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Exhibit 10.1

SECOND AMENDMENT

        SECOND AMENDMENT (this "Amendment"), dated as of March 8, 2002, 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 JPMORGAN CHASE BANK as successor by merger to 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 (as
amended, the "Credit Agreement"); and

        WHEREAS, the parties hereto wish to amend the Credit Agreement as herein
provided;

        NOW, THEREFORE, it is agreed:

I.    Amendment

        1.    Section 8.01 of the Credit Agreement is hereby amended by deleting
in sub-paragraph (e) the text "the Available J.V. Basket Amount and".

        2.    Section 9.03 of the Credit Agreement is hereby amended by deleting
in sub-paragraph (vii) the text ", provided that the aggregate amount of
Dividends paid pursuant to this clause (vii), does not exceed $150,000,000 less
the aggregate principal amount of Senior Subordinated Notes redeemed or
repurchased pursuant to clause (z) of the proviso to Section 9.11(iii)".

        3.    Section 9.05 of the Credit Agreement is hereby amended by deleting
sub-paragraph (xii) in its entirety and inserting in lieu thereof the following
text:

        "(xii) so long as (A) there shall exist no Default or Event of Default
(both before and after giving effect to the Investment), (B) the Leverage Ratio
(both before and after giving effect to the Investment) is less than 4.00:1.00
and (C) after giving effect to the Investment, the Total Available Unutilized
Revolving Loan Commitment shall equal or exceed $50,000,000, the Borrower and
its Wholly-Owned Domestic Subsidiaries shall be permitted to make Investments in
any Joint Venture."

        4.    Section 9.11 of the Credit Agreement is hereby amended in
sub-paragraph (iii) by deleting the text "in an aggregate principal amount not
to exceed $150,000,000 less the cash Dividends paid pursuant to Section
9.03(vii)".

        5.    Section 11.01 is hereby amended by (x) deleting the definition of
"Available J.V. Basket Amount" in its entirety, and (y) deleting the definition
of "Joint Venture" in its entirety and inserting in lieu thereof the following
text:

        "Joint Venture" shall mean any Person, other than an individual or a
Wholly-Owned Subsidiary of the Borrower, (i) in which the Borrower or a
Subsidiary of the Borrower holds or acquires an ownership interest (whether by
way of capital stock, partnership or limited liability company interest, or
other evidence of ownership), (ii) in which another Person (other than the
Borrower and its Affiliates) acquires or holds a bona fide significant economic
interest (whether by way of capital stock, partnership or limited liability
company interest, or other evidence of ownership) and (iii) which is engage in a
Permitted Business, provided that a Person not engaged in a Permitted Business
shall be deemed to be a Joint Venture for purposes of this Agreement to the
extent that the aggregate amount of Investments made in all such Persons does
not exceed $10,000,000."

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        6.    Section 13.07 of the Credit Agreement is hereby amended by
deleting in sub-paragraph (a)(i) the text "Available J.V. Basket Amount,".

II.    Miscellaneous

        1.    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.

        2.    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.

        3.    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.

        4.    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.

        5.    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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        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. BARNES      

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Name: Pamela A. Barnes
Title: Treasurer
 
 
JPMORGAN CHASE BANK, as successor by
    merger to Morgan Guaranty Trust Company
    of New York, Individually and as
    Administrative Agent
 
 
By:
/s/  PETER S. PREDUN      

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Name:
Title:
 
 
GOLDMAN SACHS CREDIT PARTNERS L.P.
    as Documentation Agent
 
 
By:
/s/  ELIZABETH FISCHER            

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Name: Elizabeth Fischer
Title: Authorized Signatory
 
 
J.P. MORGAN SECURITIES INC., as Co-Lead
    Arranger and Joint Book Runner
 
 
By:
/s/  PETER S. PREDUN      

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Name:
Title:

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      DEUTSCHE BANK SECURITIES INC., as
    Co-Lead Arranger, Joint Book Runner and
    Syndication Agent
 
 
 
By:
         

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Name:
Title:
ABN AMRO BANK N.V.
 
