Document:

EXHIBIT 10.1b

                                                                  EXECUTION COPY

                  AMENDMENT AND WAIVER, dated as of December 13, 2002 (this
"Second 2002 Amendment"), to the Credit Agreement, dated as of December 1, 1997
(as amended, supplemented or otherwise modified from time to time, the "Credit
Agreement"), among BEAR ISLAND PAPER COMPANY, LLC, a Virginia limited liability
company (the "Borrower"), the several banks and other financial institutions or
entities from time to time parties thereto (the "Lenders"), TD SECURITIES (USA)
INC., as Arranger, and TORONTO-DOMINION (TEXAS), INC., as the administrative
agent for the Lenders (in such capacity, the "Administrative Agent").

                              W I T N E S S E T H:
                               - - - - - - - - - -

         WHEREAS, pursuant to the Agreement, the Lenders have agreed to make,
and have made, certain loans and other extensions of credit to the Borrower; and

         WHEREAS, the Borrower has requested, and, upon this Second 2002
Amendment becoming effective, the Required Lenders have agreed, that certain
provisions of the Agreement be amended in the manner provided for in this Second
2002 Amendment; and

         NOW, THEREFORE, the parties hereto hereby agree as follows:

         SECTION 1. Defined Terms. Terms defined in the Credit Agreement and
used herein shall have the meanings given to them in the Credit Agreement.

         SECTION 2. Waivers.

         a. The Lenders hereby waive:

            (i) any Default or Event of Default arising by reason of the failure
         of the Borrower to deliver financial statements for the fiscal year
         ended December 31, 2001 pursuant to Section 5.1(a) without a "going
         concern" or like qualification;

            (ii) any Default or Event of Default arising by reason of the
         failure of the Borrower to comply with Sections 6.1(c) (Consolidated
         Fixed Charge Coverage Ratio) and 6.1(d) (Maintenance of Current Ratio)
         of the Credit Agreement for the periods of four consecutive fiscal
         quarters ended December 31, 2001, March 31, 2002 and June 30, 2002;

            (iii)any Default or Event of Default arising by reason of the
         failure of the Borrower to comply with Section 6.1(b) (Consolidated
         Interest Coverage Ratio) of the Credit Agreement for the periods of
         four consecutive fiscal quarters ended March 31, 2002 and June 30,
         2002;

            (iv) any Default or Event of Default arising by reason of the
         failure of the Borrower to comply with Sections 6.1(a) (Consolidated
         Total Debt to Consolidated Total Capitalization Ratio), 6.1(b)
         (Consolidated Interest Coverage Ratio), 6.1(c) (Consolidated Fixed
         Charge Coverage Ratio) and 6.1(d) (Maintenance of Current Ratio) of the
         Credit Agreement as of September 30, 2002 or, as the case may be, for
         the period of four consecutive fiscal

<PAGE>

         quarters ended on September 30, 2002, in each case to the extent such
         Default or Event of Default would not have occurred if the amendments
         effected by Section 3 of this Second 2002 Amendment had been in effect
         on September 30, 2002;

            (v) any Default or Event of Default arising by reason of any
         representation and warranty made by the Borrower, in connection with
         any extensions of credit under the Credit Agreement, to the effect that
         no Default or Event of Default described in the foregoing clauses (i),
         (ii), (iii) and (iv) and clause (vi) below had occurred; and

            (vi) any Default or Event of Default arising by reason of the
         failure of the Borrower to give notice under the Credit Agreement of
         the occurrence of any Default or Event of Default described in the
         foregoing clauses (i), (ii), (iii), (iv) and (v).

         SECTION 3. Amendments to Credit Agreement. The Credit Agreement is,
effective as of September 30, 2002 and subject to the satisfaction or waiver of
the conditions of effectiveness set forth in Section 4 of this Second 2002
Amendment, hereby amended as follows:

         (a) Definitions. Section 1.1 of the Credit Agreement is hereby amended
         as follows:

            (i) The following definitions are added in appropriate alphabetical
         order:

               "Brant-Allen 2003 Collateral Account": as defined in the New
               Guarantee.

