##### 



EXECUTION COPY
 CREDIT AGREEMENT
   PACTIV CORPORATION
 JPMORGAN CHASE BANK, NATIONAL ASSOCIATION
 JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,
   J.P. MORGAN SECURITIES INC




---



##### 



ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS
    
    
    11.01
    
    Defined Terms
    
    
    11.02
    
    Other Interpretive Provisions
    
    
    161.03
    
    Accounting Terms
    
    
    171.04
    
    Rounding
    
    
    171.05
    
    References to Agreements and Laws
    
    
    181.06
    
    Times of Day
    
    
    181.07
    
    Letter of Credit Amounts
    
    
    181.08
    
    Accounting for Acquisitions and Dispositions
    
    
    18ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS
    
    
    192.01
    
    Loans
    
    
    192.02
    
    Borrowings, Conversions and Continuations of Loans
    
    
    192.03
    
    Letters of Credit
    
    
    202.04
    
    Voluntary Prepayments
    
    
    272.05
    
    [Intentionally Omitted]
    
    
    282.06
    
    Termination or Reduction of Commitments
    
    
    282.07
    
    Repayment of Loans
    
    
    282.08
    
    Interest
    
    
    282.09
    
    Fees
    
    
    292.10
    
    Computation of Interest and Fees
    
    
    292.11
    
    Evidence of Debt
    
    
    292.12
    
    Payments Generally
    
    
    302.13
    
    Sharing of Payments
    
    
    31ARTICLE III. TAXES, YIELD PROTECTION AND ILLEGALITY
    
    
    323.01
    
    Taxes
    
    
    323.02
    
    Illegality
    
    
    343.03
    
    Inability to Determine Rates
    
    
    343.04
    
    Increased Cost and Reduced Return; Capital Adequacy; Reserves on Eurodollar Rate Loans
    
