Document:

<PAGE>
                                                                 EXIBIT 10(F)(3)

                                 AMENDMENT NO.2
                              TO CREDIT AGREEMENT

    AMENDMENT NO.2 (the "Amendment") dated as of October 31, 1999 to the Credit
Agreement dated as of October 11, 1996 (as amended by Amendment No.1 dated as of
October 24, 1997, the "Credit Agreement") among AEP INDUSTRIES INC. (the
"Company"), the ELIGIBLE SUBSIDIARIES referred to therein, the BANKS party
thereto, the LETTER OF CREDIT ISSUING BANKS party thereto and MORGAN GUARANTY
TRUST COMPANY OF NEW YORK, as Agent (the "Agent").

                                  WITNESSETH:

    WHEREAS, the parties named above have heretofore entered into the Credit
Agreement; and

    WHEREAS, the parties hereto desire to amend the definition of consolidated
net income in the Credit Agreement and reduce the working capital commitments
thereunder, in each case as more fully set forth herein;

    NOW, THEREFORE, the parties hereto agree as follows:

    SECTION 1. DEFINED TERMS; REFERENCES. Unless otherwise specifically defined
herein, each term used herein which is defined in the Credit Agreement has the
meaning assigned to such term in the Credit Agreement. Each reference to
"hereof", "hereunder", "herein" and "hereby" and each other similar reference
and each reference to "this Agreement" and each other similar reference
contained in the Credit Agreement shall, after this Amendment becomes effective,
refer to the Credit Agreement as the provisions referred to herein are amended
hereby.

    SECTION 2. AMENDMENT OF SECTION 1.1. The definition of "Consolidated Net
Income" is amended to read in its entirety as follows:

    "Consolidated Net Income" means, for any fiscal period,

    the net income of the Company and its Consolidated Subsidiaries, determined
on a consolidated basis for such period, exclusive of the effect of
extraordinary or other non-recurring gain or loss such as restructuring charges,
severance payments with related benefits, start-up costs and shut-down costs;
PROVIDED that the aggregate amount of non-recurring losses the effect of which
may be excluded from net income shall not exceed $5,000,000 during any period of
four consecutive fiscal quarters of the Company.

    SECTION 3. REDUCTION OF WORKING CAPITAL COMMITMENTS. On the Amendment
Effective Date (as defined below), the Working Capital Commitments shall be
reduced automatically by $25,000,000 after giving effect to which the aggregate
amount of the Working Capital Commitments will be $75,000,000.

    SECTION 4. REPRESENTATIONS OF THE COMPANY. The Company represents and
warrants that (i) the representations and warranties of the Company set forth in
Article 4 of the Credit Agreement will be true and correct on and as of the
Amendment Effective Date (as defined below) and (ii) no Default will have
occurred and be continuing on such date.

    SECTION 5. GOVERNING LAW. This Amendment shall be governed by and construed
in accordance with the laws of the State of New York.

    SECTION 6. COUNTERPARTS. This Amendment may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument.

    SECTION 7. EFFECTIVENESS. This Amendment shall become effective as of the
date hereof on the date (the "Amendment Effective Date") when the Agent shall
have received from each of the Company and the Required Banks a counterpart
hereof signed by such party or facsimile or other written confirmation (in form
satisfactory to the Agent) that such party has signed a counterpart hereof.

                                       17<PAGE>
                                                                EXHIBIT 10(F)(4)

                                AMENDMENT NO. 3
                              TO CREDIT AGREEMENT

    AMENDMENT NO. 3 (the "AMENDMENT") dated as of April 19, 2000 to the Credit
Agreement dated as of October 11, 1996, as amended by Amendment No. 1 dated as
of October 24, 1997 and Amendment No. 2 dated as of October 31, 1999 (the
"CREDIT AGREEMENT"), among AEP INDUSTRIES INC. (the "COMPANY"), the ELIGIBLE
SUBSIDIARIES referred to therein, the BANKS party thereto (the "BANKS"), the
LETTER OF CREDIT ISSUING BANKS party thereto and MORGAN GUARANTY TRUST COMPANY
OF NEW YORK, as Agent (the "AGENT").

