<PAGE>

                                                                 EXHIBIT 10.23

                           FIRST AMENDMENT AND CONSENT

       FIRST AMENDMENT AND CONSENT (this "AMENDMENT"), dated as of August 26,
1999, among PACKAGING CORPORATION OF AMERICA, a Delaware corporation ("PCA"),
the Lenders from time to time party to the Credit Agreement referred to below,
J.P. MORGAN SECURITIES INC. and DEUTSCHE BANK SECURITIES INC. (as successor to
BT Alex. Brown Incorporated), as Co-Lead Arrangers (in such capacity, each a
"CO-LEAD ARRANGER" and, collectively, the "CO-LEAD ARRANGERS"), BANKERS TRUST
COMPANY, as Syndication Agent (in such capacity, the "SYNDICATION 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 shall have the respective meanings provided such terms in the
Credit Agreement.

                              W I T N E S S E T H :
                              - - - - - - - - - - -

       WHEREAS, PCA, the Lenders, the Co-Lead Arrangers, the Syndication Agent
and the Administrative Agent are parties to a Credit Agreement, dated as of
April 12, 1999 (as in effect on the date hereof, the "CREDIT AGREEMENT");

       WHEREAS, subject to the terms and conditions of this Amendment, parties
hereto wish to amend the Credit Agreement as herein provided;

       NOW, THEREFORE, it is agreed:

       I.     AMENDMENTS TO CREDIT AGREEMENT.

       1.     Section 4.02(e) of the Credit Agreement is hereby amended by
inserting the following new clause (u) immediately after the text "(other than"
appearing in said Section:

       "(u)   so long as no Default or Event of Default is in existence on the
date of receipt thereof, the proceeds received by the Borrower from the
Permitted Primary Offering to the extent (and only to the extent) same are
applied within 60 days of the date of receipt thereof to the redemption of then
outstanding Borrower PIK Preferred Stock (and the payment of accrued and unpaid
dividends thereon and all related redemption premiums) in accordance with the
relevant provisions of the Borrower Preferred Stock Documents and this Agreement
and the payment of the reasonable fees and expenses incurred in connection with
the Permitted Primary Offering,".

       2.     Section 9.03 of the Credit Agreement is hereby amended by (i)
deleting the word "and" appearing at the end of clause (ix) of said Section,
(ii) deleting the period at the end of clause (x) of said Section and inserting
the text "; and" in lieu thereof and (ii) inserting the following new clause
(xi) at the end of said Section:

       "(xi)  so long as no Default or Event of Default is then in existence
or would exist after giving effect thereto, the Borrower may utilize the
proceeds of the Permitted Primary

<PAGE>

Offering to redeem Borrower PIK Preferred Stock and pay all accrued and
unpaid dividends thereon and all redemption premiums in respect thereof."

       3.     Section 11.01 of the Credit Agreement is hereby amended by
inserting the following definition in said Section in appropriate alphabetical
order:

       "PERMITTED PRIMARY OFFERING" shall mean the issuance by PCA on or prior
to December 31, 1999 of shares of Borrower Common Stock pursuant to a fully
underwritten public offering.


       II.    MISCELLANEOUS PROVISIONS.

       1.     In order to induce the Lenders to enter into this Amendment, the
Borrower represents and warrants that:

       (a)    no Default or Event of Default exists as of the First Amendment
    Effective Date (as defined below), both immediately before and immediately
    after giving effect to this Amendment; and

       (b)    all of the representations and warranties contained in the Credit
    Agreement or the other Credit Documents are true and correct in all material
    respects on the First Amendment Effective Date both immediately before and
    immediately after giving effect to this Amendment, with the same effect as
    though such representations and warranties had been made on and as of the
    First Amendment Effective Date (it being understood that any representation
    or warranty made as of a specific date shall be true and correct in all
    material respects as of such specific date).

       2.     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.

       3.     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 PCA and the Administrative Agent.

       4.     THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE
STATE OF NEW YORK.

       5.     This Amendment shall become effective on the date (the "FIRST
AMENDMENT EFFECTIVE DATE") when each of the Borrower, the Administrative Agent
and the Required Lenders shall have signed a counterpart hereof (whether the
same or different


                                      2

<PAGE>

counterparts) and shall have delivered (including by way of facsimile
transmission) the same to the Administrative Agent at its Notice Office.