    
    343.05
    
    Compensation for Losses
    
    
    353.06
    
    Matters Applicable to all Requests for Compensation
    
    
    363.07
    
    Mitigation Obligations; Replacement of Lenders
    
    
    363.08
    
    Survival
    
    
    36ARTICLE IV. CONDITIONS PRECEDENT TO CREDIT EXTENSIONS
    
    
    374.01
    
    Conditions of Initial Credit Extension
    
    
    374.02
    
    Conditions to all Credit Extensions
    
    
    38ARTICLE V. REPRESENTATIONS AND WARRANTIES
    
    
    385.01
    
    Existence, Qualification and Power; Compliance with Laws
    
    
    39
 ii




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##### 



5.02
    
    Authorization; No Contravention
    
    
    395.03
    
    Governmental Authorization; Other Consents
    
    
    395.04
    
    Binding Effect
    
    
    395.05
    
    Litigation
    
    
    395.06
    
    No Default
    
    
    405.07
    
    ERISA Compliance
    
    
    405.08
    
    Use of Proceeds; Margin Regulations
    
    
    405.09
    
    Ownership of Property; Liens
    
    
    415.10
    
    Taxes
    
    
    415.11
    
    Financial Statements; No Material Adverse Effect
    
    
    415.12
    
    Environmental Compliance
    
    
    415.13
    
    Regulated Entities
    
    
    415.14
    
    No Burdensome Restrictions
    
    
    425.15
    
    Insurance
    
    
    425.16
    
    Disclosure
    
    
    42ARTICLE VI. AFFIRMATIVE COVENANTS
    
    
    426.01
    
    Financial Statements
    
    
    426.02
    
    Certificates; Other Information
    
    
    436.03
    
    Notices
    
    
    446.04
    
    Preservation of Corporate Existence, Etc
    
    
    456.05
    
    Maintenance of Property
    
    
    456.06
    
    Maintenance of Insurance
    
    
    456.07
    
    Payment of Taxes
    
    
    456.08
    
    Compliance with Laws
    
    
    456.09
    
    Compliance with ERISA
    
    
    466.10
    
    Books and Records and Inspection Rights
    
    
    466.11
    
    Environmental Laws
    
    
    466.12
    
    Use of Proceeds
    
    
    466.13
    
    Change in Business
    
    
    46ARTICLE VII. NEGATIVE COVENANTS
    
    
    467.01
    
    Financial Condition Covenants
    
    
    467.02
    
    Liens
    
    
    477.03
    
    Restrictions on Subsidiaries
    
    
    487.04
    
    Consolidation, Mergers and Sales of Assets
    
    
    497.05
    
    Limitation on Subsidiary Indebtedness
    
    
    497.06
    
    Transactions with Affiliates
    
    
    497.07
    
    Use of Proceeds
    
    
    497.08
    
    ERISA
    
    
    497.09
    
    Securitization Transactions
    
    
    50ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES
    
    
    508.01
    
    Events of Default
    
    
    50
 iii




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##### 



8.02
    
    Remedies Upon Event of Default
    
    
    528.03
    
    Application of Funds
    
    
    52ARTICLE IX. ADMINISTRATIVE AGENT
    
    
    539.01
    
    Appointment and Authorization of Administrative Agent
    
    
    539.02
    
    Delegation of Duties
    
    
    549.03
    
    Liability of Administrative Agent
    
    
    549.04
    
    Reliance by Administrative Agent
    
    
    549.05
    
    Notice of Default
    
    
    559.06
    
    Credit Decision; Disclosure of Information by Administrative Agent
    
    
    559.07
    
    Indemnification of Administrative Agent
    
    
    569.08
    
    Individual Capacities
    
    
    569.09
    
    Successor Administrative Agent
    
    
    569.10
    
    Administrative Agent May File Proofs of Claim
    
    
    579.11
    
    Other Agents; Arrangers and Managers
    
    
    58ARTICLE X. MISCELLANEOUS
    
    
    5810.01
    
    Amendments, Etc
    
    
    5810.02
    
    Notices and Other Communications; Facsimile Copies
    
    
    5910.03
    
    No Waiver; Cumulative Remedies
    
    
    6010.04
    
    Attorney Costs, Expenses and Taxes
    
    
    6110.05
    
    Indemnification by the Borrower
    
    
    6110.06
    
    Payments Set Aside
    
    
    6210.07
    
    Successors and Assigns
    
    
    6210.08
    
    Confidentiality
    
    
    6610.09
    
    Set-off
    
    
    6610.10
    
    Interest Rate Limitation
    
    
    6710.11
    
    Counterparts
    
    
    6710.12
    
    Integration
    
    
    6710.13
    
    Survival of Representations and Warranties
    
    
    6710.14
    
    Severability
    
    
    6710.15
    
    Tax Forms
    
    
    6810.16
    
    Replacement of Lenders
    
    
    6910.17
    
    Governing Law
    
    
    7010.18
    
    Waiver of Right to Trial by Jury
    
    
    7010.19
    
    USA PATRIOT Act Notice
    
    
    7110.20
    
    No Advisory or Fiduciary Responsibility
    
    
    71
 iv




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##### 



SCHEDULES2.01
    
    Commitments and Pro Rata Shares5.12
    
    Environmental Matters7.02
    
    Existing Liens10.02
    
    Administrative Agents Office, Certain Addresses for NoticesEXHIBITSForm ofA
    
    Loan NoticeB
    
    NoteC
    
    Compliance CertificateD
    
    Assignment and AssumptionE-1
    
    Opinion of Mayer, Brown, Rowe & Maw, LLPE-2
    
    Opinion of the General Counsel of the BorrowerF
    
    Letter of Credit Information ReportG
    
    Form of Letter of Credit Application
 v




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##### 



CREDIT AGREEMENT
 Agreement Borrower Lenders Lender
   ARTICLE I.
DEFINITIONS AND ACCOUNTING TERMS
 1.01 Defined Terms
 Acquisition
 Administrative Agent
 Administrative Agents Office Schedule 10.02
 Administrative Questionnaire
 Affiliate Control Controlling Controlled
 1




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##### 



Agent-Related Persons
 Aggregate Commitments
 Agreement
 Applicable Rate
 EurodollarRate andPricing
    
    Debt Ratings
    
    Letters ofLevel
    
    S&P/Moodys
    
    Credit1
    
    A-/A3 or better
    
    
    0.350
    %2
    
    BBB+/Baa1
    
    
    0.450
    %3
    
    BBB/Baa2
    
    
    0.550
    %4
    
    BBB-/Baa3
    
    
    0.650
    %5
    
    Below BBB-/Baa3
    
    
    0.750
    %
 Debt Rating Debt Ratings provided
 Section 4.01(a)(vii)
 Arranger
 Assignment and Assumption Exhibit D
 Attorney Costs
 2




