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                                                                    EXHIBIT 10.6

                     SCHWEITZER-MAUDUIT INTERNATIONAL, INC.
                            EQUITY PARTICIPATION PLAN
                              AMENDED AND RESTATED
                              AS OF APRIL 26, 2001

1.       PURPOSE

         This amended and restated Equity Participation Plan (the "Plan") of
Schweitzer-Mauduit International, Inc. (the "Corporation") is intended to
encourage those employees who materially contribute to the success of the
Corporation or of an Affiliate, to acquire an ownership interest in the
Corporation, thereby increasing their motivation for and interest in the
Corporation's or Affiliate's long-term success.

2.       EFFECTIVE DATE

         The Plan is effective as of the date of its adoption by the Board,
subject to approval by the stockholders of the Corporation at the Corporation's
2001 Annual Meeting of stockholders.

3.       DEFINITIONS

         "Affiliate" means any company in which the Corporation owns 20% or more
of the equity interest (collectively, the "Affiliates").

         "Board" means the Board of Directors of the Corporation.

         "Change of Control" shall mean the date as of which:(a) a third person,
including a "group" as defined in Section 13(d)(3) of the Securities Exchange
Act of 1934, acquires actual or beneficial ownership of shares of the Company
having 15% or more of the total number of votes that may be cast for the
election of Directors of the Company; or (b) as the result of any cash tender or
exchange offer, merger or other business combination, sale of assets or
contested election, or any combination of the foregoing transactions (a
"Transaction"), the persons who were directors of the Company before the
Transaction shall cease to constitute a majority of the Board of Directors of
the Company or any successor to the Company.

         "Code" means the Internal Revenue Code of 1986, as amended, and the
regulations thereunder, as amended from time to time.

         "Committee" means the Compensation Committee of the Board, provided
that if the requisite number of members of the Compensation Committee are not
Disinterested Persons, the Plan shall be administered by a committee, all of
whom are Disinterested Persons, appointed by the Board and consisting of two or
more directors with full

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authority to act in the matter. The term "Committee" shall mean the Compensation
Committee or the committee appointed by the Board, as the case may be.

         "Common Stock" means the common stock, par value $0.10 per share, of
the Corporation and shall include both treasury shares and authorized but
unissued shares and shall also include any security of the Corporation issued in
substitution, in exchange for, or in lieu of the common stock.

         "Disinterested Person" means a person who is so defined for purposes of
rule 16b-3 under the Exchange Act, or any successor provision, and who is also
defined as an "outside director" for purposes of section 162(m) of the Code or
any successor section.

         "Exchange Act" means the Securities Exchange Act of 1934, as amended,
and the rules and regulations thereunder, as amended from time to time.

         "Fair Market Value" means the mean between the high and low sales
prices of the Common Stock, on the relevant date as reported on the composite
list used by the Wall Street Journal for reporting stock prices, or if no such
trading in the common stock shall have taken place on that day, on the last
preceding day on which there was such trading in the common stock.

         "Incentive Stock Option" means an Option which is so defined for
purposes of section 422 of the Code or any successor section.

         "Insider" has the meaning set forth in subsection 12(g) of this Plan.

         "Nonqualified Stock Option" means any Option which is not an Incentive
Stock Option.

         "Option" means a right to purchase a specified number of shares of
Common Stock at a fixed option price equal to no less than 100% of the Fair
Market Value of the Common Stock on the date the Option is granted pursuant to
an Option Agreement.

         "Option Agreement" means a written agreement entered into between the
Corporation and a Participant setting forth the terms and conditions applicable
to the Option granted to the Participant.

         "Option Price" has the meaning set forth in subsection 6(b) of this
Plan.

         "Participant" means an officer or employee who the Committee selects to
participate in and receive Options under this Plan (collectively, the
"Participants").

         "Retirement" and "Retire" means the termination of employment on or
after the date the Participant is entitled to receive immediate payments under a
qualified retirement plan of the Corporation or an Affiliate; provided, however,
if the Participant is not

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eligible to participate under a qualified retirement plan of the Corporation or
its Affiliates then such Participant shall be deemed to have retired if his
termination of employment is on or after the date such Participant has attained
age 55.

         "SAR" has the meaning set forth in subsection 6(k) of this Plan.

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

         "Total and Permanent Disability" means a condition arising out of
injury or disease which the Committee determines is permanent and prevents a
Participant from engaging in any occupation with his Employer commensurate with
his education, training and experience, excluding (i) any condition incurred in
military service (other than temporary absence on military leave) if the
Participant's service is not resumed at the end of his military service, (ii)
any condition incurred as a result of or incidental to a felonious act
perpetrated by the Participant, and (iii) any condition resulting from excessive
use of drugs or narcotics or from willful self-inflicted injury; provided the
Committee shall make a determination of Total and Permanent Disability for any
Participant hereunder.

4.       ADMINISTRATION

         The Plan and all Options granted pursuant thereto shall be administered
by the Committee. The Committee, in its absolute discretion, shall have the
power to interpret and construe the Plan and any Option Agreements; provided,
however, that no action or determination may be made in a manner that would
result in the disallowance of a deduction to the Corporation under section
162(m) of the Code or any successor section. Any interpretation or construction
of any provisions of this Plan or the Option Agreements by the Committee shall
be final and conclusive upon all persons. No member of the Board or the
Committee shall be liable for any action or determination made in good faith.

         Within 60 days following the close of each calendar year that the Plan
is in operation, the Committee shall make a report to the Board specifying the
employees who received Options under the Plan during the prior year, the number
of Options to the individual employees, and the status of prior Options.

         The Committee shall have the power to promulgate rules and other
guidelines in connection with the performance of its obligations, powers and
duties under the Plan, including its duty to administer and construe the Plan
and Option Agreements.

         The Committee may authorize persons other than its members to carry out
its policies and directives to the limitations and guidelines set by the
Committee, except that: (a) the authority to grant Options, the selection of
employees for participation and decisions concerning the timing, pricing and
amount of an Option shall not be delegated

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by the Committee; (b) the authority to administer Options with respect to
persons who are subject to section 16 of the Exchange Act shall not be delegated
by the Committee; (c) any delegation shall satisfy all applicable requirements
of rule 16b-3 of the Exchange Act, or any successor provision; and (d) no such
delegation shall result in the disallowance of a deduction to the Corporation
under section 162(m) or any successor section. Any person to whom such authority
is granted shall continue to be eligible to receive Options under the Plan.

5.       ELIGIBILITY

         The Committee shall from time to time select the Plan Participants from
those employees whom the Committee determines either to be in a position to
contribute materially to the success of the Corporation or Affiliate or to have
in the past so contributed. Only employees (including officers and directors who
are employees) of the Corporation and its Affiliates are eligible to participate
in the Plan. No incentive Stock Option may be granted to an employee of an
Affiliate unless such Affiliate is a corporation which the Corporation owns at
least 50% of the equity interest.

6.       OPTION TERMS

         The Committee shall determine and designate from time to time those
Participants to whom Options are to be granted and the number of shares of
Common Stock to be optioned to each. Such Options may be in the form of
Incentive Stock Options or in the form of Nonqualified Stock Options. After
granting an Option to a Participant, the Committee shall cause to be delivered
to the Participant an Option Agreement evidencing the granting of the Option.
The Option Agreement shall be in such form as the Committee shall from time to
time approve. The terms and conditions of all Options granted under the Plan
need not be the same, but all Options must meet the applicable terms and
conditions specified in subsections 6(a) through 6(h).

         (a) Period of Option. The period of each Option shall be no more than
10 years from the date it is granted.