       6.     From and after the First Amendment Effective Date, all references
in the Credit Agreement and each of the other Credit Documents to the Credit
Agreement shall be deemed to be references to the Credit Agreement as modified
hereby.

                                    * * *


                                      3

<PAGE>

       IN WITNESS WHEREOF, the parties hereto have caused their duly authorized
officers to execute and deliver this Amendment as of the date first above
written.


                                         PACKAGING CORPORATION OF AMERICA


                                         By: /s/ Richard B. West
                                            ---------------------------------
                                            Title: Chief Financial Officer

<PAGE>

                                         MORGAN GUARANTY TRUST COMPANY OF
                                         NEW YORK, INDIVIDUALLY AND AS
                                         ADMINISTRATIVE AGENT

                                         By:  /s/ Colleen Galle
                                            ---------------------------------
                                            Title:  Vice President

<PAGE>

                                         J.P. MORGAN SECURITIES, INC.,
                                         AS CO-LEAD ARRANGER

                                         By:  /s/ Douglas A. Cruikshank
                                            ---------------------------------
                                            Title:  Vice President

<PAGE>

                                         DEUTSCHE BANC ALEX BROWN INCORPORATED,
                                          AS A CO-LEAD ARRANGER

                                         By:  /s/ Loretta C. Summers
                                            ----------------------------------
                                            Title:   MD

<PAGE>

                                         BANKERS TRUST COMPANY,
                                          INDIVIDUALLY AND AS SYNDICATION
                                          AGENT

                                         By:  /s/ Robert R. Telesca
                                            ----------------------------------
                                            Title:    Assistant Vice President

<PAGE>

                                         GOLDMAN SACHS CREDIT PARTNERS L.P.,
                                         INDIVIDUALLY AND AS DOCUMENTATION AGENT


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

<PAGE>

                                         ABN AMRO BANK N.V.


                                         By:    /s/ Christian H. Sievers
                                            ----------------------------------
                                            Title:  Senior Vice President



                                         By:    /s/ Wayne Rancourt
                                            ----------------------------------
                                            Title:  Vice President

<PAGE>

                                         AERIES FINANCE LTD.


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

<PAGE>

                                         AIM STRATEGIC INCOME FUND

                                         By: INVESCO (NY) INC.,
                                             AS INVESTMENT ADVISOR

                                             By:
                                                Name:
                                                Title:

<PAGE>


                ALLIANCE INVESTMENT OPPORTUNITIES FUND, L.L.C.

                By:      ALLIANCE INVESTMENT OPPORTUNITIES MANAGEMENT,
                         L.L.C.,
                         AS MANAGING MEMBER

                By:      ALLIANCE CAPITAL MANAGEMENT, L.P.,
                         AS MANAGING MEMBER

                By:      ALLIANCE CAPITAL MANAGEMENT CORPORATION,
                         AS GENERAL PARTNER


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

<PAGE>




                ALLSTATE INSURANCE COMPANY


                By:    /s/ Jerry D. Zinkula
                     --------------------------------------------
                     Title:  Authorized Signatory



                By:    /s/ Patricia W. Wilson
                     --------------------------------------------
                     Title:  Authorized Signatory

<PAGE>




                ALLSTATE LIFE INSURANCE COMPANY


                By:    /s/ Jerry D. Zinkula
                     --------------------------------------------
                     Title:  Authorized Signatory



                By:   /s/ Patricia W. Wilson
                     --------------------------------------------
                     Title:  Authorized Signatory

<PAGE>




                AMARA-1 FINANCE LTD.


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




<PAGE>




                AMARA-2 FINANCE LTD.


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

<PAGE>




                ARCHIMEDES FUNDING II, LTD.

                By:      ING CAPITAL ADVISORS LLC,
                         AS COLLATERAL MANAGER


                         By:  /s/ Michael J. Campbell
                             --------------------------------------------
                             Title:   Senior Vice President &
                                      Portfolio Manager

<PAGE>




                ARCHIMEDES FUNDING, L.L.C.