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##### 



Attributable Indebtedness
 Audited Financial Statements
 Availability Period Section
2.06 Section 8.02
 Base Rate
 Base Rate Loan
 Bond Issuance Date provided however
 Borrower
 Borrowing Section 2.01
 Business Day
 3




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##### 



Capital Lease
 Cash Collateralize Section 2.03(g)
 Change of Control
 Closing Date Section
4.01 Section 10.01
 Code
 Commitment Section 2.01 Schedule 2.01
 Compliance Certificate Exhibit
C
 Computation Period
 Consolidated EBITDA
 Consolidated Interest Expense
 Consolidated Net Income plus minus
 4




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##### 



Consolidated Net Worth minus
 Contingent Obligation Guaranty Obligation
 Continuing Member
 Contractual Obligation
 5




---



##### 



Control
 Credit Extension
 Debt Rating
 Debtor Relief Laws
 Default
 Default Rate plus provided however
 Defaulting Lender
 Disposition
 Dollar $
 6




---



##### 



Eligible Assignee Section 10.07(g)
 Environmental Claims
 Environmental Laws
 ERISA
 ERISA Affiliate
 ERISA Event
 Eurodollar Rate BBA LIBOR
 7




---



##### 



Eurodollar Rate Loan
 Event of Default Section 8.01
 Exchange Act
 Existing Credit Agreement
 Federal Funds Rate provided
 Fee Letter
 Foreign Lender Section 10.15(a)(i)
 FRB
 GAAP
 Governmental Authority
 Granting Lender Section 10.07(h)
 Guaranty Obligation
 8




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##### 



Indebtedness clauses (a) (e) provided clauses (a) (e) provided
 Indemnified Liabilities Section 10.05
 Indemnitees Section 10.05
 Independent Auditor Section 6.01(a)
 Insolvency Proceeding
 Interest Coverage Ratio
 Interest Payment Date
 9




---



##### 



Interest Period provided
    IRS
 ISP
 Issuer Documents
 JPMCB
 JPMorgan
 Knowledge of the Borrower
 Laws
 10




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##### 



L/C Advance
 L/C Borrowing
 L/C Credit Extension
 L/C Issuer
 L/C Obligations plus
 Lender
 Lending Office
 Letter of Credit
 Letter of Credit Application
 Letter of Credit Fee Section 2.03(i)
 Letter of Credit Sublimit
 Lien
 Loan Section 2.01
 11




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##### 



Loan Documents
 Loan Notice Section
2.02(a) Exhibit A
 Margin Stock
 Material Adverse Effect provided however
 Material Financial Obligations
 Material Subsidiary Section 6.01 provided however provided further
 Maturity Date
 12




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##### 



Moodys
 Multiemployer Plan
 Non-Consenting Lender
 Note Exhibit B
 Obligations
 Organization Documents
 Outstanding Amount
 Participant Section 10.07(d)
 PBGC
 13




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##### 



Pension Plan
 Permitted Liens Section 7.02
 Person
 Plan
 Prairie Acquisition
 Prairie Acquisition Funding Period
 Pro Rata Share provided Section 8.02 Schedule 2.01
 Register Section 10.07(c)
 Reportable Event
 Request for Credit Extension
 Required Lenders Section 8.02
 14




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##### 



provided
 Requirement of Law
 Responsible Officer
 S&P
 SEC
 Securitization Transaction provided
 SPC Section 10.07(h)
 Subsidiary Subsidiary Subsidiaries
 15




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##### 



Surety Instruments
 Synthetic Lease Obligation
 Total Debt
 Total Debt to EBITDA Ratio
 Total Outstandings
 Type
 Unfunded Pension Liability
 United States U.S.
 Unreimbursed Amount Section 2.03(c)(i)
 Voting Stock
 Wholly-Owned Subsidiary
 1.02 Other Interpretive Provisions
 16




---



##### 



herein hereto hereof hereunder
  including
 documents
 from from and including to until to but excluding through to and
including
  1.03 Accounting Terms except
 provided that
 1.04 Rounding
 17




