Document:

<PAGE>

                                                                    Exhibit 4.18
                                                                    ------------

<PAGE>
                                                                               1

                                   AGREEMENT

1. This Loan Agreement ("Agreement") is entered into by and among the parties
below, who are represented herein in accordance with their respective
By-laws/articles of association (collectively, the "Parties"):

1.1. UNIBANCO - UNIAO DE BANCOS BRASILEIROS S.A., acting through its Nassau
Branch, with head office at 308 East Bay Street - 3rd Floor, Nassau, Bahamas,
hereinafter called UNIBANCO;

1.2. Newark Finantial Inc., a corporation with its head office at Vanterpool
Plaza, 2nd Floor, Wickhams Cay I, Road Town, Tortola, British Virgin Islands,
hereinafter called BORROWER.

1.3. As CO-OBLIGOR hereinafter so called:

1.3.1. Votorantim Celulose e Papel S.A., a company enrolled in the National
Taxpayers Registry under No. 60.643.228/0001-21, with head office at Alameda
Santos, 1357, 6 (degree) andar, in the city of Sao Paulo, State of Sao Paulo,
Brazil;

2. The above named and qualified Parties agree hereby to enter into this
Agreement which shall be governed by the following clauses and conditions:

<PAGE>
                                                                               2
                                        I

UNIBANCO hereby grants a loan to the BORROWER in the amount of US$30,000,000.00
(Thirty million United States dollars), for a period of 120 (one hundred and
twenty) days from the disbursement date, scheduled for October 29, 2001,
maturing on February 26, 2002.

                                       II

The amount of the loan granted shall be disbursed by UNIBANCO, by crediting the
current account indicated by the BORROWER, observed the condition stated in
Clause XII hereof.

Sole Paragraph: Upon the disbursement of the credit under the terms of this
Clause II, UNIBANCO shall issue a payment schedule ("Payment Schedule") which
shall contain the principal amount of the loan, the disbursement date and the
maturity date of the loan, including principal, interest and other duly
evidenced charges.

                                       III

From the disbursement date, according to the provisions of Clause II, the amount
of the loan shall bear the following charges:

Interest calculated at the rate of 6% (six percent) per annum.

                                       IV

The BORROWER shall settle the principal and all other obligations hereunder
resulting from the loan granted hereunder, in the form and on the due date
stated in the Payment

<PAGE>
                                                                               3

Schedule, directly to UNIBANCO, by crediting the current account mentioned in
Clause V hereof.

Sole Paragraph: All payments under this Agreement shall be effected by the
BORROWER and/or the CO-OBLIGOR, in United States dollars, net, without set-off
or counterclaim, free and clear and without deduction or withholding of any
present or future taxes, charges, surcharges, duties of whatever nature
(hereinafter called "Taxes") imposed by any authority having power to tax and
the BORROWER and/or the CO-OBLIGOR will pay such Taxes.

                                        V

For the purposes of the preceding Clause, the BORROWER agrees to deposit in
UNIBANCO's current account kept at Chase Manhattan Bank - New York - NY, USA,
ABA No. 02100021, current account No. 544-707-135, until 1l:00 a.m. (New York
City time) of the due date, in immediately available United States dollars, the
amounts necessary to settle all the BORROWER's obligations hereunder.

                                       VI

In the event that the maturity date of the obligations arising from this
Agreement falls on a non business day, it is stipulated that the maturity date
shall be postponed to the next succeeding business day.

Sole Paragraph: Business day means, as used in this Agreement, any day other
than one on which the banks where the payments

<PAGE>
                                                                               4

hereunder shall be made are authorized or required by law to be closed.

                                       VII

If any of the conditions set forth in Clause IV hereof is not fulfilled, and in
order to assure its due enforcement, the BORROWER and/or the CO-OBLIGOR shall
settle a foreign exchange transaction in Brazil, after authorization of the
Central Bank of Brazil, should it be the case, or with other banks located
outside Brazil, in order to receive the amounts owed hereunder.

First Paragraph: Alternatively, at the sole discretion of UNIBANCO, payments may
be made by the BORROWER, by delivering the amount in Brazilian lawful currency
immediately available in Brazil, at the branch designated by UNIBANCO, using for
the calculation of the amount in Brazilian lawful currency the average exchange
rate for United States dollars informed by "SISBACEN Transacao PCOT-390" on the
day of the actual payment.

Second Paragraph: In the case referred to in this Clause VII, the BORROWER and
the CO-OBLIGOR shall be further responsible for any amounts related to foreign
fluctuations, interests, fines, inflation adjustments, taxes, brokerage
expenses, exchange closing and other charges resulting from the remittance of
funds outside Brazil, for the payment of the BORROWER's obligations.

                                      VIII

The BORROWER issues a promissory note, which shall be duly guaranteed per aval
by the CO-OBLIGOR, in favor of UNIBANCO,

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                                                                               5

in the total amount of the loan granted hereunder, and with final maturity date
on February 26, 2002, 120 (one hundred and twenty) days from the disbursement
date provided in the Payment Schedule, payable on the due date or after the date
of a total or partial default, as the case may be, the fulfillment of the
BORROWER's obligations in the manner agreed herein.

First Paragraph: Upon default by the BORROWER in the fulfillment of any of its
obligations hereunder, UNIBANCO may, at its sole discretion, discount the
Promissory Note referred to in this Clause VIII, at discount rates adopted on
such date, in New York City, by prime financial institutions, applying the
proceeds of such discount in the total or partial settlement of the BORROWER's
principal and other obligations hereunder.

Second Paragraph: If the net proceeds arising from the discount referred to in
the preceding paragraph are not sufficient to cover the BORROWER's liabilities
hereunder, UNIBANCO may use the right provided for in the Sole Paragraph of
Clause IX hereof.

