Document:

exv10w6wxby

Exhibit 10.6(b)

FIRST AMENDMENT TO CREDIT AGREEMENT

     THIS FIRST AMENDMENT TO CREDIT AGREEMENT (the “Amendment”), dated April 25th, 2006,
by and among P.H. GLATFELTER COMPANY, a Pennsylvania corporation (the “Company”), on behalf
of itself and each of the other Loan Parties under the Credit Agreement (as hereinafter defined),
the BANKS (as defined under the Credit Agreement) parties hereto, PNC BANK, NATIONAL ASSOCIATION,
in its capacity as agent for the Banks (the “Agent”).

WITNESSETH:

     WHEREAS, the parties hereto are parties to that certain Credit Agreement, dated as of April 3,
2006 (the “Credit Agreement”);

     WHEREAS, the parties hereto desire to amend the Credit Agreement as provided herein.

     NOW, THEREFORE, the parties hereto, in consideration of their mutual covenants and agreements
hereinafter set forth and intending to be legally bound hereby, covenant and agree as follows
(Defined terms used herein unless otherwise amended or defined herein shall have the meanings
ascribed to them in the Credit Agreement as amended by this Amendment.):

1. Amendment to Section 8.1.12 [Note Issue] of the Credit Agreement.

     Clause (iii) of Section 8.1.12 [Note Issue] of the Credit Agreement (which reads as follows:
“(iii) the warranties and covenants contained in the agreements governing such Required Note
Refinancing shall not be more restrictive than those contained in this Agreement;”) is hereby
deleted and the words “and (iv)” which follow immediately after such clause (iii) are hereby
amended to read “and (iii)”.

2. Conditions to the Effectiveness of this Amendment.

     This Amendment shall be effective upon when it has been signed by the Company, the Required
Banks and the Agent.

3. Force and Effect.

     Each of the parties hereto reconfirms and ratifies the Credit Agreement and all other
documents executed in connection therewith, and confirms that all such documents remain in full
force and effect since the date of their execution, except to the extent modified by this
Amendment.

4. Governing Law.

     This Amendment shall be deemed to be a contract under the laws of the Commonwealth of
Pennsylvania and for all purposes shall be governed by and construed and enforced in accordance
with the internal laws of the Commonwealth of Pennsylvania without regard to its conflict of laws
principles.

 

 

5. Counterparts.

     This Amendment may be signed by telecopy or original in any number of counterparts each of
which shall be deemed an original, but all of which together shall constitute one and the same
instrument.

     IN WITNESS WHEREOF, the parties have executed this instrument under seal as of the day and
year first above written.

[SIGNATURE PAGES FOLLOWS]

2

 

[SIGNATURE. PAGE 1 OF 4 TO

FIRST AMENDMENT TO CREDIT AGREEMENT]

	 	 	 	 	 
	 	 	COMPANY:
	 
	 	 	 	 
	 	 	P.H. GLATFELTER COMPANY,

FOR ITSELF AND EACH OTHER LOAN PARTY
	 
	 	 	 	 
	 

	 	By:
	 	/s/ John C. van Roden, Jr.
	 

	 	 	 	 
	 

	 	Name:
	 	John C. van Roden, Jr.
	 

	 	Title:
	 	Executive Vice President & 
Chief Financial Officer

3

 

[SIGNATURE PAGE 2 OF 4 TO

FIRST AMENDMENT TO CREDIT AGREEMENT]

	 	 	 	 	 
	 	 	BANKS AND AGENT:
	 
	 	 	 	 
	 	 	PNC BANK, NATIONAL ASSOCIATION, 
individually and as Agent
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Frank A. Pugliese
	 

	 	 	 	 
	 

	 	Name:
	 	Frank A. Pugliese
	 

	 	Title:
	 	Senior Vice President
	 
	 	 	 	 
	 	 	CREDIT SUISSE, CAYMAN ISLANDS BRANCH
	 
	 	 	 	 
	 

	 	By:
	 	/s/ David Dodd      /s/ Mikhail Faybusovich
	 

	 	 	 	 
	 

	 	Name:
	 	David Dodd            Mikhail Faybusovich
	 

	 	Title:
	 	Vice President        Associate
	 
	 	 	 	 
	 	 	LASALLE BANK NATIONAL ASSOCIATION
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Philip R. Medsger
	 

	 	 	 	 
	 

	 	Name:
	 	Philip R. Medsger
	 

	 	Title:
	 	First Vice President
	 
	 	 	 	 
	 	 	MANUFACTURERS AND TRADERS TRUST COMPANY
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Tracey E. Sawyer Calhoun
	 

	 	 	 	 
	 

	 	Name:
	 	Tracey E. Sawyer Calhoun
	 

	 	Title:
	 	Vice President

4

 

[SIGNATURE PAGE 3 OF 4

TO FIRST AMENDMENT TO CREDIT AGREEMENT]

	 	 	 	 	 
	 	 	SUNTRUST BANK
	 
	 	 	 	 
	 

	 	By:
	 	/s/ William C. Washburn, Jr.
	 

	 	 	 	 
	 

	 	Name:
	 	William C. Washburn, Jr.
	 

	 	Title:
	 	Vice President
	 
	 	 	 	 
	 	 	BANK OF AMERICA, N.A.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	HSBC BANK USA
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Wynelle Farlow
	 

	 	 	 	 
	 

	 	Name:
	 	Wynelle Farlow
	 

	 	Title:
	 	Vice President
	 
	 	 	 	 
	 	 	CITIBANK, N.A.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Christopher Webb
	 

	 	 	 	 
	 

	 	Name:
	 	Christopher Webb
	 

	 	Title:
	 	Senior Vice President
	 
	 	 	 	 
	 	 	CITIBANK, N.A., CANADIAN BRANCH
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

5

 

[SIGNATURE PAGE 4 OF 4 TO

FIRST AMENDMENT TO CREDIT AGREEMENT]

	 	 	 	 	 
	 
	 	 	 	 
	 	 	CITIZENS BANK OF PENNSYLVANIA
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Michael J. Gillig
	 

	 	 	 	 
	 

	 	Name:
	 	Michael J. Gillig
	 

	 	Title:
	 	Vice President
	 
	 	 	 	 
	 	 	COMMERZBANK AG, NEW YORK AND 
GRAND CAYMAN BRANCHES
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	COMERICA BANK
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Stacey Judd
	 

	 	 	 	 
	 

	 	Name:
	 	Stacey Judd
	 

	 	Title:
	 	Vice President
	 
	 	 	 	 
	 	 	FIFTH THIRD BANK
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Jim Janovsky
	 

	 	 	 	 
	 

	 	Name:

Title:
	 	Jim Janovsky

Vice President
	 
	 	 	 	 
	 	 	COBANK, ACB
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Michael Tousignant
	 

	 	 	 	 
	 

	 	Name:
	 	Michael Tousignant
	 

	 	Title:
	 	Vice President

6exv10w6wxcy

Exhibit 10.6(c)

SECOND AMENDMENT TO CREDIT AGREEMENT

     THIS SECOND AMENDMENT TO CREDIT AGREEMENT (the “Amendment”), dated as of December 22, 2006, by
and among P.H. GLATFELTER COMPANY, a Pennsylvania corporation (the
“Company”), on behalf of
itself and each of the other Loan Parties under the Credit Agreement (as hereinafter defined), the
BANKS (as defined under the Credit Agreement) parties hereto, PNC BANK, NATIONAL ASSOCIATION, in
its capacity as agent for the Banks (the “Agent”).