---



##### 



1.05 References to Agreements and Laws
 1.06 Times of Day
 1.07 Letter of Credit Amounts
 1.08 Accounting for Acquisitions and Dispositions
  provided Incremental Debt
   18




---



##### 



provided
 ARTICLE II.
THE COMMITMENTS AND CREDIT EXTENSIONS
 2.01 Loans Loan provided however plus Section 2.03
 2.02 Borrowings, Conversions and Continuations of Loans
 Section 2.02(a) Section 2.03(c)
 19




---



##### 



Section 4.02 Section 4.01 provided however first second
    2.03 Letters of Credit
 The Letter of Credit Commitment
 20




---



##### 



Section 2.03 provided
    21




---



##### 



Section 2.03(c)
   Procedures for Issuance and Amendment of Letters of Credit
  22




---



##### 



Article IV times
  Drawings and Reimbursements; Funding of Participations
 Honor Date Unreimbursed Amount Section 2.02 Section 4.02  Section 2.03(c)(i) provided
 23




---



##### 



Section 2.03(c)(i) Section 2.03(c)(iii)
  Section
2.03(c)
 Section 2.03(c)
 Section 2.03(c) Section
2.03(c)(ii)
 Repayment of Participations
 Section 2.03(c)
 24




---



##### 



Section 2.03(c)(i) Section 10.06
 Obligations Absolute
       25




---



##### 



Role of L/C Issuer provided however Section 2.03(e) provided however
 Cash Collateral Sections 2.05 8.02(c) Section 2.05 Section 8.02(c) Cash Collateralize
 26




---



##### 



Applicability of ISP
 Letter of Credit Fees Letter of Credit Fee times
 Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer
 Conflict with Issuer Documents
 Letters of Credit Issued for Subsidiaries
 Reporting of Letter of Credit Information Exhibit F
 2.04 Voluntary Prepayments provided
 27




---



##### 



Section 3.05
 2.05 [
 2.06 Termination or Reduction of Commitments provided Sections 2.01 and 2.03(a)
 2.07 Repayment of Loans
 2.08 Interest
  28




---



##### 



2.09 Fees Section
2.03
 2.10 Computation of Interest and Fees provided Section
2.12(a)
 2.11 Evidence of Debt
  29




---



##### 



2.12 Payments Generally
    30




---



##### 



Compensation Period
  Article II Article IV
   2.13 Sharing of Payments
 31




---



##### 



provided however Section 10.06 Section 10.09
 ARTICLE III.
TAXES, YIELD PROTECTION AND ILLEGALITY
 3.01 Taxes
 excluding Taxes
 32




---



##### 



Other Taxes
  Section 3.01(c)
 provided
 33




---



##### 



3.02 Illegality
 3.03 Inability to Determine Rates
 3.04 Increased Cost and Reduced Return; Capital Adequacy; Reserves on Eurodollar Rate Loans.
 Section 3.01
 34




---



##### 



Section 3.04(c)
  Eurocurrency liabilities provided
 3.05 Compensation for Losses
   Section 10.16
  35




---



##### 



Section
3.05
 3.06 Matters Applicable to all Requests for Compensation Article III
 3.07 Mitigation Obligations; Replacement of Lenders
 Designation of a Different Lending Office Section 3.04 Section 3.01 Section 3.02 Section 3.01 3.04 Section 3.02
 Effect of Failure to or Delay in Demanding Compensation Section 3.01 Section 3.04 provided
 Replacement of Lenders Section
3.04 Section 3.01 Section 10.16
 3.08 Survival Article III
 36




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##### 



ARTICLE IV.
CONDITIONS PRECEDENT TO CREDIT EXTENSIONS
 4.01 Conditions of Initial Credit Extension
      Exhibit E-1 Exhibit E-2
  Sections 4.02(a) (b)
  37




---



##### 



provided
  4.02 Conditions to all Credit Extensions
 Article V Section 5.05 Section 5.11(c) Section 4.02 Section 5.11 Section
6.01
   Sections
4.02(a) (b)
 ARTICLE V.
REPRESENTATIONS AND WARRANTIES
 38




