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                                                                    EXHIBIT 10.1

                        PACKAGING CORPORATION OF AMERICA

                                  $150,000,000

                            4 3/8% SENIOR NOTES DUE 2008

                                  $400,000,000

                          5 3/4% SENIOR NOTES DUE 2013

                               PURCHASE AGREEMENT

July 15, 2003

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                                                                   July 15, 2003

Morgan Stanley & Co. Incorporated
Citigroup Global Markets Inc.
c/o  Morgan Stanley & Co. Incorporated
     1585 Broadway
     New York, New York 10036

Dear Sirs and Mesdames:

         Packaging Corporation of America, a Delaware corporation (the
"COMPANY"), proposes to issue and sell to the several purchasers named in
Schedule I hereto (the "INITIAL PURCHASERS") $150,000,000 principal amount of
its 4 3/8% Senior Notes due 2008 (the "4 3/8% NOTES") and $400,000,000 principal
amount of its 5 3/4% Senior Notes due 2013 (the "5 3/4% NOTES" and, together
with the 4 3/8% Notes, the "NOTES") to be issued pursuant to the provisions of
an Indenture dated as of July 21, 2003 (the "INDENTURE") between the Company and
U.S. Bank National Association, as Trustee (the "TRUSTEE").

         The Notes will be offered without being registered under the Securities
Act of 1933, as amended (the "SECURITIES ACT"), to qualified institutional
buyers in compliance with the exemption from registration provided by Rule 144A
under the Securities Act, in offshore transactions in reliance on Regulation S
under the Securities Act ("REGULATION S") and to institutional accredited
investors (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities
Act) that deliver a letter in the form annexed to the Final Memorandum (as
defined below).

         In connection with the sale of the Notes, the Company has prepared a
preliminary offering memorandum (the "PRELIMINARY MEMORANDUM") and will prepare
a final offering memorandum (the "FINAL MEMORANDUM" and, with the Preliminary
Memorandum, each a "MEMORANDUM") including or incorporating by reference a
description of the terms of the Notes, the terms of the offering and a
description of the Company. As used herein, the term "Memorandum" shall include
in each case the documents incorporated by reference therein. The terms
"SUPPLEMENT," "AMENDMENT" and "AMEND" as used herein with respect to a
Memorandum shall include all documents deemed to be incorporated by reference in
the Preliminary Memorandum or Final Memorandum that are filed subsequent to the
date of such Memorandum with the Securities and Exchange Commission (the
"COMMISSION") pursuant to the Securities Exchange Act of 1934, as amended (the
"EXCHANGE ACT").

         The holders of the Notes will be entitled to the benefits of a
Registration Rights Agreement (the "REGISTRATION RIGHTS AGREEMENT"), to be
entered into between the Company and you, as representatives of the Initial
Purchasers, as of the Closing Date (as defined below), pursuant to which the
Company will file a registration statement with the Commission registering the
Notes and Exchange Notes (as defined in the Registration Rights Agreement) under
the Securities Act.

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         1.       REPRESENTATIONS AND WARRANTIES. The Company represents and
warrants to, and agrees with, you that:

                  (a)      (i) Each document, if any, filed or to be filed
         pursuant to the Exchange Act and incorporated by reference in either
         Memorandum complied or will comply when so filed in all material
         respects with the Exchange Act and the applicable rules and regulations
         of the Commission thereunder and (ii) the Preliminary Memorandum does
         not contain and the Final Memorandum, in the form used by the Initial
         Purchasers to confirm sales and on the Closing Date (as defined in
         Section 4), will not contain any untrue statement of a material fact or
         omit to state a material fact necessary to make the statements therein,
         in the light of the circumstances under which they were made, not
         misleading, except that the representations and warranties set forth in
         this paragraph do not apply to statements or omissions in either
         Memorandum based upon information relating to any Initial Purchaser
         furnished to the Company in writing by such Initial Purchaser through
         you expressly for use therein.

                  (b)      The Company has been duly incorporated, is validly
         existing as a corporation in good standing under the laws of the State
         of Delaware, has the corporate power and authority to own its property
         and to conduct its business as described in each Memorandum and is duly
         qualified to transact business and is in good standing in each
         jurisdiction in which the conduct of its business or its ownership or
         leasing of property requires such qualification, except to the extent
         that the failure to be so qualified or be in good standing would not
         have a material adverse effect on the Company and its subsidiaries,
         taken as a whole.

                  (c)      Each subsidiary of the Company has been duly
         incorporated or organized, is validly existing as a corporation or
         limited liability company in good standing under the laws of the
         jurisdiction of its incorporation or organization, has the power and
         authority (corporate or otherwise) to own its property and to conduct
         its business as described in each Memorandum and is duly qualified to
         transact business and is in good standing in each jurisdiction in which
         the conduct of its business or its ownership or leasing of property
         requires such qualification, except to the extent that the failure to
         be so qualified or be in good standing would not have a material
         adverse effect on the Company and its subsidiaries, taken as a whole;
         all of the issued shares of capital stock of each subsidiary of the
         Company have been duly and validly authorized and issued and are fully
         paid and non-assessable and each such share owned directly or
         indirectly by the Company is owned free and clear of all liens,
         encumbrances, equities or claims (other than as the result of stock
         pledged under that certain Credit Agreement dated as of April 12, 1999
         and Amended and Restated as of June 29, 2000, among the Company, Morgan
         Guaranty Trust Company of New York, as Administrative Agent, J.P.
         Morgan Securities Inc. and Deutsche Bank Securities Inc., as Co-Lead
         Arrangers and Joint Book Runners, Deutsche Bank Securities Inc., as
         Syndication Agent, Goldman Sachs Credit Partners L.P., as Documentation
         Agent, and each of the Lenders from time to time a party thereto (the
         "EXISTING CREDIT AGREEMENT")).

                  (d)      This Agreement has been duly authorized, executed and
         delivered by the Company.

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                  (e)      The Notes have been duly authorized and, when
         executed and authenticated in accordance with the provisions of the
         Indenture and delivered to and paid for by the Initial Purchasers in
         accordance with the terms of this Agreement, will be valid and binding
         obligations of the Company, enforceable in accordance with their terms,
         subject to applicable bankruptcy, insolvency or similar laws affecting
         creditors' rights generally and general principles of equity, and will
         be entitled to the benefits of the Indenture.

                  (f)      The Indenture has been duly authorized, executed and
         delivered by, and is a valid and binding agreement of, the Company,
         enforceable against it in accordance with its terms, subject to
         applicable bankruptcy, insolvency or similar laws affecting creditors'
         rights generally and general principles of equity.

                  (g)      The Registration Rights Agreement has been duly

         authorized by the Company and, on the Closing Date, will have been duly
         executed and delivered by, and will be a valid and binding agreement
         of, the Company, enforceable against it in accordance with its terms,
         subject to applicable bankruptcy, insolvency or similar laws affecting
         creditors' rights generally and general principles of equity.

                  (h)      The Notes, the Indenture and the Registration Rights
         Agreement will conform in all material respects to the respective
         statements relating thereto contained in each Memorandum and will be in
         substantially the respective forms last delivered to the Initial
         Purchasers prior to the date of this Agreement.

                  (i)      The execution and delivery by the Company of, and the
         performance by the Company of its obligations under, this Agreement,
         the Indenture, the Registration Rights Agreement, the Notes and the
         Exchange Notes do not and will not contravene any provision of
         applicable law or the certificate of incorporation or by-laws of the
         Company or any agreement or other instrument binding upon the Company
         or any of its subsidiaries that is material to the Company and its
         subsidiaries, taken as a whole (other than the Existing Credit
         Agreement), or any judgment, order or decree of any governmental body,
         agency or court having jurisdiction over the Company or any subsidiary,
         and no consent, approval, authorization or order of, or qualification
         with, any governmental body or agency is required for the performance
         by the Company of its obligations under this Agreement, the Indenture,
         the Registration Rights Agreement, the Notes or the Exchange Notes,
         except such as may be required by the securities or Blue Sky laws of
         the various states in connection with the offer and sale of the Notes
         and by federal and state securities laws with respect to the Company's
         obligations under the Registration Rights Agreement.

                  (j)      There has not occurred any material adverse change,
         or any development involving a prospective material adverse change, in
         the condition, financial or otherwise, or in the earnings, business or
         operations of the Company and its subsidiaries, taken as a whole, from
         that set forth in the Final Memorandum.

                  (k)      There are no legal or governmental proceedings
         pending or threatened to which the Company or any of its subsidiaries
         is a party or to which any of the properties

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         of the Company or any of its subsidiaries is subject other than
         proceedings described in each Memorandum and proceedings that would not
         have a material adverse effect on the Company and its subsidiaries,
         taken as a whole, or on the power or ability of the Company to perform
         its obligations under this Agreement, the Indenture, the Registration
         Rights Agreement, the Notes or the Exchange Notes, or to consummate the
         transactions contemplated by the Final Memorandum.

                  (l)      The Company and its subsidiaries (i) are in
         compliance with any and all applicable foreign, Federal, state and
         local laws and regulations relating to the protection of human health
         and safety, the environment or hazardous or toxic substances or wastes,
         pollutants or contaminants ("ENVIRONMENTAL LAWS"), (ii) have received
         all permits, licenses or other approvals required of them under
         applicable Environmental Laws to conduct their respective businesses
         and (iii) are in compliance with all terms and conditions of any such
         permit, license or approval, except where such noncompliance with
         Environmental Laws, failure to receive required permits, licenses or
         other approvals or failure to comply with the terms and conditions of
         such permits, licenses or approvals would not, singly or in the
         aggregate, have a material adverse effect on the Company and its
         subsidiaries, taken as a whole.

                  (m)      Except as described in each Memorandum, there are no
         costs or liabilities associated with Environmental Laws (including,
         without limitation, any capital or operating expenditures required for
         clean-up, closure of properties or compliance with Environmental Laws
         or any permit, license or approval, any related constraints on
         operating activities and any potential liabilities to third parties)
         which would, singly or in the aggregate, have a material adverse effect
         on the Company and its subsidiaries, taken as a whole.

                  (n)      No labor dispute with the employees of the Company or
         any of its subsidiaries exists or, to the knowledge of the Company, is
         imminent, and the Company is not aware of any existing or imminent
         labor disturbance by the employees of any of its or any of its
         subsidiaries' principal suppliers, manufacturers, customers or
         contractors, which, in either case, may reasonably be expected to cause
         a material adverse change, or a prospective material adverse change, in
         the condition, financial or otherwise, or in the earnings, business or
         operations of the Company and its subsidiaries, taken as a whole, from
         that set forth in the Final Memorandum.

                  (o)      The Company and its subsidiaries possess all
         certificates, authorizations, approvals, licenses, registrations and
         permits issued by appropriate Federal, state or foreign regulatory
         authorities necessary to conduct their respective businesses, except
         where the failure to possess such certificates, authorizations,
         approvals, licenses, registrations or permits would not have a material
         adverse effect on the Company and its subsidiaries, taken as a whole,
         and neither the Company nor any such subsidiary has received notice of
         any proceedings relating to the revocation or modification of any such
         certificate, authorization, approval, license, registration or permit,
         except where such proceedings would not have a material adverse effect
         on the Company and its subsidiaries, taken as a whole.

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                  (p)      The Company is not, and after giving effect to the
         offering and sale of the Notes and the application of the proceeds
         thereof as described in the Final Memorandum, will not be required to
         register as, an "investment company" as such term is defined in the
         Investment Company Act of 1940, as amended.

                  (q)      Neither the Company nor any affiliate (as defined in
         Rule 501(b) of Regulation D under the Securities Act, an "AFFILIATE")
         of the Company has directly, or through any agent, (i) sold, offered
         for sale, solicited offers to buy or otherwise negotiated in respect
         of, any security (as defined in the Securities Act) which is or will be
         integrated with the sale of the Notes in a manner that would require
         the registration under the Securities Act of the Notes or (ii) engaged
         in any form of general solicitation or general advertising in
         connection with the offering of the Notes (as those terms are used in
         Regulation D under the Securities Act), or in any manner involving a
         public offering within the meaning of Section 4(2) of the Securities
         Act.

                  (r)      None of the Company, its Affiliates or any person
         acting on its or their behalf has engaged or will engage in any
         directed selling efforts (within the meaning of Regulation S) with
         respect to the Notes and the Company and its Affiliates and any person
         acting on its or their behalf have complied and will comply with the
         offering restrictions requirement of Regulation S, except no
         representation, warranty or agreement is made by the Company in this
         paragraph with respect to the Initial Purchasers.

                  (s)      Assuming the accuracy of the representations of the
         Initial Purchasers contained in Section 7 hereof, it is not necessary
         in connection with the offer, sale and delivery of the Notes to the
         Initial Purchasers in the manner contemplated by this Agreement to
         register the Notes under the Securities Act or to qualify the Indenture
         under the Trust Indenture Act of 1939, as amended.

                  (t)      The Notes satisfy the requirements set forth in Rule
         144A(d)(3) under the Securities Act.

         2.       AGREEMENTS TO SELL AND PURCHASE. The Company hereby agrees to
sell to the several Initial Purchasers, and each Initial Purchaser, upon the
basis of the representations and warranties herein contained, but subject to the
conditions hereinafter stated, agrees, severally and not jointly, to purchase
from the Company the respective principal amount, of 4 3/8% Notes and 5 3/4%
Notes set forth in Schedule I hereto opposite its name at a purchase price of
98.944% of the principal amount of 4 3/8% Notes and 98.493% of the principal
amount of 5 3/4% Notes (the "PURCHASE PRICE"), in each case, plus accrued
interest, if any, to the Closing Date.

         The Company hereby agrees that, without the prior written consent of
Morgan Stanley & Co. Incorporated and Citigroup Global Markets Inc. on behalf of
the Initial Purchasers, it will not, during the period beginning on the date
hereof and continuing to and including the Closing Date, offer, sell, contract
to sell or otherwise dispose of any debt securities of the Company or warrants
to purchase debt securities of the Company substantially similar to the Notes
(other than the sale of the Notes under this Agreement).

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         3.       TERMS OF OFFERING. You have advised the Company that the
Initial Purchasers will make an offering of the Notes purchased by the Initial
Purchasers hereunder, on the terms to be set forth in the Final Memorandum, as
soon as practicable after this Agreement is entered into as in your judgment is
advisable.

         4.       PAYMENT AND DELIVERY. Payment for the Notes shall be made to
the Company in Federal or other immediately available funds to an account
specified by the Company against delivery of such Notes for the respective
accounts of the several Initial Purchasers at 10:00 a.m., New York City time, on
July 21, 2003, or at such other time on the same or such other date, not later
than July 28, 2003, as shall be designated in writing by you. The time and date
of such payment are hereinafter referred to as the "CLOSING DATE."

         Certificates for the Notes shall be in definitive form or global form,
as specified by you, and registered in such names and in such denominations as
you shall request in writing not later than one full business day prior to the
Closing Date. The certificates evidencing the Notes shall be delivered to you on
the Closing Date for the respective accounts of the several Initial Purchasers,
with any transfer taxes payable in connection with the transfer of the Notes to
the Initial Purchasers duly paid, against payment of the Purchase Price therefor
plus accrued interest, if any, to the date of payment and delivery.

         5.       CONDITIONS TO THE INITIAL PURCHASERS' OBLIGATIONS. The several
obligations of the Initial Purchasers to purchase and pay for the Notes on the
Closing Date are subject to the following conditions:

                  (a)      Subsequent to the execution and delivery of this
         Agreement and prior to the Closing Date:

                           (i)      there shall not have occurred any
                  downgrading, nor shall any notice have been given of any
                  intended or potential downgrading or of any review for a
                  possible change that does not indicate the direction of the
                  possible change, in the rating accorded the Company or any of
                  the Company's securities by any "NATIONALLY RECOGNIZED
                  STATISTICAL RATING ORGANIZATION," as such term is defined for
                  purposes of Rule 436(g)(2) under the Securities Act; and

                           (ii)     there shall not have occurred any change, or
                  any development involving a prospective change, in the
                  condition, financial or otherwise, or in the earnings,
                  business or operations of the Company and its subsidiaries,
                  taken as a whole, from that set forth in the Final Memorandum
                  (exclusive of any amendments or supplements thereto subsequent
                  to the date of this Agreement) that, in your judgment, is
                  material and adverse and that makes it, in your judgment,
                  impracticable to market the Notes on the terms and in the
                  manner contemplated in the Final Memorandum.

                  (b)      The Initial Purchasers shall have received on the
         Closing Date a certificate, dated the Closing Date and signed by an
         executive officer of the Company, to the effect set forth in Section
         5(a) and to the effect that the representations and warranties of the
         Company contained in this Agreement are true and correct as of the
         Closing Date

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         and that the Company has complied with all of the agreements and
         satisfied all of the conditions on its part to be performed or
         satisfied hereunder on or before the Closing Date (except to the extent
         such compliance has been waived by you in writing). The officer signing
         and delivering such certificate may rely upon the best of his or her
         knowledge as to proceedings threatened.

                  (c)      The Initial Purchasers shall have received on the
         Closing Date an opinion of Kirkland & Ellis LLP, outside counsel for
         the Company, dated the Closing Date, to the effect set forth in Exhibit
         A. Such opinion shall be rendered to the Initial Purchasers at the
         request of the Company and shall so state therein.

                  (d)      The Initial Purchasers shall have received on the
         Closing Date an opinion of Sidley Austin Brown & Wood LLP, counsel for
         the Initial Purchasers, dated the Closing Date, to the effect set forth
         in Exhibit B.

                  (e)      The Initial Purchasers shall have received on each of
         the date hereof and the Closing Date a letter, dated the date hereof or
         the Closing Date, as the case may be, in form and substance
         satisfactory to the Initial Purchasers, from Ernst & Young LLP,
         independent public accountants, containing statements and information
         of the type ordinarily included in accountants' "comfort letters" to
         underwriters with respect to the financial statements and certain
         financial information contained in or incorporated by reference into
         the Final Memorandum; provided that the letter delivered on the Closing
         Date shall use a "cut-off date" not earlier than the date hereof.

                  (f)      At the Closing Date, the Registration Rights
         Agreement shall have been duly executed and delivered by the Company.

                  (g)      At the Closing Date, the Notes shall be rated at
         least Ba1 by Moody's Investors Service Inc. ("MOODY'S") and BBB- by
         Standard & Poor's Ratings Services, a division of McGraw Hill, Inc.
         ("S&P"), and the Company shall have delivered to the Initial Purchasers
         written evidence satisfactory to the Initial Purchasers confirming that
         the Notes have such ratings (such as letters from such rating agencies
         or copies of any press releases or other public announcements).

                  (h)      At or prior to the Closing Date, the Existing Credit
         Agreement shall be extinguished and evidence thereof reasonably
         satisfactory to the Initial Purchasers shall have been delivered to the
         Initial Purchasers.

                  (i)      At or prior to the Closing Date, the Company shall
         have furnished to the Initial Purchasers such documents and opinions,
         in addition to the foregoing, as the Initial Purchasers may reasonably
         request in connection with the purchase of the Notes as herein
         contemplated and related transactions contemplated hereunder.

         6.       COVENANTS OF THE COMPANY. In further consideration of the
agreements of the Initial Purchasers contained in this Agreement, the Company
covenants with each Initial Purchaser as follows:

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                  (a)      To furnish to you in New York City, without charge,
         prior to 10:00 a.m., New York City time, on the business day next
         succeeding the date of this Agreement and during the period mentioned
         in Section 6(c), as many copies of the Final Memorandum, any documents
         incorporated by reference therein and any supplements and amendments
         thereto as you may reasonably request.

                  (b)      Before amending or supplementing either Memorandum,
         to furnish to you a copy of each such proposed amendment or supplement
         and not to use any such proposed amendment or supplement to which you
         reasonably object.

                  (c)      If, during such period after the date hereof and
         prior to the date on which all of the Notes shall have been sold by the
         Initial Purchasers, any event shall occur or condition exist as a
         result of which it is necessary to amend or supplement the Final
         Memorandum in order to make the statements therein, in the light of the
         circumstances when the Final Memorandum is delivered to a purchaser,
         not misleading, or if, in the opinion of counsel for the Initial
         Purchasers, it is necessary to amend or supplement the Final Memorandum
         to comply with applicable law, forthwith to prepare and furnish, at its
         own expense, to the Initial Purchasers, either amendments or
         supplements to the Final Memorandum so that the statements in the Final
         Memorandum as so amended or supplemented will not, in the light of the
         circumstances when the Final Memorandum is delivered to a purchaser, be
         misleading or so that the Final Memorandum, as amended or supplemented,
         will comply with applicable law.

                  (d)      To endeavor to qualify the Notes for offer and sale
         under the securities or Blue Sky laws of such jurisdictions as you
         shall reasonably request.

                  (e)      To take all reasonable action necessary to enable S&P
         and Moody's to provide their respective credit ratings of the Notes.