WITNESSETH:

     WHEREAS, the parties hereto are parties to that certain Credit Agreement, dated as of April 3,
2006, as amended by that First Amendment thereto dated April 25, 2006 (as so amended, the “Credit
Agreement”);

     WHEREAS, the parties hereto desire to amend the Credit Agreement as provided herein.

     NOW, THEREFORE, the parties hereto, in consideration of their mutual covenants and agreements
hereinafter set forth and intending to be legally bound hereby, covenant and agree as follows
(Defined terms used herein unless otherwise amended or defined herein shall have the meanings
ascribed to them in the Credit Agreement as amended by this Amendment.):

1.
Amendment to Section 1.1 [Definitions] of the Credit Agreement.

     (A) Existing
Definitions. The following definitions contained in Section 1.1 of the
Credit Agreement are hereby amended and restated to read as follows:

          “Consolidated
EBITDA shall mean as of the end of any fiscal quarter: (i) EBITDA of the
Company and its Subsidiaries for the immediately preceding four fiscal quarters, plus (ii) the
aggregate gain on sale of all timberland properties (as determined in accordance with GAAP) (A)
made within the eight immediately preceding fiscal quarters and multiplied by one-half (1/2) if
Consolidated EBITDA is being calculated for any fiscal quarter through and including the fiscal
quarter ending June 30, 2008 and (B) made within the four immediately preceding fiscal quarters if
Consolidated EBITDA is being calculated for any fiscal quarter ending after June 30, 2008, in each
case net of any losses on such sales, provided that the amount of the net gain on sale of
timberland properties included in the calculation of Consolidated EBITDA under this clause (ii) may
not exceed 30% of the EBITDA of the Company and its Subsidiaries for the immediately preceding four
fiscal quarters.”

          “Consolidated
Total Debt shall mean all long and short term Indebtedness (but
excluding SunTrust Indebtedness described in Section 8.2.1(ix) and Permitted Timber Installment
Sale Indebtedness described in Section 8.2.1(x)).”

          “EBITDA
shall mean, for any period and any Person, net income (excluding extraordinary
gains and losses, gains and losses on sales of assets and non-cash pension income) plus income tax
expense, interest expense (excluding Timber Installment Sale Interest Expense), depreciation,
amortization expense and any Permitted EBITDA Add Backs (if EBITDA is being computed for the
Company) of such Person.”

 

 

          “Interest
Period shall mean the period of time selected by the Borrowers in connection
with (and to apply to) any election permitted hereunder by the Borrowers to have Revolving Credit
Loans or Term Loans bear interest under the Euro-Rate Option. Subject to the last sentence of this
definition, such period shall be (A) (i) one or two Months if Borrowers select the Euro-Rate Option
during the Syndications Period, and (ii) one, two, three or six Months if the Borrowers select the
Euro-Rate Option after the Syndications Period has ended, and (B) one or two Months with respect to
any Loans made in any Optional Currency. Such Interest Period shall commence on the effective date
of such Interest Rate Option, which shall be (i) the Borrowing Date if the Borrowers are requesting
new Loans, or (ii) the date of renewal of or conversion to the Euro-Rate Option if the Borrowers
are renewing or converting to the Euro-Rate Option applicable to outstanding Loans.
Notwithstanding the second sentence hereof: (A) any Interest Period which would otherwise end on a
date which is not a Business Day shall be extended to the next succeeding Business Day unless such
Business Day falls in the next calendar month, in which case such Interest Period shall end on the
next preceding Business Day, and (B) the Borrowers shall not select, convert to or renew an
Interest Period for any portion of the Loans that would end after the Expiration Date.”

     “Material
Sale of Assets Excluding TISs shall mean: (i) any sales or other
dispositions of timberland of the Loan Parties (other than a Permitted Timber Installment Sale)
when the aggregate amount of such proceeds from such sales or dispositions equals or exceeds
$2,000,000 (the “Material Sale Threshold”) and each time subsequent sales or dispositions are made
after such time as the Material Sale Threshold is reached, such subsequent sales or dispositions
shall constitute a “Material Sale of Assets Excluding TISs” when the aggregate amount of proceeds
from such subsequent sales or dispositions again equals or exceeds the Material Sale Threshold,
(ii) any sale or other disposition of any other assets (other than timberland) of the Loan Parties
sold pursuant to Section 8.2.7(vi) if the proceeds of such sale or other disposition shall exceed
$2,000,000, or (iii) any sale or other disposition of any assets of the Loan Parties sold pursuant
to Section 8.2.7(vii).”

     (B) New
Definitions. The following new definitions are hereby added to Section 1.1 in
alphabetical order:

     “Permitted
Timber Installment Sale shall have the meaning assigned to such term in
Section 8.2.1(x).”

     “Permitted
Timber Installment Sale Indebtedness shall have the meaning assigned to
such term in Section 8.2.1(x).”

     “Timber
Installment Sale Interest Expense shall mean, for any period of the Company
and its Subsidiaries, interest expense arising pursuant to Permitted Timber Installment Sale
Indebtedness or SunTrust Indebtedness (as determined and consolidated in accordance with GAAP).”

2.
Amendment of Section 1.3 [Accounting Principles] of the Credit Agreement.

     Section 1.3 of the Credit Agreement is hereby amended and restated to read as follows:

     “1.3
Accounting Principles.

