Document:

<PAGE>
                                                                   Exhibit 10.50

NATIONAL CITY                                               NATIONAL CITY BANK
                                                            MIRACLE MILE OFFICE
                                                            655 21st Street
                                                            Vero Beach, FL 32960

                                December 7, 2007

Ms. Maria F. Caldarone
Homes by Calton, LLC
2050 40th Avenue #1
Vero Beach, Florida 32960

                    RE:   BUILDER LINE OF CREDIT REVISED COMMITMENT

Dear Ms. Caldarone:

We have completed our review and have approved the following modifications:

         >>       A decrease of the maximum availability of the line of credit
                  from $4,790,000.00 to $2,789,670.00.
         >>       Next review date July 1, 2008.
         >>       $13,948.35 renewal fee is due at signing.

All terms, conditions, and covenants of the Security Instruments, and of the
Note and any Advance Notes evidencing the indebtedness secured thereby, and of
the original Commitment Letter, along with all subsequently issued commitment
letters, shall remain in full force and effect.

Thank you for your continued business, and please call on us if you have any
questions or additional banking needs.

                             Very truly yours,
                             NATIONAL CITY BANK

                             By: /s/ Alex Nall
                                 -------------------------
                                 Alex Nall, Vice President
                                 Relationship Manager<PAGE>
                                                                   Exhibit 10.51

                                                            Obligor # 3369991887
                                                         Obligation # 9003000537

                  PROMISSORY NOTE MODIFICATION AGREEMENT (FL)

THIS PROMISSORY NOTE MODIFICATION AGREEMENT ("Modification") is dated as of
December 7, 2007 but is effective as of December 6, 2007 by and between Homes By
Calton, LLC ("Borrower" or, if more than one (1), collectively "Borrower") and
NATIONAL CITY BANK, a national banking association ("Bank").

BANK INCLUDES PREDECESSORS. The term "Bank" shall include all entities which
were merged into, or whose name was changed to, National City Bank or a
predecessor thereof, including but not limited to Harbor Federal Savings Bank.

WHEREAS, Bank agreed to lend to Borrower a principal amount not to exceed Four
Million Seven Hundred Ninety Thousand and 00/100 Dollars ($4,790,000.00)
("Loan"), which Loan was evidenced by a certain Promissory Note Modification
Agreement dated July 18, 2007, (as extended, amended or otherwise modified to
date, the "Note") (the Note and any other instrument or document given in
connection with or to secure the Loan being collectively referred to as "Loan
Documents").

WHEREAS, the parties hereto desire to modify the Note as hereinafter provided.

NOW, THEREFORE, in consideration of the foregoing promises and the covenants
contained herein, the parties hereto agree as follows:

1.     Liability of Borrower. Borrower hereby ratifies and reconfirms Borrower's
       obligations and all liability to Bank under the terms and conditions of
       the Loan Documents and acknowledges that Borrower has no defenses to or
       rights of set-off against Borrower's obligations and all liability to
       Bank thereunder. Borrower further acknowledges that Bank has performed
       all of Bank's obligations under the Loan Documents.

2.     Modification. (a) The principal amount outstanding under the Note as of
       the effective date of this Modification is Two Million Two Hundred Forty
       Thousand Six Hundred and 17/100 Dollars ($2,240,600.17). The Note is
       hereby modified to provide that, effective as of December 6, 2007, the
       maximum availability of the Note shall be decreased to the sum of Two
       Million Seven Hundred Eighty Nine Thousand Six Hundred Seventy and 00/100
       Dollars ($2,789,670.00). In the event that the outstanding principal
       balance exceeds the maximum amount, Borrower shall immediately pay to
       Bank such excess amount.

       (b) The next payment is due December 1, 2007 and monthly, thereafter as
       set forth in the Note. Payments prior to the first scheduled payment
       above have been made as evidenced by the books and records of Bank.

