Document:

EX-4.25

 Exhibit 4.25 
 EXECUTION VERSION 
 FOURTH SUPPLEMENTAL INDENTURE 

dated as of March 8, 2013 
 to the 
 INDENTURE 

dated as of December 23, 2009 
 among 
 CASCADES INC., 

as the Company, 

THE SUBSIDIARY GUARANTORS named therein, and 
 THE BANK OF NOVA SCOTIA TRUST 
 COMPANY OF NEW YORK, 

as Trustee, 
 as
amended 

 FOURTH SUPPLEMENTAL INDENTURE (this “Fourth Supplemental Indenture”), dated
as of March 8, 2013, among CASCADES INC. (the “Company”), Cascades Transport Cabano Inc. (the “New Subsidiary Guarantor”) and THE BANK OF NOVA SCOTIA TRUST COMPANY OF NEW YORK, as trustee under the Indenture referred
to below (the “Trustee”). 
 W I T N E S S E T H : 

WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture, dated as of
December 23, 2009 (the “Indenture”), providing for the issuance of the Company’s
7 7/8% Senior Notes due 2020 (the “Notes”); 
 WHEREAS, the
Company has issued and outstanding $250,000,000 of Notes under the Indenture; 
 WHEREAS, Section 4.17 of the Indenture
provides that the Company shall cause each person that becomes its Canadian or U.S. Restricted Subsidiary to execute and deliver to the Trustee a Subsidiary Guarantee as soon as practicable after such time such person becomes a Canadian or U.S.
Restricted Subsidiary; 
 WHEREAS, the New Subsidiary Guarantor is a Canadian Subsidiary of the Company; 

WHEREAS, Section 9.01 of the Indenture provides that the Company and the Trustee may amend or supplement the Indenture without the
consent of any Holder of a Note to add additional Subsidiary Guarantees with respect to the Notes as provided or permitted under the Indenture; and 
 WHEREAS, pursuant to Sections 4.17, 9.01 and 9.06 of the Indenture, the Trustee, the Company and the New Subsidiary Guarantor are authorized to execute and deliver this Fourth Supplemental Indenture;

 NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is
hereby acknowledged, the Company, the New Subsidiary Guarantor, and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 

1. Definitions. (a) Capitalized terms used herein without definition shall have the meanings assigned to them in the
Indenture. 
 (b) For all purposes of this Fourth Supplemental Indenture, except as otherwise herein expressly provided or
unless the context otherwise requires: (i) the terms and expressions used herein shall have the same meanings as corresponding terms and expressions used in the Indenture; and (ii) the words “herein,” “hereof” and
“hereby” and other words of similar import used in this Fourth Supplemental Indenture refer to this Fourth Supplemental Indenture as a whole and not to any particular section hereof. 

  
 2 

 2. Agreement to Guarantee. The New Subsidiary Guarantor hereby agrees, jointly and
severally with the existing Subsidiary Guarantors, to guarantee the Company’s obligations under the Notes on the terms and subject to the conditions set forth in Article 10 of the Indenture and to be bound by all other applicable provisions of
the Indenture. From and after the date hereof, the New Subsidiary Guarantor shall be Subsidiary Guarantor for all purposes under the Indenture and the Notes. 
 3. Ratification of Indenture; Fourth Supplemental Indenture Part of Indenture. Except as expressly amended hereby, the Indenture is, in all respects, ratified and confirmed and all the terms,
conditions and provisions thereof shall remain in full force and effect. This Fourth Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be
bound hereby. 
 4. Miscellaneous. 
 4.1 Governing Law. THIS FOURTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF
CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 4.2
Trustee Makes No Representation. The Trustee makes no representation as to the validity or sufficiency of this Fourth Supplemental Indenture, or for or in respect of the recitals contained herein. 