                              W I T N E S S E T H:

    WHEREAS, the parties named above have heretofore entered into the Credit
Agreement; and

    WHEREAS, the parties hereto desire to amend the Credit Agreement to change
the pricing, financial covenants, mandatory prepayments provision and assignment
provision, provide for collateral and make certain other changes (in each case,
as more fully set forth herein);

    NOW, THEREFORE, the parties hereto agree as follows:

    Section 1. DEFINED TERMS; REFERENCES. Unless otherwise specifically defined
herein, each term used herein which is defined in the Credit Agreement has the
meaning assigned to such term in the Credit Agreement. Each reference to
"hereof", "hereunder", "herein" and "hereby" and each other similar reference
and each reference to "this Agreement" and each other similar reference
contained in the Credit Agreement shall, after this Amendment becomes effective,
refer to the Credit Agreement as the provisions referred to herein are amended
hereby.

    Section 2. AMENDMENT OF SECTION 1.1.   (a) The definition of "Consolidated
Interest Expense" is amended to read in its entirety as follows:

       "Consolidated Interest Expense" means, for any period, the interest
       expense of the Company and its Consolidated Subsidiaries determined on a
       consolidated basis for such period (excluding, to the extent reflected
       therein, fees paid on or before the Closing Date in connection with the
       Agreement and fees paid as a condition to the effectiveness of Amendment
       No. 1 and Amendment No. 3 thereto).

           (b)  The definition of "Excluded Sale" is amended to replace the
       number "$75,000,000" with the number "$50,000,000" and to replace the
       words ", the aggregate fair market value of which dispositions under
       (y) does not exceed $50,000,000" with the words "(other than
       Hitachi-Borden Chemical Products Inc.),".

           (c)  The definition of "Permitted Disposition" is amended to read in
       its entirety as follows:

       "Permitted Disposition" means the disposition of Borden Chimie S.A.; the
       rigid plastic packaging materials business; and the Asia-Pacific
       businesses (other than Hitachi-Borden Chemical Products Inc.), which are
       comprised of Borden (NZ) Limited and assets transferred to the Company by
       Borden Australia (Pty.) Limited.

           (d)  The following definitions are added to Section 1.1 in the
       appropriate alphabetical order:

       "Domestic Subsidiary" means any Subsidiary which is not a Foreign
       Subsidiary.

       "Foreign Subsidiary" means a Subsidiary organized under the laws of a
       jurisdiction, and conducting substantially all of its operations, outside
       the United States, other than any such

                                       18
<PAGE>
       entity that is (whether as a matter of law, pursuant to an election by
       such entity or otherwise) treated as a partnership in which the Company
       or any Subsidiary party to a Security Document (a "Credit Party") is a
       partner or as a branch of any Credit Party for United States income tax
       purposes.

    Section 3. AMENDMENT OF SECTIONS 2.1 AND 2.9. Each of Section 2.1(c) and
Section 2.9(a) is amended to replace the number "$5,000,000" with the number
"$1,000,000".

    Section 4. AMENDMENT OF SECTION 2.6. Section 2.6(a) is amended to replace
the words "facility" and "Facility" with the words "commitment" and
"Commitment", respectively, and to restate clause (ii) thereof to read in its
entirety as follows:

        (ii)  from and including such date of termination of the Term
    Commitments to but excluding the date of termination of the Working Capital
    Commitments in their entirety, on the daily aggregate unused amount of the
    Working Capital Commitments,

    Section 5. AMENDMENT OF SECTION 2.8. Clause (i)(y) of Section 2.8(b) is
amended to read in its entirety as follows:

        (y)  prior to the Trigger Date, the Loans shall be prepaid within
    90 days after the end of each fiscal year, commencing with the fiscal year
    ended October 31, 2000, in an amount equal to 50% of the Excess Cash Flow
    for such fiscal year

    Section 6. AMENDMENT OF SECTION 5.1. (a) Clause (c) of Section 5.1 is
amended to renumber subclause "(ii)" as subclause "(iii)", and to add after the
word "statements" at the end of subclause (i) thereof the following:

       , and describing any non-cash charges and extraordinary or other
       non-recurring gain or loss reflected therein, (ii) setting forth in
       reasonable detail the net book value of all receivables and inventory in
       which the Agent has a perfected, first priority security interest,

           (b)  Clause (g) of Section 5.1 is amended to read in its entirety as
       follows:

           (g)  within 30 days after the end of each fiscal year of the Company,
       a detailed budget for the current fiscal year (including a projected
       consolidated balance sheet and related statements of projected income and
       cash flow as of the end of and for such fiscal year and setting forth the
       assumptions used in preparing such budget); and promptly upon the mailing
       thereof to the shareholders of the Company generally, copies of all
       financial statements, reports and proxy statements so mailed;

                                       19
<PAGE>
    Section 7. AMENDMENT OF SECTION 5.11. The table set forth in Section 5.11 is
amended to read in its entirety as follows:

<TABLE>
<CAPTION>
PERIOD                                                         RATIO
------                                                        --------
<S>                                                           <C>
November 1, 1996 through January 31, 1997...................   4.75:1
February 1, 1997 through April 30, 1997.....................  4.375:1
May 1, 1997 through July 31, 1997...........................   4.95:1
August 1, 1997 through January 31, 1998.....................   5.75:1
February 1, 1998 through April 30, 1998.....................    5.5:1
May 1, 1998 through July 31, 1998...........................   5.25:1
August 1, 1998 through January 31, 1999.....................    5.0:1
February 1, 1999 through April 30, 1999.....................   4.75:1
May 1, 1999 through July 31, 1999...........................    4.5:1
August 1, 1999 through January 31, 2000.....................   4.25:1
February 1, 2000 through July 31, 2000......................    5.5:1
August 1, 2000 through October 31, 2000.....................   5.15:1
November 1, 2000 through January 31, 2001...................    5.0:1
February 1, 2001 through April 30, 2001.....................    4.5:1
May 1, 2001 through July 31, 2001...........................   4.25:1
August 1, 2001 through October 31, 2001.....................    4.0:1
November 1, 2001 through April 30, 2002.....................   3.75:1
Thereafter..................................................    3.5:1
</TABLE>

    Section 8. AMENDMENT OF SECTION 5.12..   The table set forth in
Section 5.12 is amended to read in its entirety as follows:

<TABLE>
<CAPTION>
PERIOD                                                         RATIO
------                                                        --------
<S>                                                           <C>
November 1, 1996 through January 31, 1997...................   1.75:1
February 1, 1997 through April 30, 1997.....................  1.875:1
May 1, 1997 through July 31, 1997...........................   1.75:1
August 1, 1997 through January 31, 1998.....................   1.15:1
February 1, 1998 through April 30, 1998.....................    1.2:1
May 1, 1998 through July 31, 1998...........................    1.3:1
August 1, 1998 through January 31, 1999.....................    1.4:1
February 1, 1999 through April 30, 1999.....................    1.5:1
May 1, 1999 through July 31, 1999...........................    1.6:1
August 1, 1999 through January 31, 2000.....................   1.65:1
February 1, 2000 through July 31, 2000......................   1.15:1
August 1, 2000 through January 31, 2001.....................   1.25:1
February 1, 2001 through July 31, 2001......................   1.35:1
August 1, 2001 through October 31, 2001.....................    1.5:1
November 1, 2001 through April 30, 2002.....................    1.8:1
Thereafter..................................................   1.85:1
</TABLE>

    Section 9. AMENDMENT OF SECTION 5.17. Section 5.17 is amended to read in its
entirety as follows: SECTION 5.17. SECURITY INTEREST. (a) The Company shall
grant, and shall cause each of its Domestic Subsidiaries to grant, a security
interest in substantially all of (x) its receivables and inventory located in
the United States and Canada and (y) all shares of stock or other equity
interests owned by it (other than equity interests in Foreign Subsidiaries, with
respect to which a security interest will be granted in 66% of all equity
interests in Foreign Subsidiaries which are Material Subsidiaries), in favor of
the Agent, and shall duly authorize, execute and deliver, and shall cause each
of its Domestic Subsidiaries to duly authorize, execute and deliver, Security
Documents (and, in the case of such Domestic