       (c) The Note evidences a revolving loan as to which all advances of
       principal under the Note have not been made. The outstanding principal
       balance of the Note plus undisbursed advances of principal under the Note
       as of the date hereof is $2,789,670.00. This Modification constitutes a
       renewal of the Note for the outstanding principal balance of the Note
       plus undisbursed advances of principal under the Note as of the date
       hereof, without increasing the principal amount equal to the sum of the
       outstanding principal balance plus undisbursed principal and without
       adding any obligors. Florida documentary stamp tax and nonrecurring
       intangibles tax were paid with respect to the Note on a

                                       1
<PAGE>

       mortgage dated December 28, 2005 and recorded in Official Records Book
       1977, Page 721, of the Public Records of Indian River County, Florida.
       Because this Modification constitutes a renewal of the Note for the
       outstanding principal balance of the Note plus undisbursed advances of
       principal under the Note as of the date hereof, without increase to the
       outstanding principal balance plus undisbursed advances of principal and
       without adding any obligors, it is exempt from Florida documentary stamp
       tax and nonrecurring intangible taxes pursuant to F.S. 201.09 and F.S.
       199.145. The Note is attached to this Modification.

3.     Ratification of Loan Documents. The Loan Documents are in all respects
       ratified and confirmed by the parties hereto, and each of the Note and
       this Modification shall be read, taken and construed as one and the same
       instrument. Capitalized terms used herein and not otherwise defined shall
       have the meanings given to them in the Note. In the event of any conflict
       between the terms and provisions of this Modification and the terms and
       provisions of the Note, the terms and provisions of this Modification
       shall control.

IN WITNESS WHEREOF, the undersigned have caused this Modification to be executed
as of the day and year first above written.

                                      Homes By Calton, LLC
                                      a Florida limited liability company

                                      By: /s/ Maria F. Caldarone
                                          --------------------------------------
                                      Print: Maria F. Caldarone
                                      Its: Manager Member

                                      NATIONAL CITY BANK, A NATIONAL BANKING
                                      ASSOCIATION

                                      By: /s/ Alex Nall
                                          --------------------------------------
                                          Print: Alex Nall
                                          Its: Vice President

                                       2Tenth Waiver to Debtor-in-Possession Credit and Security Agreement

 Exhibit 4.1 
 EXECUTION COPY 
 TENTH WAIVER TO DEBTOR-IN-POSSESSION CREDIT AND SECURITY AGREEMENT 

 TENTH WAIVER, dated as of February 22, 2008 (this “Waiver”), to the Debtor-in-Possession Credit and Security
Agreement, dated as of November 19, 2007, as amended by the First Amendment and Waiver dated as of December 20, 2007 and as amended by the Second Amendment dated as of February 14, 2008, to the Debtor-in-Possession Credit and Security
Agreement (as heretofore amended or otherwise modified, the “Credit Agreement”), by and among POPE & TALBOT, INC., a Delaware corporation, as a debtor and debtor-in-possession under the US Bankruptcy Code and as a debtor
company under the CCAA (the “Parent”), POPE & TALBOT LTD., a Canadian corporation, as a debtor and debtor-in-possession under the US Bankruptcy Code, and as a debtor company under the CCAA (the “Borrower”),
the Guarantors set forth on the signature pages thereto, the several banks and other financial institutions or entities from time to time parties thereto (the “Lenders”), WELLS FARGO FINANCIAL CORPORATION CANADA, a Nova Scotia
unlimited liability company, as administrative agent (in such capacity, together with its permitted successors and assigns, the “Administrative Agent”), ABLECO FINANCE LLC, as Collateral Agent (in such capacity, together with its
permitted successors and assigns, the “Collateral Agent”), and ABLECO FINANCE LLC, as Term Loan B Agent (in such capacity, together with its permitted successors and assigns, the “Term Loan B Agent” and together
with the Administrative Agent and the Collateral Agent, each an “Agent” and collectively, the “Agents”). 
 WHEREAS, the Borrower, the Parent, the Agents and the Lenders entered into that certain Ninth Waiver to the Credit Agreement dated as of February 19, 2008 in order to waive certain provisions of the Credit Agreement, subject to the
terms and conditions set forth therein; and 
 WHEREAS, the Agents and the Lenders are willing to enter into this Waiver in order to waive
certain provisions of the Credit Agreement, subject to the terms and conditions set forth in this Waiver. 
 NOW, THEREFORE, the Parent, the
Borrower, the Agents and the Lenders hereby agree as follows: 
 1. Capitalized Terms. Any capitalized term used herein which is
defined in the Credit Agreement shall have the meaning assigned to it in the Credit Agreement. 