                By:      ING CAPITAL ADVISORS LLC,
                         AS COLLATERAL MANAGER


                         By:   /s/ Michael J. Campbell
                             --------------------------------------------
                             Title:   Senior Vice President &
                                      Portfolio Manager

<PAGE>




                ARES LEVERAGED INVESTMENT FUND, L.P.

                By:      ARES MANAGEMENT, L.P.,
                         ITS GENERAL PARTNER


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




<PAGE>

                ARES LEVERAGED INVESTMENT FUND II, L.P.

                By:      ARES MANAGEMENT II, L.P.,
                         ITS GENERAL PARTNER


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

<PAGE>




                ATHENA CDO, LIMITED

                By:      PACIFIC INVESTMENT MANAGEMENT COMPANY,
                         AS ITS INVESTMENT ADVISOR


                By:    /s/ Mohan V. Phansalker
                     --------------------------------------------
                     Title:  Senior Vice President

<PAGE>




                BANK OF MONTREAL


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

<PAGE>




                THE BANK OF NOVA SCOTIA


                By:    /s/ F. C. H. Ashby
                     --------------------------------------------
                     Title:  Senior Manager Loan Operations

<PAGE>




                BANK POLSKA KASA OPIEKI, S.A.-PEKAO S.A. GROUP


                By:    /s/ Barry W. Henry
                     --------------------------------------------
                     Title:  Vice President

<PAGE>




                BANK UNITED


                By:    /s/ Phil Green
                     --------------------------------------------
                     Title:  Director Commercial Syndications

<PAGE>




                BANKBOSTON, N.A. AS TRUST
                     ADMINISTRATOR FOR LONGLANE
                     MASTE TRUST IV


                By:    /s/ Liam G. Stokes
                     --------------------------------------------
                     Title:  Director

<PAGE>




                BANQUE WORMS CAPITAL CORPORATION


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

<PAGE>




                BAYERISCHE HYPO-UND VEREINSBANK AG, NEW YORK BRANCH


                By:    /s/ Sylvia K. Cheng
                     --------------------------------------------
                     Title:  Director



                By:    /s/ Carlo Lamberti
                     --------------------------------------------
                     Title:  Associate Director

<PAGE>




                BEAR STEARNS INVESTMENT PRODUCTS INC.


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

<PAGE>




                BEDFORD CDO, LIMITED

                By:      PACIFIC INVESTMENT MANAGEMENT COMPANY,
                         AS ITS INVESTMENT ADVISOR

                By:      PIMCO Management Inc., a general partner


                By:    /s/ Mohan V. Phansalker
                     --------------------------------------------
                     Title:  Senior Vice President

<PAGE>




                BRANT POINT CBO 1999-1, LTD.


                By:
                     --------------------------------------------
                     Name:
                     Title:
<PAGE>

                CANADIAN IMPERIAL BANK OF COMMERCE


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

<PAGE>




                CAPTIVA FINANCE LTD.


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

<PAGE>




                CAPTIVA II FINANCE LTD.


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

<PAGE>




                CAPTIVA III FINANCE LTD.,

                By:      AS ADVISED BY PACIFIC INVESTMENT MANAGEMENT COMPANY


                By:    /s/ David Dyer
                     --------------------------------------------
                     Title:  Director

<PAGE>




                CAPTIVA IV FINANCE LTD.,

                By:      AS ADVISED BY PACIFIC INVESTMENT MANAGEMENT COMPANY


                By:    /s/ David Dyer
                     --------------------------------------------
                     Title:  Director

<PAGE>




                CARAVELLE INVESTMENT FUND, L.L.C.


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

<PAGE>




                CHASE MANHATTAN BANK


                By:  /s/ Jonathan Twichell
                     --------------------------------------------
                     Title:  Vice President

<PAGE>




                CHRISTIANA BANK OG KREDITKASSE ASA


                By:    /s/ Carl Petter Svendsen
                     --------------------------------------------
                     Title:  Senior Vice President


                By:    /s/ Peter M. Dodge
                     --------------------------------------------
                     Title:  Senior Vice President

<PAGE>




                CIBC INC.


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

<PAGE>




                COMPAGNIE FINANCIERE DE CIC ET DE L'UNION EUROPEENNE


                By:    /s/ Sean Mounier
                     --------------------------------------------
                     Title:  First Vice President



                By:    /s/ Marcus Edward
                     --------------------------------------------
                     Title:  Vice President

<PAGE>




                THE CIT GROUP/EQUIPMENT FINANCING, INC.