                  (f)      Whether or not the transactions contemplated in this
         Agreement are consummated or this Agreement is terminated, to pay or
         cause to be paid all expenses incident to the performance of its
         obligations under this Agreement, including: (i) the fees,
         disbursements and expenses of the Company's counsel and the Company's
         accountants in connection with the issuance and sale of the Notes and
         all other fees or expenses in connection with the preparation of each
         Memorandum and all amendments and supplements thereto, including all
         printing costs associated therewith, and the delivering of copies
         thereof to the Initial Purchasers, in the quantities herein above
         specified, (ii) all costs and expenses related to the transfer and
         delivery of the Notes to the Initial Purchasers, including any transfer
         or other taxes payable thereon, (iii) the cost of printing or producing
         any Blue Sky or legal investment memorandum in connection with the
         offer and sale of the Notes under state securities laws and all
         expenses in connection with the qualification of the Notes for offer
         and sale under state securities laws as provided in Section 6(d)
         hereof, including filing fees and the reasonable fees and disbursements
         of counsel for the Initial Purchasers in connection with such
         qualification and in connection with the Blue Sky or legal investment
         memorandum, (iv) any fees charged by rating agencies for the rating of
         the Notes, (v) the costs and charges of the Trustee and any transfer
         agent, registrar or depositary, (vi) the cost of the preparation,

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         issuance and delivery of the Notes, (vii) the costs and expenses of the
         Company relating to investor presentations on any "road show"
         undertaken in connection with the marketing of the offering of the
         Notes, including, without limitation, expenses associated with the
         production of road show slides and graphics, fees and expenses of any
         consultants engaged in connection with the road show presentations with
         the prior approval of the Company, travel and lodging expenses of the
         representatives and officers of the Company and any such consultants,
         and the cost of any aircraft chartered in connection with the road
         show, and (viii) all other cost and expenses incident to the
         performance of the obligations of the Company hereunder for which
         provision is not otherwise made in this Section. It is understood,
         however, that except as provided in this Section, Section 8, and the
         last paragraph of Section 10, the Initial Purchasers will pay all of
         their costs and expenses, including fees and disbursements of their
         counsel, transfer taxes payable on resale of any of the Notes by them
         and any advertising expenses connected with any offers they may make.

                  (g)      Neither the Company nor any Affiliate will sell,
         offer for sale or solicit offers to buy or otherwise negotiate in
         respect of any security (as defined in the Securities Act) which could
         be integrated with the sale of the Notes in a manner which would
         require the registration under the Securities Act of the Notes.

                  (h)      Neither the Company nor any Affiliate will solicit
         any offer to buy or offer or sell the Notes by means of any form of
         general solicitation or general advertising (as those terms are used in
         Regulation D under the Securities Act) or in any manner involving a
         public offering within the meaning of Section 4(2) of the Securities
         Act, except for the exchange offer to be made by the Company in
         accordance with the terms of the Registration Rights Agreement.

                  (i)      While any of the Notes remain "RESTRICTED SECURITIES"
         within the meaning of the Securities Act, to make available, upon
         request, to any seller of such Notes the information specified in Rule
         144A(d)(4) under the Securities Act, unless the Company is then subject
         to Section 13 or 15(d) of the Exchange Act.

                  (j)      None of the Company, its Affiliates or any person
         acting on its or their behalf (other than the Initial Purchasers, as to
         which the Company makes no covenant) will engage in any directed
         selling efforts (as that term is defined in Regulation S) with respect
         to the Notes, and the Company and its Affiliates and each person acting
         on its or their behalf (other than the Initial Purchasers) will comply
         with the offering restrictions requirement of Regulation S.

                  (k)      During the period of two years after the Closing
         Date, the Company will not, and will not permit any of its affiliates
         (as defined in Rule 144A under the Securities Act) to resell any of the
         Notes which constitute "RESTRICTED SECURITIES" under Rule 144A that
         have been reacquired by any of them.

         7.       OFFERING OF NOTES; RESTRICTIONS ON TRANSFER. (a) Each Initial
Purchaser, severally and not jointly, represents and warrants that such Initial
Purchaser is a "qualified institutional buyer" as defined in Rule 144A under the
Securities Act (a "QIB"). Each Initial Purchaser,

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severally and not jointly, agrees with the Company that (i) it will not solicit
offers for, or offer or sell, such Notes by any form of general solicitation or
general advertising (as those terms are used in Regulation D under the
Securities Act) or in any manner involving a public offering within the meaning
of Section 4(2) of the Securities Act and (ii) it will solicit offers for such
Notes only from, and will offer such Notes only to, persons that it reasonably
believes to be (A) in the case of offers inside the United States, (1) other
QIBs or (2) institutional "accredited investors" (as defined in Rule 501(a)(1),
(2), (3) or (7) under the Securities Act ("INSTITUTIONAL ACCREDITED INVESTORS")
that, prior to their purchase of the Notes, deliver to such Initial Purchaser a
letter containing the representations and agreements set forth in Appendix A to
the Memorandum and (B) in the case of offers outside the United States, to
persons other than U.S. persons ("FOREIGN PURCHASERS," which term shall include
dealers or other professional fiduciaries organized, incorporated or (if an
individual) resident in the United States acting on a discretionary basis for
non-U.S. persons (other than an estate or trust)) in reliance upon Regulation S
under the Securities Act that, in each case, in purchasing such Notes are deemed
to have represented and agreed as provided in the Final Memorandum under the
caption "Transfer Restrictions."

                  (b)      Each Initial Purchaser, severally and not jointly,
         represents, warrants, and agrees with respect to offers and sales
         outside the United States that:

                           (i)      such Initial Purchaser understands that no
                  action has been or will be taken in any jurisdiction by the
                  Company that would permit a public offering of the Notes, or
                  possession or distribution of either Memorandum or any other
                  offering or publicity material relating to the Notes, in any
                  country or jurisdiction where action for that purpose is
                  required;

                           (ii)     such Initial Purchaser will comply with all
                  applicable laws and regulations in each jurisdiction in which
                  it acquires, offers, sells or delivers Notes or has in its
                  possession or distributes either Memorandum or any such other
                  material, in all cases at its own expense;

                           (iii)    such Initial Purchaser agrees that the Notes
                  offered or sold, or to be offered or sold, by such Initial
                  Purchaser pursuant hereto in reliance on Regulation S have
                  been and will be offered and sold only in offshore
                  transactions;

                           (iv)     such Initial Purchaser understands that the
                  Notes have not been registered under the Securities Act and
                  agrees that the Notes may not be offered or sold within the
                  United States or to, or for the account or benefit of, U.S.
                  persons except in accordance with Rule 144A or Regulation S
                  under the Securities Act or pursuant to another exemption from
                  the registration requirements of the Securities Act;

                           (v)      such Initial Purchaser has offered the Notes
                  and will offer and sell the Notes (A) as part of their
                  distribution at any time and (B) otherwise until 40 days after
                  the later of the commencement of the offering and the Closing
                  Date, only in accordance with Rule 903 of Regulation S or as
                  otherwise permitted in Section 7(a); accordingly, neither such
                  Initial Purchaser, its Affiliates nor any

                                      10
<Page>

                  persons acting on its or their behalf have engaged or will
                  engage in any directed selling efforts (within the meaning of
                  Regulation S) with respect to the Notes, and any such Initial
                  Purchaser, its Affiliates and any such persons have complied
                  and will comply with the offering restrictions requirement of
                  Regulation S;

                           (vi)     such Initial Purchaser has (A) not offered
                  or sold and, prior to the date six months after the Closing
                  Date, will not offer or sell any Notes to persons in the
                  United Kingdom except to persons whose ordinary activities
                  involve them in acquiring, holding, managing or disposing of
                  investments (as principal or agent) for the purposes of their
                  businesses or otherwise in circumstances which have not
                  resulted and will not result in an offer to the public in the
                  United Kingdom within the meaning of the Public Offers of
                  Securities Regulations 1995 (as amended), (B) only
                  communicated or caused to be communicated and will only
                  communicate or cause to be communicated any invitation or
                  inducement to engage in investment activity (within the
                  meaning of Section 21 of the Financial Services and Markets
                  Act 2000 (the "FSMA")) received by it in connection with the
                  issue or sale of any Notes in circumstances in which Section
                  21(1) of the FSMA does not apply to the Company and (C)
                  complied and will comply with all applicable provisions of the
                  FSMA with respect to anything done by it in relation to the
                  Notes in, from or otherwise involving the United Kingdom;

                           (vii)    such Initial Purchaser understands that the
                  Notes have not been and will not be registered under the
                  Securities and Exchange Law of Japan, and represents that it
                  has not offered or sold, and agrees not to offer or sell,
                  directly or indirectly, any Notes in Japan or for the account
                  of any resident thereof except pursuant to any exemption from
                  the registration requirements of the Securities and Exchange
                  Law of Japan and otherwise in compliance with applicable
                  provisions of Japanese law; and

                           (viii)   such Initial Purchaser agrees that, at or
                  prior to confirmation of sales of the Notes, it will have sent
                  to each distributor, "DEALER" (as defined in Section 2(a)(12)
                  of the Securities Act) or person receiving a selling
                  concession, fee or other remuneration that purchases Notes
                  from it during the "DISTRIBUTION COMPLIANCE PERIOD" (as
                  defined in Regulation S) a confirmation or notice to
                  substantially the following effect:

                           "The Notes covered hereby have not been registered
                           under the U.S. Securities Act of 1933 (the
                           "Securities Act") and may not be offered and sold
                           within the United States or to, or for the account or
                           benefit of, U.S. persons (i) as part of their
                           distribution at any time or (ii) otherwise until 40
                           days after the later of the commencement of the
                           offering and the closing date, except in either case
                           in accordance with Regulation S (or Rule 144A if
                           available) under the Securities Act. Terms used above
                           have the meaning given to them by Regulation S."

                                      11
<Page>

         Terms used in this Section 7(b) have the meanings given to them by
Regulation S.

         8.       INDEMNITY AND CONTRIBUTION. (a) The Company agrees to
indemnify and hold harmless each Initial Purchaser and each person, if any, who
controls any Initial Purchaser within the meaning of either Section 15 of the
Securities Act or Section 20 of the Exchange Act, and each affiliate of each
Initial Purchaser within the meaning of Rule 405 under the Securities Act from
and against any and all losses, claims, damages and liabilities (including,
without limitation, any legal or other expenses reasonably incurred in
connection with defending or investigating any such action or claim) caused by
any untrue statement or alleged untrue statement of a material fact contained in
either Memorandum (as amended or supplemented if the Company shall have
furnished any amendments or supplements thereto), or caused by any omission or
alleged omission to state therein a material fact necessary to make the
statements therein in the light of the circumstances under which they were made
not misleading, except insofar as such losses, claims, damages or liabilities
are caused by any such untrue statement or omission or alleged untrue statement
or omission based upon information relating to any Initial Purchaser furnished
to the Company in writing by such Initial Purchaser through you expressly for
use therein; provided, however, that the foregoing indemnity agreement with
respect to any Preliminary Memorandum shall not inure to the benefit of any
Initial Purchaser from whom the person asserting any such losses, claims,
damages or liabilities purchased Notes, or any person controlling such Initial
Purchaser, if a copy of the Final Memorandum (as then amended or supplemented if
the Company shall have furnished any amendments or supplements thereto) was not
sent or given by or on behalf of such Initial Purchaser to such person, if
required by law so to have been delivered, at or prior to the written
confirmation of the sale of the Notes to such person, and if the Final
Memorandum (as so amended or supplemented) would have cured the defect giving
rise to such losses, claims, damages or liabilities, unless such failure is the
result of noncompliance by the Company with Section 6(a) hereof or unless such
defect shall have been cured by a document which is incorporated or deemed to be
incorporated by reference in the Final Memorandum.

                  (b)      Each Initial Purchaser agrees, severally and not
         jointly, to indemnify and hold harmless the Company, its directors, its
         officers and each person, if any, who controls the Company within the
         meaning of either Section 15 of the Securities Act or Section 20 of the
         Exchange Act to the same extent as the foregoing indemnity from the
         Company to such Initial Purchaser, but only with reference to
         information relating to such Initial Purchaser furnished to the Company
         in writing by such Initial Purchaser through you expressly for use in
         either Memorandum or any amendments or supplements thereto.

                  (c)      In case any proceeding (including any governmental
         investigation) shall be instituted involving any person in respect of
         which indemnity may be sought pursuant to Section 8(a) or 8(b), such
         person (the "INDEMNIFIED PARTY") shall promptly notify the person
         against whom such indemnity may be sought (the "INDEMNIFYING PARTY") in
         writing and the indemnifying party, upon request of the indemnified
         party, shall retain counsel reasonably satisfactory to the indemnified
         party to represent the indemnified party and any others the
         indemnifying party may designate in such proceeding and shall pay the
         fees and disbursements of such counsel related to such proceeding. In
         any such proceeding, any indemnified party shall have the right to
         retain its own counsel, but the

                                  12
<Page>

         fees and expenses of such counsel shall be at the expense of such
         indemnified party unless (i) the indemnifying party and the indemnified
         party shall have mutually agreed to the retention of such counsel or
         (ii) the named parties to any such proceeding (including any impleaded
         parties) include both the indemnifying party and the indemnified party
         and representation of both parties by the same counsel would be
         inappropriate due to actual or potential differing interests between
         them. It is understood that the indemnifying party shall not, in
         respect of the legal expenses of any indemnified party in connection
         with any proceeding or related proceedings in the same jurisdiction, be
         liable for the fees and expenses of more than one separate firm (in
         addition to any local counsel) for all such indemnified parties and
         that all such fees and expenses shall be reimbursed as they are
         incurred. Such firm shall be designated in writing by Morgan Stanley &
         Co. Incorporated, in the case of parties indemnified pursuant to
         Section 8(a), and by the Company, in the case of parties indemnified
         pursuant to Section 8(b). The indemnifying party shall not be liable
         for any settlement of any proceeding effected without its written
         consent, but if settled with such consent or if there be a final
         judgment for the plaintiff, the indemnifying party agrees to indemnify
         the indemnified party from and against any loss or liability by reason
         of such settlement or judgment. Notwithstanding the foregoing sentence,
         if at any time an indemnified party shall have requested an
         indemnifying party to reimburse the indemnified party for fees and
         expenses of counsel as contemplated by the second and third sentences
         of this paragraph, the indemnifying party agrees that it shall be
         liable for any settlement of any proceeding effected without its
         written consent if (i) such settlement is entered into more than 30
         days after receipt by such indemnifying party of the aforesaid request
         and (ii) such indemnifying party shall not have reimbursed the
         indemnified party in accordance with such request prior to the date of
         such settlement. No indemnifying party shall, without the prior written
         consent of the indemnified party, effect any settlement of any pending
         or threatened proceeding in respect of which any indemnified party is
         or could have been a party and indemnity could have been sought
         hereunder by such indemnified party, unless such settlement includes an
         unconditional release of such indemnified party from all liability on
         claims that are the subject matter of such proceeding.

                  (d)      To the extent the indemnification provided for in
         Section 8(a) or 8(b) is unavailable to an indemnified party or
         insufficient in respect of any losses, claims, damages or liabilities
         referred to therein, then each indemnifying party under such paragraph,
         in lieu of indemnifying such indemnified party thereunder, shall
         contribute to the amount paid or payable by such indemnified party as a
         result of such losses, claims, damages or liabilities (i) in such
         proportion as is appropriate to reflect the relative benefits received
         by the Company on the one hand and the Initial Purchasers on the other
         hand from the offering of the Notes or (ii) if the allocation provided
         by clause 8(d)(i) above is not permitted by applicable law, in such
         proportion as is appropriate to reflect not only the relative benefits
         referred to in clause 8(d)(i) above but also the relative fault of the
         Company on the one hand and of the Initial Purchasers on the other hand
         in connection with the statements or omissions that resulted in such
         losses, claims, damages or liabilities, as well as any other relevant
         equitable considerations. The relative benefits received by the Company
         on the one hand and the Initial Purchasers on the other hand in
         connection with the offering of the Notes shall be deemed to be in the
         same respective proportions as the net proceeds from the offering of
         the Notes (before deducting

                                      13
<Page>

         expenses) received by the Company and the total discounts and
         commissions received by the Initial Purchasers bear to the aggregate
         offering price of the Notes. The relative fault of the Company on the
         one hand and of the Initial Purchasers on the other hand shall be
         determined by reference to, among other things, whether the untrue or
         alleged untrue statement of a material fact or the omission or alleged
         omission to state a material fact relates to information supplied by
         the Company or by the Initial Purchasers and the parties' relative
         intent, knowledge, access to information and opportunity to correct or
         prevent such statement or omission. The Initial Purchasers' respective
         obligations to contribute pursuant to this Section 8 are several in
         proportion to the respective principal amount of Notes they have
         purchased hereunder, and not joint.

                  (e)      The Company and the Initial Purchasers agree that it
         would not be just or equitable if contribution pursuant to this Section
         8 were determined by pro rata allocation (even if the Initial
         Purchasers were treated as one entity for such purpose) or by any other
         method of allocation that does not take account of the equitable
         considerations referred to in Section 8(d). The amount paid or payable
         by an indemnified party as a result of the losses, claims, damages and
         liabilities referred to in Section 8(d) shall be deemed to include,
         subject to the limitations set forth above, any legal or other expenses
         reasonably incurred by such indemnified party in connection with
         investigating or defending any such action or claim. Notwithstanding
         the provisions of this Section 8, no Initial Purchaser shall be
         required to contribute any amount in excess of the amount by which the
         total price at which the Notes resold by it in the initial placement of
         such Notes were offered to investors exceeds the amount of any damages
         that such Initial Purchaser has otherwise been required to pay by
         reason of such untrue or alleged untrue statement or omission or
         alleged omission. No person guilty of fraudulent misrepresentation
         (within the meaning of Section 11(f) of the Securities Act) shall be
         entitled to contribution from any person who was not guilty of such
         fraudulent misrepresentation. The remedies provided for in this Section
         8 are not exclusive and shall not limit any rights or remedies which
         may otherwise be available to any indemnified party at law or in
         equity.

                  (f)      The indemnity and contribution provisions contained
         in this Section 8 and the representations, warranties and other
         statements of the Company contained in this Agreement shall remain
         operative and in full force and effect regardless of (i) any
         termination of this Agreement, (ii) any investigation made by or on
         behalf of any Initial Purchaser or any person controlling any Initial
         Purchaser or by or on behalf of the Company, its officers or directors
         or any person controlling the Company and (iii) acceptance of and
         payment for any of the Notes.

         9.       TERMINATION. You may terminate this Agreement by notice given
to the Company, if after the execution and delivery of this Agreement and prior
to the Closing Date (i) trading generally shall have been suspended or
materially limited on, or by, as the case may be, any of the New York Stock
Exchange, the American Stock Exchange, the Nasdaq National Market, the Chicago
Board of Options Exchange, the Chicago Mercantile Exchange or the Chicago Board
of Trade, (ii) trading of any securities of the Company shall have been
suspended on any exchange or in any over-the-counter market, (iii) a material
disruption in securities settlement, payment or clearance services in the United
States shall have occurred, (iv) any moratorium on commercial banking activities
shall have been declared by Federal or New York

                                      14
<Page>

State authorities or (v) there shall have occurred any outbreak or escalation of
hostilities, or any change in financial markets or any calamity or crisis that,
in your judgment, is material and adverse and which, singly or together with any
other event specified in this clause (v), makes it, in your judgment,
impracticable or inadvisable to proceed with the offer, sale or delivery of the
Notes on the terms and in the manner contemplated in the Final Memorandum.

         10.      EFFECTIVENESS; DEFAULTING INITIAL PURCHASERS. This Agreement
shall become effective upon the execution and delivery hereof by the parties
hereto.

         If, on the Closing Date, any one or more of the Initial Purchasers
shall fail or refuse to purchase 4 3/8% Notes or 5 3/4% Notes, as the case may
be, that it or they have agreed to purchase hereunder on such date, and the
aggregate principal amount of such Notes which such defaulting Initial Purchaser
or Initial Purchasers agreed but failed or refused to purchase is not more than
one-tenth of the aggregate principal amount of such series of Notes to be
purchased on such date, the other Initial Purchasers shall be obligated
severally in the proportions that the principal amount of such Notes set forth
opposite their respective names in Schedule I bears to the aggregate principal
amount of such series of Notes set forth opposite the names of all such
non-defaulting Initial Purchasers, or in such other proportions as you may
specify, to purchase such Notes which such defaulting Initial Purchaser or
Initial Purchasers agreed but failed or refused to purchase on such date;
provided that in no event shall the principal amount of such series of Notes
that any Initial Purchaser has agreed to purchase pursuant to this Agreement be
increased pursuant to this Section 10 by an amount in excess of one-ninth of
such principal amount of such series of Notes without the written consent of
such Initial Purchaser. If, on the Closing Date any Initial Purchaser or Initial
Purchasers shall fail or refuse to purchase 4 3/8% Notes or 5 3/4% Notes, as the
case may be, which it or they have agreed to purchase hereunder on such date and
the aggregate principal amount of such Notes with respect to which such default
occurs is more than one-tenth of the aggregate principal amount of such series
of Notes to be purchased on such date, and arrangements satisfactory to you and
the Company for the purchase of such Notes are not made within 36 hours after
such default, this Agreement shall terminate without liability on the part of
any non-defaulting Initial Purchaser or of the Company. In any such case either
you or the Company shall have the right to postpone the Closing Date, but in no
event for longer than seven days, in order that the required changes, if any, in
the Final Memorandum or in any other documents or arrangements may be effected.
Any action taken under this paragraph shall not relieve any defaulting Initial
Purchaser from liability in respect of any default of such Initial Purchaser
under this Agreement.

         If this Agreement shall be terminated by the Initial Purchasers, or any
of them, because of any failure or refusal on the part of the Company to comply
with the terms or to fulfill any of the conditions of this Agreement, or if for
any reason the Company shall be unable to perform its obligations under this
Agreement, the Company will reimburse the Initial Purchasers or such Initial
Purchasers as have so terminated this Agreement with respect to themselves,
severally, for all out-of-pocket expenses (including the fees and disbursements
of their counsel) reasonably incurred by such Initial Purchasers in connection
with this Agreement or the offering contemplated hereunder.

