuant to such
          Registration Statement may legally resume.

               (e) The parties hereto agree that the Holders will suffer
          damages, and that it would not be feasible to ascertain the extent of
          such damages with precision if, the Company fails to comply with its
          obligations under Section 2(a) and Section 2(b) hereof (any such
          failure, a "Registration Default"). Therefore, the parties hereto
          agree that (i) if the Exchange Offer Registration Statement is not
          filed with the SEC within 150 days of the Closing Date (or, if
          applicable, the Shelf Registration Statement is not filed within 150
          days of the Closing Date), then commencing on the day after such
          required filing date, additional interest ("Additional Interest")
          shall accrue on the Registrable Notes at a rate of 0.25% per annum,
          (ii) if the Exchange Offer Registration Statement is not declared
          effective by the SEC within 180 days after the Closing Date (or, if
          applicable, the Shelf Registration Statement is not declared effective
          by the SEC within 180 days after the Closing Date), then commencing on
          the day after such required effective date, Additional Interest shall
          accrue on the Registrable Notes at a rate of 0.25% per annum or (iii)
          if the Company has not exchanged Exchange Notes for all Registrable
          Notes validly tendered in accordance with the Exchange Offer within
          210 days after the Closing Date (or such longer period as may be
          necessary to complete such Exchange Offer), then commencing on the day
          after such required exchange date, Additional Interest shall accrue on
          the Registrable Notes at a rate of 0.25% per annum, provided that
          Additional Interest shall not exceed 0.25% per annum in the aggregate
          and Additional Interest pursuant to clause (i) shall cease to accrue
          upon the filing of the Exchange Offer Registration Statement (or, if
          applicable, the Shelf Registration Statement), Additional Interest
          pursuant to

                                        8

<PAGE>

          clause (ii) shall cease to accrue upon the declaration of
          effectiveness of the Exchange Offer Registration Statement (or, if
          applicable, the declaration and continued effectiveness of the Shelf
          Registration Statement) and Additional Interest pursuant to clause
          (iii) shall cease to accrue upon the exchange of Exchange Notes for
          the Registrable Notes.

           3.   Registration Procedures.

         In connection with the obligations of the Company with respect to the
Registration Statements pursuant to Section 2(a) and Section 2(b) hereof, the
Company shall promptly:

               (a) prepare and file with the SEC a Registration Statement on the
          appropriate form under the Securities Act, which form shall (x) be
          selected by the Company, (y) in the case of a Shelf Registration, be
          available for the sale of the Registrable Notes by the selling Holders
          thereof and (z) comply as to form in all material respects with the
          requirements of the applicable form and include all financial
          statements required by the SEC to be filed therewith, and use its
          reasonable best efforts to cause such Registration Statement to become
          effective and remain effective in accordance with Section 2 hereof;

               (b) prepare and file with the SEC such amendments and
          post-effective amendments to each Registration Statement as may be
          necessary to keep such Registration Statement effective for the
          applicable period and cause each Prospectus to be supplemented by any
          required prospectus supplement and, as so supplemented, to be filed
          pursuant to the instructions applicable to the form of such
          Registration Statement under the Securities Act; and keep each
          Prospectus current during the period described under Section 4(3) and
          Rule 174 under the Securities Act that is applicable to transactions
          by brokers or dealers with respect to the Registrable Notes or
          Exchange Notes;

               (c) in the case of a Shelf Registration, furnish to each Holder
          of Registrable Notes and to counsel for the Holders and to each
          Underwriter of an Underwritten Offering of Registrable Notes, if any,
          without charge, as many copies of each Prospectus, including each
          preliminary Prospectus and any amendment or supplement thereto,
          including financial statements and schedules, and, if the Holder so
          requests in writing, all exhibits thereto (including those, if any,
          incorporated by reference) and such other documents as such Holder or
          Underwriter may reasonably request, in order to facilitate the public
          sale or other disposition of the Registrable Notes; and the Company
          consents to the use of such Prospectus and any amendment or supplement
          thereto in accordance with applicable law by each of the selling
          Holders of Registrable Notes and any such Underwriters in connection
          with the offering and sale of the Registrable Notes

                                        9

<PAGE>

          covered by and in the manner described in such Prospectus or any
          amendment or supplement thereto in accordance with applicable law;

