Document:

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                                                                     EXHIBIT 4.7

                       AMENDMENT FIVE TO AGENTED REVOLVING
                         CREDIT AND TERM LOAN AGREEMENT

      This Amendment Five to Agented Revolving Credit and Term Loan Agreement
("Amendment") is dated effective February 28, 2005, among ORCHIDS PAPER PRODUCTS
COMPANY, a Delaware corporation ("Orchids"), ORCHIDS ACQUISITION GROUP, INC., a
Delaware corporation ("OAG") ("Orchids" and "OAG" are referred to herein,
separately and collectively, as "Borrower"), and BANK OF OKLAHOMA, N.A. ("BOK")
and INTERNATIONAL BANK OF COMMERCE (F/K/A LOCAL OKLAHOMA BANK) ("IBC") (BOK and
IBC are referred to herein individually as a "Bank" and collectively as the
"Banks"), and BANK OF OKLAHOMA, N.A., as agent for the Banks hereunder (in such
capacity, "Agent").

                                    RECITALS

      A. Reference is made to the Agented Revolving Credit and Term Loan
Agreement by and among Orchids, Banks and Agent, dated October 15, 2002 and
amended October 14, 2003, January 14, 2004, March 1, 2004, and July 19, 2004,
among Borrower and Banks (as amended, the "Credit Agreement"), pursuant to which
currently exists (i) an $11,764,819.37 term loan; and (ii) a $5,000,000
revolving line of credit. Terms used herein shall have the meanings given in the
Credit Agreement, unless otherwise defined herein.

      B. Borrower has requested that Banks extend the Termination Date of the
$5,000,000 revolving line of credit to February 28, 2007; and Banks have agreed
to Borrower's request, subject to the terms and conditions of this Amendment.

                                    AGREEMENT

      NOW, THEREFORE, in consideration of the representations and warranties
contained herein and for valuable consideration received, the parties agree to
the following:

      1. Amendments to the Credit Agreement. The Credit Agreement is hereby
amended as follows:

            1.1. Section 1.34 ("LIBOR Margin") is hereby amended to evidence
      that the heading "Ratio of Funded Debt to Cash Flow" in the first column
      and row of the grid shall now mean and read "Ratio of Funded Debt to
      EBITDA."

            1.2. Section 1.57 ("Prime Rate Margin") is hereby amended to
      evidence that the heading "Ratio of Funded Debt to Cash Flow" in the first
      column and row of the grid shall now mean and read "Ratio of Funded Debt
      to EBITDA."

            1.3. The last sentence of Section 1.62.10 ("Qualified Receivables")
      is hereby amended as follows:

                 "Notwithstanding the foregoing, but subject to formal written
                 approval of the Banks, the accounts receivable of Dollar
                 General Store and Family Dollar (or their respective
                 successors) shall be included as Qualified Receivables up to
                 40% and 20%, respectively, of total accounts receivable, and
                 any amounts over 40% or 20%, respectively, will be excluded
                 from the Borrowing Base unless specifically waived in writing
                 in each instance by the Banks in their sole discretion."

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            1.4. Section 1.66 ("Termination Date") is hereby amended to evidence
      that the Termination Date shall now mean and read "February 28, 2007."

            1.5. Section 8.1 (Funded Debt to EBITDA) is hereby amended to
      evidence that the words "until December 31, 2005, and 3.5 to 1 thereafter"
      are hereby deleted.

      2. Conditions Precedent. This Amendment and each Bank's commitments
hereunder are conditioned upon satisfaction of the following at or before
closing.

            2.1. Borrower shall execute and deliver to Banks this Amendment.

            2.2. Borrower shall execute and deliver to Banks the Line Notes, set
      forth as Schedules "2.2(a)" and "2.2(b)" hereto. These Notes shall serve
      as replacements for the Line Notes dated March 1, 2004, and set forth on
      Schedules 1.74(a) and 1.74(b) to the Credit Agreement.

            2.3. Borrower shall provide any and all documents, agreements and
      instruments related to this transaction, reasonably requested by the
      Banks.

