Document:

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                                                                    Exhibit 4.16
                                                                    ------------

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                                 LOAN AGREEMENT

This loan AGREEMENT dated as of October 29, 2001, by and between:

POBT Bank and Trust Limited, a corporation duly organized and validly existing
under the laws of the Commonwealth of the Bahamas, (hereinafter referred to as
the "Lender"),

NEWARK FINANCIAL INC, a corporation duly organized and validly existing under
the laws of the British Virgin Islands, with its registered office located at
Vanterpoor Plaza, 2nd floor, Wickhams Cay I, Road Town, Tortola, BVI,
(hereinafter referred to as the "Borrower"), and

Votorantim Celulose e Papel S.A., a corporation duly organized and validly
existing under the laws of Brazil, with its principal office located at Alameda
Santos, 1.357, 6 (degree) andar (hereinafter referred to as the "Guarantor").

WHEREAS the Borrower proposes to borrow from the Lender, and the Lender proposes
to lend to the Borrower US$ 30,000,000.00 (thirty million dollars), the parties
hereby agree as follows:

DEFINITIONS

When used in this Agreement, the following terms shall have the meanings as
follows:

"Agreement" shall mean this Loan Agreement between the Borrower, the Lender and
the Guarantor;

"Business Day" shall mean any day other than (a) a Saturday or Sunday or (b) a
day on which commercial banks are required or authorized by law or by local
proclamation to close in the city or cities specified herein or if no city is
specified, in New York City, Nassau, and Sao Paulo;

"Payment Day" shall be on February 26, 2002

"Loan" shall mean the meaning indicated in Section 2.1, hereof;

"US$" shall mean the lawful money of the United States of America.

<PAGE>

TERMS OF THE LOAN

2.1. Amount: The Lender agrees to lend to the Borrower the sum of
US$30,000,000.00 (thirty million dollars) to be disbursed in one installment on
October 29, 2001 (the "Loan") by means of a wire transfer to the following bank
account:

Bank: Citibank, New York
ABA # 021 0000 89
Account No: 36787212
Account name: Newark Financial INC

2.2. Repayment: The Borrower shall repay the Loan disbursed hereunder in one
lump sum on the Payment Day;

2.3. Interest: This Loan Agreement shall bear interest at a rate of 5,25% per
annum payable on Payment Date.

2.4. Guarantee: the Guarantor hereby unconditionally and irrevocably guarantees
to the beneficiary of this Agreement (the Lender) the due and punctual payment
of all sums from time to time payable by the Borrower to the Lender in
accordance therewith as and when the same become due and payable and accordingly
undertakes to pay to the Lender, in the manner and currency prescribed hereby,
any and every sum or sums which the Borrower is at any time liable to pay to
the Lender in respect of this Agreement and which the Borrower has failed to
pay. The Guarantor hereby unconditionally and irrevocably waives any and all
rights it may have under Articles 1006, 1491, 1499, 1500, 1502 and 1503 of the
Brazilian Civil Code, Articles 261 and 262 of the Brazilian Commercial Code and
Article 595 of the Brazilian Code of Civil Procedure. In the event the Guarantor
is not allowed to remit the amount due by the Borrower to the Lender, the
Guarantor hereby undertakes to effect the payment in Brazil according to the
instructions to be sent by the Lender to the Guarantor in which it will be
indicated the name of the payee in Brazil.

2.5. Payment: Payments due by the Borrower to the Lender, under the terms of
this Agreement shall be made at The Bank of New York, ABA# 021 0000 18, account
No 89 0033 1194 in favor of the Lender, or at any other such place as the
Lender reasonably selects and informs the Borrower timely, in immediately
available U.S. funds. Any payment requested by the Lender to be made outside
the United States (jurisdiction where the Lender maintains its bank account)
shall have its costs and expenses supported by the Lender.

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2.6. Default Charges: If the Borrower fails to make any payment in accordance
with the terms set forth herein, the Borrower shall pay in respect of the amount
of such payment due and unpaid, interest at a rate which shall be 8% (eight
percent) per annum above the interest rate set out in Section 2.3. hereof.

2.7. Taxes: All sums payable by the Borrower or the Guarantor hereunder shall
be paid in full and without any deduction or withholdings in respect of any
taxes. If the Borrower is required by law to deduct or withhold any taxes or
other amounts, then the gross amounts payable by the Borrower shall be increased
to such amounts as will, after such deductions or withholdings, be equal to the
actual amounts which would have been received if no such deduction or
withholdings were required.

2.8. Assignment: The parties hereby agree that the Lender may assign/transfer,
entirely or partially, to any third party its rights concerning the present
Agreement. Such assignment/transference may even occur through the issuance of
credit linked notes having as underlying credit the obligations of the borrower
pursuant to this Agreement. Therefore, the borrower hereby declare that it will
pay at the Payment Day the Lender or any assignee/noteholder appointed by the
Lender provided that the terms and conditions of the present Agreement are duly
observed.

REPRESENTATIONS AND WARRANTIES

Borrower

3.1. Existence: The Borrower is a corporation duly organized and validly
existing in good standing under the laws of the British Virgin Islands and has
full power, authority and legal right to incur the indebtedness and obligations
provided for in this Agreement, to execute and deliver this Agreement, and to
perform and observe the terms and conditions of this Agreement.

3.2. Enforceable: This Agreement does constitute a valid, binding and
enforceable obligations of the Borrower in accordance with the respective terms.

3.3. Other Restrictions: No constitutional provision, treaty, convention, law,
ordinance, decree or regulation of the British Virgin Islands, no charter,
by-laws or similar instrument of the Borrower and no provision of any existing
contract, license, franchise, concession or agreement binding on the Borrower
will be contravened by the execution or delivery of this Agreement or the
performance or observance of any of their respective terms.

