Document:

IP Hickory Note

 Exhibit 4.2 
 THIS PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY SECURITIES LAW OF ANY STATE OF THE UNITED STATES OF AMERICA AND, ACCORDINGLY, MAY NOT BE OFFERED FOR SALE, SOLD OR OTHERWISE
TRANSFERRED WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933 AND ANY APPLICABLE STATE LAW, UNLESS PURSUANT TO AN EXEMPTION FROM REGISTRATION THEREUNDER OR IN A TRANSACTION NOT SUBJECT TO REGISTRATION THEREUNDER. 
  

			
	$369,350,000.00	  	December 7, 2006

 FOR VALUE RECEIVED, the undersigned, INTERNATIONAL PAPER COMPANY, a New York corporation (the
“Issuer”), hereby promises to pay Hickory Forests LLC, a Delaware limited liability company (“Payee” or “Hickory”), or its registered assigns (the Payee and each such assignee
is referred to herein as the “Holder”), the principal amount of three hundred sixty-nine million three hundred fifty thousand AND 00/100 DOLLARS ($369,350,000.00) plus accrued interest from the date of this Promissory Note,
in lawful money of the United States of America, at the place for payment provided for herein on the terms and conditions set forth below. 
 SECTION 1 
 DEFINITIONS AND OTHER 
 PROVISIONS OF GENERAL APPLICATION 
 1.1 Definitions. For all purposes of this Promissory Note, except as otherwise expressly
provided or unless the context otherwise requires: 
 (1) capitalized terms used in this Promissory Note and not otherwise defined shall have
the meanings assigned to them in this Section and include the plural as well as the singular; 

 (2) the words “hereof” and “hereunder” and other words of similar import refer to
this Promissory Note as a whole and not to any particular Article, Section or other subdivision; 
 (3) the word “including” is not
limiting; 
 (4) references in this Promissory Note to any agreement, document or law “as amended” or “as amended from time to
time” or to “amendments” of any agreement, document or law shall include any amendments, supplements, replacements, renewals or other modifications from time to time; and 
 (5) references in this Promissory Note to any law include regulations promulgated thereunder from time to time. 
 “Agreement” has the meaning specified in Section 2.1. 
 “Base Rate” means, for any day, a rate per annum equal to the higher of (a) the Prime Rate in effect on such day and
(b) the Federal Funds Effective Rate for such day plus  1/2 of 1%. 
 “Business Day” means any day except (i) a Saturday, Sunday or other day on which commercial banks in New York City are
required or authorized by law to close, and (ii) on which commercial banks are not open for international business (including dealings in dollar deposits) in London. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 
 “Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default, including without limitation, any
default or “Event of Default” under the Reference Revolver. 
 “Event of Default” has the meaning specified
in Section 3.1. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  

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 “Excluded Taxes” has the meaning specified in Section 2.4. 
 “Federal Funds Effective Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%)
of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so
published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by Rabobank from three Federal funds brokers of recognized standing
selected by it. 
 “Foreign Holder” means any Holder that is organized under the laws of a jurisdiction other than
that in which Issuer is located. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 
 “GAAP” means United States generally accepted accounting principles consistently applied. 
 “Governmental Approval” means an authorization, consent, approval, permit, license, registration or filing with any Governmental
Authority. 
 “Governmental Authority”, with respect to any Person, means any nation, any state or other political
subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any government authority, agency, department, board, commission or instrumentality of
the United States, any state of the United States or any political subdivision thereof, and any tribunal or arbitrator(s) of competent jurisdiction, and in each case, having jurisdiction or authority over such Person. 
 “Gross-Up Amount” has the meaning specified in Section 2.4. 
 “Institutional Investor” means (a) any Holder holding more than 5% of the aggregate principal amount of the Notes then
outstanding and (b) any bank, trust company, savings and loan association or other financial institution, any pension plan, any investment company, any insurance company, any broker or dealer, or any other similar financial institution or
entity, regardless of legal form. 
  

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 “Interest Period” means the period commencing on the date this Promissory Note is
issued and ending on March 12, 2007 (the “Initial Interest Period”) and thereafter, each period commencing on the last day of the next preceding Interest Period and ending on the next to occur of March 12 or
September 12. If any Interest Period would otherwise end after the maturity date, such Interest Period shall end on the maturity date. 
 “LIBOR” means, (i) 5.35% per annum for the initial Interest Period, and (ii) for any subsequent Interest Period: 
 (a) an interest rate per annum appearing on page BBAM on the Bloomberg Terminal (“Page BBAM”) (or any other page that may replace such page from time to time for the purpose of displaying offered
rates of leading banks for London interbank deposits in United States dollars) at approximately 11:00 a.m. (London time) on the day that is two London Business Days prior to the commencement of such Interest Period for United States dollar deposits
having a tenor equal to the duration of such Interest Period; 
 (b) if a rate is not available under paragraph (a) above, the rate per
annum determined by Rabobank to be the arithmetic mean (rounded, if necessary, to the nearest fifth decimal place (with 5’s being rounded up)) of the respective rates of interest communicated by each of the Reference Banks to Rabobank as the
rates at which such Reference Banks would offer a United States dollar deposit having a tenor equal to the duration of such Interest Period and an amount equal to US$100 million to prime banks in the London interbank market at approximately 11:00
a.m. (London time) on the day that is two London Business Days prior to the commencement of such Interest Period; provided, however, that if less than all Reference Banks provide such rate quotations, then Rabobank shall determine the
above-mentioned arithmetic mean based on the rates quoted by those Reference Banks that provide such a quotation, and if only one Reference Bank provides such a rate quotation, then Rabobank shall use such sole Reference Bank’s quoted rate;

 (c) if a rate cannot be determined pursuant to the foregoing provisions, LIBOR for such Interest Period shall be the rate per annum
determined by Rabobank to be the arithmetic mean (rounded, if necessary, to the nearest fifth decimal place (with 5’s being rounded up)) of the respective rates of interest communicated by each of the Reference Banks to Rabobank as the rates at
which such Reference Bank would offer a United States dollar deposit having a tenor equal to the duration of such Interest Period and an amount equal to US$100 million to prime banks in the New York interbank market at approximately 11:00 a.m. (New
York City time) on the first day of such Interest Period; provided, however, that if less than all Reference Banks provide such rate 
  

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 quotations, then Rabobank shall determine the above-mentioned arithmetic mean based on the rates quoted by those
Reference Banks that provide such a quotation, and if only one Reference Bank provides such a rate quotation then Rabobank shall use such sole Reference Bank’s quoted rate; or 
 (d) if a rate cannot be determined pursuant to the foregoing provisions, LIBOR for such Interest Period shall be equal to the Federal Funds Effective
Rate for each day during such Interest Period. 
 “London Business Day” means any day on which trading by and between
banks in United States Dollar deposits in the London interbank market occurs. 
 “Material Subsidiary” has the
meaning specified in the Reference Revolver. 
 “Margin Stock” means margin stock within the meaning of Regulations
U. 
 “Notes” has the meaning specified in Section 2.1. 
 “Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “Prime Rate” means the rate of interest per annum quoted by
Rabobank as its base rate in effect at its principal office in New York City, each change in the Prime Rate to be effective from and including the date such change is publicly announced as being effective. 
 “Rabobank” means Cooperatieve Centrale Raiffeisen Boerenleenbank, B.A. “Rabobank Nederland”, New York Branch.

 “Reference Banks” means Rabobank and any two of the following banks selected by Rabobank, ABN AMRO Bank N.V.,
Dexia Credit Local, New York Branch, Royal Bank of Scotland plc, and Société Générale and “Reference Bank” means any of them. 
 “Reference Revolver” means the 5-Year Credit Agreement dated as of March 31, 2006 among Issuer, the Lenders party thereto,
Citibank, N.A., as syndication agent, Banc of America Securities LLC, BNP Paribas and Deutsche Bank Securities Inc., as documentation agents, J.P. Morgan Securities Inc. and Citigroup Global Markets, Inc., as lead arrangers and joint bookrunners,
and JPMorgan Chase Bank, N. A., as administrative agent. 
  

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 “Securities Act” means the Securities Act of 1933, as amended. 
 “Solvent” means, as to any Person, that, as of any date of determination, (i) the amount of the “present fair saleable
value” of the assets of such Person shall, as of such date, exceed the amount of all “liabilities of such Person, contingent or otherwise”, as of such date, as such terms are determined in accordance with applicable federal and state
laws governing determinations of the insolvency of debtors, (ii) the present fair saleable value of the assets of such Person shall, as of such date, be greater than the amount that will be required to pay the liability of such Person on its
debts as such debts become absolute and matured, (iii) such Person will not have, as of such date, an unreasonably small amount of capital with which to conduct its business, and (iv) such Person shall be able to pay its debts as they
mature. For purposes of this definition, (a) “debt” means liability on a “claim”, and (b) “claim” means any (A) right to payment, whether or not such a right is reduced to judgment, liquidated,
unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured or (B) right to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether or not such
right to an equitable remedy is reduced to judgment, fixed, contingent, matured or unmatured, disputed, undisputed, secured or unsecured. 
 “Taxes” has the meaning specified in Section 2.4. 
 SECTION 2 
 PAYMENTS OF PRINCIPAL, PREMIUM AND INTEREST 
 2.1 Payment of Principal. Except as otherwise provided herein, Issuer agrees to pay the principal amount of this Promissory Note in full on December 7, 2016. This Promissory Note is one of the promissory notes in the aggregate
principal amount not to exceed $369,350,000 (the “Notes”) issued by Issuer pursuant to the Agreement for Purchase and Sale of IP Debt Securities dated as of December 7, 2006 (the “Agreement”),
between the Issuer and Sustainable Forests LLC (the “Buyer”), pursuant to which Issuer sold the Notes to the Buyer. 
  

