Document:

EXHIBIT 4.5

                         REGISTRATION RIGHTS AGREEMENT

     THIS REGISTRATION RIGHTS AGREEMENT (the "Agreement") is made and entered
into as of March 19, 2003, 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 March 14,
2003, by and among the Company and the Purchasers (the "Purchase Agreement"),
which provides for the sale by the Company to the Purchasers of $700,000,000
aggregate principal amount of its 5.30% Notes due April 1, 2015 and
$300,000,000 aggregate principal amount of its 3.80% Notes due April 1, 2008
(collectively, the "Notes"). 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 5.30% Notes due 2015 and 3.80% Notes due 2008 Supplemental
Indenture dated as of the Closing Date between the Company and the Trustee (the
"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)(i).

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

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

     "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.

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     "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 have the meaning set forth in the preamble.

     "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 Notes of each series, provided,
however, that such notes shall cease to be Registrable Notes when (i) a
Registration Statement

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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) 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.

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     "Rule 144(k)" shall have the meaning set forth in Section 2(e)(iii).

     "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.

     "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: (i) file the Exchange Offer Registration
     Statement or a Shelf Registration Statement with the SEC within 120 days
     of the Closing Date; (ii) have the Exchange Offer Registration Statement
     or Shelf Registration

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<PAGE>

     Statement declared effective by the SEC within 210 days after the Closing
     Date; (iii) consummate the Exchange Offer within 245 days of the Closing
     Date; and (iv) commence the Exchange Offer and issue the Exchange Notes in
     exchange for all Notes validly tendered in accordance with the terms of
     the Exchange Offer prior to the close of the Exchange Offer, or, in the
     alternative, cause a Shelf Registration Statement to remain effective for
     a maximum of two years from the Closing Date.

     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;

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<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

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<PAGE>

     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 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 120 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 210 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)

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<PAGE>

     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 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

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     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 120 days following the Closing Date (or, if
          applicable, the Shelf Registration Statement is not filed within 120
          days of the Closing Date), then beginning on the 121st day after the
          Closing Date, additional interest ("Additional Interest") shall
          accrue on the Registrable Notes over and above the applicable accrued
          interest rate thereon at a rate of 0.25% per annum,

               (ii) if the Exchange Offer Registration Statement (or, if
          applicable the Shelf Registration Statement) is filed and is not
          declared effective by the SEC within 210 days following the Closing
          Date, then beginning on the 211th day after the Closing Date,
          Additional Interest shall accrue on the Registrable Notes over and
          above the applicable accrued interest rate thereon at a rate of 0.25%
          per annum, and

               (iii) if either

                    (x) the Company has not exchanged Exchange Notes for all
               Registrable Notes validly tendered in accordance with the terms
               of the Exchange Offer on or prior to 245 days after the Closing
               Date;

               or

                    (y) if applicable, a Shelf Registration Statement is
               declared effective but that Shelf Registration Statement ceases
               to be effective at anytime prior to the expiration of the
               holding period referred to in Rule 144(k) promulgated under the
               Securities Act ("Rule 144(k)"),

          then Additional Interest shall accrue on the Registrable Notes over
          and above the applicable accrued interest rate thereon at a rate of
          0.25% per annum immediately following the (a) 246th day after the
          Closing Date, in the case of (x) above, or (b) the day the Shelf
          Registration Statement ceases to be effective, in the case of (y)
          above.

          However, Additional Interest may in no event exceed 0.25% per annum.
     Any Additional Interest will be payable in cash on the same original
     payment date of the

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     Notes. In addition, Additional Interest shall (a) cease to accrue upon the
     filing of the Exchange Offer Registration Statement (or, if applicable,
     the Shelf Registration Statement) (in the case of (i) above), (b) 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) (in the case of (ii)
     above), and (c) cease to accrue upon the exchange of Exchange Notes for
     the Registrable Notes or, if applicable, upon the effectiveness of the
     Shelf Registration Statement which had ceased to remain effective prior
     to the expiration of the holding period referred to in Rule 144(k) (in the
     case of (iii) above).

