<PAGE>
FIRST AMENDMENT
FIRST AMENDMENT (this "Amendment"), dated as of September 11,
2000, among PACKAGING CORPORATION OF AMERICA, a Delaware corporation (the
"BORROWER"), the various lenders party to the Credit Agreement referred to below
(the "LENDERS"), J.P. MORGAN SECURITIES INC. and DEUTSCHE BANK SECURITIES INC.,
as Co-Lead Arrangers and Joint Book Runners (in such capacity, each a "CO-LEAD
ARRANGER" and, collectively, the "CO-LEAD ARRANGERS"), DEUTSCHE BANK SECURITIES
INC., as Syndication Agent (in such capacity, the "SYNDICATION AGENT"), GOLDMAN
SACHS CREDIT PARTNERS L.P., as Documentation Agent (in such capacity, the
"DOCUMENTATION AGENT") and MORGAN GUARANTY TRUST COMPANY OF NEW YORK, as
Administrative Agent (in such capacity, the "ADMINISTRATIVE AGENT"). All
capitalized terms used herein and not otherwise defined herein shall have the
respective meanings provided such terms in the Credit Agreement (as defined
below).
W I T N E S S E T H:
WHEREAS, the Borrower, the Lenders, the Co-Lead Arrangers, the
Syndication Agent, the Documentation Agent and the Administrative Agent are
party to an Amended and Restated Credit Agreement, dated as of June 29, 2000
(the "CREDIT AGREEMENT"); and
WHEREAS, the Borrower and the undersigned Lenders wish to
provide the amendment provided for herein;
NOW, THEREFORE, it is agreed:
1. The definition of "AVAILABLE J.V. BASKET AMOUNT" is hereby
amended by deleting the reference to "$25,000,000" contained therein and
inserting "$50,000,000" in lieu thereof.
2. The Borrower hereby represents and warrants that (i) no
Default or Event of Default exists as of the Amendment Effective Date (as
defined below) after giving effect to this Amendment and (ii) on the Amendment
Effective Date, both before and after giving effect to this Amendment, all
representations and warranties (other than those representations made as of a
specified date) contained in the Credit Agreement and in the other Credit
Documents are true and correct in all material respects.
3. This Amendment shall become effective on the date (the
"Amendment Effective Date") when the Required Lenders and the Borrower shall
have signed a counterpart hereof (whether the same or different counterparts)
and shall have delivered (including by way of facsimile transmission) the same
to the Administrative Agent at its Notice Office;
4. This Amendment is limited as specified and shall not
constitute a modification, acceptance or waiver of any other provision of the
Credit Agreement or any other Credit Document.
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5. This Amendment may be executed in any number of
counterparts and by the different parties hereto on separate counterparts, each
of which counterparts when executed and delivered shall be an original, but all
of which shall together constitute one and the same instrument. A complete set
of counterparts shall be lodged with the Borrower and the Administrative Agent.
6. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK.
***
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<PAGE>
IN WITNESS WHEREOF, each of the parties hereto has caused a
counterpart of this Amendment to be duly executed and delivered as of the date
hereof.
PACKAGING CORPORATION OF AMERICA
By: /s/ Pamela A. Larson
----------------------------------------
Name: Pamela A. Larson
Title: Treasurer
MORGAN GUARANTY TRUST COMPANY OF NEW YORK,
Individually and as
Administrative Agent
By: /s/ Colleen Galle
----------------------------------------
Name: Colleen Galle
Title: Vice President
BANKERS TRUST COMPANY, Individually
By: /s/ Robert R. Telesca
----------------------------------------
Name: ROBERT R. TELESCA
Title: ASSISTANT VICE PRESIDENT
GOLDMAN SACHS CREDIT PARTIES L.P. as
Documentation Agent
By:
----------------------------------------
Name:
Title:
<PAGE>
ABN AMRO BANK N.V. ABN AMRO BANK N.V.
By: /s/ Angela Reitz By: /s/ Laurie D. Flom
------------------------- ----------------------------------------
Name: Angela Reitz Name: Laurie D. Flom
Title: Vice President Title: Group Vice President
BANK OF AMERICA, N.A.