 

 

     Except as otherwise provided in this Agreement, all computations and determinations as to
accounting or financial matters and all financial statements to be delivered pursuant to this
Agreement shall be made and prepared in accordance with GAAP (including principles of consolidation
where appropriate), and all accounting or financial terms shall have the meanings ascribed to such
terms by GAAP; provided, however, that all accounting terms used in Sections
8.2.15, 8.2.16 and 8.2.17 (and all defined terms used in the definition of any accounting term used
in Sections 8.2.15, 8.2.16 and 8.2.17 shall have the meaning given to such terms (and defined
terms) under GAAP as in effect on the date hereof applied on a basis consistent with those used in
preparing the Annual Statements referred to in Section 6.1.8(i) . In the event of any change after
the date hereof in GAAP, and if such change would result in the inability to determine compliance
with the financial covenants set forth in Sections 8.2.15, 8.2.16 and 8.2.17 based upon the
Company’s regularly prepared financial statements by reason of the preceding sentence, then the
parties hereto agree to endeavor, in good faith, to agree upon an amendment to this Agreement that
would adjust such financial covenants in a manner that would not affect the substance thereof, but
would allow compliance therewith to be determined in accordance with the Company’s financial
statements at that time; provided, further, that for purposes of the calculation of the
financial covenants in Sections 8.2.15, 8.2.16 and 8.2.17, the adjustments to income and expense of
the Loan Parties (and any other adjustments) resulting from the promulgation of Statement of
Financial Accounting Standards (“SFAS”) No. 158 shall be disregarded.”

3.
Amendment of Section 5.5.1.1 [Sale of Assets] of the Credit Agreement.

     Section 5.5.1.1
of the Credit Agreement is hereby amended and restated to read as follows:

     “5.5.1.1 Sale of Assets.

     Within (a) five (5) Business Days of any Material Sale of Assets Excluding TISs and (b) sixty
(60) calendar days of any Permitted Timber Installment Sale, the Borrowers shall make a mandatory
prepayment of principal on the Term Loans equal to the applicable percentage (as reflected on
Schedule 5.5.1) of the after-tax proceeds received or receivable (if not yet received) in
connection with such Material Sale of Assets Excluding TISs or such Permitted Timber Installment
Sale, as applicable (in each case as estimated in good faith by the Borrower), together with
accrued interest on such principal amount.”

4.
Amendment of Section 8.2.1 [Indebtedness] of the Credit Agreement.

     Subsections (x) and (xiii) of Section 8.2.1 [Indebtedness] of the Credit Agreement are hereby
amended and restated to read as follows:

          “(x) Indebtedness (“Permitted Timber Installment Sale Indebtedness”) which is (a) incurred in
connection with an installment sale of timber (a “Permitted Timber Installment Sale”), (b)
structured similarly to the SunTrust Indebtedness and used for similar purposes, and(c) upon terms
and documentation which has been reviewed and approved by the Agent;
provided that the
terms and conditions contained in the agreements evidencing such Indebtedness shall not be
subsequently modified after the closing date thereof without the consent of the Agent.”

 

 

          “(xiii) Other unsecured Indebtedness in an amount not to exceed $30,000,000 outstanding at any
time.”

     The remainder of Section 8.2.1 [Indebtedness] remains unchanged hereby.

5.
Amendment of Section 8.2.4 [Loans and Investments] of the Credit Agreement.

     A new subsection (ix) is hereby added to Section 8.2.4 [Loans and Investments] of the Credit
Agreement immediately after subsection (viii) thereof to read as follows:

          “(ix) loans to (A) purchasers under a Permitted Timber Installment Sale to finance the
purchase price thereof and (B) Sustainable Conservation, Inc. made prior to the Closing Date to
finance the purchase of timberlands pursuant to an installment sale of timberlands transaction,
which occurred in connection with the SunTrust Indebtedness.”

     The remainder of Section 8.2.4 [Loans and Investments] remains unchanged hereby.

6. Amendment of Section 8.2.7 [Dispositions of Assets or Subsidiaries] of the Credit
Agreement.

     Subsection (iii) of Section 8.2.7 [Dispositions of Assets or Subsidiaries] of the Credit
Agreement is hereby amended and restated to read as follows:

     “(iii) any sale, transfer or lease of assets by (a) one Loan Party to another Loan Party or
(b) any Subsidiary of a Loan Party which is not itself a Loan Party to a Loan Party or a Subsidiary
of a Loan Party.”

     The remainder of Section 8.2.7 [Dispositions of Assets or Subsidiaries] remains unchanged
hereby.

7.
Amendment of Section 8.2.17 [Minimum Interest Coverage Ratio] of the Credit Agreement.

     Section 8.2.17 [Minimum Interest Coverage Ratio] of the Credit Agreement is hereby amended and
restated to read as follows:

     “8.2.17 Minimum Interest Coverage Ratio.

     The Borrowers shall not permit the ratio of Consolidated Adjusted EBITDA to consolidated
interest expense (excluding Timber Installment Sale Interest Expense) of the Borrowers and their
Subsidiaries, measured as of the end of each fiscal quarter, for the four (4) fiscal quarters then
ended, to be less than 3.50 to 1.00.”

8.
Conditions to the Effectiveness of this Amendment.

     This Amendment shall be effective upon when (a) it has been signed and delivered by the
Company, the Required Banks and the Agent, (b) the Intercompany Subordination Agreement
substantially in the form of Exhibit A hereto has been signed and delivered by each of the
Loan

 

 

Parties and (c) the representations and warranties of the Loan Parties in Section 6 hereof
shall be true and correct.

9.
Representations and Warranties.

     The Loan Parties hereby represent and warrant to the Agent and the Banks that (a) the
representations and warranties of the Loan Parties contained in the Credit Agreement and the other
Loan Documents are true and correct on and as of the date hereof with the same force and effect as
though made by the Loan Parties on such date, except to the extent that any such representation or
warranty expressly relates solely to a previous date, and (b) the Loan Parties are in compliance
with all terms, conditions, provisions, and covenants contained in the Credit Agreement and the
other Loan Documents and there exists no Event of Default or Potential Default and (c) all of the
terms and conditions, provisions and covenants in the Credit Agreement, the Loan Documents and all
other documents delivered to the Banks and the Agent in connection with any of the foregoing
documents and obligations secured thereby are in full force and effect, are hereby ratified and
confirmed and remain unaltered, except as expressly modified by this Amendment. This Amendment has
been duly executed by an authorized officer of each Loan Party. The execution, delivery, and
performance of this Amendment have been duly authorized by all necessary corporate action, require
no governmental approval, and will neither contravene, conflict with, nor result in the breach of
any law, charter, articles, or certificate of incorporation or organization, bylaws, operating
agreement or other agreement governing or binding upon any of the Loan Parties or any of their
property. Each Loan Party is in good standing in its jurisdiction of organization.