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     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

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     offering and sale of the Registrable Notes 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

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     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;

          (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

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<PAGE>

     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 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

                                       15
<PAGE>

     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 Under writer 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 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

                                       16
<PAGE>

     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, 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) 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

                                       17
<PAGE>

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 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"

                                      18
<PAGE>

     within the meaning of the Securities Act in connection with any resale of
     such Exchange Notes.

          (b) 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.

          (c) 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

                                       19
<PAGE>

          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 two entities representing the Participating Broker-Dealers which
          shall be Morgan Stanley & Co. Incorporated ("Morgan Stanley") and
          Salomon Smith Barney Inc. ("Salomon") if Morgan Stanley and Salomon
          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

                                      20
<PAGE>

     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 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

                                       21
<PAGE>

     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.

          Promptly after receipt by an Indemnified Party under this Section of
     notice of the commencement of any action, such Indemnified Party will, if
     a claim in respect thereof is to be made against the Indemnifying Party
     under subsection (a) or (b) above, notify the indemnifying party of the
     commencement thereof; but the omission so to notify the indemnifying party
     will not relieve it from any liability which it may have to any
     Indemnified Party otherwise than under subsection (a) or (b) above, except
     to the extent that the failure to so notify has materially prejudiced the
     rights of the indemnifying party under this Agreement. If any such
     proceeding shall be brought or asserted against an Indemnified Party and
     it shall have notified the indemnifying party thereof, the indemnifying
     party shall retain counsel reasonably satisfactory to the Indemnified
     Party to represent the Indemnified Party and any others entitled to
     indemnification pursuant to this Section 5 that the indemnifying party may
     designate in such proceeding and shall pay the fees and expenses of such
     counsel related to such proceeding, as incurred. In any such proceeding,
     any Indemnified Party shall have the right to retain its own counsel, but
     the fees and expenses of such counsel shall be at the expense of such
     Indemnified Party unless (i) the indemnifying party and the Indemnified
     Party shall have mutually agreed to the contrary; (ii) the indemnifying
     party has failed within a reasonable time to retain counsel reasonably
     satisfactory to the Indemnified Party; (iii) the Indemnified Party shall
     have reasonably concluded that there may be legal defenses available to it
     that are different from or in addition to those available to the
     indemnifying party; or (iv) the named parties in any such proceeding
     (including any impleaded parties) include both the indemnifying party and
     the Indemnified Party and representation of both parties by the same
     counsel would be inappropriate due to actual or potential differing
     interests between them. It is understood and agreed that the indemnifying
     party shall not, in connection with any proceeding or related proceeding
     in the same jurisdiction, be liable for the fees and expenses of more than
     one separate firm (in

                                       22
<PAGE>

     addition to any local counsel) for all Indemnified Parties, and that all
     such fees and expenses shall be reimbursed as they are incurred. Any such
     separate firm (x) for any Purchaser, its affiliates and any control
     Persons of such Purchaser shall be agreed upon and designated in writing
     by Morgan Stanley and Salomon, (y) for any Holder, its affiliates and any
     control Persons of such Holder shall be designated in writing by the
     Majority Holders and (z) in all other cases shall be designated in writing
     by the Company. No indemnifying party shall, without the prior written
     consent of the Indemnified Party, which consent shall not be unreasonably
     withheld, 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, in form and substance reasonably satisfactory to such
     indemnified person, 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 failure to act by or on behalf of any
     Indemnified Party.

          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
     of this subsection (d) shall be deemed to include any legal or

                                       23
<PAGE>

     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.

     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,

                                       24
<PAGE>

     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 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: if to a Holder, at the most current address given by such Holder
     to the Company;

               (2) if to the Purchasers:

                   c/o Morgan Stanley & Co. Incorporated
                   1585 Broadway
                   New York, New York 10036
                   fax: (212) 761-0538
                   Attention: Global Capital Markets

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

                   International Paper Company
                   400 Atlantic Street,
                   Stamford, Connecticut 06921
                   Attention: The Secretary, and

               with a copy to:

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

          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

                                      25
<PAGE>

     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.

          (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.