         (b) Option Price. The Option price shall be determined by the
Committee, but shall not in any instance be less than the Fair Market Value of
the Common Stock at the time that the Option is granted (the "Option Price").

         (c) Vesting. The Option shall not be exercisable until at least one
year has expired after the granting of the Option, during which time the
Participant shall have been in the continuous employ of the Corporation or an
Affiliate. At any time during the period of the Option after the end of the
first year, the Participant may purchase up to 30 percent of the shares covered
by the Option; after the end of the second year, an additional 30 percent; and
after the end of the third year, the remaining 40 percent of the total number of
shares covered by the Option. Notwithstanding the foregoing, in the

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event of a Change of Control the remaining portion of the Option shall become
immediately vested and exercisable in full.

         (d) Exercise upon Termination. If the Participant's employment with the
Corporation or an Affiliate is terminated for any reason other than death,
Retirement or Total and Permanent Disability, the Option shall be exercisable
only for three months following such termination (or the expiration of the
option term, if earlier) and only for the number of shares of Common Stock which
were exercisable on the date of such termination. A termination of employment
with the Corporation or an Affiliate to accept immediate reemployment with the
Corporation or an Affiliate shall not be deemed to be a termination of
employment for purposes of the Plan.

         (e) Exercise after Death, Retirement and Disability. If a Participant
dies or becomes Totally and Permanently Disabled, without having exercised the
Option in full, the remaining portion of such Option may be exercised, without
regard to the limitations in subsection 6(c), within a period not to exceed (i)
three years from the date of any such death or Total and Permanent Disability or
(ii) the remaining period of the Option, whichever is earlier. Upon a
Participant's death, the Option may be exercised by the person or persons to
whom such Participant's rights under the Option shall pass by will or by
applicable law or, if no such person has such rights, by his executor or
administrator. If a Participant Retires without having exercised the Option in
full, the remaining portion of such Option may be exercised, without regard to
the limitations in subsection 6(c), within a period not to exceed (i) five years
or such longer period established by the Committee on the date the Option is
granted) from the date of such event or (ii) the remaining period of the Option,
whichever is earlier.

         (f) Non-transferability. During the Participant's lifetime, Options
shall be exercisable only by such Participant. Options shall not be transferable
other than by will or the laws of descent and distribution upon the
Participant's death. Notwithstanding anything in this subsection 6(f) to the
contrary, at the same time as Nonqualified Stock Options are granted the
Committee may also grant to designated Participants the right to transfer such
Options, to the extent allowed under rule 16b-3 of the Exchange Act, subject to
terms and conditions of the Committee Rules on the date of grant.

         (g) Exercise; Notice Thereof. Options shall be exercised by delivering
to the Corporation, at the office of the Treasurer, written notice of the number
of shares with respect to which Option rights are being exercised and by paying
in full the Option Price of the shares at the time being acquired. Payment may
be made in cash, a check payable to the Corporation or in shares of Common Stock
transferable to the Corporation and having a Fair Market Value on the transfer
date equal to the amount payable to the Corporation. The date of exercise shall
be deemed to be the date the Corporation receives the written notice and payment
for the shares being purchased. A Participant shall have none of the rights of a
stockholder with respect to shares covered by such Option until the Participant
becomes the record holder of such shares; provided, however

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that the Participant shall be deemed to be the record holder of shares as of the
date an Option is exercised with respect to such shares.

         (h) Purchase for Investment. It is contemplated that the Corporation
will register shares sold to Participants pursuant to the Plan under the
Securities Act. In the absence of an effective registration, however, a
Participant exercising an Option hereunder may be required to give a
representation that he/she is acquiring such shares as an investment and not
with a view to distribution thereof.

         (i) Limitations on Incentive Stock Option Grants.

                  (i) An Incentive Stock Option shall be granted only to an
         individual who, at the time the Option is granted, does not own stock
         possessing more than 10 percent of the total combined voting power of
         all classes of stock of the Corporation or Affiliates.

                  (ii) The aggregate Fair Market Value of all shares with
         respect to which Incentive Stock Options are exercisable for the first
         time by a Participant during any calendar year shall not exceed
         $100,000. The aggregate Fair Market Value of such shares shall be
         determined at the time the Option is granted.

         (j) Options for Nonresident Aliens. In the case of any Option awarded
to a Participant who is not a resident of the United States or who is employed
by an Affiliate other than an Affiliate that is incorporated, or whose place of
business is, in a State of the United States, the Committee may (i) waive or
alter the conditions set forth in subsections 6(a) through 6(h) to the extent
that such action is necessary to conform such Option to applicable foreign law,
or (ii) take any action, either before or after the award of such Option, which
it deems advisable to obtain approval of such Option by an appropriate
governmental entity; provided, however, that no action may be taken hereunder if
such action would (1) materially increase any benefits accruing to any
Participants under the Plan, (2) materially increase the number of securities
which may be issued under the Plan, (3) modify the requirements for eligibility
to participate in the Plan, (4) result in a failure to comply with applicable
provisions of the Securities Act, the Exchange Act or the Code or (5) result in
the disallowance of a deduction to the Corporation under section 162(m) of the
code or any successor section.

         (k) Election to Receive Cash Rather than Stock.

                  (i) At the same time as Nonqualified Stock Options are granted
         the Committee may also grant to designated Participants the right to
         convert a specified number of shares of Common Stock covered by such
         Nonqualified Stock Options to cash, subject to terms and conditions of
         this subsection 6(k). For each such Option so converted, the
         Participant shall be entitled to receive cash equal to the difference
         between the Participant's Option Price and the Fair Market Value of the
         Common Stock on the date of conversion. Such a right shall be referred
         to

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         herein as a Stock Appreciation Right ("SAR"). Participants to whom an
         SAR has been granted shall be notified of such grant and of the Options
         to which such SAR pertains. An SAR may be revoked by the Committee, in
         its sole discretion, at any time, provided, however, that no such
         revocation may be taken hereunder if such action would result in the
         disallowance of a deduction to the Corporation under section 162(m) of
         the Code or any successor section.

                  (ii) A person who has been granted an SAR and who is an
         insider for purposes of section 16 of the Exchange Act may exercise
         such SAR during such periods as provided for in the rules promulgated
         under section 16 of the Exchange Act. The SAR shall expire when the
         period of the subject Option expires.

                  (iii) At the time a Participant pursuant to an SAR converts
         one or more shares of Common Stock covered by an Option to cash, such
         Participant must exercise one or more Nonqualified Stock Options, which
         were granted at the same time as the Option subject to such SAR, for an
         equal or greater number of shares of Common Stock. In the event that
         the number of shares and the Option Price per share of all shares of
         Common Stock subject to outstanding Options is adjusted as provided in
         section 9 hereof, the above SARs shall automatically be adjusted in the
         same ratio which reflects the adjustment to the number of shares and
         the Option Price per share of all shares of Common Stock subject to
         outstanding Options.

7.       SHARES SUBJECT TO THE PLAN

         The number of shares of Common Stock available with respect to Options
granted under this Plan shall not exceed Two Million Two Hundred Thirty Five
Thousand (2,235,000) shares in the aggregate, subject to the adjustment
provision set forth in section 9 hereof. The shares of Common Stock subject to
the Plan may consist in whole or in part of authorized but unissued shares or of
treasury shares, as the Board may from time to time determine. Shares subject to
Options which become ineligible for purchase will be available for grant under
the Plan to the extent permitted by section 16 of the Exchange Act (or the rules
and regulations promulgated thereunder) and to the extent determined to be
appropriate by the Committee.