      3. Borrower Ratification. Each Borrower hereby ratifies and confirms the
Credit Agreement, and all instruments, documents and/or agreements executed
and/or delivered by Borrower to Bank in connection therewith, and each Borrower
represents to Banks that: (i) the Loan Documents remain in full force and
effect; (ii) all representations and warranties made thereunder are true and
correct as of the date hereof; (iii) no Subsidiary of Borrower has been created
or acquired which would be subject to Section 6.12 of the Credit Agreement; and
(iv) no Event of Default exists or will result from the execution of this
Amendment.

      4. Governing Law and Binding Effect. This Amendment shall be governed by
and construed in accordance with the laws of the State of Oklahoma, and shall
inure to the benefit of and be binding upon the parties hereto, their successors
and assigns.

      5. Costs, Expenses and Fees. Borrower agrees to pay all costs, expenses
and fees incurred by the Banks or otherwise in connection herewith, including,
without limitation, all reasonable attorney fees, costs and expenses of Riggs,
Abney, Neal, Turpen, Orbison & Lewis.

      6. Multiple Counterparts. This Amendment may be executed in any number of
counterparts, and all the counterparts taken together shall be deemed to
constitute one and the same instrument.

      7. Further Assurances. Borrower will immediately execute and deliver to
the Banks upon request all such other and further instruments as may be required
or desired by the Banks from time to time in compliance with or in
accomplishment of the covenants and agreements of Borrower made in this
Amendment and such other instruments and documents referred to or mentioned
herein, all as may be necessary or appropriate in connection therewith.

                           [Signature Pages to Follow]

                                       2
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      IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed.

                                        "Borrower"

                                        ORCHIDS PAPER PRODUCTS COMPANY

                                        By /s/ Keith R. Schroeder
                                           -------------------------------------
                                           Keith R. Schroeder,
                                           Chief Financial Officer

                                        ORCHIDS ACQUISITION GROUP, INC.

                                        By /s/ Keith R. Schroeder
                                           -------------------------------------
                                           Keith R. Schroeder,
                                           Executive Vice President

                                        BANK OF OKLAHOMA, N.A.,
                                        as a Bank and Agent

                                        By /s/ Stephen R. Wright
                                           -------------------------------------
                                           Stephen R. Wright,
                                           Senior Vice President

                                        INTERNATIONAL BANK OF COMMERCE
                                        (F/K/A LOCAL OKLAHOMA BANK), as a Bank

                                        By /s/ Gina Volturo
                                           -------------------------------------
                                           Gina Volturo,
                                           Senior Vice President

                                       3<PAGE>

                                                                     EXHIBIT 4.8

THIS SUBORDINATED DEBENTURE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE "ACT"), OR ANY APPLICABLE STATE SECURITIES LAWS AND
ACCORDINGLY MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE
OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR PURSUANT TO AN EXEMPTION
THEREFROM, THE AVAILABILITY OF WHICH IS TO BE ESTABLISHED TO THE SATISFACTION OF
THE COMPANY.

ALL INDEBTEDNESS EVIDENCED HEREBY AND REFERENCED HEREIN IS SUBORDINATED TO THE
PRIOR PAYMENT IN FULL OF ALL INDEBTEDNESS OWED TO BANK OF OKLAHOMA, N.A. AND
LOCAL OKLAHOMA BANK, N.A., UNDER THE TERMS AND CONDITIONS OF THAT CERTAIN
SUBORDINATION AGREEMENT DATED MARCH 1, 2004 (OR ANY SUCCESSOR AGREEMENT WHICH
REPLACES AND REFERENCES SUCH AGREEMENT).

                         ORCHIDS ACQUISITION GROUP, INC.

                           12% SUBORDINATED DEBENTURE
                                DUE MARCH 1, 2009

$_________                                            Issue Date:  March 1, 2004

      THIS SUBORDINATED DEBENTURE ("Debenture") is made as of the date stated
above by ORCHIDS ACQUISITION GROUP, INC., a Delaware corporation (the
"Company"), to the order of ___________________________ (together with his, her
or its successors and permitted assigns, the "Holder").

      This Debenture is being issued by the Company pursuant to a Subscription
Agreement by and between the Company and Holder (the "Subscription Agreement")
in connection with the Company's offering of Units, each Unit consisting of: (1)
a Debenture in the principal amount of $1,000; and (2) a five-year warrant to
purchase 14 shares of the Company's common stock at an exercise price of $10.00
per share (the "Warrant"), all as further described in the Company's Offering
Memorandum dated February 11, 2004 as the same may from time to time be amended,
supplemented or otherwise modified from time to time (the "Memorandum").
Holder's rights and the Company's obligations hereunder are subject to the
provisions of the Subscription Agreement. Capitalized terms used herein without
definition shall have the meaning ascribed to such terms in the Subscription
Agreement and the Memorandum.