               (d) use its best efforts (i) to register or qualify the
          Registrable Notes under all applicable state securities or blue sky
          laws of such jurisdictions as any Holder of Registrable Notes covered
          by a Registration Statement shall reasonably request in writing a
          reasonable time prior to the time the applicable Registration
          Statement is declared effective by the SEC and (ii) to cooperate with
          such Holders in connection with any filings required to be made with
          the National Association of Securities Dealers, Inc. and do any and
          all other acts and things which may be reasonably necessary or
          advisable to enable such Holder to consummate the disposition in each
          such jurisdiction of such Registrable Notes owned by such Holder;
          provided, however, that the Company shall not be required to (A)
          qualify as a foreign corporation or as a dealer in securities in any
          jurisdiction where they would not otherwise be required to qualify but
          for this Section 3(d), (B) file any general consent to service of
          process or (C) subject themselves to taxation in any such jurisdiction
          if they are not so subject;

               (e) in the case of a Shelf Registration, notify each Holder of
          Registrable Notes, counsel for the Holders and, if requested by such
          Persons, confirm such advice in writing, (i) when a Registration
          Statement has become effective and when any post-effective amendment
          thereto has been filed and becomes effective, (ii) of any request by
          the SEC or any state securities authority for amendments and
          supplements to a Registration Statement and Prospectus or for
          additional information after the Registration Statement has become
          effective, (iii) of the issuance by the SEC or any state securities
          authority of any stop order suspending the effectiveness of a
          Registration Statement or the initiation of any proceedings for that
          purpose, (iv) if, between the effective date of a Registration
          Statement and the closing of any sale of Registrable Notes covered
          thereby, the representations and warranties of the Company contained
          in any underwriting agreement, securities sales agreement or other
          similar agreement, if any, relating to the offering cease to be true
          and correct in all material respects or if the Company receives any
          notification with respect to the suspension of the qualification of
          the Registrable Notes for sale in any jurisdiction or the initiation
          of any proceeding for such purpose, (v) of the happening of any event
          during the period a Shelf Registration Statement is effective which
          makes any statement made in such Registration Statement or the related
          Prospectus untrue in any material respect or which requires the making
          of any changes in such Registration Statement or Prospectus in order
          to make the statements therein not misleading and (vi) of any
          determination by the Company that a post-effective amendment to a
          Registration Statement would be appropriate;

                                       10

<PAGE>

               (f) use its best efforts to obtain the withdrawal of any order
          suspending the effectiveness of a Registration Statement at the
          earliest possible moment and provide immediate notice to each Holder
          of the withdrawal of any such order;

               (g) in the case of a Shelf Registration, furnish to each Holder
          of Registrable Notes, without charge, at least one conformed copy of
          each Registration Statement and any post-effective amendment thereto
          (without documents incorporated therein by reference or exhibits
          thereto, unless requested);

               (h) in the case of a Shelf Registration, cooperate with the
          selling Holders of Registrable Notes to facilitate the timely
          preparation and delivery of certificates representing Registrable
          Notes to be sold and not bearing any restrictive legends (unless
          required by applicable securities laws) and enable such Registrable
          Notes to be in such denominations (consistent with the provisions of
          the Indenture) and registered in such names as the selling Holders may
          reasonably request at least two business days prior to the closing of
          any sale of Registrable Notes;

               (i) in the case of a Shelf Registration, upon the occurrence of
          any event contemplated by Section 3(e)(v) hereof, use its best efforts
          to prepare a supplement or post-effective amendment to a Registration
          Statement or the related Prospectus or any document incorporated
          therein by reference or file any other required document so that, as
          thereafter delivered to the purchasers of the Registrable Notes, such
          Prospectus will not contain any untrue statement of a material fact or
          omit to state a material fact necessary to make the statements
          therein, in the light of the circumstances under which they were made,
          not misleading. The Company agrees to notify the Holders to suspend
          use of the Prospectus as promptly as practicable after the occurrence
          of such an event, and the Holders hereby agree to suspend use of the
          Prospectus until the Company has amended or supplemented the
          Prospectus to correct such misstatement or omission;

               (j) a reasonable time prior to the filing of any Registration
          Statement, any Prospectus, any amendment to a Registration Statement
          or amendment or supplement to a Prospectus, or any document which is
          to be incorporated by reference into a Registration Statement or
          Prospectus after the initial filing of a Registration Statement,
          provide copies of such document to counsel for the Holders and make
          such of the representatives of the Company as shall be reasonably
          requested by counsel for the Holders available for discussion of such
          document, and shall not at any time file or make any amendment to the
          Registration Statement, any Prospectus or any amendment of or
          supplement to a Registration Statement or a Prospectus or any document
          which is to be incorporated by reference into a Registration Statement
          or a Prospectus, of which

