Document:

EX-4.14

 Exhibit 4.14 

8th Flr., 505 - 2nd Street SW 
 Calgary AB T2P 1N8 
 Canada 

 
 

 
 June 5, 2006 
 Ms. Carol E. Cotton 
 Senior Vice President and CFO 

Millar Western Forest Products Ltd. 
 Bag Service
2200 
 Edmonton, AB T5J 4W2 
 Dear Ms
Cotton: 
 We refer to the correspondence dated June 29, 2001 a copy of which is attached as Schedule “A” to this letter (the
“June 29, 2001 Letter Agreement”) between EPCOR PPA Management Inc. (“EPCOR”) and Millar Western Forest Products Ltd. (“Millar Western”). In the June 29, 2001 Letter Agreement which remains in
full force and effect, Millar Western is to maintain a value of future PPA revenues of $15 million based on EPCOR’s pool price forecasts as set out therein, with such amount to be reducing on a straight line basis over the term of the PPA (the
“Value Amount”). Currently the Value Amount is $11.3 million. 
 As you know, EPCOR Merchant and Capital L.P.
(“EMCLP”) and Millar Western have entered into the PPI Swap and Purchase Agreement made as of May 19, 2006 between Millar Western and EMCLP providing for (i) the assignment by Millar Western of its Participant Power
Interest (as defined in the Battle River Power Syndicate Agreement (the “BR PSA”)) under the BR PSA as represented by a Capacity Commitment of 38.62470856 MW to EMCLP in exchange for an assignment from EMCLP of a Participant Power
Interest (as defined in the Sundance Power Syndicate Agreement (the “SD PSA”)) under the SD PSA as represented by a Capacity Commitment of 24.09756097 MW, and (ii) the sale and assignment by EMCLP to Millar Western of a
Participant Power Interest (as defined in the SD PSA) under the SD PSA as represented by a Capacity Commitment of 14.52714759 MW (the “EMCLP/Millar Western Power Swap and Purchase Transactions”). 

As a result of Millar Western’s acquisition of the additional 14.52714759 MW of Sundance Capacity Commitment (the “Extension
Volume”), pursuant to the sale and assignment referenced above, an additional amount of $2.6 million needs to be added to the $15 million Value Amount (now reduced to $11.3 million). With the addition of this $2.6 million amount, the Value
Amount contained in the June 29, 2001 Letter Agreement shall now be amended to read $13.9 million, which will decline on a straight line basis over the remaining life of the PPA. 
 In order to assist Millar Western in its acquisition of the Extension Volume, EMCLP and Millar Western intend to enter into the Loan Agreement made as of June 5, 2006 whereby EMCLP may make a loan to
Millar Western on the terms and conditions set out therein (the “SD Extension Loan Agreement”). 
 In addition, EMCLP and
Millar Western intend to enter into the Tax Agreement made as of June 5, 2006 between EMCLP and Millar Western (the “Tax Agreement”) whereby EMCLP may make a loan to Millar Western on the terms and conditions set out in the Tax
Loan Agreement, the form of which is attached to the Tax Agreement (the “Tax Loan Agreement”). 

 The SD Extension Loan Agreement and the Tax Loan Agreement are hereinafter collectively referred to as the
“Loan Agreements”. 
 Millar Western agrees that in determining the margin amount under the June 29, 2001 Letter
Agreement, the aggregate amount outstanding to EMCLP under the Loan Agreements from time to time (the “Loan Amounts”) shall be added to the Value Amount, such that should the estimated discounted future net cash flow to Millar
Western under the SD PSA deteriorate below the Value Amount plus the Loan Amounts, at the time of any such determination by EPCOR, Millar Western will be required to establish in favour of EMCLP, for the benefit of EMCLP and EPCOR, a Letter of
Credit (the “Margin L/C” as referenced in the June 29, 2001 Letter Agreement) sufficient to maintain a value which is equal to or greater than the Value Amount plus the Loan Amounts. The Margin L/C shall secure the repayment
and satisfaction of Millar Western’s obligations to EMCLP under the Loan Agreements, and Millar Western’s obligations to EPCOR under the SD PSA. Any amounts drawn on any Margin L/C may be applied to the indebtedness secured thereby by the
respective beneficiaries as they may determine. 
 The methodology which will be utilized to determine the value of the discounted future net
cash flow to Millar Western based on its volumes in the SD PSA is described in Schedule “B” attached hereto. 
 The foregoing
amendments to the June 29, 2001 Letter Agreement will be conditional upon and subject to the closing of the EMCLP/Millar Western Swap and Purchase Transactions and the entering into of the SD Extension Loan Agreement. 