               "New Guarantee": a guarantee, substantially in the form of
               Exhibit A to the Second 2002 Amendment, executed and delivered by
               Brant-Allen as of December 13, 2002, as amended, supplemented or
               otherwise modified from time to time.

               "Pro Forma Fixed Charge Coverage Ratio": for any period of two
               consecutive fiscal quarters (a "Semi-Annual Test Period"), the
               ratio of (a) the sum of (i) Consolidated EBITDA for such
               Semi-Annual Test Period, (ii) the amount of cash and Cash
               Equivalents held by the Borrower and its Subsidiaries on the last
               day of such Semi-Annual Test Period, (iii) the aggregate
               Available Revolving Credit Commitments of all Lenders on the last
               day of such Semi-Annual Test Period, and (iv) the amount of cash
               and Cash Equivalents in the Brant-Allen 2003 Collateral Account
               on the last day of such Semi-Annual Test Period (provided, that
               such amount shall be deemed to be $5,000,000 on December 31,
               2002), less the amount of Capital Expenditures reasonably
               projected by the Borrower to be made during the two consecutive
               fiscal quarters following such Semi-Annual Test Period (the two
               fiscal quarters following any Semi-Annual Test Period, the
               "Projected Test Period") to (b) the sum of (i) the total
               Consolidated Interest Expense for the Projected Test Period,
               calculated using the rate of interest in effect on the last day
               of such Semi-Annual Test Period with respect to the applicable
               Indebtedness and the aggregate amount of the Borrower's
               Indebtedness outstanding on such last day, (ii) scheduled
               payments to be made during the Projected Test Period on account
               of principal of Indebtedness of the Borrower or any of its
               Subsidiaries (for purposes of this clause (ii), such scheduled
               payments shall not include scheduled principal payments under the

                                       2
<PAGE>

             Revolving Credit Facility), (iii) the amount of dividends and other
             distributions reasonably projected by the Borrower to be made by
             the Borrower during the Projected Test Period pursuant to Section
             6.6 and (iv) Consolidated Lease Expense reasonably projected by the
             Borrower to be incurred during the Projected Test Period.

             "Second 2002 Amendment": the Amendment and Waiver dated as of
             December 13, 2002 to this Agreement.

            (ii) The phrase "New Guarantee," is added to the definitions of
         "Guarantees" after the phrase "the collective reference to the" in such
         definition.

         (b)Amendments to Section 2. Section 2 of the Credit Agreement is hereby
         amended as follows:

          (i)  Section 2.7 is hereby amended to add the following new paragraph
               (c):

               (c) The Borrower agrees to pay to the Administrative Agent, for
               the account of each Lender, on July 1, 2003, a fee equal to the
               difference between (i) the amount of interest that would have
               accrued on the Loans of such Lender from the effective date of
               the Second Amendment to July 1, 2003 if such Loans had been Base
               Rate Loans at all times during such period minus (ii) the amount
               of interest that actually accrued on such Loans during such
               period in accordance with this Agreement; provided, such fee
               shall not be deemed accrued or earned until July 1, 2003.

          (ii) Section 2.11 is hereby amended to add the following new paragraph
               (c):

               (c) Notwithstanding anything to the contrary in this Agreement,
               from and after June 30, 2003, all Loans shall be Base Rate Loans.

         (c) Affirmative Covenants. Section 5.2 of the Credit Agreement is
         hereby amended to add the following text as Section 5.2(h):

               (h) within 45 days after the end of each of the first three
               fiscal quarters of the Borrower and within 90 days after the end
               of each fiscal year of the Borrower, a calculation by the
               Borrower as of the end of such fiscal quarter or year of the
               Consolidated Total Debt to Consolidated Total Capitalization
               Ratio, the Current Ratio and the Pro Forma Fixed Charge Coverage
               Ratio.

                                       3
<PAGE>

         (d) Financial Covenants. Section 6.1 of the Credit Agreement is hereby
         amended as follows:

            (i) The table contained in Section 6.1(a) is deleted in its entirety
         and replaced with the following text:
<TABLE>

                                Period                  Consolidated Total Debt to Consolidated
                                ------                  ---------------------------------------
                                                               Total Capitalization Ratio
                                                               --------------------------
<S> <C>
             September 30, 2002 through
             December 31, 2004                                            85%

             March 31, 2005 and thereafter                                80%
</TABLE>

            (ii) Section 6.1(b), "Consolidated Interest Coverage Ratio," is
         deleted in its entirety and the text "[Omitted]" is inserted in lieu
         thereof.