                                      15
<Page>

         11.      COUNTERPARTS. This Agreement may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument.

         12.      APPLICABLE LAW; SUBMISSION TO JURISDICTION. THIS AGREEMENT
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE
STATE OF NEW YORK. THE COMPANY HEREBY (A) SUBMITS TO THE JURISDICTION OF ANY NEW
YORK STATE OR FEDERAL COURT SITTING IN NEW YORK CITY WITH RESPECT TO ANY ACTIONS
AND PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT, (B) AGREES THAT
ALL CLAIMS WITH RESPECT TO SUCH ACTIONS OR PROCEEDINGS MAY BE HEARD AND
DETERMINED IN SUCH NEW YORK STATE OR FEDERAL COURT, (C) WAIVES THE DEFENSE OF AN
INCONVENIENT FORUM AND (D) AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR
PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY
SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

         13.      NOTICES. All notices, requests, demands, waivers and other
communications required or permitted to be given under this Agreement shall be
in writing and shall be deemed to have been duly given if (a) delivered
personally, (b) mailed by certified or registered mail with postage prepaid, (c)
sent by next-day or overnight mail or delivery or (d) sent by telecopy or
telegram, as follows:

         If to you:

                  Morgan Stanley & Co. Incorporated
                  1585 Broadway
                  New York, New York  10036
                  Telecopy No.:  (212)761-0783
                  Attention:  Fixed Income Syndicate Desk

                  Citigroup Global Markets Inc.
                  388 Greenwich Street
                  New York, New York  10013
                  Telecopy No.:  (212) 816-7912
                  Attention:  Jeanne Campanelli

                  with a copy to:

                  Sidley Austin Brown & Wood LLP
                  787 Seventh Avenue
                  New York, New York  10019
                  Telecopy No.:  (212) 839-5599
                  Attention:  John H. Newman

                                      16
<Page>

         If to the Company:

                  Packaging Corporation of America
                  1900 West Field Court
                  Lake Forest, Illinois 60045
                  Telecopy No.:  (847) 482-4545
                  Attention:  Chief Financial Officer

                  with a copy to:

                  Kirkland & Ellis
                  200 East Randolph Drive
                  Chicago, Illinois 60601-6636
                  Telecopy No.:  (312) 861-2200
                  Attention:  James S. Rowe

or, in each case, at such other address as may be specified in writing by a
party to the other parties hereto.

All such notices, requests, demands, waivers and other communications shall be
deemed to have been received (w) if by personal delivery, on the day after such
delivery, (x) if by certified or registered mail, on the seventh business day
after the mailing thereof, (y) if by next-day or overnight mail or delivery, on
the day delivered, (z) if by telecopy, on the next day following the day on
which such telecopy was sent, provided that a copy is also sent by certified or
registered mail with postage prepaid.

         14.      HEADINGS. The headings of the sections of this Agreement have
been inserted for convenience of reference only and shall not be deemed a part
of this Agreement.

                            [SIGNATURE PAGE FOLLOWS]

                                      17
<Page>

                                    Very truly yours,

                                    PACKAGING CORPORATION OF AMERICA

                                    By: /s/ Richard B. West
                                       -----------------------------------------
                                        Name:  Richard B. West
                                        Title: Senior Vice President,
                                               Chief Executive Officer
                                               and Corporate Secretary

Accepted as of the date hereof

Morgan Stanley & Co. Incorporated
Citigroup Global Markets Inc.

     Acting severally on behalf of themselves and
     the several Initial Purchasers
     named in Schedule I hereto.

Morgan Stanley & Co. Incorporated

By:  /s/ Harold J. Hendershot III
   ---------------------------------
   Name:  Harold J. Hendershot III
   Title: Executive Director

Citigroup Global Markets Inc.

By: /s/ John Chrysikopoulous
   ---------------------------------------
   Name:  John Chrysikopoulous
   Title: Managing Director

                                      18<Page>

                                                                    EXHIBIT 10.2

                           FIVE YEAR CREDIT AGREEMENT

                            Dated as of July 21, 2003

                                      Among

                        PACKAGING CORPORATION OF AMERICA
                                   AS BORROWER

                                       and

                        THE INITIAL LENDERS NAMED HEREIN

                               AS INITIAL LENDERS

                                       and

                          CITICORP NORTH AMERICA, INC.

                              AS SYNDICATION AGENT

                                       and

                               JPMORGAN CHASE BANK

                             AS ADMINISTRATIVE AGENT

                                       and

                          CITIGROUP GLOBAL MARKETS INC.

                                       and

                           J.P. MORGAN SECURITIES INC.

                                  AS ARRANGERS

<Page>

                                TABLE OF CONTENTS

<Table>
ARTICLE I
<S>                                                                                          <C>
     SECTION 1.01.  CERTAIN DEFINED TERMS                                                     1

     SECTION 1.02.  COMPUTATION OF TIME PERIODS                                              12

     SECTION 1.03.  ACCOUNTING TERMS                                                         12

ARTICLE II

     SECTION 2.01.  THE ADVANCES AND LETTERS OF CREDIT                                       12

     SECTION 2.02.  MAKING THE REVOLVING CREDIT ADVANCES                                     13

     SECTION 2.03.  ISSUANCE OF AND DRAWINGS AND REIMBURSEMENT UNDER LETTERS OF CREDIT       14

     SECTION 2.04.  FEES                                                                     15

     SECTION 2.05.  TERMINATION OR REDUCTION OF THE COMMITMENTS                              15

     SECTION 2.06.  REPAYMENT OF ADVANCES                                                    16

     SECTION 2.07.  INTEREST ON ADVANCES                                                     17

     SECTION 2.08.  INTEREST RATE DETERMINATION                                              18

     SECTION 2.09.  OPTIONAL CONVERSION OF ADVANCES                                          18

     SECTION 2.10.  PREPAYMENTS OF REVOLVING CREDIT ADVANCES                                 19

     SECTION 2.11.  INCREASED COSTS                                                          19

     SECTION 2.12.  ILLEGALITY                                                               20

     SECTION 2.13.  PAYMENTS AND COMPUTATIONS                                                20

     SECTION 2.14.  TAXES                                                                    21

     SECTION 2.15.  SHARING OF PAYMENTS, ETC.                                                22

     SECTION 2.16.  EVIDENCE OF DEBT                                                         22

     SECTION 2.17.  USE OF PROCEEDS                                                          23

ARTICLE III

     SECTION 3.01.  Conditions Precedent to Effectiveness of Section 2.01                    23
</Table>

<Page>

<Table>
<S>                                                                                          <C>
     SECTION 3.02.  CONDITIONS PRECEDENT TO EACH BORROWING AND ISSUANCE.                     24

     SECTION 3.03.  DETERMINATIONS UNDER SECTION 3.01                                        25

ARTICLE IV

     SECTION 4.01.  Representations and Warranties of the Borrower                           25

ARTICLE V

     SECTION 5.01.  AFFIRMATIVE COVENANTS                                                    26

     SECTION 5.02.  NEGATIVE COVENANTS                                                       28

     SECTION 5.03.  FINANCIAL COVENANTS                                                      31

ARTICLE VI

     SECTION 6.01.  EVENTS OF DEFAULT                                                        31

     SECTION 6.02.  ACTIONS IN RESPECT OF THE LETTERS OF CREDIT UPON DEFAULT                 33

ARTICLE VII

     SECTION 7.01.  AUTHORIZATION AND ACTION                                                 33

     SECTION 7.02.  AGENT'S RELIANCE, ETC.                                                   34

     SECTION 7.03.  JPMORGAN AND AFFILIATES                                                  34

     SECTION 7.04.  LENDER CREDIT DECISION                                                   34

     SECTION 7.05.  INDEMNIFICATION                                                          34

     SECTION 7.06.  SUCCESSOR AGENT                                                          35

     SECTION 7.07.  OTHER AGENTS.                                                            35

ARTICLE VIII

     SECTION 8.01.  AMENDMENTS, ETC.                                                         35

     SECTION 8.02.  NOTICES, ETC.                                                            36

     SECTION 8.03.  NO WAIVER; REMEDIES                                                      36

     SECTION 8.04.  COSTS AND EXPENSES                                                       36

     SECTION 8.05.  RIGHT OF SET-OFF                                                         37

     SECTION 8.06.  BINDING EFFECT                                                           37
</Table>

<Page>

<Table>
<S>                                                                                          <C>
     SECTION 8.07.  ASSIGNMENTS AND PARTICIPATIONS                                           37

     SECTION 8.08.  CONFIDENTIALITY                                                          39

     SECTION 8.09.  GOVERNING LAW                                                            40

     SECTION 8.10.  EXECUTION IN COUNTERPARTS                                                40

     SECTION 8.11.  JURISDICTION, ETC.                                                       40

     SECTION 8.12.  NO LIABILITY OF THE ISSUING BANKS                                        40

     SECTION 8.13.  WAIVER OF JURY TRIAL                                                     42
</Table>

<Page>

SCHEDULES

Schedule I - List of Applicable Lending Offices

Schedule 2.01(c) - Existing Letters of Credit

Schedule 5.02(a) - Existing Liens

Schedule 5.02(d) - Existing Debt

EXHIBITS

Exhibit A-1     -    Form of Revolving Credit Note

Exhibit A-2     -    Form of Term Note

Exhibit B       -    Form of Notice of Borrowing

Exhibit C       -    Form of Assignment and Acceptance

Exhibit D       -    Form of Opinion of Counsel for the Borrower

Exhibit E       -    Form of Subsidiary Guaranty

<Page>

                           FIVE YEAR CREDIT AGREEMENT

                            Dated as of July 21, 2003

          PACKAGING CORPORATION OF AMERICA, a Delaware corporation (the
"BORROWER"), the banks, financial institutions and other institutional lenders
(the "INITIAL LENDERS") and initial issuing banks (the "INITIAL ISSUING BANKS")
listed on the signature pages hereof, CITIGROUP GLOBAL MARKETS INC. and J.P.
MORGAN SECURITIES INC., as arrangers, CITICORP NORTH AMERICA, INC., as
syndication agent, and JPMORGAN CHASE BANK ("JPMORGAN"), as agent (the "AGENT")
for the Lenders (as hereinafter defined), agree as follows:

                                    ARTICLE I

                        DEFINITIONS AND ACCOUNTING TERMS

          SECTION 1.01. CERTAIN DEFINED TERMS. As used in this Agreement, the
following terms shall have the following meanings (such meanings to be equally
applicable to both the singular and plural forms of the terms defined):

          "ADVANCE" means a Revolving Credit Advance or a Term Advance.

          "AFFILIATE" means, as to any Person, any other Person that, directly
     or indirectly, controls, is controlled by or is under common control with
     such Person or is a director or officer of such Person. For purposes of
     this definition, the term "control" (including the terms "controlling",
     "controlled by" and "under common control with") of a Person means the
     possession, direct or indirect, of the power to vote 20% or more of the
     Voting Stock of such Person or to direct or cause the direction of the
     management and policies of such Person, whether through the ownership of
     Voting Stock, by contract or otherwise.

          "AGENT'S ACCOUNT" means the account of the Agent maintained by the
     Agent at JPMorgan at its office at 1111 Fannin, 10th Floor, Houston, Texas
     77002, Account No. 323 256 813, Attention: Jeremy Jones (Telecopy No. (713)
     750-2223; E-Mail Address: jeremy.m.jones@jpmorgan.com).

          "APPLICABLE LENDING OFFICE" means, with respect to each Lender, such
     Lender's Domestic Lending Office in the case of a Base Rate Advance and
     such Lender's Eurodollar Lending Office in the case of a Eurodollar Rate
     Advance.

          "APPLICABLE MARGIN" means (a) for the Revolving Credit Facility as of
     any date, a percentage per annum determined by reference to the Public Debt
     Rating in effect on such date as set forth below:

<Table>
<Caption>
             Public Debt Rating         Applicable Margin for       Applicable Margin for
                S&P/Moody's              Base Rate Advances        Eurodollar Rate Advances
          -------------------------   -------------------------    ------------------------
          <S>                                 <C>                          <C>
          LEVEL 1
          BBB+ or Baa1 or above               0.000%                       0.625%

          LEVEL 2
          BBB or Baa2                         0.000%                       0.850%

          LEVEL 3
          BBB- or Baa3                         0.00%                       1.050%

          LEVEL 4
          BB+ and Ba1                         0.000%                       1.200%

          LEVEL 5
          Lower than Level 4                  0.000%                       1.500%
</Table>

<Page>

     and (b) for the Term Facility as of any date, a percentage per annum
     determined by reference to the Public Debt Rating in effect on such date as
     set forth below:

<Table>
<Caption>
             Public Debt Rating         Applicable Margin for       Applicable Margin for
                S&P/Moody's              Base Rate Advances        Eurodollar Rate Advances
          -------------------------   -------------------------    ------------------------
          <S>                                 <C>                          <C>
          LEVEL 1
          BBB+ or Baa1 or above               0.000%                       0.750%

          LEVEL 2
          BBB or Baa2                         0.000%                       1.000%

          LEVEL 3
          BBB- or Baa3                        0.000%                       1.250%

          LEVEL 4
          BB+ and Ba1                         0.000%                       1.500%

          LEVEL 5
          Lower than Level 4                  0.500%                       2.000%
</Table>

          "APPLICABLE PERCENTAGE" means, as of any date, a percentage per annum
     determined by reference to the Public Debt Rating in effect on such date as
     set forth below:

<Table>
<Caption>
                  Public Debt Rating        Applicable
                     S&P/Moody's            Percentage
                  ----------------------    ----------
                  <S>                          <C>
                  LEVEL 1
                  BBB+ or Baa1 or above        0.125%

                  LEVEL 2
                  BBB or Baa2                  0.150%

                  LEVEL 3
                  BBB- or Baa3                 0.200%

                  LEVEL 4
                  BB+ and Ba1                  0.300%

                  LEVEL 5
                  Lower than Level 4           0.500%
</Table>

          "APPROPRIATE LENDER" means, at any time, with respect to (a) either
     the Revolving Credit Facility or the Term Facility, a Lender that has a
     Commitment with respect to such Facility at such time and (b) the Letter of
     Credit Facility, each Issuing Bank and each Revolving Credit Lender.

          "ASSIGNMENT AND ACCEPTANCE" means an assignment and acceptance entered
     into by a Lender and an Eligible Assignee, and accepted by the Agent, in
     substantially the form of Exhibit C hereto.

          "AVAILABLE AMOUNT" of any Letter of Credit means, at any time, the
     maximum amount available to be drawn under such Letter of Credit at such
     time (assuming compliance at such time with all conditions to drawing).

          "BASE RATE" means a fluctuating interest rate per annum in effect from
     time to time, which rate per annum shall at all times be equal to the
     highest of:

               (a)    the rate of interest announced publicly by JPMorgan in New
          York, New York, from time to time, as JPMorgan's prime rate;

<Page>

               (b)    the sum (adjusted to the nearest 1/4 of 1% or, if there is
          no nearest 1/4 of 1%, to the next higher 1/4 of 1%) of (i) 1/2 of 1%
          per annum, PLUS (ii) the rate obtained by dividing (A) the latest
          three-week moving average of secondary market morning offering rates
          in the United States for three-month certificates of deposit of major
          United States money market banks, such three-week moving average
          (adjusted to the basis of a year of 360 days) being determined weekly
          on each Monday (or, if such day is not a Business Day, on the next
          succeeding Business Day) for the three-week period ending on the
          previous Friday by JPMorgan on the basis of such rates reported by
          certificate of deposit dealers to and published by the Federal Reserve
          Bank of New York or, if such publication shall be suspended or
          terminated, on the basis of quotations for such rates received by
          JPMorgan from three New York certificate of deposit dealers of
          recognized standing selected by JPMorgan, by (B) a percentage equal to
          100% minus the average of the daily percentages specified during such
          three-week period by the Board of Governors of the Federal Reserve
          System (or any successor) for determining the maximum reserve
          requirement (including, but not limited to, any emergency,
          supplemental or other marginal reserve requirement) for JPMorgan with
          respect to liabilities consisting of or including (among other
          liabilities) three-month U.S. dollar non-personal time deposits in the
          United States, PLUS (iii) the average during such three-week period of
          the annual assessment rates estimated by JPMorgan for determining the
          then current annual assessment payable by JPMorgan to the Federal
          Deposit Insurance Corporation (or any successor) for insuring U.S.
          dollar deposits of JPMorgan in the United States; and

               (c)    1/2 of one percent per annum above the Federal Funds Rate.

          "BASE RATE ADVANCE" means an Advance that bears interest as provided
     in Section 2.07(a)(i).

          "BORROWER INFORMATION" has the meaning specified in Section 8.08.

          "BORROWING" means a Revolving Credit Borrowing or a Term Borrowing.

          "BUSINESS DAY" means a day of the year on which the Federal Reserve
     Banks or the banks in New York City are not required or authorized by law
     to close and, if the applicable Business Day relates to any Eurodollar Rate
     Advances, on which dealings are carried on in the London interbank market.

          "CHANGE IN CONTROL" means any of (i) any Person or two or more Persons
     acting in concert other than the MDP Group shall have acquired beneficial
     ownership (within the meaning of Rule 13d-3 of the Securities and Exchange
     Commission under the Securities Exchange Act of 1934), directly or
     indirectly, of Voting Stock of the Borrower (or other securities
     convertible into such Voting Stock) representing more of the combined
     voting power of all Voting Stock of the Borrower than that owned, directly
     or indirectly, by the MDP Group; or (ii) any Person or two or more Persons
     acting in concert other than the MDP Group shall have acquired beneficial
     ownership (within the meaning of Rule 13d-3 of the Securities and Exchange
     Commission under the Securities Exchange Act of 1934), directly or
     indirectly, of Voting Stock of the Borrower (or other securities
     convertible into such Voting Stock) representing 50% or more of the
     combined voting power of all Voting Stock of the Borrower; or (iii) during
     any period of up to 12 consecutive months, commencing after the date of
     this Agreement, individuals who at the beginning of such 12-month period
     were directors of the Borrower shall cease for any reason (other than due
     to death or disability) to constitute a majority of the board of directors
     of the Borrower (except to the extent that individuals who at the beginning
     of such 12-month period were replaced by individuals (x) elected by a
     majority of the remaining members of the board of directors of the Borrower
     or (y) nominated for election by a majority of the remaining members of the
     board of directors of the Borrower and thereafter elected as directors by
     the shareholders of the Borrower); or (iv) any Person or two or more
     Persons acting in concert shall have acquired by contract or otherwise, or
     shall have entered into a contract or arrangement that, upon consummation,
     will result in its or their acquisition of the power to exercise, directly
     or indirectly, a controlling influence over the management or policies of
     the Borrower; or (v) a "change in control" or

<Page>

     similar event shall occur as provided in any instrument or agreement
     governing Debt of the Borrower, to the extent the outstanding principal
     amount of the Debt outstanding thereunder exceeds $25,000,000.

          "COMMITMENT" means a Revolving Credit Commitment, a Letter of Credit
     Commitment or a Term Commitment.

          "CONSOLIDATED" refers to the consolidation of accounts in accordance
     with GAAP.

          "CONVERT", "CONVERSION" and "CONVERTED" each refers to a conversion of
     Revolving Credit Advances of one Type into Revolving Credit Advances of the
     other Type pursuant to Section 2.08 or 2.09.

          "DEBT" of any Person means, without duplication, (a) all indebtedness
     of such Person for borrowed money, (b) all obligations of such Person for
     the deferred purchase price of property or services, (c) all obligations of
     such Person evidenced by notes, bonds, debentures or other similar
     instruments, (d) all obligations of such Person created or arising under
     any conditional sale or other title retention agreement with respect to
     property acquired by such Person (even though the rights and remedies of
     the seller or lender under such agreement in the event of default are
     limited to repossession or sale of such property), (e) all obligations of
     such Person as lessee under leases that have been or should be, in
     accordance with GAAP, recorded as capital leases, (f) all obligations,
     contingent or otherwise, of such Person in respect of acceptances, letters
     of credit or similar extensions of credit, (g) all net obligations of such
     Person in respect of Hedge Agreements, (h) all Invested Amounts, (i) all
     Debt of others referred to in clauses (a) through (h) above or clause (j)
     below (collectively, "GUARANTEED DEBT") guaranteed directly or indirectly
     in any manner by such Person, or in effect guaranteed directly or
     indirectly by such Person through an agreement (1) to pay or purchase such
     Guaranteed Debt or to advance or supply funds for the payment or purchase
     of such Guaranteed Debt, (2) to purchase, sell or lease (as lessee or
     lessor) property, or to purchase or sell services, primarily for the
     purpose of enabling the debtor to make payment of such Guaranteed Debt or
     to assure the holder of such Guaranteed Debt against loss, (3) to supply
     funds to or in any other manner invest in the debtor (including any
     agreement to pay for property or services irrespective of whether such
     property is received or such services are rendered) or (4) otherwise to
     assure a creditor against loss, and (j) all Debt referred to in clauses (a)
     through (i) above (including Guaranteed Debt) secured by (or for which the
     holder of such Debt has an existing right, contingent or otherwise, to be
     secured by) any Lien on property (including, without limitation, accounts
     and contract rights) owned by such Person, even though such Person has not
     assumed or become liable for the payment of such Debt; provided, that
     "Debt" shall not include obligations under trade payables, accrued expenses
     and other current liabilities (other than as described in clauses (a) or
     (c) above) incurred by any Person in accordance with its customary
     practices and in the ordinary course of business.

          "DEFAULT" means any Event of Default or any event that would
     constitute an Event of Default but for the requirement that notice be given
     or time elapse or both.