                                       20
<PAGE>
Subsidiaries, guaranties) and legal opinions relating thereto satisfactory in
form and substance to the Agent to grant, create and maintain a first priority
security interest (subject, where appropriate, to Liens permitted by
Section 5.9) under United States and Canadian federal, state and local law (and,
in the case of such foreign equity interests, relevant foreign law) in favor of
the Banks in such assets (and, in the case of such Domestic Subsidiaries, to
guarantee the Company's obligations hereunder and under the Notes) as promptly
as practicable and in any event by no later than July 19, 2000. Any Lien granted
pursuant to a Security Document shall be deemed to be permitted under
Section 5.9.

           (b) Notwithstanding anything to the contrary in this Section, if the
       Agent shall determine, upon the request of the Company, that satisfaction
       of any or all of the Company's obligations under this Section with
       respect to equity interests in Foreign Subsidiaries is impossible,
       impractical or unreasonably burdensome, whether for legal, tax, cost or
       other reasons, the Agent may, in its good faith discretion, consent to a
       waiver of any or all of such obligations with respect to any such Foreign
       Subsidiary.

    Section 10. AMENDMENT OF SECTION 11.6. Section 11.6(c) is amended to replace
the phrase "(equivalent to initial Commitments aggregating not less than
$10,000,000)" with the phrase "(in an aggregate amount of at least $2,500,000)".

    Section 11. AMENDMENT OF PRICING SCHEDULE.. The Pricing Schedule is amended
to read in its entirety as set forth in the attached Pricing Schedule.

    Section 12. AMENDMENT OF EXHIBIT D. Section 3 of Exhibit D is amended to
replace "facility" with "commitment".

    Section 13. REPRESENTATIONS OF COMPANY. The Company represents and warrants
that (i) the representations and warranties of the Company set forth in
Article 4 of the Credit Agreement will be true and correct on and as of the
Amendment Effective Date (as defined below) and (ii) no Default will have
occurred and be continuing on each such date.

    Section 14. GOVERNING LAW. This Amendment shall be governed by and construed
in accordance with the laws of the State of New York.

    Section 15. COUNTERPARTS.. This Amendment may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument.

    Section 16. EFFECTIVENESS.. This Amendment shall become effective as of the
date hereof on the date (the "Amendment Effective Date") when the Agent shall
have received (i) from each of the Company and the Required Banks a counterpart
hereof signed by such party or facsimile or other written confirmation (in form
satisfactory to the Agent) that such party has signed a counterpart hereof (each
such counterpart or confirmation, a "Signature"), (ii) an opinion of Warshaw,
Burstein, Cohen, Schlesinger & Kuh, LLC, counsel for the Company (or such other
counsel for the Company as may be acceptable to the Agent), substantially to the
effect of Exhibit B to the Credit Agreement with reference to this Amendment and
the Credit Agreement as amended hereby, (iii) for the account of each Bank from
which the Agent has received a Signature no later than 5:00 P.M. (New York City
time) on April 19, 2000, payment of a fee of .25% of the sum of such Bank's Term
Loans and Working Capital Commitments, and (iv) from the Company, a completed
perfection certificate (in the form previously provided by the Agent to the
Company) relating to receivables and inventory of the Company and its Domestic
Subsidiaries located in the United States and Canada.

                                       21
<PAGE>
    IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed as of the date first above written.

<TABLE>
<S>                                                    <C>  <C>
                                                       AEP INDUSTRIES INC.

                                                       By:  /s/ JAMES B. RAFFERTY
                                                            -----------------------------------------
                                                            Title: Vice President Treasurer

                                                       MORGAN GUARANTY TRUST
                                                       COMPANY OF NEW YORK.