10.
Force and Effect.

     Each of the parties hereto reconfirms and ratifies the Credit Agreement and all other
documents executed in connection therewith, and confirms that all such documents remain in full
force and effect since the date of their execution, except to the extent modified by this
Amendment.

11.
Governing Law.

     This Amendment shall be deemed to be a contract under the laws of the Commonwealth of
Pennsylvania and for all purposes shall be governed by and construed and enforced in accordance
with the internal laws of the Commonwealth of Pennsylvania without regard to its conflict of laws
principles.

12.
Counterparts.

     This Amendment may be signed by telecopy or original in any number of counterparts each of
which shall be deemed an original, but all of which together shall constitute one and the same
instrument.

     IN WITNESS WHEREOF, the parties have executed this instrument under seal as of the day and
year first above written.

[SIGNATURE PAGES FOLLOW]

 

 

[SIGNATURE PAGE 1 OF 16 TO

SECOND AMENDMENT TO CREDIT AGREEMENT]

	 	 	 	 	 
	 	 	BORROWERS:
	 
	 	 	 	 
	 	 	P.H. GLATFELTER COMPANY
	 
	 	 	 	 
	 

	 	By:
	 	/s/ John P. Jacunski
	 

	 	 	 	 
	 

	 	Name:
	 	John P. Jacunski
	 

	 	Title:
	 	Senior Vice President and CFO
	 
	 	 	 	 
	 	 	PHG TEA LEAVES, INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ George B. Amoss, Jr.
	 

	 	 	 	 
	 

	 	Name:
	 	George B. Amoss, Jr.
	 

	 	Title:
	 	President
	 
	 	 	 	 
	 	 	PAPIERFABRIK SCHOELLER & HOESCH GMBH & CO. KG
	 
	 	 	 	 
	 	 	By: S&H Verwaltungsgesellschaft mbH, its General
Partner
	 
	 	 	 	 
	 

	 	By:
	 	/s/ John P. Jacunski
	 

	 	 	 	 
	 

	 	Name:
	 	John P. Jacunski
	 

	 	Title:
	 	Managing Director
	 
	 	 	 	 
	 	 	S&H VERWALTUNGESELLSCHAFT MBH
	 
	 	 	 	 
	 

	 	By:
	 	/s/ John P. Jacunski
	 

	 	 	 	 
	 

	 	Name:
	 	John P. Jacunski
	 

	 	Title:
	 	Managing Director
	 
	 	 	 	 
	 	 	GLATFELTER-UK, LTD
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Jeffrey J. Norton
	 

	 	 	 	 
	 

	 	Name:
	 	Jeffrey J. Norton
	 

	 	Title:
	 	Secretary
	 
	 	 	 	 
	 	 	MOLLANVICK, INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ George B. Amoss, Jr.
	 

	 	 	 	 
	 

	 	Name:
	 	George B. Amoss, Jr.
	 

	 	Title:
	 	President

 

 

[SIGNATURE PAGE 2 OF 16 TO

SECOND AMENDMENT TO CREDIT AGREEMENT]

	 	 	 	 	 
	 	 	GUARANTORS:
	 
	 	 	 	 
	 	 	THE GLATFELTER PULP WOOD COMPANY
	 
	 	 	 	 
	 

	 	By:
	 	/s/ George H. Glatfelter
	 

	 	 	 	 
	 

	 	Name:
	 	George H. Glatfelter
	 

	 	Title:
	 	Chairman and President
	 
	 	 	 	 
	 	 	GLT INTERNATIONAL FINANCE, LLC
	 
	 	 	 	 
	 

	 	By:
	 	/s/ George B. Amoss, Jr.
	 

	 	 	 	 
	 

	 	Name:
	 	George B. Amoss, Jr.
	 

	 	Title:
	 	Treasurer
	 
	 	 	 	 
	 	 	GLENN-WOLFE, INC
	 
	 	 	 	 
	 

	 	By:
	 	/s/ George B. Amoss, Jr.
	 

	 	 	 	 
	 

	 	Name:
	 	George B. Amoss, Jr.
	 

	 	Title:
	 	President
	 
	 	 	 	 
	 	 	GLATFELTER HOLDINGS, LLC
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Thomas V. Bosley
	 

	 	 	 	 
	 

	 	Name:
	 	Thomas V. Bosley
	 

	 	Title:
	 	Vice President and General Manager
	 

	 	 	 	Of Glatfelter Pulp Wood Company
	 

	 	 	 	Member of Glatfelter Holdings, LLC
	 
	 	 	 	 
	 	 	GLATFELTER HOLDINGS II, LLC
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Thomas V. Bosley
	 

	 	 	 	 
	 

	 	Name:
	 	Thomas V. Bosley
	 

	 	Title:
	 	Vice President and General Manager
	 

	 	 	 	Of Glatfelter Pulp Wood Company
	 

	 	 	 	Member of Glatfelter Holdings II, LLC

 

 

[SIGNATURE PAGE 3 OF 16 TO

SECOND AMENDMENT TO CREDIT AGREEMENT]

	 	 	 	 	 
	 	 	BANKS AND AGENT:
	 
	 	 	 	 
	 	 	PNC BANK, NATIONAL ASSOCIATION, 

individually and as
Agent
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Frank A. Pugliese
	 

	 	 	 	 
	 

	 	Name:
	 	Frank A. Pugliese
	 

	 	Title:
	 	Senior Vice President

 

 

[SIGNATURE PAGE 4 OF 16 TO

SECOND AMENDMENT TO CREDIT AGREEMENT]

	 	 	 	 	 
	 	 	CREDIT SUISSE, CAYMAN ISLANDS BRANCH
	 
	 	 	 	 
	 

	 	By:
	 	/s/ David Dodd
	 

	 	 	 	 
	 

	 	Name:
	 	David Dodd
	 

	 	Title:
	 	Vice President
	 
	 	 	 	 
	 

	 	By:
	 	/s/ James Neira
	 

	 	 	 	 
	 

	 	Name:
	 	James Neira
	 

	 	Title:
	 	Associate

 

 

[SIGNATURE PAGE 5 OF 16 TO

SECOND AMENDMENT TO CREDIT AGREEMENT]

	 	 	 	 	 
	 	 	LASALLE BANK NATIONAL ASSOCIATION
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Philip R. Medsger
	 

	 	 	 	 
	 

	 	Name:
	 	Philip R. Medsger
	 

	 	Title:
	 	First Vice President

 

 

[SIGNATURE PAGE 6 OF 16 TO

SECOND AMENDMENT TO CREDIT AGREEMENT]

	 	 	 	 	 
	 	 	MANUFACTURERS AND TRADERS TRUST COMPANY
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Tracey E. Sawyer-Calhoun
	 

	 	 	 	 
	 

	 	Name:
	 	Tracey E. Sawyer-Calhoun
	 

	 	Title:
	 	Vice President

 

 

[SIGNATURE PAGE 7 OF 16 TO

SECOND AMENDMENT TO CREDIT AGREEMENT]

	 	 	 	 	 
	 	 	SUNTRUST BANK
	 
	 	 	 	 
	 

	 	By:
	 	/s/ William C. Washburn, Jr.
	 