          "DOMESTIC LENDING OFFICE" means, with respect to any Lender, the
     office of such Lender specified as its "Domestic Lending Office" opposite
     its name on Schedule I hereto or in the Assignment and Acceptance pursuant
     to which it became a Lender, or such other office of such Lender as such
     Lender may from time to time specify to the Borrower and the Agent.

          "EBITDA" means, for any period, net income (or net loss) PLUS the sum
     of (a) interest expense, (b) income tax expense, (c) depletion and
     depreciation expense and (d) amortization expense, in each case without
     giving effect to any extraordinary gains or losses or gains or losses from
     sales of assets other than inventory sold in the ordinary course of
     business, and determined in accordance with GAAP for such period.

          "EFFECTIVE DATE" has the meaning specified in Section 3.01.

<Page>

          "ELIGIBLE ASSIGNEE" means (a) with respect to any Facility other than
     the Letter of Credit Facility (i) a Lender; (ii) an Affiliate of a Lender;
     (iii) a commercial bank organized under the laws of the United States, or
     any State thereof; (iv) a commercial bank organized under the laws of any
     other country that is a member of the Organization for Economic Cooperation
     and Development or has concluded special lending arrangements with the
     International Monetary Fund associated with its General Arrangements to
     Borrow, or a political subdivision of any such country, so long as such
     bank is acting through a branch or agency located in the country in which
     it is organized or another country that is described in this clause (iv);
     and (v) any other Person approved by the Agent and, unless an Event of
     Default has occurred and is continuing at the time any assignment is
     effected in accordance with Section 8.07, the Borrower, such approval not
     to be unreasonably withheld or delayed and (b) with respect to the Letter
     of Credit Facility, a Person that is an Eligible Assignee under subclause
     (iii) or (iv) of clause (a) of this definition and is approved by the Agent
     and, unless an Event of Default has occurred and is continuing at the time
     any assignment is effected pursuant to Section 8.07, the Borrower;
     PROVIDED, HOWEVER, that neither the Borrower nor an Affiliate of the
     Borrower shall qualify as an Eligible Assignee.

          "ENVIRONMENTAL ACTION" means any action, suit, demand, demand letter,
     claim, notice of non-compliance or violation, notice of liability or
     potential liability, investigation, proceeding, consent order or consent
     agreement relating in any way to any Environmental Law, Environmental
     Permit or Hazardous Materials or arising from alleged injury or threat of
     injury to health, safety or the environment, including, without limitation,
     (a) by any governmental or regulatory authority for enforcement, cleanup,
     removal, response, remedial or other actions or damages and (b) by any
     governmental or regulatory authority or any third party for damages,
     contribution, indemnification, cost recovery, compensation or injunctive
     relief.

          "ENVIRONMENTAL LAW" means any federal, state, local or foreign
     statute, law, ordinance, rule, regulation, code, order, judgment, decree or
     judicial or agency interpretation, policy or guidance relating to pollution
     or protection of the environment, health, safety or natural resources,
     including, without limitation, those relating to the use, handling,
     transportation, treatment, storage, disposal, release or discharge of
     Hazardous Materials.

          "ENVIRONMENTAL PERMIT" means any permit, approval, identification
     number, license or other authorization required under any Environmental
     Law.

          "ERISA" means the Employee Retirement Income Security Act of 1974, as
     amended from time to time, and the regulations promulgated and rulings
     issued thereunder.

          "ERISA AFFILIATE" means any Person that for purposes of Title IV of
     ERISA is a member of the Borrower's controlled group, or under common
     control with the Borrower, within the meaning of Section 414 of the
     Internal Revenue Code.

          "ERISA EVENT" means (a) (i) the occurrence of a reportable event,
     within the meaning of Section 4043 of ERISA, with respect to any Plan
     unless the 30-day notice requirement with respect to such event has been
     waived by the PBGC, or (ii) the requirements of subsection (1) of Section
     4043(b) of ERISA (without regard to subsection (2) of such Section) are met
     with respect to a contributing sponsor, as defined in Section 4001(a)(13)
     of ERISA, of a Plan, and an event described in paragraph (9), (10), (11),
     (12) or (13) of Section 4043(c) of ERISA is reasonably expected to occur
     with respect to such Plan within the following 30 days; (b) the application
     for a minimum funding waiver with respect to a Plan; (c) the provision by
     the administrator of any Plan of a notice of intent to terminate such Plan
     pursuant to Section 4041(a)(2) of ERISA (including any such notice with
     respect to a plan amendment referred to in Section 4041(e) of ERISA); (d)
     the cessation of operations at a facility of the Borrower or any ERISA
     Affiliate in the circumstances described in Section 4062(e) of ERISA; (e)
     the withdrawal by the Borrower or any ERISA Affiliate from a Multiple
     Employer Plan during a plan year for which it was a substantial employer,
     as defined in Section 4001(a)(2) of ERISA; (f) the conditions for the
     imposition of a lien under Section 302(f) of ERISA shall have been met with
     respect to any Plan; (g) the adoption of an amendment to a Plan requiring
     the provision of security to such Plan pursuant to Section 307 of ERISA; or
     (h) the

<Page>

     institution by the PBGC of proceedings to terminate a Plan pursuant to
     Section 4042 of ERISA, or the occurrence of any event or condition
     described in Section 4042 of ERISA that constitutes grounds for the
     termination of, or the appointment of a trustee to administer, a Plan.

          "EUROCURRENCY LIABILITIES" has the meaning assigned to that term in
     Regulation D of the Board of Governors of the Federal Reserve System, as in
     effect from time to time.

          "EURODOLLAR LENDING OFFICE" means, with respect to any Lender, the
     office of such Lender specified as its "Eurodollar Lending Office" opposite
     its name on Schedule I hereto or in the Assignment and Acceptance pursuant
     to which it became a Lender (or, if no such office is specified, its
     Domestic Lending Office), or such other office of such Lender as such
     Lender may from time to time specify to the Borrower and the Agent.

          "EURODOLLAR RATE" means, for any Interest Period for each Eurodollar
     Rate Advance comprising part of the same Borrowing, an interest rate per
     annum equal to the rate per annum obtained by dividing (a) the rate per
     annum (rounded upward to the nearest whole multiple of 1/16 of 1% per
     annum) appearing on Moneyline Telerate Markets Page 3750 (or any successor
     page) as the London interbank offered rate for deposits in U.S. dollars at
     approximately 11:00 A.M. (London time) two Business Days prior to the first
     day of such Interest Period for a term comparable to such Interest Period
     or, if for any reason such rate is not available, the average (rounded
     upward to the nearest whole multiple of 1/16 of 1% per annum, if such
     average is not such a multiple) of the rate per annum at which deposits in
     U.S. dollars are offered by the principal office of each of the Reference
     Banks in London, England to prime banks in the London interbank market at
     11:00 A.M. (London time) two Business Days before the first day of such
     Interest Period in an amount substantially equal to such Reference Bank's
     Eurodollar Rate Advance comprising part of such Borrowing to be outstanding
     during such Interest Period and for a period equal to such Interest Period
     by (b) a percentage equal to 100% minus the Eurodollar Rate Reserve
     Percentage for such Interest Period. If the Moneyline Telerate Markets Page
     3750 (or any successor page) is unavailable, the Eurodollar Rate for any
     Interest Period for each Eurodollar Rate Advance comprising part of the
     same Borrowing shall be determined by the Agent on the basis of applicable
     rates furnished to and received by the Agent from the Reference Banks two
     Business Days before the first day of such Interest Period, SUBJECT,
     HOWEVER, to the provisions of Section 2.08.

          "EURODOLLAR RATE ADVANCE" means an Advance that bears interest as
     provided in Section 2.07(a)(ii).

          "EURODOLLAR RATE RESERVE PERCENTAGE" for any Interest Period for all
     Eurodollar Rate Advances comprising part of the same Borrowing means the
     reserve percentage applicable two Business Days before the first day of
     such Interest Period under regulations issued from time to time by the
     Board of Governors of the Federal Reserve System (or any successor) for
     determining the maximum reserve requirement (including, without limitation,
     any emergency, supplemental or other marginal reserve requirement) for a
     member bank of the Federal Reserve System in New York City with respect to
     liabilities or assets consisting of or including Eurocurrency Liabilities
     (or with respect to any other category of liabilities that includes
     deposits by reference to which the interest rate on Eurodollar Rate
     Advances is determined) having a term equal to such Interest Period.

          "EVENTS OF DEFAULT" has the meaning specified in Section 6.01.

          "FEDERAL FUNDS RATE" means, for any period, a fluctuating interest
     rate per annum equal for each day during such period to the weighted
     average of the rates on overnight Federal funds transactions with members
     of the Federal Reserve System arranged by Federal funds brokers, as
     published for such day (or, if such day is not a Business Day, for the next
     preceding Business Day) by the Federal Reserve Bank of New York, or, if
     such rate is not so published for any day that is a Business Day, the
     average of the quotations for such day on such transactions received by the
     Agent from three Federal funds brokers of recognized standing selected by
     it.

<Page>

          "GAAP" has the meaning specified in Section 1.03.

          "HAZARDOUS MATERIALS" means (a) petroleum and petroleum products,
     byproducts or breakdown products, radioactive materials,
     asbestos-containing materials, polychlorinated biphenyls and radon gas and
     (b) any other chemicals, materials or substances designated, classified or
     regulated as hazardous or toxic or as a pollutant or contaminant under any
     Environmental Law.

          "HEDGE AGREEMENTS" means interest rate swap, cap or collar agreements,
     interest rate future or option contracts, currency swap agreements,
     currency future or option contracts and other similar agreements.

          "INFORMATION MEMORANDUM" means the information memorandum dated June
     23, 2003 used by the Agent in connection with the syndication of the
     Commitments.

          "INTEREST PERIOD" means, for each Eurodollar Rate Advance comprising
     part of the same Borrowing, the period commencing on the date of such
     Eurodollar Rate Advance or the date of the Conversion of any Base Rate
     Advance into such Eurodollar Rate Advance and ending on the last day of the
     period selected by the Borrower pursuant to the provisions below and,
     thereafter each subsequent period commencing on the last day of the
     immediately preceding Interest Period and ending on the last day of the
     period selected by the Borrower pursuant to the provisions below. The
     duration of each such Interest Period shall be one, two, three or six
     months, as the Borrower may, upon notice received by the Agent not later
     than 11:00 A.M. (New York City time) on the third Business Day prior to the
     first day of such Interest Period, select; PROVIDED, HOWEVER, that:

               (a)    the Borrower may not select any Interest Period with
          respect to any Eurodollar Rate Advance under a Facility that ends
          after any principal repayment installment date for such Facility
          unless, after giving effect to such selection, the aggregate principal
          amount of Base Rate Advances and of Eurodollar Rate Advances having
          Interest Periods that end on or prior to such principal repayment
          installment date shall be at least equal to the aggregate principal
          amount of Advances under such Facility due and payable on or prior to
          such date;

               (b)    Interest Periods commencing on the same date for
          Eurodollar Rate Advances comprising part of the same Borrowing shall
          be of the same duration;

               (c)    whenever the last day of any Interest Period would
          otherwise occur on a day other than a Business Day, the last day of
          such Interest Period shall be extended to occur on the next succeeding
          Business Day, PROVIDED, HOWEVER, that, if such extension would cause
          the last day of such Interest Period to occur in the next following
          calendar month, the last day of such Interest Period shall occur on
          the next preceding Business Day; and

               (d)    whenever the first day of any Interest Period occurs on a
          day of an initial calendar month for which there is no numerically
          corresponding day in the calendar month that succeeds such initial
          calendar month by the number of months equal to the number of months
          in such Interest Period, such Interest Period shall end on the last
          Business Day of such succeeding calendar month.

          "INTERNAL REVENUE CODE" means the Internal Revenue Code of 1986, as
     amended from time to time, and the regulations promulgated and rulings
     issued thereunder.

          "INVESTED AMOUNTS" means the amounts invested by investors that are
     not Affiliates of the Borrower in connection with a Permitted Receivables
     Financing and paid to the Borrower or any of its Subsidiaries, as reduced
     by the aggregate amounts received by such investors from the payment of
     receivables and applied to reduce such invested amounts.

<Page>

          "ISSUING BANK" means an Initial Issuing Bank or any Eligible Assignee
     to which a portion of a Letter of Credit Commitment hereunder has been
     assigned pursuant to Section 8.07 so long as such Eligible Assignee
     expressly agrees to perform in accordance with their terms all of the
     obligations that by the terms of this Agreement are required to be
     performed by it as an Issuing Bank and notifies the Agent of its Applicable
     Lending Office (which information shall be recorded by the Agent in the
     Register), for so long as the Initial Issuing Bank or Eligible Assignee, as
     the case may be, shall have a Letter of Credit Commitment.

          "L/C CASH COLLATERAL ACCOUNT" means an interest bearing cash
     collateral account to be established and maintained by the Agent, over
     which the Agent shall have sole dominion and control, upon terms as may be
     satisfactory to the Agent.

          "L/C RELATED DOCUMENTS" has the meaning specified in Section
     2.06(b)(i).

          "LENDERS" means the Initial Lenders, each Issuing Bank and each Person
     that shall become a party hereto pursuant to Section 8.07.

          "LETTER OF CREDIT AGREEMENT" has the meaning specified in Section
     2.03(a).

          "LETTER OF CREDIT COMMITMENT" means as to any Issuing Bank (a) the
     amount set forth opposite such Lender's name on Schedule I hereto under the
     caption "Letter of Credit Commitment" or (b) if such Issuing Bank has
     entered into an Assignment and Acceptance, the amount set forth for such
     Issuing Bank in the Register maintained by the Agent pursuant to Section
     8.07(d) as such Issuing Bank's "Letter of Credit Commitment", as such
     amount may be reduced pursuant to Section 2.05.

          "LETTER OF CREDIT FACILITY" means, at any time, an amount equal to the
     lesser of (a) the aggregate amount of the Issuing Banks' Letter of Credit
     Commitments at such time and (b) $35,000,000, as such amount may be reduced
     at or prior to such time pursuant to Section 2.05.

          "LETTERS OF CREDIT" has the meaning specified in Section 2.01(c).

          "LIEN" means any lien, security interest or other charge or
     encumbrance of any kind, or any other type of preferential arrangement,
     including, without limitation, the lien or retained security title of a
     conditional vendor and any easement, right of way or other encumbrance on
     title to real property.

          "LOAN DOCUMENT" means this Agreement, the Notes, the other L/C Related
     Documents and each Guaranty delivered pursuant to Section 5.01(j).

          "LOAN PARTIES" means the Borrower and each Subsidiary of the Borrower
     party to the Subsidiary Guaranties delivered pursuant to Section 5.01(j).

          "MATERIAL ADVERSE CHANGE" means any material adverse change in the
     business, condition (financial or otherwise), operations, performance or
     properties of the Borrower and its Subsidiaries taken as a whole.

          "MATERIAL ADVERSE EFFECT" means a material adverse effect on (a) the
     business, condition (financial or otherwise), operations, performance or
     properties of the Borrower and its Subsidiaries taken as a whole, (b) the
     rights and remedies of the Agent or the Lenders under any Loan Document or
     (c) the ability of the Loan Parties to perform their obligations under the
     Loan Documents.

          "MATERIAL SUBSIDIARY" of the Borrower means, at any time, any
     Subsidiary of the Borrower (other than Packaging Credit Company LLC and
     Packaging Receivables Company LLC) that, together with its Subsidiaries,
     has (a) Consolidated assets with a value of not less than 7.5% of the total
     value of the assets of the Borrower and its Consolidated Subsidiaries,
     taken as a whole, or (b) Consolidated EBITDA not less

<Page>

     than 7.5% of the Consolidated EBITDA of the Borrower and its Subsidiaries,
     taken as a whole, in each case as of the end of or for the most recently
     completed fiscal quarter of the Borrower.

          "MDP GROUP" means PCA Holdings LLC, Madison Dearborn Capital Partners
     III, L.P., Madison Dearborn Special Equity III, L.P., Special Advisors Fund
     I, LLC, Randolph Street Partners II, Schwerin Company, L.L.C., Paul J.
     Magnell and Northwestern University and their Affiliates or any of their
     respective direct or indirect officers, directors, managers, members,
     partners, equity owners, employees, agents, representatives, successors or
     assigns or immediate family member (in the case of an individual) thereof.

          "MOODY'S" means Moody's Investors Service, Inc.

          "MULTIEMPLOYER PLAN" means a multiemployer plan, as defined in Section
     4001(a)(3) of ERISA, to which the Borrower or any ERISA Affiliate is making
     or accruing an obligation to make contributions, or has within any of the
     preceding five plan years made or accrued an obligation to make
     contributions.

          "MULTIPLE EMPLOYER PLAN" means a single employer plan, as defined in
     Section 4001(a)(15) of ERISA, that (a) is maintained for employees of the
     Borrower or any ERISA Affiliate and at least one Person other than the
     Borrower and the ERISA Affiliates or (b) was so maintained and in respect
     of which the Borrower or any ERISA Affiliate could have liability under
     Section 4064 or 4069 of ERISA in the event such plan has been or were to be
     terminated.

          "NOTE" means a Revolving Credit Note or a Term Note.

          "NOTICE OF BORROWING" has the meaning specified in Section 2.02(a).

          "NOTICE OF ISSUANCE" has the meaning specified in Section 2.03(a).

          "PBGC" means the Pension Benefit Guaranty Corporation (or any
     successor).

          "PERMITTED LIENS" means such of the following as to which no
     enforcement, collection, execution, levy or foreclosure proceeding shall
     have been commenced: (a) Liens for taxes, assessments and governmental
     charges or levies to the extent not required to be paid under Section
     5.01(b) hereof; (b) Liens imposed by law, such as materialmen's,
     mechanics', carriers', workmen's, repairmen's and customs Liens and other
     similar Liens arising in the ordinary course of business securing
     obligations that are not overdue for a period of more than 30 days unless
     being contested in good faith by proper proceedings and as to which
     appropriate reserves are being maintained; (c) pledges or deposits to
     secure obligations under workers' compensation laws or similar legislation
     or to secure public or statutory obligations; and (d) easements, rights of
     way and other encumbrances, restrictions or deficiencies on title to real
     property that do not render title to the property encumbered thereby
     unmarketable or materially adversely affect the use of such property for
     its present purposes.

          "PERMITTED RECEIVABLES FINANCING" means any financing pursuant to
     which the Borrower or any Subsidiary of the Borrower may sell, convey, or
     otherwise transfer to a Receivables Subsidiary or any other Person, or
     grant a security interest in, any accounts receivable (and related assets)
     of the Borrower or such Subsidiary, provided that such financing shall be
     on customary market terms and shall be with limited or no recourse to the
     Borrower and its Subsidiaries (other than the Receivables Subsidiary)
     except to the extent customary for such transactions.

          "PERSON" means an individual, partnership, corporation (including a
     business trust), joint stock company, trust, unincorporated association,
     joint venture, limited liability company or other entity, or a government
     or any political subdivision or agency thereof.

          "PLAN" means a Single Employer Plan or a Multiple Employer Plan.

<Page>

          "PUBLIC DEBT RATING" means, as of any date, the rating that has been
     most recently announced by either S&P or Moody's, as the case may be, for
     any class of non-credit enhanced long-term senior unsecured debt issued by
     the Borrower or, if any such rating agency shall have issued more than one
     such rating, the lowest such rating issued by such rating agency. For
     purposes of the foregoing, (a) if only one of S&P and Moody's shall have in
     effect a Public Debt Rating, the Applicable Margin and the Applicable
     Percentage shall be determined by reference to the available rating; (b) if
     neither S&P nor Moody's shall have in effect a Public Debt Rating, the
     Applicable Margin and the Applicable Percentage will be set in accordance
     with Level 5 under the definition of "APPLICABLE MARGIN" or "APPLICABLE
     PERCENTAGE", as the case may be; (c) if the ratings established by S&P and
     Moody's shall fall within different levels, the Applicable Margin and the
     Applicable Percentage shall be based upon the higher rating unless the such
     ratings differ by two or more levels, in which case the applicable level
     will be deemed to be one level above the lower of such levels; (d) if any
     rating established by S&P or Moody's shall be changed, such change shall be
     effective as of the date on which such change is first announced publicly
     by the rating agency making such change; and (e) if S&P or Moody's shall
     change the basis on which ratings are established, each reference to the
     Public Debt Rating announced by S&P or Moody's, as the case may be, shall
     refer to the then equivalent rating by S&P or Moody's, as the case may be.

          "RATABLE SHARE" of any amount means, with respect to any Lender at any
     time, the product of (a) a fraction the numerator of which is the amount of
     such Lender's Revolving Credit Commitment at such time and the denominator
     of which is the aggregate Revolving Credit Commitments at such time and (b)
     such amount.

          "RECEIVABLES SUBSIDIARY" means a bankruptcy-remote, special-purpose
     wholly owned Subsidiary formed in connection with a Permitted Receivables
     Financing.

          "REFERENCE BANKS" means JPMorgan, Citicorp North America, Inc. and
     Morgan Stanley Senior Funding Inc.

          "REGISTER" has the meaning specified in Section 8.07(d).

          "REQUIRED LENDERS" means, at any time, Lenders owed or holding at
     least a majority in interest of the sum of (a) the aggregate principal
     amount of the Advances outstanding at such time, (b) the aggregate
     Available Amount of all Letters of Credit outstanding at such time and (c)
     the aggregate Unused Revolving Credit Commitments at such time. For
     purposes of this definition, the Available Amount of each Letter of Credit
     shall be considered to be owed to the Revolving Credit Lenders ratably in
     accordance with their respective Revolving Credit Commitments.