 2. Limited Waivers. 
 (a) In accordance with Section 10.1 of the Credit Agreement and notwithstanding any of the provisions otherwise set forth in the
Credit Agreement, as of the Waiver Effective Date, the Majority Facility Lenders in respect of the Term Loan and the Majority Revolving Credit Facility Lenders hereby irrevocably and permanently waive any Default or Event of Default whether now
existing or hereafter arising under Section 8 (aa) of the Credit Agreement resulting from the occurrence of a Material Adverse Deviation with respect to the disbursement line items for (A) Payroll Taxes and Benefits during the week ended
February 15, 2008 and on a cumulative basis for all periods ended on or prior to February 15, 2008 and (B) Chemical payments during the week ended February 15, 2008 and on a cumulative basis for all periods ended on or prior to
February 15, 2008. 
 (b) The waiver set forth in this Section 2 shall (i) become effective after satisfaction
of the conditions set forth in Section 3, (ii) shall be effective only in this specific instance and for the specific purposes set forth herein, and (iii) does not allow for any other or further departure from the terms and conditions
of the Credit Agreement or any other Loan Document, which terms and conditions shall continue in full force and effect. 
 3.
Conditions. This Waiver shall become effective as of February 22, 2008, but only upon the satisfaction in full, in a manner reasonably satisfactory to the Agents, of the following conditions precedent (the first date upon which all such
conditions have been satisfied being herein called the “Waiver Effective Date”): 
 (a) Representations
and Warranties. The representations and warranties contained in this Waiver and in Section 4 of the Credit Agreement and in each other Loan Document, certificate or other writing delivered on or on behalf of any Loan Party to any Agent or
any Lender pursuant to the Credit Agreement or any other Loan Document on or prior to the Waiver Effective Date shall be true and correct on and as of the Waiver Effective Date as though made on and as of such date (except where such representations
and warranties relate to an earlier date in which case such representations and warranties shall be true and correct as of such earlier date). 
 (b) No Event of Default. No Default or Event of Default shall have occurred and be continuing on the Waiver Effective Date or would result from this Waiver becoming effective in accordance with its terms.

 (c) Delivery of Documents. The Collateral Agent shall have received on or before the Waiver Effective Date the
following, each in form and substance reasonably satisfactory to the Collateral Agent and, unless indicated otherwise, dated the Waiver Effective Date: 
 (i) counterparts of this Waiver which bear the signatures of the Parent, the Borrower, the Agents and the Majority Facility Lenders in respect of the Term Loan and the Majority Revolving Credit Facility Lenders; and

 (ii) an acknowledgment and consent, in the form attached as Exhibit A to this Waiver, duly executed by each Guarantor.

  

 2 

 (d) Proceedings. All legal matters incident to this Waiver shall be reasonably
satisfactory to the Agents and their counsel. 
 4. Representations and Warranties. To induce the Agents and Lenders to enter into
this Waiver, each of the Parent and the Borrower hereby represents and warrants to the Agents and Lenders as follows: 
 (a)
Organization, Good Standing, Etc. Each Loan Party (i) is duly organized, validly existing and in good standing under the laws of the state or jurisdiction of its organization, (ii) has all requisite power and authority to conduct
the business in which it is currently engaged, and to execute and deliver this Waiver, and to consummate the transactions contemplated hereby and by the Credit Agreement, and (iii) is duly qualified to do business and is in good standing in
each jurisdiction in which its ownership, lease or operation of Property or the conduct of its business requires such qualification, except where the failure to be so qualified could not reasonably be expected to have a Material Adverse Effect.