8.       INDIVIDUAL LIMITS

         The maximum number of shares of Common Stock covered by Options which
may be granted to any Participant within any 2 consecutive calendar year period
shall not exceed 400,000, in the aggregate. If an Option which had been granted
to a Participant is canceled, the shares of Common Stock which had been subject
to such canceled Option shall continue to be counted against the maximum number
of shares for which Options may be granted to the Participant. In the event that
the number of Options which may be granted is adjusted as provided in section 9
hereof, the above limits shall automatically be adjusted in the same ratio.

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9.       CHANGES IN CAPITALIZATION

         In the event there are any changes in the Common Stock or the
capitalization of the Corporation through a corporate transaction, such as any
merger, any acquisition through the issuance of capital stock of the
Corporation, any consolidation, any separation of the Corporation (including a
spin-off or other distribution of stock by the Corporation), any reorganization
of the Corporation (whether or not such reorganization comes with the definition
of such term in section 368 of the Code), or any partial or complete liquidation
by the Corporation, recapitalization, stock dividend, stock split or other
change in the corporate structure, appropriate adjustments and changes shall be
made by the Committee, to the extent necessary to preserve the benefit to the
Participants contemplated hereby, to reflect such changes in (a) the aggregate
number of shares subject to the Plan, (b) the maximum number of shares for which
Options may be granted to any Participant, (c) the number of shares and Option
Price per share of all shares of Common Stock subject to outstanding options,
and (d) such other provisions of the Plan as may be necessary and equitable to
carry out the foregoing purposes; provided, however, that no such adjustment or
change may be made to the extent that such adjustment or change will result in
the disallowance of a deduction to the Corporation under section 162(m) of the
Code or any successor section.

10.      EFFECT ON OTHER PLANS

         All benefits under the Plan shall constitute special compensation and
shall not affect the level of benefits provided to or received by any
Participant (or the Participant's estate or beneficiaries) as part of any
employee benefit plan of the Corporation or an Affiliate. The Plan shall not be
construed to affect in any way a Participant's rights and obligations under any
other plan maintained by the Corporation or an Affiliate on behalf of employees.

11.      TERM OF THE PLAN

         The Plan shall remain in effect until the tenth anniversary of the date
of its original adoption by the Board on October 23, 1995, unless the Plan is
terminated prior thereto by the Committee. No Option may be granted after the
termination date of the Plan, but Options theretofore granted shall continue in
force beyond that date pursuant to their terms.

12.      GENERAL PROVISIONS

                  (a) No Right of Continued Employment. Neither the
         establishment of the Plan nor the payment of any benefits hereunder nor
         any action of the Corporation, its Affiliates, the Board of Directors
         of the Corporation or its Affiliates, or the Committee shall be held or
         construed to confer upon any person any legal right to be continued in
         the employ of the Corporation or its Affiliates, and the Corporation
         and its Affiliates expressly reserve the right to discharge any

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         Participant without liability to the Corporation, its Affiliates, the
         Board of Directors of the Corporation or its Affiliates, or the
         Committee, except as to any rights which may be expressly conferred
         upon a Participant under the Plan.

                  (b) Binding Effect. Any decision made or action taken by the
         Corporation, the Board or by the Committee arising out of or in
         connection with the construction, administration, interpretation and
         effect of the Plan shall be conclusive and binding upon all persons.

                  (c) Inalienability of Benefits and Interest. Except as
         provided in subsection 6(e), no benefit payable or interest in the Plan
         shall be subject in any manner to anticipation, alienation, sale,
         transfer, assignment, pledge, encumbrance or charge, and any such
         attempted action shall be void and no such benefit or interest shall be
         in any manner liable for or subject to debts, contracts, liabilities,
         engagements, or torts of any Participant or beneficiary.

                  (d) Georgia Law to Govern. All questions pertaining to the
         construction, interpretation, regulation, validity and effect of the
         provisions of the Plan shall be determined in accordance with the laws
         of the State of Georgia.

                  (e) Purchase of Common Stock. The Corporation and its
         Affiliates may purchase from time to time shares of Common Stock in
         such amounts as they may determine for purposes of the Plan. The
         Corporation and its Affiliates shall have no obligation to retain, and
         shall have the unlimited right to sell or otherwise deal with for their
         own account, any shares of Common Stock purchased pursuant to this
         paragraph.

                  (f) Use of Proceeds. The proceeds received by the Corporation
         from the sale of Common Stock pursuant to the exercise of Options shall
         be used for general corporate purposes.

                  (g) Withholding. The Committee shall require the withholding
         of all taxes as required by law. A Participant shall pay in cash any
         amount required to be withheld under federal, state or local law with
         respect to the exercise of an Option or may elect to have any portion
         of the federal, state or local income tax withholding required with
         respect to an exercise of a Nonqualified Stock Option satisfied by
         tendering to the Corporation shares of Common Stock, which, in the
         absence of such an election, would have been issued to such Participant
         in connection with such exercise. In the event that the value of the
         shares of Common Stock tendered to satisfy the withholding tax required
         with respect to an exercise exceeds the amount of such tax, the excess
         of such market value over the amount of such tax shall be returned to
         the Participant, to the extent possible, in whole shares of Common
         Stock, and the remainder in cash. The value of a share of Common Stock
         tendered pursuant to this subsection 12(g) shall be the Fair Market
         Value of the Common Stock on the date on which such shares are

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         tendered to the Corporation. An election pursuant to this subsection
         12(g) shall be made in writing and signed by the Participant. An
         election pursuant to this subsection 12(g) is irrevocable. A
         Participant who exercises an Option and who is required to report to
         the Securities and Exchange Commission under section 16(a) of the
         Exchange Act (an "Insider") may satisfy the income tax withholding due
         in respect of such exercise pursuant to this subsection 12(g) by
         withholding shares under the Option only if the Insider also satisfies
         an exemption under section 16(a) of the Exchange Act (or the rules or
         regulations promulgated thereunder) for such withholding.

                  (h) Amendments. The Committee may at any time amend, suspend,
         or discontinue the Plan or alter or amend any or all Options and Option
         Agreements under the Plan to the extent (1) permitted by law, (2)
         permitted by the rules of any stock exchange on which the Common Stock
         or any other security of the Corporation is listed, (3) permitted under
         applicable provisions of the Securities Act and the Exchange Act
         (including rule 16b-3) and (4) that such action would not result in the
         disallowance of a deduction to the Corporation under section 162(m) of
         the Code or any successor section (including the rules and regulations
         promulgated thereunder); provided, however, that if any of the
         foregoing requires the approval by stockholders of any such amendment,
         suspension or discontinuance, then the Committee may take such action
         subject to the approval of the stockholders. Except as provided in
         subsection 6(i) no such amendment, suspension, or termination of the
         Plan shall, without the consent of the Participant, adversely alter or
         change any of the rights or obligations under any Options or other
         rights previously granted the Participant under the Plan.

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                                                                 EXHIBIT 10.14.5

                                 AMENDMENT NO. 4
                  TO THE AMENDED AND RESTATED CREDIT AGREEMENT

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                                 AMENDMENT NO. 4

         This Amendment No. 4 dated as of January 19, 2001 ("Amendment") is
among Schweitzer-Mauduit International, Inc., a Delaware corporation ("Company"
or "Guarantor"), Schweitzer-Mauduit France S.A.R.L., a French corporation
("SMF"), PDM Industries, S.N.C., a French corporation ("PDM", together with the
Company and SMF, the "Borrowers"), the banks party hereto ("Banks") and Societe
Generale, as agent for the Banks ("Agent").