By: /s/ Michael J. Balok
----------------------------------------
Name: Michael J. Balok
Title: Managing Director
THE GOVERNOR AND COMPANY OF THE BANK OF IRELAND
By: /s/ Geraldine Hannon /s/ Mary [ILLEGIBLE]
----------------------------------------
Name: Geraldine Hannon Mary [ILLEGIBLE]
Title: Associate Director Senior [ILLEGIBLE]
BANK OF MONTREAL
By:
----------------------------------------
Name:
Title:
<PAGE>
THE BANK OF NOVA SCOTIA
By:
----------------------------------------
Name:
Title:
BANK OF SCOTLAND
By: /s/ Joseph Fratus
----------------------------------------
Name: JOSEPH FRATUS
Title: VICE PRESIDENT
BANK ONE, N.A. (CHICAGO MAIN OFFICE)
By: /s/ Erik C. Back
----------------------------------------
Name: ERIK C. BACK
Title: VICE PRESIDENT
BW CAPITAL MARKETS, INC.
By: /s/ Adele Savoretti /s/ Thomas A. Lowe
----------------------------------------
Name: Adele Savoretti THOMAS A. LOWE
Title: Vice President VICE PRESIDENT
COBANK, ACB
By: /s/ Brian J. Klatt
----------------------------------------
Name: Brian J. Klatt
Title: Vice President
<PAGE>
CREDIT INDUSTRIEL ET COMMERCIAL
By: /s/ Sean Mounier /s/ Anthony Rock
----------------------------------------
Name: Sean Mounier Anthony Rock
Title: First Vice President Vice President
CREDIT LYONNAIS NEW YORK BRANCH
By: /s/ R. Hurst
----------------------------------------
Name: Rod Hurst
Title: Vice President
CYPRESSTREE INVESTMENT FUND, LLC
BY: CYPRESSTREE INVESTMENT MANAGEMENT
COMPANY, INC. ITS MANAGING MEMBER
By: /s/ Jonathan D. Sharkey
----------------------------------------
Name: JONATHAN D. SHARKEY
Title: PRINCIPAL
CYPRESSTREE INVESTMENT MANAGEMENT COMPANY,
INC. as Attorney-in-Fact and on behalf of
FIRST ALLMERICA LIFE INSURANCE COMPANY as
Portfolio Manager
By: /s/ Jonathan D. Sharkey
----------------------------------------
Name: JONATHAN D. SHARKEY
Title: PRINCIPAL
<PAGE>
THE DAI-ICHI KANGYO BANK, LTD.
By: /s/ [ILLEGIBLE]
----------------------------------------
Name: [ILLEGIBLE]
Title: General Manager
ERSTE BANK DER OESTERREICHSCHEN SPARKASSEN
By: /s/ Rima Terradista /s/ John S. Runnion
----------------------------------------
Name: RIMA TERRADISTA John S. Runnion
Title: Vice President First Vice President
Erste Bank New York
Branch
FIRST UNION NATIONAL BANK
By: /s/ J. Andrew [ILLEGIBLE]
----------------------------------------
Name: J. Andrew [ILLEGIBLE]
Title: Vice President
FLEET NATIONAL BANK
By: /s/ CB Moore
----------------------------------------
Name: CB Moore
Title: Vice President
THE FUJI BANK, LIMITED
By: /s/ Peter L. Chinnici
----------------------------------------
Name: Peter L. Chinnici
Title: Senior Vice President & Group Head
<PAGE>
GALAXY CLO 1999-1, LTD.
By: SAI Investment Adviser, Inc.
Its Collateral Manager
By: /s/ Thomas G. Brandt
----------------------------------------
Name: Thomas G. Brandt
Title: Authorized Agent
GOLDMAN SACHS CREDIT PARTNERS, L.P.