                                       11

<PAGE>

          counsel for the Holders shall not have, (i) with respect to an
          Exchange Offer Registration Statement, simultaneously upon filing with
          the SEC, been advised and furnished a copy or (ii) with respect to a
          Shelf Registration Statement, previously been advised and furnished a
          copy or to which counsel for the Holders shall reasonably object
          (provided, however that this section 3(j) shall not prevent the
          Company from complying with its ongoing reporting obligations under
          applicable securities laws);

               (k) obtain a CUSIP number for all Exchange Notes, Registrable
          Notes or Private Exchange Notes, as the case may be, not later than
          the effective date of a Registration Statement, and provide the
          Trustee with certificates for the Exchange Notes, Registrable Notes or
          Private Exchange Notes, as the case may be, in form eligible for
          deposit with The Depository Trust Company;

               (l) cause the Indenture to be qualified under the Trust Indenture
          Act of 1939, as amended (the "TIA")(unless an exemption under Rule
          4d-9 under the TIA is available), to the extent not already so
          qualified, in connection with the registration of the Exchange Notes
          or Registrable Notes, as the case may be, and cooperate with the
          Trustee and the Holders to effect such changes to the Indenture as may
          be required for the Indenture to be so qualified in accordance with
          the terms of the TIA and execute, and use its best efforts to cause
          the Trustee to execute, all documents as may be required to effect
          such changes and all other forms and documents required to be filed
          with the SEC to enable the Indenture to be so qualified in a timely
          manner;

               (m) in the case of a Shelf Registration, make available for
          inspection by a representative of the Holders of the Registrable
          Notes, any Underwriter participating in any disposition pursuant to
          such Shelf Registration Statement, and attorneys and accountants
          designated by the Holders, at reasonable times and in a reasonable
          manner, all relevant financial and other records, pertinent documents
          and properties of the Company and cause the respective officers,
          directors and employees of the Company to supply all information
          reasonably requested by any such representative, Underwriter, attorney
          or accountant in connection with a Shelf Registration Statement, in
          each case that would customarily be reviewed or examined in connection
          with "due diligence" review of the Company; provided, however, that
          each such party shall be required to maintain confidences and not to
          disclose to any other person any information or records reasonably
          designated by the Company as being confidential;

               (n) if reasonably requested by any Holder of Registrable Notes
          covered by the Shelf Registration Statement, (i) promptly incorporate
          in a Prospectus supplement or post-effective amendment such
          information with respect to such Holder as such Holder reasonably
          requests to be included therein and (ii) make all

                                       12

<PAGE>

          required filings of such Prospectus supplement or such post-effective
          amendment as soon as reasonably practicable after the Company has
          received notification of the matters to be incorporated in such
          filing;

               (o) cause all Registrable Notes covered by a Registration
          Statement to be rated with the appropriate rating agencies, (i) if the
          Notes have been rated prior to the initial resale by the Purchasers or
          (ii) if the Notes have not been previously rated, if so requested by
          the Majority Holders; and

               (p) in the case of an Underwritten Offering pursuant to a Shelf
          Registration, enter into such customary agreements and take all such
          other customary actions in connection therewith (including, those
          reasonably requested by counsel for the Holders) in order to expedite
          or facilitate the disposition of such Registrable Notes and in such
          connection, (i) to the extent possible, make such representations and
          warranties to the Holders and any Underwriters of such Registrable
          Notes with respect to the business of the Company and its
          subsidiaries, the Registration Statement, Prospectus and documents
          incorporated by reference or deemed incorporated by reference, if any,
          in each case, in form, substance and scope as are customarily made by
          Companies to underwriters in underwritten offerings and confirm the
          same if and when requested, (ii) obtain opinions of counsel to the
          Company (which counsel and opinions, in form, scope and substance,
          shall be reasonably satisfactory to the Holders and such Underwriters
          and their respective counsel) addressed to each selling Holder and
          Underwriter of Registrable Notes, covering the matters customarily
          covered in opinions requested in underwritten offerings, (iii) obtain
          comfort letters from the independent certified public accountants of
          the Company and Champion International Corporation ("Champion") (and,
          if necessary, any other certified public accountant of any subsidiary
          of the Company or any business acquired by the Company for which
          financial statements and financial data are or are required to be
          included in the Registration Statement) addressed to each selling
          Holder and Underwriter of Registrable Notes, such letters to be in
          customary form and covering matters of the type customarily covered in
          comfort letters in connection with primary underwritten offerings,
          subject to receipt of appropriate documentation as contemplated, and
          only if permitted, by the Statement of Auditing Standards No. 72
          comfort, and (iv) deliver such documents and certificates as may be
          reasonably requested by counsel for the Holders to evidence the
          continued validity of the representations and warranties of the
          Company made pursuant to clause (i) above and to evidence compliance
          with any customary conditions in an underwriting agreement. In the
          case of any Underwritten Offering, the Company shall provide written
          notice to the Holders of all Registrable Notes of such Underwritten
          Offering at least 30 days prior to the filing of a prospectus
          supplement for such Underwritten Offering. Such notice shall (x) offer
          each such Holder the right to participate in such Underwritten
          Offering, (y)