 (b) Authorization, Etc. The execution, delivery and performance of this Waiver and each other Loan Document being
executed in connection with this Waiver by each Loan Party that is a party thereto, and the performance of the Credit Agreement hereby (i) have been duly authorized by all necessary action, (ii) do not and will not contravene any Loan
Party’s Constituent Documents or any applicable law or any material contractual restriction binding on or otherwise affecting it or any of its properties, (iii) do not and will not result in or require the creation of any Lien (other than
pursuant to any Loan Document) upon or with respect to any of its properties, and (iv) do not and will not result in any default, noncompliance, suspension, revocation, impairment, forfeiture or nonrenewal of any material permit, license,
authorization or approval applicable to its operations or any of its properties. 
 (c) Governmental Approvals. No
authorization or approval or other action by, and no notice to or filing with, any Governmental Authority or other regulatory body is required in connection with the due execution, delivery and performance by any Loan Party of this Waiver or any
other Loan Document to which it is a party being executed in connection with this Waiver, or for the performance of the Credit Agreement. 
 (d) Enforceability of Loan Documents. Each of this Waiver, the Credit Agreement and each other Loan Document is a legal, valid and binding obligation of each Loan Party party thereto, enforceable against such
Loan Party in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws of general application relating to the enforcement of creditor’s rights
and by general equitable principles. 
 (e) Representations and Warranties; No Event of Default. The representations
and warranties herein, in Section 4 of the Credit Agreement and in each other Loan Document are true and correct on and as of the Waiver Effective Date as though made on and as of such date (except where such representations and warranties
relate to an earlier date in which case such representations and warranties shall be true and correct as of such earlier date), and no 

  

 3 

 
Default or Event of Default has occurred and is continuing as of the Waiver Effective Date or would result from this Waiver becoming effective in accordance
with its terms. 
 (f) Existing Indentures. No consent with respect to the execution, delivery or performance of this
Waiver is required under the Existing Indentures. 
 5. Continued Effectiveness of the Credit Agreement and Loan Documents. Each of
the Parent and the Borrower hereby (i) acknowledges and consents to this Waiver, (ii) confirms and agrees that each Loan Document to which it is a party is, and shall continue to be, in full force and effect and is hereby ratified and
confirmed in all respects, and (iii) confirms and agrees that to the extent that any such Loan Document purports to assign or pledge to the Collateral Agent for the ratable benefit of the Secured Parties, or to grant to the Collateral Agent for
the ratable benefit of the Secured Parties a security interest in or Lien on, any Collateral as security for the Obligations of any Loan Party from time to time existing in respect of the Credit Agreement and the Loan Documents, such pledge,
assignment and/or grant of the security interest or Lien is hereby ratified and confirmed in all respects. This Waiver does not and shall not affect any of the Obligations of any Loan Party, other than as expressly provided herein. 
 6. Waiver as Loan Document. Each of the Parent and the Borrower hereby acknowledges and agrees that this Waiver constitutes a “Loan
Document” under the Credit Agreement. Accordingly, it shall be an Event of Default under the Credit Agreement if (i) any representation or warranty made by the Parent or the Borrower under or in connection with this Waiver shall have been
untrue, false or misleading in any material respect when made, or (ii) the Parent or the Borrower shall fail to perform or observe any term, covenant or agreement contained in this Waiver. 
 7. Miscellaneous. 
 (a) This Waiver may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which shall be deemed to be an original but all of which taken together shall constitute one and the same
agreement. Delivery of an executed counterpart of this Waiver by telefacsimile or electronic mail shall be equally effective as delivery of an original executed counterpart of this Waiver. Any party delivering an executed counterpart of this Waiver
by telefacsimile or electronic mail also shall deliver an original executed counterpart of this Waiver, but the failure to deliver an original executed counterpart shall not affect the validity, enforceability and binding effect of this Waiver.

 (b) Section and paragraph headings herein are included for convenience of reference only and shall not constitute a part of
this Waiver for any other purpose. 
 (c) The Borrower will pay on demand all reasonable fees, costs and expenses of the
Agents in connection with the preparation, execution and delivery of this Waiver and all documents incidental hereto, including, without limitation, the reasonable fees, disbursements and other charges of counsel to the Collateral Agent and the
Administrative Agent. 
  

 4 

 (d) THIS WAIVER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK. 
 (e) Any provision of this Waiver that is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining portions hereof or affecting the validity or enforceability of such provision in any other jurisdiction. 
 THE PARTIES HERETO HEREBY IRREVOCABLY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS WAIVER OR ANY OF THE
TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. 
 [Signature Page Follows] 
  

 5 

 IN WITNESS WHEREOF, the parties hereto have caused this Waiver to be executed and delivered as of the
date set forth on the first page hereof. 
  