Except as modified in this letter and Schedule “B” attached hereto, all other provisions contained in the June 29, 2001 Letter Agreement
remain the same and are unamended. 
 If you are in agreement with the foregoing, please sign and return the duplicate enclosed copy of this
letter. 
  

									
	 Yours truly,
	 		 		 	
			
	EPCOR MERCHANT AND CAPITAL LP	 		 	EPCOR PPA MANAGEMENT INC.
					
	 Per:
	 	 /s/ Jim Oosterbaan
	 		 	 Per:
	 	 /s/ Jim Oosterbaan

									
	
	 Acknowledged and Agreed this 5th day of June, 2006

				
	MILLAR WESTERN FOREST PRODUCTS LTD.	 		 		 	
					
	By:	 	  
	 		 		 	
	Name:	 	H. MacKenzie Millar	 		 		 	
	Title:	 	President and Chief Executive Officer	 		 		 	
					
	By:	 	  
	 		 		 	
	Name:	 	Carol E. Cotton	 		 		 	
	Title:	 	Senior Vice President and Chief Financial Officer	 		 		 	

  
 Page 2

 The SD Extension Loan Agreement and the Tax Loan Agreement are hereinafter collectively referred to as the
“Loan Agreements”. 
 Millar Western agrees that in determining the margin amount under the June 29, 2001 Letter
Agreement, the aggregate amount outstanding to EMCLP under the Loan Agreements from time to time (the “Loan Amounts”) shall be added to the Value Amount, such that should the estimated discounted future net cash flow to Millar
Western under the SD PSA deteriorate below the Value Amount plus the Loan Amounts, at the time of any such determination by EPCOR, Millar Western will be required to establish in favour of EMCLP, for the benefit of EMCLP and EPCOR, a Letter of
Credit (the “Margin L/C” as referenced in the June 29, 2001 Letter Agreement) sufficient to maintain a value which is equal to or greater than the Value Amount plus the Loan Amounts. The Margin L/C shall secure the repayment
and satisfaction of Millar Western’s obligations to EMCLP under the Loan Agreements, and Millar Western’s obligations to EPCOR under the SD PSA. Any amounts drawn on any Margin L/C may be applied to the indebtedness secured thereby by the
respective beneficiaries as they may determine. 
 The methodology which will be utilized to determine the value of the discounted future net
cash flow to Millar Western based on its volumes in the SD PSA is described in Schedule “B” attached hereto. 
 The foregoing
amendments to the June 29, 2001 Letter Agreement will be conditional upon and subject to the closing of the EMCLP/Millar Western Swap and Purchase Transactions and the entering into of the SD Extension Loan Agreement. 

Except as modified in this letter and Schedule “B” attached hereto, all other provisions contained in the June 29, 2001 Letter Agreement
remain the same and are unamended. 
 If you are in agreement with the foregoing, please sign and return the duplicate enclosed copy of this
letter. 
  

									
	Yours truly,	 		 		 	
			
	EPCOR MERCHANT AND CAPITAL LP	 		 	EPCOR PPA MANAGEMENT INC.
					
	Per:	 	  
	 		 	Per:	 	  

									
	
	Acknowledged and Agreed this
5th day of June, 2006
				
	MILLAR WESTERN FOREST PRODUCTS LTD.	 		 		 	
					
