Document:

Exhibit
10.6

 

Execution copy

 

FIFTH AMENDING AGREEMENT DATED AS OF DECEMBER 27,
2004.

 

This
Fifth Amending Agreement is
made as of December 27, 2004 among Cascades
Inc. (“Cascades”), Cascades SPG
Holding  Inc. (“Cascades
SPG”), Cascades USA Inc. (“Cascades
USA”), Cascades Europe SAS
(formerly Cascades GPS S.A.) (“Cascades Europe”) and Cascades Arnsberg GmbH (“Cascades Germany”) (each a “Borrower”
and, collectively the “Borrowers”), The Bank of Nova
Scotia, a Canadian bank, as administrative agent and collateral agent (in such
capacity, the “Agent”), and the financial institutions parties to the Credit
Agreement referred to below as Lenders.

 

Recitals

 

A.                                   Each of Cascades, Cascades SPG, Cascades Europe
and Cascades Germany, as borrowers, the Agent and the Lenders is party to a
credit agreement dated as of February 5, 2003 (such agreement, as amended
by a first amending agreement dated March 31, 2003 and three letters of
agreement dated December 17, 2003, January 22, 2004 and
March 26, 2004, the “Credit Agreement”).

 

B.                                     Each of Cascades, Cascades SPG and Cascades USA
has informed the Agent and the Lenders that Cascades SPG will transfer all of
its properties and assets to Cascades USA as of December 28, 2004 and will
thereafter dissolve.

 

C.                                     The parties wish to amend the Credit Agreement
to provide that Cascades SPG will cease to be, and will be replaced by,
Cascades USA as “Borrower” under the Credit Agreement.

 

Now,
therefore, the parties agree as follows:

 

1.                                      Interpretation

 

1.1                                 Capitalized
terms used herein and defined in the Credit Agreement have the meanings
ascribed to them in the Credit Agreement unless otherwise defined herein.

 

1.2                                 Any
reference to the Credit Agreement in any Credit Document refers to the Credit
Agreement as amended hereby.

 

 

2.                                      Amendments to the Credit
Agreement

 

2.1                                 Cascades SPG is no longer entitled to obtain Borrowings or otherwise
use the Facility under the Credit Agreement and is replaced as Borrower by
Cascades USA. Therefore:

 

(a)                                  Tranche B ceases to be available to
Cascades SPG and is now available to Cascades USA, and the applicable
provisions of the Credit Agreement are amended accordingly;

 

(b)                                 Subject to Section 2.3 hereof, the term
Borrowers as used in the Credit Agreement no longer includes or refers to
Cascades SPG, but, however, now includes and refers to Cascades USA and all
applicable provisions of the Credit Agreement are amended accordingly; and

 

(c)                                  Cascades USA acknowledges that it is liable as
Borrower for all obligations in respect of which Cascades SPG was liable as Borrower, including all Borrowings made to
Cascades SPG and outstanding as at the date hereof, as if such obligations had
been incurred by Cascades USA.

 

2.2                                 From the date of this Agreement, Cascades SPG will constitute a
Designated Subsidiary, and Schedule ”B” to the Credit Agreement is amended
by adding its name to the
List of Designated Subsidiaries.

 

2.3                                 For greater certainty, Section 2.1 hereof is not intended to amend
or reduce the scope of the provisions of the Credit Agreement and of any other Credit Document relating to
the obligations of Cascades SPG with respect to Security granted or to be
granted by it for the obligations of the Borrowers. Accordingly, any such
provision and any Security granted by Cascades SPG remain in full force and
effect, notwithstanding that any Credit Document may also have been executed by
it as “Borrower” or that any applicable provision of any Credit Document makes
reference to or describes it as a “Borrower”.

 

2.4                                 The Lenders acknowledge that Section 13.3(b)(ii) permits the winding-up
or dissolution of a Credit Party (other than a Borrower) that has previously
transferred substantially all of its
properties and assets to another Credit Party and, relying on the information
stated in Recital B hereof, acknowledge that Cascades SPG will be entitled
to dissolve.