                                       13

<PAGE>

          specify a date, which shall be no earlier than 10 days following the
          date of such notice, by which such Holder must inform the Company of
          its intent to participate in such Underwritten Offering and (z)
          include the instructions such Holder must follow in order to
          participate in such Underwritten Offering.

         In the case of a Shelf Registration Statement, the Company may require
each Holder of Registrable Notes to promptly furnish, but not later than 15 days
after written request, to the Company such information regarding the Holder and
the proposed distribution by such Holder of such Registration Notes as the
Company may from time to time reasonably request in writing. Notwithstanding
anything in this Agreement to the contrary, if a Holder does not provide the
information required above, then such Holder will not be included in such Shelf
Registration Statement.

         In the case of a Shelf Registration Statement, each Holder agrees that,
upon receipt of any notice from the Company of the happening of any event of the
kind described in Section 3(e)(v) hereof, such Holder will forthwith discontinue
disposition of Registrable Notes pursuant to a Registration Statement until such
Holder's receipt of the copies of the supplemented or amended Prospectus
contemplated by Section 3(i) hereof, and, if so directed by the Company, such
Holder will deliver to the Company (at its expense) all copies in its
possession, other than permanent file copies then in such Holder's possession,
of the Prospectus covering such Registration Notes current at the time of
receipt of such notice.

         If the Company shall give any such notice to suspend the disposition of
Registrable Notes pursuant to a Registration Statement, the Company shall extend
the period during which the Registration Statement shall be maintained effective
pursuant to this Agreement by the number of days during the period from and
including the date of the giving of such notice to and including the date when
the Holders shall have received copies of the supplemented or amended Prospectus
necessary to resume such dispositions.

         The Holders of Registrable Notes covered by a Shelf Registration
Statement who desire to do so may sell such Registrable Notes in an Underwritten
Offering. In any such Underwritten Offering, the investment banker or investment
bankers and manager or managers (the "Underwriters") that will administer the
offering will be selected by the Holders of a majority in principal amount of
the Registrable Notes included in such offering; such selection must be approved
by the Company which approval shall not be unreasonably withheld or delayed.

           4.   Participation of Broker-Dealers in Exchange Offer.

               (a) The Company understands that the Staff of the SEC has taken
          the position that any broker-dealer that receives Exchange Notes for
          its own account

                                       14

<PAGE>

          in the Exchange Offer in exchange for Notes that were acquired by such
          broker-dealer as a result of market-making or other trading
          activities (a "Participating Broker-Dealer"), may be deemed to be an
          "underwriter" within the meaning of the Securities Act in connection
          with any resale of such Exchange Notes.

         The Company understands that it is the Staff's position that if the
Prospectus contained in the Exchange Offer Registration Statement includes a
plan of distribution containing a statement to the above effect and the means by
which Participating Broker- Dealers may resell the Exchange Notes, without
naming the Participating Broker-Dealers or specifying the amount of Exchange
Notes owned by them, such Prospectus may be delivered by Participating
Broker-Dealers to satisfy their prospectus delivery obligation under the
Securities Act in connection with resales of Exchange Notes for their own
accounts, so long as the Prospectus otherwise meets the requirements of the
Securities Act.