	 	 	 	 
	 

	 	Name:
	 	William C. Washburn, Jr.
	 

	 	Title:
	 	Vice President

 

 

[SIGNATURE PAGE 8 OF 16 TO

SECOND AMENDMENT TO CREDIT AGREEMENT]

	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Charles R. Dickerson
	 

	 	 	 	 
	 

	 	Name:
	 	Charles R. Dickerson
	 

	 	Title:
	 	Managing Director

 

 

[SIGNATURE PAGE 9 OF 16 TO

SECOND AMENDMENT TO CREDIT AGREEMENT]

	 	 	 	 	 
	 	 	HSBC BANK USA
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

 

 

[SIGNATURE PAGE 10 OF 16 TO

SECOND AMENDMENT TO CREDIT AGREEMENT]

	 	 	 	 	 
	 	 	CITIBANK, N.A.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Christopher D. Pannacciulli
	 

	 	 	 	 
	 

	 	Name:
	 	Christopher D. Pannacciulli
	 

	 	Title:
	 	Vice President

 

 

[SIGNATURE PAGE 11 OF 16 TO

SECOND AMENDMENT TO CREDIT AGREEMENT]

	 	 	 	 	 
	 	 	CITIBANK, N.A., CANADIAN BRANCH
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Niyousha Zarinpour
	 

	 	 	 	 
	 

	 	Name:
	 	Niyousha Zarinpour
	 

	 	Title:
	 	Authorized Signer

 

 

[SIGNATURE PAGE 12 OF 16 TO

SECOND AMENDMENT TO CREDIT AGREEMENT]

	 	 	 	 	 
	 	 	CITIZENS BANK OF PENNSYLVANIA
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Michael J. Gillig
	 

	 	 	 	 
	 

	 	Name:
	 	Michael J. Gillig
	 

	 	Title:
	 	Vice President

 

 

[SIGNATURE PAGE 13 OF 16 TO

SECOND AMENDMENT TO CREDIT AGREEMENT]

	 	 	 	 	 
	 	 	COMMERZBANK AG, NEW YORK AND GRAND CAYMAN BRANCHES
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Subash R. Viswanathan
	 

	 	 	 	 
	 

	 	Name:
	 	Subash R. Viswanathan
	 

	 	Title:
	 	Senior Vice President
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Barbara Peters
	 

	 	 	 	 
	 

	 	Name:
	 	Barbara Peters
	 

	 	Title:
	 	Assistant Vice President

 

 

[SIGNATURE PAGE 14 OF 16 TO

SECOND AMENDMENT TO CREDIT AGREEMENT]

	 	 	 	 	 
	 	 	COMERICA BANK
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Richard C. Hampson
	 

	 	 	 	 
	 

	 	Name:
	 	Richard C. Hampson
	 

	 	Title:
	 	Vice President

 

 

[SIGNATURE PAGE 15 OF 16 TO

SECOND AMENDMENT TO CREDIT AGREEMENT]

	 	 	 	 	 
	 	 	FIFTH THIRD BANK
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Jim Janovsky
	 

	 	 	 	 
	 

	 	Name:
	 	Jim Janovsky
	 

	 	Title:
	 	Vice President

 

 

[SIGNATURE PAGE 16 OF 16 TO

SECOND AMENDMENT TO CREDIT AGREEMENT]

	 	 	 	 	 
	 	 	COBANK, ACB
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Pat Schulz
	 

	 	 	 	 
	 

	 	Name:
	 	Pat Schulz
	 

	 	Title:
	 	Assistant Corporate Secretary

 

 

EXHIBIT A

FORM OF

INTERCOMPANY SUBORDINATION AGREEMENT

     THIS INTERCOMPANY SUBORDINATION AGREEMENT is dated as of 12/2/2006 and is made by and among
the entities listed on the signature page hereto and each Person who hereafter becomes a Borrower
or a Guarantor under the Credit Agreement (defined below) (subsequently joining this agreement)
(each being individually referred to herein as a “Company” and collectively as the
“Companies”).

WITNESSETH THAT:

     WHEREAS, each capitalized term used herein shall, unless otherwise defined herein, have the
meaning specified in that certain Credit Agreement dated as of even date herewith (as it may be
hereafter amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”) by and among P.H. GLATFELTER COMPANY, a Pennsylvania corporation (the
“Glatfelter”) and certain of its subsidiaries identified on the signature pages hereto
(each a “Borrower” and collectively, the “Borrowers”), the Guarantors now or
hereafter party thereto, the Banks now or hereafter party thereto (the “Banks”) and PNC
BANK, NATIONAL ASSOCIATION, as agent (the “Agent”) for the Banks, PNC CAPITAL MARKETS LLC
and CREDIT SUISSE SECURITIES (USA) LLC, as joint arrangers and bookrunners, and CREDIT SUISSE
SECURITIES (USA) LLC, as syndication agent (the “Syndication Agent”); and

     WHEREAS, pursuant to the Credit Agreement and the other Loan Documents referred to and defined
in the Credit Agreement, the Banks intend to make Loans to the Borrowers; and

     WHEREAS, the Companies are or may become indebted to each other (the Indebtedness of each of
the Companies to any other Company, now existing or hereafter incurred (whether created directly or
acquired by assignment or otherwise), and interest and premiums, if any, thereon and other amounts
payable in respect thereof are hereinafter collectively referred to as the “Intercompany
Indebtedness”); and

     WHEREAS, the obligations of the Banks to maintain the Commitments and make Loans to the
Borrowers from time to time are subject to the condition, among others, that the Companies
subordinate the Intercompany Indebtedness to the Obligations of the Borrowers or any other Company
to the Agent or the Banks pursuant to the Credit Agreement, the other Loan Documents or any
Bank-Provided Interest Rate Hedge (collectively, the “Senior Debt”) in the manner set forth
herein.