                                       IX

All charges incurred under or resulting from this Agreement, as well as any
expenses necessary for the preparation, utilization and settlement of the loan
granted hereunder, in the manner agreed herein, or such charges and expenses
UNIBANCO may be required to pay or bear with regard to this Agreement, shall be
borne by the BORROWER.

Sole Paragraph: UNIBANCO shall be entitled to draw securities related to the
further encumbrances which are not represented by the promissory note in
accordance with

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                                                                               6

Clause VIII of this Agreement.

                                        X

UNIBANCO may, irrespective of any notice, interpellation or notification, either
judicial or extrajudicial, deem terminated this Agreement and declare
immediately due and payable all obligations arising from this Agreement should
any case provided by law or any of the following events occur:

a) legal protest of negotiable instruments against the BORROWER or its
CO-OBLIGOR, in the case the BORROWER and/or the CO-OBLIGOR do not preset to
UNIBANCO within 30 (thirty) days from the protest according to each case: (a)
proof of payment of titles; or (b) confirmation of legal and administrative
measures to interrupt, cancel and refuse mentioned protest;

b) insolvency or decree of bankruptcy, as the case may be, of the BORROWER or
of its CO-OBLIGOR;

c) filing of petition for composition with creditors, by the BORROWER or of its
CO-OBLIGOR, as the case may be;

d) failure in substituting, replacing, completing or reinforcing the guarantee,
upon request by UNIBANCO, in case of any material adverse change in the social,
economic and financial condition of the BORROWER and/or the CO-OBLIGOR;

e) failure in performing any obligation hereunder;

f) any act of reorganization, merger or

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                                                                               7

consolidation, as the case may be, of the BORROWER, without prior written notice
to UNIBANCO;

g) any judicial or administrative proceedings brought against the BORROWER or
its CO-OBLIGOR, which may cause insolvency or affect the ability of the BORROWER
or any of its co-obligors to pay the obligations arising from this Agreement;

h) transfer to third parties by the BORROWER, in any way, of rights or
obligations which, respectively, it acquired or assumed hereunder, without the
prior written consent of UNIBANCO.

First Paragraph: The contractual penalties stipulated below shall apply without
prejudice to one another, as well as to any penalties hereunder, including
acceleration of the obligations hereunder, if such is the case, as follows:

a) upon delay in the payment of any amount due hereunder, without prejudice of
acceleration, the debts shall be subject, as from the due date to (i) commitment
fee, computed as per regulations of the Central Bank of Brazil, (ii) delay
interest at a rate of one per cent (1%) per month, (iii) collection fees, (iv)
two per cent (2%) penalty over the remaining debt balance, in case of default on
any of its obligations and (v) attorney's fees;

Second Paragraph: The amount corresponding to the penalties under the preceding
paragraph shall be debited, on the date of the default, against the BORROWER's
current account.

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                                                                               8

                                       XI

UNIBANCO is hereby irrevocably authorized by the BORROWER and by the CO-OBLIGOR,
to debit any current account maintained by the BORROWER and/or the CO-OBLIGOR,
with any branch of Unibanco - Uniao de Bancos Brasileiros S.A., Sao Paulo,
Brazil, to set off all amounts owed to UNIBANCO under this Agreement, to the
extent that funds are available in such accounts.

Sole Paragraph: In the event UNIBANCO acts on the authorization provided in the
main paragraph of this Clause XI, the discharge from the obligations arising
from this Agreement shall be subject to the actual availability of funds in the
current account in which the relevant debit is made.

                                       XII

UNIBANCO shall fulfill its obligations hereunder only after the presentation by
BORROWER of all documents required by UNIBANCO and after the fulfillment of all
conditions set forth herein.

                                      XIII

UNIBANCO is hereby authorized by the BORROWER and/or the CO-OBLIGOR, to make
requests, sign forms, agreements and other documents that may be necessary for
the fulfillment of the conditions set forth herein.

                                       XIV

The BORROWER and the CO-OBLIGOR shall accept the accounting entries, collection
and debit notices received by UNIBANCO

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                                                                               9

from banking institutions, brokerage houses and/or other similar entities,
located in Brazil or in other countries, as well as any documents presented by
UNIBANCO with respect to foreign exchange operations that UNIBANCO may contract
hereunder, including those carried out in other countries, as satisfactory
evidence of the amounts owed by virtue of the loan granted under this Agreement.

                                       XV

This Agreement is valid and enforceable as of this date, and all its terms shall
continue in force until the date of the effective settlement of all the
BORROWER's obligations hereunder.

                                       XVI

The terms and obligations hereunder shall be effective regardless of any notice,
interpellation or notification, either judicial or extrajudicial.

                                      XVII

In case of failure in the fulfillment of any Clause hereof, any eventual
tolerance by UNIBANCO shall not imply novation of or amendment to this
Agreement, nor shall prevent UNIBANCO from enforcing, from time to time, all of
its rights hereunder.

                                      XVIII

The CO-OBLIGOR accepts hereby to be jointly and severally responsible together
with the BORROWER for the fulfillment of the principal and all other
obligations hereunder arising from this Agreement, pursuant to the terms of
article 896 and certain other subsequent articles of the Brazilian Civil

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                                                                              10

Code.

                                       XIX

The term and the payment conditions of this loan hereunder were stated for the
benefit of the Parties hereto, and prepayments under this Agreement are not
allowed, except if as provided in the applicable law and in this Agreement.

                                       XX

This Agreement shall be construed according to and governed by the Brazilian
laws and the Parties elect hereby, for settling any dispute arising from this
Agreement, the Court of the City of Sao Paulo, State of Sao Paulo, Brazil, or,
at the discretion of the plaintiff, the Court of the domicile of the BORROWER,
waiving the Parties any other jurisdiction, no matter how privileged it may be.