---



##### 



5.01 Existence, Qualification and Power; Compliance with Laws
 5.02 Authorization; No Contravention
 5.03 Governmental Authorization; Other Consents
 5.04 Binding Effect
 5.05 Litigation
 39




---



##### 



5.06 No Default
 5.07 ERISA Compliance
    5.08 Use of Proceeds; Margin Regulations Section 6.12 Section
7.07
 40




---



##### 



5.09 Ownership of Property; Liens
 5.10 Taxes
 5.11 Financial Statements; No Material Adverse Effect
  Section 6.01(b)
  5.12 Environmental Compliance Schedule 5.12
 5.13 Regulated Entities
 41




---



##### 



5.14 No Burdensome Restrictions
 5.15 Insurance
 5.16 Disclosure
 ARTICLE VI.
AFFIRMATIVE COVENANTS
  6.01 Financial Statements
  42




---



##### 



Independent
Auditor
  6.02 Certificates; Other Information
 Sections
6.01(a) (b)
   Section 6.01 Section 6.02(a) (b) Schedule 10.02 provided
 43




---



##### 



i.e. Section 6.02(a)
 6.03 Notices
         44




---



##### 



Section 6.03(a)
 6.04 Preservation of Corporate Existence, Etc Section 6.04
  Section 7.04
  6.05 Maintenance of Property
 6.06 Maintenance of Insurance
 6.07 Payment of Taxes unless
 6.08 Compliance with Laws
 45




---



##### 



6.09 Compliance with ERISA
 6.10 Books and Records and Inspection Rights provided Section 6.10
 6.11 Environmental Laws
 6.12 Use of Proceeds
 6.13 Change in Business
 ARTICLE VII.
NEGATIVE COVENANTS
  7.01 Financial Condition Covenants
 46




---



##### 



Minimum Interest Coverage Ratio
 Maximum Total Debt to EBITDA Ratio
 7.02 Liens Permitted Liens
 Schedule 7.02
 Section 6.07
     47




---



##### 



provided
 provided
 provided
 clauses (a) (j) provided
  7.03 Restrictions on Subsidiaries
 48




---



##### 



7.04 Consolidation, Mergers and Sales of Assets provided
 7.05 Limitation on Subsidiary Indebtedness
 7.06 Transactions with Affiliates
 7.07 Use of Proceeds
 7.08 ERISA
 49




---



##### 



7.09 Securitization Transactions
 ARTICLE VIII.
EVENTS OF DEFAULT AND REMEDIES
 8.01 Events of Default
 Non-Payment
 Representation or Warranty
 Specific Defaults Section 6.04 Section
6.12 Article VII
 Other Defaults Section 8.01(d) Section 6.03
 Cross-Default
 50




---



##### 



Insolvency; Voluntary Proceedings provided Section 6.04
 Involuntary Proceedings
 ERISA
 Monetary Judgments
 Change of Control
 51




---



##### 



Invalidity of Loan Documents
 8.02 Remedies Upon Event of Default
     provided however
 8.03 Application of Funds Section
8.02 Section 8.02
 First Article III
 Second
 52




---



##### 



Article III Second
 Third Third
 Fourth Fourth
 Fifth
 Last
 Section 2.03(c) Fifth
 ARTICLE IX.
ADMINISTRATIVE AGENT
 9.01 Appointment and Authorization of Administrative Agent
   53




---



##### 



Article
IX Article IX Section 9.07
 9.02 Delegation of Duties
 9.03 Liability of Administrative Agent
 9.04 Reliance by Administrative Agent
  54




---



##### 



Section
4.01
 9.05 Notice of Default Article VIII provided however
 9.06 Credit Decision; Disclosure of Information by Administrative Agent
 55




---



##### 



9.07 Indemnification of Administrative Agent provided however provided further
 9.08 Individual Capacities
  9.09 Successor Administrative Agent
 56




---



##### 



Article IX Sections 10.04 10.05
 9.10 Administrative Agent May File Proofs of Claim
 Sections 2.03(i) (j) 2.09 10.04
   57




---



##### 



Sections
2.09 10.04
  9.11 Other Agents; Arrangers and Managers Section 10.05
 ARTICLE X.
MISCELLANEOUS
 10.01 Amendments, Etc provided however
 Section 4.01(a)
 Section 8.02
  Section 10.01 provided however
 58