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3.4. Legal Action: The Borrower has taken all necessary legal action to
authorize the execution, delivery and performance of this Agreement.

3.5. Government Permits: All registrations or approvals possible of being
obtained prior to the execution of this Agreement, of any governmental agency,
department or commission necessary for the due execution, delivery and
performance of this Agreement or for the validity or enforceability thereof,
have been obtained and are in full force and effect.

3.6. Legal Proceedings: No legal proceedings are pending before any court or
administrative agency which could have a material adverse effect on the
financial condition, business or operations of the Borrower, other than those
disclosed to the Lender.

3.7. Sovereign Immunity: The Borrower, as the date of this Agreement has no
sovereign immunity from legal proceedings in respect of itself or its property.

3.8. Enforcement: In executing this Agreement, the Borrower is not violating any
of the laws of the British Virgin islands.

3.9. Loan Pari Passu: The Loan and any other obligation of the Borrower
hereunder, from time to time outstanding, shall be the unconditional general
obligation of the Borrower ranking at least pari passu in all respects with all
present and future unsecured obligations of the Borrower.

3.10. No Event of Default: No Event of Default and no default specified in any
other agreement evidencing indebtedness of the Borrower for borrowed money, and
no event which with passage of time or the giving of notice or both, would
become such an Event of Default or default, has occurred or is continuing.

Guarantor

3.11. Existence: The Guarantor is a corporation duly organized and validly
existing in good standing under the laws of Brazil and has full power, authority
and legal right to incur the indebtedness and obligations provided for in this
Agreement, to execute and deliver this Agreement, and to perform and observe the
terms and conditions of this Agreement.

3.12. Enforceable: This Agreement does constitute valid, binding and enforceable
obligations of the Guarantor in accordance with the respective terms.

<PAGE>

3.13. Other Restrictions: No constitutional provision, treaty, convention, law,
ordinance, decree or regulation of Brazil, no charter, by-laws or similar
instrument of the Guarantor and no provision of any existing contract, license,
franchise, concession or agreement binding on the Guarantor will be contravened
by the execution or delivery of this Agreement or the performance or observance
of any of their respective terms.

3.14. Legal Action: The Guarantor has taken all necessary legal action to
authorize the execution, delivery and performance of this Agreement, except any
previous authorization from the Brazilian Central Bank.

3.15. Sovereign Immunity: The Guarantor, as the date of this Agreement has no
sovereign immunity from legal proceedings in respect of itself or its property.

3.16. Enforcement: In executing this Agreement, the Guarantor is not violating
any of the laws of the Brazil.

4. COVENANTS

4.1. Until all indebtedness of the Borrower under this Agreement have been
repaid, the Borrower agrees that it will comply with or procure due compliance
with all the terms of and shall do its best efforts to obtain and maintain all
the authorizations, consents, licenses, registrations and approvals of any
governmental agency, department, commission or other governmental body necessary
or appropriate for the due execution and delivery of this Agreement, for
utilization of the Loan, for the performance and observance by the Borrower of
the terms of this Agreement and to render this Agreement legal, valid, binding,
enforceable in accordance with its terms and admissible in evidence.

4.2. Until all indebtedness of the Borrower under this Agreement has been
repaid, the Borrower agrees that the Shareholder composition of the Borrower
shall not be modified without prior written authorization issued by the Lender.

5. CONDITIONS PRECEDENT

Prior to the making of disbursement under this Agreement, the Borrower shall
furnish to the Lender and to the Guarantor the original copy duly executed of
this Agreement.

6. EVENT OF DEFAULT

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The occurrence of any of the following events shall be considered as an event of
default:

6.1. Payments: The Borrower shall default in the due and punctual payment of
principal, interest in the manner provided for in this Agreement.

6.2. Performance: The Borrower shall default in the performance or observance of
any covenant or agreement undertaken by it under this Agreement.

6.3. Representations: Any representation or warranty made by the Borrower or by
the Guarantor under this Agreement or pursuant thereto proven at any time to be
incorrect in any material respect.

If any Event of Default shall occur, the Lender may take any or all of the
following actions:

(a) declare immediately due and payable the charges provided in Section 2.6
    hereof;

(b) immediately terminate any other rights of the Borrower hereunder; and
    exercise any rights or remedies granted under this Agreement and the law;

(c) the Borrower shall pay a Default fee which correspond to 8% (eight percent)
    of the Principal Amount disbursed; and

(d) the Borrower shall incur an event of default if it does not notify the
    Lender as established in clause 4.2 above;

The Borrower shall indemnify the Lender against all direct reasonable losses,
expenses and liabilities which the Lender may sustain as a result of default of
Borrower.

MISCELLANEOUS

7.1. This Agreement and the rights and obligations hereunder shall be construed
in accordance with and be governed by the laws of the State of New York, United
States of America. Any legal action or proceeding arising out or relating to
this Agreement may be instituted in the United States in the courts of the State
of New York or in any Federal court located in the State of New York.

<PAGE>

7.2. No failure or delay on the part of the Lender to exercise any right, power
or privilege under this Agreement under applicable law shall operate as a waiver
thereof nor shall any single or partial exercise of any right, power or
privilege under this Agreement preclude any further exercise thereof.

7.3. This Agreement shall be binding upon and inure to the benefit of and be
enforceable by the parties and their respective successors and assigns, provided
however that the Borrower may not assign or transfer its interest hereunder
without the prior written consent of the Lender.

7.4. The captions in this Agreement are for convenience of reference only and
shall not define or limit the provisions thereof.

7.5. The Lender shall not assign or transfer, either in whole or in part, the
credits, benefits, rights and obligations arising from this Loan Agreement
without prior written notice to the Borrower.