                                       XXI

This Agreement is executed in two versions, one in the Portuguese language and
the other in the English language, both of which shall be deemed as counterparts
of one sole agreement. Each one of them shall be entirely valid for all legal
effects. However, in the event that any discrepancy arises from the translation
of any of the terms of the two said versions, the Portuguese version shall
prevail.

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                                                                              11

The Parties hereby sign this Agreement in four (4) counterparts of identical
content and effect subscribed by (2) witnesses.

Sao Paulo, October 26, 200l.

                   /s/
                   -----------------------------------------
                   UNIBANCO-UNIAO DE BANCOS BRASILEIROS S.A.
                         Agencia Nassau / Nassau Branch

                   /s/
                   -----------------------------------------
                              NEWARK FINANTIAL INC.

                   /s/
                   -----------------------------------------
                        VOTORANTIM CELULOSE E PAPEL S.A.

TESTEMUNHAS / WITNESSES:

1                                      2
 -----------------------------------    ------------------------------
 Nome/Name:                             Nome/Name:

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                                                                              12

                                PAYMENT SCHEDULE

This Payment Schedule is an integral part of the Loan Agreement dated as of
October 26, 2001, made and entered into by and between UNIBANCO, the BORROWER
and the CO-OBLIGOR that sign below.

Loan amount: US$30,000,000.00

Date of Disbursement/Credit: 10/29/2001

Principal Maturity Date: 02/26/2002

Interest Maturity Date: 02/26/2002

Interest Rate: 6% (six percent) per annum

Sao Paulo, October 26, 200l

                   /s/
                   -----------------------------------------
                   UNIBANCO-UNIAO DE BANCOS BRASILEIROS S.A.
                         Agencia Nassau / Nassau Branch

                   /s/
                   -----------------------------------------
                              NEWARK FINANTIAL INC.

                   /s/
                   -----------------------------------------
                        VOTORANTIM CELULOSE E PAPEL S.A.

<PAGE>
                                                                               1

                                 PROMISSORY NOTE

                                                                October 29, 200l

Newark Finantial Inc., with head office at Vanterpool Plaza, 2nd Floor, Wickhams
Cay I, Road Town, Tortola, British Virgin Islands, hereinafter called
"BORROWER", after date, for value received, promises to pay to:

UNIBANCO - Uniao de Bancos Brasileiros S.A.
Nassau Branch
BankAmerica House, 3rd Floor
308 East Bay Street
Nassau, Bahamas ("UNIBANCO Nassau Branch")

US$30,000,000.00 (Thirty million United States dollars), in lawful money of the
United States, with interest on the unpaid principal balance thereof from time
to time outstanding from the date hereof until maturity at the rate of 6% (six
percent) per annum. The principal and the interest thereon shall be paid on
February 26, 2002. If any sum payable on this Note or on any other liability of
the BORROWER or any endorser or guarantor hereof shall not be paid when due; or
if the BORROWER or any endorser or guarantor hereof shall die, become insolvent
(however such insolvency may be evidenced), commit any act of bankruptcy or make
a general assignment for the benefit of creditors; or if the transaction of the
usual business of the BORROWER shall be suspended, or any proceeding, procedure
or remedy supplementary to or in enforcement of judgement shall be resorted to
or commenced against, or with respect to any property of the BORROWER or any
such endorser or guarantor; or if a petition in bankruptcy whether voluntary or
involuntary or for any relief under any law relating to the relief of debtors,
readjustment, or arrangements of indebtedness, reorganization, composition or
extension shall be filed, or any proceeding shall be instituted under any such
law, by or against the BORROWER or any such endorser or guarantor; or if an
application for the appointment of any receiver, trustee, liquidator or any
committee with regard to the BORROWER shall be filed, or if a receiver, trustee,
or liquidator shall be appointed, or if any governmental authority or any court
at the insistence thereof shall take possession of any substantial part of the
property of or assume control over the affairs or operations of, or of any
substantial part of the property of the BORROWER or any such endorser or
guarantor; or a writ, warrant, restraint or order of attachment or garnishment
shall be issued or made against any of the properties of the BORROWER or any
such endorser or guarantor, or if any indebtedness of the BORROWER or any such
endorser or guarantor for borrowed money shall not be paid when due or shall
become due and payable by acceleration of maturity thereof; or if foreclosure
proceedings or any proceedings against the BORROWER for the enforcement of money
judgement shall be commenced; or if the BORROWER makes an assignment for the
benefit of creditors or the offering of a composition or extension to
creditors; or if the BORROWER (if a corporation) shall be dissolved or be a
party to any merger or consolidation without the written consent of the holder
hereof, or shall file or authorize or permit to be filed in any jurisdiction any
financing

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                                                                               2

