Document:

EXHIBIT 4.7

                           THIS NOTE IS NOT NEGOTIABLE

       THE INDEBTEDNESS EVIDENCED BY THIS NOTE IS SUBORDINATED TO: (A) THE
      PRIOR PAYMENT OF LOANS (AND INTEREST THEREON) AND ALL OBLIGATIONS IN
       RESPECT OF LETTERS OF CREDIT (AS DEFINED BELOW) UNDER THAT CERTAIN
        CREDIT AGREEMENT (AS AMENDED, RESTATED, SUPPLEMENTED OR OTHERWISE
        MODIFIED FROM TIME TO TIME, THE "CREDIT AGREEMENT"), DATED AS OF
       DECEMBER 1, 1997 AMONG THE COMPANY (AS DEFINED BELOW), THE SEVERAL
          LENDERS FROM TIME TO TIME PARTIES THERETO (THE "LENDERS") AND
          TORONTO-DOMINION (TEXAS), INC., AS ADMINISTRATIVE AGENT (THE
     "ADMINISTRATIVE AGENT") AND TD SECURITIES (USA) INC., AS ARRANGER, AND
         (B) THE PRIOR PAYMENT OF THE NOTES (THE "SENIOR NOTES") ISSUED
      PURSUANT TO THAT CERTAIN INDENTURE, DATED AS OF DECEMBER 1, 1997, BY
        AND AMONG THE COMPANY, CERTAIN OTHER ISSUERS AND CRESTAR BANK, A
     VIRGINIA BANKING CORPORATION, AS TRUSTEE, ON THE TERMS SET FORTH BELOW

                         SUBORDINATED INTERCOMPANY NOTE

$ 5,000,000.00                                                      May 31, 2002

         FOR VALUE RECEIVED, Bear Island Paper Company, LLC, a Virginia limited
liability company (the "Company"), hereby promises to pay to Brant-Allen
Industries, Inc., a Delaware corporation (the "Holder"), at the principal office
of the Holder, or at such other place as shall be designated in writing by the
Holder from time to time, the principal sum of FIVE MILLION AND NO/100 DOLLARS
($5,000,000.00), in lawful money of the United States of America and in
immediately available funds, on December 2, 2007.

         SECTION 1. Interest. The unpaid principal amount due on this
Subordinated Intercompany Note (this "Note") shall not bear interest.

<PAGE>

         SECTION 2. Prepayment of Principal. The Company may prepay in whole or
in part, all amounts due in respect of this Note without premium or penalty;
provided, however, that, if the Credit Agreement shall not have been terminated,
no prepayment may be made in respect of this Note without the prior written
consent of the Required Lenders (as defined in the Credit Agreement).

         SECTION 3. Subordination.

         (a) The amounts due under this Note are subordinated to the Loans (as
defined in the Credit Agreement) and interest thereon and any obligations in
respect of any Letter of Credit (as defined in the Credit Agreement).
Accordingly, if the Credit Agreement shall not have been terminated, no payment
whatsoever, whether of principal, interest or otherwise, may be made in respect
of this Note so long as any of the Loans or interest thereon or any obligations
in respect of any Letter of Credit are outstanding. If, notwithstanding the
foregoing prohibition, the holder of this Note receives any such payment while
any of the Loans or interest thereon or any obligations in respect of any Letter
of Credit are outstanding (whether in connection with Section 6(a) of this Note,
or otherwise), such holder will hold such payment in trust for the Lenders and
will forthwith turn over such payment to the Administrative Agent for
application against the Obligations (as defined in the Credit Agreement) in
accordance with the Credit Agreement.

         (b) The amounts due under this Note shall be subordinated in right of
payment to the Senior Notes.

         SECTION 4. Choice of Law. This Note shall be governed by, and construed
in accordance with, the laws of the State of New York.