                                      26
<PAGE>

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

                                       27
<PAGE>

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

                                              INTERNATIONAL PAPER COMPANY

                                              By /s/ TOBIN J. TREICHEL
                                                --------------------------------
                                              Name:  Tobin J. Treichel
                                              Title: Vice President

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

MORGAN STANLEY & CO. INCORPORATED
SALOMON SMITH BARNEY INC.

By: MORGAN STANLEY & CO. INCORPORATED

By /s/ MICHAEL FUSCO
  --------------------------------------
  Name:  Michael Fusco
  Title: Executive Director

By: SALOMON SMITH BARNEY INC.

By /s/ THOMAS FAHERTY
  --------------------------------------
  Name:  Thomas Faherty
  Title: Vice President

    For themselves and on behalf of the
    several Purchasers listed
    in Schedule I hereto

                                       28
<PAGE>

Schedule I
----------

Morgan Stanley & Co. Incorporated
Salomon Smith Barney Inc.
Deutsche Bank Securities Inc.
J.P. Morgan Securities Inc.
UBS Warburg LLC
ABN AMRO Incorporated
Banc of America Securities LLC
BNP Paribas Securities Corp.
Credit Suisse First Boston LLC
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Tokyo-Mitsubishi International plc

                                       29<PAGE>

                                                                    EXHIBIT 4.9
                  SUN COMMUNITIES OPERATING LIMITED PARTNERSHIP

                      FORM OF 5.75% NOTE DUE APRIL 15, 2010

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

               TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS
IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF
OR SUCH SUCCESSOR'S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL
BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN
THE INDENTURE.

Number 1

                  SUN COMMUNITIES OPERATING LIMITED PARTNERSHIP
                          5.75% NOTE DUE APRIL 15, 2010
                                                                CUSIP 866677AD9

                                                                SEE EXHIBIT A
                                                                FOR CERTAIN
                                                                DEFINITIONS

               SUN COMMUNITIES OPERATING LIMITED PARTNERSHIP, a Michigan limited
partnership (herein called the "Company"), for value received, hereby promises
to pay to CEDE & CO., AS NOMINEE OF THE DEPOSITORY TRUST COMPANY, or registered
assigns, the principal sum of $150,000,000 on April 15, 2010, in such coin or
currency of the United States of America as at the time of payment shall be
legal tender for the payment of public and private debts, and to pay interest,
semi-annually on April 15 and October 15 of each year, commencing on October 15,
2003 on said principal sum, in like coin or currency, at the rate of 5.75% per
annum, from April 11, 2003 or the most recent Interest

<PAGE>

Payment Date to which interest has been paid or provided for, until the
principal hereof has been paid or duly made available for payment. The interest
so payable on any April 15 or October 15 will, except as otherwise provided in
the Indenture referred to on Exhibit A attached hereof, be paid to the person in
whose name this Note is registered at the close of business on the Regular
Record Date for such payment, which shall be the date 15 calendar days
(regardless of whether such day is a Business Day), next preceding such Interest
Payment Date or the Maturity Date at the office or agency of the Issuer
maintained for such purpose.

               Payments of interest, other than interest payable at Maturity (or
on the date of redemption, if a Note is redeemed by the Company prior to
Maturity) will be made by check mailed to the address of the person entitled
thereto as shown on the Securities Register. Payments of principal, premium, if
any, and interest upon Maturity or redemption will be made in immediately
available funds against presentation and surrender of the Note at the Corporate
Trust Office of the Trustee maintained for that purpose in the Borough of
Manhattan, the City of New York. Notwithstanding the foregoing, payments in
respect of the Notes represented by a Global Security (including principal,
premium and interest) will be made by wire transfer of immediately available
funds to the account of The Depository Trust Company as specified by The
Depository Trust Company.

               The Indenture referred to on Exhibit A contains provisions
setting forth certain conditions to the institution of proceedings by Holders of
the Notes with respect to this Note, said Indenture, the appointment of a
receiver or trustee and the enforcement of remedies under this Note or said
Indenture. However, notwithstanding any reference herein to such Indenture or
any provision of such Indenture, the right of the Holder of this Note to receive
payment of the principal of and interest on such Note, on or after the
respective dates expressed in this Note, or to institute suit for the
enforcement of any such payment on or after such respective dates, shall not be
impaired or affected without the consent of such Holder.