4.3 Counterparts. The parties may sign any number of copies of this Fourth Supplemental Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement. 
 4.4 Effect of Headings. The Article and Section
headings herein are for convenience only and shall not affect the construction thereof. 
 4.5 Conflict with TIA. If any
provision of this Fourth Supplemental Indenture limits, qualifies or conflicts with any provision of the TIA, that is required under the TIA to be part of and govern any provision of this Fourth Supplemental Indenture, the provision of the TIA shall
control. If any provision of this Fourth Supplemental Indenture modifies or excludes any provision of the TIA that may be so modified or excluded, the provisions of the TIA shall be deemed to apply to the Indenture as so modified or to be excluded
by this Fourth Supplemental Indenture, as the case may be. 
 4.6 Severability. In case any provision of this Fourth
Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

4.7 No Third Party Beneficiaries. Nothing in this Fourth Supplemental Indenture, the Indenture, or the Notes, express or implied,
shall give to any Person, other than the parties hereto and thereto and their successors hereunder and thereunder, and the Holders of the Notes, any benefit of any legal or equitable right, remedy or claim under the Indenture, this Fourth
Supplemental Indenture or the Notes. 
 [remainder of page left intentionally blank] 

  
 3 

 EXECUTION VERSION 
 IN WITNESS WHEREOF, the parties hereto have caused this Fourth Supplemental Indenture to be duly executed as of the date first above written. 

 

					
	Company:
	
	CASCADES INC.
		
	By:	 	 /s/ Robert F. Hall

		 	Name:	 	Robert F. Hall
		 	Title:	 	Vice President, Legal Affairs and Corporate Secretary
	
	New Subsidiary Guarantor:
	
	CASCADES TRANSPORT CABANO INC.
		
	By:	 	 /s/ Robert F. Hall

		 	Name:	 	Robert F. Hall
		 	Title:	 	Assistant Secretary

 Fourth Supplemental Indenture 

 
					
	Trustee:
	
	THE BANK OF NOVA SCOTIA TRUST COMPANY OF NEW YORK
		
	By:	 	 /s/ John F. Neylan

		 	Name:	 	John F. Neylan
		 	Title:	 	Trust Officer

 Fourth Supplemental IndentureEX-10.3

 Exhibit 10.3 
 EXECUTION COPY 
 March 1, 2013

 FIFTH AMENDMENT 
 TO THE FEBRUARY 10, 2011 CREDIT AGREEMENT 
 Among 

CASCADES INC. 
 CASCADES USA INC. 
 CASCADES
EUROPE SAS 
 (as Borrowers) 
 – and – 
 NATIONAL BANK
OF CANADA 
 (as Administrative Agent) 

THE BANK OF NOVA SCOTIA 

(as Collateral Agent) 
 – and – 
 THE LENDERS

 FROM TIME TO TIME PARTY HERETO

 MCCARTHY TÉTRAULT LLP 

 FIFTH AMENDMENT TO THE FEBRUARY 10, 2011 CASCADES CREDIT AGREEMENT made as of February 27,
2013. 
  

			
	BETWEEN:	  	CASCADES INC.
		
	AND :	  	CASCADES USA INC.
		
	AND :	  	CASCADES EUROPE SAS
		
		  	(the “Borrowers”)
		
	AND:	  	 NATIONAL BANK OF CANADA
  

(as “Administrative Agent” and acting on behalf of the Lenders)

 RECITALS 

 

	A.	The Borrowers, the Administrative Agent, the Collateral Agent and the Lenders are party to a credit agreement dated as of February 10, 2011, as amended further to
request letters dated April 14, 2011, May 19, 2011 and June 22, 2011 and an amendment agreement dated August 30, 2012 (the “Credit Agreement”), providing for a Facility in an amount of $750,000,000.

  

	B.	The Borrowers have requested an amendment to the definition of “Interest Expense” in the Credit Agreement and the Lenders have consented to such amendment.

 NOW, THEREFORE, THE PARTIES AGREE
AS FOLLOWS: 
  

	1.	Interpretation 

  

	 	1.1	Capitalized terms used but not defined herein have the meanings assigned to them in the Credit Agreement. 

 

	 	1.2	This Agreement may be referred to as the Fifth Amendment to the February 10, 2011 Cascades Credit Agreement. 

 

	 	1.3	Any reference to the Credit Agreement in any Credit Document refers to the Credit Agreement as amended hereby. 

  
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	2.	Amendment to the Credit Agreement 

 Section 1.2 of the Credit Agreement is amended by replacing the definition of “Interest Expense” with the following: 
 “Interest Expense” means, for any period, the aggregate amount of interest and other financing expenses during such period, net of cash interest income, in each case determined in
accordance with GAAP, but (i) including interest and other financing charges which have been capitalized, but however (ii) excluding amortization of financing expenses and debt discount or premium, deferred gains or losses on the
translation of any long-term debt payable in foreign currency or non-recurrent upfront and financing costs, (iii) excluding unrealized gains or losses arising from Hedging Agreements, (iv) excluding any gain or loss arising from any
refinancing, repurchase or extinguishment of Funded Debt, and (v) excluding the non-cash portion of the net interest expense related to the net position of defined benefit liability (asset);” 

 

	3.	Authority of the Administrative Agent 

 The Administrative Agent is entering into this Agreement of behalf of the Lenders and it represents to the Borrowers that the Majority Lenders have consented to the above amendment. 