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 2.2 Payment of Interest. 
 (a) General. Interest shall accrue on the unpaid principal amount of this Promissory Note from the date of this Promissory Note to maturity
(whether by acceleration, notice of prepayment or otherwise) at the rate per annum equal to LIBOR for each Interest Period plus 1.00% per annum and shall be payable on the last day of each Interest Period. 
 (b) Default Interest. Upon the occurrence and during the continuance of any Event of Default, interest shall accrue and be payable by Issuer on
the unpaid principal amount hereof, together with any and all past due interest and other past due amounts due hereunder, at the then applicable rate plus an additional 2% per annum until the end of the then-current Interest Period and
thereafter at the Base Rate plus 2.00% per annum, which interest shall be payable on demand by the Holder. 
 (c) Interest
Rate Not Ascertainable. In the event that the Holder shall have determined (which determination shall be made in good faith and, absent manifest error, shall be final, conclusive and binding upon all parties) that on any date for determining
LIBOR, by reason of any changes arising after the date of this Promissory Note affecting the London interbank market or the Holder’s position in such markets, adequate and fair means do not exist for ascertaining the applicable interest rate on
the basis provided for in the definition of LIBOR, then the Holder shall forthwith give notice (by telephone confirmed in writing) to Issuer of such determination and a summary of the basis for such determination. Upon the giving of such notice to
Issuer and until the Holder notifies Issuer that the circumstances giving rise to the suspension described herein no longer exist, (i) the right of Issuer to have this Promissory Note bear interest at LIBOR shall be suspended, and
(ii) interest shall, from and after the last day of the then-current Interest Period, accrue at the Base Rate plus an additional 0.50% per annum. 
 (d) Illegality. In the event that the Holder shall have determined (which determination shall be made in good faith and, absent manifest error, shall be final, conclusive and binding upon all parties) at any
time that the funding of this Promissory Note based on LIBOR has become unlawful by compliance by the Holder in good faith with any applicable law, governmental rule, regulation, guideline or order (whether or not having the force of law and whether
or not failure to comply therewith would be unlawful), then, in any such event, the Holder shall give prompt notice (by telephone confirmed in writing) to Issuer of such determination and a summary of the basis for such determination. Upon the
giving of such notice to Issuer and until the Holder notifies Issuer that the circumstances giving rise to the suspension described herein no longer exist, (i) the right of Issuer to have this Promissory Note bear interest at LIBOR shall be
suspended, and (ii) interest shall instead accrue at the Base Rate plus an additional 0.50% per annum. 
  

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 (e) Increased Costs. (i) If, by reason of (x) after the date of this Promissory Note,
the introduction of or any change (including, without limitation, any change by way of imposition or increase of reserve requirements) in or in the interpretation of any law or regulation with respect to banks or financial institutions, or
(y) the compliance with any guideline or request from any central bank or other Governmental Authority or quasi-Governmental Authority exercising control over banks or financial institutions generally (whether or not having the force of law):

 (A) the Holder (or its lending office) shall be subject to any tax, duty or other charge with respect to this Promissory Note, or the basis
of taxation of payments to the Holder of the principal of or interest on this Promissory Note shall have changed (except for changes in the tax on the overall net income of the Holder or its lending office imposed by the jurisdiction in which the
Holder’s principal executive office or lending office is located); or 
 (B) any reserve (including, without limitation, any reserve
imposed by the Board of Governors of the Federal Reserve System), special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by, the Holder’s lending office shall be imposed or deemed
applicable or any other condition affecting this Promissory Note shall be imposed on the Holder or its lending office or the London interbank market; 
 and as a result thereof there shall be any increase in the cost to the Holder of maintaining this Promissory Note at an interest rate based on LIBOR, or there shall be a reduction in the amount received or receivable
by the Holder or its lending office, then Issuer shall from time to time (subject, in the case of certain Taxes, to the applicable provisions of Section 2.4(d)), upon written notice from and demand by the Holder on Issuer, pay to the Holder
within five Business Days after the date of such notice and demand, additional amounts sufficient to indemnify the Holder against such increased cost. A certificate as to the amount of such increased cost, submitted to Issuer in good faith and
accompanied by a statement prepared by the Holder describing in reasonable detail the basis for and calculation of such increased cost, shall, absent manifest error, be final, conclusive and binding for all purposes. Notwithstanding anything to the
contrary set forth herein, the Holder shall not be entitled to payment of any such additional 
  

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 amounts attributable to any period prior to the 180th day before the date of delivery of such certificate
by the Holder to Issuer, provided that, if the relevant change in law or regulation is retroactive, such 180-day period shall be extended to include the period of retroactive effect thereof. 
 (ii) If the Holder shall advise Issuer that at any time, because of the circumstances described in clauses (x) or (y) in
subsection (i) above, LIBOR will not adequately and fairly reflect the cost to the Holder of funding this Promissory Note based upon LIBOR, then, in any such event, the Holder shall give prompt notice (by telephone confirmed in writing) to
Issuer of such determination and a summary of the basis for such determination. Upon the giving of such notice to Issuer and until the Holder notifies Issuer that the circumstances giving rise to the suspension described herein no longer exist,
(i) the right of Issuer to have this Promissory Note bear interest at LIBOR shall be suspended, and (ii) interest shall instead accrue at the Base Rate plus an additional 0.50% per annum. 
 (f) Funding Losses. Issuer shall compensate the Holder, upon its written request to Issuer (which request shall set forth the basis for requesting
such amounts in reasonable detail and which request shall be made in good faith and, absent manifest error, shall be final, conclusive and binding upon all of the parties hereto), for all losses, expenses and liabilities (including, without
limitation, any paid by the Holder to lenders of funds borrowed by it to purchase or hold this Promissory Note) to the extent not recovered by the Holder in connection with the re-employment of such funds, which the Holder may sustain: (i) if
any repayment (including mandatory prepayments and any conversions to Base Rate pursuant to the foregoing clauses (c), (d) and (e)) of this Promissory Note occurs on a date which is not the last day of an Interest Period, or (ii) if for
any reason, Issuer defaults in its obligation to repay this Promissory Note when required by the terms hereof (including without limitation pursuant to any notice of prepayment or repurchase). Notwithstanding anything to the contrary set forth
herein, the Holder shall not be entitled to payment of any such additional amounts attributable to any period prior to the 180th day before the date of delivery of such certificate by the Holder to Issuer, provided that, if the relevant
change in law or regulation is retroactive, such 180-day period shall be extended to include the period of retroactive effect thereof. 
 2.3
Optional Prepayments. 
 (a) Optional Prepayment. Issuer may prepay the principal amount of this Promissory Note, in whole or in
part, at any time, in a minimum aggregate amount of $25,000,000 or integral multiples of $5,000,000 in excess thereof (or if the aggregate outstanding principal amount of this Promissory Note is less than $25,000,000 at such 
  

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 time, then such principal amount) together with interest on such principal amount then being prepaid accrued to the
prepayment date and any amounts payable under Section 2.2(f), provided that such minimum amount shall not apply so long as the Holder is Hickory. 
 (b) [Reserved] 
 (c) Notice of Prepayment. Issuer will give irrevocable written notice of any
optional prepayment of this Promissory Note to the Holder not less than three Business Days or more than 60 days before the date fixed for prepayment, specifying: 
 (i) such date; 
 (ii) the section of this Promissory Note under which the prepayment is to be made; 
 (iii) the principal amount of
this Promissory Note to be prepaid on such date; and 
 (iv) the interest to be paid on this Promissory Note accrued to the
date fixed for payment. 
 Notice of prepayment having been so given, the aggregate principal amount of this Promissory Note to be prepaid specified in such
notice, together with accrued interest thereon, shall become due and payable on the specified prepayment date. 
 2.4 Terms of
Payment. 
 (a) All payments under this Promissory Note shall be made without defense, set-off or counterclaim to the Holder not later
than 11:00 a.m. (New York, New York time) on the date when due and shall be made in United States dollars in the manner provided in clauses (b) and (c) below. 
 (b) Subject to clause (c) below, payments of principal, premium, if any, and interest becoming due and payable on this Promissory Note shall be made at the principal office of Issuer in New York, New York. Issuer
may at any time, by notice to 
  