                By:    /s/ Eric M. Moore
                     --------------------------------------------
                     Title:  Assistant Vice President

<PAGE>




                CO BANK, ACB


                By:    /s/ Brian J. Klatt
                     --------------------------------------------
                     Title:  Vice President

<PAGE>




                CREDIT LYONNAIS NEW YORK BRANCH


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

<PAGE>




                CRESCENT/MACH I PARTNERS, L.P.

                By:      TCW ASSET MANAGEMENT COMPANY,
                         ITS INVESTMENT MANAGER


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

<PAGE>




                CYPRESSTREE INSTITUTIONAL FUND, LLC

                By:      CYPRESSTREE INVESTMENT MANAGEMENT COMPANY, INC. ITS
                         MANAGING MEMBER


                By:    /s/ Timothy M. Barns
                     --------------------------------------------
                     Title:  Managing Director

<PAGE>




                CYPRESSTREE INVESTMENT FUND, LLC

                By:      CYPRESSTREE INVESTMENT MANAGEMENT COMPANY, INC.,
                         ITS MANAGING MEMBER


                By:    /s/ Timothy M. Barns
                     --------------------------------------------
                     Title:   Managing Director

<PAGE>




                CYPRESSTREE SENIOR FLOATING RATE FUND

                By:      CYPRESSTREE INVESTMENT MANAGEMENT COMPANY, INC., AS
                         PORTFOLIO MANAGER


                By:    /s/ Timothy M. Barns
                     --------------------------------------------
                     Title:  Managing Director

<PAGE>




                DEBT STRATEGIES FUND III, INC.


                By:    /s/ Andrew C. Liggio
                     --------------------------------------------
                     Title:   Authorized Signatory

<PAGE>




                DELANO COMPANY

                By:      PACIFIC INVESTMENT MANAGEMENT COMPANY, AS ITS
                         INVESTMENT ADVISOR


                By:    /s/ Mohan V. Phansalker
                     --------------------------------------------
                     Title:  Senior Vice President

<PAGE>




                DLJ CAPITAL FUNDING INC.


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


<PAGE>


                DRESDNER BANK AG NEW YORK AND GRAND CAYMAN BRANCHES


                By:    /s/ Christopher E. Sarisky
                     ----------------------------------
                     Title:  Assistant Vice President



                By:    /s/ John R. Morrison
                     ----------------------------------
                     Title:  Vice President

<PAGE>

                EA CAYMAN UNIT TRUST-EA/MACKAY
                  HIGH YIELD CAYMAN UNIT TRUST

                By:      MACKAY-SHIELDS FINANCIAL
                         CORPORATION ITS INVESTMENT
                         ADVISOR


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

<PAGE>

                EATON VANCE SENIOR INCOME TRUST

                By:      EATON VANCE MANAGEMENT AS INVESTMENT ADVISOR


                By:    /s/ Scott H. Page
                     ----------------------------------
                     Title:  Vice President

<PAGE>

                ELC (CAYMAN) LTD. CDO SERIES 1999-1

                By:    /s/ Thomas M. Finke
                     ----------------------------------
                     Title:  Managing Director

<PAGE>

                ERSTE BANK DER OESTERREICHISCHEN
                  SPARKASSEN AG


                By:    /s/ Anca Trifan
                     ----------------------------------
                     Title:  Vice President



                By:    /s/ John S. Runnion
                     ----------------------------------
                     Title:  First Vice President

<PAGE>

                FEDERAL STREET PARTNERS

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

<PAGE>

                FIRST DOMINION FUNDING I


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

<PAGE>

                FIRST DOMINION FUNDING II


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

<PAGE>

                THE FIRST NATIONAL BANK OF CHICAGO


                By:    /s/ Philip Yarrow
                     ----------------------------------
                     Title:  Director

<PAGE>

                FIRST UNION NATIONAL BANK


                By:  ../s/ Andrew Payne
                     ----------------------------------
                     Title:  Vice President

<PAGE>

                FIRSTRUST BANK


                By:    /s/ E. A. D'Ancona
                     ----------------------------------
                     Title:  Executive Vice President