By: /s/ Elizabeth Fischer
----------------------------------------
Name: ELIZABETH FISCHER
Title: AUTHORIZED SIGNATORY
IKB DEUTSCHE INDUSTRIEBANK AG
By: /s/ Edwin Brecht /s/ Manfred Ziway
----------------------------------------
Name: Edwin Brecht Manfred Ziway
Title: Executive Director Director
IMPERIAL BANK, A CALIFORNIA BANKING CORPORATION
By:
----------------------------------------
Name:
Title:
<PAGE>
THE INDUSTRIAL BANK OF JAPAN, LIMITED,
CHICAGO BRANCH
By: /s/ Walter R. Wolff
----------------------------------------
Name: Walter R. Wolff
Title: Joint General Manager
KEMPER FLOATING RATE FUND
By: /s/ Kelly D. Bobson
----------------------------------------
Name: Kelly D. Bobson
Title: Managing Director
KZH PONDVIEW LLC
By:
----------------------------------------
Name:
Title:
KZH CNC LLC
By: /s/ Susan Lee
----------------------------------------
Name: Susan Lee
Title: Authorized Agent
KZH CYPRESSTREE-1 LLC
By: /s/ Kimberly Rowe
----------------------------------------
Name: KIMBERLY ROWE
Title: AUTHORIZED AGENT
KZH CRESCENT-3 LLC
By: /s/ Susan Lee
----------------------------------------
Name: Susan Lee
Title: Authorized Agent
SEQUILS IV, LTD
By: TCW Advisors, Inc. as its
Collateral Manager
By: /s/ Mark Gold
----------------------------------------
Name: Mark Gold
Title: Managing Director
SEQUILS I, LTD
By: TCW Advisors, Inc. as its
Collateral Manager
By: /s/ Mark Gold
----------------------------------------
Name: Mark Gold
Title: Managing Director
By: /s/ Jonathan Berg
----------------------------------------
Name: Jonathan Berg
Title: Assistant Vice President
<PAGE>
KZH ING-1 LLC
By:
----------------------------------------
Name:
Title:
KZH STERLING LLC
By: /s/ Susan Lee
----------------------------------------
Name: Susan Lee
Title: Authorized Agent
BANK OF SCOTLAND
By:
----------------------------------------
Name:
Title:
KZH CRESCENT LLC
By: /s/ Susan Lee
----------------------------------------
Name: Susan Lee
Title: Authorized Agent
KZH WATERSIDE LLC
By: /s/ Susan Lee
----------------------------------------
Name: Susan Lee
Title: Authorized Agent
KZH CRESCENT-2 LLC
By: /s/ Susan Lee
----------------------------------------
Name: Susan Lee
Title: Authorized Agent
LLOYDS TSB BANK PLC
By: /s/ Ian Dimmock /s/ David Rodway
----------------------------------------
Name: IAN DIMMOCK DAVID RODWAY
Title: Vice President Assistant Director
Acquisition Finance
D080 R156
KZH SOLEIL LLC
By:
------------------------------------
Name:
Title:
KZH WATERSIDE LLC
By:
------------------------------------
Name:
Title:
<PAGE>
MICHIGAN NATIONAL BANK
By: /s/ John M. [ILLEGIBLE]
----------------------------------------
Name: John M. [ILLEGIBLE]
Title: Vice President
THE MITSUBISHI TRUST AND BANKING CORPORATION
By:
----------------------------------------
Name:
Title:
MUIRFIELD TRADING LLC
By: /s/ Ann E. Morris
----------------------------------------
Name: ANN E. MORRIS
Title: ASST. VICE PRESIDENT
NATEXIS BANQUE BFCE
By: /s/ JORDAN SADLER
----------------------------------------
Name: JORDAN SADLER
Title: ASSISTANT VICE PRESIDENT
NATEXIS BANQUE BFCE
By: /s/ Frank H. Madden, Jr.
----------------------------------------
Name: FRANK H. MADDEN, JR.
Title: VICE PRESIDENT & GROUP MANAGER
NATIONAL CITY BANK
By: /s/ Jennifer L. Kofod
----------------------------------------
Name: JENNIFER L. KOFOD
Title: ACCOUNT OFFICER
<PAGE>
NORTH AMERICAN SENIOR FLOATING RATE FUND
By: CYPRESSTREE INVESTMENT MANAGEMENT COMPANY,
INC. as Portfolio Manager
By: /s/ Jonathan D. Sharkey
----------------------------------------
Name: JONATHAN D. SHARKEY
Title: PRINCIPAL
THE NORTHERN TRUST COMPANY
By:
----------------------------------------
Name:
Title:
OLYMPIC FUNDING TRUST, SERIES 1999-1
By: /s/ Ann E. Morris
----------------------------------------
Name: ANN E. MORRIS
Title: AUTHORIZED AGENT
PINEHURST TRADING, INC.
By: /s/ Ann E. Morris
----------------------------------------
Name: ANN E. MORRIS
Title: ASST. VICE PRESIDENT
PPM SPYGLASS FUNDING TRUST
By: /s/ Ann E. Morris
----------------------------------------
Name: ANN E. MORRIS
Title: AUTHORIZED AGENT
THE SAKURA BANK, LIMITED
By:
----------------------------------------
Name:
Title:
THE SUMITOMO BANK, LIMITED
By: /s/ Suresh S. Tata
----------------------------------------
Name: SURESH S. TATA
Title: SENIOR VICE PRESIDENT
SUMITOMO TRUST & BANKING CO., LTD. NEW YORK BRANCH
By: /s/ Stephen Stratico
----------------------------------------
Name: Stephen Stratico
Title: Vice President
SUMMIT BANK
By: /s/ Richard J. Banning
----------------------------------------
Name: RICHARD J. BANNING
Title: VICE PRESIDENT
<PAGE>
TORONTO DOMINION (TEXAS), INC.