			
	PARENT:
	
	POPE & TALBOT, INC., as a Debtor and Debtor-in-Possession under the US Bankruptcy Code and as a debtor company under the CCAA
		
	By:	 	/s/ R. Neil Stuart
		 	 Name: R. Neil Stuart
 Title: VP &
CFO

  

			
	BORROWER:
	
	POPE & TALBOT LTD., as a Debtor and Debtor-in-Possession under the US Bankruptcy Code and as a debtor company under the CCAA
		
	By:	 	/s/ R. Neil Stuart
		 	 Name: R. Neil Stuart
 Title: VP &
CFO

  

			
	COLLATERAL AGENT AND TERM LOAN B AGENT:
	
	 ABLECO FINANCE LLC,
 on behalf of itself and
its Affiliate assigns

		
	By:	 	/s/ Kevin Genda
		 	 Name: Kevin Genda
 Title: Vice
Chairman

			
	ADMINISTRATIVE AGENT AND LENDER:
	
	WELLS FARGO FINANCIAL CORPORATION CANADA
		
	By:	 	/s/ Nick Scarfo
		 	 Name: Nick Scarfo
 Title: Vice
President

			
	LENDERS:
	
	STYX PARTNERS, L.P.
		
	By:	 	Styx Associates, LLC, as its General Partner
		
	By:	 	/s/ Kevin Genda
		 	 Name: Kevin Genda
 Title: Sr. Managing
Director

			
	OHSF FINANCING, LTD.
		
	By:	 	/s/ Robert Okun
		 	Name: Robert Okun
		 	Title:   Authorized Person
	
	OHSF II FINANCING, LTD.
		
	By:	 	/s/ Robert Okun
		 	Name: Robert Okun
		 	Title:   Authorized Person
	
	OAK HILL CREDIT OPPORTUNITIES FINANCING, LTD.
		
	By:	 	/s/ Robert Okun
		 	Name: Robert Okun
		 	Title:   Authorized Person
	OAK HILL CREDIT ALPHA FINANCE I, LLC
		
	By:	 	 Oak Hill Credit Alpha Fund, L.P.,
 its
Member

		
	By:	 	 Oak Hill Credit Alpha Gen Par, L.P.,
 its General Partner

		
	By:	 	 Oak Hill Credit Alpha MGP, LLC,
 its General
Partner

		
	By:	 	/s/ Robert Okun
		 	Name: Robert Okun
		 	Title:   Authorized Person

			
	OAK HILL CREDIT ALPHA FINANCE I (OFFSHORE), LTD.
		
	By:	 	/s/ Robert Okun
		 	 Name: Robert Okun
 Title:   Authorized
Person

	
	LERNER ENTERPRISES, L.P.
		
	By:	 	Oak Hill Advisors, L.P., as Investment Advisor for Lerner Enterprises, L.P.
		
	By:	 	/s/ Robert Okun
		 	 Name: Robert Okun
 Title:   Authorized
Person

	
	OHA CAPITAL SOLUTIONS, L.P.
		
	By:	 	OHA Capital Solutions GenPar, L.P., its General Partner
		
	By:	 	OHA Capital Solutions MGP, LLC, its General Partner
		
	By:	 	/s/ Robert Okun
		 	 Name: Robert Okun
 Title:   Authorized
Person

	
	OHA CAPITAL SOLUTIONS, LTD.
		
	By:	 	/s/ Robert Okun
		 	 Name: Robert Okun
 Title:   Authorized
Person

			
	REGIMENT CAPITAL SPECIAL SITUATIONS FUND III, L.P.
		
	By:	 	Regiment Capital GP, LLC, its General Partner
		
	By:	 	/s/ Richard Miller
		 	 Name: Richard Miller
 Title:   Authorized
Signatory

			
	DRAWBRIDGE SPECIAL OPPORTUNITIES FUND LP
		
	By:	 	Drawbridge Special Opportunities GP LLC, its general partner
		
	By:	 	/s/ Marc K. Furstein
		 	 Name: Marc K. Furstein
 Title:   Chief
Operating Officer

			
	CREDIT GENESIS CLO 2005-1 LTD.
		
	By:	 	 
		 	 Name:
 Title:

	
	DURHAM ACQUISITION CO., LLC
		
	By:	 	 
		 	 Name:
 Title:

			
	HBK MASTER FUND L.P.
		
	By:	 	 HBK Investments L.P.
 its Investment
Advisor

		
	By:	 	 
		 	 Name:
 Title:

			
	BANK OF AMERICA, N.A.
		