                                  INTRODUCTION

         A.       The Borrowers, the Guarantor, the Banks and the Agent are
party to the Amended and Restated Credit Agreement dated as of January 30, 1998,
as amended by Amendment No. 1 dated as of January 29, 1999, Amendment No. 2
dated as of May 6, 1999 and Amendment No. 3 dated as of January 7, 2000 (as
amended, the "Credit Agreement").

         B.       The Borrowers have requested that the Banks agree to (1)
extend the Maturity Date of the U.S. Revolving Commitments and the French
Revolving Commitments under the Credit Agreement from January 26, 2001 to
January 25, 2002, (2) substitute the Euro for French Francs as a permitted
Currency under the Credit Agreement and (3) make certain other amendments to the
Credit Agreement.

         THEREFORE, the Borrowers, the Guarantor, the Agent and the Banks hereby
agree as follows:

         Section 1.        Definitions; References. Unless otherwise defined in
this Amendment, terms used in this Amendment which are defined in the Credit
Agreement shall have the meanings assigned to such terms in the Credit
Agreement.

         Section 2.        Amendments. Upon the satisfaction of each of the
conditions precedent set forth in Section 4 below, the Credit Agreement is
hereby amended as follows:

         (a)      Section 1.01 of the Credit Agreement is hereby amended as
follows:

                  (i)      by deleting the date "January 26, 2001" in the
         definition of "Maturity Date" and replacing it with the date "January
         25, 2002";

                  (ii)     by deleting the percentage ".75%" in the definition
         of "Applicable Margin" and replacing it with the percentage ".90%";

                  (iii)    by deleting the following definitions and replacing
         them in their entirety as follows:

                  "Applicable Lending Office" means, with respect to each Bank,
         such Bank's U.S. Lending Office in the case of a U.S. Base Rate
         Advance, such Bank's Eurodollar Lending Office in the case of a
         Eurodollar Rate Advance, and such Bank's Eurocurrency Lending Office in
         the case of a Eurocurrency Rate Advance.

                  "Business Day" means, (a) with respect to U.S. Base Rate
         Advances, a day of the year on which banks are not required or
         authorized to close in Atlanta, Georgia, New York City or Dallas,
         Texas, (b) with respect to Eurodollar Rate Advances, a day of the year
         on which banks are not required or authorized to close in Atlanta,
         Georgia, New York City, Dallas, Texas or London, England, and (c) with
         respect to Eurocurrency Rate Advances, a day of the year on which banks
         are not required or authorized to close in Atlanta, Georgia, London,
         England or Paris, France.

                  "Currency" means, Dollars or Euros, as applicable.

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                  "Eurocurrency Rate" means, for the Interest Period for each
         Eurocurrency Rate Advance comprising part of the same Borrowing, (a)
         the interest rate per annum equal to the offered quotation which
         appears on the page of the Telerate Screen which displays the rate of
         the Banking Federation of the European Union for the Euro (being
         currently page "248") at or about 11:00 a.m. (Brussels time) two
         Business Days before the first day of such Interest Period and for a
         period equal to such Interest Period or, if such page of such service
         shall cease to be available, such other page or such other service for
         the purpose of displaying an average rate of the Banking Federation of
         the European Union as the agent, after consultation with the Banks and
         the Guarantor, shall select; or (b) if no quotation for the Euro for
         the relevant Interest Period is displayed and the Agent has not
         selected an alternative service on which a quotation is displayed, the
         arithmetic mean (rounded upwards to four decimal places) of the rates
         (as notified to the Agent) at which each of the Reference Banks was
         offering to prime banks in the European Interbank Market deposits in
         Euro of an equivalent amount for such Interest Period at or about 11:00
         a.m. (Brussels time) two Business Days before the first day of such
         Interest Period.

                  "Fixed Rate Advance" means any Eurodollar Rate Advance or
         Eurocurrency Rate Advance.

                  "French Revolving Advance" means any advance by a Bank to a
         French Borrower as part of a French Revolving Borrowing and refers to a
         Eurocurrency Rate Advance.

                  "French Revolving Commitment" means, for each Bank, the
         amount in Euros set opposite such Bank's name on the signature pages of
         the Fourth Amendment as its French Revolving Commitment or, if such
         Bank has entered into any Assignment and Acceptance after the date of
         the Fourth Amendment, set forth for such Bank as its French Revolving
         Commitment in the Register maintained by the Agent pursuant to Section
         10.06(c).

                  "French Term Advance" means all advances previously made by a
Bank to SMF described in Section 2.01(c)(ii) and refers to Eurocurrency Rate
Advances.

                  "Interest Period" means, for each Fixed Rate Advance
comprising part of the same Borrowing, the period commencing on the date of such
Advance or the date of the Conversion of any existing Advance into such an
Advance and ending on the last day of the period selected by a Borrower pursuant
to the provisions below and Section 2.02 and, thereafter, each subsequent period
commencing on the last day of the immediately preceding Interest Period and
ending on the last day of the period selected by such Borrower pursuant to the
provisions below and Section 2.02. The duration of each such Interest Period
shall be one, two, three, or six months, in each case as the applicable Borrower
may, upon notice received by the Agent at the Applicable Lending Office on the
day and at the time required by Section 2.02 (and copies of which shall in any
event be sent simultaneously to the Agent's U.S. Lending Office), select;
provided, however, that:

         (a)      no Borrower may select any Interest Period for any Term
Advance of any Class which ends after any principal repayment date unless, after
giving effect to such selection, the aggregate unpaid principal amount of Term
Advances of such Class that are U.S. Base Rate Advances (in the case of U.S.
Term Advances and Spanish Term Advances) and Term Advances of such Class having
Interest Periods which end on or before such principal repayment date shall be
at least equal to the amount of Term Advances of such Class due and payable on
or before such date;

         (b)      Interest Periods commencing on the same date for Advances by
each Bank comprising part of the same Borrowing shall be of the same duration;

         (c)      whenever the last day of any Interest Period would otherwise
occur on a day other than a Business Day, the last day of such Interest Period
shall be extended to occur on the next succeeding Business Day, provided that if
such extension would cause the last day of such Interest Period to occur in

<PAGE>   4

the next following calendar month, the last day of such Interest Period shall
occur on the next preceding Business Day;

         (d)      any Interest period which begins on the last Business Day of a
calendar month (or on a day for which there is no numerically corresponding day
in the calendar month at the end of such Interest Period) shall end on the last
Business Day of the calendar month in which it would have ended if there were a
numerically corresponding day in such calendar month; and

         (e)      No Borrower may select any Interest Period for any French
Revolving Advance or U.S. Revolving Advance which ends after the applicable
Maturity Date for such French Revolving Advances or U.S. Revolving Advances.

         (iv)     by adding the following new definitions:

         "EC Treaty" means the Treaty establishing the European Community
(signed in Rome on 25 March 1957) and amended by the Treaty on European Union
(signed in Maastricht on 7 February 1992), as amended from time to time.

         "EMU" means Economic and Monetary Union as contemplated in the Treaty
establishing the European Community (signed in Rome on 25 March 1957) and
amended by the Treaty on European Union (signed in Maastricht on 7 February
1992), as amended from time to time.

         "Euro" and/or "EUR" means the lawful currency of the member states of
the European Union that adopt the single currency in accordance with the EC
Treaty and as referred to in EMU Legislation.

         "Fourth Amendment" means Amendment No. 4 dated as of January 26, 2001
among the Company, SMF, PDM, the Banks and the Agent.

         (v)      by deleting the following definitions in their entirety:

         "French Alternate Rate";

         "French Alternate Rate Advance";

         "French Francs" and "FRF".