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                                   ARTICLE I

                                    PAYMENT

      FOR VALUE RECEIVED, the Company hereby promises to pay to the order of
Holder, the principal sum of ______________________ Dollars ($_________), in
lawful money of the United States of America, together with interest thereon
from the date hereof as follows:

      1.1 Interest. Subject to the provisions of Section 1.3 hereof, commencing
on the date hereof and continuing until repayment in full of all Amounts Payable
(defined below) hereunder, the unpaid principal amount outstanding from time to
time under this Debenture shall bear interest at a rate of twelve percent
(12.00%) per annum (the "Interest Rate"). All interest calculated hereunder
shall be computed on the basis of a three hundred sixty (360) day year and
calculated for the actual number of days elapsed

      1.2 Payment. The term "Amounts Payable" shall mean all principal, interest
thereon, and fees, costs, expenses or any other amounts due from the Company
under this Debenture, and all claims against or liabilities of the Company in
respect of this Debenture. The principal amount, together with the interest
thereon at the Interest Rate, shall be payable as follows:

          (a) Subject to Section 2.2, interest only on the unpaid principal
amount shall be due and payable quarterly, in arrears, on each May 31, August
31, November 30, and February 28 of each year until March 1, 2009 (the "Maturity
Date") on which day all principal then remaining unpaid, all accrued but unpaid
interest and all other Amounts Payable shall be paid in full. If any payment of
principal or interest on this Debenture shall become due on a Saturday, Sunday
or legal holiday under the laws of the State of New York, such payment shall be
made on the next succeeding business day.

          (b) All payments received hereunder shall be applied first to the
payment of any fees, costs, expenses or charges payable hereunder, then to
interest due and payable, with the balance applied to principal.

          (c) All amounts of principal and interest payable hereunder shall be
paid in lawful money of the United States of America by check, wire or bank
transfer of immediately available funds to such address or account as is
designated by Holder in writing from time to time.

      1.3 Prepayments. The Company reserves the right to prepay, without premium
or penalty, any unpaid principal of this Debenture, in whole or in part. Any
payment of principal of this Debenture shall be accompanied by the payments of
all accrued and unpaid interest and any other amounts then due hereunder. Any
amounts received in connection with such prepayment shall apply (i) first, to
the payment of any fees, costs, expenses or charges payable hereunder, (ii)
second, to accrued and unpaid interest, and (iii) third, to principal.

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                                   ARTICLE II

                              DEFAULT AND REMEDIES

      2.1 Events of Default. The occurrence of any one or more of the following
events shall constitute an "Event of Default":

          (a) failure to make payment on or before the date any payment of
principal or interest is due hereunder, and such default shall continue for a
period of ten (10) days after written notice from Holder to the Company thereof;
or

          (b) failure to perform or observe any other covenant, promise or
agreement contained herein within thirty (30) days after written notice from
Holder to the Company (or such longer period as shall be reasonably necessary to
cure such failure provided the Company promptly commences such cure within said
thirty (30) day period and thereafter diligently pursues such cure to
completion); or

          (c) the Company dissolves, adopts or carries out a plan of
liquidation, sells in bulk any of its assets pursuant to a plan of liquidating
its business, or redeems or acquires any of its outstanding stock (other than
common stock or options acquired from employees or directors upon the
termination of their relationship with the Company); or

          (d) the Company becomes insolvent or makes an assignment for the
benefit of its creditors; or

          (e) the Company files (or consents to the filing) of any petition or
complaint pursuant to federal or state bankruptcy or insolvency laws seeking the
appointment of a receiver or trustee for any of its assets, seeking the
adjudication of the Company as a bankrupt or insolvent, seeking an "order for
relief" under such statutes, or seeking a reorganization of or a plan of
arrangement for the Company; or (b) any such petition is filed concerning the
Company or any of its assets and is not dismissed within thirty (30) days after
the filing thereof.