	By:	 	/s/ Jonathan M. Barnes
		 	 Name: Jonathan M. Barnes
 Title:   Vice
President

			
	 CONCORDIA PARTNERS, L.P.
 acting by and
through Concordia Advisors, L.L.C.,
 as a Lender

		
	By:	 	 
		 	 Name:
 Title:

			
	MONARCH MASTER FUNDING LTD
		
	By:	 	Monarch Alternative Capital LP
		 	Its: Advisor

  

			
		
	By:	 	/s/ Christopher Santana
		 	 Name: Christopher Santana
 Title: Managing
Principal

			
	DK ACQUISITION PARTNERS, L.P.
		
	By:	 	M.H. Davidson & Co., its General Partner

  

			
		
	By:	 	 
		 	 Name:
 Title:

			
	ABN AMRO BANK N.V., Canada Branch
		
	By:	 	/s/ David W. Stack
		 	 Name: David W. Stack
 Title: Senior Vice President

  

			
	
		
	By:	 	/s/ William J. Fitzgerald
		 	 Name: William J. Fitzgerald
 Title: Group Senior Vice
President

 EXHIBIT A 
 ACKNOWLEDGMENT AND CONSENT 
 The undersigned, as a party to one or more Loan Documents, as defined in
the Debtor-in-Possession Credit and Security Agreement dated as of November 19, 2007, as amended by the First Amendment and Waiver dated as of December 20, 2007 and as amended by the Second Amendment dated as of February 14, 2008, to
the Debtor-in-Possession Credit and Security Agreement (as heretofore amended or otherwise modified, the “Credit Agreement”), by and among POPE & TALBOT, INC., a Delaware corporation, as a debtor and debtor-in-possession
under the US Bankruptcy Code (the “Parent”), POPE & TALBOT LTD., a Canadian corporation, as a debtor and debtor-in-possession under the US Bankruptcy Code, and as a debtor company under the CCAA (the
“Borrower”), the Guarantors set forth on the signature pages thereto, the several banks and other financial institutions or entities from time to time parties thereto (the “Lenders”), WELLS FARGO FINANCIAL
CORPORATION CANADA, a Nova Scotia unlimited liability company, as administrative agent (in such capacity, together with its permitted successors and assigns, the “Administrative Agent”), ABLECO FINANCE LLC, as Collateral Agent (in
such capacity, together with its permitted successors and assigns, the “Collateral Agent”), and ABLECO FINANCE LLC, as Term Loan B Agent (in such capacity, together with its permitted successors and assigns, the “Term Loan B
Agent” and together with the Administrative Agent and the Collateral Agent, each an “Agent” and collectively, the “Agents”), hereby (i) acknowledges and consents to the Tenth Waiver dated the date
hereof (the “Waiver”, all terms defined therein being used herein defined therein) to the Credit Agreement; (ii) confirms and agrees that each Loan Document to which it is a party is, and shall continue to be, in full force and
effect and is hereby ratified and confirmed in all respects; and (iii) confirms and agrees that to the extent that any such Loan Document purports to assign or pledge to the Collateral Agent, for the benefit of the Secured Parties, or to grant
to the Collateral Agent, for the benefit of the Secured Parties, a security interest in or lien on, any collateral as security for the obligations of any Guarantor from time to time existing in respect of the Loan Documents, such pledge, assignment
and/or grant of a security interest or lien is hereby ratified and confirmed in all respects as security for, in addition to the other obligations secured thereby, all obligations of such Guarantors outstanding upon the taking effect of the Waiver.

 Dated: as of February 22, 2008 
 [signature pages follow] 

			
	 POPE & TALBOT SPEARFISH LIMITED
 PARTNERSHIP, as a Debtor and Debtor-in-Possession
 under the US Bankruptcy Code

		
	By:	 	POPE & TALBOT LTD.,
		 	as a Debtor and Debtor-in-Possession under the US Bankruptcy Code and as a debtor company under the CCAA, as its General Partner

  

			
		
	By:	 	/s/ R. Neil Stuart
		 	Name: R. Neil Stuart
		 	Title: VP & CFO

  

			
	PENN TIMBER, INC., as a Debtor and Debtor-in-Possession under the US Bankruptcy Code and as a debtor company under the CCAA
		