                                                       By:  /s/ COLLEEN GALLE
                                                            -----------------------------------------
                                                            Title: Vice President

                                                       THE CHASE MANHATTAN BANK

                                                       By:  /s/ LEONARD NOLL
                                                            -----------------------------------------
                                                            Title: Vice President

                                                       THE BANK OF NOVA SCOTIA

                                                       By:  /s/ BRIAN S. ALLEN
                                                            -----------------------------------------
                                                            Title: Managing Director

                                                       BANK OF TOKYO-MITSUBISHI
                                                       TRUST COMPANY

                                                       By:  /s/ W. A. DINICOLA
                                                            -----------------------------------------
                                                            Title: Vice President

                                                       CIBC INC.

                                                       By:  /s/ LINDSAY GORDON
                                                            -----------------------------------------
                                                            Title: Executive Director
                                                            CIBC World Markets Corp.
                                                            As Agent
</TABLE>

                                       22
<PAGE>
<TABLE>
<S>                                                    <C>  <C>
                                                       CREDIT LYONNAIS NEW YORK BRANCH

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

                                                       FLEET BANK, N.A.

                                                       By:  /s/ CRAIG W. TRAUTWEIN
                                                            -----------------------------------------
                                                            Title: Vice President

                                                       THE INDUSTRIAL BANK OF JAPAN, LIMITED

                                                       By:  /s/ J. KENNETH BIEGEN
                                                            -----------------------------------------
                                                            Title: Senior Vice President

                                                       ROYAL BANK OF CANADA

                                                       By:  /s/ DMITRY E. BARON
                                                            -----------------------------------------
                                                            Title: Manager

                                                       SOCIETE GENERALE NEW YORK BRANCH

                                                       By:  /s/ JERRY PARISI
                                                            -----------------------------------------
                                                            Title: Managing Director

                                                       ABN AMRO BANK N.V.
                                                       NEW YORK BRANCH

                                                       By:  /s/ PAULINE MCHUGH
                                                            -----------------------------------------
                                                            Title: Group Vice President

                                                       By:  /s/ PATRICIA CHRISTY
                                                            -----------------------------------------
                                                            Title: Assistant Vice President
</TABLE>

                                       23
<PAGE>
<TABLE>
<S>                                                    <C>  <C>
                                                       MERRILL LYNCH, PIERCE, FENNER &
                                                       SMITH INCORPORATED

                                                       By:  /s/ GRAHAM GOLDSMITH
                                                            -----------------------------------------
                                                            Title: Director

                                                       PARIBAS

                                                       By:  /s/ DUANE HELKOWSKI
                                                            -----------------------------------------
                                                            Title: Vice President

                                                       By:  /s/ SHAUN F. MARCH
                                                            -----------------------------------------
                                                            Title: Assistant Vice President

                                                       BANCA COMMERCIALE ITALIANA
                                                       NEW YORK BRANCH

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

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

                                                       THE DAI-ICHI KANGYO BANK, LTD.,
                                                       NEW YORK BRANCH

                                                       By:  /s/ CHRISTOPHER FAHEY
                                                            -----------------------------------------
                                                            Title: Vice President

                                                       FIRST UNION NATIONAL BANK

                                                       By:  /s/ RANDALL R. MECK
                                                            -----------------------------------------
                                                            Title: Vice President
</TABLE>

                                       24
<PAGE>
<TABLE>
<S>                                                    <C>  <C>
                                                       THE FUJI BANK, LIMITED

                                                       By:  /s/ NOBU KOIKE
                                                            -----------------------------------------
                                                            Title: Vice President

                                                       THE SAKURA BANK, LIMITED
                                                       NEW YORK BRANCH

                                                       By:  /s/ TETSUO KAWANO
                                                            -----------------------------------------
                                                            Title: General Manager
                                                            Americas Bkg. Div.

                                                       SANPAOLO IMI S.P.A.