statement under the Uniform Commercial Code or like statement in which the
holder hereof is not named as the sole secured party; then this Note and all
other present and future demands of any and all kinds of the holder hereof
against the BORROWER whether created directly or acquired by assignment, whether
absolute or contingent, shall, unless the holder hereof shall otherwise elect,
forthwith be due and payable, without demand or notice. The BORROWER, if more
than one, shall be jointly and severally liable hereunder, and all provisions
hereof apply to each or any of the BORROWER. The holder of this Note shall have
a lien and security interest in the deposit balances or credit balances of any
obligor hereunder, and may at any time and without notice apply said balances to
this Note, or any payment hereunder, when due. The principal and all other
payments under this Note shall be paid by the BORROWER to Chase Manhattan Bank -
New York - NY, USA, ABA No. 02100021, for the account of UNIBANCO Nassau Branch,
account No. 544-707-135, without setoff or counterclaim, free and clear of all
restrictions of whatsoever nature imposed thereon, and without deduction or
withholding for or on account of any and all taxes, duties, levies, imposts,
deductions, surcharges or other charges and all liabilities with respect
thereto, of any kind, nature or description past, present or future, imposed by
or payable to or in any jurisdiction or any political subdivision or taxing
authority thereof or therein, or for any federal, state of local income tax
specified above, which may be required or permitted to be deducted or withheld
therefrom (such taxes, duties, levies, imposts, deductions, surcharges, or other
charges and all liabilities with respect thereto hereinafter referred to as
"Tax" or "Taxes"), and the BORROWER will pay any such Tax, for the account of
UNIBANCO Nassau Branch. Any reference herein to the face amount of or interest
on this Note or any other payment under this Note shall not be deemed to define
the maximum obligation of the BORROWER to pay, but rather the net amount which
UNIBANCO Nassau Branch is entitled to receive any deductions or withholdings
which may be incident to any such Taxes, and such references shall not relieve
the BORROWER of the obligation to pay or restrict the right of UNIBANCO Nassau
Branch to be paid a gross face amount of interest or any other payment under
this Note which may be greater than the amount or rate so specified. If any
amount payable under this Note as stated above should become subject to
withholding at source of any Tax applicable by the Law of any jurisdiction or
political subdivision thereof, then the BORROWER undertakes to furnish, at the
request of UNIBANCO Nassau Branch, proper evidence of withholding and deposit
with the tax collection agency of such jurisdiction of the amount of such Tax.
Trial by jury and the right to impose any counterclaims or setoffs of any kind
in any litigation relating to this Note or any liability hereunder are hereby
waived. This Note shall be construed according to and governed by the internal
laws of the Bahamas, without regard to the principles of conflict of laws
hereof. The BORROWER hereby irrevocably (a) submits to the non-exclusive
jurisdiction of any Bahamas Court over any suit, action or proceedings arising
out of or relating to this Note, (b) agrees that all claims with respect to such
action or proceeding arising out of, or relating to this Note may be heard or
determined in such Bahamas Court, (c) waives to the fullest possible extent the
defense of inconvenient forum, and (d) agrees that service of process may be
made personally or by mailing or delivering a copy of the summons and complaint
or other legal process in any legal suit, action or proceeding to the BORROWER
in care of the General Manager thereof at the aforesaid address, and such
General Manager is hereby authorized to accept, receive and acknowledge the
same for and on behalf of the BORROWER and to admit service with respect
thereto. Failure by the holder of this Note to enforce any provisions shall not
constitute a waiver of such provision or provisions, nor shall the holder hereof
be stopped from enforcing any such provision at a later time.

<PAGE>

                                                                               3

This Note is the one referred to in the Loan Agreement, dated as of October 26,
2001, by and between the BORROWER and UNIBANCO, which among other things
contains provisions for the acceleration of the payment of principal and
interest hereof upon the happening of certain stated events therein specified.
Terms used herein shall have the same meaning as of defined in such Loan
Agreement.

                            /s/
                               --------------------------
                                  NEWARK FINANTIAL INC.

For value received, the undersigned Votorantim Celulose e Papel S.A. (the
"Guarantor") hereby irrevocably and unconditionally guarantees, as primary
obligor and not merely as surety, the prompt payment in full when and as due of
all amounts payable under this Note in accordance with its terms (whether upon
maturity, acceleration or otherwise). The Guarantor hereby waives all
requirements as to diligence, presentment, demand of payment, protest and notice
of any kind with respect to this Note and any requirement that the holder
exhausts any right or takes any action against the maker of this Note. The
obligations of the Guarantor are continuing, absolute and unconditional,
irrespective of the genuineness, validity, irregularity, enforceability or value
of this Note or of any other circumstance which might otherwise constitute a
legal or equitable discharge or defense of a surety or a guarantor all of which
are hereby expressly waived. This guarantee shall be enforceable notwithstanding
any legal limitation, disability, incapacity or other circumstance relating to
the maker of this Note.

Per Aval:

                        VOTORANTIM CELULOSE E PAPEL S.A.

                        /s/
                        -----------------------
                        By:
                        Title:

                        /s/
                        -----------------------
                        By:
                        Title<PAGE>

                                                                    Exhibit 4.19
                                                                    ------------

<PAGE>

                                 LOAN AGREEMENT

PREAMBLE: -
-----------

I.   -    a. NUMBER: 19.19.4/AGE29058/1
     -    b. SIGNATURE DATE (Month/Day/Year): October 19th, 2001
     -    c. VALUE DATE (Month/Day/Year): October 29th, 2001
     -    d. TERM (DAYS): 120 (one hundred twenty)
     -    e. MATURITY DATE (Month/Day/Year): February 26th, 2002

II.  -    CREDITOR:     BANCO BBA-CREDITANSTALT S.A.-
                        NASSAU BRANCH
                        Bolam House, King & George Streets
                        New Providence Island
                        Nassau - Commonwealth of the Bahamas

III. -    BORROWER:     NEWARK FINANCIAL INC.
                        Vanterpool Plaza 2
                        Road Town, Tortola
                        British Virgin Islands

IV.  -    a. PRINClPAL AMOUNT LENT: US$ 50,000,000.00 (fifty million United
             States Dollars)
          b. INTEREST RATE: 5.10% p.a. (five point fifty percent per annum)
          c. INTEREST AMOUNT DUE: US$ 850,000.00 (eight hundred fifty thousand
             United States dollars).