 

	4.	Effectiveness 

This Agreement will come into force (but with effect from the date hereof) on the date that the Administrative Agent notifies the
Borrowers and the Lenders (through Intralinks in the case of the Lenders) that this Agreement has been executed by the Borrowers, the Administrative Agent and the Designated Subsidiaries. 

 

	5.	Fees and Expenses 

The Borrowers agree to pay on demand all reasonable legal fees and expenses incurred by the Administrative Agent in connection with the
preparation, execution, delivery and implementation and administration of this Agreement. 
  

	6.	Confirmation 

 Each
of the Borrowers represents to the Administrative Agent and the Lenders that this Agreement will not result in any Default. 
  

	7.	Counterparts 

 This
Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered will be deemed to be an original and all of which taken together will constitute but one
and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by telecopier will be effective as delivery of a manually executed counterpart of this Agreement. 

  
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	8.	Governing Law 

This Agreement is governed by, and construed in accordance with, the laws of the Province of Quebec and of the laws of Canada
applicable therein. 

  
 - 4 -

 IN WITNESS WHEREOF the parties have caused this Agreement to be duly executed as of
the date and year first above written. 
  

			
	CASCADES INC.
		
	Per:	 	/s/ Robert F. Hall
	
	CASCADES USA INC.
		
	Per:	 	/s/ Allan Hogg
	
	CASCADES EUROPE SAS
		
	Per:	 	/s/ Jean Goulet
	
	NATIONAL BANK OF CANADA, as Administrative Agent and on behalf of the
Lenders
		
	Per:	 	/s/ Dominic Albanese
		
	Per:	 	/s/ Roch Ledoux

 [Signature page – Fifth Amendment Cascades] 

  
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 CONFIRMATION BY THE DESIGNATED SUBSIDIARIES 

We, the undersigned, as Designated Subsidiaries and guarantors under the Credit Agreement, hereby agree with the terms of this Fifth Amending Agreement.

 7251637 CANADA INC. 
 7678169 CANADA INC. 
 CASCADES
CANADA ULC 
 CASCADES TRANSPORT CABANO INC. 

CASCADES TRANSPORT INC. 
 CASCADES FINE PAPERS GROUP INC. 
 CASCADES PAPERBOARD INTERNATIONAL INC. 
 CASCADES TENDERCO INC. 

CASCADES GIE INC. 
 KINGSEY FALLS INVESTMENTS INC. 

NORAMPAC INC. 
 each of the foregoing entities being represented by 
  

			
	Name :	 	 /s/ Robert Hall

		 	Robert Hall, duly authorized as he so declares

  
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 CASCADES ENVIROPAC HPM LLC 

CASCADES SPG SALES INC. 
 CASCADES HOLDING US INC. 

CASCADES MOULDED PULP, INC. 
 CASCADES PLASTICS INC. 

CASCADES TISSUE LLC 
 CASCADES TISSUE GROUP – IFC DISPOSABLES INC. 
 CASCADES TISSUE GROUP – NEW YORK INC. 
 CASCADES TISSUE GROUP – ARIZONA INC. 
 CASCADES TISSUE GROUP – SALES INC. 
 CASCADES TISSUE GROUP – TENNESSEE INC. 
 CASCADES ENERGY ACTION INC. 

NORAMPAC EXPORT SALES CORP. 
 NORAMPAC NEW ENGLAND INC. 

NORAMPAC NEW YORK CITY INC. 

NORAMPAC FINANCE US INC. 
 NORAMPAC INDUSTRIES INC. 

NORAMPAC SCHENECTADY INC. 
 each of the foregoing entities being represented by 
  

			
	Name :	 	 /s/ Allan Hogg

		 	Allan Hogg, duly authorized as he so declares

  
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