          "REVOLVING CREDIT ADVANCE" has the meaning specified in Section
     2.01(a).

          "REVOLVING CREDIT BORROWING" means a borrowing consisting of
     simultaneous Revolving Credit Advances of the same Type made by each of the
     Lenders pursuant to Section 2.01(a).

          "REVOLVING CREDIT COMMITMENT" means as to any Revolving Credit Lender
     (a) the amount set forth opposite such Lender's name on Schedule I hereto
     under the caption "Revolving Credit Commitment" or (b) if such Lender has
     entered into an Assignment and Acceptance, the amount set forth for such
     Lender in the Register maintained by the Agent pursuant to Section 8.07(d)
     as such Lender's "Revolving Credit Commitment", as such amount may be
     reduced pursuant to Section 2.05.

          "REVOLVING CREDIT FACILITY" means, at any time, the aggregate of the
     Revolving Credit Commitments at such time.

          "REVOLVING CREDIT LENDER" means any Lender that has a Revolving Credit
     Commitment.

<Page>

          "REVOLVING CREDIT NOTE" means a promissory note of the Borrower
     payable to the order of any Revolving Credit Lender, delivered pursuant to
     a request made under Section 2.16 in substantially the form of Exhibit A-1
     hereto, evidencing the aggregate indebtedness of the Borrower to such
     Lender resulting from the Revolving Credit Advances made by such Lender.

          "S&P" means Standard & Poor's, a division of The McGraw-Hill
     Companies, Inc.

          "SINGLE EMPLOYER PLAN" means a single employer plan, as defined in
     Section 4001(a)(15) of ERISA, that (a) is maintained for employees of the
     Borrower or any ERISA Affiliate and no Person other than the Borrower and
     the ERISA Affiliates or (b) was so maintained and in respect of which the
     Borrower or any ERISA Affiliate could have liability under Section 4069 of
     ERISA in the event such plan has been or were to be terminated.

          "SOLVENT" and "SOLVENCY" mean, with respect to any Person on a
     particular date, that on such date (a) the fair value of the property of
     such Person is greater than the total amount of liabilities, including,
     without limitation, contingent liabilities, of such Person, (b) the present
     fair salable value of the assets of such Person is not less than the amount
     that will be required to pay the probable liability of such Person on its
     debts as they become absolute and matured, (c) such Person does not intend
     to, and does not believe that it will, incur debts or liabilities beyond
     such Person's ability to pay such debts and liabilities as they mature and
     (d) such Person is not engaged in business or a transaction, and is not
     about to engage in business or a transaction, for which such Person's
     property would constitute an unreasonably small capital. The amount of
     contingent liabilities at any time shall be computed as the amount that, in
     the light of all the facts and circumstances existing at such time,
     represents the amount that can reasonably be expected to become an actual
     or matured liability.

          "SUBSIDIARY" of any Person means any corporation, partnership, joint
     venture, limited liability company, trust or estate of which (or in which)
     more than 50% of (a) the issued and outstanding capital stock having
     ordinary voting power to elect a majority of the Board of Directors of such
     corporation (irrespective of whether at the time capital stock of any other
     class or classes of such corporation shall or might have voting power upon
     the occurrence of any contingency), (b) the interest in the capital or
     profits of such limited liability company, partnership or joint venture or
     (c) the beneficial interest in such trust or estate is at the time directly
     or indirectly owned or controlled by such Person, by such Person and one or
     more of its other Subsidiaries or by one or more of such Person's other
     Subsidiaries.

          "SUBSIDIARY GUARANTORS" means the Subsidiaries of the Borrower that
     shall be required to execute and deliver a guaranty pursuant to Section
     5.01(j).

          "SUBSIDIARY GUARANTY" means the guaranty of the Subsidiary Guarantors
     delivered pursuant to Section 5.01(j).

          "TERM ADVANCE" has the meaning specified in Section 2.01(b).

          "TERM BORROWING" means a borrowing consisting of simultaneous Term
     Advances of the same Type made by the Term Lenders.

          "TERM COMMITMENT" means as to any Term Lender (a) the amount set forth
     opposite such Lender's name on Schedule I hereto under the caption "Term
     Commitment" or (b) if such Lender has entered into an Assignment and
     Acceptance, the amount set forth for such Lender in the Register maintained
     by the Agent pursuant to Section 8.07(d) as such Lender's "Term
     Commitment", as such amount may be reduced pursuant to Section 2.05.

          "TERM FACILITY" means, at any time, the aggregate of the Term
     Commitments at such time.

          "TERM LENDER" means any Lender that has a Term Commitment.

<Page>

          "TERM NOTE" means a promissory note of the Borrower payable to the
     order of any Term Lender, in substantially the form of Exhibit A-2 hereto,
     evidencing the indebtedness of the Borrower to such Lender resulting from
     the Term Advance made by such Lender, as amended.

          "TERMINATION DATE" means the earlier of July 21, 2008 and the date of
     termination in whole of the Revolving Credit Commitments, the Letter of
     Credit Commitments and the Term Commitments pursuant to Section 2.05 or
     6.01.

          "TYPE" refers to the distinction between Advances bearing interest at
     the Base Rate and Advances bearing interest at the Eurodollar Rate.

          "UNISSUED LETTER OF CREDIT COMMITMENT" means, with respect to any
     Issuing Bank, such Issuing Bank's Letter of Credit Commitment MINUS the
     aggregate Available Amount of all Letters of Credit issued by such Issuing
     Bank.

          "UNUSED REVOLVING CREDIT COMMITMENT" means, with respect to each
     Revolving Credit Lender at any time, (a) such Lender's Revolving Credit
     Commitment at such time MINUS (b) the sum of (i) the aggregate principal
     amount of all Revolving Credit Advances made by such Lender (in its
     capacity as a Lender) and outstanding at such time, PLUS (ii) such Lender's
     Ratable Share of the aggregate Available Amount of all the Letters of
     Credit outstanding at such time.

          "VOTING STOCK" means capital stock issued by a corporation, or
     equivalent interests in any other Person, the holders of which are
     ordinarily, in the absence of contingencies, entitled to vote for the
     election of directors (or persons performing similar functions) of such
     Person, even if the right so to vote has been suspended by the happening of
     such a contingency.

          SECTION 1.02. COMPUTATION OF TIME PERIODS. In this Agreement in the
computation of periods of time from a specified date to a later specified date,
the word "from" means "from and including" and the words "to" and "until" each
mean "to but excluding".

          SECTION 1.03. ACCOUNTING TERMS. All accounting terms not specifically
defined herein shall be construed in accordance with generally accepted
accounting principles consistent with those applied in the preparation of the
financial statements referred to in Section 4.01(e) ("GAAP").

                                   ARTICLE II

             AMOUNTS AND TERMS OF THE ADVANCES AND LETTERS OF CREDIT

          SECTION 2.01. THE ADVANCES AND LETTERS OF CREDIT. (a) REVOLVING CREDIT
ADVANCES. Each Revolving Credit Lender severally agrees, on the terms and
conditions hereinafter set forth, to make advances (each, a "REVOLVING CREDIT
ADVANCE") to the Borrower from time to time on any Business Day during the
period from the Effective Date until the Termination Date in an amount not to
exceed such Lender's Unused Revolving Credit Commitment at such time. Each
Revolving Credit Borrowing shall be in an aggregate amount of $5,000,000 or an
integral multiple of $1,000,000 in excess thereof and shall consist of Revolving
Credit Advances of the same Type made on the same day by the Revolving Credit
Lenders ratably according to their respective Revolving Credit Commitments.
Within the limits of each Lender's Revolving Credit Commitment, the Borrower may
borrow under this Section 2.01(a), prepay pursuant to Section 2.10 and reborrow
under this Section 2.01(a).

          (b)     TERM ADVANCES. Each Term Lender severally agrees, on the terms
and conditions hereinafter set forth, to make a single advance (a "TERM
ADVANCE") to the Borrower on the Effective Date in an amount not to exceed such
Lender's Term Commitment. The Term Borrowing shall consist of Term Advances of
the same Type made on the same day by the Lenders ratably according to their
respective Term Commitments. Amount borrowed under this Section 2.01(b) and
repaid or prepaid may not be reborrowed.

<Page>

          (c)     LETTERS OF CREDIT. Each Issuing Bank agrees, on the terms and
conditions hereinafter set forth, to issue letters of credit (each, a "LETTER OF
CREDIT") for the account of the Borrower from time to time on any Business Day
during the period from the Effective Date until 30 days before the Termination
Date in an aggregate Available Amount (i) for all Letters of Credit issued by
each Issuing Bank not to exceed at any time the lesser of (x) the Letter of
Credit Facility at such time and (y) such Issuing Bank's Letter of Credit
Commitment at such time and (ii) for each such Letter of Credit not to exceed an
amount equal to the Unused Revolving Credit Commitments of the Revolving Credit
Lenders at such time. Other than as specified on Schedule 2.01(c), no Letter of
Credit shall have an expiration date (including all rights of the Borrower or
the beneficiary to require renewal) later than (x) the date that is one year
after the date of issuance thereof and (y) 10 Business Days prior to the
Termination Date. Within the limits of the Letter of Credit Facility and subject
to the limits referred to above, the Borrower may request the issuance of
Letters of Credit under this Section 2.01(c), repay any Advances resulting from
drawings thereunder pursuant to Section 2.03(c) and request the issuance of
additional Letters of Credit under this Section 2.01(c). Each letter of credit
listed on Schedule 2.01(c) shall be deemed to constitute a Letter of Credit
issued hereunder, and each Lender that is an issuer of such a Letter of Credit
shall, for purposes of Section 2.03, be deemed to be an Issuing Bank for each
such letter of credit, PROVIDED than any renewal or replacement of any such
letter of credit shall be issued by an Issuing Bank pursuant to the terms of
this Agreement.

          SECTION 2.02. MAKING THE ADVANCES. (a) Except as otherwise provided in
Section 2.03, each Borrowing shall be made on notice, given not later than (x)
11:00 A.M. (New York City time) on the third Business Day prior to the date of
the proposed Borrowing in the case of a Borrowing consisting of Eurodollar Rate
Advances or (y) 11:00 A.M. (New York City time) on the date of the proposed
Borrowing in the case of a Borrowing consisting of Base Rate Advances, by the
Borrower to the Agent, which shall give to each Appropriate Lender prompt notice
thereof by telecopier or telex. Each such notice of a Borrowing (a "NOTICE OF
BORROWING") shall be by telephone, confirmed immediately in writing, or
telecopier or telex in substantially the form of Exhibit B hereto, specifying
therein the requested (i) date of such Borrowing, (ii) Facility under which such
Borrowing is to be made, (iii) Type of Advances comprising such Borrowing, (iv)
aggregate amount of such Borrowing, and (iv) in the case of a Borrowing
consisting of Eurodollar Rate Advances, initial Interest Period for each such
Advance. Each Appropriate Lender shall, before 1:00 P.M. (New York City time) on
the date of such Borrowing make available for the account of its Applicable
Lending Office to the Agent at the Agent's Account, in same day funds, such
Lender's ratable portion of such Borrowing in accordance with the respective
Commitments under the applicable Facility of such Lender and the other
Appropriate Lenders. After the Agent's receipt of such funds and upon
fulfillment of the applicable conditions set forth in Article III, the Agent
will make such funds available to the Borrower at the Agent's address referred
to in Section 8.02.

          (b)     Anything in subsection (a) above to the contrary
notwithstanding, (i) the Borrower may not select Eurodollar Rate Advances for
any Borrowing if the aggregate amount of such Borrowing is less than $5,000,000
or if the obligation of the Appropriate Lenders to make Eurodollar Rate Advances
shall then be suspended pursuant to Section 2.08 or 2.12 and (ii) Revolving
Credit Borrowings comprised of Eurodollar Rate Advances may not be outstanding
as part of more than six separate Interest Periods and Term Borrowings comprised
of Eurodollar Rate Advances may note be outstanding as part of more than six
separate Interest Periods.

          (c)     Each Notice of Borrowing shall be irrevocable and binding on
the Borrower. In the case of any Borrowing that the related Notice of Borrowing
specifies is to be comprised of Eurodollar Rate Advances, the Borrower shall
indemnify each Appropriate Lender against any loss, cost or expense incurred by
such Lender as a result of any failure to fulfill on or before the date
specified in such Notice of Borrowing for such Borrowing the applicable
conditions set forth in Article III, including, without limitation, any loss
(including loss of anticipated profits), cost or expense incurred by reason of
the liquidation or reemployment of deposits or other funds acquired by such
Lender to fund the Advance to be made by such Lender as part of such Borrowing
when such Revolving Credit Advance, as a result of such failure, is not made on
such date.

          (d)     Unless the Agent shall have received notice from an
Appropriate Lender prior to the date of any Borrowing under a Facility under
which such Lender has a Commitment that such Lender will not make available to
the Agent such Lender's ratable portion of such Borrowing, the Agent may assume
that such Lender has made such portion available to the Agent on the date of
such Borrowing in accordance with subsection (a) of this Section 2.02 and the
Agent may, in reliance upon such assumption, make available to the Borrower on
such date a corresponding amount. If and to the extent that such Lender shall
not have so made such ratable portion available to

<Page>

the Agent, such Lender and the Borrower severally agree to repay to the Agent
forthwith on demand such corresponding amount together with interest thereon,
for each day from the date such amount is made available to the Borrower until
the date such amount is repaid to the Agent, at (i) in the case of the Borrower,
the interest rate applicable at the time to Advances comprising such Borrowing
and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender
shall repay to the Agent such corresponding amount, such amount so repaid shall
constitute such Lender's Advance as part of such Borrowing for purposes of this
Agreement.

          (e)     The failure of any Lender to make the Revolving Credit Advance
to be made by it as part of any Revolving Credit Borrowing shall not relieve any
other Lender of its obligation, if any, hereunder to make its Revolving Credit
Advance on the date of such Revolving Credit Borrowing, but no Lender shall be
responsible for the failure of any other Lender to make the Revolving Credit
Advance to be made by such other Lender on the date of any Revolving Credit
Borrowing.

          SECTION 2.03. ISSUANCE OF AND DRAWINGS AND REIMBURSEMENT UNDER LETTERS
OF CREDIT. (a) REQUEST FOR ISSUANCE. (i) Each Letter of Credit shall be issued
upon notice, given not later than 1:00 P.M. (New York City time) on the third
Business Day prior to the date of the proposed issuance of such Letter of Credit
(or on such shorter notice as the applicable Issuing Bank may agree), by the
Borrower to any Issuing Bank, and such Issuing Bank shall give the Agent, prompt
notice thereof by telex, telecopier or cable. Each such notice of issuance of a
Letter of Credit (a "NOTICE OF ISSUANCE") shall be by telephone, confirmed
immediately in writing, or telecopier or telex, specifying therein the requested
(A) date of such issuance (which shall be a Business Day), (B) Available Amount
of such Letter of Credit, (C) expiration date of such Letter of Credit (which
shall not be later that the earlier of (x) one year after the issuance thereof
and (y) ten Business Days prior to the Termination Date), (D) name and address
of the beneficiary of such Letter of Credit and (E) form of such Letter of
Credit, and shall be accompanied by such customary application and agreement for
letter of credit as such Issuing Bank may specify to the Borrower requesting
such issuance for use in connection with such requested Letter of Credit (a
"LETTER OF CREDIT AGREEMENT"). If the requested form of such Letter of Credit is
acceptable to such Issuing Bank in its sole discretion, such Issuing Bank will,
upon fulfillment of the applicable conditions set forth in Article III, make
such Letter of Credit available to the Borrower requesting such issuance at its
office referred to in Section 8.02 or as otherwise agreed with the Borrower in
connection with such issuance. In the event and to the extent that the
provisions of any Letter of Credit Agreement shall conflict with this Agreement,
the provisions of this Agreement shall govern.

          (b)     PARTICIPATIONS. By the issuance of a Letter of Credit (or an
amendment to a Letter of Credit increasing the amount thereof) and without any
further action on the part of the applicable Issuing Bank or the Lenders, such
Issuing Bank hereby grants to each Lender, and each Revolving Credit Lender
hereby acquires from such Issuing Bank, a participation in such Letter of Credit
equal to such Lender's Ratable Share of the aggregate amount available to be
drawn under such Letter of Credit. The Borrower hereby agrees to each such
participation. In consideration and in furtherance of the foregoing, each
Revolving Credit Lender hereby absolutely and unconditionally agrees to pay to
the Agent, for the account of such Issuing Bank, such Lender's Ratable Share of
each drawing made under a Letter of Credit funded by such Issuing Bank and not
reimbursed by the Borrower on the date made, or of any reimbursement payment
required to be refunded to the Borrower for any reason. Each Revolving Credit
Lender acknowledges and agrees that its obligation to acquire participations
pursuant to this paragraph in respect of Letters of Credit is absolute and
unconditional and shall not be affected by any circumstance whatsoever,
including any amendment, renewal or extension of any Letter of Credit or the
occurrence and continuance of a Default or reduction or termination of the
Revolving Credit Commitments, and that each such payment shall be made without
any offset, abatement, withholding or reduction whatsoever. Each Revolving
Credit Lender further acknowledges and agrees that its participation in each
Letter of Credit will be automatically adjusted to reflect such Lender's Ratable
Share of the Available Amount of such Letter of Credit at each time such
Lender's Revolving Credit Commitment is amended pursuant to an assignment in
accordance with Section 8.07 or otherwise pursuant to this Agreement.

          (c)     DRAWING AND REIMBURSEMENT. The payment by an Issuing Bank of a
draft drawn under any Letter of Credit shall constitute for all purposes of this
Agreement the making by any such Issuing Bank of a Revolving Credit Advance,
which shall be a Base Rate Advance, in the amount of such draft. Each Issuing
Bank shall give prompt notice of each drawing under any Letter of Credit issued
by it to the Borrower and the Agent. Upon written demand by such Issuing Bank,
with a copy of such demand to the Agent, each Revolving Credit Lender shall pay
to the Agent such Lender's Ratable Share of such outstanding Advance, by making
available for

<Page>

the account of its Applicable Lending Office to the Agent for the account of
such Issuing Bank, by deposit to the Agent's Account, in same day funds, an
amount equal to the portion of the outstanding principal amount of such Advance
to be funded by such Lender. Promptly after receipt thereof, the Agent shall
transfer such funds to such Issuing Bank. Each Revolving Credit Lender agrees to
fund its Ratable Share of an outstanding Advance on (i) the Business Day on
which demand therefor is made by such Issuing Bank, PROVIDED that notice of such
demand is given not later than 11:00 A.M. (New York City time) on such Business
Day, or (ii) the first Business Day next succeeding such demand if notice of
such demand is given after such time. If and to the extent that any Revolving
Credit Lender shall not have so made the amount of such Advance available to the
Agent, such Lender agrees to pay to the Agent forthwith on demand such amount
together with interest thereon, for each day from the date of demand by any such
Issuing Bank until the date such amount is paid to the Agent, at the Federal
Funds Rate for its account or the account of such Issuing Bank, as applicable.
If such Lender shall pay to the Agent such amount for the account of any such
Issuing Bank on any Business Day, such amount so paid in respect of principal
shall constitute a Revolving Credit Advance made by such Lender on such Business
Day for purposes of this Agreement, and the outstanding principal amount of the
Revolving Credit Advance made by such Issuing Bank shall be reduced by such
amount on such Business Day.

          (d)     LETTER OF CREDIT REPORTS. Each Issuing Bank shall furnish (i)
to the Agent and each Lender on the first Business Day of each month a written
report summarizing issuance and expiration dates of Letters of Credit during the
preceding month and drawings during such month under all Letters of Credit and
(ii) to the Agent and each Lender on the first Business Day of each calendar
quarter a written report setting forth the average daily aggregate Available
Amount during the preceding calendar quarter of all Letters of Credit.

          (e)     FAILURE TO MAKE ADVANCES. The failure of any Revolving Credit
Lender to make the Revolving Credit Advance to be made by it on the date
specified in Section 2.03(c) shall not relieve any other Revolving Credit Lender
of its obligation hereunder to make its Revolving Credit Advance on such date,
but no Revolving Credit Lender shall be responsible for the failure of any other
Revolving Credit Lender to make the Revolving Credit Advance to be made by such
other Lender on such date.

          SECTION 2.04. FEES. (a) FACILITY FEE. The Borrower agrees to pay to
the Agent for the account of each Revolving Credit Lender a facility fee on the
aggregate amount of such Lender's Revolving Credit Commitment from the Effective
Date in the case of each Initial Lender and from the effective date specified in
the Assignment and Acceptance pursuant to which it became a Revolving Credit
Lender in the case of each other Lender until the Termination Date at a rate per
annum equal to the Applicable Percentage in effect from time to time, payable in
arrears quarterly on the last day of each March, June, September and December,
commencing September 30, 2003, and on the Termination Date.

          (b)     LETTER OF CREDIT FEES. (i) The Borrower shall pay to the Agent
for the account of each Revolving Credit Lender a commission on such Lender's
Ratable Share of the average daily aggregate Available Amount of all Letters of
Credit outstanding from time to time at a rate per annum equal to the Applicable
Margin for Eurocurrency Rate Advances in effect from time to time, payable in
arrears quarterly on the last day of each March, June, September and December,
commencing September 30, 2003, and on the Termination Date, and after the
Termination Date payable upon demand.

          (ii)    The Borrower shall pay to each Issuing Bank for its own
     account a fronting fee equal to 0.125% of the Available Amount of each
     Letter of Credit issued by such Issuing Bank on the date of such issuance
     and such other reasonable fees as may from time to time be agreed in
     writing between the Borrower and such Issuing Bank.