	By:	 	 /s/ H. MacKenzie Millar
	 		 		 	
	Name:	 	H. MacKenzie Millar	 		 		 	
	Title:	 	President and Chief Executive Officer	 		 		 	
					
	By:	 	 /s/ Carol E. Cotton
	 		 		 	
	Name:	 	Carol E. Cotton	 		 		 	
	Title:	 	Senior Vice President and Chief Financial Officer	 		 		 	

  
 Page 2

 Schedule A 
  

 
  

			
		 	June 29, 2001
		
	 10065 Jasper Avenue

Edmonton, Alberta
 T5J 3B1 Canada
	 	 Millar Western Forest Products Ltd.
 Bag Service 2200
 Edmonton Alberta
 T5J 4W2

		
		 	 Attention: Ms. Carol E. Cotton, Senior Vice President & CFO

 
 Re: Power Syndicate Agreement – Prudential Requirements

 
 Dear Sirs;

 
 We refer to the Power Syndicate Agreement dated as of January 1, 2001 between
EPCOR PPA Management Inc. (EPCOR), Slave Lake Pulp Partnership, Millar Western Forest Products Ltd. (Millar Western), Dow Chemical Canada Inc., and ANC Power Company. As a condition of becoming a Participant under this agreement, EPCOR has
established Prudential Requirements for Millar Western as follows:
  
 As the
PPA(s) represent long term obligations, the value of which can vary substantially over time, a suitable measure has been developed to mark-to- market the value of Millar Western’s share of future PPA revenues net of Millar Western’s share
of the corresponding future obligations to plant owners for the remaining terms of the PPAs purchased, (ie. estimated discounted future net cash flow). For this purpose, the value of the future PPA revenues for such calculation will be based on
EPCOR’s pool price forecast at the time of the calculation, until such time as a forward market for pool prices becomes established or an appropriate independent pool price forecast is available. Should this estimated discounted future net cash
flow deteriorate below $15 million, Millar Western will be required to establish in favour of EPCOR a letter of credit (the “Margin L/C”) sufficient to maintain a $15 million value. This amount will be reduced on a straight line basis over
the term of the PPA. At either party’s request, the calculation will be done quarterly and if Millar Western is not satisfied with the EPCOR pool price, they could obtain their own and take the issue to binding arbitration.

  
 

 
  

					
		 	As primary obligor under the PPA, EPCOR needs this additional security to ensure that Millar Western’s share of the ongoing obligations to plant owners will
continue to be met.
	 10065 Jasper Avenue

Edmonton, Alberta
 T5J 3B1 Canada
	 	
			
		 	Sincerely,	 	
			
		 	EPCOR Utilities Inc.,	 	
			
		 	/s/ Brian Vaasjo	 	
		 	Brian Vaasjo	 	
		 	Executive Vice President and Chief Financial Officer	 	
			
		 	Agreed:	 	
			
		 	Millar Western Forest Products Ltd.	 	
			
		 	 /s/ Carol E. Cotton
	 	

 Schedule B 
 Methodology of Calculating Value of Discounted Future Net Cash Flow 
 Overview

 Purpose of this Schedule is to generally outline the method of calculating the value of discounted future net cash flows from the SD PSA,
for purposes as outlined in the body of the Letter Agreement. 
 Definitions and individual elements of Revenues and Costs in this Schedule are
as used by the parties for day-to-day financial accounting, budgeting and forecasting purposes. The same individual elements of Revenues and Costs may have a different definitional grouping in the SD PSA. 

Revenues 
 Revenues for the applicable
periods shall equal the Pool Price (in $/MWh) times MWh Generation. 
 Pool Price shall be based on EMCLP’s pool price forecast for all
applicable periods at the time of the valuation calculation, acting reasonably. 
 The MWh Generation shall equal the applicable Capacity
Commitment under the SD PSA times the Target Availability for the applicable periods as per the SD PPA times the number of hours for the applicable periods. 
 The letter agreement dated July 24, 2000, and the updated letter agreement dated June 29, 2001 as per Schedule A, both contemplate the use of EMCLP’s pool price forecast (“EMCLP
Forecast”), in the absence of an established forward market or the availability of an appropriate independent pool price forecast. Both letter agreements also contemplate that if Millar Western is not in agreement with EMCLP’s pool price
forecast, it may propose an alternate pool price forecast (“Alternate Forecast”). 
 The Alternate Forecast will be based on a
forecast provided by a leading marketer or dealer in the Alberta electricity market that is independent of and impartial between EMCLP and Millar Western. 
 In the event that EMCLP and Millar Western do not agree on either the EMCLP Forecast or the Alternate Forecast, and are unable to negotiate a forecast, acting reasonably, then the parties can take the
matter to the binding arbitration process as contemplated in the original letter agreements referenced above. The parties agree that this binding arbitration process shall be the dispute resolution processes contemplated in Sections 2.5(6) and
2.5(7) of the PPI Swap and Purchase Agreement made as of May 19, 2006 between Millar Western and EMCLP 