8. NOTICES

All notices, requests, demands or other communications to the parties shall be
deemed to have been duly given or made when received in writing by or when sent
by facsimile or e-mail at the following address or such other address as any
party hereafter may specify to the other in writing:

To the Borrower:
Newark Financial INC.
Vanterpool Plaza, 2nd floor, Wickhams Cay I
Road Town, Tortola
British Virgin Islands
Copy to:
VCP Exportadora e Participacoes S.A.
Alameda Santos, 1357 / 7 (degree) andar
Sao Paulo, SP
Attn.: Mr. Raul Calfat

To the Lender:
POBT Bank and Trust Limited
Fort Nassau Centre, Marlborough Street
Nassau, Bahamas
Copy to:

<PAGE>

Pactual Capital Corporation
527 Madison Avenue, 9th floor
New York, NY
Attn.: Christina de Castro

SEVERABILITY OF PROVISIONS

Any provision of this Agreement which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof or affecting the validity or enforceability of such provision
in any other jurisdiction.

IN WITNESS WHEREOF the parties have caused this Agreement to be duly signed in
the presence of the two witnesses identified below.

/s/
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POBT BANK AND TRUST LIMITED

/s/
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NEWARK FINANCIAL INC.

/s/
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Votorantim Celulose e Papel S.A.

WITNESSES:

/s/
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/s/
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Sao Paulo, 29 de outubro de 2001

A
POBT Bank and Trust Limited
Fort Nassau Centre, Marlborough Street
Nassau, Bahamas

CARTA DE FIANCA

Votorantim Celulose e Papel S.A., empresa constituida sob as leis do Brasil,
situada na Alameda Santos, 1357, 7(degree) andar, Sao Paulo, SP, Brasil, se
obriga perante o POBT Bank and Trust Limited, empresa constiuida sob as leis de
Bahamas (doravante denominada CREDORA), coma FIADORA da NEWARK FINANCIAL INC.,
empresa constituida sob as leis de British Virgin Islands, situada Vanterpool
Plaza, 2nd floor, Wickhams Cay I, Road Town, Tortola, (doravante denominada
AFIANCADA), para garantir, de forma incondicional, as obrigacoes da AFIANCADA
relativas ao Loan Agreement (doravante denominado LOAN), celebrado nesta data,
entre a CREDORA e a AFIANCADA, por meio do qual a CREDORA emprestou a AFIANCADA
a importancia de US$ 30,000,000.00 (trinta milhoes de dolares), a taxa de juros
de 5,25%, com vencimento em 26 de fevereiro de 2002, conforme copia do
instrumento contratual que, assinado pela FIADORA, integra a presente para todos
os fins e efeitos de direito. As obrigacoes da AFIANCADA estabelecidas no LOAN
sao, desde ja, reconhecidas pela FIADORA como liquidas, certas e exigiveis, nos
termos e para os fins dos artigos 1.481 e 1.486 do Codigo Civil Brasileiro.

2. A presente fianca e prestada pela FIADORA em carater irrevogavel e
irretratavel, com expressa renuncia aos beneficios de que tratam os artigos
1.006, 1.491, 1.499, 1.500 1.502 e 1.503 do Codigo Civil Brasileiro, 595 do
Codigo de Processo Civil e 261 e 262 do Codigo Comercial e sera valida enquanto
perdurarem as obrigacoes do AFIANCADO acima especificadas.

3. Ate que seja extinta a presente FIANCA, mediante liberacao, por escrito, pela
CREDORA, a FIADORA obriga-se a efetuar os pagamentos das importancias que forem
exigidas, a qualquer tempo, pela CREDORA, em relacao ao LOAN, ate o terceiro dia
util imediato ao do recebimento do aviso competente, indicando os motivos pelo
qual a FIANCA esta sendo acionada, por escrito.

4. Para fins de conversao dos valores em Dolares para Reais, devera ser
utilizada a taxa PTAX 800, opcao 5, cotacao de venda, divulgada pelo Banco
Central do Brasil, relativa ao dia imediatamente anterior ao da divulgacao.

<PAGE>

5. Na hipotese de a FIADORA ter que honrar esta fianca, a mesma compromete-se a
pagar a CREDORA, o mesmo valor e na mesma forma como os recursos seriam
disponibilizados a esta ultima conforme estabelecido no LOAN. Na hipotese de
incidencia sobre os valores a serem pagos, pela FIADORA a CREDORA, de quaisquer
taxas, tributos ou contribuicoes ou onus de qualquer natureza, a FIADORA
compromete-se a pagar a CREDORA o valor acrescido de certa importancia que,
deduzidas tais eventuais incidencias, corresponda ao valor liquido que
eventualmente vier a ser devido a CREDORA.

6. Na impossibilidade de pagamento de importancias que sejam devidas pela
FIADORA a CREDORA na forma do estabelecido no item 5 acima, a FIADORA
compromete-se a pagar a quem e na forma que a CREDORA vier a indicar no Brasil.

7. A presente fianca sera considerada extinta, de pleno direito, apos o
pagamento, por parte da AFIANCADA, de todas as obrigacoes advindas do Loan.

8. As comunicacoes a serem encaminhadas a FIADORA deverao ser protocoladas no
endereco Alameda Santos, 1357, 7(degree) andar, Sao Paulo, SP.

9. Fica eleito o Foro da Comarca de Sao Paulo, Capital, como exclusivamente
competente para dirimir quaisquer duvidas ou questoes controversas oriundas
deste instrumento de FIANCA.

/s/
------------------------------------
Votorantim Celulose e Papel S.A.