V.   -    GUARANTEE(S): a. Aval (Y/N)                   (Y)
                           ----
                        b. Pledge (Y/N)                 (Y)
                           ------
                        c. Letter of Guarantee (Y/N)    (N)
                           -------------------

VI.  -    GUARANTOR(S): VOTORANTIM CELULOSE E PAPEL S.A.
                        Brazilian Tax Roll no. 60.643.228/0001-21
                        Alameda Santos no. 1357,6 andar
                        Sao Paulo, S.P., Brazil

VII. -    REPAYMENT SCHEDULE:

          a. Principal: Amount: US$ 50,000,000.00.;
             ---------
                        Maturity Date (Month/Day/Year): February 26th, 2002.

          b. Interest: Amount: US$ 850,000.00.;
             --------
                       Maturity Date (Month/Day/Year): February 26th, 2002.

VIII.-    REMARKS:

<PAGE>

This Agreement entered into between CREDITOR and BORROWER,

                                   WITNESSETH:
                                   -----------

WHEREAS BORROWER wishes to obtain a loan from CREDITOR in the amount mentioned
        in clause "IV.a" of the Preamble (hereinafter referred to as "PREAMBLE')
        hereto;

WHEREAS CREDITOR is willing to grant BORROWER a loan in such amount under the
        terms stipulated in this Agreement;

NOW, THEREFORE, the parties have entered into this Agreement subject to the
clauses and conditions hereinafter set out:

Section 1. - THE LOAN
---------------------

1.1. - CREDITOR hereby lends to BORROWER the amount mentioned in clause "IV.a"
of the PREAMBLE (hereinafter referred to as "LOAN"), by crediting such amount in
immediately available funds to the account to be designated by BORROWER on the
date mentioned in clause "I.c" of the PREAMBLE. The LOAN will be granted in 1
(one) disbursement in the amount mentioned in clause "IV.a" of the PREAMBLE,
which will occur on the date mentioned in clause "I.c" of the PREAMBLE.

1.2. - The term of this Loan Agreement is for the total period mentioned in
clause "I.d" of the PREAMBLE, commencing on the date mentioned in clause "I.c"
of the PREAMBLE, ending, consequently, on the date mentioned in clause "I.e" of
the PREAMBLE (hereinafter referred to as "MATURITY DATE").

Section 2. - PAYMENT OF THE LOAN
--------------------------------

2.1. - PRINCIPAL
----------------

BORROWER shall pay the principal amount of the LOAN according to the schedule
set forth in clause "VII.a" of the PREAMBLE, with due regard to the provisions
of Section 4 hereunder, free, clear and net of any taxes, levies, deductions,
charges and withholdings (hereinafter referred to as "TAXES"). If BORROWER shall
be required by law to deduct any TAXES from or in respect of any sum payable
hereunder or under any Promissory Note to CREDITOR, the sum payable shall be
increased as may be necessary so that after making all required deductions
CREDITOR receives an amount equal to the sum it would have received had no such
deductions been made.

2.2. - INTERESTS
----------------

BORROWER unconditionally promises to pay to CREDITOR interests on the principal
amount of the LOAN (i) according to the schedule set forth in clause "VII.b" of
the PREAMBLE and (ii) calculated at the rate mentioned in clause

<PAGE>

"IV.b" of the PREAMBLE. Interests shall be paid "pro rata temporis", free, clear
and net of any taxes, levies, deductions, charges and withholdings in the same
manner as provided for in Section "2.1" above.

2.3. - EARLY REPAYMENT
----------------------

BORROWER shall not repay the LOAN before the MATURITY DATE without the prior
written consent of CREDITOR.

2.4. - PROMISSORY NOTES
-----------------------

The principal and interests due hereunder shall be evidenced by 2 (two)
Promissory Notes (hereinafter referred to as "PROMISSORY NOTES"), to be issued
by BORROWER prior to the disbursement. The PROMISSORY NOTES shall be guaranteed
in whole by aval by the guarantor(s) mentioned in clause VI.a of the PREAMBLE
(hereinafter referred to as "GUARANTOR"), who shall also execute this Loan
Agreement to acknowledge and agree to its terms and conditions.

2.5. - PLEDGE
-------------

In guarantee of the principal and interests due hereunder GUARANTOR hereby
pledges certain assets (hereinafter referred to as "PLEDGE") in favor of
CREDITOR as described in the Pledge Agreement represented by a separate document
and under the terms and conditions contained therein.

Section 3. - BORROWER IN ARREARS
--------------------------------

In case BORROWER being in arrears, BORROWER shall be liable for all expenses and
charges which BORROWER may have caused. BORROWER shall further pay an up-front
penalty of 2% (two percent) as well as interests on the amount which BORROWER
is in arrears at the rate of 2.00% (two percent) per annum, in addition to the
rate stipulated in clause "IV.b" of the PREAMBLE. The calculation of the amount
due shall be based on the actual number of days in arrears elapsed in the course
of a year of 360 (three hundred sixty) days.

Section 4. - CURRENCY AND PLACE OF PAYMENT
------------------------------------------

All payments due by BORROWER hereunder shall be made in United States Dollars,
in immediately available funds, in favor of CREDITOR, for the account of
CREDITOR (account n. 3544-030209-001, please mention reference AGE29058), at
the office of Standard Chartered Bank, in New York, or at any other place and/or
account as CREDITOR shall have designated.