<PAGE>

                FLEET NATIONAL BANK

                By:    /s/ Michael J. Sullivan
                     ----------------------------------
                     Title:    Vice President

<PAGE>

                FLOATING RATE PORTFOLIO

                By:      INVESCO SENIOR SECURED MANAGEMENT, INC., AS
                         ATTORNEY IN FACT

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

<PAGE>

                FRANKLIN FLOATING RATE TRUST


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

<PAGE>

                FREMONT INVESTMENT & LOAN


                By:    /s/ Marie Chachere
                     ----------------------------------
                     Title:  Vice President

<PAGE>

                THE FUJI BANK, LIMITED


                By:    /s/ Peter L. Chinnici
                     ----------------------------------
                     Title:  Senior Vice President &
                             Group Head

<PAGE>

                GALAXY CLO 1999-1, LTD.


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

<PAGE>

                GENERAL ELECTRIC CAPITAL CORPORATION


                By:    /s/ William E. Magee
                     ----------------------------------
                     Title:  Duly Authorized Signature

<PAGE>

                GREAT POINT CLO 1999-1 LTD.


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

<PAGE>

                HELLER FINANCIAL, INC.


                By:    /s/ Sheila C. Weimer
                     ----------------------------------
                     Title:  Vice President

<PAGE>


                     HIGHLAND LEGACY LIMITED

                      BY: HIGHLAND CAPITAL MANAGEMENT, L.P.
                             AS COLLATERAL MANAGER


                     By:   /s/ Todd Travers
                         Title:  Senior Portfolio Manager



<PAGE>


                THE INDUSTRIAL BANK OF JAPAN, LIMITED


                By:  /s/ Walter R. Wolff
                   ------------------------------
                   Title:  Joint General Manager



<PAGE>


                IMPERIAL BANK, A CALIFORNIA BANKING
                   CORPORATION

                By:    /s/ Ray Vadalma
                   ------------------------------
                     Title:  Senior Managing Director


<PAGE>


                INDOSEUZ CAPITAL FUNDING IIA, LIMITED

                By:      INDOSUEZ CAPITAL AS PORTFOLIO ADVISOR


                By:    /s/ Melissa Marano
                   ------------------------------
                     Title:  Vice President


<PAGE>


                INDOSUEZ CAPITAL FUNDING IV, L.P.

                By:      INDOSUEZ CAPITAL AS PORTFOLIO ADVISOR


                By:    /s/ Melissa Marano
                   ------------------------------
                     Title:  Vice President



<PAGE>


                THE ING CAPITAL SENIOR SECURED HIGH INCOME FUND, L.P.

                By:      ING CAPITAL ADVISORS LLC,
                         AS INVESTMENT ADVISOR


                By:    /s/ Michael J. Campbell
                   ------------------------------
                     Title:  Senior Vice President &
                             Portfolio Manager



<PAGE>


                J.H. WHITNEY MARKET VALUE FUND, L.P.


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




<PAGE>


                JACKSON NATIONAL LIFE INSURANCE COMPANY

                By:      PPM AMERICA, INC., AS ATTORNEY IN FACT, ON
                         BEHALF OF JACKSON NATIONAL LIFE INSURANCE
                         COMPANY


                By:    /s/ Michael DiRe
                   ------------------------------
                     Title:  Senior Managing Director



<PAGE>


                KEMPER FLOATING RATE FUND

                By:  /s/ Mark E. Wittnebel
                   ------------------------------
                     Title:    S.V.P.



<PAGE>


                KZH APPALOOSA LLC


                By:    /s/ Peter Chin
                   ------------------------------
                     Title:  Authorized Agent



<PAGE>


                KZH CNC LLC


                By:    /s/ Peter Chin
                   ------------------------------
                     Title:  Authorized Agent


<PAGE>


                KZH CRESCENT-2 LLC


                By:    /s/ Peter Chin
                   ------------------------------
                     Title:  Authorized Agent


<PAGE>


                KZH CYPRESSTREE-1 LLC


                By:    /s/ Virginia Conway
                   ------------------------------
                     Title:  Authorized Agent


<PAGE>


                KZH HIGHLAND-2 LLC

                By:        /s/ Peter Chin
                   ------------------------------
                         Title:   Authorized Agent