         (b)      The last sentence of Section 1.04 of the Credit Agreement is
hereby amended in its entirety as follows:

         The "Type" of an Advance refers to the determination whether such
         Advance is a Eurodollar Rate Advance, a Eurocurrency Rate Advance or a
         U.S. Base Rate Advance, each of which constitutes a Type.

         (c)      Section 2.01 (b) of the Credit Agreement is hereby amended by
replacing "5,000,000 French Francs and in integral multiples of 1,000,000 French
Francs" with "EUR1,000,000 and in integral multiples of EUR100,000".

         (d)      Sections 2.02(a) and (b) of the Credit Agreement are hereby
amended in their entirety as follows:

                  (a)      Notice. Each Borrowing shall be made pursuant to a
         Notice of Borrowing, given not later than (i) 10:00 a.m. (Dallas, Texas
         time) on the third Business Day before the date of a requested
         Borrowing in the case of a Eurodollar Rate Advance, (ii) 10:00 a.m.
         (Paris, France time) three Business Days before the date of a requested
         Borrowing in the case of a Eurocurrency Rate Advance, or (iii) 10:00
         a.m. (Dallas, Texas time) on the Business Day of a requested Borrowing,
         in the case of

<PAGE>   5

         a U.S. Base Rate Advance, by the Borrower to the Agent's Applicable
         Lending Office. The Agent shall give to each Bank prompt notice on the
         day of receipt of a timely Notice of Borrowing of such requested
         Borrowing by telecopier or telex. Each Notice of a Borrowing shall be
         by telecopier, telex or telephone, confirmed promptly in writing
         specifying (A) the requested date of such Borrowing (which shall be a
         Business Day), (B) the requested Type and Class of Advances comprising
         such Borrowing, (C) the requested aggregate amount of such Borrowing,
         (D) the applicable Borrower, and (E) if such Borrowing is to be
         comprised of Fixed Rate Advances, the requested Interest Period for
         each such Advance. In the case of a requested Borrowing comprised of
         Fixed Rate Advances, the Agent shall promptly notify each Bank of the
         applicable interest rate under Sections 2.06(c) or 2.06(d), as
         applicable. Each Bank shall (i) in the case of all Borrowings which are
         comprised of Eurodollar Rate Advances, before 11:00 a.m. (Dallas, Texas
         time) on the date of such Borrowing, (ii) in the case of all Borrowings
         which are comprised of Eurocurrency Rate Advances, before 11:00 a.m.
         (Paris, France time) on the date of such Borrowing, and (iii) in the
         case of Borrowings which are comprised of U.S. Base Rate Advances,
         before 1:00 p.m. (Dallas, Texas time) on the date of such Borrowing,
         make available through its Applicable Lending Office to the Agent at
         the Agent's Applicable Lending Office, or such other location as the
         Agent may specify by notice to the Banks, in same day funds, (A) in the
         case of a U.S. Term Borrowing, a French Term Borrowing or a Spanish
         Term Borrowing, such Bank's U.S. Term Share, French Term Share or
         Spanish Term Share of such Borrowing and (B) in the case of a U.S.
         Revolving Borrowing or a French Revolving Borrowing, such Bank's U.S.
         Revolving Share or French Revolving Share of such Borrowing. After the
         Agent's receipt of such funds and upon fulfillment of the applicable
         conditions set forth in Article III, the Agent will promptly make such
         funds available to the applicable Borrower at such account as the
         applicable Borrower shall specify in writing to Agent.

                  (b)      Conversions and Continuations. In order to elect to
         Convert or Continue an Advance under this Section, the Borrower
         desiring a Conversion or Continuation shall deliver an irrevocable
         Notice of Conversion or Continuation to the Agent at the Agent's office
         no later than (i) 11:00 a.m. (Dallas, Texas time) the Business Day of
         such requested Conversion date in the case of a Conversion to a U.S.
         Base Rate Advance, (ii) 11:00 a.m. (Dallas, Texas time) at least three
         Business Days in advance of such requested Conversion or Continuation
         date in the case of a Conversion to, or a Continuation of, a Eurodollar
         Rate Advance, or (iii) 11:00 a.m. (Paris, France time) at least three
         Business Days in advance of such requested Conversion or Continuation
         date in the case of a Conversion to, or Continuation of, a Eurocurrency
         Rate Advance. Each such Notice of Conversion or Continuation shall be
         in writing or by telex, telecopier or telephone, confirmed promptly in
         writing specifying (A) the requested Conversion or Continuation date
         (which shall be a Business Day), (B) the amount, Type, and Class of the
         Advance to be Converted or Continued, (C) whether a Conversion or
         Continuation is requested, and if a Conversion, into what Type of
         Advance, and (D) in the case of a Conversion to, or a Continuation of,
         a Fixed Rate Advance, the requested Interest Period. Promptly after
         receipt of a Notice of Conversion or Continuation under this paragraph,
         the Agent shall provide each Bank with a copy thereof and, in the case
         of a Conversion to or a Continuation of a Fixed Rate Advance, notify
         each Bank of the applicable interest rate under Sections 2.06(c) or
         2.06(d), as applicable. The portion of Advances comprising part of the
         same Borrowing that are converted to Advances of another Type shall
         constitute a new Borrowing. Notwithstanding anything in this Agreement
         to the contrary, Conversions of Advances may only be made at the end of
         the applicable Interest Period for such Advances.

         (e)      Section 2.02(c)(iii) is hereby amended by deleting "or French
Alternate Rate Advance, as applicable".

         (f)      Section 2.02(c)(v) is hereby amended by replacing "French
Alternate Rate Advance" with "U.S. Base Rate Advance".

         (g)      Section 2.02(c)(vii) is hereby amended by replacing "French
Alternate Rate Advance" with "U.S. Base Rate Advance".

<PAGE>   6

         (h)      Section 2.03(a) of the Credit Agreement is amended by
replacing "French Francs" with "Euros".

         (i)      Section 2.04 of the Credit Agreement is amended by replacing
"5,000,000 French Francs or an integral multiple of 500,000 French Francs" with
"EUR1,000,000 or an integral multiple of EUR100,000."

         (j)      Section 2.05(b)(ii) of the Credit Agreement is amended in its
entirety as follow:

                  (ii)     SMF shall ratably repay the French Term Advances to
         the Banks based on each Bank's French Term Share in installments in the
         aggregate amounts and on the dates indicated as follows:

<TABLE>
<CAPTION>
                              Date                     Amount
                        ----------------          ----------------
                        <S>                       <C>
                        January 31, 2002          EUR12,704,084.77
                         July 31, 2002            EUR12,704,084.77
                        January 31, 2003          EUR12,704,084.77
</TABLE>

         (k)      Section 2.06(b) of the Credit Agreement is amended in its
entirety to read "Intentionally deleted".

         (l)      Section 2.06(d) of the Credit Agreement is amended by
replacing "French Alternate Rate" with "Adjusted U.S. Base Rate".

         (m)      Section 2.07(b) of the Credit Agreement is amended by
replacing "(iii) in the case of French Revolving Advances, 1,000,000 French
Francs, and (iv) in the case of French Term Advances, 5,000,000 French Francs"
with "(iii) in the case of French Revolving Advances, EUR150,000, and (iv) in
the case of French Term Advances, EUR1,000,000".

         (n)      Section 2.07(e) of the Credit Agreement is amended by deleting
"(if the affected Advances are Eurodollar Rate Advances) or a French Alternate
Rate Advance (if the affected Advances are Eurocurrency Rate Advances)".