Testemunhas:

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<PAGE>

                                 PROMISSORY NOTE

US$30,000,000.00                              Date of Issuance: October 29, 2001
                                              Maturity Date: February 26, 2002

FOR VALUE RECEIVED, Newark Financial INC., a corporation duly organized and
validly existing under the laws of The British Virgin Islands hereby
unconditionally promises to pay POBT Bank and Trust Limited, US$30,000,000.00
(thirty million dollars), plus interest in accordance with the terms set forth
in the Loan Agreement ("Agreement") by and between Newark Financial INC and POBT
Bank and Trust Limited, dated as of October 29, 2001 in lawful money of the
United States of America and immediately available funds to account No. 89 0033
1194, ABA# 021 0000 18, at The Bank of New York, New York, for further credit of
POBT Bank and Trust Limited.

This promissory note is issued in connection with the Agreement, which, among
other things, contains provisions for the acceleration of the payment of
principal and interest hereof upon the occurrence of certain stated events
therein. All defined terms used herein and not otherwise herein defined, shall
have the same meaning as of defined in such Agreement.

This promissory note shall be governed by and construed in accordance with the
laws of the State of New York, United States of America. All the obligations to
be performed under this promissory note shall be executed in the Federative
Republic of Brazil.

October 29, 2001

NEWARK FINANCIAL INC.

/s/
---------------------------------------
By:
Title:

<PAGE>

                                 PROMISSORY NOTE

US$30,000,000.00                              Date of Issuance: October 29, 2001
                                              Maturity Date: February 26, 2002

FOR VALUE RECEIVED, Newark Financial INC., a corporation duly organized and
validly existing under the laws of The British Virgin Islands hereby
unconditionally promises to pay POBT Bank and Trust Limited, US$30,000,000.00
(thirty million dollars), plus interest in accordance with the terms set forth
in the Loan Agreement ("Agreement") by and between Newark Financial INC and
POBT Bank and Trust Limited, dated as of October 29, 2001 in lawful money of
the United States of America and immediately available funds to account
No. 89 0033 1194, ABA# 021 0000 18, at The Bank of New York, New York, for
further credit of POBT Bank and Trust Limited.

This promissory note is issued in connection with the Agreement, which, among
other things, contains provisions for the acceleration of the payment of
principal and interest hereof upon the occurrence of certain stated events
therein. All defined terms used herein and not otherwise herein defined, shall
have the same meaning as of defined in such Agreement.

This promissory note shall be governed by and construed in accordance with the
laws of the State of New York, United States of America. All the obligations to
be performed under this promissory note shall be executed in the Federative
Republic of Brazil.

October 29, 2001

NEWARK FINANCIAL INC.

/s/
--------------------------------------
By:
Title:<PAGE>

                                                                    Exhibit 4.17
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<PAGE>

                                 LOAN AGREEMENT

This LOAN AGREEMENT, dated as of October 26, 2001, is made between BANCO
BRADESCO S.A., GRAND CAYMAN, Ansbacher House 3rd floor, Jennett Street, Grand
Cayman, Cayman Islands, B.W.I., a Cayman Islands Branch of a Brazilian banking
corporation (the "Lender"), Newark Financial Inc. located at Vanterpool Plaza,
2nd floor, Wickhams Cay I, Road Town, Tortola, British Virgin Islands a company
duly organized and existing under the laws of the British Virgin Isands (the
"Borrower"), and Votorantim Celulose e Papel S/A located at Alameda Santos,
1357 - 6 (degree) andar, Sao Paulo, SP, a Brazilian company duly organized
and existing under the laws of Brazil (the "Guarantor").

WHEREAS, the Borrower has asked the Lender to grant a loan (the "Loan") for
short term loan purposes: and

WHEREAS, the Lender has expressed its readiness to extend to the Borrower the
Loan to be drawn under the terms and conditions set forth in this Loan
Agreement:

NOW THEREFORE, in consideration of the mutual promises contained herein, the
parties hereby agree as follows:

1.  Total amount and Availability of the Loan. US$100,000,000.00 (One Hundred
    Million United States Dollars) (the "Total Amount") available for
    disbursement(s) by the Lender to the Borrower on any Business Day from the
    date hereof until October 29, 2001 (the "Availability Period"). If the
    funds have been not disbursed by October 29, 2001, this Agreement is deem
    to be considered terminated.

2.  Loan Advance Requests. Whenever the Borrower wishes to borrow a Loan
    Advance hereunder it shall deliver to the Lender a Loan Advance Request in
    the form of Exhibit A hereto, at least Three (3) Business Days prior to the
    intended Disbursement Date, provided that (i) the Disbursement Date shall
    fall within the Availability Period, (ii) the amount of each Loan Advance
    shall be equal to or greater than the minimum of US$ 100,000.00 (a hundred
    thousand US dollar and NO/100 United States Dollars) and (iii) the amount of
    the Loan Advance requested plus the aggregate amount of Loan Advances then
    outstanding, and the aggregate amount of Loan Advances requested but not
    yet disbursed, shall not exceed the Total Amount.

3.  Disbursements of Loan Advances. Following a Loan Advance Request and
    provided that no Event of Default has occurred, the Lender will disburse on
    the Disbursement Date the Loan Advance as per instructions to be given by
    the borrower on the Loan Advance Request.

4.  Maturity Date of Loan Advances. Each Loan Advance borrowed hereunder shall
    have a maturity date (the "Maturity Date") for repayment up to 120 days
    (One Hundred and Twenty days) from its Disbursement Date, provided that if
    such Date is not a Business Day the Maturity Date shall be the next
    succeeding Business Day.