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

               This Note shall not be valid or become obligatory for any purpose
until the certificate of authentication hereof shall have been duly signed by
the Trustee under the Indenture referred to on the attached Exhibit A.

<PAGE>

              IN WITNESS WHEREOF, Sun Communities Operating Limited Partnership
has caused this instrument to be signed manually or by facsimile by its duly
authorized officers.

Dated:  _________, 2003

                                 Sun Communities Operating Limited
                                 Partnership

                                 By: Sun Communities, Inc., its General Partner

                                 By: __________________________________________

                                 Its: _________________________________________

                                 By: __________________________________________

                                 Its: _________________________________________

CERTIFICATE OF AUTHENTICATION

This is one of the Notes of the series
designated herein referred to on the
attached Exhibit A.

Deutsche Bank Trust Company Americas,
formerly known as Bankers Trust Company, as Trustee

By:____________________________________
         Authorized Signatory

<PAGE>

                                EXHIBIT A TO NOTE

                  SUN COMMUNITIES OPERATING LIMITED PARTNERSHIP
                          5.75% NOTE DUE APRIL 15, 2010

 1. Indenture.

        This Note is one of a duly authorized issue of debentures, notes or
other evidence of indebtedness (hereinafter called the "Securities") of the
Company of the series hereinafter specified, which series is initially limited
in aggregate principal amount to $150,000,000, all such Securities issued and to
be issued under an indenture (herein, the "Indenture") dated as of April 24,
1996, and amended pursuant to a First Supplemental Indenture dated as of August
20, 1997, among the Company, Sun Communities, Inc. and Deutsche Bank Trust
Company Americas, formerly known as Bankers Trust Company, as Trustee, to which
the Indenture and all indentures supplemental thereto reference is hereby made
for a specification of the rights and limitation of rights thereunder of the
Holders of the Securities and of the rights, obligations, duties and immunities
of the Trustee and the Company. As provided in the Indenture, the Securities may
be issued in one or more series, which different series may be issued in various
aggregate principal amounts, may mature at different times, may bear interest,
if any, at different rates, may be subject to different redemption provisions,
if any, may be subject to different sinking, purchase or analogous funds, if
any, may be subject to different covenants and Events of Default and may
otherwise vary as in the Indenture provided or permitted. This Note is one of a
series of the Securities designated pursuant thereto as 5.75% Notes Due April
15, 2010 (the "Notes").

 2. Paying Agent and Registrar.

        Initially, Deutsche Bank Trust Company Americas, formerly known as
Bankers Trust Company, at its corporate trust facility in the Borough of
Manhattan, The City of New York, will act as Paying Agent and Securities
Registrar. The Company may appoint and change any Paying Agent, Securities
Registrar or co-registrar without notice. The Company may act as Paying Agent,
Securities Registrar or co-registrar.

 3. Redemption.

        The Notes may be redeemed, in whole or from time to time in part, at
the option of the Company at any time, upon mailing notice of such redemption
not less than 30 days and not more than 60 days before the date of redemption to
the holder of the Notes as provided for in the Indenture, at a redemption price
equal to the sum of (a) the principal amount of the Notes being redeemed plus
accrued interest thereon to the redemption date, and (b) the Make-Whole Amount,
as defined below, if any, with respect to the Notes. For purposes of the
foregoing provisions, the following terms, as used herein, have the following
meanings:

             "Adjusted Treasury Rate" means, with respect to any redemption
        date, the rate per annum equal to the semiannual equivalent yield to
        maturity of the Comparable Treasury Issue, assuming a price for the
        Comparable Treasury Issue (expressed as a percentage of

                                      A-1

<PAGE>

         its principal amount) equal to the Comparable Treasury Price for such
         redemption date.

                  "Comparable Treasury Issue" means the United States Treasury
         security selected by a Quotation Agent as having a maturity comparable
         to the remaining term 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 such notes.