     NOW, THEREFORE, intending to be legally bound hereby, the parties hereto covenant and agree as
follows:

     1. Intercompany Indebtedness Subordinated to Senior Debt. The recitals set forth above
are hereby incorporated by reference. All Intercompany Indebtedness shall be subordinate

 

 

and
subject in right of payment to the prior indefeasible payment in full of all Senior Debt
pursuant to the provisions contained herein.

     2. Payment Over of Proceeds Upon Dissolution, Etc. Upon any distribution of assets of
any Company in the event of (a) any insolvency or bankruptcy case or proceeding, or any
receivership, liquidation, reorganization or other similar case or proceeding in connection
therewith, relative to any such Company or to its creditors, as such, or to its assets, or (b) any
liquidation, dissolution or other winding up of any such Company, whether voluntary or involuntary
and whether or not involving insolvency or bankruptcy (other than a liquidation, dissolution or
winding up which (i) is permitted under the Credit Agreement (ii) which is made when no Event of
Default exists under the Credit Agreement), or (c) any assignment for the benefit of creditors or
any marshalling of assets and liabilities of any such Company (a Company distributing assets as set
forth herein being referred to in such capacity as a “Distributing Company”), then and in
any such event, the Agent shall be entitled to receive, for the benefit of the Agent and the Banks
as their respective interests may appear, indefeasible payment in full of all amounts due or to
become due (whether or not an Event of Default has occurred under the terms of the Loan Documents
or the Senior Debt has been declared due and payable prior to the date on which it would otherwise
have become due and payable) on or in respect of any and all Senior Debt before the holder of any
Intercompany Indebtedness owed by the Distributing Company is entitled to receive any payment on
account of the principal of or interest on such Intercompany Indebtedness, and to that end, the
Agent shall be entitled to receive, for application to the payment of the Senior Debt, any payment
or distribution of any kind or character, whether in cash, property
or securities, which may be
payable or deliverable in respect of the Intercompany Indebtedness owed by the Distributing Company
in any such case, proceeding, dissolution, liquidation or other winding up event.

     3. No Commencement of Any Proceeding. Each Company agrees that, so long as the Senior
Debt shall remain unpaid, it will not commence, or join with any creditor other than the Banks and
the Agent in commencing, any proceeding referred to in the first paragraph of Section 2 against any
other Company which owes it any Intercompany Indebtedness.

     4. Prior Payment of Senior Debt Upon Acceleration of Intercompany Indebtedness. If any
portion of the Intercompany Indebtedness owed by any Company becomes or is declared due and payable
before its stated maturity, then and in such event the Agent and the Banks shall be entitled to
receive indefeasible payment in full of all amounts due and to become due on or in respect of the
Senior Debt (whether or not an Event of Default has occurred under the terms of the Loan Documents
or the Senior Debt has been declared due and payable prior to the date on which it would otherwise
have become due and payable) before the holder of any such Intercompany Indebtedness is entitled to
receive any payment thereon.

     5. No Payment When Senior Debt in Default. If any Event of Default shall have occurred
and be continuing, or such an Event of Default or Potential Default would result from or exist
after giving effect to a payment with respect to any portion of the Intercompany Indebtedness,
unless the Required Banks shall have consented to or waived the same, so long as any of the Senior
Debt shall remain outstanding, no payment shall be made by any Company

- 2 -

 

owing such Intercompany Indebtedness on account of principal or interest on any portion of the
Intercompany Indebtedness.

     6. Payment Permitted if No Default. Nothing contained in this Agreement shall prevent
any of the Companies, at any time except during the pendency of any of the conditions described in
Sections 2, 4 and 5, from making payments at any time of principal of or interest on any portion of
the Intercompany Indebtedness, or the retention thereof by any of the Companies of any money
deposited with them for the payment of or on account of the principal of or interest on the
Intercompany Indebtedness.

     7. Receipt of Prohibited Payments. If, notwithstanding the foregoing provisions of
Sections 2, 4, 5 and 6, a Company which is owed Intercompany Indebtedness by a Distributing Company
shall have received any payment or distribution of assets from the Distributing Company of any kind
or character, whether in cash, property or securities, then and in such event such payment or
distribution shall be held in trust for the benefit of the Agent and the Banks as their respective
interests may appear, shall be segregated from other funds and property held by such Company, and
shall be forthwith paid over to the Agent in the same form as so received (with any necessary
endorsement) to be applied (in the case of cash) to or held as collateral (in the case of noncash
property or securities) for the payment or prepayment of the Senior Debt in accordance with the
terms of the Credit Agreement.

     8. Rights of Subrogation. Each Company agrees that no payment or distribution to the
Agent or the Banks pursuant to the provisions of this Agreement shall entitle it to exercise any
rights of subrogation in respect thereof until the Senior Debt shall have been indefeasibly paid in
full and the Commitments shall have terminated and the Letters of Credit have expired.

     9. Records Evidencing Intercompany Indebtedness. Each Company will mark its books of
account in such a manner as shall be effective to give proper notice of the effect of this
Agreement.

     10. Agreement Solely to Define Relative Rights. The purpose of this Agreement is
solely to define the relative rights of the Companies, on the one hand, and the Agent and the
Banks, on the other hand. Nothing contained in this Agreement is intended to or shall impair, as
between any of the Companies and their creditors other than the Agent and the Banks, the obligation
of the Companies to each other to pay the principal of and interest on the Intercompany
Indebtedness as and when the same shall become due and payable in accordance with its terms, or is
intended to or shall affect the relative rights among the Companies and their creditors other than
the Agent and the Banks, nor shall anything herein prevent any of the Companies from exercising all
remedies otherwise permitted by applicable Law upon default under any agreement pursuant to which
the Intercompany Indebtedness is created, subject to the rights, if any, under this Agreement of
the Agent and the Banks to receive cash, property or securities otherwise payable or deliverable
with respect to the Intercompany Indebtedness.

     11. No Implied Waivers of Subordination. No right of the Agent or any Bank to enforce
subordination, as herein provided, shall at any time in any way be prejudiced or impaired

- 3 -

 

by any act or failure to act on the part of any Company or by any act or failure to act by the
Agent or any Bank, or by any non-compliance by any Company with the terms, provisions and covenants
of any agreement pursuant to which the Intercompany Indebtedness is created, regardless of any
knowledge thereof with which the Agent or any Bank may have or be otherwise charged. Each Company
by its acceptance hereof shall agree that, so long as there is Senior Debt outstanding or
Commitments in effect under the Credit Agreement, such Company shall not agree to sell, assign,
pledge, encumber or otherwise dispose of, or agree to compromise, the obligations of the other
Companies with respect to their Intercompany Indebtedness, other than by means of payment of such
Intercompany Indebtedness according to its terms, without the prior written consent of the Agent.