               (b) In light of the above, notwithstanding the other provisions
          of this Agreement, the Company agrees that the provisions of this
          Agreement as they relate to a Shelf Registration shall also apply to
          an Exchange Offer Registration to the extent, and with such reasonable
          modifications thereto as may be, reasonably requested by the
          Purchasers or by one or more Participating Broker-Dealers, in each
          case as provided in clause (ii) below, in order to expedite or
          facilitate the disposition of any Exchange Notes by Participating
          Broker-Dealers consistent with the positions of the Staff recited in
          Section 4(a) above; provided that:

                       (i) the Company shall not be required to amend or
                  supplement the Prospectus contained in the Exchange Offer
                  Registration Statement, as would otherwise be contemplated by
                  Section 3(i), for a period exceeding two years after the Offer
                  Termination Date (as such period may be extended pursuant to
                  the penultimate paragraph of Section 3) and Participating
                  Broker-Dealers shall not be authorized by the Company to
                  deliver and shall not deliver such Prospectus after such
                  period in connection with the resales contemplated by this
                  Section 4; and

                      (ii) the application of the Shelf Registration procedures
                  set forth in Section 3 of this Agreement to an Exchange Offer
                  Registration, to the extent not required by the positions of
                  the Staff of the SEC or the Securities Act and the rules and
                  regulations thereunder, will be in conformity with the
                  reasonable request in writing to the Company by one or more
                  broker-dealers who certify to the Company in writing that they
                  anticipate that they will be Participating Broker-Dealers; and
                  provided further that, in connection with such application of
                  the Shelf Registration procedures set forth in Section 3 to an
                  Exchange Offer Registration, the Company shall be obligated
                  (x) to deal only with one entity representing

                                       15

<PAGE>

                  the Participating Broker-Dealers which shall be Credit Suisse
                  First Boston Corporation ("CSFBC") if CSFBC so requests or
                  otherwise the Participating Broker-Dealer holding the largest
                  aggregate principal amount of Notes, (y) to pay the fees and
                  expenses of only one counsel representing the Participating
                  Broker-Dealers and (z) to cause to be delivered only one, if
                  any, comfort letter with respect to the Prospectus in the form
                  existing on the Offer Termination Date.

           5.   Indemnification and Contribution.

               (a) The Company agrees to indemnify and hold harmless each Holder
          of the Notes, any Participating Broker-Dealer and each person, if any,
          who controls such Holder or such Participating Broker-Dealer within
          the meaning of the Securities Act or the Exchange Act (each Holder,
          any Participating Broker-Dealer, and such controlling persons are
          referred to collectively as the "Indemnified Parties") from and
          against any losses, claims, damages or liabilities, joint or several,
          or any actions in respect thereof (including, but not limited to, any
          losses, claims, damages, liabilities or actions relating to purchases
          and sales of the Notes) to which each Indemnified Party may become
          subject under the Securities Act, the Exchange Act or otherwise,
          insofar as such losses, claims, damages, liabilities or actions arise
          out of or are based upon any untrue statement or alleged untrue
          statement of a material fact contained in a Registration Statement or
          Prospectus or in any amendment or supplement thereto, or arise out of,
          or are based upon, the omission or alleged omission to state therein a
          material fact required to be stated therein or necessary to make the
          statements therein not misleading, and shall reimburse, as incurred,
          the Indemnified Parties for any legal or other expenses reasonably
          incurred by the Indemnified Parties for any legal or other expenses
          reasonably incurred by them in connection with investigating or
          defending any such loss, claim, damage, liability or action in respect
          thereof; provided, however, that (i) the Company shall not be liable
          in any such case to the extent that such loss, claim, damage or
          liability arises out of or is based upon any untrue statement or
          alleged untrue statement or omission or alleged omission made in a
          Registration Statement or Prospectus or in any amendment or supplement
          thereto or in any preliminary prospectus relating to a Shelf
          Registration in reliance upon and in conformity with written
          information pertaining to such Indemnified Party and furnished to the
          Company by or on behalf of such Holder and furnished to the Company by
          or on behalf of such Holder specifically for inclusion therein and
          (ii) with respect to any untrue statement or omission or alleged
          untrue statement or omission made in any preliminary prospectus
          relating to a Shelf Registration Statement, the indemnity agreement
          contained in this subsection (a) shall not inure to the benefit of any
          Holder or Participating Broker-Dealer from whom the person asserting
          any such losses, claims, damages or liabilities purchased the Notes
          concerned, to the extent that a prospectus relating to such Notes was