         (o)      Section 2.09(a) of the Credit Agreement is amended by
replacing "the Eurodollar Rate, Eurocurrency Rate or French Alternate Rate, as
applicable" with "the Eurodollar Rate or the Eurocurrency Rate, as applicable".

         (p)      Section 2.10(a) of the Credit Agreement is amended by
replacing "French Francs" with "Euros".

         (q)      Section 2.10(b) of the Credit Agreement is amended by
deleting", the French Alternate Rate."

         (r)      Section 6.09(d) of the Credit Agreement is amended by (i)
replacing "FRF30,000,000" with "EUR4,575,000.00" and (ii) replacing
"FRF20,000,000" with "EUR3,100,000.00".

         (s)      Section 8.01 of the Credit Agreement is amended by replacing
"French Francs" with "Euros".

         (t)      Section 10.14 of the Credit Agreement is amended by replacing
"French Francs" with "Euros".

         (u)      Exhibits A, B-1 and B-2 to the Credit Agreement are amended in
their entirety and replaced with the attached Exhibits A, B-1 and B-2,
respectively.

         Section 3.        Conversion to Euros. On the date hereof, all
outstanding Eurocurrency Rate Advances shall be converted from French Francs to
Euros. As of the date hereof, the outstanding amount of the French Term Advances
in Euros for each Bank is set forth on the attached Schedule 1. The Agent shall
promptly notify each Bank of the Eurocurrency Rate under Section 2.06(d).

<PAGE>   7

         Section 4.        Representations and Warranties. The Borrowers and the
Guarantor represent and warrant to the Agent and the Banks as of the date
hereof:

         (a)      Any representations and warranties set forth in the Credit
Agreement and in the other Credit Documents (other than those made as of a
specific date) are true and correct in all material respects;

         (b)      (i) The execution, delivery and performance of this Amendment
are within the corporate power and authority of the Borrowers and the Guarantor
and have or will have been duly authorized by appropriate proceedings and (ii)
this Amendment constitutes a legal, valid, and binding obligation of the
Borrowers and the Guarantor enforceable in accordance with its terms, except as
limited by applicable bankruptcy, insolvency, reorganization, moratorium, or
similar laws affecting the rights of creditors generally and general principles
of equity;

         (c)      No Default or Event of Default has occurred and is continuing;
and

         (d)      No Potential Phaseout Event has occurred.

         Section 5.        Effectiveness. This Amendment shall become effective
and the Credit Agreement shall be amended as provided in Section 2 of this
Amendment when the Agent shall have received this Amendment duly and validly
executed by the Borrowers, the Agent and the Banks.

         Section 6.        Reaffirmation of Guaranty. The Company hereby
reaffirms its obligations under Article VIII of the Credit Agreement and agrees
to remain liable for the repayment of the Guaranteed Obligations (as defined
therein), as such Guaranteed Obligations have been amended hereby.

         Section 7.        Choice of Law. This Amendment shall be governed by
and construed and enforced in accordance with the laws of the State of New York.

         Section 8.        Counterparts. This Amendment may be signed in any
number of counterparts, each of which shall be an original.

<PAGE>   8

         EXECUTED as of the date first set forth above.

<TABLE>
<S>                                          <C>
                                             BORROWERS:

                                             SCHWEITZER-MAUDUIT INTERNATIONAL, INC.

                                             By: /s/ WAYNE H. DEITRICH
                                                ---------------------------------------------------
                                                     Wayne H. Deitrich
                                                     Chairman and Chief Executive Officer

                                             SCHWEITZER-MAUDUIT FRANCE S.A.R.L.

                                             By: /s/ JEAN-PIERRE LE HETET
                                                ---------------------------------------------------
                                                     Jean-Pierre Le Hetet
                                                     Gerant (Manager)

                                             PDM INDUSTRIES S.N.C.

                                             By: Papeteries de Mauduit S.A., as Manager

                                                      By: /s/ JEAN-PIERRE LE HETET
                                                         ------------------------------------------
                                                         Jean-Pierre Le Hetet
                                                         Legal Representative

                                             GUARANTOR:

                                             SCHWEITZER-MAUDUIT INTERNATIONAL, INC.

                                             By: /s/ WAYNE H. DEITRICH
                                                ---------------------------------------------------
                                                     Wayne H. Deitrich
                                                     Chairman and Chief Executive Officer
</TABLE>

<PAGE>   9

<TABLE>
<S>                                          <C>
                                             AGENT:

                                             SOCIETE GENERALE

                                             By: /s/ NICOLAS GUERIN
                                                ---------------------------------------------------
                                                     Nicolas Guerin
                                                     Vice President

                                             BANKS:

French Revolving Commitment                  SOCIETE GENERALE
EUR4723096.40
                                             By: /s/ NICOLAS GUERIN
                                                ---------------------------------------------------
                                                     Nicolas Guerin
                                                     Vice President

French Revolving Commitment                  BANQUE NATIONALE DE PARIS - PARIBAS
EUR1657883.06
                                             By: /s/ BERNARD ROLLAND
                                                ---------------------------------------------------
                                                     Bernard Rolland

French Revolving Commitment                  CREDIT LYONNAIS
EUR1905612.72
                                             By: /s/ CHANTAL ROGER
                                                ---------------------------------------------------
                                                     Chantal Roger
                                                     Responsible Unite de Base Contrats Entreprises

French Revolving Commitment                 NATEXIS BANQUE
EUR4135179.59
                                            By:  /s/ ERIC DE VARAX
                                                ---------------------------------------------------
                                                     Monsieur Eric de VARAX
                                                     Directeur Regional Region Ouest

                                            By:  /s/ FLORENT CHARLET
                                                ---------------------------------------------------
                                                Monsieur Florent CHARLET
                                                Charge d'Affaires

French Revolving Commitment                 SUNTRUST BANK
EUR4234694.92
                                            By:  /s/ DANIEL S. KOMITOR
                                                ---------------------------------------------------
                                                     Daniel S. Komitor
                                                     Director

                                            By:  /s/ BRANDON GALL
                                                ---------------------------------------------------
                                                     Brandon Gall
                                                     Associate

French Revolving Commitment                 WACHOVIA BANK, N.A.
EUR2399660.46
                                            By:  /s/ HUGH POPE
                                                ---------------------------------------------------
                                                     Hugh Pope
                                                     Banking Officer
</TABLE>

<PAGE>   10

                                   SCHEDULE 1

<TABLE>
Bank                                                      French Term Advances
-------------------------                                 --------------------
<S>                                                       <C>
Societe Generale                                             EUR9,446,192.81

Banque Nationale de Paris                                    EUR3,315,766.12

Credit Lyonnais                                              EUR3,811,225.43

Natexis Banque                                               EUR8,270,359.19

SunTrust Bank                                                EUR8,469,389.85

Wachovia Bank, N.A.                                          EUR4,799,320.91
                                                            -----------------
TOTAL                                                          38,112,254.31
</TABLE>

<PAGE>   11

                                    EXHIBIT A

                            ASSIGNMENT AND ACCEPTANCE

                            Dated             , 19
                                  ------------    --

         Reference is made to the Amended and Restated Credit Agreement dated as
of January 30, 1998 (as the same may be amended or modified from time to time,
the "Credit Agreement") among Schweitzer-Mauduit International, Inc., a Delaware
corporation (the "Company"), Schweitzer-Mauduit France S.A.R.L., a French
corporation ("SMF"), PDM Industries S.N.C., a French corporation ("PDM") (PDM
and SMF are collectively referred to as "French Borrowers"), Schweitzer-Mauduit
Spain, S.L., sociedad unipersonal, a Spanish corporation with a sole shareholder
("SMS" and SMS, the French Borrowers and the Company are collectively referred
to as the "Borrowers"), the Banks and Societe Generale, as Agent for the Banks.
Capitalized terms not otherwise defined in this Assignment and Acceptance shall
have the meanings assigned to them in the Credit Agreement.