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 the Holder, change the place of payment of the Notes so long as such place of payment shall be either the principal
office of Issuer in New York, New York or the principal office of a bank or trust company in New York, New York. 
 (c) So long as Hickory or
any Institutional Investor shall be a Holder of this Promissory Note, and notwithstanding anything contained in clause (b) above or elsewhere herein to the contrary, Issuer will pay all sums due on this Promissory Note for principal, premium,
if any, and interest by the method and at the address as the Holder shall from time to time specify to Issuer in writing for such purpose, without the presentation or surrender of this Promissory Note or the making of any notation hereon, except
that upon written request of Issuer made concurrently with or reasonably promptly after payment or prepayment in full of this Promissory Note, the Holder shall surrender this Promissory Note for cancellation, reasonably promptly after any such
request, to Issuer at its principal executive office or at the place of payment most recently designated by Issuer pursuant to clause (b) above. Prior to any sale or other disposition of this Promissory Note by the Holder or any nominee of the
Holder, the Holder will, at its election, either endorse hereon the amount of principal paid hereon and the last date to which interest has been paid hereon or surrender this Promissory Note to Issuer in exchange for a new Note or Notes pursuant to
Section 4.2. 
 (d) (i) Any and all payments by Issuer under this Promissory Note shall be made free and clear of and without deduction
for any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, excluding taxes imposed on or measured by the net income of the Holder, franchise taxes, branch profits taxes
imposed by the United States of America, and, in the case of a Foreign Holder, the amount of any withholding obligation that would not have arisen but for the inability or failure of such Foreign Holder to comply with the provisions of clause
(iv) below unless such withholding is imposed as a result of a change in law, tax treaty or regulation occurring subsequent to the date on which such Foreign Holder originally acquired this Promissory Note (all such excluded net income taxes,
franchise taxes, branch profits taxes, and withholding collectively referred to as the “Excluded Taxes”; all such non-excluded taxes, levies, imposts, deductions, charges, withholdings and liabilities being collectively
referred to as “Taxes”). If Issuer shall be required by law to deduct any Taxes from or in respect of any sum payable under this Promissory Note to the Holder, (x) the sum so payable shall be increased by such amount
(the “Gross-up Amount”) as may be necessary so that after making all required deductions (including deductions with respect to Taxes owed by the Holder on the Gross-up Amount) the Holder receives an amount equal to the sum it
would have received had no such deductions been made, (y) Issuer shall make such deductions, and (z) Issuer shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with applicable law.

  

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 (ii) Issuer will indemnify the Holder for the full amount of Taxes (together with any
Taxes or Excluded Taxes owed by the Holder applicable to the Gross-up Amount payable under clause (i) above or on the indemnification payments made by Issuer under this clause (ii), but without duplication thereof), and any liability (including
penalties, interest and expenses) arising therefrom or with respect thereto, whether or not such Taxes or such Excluded Taxes were correctly or legally asserted, so as to compensate the Holder for any loss, cost, expense or liability incurred as a
consequence of any such Taxes. The Holder claiming indemnification shall make written demand therefor no later than one year after the earlier of (i) the date on which the Holder makes payment of such Taxes or Excluded Taxes and (ii) the
date on which the appropriate Governmental Authority makes written demand on the Holder for payment of such Taxes or Excluded Taxes. Payment pursuant to such indemnification shall be made within 10 days from the date the Holder makes written demand
therefor. Within 30 days after the date of Issuer’s payment of Taxes, Issuer will furnish to the Holder the original or a certified copy of a receipt evidencing payment thereof. 
 (iii) The obligations of Issuer contained in this Section shall survive the payment in full of the principal of, premium, if any, and
interest hereunder. 
 (iv) Any Foreign Holder shall deliver to Issuer, at the time or times prescribed by applicable law or
reasonably requested by Issuer, such properly completed and executed documentation prescribed by applicable law as will permit such payments to be made without withholding. Should a Holder be subject to withholding Tax because of the Holder’s
failure to comply with the provisions of this clause (iv), Issuer shall take such steps (at the Holder’s expense) as the Holder shall reasonably request in writing to assist the Holder to recover such Tax. 
 (e) Subject to the definition of Interest Period, whenever any payment to be made on this Promissory Note shall be stated to be due on a day which is not
a Business Day, the due date thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest thereon shall be payable at the applicable rate during such extension. 
 (f) All computations of interest and fees hereunder and under the other Notes shall be made on the basis of a year of 360 days for the actual number of
days (including the first day but excluding the last day) occurring in the period for which such interest or fees are payable (to the extent computed on the basis of days elapsed). 
  

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 (g) Each payment on this Promissory Note shall be accompanied by a written statement of the Issuer
setting forth in detail the portion of such payment that constitutes interest, the portion of such payment that constitutes a payment of principal, and the portion of such payment that represents any other amount due hereunder. 
 2.5 Denominations. This Promissory Note may be in the denomination of $5,000,000 or any amount in excess thereof. At the option of the Holder,
this Promissory Note may be exchanged for a Note or Notes in any other denomination or denominations permitted hereby and of a like aggregate principal amount and tenor, upon surrender of this Promissory Note to be exchanged at the principal office
of Issuer. Whenever this Principal Note is so surrendered for exchange, Issuer shall issue and execute the Note or Notes which the Holder is entitled to receive. 
 2.6 Mitigation Obligations. If the Holder requests compensation under Section 2.2(e), or if the Issuer is required to pay any additional amount to the Holder or any Governmental Authority for account of
the Holder pursuant to Section 2.4(d), then the Holder shall use reasonable efforts to designate a different office or agency for funding or booking this Promissory Note or to assign its rights and obligations hereunder to another of its
offices, branches or affiliates, if, in the judgment of the Holder, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.2(e) or 2.4(d), as the case may be, in the future and (ii) would
not subject the Holder to any unreimbursed cost or expense and would not otherwise be disadvantageous to the Holder. The Issuer hereby agrees to pay all reasonable costs and expenses incurred by the Holder in connection with any such designation or
assignment. 
 SECTION 3 
 EVENTS
OF DEFAULT 
 3.1 Default. The occurrence of any of the following events shall constitute an event of default (“Event of
Default”) under this Promissory Note (whatever the reason for such event and whether or not it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree, order, rule or regulation of any
Governmental Authority); 
 (a) failure to pay any principal of any Note when due or declared due, or failure to pay any interest on any Note
or any other amount payable thereunder when due or declared due and such failure to pay interest or such other amount shall continue unremedied for three or more Business Days; or 
  

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 (b) any representation, warranty or certification made, deemed made or incorporated by reference herein,
or in the Agreement (or in any modification or supplement hereto or thereto) by or on behalf of Issuer, or any certificate furnished to the Holder pursuant to the provisions hereof or thereof, shall prove to have been false or misleading as of the
time made or furnished in any material respect; or 
 (c) (i) Issuer shall default in the performance of any of its obligations under
Section 4.4(b) hereof or Sections 6.06, 6.07 or 6.08 of the Reference Revolver; or (ii) Issuer shall default in the performance of any of its other obligations contained herein or incorporated by reference herein from the Reference
Revolver and such default shall continue unremedied for 30 days after the notice thereof to Issuer by the Holder; or 
 (d) the occurrence of
any Event of Default (as defined in the Reference Revolver) other than those described in clause (b) or clause (c) of this Section 3.1; or 
 (e) Issuer or any of its Material Subsidiaries shall admit in writing its inability to, or be generally unable to, pay its debts as such debts become due; or 
 (f) Issuer or any of its Material Subsidiaries shall (i) apply for or consent to the appointment of, or the taking of possession by, a receiver,
custodian, trustee or liquidator of itself or of all or a substantial part of its property, (ii) make a general assignment for the benefit of its creditors, (iii) commence a voluntary case under the Federal Bankruptcy Code (as now or
hereafter in effect), (iv) file a petition seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganization, winding-up, or composition or readjustment of debts, (v) fail to controvert in a timely and
appropriate manner, or acquiesce in writing to, any petition filed against it in an involuntary case under the Federal Bankruptcy Code, or (vi) take any corporate action for the purpose of effecting any of the foregoing; or 
 (g) A proceeding or case shall be commenced, without the application or consent of Issuer or any of its Material Subsidiaries, in any court of competent
jurisdiction, seeking (i) its liquidation, reorganization, dissolution or winding-up, or the composition or readjustment of its debts, (ii) the appointment of a trustee, receiver, custodian, liquidator or the like of Issuer or such
Material Subsidiary or of all or any substantial part of its assets, or (iii) similar relief in respect of Issuer or such Material Subsidiary under any law relating to bankruptcy, insolvency, reorganization, winding-up, or composition or
adjustment of debts, and such proceeding or case shall continue undismissed, or an order, judgment or decree approving or ordering any of the foregoing shall be entered and continue unstayed and in effect, for a period of 90 or more days; or an
order for relief against Issuer or such Material Subsidiary shall be entered in an involuntary case under the Federal Bankruptcy Code. 
  

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 3.2 Remedies. 
 (a) Upon the occurrence and during the continuation of an Event of Default (other than an Event of Default described in Section 3.1(f) and 3.1(g)) the Holder may, in its sole discretion, declare this Promissory
Note, including, without limitation, principal, premium, if any, accrued interest and costs of collection (including, without limitation actual reasonable attorneys’ fees and disbursements if collected by or through an attorney at law or in
bankruptcy, receivership or other judicial proceedings), together with any amounts payable under Section 2.2(f) hereof that would be payable in respect of a prepayment of the outstanding principal amount of this Promissory Note at such time,
immediately due and payable, without presentment, demand, protest or any other notice of any kind, all of which are expressly waived. 
 (b)
Upon the occurrence of an Event of Default described in Section 3.1(f) and 3.1(g), this Promissory Note, including, without limitation, principal, premium, if any, accrued interest and costs of collection (including, without limitation,
reasonable attorneys’ fees if collected by or through an attorney at law or in bankruptcy, receivership or other judicial proceedings), together with any amounts payable under Section 2.2(f) hereof that would be payable in respect of a
prepayment of the outstanding principal amount of this Promissory Note at such time, shall automatically become immediately due and payable, without presentment, demand, protest or any other notice of any kind, all of which are expressly waived.