                                       16

<PAGE>

          required to be delivered by such Holder or Participating Broker-Dealer
          under the Securities Act in connection with such purchase or
          distribution and any such loss, claim, damage or liability of such
          Holder or Participating Broker-Dealer results from the fact that there
          was not sent or given to such person, at or prior to the written
          confirmation of the sale of such Notes to such person, a copy of the
          final prospectus if the Company had previously furnished copies
          thereof to such Holder or Participating Broker-Dealer; provided,
          further, however, that this indemnity agreement will be in addition to
          any liability which the Company may otherwise have to such Indemnified
          Party. The Company shall also indemnify underwriters, their partners,
          officers and directors and each person who controls such underwriters
          within the meaning of the Securities Act or the Exchange Act to the
          same extent as provided above with respect to the indemnification of
          the Holders of the Notes if requested by such Holders.

               (b) Each Holder of the Notes severally and not jointly, will
          indemnify and hold harmless the Company and each person, if any, who
          controls the Company within the meaning of the Securities Act or the
          Exchange Act from and against any losses, claims, damages or
          liabilities or any actions in respect thereof, to which the Company or
          any such controlling person may become subject under the Securities
          Act, the Exchange Act or otherwise, insofar as such losses, claims,
          damages, liabilities or actions arise out of or are based upon any
          untrue statement or alleged untrue statement of a material fact
          contained in a Registration Statement or Prospectus or in any
          amendment or supplement thereto or in any preliminary prospectus
          relating to a Shelf Registration, or arise out of or are based upon
          the omission or alleged omission to state therein a material fact
          necessary to make the statements therein not misleading, but in each
          case only to the extent that the untrue statement or omission or
          alleged untrue statement or omission was made in reliance upon and in
          conformity with written information pertaining to such Holder and
          furnished to the Company by or on behalf of such Holder or Purchaser
          specifically for inclusion therein; and, subject to the limitation set
          forth immediately preceding this clause, shall reimburse, as incurred,
          the Company for any legal or other expenses reasonably incurred by the
          Company or any such controlling person in connection with
          investigating or defending any loss, claim, damage, liability or
          action in respect thereof. This indemnity agreement will be in
          addition to any liability which such Holder or Purchaser may otherwise
          have to the Company or any of its controlling persons.

               (c) Promptly after receipt by an indemnified party under this
          Section 5 of notice of commencement of any action or proceeding
          (including a governmental investigation), such indemnified party will,
          if a claim in respect thereof is to be made against the indemnifying
          party under this Section 5, notify the indemnifying party of the
          commencement thereof; but the omission so to notify the indemnifying
          party will not, in any event, relieve the indemnifying party

                                       17

<PAGE>

          from any obligations to any indemnified party other than the
          indemnification obligation provided in paragraph (a) or (b) above. In
          case any such action is brought against any indemnified party, and it
          notifies the indemnifying party of the commencement thereof, the
          indemnifying party will be entitled to participate therein and, to the
          extent that it may wish, jointly with any other indemnifying party
          similarly notified, to assume the defense thereof, with counsel
          reasonably satisfactory to such indemnified party (who shall not,
          except with the consent of the indemnified party, be counsel to the
          indemnifying party), and after notice from the indemnifying party to
          such indemnified party of its election so to assume the defense
          thereof the indemnifying party will not be liable to such indemnified
          party under this Section 5 for any legal or other expenses, other than
          reasonable costs of investigation, subsequently incurred by such
          indemnified party in connection with the defense thereof. No
          indemnifying party shall, without the prior written consent of the
          indemnified party, effect any settlement of any pending or threatened
          action in respect of which any indemnified party is or could have been
          a party and indemnity could have been sought hereunder by such
          indemnified party unless such settlement includes an unconditional
          release of such indemnified party from all liability on any claims
          that are the subject matter of such action and does not include a
          statement as to or an admission of fault, culpability or a failure to
          act by or on behalf of any indemnified parties.