<PAGE>


                KZH ING-1 LLC


                By:    /s/ Peter Chin
                   ------------------------------
                     Title:  Authorized Agent


<PAGE>


                KZH ING-3 LLC


                By:    /s/ Peter Chin
                   ------------------------------
                     Title:  Authorized Agent


<PAGE>


                KZH IV LLC


                By:    /s/ Peter Chin
                   ------------------------------
                     Title:  Authorized Agent


<PAGE>


                KZH PONDVIEW LLC


                By:    /s/ Peter Chin
                   ------------------------------
                     Title:  Authorized Agent


<PAGE>


                KZH SHOSHONE LLC


                By:    /s/ Peter Chin
                   ------------------------------
                     Title:  Authorized Agent


<PAGE>


                KZH STERLING LLC


                By:    /s/ Peter Chin
                   ------------------------------
                     Title:  Authorized Agent

<PAGE>


                KZH SOLEIL-2 LLC


                By:    /s/ Peter Chin
                     -------------------------------------------------------
                     Title:  Authorized Agent

<PAGE>


                LEHMAN COMMERCIAL PAPER


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

<PAGE>


                LLOYDS TSB BANK PLC

                By:  /s/ Ian Dimmock
                     -------------------------------------------------------
                   Title:   Vice President

<PAGE>


                THE 1199 HEALTH CARE EMPLOYEES PENSION FUND

                By:      MACKAY-SHIELDS FINANCIAL CORPORATION ITS INVESTMENT
                         ADVISOR

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

<PAGE>


                MAGNETITE ASSET INVESTORS LLC


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

<PAGE>


                MEDICAL LIABILITY MUTUAL
                     INSURANCE COMPANY


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

<PAGE>


                MERRILL LYNCH PRIME RATE PORTFOLIO


                By:      MERRILL LYNCH ASSET MANAGEMENT, L.P.,
                         AS INVESTMENT ADVISOR

                By:    /s/ Andrew C. Liggio
                     -------------------------------------------------------
                     Title:   Authorized Signatory

<PAGE>


                MERRILL LYNCH SENIOR FLOATING RATE FUND II, INC.


                By:    /s/ Andrew C. Liggio
                     -------------------------------------------------------
                     Title:  Authorized Signatory

<PAGE>


                MERRILL LYNCH SENIOR FLOATING
                     RATE FUND, INC.


                By:    /s/ Andrew C. Liggio
                     -------------------------------------------------------
                     Title:  Authorized Signatory

<PAGE>


                MICHIGAN NATIONAL BANK


                By:    /s/ Lisa Davidson McKinnon
                     -------------------------------------------------------
                     Title:  Senior Commercial Relationship Manager

<PAGE>


                THE MITSUBISHI TRUST AND BANKING CORPORATION


                By:    /s/ Toshihiro Hayashi
                     -------------------------------------------------------
                     Title:  Senior Vice President

<PAGE>


                ML CLO XX PILGRIM AMERICA (CAYMAN) LTD.

                By:   PILGRIM INVESTMENTS, INC. AS ITS INVESTMENT MANAGER


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

<PAGE>


                MONUMENTAL LIFE INSURANCE COMPANY


                By:    /s/ John Bailey
                     -------------------------------------------------------
                     Title:  Vice President

<PAGE>


                MORGAN STANLEY DEAN WITTER PRIME INCOME TRUST


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

<PAGE>


                MOUNTAIN CAPITAL CLO I, LTD.


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

<PAGE>


                NATEXIS BANQUE BFCE


                By:    /s/ Evan S. Kraus
                     -------------------------------------------------------
                     Title:  Assistant Vice President



                By:    /s/ Frank H. Madden, Jr.
                     -------------------------------------------------------
                     Title:  Vice President & Group Manager

<PAGE>


                STEIN ROE & FARNHAM CLO I LTD.,

                By: STEIN ROE & FARNHAM INCORPORATED,
                     AS PORTFOLIO MANAGER

                By:    /s/ Brian Good
                     -------------------------------------------------------
                     Title:  Vice President and Portfolio Manager

<PAGE>


                NORSE CBO, LTD.