          (c)     AGENT'S FEES. The Borrower shall pay to the Agent for its own
account such fees as may from time to time be agreed between the Borrower and
the Agent.

          SECTION 2.05. TERMINATION OR REDUCTION OF THE COMMITMENTS. (a)
OPTIONAL. The Borrower shall have the right, upon at least three Business Days'
notice to the Agent, to terminate in whole or permanently reduce ratably in part
the Unused Revolving Credit Commitments of the Lenders, PROVIDED that each
partial reduction shall be in the aggregate amount of $5,000,000 or an integral
multiple of $1,000,000 in excess thereof and

<Page>

shall be made ratably among the Appropriate Lenders in accordance with their
Commitments with respect to such Facility.

          (b)     MANDATORY. On the Effective Date, and from time to time
thereafter upon each prepayment of the Term Advances, the Term Commitments of
the Term Lenders shall be automatically and permanently reduced on a pro rata
basis by an amount equal to the amount by which (i) the aggregate Term
Commitments immediately prior to such reduction EXCEEDS (ii) the aggregate
unpaid principal amount of all Term Advances outstanding at such time.

          SECTION 2.06. REPAYMENT OF ADVANCES. (a) REVOLVING CREDIT ADVANCES.
The Borrower shall repay to the Agent for the ratable account of the Revolving
Credit Lenders on the Termination Date the aggregate principal amount of the
Revolving Credit Advances then outstanding.

          (b)     TERM ADVANCES. The Borrower shall repay to the Agent for the
ratable account of the Term Lenders the aggregate outstanding principal amount
of the Term Advances on the following dates in the amount indicated (which
amounts shall be reduced as a result of the application of prepayment in
accordance with the order of priority set forth in Section 2.10):

<Table>
<Caption>
                                  Date                              Amount
                                  ----                             --------
                  <S>                                           <C>
                  Second Anniversary of the Effective Date      $  10,000,000

                  Third Anniversary of the Effective Date       $  10,000,000

                  Fourth Anniversary of the Effective Date      $  10,000,000

                  Fifth Anniversary of the Effective Date       $  20,000,000
</Table>

          (c)     LETTER OF CREDIT REIMBURSEMENTS. The obligations of the
Borrower under this Agreement, any Letter of Credit Agreement and any other
agreement or instrument, in each case, relating to any Letter of Credit shall be
unconditional and irrevocable, and shall be paid strictly in accordance with the
terms of this Agreement, such Letter of Credit Agreement and such other
agreement or instrument under all circumstances, including, without limitation,
the following circumstances (it being understood that any such payment by the
Borrower is without prejudice to, and does not constitute a waiver of, any
rights the Borrower might have or might acquire as a result of the payment by
any Issuing Bank of any draft or the reimbursement by the Borrower thereof):

          (i)     any lack of validity or enforceability of this Agreement, any
     Letter of Credit, any Letter of Credit Agreement or any other agreement or
     instrument, in each case, relating thereto (all of the foregoing being,
     collectively, the "L/C RELATED DOCUMENTS");

          (ii)    any change in the time, manner or place of payment of, or in
     any other term of, all or any of the obligations of the Borrower in respect
     of any L/C Related Document or any other amendment or waiver of or any
     consent to departure from all or any of the L/C Related Documents;

          (iii)   the existence of any claim, set-off, defense or other right
     that the Borrower may have at any time against any beneficiary or any
     transferee of a Letter of Credit (or any Persons for which any such
     beneficiary or any such transferee may be acting), any Issuing Bank or any
     other Person, whether in connection with the transactions contemplated by
     the L/C Related Documents or any unrelated transaction;

          (iv)    any statement or any other document presented under a Letter
     of Credit proving to be forged, fraudulent, invalid or insufficient in any
     respect or any statement therein being untrue or inaccurate in any respect;

<Page>

          (v)     payment by any Issuing Bank under a Letter of Credit against
     presentation of a draft or certificate that does not strictly comply with
     the terms of such Letter of Credit;

          (vi)    any exchange, release or non-perfection of any collateral, or
     any release or amendment or waiver of or consent to departure from any
     guarantee, for all or any of the obligations of the Borrower in respect of
     the L/C Related Documents; or

          (vii)   any other circumstance or happening whatsoever, whether or not
     similar to any of the foregoing, including, without limitation, any other
     circumstance that might otherwise constitute a defense available to, or a
     discharge of, the Borrower or a guarantor.

          (d)     PREPAYMENT OPTION/ADDITIONAL INTEREST OPTION UPON THE
OCCURRENCE OF CERTAIN EVENTS. Upon the occurrence of a Change in Control or an
event prohibited by Section 5.02(b), the Required Lenders shall have the right
(a) to terminate the Commitments in full and to require the Borrower to prepay
all outstanding Advances, all interest thereon and all other amounts payable
under this Agreement (the "PREPAYMENT OPTION") or (b) to require the Borrower to
pay additional interest of 2.0% per annum on the unpaid principal amount of all
Advances (the "ADDITIONAL INTEREST OPTION"). Within 10 days following any Change
in Control or the occurrence of, or public announcement of its entering into a
contractual arrangement that, when consummated will result in, an event
prohibited by Section 5.02(b), the Borrower shall deliver a notice (the "CHANGE
IN CONTROL NOTICE") to the Agent describing the transaction or transactions that
constitute the Change in Control or such event, and, within 10 days of receipt
of the Change in Control Notice, if the Required Lenders have elected either the
Prepayment Option or the Additional Interest Option, the Agent shall deliver a
notice (the "ELECTION NOTICE") to the Borrower informing the Borrower of such
election. If the Required Lenders elect the Prepayment Option, then on or prior
to the date which is the later of (x) 45 days after the receipt by the Borrower
of the Election Notice or (y) the date of occurrence of the Change in Control or
the event prohibited by Section 5.02(b), the Borrower shall prepay all
outstanding Advances, all interest thereon and all other amounts payable under
this Agreement and on the earlier of (1) the date of such prepayment and (2) the
later of the dates referred to in clauses (x) and (y) above, the Commitments
shall automatically terminate. If the Required Lenders elect the Additional
Interest Option, then, from the date of the occurrence of such Change in Control
or event prohibited by Section 5.02(b), the Borrower shall pay interest on the
unpaid principal amount of all Advances at a rate per annum equal at all times
to 2.0% per annum above the rate per annum required to be paid on such Advances
pursuant to Section 2.07(a).

          SECTION 2.07. INTEREST ON ADVANCES. (a) SCHEDULED INTEREST. The
Borrower shall pay interest on the unpaid principal amount of each Advance owing
to each Lender from the date of such Advance until such principal amount shall
be paid in full, at the following rates per annum:

          (i)     BASE RATE ADVANCES. During such periods as such Advance is a
     Base Rate Advance, a rate per annum equal at all times to the sum of (x)
     the Base Rate in effect from time to time PLUS (y) the Applicable Margin in
     effect from time to time, payable in arrears quarterly on the last day of
     each March, June, September and December during such periods and on the
     date such Base Rate Advance shall be Converted or paid in full.

          (ii)    EURODOLLAR RATE ADVANCES. During such periods as such Advance
     is a Eurodollar Rate Advance, a rate per annum equal at all times during
     each Interest Period for such Advance to the sum of (x) the Eurodollar Rate
     for such Interest Period for such Advance PLUS (y) the Applicable Margin in
     effect from time to time, payable in arrears on the last day of such
     Interest Period and, if such Interest Period has a duration of more than
     three months, on each day that occurs during such Interest Period every
     three months from the first day of such Interest Period and on the date
     such Eurodollar Rate Advance shall be Converted or paid in full.

          (b)     DEFAULT INTEREST. Upon the occurrence and during the
continuance of an Event of Default under Section 6.01(a), the Agent may, and
upon the request of the Required Lenders shall, require the Borrower to pay
interest ("DEFAULT INTEREST") on (i) the overdue principal amount of each
Advance owing to each Lender, payable in arrears on the dates referred to in
clause (a)(i) or (a)(ii) above, at a rate per annum equal at all times to 2% per
annum above the rate per annum required to be paid on such Advance pursuant to
clause (a)(i) or (a)(ii) above and

<Page>

(ii) to the fullest extent permitted by law, the amount of any interest, fee or
other amount payable hereunder that is not paid when due, from the date such
amount shall be due until such amount shall be paid in full, payable in arrears
on the date such amount shall be paid in full and on demand, at a rate per annum
equal at all times to 2% per annum above the rate per annum required to be paid
on Base Rate Advances pursuant to clause (a)(i) above, PROVIDED, HOWEVER, that
following acceleration of the Advances pursuant to Section 6.01, Default
Interest shall accrue and be payable hereunder whether or not previously
required by the Agent.

          SECTION 2.08. INTEREST RATE DETERMINATION. (a) Promptly after receipt
of a Notice of Borrowing pursuant to Section 2.02(a), a notice of Conversion
pursuant to Section 2.09 or a notice of selection of an Interest Period pursuant
to the terms of the definition of "Interest Period", the Agent shall give prompt
notice to the Borrower and each Appropriate Lender of the applicable interest
rate determined by the Agent for purposes of Section 2.07(a)(i) or (ii), and the
rate, if any, furnished by each Reference Bank for the purpose of determining
the interest rate under Section 2.07(a)(ii). Each Reference Bank agrees to
furnish to the Agent timely information for the purpose of determining each
Eurodollar Rate. If any one or more of the Reference Banks shall not furnish
such timely information to the Agent for the purpose of determining any such
interest rate, the Agent shall determine such interest rate on the basis of
timely information furnished by the remaining Reference Banks.

          (b)     If the Borrower shall fail to select the duration of any
Interest Period for any Eurodollar Rate Advances in accordance with the
provisions contained in the definition of "Interest Period" in Section 1.01, the
Agent will forthwith so notify the Borrower and the Appropriate Lenders and such
Advances will automatically, on the last day of the then existing Interest
Period therefor, Convert into Base Rate Advances.

          (c)     On the date on which the aggregate unpaid principal amount of
Eurodollar Rate Advances comprising any Borrowing shall be reduced, by payment
or prepayment or otherwise, to less than $3,000,000, such Advances shall
automatically Convert into Base Rate Advances.

          (d)     Upon the occurrence and during the continuance of any Event of
Default, (i) each Eurodollar Rate Advance will automatically, on the last day of
the then existing Interest Period therefor, Convert into a Base Rate Advance and
(ii) the obligation of the Lenders to make, or to Convert Advances into,
Eurodollar Rate Advances shall be suspended.

          (f)     If Moneyline Telerate Markets Page 3750 is unavailable and
fewer than two Reference Banks furnish timely information to the Agent for
determining the Eurodollar Rate for any Eurodollar Rate Advances,

          (i)     the Agent shall forthwith notify the Borrower and the Lenders
     that the interest rate cannot be determined for such Eurodollar Rate
     Advances,

          (ii)    each such Advance will automatically, on the last day of the
     then existing Interest Period therefor, Convert into a Base Rate Advance
     (or if such Advance is then a Base Rate Advance, will continue as a Base
     Rate Advance), and

          (iii)   the obligation of the Lenders to make Eurodollar Rate Advances
     or to Convert Advances into Eurodollar Rate Advances shall be suspended
     until the Agent shall notify the Borrower and the Lenders that the
     circumstances causing such suspension no longer exist.

          SECTION 2.09. OPTIONAL CONVERSION OF ADVANCES. The Borrower may on any
Business Day, upon notice given to the Agent not later than 11:00 A.M. (New York
City time) on the third Business Day prior to the date of the proposed
Conversion and subject to the provisions of Sections 2.08 and 2.12, Convert all
or any portion of the Advances of one Type comprising the same Borrowing into
Advances of the other Type; PROVIDED, HOWEVER, that any Conversion of Eurodollar
Rate Advances into Base Rate Advances shall be made only on the last day of an
Interest Period for such Eurodollar Rate Advances, any Conversion of Base Rate
Advances into Eurodollar Rate Advances shall be in an amount not less than the
minimum amount specified in Section 2.02(b), no Conversion of any Advances under
any Facility shall result in more separate Borrowings under such Facility than
permitted under Section 2.02(b) and each Conversion of Advances comprising part
of the same Borrowing under

<Page>

any Facility shall be made ratably among the Appropriate Lenders in accordance
with their Commitments under such Facility. Each such notice of a Conversion
shall, within the restrictions specified above, specify (i) the date of such
Conversion, (ii) the Advances to be Converted, and (iii) if such Conversion is
into Eurodollar Rate Advances, the duration of the initial Interest Period for
each such Advance. Each notice of Conversion shall be irrevocable and binding on
the Borrower.

          SECTION 2.10. PREPAYMENTS OF REVOLVING CREDIT ADVANCES. The Borrower
may, upon notice at least two Business Days' prior to the date of such
prepayment, in the case of Eurodollar Rate Advances, and not later than 11:00
A.M. (New York City time) on the date of such prepayment, in the case of Base
Rate Advances, to the Agent stating the proposed date and aggregate principal
amount of the prepayment, and if such notice is given the Borrower shall, prepay
the outstanding principal amount of the Revolving Credit Advances comprising
part of the same Revolving Credit Borrowing in whole or ratably in part,
together with accrued interest to the date of such prepayment on the principal
amount prepaid; PROVIDED, HOWEVER, that (x) each partial prepayment shall be in
an aggregate principal amount of $5,000,000 or an integral multiple of
$1,000,000 in excess thereof and (y) in the event of any such prepayment of a
Eurodollar Rate Advance, the Borrower shall be obligated to reimburse the
Lenders in respect thereof pursuant to Section 8.04(c).

          SECTION 2.11. INCREASED COSTS. (a) If, due to either (i) the
introduction after the date hereof of or any change in or in the interpretation
of any law or regulation or (ii) the compliance with any guideline or request
issued after the date hereof from any central bank or other governmental
authority (whether or not having the force of law), there shall be any increase
in the cost to any Lender of agreeing to make or making, funding or maintaining
Eurodollar Rate Advances or agreeing to issue or of issuing or maintaining or
participating in Letters of Credit (excluding for purposes of this Section 2.11
any such increased costs resulting from (i) Taxes or Other Taxes (as to which
Section 2.14 shall govern) and (ii) changes after the date hereof in the basis
of taxation of overall net income or overall gross income by the United States
or by the foreign jurisdiction or state under the laws of which such Lender is
organized or has its Applicable Lending Office or any political subdivision
thereof), then the Borrower shall from time to time, upon demand by such Lender
(with a copy of such demand to the Agent), pay to the Agent for the account of
such Lender additional amounts sufficient to compensate such Lender for such
increased cost; PROVIDED, HOWEVER, that before making any such demand, each
Lender agrees to use reasonable efforts (consistent with its internal policy and
legal and regulatory restrictions) to designate a different Applicable Lending
Office if the making of such a designation would avoid the need for, or reduce
the amount of, such increased cost and would not, in the reasonable judgment of
such Lender, be otherwise disadvantageous to such Lender. A certificate as to
the amount of such increased cost, submitted to the Borrower and the Agent by
such Lender, shall be PRIMA FACIE evidence of the correctness thereof for all
purposes, absent manifest error.

          (b)     If any Lender reasonably determines that compliance with any
law or regulation or any guideline or request from any central bank or other
governmental authority (whether or not having the force of law) affects or would
affect the amount of capital required or expected to be maintained by such
Lender or any corporation controlling such Lender and that the amount of such
capital is increased by or based upon the existence of such Lender's commitment
to lend hereunder and other commitments of this type, then, upon demand by such
Lender (with a copy of such demand to the Agent), the Borrower shall pay to the
Agent for the account of such Lender, from time to time as specified by such
Lender, additional amounts sufficient to compensate such Lender or such
corporation in the light of such circumstances, to the extent that such Lender
reasonably determines such increase in capital to be allocable to the existence
of such Lender's commitment to lend hereunder. A certificate as to such amounts
submitted to the Borrower and the Agent by such Lender shall be PRIMA FACIE
evidence of the correctness thereof for all purposes, absent manifest error.

          (c)     Failure or delay on the part of any Lender to demand
compensation pursuant to this Section shall not constitute a waiver of such
Lender's right to demand such compensation; PROVIDED that the Borrower shall not
be required to compensate a Lender pursuant to this Section for any increased
costs or reductions incurred more than six months prior to the date that such
Lender notifies the Borrower of the change or circumstance giving rise to such
increased costs or reductions and of such Lender's intention to claim
compensation therefor; PROVIDED FURTHER that, if the change or circumstance
giving rise to such increased costs or reductions is retroactive, then the
six-month period referred to above shall be extended to include the period of
retroactive effect thereof.

<Page>

          SECTION 2.12. ILLEGALITY. Notwithstanding any other provision of this
Agreement, if any Lender shall notify the Agent that the introduction of or any
change in or in the interpretation of any law or regulation makes it unlawful,
or any central bank or other governmental authority asserts that it is unlawful,
for any Lender or its Eurodollar Lending Office to perform its obligations
hereunder to make Eurodollar Rate Advances or to fund or maintain Eurodollar
Rate Advances hereunder, (a) each Eurodollar Rate Advance under each Facility
under which such Lender has a Commitment will automatically, on the last day of
the current Interest Period or, if required by law, upon such demand, Convert
into a Base Rate Advance and (b) the obligation of the Appropriate Lenders to
make Eurodollar Rate Advances or to Convert Advances into Eurodollar Rate
Advances shall be suspended until the Agent shall notify the Borrower and the
Lenders that the circumstances causing such suspension no longer exist;
PROVIDED, HOWEVER, that before making any such demand, each Lender agrees to use
reasonable efforts (consistent with its internal policy and legal and regulatory
restrictions) to designate a different Eurodollar Lending Office if the making
of such a designation would allow such Lender or its Eurodollar Lending Office
to continue to perform its obligations to make Eurodollar Rate Advances or to
continue to fund or maintain Eurodollar Rate Advances and would not, in the
judgment of such Lender, be otherwise disadvantageous to such Lender.

          SECTION 2.13. PAYMENTS AND COMPUTATIONS. (a) The Borrower shall make
each payment hereunder, irrespective of any right of counterclaim or set-off,
not later than 11:00 A.M. (New York City time) on the day when due in U.S.
dollars to the Agent at the Agent's Account in same day funds. The Agent will
promptly thereafter cause to be distributed like funds relating to the payment
of principal or interest or fees or commissions ratably (other than amounts
payable pursuant to Section 2.03, 2.11, 2.14 or 8.04(c)) to the Lenders for the
account of their respective Applicable Lending Offices, and like funds relating
to the payment of any other amount payable to any Lender to such Lender for the
account of its Applicable Lending Office, in each case to be applied in
accordance with the terms of this Agreement. Upon its acceptance of an
Assignment and Acceptance and recording of the information contained therein in
the Register pursuant to Section 8.07(c), from and after the effective date
specified in such Assignment and Acceptance, the Agent shall make all payments
hereunder and under the Notes in respect of the interest assigned thereby to the
Lender assignee thereunder, and the parties to such Assignment and Acceptance
shall make all appropriate adjustments in such payments for periods prior to
such effective date directly between themselves.

          (b)     The Borrower hereby authorizes each Lender, if and to the
extent payment owed to such Lender is not made when due hereunder or under the
Note held by such Lender, to charge from time to time against any or all of the
Borrower's accounts with such Lender any amount so due.

          (c)     All computations of interest based on the Base Rate shall be
made by the Agent on the basis of a year of 365 or 366 days, as the case may be,
and all computations of interest based on the Eurodollar Rate or the Federal
Funds Rate and of fees and Letter of Credit commissions shall be made by the
Agent on the basis of a year of 360 days, in each case for the actual number of
days (including the first day but excluding the last day) occurring in the
period for which such interest, fees or commissions are payable. Each
determination by the Agent of an interest rate hereunder shall be conclusive and
binding for all purposes, absent manifest error.

          (d)     Whenever any payment hereunder or under the Notes shall be
stated to be due on a day other than a Business Day, such payment shall be made
on the next succeeding Business Day, and such extension of time shall in such
case be included in the computation of payment of interest or facility fee, as
the case may be; PROVIDED, HOWEVER, that, if such extension would cause payment
of interest on or principal of Eurodollar Rate Advances to be made in the next
following calendar month, such payment shall be made on the next preceding
Business Day.

          (e)     Unless the Agent shall have received notice from the Borrower
prior to the date on which any payment is due to the Lenders hereunder that the
Borrower will not make such payment in full, the Agent may assume that the
Borrower has made such payment in full to the Agent on such date and the Agent
may, in reliance upon such assumption, cause to be distributed to each Lender on
such due date an amount equal to the amount then due such Lender. If and to the
extent the Borrower shall not have so made such payment in full to the Agent,
each Lender shall repay to the Agent forthwith on demand such amount distributed
to such Lender together with interest thereon, for each day from the date such
amount is distributed to such Lender until the date such Lender repays such
amount to the Agent, at the Federal Funds Rate.

