Lender under the Credit Agreement referred to below

Exhibit 10.5

March 26, 2004

TO : The Bank of Nova Scotia,. As Agent and to each

Lender under the Credit Agreement referred to below

Re: Request for amendment – Interest Coverage Ratio

Dear Sirs:

Reference is made to the Credit Agreement dated as of February 5, 2003 among Cascades Inc., Cascades Boxboard Group Inc., Cascades SPG Holding Inc., Cascades Boxboard U.S. Inc., Cascades G.P.S. S.A., Cascades S.A., and Cascades Arnsberg GmbH, as Borrowers, The Bank of Nova Scotia, as Agent and the Lenders from time to time party thereto (such agreement, as amended by a first amending agreement dated March 31, 2003 and two letters of agreement dated December 17, 2003 and January 22, 2004, respectively, and as same may be further amended, supplemented or restated from time to time, is hereinafter referred to as the “Credit Agreement”).

We hereby request that Section 14.2 of the Credit Agreement be replaced, as of and from March 31, 2004, with the following Section:

“14.2 Interest Coverage Ratio

Cascades must maintain at all times, on an adjusted consolidated basis, an Interest Coverage Ratio of not
 less than:

-   2.00 : 1 until March 31, 2004;

-   1.75 : 1 from April 1, 2004 to September 30, 2004;

-   2.00 : 1 from October 1, 2004 to December 31, 2004;

-   2.25 : 1 from January 1, 2005 to March 31, 2005;

-   2.50 : 1 thereafter.”

At our annual review meeting to be held on April 8, 2004, we intend to discuss further our projections for 2004 and their impact on our Interest Coverage Ratio.

Upon execution of this Agreement, Cascades shall pay to the Agent an amendment fee of 5 basis points calculated on the aggregate of the total Commitments of the Lenders who shall have consented in writing to this Agreement on or before 12:00 noon April 22, 2004 (such fee to be distributed so such Lenders pro rata to their total Commitments).

Please indicate your consent to this amendment by signing in the space below, and kindly return same to the Agent by 12:00 noon, April 22, 2004.  Please send your response to the attention of Xxx Xxxxxx by fax at (000) 000-0000.

Upon receipt of the consent of the Majority Lenders, this amendment will be effective as of and from March 31, 2004.

Yours very truly,

CASCADES INC.

CASCADES SPG HOLDING INC.

CASCADES G.P.S. S.A.

CASCADES ARNSBERG GmbH

Per:	(s) Xxxxx Xxxxxxx
	Xxxxx Xxxxxxx
	Vice-President and Chief Financial
	Officer

(Form of consent on the following pages)

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WE AGREE TO THE ABOVE

THE BANK OF NOVA SCOTIA, as Lender			NATIONAL BANK OF CANADA, as Lender
Per:	(s) Xxxxx Xxxxx		Per:	(s) Xxxx Xxxxxxxx
	Director			Vice President and Manager
			Per:	(s) Xxxxxxx Xxxxxxx
				Assistant Vice President

CANADIAN IMPERIAL BANK OF COMMERCE, as Lender			CIBC INC., as designated Lender
Per:	(s)  Xxxxx Xxxxxx		Per:	(s) Xxxxxxxxx Xxxx
	Executive Director			Executive Director

CITIBANK, N.A. Canadian Branch, as Lender			CITICORP NORTH AMERICA, INC., as designated Lender
Per:	(s) Xxxxxxxx Xxxx		Per:	(s)  Xxxxxx X. Xxxxx
				Managing Director

BNP PARIBAS (CANADA), as Lender			BNP PARIBAS, as designated Lender
Per:	(s) Xxxxx X. Xxxx		Per:	(s) Xxxxx X. Xxxx
Per:	(s) Xxxxxxx Xxxxx		Per:	(s) Xxxxxxx Xxxxx

COMERICA BANK, as Lender			SOCIÉTÉ GÉNÉRALE (CANADA), as Lender
Per:	(s) Xxxxxx Xxxxx		Per:	(s) Xxxxx Daldoni
				(s) Xxxxxxx Xxxxxx

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XXXXXXX XXXXXXXX, as designated Lender			BANK OF MONTREAL, as Lender
Per:	(s) Xxxxx Jackiccio		Per:	(s) Xxxxx Xxxxx
	Vice President			Director

CAISSE CENTRALE XXXXXXXXXX, as Lender			THE TORONTO-DOMINION BANK, as Lender
Per:	(s) Xxxxxx Xxxxxxxx		Per:	(s) Xxxx Xxxxxxxx
Per:	(s) Xxxxxxxx Xxxxxxxx

XXXXXXX-XXXXXXXX (XXXXX) INC., as designated Lender
Per:	(s) Xxxx Xxxx
	Vice President

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