                By:      PETERSON CAPITAL MANAGEMENT, LLC AS ITS INVESTMENT
                         ADVISOR

                By:      PETERSON CAPITAL ADVISORS, LLC ITS MANAGER AND
                         PURSUANT TO DELEGATED AUTHORITY


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

<PAGE>


                NORTH AMERICAN SENIOR FLOATING RATE FUND

                By:      CYPRESSTREE INVESTMENT MANAGEMENT COMPANY, INC., AS
                         PORTFOLIO MANAGER


                By:    /s/ Timothy M. Barns
                     -------------------------------------------------------
                     Title:   Managing Director

<PAGE>


                NORTHWOODS CAPITAL, LIMITED

                By:      ANGELO, GORDON & CO., L.P., AS COLLATERAL MANAGER


                By:    /s/ Jeffrey H. Aronson
                     -------------------------------------------------------
                     Title:  Authorized Signatory
<PAGE>


                OAK HILL SECURITIES FUND, L.P.

                By:      OAK HILL SECURITIES GENPAR, L.P.,
                         ITS GENERAL PARTNER


                By:      OAK HILL SECURITIES MGP, INC.,
                         ITS GENERAL PARTNER


                By:    /s/ Scott D. Krase
                     --------------------------------------------
                     Title:  Vice President


<PAGE>




                OAK MOUNTAIN LIMITED

                By:      ALLIANCE CAPITAL MANAGEMENT L.P., AS INVESTMENT
                         MANAGER

                By:      ALLIANCE CAPITAL MANAGEMENT CORPORATION, AS GENERAL
                         PARTNER


                By:    /s/ Kenneth G. Ostmann
                     --------------------------------------------
                     Title:  Vice President





<PAGE>




                OCTAGON LOAN TRUST

                By:      OCTAGON CREDIT INVESTORS, AS MANAGER,
                         AS A LENDER


                By:    /s/ Michael Nechankin
                     --------------------------------------------
                     Title:  Portfolio Manager





<PAGE>




                OLYMPIC FUNDING TRUST, SERIES 1999-1


                By:    /s/ Kelly C. Walker
                     --------------------------------------------
                     Title:  Authorized Agent





<PAGE>




                ORIX USA CORPORATION


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




<PAGE>




                OSPREY INVESTMENTS PORTFOLIO

                By:      CITIBANK, N.A., AS MANAGER


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

<PAGE>




                OXFORD STRATEGIC INCOME FUND

                By:      EATON VANCE MANAGEMENT, AS INVESTMENT ADVISOR


                By:    /s/ Scott H. Page
                     --------------------------------------------
                     Title:  Vice President





<PAGE>




                PACIFIC LIFE INSURANCE COMPANY


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


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




<PAGE>




                PACIFIC REDWOOD CBO


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




<PAGE>




                PARIBAS CAPITAL FUNDING LLC


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




<PAGE>




                PERSEUS CDO I, LIMITED


                By:    /s/ John B. Wheeler
                     --------------------------------------------
                     Title:  Managing Director





<PAGE>




                PILGRIM PRIME RATE TRUST

                By:      PILGRIM INVESTMENTS, INC.,
                         AS ITS INVESTMENT MANAGER


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




<PAGE>




                PUTNAM DIVERSIFIED INCOME TRUST


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




<PAGE>




                PUTNAM DIVERSIFIED INCOME TRUST II


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




<PAGE>




                PUTNAM FUNDS TRUST-PUTNAM HIGH YIELD TRUST II


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




<PAGE>




                PUTNAM HIGH YIELD TOTAL RETURN FUND


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

<PAGE>




                PUTNAM MASTER INCOME TRUST


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




<PAGE>




                PUTNAM MASTER INTERMEDIATE INCOME TRUST


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




<PAGE>




                PUTNAM PREMIER INCOME TRUST


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




<PAGE>




                PUTNAM VARIABLE TRUST-PVT DIVERSIFIED INCOME FUND


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




<PAGE>




                PUTNAM VARIABLE TRUST-PVT HIGH YIELD FUND


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


<PAGE>


                ROYALTON COMPANY

                By:      PACIFIC INVESTMENT MANAGEMENT COMPANY, AS ITS
                         INVESTMENT ADVISOR

                By:      PIMCO MANAGEMENT INC.,
                         A GENERAL PARTNER


                By:    /s/ Mohan V. Phansalker
                   ----------------------------------
                     Title:  Senior Vice President





<PAGE>




                SAAR HOLDINGS CDO, LIMITED


                By:    /s/ John B. Wheeler
                   ----------------------------------
                     Title:  Managing Director





<PAGE>




                SENIOR DEBT PORTFOLIO

                By:      BOSTON MANAGEMENT AND RESEARCH, AS INVESTMENT
                         ADVISOR


                By:    /s/ Scott H. Page
                   ----------------------------------
                     Title:  Vice President





<PAGE>




                SEQUILS-PILGRIM I, LTD.