 

3.                                      Intervention of Designated Subsidiaries

 

3.1                                 To
the extent necessary or useful, each Designated Subsidiary hereby confirms its
acceptance that the Credit Agreement be amended according to the terms and
conditions provided for herein.

 

2

 

3.2                                 Each
Designated Subsidiary confirms that the Security is not affected or reduced by
this Agreement and continues to secure and guarantee the obligations of the
Borrowers (including, for greater certainty, the obligations of Cascades USA,
as Borrower) under or arising from (i) the Credit Agreement, (ii) any Hedging
Agreement, (iii) the Guarantee Agreement dated February 5, 2003 or (iv) any
instrument relating to same, in each case as said obligations may be amended,
restated or supplemented from time to time.

 

4.                                      Conditions Precedent

 

Prior to or concurrently upon the execution of this Agreement, each of
the Borrowers must have delivered to the Agent a copy of the documents evidencing
the authority of the persons herein acting on behalf of such Borrower.

 

5.                                      Cost and Expenses

 

The Borrowers agree to pay on demand all reasonable costs and expenses
of the Agent in connection with the preparation, execution, delivery and
administration of this Agreement including, without limitation, the reasonable
fees and expenses of counsel for the Agent.

 

6.                                      Execution by the Agent

 

This Agreement is executed by the Agent on
behalf of the Lenders. The Agent confirms that all Lenders have consented to
the provision hereof.

 

7.                                      Counterparts

 

This Agreement may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so
executed and delivered will be deemed to be an original and all of which taken
together will constitute but one and the same agreement. Delivery of an
executed counterpart of a signature page to this Agreement by telecopier
will be effective as delivery of a manually executed counterpart of this
Agreement.

 

8.                                      Governing Law

 

This Agreement is governed by, and construed in accordance with,
the laws of the Province of Quebec and of the laws of Canada applicable
therein.

 

9.                                      Effectiveness

 

This Agreement will be effective as of December 28, 2004.

 

3

 

In
witness whereof the
parties hereto have caused this Agreement to be duly executed as of the date
and year first above written.

	
   

  	
   

  	
  Cascades Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Per:

  	
    (s)
  Robert F. Hall

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
    Robert
  F. Hall

  
	
   

  	
   

  	
   

  	
  Title:

  	
    Vice
  President, Legal Affairs

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Cascades SPG Holding Inc.

  Cascades USA Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Per:

  	
    (s)
  Nathalie Théberge

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
    Nathalie
  Théberge

  
	
   

  	
   

  	
   

  	
  Title:

  	
    Assistant
  Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Cascades Europe SAS

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Per:

  	
    (s)
  Mario Plourde

  	
   

  
	
   

  	
   

  	
  Name:

  	
    Mario
  Plourde

  
	
   

  	
   

  	
  Title:

  	
    President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Cascades Arnsberg GmbH

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Per:

  	
    (s)
  Vincent Lestringant

  	
   

  
	
   

  	
   

  	
  Name:

  	
    Vincent
  Lestringant

  
	
   

  	
   

  	
  Title:

  	
    Authorized
  Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The Bank of Nova Scotia, as Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Per:

  	
    (s)
  Robert Booomhour

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
    Robert
  Boomhour

  
	
   

  	
   

  	
   

  	
  Title:

  	
    Director

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Per:

  	
    (s)
  Peter Crawford

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
    Peter
  Crawford

  
	
   

  	
   

  	
   

  	
  Title:

  	
    Associate
  Director

  

 

4

 

	
   

  	
   

  	
   

  	
  Cascades Canada Inc.

  Cascades Nova Scotia Company

  Cascades Transport Inc.

  Kingsey Falls Investments Inc.

  3815285 Canada Inc.

  3815315 Canada Inc.

  6265642 Canada Inc.

  Cascades Boxboard U.S. Holdings, Inc.

  Cascades Boxboard U.S., Inc.

  Cascades Fjordcell Inc.