Section 5. - REPRESENTATIONS AND WARRANTIES OF BORROWER
-------------------------------------------------------

BORROWER represents and warrants that:

<PAGE>

(a) BORROWER is a company incorporated in accordance with the laws of the
country mentioned in clause "III" of the PREAMBLE, and has the power and
authority to execute, deliver and perform this Agreement;

(b) there are no proceedings pending or threatened against BORROWER before any
court or governmental agency, department or other instrumentality which might
upon unfavorable decision substantially and adversely affect the economical and
financial situation of BORROWER;

(c) BORROWER has complied with all statutory requirements for the contracting of
this LOAN;

(d) the execution and performance of this Agreement will not infringe any
obligation previously assumed by BORROWER;

(e) this Agreement shall constitute legal, valid and binding obligations of
BORROWER, enforceable in accordance with their respective terms;

(f) no approvals or authorizations by the Brazilian government agencies are
required for BORROWER and/or GUARANTOR to fulfill the obligations undertaken
hereunder;

(g) there has been no material adverse change in the financial condition of
BORROWER or in BORROWER's ability to perform its obligations under this
Agreement or the PROMISSORY NOTES since BORROWER's last financial statements;

(h) the above representations and warranties "mutatis mutandi" also apply to
GUARANTOR;

(i) BORROWER and GUARANTOR are aware that CREDITOR may be required by laws or
regulations of different jurisdictions to provide information and records
relating to this transaction. Therefore BORROWER and GUARANTOR hereby
irrevocably authorize CREDITOR to disclose to Governmental agencies and/or
judicial authorities of those jurisdictions any such information; and

(j) GUARANTOR hereby acknowledges and agrees that any amount paid under the AVAL
and PLEDGE may be remitted outside Brazil by means of an international transfer
of Brazilian Reais pursuant to Circular 2677/96 issued by the Central Bank of
Brazil. Any such amount shall be paid net of TAXES as defined in 2.1 above.

Section 6. - AFFIRMATIVE COVENANTS
----------------------------------

6.1. - During the term of this Agreement BORROWER shall:

(a) perform all of its obligations assumed hereunder;

<PAGE>

(b) pay the principal and interest amounts in addition to other charges of the
LOAN previously agreed between the parties herein, on their respective maturity
dates;

(c) repay the total amount of the payments due herein to CREDITOR, assuming the
burden of any taxes or charges that may be levied and submit to CREDITOR all the
withholding tax receipts;

(d) reimburse CREDITOR for any and all expenses caused by the default of
BORROWER on any of the obligations assumed herein and for any judicial costs and
fees of counsel paid by CREDITOR to enforce the performance of this Agreement;

(e) preserve and maintain its existence, rights (charter and statutory) and
franchises as a company; and

(f) maintain and preserve all of its properties that are material to the conduct
of its business in good working order and condition, ordinary wear and tear
excepted.

6.2. - So long as any amount under this Agreement shall remain unpaid, BORROWER
will not, without the written consent of CREDITOR:

(a) sell, transfer or otherwise dispose of any substantial part of its assets
including (without limitation) substantially all assets constituting the
business of a division, branch or other unit operation other than property no
longer useful in the conduct of its business, or create or suffer to exist any
obligations for the payment of rental for any property under leases or
agreements to lease;

(b) merge or consolidate with or into, or convey, transfer, lease or otherwise
dispose of (whether in one transaction or in a series of transactions) all or
substantially all of its assets (whether now owned or hereafter acquired) to,
any person; and/or

(c) make or permit any material change in accounting policies or reporting
practices, except as required by applicable law, and as required by generally
accepted accounting principles.

6.3. - By no later than November 30th, 2001 ("Pledge Final Date") and as a
security of obligations undertaken by the BORROWER hereunder, the BORROWER shall
have pledged or caused to have been pledged (pursuant to a Pledge Agreement in a
form satisfactory to CREDITOR) in favor of CREDITOR certificates of deposits
issued by Banco BBA Creditanstalt S.A., a financial institution organized in
accordance with the laws of the Federative Republic of Brazil, in an amount in
Brazilian Reais corresponding to at least 100% (one hundred percent) of the
outstanding amount of the LOAN as of the Pledge Final Date.

For the purpose of calculating the percentage of security to be offered
pursuant to this clause 6.3., the foreign exchange rate used in converting the
Reais

<PAGE>

amount into U.S. Dollars shall be the floating selling rate PTAX 800, "opcao 5"
divulged by the Central Bank of Brazil (SISBACEN) on the Pledge Final Date.

6.4. - CREDITOR agrees to the extent permitted by relevant laws, that in case
the issuer of the Certificate of Deposit pledged pursuant to clause 6.3. above
shall become generally insolvent (bankrupt), the maturity will be postponed
until the certificate of deposit shall be paid.

Section 7. - EVENTS OF DEFAULT
------------------------------

7.1. - Any of the events set forth below shall be deemed to be an event of
default:

(a) if BORROWER fails to promptly pay any amount due and payable to CREDITOR
herein;

(b) if BORROWER fails to duly perform any other obligation assumed herein;

(c) if any loan, debt, credit instrument, guarantee or other obligation
representing an indebtedness of BORROWER toward third parties becomes due and
payable by virtue of a default, or is not paid on its due date, or if BORROWER
defaults on their obligations under any contract by which such indebtedness was
assumed;

(d) if BORROWER voluntarily suspends its business or undergoes a substantially
adverse change with respect to its economic condition giving CREDITOR reasonable
grounds to conclude that BORROWER will be unable to comply with the obligations
stipulated in this Agreement, or if all or a substantial part of the assets of
BORROWER are attached or expropriated by any governmental agency ("de jure" or
"de facto"), or if BORROWER is declared bankrupt, or propose against itself or
permit the proposal against BORROWER any proceeding of bankruptcy or insolvency;

(e) if any governmental approval required for the maintenance of the LOAN is
cancelled;

(f) if any representation made by BORROWER in this Agreement or in any
certificate, document or statement delivered pursuant to this Agreement proves
to be incorrect or misleading in any material respect; and/or

(g) In the event of death, insolvency and bankruptcy of GUARANTOR, and GUARANTOR
has not been replaced by any other guarantor(s) previously approved by CREDITOR.