5.  Interest. The Borrower shall pay interest on the unpaid principal amount of
    each Loan Advance from the date of such Loan Advance until the date such
    Loan Advance is paid to the Lender at the sum of (a) the LIBOR as defined
    in Section 12 below plus (b) 2.35% (two point thirty-five percent) per
    annum, (the "Interest Rate") calculated on the basis of a 360 day year for
    the actual number of days elapsed from and including the Disbursement Date
    to and excluding the due date (whether at Maturity Date, demand,
    acceleration or otherwise). Accrued interest on each Loan Advance shall be
    payable on the Maturity Date thereof. The Lender may in its sole discretion
    make loans at, below, or above such Interest Rate.

6.  Overdue Payments. Any amount due by the Borrower and/or the Guarantor
    hereunder or under the Note not paid when due (whether by maturity, demand,
    acceleration or otherwise) shall bear interest from the due date to the
    date it is paid in full at the sum of (a) the Interest Rate plus (b)
    3.0000% (Three percent), on the basis of a year of 360 days for the actual
    number of days elapsed from and including the due date to and excluding the
    date of payment, payable on demand.

7.  Costs and Expenses. The Borrower agrees to pay all the evidenced costs and
    expenses incurred by the Lender (including the reasonable fees and
    disbursements of counsel) in the enforcement by

<PAGE>

    the Lender of its rights, or the collection by the Lender of any
    obligations owing to it by the Borrower and/or the Guarantor pursuant to
    this Agreement.

8.  Payments by the Borrower and/or Guarantor to the Lender. All repayments of
    principal and payments of interest, fees, expenses and any other amounts due
    by the Borrower to the Lender hereunder or under the Note shall be made by
    wire transfer in lawful money of the United States of America to Bank of
    America N.A. - New York Branch, ABA 026009593 account no. 6550352026 in
    favor of Banco Bradesco S.A. Grand Cayman Branch, in same day funds, without
    set-off or counterclaim of any kind, free and clear of and without deduction
    for any and all present and future taxes, levies, duties, charges, fees,
    withholding whatsoever ("Taxes"), all of which, if imposed, asserted, or
    assessed, shall be for the account of the Borrower and/or the Guarantor, and
    the Borrower and/or the Guarantor shall provide the Lender with documentary
    evidence, sufficient and acceptable to the Lender, of payment of all Taxes,
    if requested.

9.  Prepayment. The Borrower may prepay the Note in whole or in part together
    with Interest accrued on the amount of said prepayment to the date of such
    prepayment upon at least three (3) Business Days irrevocable written notice
    to the Lender, provided that, the Borrower shall reimburse the Lender,
    within 3 (three) Business Days after demand, for any and all actual loss or
    expense (including but not limited to loss in reinvesting funds including
    margin, administrative costs and expenses and any processing or other bank
    charges) which the Lender may sustain or incur as a consequence of such
    prepayment, as set forth in a certificate delivered to the Borrower by the
    Lender ("Penalty Amount") which certificate shall be conclusive absent
    manifest error. Any prepayment shall be in a minimum amount equal to 25%
    (twenty five per cent) on the Total amount and Availability of the Loan and
    in multiples of $100.000. Any amounts received pursuant to this section 9
    including any Penalty Amount shall be applied by the Lender in a manner and
    in order as the Lender shall deem to be necessary and appropriate, in its
    sole discretion.

10. Evidence of Indebtedness. The Borrower's obligation to pay principal on the
    Loan Advance hereunder and other amounts due hereunder which includes but is
    not limited to interest, costs and expenses, interest on overdue principal,
    overdue interest, overdue costs and expenses, shall be evidenced by a duly
    signed Promissory Note in the amount of US$100,000,000.00 (One Hundred
    Million United States Dollars), in the form annexed hereto as Exhibit "B"
    (the "Note"), to be executed, dated and delivered by the Borrower to the
    Lender prior to the date of the first disbursement hereunder.

11. Guarantor. Votorantim Celulose e Papel S/A ("the Guarantor"), a corporation
    duly organized under the laws of the Federative Republic of Brazil, hereby
    irrevocably jointly and severally with the Borrower, guarantees all the
    Borrower's obligations hereunder and under the Note.

12. Definitions. As used in this Agreement and in the Exhibits hereto, the
    following terms shall have the following meanings indicated opposite to
    them (such meanings to be equally applicable to both the singular and
    plural forms of the terms defined):

"Agreement" or "Loan Agreement": this agreement, as amended, supplemented or
otherwise modified from time to time.

"Availability Period": as such term is defined in Section 1.

"Business Day": any day on which banks in New York are not authorized or
required to close for business.

"Disbursement Date": the date on which any Loan Advance is disbursed by the
Lender in favor of the Borrower in accordance with Section 3, as specified in
the respective Loan Advance Request.

"Event of Default": as such term is defined in Section 14.

"LIBOR": Shall mean for purposes of this Agreement, in each case, the rate
quoted by the London market, at approximately 11:00 a.m. London time (or as
soon thereafter as practicable) on the date two (02 business Days prior to the
Disbursement Date and reported on the page designated as LIBOR01 (British
Bankers Association Interbank settlement Rates) in the Reuters system for the
offering of United States Dollar Deposits with a term equal to the tenor of the
relevant Loan, or in the event such

<PAGE>

page(s) not available for the date in question, the page designated as BBAM
(British Bankers Association Official BBA LIBOR Fixings) in the Bloomberg
system.

"Loan Advance": the making by the Lender of a Loan Advance hereunder.

"Loan Advance Request": the request to be presented by the Borrower to the
Lender in the form of Exhibit "A" hereto and in accordance with Section 2.

"Maturity Date": as such term is defined in Section 4.

"Note": as such term is defined is Section 10.

"US$": the lawful currency of the United States of America.