         SECTION 5. Amendments. The terms and provisions of this Note shall not
be amended, waived or otherwise modified except by a written agreement signed by
the Company and the Holder and, if the Credit Agreement shall not have been
terminated, consented to in writing by the Required Lenders. The Administrative
Agent and the Lenders are express third party beneficiaries of Sections 3 and 5
of this Note and shall be entitled to enforce the provisions of such Sections,
provided, that if the Credit Agreement shall have been terminated, the
Administrative Agent and the Lenders shall, immediately and with no further
action of any kind, not be entitled to enforce such Sections and shall no longer
be express or implied third party beneficiaries of such Sections.

         SECTION 6. Events of Default. Upon the occurrence of any of the
following, any and all amounts due under this Note shall immediately become due
and payable, without demand or notice, each of which is hereby waived by the
Company:

                                       2
<PAGE>

         (a) (i) the Company shall commence any case, proceeding or other action
(A) under any existing or future law of any jurisdiction, domestic or foreign,
relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking
to have an order for relief entered with respect to it, or seeking to adjudicate
it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment,
winding-up, liquidation, dissolution, composition or other relief with respect
to it or its debts, or (B) seeking appointment of a receiver, trustee,
custodian, conservator or other similar official for it or for all or any
substantial part of its assets, or the Company shall make a general assignment
for the benefit of its creditors; or (ii) there shall be commenced against the
Company any case, proceeding or other action of a nature referred to in clause
(i) above which (A) results in the entry of an order for relief or any such
adjudication or appointment or (B) remains undismissed, undischarged or unbonded
for a period of 60 days; or (iii) there shall be commenced against the Company
any case, proceeding or other action seeking issuance of a warrant of
attachment, execution, distraint or similar process against all or any
substantial part of its assets which results in the entry of an order for any
such relief which shall not have been vacated, discharged, or stayed or bonded
pending appeal within 60 days from the entry thereof; or (iv) the Company shall
take any action in furtherance of, or indicating its consent to, approval of, or
acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above;
or (v) the Company, shall generally not, or shall be unable to, or shall admit
in writing its inability to, pay its debts as they become due, provided,
however, that notwithstanding the provisions of this Section 6(a), any other
provision contained herein or any contrary provision of law, the amounts due as
a result of the operation of this Section 6(a) shall not be immediately due and
payable, unless (i) there shall be no payment obligations of the Company (other
than contingent indemnification obligations) under the Credit Agreement and (ii)
the Senior Notes shall have been paid in full; or

         (b) the amounts due under the Credit Agreement and the Senior Notes
shall have been accelerated.

         SECTION 7. Miscellaneous.

         (a) The Company agrees to reimburse the Holder of this Note for all
reasonable costs and expenses, including reasonable attorney's fees and
expenses, incurred in connection with the enforcement of its rights against the
Company hereunder.

         (b) The Company hereby waives presentment for payment, demand, protest
and notice of dishonor.

                                       3
<PAGE>

         (c) No delay on the part of the Holder in the exercise of any right or
remedy shall operate as a waiver thereof, and no single or partial exercise by
the Holder of any right or remedy shall preclude any other or further exercise
thereof or the exercise of any other right or remedy.

         EACH OF THE COMPANY AND THE HOLDER BY ITS ACCEPTANCE HEREOF WAIVES THE
RIGHT TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING
OUT OF OR IN CONNECTION WITH THIS NOTE, AND ANY RIGHT THE COMPANY MAY HAVE TO
ASSERT THE DOCTRINE OF FORUM NON-CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT
ANY PROCEEDING IS BROUGHT HEREUNDER.

                                BEAR ISLAND PAPER COMPANY, LLC

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

                                       4
<PAGE>

ACCEPTED AND AGREED:

BRANT-ALLEN INDUSTRIES, INC.

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

                                       5EXHIBIT 10.1a

                                                                  EXECUTION COPY

                  AMENDMENT AND WAIVER, dated as of May 29, 2002 (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 have agreed, that certain provisions of the
Agreement be amended in the manner provided for in this Amendment.