7.2. - In the event of any of the situations set forth in Section 7.1 above,
BORROWER shall be deemed to be in default and CREDITOR shall have the right to
legally terminate this Agreement regardless of any notice, notification and
judicial or extrajudicial summons. Such form of termination shall cause the
acceleration of the full amount of the debt represented by the balance
outstanding at the time of such termination, such balance corresponding to the

<PAGE>

principal, interest and other additions and contractual penalties, as reasonably
evidenced by CREDITOR.

Section 8. - MISCELLANEOUS
--------------------------

8.1. - EXPENSES
---------------

Any and all expenses incurred by preparation and execution, or in connection
with the enforcement (whether through negotiations, legal proceedings or
otherwise) of this Agreement or the PROMISSORY NOTE, including, without
limitation, reasonable counsel fees and expenses, shall be paid by BORROWER. In
the event any amount of principal, interest or any other amount due hereunder is
not paid when due, and upon three calendar days prior notice to BORROWER,
CREDITOR is hereby authorized expressly at any time and from time to time to
debit any account of BORROWER with it and/or its Head Office or any branch or
affiliate thereof, for the amount necessary (including any applicable fees or
commissions) to purchase on behalf and for the account of BORROWER hereunder,
and to apply such amount of United States dollars to the amount due and unpaid
hereunder. The rights of CREDITOR under this Section are in addition to other
rights and remedies (including, without limitation, other rights of set-off)
which CREDITOR may have.

8.2. - NOTICES
--------------

All notices, requests, demands or other communications to or from the parties
hereto shall be in writing and sufficient if delivered personally or sent by
telex and registered or certified air mail, postage prepaid, addressed to the
addresses referred to in the PREAMBLE, or at such other address as any party
hereto may designate by written notice.

8.3. - ASSIGNMENT
-----------------

8.3.1. - CREDITOR may at any time assign or grant participations in its rights
hereunder or under the PROMISSORY NOTES to third parties.

8.3.2. - BORROWER shall not assign any rights or obligations hereunder to third
parties without the prior written consent of CREDITOR.

8.4. - WAIVERS
--------------

8.4.1. - No failure or delay by CREDITOR in exercising any right, power or
privilege hereunder shall operate as a waiver thereof; nor shall any single or
partial exercise thereof preclude any other or further exercise thereof or the
exercise of any other right, power or privilege.

8.4.2. - No amendments of any provision of this Agreement, nor consent to any
departure by BORROWER therefrom, shall in any event be effective unless the same
shall be in writing and signed by CREDITOR.

<PAGE>

8.5. - APPLICABLE LAW
----------------------

This Agreement shall be governed by and shall be construed in accordance with
the Bahamian law, with due regard to the provision of Section 8.6.

8.6. - JURISDlCTION
-------------------

8.6.1. - Each of the parties hereto irrevocably agrees that the courts of the
Commonwealth of the Bahamas shall have jurisdiction to hear and determine any
suit, action or proceedings, and to settle any disputes, which may arise out of
or in connection with this Agreement (respectively, "PROCEEDINGS" and
"DISPUTES") and, for such purposes, irrevocably submits to the jurisdiction of
such courts.

8.6.2. - The parties irrevocably waive any objection which they might now or
hereafter have to the courts of the Commonwealth of the Bahamas being nominated
as the forum to hear and determine any PROCEEDINGS and to settle any DISPUTES
and agrees not to claim that any such court is not a convenient or appropriate
forum.

8.6.3. - The parties agree the process by which any PROCEEDINGS in the
Commonwealth of the Bahamas are begun may be served on it by being delivered to
their registered offices for the time being. Nothing contained herein shall
affect the right to serve process in any other manner permitted by law.

8.6.4. - The submission to the jurisdiction of the courts of the Commonwealth of
the Bahamas shall not (and shall not be construed so as to) limit the right of
the parties to take PROCEEDINGS in any other court of competent jurisdiction,
nor shall the taking of PROCEEDINGS in any one or more jurisdictions preclude
taking of PROCEEDINGS in any other jurisdiction (whether concurrently or not) if
and to the extent permitted by applicable law.

8.6.5 - To the extent that the parties may in any jurisdiction claim for
themselves or their assets immunity from suit, execution, attachment (whether in
aid of execution, before judgment or otherwise) or other legal process and to
the extent that in any such jurisdiction there may be attributed to themselves
or their assets such immunity (whether or not claimed), the parties agree not to
claim and irrevocably waive such immunity to the full extent permitted by the
laws of such jurisdiction.

8.6.6. - It is hereby agreed, however, that the choice of the Bahamian
jurisdiction shall not adverselly affect the right of CREDITOR to collect or
bring suit in Brazil, especially in view of the PROMISSORY NOTES and the PLEDGE.
Therefore, BORROWER expressly agrees that in such case suits may be brought
before the Courts of the City of Sao Paulo, State of Sao Paulo, Brazil. In such
case, this Agreement, the PROMISSORY NOTES and the PLEDGE shall be governed and
construed by the laws of the Federative Republic of Brazil.

<PAGE>

8.7. - SUMMARY PROCEEDINGS
--------------------------

The parties hereby agree that this Agreement constitutes an extrajudicial
execution instrument ("titulo executivo extrajudicial") in accordance with the
provisions of Articles 583 and 585, II, of the Brazilian Code of Civil
Procedure, and that CREDITOR shall have the right exercisable at its sole
discretion, to institute legal proceedings against BORROWER for the collection
of any amounts due hereunder through sumary proceedings ("execucao").