 Costs 
 Costs for the applicable periods shall be based on EMCLP’s budget for the current year, and its latest long-term forecast for subsequent years, acting reasonably. 

Costs generally include but are not limited to the following: 
  

	•	 	 Capacity Payments 

  

	•	 	 Energy Payments 

  

	•	 	 Fixed and Variable Transmission Payments 

  

	•	 	 Wholesale Brokerage 

  

	•	 	 Other costs, including but not limited to Change in Law (non-environmental), Take or Pay Fuel Costs, etc. 

 

	•	 	 Environmental Change in Law Costs, including but not limited to C02 emissions, mercury removal, NOX, S02, etc. 

 

	•	 	 Spot versus Rolling Average Costs, defined as costs incurred due to basis differentials between Rolling Average Prices and Pool Prices, during
Incentive and Penalty periods, as contemplated by the SD PPA 

  

	•	 	 Allowance for potential Force Majeures 

 Costs shall be reduced by the following: 
  

	•	 	 Excess Energy Payments or Increased Capacity Payments 

 

	•	 	 Ancillary Services Revenues 

To the extent any of the Costs above are determined or defined on a per MWh basis, the resulting dollar costs will be calculated consistently with the
MWh Generation used to calculate Revenues as per above. 
 EBITDA (Earnings before Interest. Taxes. Depreciation and Amortization)

 EBITDA shall be used as the measure of “future net cash flows” as contemplated in the letter agreement. EBIDTA shall equal
Revenues less Costs, both as defined above. 
 Discounted Future Net Cash Flows 
 The “Discounted Future Net Cash Flows” shall be determined as the net present value of future EBITDA, as defined above. 
 The net present value shall be calculated using the “XNPV” formula as per Excel (or a reasonable equivalent formula that calculates the net present values of cash flows that may not occur on
consistent periodic dates), applied as follows: 
  

	•	 	 Discount Rate as determined below 

  

	•	 	 EBITDA cash flows as determined above. 

  

	•	 	 Timing of EBITDA cash flows shall be determined as: 

  

	 	•	 	 First time period for the XNPV formula is the date to which the future cash flows are being discounted to (“Valuation Date”). This shall be
the first date that the forecast EBITDA cash flows commence (for example, Valuation Date is April 1 if the forecast cash flows are for the period April 1 and subsequent). 

	 	•	 	 For all subsequent time periods in the XNPV formula, the EBITDA cash flows shall be deemed to be earned at the mid-point of each subsequent time
period. 

 The Discount Rate used shall be a Weighted Average Cost of Capital (WACC), appropriate for a purchase/sale by EMCLP
of a SD PSA Interest, determined by EMCLP acting reasonably. The WACC calculation shall reflect: 
  

	•	 	 A Capital Structure containing appropriate components of both Equity and Debt. 

 

	•	 	 An After-Tax Return on Equity, determined with reference to yields at the time of Long-Term Government of Canada bonds with a maturity approximating
the remaining term of the PSA, plus an appropriate Equity Risk Premium. 

  

	•	 	 The Capital Structure and Equity Risk Premium shall consider the business risks and investment risks associated with a SD PSA Interest at the time.

  

	•	 	 An After-Tax Return on Debt, determined with reference to yields at the time of long- term Government of Canada bonds with a maturity approximating the
remaining term of the PSA, plus an appropriate Debt Risk Premium based on EPCOR’s credit rating at the time, tax-effected by the tax rate in effect at the time. 

 If Millar Western does not agree with EMCLP’s WACC rate, it may propose an “Alternate WACC” rate with supporting detail rationale and back-up information as requested by EMCLP. 