 (c) Upon the occurrence of an Event of Default and acceleration of this Promissory Note as provided in Section 3.2(a) or (b), the
Holder may pursue any remedy available under this Promissory Note or available at law or in equity, all of which shall be cumulative. The order and manner in which the rights and remedies of the Holder may be exercised shall be determined by the
Holder in its sole discretion. 
 (d) All payments with respect to this Promissory Note received by the Holder after the occurrence of an
Event of Default shall be applied first, to the costs and expenses (including actual attorneys’ fees and disbursements) incurred by the Holder as a result of such Event of Default, second, to the payment of premium, if any, and
accrued and unpaid interest on this Promissory Note, to and including the date of such application, third, to the payment of the unpaid principal of this 
  

 15 

 Promissory Note, and fourth, to the payment of all other amounts then owing to the Holder under this Promissory
Note. No applications of the payments will cure any Event of Default or prevent acceleration, or continued acceleration, of amounts payable under this Promissory Note or prevent the exercise, or continued exercise, of rights or remedies of the
Holder hereunder or under applicable law. 
 SECTION 4 
 COVENANTS 
 4.1 Payment of Principal and Interest. Issuer covenants and agrees for the benefit of the
Holder of this Promissory Note to pay the principal of, premium, if any, and interest on this Promissory Note and all other amounts payable hereunder in accordance with the terms of this Promissory Note. 
 4.2 Maintenance of Office or Agency. 
 (a) Issuer will maintain in the City of Memphis, Tennessee, or at such other location as the Holder may reasonably agree, an office or agency (which may be Issuer’s principal executive offices) where this Promissory Note may be
surrendered for exchange for a Note or Notes of different denominations and where notices or demands to or upon Issuer in respect of this Promissory Note may be served. Issuer may from time to time designate one or more other offices or agencies
where this Promissory Note may be surrendered for any or all such purposes and may from time to time rescind such designation. Issuer will give prompt written notice to the Holder of this Promissory Note of any such designation or rescission and of
any change of the location of any such office or agency. 
 (b) Issuer shall keep at its principal executive office a register for the
registration and registration of transfers of Notes. The name and address of the Holder, each transfer of Notes and the name and address of each transferee of one or more Notes shall be registered in such register. Prior to due presentment for
registration of transfer, the Person in whose name any Note shall be registered shall be deemed and treated as the Holder thereof for all purposes hereof, and Issuer shall not be affected by any notice or knowledge to the contrary. Issuer shall give
to any Holder, promptly upon request therefor, a complete and correct copy of the names and addresses of all the Holders. 
 (c) Upon
surrender of any Note at an office of Issuer specified in clause (a) above for registration of transfer or exchange (and in the case of a surrender for registration of transfer, duly endorsed or accompanied by a written instrument of transfer
duly executed by the Holder of such Note or his attorney duly authorized in writing and 
  

 16 

 accompanied by the address for notices of each transferee of such Note or part thereof), Issuer shall execute and
deliver, at Issuer’s expense (except as provided below), one or more new Notes (as requested by the Holder thereof) in exchange therefor, in an aggregate principal amount equal to the unpaid principal amount of the surrendered Note. Each such
new Note shall be payable to such Person as the Holder may request and shall be substantially in the form of this Promissory Note. Each such new Note shall be dated and bear interest from the date to which interest shall have been paid thereon.
Issuer may require payment of a sum sufficient to cover any stamp tax or governmental charge imposed in respect of any such transfer of Notes. Notes shall not be transferred in denominations of less than $5,000,000, provided that if necessary
to enable the registration of transfer by a Holder of its entire holding of Notes, one Note may be in a denomination of less than $5,000,000. 
 (d) Upon receipt by Issuer of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note (which evidence shall be, in the case of Hickory or an Institutional Investor, notice from
such Person of such ownership and such loss, theft, destruction or mutilation), and 
 (i) In the case of loss, theft or
destruction, of indemnity reasonably satisfactory to it (provided that if the Holder of such Note is a Person with a minimum net worth of at least U.S. $10,000,000, such Person’s own unsecured agreement of indemnity shall be deemed to be
satisfactory), or 
 (ii) in the case of mutilation, upon surrender and cancellation thereof, 
 Issuer at its own expense shall execute and deliver, in lieu thereof, a new Note, dated and bearing interest from the date to which interest shall have been paid on such
lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon. 
 4.3 Incorporation by Reference. 
 (a) The provisions of Article 6 of the Reference Revolver, together
with all related definitions and ancillary provisions are hereby incorporated herein by reference mutatis mutandis and shall be deemed to continue in effect for the benefit of the Holder, and the Issuer covenants and agrees with the Holder
that it shall perform and observe each of the covenants as if (i) each reference therein to “Administrative Agent” or “Lenders” and similar expressions were references to the Holder, (ii) each reference therein to
“Default” and “Event of Default” and similar expressions were references to “Default” or “Event of Default”, respectively, under this Promissory Note and (iii) each reference therein to
“Company” were a reference to the Issuer. 
  

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 (b) Any reference in this Promissory Note to the requirements of the “Reference Revolver” is a
reference to the requirements of the Reference Revolver in effect on the date of this Agreement, without giving effect to any waiver, amendment, restatement or any other modification thereto or any termination thereof. 
 4.4 Financial Statements and Other Deliveries. Until the payment in full of the obligations arising under this Promissory Note, Issuer agrees with
the Holder that Issuer shall deliver to the Holder: 
 (a) those financial statements, certificates and other deliveries required to be
delivered pursuant to the Reference Revolver contemporaneously with the delivery thereof under the Reference Revolver (which delivery obligation, with respect to financial statements only, shall be deemed satisfied by Issuer by the filing of such
statements with the Securities and Exchange Commission, if publicly available); and 
 (b) promptly after Issuer knows or has reason to know
that a Default has occurred, a notice of such Default describing the same in reasonable detail and, together with such notice or as soon thereafter as possible, a description of the action that Issuer has taken and proposes to take with respect
thereto. 
 4.5 Rule 144A Information. To the extent not provided under Section 4.4, the Issuer will, upon request of the Holder,
provide the Holder, and any qualified institutional buyer designated by the Holder as a prospective transferee, such financial and other information as the Holder may reasonably determine to be necessary in order to permit compliance with the
information requirements of Rule 144A under the Securities Act in connection with the resale of this Promissory Note, except at such times as the Issuer is subject to the reporting requirements of section 13 or 15(d) of the Exchange Act. For the
purpose of this Section 4.5, the term “qualified institutional buyer” shall have the meaning specified by Rule 144A of the Securities Act. 
  

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 SECTION 5 
 REPRESENTATIONS AND WARRANTIES 
 Issuer hereby represents and warrants to the Holder as of the date of the
Agreement as follows: 
 (a) Each of the representations and warranties set forth in the Reference Revolver, other than in Section 3.11
thereof, is true and correct on and as of the date hereof, except where such representation or warranty speaks of a specific time, in which case, such representation or warranty is true and correct as of such time. 
 (b) None of the execution and delivery of this Promissory Note, the consummation of the transactions herein contemplated and compliance with the terms
and provisions hereof will conflict with or result in a breach of, or require any consent under, the charter or by-laws of Issuer, or any applicable law or regulation, or any order, writ, injunction or decree of any court or governmental authority
or agency, or any agreement or instrument to which Issuer and/or any of its Subsidiaries is a party or by which any of them is bound or to which any of them is subject, or constitute a default under any such agreement or instrument. 
 (c) Issuer has all necessary corporate power and authority to execute, deliver and perform its obligations under this Promissory Note; the execution,
delivery and performance by Issuer of this Promissory Note have been duly authorized by all necessary corporate action on its part; and this Promissory Note has been duly and validly executed and delivered by Issuer and constitutes the legal, valid
and binding obligation of Issuer, enforceable in accordance with its terms. 
 (d) No authorizations, approvals or consents of, and no
filings or registrations with, any governmental or regulatory authority or agency are necessary for the execution, delivery or performance by Issuer of this Promissory Note or for the validity or enforceability thereof. 
 (e) As of the date hereof, after giving effect to the execution and delivery of this Promissory Note and the consummation of the transactions
contemplated hereby, Issuer is Solvent. 
 (f) The proceeds of this Promissory Note will not be used to purchase Margin Stock. 
  