8.8. - CHANGE OF LAW
--------------------

In the event any law, regulation, treaty or official directive, or the
interpretation or application thereof by any court or by any governmental
authority charged with the administration thereof, or compliance with any
guideline or request of any central bank or other governmental authority
(whether or not having the force of law):

(a) subjects any payments of principal or interest or any other amounts payable
hereunder or under the PROMISSORY NOTES to any tax (except for taxes on the
overall net income of CREDITOR);

(b) materially changes the basis of taxation of any payment of principal or
interest or any other amounts payable hereunder or under the PROMISSORY NOTES;

(c) imposes, modifies or deems applicable any deposit insurance, reserve,
special deposit or similar requirement against assets held by, or deposits in or
for the account of, or loans by, CREDITOR; or

(d) imposes any other condition or requirement on CREDITOR with respect to this
Agreement or the PROMISSORY NOTES, and the result of the foregoing is to
increase the cost to CREDITOR of making or maintaining the LOAN, decrease the
rate of return hereunder or reduce the amount of principal or interest or any
other amounts payable hereunder, then BORROWER shall on demand pay to CREDITOR
such additional amounts as will be sufficient to compensate CREDITOR for such
additional cost, reduction or decrease and to allow CREDITOR to maintain the
same rate of return hereunder as if such change had not occurred, or prepay such
LOAN in full, provided that BORROWER reimburses CREDITOR for any expense or
loss, as reasonably evidenced by CREDITOR, suffered by CREDITOR as a result of
such prepayment

8.9. - HEADINGS
---------------

All captions or headings in this Agreement are for convenience of reference only
and shall not define or limit the provisions hereof.

8.1O. - HEIRS AND SUCCESSORS
----------------------------

This Agreement shall be binding on the parties, their heirs and successors.

<PAGE>

IN WITNESS WHEREOF the parties signed this instrument in the presence of the 2
(two) undersigned witnesses in 4 (four) counterparts of identical form and
content.

     CREDITOR: BANCO BBA-CREDITANSTALT S.A. - NASSAU BRANCH

                            BY:     /s/ Amauri Pavani    Esther Maria Ferrando
                                    --------------------------------------------
                            Title:  AMAURI PAVANI        ESTHER MARIA FERRANDO
                                    ATTORNEY-IN-FACT     ATTORNEY-IN-FACT

                            BORROWER: NEWARK FINANCIAL INC.

                            BY:     /s/
                                    --------------------------------------------
                            Title:

                        GUARANTOR: VOTORANTIM CELULOSE E PAPEL S.A.

                            BY:     /s/
                                    --------------------------------------------
                            Title:

     WITNESSES:

1) /s/                                    2) /s/
   ---------------------------------         -----------------------------------
   Name:                                     Name:
   Address:                                  Address:

<PAGE>

                                 PROMISSORY NOTE
                                 ---------------

No: 01/02

AMOUNT: US$ 50,000,000.00

PLACE OF ISSUANCE: Tortola, British Virgin Islands

PLACE OF PAYMENT: New York, U.S.A.

ISSUANCE DATE: October 29th, 2001

MATURITY DATE: February 26th, 2002

BENEFICIARY:   BANCO BBA-CREDITANSTALT S.A.-NASSAU BRANCH
               Bolam House, King & George Streets
               Nassau - Bahamas

For value received, Newark Financial Inc., a company formed pursuant to the laws
of British Virgin Islands, shall pay for this sole Promissory Note to Banco
BBA-Creditanstalt S.A. - Nassau Branch, or to its order, at in the account n.
3544-030209-001 (under reference AGE29058), at the office of Standard Chartered
Bank, in New York, in immediately available funds, the amount of
US$ 50,000,000.00 (fifty million United States Dollars) on
February 26th, 2002.

               ISSUER: NEWARK FINANCIAL INC.

           By: /s/
               --------------------------------------
           Title:

POUR AVAL:

VOTORANTIM CELULOSE E PAPEL S.A.

By: /s/
    --------------------------------------
Title:

This promissory note is the one referred to Loan Agreement
n. 19.19.4/AGE29058/1, dated as of October 19th, 2001, by and between the
Borrower and the Bank, which among other things contains provisions for the
acceleration of the payment of principal and interest hereof upon the happening
of certain stated events therein; specified terms used herein shall have the
same meaning as of defined in such agreement.

<PAGE>

                                       PROMISSORY NOTE
                                       ---------------

No: 02/02

AMOUNT: US$ 850,000.00

PLACE OF ISSUANCE: Tortola, British Virgin Islands

PLACE OF PAYMENT: New York, U.S.A.

ISSUANCE DATE: October 29th, 2001

MATURITY DATE: February 26th, 2002

BENEFICIARY:   BANCO BBA-CREDITANSTALT S.A.-NASSAU BRANCH
               Bolam House, King & George Streets
               Nassau - Bahamas

For value received, Newark Financial Inc., a company formed pursuant to the laws
of British Virgin Islands, shall pay for this sole Promissory Note to Banco
BBA-Creditanstalt S.A. - Nassau Branch, or to its order, at in the account
n. 3544-030209-001 (under reference AGE29058), at the office of Standard
Chartered Bank, in New York, in immediately available funds, the amount of
US$ 850,000.00 (eight hundred fifty thousand United States Dollars) on
February 26th, 2002.

                         ISSUER: NEWARK FINANCIAL INC.

                  By:    /s/
                  Title: ----------------------------------

POUR AVAL:

VOTORANTIM CELULOSE E PAPEL S.A.

By:    /s/
       ---------------------------------
Title:

This promissory note is the one referred to Loan Agreement
n. 19.19.4/AGE29058/1, dated as of October l9th, 2001, by and between the
Borrower and the Bank, which among other things contains provisions for the
acceleration of the payment of principal and interest hereof upon the happening
of certain stated events therein; specified terms used herein shall have the
same meaning as of defined in such agreement.

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