---



##### 



Section 2.13 Section 8.03
  Section 2.14 Section 2.15
 provided further Section 10.07(h)
 10.02 Notices and Other Communications; Facsimile Copies
 General
 Schedule 10.02
  59




---



##### 



Electronic Communications Article II Article
 Effectiveness of Facsimile Documents and Signatures provided however
 Reliance by Administrative Agent, the L/C Issuer and Lenders
 10.03 No Waiver; Cumulative Remedies
 60




---



##### 



10.04 Attorney Costs, Expenses and Taxes Section 10.04
 10.05 Indemnification by the Borrower Indemnitees Indemnified Liabilities provided
 61




---



##### 



Section 10.05
 10.06 Payments Set Aside
 10.07 Successors and Assigns
  62




---



##### 



provided Sections 3.01 3.04 3.05 10.04 10.05
 Register
 63




---



##### 



Participant provided provided Section 10.01 Sections 3.01 3.04 3.05 Section 10.09 provided Section 2.13
 Section
3.01 3.04 Section 3.01 Section 10.15
 provided
  Eligible Assignee
 64




---



##### 



provided
 Fund
 Approved Fund
 Granting
Lender SPC provided Section 2.13(c)(ii) Section 3.04
 Section 2.03(c)
 65




---



##### 



10.08 Confidentiality Information
 10.09 Set-off provided Section 8.02 Section 10.09 provided however
 66




---



##### 



10.10 Interest Rate Limitation Maximum Rate
 10.11 Counterparts
 10.12 Integration provided
 10.13 Survival of Representations and Warranties
 10.14 Severability
 67




---



##### 



10.15 Tax Forms
 Foreign Lender
  Section 3.01 Section 10.15(a)
 68




---



##### 



Section
10.15(a) provided Section 10.15(a) Section 10.15(a) Section 3.01
 Section
10.15(a)
   10.16 Replacement of Lenders 3.01 3.04 Section 10.07 provided
 Section 10.07(b)
 69




---



##### 



Section 3.05
   10.17 Governing Law
 PROVIDED
  10.18 Waiver of Right to Trial by Jury
 70




---



##### 



10.19 USA PATRIOT Act Notice Act
 10.20 No Advisory or Fiduciary Responsibility
 71




---



##### 



72




---



##### 



PACTIV CORPORATIONBy: /S/ Gregory A. HansonName: Gregory A. HansonTitle: V.P. & Treasurer
 Signature Page to
Pactiv Credit Agreement




---



##### 



JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as a
Lender, the L/C Issuer and the Administrative AgentBy: /S/ Michael B. KellyName: Michael B. KellyTitle: Vice President
 Signature Page to
Pactiv Credit Agreement




---



##### 



BANK OF AMERICA, N.A., as a LenderBy: /S/ Colleen M. BriscoeName: Colleen M. BriscoeTitle: Senior Vice President
 Signature Page to
Pactiv Credit Agreement




---



##### 



BARCLAYS BANK PLC, as a LenderBy: /S/ Nicholas BellName: Nicholas BellTitle: Director
 Signature Page to
Pactiv Credit Agreement




---



##### 



LEHMAN BROTHERS COMMERCIAL BANK, as a LenderBy: /S/ George JanesName: George JanesTitle: Chief Credit Officer
 Signature Page to
Pactiv Credit Agreement




---



##### 



MORGAN STANLEY SENIOR FUNDING, INC., as a
LenderBy: /S/ Daniel TwengeName: Daniel TwengeTitle: Vice President
 Signature Page to
Pactiv Credit Agreement




---



##### 



SUNTRUST BANK, as a LenderBy: /S/ Michael LapresiName: Michael LapresiTitle: Managing Director
 Signature Page to
Pactiv Credit Agreement




---



##### 



WACHOVIA BANK, N.A., as a LenderBy: /S/ Robert G. McGill Jr.Name: Robert G. McGill Jr.Title: Director
 Signature Page to
Pactiv Credit Agreement




---



##### 



SCHEDULE 2.01
 COMMITMENTS
 AND PRO RATA SHARES
 Lender
    
    Commitment
    
    Pro Rata ShareJPMorgan Chase Bank, National Association
    
    $
    340,000,000
    
    
    
    40
    %Morgan Stanley Senior Funding, Inc.
    