ABN AMRO BANK N.V.
By:
/s/  KENNETH E. KOZAR      

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Name: Kenneth E. Kozar
Title: Assistant Vice President
 
By:
/s/  K. DANIEL STREIFF      

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Name: K. Daniel Streiff
Title: Group Vice President

    AIMCO CLO SERIES 2001-A
 
 
By:
 
         

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Name:
Title:
 
 
ALLSTATE LIFE INSURANCE CO.
 
 
By:
 
         

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Name:
Title:
 
 
BANK ONE, NA
 
 
By:
 
/s/  KELLY T. COTTON      

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Name: Kelly T. Cotton
Title: Managing Director
 
 
BANK OF AMERICA

 

 

By:

 

         

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Name:
Title:
 
 
BANK OF CANTON OF CALIFORNIA

 

 

By:

 

/s/  WILKIE HUI      

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Name: Wilkie Hui
Title: VP & Manager
 
 
THE GOVERNOR AND COMPANY OF THE
BANK OF IRELAND
 
 
By:
 
/s/  GERALDINE HANNON      

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Name: Geraldine Hannon
Title: Associate Director
 
 
By:
 
/s/  MARY CONNOLLY      

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Name: Mary Connolly
Title: Manager
 
 
 
 
 

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BANK OF MONTREAL
 
 
By:
 
         

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Name:
Title:
 
 
BANK OF NOVA SCOTIA
 
 
By:
 
         

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Name:
Title:
 
 
BANKERS TRUST COMPANY
 
 
By:
 
/s/  MARCO A. ORLANDO      

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Name: Marco A. Orlando
Title: Director
 
 
BAVARIA TRR CORPORATION
 
 
By:
 
         

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Name:
Title:
 
 
COMPANGNIE FINANCIERE DE CIC
 
 
By:
 
         

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Name:
Title:
 
 
DAI-ICHI KANGYO BANK
 
 
By:
 
         

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Name:
Title:
 
 
ERSTE BANK
 
 
By:
 
/s/  BRANDON A. MEYERSON      

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Name: Brandon A. Meyerson
Title: Vice President
        Erste Bank New York Branch
 
 
By:
 
/s/  JOHN S. RUNNION      

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Name: John S. Runnion
Title: Managing Director
        Erste Bank New York Branch
 
 
FIRST UNION NATIONAL BANK N.C.
 
 
By:
 
/s/  SHAWN JANKO      

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Name: Shawn Janko
Title: Vice President
 
 
FLEET NATIONAL BANK
 
 
By:
 
/s/  RICHARD D. HILL, JR.      

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Name: Richard D. Hill, Jr.
Title: Managing Director
 
 
 
 
 

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FUJI BANK, LIMITED
 
 
By:
 
/s/  NOBUOKI KOIKE      

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Name: Nobuoki Koike
Title: SVP
 
 
GALAXY CLO 1999-1, LTD.
 
 
By:
 
         

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Name:
Title:
 
 
Sankaty Advisors, LLC as Collateral
    Manager for GREAT POINT CLO 1999-1
    LTD., as Term Lender
 
 
By:
 
/s/  DIANE J. EXTER      

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Name: Diane J. Exter
Title: Managing Director
        Portfolio Manager
 
 
HAMILTON CDO, LTD
    By: Stanfield Capital Partners LLC
    As its Collateral Manager
 
 
By:
 
/s/  CHRISTOPHER E. JANSEN      

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Name: Christopher E. Jansen
Title: Managing Partner
 
 
INDOSUEZ CAPITAL FUNDING IIA, LTD.
 