If both parties are unable to agree on EMCLP’s WACC rate or the Alternate WACC rate, and the parties are unable to negotiate a WACC rate, acting
reasonably, then the parties can take the matter the dispute resolution processes contemplated in Sections 2.5(6) and 2.5(7) of the PPI Swap and Purchase Agreement made as of May 19, 2006 between Millar Western and EMCLP.EX-10.4

 Exhibit 10.4 
 TRADE MARK LICENSING AGREEMENT 
 MILLAR WESTERN FOREST PRODUCTS
LTD. 
 and 
 MILLAR WESTERN INDUSTRIES LTD. 

 TABLE OF CONTENTS 

 

							
	 ARTICLE 1
 Interpretation
	   

  

			
	 1.1
	 	Definitions	  	 	2	  
	 1.2
	 	References	  	 	2	  
	 1.3
	 	Headings and Table of Contents	  	 	3	  
	 1.4
	 	Governing Law	  	 	3	  
	 1.5
	 	Meaning of Expressions	  	 	3	  
	 1.6
	 	Severability	  	 	3	  
	
	 ARTICLE 2
 License
	   

  

			
	 2.1
	 	Prior Agreements	  	 	3	  
	 2.2
	 	Reservation of Rights	  	 	4	  
	 2.3
	 	Grant of License	  	 	4	  
	 2.4
	 	Amendment of Schedule	  	 	5	  
	 2.5
	 	Use of Trade Mark	  	 	6	  
	
	 ARTICLE 3
 Term and Termination
	   

  

			
	 3.1
	 	Term	  	 	6	  
	 3.2
	 	Voluntary Termination	  	 	6	  
	 3.3
	 	Industries’ Right To Terminate	  	 	6	  
	 3.4
	 	Action Upon Termination	  	 	7	  
	
	 ARTICLE 4
 General
	   

  

			
	 4.1
	 	Notice	  	 	8	  
	 4.2
	 	Waiver	  	 	8	  
	 4.3
	 	Successors and Assigns	  	 	8	  
	 4.4
	 	Further Assurances	  	 	9	  
	 4.5
	 	Entire Agreement	  	 	9	  
	 4.6
	 	Assignment	  	 	9	  

 TRADEMARK LICENSING AGREEMENT 

This Agreement dated May 13, 1998 
 BETWEEN: 
 MILLAR WESTERN FOREST PRODUCTS LTD., a body corporate
incorporated under the laws of Alberta 
 (“Millar Western”) 

and 
 MILLAR
WESTERN INDUSTRIES LTD. a body corporate amalgamated under the laws of Alberta 
 (“Industries”) 

The recitals of this Agreement are as follows: 
  

	A.	Industries is the owner of the full right, title and interest in and to the Trade Marks for use in association with those corresponding Wares and Services.

  

	B.	Millar Western wishes to use the Trade Marks in Canada and, where applicable, in the United States and wherever else in the world the Trade Marks are registered, in
association with the provision of the Wares and Services. 

  

	C.	Industries is willing to license Millar Western to use the Trade Marks in accordance with the terms of this Agreement. 

 NOW THEREFORE in consideration of the mutual covenants herein contained and other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Industries and Millar Western agree as follows: 
 ARTICLE 1 
 Interpretation 

 

	1.1	Definitions 

 In this
Agreement: 
  

	1.1.1	“Agreement” means this Trade Mark Licensing Agreement. 

  

	1.1.2	“Trade Marks” means all the trade marks set out in Schedule “A”, and “Trade Mark” means any one trade mark set out in Schedule
“A”. 

  

	1.1.3	“Wares and Services” are the wares and services in association with each of the Trade Marks, particulars of which are set out in Schedule “A”.

  

	1.2	References 

 In this
Agreement except where expressly otherwise provided or where the context otherwise requires: 
  

	1.2.1	Words in the singular include the plural and vice versa and words importing any one of the masculine, feminine or neuter genders include the other genders.

  

	1.2.2	A reference to a statute or regulation or a provision thereof means the statute or regulation or provision as amended or superseded from time to time.