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 (g) Except as disclosed in writing to the Issuer, the annual, quarterly and other periodic reports
most recently delivered to the Payee or filed with the Securities and Exchange Commission (taken as a whole) do not contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein not
misleading.
 (h) Schedule I hereto is a complete and correct list, as of the date of this Promissory Note, of each credit agreement, loan
agreement, indenture, purchase agreement, guarantee or other arrangement (other than any such agreement, indenture, guarantee and arrangement entered into in connection with the Ponderosa, LLC and Ponderosa II, LLC financings) providing for or
otherwise relating to any Indebtedness (as defined in the Reference Revolver) or any extension of credit (or commitment for any extension of credit) to, or guarantee by, the Issuer or any of its Material Subsidiaries the aggregate principal or face
amount of which equals or exceeds (or may equal or exceed) $150,000,000 and the aggregate principal or face amount outstanding or which may become outstanding under each such arrangement is correctly described in Schedule I. 
 SECTION 6 
 MISCELLANEOUS 
 6.1 Usury. It is the intent of Issuer and the Holder not to violate any federal or state law, rule or regulation pertaining either to usury or to
the contracting for or charging or collecting of interest, and Issuer and the Holder agree that, should any provision of this Promissory Note or any act performed hereunder violate any such law, rule or regulation, then the excess of interest
contracted for or charged or collected over the maximum lawful rate of interest shall be applied to the outstanding principal indebtedness due to the Holder by Issuer under this Promissory Note. 
 6.2 Assignment. Subject to the following sentence, the Holder may assign, sell, transfer or pledge this Promissory Note without the consent of
Issuer, and any reference herein to the Holder shall be treated as a reference to any such assignee, purchaser, transferee or pledgee. Unless an Event of Default under this Promissory Note or an event of default under the Financing has occurred, the
Holder shall not transfer this Promissory Note unless the transferee has provided a representation that (a) no assets of (i) an employee benefit plan subject to title I of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”), (ii) a plan described in section 4975(e)(i) of the Code, (iii) an entity whose underlying assets are deemed to include assets of any such employee 
  

 20 

 benefit plan or plan, or (iv) a governmental or church plan that is subject to any federal, state, local, or foreign law
or regulation that is substantially similar to section 406 of ERISA or section 4975 of the Code (“Similar Law”), have been used to purchase this Promissory Note or any interest therein; or (b) the purchase and holding of this
Promissory Note or any interest therein by the holder are exempt from the prohibited transaction restrictions of ERISA and the Code or any similar provision of Similar Law, as applicable, pursuant to one or more prohibited transaction statutory or
administrative exemptions. Issuer may not assign or otherwise transfer its obligations with respect to this Promissory Note without the prior written consent of the Holder. 
 6.3 Absolute Obligation. The obligation of Issuer to pay the principal balance hereof to the Holder shall be absolute and unconditional, and
Issuer shall make such payment without abatement, diminution or deduction regardless of any cause or circumstances whatsoever, including, without limitation, any defense, setoff, recoupment or counterclaim which Issuer may have or assert against the
Holder or any other person. 
 6.4 Waiver. ISSUER WAIVES PRESENTMENT AND DEMAND FOR PAYMENT, NOTICE OF DISHONOR, PROTEST AND NOTICE OF
PROTEST OF THIS PROMISSORY NOTE, AND ALL OTHER NOTICES IN CONNECTION WITH THE DELIVERY, ACCEPTANCE, PERFORMANCE, DEFAULT OR ENFORCEMENT OF THIS PROMISSORY NOTE. 
 6.5 Amendments. 
 (a) This Promissory Note may be amended, and the observance of any term hereof may
be waived (either retroactively or prospectively), with (and only with) the written consent of Issuer and the Holder. 
 (b) Issuer will
provide the Holder (irrespective of the amount of Notes then owned by it) with sufficient information, sufficiently far in advance of the date a decision is required, to enable the Holder to make an informed and considered decision with respect to
any proposed amendment, waiver or consent in respect of any of the provisions of the Notes. Issuer will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to the provisions of this Section 6.5 to
the Holder promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the applicable Holders of Notes. 
 (c) Issuer will not directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or additional interest, fee or otherwise, or 
  

 21 

 grant any security, to any Holder of Notes as consideration for or as an inducement to the entering into by any such
Holder of any waiver or amendment of any of the terms and provisions of any Note unless such remuneration is concurrently paid, or security is concurrently granted, on the same terms, ratably to each Holder of Notes then outstanding even if such
Holder did not consent to such waiver or amendment. 
 (d) No amendment or waiver of the terms of this Promissory Note will extend to or
affect any obligation, covenant, agreement or Event of Default not expressly amended or waived or impair any right consequent thereon. No course of dealing between Issuer and the Holder of any Note nor any delay in exercising any rights under any
Note shall operate as a waiver of any rights of the Holder. 
 6.6 Reimbursement. Issuer hereby agrees to pay or reimburse the Holder
for all reasonable costs, expenses or losses incurred by the Holder in connection with the collection or enforcement of the provisions hereof or of its rights in connection with this Promissory Note (whether or not any formal action or proceeding is
commenced), including, but not limited to, the entire amount of legal or collection fees and disbursements incurred by the Holder. 
 6.7
Construction. Should any part or provision of this Promissory Note require judicial interpretation, Issuer and the Holder agree that the court interpreting such part or provision shall not apply a presumption that the terms hereof shall be
more strictly construed against one party by reason of the rule of construction that a document is to be more strictly construed against the party that itself or through its agent prepared the same, it being agreed that Issuer and the Holder have
both participated in the preparation of this Promissory Note. 
 6.8 Severability. If any part or provision contained in this
Promissory Note shall be invalid or unenforceable under applicable law, then such part or provision shall be ineffective only to the extent of such invalidity (without in any way affecting the remaining parts of such part or provision or the other
parts or provisions of this Promissory Note). 
 6.9 No Release. The rights, powers and remedies provided to the Holder herein are
cumulative and not exclusive of any right, power or remedy provided at law or in equity. Failure or forbearance of the Holder to exercise any right hereunder or otherwise granted at law or equity shall not affect or release Issuer from its liability
hereunder and shall not constitute a waiver of such right unless so stated by the Holder in writing and then only in the specific instance and for the specific purpose given. 
  

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 6.10 Binding Effect. The Promissory Note shall inure to the benefit of the Holder and its
successors and assigns, and shall be binding upon Issuer, its permitted successors and assigns. 
 6.11 Governing Law. THIS NOTE WILL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ITS PRINCIPLES OR RULES OF CONFLICT OF LAWS (OTHER THAN GOL § 5-1401 OR ANY SUCCESSOR PROVISION). 
 6.12 Consent to Jurisdiction. Issuer and, by its acceptance of this Promissory Note, the Holder agree that any and all actions arising under or in
respect of this Promissory Note may be litigated in any federal or state court of competent jurisdiction located in the State of New York. Each of Issuer and the Holder irrevocably submits to the personal and non-exclusive jurisdiction of such
courts for itself and in respect of its property with respect to such action. Issuer and the Holder each agree that venue would be proper in any of such courts, and hereby waive any objection that any such court is an improper or inconvenient forum
for the resolution of any such action. Issuer and the Holder further agree that the mailing by certified or registered mail, return receipt requested, to the addresses specified for notice in the Agreement of any process or summons required by any
such court shall constitute valid and lawful service of process against it, without the necessity for service by any other means provided by statute or rule of court. 
 6.13 Time. Time is of the essence under this Promissory Note. 
 6.14 WAIVER OF JURY TRIAL.
ISSUER HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS PROMISSORY NOTE OR THE TRANSACTIONS CONTEMPLATED
HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). ISSUER CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF HOLDER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT HOLDER WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER. 
 [signature page follows] 
  

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 IN WITNESS WHEREOF, Issuer has executed this Promissory Note on December 7, 2006. 
  

			
	INTERNATIONAL PAPER COMPANY
		
	By:	 	 /s/ Errol A. Harris

	Name:	 	Errol A. Harris
	Title:	 	Vice President and Treasurer

 SCHEDULE I 
 List of all debt instruments or facilities described in Section 5(h) with outstanding balances or commitments of at least $150,000,000 as of September 30, 2006. 
 Indentures 
  

				
	 Issue
	  	Principal Amount as of
September 30, 2006
	 $1000MM 6.75% LTN DUE 2011
	  	$	768,634,000
		
	 5.85% $1 BILLION NOTE
	  	$	802,771,000
		
	 $700M 5.3% NOTE DUE 2015
	  	$	451,588,000
		
	 $600MM NOTE DUE 2010
	  	$	414,350,000
		
	 4.25% NOTES DUE 1/15/2009
	  	$	407,115,000
		
	 5.5 % NOTES DUE 1/15/2014
	  	$	351,301,000
		
	 $300M 3.8% NOTE DUE 2008
	  	$	288,085,000
		
	 $400MM NOTE DUE 2016
	  	$	281,120,000
		
	 7.2% DEBENTURES DUE 2026
	  	$	200,000,000
		
	 7 5/8% NOTES DUE 2007
	  	$	198,000,000
		
	 6-7/8% NOTES DUE 2023
	  	$	190,000,000
		
	 7.35% DEBENTURES DUE 2025
	  	$	174,995,000
		
	 Bank Facility
	  		
		
	 $500MM Credit Facility Due 2007
	  		
		
	 $1,500MM Credit Facility Due 2011
	  		
		
	 EUR500MM IPISAS Credit Facility Due 2009
	  	 	EUR500,000,000
		
	 USD700MM IPI Luxembourg Credit Facility Due 2010
	  	$	700,000,000
		
	 $1B Receivable Securitization Due 2009
	  	$	700,000,000Purchase Agreement

 Exhibit 10.1 
 PURCHASE AGREEMENT 
 PURCHASE AGREEMENT, dated as of December 7, 2006 (this
“Agreement”), by and among SUSTAINABLE FORESTS L.L.C., a Delaware limited liability company (“Seller”) and RBIP, INC., a Delaware corporation (“Purchaser”). 
 W I T N E S S E T H : 
 WHEREAS, Seller is the sole holder of the Class A Member Interest and the Class B Member Interest of Hickory (hereinafter defined).