     Without in any way limiting the generality of the foregoing paragraph, the Agent or any of the
Banks may, at any time and from time to time, without the consent of or notice to the Companies,
without incurring responsibility to the Companies and without impairing or releasing the
subordination provided in this Agreement or the obligations hereunder of the Companies to the Agent
and the Banks, do any one or more of the following: (i) change the manner, place or terms of
payment, or extend the time of payment, renew or alter the Senior Debt or otherwise amend or
supplement the Senior Debt or the Loan Documents; (ii) sell, exchange, release or otherwise deal
with any property pledged, mortgaged or otherwise securing the Senior Debt; (iii) release any
person liable in any manner for the payment or collection of the Senior Debt; and (iv) exercise or
refrain from exercising any rights against any of the Companies and any other person.

     12. Additional Subsidiaries. The Companies covenant and agree that they shall cause
Material Subsidiaries created or acquired after the date of this Agreement, and any other Material
Subsidiaries required to join this Agreement pursuant to Section 8.2.9 [Subsidiaries] or otherwise
under the Credit Agreement, to execute either a Guarantor Joinder in substantially the form of
Exhibit 1.1(G)(1) to the Credit Agreement or a Borrower Joinder in substantially the form of
Exhibit 1.1(B) to the Credit Agreement, whereby such Material Subsidiary joins this Agreement and
subordinates all Indebtedness owed to any such Material Subsidiary by any of the Companies or other
Material Subsidiaries hereafter created or acquired to the Senior Debt.

     13. Continuing Force and Effect. This Agreement shall continue in force for so long as
any portion of the Senior Debt remains unpaid and any Commitments or Letters of Credit under the
Credit Agreement remain outstanding, it being contemplated that this Agreement be of a continuing
nature.

     14. Modification, Amendments or Waivers. Any and all agreements amending or changing
any provision of this Agreement or the rights of the Agent or the Banks hereunder, and any and all
waivers or consents to Events of Default or other departures from the due performance of the
Companies hereunder, shall be made only by written agreement, waiver or consent signed by the
Agent, acting on behalf of all the Banks, with the written consent of the Required Banks, any such
agreement, waiver or consent made with such written consent being effective to bind all the Banks.

- 4 -

 

     15. Expenses. The Companies unconditionally and jointly and severally agree upon
demand to pay to the Agent and the Banks the amount of any and all out-of-pocket costs, expenses
and disbursements, including fees and expenses of counsel (including the allocated costs of staff
counsel) for which reimbursement is customarily obtained, which the Agent or any of the Banks may
incur in connection with (a) the administration of this Agreement, (b) the exercise or enforcement
of any of the rights of the Agent or the Banks hereunder, or (c) the failure by the Companies to
perform or observe any of the provisions hereof.

     16. Severability. The provisions of this Agreement are intended to be severable. If
any provision of this Agreement shall be held invalid or unenforceable in whole or in part in any
jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such
invalidity or unenforceability without in any manner affecting the validity or enforceability
thereof in any other jurisdiction or the remaining provisions hereof in any jurisdiction.

     17. Governing Law. This Agreement shall be a contract under the internal laws of the
Commonwealth of Pennsylvania and for all purposes shall be construed in accordance with the
internal laws of the Commonwealth of Pennsylvania without giving effect to its principles of
conflict of laws.

     18. Successors and Assigns. This Agreement shall inure to the benefit of the Agent and
the Banks and their respective successors and assigns, and the obligations of the Companies shall
be binding upon their respective successors and permitted assigns, provided, that no company may
assign or transfer its rights or obligations hereunder or any interest herein and any such
purported assignment or transfer shall be null and void. The duties and obligations of the
Companies may not be delegated or transferred by the Companies without the written consent of the
Required Banks and any such delegation or transfer without such consent shall be null and void.
Except to the extent otherwise required by the context of this Agreement, the word “Banks” when
used herein shall include, without limitation, any holder of a Note or an assignment of rights
therein originally issued to a Bank under the Credit Agreement, and each such holder of a Note or
assignment shall have the benefits of this Agreement to the same extent as if such holder had
originally been a Bank under the Credit Agreement.

     19. Joint and Several Obligations. Each of the obligations of each and every Company
under this Agreement is joint and several. The Agent and the Banks, or any of them, may, in their
sole discretion, elect to enforce this Agreement against any Company without any duty or
responsibility to pursue any other Company and such an election by the Agent and the Banks, or any
of them, shall not be a defense to any action the Agent and the Banks, or any of them, may elect to
take against any Company. Each of the Banks and Agent hereby reserve all right against each
Company.

     20. Counterparts. This Agreement may be executed in any number of counterparts and by
the different parties hereto on separate counterparts, each of which, when executed and delivered,
shall be deemed an original, but all such counterparts shall constitute but one and the same
instrument.

- 5 -

 

     21. Attornevs-in-Fact. Each of the Companies hereby authorizes and empowers the Agent,
at its election and in the name of either itself, for the benefit of the Agent and the Banks as
their respective interests may appear, or in the name of each such Company as is owed Intercompany
Indebtedness, to execute and file proofs and documents and take any other action the Agent may deem
advisable to completely protect the Agent’s and the Banks’ interests in the Intercompany
Indebtedness and their right of enforcement thereof and to that end each of the Companies hereby
irrevocably makes, constitutes and appoints the Agent, its officers, employees and agents, or any
of them, with full power of substitution, as the true and lawful attorney-in-fact and agent of such
Company, and with full power for such Company, and in the name, place and stead of such Company for
the purpose of carrying out the provisions of this Agreement, and taking any action and executing,
delivering, filing and recording any instruments which the Agent may deem necessary or advisable to
accomplish the purposes hereof, which power of attorney, being given for security, is coupled with
an interest and is irrevocable. Each Company hereby ratifies and confirms, and agrees to ratify and
confirm, all action taken by the Agent, its officers, employees or agents pursuant to the foregoing
power of attorney.

     22. Application of Payments. In the event any payments are received by the Agent
under the terms of this Agreement for application to the Senior Debt at any time when the Senior
Debt has not been declared due and payable and prior to the date on which it would otherwise become
due and payable, such payment shall constitute a voluntary prepayment of the Senior Debt for all
purposes under the Credit Agreement.

     23. Remedies. In the event of a breach by any of the Companies in the performance of
any of the terms of this Agreement, the Agent, on behalf of the Banks, may demand specific
performance of this Agreement and seek injunctive relief and may exercise any other remedy
available at law or in equity, it being recognized that the remedies of the Agent on behalf of the
Banks at law may not fully compensate the Agent on behalf of the Banks for the damages they may
suffer in the event of a breach hereof.