            (iii)Section 6.1(c) is deleted in its entirety and the following
         text is inserted in lieu thereof:

                  (c) Pro Forma Fixed Charge Coverage Ratio. Permit the Pro
                  Forma Fixed Charge Coverage Ratio at the end of any fiscal
                  quarter ending (i) during the period commencing October 1,
                  2002 and ending December 31, 2002, to be less than 1.25 to
                  1.0, (ii) during the period commencing March 31, 2003 and
                  ending June 30, 2003, to be less than 1.05 to 1.0 or (iii) on
                  September 30, 2003 or thereafter, to be less than 1.25 to 1.0;
                  provided, that a violation of this covenant at the end of any
                  fiscal quarter shall not constitute a Default or Event of
                  Default if, within 25 days after the end of such fiscal
                  quarter, the Borrower shall have received cash, either as an
                  equity contribution or as the proceeds of subordinated debt
                  permitted by Section 6.2(i) in an amount which, if such amount
                  had been received on the last day of such fiscal quarter, no
                  violation of this covenant would have occurred as at the end
                  of such fiscal quarter.

            (iv) Section 6.1(d) is deleted in its entirety and the following
         text is inserted in lieu thereof:

               (d) Maintenance of Current Ratio. Permit the ratio of
               Consolidated Current Assets to Consolidated Current Liabilities
               at the end of any fiscal quarter ending (i) during the period
               commencing October 1, 2002 and ending December 31, 2003, to be
               less than 1.25 to 1.0 or (ii) on March 31, 2004 or thereafter, to
               be less than 1.50 to 1.0 (for purposes of clauses (i) and (ii),
               during the period commencing October 1, 2002 and ending September
               29, 2003, Consolidated Current Liabilities shall not include
               outstanding amounts under the Revolving Credit Facility).

                                       4
<PAGE>

         (e) Events of Default. Section 7 of the Credit Agreement is hereby
         amended as follows:

            (i) The phrase "the New Guarantee" is added to replace the phrase
         "Brant-Allen Guarantee" in the first parenthetical in paragraph (e) and
         in the first parenthetical in paragraph (h).

            (ii) The phrase "Brant-Allen Guarantee" in clause (j) is deleted and
         replaced with the phrase "New Guarantee" and the reference to "Section
         11 thereof" in clause (j) is hereby replaced with the reference to
         "Section 19 thereof".

            (iii)The phrase ", or Section 10 of the New Guarantee" shall be
         added after the term "Security and Pledge Agreement" in Section
         7(c)(i).

         (f) Annex A. Annex A to the Credit Agreement is hereby amended by
         deleting in its entirety the grid set forth in such Annex and inserting
         in lieu thereof the grid set forth in Annex A attached hereto.

         SECTION 4. Conditions to Effectiveness. This Second 2002 Amendment
shall become effective on the date (the "Amendment Effective Date") on which all
of the following conditions precedent have been satisfied or waived:

         (a) The Borrower, the Administrative Agent and the Required Lenders
shall have executed and delivered this Second 2002 Amendment.

         (b) The Administrative Agent shall have received the New Guarantee,
executed and delivered by a duly authorized officer of Brant-Allen.

         (c) The Administrative Agent shall have received a legal opinion of
counsel to Brant-Allen, in form and substance reasonably satisfactory to the
Administrative Agent.

         (d) The Administrative Agent shall have received from the Borrower, for
the account of each Lender that has executed this Second 2002 Amendment on or
prior to 5:00 p.m., New York City time on December 13, 2002, an amendment fee
equal to 0.15% of the amount of the Aggregate Exposure of such Lender; provided
that such amendment fee shall only be due and payable if Lenders constituting
Required Lenders execute and deliver this Second 2002 Amendment by such time.

The Administrative Agent shall give the Borrower notice when this Second 2002
Amendment has become effective.