 WHEREAS, Seller proposes to sell, assign and transfer, and Purchaser proposes to purchase and acquire, all of Seller’s right,
title and interest in and to the Assets (hereinafter defined) in exchange for cash in accordance with the terms and conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, receipt of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS AND OTHER
TERMS 
 SECTION 1.1. Definitions. As used in this Agreement, the following terms shall have the following
meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined): 
 “Affiliate” shall mean, with respect to any Person, (i) any Person directly or indirectly controlling, controlled by or under common control with such Person; (ii) any officer, director,
general partner, member or trustee of such Person; or (iii) any Person who is an officer, director, general partner, or trustee of any Person described in clauses (i) and (ii) of this sentence. For purposes of this definition,
the term “controlling,” “controlled by” or “under common control with” shall mean, with respect to any Person, the possession, direct or indirect, of the power to direct or cause the
direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 
 “Applicable Law” shall mean all applicable laws, statutes, treaties, rules, codes, ordinances, regulations, permits, certificates, orders, interpretations, licenses and permits of any
Governmental Authority and judgments, decrees, injunctions, writs, orders or like action of any court, arbitrator or other judicial or quasi-judicial tribunal of competent jurisdiction (including those pertaining to health, safety of the environment
or otherwise). 

 “Assets” has the meaning specified in Section 2.1 hereof.

 “Basswood” means Basswood Forests LLC, a Delaware limited liability company. 
 “Capital Account” has the meaning given in the Hickory LLC Agreement. 
 “Claim Notice” has the meaning specified in Section 5.2(a) hereof. 
 “Class A Member” has the meaning given in the Hickory LLC Agreement. 
 “Class A Member Interest” has the meaning given in the Hickory LLC Agreement. 
 “Class B Member” has the meaning given in the Hickory LLC Agreement. 
 “Class B Member Interest” has the meaning given in the Hickory LLC Agreement. 
 “Contribution Agreement” means the Contribution Agreement between Seller and Basswood dated as of
November 30, 2006. 
 “Credit Agreement” means that certain Credit Agreement dated as of the date
hereof, among Basswood, Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., “Rabobank Nederland”, New York Branch as lender, the lenders party thereto from time to time and Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A.,
“Rabobank Nederland”, New York Branch as administrative agent for the lenders, as the same may be amended from time to time in accordance with the terms hereof and thereof. 
 “Governmental Authority” shall mean any Federal, state, county, municipal, foreign, international, regional or
other governmental authority, agency, board, bureau, body or instrumentality. 
 “Hickory” shall mean
Hickory Forests LLC, a Delaware limited liability company. 
 “Hickory Assets” has the meaning given
in Section 3.9 hereof. 
 “Hickory LLC Agreement” shall mean the Second Amended and Restated
Agreement of Limited Liability Company of Hickory Forests LLC dated as of December 7, 2006 entered into by the Seller and the Purchaser. 
 “Hickory LLC Interest” shall mean the sole Class A Member interest in Hickory Forests LLC. 
 “Indemnified Matter” has the meaning specified in Section 5.2(a) hereof. 
  

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 “Indemnitee” has the meaning specified in Section 5.1
hereof. 
 “Lien” shall mean any mortgage, pledge, hypothecation, assignment, deposit arrangement,
encumbrance, lien (statutory or other), preference, priority or other security agreement of any kind or nature whatsoever (including, without limitation, any conditional sale or other title retention agreement, and any lease having substantially the
same effect as any of the foregoing). 
 “Losses” shall mean any and all liabilities, obligations,
losses, damages (including consequential damages), penalties, fines, assessments (whether criminal or civil), claims, actions, injuries, suits, judgments, costs, expenses (including without limitation, reasonable legal fees and out-of-pocket
expenses), disbursements or demands whatsoever, howsoever arising. 
 “Person” shall mean any
individual, partnership (whether general or limited and whether domestic or foreign), limited liability company, corporation, trust, estate, association, custodian, nominee or other entity, including any governmental agency or political subdivision
thereof. 
 “Purchase Date” shall mean the date first above written. 
 “Purchaser” has the meaning specified in the caption to this Agreement. 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Seller” has the meaning specified in the caption to this Agreement. 
 “Taxes” shall mean all taxes of any kind, including without limitation, those on, or measured by or referred to as
net income, alternative or other minimum tax, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, capital, paid-up capital, profits, license, withholding, payroll, employment, excise, severance, stamp, occupation,
premium, property, environmental or windfall profits tax, customs, duties or similar fees, assessments or charges of any kind whatsoever, together with any interest and any penalties, additions to tax or additional amounts imposed by any taxing
authority, domestic or foreign, in respect of such Taxes. 
 SECTION 1.2. Other Terms and Interpretation. In this
Agreement, except to the extent that the context otherwise requires: 
 (a) the Articles and Section headings are for convenience of
reference only and shall not affect the interpretation of this Agreement; 
 (b) unless otherwise specified, references to Articles,
Sections, clauses and Exhibits are references to Articles, Sections, clauses and Exhibits of this Agreement; 
  

 3 

 (c) references to any document or agreement, including this Agreement, shall be deemed to include
references to such document or agreement as amended, supplemented, restated or replaced and in effect from time to time in accordance with its terms and subject to compliance with the requirements, if any, set forth herein and therein; 

(d) references to any party to this Agreement or any other document or agreement or to any other Person shall include its permitted successors and
permitted assigns; 
 (e) when used in this Agreement, the words “including”, “includes” and “include” shall
be deemed to be followed in each instance by the words “without limitation”; 
 (f) when used in this Agreement, the words
“herein”, “hereby”, “hereunder”, “hereof”, “hereto”, “hereinbefore”, and “hereinafter”, and words of similar import, shall refer to this Agreement in its entirety and not to any
particular section, subsection, paragraph, sub-paragraph, clause or other subdivision of this Agreement; and 
 (g) when used herein, the
singular shall include the plural, the plural shall include the singular and the use of any gender shall include all genders, unless the context requires otherwise. 
 ARTICLE II 
 SALE AND PURCHASE 
 SECTION 2.1. Sale and Purchase of Assets. Subject to the terms and conditions of this Agreement, on the Purchase Date, in
exchange for cash in the amount of $174,650,949.55, Seller hereby assigns, transfers, delivers and conveys to Purchaser, and Purchaser hereby purchases, acquires and accepts from Seller, free and clear of all Liens, (a) all right, title
and interest of Seller in and to the Hickory LLC Interest; and (b) all of Seller’s rights under the Hickory LLC Agreement with respect thereto, including, without limitation, (i) all rights of Seller to receive monies
and other property or assets due and to become due to Seller under or pursuant to the Hickory LLC Agreement, (ii) all claims of Seller for damages arising out of or for breach of or default under the Hickory LLC Agreement,
(iii) all rights of Seller to receive proceeds or benefits of any insurance, indemnity, warranty or other payments with respect to the Hickory LLC Agreement, and (iv) all rights of Seller to perform thereunder and to compel
performance and otherwise exercise all remedies thereunder, in each case, with respect to the Hickory LLC Interest (collectively the “Assets”). 
 SECTION 2.2. No Assumed Liabilities. The Purchaser is not assuming and shall have no obligation or responsibility for any liability or obligation of Seller, whether absolute, accrued,
contingent or otherwise in connection with the purchase and sale of the Assets. 
 SECTION 2.3. Admission as a
Substituted Member (Hickory). As of the date hereof, the Purchaser is hereby admitted to Hickory as a substituted Class A Member in respect of the Hickory LLC Interest having the same rights and Percentage Interest (as defined in the
Hickory 
  

 4 

 LLC Agreement) as Seller with respect to the Hickory LLC Interest. The admission of the Purchaser to Hickory shall be
deemed to occur immediately prior to the withdrawal of Seller as a Class A Member with respect to the Hickory LLC Interest only. 
 SECTION 2.4. Withdrawal from Hickory. As of the date hereof and immediately following the admission of the Purchaser to Hickory pursuant to Section 2.3 hereof, Seller hereby withdraws from, and is no longer
a Class A Member in, Hickory with respect to the Hickory LLC Interest only. 
 SECTION 2.5. Effect of Withdrawal and
Substitution (Hickory). As of the date hereof, the Hickory LLC Interest will be transferred to the Purchaser. Simultaneously with the consummation of the purchase hereunder, the Purchaser and the Seller have entered into the Second Amended
and Restated Operating Agreement of Hickory to reflect the relative rights and obligations of Hickory and the members thereof. From and after the date hereof the portion of the profits or losses of Hickory and the portions of all other items of
income, gain, loss, deduction, or credit allocable to the Hickory LLC Interest and attributable to any period on or after such date shall be credited or charged, as the case may be, to the Purchaser and not to the Seller. The Purchaser shall be
entitled to all distributions or payments in respect of the Hickory LLC Interest made on or after the date hereof, regardless of the source of those distributions or payments or when the same was earned or received by Hickory. Nothing in this
Agreement will affect the allocation to Seller of profits, losses and other items of income, gain, loss, deduction, or credit allocable to the Hickory LLC Interest and attributable to any period before the date hereof or any distribution or payments
made to Seller in respect of the Hickory LLC Interest before the date hereof. 
 SECTION 2.6. Securities Act
Notification. Seller notifies and Purchaser acknowledges that the Hickory LLC Interest has not been registered and may not be offered for sale or sold or transferred without registration under the Securities Act and any applicable state law
or pursuant to an exemption from registration thereunder. 
 SECTION 2.7. Effective Time. The effective time of
the consummation of the transactions contemplated hereby is 9:30 a.m., Eastern Standard Time, on the Purchase Date. 
 ARTICLE III

 REPRESENTATIONS AND WARRANTIES OF SELLER 
 Seller represents and warrants to Purchaser as follows: 
 SECTION 3.1. Title to
Assets. The Assets are owned of record and beneficially by Seller. Seller has good and valid title to the Assets free and clear of all Liens, and good and valid title to the Assets free and clear of all Liens will pass to Purchaser on the
Purchase Date. 
 SECTION 3.2. Existence and Power. Seller is a limited liability company duly formed, validly
existing and in good standing under the laws of the State of Delaware and has all requisite limited liability company power and authority to own, lease, and operate its properties and to carry on its business as now being conducted or proposed to be
conducted. 
  