      2.2 Acceleration of Maturity. If an Event of Default occurs, then upon the
written notice of Holder in the case of an Event of Default under Sections
2.1(a), (b) or (c) above, and without any action taken by Holder in the case of
an Event of Default under Sections 2.1(d) or (e) above, the entire principal
balance under this Debenture, together with interest accrued thereon and all
other Amounts Payable (including all sums expended by Holder in connection with
such Event of Default), shall become immediately due and payable.

      2.3 Default Interest Rate. While any Event of Default exists, interest on
the unpaid principal balance of the Debenture from time to time and any other
amounts due hereunder shall accrue at a rate per annum ("Default Interest Rate")
equal to fifteen percent (15%), and the Company shall pay such interest upon
demand, or if no such demand is made, then at the times payments of interest
and/or principal are due as provided herein. All unpaid interest that has
accrued under this Debenture, whether prior (at the Interest Rate) or subsequent
(at the Default Interest Rate) to the occurrence of the Event of Default, shall
be paid at the time of, and as a condition precedent to, the curing of the Event
of Default.

                                       3

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      2.4 Attorneys' Fees. If any counsel is employed, retained or engaged (a)
upon the occurrence of an Event of Default, to collect the Amounts Payable or
any part thereof, whether or not legal proceedings are instituted by Holder, (b)
to represent Holder in any bankruptcy, reorganization, receivership, or other
proceedings affecting creditors' rights and involving the Company or a claim
under this Debenture, or (c) to represent Holder in any other proceedings in
connection with this Debenture, then the Company shall pay on demand to Holder
all related reasonable attorneys' fees and expenses as a part of the Amounts
Payable.

      2.5 Holder's Remedies. Upon the occurrence of an Event of Default, Holder,
at its option, may proceed to exercise any other rights and remedies available
to Holder under this Debenture and to exercise any other rights and remedies
against the Company or with respect to this Debenture which Holder may have at
law, at equity or otherwise. Holder's remedies under this Debenture shall be
cumulative and concurrent and may be pursued singly, successively, or together
against the Company. Holder may resort to every other right or remedy available
at law or in equity without first exhausting the rights and remedies contained
herein, all in Holder's sole discretion. Failure of Holder, for any period of
time or on more than one occasion, to exercise its option to accelerate the
Maturity Date shall not constitute a waiver of that right at any time during the
Event of Default or in the event of any subsequent Event of Default. Holder
shall not by any other omission or act be deemed to waive any of its rights or
remedies unless such waiver is written and signed by an officer of Holder, and
then only to the extent specifically set forth. A waiver in connection with one
event shall not be construed as continuing or as a bar to or waiver of any right
or remedy in connection with a subsequent event.

                                  ARTICLE III

                                 SUBORDINATION

      3.1 Amounts Payable Subordinated to Senior Indebtedness. Notwithstanding
any provision of this Debenture to the contrary, the Company covenants and
agrees, and the Holder by acceptance of this Debenture likewise covenants and
agrees, that all Amounts Payable shall be subordinated to the prior payment in
full, in cash or cash equivalents satisfactory to the holders of the Superior
Obligations and Superior Liens, as those terms are defined in the Subordination
Agreement, dated March 1, 2004, to and for the benefit of Bank of Oklahoma, N.A.
and Local Oklahoma Bank, N.A. (the "Banks") and Bank of Oklahoma, N.A., as Agent
for the Banks.

                                   ARTICLE IV

                                  OTHER MATTERS

      4.1 Waivers. The Company waives presentment for payment, protest, demand
(other than as provided above), notice of protest, notice of dishonor and notice
of nonpayment, and expressly agrees that this Debenture, or any payment
hereunder, may be extended from time to time by the Holder without in any way
affecting its liability hereunder.

      4.2 Interpretation. The headings of sections and paragraphs in this
Debenture are for convenience of reference only and shall not be construed in
any way to limit or define the content, scope, or intent of the provisions. The
use of singular and plural nouns, and masculine,

                                       4

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feminine, and neuter pronouns, shall be fully interchangeable, where the context
so requires. If any provision of this Debenture, or any paragraph, sentence,
clause, phrase, or word, or the application thereof, in any circumstances, is
adjudicated to be invalid or unenforceable, the validity or enforceability of
the remainder of this Debenture shall be construed as if such invalid or
unenforceable part were never included.