                  "Comparable Treasury Price" means, with respect to any
         redemption date, (1) the average of the Reference Treasury Dealer
         Quotations for such redemption date, after excluding the highest and
         lowest such Reference Treasury Dealer Quotations, or (2) if the trustee
         obtains fewer than three such Reference Treasury Dealer Quotations, the
         average of all such Quotations.

                  "Make-Whole Amount" means, as determined by a Quotation Agent
         (as defined below) in connection with any optional redemption of any
         notes, the excess, if any, of:

                        (1) the aggregate present value as of the date of
                  redemption of each dollar of principal being redeemed and the
                  amount of interest, exclusive of interest accrued to the date
                  of redemption, that would have been payable in respect of each
                  dollar if the redemption had not been made, determined by
                  discounting, on a semi-annual basis, the principal and
                  interest at the Adjusted Treasury Rate (as defined below) plus
                  25 basis points, determined on the third business day
                  preceding the date notice of the redemption is given, from the
                  respective dates on which the principal and interest would
                  have been payable if the redemption had not been made, to the
                  date of redemption; over

                        (2) the aggregate principal amount of the notes being
                  redeemed.

                  "Reference Treasury Dealer" means (1) Lehman Brothers Inc. and
         A.G. Edwards & Sons, Inc. and their respective successors; provided,
         however, that if any of the foregoing shall cease to be a primary U.S.
         Government securities dealer in New York City (a "Primary Treasury
         Dealer"), the Company shall substitute therefor another Primary
         Treasury Dealer; and (2) any other Primary Treasury Dealer selected by
         the trustee after consultation with the Company.

                  "Reference Treasury Dealer Quotations" means, with respect to
         each Reference Treasury Dealer and any redemption date, the average, as
         determined by the trustee, 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 trustee by such
         Reference Treasury Dealer at 5:00 p.m. on the third business day
         preceding such redemption date.

         If less than all the Notes are to be redeemed at the option of the
Company, the Company will notify the Trustee at least 45 days prior to giving
notice of redemption to the Holders (or such shorter period as is satisfactory
to the Trustee) of the aggregate principal amount of Notes

                                      A-2

<PAGE>

to be redeemed and their redemption date. The Trustee shall select, in such
manner as it shall deem fair and appropriate, no less that 60 days prior to the
date of redemption, the Notes to be redeemed in whole or in part.

4. Defaults and Remedies.

       Under the Indenture, an Event of Default includes: (i) default for 30
days in payment of any interest or Additional Amount on any Notes; (ii) default
in payment of any principal (including, without limitation, any premium or
Make-Whole Amount, if any) on the Notes when due; (iii) failure by the Company
for 60 days after notice to it to comply with any of its other agreements
contained in the Indenture or the Notes; (iv) default in the payment of certain
indebtedness of the Company or indebtedness of any Subsidiary that is guaranteed
by the Company and (v) certain events of bankruptcy, insolvency or
reorganization of the Company or any Significant Subsidiary. If an Event of
Default (other than as a result of certain events of bankruptcy, insolvency or
reorganization of the Company) occurs and is continuing, the Trustee or the
Holders of at least 25% in aggregate principal amount of the Notes then
outstanding may declare all unpaid principal to the date of acceleration on the
Notes then outstanding to be due and payable immediately, all as and to the
extent provided in the Indenture. If an Event of Default occurs as a result of
certain events of bankruptcy, insolvency or reorganization of the Company, the
unpaid principal of the Notes then outstanding shall become due and payable
immediately without any declaration or other act on the part of the Trustee or
any Holder, all as and to the extent provided in the Indenture. Holders may not
enforce the Indenture or the Notes except as provided in the Indenture. The
Trustee may require indemnity satisfactory to it before it enforces the
Indenture or the Notes. Subject to certain limitations, Holders of a majority in
aggregate principal amount of the Notes then outstanding may direct the Trustee
in its exercise of any trust or power. The Trustee may withhold from Holders
notice of any continuing default (except a default in payment of principal or
interest) if it determines that withholding notice is in their interests. The
Company is required to file periodic reports with the Trustee as to the absence
of default.