         SECTION 5. Representation and Warranties. To induce the Administrative
Agent and the Lenders parties hereto to enter into this Second 2002 Amendment,
the Borrower hereby represents and warrants to the Administrative Agent and all
of the Lenders as of the Amendment Effective Date that the representations and
warranties made by the Borrower in the Loan Documents are true and correct in
all material respects on and as of the Amendment Effective Date (other than
those that expressly speak as of a different date), after giving effect to the
effectiveness of this Second 2002 Amendment, as if made on and as of the
Amendment Effective Date.

         SECTION 6. Payment of Expenses. The Borrower agrees to pay or reimburse
the Administrative Agent for all of its reasonable out-of-pocket costs and

                                       5
<PAGE>

reasonable expenses incurred in connection with this Second 2002 Amendment, any
other documents prepared in connection herewith and the transactions
contemplated hereby, including, without limitation, the reasonable fees and
disbursements of counsel to the Administrative Agent.

         SECTION 7. No Other Waivers; Confirmation. Except as expressly amended,
modified and supplemented hereby, the provisions of the Agreement and the Notes
are and shall remain in full force and effect.

         SECTION 8. Continuing Effect; No Other Amendments. Except as expressly
amended or waived hereby, all of the terms and provisions of the Credit
Agreement and the other Loan Documents are and shall remain in full force and
effect. The amendments contained herein shall not constitute an amendment or
waiver of any other provision of the Credit Agreement or the other Loan
Documents or for any purpose except as expressly set forth herein.

         SECTION 9. No Default. No Default or Event of Default shall have
occurred and be continuing as of the Amendment Effective Date after giving
effect to this Second 2002 Amendment.

         SECTION 10. Counterparts. This Second 2002 Amendment may be executed by
one or more of the parties to this Agreement on any number of separate
counterparts, and all of said counterparts taken together shall be deemed to
constitute one and the same instrument. A set of the copies of this Second 2002
Amendment signed by all the parties shall be lodged with the Borrower and the
Administrative Agent. This Second 2002 Amendment may be delivered by facsimile
transmission of the relevant signature pages hereof.

         SECTION 11. Governing Law. This Second 2002 Amendment and the rights
and obligations of the parties hereto shall be governed by, and construed and
interpreted in accordance with, the laws of the State of New York.

                                       6
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Second 2002
Amendment to be duly executed and delivered by their respective proper and duly
authorized officers as of the day and year first above written.

                                    BEAR ISLAND PAPER COMPANY, LLC

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

                                    TORONTO-DOMINION (TEXAS), INC.,
                                    as Administrative Agent and as a Lender

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

                                       7
<PAGE>

                                    ------------------------------
                                    Name of Lender

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

                                       8
<PAGE>

                                    ------------------------------
                                    Name of Lender

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

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

                                       9
<PAGE>
<TABLE>

                                                                                                            Annex A

====================================================================================================================

                            Applicable      Applicable Margin-
                         Margin-Eurodollar  Base Rate Revolving     Applicable       Applicable
      Consolidated       Revolving Credit      Credit Loans     Margin-Eurodollar   Margin-Base
        Leverage               Loans                                Term Loan        Rate Term     Commitment Fee
         Ratio                                                                         Loans
--------------------------------------------------------------------------------------------------------------------
       <S>                     <C>                 <C>                <C>              <C>              <C>
       => 5.00 x               3.50%               2.50%               N/A             N/A              .50%
--------------------------------------------------------------------------------------------------------------------

       => 4.00 x               3.25%               2.25%              3.00%            2.50%            .50%
--------------------------------------------------------------------------------------------------------------------

       => 3.00 x               2.75%               1.75%              3.00%            2.00%            .50%
--------------------------------------------------------------------------------------------------------------------

        < 3.00 x               2.50%               1.50%              2.75%            1.75%            .375%
====================================================================================================================
</TABLE>

                                       10
<PAGE>

                                                                       Exhibit A

                                 [NEW GUARANTEE]

                                       11EXHIBIT 10.1c

         AMENDMENT NO. 3, dated as of March 27, 2003 (this "Amendment"), to the
Credit Agreement, dated as of December 1, 1997 (as amended, supplemented or
otherwise modified from time to time, the "Credit Agreement"), among BEAR ISLAND
PAPER COMPANY, LLC, a Virginia limited liability company (the "Borrower"), the
several banks and other financial institutions or entities from time to time
parties thereto (the "Lenders"), TD SECURITIES (USA) INC., as Arranger, and
TORONTO-DOMINION (TEXAS), INC., as the administrative agent for the Lenders (in
such capacity, the "Administrative Agent").