  Cascades Boxboard Group Inc.

  Conference Cup Ltd.

  Dopaco Canada, Inc.

  Dopaco, Inc.

  Dopaco Limited Partnership

  Dopaco Pacific LLC

  Garven Incorporated

  Rabotage Lemay Inc.

  Scierie Lemay Inc.

  Les Séchoirs St-François Inc.

  Cadmus and Cascades Recycling, Inc.

  Cascades Agri-Pak, Inc.

  Cascades Diamond, Inc.

  Cascades Fine Papers Group Inc.

  Cascades Fine Papers Group Thunder Bay Inc.

  Marathon Graphic Art Distributor Inc.

  Wood Wyant Inc.

  as
  Intervenors

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Per:

  	
    (s)  Robert F. Hall

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
    Robert
  F. Hall

  
	
   

  	
   

  	
   

  	
  Title:

  	
    Secretary
  or Assistant Secretary

  

 

5

 

	
   

  	
   

  	
   

  	
  Cascades Auburn Fiber Inc.

  Cascades Delaware LLC

  Cascades Moulded Pulp, Inc.

  Cascades Plastics Inc.

  Cascades Fine Papers Group (Sales) Inc.

  Cascades Fine Papers Group (USA) Inc.

  W.H. Smith Paper Corporation

  Cascades Tissue Group – Arizona Inc.

  Cascades Tissue Group – IFC Disposables Inc.

  Cascades Tissue Group – New York Inc.

  Cascades Tissue Group – North Carolina Inc.

  Cascades Tissue Group – Oregon Inc.

  Cascades Tissue Group – Pennsylvania Inc.

  Cascades Tissue Group – Sales Inc.

  Cascades Tissue Group – Tennessee Inc.

  Cascades Tissue Group – Wisconsin Inc.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Per:

  	
    (s)
  Nathalie Théberge

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
    Nathalie
  Théberge

  
	
   

  	
   

  	
   

  	
  Title:

  	
    Assistant
  Secretary

  

 

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Exhibit 4.3  

        This Promissory Note has not been registered under the Securities Act of 1933, as amended (the "Act"), or applicable state
securities laws (the "State Acts"), and shall not be sold, pledged, hypothecated, donated or otherwise transferred (whether or not for consideration) by the holder except upon the issuance to
Tipperary Corporation of a favorable opinion of the holder's counsel or submission to Tipperary Corporation of such other evidence as may be satisfactory to counsel to Tipperary Corporation, to the
effect that any such transfer shall not be in violation of the Act and the State Acts.

 
 

PROMISSORY NOTE    
    

	$4,000,000	 	Denver, Colorado

March 12, 2004

        Tipperary
Corporation, a Texas corporation ("Maker"), hereby promises to pay to the order of Slough Estates USA Inc., a Delaware corporation ("Lender"), at its office located at
444 North Michigan Avenue, Suite 3230, Chicago, Illinois 60611, or at any other place the holder hereafter designates, the principal sum of Four Million and No/100 Dollars ($4,000,000),
together with interest thereon in lawful money of the United States as herein provided. 

        1.     Interest. The unpaid principal balance of this Note shall bear interest on the amounts received, commencing on the
following dates: (i) the sum of One Million and No/100 Dollars ($1,000,000), received on July 29, 2002; (ii) the sum of Two Million and No/100 Dollars ($2,000,000), received on
October 30, 2002; (iii) the sum of One Million and No/100 Dollars ($1,000,000), received on November 18, 2002. The applicable annual interest rate hereunder, adjusted monthly,
shall be the sum of (i) the one month London Interbank Offered Rate on the first day of each calendar month ("LIBOR") plus (ii) 3.5% per year until such date as the unpaid principal
balance of this Note becomes due and payable and (ii) 6.0% per year after such date as the unpaid principal balance of this Note becomes due and payable, whether at maturity or
pursuant to other default as provided hereunder. Each monthly interest payment shall be payable in arrears in calendar monthly installments, due and payable by the second business day of the following
calendar month. Interest shall be calculated based on the actual number of days the principal balance remains outstanding in a year of 365 days. 