 
By:
 
         

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Name:
Title:
 
 
JPMORGAN CHASE BANK
 
 
By:
 
         

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Name:
Title:
 
 
KZH WATERSIDE LLC
 
 
By:
 
/s/  SUSAN LEE      

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Name: Susan Lee
Title: Authorized Agent

LLOYDS TSB BANK, PLC
LLOYDS TSB BANK, PLC

By:

/s/  CATHERINE HANKIN      

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Name: Catherine Hankin
Title: Assistant Vice President,
          Corporate Banking, USA B027

By:

/s/  LISA MAGUIRE      

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Name: Lisa Maguire
Title: Assistant Vice President M067

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MAPLEWOOD (CAYMAN) LIMITED
 
 
By:
 
         

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Name:
Title:
 
 
MITSUBISHI TRUST & BANKING CORP.
 
 
By:
 
         

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Name:
Title:
 
 
MORGAN GUARANTY TRUST COMPANY
 
 
By:
 
         

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Name:
Title:
 
 
NATEXIS BANQUE POPULAIRES
 
 
By:
 
         

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Name:
Title:
 
 
NORTH AMERICAN SENIOR FLOATING RATE FUND INC.
By: Standfield Capital Partners, LLC
      As Subadvisor
 
 
By:
 
/s/  CHRISTOPHER E. JANSEN      

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Name: Christopher E. Jansen
Title: Managing Partner
 
 
PEOPLES BANK
 
 
By:
 
/s/  DAVID K. SHERRILL      

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Name: David K. Sherrill
Title: Vice President
 
 
RZB FINANCE LLC
 
 
By:
 
         

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Name:
Title:
 
 
SEQUILS-PILGRAM I, LTD.
 
 
By:
 
         

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Name:
Title:
 
 
SCUDDER FLOATING RATE FUND
 
 
By:
 
         

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Name:
Title:
 
 
STEIN ROE & FARNHAM CLO I LTD.
 
 
By:
 
/s/  JAMES R. FELLOWS      

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Name: James R. Fellows
Title: Sr. Vice President & Portfolio
        Manager
 
 
 
 
 

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SUMITOMO TRUST & BANKING CO.
 
 
By:
 
         

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Name:
Title:
 
 
SUMMIT BANK
 
 
By:
 
         

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Name:
Title:
 
 
TCW SELECT LOAN FUND, LIMITED
 
 
By:
 
         

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Name:
Title:
 
 
PINEHURST TRADING, INC.
 
 
By:
 
/s/  ANN E. MORRIS      

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Name: Ann E. Morris
Title: Asst. Vice President
 
 
WINGED FOOT FUNDING TRUST
 
 
By:
 
/s/  DIANA L. MUSHILL      

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Name: Diana L. Mushill
Title: Authorized Agent
 
 
SRF 2000 LLC
 
 
By:
 
/s/  DIANA L. MUSHILL      

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Name: Diana L. Mushill
Title: Asst. Vice President
 
 
KZH CNC LLC
 
 
By:
 
/s/  SUSAN LEE      

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Name: Susan Lee
Title: Authorized Agent
 
 
KZH CRESCENT LLC
 
 
By:
 
         

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Name:
Title:
 
 
KZH CRESCENT-2 LLC
 
 
By:
 
         

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Name:
Title:
 
 
KZH CRESCENT-3 LLC
 
 
By:
 
         

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Name:
Title:
 
 
 
 
 

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KZH PONDVIEW LLC
 
 
By:
 
/s/  SUSAN LEE      

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Name: Susan Lee
Title: Authorized Agent
 
 
KZH SOLEIL LLC
 
 
By:
 
         

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Name:
Title:
 
 
ATHENA CDO, LIMITED
 
 
By:
 
         

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Name:
Title:
 
 
BANK OF SCOTLAND
 
 
By:
 
/s/  JOSEPH FRATUS      

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Name: Joseph Fratus
Title: Vice President
 
 
COLUMBUS LOAN FUNDING, LTD
 
 
By:
 
         

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Name:
Title:
 
 
CREDIT LYONNAIS
 
 
By:
 
         

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Name:
Title:
 
 
ELC (CAYMAN) LTD. CDO SERIES 1999-I
 
 
By:
 
         

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Name:
Title:
 
 
FIDELITY II: ADV. FL. RATE HIGH INC. FD.
 
 
By:
 
         

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Name:
Title:
 
 
FORTIS CAPITAL CORP.
 