13. Representations as Warranties. The Borrower and the Guarantor hereby
    represents and warrants to the Lender that:

a)  the Borrower is a corporation duly organized, validly existing and in good
    standing under the laws of British Virgin Islands;

b)  the Borrower has the full power and authority to enter into this Agreement
    and to issue and deliver the Note and to undertake and perform all of its
    obligations set forth in this Loan Agreement and the Note, and has been
    approved by all necessary corporate action;

c)  this Loan Agreement and the Note when executed and delivered by the
    Borrower will constitute the valid, legal and binding obligations of the
    Borrower enforceable against the Borrower in accordance with their
    respective terms;

d)  the Guarantor has the full power and authority to enter into this Agreement
    and to issue and deliver the respective Note and to assume, undertake and
    perform all of its/his/her obligations set forth in this Agreement;

e)  this Loan Agreement and the Note, when executed and delivered by the
    Guarantor, will constitute the valid, legal and binding obligations of the
    Guarantor, enforceable against the Guarantor in accordance with their terms;

f)  neither this Loan Agreement nor the Note conflicts with the certificate of
    incorporation or the bylaws or other corporate documents of the Borrower nor
    any contractual obligation of the Borrower nor any law, rule or regulation
    applicable to the Borrower;

g)  neither this Loan Agreement nor the Note conflicts with the certificate of
    incorporation or the by-law or other company documents of any Associated
    Company Guarantor, nor any contractual obligations of any Associated Company
    Guarantor, nor any law, rule or regulations applicable to any Associated
    Company Guarantor;

h)  all governmental, corporate, creditor, shareholder, and other necessary
    licenses, approvals and consents for the due execution and delivery of, this
    Loan Agreement and the Note have been obtained by the Borrower and the
    Guarantor, or the case may be; and

i)  every Loan Advance Request presented to the Lender will constitute a
    remaking of the above Representations and Warranties as of the date of the
    respective Loan Advance Request and as of the date of the respective Loan
    Advance.

14. Events of Default. If any of the following events (each as "Event of
    Default") shall occur:

a)  any representation and warranty set forth in Section 13 hereof shall prove
    to have been false of misleading as of the time made and/or remade pursuant
    to Section 13i above;

b)  any default in the payment when due of the principal amount of any Loan
    Advance hereunder or any other amount payable hereunder or under the Note
    either by the Borrower or the Guarantor;

<PAGE>

c)  the Borrower or the Guarantor shall become insolvent however such insolvency
    shall be determined, by a reasonable opinion of the Lender, or the Borrower
    and/or the Guarantor shall file a voluntary petition for bankruptcy or a
    voluntary petition or an answer seeking reorganization in a proceeding under
    any applicable bankruptcy or insolvency law (as now or hereafter in effect)
    or an answer admitting the material allegations of a petition filed against
    the Borrower and/or the Guarantor in any such proceeding, or the Borrower
    and/or the Guarantor shall by voluntary petition, answer or consent, seek
    relief under the provisions of any now existing or future bankruptcy,
    insolvency or other similar law providing for the liquidation,
    reorganization or winding-up of corporations, or providing for an agreement,
    composition, extension or adjustment with its creditors (including
    "Concordata");

d)  a receiver, trustee, liquidator or custodian of the Borrower and/or the
    Guarantor or of a substantial part of their property shall be appointed by
    court order, or the Borrower and/or the Guarantor shall be adjudicated
    bankrupt or insolvent, or any of their properties shall be requested by
    court order, or a petition shall be filed against the Borrower and/or the
    Guarantor under any bankruptcy, reorganization, arrangement, insolvency,
    readjustment of debt (including "Concordata"), dissolution or liquidation
    law of any jurisdiction, whether now or hereafter in effect; or

e)  the Guarantor should cease to exist, or become incapacitated as determined
    by a reasonable opinion of the Lender.

thereupon, any amount available for disbursement under the Credit Line will be
forthwith canceled and the amount of principal on the Note and all other present
or future obligations of any kind of the Borrower to the Lender hereunder and
thereunder shall become forthwith due and payable without presentment, demand,
protest or any further notice of any kind all of which are hereby expressly
waived by the Borrower and by the Guarantor.

15. Conditions Precedent. This agreement shall become effective upon fulfillment
    of all of the following conditions precedent:

a)  receipt by the Lender of the Corporate Resolutions of the Borrower and the
    Guarantor evidencing the appropriate corporate approvals, duly
    notarized by a Public Notary;

b)  fulfillment by the Borrower and the Guarantor of any requirement of its
    corporate documents in order to make the execution and performance of this
    Agreement and the Note;

c)  receipt by the Lender of this Agreement, the Note and any other related
    document duly executed on behalf of the Borrower and the Guarantor; and

d)  receipt by the Lender of any document as it may reasonably request of the
    Borrower and/or the Guarantor.

16. Notices. All notices, requests, demands or other communications between
    the parties hereto shall be by tested telex or other writing in the case of
    such communications:

a)  to the Borrower:        Newark Financial Inc.
                            Attn: Mr. Miguel Longo Junior
                            Telephone: 55.11.3269-4165
                            Fax:     55.11.3269-4066

b)  to the Lender:          Banco Bradesco S.A. - Grand Cayman Branch
                            Ansbacher House 3rd floor, Jennett Street,
                            New York, Cayman Islands, BWI
                            Attn: Mr. Luis Fernando O. Silva
                            Telephone:     (345) 945 1200
                            Fax:           (345) 945 1430

c)  to the Guarantor:       Votorantim Celulose e Papel S/A
                            Attn: Mr. Miguel Longo Junior
                            Telephone:     55.11.3269-4165
                            Fax:           55.11.3269-4066

<PAGE>

All such communications shall be effective (I) if by tested telex, on the date
of transmission (with confirmed answer back in the case of telex) and (II) on
the date of receipt if delivered by mail.