                                                       By:  /s/ CARLO PERSICO
                                                            -----------------------------------------
                                                            Title: Deputy General Manager

                                                       By:  /s/ ROBERT WURSTER
                                                            -----------------------------------------
                                                            Title: First Vice President

                                                       STB DELAWARE FUNDING TRUST I

                                                       By:  /s/ DONALD HARGDON
                                                            -----------------------------------------
                                                            Title: Assistant Vice President

                                                       THE SUMITOMO BANK, LIMITED

                                                       By:  /s/ PETER KNIGHT
                                                            -----------------------------------------
                                                            Title: Senior Vice President

                                                       SUMMIT BANK

                                                       By:  /s/ CARTER EVANS
                                                            -----------------------------------------
                                                            Title: Vice President
</TABLE>

                                       25
<PAGE>
<TABLE>
<S>                                                    <C>  <C>
                                                       WESTDEUTSCHE LANDESBANK
                                                       GIROZENTRALE NEW YORK BRANCH

                                                       By:  /s/ LISA M. WALKER
                                                            -----------------------------------------
                                                            Title: Associate Director

                                                       By:  /s/ BARRY S. WADLER
                                                            -----------------------------------------
                                                            Title: Manager

                                                       EUROPEAN AMERICAN BANK

                                                       By:  /s/ NEELUM MALKANI
                                                            -----------------------------------------
                                                            Title: Assistant Vice President
</TABLE>

                                       26
<PAGE>
    PRICING SCHEDULE

    Each of "Euro-Dollar Margin", "Base Rate Margin", "Commitment Fee Rate" and
"LC Fee Rate" means, for any date, the rates set forth below in the row opposite
such term and in the column corresponding to the "Pricing Level" that applies at
such date:

<TABLE>
<S>                                  <C>        <C>        <C>        <C>        <C>        <C>
Euro-Dollar Margin.................    1.25%      1.75%      2.25%      2.50%      2.75%      3.00%
Base Rate Margin...................    0.25%      0.75%      1.25%      1.50%      1.75%      2.00%
LC Fee Rate........................    1.25%      1.75%      2.25%      2.50%      2.75%      3.00%
Commitment Fee Rate................     .50%       .50%       .50%       .50%       .50%       .50%
</TABLE>

    For purposes of this Schedule, the following terms have the following
meanings:

    "Level I Pricing" applies at any date after January 31, 2001 if the Cash
Flow Ratio in effect on such date is equal to or less than 2.5:1.

    "Level II Pricing" applies at any date after January 31, 2001 if (i) the
Cash Flow Ratio in effect on such date is equal to or less than 3.0:1 and
(ii) Level I Pricing does not apply.

    "Level III Pricing" applies at any date after January 31, 2001 if (i) the
Cash Flow Ratio in effect on such date is equal to or less than 3.5:1 and
(ii) neither Level I Pricing nor Level II Pricing applies.

    "Level IV Pricing" applies at any date after January 31, 2001 if (i) the
Cash Flow Ratio in effect on such date is equal to or less than 4.0:1 and
(ii) none of Level I Pricing, Level II Pricing and Level III Pricing applies.

    "Level V Pricing" applies at any date after January 31, 2001 if (i) the Cash
Flow Ratio in effect on such date is equal to or less than 4.5:1 and (ii) none
of Level I Pricing, Level II Pricing, Level III Pricing and Level IV Pricing
applies.

    "Level VI Pricing" applies at any date if, on such date, no other Pricing
Level applies.

    "Pricing Level" refers to the determination of which of Level I, Level II,
Level III, Level IV, Level V or Level VI Pricing applies at any date.

    The Cash Flow Ratio used to determine Pricing Levels shall be the Cash Flow
Ratio shown in the most recent certificate required to have been delivered
pursuant to Section 5.1(c)(i). Each Cash Flow Ratio so determined shall be in
effect for all Loans made more than five days after such certificate is received
by the Agent and less than six days after the next such certificate is delivered
to the Agent; provided that if a certificate has not been delivered when
required pursuant to Section 5.1(c)(i) and such requirement has not been waived
by the Required Banks, Level VI Pricing shall apply to all Loans made more than
five days after the date by which such certificate was required to have been
delivered and less than six days after the next date a required certificate is
actually delivered to the Agent.

                                       27

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