  

	1.2.3	A reference to dollars or amounts of money means lawful money of Canada unless otherwise stated. 

  
 2 

	1.2.4	A reference to an article, section, or schedule shall, unless otherwise stated, be a reference to an article, section or schedule of this Agreement.

  

	1.3	Headings and Table of Contents 

 This Agreement is provided with a table of contents and headings and is divided into articles and sections for convenience of reference only and such shall not affect its construction or interpretation.

  

	1.4	Governing Law 

 This
Agreement shall be interpreted and governed by the laws in force in the Province of Alberta and the applicable laws of Canada from time to time and any proceedings in respect of it shall be brought and carried on before the courts of the Province of
Alberta and all parties attorn irrevocably to the exclusive jurisdiction of such courts. 
  

	1.5	Meaning of Expressions 

“Herein”, “hereof” or “hereunder” and similar expressions when used in a section shall be construed as
referring to the whole Agreement and not that section only. 
  

	1.6	Severability 

 If any
provision of this Agreement is determined by a court having jurisdiction thereover to be wholly or partially invalid, illegal or unenforceable, such determination shall not affect the validity, legality or enforceability of any other provision of
this Agreement. 
 ARTICLE 2 
 License 
  

	2.1	Prior Agreements 

 Any and
all prior agreements, whether written or oral, including any and all prior agreements between Millar Western and Industries including, but not limited to, any prior 

  
 3 

 
registered user applications or agreements, relating to the licensing of the Trade Marks are hereby revoked, and the provisions of this Agreement alone shall be determinative of the conditions
pursuant to which Millar Western shall be licensed to use the Trade Marks. 
  

	2.2	Reservation of Rights 

Industries is the owner of the full right, title and interest in and to the Trade Marks and, with the exception of the rights being
licensed hereunder, all other rights relating thereto are expressly reserved by Industries. 
  

	2.3	Grant of License 

Industries hereby grants to Millar Western, subject to the terms and conditions of this Agreement, a non-exclusive, non-transferable
licence to use the Trade Marks in Canada and, where applicable, in the United States and wherever else in the world the Trade Marks are registered, in association with the Wares and Services provided that: 

 

	2.3.1	Millar Western accepts that its usage of the Trade Marks shall at all times be under the control of Industries, and Millar Western co-operates with Industries in
facilitating the exercise of such control by Industries. 

  

	2.3.2	Millar Western adheres to the standard governing the character or quality of the Wares and Services currently in force as between Industries and Millar Western and
agrees that the set standard may be changed from time to time by Industries in respect of the character or quality of the Wares and Services. Further, Millar Western adheres to the standard currently in force with respect to all related advertising
and promotional material provided in association with the Trade Marks which are currently in force as between Industries and Millar Western as may be changed from time to time by Industries. 

  
 4 

	2.3.3	Industries shall have the right of access to Millar Western’s premises, during normal business hours, for the purpose of inspecting the Wares and Services provided
by Millar Western in association with the Trade Marks in order to ensure the quality thereof. 

  

	2.3.4	Millar Western supplies to Industries, once each year during the term of this Agreement, or more often if requested by Industries, specimens of its usage of the Trade
Marks and specimens of the Wares. 

  

	2.3.5	Millar Western uses the Trade Marks only in the form and manner, and only with the following legend, or such other legend as may be prescribed from time to time by
Industries: “Trade Mark owned by Millar Western Industries Ltd.; Used under licence by Millar Western Forest Products Ltd.”. 

  

	2.3.6	Millar Western uses the Trade Marks only in association with the Wares and Services and with no other wares or services without the approval of Industries.

  

	2.3.7	Millar Western does nothing inconsistent with the validity of the Trade Marks or inconsistent with Industries’ ownership of the Trade Marks.

  

	2.4	Amendment of Schedule 

The parties may from time to time amend the contents of Schedule “A” hereto by adding or deleting trade marks. Such amendments
may be effected by an authorized signing officer of each party initialling and dating and amended Schedule “A”, with the amended Schedule “A” becoming effective on the date on which both signing officers have initialled the same.
The terms and conditions of this Agreement shall apply to such amended Schedule “A” fully and completely as though it had always formed part of this Agreement. 