        2.     Maturity. The unpaid principal balance of this Note, together with accrued and unpaid interest, shall be due and payable
on April 30, 2005. 

        3.     Prepayment. The unpaid principal balance of the Note, together with accrued and unpaid interest, may be paid in whole or
in part at any time in the sole discretion of Maker without penalty. Any prepayment in part by Maker shall be first allocated to any accrued and unpaid interest, with any remaining amount being
allocated to the unpaid principal. 

        4.     Default. If any of the following events occurs, all indebtedness owing by Maker hereunder shall become forthwith due and
payable to Lender, upon delivery by Lender to Maker of a written notice of default and demand for payment, and the expiration of the following periods from the delivery of such notice, during which
periods Maker shall have the ability to cure such default: (i) in the case of (a) below, ten days, (ii) in the case of (b), (c) or (d) below, 30 days
and, (iii) in the case of (e) below, 15 days, or, if it is not practicable for Maker to cure such default within said 15-day period and Maker is diligently proceeding
to cure such default, such time longer than 15 days as is reasonable for Maker to cure such default. 

1

 

        (a)   Any
default by Maker in the payment, when due, of any part of the principal of or interest on this Note and the payment of any other sums payable by Maker
pursuant to the terms of this Note. 

        (b)   The
insolvency or bankruptcy of Maker or any of its direct or indirect subsidiaries, the execution by Maker or any of its direct or indirect subsidiaries of an
assignment for the benefit of creditors of substantially all of the assets of Maker or any such direct or indirect subsidiary, or Maker's or any of its direct or indirect subsidiary's consent to the
appointment of a trustee or a receiver or other officer of a court or other tribunal. 

        (c)   The
appointment of a trustee or receiver or other officer of a court for Maker or any of its direct or indirect subsidiaries, or for a substantial part of their
properties, without the consent of Maker or of such direct or indirect subsidiary, where no discharge is effected within 30 days. 

        (d)   The
institution of bankruptcy, reorganization, insolvency, or liquidation proceedings by or against Maker or any of its direct or indirect subsidiaries, and if against
Maker or such a direct or indirect subsidiary, where such proceeding is consented to by Maker or such subsidiary or remains undismissed for 30 days. 

        (e)   Any
other breach or failure of Maker to perform any term or condition of this Note. 

        5.     Collection. Maker and all guarantors and endorsers of this Note shall pay all costs and expenses of collection and
enforcement of this Note, including reasonable attorneys' fees. 

        6.     Waiver. Demand, presentment for payment, notice of dishonor, protest and notice of protest are hereby waived. 

        7.     Proceeds. The proceeds from this Note have previously been advanced to Maker by Lender. 

        8.     Assignment. This Note may not be assigned by Lender or Maker without the express written consent of the other
party; provided, however, that Lender may assign this Note to any of its affiliates without such consent. Such an affiliate, for purposes of this Section 9, is any person of which Lender
owns directly or indirectly more than 50% of the voting equity interests, or such person as owns directly or indirectly more than 50% of the voting equity interests of Lender. 

        9.     Governing Law. This Note is made and is being executed in the State of Colorado, and the provisions hereof will be
construed in accordance with the laws of the State of Colorado. Furthermore, Lender and Maker (and their lawful assignees, successors and endorsers) further agree that in the event of default this
Note may be enforced in any court of competent jurisdiction in the States of Colorado or Illinois, and they do hereby submit to such jurisdiction in the States of Colorado or Illinois. 

        10.   Severability. Invalidation of any of the provisions of this Note shall not affect the remainder of this Note. 

        11.   Amendment. This Note may not be amended or modified except by an instrument in writing signed by both parties. 

	

 	
 	

TIPPERARY CORPORATION
	

 	
 	

By:	
 	

/s/  DAVID L. BRADSHAW      
 David L. Bradshaw, President and Chief Executive Officer

2

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PROMISSORY NOTE

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