5. Amendment; Supplement; Waiver.

       Subject to certain exceptions, the Indenture or the Notes may be
amended or supplemented with the consent of the Holders of at least a majority
in aggregate principal amount of all series of Securities to be affected
thereby, including the Notes. The Indenture also contains provisions permitting
the Holders of at least a majority in aggregate principal amount of the Notes
then outstanding, on behalf of the Holders of all Notes, to waive compliance by
the Issuer with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the
Holders of this Note shall be conclusive and binding upon such Holder and upon
all future Holders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof, whether or not notation
of such consent or waiver is made upon this Note.

6. Obligation Unconditional.

       No reference herein to the Indenture and no provision of the Note, to
which this Exhibit

                                      A-3
<PAGE>

is attached, shall alter or impair the obligation of the Company to pay the
principal of and interest on this Note at the place, at the respective times, at
the rate and in the currency herein prescribed.

7. Denominations; Transfer;

      The Notes are issuable only in registered form without coupons in
denominations of $1,000 and any integral multiple of $1,000. Any Note or Notes
may be exchanged for a Note or Notes in other authorized denominations, in an
equal aggregate principal amount in the manner and subject to the limitations
provided in the Indenture, at the office or agency of the Trustee maintained for
that purpose in the Borough of Manhattan, The City of New York. The Security
Registrar may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and to pay any taxes or other governmental
charges that may be imposed in relation thereto by law or permitted by the
Indenture.

8. Persons Deemed Owners.

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

9. No Recourse Against Others.

      No recourse shall be had for the payment of the principal of or interest
on this Note, or for any claim based hereon, or otherwise in respect hereof, or
based on or in respect of the Indenture or any indenture supplemental thereto,
against any incorporator, or against any past, present or future stockholder,
director, officer, partner or trustee, as such, of the Company, or of any
successor either directly or through the Company under any constitution, statute
or rule of law, or by the enforcement of any assessment or by any legal or
equitable proceeding or otherwise, all such liability being, by the acceptance
hereof and as part of the consideration for the issue hereof, expressly waived
and released.

10. Defeasance.

      The Indenture contains provisions for defeasance at any time of (a) the
entire indebtedness of the Company on this Note and (b) certain restrictive
covenants and the related defaults and Events of Default applicable to the
Company, in each case, upon compliance by the Company with certain conditions
set forth in the Indenture, which provisions apply to this Note.

                                      A-4
<PAGE>

11. Abbreviations.

      The following abbreviations, when used in the inscription on the face
of this Note, shall be construed as if they were written out in full according
to applicable laws or regulations: TEN COM (=tenants in common), TEN ENT
(=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship
and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gifts to
Minors Act). Additional abbreviations, though not in the above list, may also be
used.

12. CUSIP Numbers.

      Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Company has caused CUSIP numbers to be
printed on the Notes and has directed the Trustee to use CUSIP numbers in
notices of redemption as a convenience to Noteholders. No representation is made
as to the accuracy of such numbers either as printed on the Notes or as
contained in any notice of redemption and reliance may be placed only on the
other identification numbers placed thereon.

13. Defined Terms.

      All terms used in this Note but not specifically defined herein shall
have the meaning set forth in the Indenture.

14. Governing Law.

      THIS NOTE FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE
INTERNAL LAWS OF THE STATE OF NEW YORK.

15.  Indenture to Control.

      In the case of any conflict between the provisions of this Note and the
Indenture, the provisions of the Indenture shall control.

                                      A-5

<PAGE>

                                ASSIGNMENT FORM

I or we assign and transfer this Note to: _____________________________________

Please insert social security or other identifying number of assignee

_____________________________________________________________________

Print or type name, address and zip code of assignee and irrevocably appoint
__________________ as agent, to transfer this Note on the books of the Company.

The agent may substitute another to act for him.

Dated: _________________________

Signed:
          (Sign exactly as name appears on this Note)

Signature Guarantee(1):
Date of Exchange

(1) The Holder's signature must be guaranteed by a member firm of a registered
national securities exchange or of the National Association of Securities
Dealers, Inc., a commercial bank or trust company having an office or
correspondent in the United States or an "eligible guarantor institution" as
defined by Rule 17Ad-15 under the Exchange Act.

                                      A-6

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