                              W I T N E S S E T H:
                               - - - - - - - - - -

         WHEREAS, pursuant to the Agreement, the Lenders have agreed to make,
and have made, certain loans and other extensions of credit to the Borrower; and

         WHEREAS, the Borrower has requested, and, upon this Amendment becoming
effective, the Required Lenders and the Revolving Credit Lenders have agreed,
that certain provisions of the Agreement be amended in the manner provided for
in this Amendment; and

         NOW, THEREFORE, the parties hereto hereby agree as follows:

         SECTION 1. Defined Terms. Terms defined in the Credit Agreement and
used herein shall have the meanings given to them in the Credit Agreement.

         SECTION 2. Amendments to Section 1.1 of the Credit Agreement. The
definition of "Revolving Credit Termination Date" in Section 1.1 of the Credit
Agreement is, subject to the satisfaction or waiver of the conditions of
effectiveness set forth in Section 3 of this Amendment, hereby amended to delete
the phrase "December 31, 2003" and insert the phrase "January 5, 2004" in lieu
thereof.

         SECTION 3. Conditions to Effectiveness. This Amendment shall become
effective on the date (the "Amendment Effective Date") on which the Borrower,
the Administrative Agent, the Required Lenders and the Revolving Credit Lenders
shall have executed and delivered this Amendment.

The Administrative Agent shall give the Borrower notice when this Amendment has
become effective.

         SECTION 4. Representation and Warranties. To induce the Administrative
Agent and the Lenders parties hereto to enter into this Amendment, the Borrower
hereby represents and warrants to the Administrative Agent and all of the
Lenders as of the Amendment Effective Date that the representations and
warranties made by the Borrower in the Loan Documents are true and correct in
all material respects on and as of the Amendment Effective Date (other than
those that expressly speak as of a different date), after giving effect to the
effectiveness of this Amendment, as if made on and as of the Amendment Effective
Date.

         SECTION 5. Payment of Expenses. The Borrower agrees to pay or reimburse
the Administrative Agent for all of its reasonable out-of-pocket costs and
reasonable expenses incurred in connection with this Amendment, any other

<PAGE>

documents prepared in connection herewith and the transactions contemplated
hereby, including, without limitation, the reasonable fees and disbursements of
counsel to the Administrative Agent.

         SECTION 6. Continuing Effect; No Other Amendments. Except as expressly
amended or waived hereby, all of the terms and provisions of the Credit
Agreement and the other Loan Documents are and shall remain in full force and
effect. The amendments contained herein shall not constitute an amendment or
waiver of any other provision of the Credit Agreement or the other Loan
Documents or for any purpose except as expressly set forth herein.

         SECTION 7. No Default. No Default or Event of Default shall have
occurred and be continuing as of the Amendment Effective Date after giving
effect to this Amendment.

         SECTION 8. Counterparts. This Amendment may be executed by one or more
of the parties to this Agreement on any number of separate counterparts, and all
of said counterparts taken together shall be deemed to constitute one and the
same instrument. A set of the copies of this Amendment signed by all the parties
shall be lodged with the Borrower and the Administrative Agent. This Amendment
may be delivered by facsimile transmission of the relevant signature pages
hereof.

         SECTION 9. Governing Law. This Amendment and the rights and obligations
of the parties hereto shall be governed by, and construed and interpreted in
accordance with, the laws of the State of New York.

                                       2
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed and delivered by their respective proper and duly authorized
officers as of the day and year first above written.

                                    BEAR ISLAND PAPER COMPANY, LLC

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

                                    TORONTO-DOMINION (TEXAS), INC.,
                                    as Administrative Agent and as a Lender

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

                                       3
<PAGE>

                                    ------------------------------
                                    Name of Lender

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

                                       4

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