         Pursuant to the terms of the Credit Agreement, ____________ wishes to
assign and delegate ___% [Specify percentage in no more than 5 decimal points.]
of its rights and obligations under the Credit Agreement. Therefore,
_____________ ("Assignor"), ___________ ("Assignee"), and the Agent agree as
follows:

         1.       As of the Effective Date (as defined below), the Assignor
hereby sells and assigns and delegates to the Assignee, and the Assignee hereby
purchases and assumes from the Assignor, without recourse to the Assignor and
without representation or warranty except for the representations and warranties
specifically set forth in clauses (i), (ii), and (iii) of Section 2, a ___%
interest in and to all of the Assignor's rights and obligations under the Credit
Agreement in connection with its Commitments, including, without limitation,
such percentage interest in the Assignor's U.S. Revolving Commitment, French
Revolving Commitment and Spanish Term Commitment, the Advances owing to the
Assignor, and the U.S. Revolving Note, the French Revolving Note, the U.S. Term
Note, the French Term Note and the Spanish Term Note held by the Assignor.

         2.       The Assignor (i) represents and warrants that, prior to
executing this Assignment and Acceptance, its U.S. Revolving Commitment is
$__________, its French Revolving Commitment is EUR___________, its Spanish Term
Commitment is $____________, the aggregate outstanding principal amount of U.S.
Revolving Advances owed to it by the Company is $__________, the aggregate
outstanding principal amount of French Revolving Advances owed to it by the
French Borrowers is EUR__________, the aggregate principal amount of U.S. Term
Advances owed to it by the Company is $___________, the aggregate principal
amount of French Term Advances owed to it by SMF is EUR_________, and the
aggregate principal amount of Spanish Term Advances owed to it by the Company is
$___________; (ii) represents and warrants that it is the legal and beneficial
owner of the interest being assigned by it hereunder and that such interest is
free and clear of any adverse claim; (iii) makes no representation or warranty
and assumes no responsibility with respect to any statements, warranties, or
representations made in or in connection with the Credit Agreement or any other
Credit Document or the execution, legality, validity, enforceability,
genuineness, sufficiency, or value of the Credit Agreement or any other Credit
Document or any other instrument or document furnished pursuant thereto; (iv)
makes no representation or warranty and assumes no responsibility with respect
to the financial condition of the Borrowers or any guarantor or the performance
or observance by the Borrowers or any guarantor of any of their obligations
under the Credit Agreement or any other Credit Document or any other instrument
or document furnished pursuant thereto; and (v) attaches the Notes referred to
in paragraph 1 above and requests that the Agent exchange such Notes for a new
U.S. Revolving Note dated the Effective Date in the principal amount of
$___________, a new French Revolving Note dated the Effective Date in the
principal amount of EUR___________, a new U.S. Term Note dated the Effective
Date in the principal amount of $___________, a new French Term Note dated

<PAGE>   12

the Effective Date in the principal amount of EUR___________, and a new Spanish
Term Note dated the Effective Date in the principal amount of $___________, each
payable to the order of the Assignee [, a new U.S. Revolving Note dated the
Effective Date in the principal amount of $___________, a new French Revolving
Note dated the Effective Date in the principal amount of EUR___________, a new
U.S. Term Note dated the Effective Date in the principal amount of $___________,
a new French Term Note dated the Effective Date in the principal amount of
EUR___________, and a new Spanish Term Note dated the Effective Date in the
principal amount of $___________, each payable to the order of the Assignor].

         3.       The Assignee (i) confirms that it has received a copy of the
Credit Agreement, together with copies of the financial statements referred to
in Section 4.05 thereof and such other documents and information as it has
deemed appropriate to make its own credit analysis and decision to enter into
this Assignment and Acceptance; (ii)agrees that it will, independently and
without reliance upon the Agent, the Assignor, or any other Bank and based on
such documents and information as it shall deem appropriate at the time,
continue to make its own credit decisions in taking or not taking action under
the Credit Agreement or any other Credit Document; (iii) appoints and authorizes
the Agent to take such action as agent on its behalf and to exercise such powers
under the Credit Agreement and any other Credit Document as are delegated to the
Agent by the terms thereof, together with such powers as are reasonably
incidental thereto; (iv) agrees that it will perform in accordance with their
terms all of the obligations which by the terms of the Credit Agreement or any
other Credit Document are required to be performed by it as a Bank; (v)
specifies as its U.S. Lending Office (and address for notices), Eurodollar
Lending Office, Eurocurrency Lending Office, and French Alternate Lending
Office, the offices set forth beneath its name on the signature pages hereof;
(vi) attaches the forms prescribed by the appropriate Governmental Entity
certifying as to the Assignee's status for purposes of determining exemption
from withholding taxes with respect to all payments to be made to the Assignee
under the Credit Agreement and its Notes or such other documents as are
necessary to indicate that all such payments are subject to such rates at a rate
reduced by an applicable tax treaty [If the Assignee is organized under the laws
of a jurisdiction outside the United States or France.], and (vii) represents
that it is an Eligible Assignee.

         4.       The effective date for this Assignment and Acceptance shall be
_____________, 200_ (the "Effective Date") [See Section 10.06 of the Credit
Agreement. Such date shall be at least three Business Days after the execution
of this Assignment and Acceptance.] and following the execution of this
Assignment and Acceptance, the Agent will record it.

         5.       Upon such recording, and as of the Effective Date, (i) the
Assignee shall be a party to the Credit Agreement as a "Bank" thereunder for all
purposes, and, to the extent provided in this Assignment and Acceptance, have
the rights and obligations of a Bank thereunder and (ii) the Assignor shall, to
the extent provided in this Assignment and Acceptance, relinquish its rights
(other than rights against the Borrower pursuant to Sections 2.08, 2.09, 2.11(c)
and 10.07 of the Credit Agreement, which shall survive this assignment) and be
released from its obligations under the Credit Agreement (except for its
obligations under Section 9.05, which shall survive this assignment).

         6.       Upon such recording, from and after the Effective Date, the
Agent shall make all payments under the Credit Agreement and the Notes in
respect of the interest assigned hereby (including, without limitation, all
payments of principal, interest, and commitment fees) to the Assignee. The
Assignor and Assignee shall make all appropriate adjustments in payments under
the Credit Agreement and the Notes for periods prior to the Effective Date
directly between themselves.

         7.       This Assignment and Acceptance shall be governed by, and
construed and enforced in accordance with, the laws of the State of New York.

<PAGE>   13

         The parties hereto have caused this Assignment and Acceptance to be
duly executed as of the date first above written.