  
 5 

	2.5	Use of Trade Marks 

  

	2.5.1	Except as expressly set out in 2.5.2, Millar Western shall not use the Trade Marks, as or in any corporate, business or tradename. 

 

	2.5.2	Millar Western may use the Trade Mark, Millar Western, in its corporate name, Millar Western Forest Products Ltd., and in its business or trade names. Millar Western
agrees that all such use shall enure to the benefit of Industries and shall be in strict accordance with any terms and conditions set from time to time by Industries. Industries shall exercise control over the business operations of Millar Western
to the extent necessary to control and protect any use in Canada of the Trade Mark in the corporate, business or trade name of Millar Western. 

 ARTICLE 3 
 Term and Termination 

 

	3.1	Term 

 The term of this
Agreement is indefinite and shall continue until terminated in accordance with this Article 3. 
  

	3.2	Voluntary Termination 

This Agreement may be terminated by either party upon 6 months notice to the other party. 

 

	3.3	Industries’ Right To Terminate 

 Industries shall have the right to terminate this Agreement, effective immediately, upon a material breach of this Agreement by Millar Western, which breach is not cured or resolved within 30 days of
receipt of notice of the breach. 

  
 6 

	3.4	Action Upon Termination 

  

	3.4.1	Upon the termination of this Agreement, for any reason whatsoever, Millar Western shall immediately cease any and all use of the Trade Marks and discontinue the
provision of all Wares and Services in association with the Trade Marks. Millar Western shall also immediately change its corporate name to delete the Trade Mark, Millar Western, and its business or trade name to delete the Trade Mark, Millar
Western, therefrom. 

  

	3.4.2	Further, following termination, Millar Western shall not do anything inconsistent with the validity of the Trade Marks or inconsistent with Industries’ ownership
of the Trade Marks. Without limitation, Millar Western shall not use any of the Trade Marks, or any words or designs confusing with the Trade Marks, either as trade marks or names. Millar Western shall also destroy or deliver up to Industries, at
the request of Industries, all labels, signs, promotional, advertising and other printed materials, and all non printed materials and objects, bearing the Trade Marks under the power or control or in the possession or custody of Millar Western.

  
 7 

 ARTICLE 4 
 General 
  

	4.1	Notice 

 Any notice,
consent or communication hereunder shall be in writing and shall be considered received on the day it is given to a senior officer of the recipient in person, or by telecopier where the same is herein identified, or is delivered at the following
addresses as applicable: 
 To Millar Western: 
 Millar Western Forest Products Ltd. 
 16640-111 Avenue 

Edmonton, Alberta 

T5M 2S5 
  

			
	Attention:	 	H. MacKenzie Millar
	Telecopy:	 	(403) 486-8282

 To Industries 
 Millar Western Industries Ltd. 
 16640-111 Avenue 

Edmonton, Alberta 

T5M 2S5 
  

			
	Attention:	 	James B. Millar
	Telecopy:	 	(403) 486-8282

 or such other address as a party specifies from time to time in a notice similarly given. 

 

	4.2	Waiver 

 No waiver or
delay on the part of any of the parties in exercising any right or privilege hereunder and no waiver as to any default hereunder shall operate as a waiver thereof unless made in writing and signed by an authorized person on behalf of that party. No
written waiver shall preclude the further or other exercise by a party of any right, power or privilege hereunder, or extend to or apply to any further default. 
  

	4.3	Successors and Assigns 

This Agreement shall enure to the benefit of and be binding upon the parties and their respective successors and permitted assigns.

  
 8 

	4.4	Further Assurances 

 The
parties shall from time to time execute and deliver all such further deeds, documents, instruments and assurances as are necessary or advisable to carry into force and effect the purpose and intent of this Agreement. 

 

	4.5	Entire Agreement 

 This
Agreement constitutes the entire agreement between the parties relating to the subject matter hereof and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written, of the parties, and there are no
representations, warranties or other agreements among the parties in connection with the subject matter hereof except as specifically set forth herein. 
  