      4.3 Notices. Any notice that Holder or the Company may desire or be
required to give to the other shall be in writing and shall be mailed or
delivered to the intended recipient at its address set forth below or at such
other address as such party may in writing designate to the other:

          Holder:

                       Attention: ______________

          the Company: Orchids Acquisition Group, Inc.
                       c/o Weatherly Group, LLC
                       1370 Avenue of the Americas, 31st Floor
                       New York, NY 10019
                       Attention: Douglas Hailey

      Except for any notice required under applicable law to be given in another
manner, any notices required or given under this Debenture shall be in writing
and shall be deemed properly given and shall be effective upon either: (i) five
(5) days after their deposit in the United States mail postage prepaid, (ii) the
next business day after their deposit with a nationally recognized overnight
courier service, or (iii) on the day of their personal delivery if delivered to
the undersigned at the address designated below or at such other address as is
specified in writing by any party to the other pursuant to the notice provisions
hereof. Personal delivery to a party or to any officer, agent or employee at
such address shall constitute receipt. Rejection or other refusal to accept or
inability to deliver because of changed address of which no notice has been
received shall also constitute receipt.

      Further, all payments to be made to Holder hereunder shall be made to the
above address, or such other address Holder may notify the Company of from time
to time. Any party hereto may change the address to which notices are given by
notice as provided herein.

      4.4 Interest Laws. Holder and the Company intend to comply with the laws
of the State of Delaware with regard to the rate of interest charged.
Notwithstanding any provision to the contrary in this Debenture, no such
provision shall require the payment or permit the collection of any amount
("Excess Interest") in excess of the maximum amount of interest permitted by law
to be charged for the use or detention, or the forbearance in the collection, of
all or any portion of the Amounts Payable. If any Excess Interest is provided
for, or is adjudicated to be provided for, in this Debenture, then in such event
(a) the provisions of this paragraph shall govern and control; (b) the Company
shall not be obligated to pay any Excess Interest; (c) any Excess Interest that
Holder may have received shall, at the option of Holder, be (i) applied as a
credit against the then outstanding principal balance of the Debenture, accrued
and unpaid

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interest thereon not to exceed the maximum amount permitted by law, or both,
(ii) refunded to the payor, or (iii) so applied or refunded in any combination
of the foregoing; (d) the applicable interest rate shall be automatically
subject to reduction to the maximum lawful contract rate allowed under the
applicable usury laws of the State, and this Debenture shall be deemed to have
been, and shall be, reformed and modified to reflect such reduction in the
applicable interest rate; and (e) the Company shall not have any action against
Holder for any damages whatsoever arising out of the payment or collection of
Excess Interest.

      4.5 Transferability. This Debenture is transferable only by surrender at
the principal office of the Company, duly endorsed or accompanied by a written
instrument of transfer duly executed by the registered holder of this Debenture
or its attorney duly authorized in writing. The Company may treat the person in
whose name this Debenture is registered as the owner hereof for the purpose of
receiving payment and for all other purposes, and the Company shall not be
affected by any notice to the contrary.

      4.6 Subsequent Holders. Upon any endorsement, assignment, or other
transfer of this Debenture by Holder or by operation of law, the term "Holder"
shall mean such endorsee, assignee, or other transferee or successor to Holder
then becoming the holder of this Debenture.

      4.7 Subsequent Obligors. This Debenture shall be binding on all persons
claiming under or through the Company. The term "the Company" as used herein,
shall include the respective successors and permitted assigns of the Company.
This Debenture may not be sold, assigned or transferred, by operation of law or
otherwise, without the prior written consent of Holder.

      4.8 Governing Law. This Debenture shall be governed by and construed in
accordance with the domestic laws of the State of Delaware without giving effect
to any choice or conflict of law provision or rule (whether of the State of
Delaware or any other jurisdiction) that would cause the application of the laws
of any jurisdiction other than the State of Delaware.

      4.9 Severability. Any term or provision of this Debenture that is invalid
or unenforceable in any situation in any jurisdiction shall not affect the
validity or enforceability of the remaining terms and provisions hereof or the
validity or enforceability of the offending term or provision in any other
situation or in any other jurisdiction.

      IN WITNESS WHEREOF, the Company has caused this Debenture to be executed
as of the date first stated above.

                                           ORCHIDS ACQUISITION GROUP, INC.

                                           By:
                                               ---------------------------
                                               Douglas Hailey, President

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