                                    [ASSIGNOR]

                                    By:
                                        ----------------------------------------
                                        Name:
                                             -----------------------------------
                                        Title:
                                              ----------------------------------
                                    Address:
                                            ------------------------------------

                                            ------------------------------------

                                    Attention:
                                               ---------------------------------
                                    Telecopy:
                                             -----------------------------------
                                    Telephone:
                                              ----------------------------------

                                    [ASSIGNEE]

                                    By:
                                       -----------------------------------------
                                       Name:
                                            ------------------------------------
                                       Title:
                                             -----------------------------------

                                    U.S. Lending Office:

                                    Address:
                                            ------------------------------------

                                            ------------------------------------

                                    Attention:
                                               ---------------------------------
                                    Telecopy:
                                             -----------------------------------
                                    Telephone:
                                              ----------------------------------

                                    Eurodollar Lending Office:

                                    Address:
                                            ------------------------------------

                                            ------------------------------------

                                    Attention:
                                               ---------------------------------
                                    Telecopy:
                                             -----------------------------------
                                    Telephone:
                                              ----------------------------------

                                    Eurocurrency Lending Office:

                                    Address:
                                            ------------------------------------

                                            ------------------------------------

                                    Attention:
                                               ---------------------------------
                                    Telecopy:
                                             -----------------------------------
                                    Telephone:
                                              ----------------------------------

                                    French Alternate Lending Office:

                                    Address:
                                            ------------------------------------

                                            ------------------------------------

                                    Attention:
                                               ---------------------------------
                                    Telecopy:
                                             -----------------------------------
                                    Telephone:
                                              ----------------------------------

<PAGE>   14

                                    SOCIETE GENERALE, as Agent

                                    By:
                                       -----------------------------------------
                                       Name:
                                            ------------------------------------
                                       Title:
                                             -----------------------------------

                                    SCHWEITZER-MAUDUIT INTERNATIONAL, INC.
                                    SCHWEITZER-MAUDUIT FRANCE S.A.R.L.
                                    PDM INDUSTRIES S.N.C.

                                    By:
                                       -----------------------------------------
                                       Name:
                                            ------------------------------------
                                       Title:
                                             -----------------------------------

<PAGE>   15

                                   EXHIBIT B-1
                              FRENCH REVOLVING NOTE

     EUR                                                           , 200
        ----------------                              -------------     -

         For value received, the undersigned Schweitzer-Mauduit France S.A.R.L.,
a French corporation ("SMF"), and PDM Industries S.N.C., a French corporation
("PDM", collectively together with SMF, the "French Borrowers"), hereby joint
and severally promise to pay to the order of _____________ ("Bank") the
principal amount of ____________ and __/100 Euros (EUR_______________) or, if
less, the aggregate outstanding principal amount of each French Revolving
Advance (as defined in the Credit Agreement referred to below) made by the Bank
to the French Borrowers, together with interest on the unpaid principal amount
of each such French Revolving Advance from the date of such French Revolving
Advance until such principal amount is paid in full, at such interest rates, and
at such times, as are specified in the Credit Agreement.

         This Note is one of the French Revolving Notes referred to in, and is
entitled to the benefits of, and is subject to the terms of, the Amended and
Restated Credit Agreement dated as of January 30, 1998 (as the same may be
amended or modified from time to time, the "Credit Agreement"), among
Schweitzer-Mauduit International, Inc., a Delaware corporation, the French
Borrowers, Schweitzer-Mauduit Spain, S.L., sociedad unipersonal, a Spanish
corporation with a sole shareholder, the Banks and Societe Generale, as Agent
for the Banks. Capitalized terms used in this Note that are defined in the
Credit Agreement and not otherwise defined in this Note have the meanings
assigned to such terms in the Credit Agreement. The Credit Agreement, among
other things, (a) provides for the making of French Revolving Advances by the
Bank to the French Borrowers from time to time in an aggregate amount not to
exceed at any time outstanding the Euro amount first above mentioned, the
indebtedness of the French Borrowers resulting from each such French Revolving
Advance being evidenced by this Note and (b) contains provisions for
acceleration of the maturity of this Note upon the happening of certain events
stated in the Credit Agreement and for prepayments of principal prior to the
maturity of this Note upon the terms and conditions specified in the Credit
Agreement.

         Both principal and interest are payable in Euros to the Agent at 29,
Boulevard Haussman, 75009 Paris France (or at such other location or address as
may be specified by the Agent in writing to the French Borrowers) in same day
funds. The Bank shall record all French Revolving Advances and payments of
principal made under this Note, but no failure of the Bank to make such
recording shall affect the French Borrowers' repayment obligations under this
Note.

         Except as specifically provided in the Credit Agreement, the French
Borrowers hereby waive presentment, demand, protest, notice of intent to
accelerate, notice of acceleration, and any other notice of any kind. No failure
to exercise, and no delay in exercising, any rights hereunder on the part of the
holder of this Note shall operate as a waiver of such rights.

         Subject to applicable federal law, this Note shall be governed by and
construed and enforced in accordance with the laws of the state of New York.

                                    SCHWEITZER-MAUDUIT FRANCE S.A.R.L.

                                    By:
                                       -----------------------------------------
                                       Name:
                                            ------------------------------------
                                       Title:
                                             -----------------------------------

                                    PDM INDUSTRIES S.N.C.

                                    By:
                                       -----------------------------------------
                                       Name:
                                            ------------------------------------
                                       Title:
                                             -----------------------------------

<PAGE>   16

                                   EXHIBIT B-2
                                FRENCH TERM NOTE

     EUR                                                           , 200
        ----------------                              -------------     -

         For value received, the undersigned, Schweitzer-Mauduit France
S.A.R.L., a French corporation ("SMF"), hereby promises to pay to the order of
_____________ ("Bank") the principal amount of ____________ and __/100 Euros
(EUR_______________) or, if less, the aggregate outstanding principal amount of
each French Term Advance (as defined in the Credit Agreement referred to below)
made by the Bank to SMF, together with interest on the unpaid principal amount
of each such French Term Advance from the date of such French Term Advance until
such principal amount is paid in full, at such interest rates, and at such
times, as are specified in the Credit Agreement.

         This Note is one of the French Term Notes referred to in, and is
entitled to the benefits of, and is subject to the terms of, the Amended and
Restated Credit Agreement dated as of January 30, 1998 (as the same may be
amended or modified from time to time, the "Credit Agreement"), among
Schweitzer-Mauduit International, Inc., a Delaware corporation, SMF, PDM
Industries S.N.C., a French corporation, Schweitzer-Mauduit Spain, S.L.,
sociedad unipersonal, a Spanish corporation with a sole shareholder, the Banks
and Societe Generale, as Agent for the Banks. Capitalized terms used in this
Note that are defined in the Credit Agreement and not otherwise defined in this
Note have the meanings assigned to such terms in the Credit Agreement. The
Credit Agreement, among other things, (a) provides for the maintaining of French
Term Advances by the Bank to SMF from time to time in an aggregate amount not to
exceed at any time outstanding the Euro amount first above mentioned, the
indebtedness of SMF resulting from each such French Term Advance being evidenced
by this Note and (b) contains provisions for acceleration of the maturity of
this Note upon the happening of certain events stated in the Credit Agreement
and for prepayments of principal prior to the maturity of this Note upon the
terms and conditions specified in the Credit Agreement.

         Both principal and interest are payable in Euros to the Agent at 29,
Boulevard Haussman, 75009 Paris France (or at such other location or address as
may be specified by the Agent in writing to SMF) in same day funds. The Bank
shall record all French Term Advances and payments of principal made under this
Note, but no failure of the Bank to make such recording shall affect SMF's
repayment obligations under this Note.

         Except as specifically provided in the Credit Agreement, SMF hereby
waives presentment, demand, protest, notice of intent to accelerate, notice of
acceleration, and any other notice of any kind. No failure to exercise, and no
delay in exercising, any rights hereunder on the part of the holder of this Note
shall operate as a waiver of such rights.

         Subject to applicable federal law, this Note shall be governed by and
construed and enforced in accordance with the laws of the state of New York.

                                    SCHWEITZER-MAUDUIT FRANCE S.A.R.L.

                                    By:
                                       -----------------------------------------
                                       Name:
                                            ------------------------------------
                                       Title:
                                             -----------------------------------

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