    $
    297,500,000
    
    
    
    35
    %Bank of America, N.A.
    
    $
    42,500,000
    
    
    
    5
    %Barclays Bank PLC
    
    $
    42,500,000
    
    
    
    5
    %Lehman Brothers Commercial Bank
    
    $
    42,500,000
    
    
    
    5
    %SunTrust Bank
    
    $
    42,500,000
    
    
    
    5
    %Wachovia Bank, N.A.
    
    $
    42,500,000
    
    
    
    5
    %Total
    
    $
    850,000,000
    
    
    
    100.0
    %




---



##### 



SCHEDULE 5.12
 ENVIRONMENTAL MATTERS




---



##### 



SCHEDULE 7.02
 EXISTING LIENS




---



##### 



SCHEDULE 10.02
 ADMINISTRATIVE AGENTS OFFICE,
 CERTAIN ADDRESSES FOR NOTICES
 PACTIV CORPORATION:
 
 ADMINISTRATIVE AGENT:




---



##### 








---



##### 



EXHIBIT A
 FORM OF LOAN NOTICE
 
   Agreement; Borrower
  o o
 1.
    
    On (a Business Day).2.
    
    In the amount of $.3.
    
    Comprised of .
                                          [Type of Loan requested]4.
    
    For Eurodollar Rate Loans: with an Interest Period of  months.
 [The Borrowing requested herein complies with the proviso to the first sentence of Section
2.01 of the Agreement.]
 PACTIV CORPORATIONBy:Name:Title:




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EXHIBIT B
 FORM OF NOTE
 
 Borrower   Lender Agreement;
     PACTIV CORPORATIONBy:Name:Title:




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LOANS AND PAYMENTS WITH RESPECT THERETO
 Amount of
    
    OutstandingEnd of
    
    Principal
    
    PrincipalType of
    
    Amount of
    
    Interest
    
    or Interest Paid
    
    Balance
    
    NotationDate
    
    Loan Made
    
    Loan Made
    
    Period
    
    This Date
    
    This Date
    
    Made By




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##### 



EXHIBIT C
 FORM OF COMPLIANCE CERTIFICATE
 
   Agreement; Borrower
 
 [Use following paragraph 1 for fiscal year-end financial statements]
 Schedule 1 Section 6.01(a)
 [Use following paragraph 1 for fiscal quarter-end financial statements]
 Schedule 1 Section 6.01(b)




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##### 



[select one:]
 [to the best knowledge of the undersigned during such fiscal period, the Borrower performed and
observed each covenant and condition of the Loan Documents applicable to it.]
 or
 [the following covenants or conditions have not been performed or observed and the following is a
list of each such Default and its nature and status:]
 Article V Section 5.05 Section 5.11(c) Section 5.11 Section 6.01
 Schedules 2 3
 
 PACTIV CORPORATIONBy:Name:Title:




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##### 



Statement Date
 SCHEDULE 2
 I.
    
    Section 7.01(a) Minimum Interest Coverage Ratio.
 A.
    
    Consolidated EBITDA for four consecutive fiscal quarters
ending on above date (Subject Period):
 1.
    
    
    Consolidated Net Income for Subject Period
(see Schedule 3 attached hereto):
    
    $2.
    
    
    Consolidated Interest Expense for Subject Period:
    
    $3.
    
    
    Provision for income taxes for Subject Period:
    
    $4.
    
    
    Depreciation expenses for Subject Period:
    
    $5.
    
    
    Amortization expenses for Subject Period:
    
    $6.
    
    
    Minority interest expense for Subject Period:
    
    $7.
    
    
    Consolidated EBITDA (Lines I.A.1 + 2 + 3 +4 + 5+ 6 ):
    
    $
 B.
    
    Consolidated Interest Expense for Subject Period:
    

$C.
    
    Interest Coverage Ratio
(Line I.A.7 ÷ Line I.B):
    
    to 1.00Minimum required:
    
    3.50 to 1.00
 II.
    
    Section 7.01(b) Maximum Total Debt to EBITDA Ratio.
 A.
    
    Total Debt at Statement Date:
    
    $B.
    