	4.6	Assignment 

 This
Agreement shall not be assigned or transferred, in whole or in part by Millar Western, without the prior written consent of Industries. This Agreement will be deemed to have been assigned or transferred by Millar Western if at any time after its
date of execution there is a change in control of Millar Western. A change in the voting or other control of Millar Western may arise by virtue of a transfer of shares in the capital of Millar Western by sale, assignment, bequest, inheritance,
operation of law or other disposition, or issue of shares in the capital of Millar Western by subscription or allotment or by cancellation, redemption or retraction of shares in the capital of Millar Western. 

  
 9 

 IN WITNESS WHEREOF the parties have executed this Agreement as of the day and year first
above written. 
  

			
	MILLAR WESTERN FOREST PRODUCTS LTD.
		
	Per:	 	 /s/ James B. Millar

		
	Per:	 	 /s/ H. Mackenzie Millar

	
	MILLAR WESTERN INDUSTRIES LTD.
		
	Per:	 	 /s/ James B. Millar

		
	Per:	 	 /s/ H. Mackenzie Millar

  
 10 

 SCHEDULE “A” 

This is the Schedule “A” to the Trade Mark Licensing Agreement between Millar Western Forest Products Ltd. and Millar Western Industries Ltd.
dated May 13, 1998. The effective date of this Schedule “A” is December 21, 2011. 
  

	A.	CANADIAN TRADE MARKS 

  

	1.	“MILLAR WESTERN” 

Canadian registration number    TMA349564 
 Wares: 
  

	 	(1)	salt and lumber 

  

	 	(2)	wood chips and pulp 

 Services:

  

	 	(1)	construction services. 

  

	2.	“MILLAR WESTERN & DESIGN” 

 Canadian registration number    TMA349565 
 Wares: 

 

	 	(1)	salt and lumber 

  

	 	(2)	wood chips and pulp 

 Services:

  

	 	(1)	construction services. 

  

	3.	“MILLAR WESTERN (DESIGN MARK)” 

 Canadian registration number    TMA539027 
 Wares: 

	 	(1)	Lumber; wood pulp and paper pulp for manufacturing purposes; and wood chips for the manufacture of wood pulp 

 Services: 
  

	 	(1)	Manufacture of lumber and wood pulp to order and/or specification of others. 

 

	4.	“A RESOURCEFUL COMPANY” 

Canadian registration number    TMA814,460 
 Wares: 
  

	 	(1)	Lumber, wood pulp, paper pulp and magnesium sulphate (epsom salt) 

 Services: 
  

	 	(1)	Manufacture of lumber, pulp and magnesium sulphate (epsom salt) for others. 

 

	B.	UNITED STATES TRADE MARKS 

  

	1.	“MILLAR WESTERN & TREE DESIGN” 

 United States registration number        3,896,080 
 Goods and Services: 
  

			
	For:	  	Wood and paper pulp for manufacturing purposes, in Class 1 (U.S. CLS. 1, 5, 6, 10, 26 and 46)
		
	For:	  	Lumber, in Class 19 (U.S. CLS. 1,12, 33 and 50)
		
	For:	  	Wood chips for the manufacture of wood pulp, in Class 31 (U.S. CLS. 1 and 46)
		
	For:	  	Manufacture of lumber and wood pulp to order and/or specification of others, in Class 40 (U.S. CLS. 100,103 and 106)

  

	2.	“MILLAR WESTERN” 

United States registration number        3,896,081 

Goods and Services: 
  

			
	For:	  	Wood and paper pulp for manufacturing purposes, in Class 1 (U.S. CLS. 1, 5, 6, 10, 26 and 46)
		
	For:	  	Lumber, in Class 19 (U.S. CLS. 1, 12, 33 and 50)
		
	For:	  	Wood chips for the manufacture of wood pulp, in Class 31 (U.S. CLS. 1 and 46)
		
	For:	  	Manufacture of lumber and wood pulp to order and/or specification of others, in Class 40 (U.S. CLS. 100,103 and 106)

  

  
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	Signed on behalf of	 		 	Signed on behalf of
			
	Millar Western Forest Products Ltd.	 		 	Millar Western Industries Ltd.
					
	Per:	 	 /s/ H. Mackenzie Millar
	 		 	Per:	 	 /s/ James B. Millar

  
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