17.  Governing Law and Jurisdiction. This Agreement shall be governed by and
     construed in accordance with the internal laws of the State of New York,
     without regard to the principles of choice of laws of New York State. The
     Borrower and the Guarantor hereby irrevocably: a) submits to the
     non-exclusive jurisdiction of any New York State Court or U.S. Federal
     Court in New York City with respect to any suit, action or proceeding
     arising out of or relating hereto: b) agrees that all claims with respect
     to such suit, action or proceeding may be heard and determined in such New
     York State or U.S. Federal Court; c) waives, to the fullest possible
     extent, the defense of an inconvenient forum; d) consents to service or
     process upon it by mailing or delivering such service to it at its address
     above, or by any other method permitted by law; e) agrees that a final
     judgment in any such suit, action or proceeding shall be conclusive and may
     be enforced in other jurisdictions by suit on the judgment or in any other
     manner provided by law. To the extent that either the Borrower and/or the
     Guarantor has or hereafter may acquire any immunity (sovereign or
     otherwise) from any legal action, suit or legal process (whether service
     or notice, attachment prior to judgment, attachment in aid of execution of
     judgment, execution of judgment or otherwise) with respect to itself or any
     of its property, whether or not held for its own account, the Borrower and
     the Guarantor hereby irrevocably and unconditionally waives and agrees not
     to plead or claim any such immunity in respect of its obligations under
     this Loan Agreement and the Promissory Note. The Borrower and the Guarantor
     hereby waives trial by jury.

The Lender is pleased to have the opportunity to extend this Loan to you.

Please indicate the agreement of the Borrower and the agreement of the Guarantor
with the foregoing by signing and returning to us this original Loan Agreement.

Sincerely yours,

Banco Bradesco S.A. - Grand Cayman Branch             Date: October 26, 200l

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

Agreed to and accepted by:

NEWARK FINANCIAL INC.

By: /s/                                            By: /s/
   --------------------------------                   --------------------------
   Name:                                              Name:
   Title:                                             Title:

VOTORANTIM CELULOSE E PAPEL S/A

By: /s/                                               By: /s/
   --------------------------------                      -----------------------
   Name:                                              Name:
   Title:                                             Title:

<PAGE>

                              LOAN ADVANCE REQUEST
                              --------------------

Date: October 26, 2001

Banco Bradesco S.A. Grand Cayman Branch
Grand Cayman

Attn: Mr. Luis Fernando O. Silva
      General Manager

Dear Sir,

Re: Loan Advance Request under the Loan Agreement dated October 26, 2001 between
    Newark Financial Inc. (the "Borrower"), Banco Bradesco S.A. Grand Cayman
    Branch (the "Lender") and Votorantim Celulose e Papel S/A (the "Guarantor").

According to the Section 2 of the above-mentioned Loan Agreement and subject to
the conditions thereunder and under the Promissory Note, referred to in the Loan
Agreement, we hereby request the disbursement of the following Loan Advance.

Amount             : US$l00,000,000.00
Disbursement Date  : October 29, 200l
Maturity Date      : February 26, 2002
Tenor              : 120 Days
Interest Rate      : LIBOR + 2.35%

Please credit the amount of the corresponding Loan Advance to our Account
Number 36787212 with Citibank NY, pursuant to the Loan Agreement, under advice
to us. At maturity date we will pay to Bank of America N.A. - New York Branch,
ABA 026009593 account no. 6550352026 in favor of Banco Bradesco - Grand Cayman
Branch both Principal and Interest payments for this Loan Advance.

Sincerely,

NEWARK FINANCIAL INC.

By: /s/
    ----------------------------
    Name:
    Title:

<PAGE>

                                 PROMISSORY NOTE
                                 ---------------

US$100,000,000.00                                         Date: October 29, 200l

FOR VALUE RECEIVED, Newark Financial Inc. (the "Borrower"), a corporation duly
organized and existing under the laws of the British Virgin Islands, with
its principal offices located at Vanterpool Plaza, 2nd floor, Wickhams Cay I,
Road Town, Tortola, British Virgin Islands, hereby unconditionally promises to
pay the principal sum of US$100,000,000.00 (One Hundred Million United States
Dollars) or the aggregate unpaid principal sum of all amounts outstanding
pursuant to the Loan Agreement (as defined below), whichever is due, on demand,
in lawful money of the United States of America and in immediately available
funds, to the order of Banco Bradesco S.A. - Grand Cayman Branch (the "Lender")
with offices located at Ansbacher House 3rd Floor, Jennett Street, Grand Cayman,
Cayman Islands, B.W.I.

The Borrower shall pay interest on the unpaid principal amount of Loan Advance
from the date of such Loan Advance until the date such Loan Advance is paid to
the Lender at the sum of (a) the LIBO Rate as defined below plus (b) 2.35% (two
point thirty-five percent) per annum (the "Interest Rate"), calculated on the
basis of a 360 day year for the actual number of days elapsed from and
including the Disbursement Date to and excluding the due date (whether at the
Maturity Date, demand, acceleration or otherwise). Accrued interest on the Loan
Advance shall be payable on the due date (whether at the Maturity Date, demand,
acceleration or otherwise) thereof. The Lender may in its sole discretion make
loans at, below, or above such Interest Rate.

"LIBO Rate": Shall mean for purposes of this Agreement, in each case, the rate
quoted by the London market, at approximately 11:OO a.m. London time (or as
soon thereafter as practicable) on the date two (02 business Days prior to the
Disbursement Date and reported on the page designated as LIBOR01 (British
Bankers Association Interbank settlement Rates) in the Reuters system for the
offering of United States Dollar Deposits with a term equal to the tenor of the
relevant Loan, or in the event such page is not available for the date in
question, the page designated as BBAM (British Bankers Association Official
BBA LIBOR Fixings) in the Bloomberg system.