    Consolidated EBITDA for Subject Period (Line I.A.7 above):
    
    $C.
    
    Consolidated Leverage Ratio (Line II.A ÷ Line II.B):
    
    ______to 1.00Maximum permitted:
    
    3.50 to 1.00




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##### 



SCHEDULE 3    Consolidated Net Income
 TwelveQuarter
    
    
    Quarter
    
    
    Quarter
    
    
    Quarter
    
    
    MonthsEnded
    
    
    Ended
    
    
    Ended
    
    
    Ended
    
    
    EndedConsolidated Net
Income per GAAP+ non-recurring
non-cash losses and
extraordinary
non-cash losses- non-recurring
non-cash gains and
extraordinary
non-cash gains- cash expenditures
related to non-cash,
non-recurring losses
or non-cash,
extraordinary losses
added back to net
income during any
prior period




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##### 



EXHIBIT D
 ASSIGNMENT AND ASSUMPTION
 Assignment and Assumption Assignor Assignee Credit Agreement
 Assigned Interest
 1.
    
    Assignor:2.
    
    Assignee:
    
    [and is an
Affiliate/Approved Fund of [identify
Lender]]3.
    
    Borrower:
    
    Pactiv Corporation, a Delaware corporation4.
    
    Administrative Agent:
    
    JPMorgan Chase Bank, National Association,
as the administrative agent under the
Credit Agreement5.
    
    Credit Agreement:
    
    Credit Agreement, dated as of June 5, 2007,
among Pactiv Corporation, a Delaware
corporation, the Lenders from time to time
party thereto, and JPMorgan Chase Bank,
National Association, as Administrative
Agent and the L/C Issuer




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##### 



6.
    
    Assigned Interest:
 AggregateAmount of
    
    Amount of
    
    PercentageCommitments
    
    Commitment/
    
    Assigned offor all Lenders*
    
    Assigned*
    
    Commitment
    
    CUSIP Number$
    
    $
    
    %$
    
    $
    
    %$
    
    $
    
    %
 
 *
    
    Amount to be adjusted by the counterparties to take into account any payments
or prepayments made between the Trade Date and the Effective Date. [7. Trade Date: ___]
 
  ASSIGNOR
[NAME OF ASSIGNOR]By:Title:ASSIGNEE
[NAME OF ASSIGNEE]By:Title:




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##### 



[Consented to and]Accepted:JPMORGAN CHASE BANK, NATIONAL 
ASSOCIATION, as Administrative AgentBy:Title:[Consented to:]By:Title:




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##### 



ANNEX 1 TO ASSIGNMENT AND ASSUMPTION
 STANDARD TERMS AND CONDITIONS FOR
ASSIGNMENT AND ASSUMPTION
 Representations and Warranties
 Assignor
 Assignee Section
6.01




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##### 



Payments
 General Provisions




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##### 



EXHIBIT E-1
 FORM OF OPINION OF MAYER, BROWN, ROWE & MAW LLP
 Attached




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##### 



EXHIBIT E-2
 FORM OF OPINION OF GENERAL COUNSEL OF THE BORROWER
 Attached




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##### 



EXHIBIT F
 FORM OF REPORT OF LETTER OF CREDIT INFORMATION
 To:
    
    JPMorgan Chase Bank, National Association, as Administrative AgentAttn:
    
    []Phone No.:
    
    []Fax No.:
    
    []Ref.:
    
    Outstanding Letters of Credit
Issued for the account of Pactiv Corporation
under the Credit Agreement dated as of June 5, 2007
  EscalatingMaximum
    
    
    Current
    
    
    If
    
    
    Y/N(?)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date of
    
    
    Amount
    
    
    Type ofFace
    
    
    Face
    
    
    Split,
    
    
    If Y Provide
    
    
    Beneficiary
    
    
    Issuance
    
    
    Expiry
    
    
    Amend
    
    
    of
    
    
    AmendL/C No.
    
    Amount
    
    
    Amount
    
    
    Pactivs %
    
    
    Schedule*
    
    
    Name
    
    
    Date
    
    
    Date
    
    
    -ment
    
    
    Amendment
    
    
    -ment




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##### 



EXHIBIT G
 FORM OF LETTER OF CREDIT APPLICATION