               (d) If the indemnification provided for in this Section 5 is
          unavailable or insufficient to hold harmless an indemnified party
          under subsections (a) or (b) above, then each indemnifying party shall
          contribute to the amount paid or payable by such indemnified party as
          a result of the losses, claims, damages or liabilities (or actions in
          respect thereof) referred to in subsection (a) or (b) above (i) in
          such proportion as is appropriate to reflect the relative benefits
          received by the indemnifying party or parties on the one hand and the
          indemnified party on the other from the exchange of the Notes,
          pursuant to the Registered Exchange offer, or (ii) if the allocation
          provided by the foregoing clause (i) is not permitted by applicable
          law, in such proportion as is appropriate to reflect not only the
          relative benefits referred to in clause (i) above but also the
          relative fault of the indemnifying party or parties on the one hand
          and indemnified party on the other in connection with the statements
          or omissions that resulted in such losses, claims, damages or
          liabilities (or actions in respect thereof) as well as any other
          relevant equitable considerations. The relative fault of the parties
          shall be determined by reference to, among other things, whether the
          untrue or alleged untrue statement of a material fact or the omission
          or alleged omission to state a material fact relates to information
          supplied by the Company on the one hand or such Holder or such other
          indemnified party, as the case may be, on the other, and the parties'
          relative intent, knowledge, access to information and opportunity to
          correct or prevent such statement or omission. The amount paid by an
          indemnified party as a result of the losses, claims, damages or
          liabilities referred to in the first sentence

                                       18

<PAGE>

          of this subsection (d) shall be deemed to include any legal or other
          expenses reasonably incurred by such indemnified party in connection
          with investigating or defending any action or claim which is the
          subject of this subsection (d). Notwithstanding any other provision of
          this Section 5(d), the Holders of the Notes shall not be required to
          contribute any amount in excess of the amount by which the net
          proceeds received by such Holders from the sale of the Notes pursuant
          to a Registration Statement exceeds the amount of damages which such
          Holders have otherwise been required to pay by reason of such untrue
          or alleged untrue statement or omission or alleged omission. No person
          guilty of fraudulent misrepresentation (within the meaning of Section
          11(f) of the Securities Act) shall be entitled to contribution from
          any person who was not guilty of such fraudulent misrepresentation.
          For purposes of this paragraph (d), each person, if any, who controls
          such indemnified party within the meaning of the Securities Act or the
          Exchange Act shall have the same rights to contribution as such
          indemnified party and each person, if any, who controls the Company
          within the meaning of the Securities Act or the Exchange Act shall
          have the same rights to contribution as the Company.

               (e) The agreements contained in this Section 5 shall survive the
          exchange of the Notes pursuant to a Registration Statement and shall
          remain in full force and effect, regardless of any termination or
          cancellation of this Agreement or any investigation made by or on
          behalf of any indemnified party.

           6.   Miscellaneous.

               (a) No Inconsistent Agreements. The Company has not entered into,
          and on or after the date of this Agreement will not enter into, any
          agreement which is inconsistent with the rights granted to the Holders
          of Registrable Notes in this Agreement or otherwise conflicts with the
          provisions hereof. The rights granted to the Holders hereunder do not
          in any way conflict with and are not inconsistent with the rights
          granted to the holders of the Company's other issued and outstanding
          securities under any such agreements.

               (b) Amendments and Waivers. The provisions of this Agreement,
          including the provisions of this sentence, may not be amended,
          modified or supplemented, and waivers or consents to departures from
          the provisions hereof may not be given unless the Company has obtained
          the written consent of Holders of at least a majority in aggregate
          principal amount of the outstanding Registrable Notes affected by such
          amendment, modification, supplement, waiver or consent; provided,
          however, that no amendment, modification, supplement, waiver or
          consent to any departure from the provisions of Section 5 hereof or
          which would have the effect of reducing the rate or extending the time
          of payment of interest on

                                       19

<PAGE>

          any Registrable Note shall be effective as against any Holder of
          Registrable Notes unless consented to in writing by such Holder.

               (c) Notices. All notices and other communications provided for or
          permitted hereunder shall be made in writing by hand delivery,
          first-class mail, facsimile transmission, or air courier which
          guarantees overnight delivery:

               (1)  if to a Holder, at the most current address given by such
                    Holder to the Company;

               (2)  if to the Purchasers:

                           Credit Suisse First Boston Corporation
                           Eleven Madison Avenue
                           New York, NY 10010-3629
                           Fax No.: (212) 325-8278
                     Attention: Transactions Advisory Group

                  with a copy to:

                           Davis Polk & Wardwell
                           450 Lexington Avenue
                           New York, NY 10017
                           Fax No.: (212) 450-4800
                       Attention: Francis J. Morison, and

               (3)  if to the Company, at its address as follows:

                           International Paper Company
                           Two Manhattanville Road
                           Purchase, New York 10577
                           Fax No.   (914) 397-1505
                           Attention: The Secretary.