 
By:
 
         

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Name:
Title:
 
 
GMAC COMMERCIAL CREDIT LLC
 
 
By:
 
         

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Name:
Title:
 
 
 
 
 

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IKB DEUTSCHE INDUSTRIEBANK
    Luxembourg Branch
 
 
By:
 
/s/  ANJA KEUCHEL      

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Name: Anja Keuchel
Title: Manager
 
 
By:
 
/s/  MANFRED ZIWEY      

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Name: Manfred Ziwey
Title: Director
 
 
NORTHERN TRUST COMPANY
 
 
By:
 
/s/  CRAIG L. SMITH      

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Name: Craig L. Smith
Title: Vice President
 
 
SEQUILS I, LTD.
 
 
By:
 
         

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Name:
Title:
 
 
JISSEKIKUN FUNDING, LTD.
 
 
By:
 
         

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Name:
Title:
 
 
MASSACHUSETTS MUTUAL LIFE
    INSURANCE
 
 
By:
 
         

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Name:
Title:
 
 
MICHIGAN NATIONAL BANK OF DETROIT
 
 
By:
 
         

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Name:
Title:
 
 
NATIONAL CITY BANK
 
 
By:
 
/s/  JON R. HINARD      

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Name: Jon R. Hinard
Title: Senior Vice President
 
 
NORSE CBO, LTD.
 
 
By:
 
         

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Name:
Title:
 
 
PILGRIM PRIME RATE TRUST
 
 
By:
 
         

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Name:
Title:
 
 
 
 
 

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PROMETHEUS INVESTMENT FUNDING
    NO. I LTD.
By: CPF ASSET ADVISORS LLC, as
      Investment Manager
 
 
By:
 
/s/  FRANCESCO OSSINO      

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Name: Francesco Ossino
Title: Director
 
 
By:
 
/s/  ELIZABETH H. TALLMADGE      

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Name: Elizabeth H. Tallmadge
Title: Managing Director
          Chief Investment Officer
 
 
SWAPS CSLT
 
 
By:
 
         

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Name:
Title:
 
 
TORONTO DOMINION (TEXAS), INC.
 
 
By:
 
/s/  CAROLYN R. FAETH      

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Name: Carolyn R. Faeth
Title: Vice President
 
 
TRANSAMERICA BUSINESS CREDIT CORP.
 
 
By:
 
         

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Name:
Title:
 
 
UNION BANK OF CALIFORNIA, N.A.
 
 
By:
 
         

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Name:
Title:
 
 
CREDIT INDUSTRIEL ET COMMERCIAL
 
 
By:
 
/s/  SEAN MOUNIER      

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Name: Sean Mounier
Title: First Vice President
 
 
By:
 
/s/  ANTHONY ROCK      

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Name: Anthony Rock
Title: Vice President
 
 
WACHOVIA BANK N.A.
 
 
By:
 
/s/  SHAWN JANKO      

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Name: Shawn Janko
Title: Vice President
 
 
STANDARD FEDERAL BANK N.A.
 
 
By:
 
/s/  KATHLEEN HALLBERG      

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Name: Kathleen Hallberb
Title: Assistant Vice President
 
 
 
 
 

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LENDER: COBANK, ACB
 
 
By:
 
/s/  S. RICHARD DILL      

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Name: S. Richard Dill
Title: Vice President

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        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 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/  JOHN R. OLSEN      

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Name: John R. Olsen
Title: Asst. Secretary
 
 
PCA HYDRO, INC.
 
 
By:
 
/s/  JOHN R. OLSEN      

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Name: John R. Olsen
Title: Asst. Secretary
 
 
PACKAGING CREDIT COMPANY, LLC
 
 
By:
 
/s/  JOHN R. OLSEN      

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Name: John R. Olsen
Title: Asst. Secretary
 
 
PCA INTERNATIONAL, INC.
 
 
By:
 
/s/  PAMELA A. BARNES      

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Name: Pamela A. Barnes
Title: Treasurer

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SECOND AMENDMENT