     24. Consent to Jurisdiction: Waiver of Jury Trial. Each of the Companies hereby
irrevocably consents to the non-exclusive jurisdiction of the Court of Common Pleas of Allegheny
County, Pennsylvania and the United States District Court for the Western District of Pennsylvania,
waives personal service of any and all process upon it and consents that all such service of
process be made by certified or registered mail directed to the Companies at the addresses set
forth or referred to in Section 26 hereof and service so made shall be deemed to be completed upon
actual receipt thereof. Each of the Companies waives any objection to jurisdiction and venue of any
action instituted against it as provided herein and agrees not to assert any defense based on lack
of jurisdiction or venue, AND EACH OF THE COMPANIES WAIVES TRIAL BY JURY IN ANY ACTION OR
PROCEEDING WITH RESPECT TO THIS AGREEMENT TO THE FULL EXTENT PERMITTED BY LAW.

     Each
Company hereby appoints a process agent, P.H. Glatfelter Company, as its agent to receive
on behalf of such party and its respective property, service of copies of the summons and complaint
and any other process which may be served in any action or proceeding. Such service may be made by
mailing or delivering a copy of such process to any of the Companies in care of

- 6 -

 

the Process Agent at the Process Agent’s address, and each of the Companies hereby authorizes and
directs the Process Agent to receive such service on its behalf. Each Company agrees that a final
judgment in any such action or proceeding shall be conclusive and may be enforced in other
jurisdictions (or an political subdivision thereof) by suit on the judgment or in any other manner
provided by law. Each Company further agrees that it shall, for so long as any Commitment, Letter
of Credit or any obligation of any Loan Party to the Bank remains outstanding, continue to retain
Process Agent for the purposes set forth in this Section 24. The Process Agent hereby accepts the
appointment of Process Agent by the Companies and agrees to act as Process Agent on behalf of the
Companies. The Process Agent has an address of, on the date hereof, 96 South George Street, Suite
500, York, PA 17401 United States.

     25. EXCEPT AS PROHIBITED BY LAW, EACH COMPANY, THE AGENT AND THE BANKS HEREBY WAIVE TRIAL BY A
JURY IN ANY ACTION, SUIT, PROCEEDING OR COUNTERCLAIM OF ANY KIND ARISING OUT OF THIS AGREEMENT OR
ANY OTHER LOAN DOCUMENT OR THE COLLATERAL TO THE FULLEST EXTENT PERMITTED BY LAW.

     26. Notices. All notices, statements, requests and demands and other communications
given to or made upon the Companies, the Agent or the Banks in accordance with the provisions of
this Agreement shall be given or made as provided in Section 11.6 [Notices] of the Credit
Agreement.

     27. Rules of Construction. The rules of construction set forth in Section 1.2
[Construction] of the Credit Agreement shall apply to this Agreement.

[SIGNATURES APPEAR ON THE FOLLOWING PAGE]

- 7 -

 

[SIGNATURE PAGE 1 OF 2 TO

INTERCOMPANY SUBORDINATION AGREEMENT]

	 	 	 	 	 
	 	BORROWERS:

P. H. GLATFELTER COMPANY

 	 
	 	By:  	/s/ John P. Jacunski
 	 
	 	 	Name:  	John P. Jacunski 	 
	 	 	Title:  	Senior Vice President and CFO 	 
	 

	 	 	 	 	 
	 	PHG TEA LEAVES, INC.

 	 
	 	By:  	/s/
Donald R. Gross	 
	 	 	Name:  	Donald R. Gross	 
	 	 	Title:  	Treasurer 	 
	 

	 	 	 	 	 
	 	PAPIERFABRIK SCHOELLER & HOESCH

GMBH & CO. KG

By: S&H Verwaltungsgesellschaft mbH, its General Partner

 	 
	 	By:  	/s/ John P. Jacunski
 	 
	 	 	Name:  	John P. Jacunski 	 
	 	 	Title:  	Managing Director 	 
	 

	 	 	 	 	 
	 	S&H VERWALTUNGESELLSCHAFT MBH

 	 
	 	By:  	/s/ John P. Jacunski
 	 
	 	 	Name:  	John P. Jacunski 	 
	 	 	Title:  	Managing Director 	 
	 

	 	 	 	 	 
	 	GLATFELTER-UK, LTD

 	 
	 	By:  	/s/ Jeffrey J. Norton
 	 
	 	 	Name:  	Jeffrey J. Norton 	 
	 	 	Title:  	Secretary 	 
	 

	 	 	 	 	 
	 	MOLLANVICK, INC.

 	 
	 	By:  	/s/
Donald R. Gross	 
	 	 	Name:  	Donald R. Gross	 
	 	 	Title:  	Treasurer 	 

 

 

	 	 	 	 	 

[SIGNATURE PAGE 2 OF 2 TO

INTERCOMPANY SUBORDINATION AGREEMENT]

	 	 	 	 	 
	 	GUARANTORS:

THE GLATFELTER PULP WOOD COMPANY

 	 
	 	By:  	/s/ George H. Glatfelter
 	 
	 	 	Name:  	George H. Glatfelter 	 
	 	 	Title:  	Chairman and President 	 
	 

	 	 	 	 	 
	 	GLT INTERNATIONAL FINANCE, LLC

 	 
	 	By:  	/s/ John P. Jacunski
 	 
	 	 	Name:  	John P. Jacunski 	 
	 	 	Title:  	Manager 	 
	 

	 	 	 	 	 
	 	GLENN-WOLFE, INC

 	 
	 	By:  	/s/
Donald R. Gross	 
	 	 	Name:  	Donald R. Gross	 
	 	 	Title:  	Treasurer 	 
	 

	 	 	 	 	 
	 	GLATFELTER HOLDINGS, LLC

 	 
	 	By:  	/s/ Thomas V. Bosley
 	 
	 	 	Name:  	Thomas V. Bosley  	 
	 	 	Title:  	Vice President and General Manager

Of Glatfelter Pulp Wood Company

Member of Glatfelter Holdings, LLC 	 
	 

	 	 	 	 	 
	 	GLATFELTER HOLDINGS II, LLC

 	 
	 	By:  	/s/ Thomas V. Bosley
 	 
	 	 	Name:  	Thomas V. Bosley  	 
	 	 	Title:  	Vice President and General Manager

Of Glatfelter Pulp Wood Company

Member of Glatfelter Holdings II, LLC

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