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 SECTION 3.3. Authorization. Seller has the necessary limited liability
company power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby. The execution and delivery by Seller of this Agreement, and the consummation of the transactions contemplated hereby, have been
duly authorized by its board of directors; no other limited liability company action on the part of Seller, whether pursuant to its certificate of formation, limited liability company agreement or otherwise, is necessary to authorize it to enter
into this Agreement or to consummate the transactions contemplated hereby. 
 SECTION 3.4. No Violations, Etc.
Neither the execution, delivery or performance of this Agreement by Seller, nor the consummation by Seller of the transactions contemplated hereby, nor compliance by Seller with the provisions hereof or thereof (a) requires any filing
with, or consent, authorization, approval of, or waiver or exemption by, any Governmental Authority on the part of Seller; (b) violates or will violate any Applicable Law or any order, writ, injunction, judgment, decree or award of any
court or Governmental Authority applicable to Seller; (c) violates or will violate, or conflicts or will conflict with, or results or will result in a breach or contravention of any of the provisions of the certificate of formation or
limited liability company agreement of Seller; or (d) breaches or constitutes a default (or an event which, with or without notice or lapse of time or both, would constitute a default) under, or conflicts with any term, covenant,
condition or provision of, or results in any modification or termination of, or results in the creation of any Lien upon, any Assets pursuant to any contract to which Seller is a party or by which the Assets may be bound or affected, except in the
case of clauses (a), (b) and (d) above, for (i) violations, breaches, defaults, terminations and modifications, and (ii) filings, which, if not made, and (iii) consents, authorizations, approvals,
waivers and exemptions which, if not obtained, would not, individually or in the aggregate, have a material adverse effect on Seller or an adverse effect on the value of the Assets. 
 SECTION 3.5. Binding Effect. This Agreement is the legal, valid and binding obligations of Seller enforceable against Seller
in accordance with their respective terms, subject, however, to the application by a court of general principles of equity and to the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditors’ rights generally. 
 SECTION 3.6. Absence of Undisclosed Liabilities. Neither Seller nor any of
its Affiliates, as of the Purchase Date, has any liability or obligation (whether fixed, contingent, unliquidated, absolute or otherwise) which, individually or in the aggregate, would impair the value of the Assets or would prevent the consummation
of the transactions contemplated hereby or by the LLC Agreement. 
 SECTION 3.7. Litigation. There is no action,
suit or proceeding pending against, or to the knowledge of Seller threatened against or affecting, Seller or any of its Affiliates before any court or arbitrator or any Governmental Authority in respect of the Assets or the transactions contemplated
by this Agreement, individually or in the aggregate, there is a reasonable 
  

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 likelihood of an adverse decision that would (a) adversely affect the value of the Assets or
(b) affect the legality, validity or enforceability of this Agreement or the consummation of the transactions contemplated hereby. 
 SECTION 3.8. Capital Account. The Capital Account balance attributable to the Class A Member is $174,650,949.55 and the Capital Account balance attributable to the Class B Member is $371,133,267.82.

 SECTION 3.9. Hickory Assets. Hickory does not have any assets other than the assets contributed to it in
accordance with the Contribution Agreement, dated as of the date hereof, between Seller and Hickory (such assets, the “Hickory Assets”). The Hickory Assets are owned of record and beneficially by Hickory. Hickory has good and
valid title to the Hickory Assets free and clear of all Liens. 
 SECTION 3.10. Basswood Assets. As of the
effective time of the consummation of the transactions, Basswood does not have any assets other than the assets contributed to it in accordance with the Contribution Agreement, dated as of November 28, 2006, between Seller and Basswood (such
assets, the “Basswood Assets”). The Basswood Assets are owned of record and beneficially by Basswood. Basswood has good and valid title to the Basswood Assets free and clear of all Liens. 
 SECTION 3.11. No Liabilities. As of the effective time of the consummation of the transaction, neither Hickory nor Basswood
has any liabilities other than the liabilities of Basswood under the Loan Documents (as defined in the Credit Agreement) and the Contribution Agreement and neither of Hickory or Basswood has entered into any transaction other than the transactions
contemplated by the Transaction Documents (as defined in the Second Amended and Restated Operating Agreement of Basswood, dated as of the date hereof, by and between Seller and Hickory) to occur on or prior to such effective time. 
 ARTICLE IV 
 REPRESENTATIONS AND
WARRANTIES OF PURCHASER 
 Purchaser represents and warrants to Seller as follows: 
 SECTION 4.1. Existence and Power. Purchaser is a corporation duly organized, validly existing and in good standing under the
laws of the State of Delaware and has all requisite corporate power and authority to own, lease, and operate its properties and to carry on its business as now being conducted or proposed to be conducted. 
 SECTION 4.2. Authorization. Purchaser has the necessary corporate power and authority to execute and deliver this Agreement
and to consummate the transactions contemplated hereby. The execution and delivery by Purchaser of this Agreement and the consummation of the transactions contemplated hereby, have been duly authorized by its board of directors; no other action on
the part of Purchaser is necessary to authorize it to enter into this Agreement or to consummate the transactions contemplated hereby. 
  

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 SECTION 4.3. No Violations, Etc. Neither the execution, delivery or
performance of this Agreement by Purchaser, nor the consummation by Purchaser of the transactions contemplated hereby, nor compliance by Purchaser with the provisions hereof or thereof (a) requires any filing with, or consent,
authorization, approval of, or waiver or exemption by, any Governmental Authority on the part of Purchaser; (b) violates or will violate any Applicable Law or any order, writ, injunction, judgment, decree or award of any court or
Governmental Authority applicable to Purchaser; (c) violates or will violate, or conflicts or will conflict with, or results or will result in a breach or contravention of any of the provisions of the certificate of incorporation or
bylaws of Purchaser; or (d) breaches or constitutes a default (or an event which, with or without notice or lapse of time or both, would constitute a default) under, or conflicts with any term, covenant, condition or provision of, or
results in any modification or termination of, or results in the creation of any Lien upon, any assets pursuant to any contract to which Purchaser is a party or by which its assets may be bound or affected, except in the case of clauses (a),
(b) and (d) above, for (i) violations, breaches, defaults, terminations, modifications and Liens, and (ii) filings, which, if not made, and (iii) consents, authorizations, approvals, waivers and
exemptions which, if not obtained, would not, individually or in the aggregate, have a material adverse effect on Purchaser. 
 SECTION
4.4. Purchase for Investment. Purchaser is acquiring the Hickory LLC Interest for its own account and not with a view to the distribution thereof, provided that the disposition of Purchaser’s property shall at all times be
within its control. 
 SECTION 4.5. Status of Hickory LLC Interest. Purchaser understands that the Hickory LLC
Interest has not been registered under the Securities Act, or under any securities law of any state of the United States of America and, accordingly, may not be offered for sale, sold or otherwise transferred without registration under the
Securities Act and any applicable state law, unless pursuant to an exemption from registration thereunder. 
 SECTION 4.6.
Resale of Hickory LLC Interest. Purchaser will not offer for sale or sell or transfer the Hickory LLC Interest except in compliance with the Securities Act and applicable state law. Purchaser will notify any transferee of an
interest in the Hickory LLC Interest that the Hickory LLC Interest has not been registered and may not be offered for sale or sold or transferred without registration under the Securities Act and any applicable state law or pursuant to an exemption
from registration thereunder. 
 ARTICLE V 
 INDEMNIFICATION 
 SECTION 5.1. Indemnification by Seller. From and after
the Purchase Date, Seller agrees to indemnify Purchaser and its successors and permitted assigns and their respective members, officers, directors, employees and agents, (each, an “Indemnitee”) and hold each of 
  