Any amount due by the Borrower and the Guarantor hereunder not paid when due
(whether by maturity, demand, acceleration, default, or otherwise) shall bear
interest from the due date to the date it is paid in full at the sum of (a) the
Interest Rate (whether at the Maturity Date, demand, acceleration or otherwise)
plus (b) 3.0000% (three percent) on the basis of a year of 360 days, for the
actual number of days from and including the due date to and excluding the date
of payment, payable on demand.

The Borrower agrees to pay all the evidenced costs and expenses incurred by the
Lender (including the reasonable fees and disbursements of counsel) in the
enforcement by the Lender of its rights, or the collection by the Lender of any
obligations owing to it by the Borrower or by the Guarantor pursuant to this
Note or the Loan Agreement.

All repayments of principal and payments of interest, fees, expenses and any
other amounts due by the Borrower to the Lender hereunder or under the Loan
Agreement shall be made by wire transfer in lawful money of the United States
of America to Bank of America N.A. - New York Branch, ABA no. 026009593
account no. 65503-52026 in favor of Banco Bradesco S.A. - Grand Cayman Branch,
in same day funds, without set-off or counterclaim of any kind, free and clear
of and without deduction for any and all present and future taxes, levies,
duties, charges, fees, withholding whatsoever ("Taxes"), all of which, if
imposed asserted, or assessed, shall be for the account of the Borrower and/or
the Guarantor, and the Borrower and/or the Guarantor shall provide the Lender
with documentary evidence, sufficient and acceptable to the Lender, of payment
of all Taxes, if requested.

Upon the happening of any of the following events, each of which shall
constitute an Event of Default, all liabilities of the Borrower and/or the
Guarantor to the Lender including the entire unpaid principal of Loan Advance
and of this Note and accrued interest, less any unearned interest and any
interest in excess of the maximum allowed by the governing law and rebates
required by law, shall immediately or thereafter, at the option of the Lender,
become due and payable: a) any representation and warranty set forth in Section
13 of the Loan Agreement shall prove to have been false or misleading as of the
time made; b) any default in the payment when due of the principal amount of
any Loan Advance hereunder or any other amount payable hereunder or under the
Note either by the Borrower

<PAGE>

or the Guarantor (as defined in the Loan Agreement); c) the Borrower and/or the
Guarantor shall file a voluntary petition for bankruptcy or a voluntary petition
or an answer seeking reorganization in a proceeding under any applicable
bankruptcy or insolvency law (as now or hereafter in effect) or an answer
admitting the material allegations of a petition filed against the Borrower
and/or the Guarantor in any such proceeding, or the Borrower and/or the
Guarantor shall by voluntary petition, answer or consent, seek relief under the
provisions of any now existing or future bankruptcy, insolvency or other similar
law providing for the liquidation, reorganization or winding-up of corporations,
or providing for an agreement, composition, extension or adjustment with its
creditors (including "concordata"); or d) a receiver, trustee, liquidator or
custodian of the Borrower and/or the Guarantor or of a substantial part of their
property shall be appointed by court order, or the Borrower or Guarantor shall
become insolvent however such insolvency shall be determined, in the sole
discretion of the Lender, or the Borrower and/or the Guarantor shall be
adjudicated bankrupt or insolvent, or any of their properties shall be
sequestered by court order, or a petition shall be filed against the Borrower
and/or the Guarantor under any bankruptcy, reorganization, arrangement,
insolvency, readjustment of debt (including "concordata"), dissolution or
liquidation law of any jurisdiction, whether now or hereafter in effect, or the
Guarantor (as defined in the Loan Agreement) should cease to exist, or become
incapacitated as determined by the Lender in its sole discretion.

This Promissory Note shall be governed by and construed in accordance with the
internal laws of the State of New York, without regard to the principles of
choice of laws of New York State. The Borrower and the Guarantor hereby
irrevocably: a) submits to the non-exclusive jurisdiction of any New York State
court or U.S. Federal Court in New York City with respect to any suit, action or
proceeding arising out of or relating hereto; b) agrees that all claims with
respect to such suit, action or proceeding may be heard and determined in such
New York State or U.S. Federal court; c) waives, to the fullest possible extent,
the defense of an inconvenient forum; d) consents to service or process upon it
by mailing or delivering such service to it at its address above, or by any
other method permitted by law; e) agrees that a final judgment in any such suit,
action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law. To
the extent that either the Borrower and/or guarantor has or hereafter may
acquire any immunity (sovereign or otherwise) from any legal action, suit, or
legal process (whether service or notice, attachment prior to judgment,
attachment in aid of execution of judgment, execution of judgment of otherwise)
with respect to itself or any of its property, whether or not held for its own
account, the Borrower and the Guarantor hereby irrevocably and unconditionally
waives and agrees not to plead or claim any such immunity in respect of its
obligations under this Promissory Note. The Borrower and the Guarantor hereby
waives trial by jury.

This Promissory Note is the Note referred to in Section 10 of that certain Loan
Agreement between the Lender, the Borrower and the Guarantor (as defined in that
Loan Agreement dated October 26, 2001 (the "Loan Agreement")). Capitalized terms
in this Note, unless otherwise defined herein, shall have the same meaning as
defined to them in the Loan Agreement.

NEWARK FINANCIAL INC.                                    Date: October 29, 200l

By: /s/                                             By: /s/
    -----------------------                             -----------------------
    Name:                                               Name:
    Title:                                              Title:

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