         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) Subject to paragraphs (b) and (c) below, the Lenders hereby waive,
through July 30, 2002 (the "Waiver Period"):

          (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 period of four consecutive
               fiscal quarters ended December 31, 2001;

          (iii) any Default or Event of Default arising by reason of the failure
               of the Borrower to comply with Sections 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 for the period of four consecutive fiscal
               quarters ended March 31, 2002;
<PAGE>

          (iv) any Default or Event of Default arising by reason of the failure
               of the Borrower to comply with Sections 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 for the period of four consecutive fiscal
               quarters ended June 30, 2002;

          (v)  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 had
               occurred by reason of (w) 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, (x) 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 period of four consecutive fiscal quarters ended December 31,
               2001, (y) the failure by the Borrower to comply with Sections
               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 for the
               period of four consecutive fiscal quarters ended March 31, 2002
               or (z) the failure by the Borrower to comply with Sections 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 for the period of four consecutive
               fiscal quarters ended June 30, 2002; or

          (vi) the failure of the Borrower to give notice under the Credit
               Agreement of (w) 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, (x) 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 period of four consecutive fiscal quarters ended December 31,
               2001, (y) the failure of the Borrower to comply with Sections
               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 for the
               period of four consecutive fiscal quarters ended March 31, 2002
               or (z) the failure of the Borrower to comply with Sections 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 for the period of four consecutive
               fiscal quarters ended June 30, 2002.

         (b) During the Waiver Period, the Borrower hereby agrees that,
notwithstanding anything to the contrary contained in the Credit Agreement or
this Amendment, the Borrower shall not have a right to, and shall not request a
borrowing of Revolving Credit Loans (and the Revolving Credit Lenders shall not
be obligated to make Revolving Credit Loans) under the Revolving Credit
Commitment.

         (c) Notwithstanding the waivers contained in paragraph (a) above, the
Defaults and Events of Default waived under such paragraph shall be reinstated
upon the expiration of such waivers on July 30, 2002, unless otherwise further
waived, amended, or modified in accordance with the terms of the Credit
Agreement.

                                       2
<PAGE>

         SECTION 3. Amendment to Annex A to the Credit Agreement (Pricing Grid).
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, it being understood and agreed that (i) such
amendment shall be deemed to be effective as of May 29, 2002 and (ii) the grid
set forth in Annex A attached hereto shall be used for all determinations of the
Applicable Margin on and after May 29, 2002.

         SECTION 4. Conditions to Effectiveness. This 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 to the Administrative Agent this Amendment;

         (b) The Administrative Agent shall have received evidence, in form and
substance reasonably satisfactory to it, that the Borrower shall have received
at least $5,000,000 as proceeds of either (i) a common equity contribution from
its sole shareholder, or (ii) a subordinated loan from the its sole shareholder
pursuant to Section 6.2 of the Credit Agreement, having terms and conditions
reasonably satisfactory to the Administrative Agent; and

         (c) The Administrative Agent shall have received from the Borrower, for
the account of each Lender that has executed this Amendment on prior to 5:00
p.m., New York City time on May 29, 2002, an amendment fee equal to 0.075% 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 Amendment by such time.

         SECTION 5. 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 6. 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 the 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

                                       3
<PAGE>

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 Amendment.

         SECTION 10. 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 11. 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.

                                       4
<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:

                                       5
<PAGE>

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

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

                                       6
<PAGE>

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

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

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

                                       7
<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               3.00%               2.00%              3.25%            2.25%            .50%
--------------------------------------------------------------------------------------------------------------------

       => 4.00 x               2.75%               1.75%              3.25%            2.25%            .50%
--------------------------------------------------------------------------------------------------------------------

       => 3.00 x               2.50%               1.50%              3.00%            2.00%            .50%
--------------------------------------------------------------------------------------------------------------------

        < 3.00 x               2.25%               1.25%              2.75%            1.75%            .375%
====================================================================================================================
</TABLE>

                                       7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00050-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00050-of-00352.parquet"}]]