         All such notices and communications shall be deemed to have been duly
given: at the time delivered by hand, if personally delivered; three business
days after being deposited in the mail, postage prepaid, if mailed; when receipt
is acknowledged by recipient's facsimile machine operator, if sent by facsimile
transmission; and on the day delivered, if sent by overnight air courier
guaranteeing next day delivery.

         Copies of all such notices, demands, or other communications shall be
concurrently delivered by the person giving the same to the Trustee, at the
addresses specified in the Indenture.

                                       20

<PAGE>

               (d) Successors and Assigns. This Agreement shall inure to the
          benefit of and be binding upon the successors, assigns and transferees
          of each of the parties, including, without limitation and without the
          need for an express assignment or assumption, subsequent Holders;
          provided that nothing herein shall be deemed to permit any assignment,
          transfer or other disposition of Registrable Notes in violation of the
          terms of the Purchase Agreement. If any transferees of any Holder
          shall acquire Registrable Notes, in any manner, whether by operation
          of law or otherwise, such Registrable Notes, shall be held subject to
          all of the terms of this Agreement, and by taking and holding such
          Registrable Notes such person shall be conclusively deemed to have
          agreed to be bound by and to perform all of the terms and provisions
          of this Agreement and such person shall be entitled to receive the
          benefits hereof. The Purchasers shall have no liability or obligation
          to the Company with respect to any failure by a Holder to comply with,
          or any breach by any Holder of, the obligations of such Holder under
          this Agreement.

               (e) Purchases and Sales of Notes. The Company shall not, and
          shall use its best efforts to cause its affiliates (as defined in rule
          405 under the 1993 Act) not to, purchase and then resell or otherwise
          transfer any Notes other than to the Company or its affiliates.

               (f) Third Party Beneficiary. The Holders shall be third party
          beneficiaries to the agreements made hereunder between the Company, on
          the one hand, and the Purchasers, on the other hand, and shall have
          the right to enforce such agreements directly to the extent it deems
          such enforcement necessary or advisable to protect its rights or the
          rights of Holders hereunder.

               (g) Counterparts. This Agreement may be executed in any number of
          counterparts and by the parties hereto in separate counterparts, each
          of which when so executed shall be deemed to be an original and all of
          which taken together shall constitute one and the same agreement.

               (h) Headings. The headings in this Agreement are for convenience
          of reference only and shall not limit or otherwise affect the meaning
          hereof.

               (i) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY LAWS OF
          THE STATE OF NEW YORK AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
          STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS
          PROVISIONS THEREOF.

               (j) Severability. In the event that one or more of the provisions
          contained herein, or the application thereof in any circumstances, is
          held invalid, illegal or unenforceable the validity, legality and
          enforceability of any such

                                       21

<PAGE>

          provision in every other respect and of the remaining provisions
          contained herein shall not be affected or impaired thereby.

                                       22

<PAGE>

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first written above.

                                       INTERNATIONAL PAPER COMPANY

                                       By /s/ Tobin Treichel
                                         ---------------------
                                          Name:  Tobin Treichel
                                          Title: Vice President - Finance

The foregoing Agreement is hereby confirmed and accepted as of the date first
above written.

CREDIT SUISSE FIRST BOSTON CORPORATION
BANC OF AMERICA SECURITIES LLC
CHASE SECURITIES INC.
DEUTSCHE BANK SECURITIES, INC.
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
SALOMON SMITH BARNEY INC.
BLAYLOCK & PARTNERS, L.P.
UTENDAHL CAPITAL PARTNERS, L.P.

By:     CREDIT SUISSE FIRST BOSTON CORPORATION
         Acting on behalf of themselves
         and as the representative
         of the Purchasers

By:   /s/ Joseph D. Fashano
  --------------------------------------------
   Name:  Joseph D. Fashano
   Title: Director

                                       23

<PAGE>

                                                      SCHEDULE I

Purchasers

CREDIT SUISSE FIRST BOSTON CORPORATION
BANC OF AMERICA SECURITIES LLC
CHASE SECURITIES INC.
DEUTSCHE BANK SECURITIES, INC.
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
SALOMON SMITH BARNEY INC.
BLAYLOCK & PARTNERS, L.P.
UTENDAHL CAPITAL PARTNERS, L.P.

                                        1

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