By: /s/ Alva J. Jones
----------------------------------------
Name: Alva J. Jones
Title: Vice President
TRANSAMERICA BUSINESS CREDIT CORPORATION
By: /s/ Steve Guetschins
----------------------------------------
Name: Steve Guetschins
Title: SVP
VARIABLE INSURANCE PRODUCTS FUND II: ASSET
MANAGER GROWTH PORTFOLIO
By:
----------------------------------------
Name:
Title:
VARIABLE INSURANCE PRODUCTS FUND II: ASSET
MANAGER PORTFOLIO
By:
----------------------------------------
Name:
Title:
UNION BANK OF CALIFORNIA, N.A.
By: /s/ Harry G. Montgomery
----------------------------------------
Name: Harry G. Montgomery
Title: Vice President
<PAGE>
PROMETHEUS INVESTMENT FUNDING NO.1 LTD.
By: CPF Asset Advisory LP, as its Asset Manager
By: /s/ Sylvia K. Cheng
----------------------------------------
Name: Sylvia K. Cheng
Title: Director
By: /s/ Vicky S. Soo
----------------------------------------
Name: VICKY S. SOO
Title: ASSOCIATE DIRECTOR
<PAGE>
PEOPLE'S BANK
By: /s/ Walter W. Kaercher
----------------------------------------
Name: Walter W. Kaercher
Title: Vice President
SRS 2000 LLC
By: /s/ Ann E. Morris
----------------------------------------
Name: ANN E. MORRIS
Title: ASST. VICE PRESIDENT
STEIN ROE & FARNHAM CLO 1 LTD.,
By: Stein Roe & Farnham Incorporated, as
Portfolio Manager
By: /s/ James R. Fellows
----------------------------------------
Name: James R. Fellows
Title: Sr. Vice President & Portfolio Manager
<PAGE>
BANK OF CANTON OF CALIFORNIA
By: /s/ Ben C. Hom
---------------------------------------
Name: Ben C. Hom
Title: SVP & Senior Credit Officer
<PAGE>
RZB FINANCE LLC
By: /s/ Dieter Beintrexler
----------------------------------------
Name: DIETER BEINTREXLER
Title: PRESIDENT
By: /s/ Astrid Wilke
----------------------------------------
Name: Astrid Wilke
Title: Vice President
<PAGE>
SEQUILS PILGRIM-1, LTD.
By: Pilgrim Investment, Inc., as its
investment manager
By: /s/ William Nutting, Jr.
----------------------------------------
Name: WILLIAM NUTTING, JR.
Title: ASST. VICE PRESIDENT
<PAGE>
GMAC Commercial Credit, LLC
By: /s/ [ILLEGIBLE]
----------------------------------------
Name: [ILLEGIBLE]
Title: SVP
<PAGE>
WINGED FOOT FUNDING TRUST
By: /s/ Ann E. Morris
----------------------------------------
Name: ANN E. MORRIS
Title: AUTHORIZED AGENT
<PAGE>
INDOSUEZ CAPITAL FUNDING IIA, LIMITED
By: Indosuez Capital as Portfolio Advisor
By: /s/ Melissa Marano
----------------------------------------
Name: Melissa Marano
Title: Vice President
INDOSUEZ CAPITAL FUNDING IV, L.P.
By: Indosuez Capital as Portfolio Advisor
By: /s/ Melissa Marano
----------------------------------------
Name: Melissa Marano
Title: Vice President
<PAGE>
WACHOVIA BANK, N.A.
By: /s/ Debra L. Coheley
----------------------------------------
Name: DEBRA L. COHELEY
Title: SENIOR VICE PRESIDENT
For purposes of the Credit Documents to which the Subsidiary Guarantors
are party, by their respective signatures below, each Subsidiary Guarantor
hereby consents and agrees to the entering into of this Amendment and
acknowledges and affirms that the each of the Subsidiaries Guaranty and Security
Documents (as amended, modified or supplemented prior to the date hereof)
remains in full force and effect in accordance with its terms on the date hereof
and after giving effect to this Amendment:
DIXIE CONTAINER CORPORATION
By: /s/ Richard [ILLEGIBLE]
----------------------------------------
Name: Richard [ILLEGIBLE]
Title: Chief Financial Officer, Vice President
and Secretary
PCA HYDRO, INC.
By: /s/ Richard [ILLEGIBLE]
----------------------------------------
Name: Richard [ILLEGIBLE]
Title: Chief Financial Officer, Vice President
and Secretary