 8 

 them harmless from and against any and all Losses that may be incurred by such Indemnitee (but with respect to any
particular Indemnitee excluding any such Losses incurred by reason of or arising as a result of the gross negligence or willful misconduct of such Indemnitee) arising out of, resulting from or relating to a breach or violation of any representation,
warranty, covenant or agreement made by Seller pursuant to this Agreement or in any document delivered by Seller pursuant hereto or thereto. 
 SECTION 5.2. Control of Litigation. (a) Promptly after receipt by any Indemnitee of notice of the commencement of any action, suit or proceeding or the written assertion of any claim or demand in respect of
which indemnity may be sought hereunder (an “Indemnified Matter”), the Indemnitee shall notify Seller in writing (the “Claim Notice”) of such notice. Seller shall at its own expense assume the defense
of such Indemnified Matter, within 30 days after receipt of the Claim Notice; provided that the Indemnitee shall upon reasonable notice by Seller consult from time to time in respect of such Indemnified Matter and provide Seller with any documents
or other items or access to any witness which Seller deems in its reasonable judgment to be necessary in connection with any Indemnified Matter and any out-of-pocket costs therefor shall be paid or reimbursed by Seller. The Indemnitee may
participate in the defense of any Indemnified Matter and employ separate counsel, at its own expense; provided that if the defendants or potential defendants or obligors in connection with any Indemnified Matter shall include both Seller and an
Indemnitee, and such Indemnitee shall have reasonably concluded that counsel selected by Seller has a conflict of interest because of the availability of different or additional defenses to such Indemnitee, such Indemnitee shall have the right to
select separate counsel to participate in the defense or handling of such Indemnified Matter on its behalf, at the expense of Seller. Seller may, in its sole discretion, defend, settle or compromise any such suit, action or claim, provided that
Seller shall be solely liable in respect of Losses arising therefrom (whether by payment of any judgment, settlement, amount or indemnity hereunder). If Seller chooses to defend or prosecute any claim, the Indemnitee hereto shall cooperate in the
defense or prosecution thereof at the expense of the Seller in each case. 
 (b) Seller shall not be liable under Section 5.1 hereof
with respect to any Loss of an Indemnitee resulting from a claim or demand of which such Indemnitee had actual knowledge and following which Seller was not notified in a timely basis and offered the opportunity to assume the defense of such claim or
demand as provided under Section 5.2(a) hereof, but only to the extent Seller is prejudiced as a result of not having had timely notice or the opportunity to assume the defense of such claim or demand; provided however that Seller shall be
deemed to have received notice and been offered the opportunity to defend under Section 5.2(a) hereof if notice of such claim or demand shall have been received by an Affiliate of Seller. 
 (c) Seller and Indemnitee shall fully cooperate with each other in regard to any such Indemnified Matter, including without limitation, delivering
copies of all pleadings, documents, reports and correspondence to the other party, and acting reasonably in all matters in which joint decisions are required, at the expense of the Seller in each case. 
  

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 ARTICLE VI 
 CERTAIN TAX MATTERS 
 SECTION 6.1. Transfer Taxes. Seller shall pay, or
cause to be paid, all Taxes (including without limitation, sales and use tax) (if any) and recording fees (if any) applicable to the transfer of the Assets by Seller contemplated by this Agreement. 
 SECTION 6.2. Cooperation on Tax Matters. Seller and Purchaser shall, at the expense of the Seller, cooperate fully, as and to
the extent reasonably requested by the other party, in connection with any audit, litigation or other proceeding in respect of all Taxes in any way relating to the transactions contemplated by this Agreement. Such cooperation shall include the
retention and (upon the other party’s request) the provision of records and information reasonably relevant to any such audit, litigation or other proceeding and making employees available on a mutually convenient basis to provide additional
information and explanation of any material provided hereunder. In furtherance of the foregoing, Seller and Purchaser agree (a) to retain all books and records that are relevant to the determination of Tax liabilities pertinent to the
Assets relating to any period ending on or prior to the Purchase Date until the expiration of the applicable statute of limitations, (b) to abide by all record retention agreements entered into with any taxing authority and
(c) to give the other party reasonable written notice prior to destroying or discarding any such books and records and, if the other party so requests, allow such other party to take possession of such books and records. 
 ARTICLE VII 
 MISCELLANEOUS
PROVISIONS 
 SECTION 7.1. Survival of Representations, Warranties, Covenants and Agreements. The
representations, warranties, covenants and agreements contained in this Agreement or in any certificate or other document delivered pursuant hereto or in connection herewith shall survive after the Purchase Date without limitation as to time.

 SECTION 7.2. Amendments, Etc. No amendment, modification or waiver of any provision of this Agreement, nor
consent to any departure by either party herefrom, shall in any event be effective unless the same shall be in writing and signed by the parties hereto, and then such waiver or consent shall be effective only in the specific instance and for the
specific purpose which given. 
 SECTION 7.3. Successors, Assigns and Third Party Beneficiaries. This Agreement
shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns; provided that neither this Agreement nor any of the rights hereunder may be assigned by any of the parties hereto
without the consent of the other party. Except as expressly provided herein, nothing in this Agreement is intended or shall be construed to confer upon any Person, other than the parties and their respective successors and permitted assigns, any
rights, remedy or claim under or by reason of this Agreement or any provision herein contained. 
  

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 SECTION 7.4. Expenses, Etc. Whether or not the transactions contemplated by
this Agreement shall be consummated, except as otherwise expressly provided herein, all fees and expenses (including all fees of counsel, actuaries and accountants) incurred by any party in connection with the negotiation and execution of this
Agreement shall be borne by such party. 
 SECTION 7.5. Further Assurances. From time to time, at the request of
Seller or Purchaser and without further consideration, each party hereto, at the expense of Seller, will promptly execute and deliver all other documents, and take all further action, that Seller or Purchaser may reasonably request in order to vest
in Purchaser good and marketable title to the Assets and to protect the rights and remedies created or intended to be created hereunder. 
 SECTION 7.6. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware. 
 SECTION 7.7. Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which when taken together shall
constitute one and the same agreement. 
 SECTION 7.8. Notices. All notices and other communications provided for
hereunder shall be in writing and shall be deemed to have been duly given if delivered by hand, received by registered or certified mail (return receipt requested), or given by facsimile or telecopy, to the parties at the following addresses (or at
such other address for a party as shall be specified by like notice): 
 If to Seller: 
 Sustainable Forests L.L.C. 
 c/o International Paper Company 
 6400 Poplar Avenue, Tower III 
 Memphis, Tennessee 38197 
 Attention: Treasurer 
 Facsimile: 901-419-4539 
 with copies to: Assistant Treasurer 
 Facsimile: 901-419-4539 
 With a copy to: 
 International Paper Company 
 6400 Poplar Avenue, Tower III 
 Memphis, Tennessee 38197 
 Attention: Treasurer 
 Facsimile: 901-419-4539 
 with copies to: Assistant Treasurer 
 Facsimile: 901-419-4539 
  

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 If to Purchaser: 
 RBIP, Inc. 
 c/o Rabobank Nederland 
 245 Park Avenue, 37th Floor 
 New York, NY 10167 
 Attention: Ron Klein 
 Facsimile: 212-808-2584 
 SECTION 7.9. Waiver of Compliance; Consents. Any failure of a party to comply with any obligation, covenant, agreement or
condition herein may be waived by the other party; provided, however, that any such waiver may be made only by a written instrument signed by the party granting such waiver, but such waiver or failure to insist upon strict compliance with such
obligation, covenant, agreement or condition shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. Whenever this Agreement requires or permits consent by or on behalf of any party hereto, such consent shall
be given in writing in a manner consistent with the requirements for a waiver of compliance as set forth in this Section 7.9, with appropriate notice in accordance with Section 7.8 hereof 
 SECTION 7.10. Entire Agreement. This Agreement, together with the Hickory LLC Agreement, constitutes the entire agreement and
understanding between the parties hereto and supersedes any and all prior agreements and understandings, oral or written, relating to the subject matter hereof. 
 SECTION 7.11. Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such
prohibition or enforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provisions in any other jurisdiction. 
 SECTION 7.12. Specific Performance. Each of the parties acknowledges that money damages would not be a sufficient remedy for
any breach of this Agreement and that irreparable harm would result if this Agreement were not specifically enforced. Therefore, the rights and obligations of the parties under this Agreement shall be enforceable by a decree of specific performance
issued by any court of competent jurisdiction, and appropriate injunctive relief may be applied for and granted in connection therewith. A party’s right to specific performance shall be in addition to all other legal or equitable remedies
available to such party. 
 SECTION 7.13. Consent to Jurisdiction. Each of the parties
(a) irrevocably submits to the non-exclusive jurisdiction of any New York State or Delaware State court or Federal court sitting in New York County or Wilmington, Delaware in any action arising out of this Agreement,
(b) agrees that all claims in such action may be decided in such court, (c) waives, to the fullest extent it may effectively do so, the defense of an inconvenient forum, and (d) consents to the service of process
by mail. A final judgment in any such action shall be conclusive and may be enforced in other jurisdictions. Nothing herein shall affect the right of any party to serve legal process in any manner permitted by law or affect its right to bring any
action in any other court. 
  

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 SECTION 7.14. Construction. Every covenant, term, and provision of this
Agreement shall be construed simply according to its fair meaning and not strictly for or against any party hereto. 
 [signatures follow
on separate pages] 
  

 13 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective officers or representatives thereunto duly authorized, as of the date first above written. 
  

			
	SELLER:
	
	SUSTAINABLE FORESTS L.L.C.
		
	By:	 	 /s/ David A. Liebetreu

	Name:	 	David A. Liebetreu
	Title:	 	President

			
	PURCHASER:
	
	RBIP, INC.
		
	By:	 	 /s/ Andrew Sherman

	Name:	 	Andrew Sherman
	Title:	 	Assistant Secretary
		
	By:	 	 /s/ Kevin Moclair

	Name:	 	Kevin Moclair
	Title:	 	Assistant Treasurer

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