                By:      PILGRIM INVESTMENTS, INC. AS ITS INVESTMENT MANAGER


                By:    /s/ Charles E. LeMieux, CFA
                   ----------------------------------
                     Title:  Assistant Vice President


<PAGE>




                SEQUILS I, LTD

                By:      TCW ADVISORS, INC. AS ITS COLLATERAL MANAGER


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


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




<PAGE>




                SOUTHERN PACIFIC BANK


                By:    /s/ Cheryl A. Wasilewski
                   ----------------------------------
                     Title:  Senior Vice President





<PAGE>




                SRF TRADING, INC.


                By:    /s/ Kelly C. Walker
                   ----------------------------------
                     Title:  Vice President




<PAGE>




                SRV-HIGHLAND, INC.


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




<PAGE>




                STOCKSPLUS LP SUBFUND B (ACCT 400)

                By:      PACIFIC INVESTMENT MANAGEMENT COMPANY, AS ITS
                         INVESTMENT ADVISOR, ACTING THROUGH INVESTORS
                         FIDUCIARY TRUST COMPANY IN THE NOMINEE NAME OF IFTCO

                By:      PIMCO MANAGEMENT INC.,
                         A GENERAL PARTNER


                By:    /s/ Mohan V. Phansalker
                   ----------------------------------
                     Title:  Senior Vice President


<PAGE>




                THE SUMITOMO BANK, LTD


                By:    /s/ Suresh S. Tata
                   ----------------------------------
                     Title:   Senior Vice President




<PAGE>




                SUTTER CBO 1998-1 LTD.

                By:      WELLS FARGO BANK, N.A., ITS ATTORNEY-IN-FACT


                By:    /s/ Christine C. Rotter
                   ----------------------------------
                     Title:  Vice President




<PAGE>




                TEACHERS' RETIREMENT SYSTEM OF LOUISIANA

                By:      MACKAY-SHIELDS FINANCIAL CORPORATION ITS INVESTMENT
                         ADVISOR


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




<PAGE>




                MAINSTAY VP SERIES FUND, INC., ON BEHALF OF ITS HIGH YIELD
                     CORPORATE BOND PORTFOLIO

                By:      MACKAY-SHIELDS FINANCIAL CORPORATION ITS INVESTMENT
                         ADVISOR


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




<PAGE>




                TORONTO DOMINION (NEW YORK), INC.


                By:    /s/ Jorge A. Garcia
                   ----------------------------------
                     Title:  Vice President





<PAGE>




                TRANSAMERICA BUSINESS CREDIT CORPORATION


                By:    /s/ Perry Vavoules
                   ----------------------------------
                     Title:  Senior Vice President


<PAGE>




                TRAVELERS CORPORATE LOAN FUND, INC.

                By:      TRAVELERS ASSET MANAGEMENT INTERNATIONAL CORPORATION


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







<PAGE>




                THE TRAVELERS INSURANCE COMPANY


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




<PAGE>




                TRITON CBO III, LIMITED

                By:      INVESCO SENIOR SECURED MANAGEMENT, INC., AS
                         INVESTMENT ADVISOR


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




<PAGE>




                UNION BANK OF CALIFORNIA, N.A.


                By:    /s/ Henry G. Montgomery
                   ----------------------------------
                     Title:  Vice President




<PAGE>




                VAN KAMPEN PRIME RATE INCOME TRUST


                By:    /s/ Darvin Pierce
                   ----------------------------------
                     Title:  VP




<PAGE>




                WACHOVIA BANK, N.A.


                By:    /s/ Debra L. Coheley
                   ----------------------------------
                     Title:  Senior Vice President