	By:	 	/s/ R. Neil Stuart
		 	 Name: R. Neil Stuart
 Title: VP &
CFO

  

			
	POPE & TALBOT RELOCATION SERVICES, INC., as a Debtor and Debtor-in-Possession under the US Bankruptcy Code and as a debtor company under the CCAA
		
	By:	 	/s/ R. Neil Stuart
		 	 Name: R. Neil Stuart
 Title: VP &
CFO

  

			
	P&T POWER COMPANY, as a Debtor and Debtor-in-Possession under the US Bankruptcy Code and as a debtor company under the CCAA
		
	By:	 	/s/ R. Neil Stuart
		 	 Name: R. Neil Stuart
 Title: VP &
CFO

  

			
	POPE & TALBOT PULP SALES U.S., INC., as a Debtor and Debtor-in-Possession under the US Bankruptcy Code and as a debtor company under the CCAA
		
	By:	 	/s/ R. Neil Stuart
		 	 Name: R. Neil Stuart
 Title: VP &
CFO

			
	POPE & TALBOT LUMBER SALES, INC., as a Debtor and Debtor-in-Possession under the US Bankruptcy Code and as a debtor company under the CCAA
		
	By:	 	/s/ R. Neil Stuart
		 	 Name: R. Neil Stuart
 Title: VP &
CFO

  

			
	MACKENZIE PULP LAND LTD., as a Debtor and Debtor-in-Possession under the US Bankruptcy Code and as a debtor company under the CCAA
		
	By:	 	/s/ R. Neil Stuart
		 	 Name: R. Neil Stuart
 Title: VP &
CFO

			
	P&T LFP INVESTMENT LIMITED PARTNERSHIP, as a Debtor and Debtor-in-Possession under the US Bankruptcy Code
		
	By:	 	P&T FUNDING LTD.,
		 	as a Debtor and Debtor-in-Possession under the US Bankruptcy Code and as a debtor company under the CCAA, as its General Partner

  

			
		
	By:	 	/s/ R. Neil Stuart
		 	 Name: R. Neil Stuart
 Title: VP &
CFO

  

			
	P&T FUNDING LTD., as a Debtor and Debtor-in-Possession under the US Bankruptcy Code and as a debtor company under the CCAA
		
	By:	 	/s/ R. Neil Stuart
		 	 Name: R. Neil Stuart
 Title: VP &
CFO

  

			
	P&T FINANCE ONE LIMITED PARTNERSHIP, as a Debtor and Debtor-in-Possession under the US Bankruptcy Code
		
	By:	 	PENN TIMBER, INC.,
		 	as a Debtor and Debtor-in-Possession under the US Bankruptcy Code and as a debtor company under the CCAA, as its General Partner

  

			
		
	By:	 	/s/ R. Neil Stuart
		 	 Name: R. Neil Stuart
 Title: VP &
CFO

			
	P&T FINANCE TWO LIMITED PARTNERSHIP, as a Debtor and Debtor-in-Possession under the US Bankruptcy Code
		
	By:	 	PENN TIMBER, INC.,
		 	as a Debtor and Debtor-in-Possession under the US Bankruptcy Code and as a debtor company under the CCAA, as its General Partner

  

			
	
		
	By:	 	/s/ R. Neil Stuart
		 	 Name: R. Neil Stuart
 Title: VP &
CFO

  

			
	P&T FACTORING LIMITED PARTNERSHIP as a Debtor and Debtor-in-Possession under the US Bankruptcy Code
		
	By:	 	POPE & TALBOT PULP SALES U.S., INC.,
		 	as a Debtor and Debtor-in-Possession under the US Bankruptcy Code and as a debtor company under the CCAA, as its Managing General Partner

  

			
	
		
	By:	 	/s/ R. Neil Stuart
		 	 Name: R. Neil Stuart
 Title: VP &
CFO

  

			
	P&T FINANCE THREE LLC, as a Debtor and Debtor-in-Possession under the US Bankruptcy Code and as a debtor company under the CCAA
		
	By:	 	POPE & TALBOT LTD.,
		 	as a Debtor and Debtor-in-Possession under the US Bankruptcy Code and as a debtor company under the CCAA, as its Manager

  

			
		
	By:	 	/s/ R. Neil Stuart
		 	Name: R. Neil Stuart
		 	Title: VP & CFO

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}]]