<Page>

          SECTION 2.14. TAXES. (a) Any and all payments by the Borrower to or
for the account of any Lender or the Agent hereunder or under the Notes or any
other documents to be delivered hereunder shall be made, in accordance with
Section 2.13 or the applicable provisions of such other documents, free and
clear of and without deduction for any and all present or future taxes, levies,
imposts, deductions, charges or withholdings, and all liabilities with respect
thereto, EXCLUDING, in the case of each Lender and the Agent, taxes imposed on
its overall net income, and franchise taxes imposed on it in lieu of net income
taxes, by the jurisdiction under the laws of which such Lender or the Agent (as
the case may be) is organized or any political subdivision thereof and, in the
case of each Lender, taxes imposed on its overall net income, and franchise
taxes imposed on it in lieu of net income taxes, by the jurisdiction of such
Lender's Applicable Lending Office or any political subdivision thereof (all
such non-excluded taxes, levies, imposts, deductions, charges, withholdings and
liabilities in respect of payments hereunder or under the Notes being
hereinafter referred to as "TAXES"). If the Borrower shall be required by law to
deduct any Taxes from or in respect of any sum payable hereunder or under any
Note or any other documents to be delivered hereunder to any Lender or the
Agent, (i) the sum payable shall be increased as may be necessary so that after
making all required deductions (including deductions applicable to additional
sums payable under this Section 2.14) such Lender or the Agent (as the case may
be) receives an amount equal to the sum it would have received had no such
deductions been made, (ii) the Borrower shall make such deductions and (iii) the
Borrower shall pay the full amount deducted to the relevant taxation authority
or other authority in accordance with applicable law.

          (b)     In addition, the Borrower shall pay any present or future
stamp or documentary taxes or any other excise or property taxes, charges or
similar levies that arise from any payment made hereunder or under the Notes or
any other documents to be delivered hereunder or from the execution, delivery or
registration of, performing under, or otherwise with respect to, this Agreement
or the Notes or any other documents to be delivered hereunder (hereinafter
referred to as "OTHER TAXES").

          (c)     The Borrower shall indemnify each Lender and the Agent for and
hold it harmless against the full amount of Taxes or Other Taxes (including,
without limitation, taxes of any kind imposed or asserted by any jurisdiction on
amounts payable under this Section 2.14) imposed on or paid by such Lender or
the Agent (as the case may be) and any liability (including penalties, interest
and expenses) arising therefrom or with respect thereto. This indemnification
shall be made within 30 days from the date such Lender or the Agent (as the case
may be) makes written demand therefor.

          (d)     Within 30 days after the date of any payment of Taxes, the
Borrower shall furnish to the Agent, at its address referred to in Section 8.02,
the original or a certified copy of a receipt evidencing such payment to the
extent such a receipt is issued therefor, or other written proof of payment
thereof that is reasonably satisfactory to the Agent. In the case of any payment
hereunder or under the Notes or any other documents to be delivered hereunder by
or on behalf of the Borrower through an account or branch outside the United
States or by or on behalf of the Borrower by a payor that is not a United States
person, if the Borrower determines that no Taxes are payable in respect thereof,
the Borrower shall furnish, or shall cause such payor to furnish, to the Agent,
at such address, an opinion of counsel acceptable to the Agent stating that such
payment is exempt from Taxes. For purposes of this subsection (d) and subsection
(e), the terms "UNITED STATES" and "UNITED STATES PERSON" shall have the
meanings specified in Section 7701 of the Internal Revenue Code.

          (e)     Each Lender organized under the laws of a jurisdiction outside
the United States, on or prior to the date of its execution and delivery of this
Agreement in the case of each Initial Lender and on the date of the Assignment
and Acceptance pursuant to which it becomes a Lender in the case of each other
Lender, and from time to time thereafter as reasonably requested in writing by
the Borrower (but only so long as such Lender remains lawfully able to do so),
shall provide each of the Agent and the Borrower with two original Internal
Revenue Service Forms W-8BEN or W-8ECI, as appropriate, or any successor or
other form prescribed by the Internal Revenue Service, certifying that such
Lender is exempt from or entitled to a reduced rate of United States withholding
tax on payments pursuant to this Agreement or the Notes. If the form provided by
a Lender at the time such Lender first becomes a party to this Agreement
indicates a United States interest withholding tax rate in excess of zero,
withholding tax at such rate shall be considered excluded from Taxes unless and
until such Lender provides the appropriate forms certifying that a lesser rate
applies, whereupon withholding tax at such lesser rate only shall be considered
excluded from Taxes for periods governed by such form; PROVIDED, HOWEVER, that,
if at the date of the Assignment and Acceptance pursuant to which a Lender
assignee becomes a party to this Agreement, the Lender assignor was entitled to
payments under subsection (a) in respect of United States withholding tax with
respect to

<Page>

interest paid at such date, then, to such extent, the term Taxes shall include
(in addition to withholding taxes that may be imposed in the future or other
amounts otherwise includable in Taxes) United States withholding tax, if any,
applicable with respect to the Lender assignee on such date. If any form or
document referred to in this subsection (e) requires the disclosure of
information, other than information necessary to compute the tax payable and
information required on the date hereof by Internal Revenue Service Form W-8BEN
or W-8ECI, that the Lender reasonably considers to be confidential, the Lender
shall give notice thereof to the Borrower and shall not be obligated to include
in such form or document such confidential information.

          (f)     For any period with respect to which a Lender has failed to
provide the Borrower with the appropriate form, certificate or other document
described in Section 2.14(e) (OTHER THAN if such failure is due to a change in
law, or in the interpretation or application thereof, occurring subsequent to
the date on which a form, certificate or other document originally was required
to be provided, or if such form, certificate or other document otherwise is not
required under subsection (e) above), such Lender shall not be entitled to
indemnification under Section 2.14(a) or (c) with respect to Taxes imposed by
the United States by reason of such failure; PROVIDED, HOWEVER, that should a
Lender become subject to Taxes because of its failure to deliver a form,
certificate or other document required hereunder, the Borrower shall take such
steps as the Lender shall reasonably request to assist the Lender to recover
such Taxes.

          (g)     Any Lender claiming any additional amounts payable pursuant to
this Section 2.14 agrees to use reasonable efforts (consistent with its internal
policy and legal and regulatory restrictions) to change the jurisdiction of its
Eurodollar Lending Office if the making of such a change would avoid the need
for, or reduce the amount of, any such additional amounts that may thereafter
accrue and would not, in the reasonable judgment of such Lender, be otherwise
disadvantageous to such Lender.

          SECTION 2.15. SHARING OF PAYMENTS, ETC. If any Lender shall obtain any
payment (whether voluntary, involuntary, through the exercise of any right of
set-off, or otherwise) on account of the Advances owing to it (other than
pursuant to Section 2.11, 2.14 or 8.04(c)) in excess of its ratable share of
payments on account of the Advances obtained by all the Lenders, such Lender
shall forthwith purchase from the other Lenders such participations in the
Advances owing to them as shall be necessary to cause such purchasing Lender to
share the excess payment ratably with each of them; PROVIDED, HOWEVER, that if
all or any portion of such excess payment is thereafter recovered from such
purchasing Lender, such purchase from each Lender shall be rescinded and such
Lender shall repay to the purchasing Lender the purchase price to the extent of
such recovery together with an amount equal to such Lender's ratable share
(according to the proportion of (i) the amount of such Lender's required
repayment to (ii) the total amount so recovered from the purchasing Lender) of
any interest or other amount paid or payable by the purchasing Lender in respect
of the total amount so recovered; PROVIDED FURTHER that, so long as the
obligations under the Loan Documents shall not have been accelerated, any excess
payment received by any Appropriate Lender shall be shared on a pro rata basis
only with other Appropriate Lenders. The Borrower agrees that any Lender so
purchasing a participation from another Lender pursuant to this Section 2.15
may, to the fullest extent permitted by law, exercise all its rights of payment
(including the right of set-off) with respect to such participation as fully as
if such Lender were the direct creditor of the Borrower in the amount of such
participation.

          SECTION 2.16. EVIDENCE OF DEBT. (a) Each Lender shall maintain in
accordance with its usual practice an account or accounts evidencing the
indebtedness of the Borrower to such Lender resulting from each Advance owing to
such Lender from time to time, including the amounts of principal and interest
payable and paid to such Lender from time to time hereunder in respect of
Advances. The Borrower agrees that upon notice by any Lender to the Borrower
(with a copy of such notice to the Agent) to the effect that a Note under a
Facility is required or appropriate in order for such Lender to evidence
(whether for purposes of pledge, enforcement or otherwise) the Advances owing
to, or to be made by, such Lender under such Facility, the Borrower shall
promptly execute and deliver to such Lender a Revolving Credit Note or a Term
Note payable to the order of such Lender in a principal amount up to the
Revolving Credit Commitment or Term Commitment, as the case may be, of such
Lender.

          (b)     The Register maintained by the Agent pursuant to Section
8.07(d) shall include a control account, and a subsidiary account for each
Lender, in which accounts (taken together) shall be recorded (i) the date and
amount of each Borrowing made hereunder, the Type of Advances comprising such
Borrowing and, if appropriate, the Interest Period applicable thereto, (ii) the
terms of each Assignment and Acceptance delivered to and accepted by it, (iii)
the amount of any principal or interest due and payable or to become due and
payable from

<Page>

the Borrower to each Lender hereunder and (iv) the amount of any sum received by
the Agent from the Borrower hereunder and each Lender's share thereof.

          (c)     Entries made in good faith by the Agent in the Register
pursuant to subsection (b) above, and by each Lender in its account or accounts
pursuant to subsection (a) above, shall be PRIMA FACIE evidence of the amount of
principal and interest due and payable or to become due and payable from the
Borrower to, in the case of the Register, each Lender and, in the case of such
account or accounts, such Lender, under this Agreement, absent manifest error;
PROVIDED, HOWEVER, that the failure of the Agent or such Lender to make an
entry, or any finding that an entry is incorrect, in the Register or such
account or accounts shall not limit or otherwise affect the obligations of the
Borrower under this Agreement.

          SECTION 2.17. USE OF PROCEEDS. The proceeds of the Advances shall be
available (and the Borrower agrees that it shall use such proceeds) solely for
general corporate purposes of the Borrower and its Subsidiaries.

                                   ARTICLE III

                     CONDITIONS TO EFFECTIVENESS AND LENDING

          SECTION 3.01. CONDITIONS PRECEDENT TO EFFECTIVENESS OF SECTION 2.01.
Section 2.01 of this Agreement shall become effective on and as of the first
date (the "EFFECTIVE DATE") on which the following conditions precedent have
been satisfied:

          (a)     There shall have occurred no event or circumstance that could
     reasonably be expected to result in a Material Adverse Change since
     December 31, 2002.

          (b)     There shall exist no action, suit, investigation, litigation
     or proceeding affecting the Borrower or any of its Subsidiaries pending or,
     to the knowledge of the Borrower, threatened before any court, governmental
     agency or arbitrator that (i) could be reasonably likely to have a Material
     Adverse Effect or (ii) could be reasonably likely to adversely affect the
     legality, validity or enforceability of this Agreement or any Note or the
     consummation of the transactions contemplated hereby.

          (c)     Nothing shall have come to the attention of the Lenders during
     the course of their due diligence investigation to lead them to believe
     that the Information Memorandum was or has become misleading, incorrect or
     incomplete in any material respect; without limiting the generality of the
     foregoing, the Lenders shall have been given such access to the management,
     records, books of account, contracts and properties of the Borrower and its
     Subsidiaries as they shall have requested.

          (d)     All governmental and third party consents and approvals
     necessary in connection with the transactions contemplated hereby shall
     have been obtained (without the imposition of any conditions that are not
     acceptable to the Lenders) and shall remain in effect, and no law or
     regulation shall be applicable in the reasonable judgment of the Lenders
     that restrains, prevents or imposes materially adverse conditions upon the
     transactions contemplated hereby.

          (e)     The Borrower shall have notified each Lender and the Agent in
     writing as to the proposed Effective Date.

          (f)     The Borrower shall have paid all reasonable and invoiced
     accrued fees and expenses of the Agent and the Lenders (including the
     accrued fees and expenses of counsel to the Agent).

          (g)     On the Effective Date, the following statements shall be true
     and the Agent shall have received for the account of each Lender a
     certificate signed by a duly authorized officer of the Borrower, dated the
     Effective Date, stating that:

<Page>

                  (i)      The representations and warranties contained in
          Section 4.01 are correct on and as of the Effective Date, and

                  (ii)     No event has occurred and is continuing that
          constitutes a Default.

          (h)     The Agent shall have received on or before the Effective Date
     the following, each dated such day, in form and substance satisfactory to
     the Agent and (except for the Notes) in sufficient copies for each Lender:

                  (i)      The Notes to the order of the Lenders to the extent
          requested by any Lender pursuant to Section 2.16.

                  (ii)     Certified copies of the resolutions of the Board of
          Directors of the Borrower approving this Agreement and the Notes, and
          of all documents evidencing other necessary corporate action and
          governmental approvals, if any, with respect to this Agreement and the
          Notes.

                  (iii)    A certificate of the Secretary or an Assistant
          Secretary of the Borrower certifying the names and true signatures of
          the officers of the Borrower authorized to sign this Agreement and the
          Notes and the other documents to be delivered hereunder.

                  (iv)     A favorable opinion of Kirkland & Ellis LLP, counsel
          for the Borrower, substantially in the form of Exhibit D hereto and as
          to such other matters as any Lender through the Agent may reasonably
          request.

                  (v)      A favorable opinion of Shearman & Sterling LLP,
          counsel for the Agent, in form and substance satisfactory to the
          Agent.

          (i)     The Borrower shall have terminated the commitments of the
     lenders and repaid or prepaid in full all amounts outstanding under the
     Credit Agreement dated as of April 12, 1999 and amended and restated as of
     June 29, 2000, among the Borrower, certain other borrowers and guarantors
     parties thereto, the lenders parties thereto and Morgan Guaranty Trust
     Company of New York, as administrative agent. By execution of this
     Agreement, each of the Lenders that is a lender under the credit agreement
     referred to above hereby waives the requirements set forth in Section 3.02
     and 4.01 of such credit agreement of prior notice to the termination of its
     commitments and prepayment of advances thereunder.

          SECTION 3.02. CONDITIONS PRECEDENT TO EACH BORROWING AND ISSUANCE. The
obligation of each Appropriate Lender to make an Advance (other than an Advance
made by an Issuing Bank or any Revolving Credit Lender pursuant to Section
2.03(c)) on the occasion of each Borrowing and the obligation of each Issuing
Bank to issue a Letter of Credit shall be subject to the conditions precedent
that the Effective Date shall have occurred and on the date of such Borrowing or
issuance (a) the following statements shall be true (and each of the giving of
the applicable Notice of Borrowing, Notice of Issuance and the acceptance by the
Borrower of the proceeds of such Borrowing shall constitute a representation and
warranty by the Borrower that on the date of such Borrowing or issuance such
statements are true):

          (i)     the representations and warranties contained in Section 4.01
     are correct on and as of such date, before and after giving effect to such
     Borrowing or issuance and to the application of the proceeds therefrom, as
     though made on and as of such date, and

          (ii)    no event has occurred and is continuing, or would result from
     such Borrowing or issuance or from the application of the proceeds
     therefrom, that constitutes a Default;

and (b) the Agent shall have received such other approvals, opinions or
documents as any Appropriate Lender through the Agent may reasonably request.

<Page>

          SECTION 3.03. DETERMINATIONS UNDER SECTION 3.01. For purposes of
determining compliance with the conditions specified in Section 3.01, each
Lender shall be deemed to have consented to, approved or accepted or to be
satisfied with each document or other matter required thereunder to be consented
to or approved by or acceptable or satisfactory to the Lenders unless an officer
of the Agent responsible for the transactions contemplated by this Agreement
shall have received notice from such Lender prior to the date that the Borrower,
by notice to the Lenders, designates as the proposed Effective Date, specifying
its objection thereto. The Agent shall promptly notify the Lenders of the
occurrence of the Effective Date.

                                   ARTICLE IV

                         REPRESENTATIONS AND WARRANTIES

          SECTION 4.01. REPRESENTATIONS AND WARRANTIES OF THE BORROWER. The
Borrower represents and warrants as follows:

          (a)     The Borrower is a corporation duly organized, validly existing
     and in good standing under the laws of the State of Delaware.

          (b)     The execution, delivery and performance by the Borrower of
     this Agreement and the Notes to be delivered by it, and the consummation of
     the transactions contemplated hereby, are within the Borrower's corporate
     powers, have been duly authorized by all necessary corporate action, and do
     not contravene (i) the Borrower's charter or by-laws, (ii) law, (iii) any
     indenture, deed of trust, credit agreement or loan agreement binding on or
     affecting the Borrower or (iv) any other material agreement, contract or
     instrument binding on or affecting the Borrower.

          (c)     No authorization or approval or other action by, and no notice
     to or filing with, any governmental authority or regulatory body is
     required for the due execution, delivery and performance by the Borrower of
     this Agreement or the Notes to be delivered by it. No authorization or
     approval or other action by, and no notice to or filing with, any third
     party is required for the due execution, delivery and performance by the
     Borrower of this Agreement or the Notes to be delivered by it, except to
     the extent that failure to so obtain or so file could not reasonably be
     expected to have a Material Adverse Effect.

          (d)     This Agreement has been, and each of the Notes to be delivered
     by it when delivered hereunder will have been, duly executed and delivered
     by the Borrower. This Agreement is, and each of the Notes when delivered
     hereunder will be, the legal, valid and binding obligation of the Borrower
     enforceable against the Borrower in accordance with their respective terms,
     subject to the effect of any applicable bankruptcy, insolvency,
     reorganization or moratorium or similar laws affecting the rights of
     creditors generally and subject to general principles of equity (regardless
     of whether enforcement is sought in a proceeding at law or in equity).

          (e)     The Consolidated balance sheet of the Borrower and its
     Subsidiaries as at December 31, 2002, and the related Consolidated
     statements of income and cash flows of the Borrower and its Subsidiaries
     for the fiscal year then ended, accompanied by an opinion of Ernst & Young
     LLP, independent public accountants, and the Consolidated balance sheet of
     the Borrower and its Subsidiaries as at March 31, 2003, and the related
     Consolidated statements of income and cash flows of the Borrower and its
     Subsidiaries for the three months then ended, duly certified by the chief
     financial officer of the Borrower, copies of which have been furnished to
     each Lender, fairly present in accordance with GAAP, subject, in the case
     of said balance sheet as at March 31, 2003, and said statements of income
     and cash flows for the three months then ended, to year-end adjustments and
     the absence of footnotes, the Consolidated financial condition of the
     Borrower and its Subsidiaries as at such dates and the Consolidated results
     of the operations of the Borrower and its Subsidiaries for the periods
     ended on such dates, all in accordance with generally accepted accounting
     principles consistently applied. Since December 31, 2002, no event or
     circumstance has occurred and is continuing that could reasonably be
     expected to result in a Material Adverse Change.

<Page>

          (f)     There is no pending or, to the knowledge of the Borrower,
     threatened action, suit, investigation, litigation or proceeding,
     including, without limitation, any Environmental Action, affecting the
     Borrower or any of its Subsidiaries before any court, governmental agency
     or arbitrator that (i) could be reasonably likely to have a Material
     Adverse Effect or (ii) could be reasonably likely to adversely affect the
     legality, validity or enforceability of this Agreement or any Note or the
     consummation of the transactions contemplated hereby.

          (g)     The Borrower is not engaged in the business of extending
     credit for the purpose of purchasing or carrying margin stock (within the
     meaning of Regulation U issued by the Board of Governors of the Federal
     Reserve System), and no proceeds of any Advance will be used to purchase or
     carry any margin stock or to extend credit to others for the purpose of
     purchasing or carrying any margin stock.

          (h)     The Borrower is not an "investment company", or a company
     "controlled" by an "investment company", within the meaning of the
     Investment Company Act of 1940, as amended.

          (i)     The Borrower is, individually and together with its
     Subsidiaries, Solvent.

          (j)     Neither the Information Memorandum nor any of the other
     reports, financial statements, certificates or other information furnished
     by or on behalf of the Borrower to the Agent or any Lender in connection
     with the negotiation of this Agreement or delivered hereunder (as modified
     or supplemented by other information so furnished) contains any material
     misstatement of fact or omits to state any material fact necessary to make
     the statements therein, in the light of the circumstances under which they
     were made and taken as a whole, not materially misleading; PROVIDED that,
     with respect to projected financial information and forward-looking
     statements, the Borrower represents only that such information was prepared
     in good faith based upon assumptions believed to be reasonable at the time
     made and PROVIDED, FURTHER, that the Borrower makes no representation or
     warranty with respect to general industry information contained in the
     Information Memorandum derived from consultants or public or third party
     sources except that the Borrower believed, to the best of its knowledge and
     on the date of the Information Memorandum, such information to be reliable.

                                    ARTICLE V

                            COVENANTS OF THE BORROWER

          SECTION 5.01. AFFIRMATIVE COVENANTS. So long as any Advance shall
remain unpaid or any Lender shall have any Commitment hereunder, the Borrower
will:

          (a)     COMPLIANCE WITH LAWS, ETC. Comply, and cause each of its
     Subsidiaries to comply with all applicable laws, rules, regulations and
     orders, such compliance to include, without limitation, compliance with
     ERISA and Environmental Laws, except to the extent that failure to so
     comply could not reasonably be expected to have a Material Adverse Effect.

          (b)     PAYMENT OF TAXES, ETC. Pay and discharge, and cause each of
     its Subsidiaries to pay and discharge, before the same shall become
     delinquent, (i) all material taxes, assessments and governmental charges or
     levies imposed upon it or upon its property and (ii) all material lawful
     claims that, if unpaid, might by law become a Lien upon its property;
     PROVIDED, HOWEVER, that neither the Borrower nor any of its Subsidiaries
     shall be required to pay or discharge any such tax, assessment, charge or
     claim that is being contested in good faith and by proper proceedings and
     as to which appropriate reserves are being maintained, unless and until any
     Lien resulting therefrom attaches to its property and enforcement actions
     are begun.

          (c)     MAINTENANCE OF INSURANCE. Maintain, and cause each of its
     Subsidiaries to maintain, insurance with responsible and reputable
     insurance companies or associations in such amounts and

<Page>

     covering such risks as is usually carried by companies engaged in similar
     businesses and owning similar properties in the same general areas in which
     the Borrower or such Subsidiary operates.

          (d)     PRESERVATION OF CORPORATE EXISTENCE, ETC. Preserve and
     maintain, and cause each of its Subsidiaries to preserve and maintain, its
     corporate existence, rights (charter and statutory) and franchises;
     PROVIDED, HOWEVER, that the Borrower and its Subsidiaries may consummate
     any transaction permitted under Section 5.02(b) and PROVIDED FURTHER that
     neither the Borrower nor any of its Subsidiaries shall be required to
     preserve any right or franchise or, in the case of any Subsidiary, its
     corporate existence, if the Borrower shall determine that the preservation
     thereof is no longer desirable in the conduct of the business of the
     Borrower or the Borrower and its Subsidiaries taken as a whole, and that
     the loss thereof is not disadvantageous in any material respect to the
     Borrower, the Borrower and its Subsidiaries taken as a whole or the
     Lenders.

          (e)     VISITATION RIGHTS. At any reasonable time and from time to
     time, permit the Agent or any of the Lenders or any agents or
     representatives thereof, to examine and make copies of and abstracts from
     the records and books of account of, and visit the properties of, the
     Borrower and any of its Subsidiaries, and to discuss the affairs, finances
     and accounts of the Borrower and any of its Subsidiaries with any of their
     officers or directors and with their independent certified public
     accountants, PROVIDED that, so long as no Default shall have occurred and
     be continuing, the Borrower shall have the right to participate in any
     discussions of the Agent or any Lender with any independent accountants of
     the Borrower.

          (f)     KEEPING OF BOOKS. Keep, and cause each of its Subsidiaries to
     keep, proper books of record and account, in which full and correct entries
     shall be made of all financial transactions and the assets and business of
     the Borrower and each such Subsidiary in accordance with generally accepted
     accounting principles in effect from time to time.

          (g)     MAINTENANCE OF PROPERTIES, ETC. Maintain and preserve, and
     cause each of its Subsidiaries to maintain and preserve, all of its
     properties that are used or useful in the conduct of its business in good
     working order and condition, ordinary wear and tear and loss or damage by
     casualty or condemnation excepted.

          (h)     TRANSACTIONS WITH AFFILIATES. Conduct, and cause each of its
     Subsidiaries to conduct, all transactions otherwise permitted under this
     Agreement with any of their Affiliates on terms that are fair and
     reasonable and no less favorable to the Borrower or such Subsidiary than it
     would obtain in a comparable arm's-length transaction with a Person not an
     Affiliate, other than (i) transactions by and among the Borrower and its
     wholly-owned Subsidiaries and (ii) compensation of, or fees payable to,
     officers and directors of the Borrower and its Subsidiaries.

          (i)     REPORTING REQUIREMENTS. Furnish to the Lenders:

                  (i)      as soon as available and in any event within 50 days
          after the end of each of the first three quarters of each fiscal year
          of the Borrower, the Consolidated balance sheet of the Borrower and
          its Subsidiaries as of the end of such quarter and Consolidated
          statements of income and cash flows of the Borrower and its
          Subsidiaries for the period commencing at the end of the previous
          fiscal year and ending with the end of such quarter, duly certified
          (subject to year-end adjustments and the absence of footnotes) by the
          chief financial officer of the Borrower as having been prepared in
          accordance with generally accepted accounting principles and
          certificates of the chief financial officer of the Borrower as to
          compliance with the terms of this Agreement and setting forth in
          reasonable detail the calculations necessary to demonstrate compliance
          with Section 5.03, PROVIDED that in the event of any change in
          generally accepted accounting principles used in the preparation of
          such financial statements, the Borrower shall also provide, if
          necessary for the determination of compliance with Section 5.03, a
          statement of reconciliation conforming such financial statements to
          GAAP;

<Page>

                  (ii)     as soon as available and in any event within 90 days
          after the end of each fiscal year of the Borrower, a copy of the
          annual audit report for such year for the Borrower and its
          Subsidiaries, containing the Consolidated balance sheet of the
          Borrower and its Subsidiaries as of the end of such fiscal year and
          Consolidated statements of income and cash flows of the Borrower and
          its Subsidiaries for such fiscal year, in each case accompanied by an
          opinion reasonably acceptable to the Required Lenders by Ernst & Young
          LLP or other independent public accountants reasonably acceptable to
          the Required Lenders and certificates of the chief financial officer
          of the Borrower as to compliance with the terms of this Agreement and
          setting forth in reasonable detail the calculations necessary to
          demonstrate compliance with Section 5.03, PROVIDED that in the event
          of any change in generally accepted accounting principles used in the
          preparation of such financial statements, the Borrower shall also
          provide, if necessary for the determination of compliance with Section
          5.03, a statement of reconciliation conforming such financial
          statements to GAAP;

                  (iii)    as soon as possible and in any event within five
          Business Days after the occurrence of each Default continuing on the
          date of such statement, a statement of the chief financial officer of
          the Borrower setting forth details of such Default and the action that
          the Borrower has taken and proposes to take with respect thereto;

                  (iv)     promptly after the sending or filing thereof, copies
          of all reports that the Borrower sends to its securityholders
          generally, and copies of all reports and registration statements that
          the Borrower or any Subsidiary files with the Securities and Exchange
          Commission or any national securities exchange;

                  (v)      promptly after the commencement thereof, notice of
          all actions and proceedings before any court, governmental agency or
          arbitrator affecting the Borrower or any of its Subsidiaries of the
          type described in Section 4.01(f); and

                  (vi)     such other information respecting the Borrower or any
          of its Subsidiaries as any Lender through the Agent may from time to
          time reasonably request.

          (j)     NEW MATERIAL SUBSIDIARIES. Promptly and in any event within 30
     days following the request of the Required Lenders made after either (i)
     the organization or acquisition of any new Material Subsidiary or (ii) the
     delivery of audited annual financial statements pursuant to Section 5.01(i)
     that indicate that a Subsidiary of the Borrower that is not at such time a
     Subsidiary Guarantor is a Material Subsidiary, cause such Material
     Subsidiary to execute and deliver a Subsidiary Guaranty in substantially
     the form of Exhibit E hereto, together with such documents as the Required
     Lenders may request evidencing corporate action taken to authorize such
     execution and delivery and the incumbency and signatures of officers of
     such Material Subsidiary, PROVIDED that a Material Subsidiary shall not be
     required to become a Guarantor if (A) a guaranty by such Material
     Subsidiary would result in materially adverse tax consequences to the
     Borrower and its Subsidiaries or shareholders of the Borrower or (B) a
     guaranty by such Material Subsidiary is prohibited or limited by regulatory
     requirements or applicable law.

          SECTION 5.02. NEGATIVE COVENANTS. So long as any Advance shall remain
unpaid or any Lender shall have any Commitment hereunder, the Borrower will not:

          (a)     LIENS, ETC. Create or suffer to exist, or permit any of its
     Subsidiaries to create or suffer to exist, any Lien on or with respect to
     any of its properties, whether now owned or hereafter acquired, or assign,
     or permit any of its Subsidiaries to assign, any right to receive income,
     other than:

                  (i)      Permitted Liens,

                  (ii)     capital leases and purchase money Liens upon or in
          any real or personal property acquired or held by the Borrower or any
          Subsidiary in the ordinary course of business to

<Page>

          secure the purchase price of such property or to secure Debt incurred
          solely for the purpose of financing the acquisition of such property,
          or Liens existing on such property at the time of its acquisition
          (other than any such Liens created in contemplation of such
          acquisition that were not incurred to finance the acquisition of such
          property) or extensions, renewals or replacements of any of the
          foregoing for the same or a lesser amount, PROVIDED, HOWEVER, that no
          such Lien shall extend to or cover any properties of any character
          other than the property being acquired, and no such extension, renewal
          or replacement shall extend to or cover any properties not theretofore
          subject to the Lien being extended, renewed or replaced, PROVIDED
          FURTHER that the aggregate principal amount of the indebtedness
          secured by the Liens referred to in this clause (ii) shall not exceed
          the amount specified therefor in Section 5.02(d)(iii) at any time
          outstanding,

                  (iii)    the Liens existing on the Effective Date and
          described on Schedule 5.02(a) hereto,

                  (iv)     Liens on property of a Person existing at the time
          such Person is merged into or consolidated with the Borrower or any
          Subsidiary of the Borrower or becomes a Subsidiary of the Borrower;
          PROVIDED that such Liens were not created in contemplation of such
          merger, consolidation or acquisition and do not extend to any assets
          other than those of the Person so merged into or consolidated with the
          Borrower or such Subsidiary or acquired by the Borrower or such
          Subsidiary,

                  (v)      assignments of the right to receive income or Liens
          in connection with any Permitted Receivables Financing, to the extent
          permitted under Section 5.02(d)(iv),

                  (vi)     licenses, leases or subleases granted to other
          Persons in the ordinary course of business not materially interfering
          with the conduct of the business of the Borrower and its Subsidiaries
          taken as a whole,

                  (vii)    Liens arising from precautionary UCC financing
          statement filings regarding operating leases entered into by the
          Borrower or any of its Subsidiaries (other than a Receivables
          Subsidiary) in the ordinary course of business,

                  (viii)   Liens arising out of judgments or awards in
          circumstances not constituting an Event of Default under Section 6.01
          in respect of which the Borrower or any of its Subsidiaries shall in
          good faith be prosecuting an appeal or proceedings for review in
          respect of which there shall have been secured a subsisting stay of
          execution pending such appeal or proceedings, PROVIDED that the
          aggregate amount of all such judgments or awards does not exceed
          $25,000,000 at any time outstanding,

                  (ix)     statutory, contractual and common law landlords'
          liens under leases or subleases permitted by this Agreement,

                  (x)      Liens (other than any Lien imposed by ERISA) (x) to
          secure the performance of tenders, statutory obligations (other than
          excise taxes), surety, stay, customs and appeal bonds, statutory
          bonds, bids, leases, government contracts, trade contracts,
          performance and return of money bonds and other similar obligations
          (exclusive of obligations for the payment of borrowed money) or (y)
          arising by virtue of deposits made in the ordinary course of business
          to secure liability for premiums to insurance carriers, PROVIDED that
          the aggregate amount of deposits at any time pursuant to sub-clauses
          (x) and (y) shall not exceed $15,000,000 in the aggregate,

                  (xi)     any interest or title of a lessor, sublessor,
          licensee or licensor under any lease or license agreement permitted by
          this Agreement,

<Page>

                  (xii)    Liens arising out of conditional sale, title
          retention, consignment or similar arrangements for the sale of goods
          entered into by the Borrower or any of its Subsidiaries in the
          ordinary course of business (excluding any general inventory
          financing),

                  (xiii)   other Liens securing Debt (whether incurred by the
          Borrower or any of its Subsidiaries) in an aggregate principal amount
          not to exceed the amount specified in Section 5.02(d)(iii) at any time
          outstanding, and

                  (xiv)    the replacement, extension or renewal of any Lien
          permitted by clause (iii) or (iv) above upon or in the same property
          theretofore subject thereto or the replacement, extension or renewal
          (without increase in the amount or change in any direct or contingent
          obligor) of the Debt secured thereby.

          (b)     MERGERS, ETC. Merge or consolidate with or into, or convey,
     transfer, lease or otherwise dispose of (whether in one transaction or in a
     series of transactions) all or substantially all of its assets (whether now
     owned or hereafter acquired) to, any Person, or permit any of its
     Subsidiaries to do so, except that (i) any Subsidiary of the Borrower may
     merge or consolidate with or into, or dispose of assets to, any other
     Subsidiary of the Borrower, (ii) any Subsidiary of the Borrower may merge
     into or dispose of assets to the Borrower, (iii) the Borrower may merge
     with any other Person so long as the Borrower is the surviving corporation
     and (iv) any Subsidiary or Subsidiaries of the Borrower may merge or
     consolidate with or into, or dispose of assets to, any other Person so long
     as the assets of such Subsidiaries, in aggregate, do not constitute all or
     substantially all of the assets of the Borrower or of the Borrower and its
     Subsidiaries taken as a whole, PROVIDED, in each case, that no Default
     shall have occurred and be continuing at the time of such proposed
     transaction or would result therefrom.

          (c)     ACCOUNTING CHANGES. Make or permit, or permit any of its
     Subsidiaries to make or permit, any change in accounting policies or
     reporting practices, except as required or permitted by generally accepted
     accounting principles.

          (d)     SUBSIDIARY DEBT. Permit any of its Subsidiaries to create or
     suffer to exist, any Debt other than:

                  (i)      Debt owed to the Borrower or to a wholly owned
          Subsidiary of the Borrower,

                  (ii)     Debt existing on the Effective Date and described on
          Schedule 5.02(d) hereto (the "EXISTING DEBT"), and any Debt extending
          the maturity of, or refunding or refinancing, in whole or in part, the
          Existing Debt, PROVIDED that the principal amount of such Existing
          Debt shall not be increased above the principal amount thereof
          outstanding immediately prior to such extension, refunding or
          refinancing, and the direct and contingent obligors therefor shall not
          be changed, as a result of or in connection with such extension,
          refunding or refinancing,

                  (iii)    Debt secured by Liens permitted by Section
          5.02(a)(ii) or (xiii) aggregating for all of the Borrower's
          Subsidiaries not more than $100,000,000 and $50,000,000, respectively,
          at any one time outstanding,

                  (iv)     Debt arising under Permitted Receivables Financings
          in an aggregate Invested Amount not to exceed $250,000,000 at any time
          outstanding,

                  (v)      unsecured Debt incurred in the ordinary course of
          business aggregating for all of the Borrower's Subsidiaries not more
          than $35,000,000 at any one time outstanding, and

                  (v)      endorsement of negotiable instruments for deposit or
          collection or similar transactions in the ordinary course of business.

<Page>

          (e)     CHANGE IN NATURE OF BUSINESS. Make, or permit any of its
     Subsidiaries to make, any material change in the nature of the business of
     the Borrower and its Subsidiaries, taken as a whole, as carried on at the
     date hereof.

          (f)     PAYMENT RESTRICTIONS AFFECTING SUBSIDIARIES. Directly or
     indirectly, enter into or suffer to exist, or permit any of its
     Subsidiaries to enter into or suffer to exist, any agreement or arrangement
     limiting the ability of any of its Subsidiaries to declare or pay dividends
     or other distributions in respect of its equity interests or repay or
     prepay any Debt owed to, make loans or advances to, or otherwise transfer
     assets to or invest in, the Borrower or any Subsidiary of the Borrower
     (whether through a covenant restricting dividends, loans, asset transfers
     or investments, a financial covenant or otherwise), except (i) any
     agreement in effect at the time such Subsidiary becomes a Subsidiary of the
     Borrower, so long as such agreement was not entered into solely in
     contemplation of such Person becoming a Subsidiary of the Borrower, (ii)
     any customary agreement restricting subletting or assignment of any lease
     governing a leasehold interest, (iii) customary provisions restricting
     assignment of any licensing agreement entered into in the ordinary course
     of business, (iv) customary provisions restricting the transfer of assets
     subject to Liens permitted pursuant to Section 5.02(a), (v) under an
     document evidencing a Permitted Receivables Financing and (vi) any
     encumbrance or restriction existing under or by reason of applicable law.

          SECTION 5.03. FINANCIAL COVENANTS. So long as any Advance shall remain
unpaid or any Lender shall have any Commitment hereunder, the Borrower will:

          (a)     NET WORTH. Maintain an excess of Consolidated total assets
     over Consolidated total liabilities of not less than $500,000,000.

          (b)     CAPITALIZATION RATIO. Maintain a ratio of Consolidated Debt to
     the sum of Consolidated Debt plus Consolidated shareholders' equity of not
     greater than 0.60 to 1.

          (c)     INTEREST COVERAGE RATIO. Maintain a ratio of Consolidated
     EBITDA as at the end of any quarter for the four quarter period then ended
     of the Borrower and its Subsidiaries to the sum of interest payable on, and
     amortization of debt discount in respect of, all Debt during such period,
     in each case, by the Borrower and its Subsidiaries of not less than 3.5 to
     1, PROVIDED that interest expense for the purposes of this covenant shall
     not include (i) any premium paid in connection with the tender offer for,
     or other subsequent prepayment of, the 9 5/8% Senior Subordinated Notes due
     2009 issued by the Borrower and (ii) any write-off of financing charges due
     to the prepayment of such Senior Subordinated Notes or the Debt outstanding
     under the Credit Agreement referred to in Section 3.01(i).

                                   ARTICLE VI

                                EVENTS OF DEFAULT

          SECTION 6.01. EVENTS OF DEFAULT. If any of the following events
("EVENTS OF DEFAULT") shall occur and be continuing:

          (a)     The Borrower shall fail to pay any principal of any Advance
     when the same becomes due and payable; or the Borrower shall fail to pay
     any interest on any Advance or make any other payment of fees or other
     amounts payable under this Agreement or any Note within three Business Days
     after the same becomes due and payable; or

          (b)     Any representation or warranty made by the Borrower herein or
     by the Borrower (or any of its officers) in connection with this Agreement
     shall prove to have been incorrect in any material respect when made; or

          (c)     (i) The Borrower shall fail to perform or observe any term,
     covenant or agreement contained in Section 5.01(d) (as it relates to the
     corporate existence of the Borrower), (e), (h) or (i), 5.02(a),

<Page>

     (c), (d), (e) or (f) or 5.03, or (ii) the Borrower shall fail to perform or
     observe any other term, covenant or agreement contained in this Agreement
     (other than Section 5.02(b), which shall be governed by clause (a) of this
     Section 6.01) on its part to be performed or observed if such failure shall
     remain unremedied for 20 days after written notice thereof shall have been
     given to the Borrower by the Agent or any Lender; or

          (d)     The Borrower or any of its Subsidiaries shall fail to pay any
     principal of or premium or interest on any Debt that is outstanding in a
     principal or notional amount of at least $25,000,000 in the aggregate (but
     excluding Debt outstanding hereunder) of the Borrower or such Subsidiary
     (as the case may be), when the same becomes due and payable (whether by
     scheduled maturity, required prepayment, acceleration, demand or
     otherwise), and such failure shall continue after the applicable grace
     period, if any, specified in the agreement or instrument relating to such
     Debt; or any other event shall occur or condition shall exist under any
     agreement or instrument relating to any such Debt and shall continue after
     the applicable grace period, if any, specified in such agreement or
     instrument, if the effect of such event or condition is to accelerate, or
     to permit the acceleration of, the maturity of such Debt; or any such Debt
     shall be declared to be due and payable, or required to be prepaid or
     redeemed (other than by a regularly scheduled required prepayment or
     redemption), purchased or defeased, or an offer to prepay, redeem, purchase
     or defease such Debt shall be required to be made, in each case prior to
     the stated maturity thereof; or

          (e)     Any of (x) the Borrower, (y) any of the Material Subsidiaries
     or (z) any combination of Subsidiaries of the Borrower that, in aggregate
     own assets with a value of 15% or more of the total value of the assets of
     the Borrower and its Subsidiaries taken as a whole, shall generally not pay
     its debts as such debts become due, or shall admit in writing its inability
     to pay its debts generally, or shall make a general assignment for the
     benefit of creditors; or any proceeding shall be instituted by or against
     the Borrower or any of its Subsidiaries seeking to adjudicate it a bankrupt
     or insolvent, or seeking liquidation, winding up, reorganization,
     arrangement, adjustment, protection, relief, or composition of it or its
     debts under any law relating to bankruptcy, insolvency or reorganization or
     relief of debtors, or seeking the entry of an order for relief or the
     appointment of a receiver, trustee, custodian or other similar official for
     it or for any substantial part of its property and, in the case of any such
     proceeding instituted against it (but not instituted by it), either such
     proceeding shall remain undismissed or unstayed for a period of 30 days, or
     any of the actions sought in such proceeding (including, without
     limitation, the entry of an order for relief against, or the appointment of
     a receiver, trustee, custodian or other similar official for, it or for any
     substantial part of its property) shall occur; or the Borrower or any of
     its Subsidiaries shall take any corporate action to authorize any of the
     actions set forth above in this subsection (e); or

          (f)     Judgments or orders for the payment of money in excess of
     $25,000,000 in the aggregate shall be rendered against the Borrower or any
     of its Subsidiaries and either (i) unstayed enforcement proceedings shall
     have been commenced by any creditor upon such judgment or order or (ii)
     there shall be any period of 30 consecutive days during which a stay of
     enforcement of such judgment or order, by reason of a pending appeal or
     otherwise, shall not be in effect; PROVIDED, HOWEVER, that any such
     judgment or order shall not be an Event of Default under this Section
     6.01(f) if and for so long as (i) the amount of such judgment or order is
     covered by a valid and binding policy of insurance between the defendant
     and the insurer covering payment thereof and (ii) such insurer, which shall
     be rated at least "A" by A.M. Best Company, has been notified of, and has
     not disputed the claim made for payment of, the amount of such judgment or
     order; or

          (g)     Any non-monetary judgment or order shall be rendered against
     the Borrower or any of its Subsidiaries that could be reasonably expected
     to have a Material Adverse Effect, and there shall be any period of 30
     consecutive days during which a stay of enforcement of such judgment or
     order, by reason of a pending appeal or otherwise, shall not be in effect;
     or

          (h)     The Borrower or any of its ERISA Affiliates shall incur, or
     shall be reasonably likely to incur liability in excess of $25,000,000 in
     the aggregate as a result of one or more of the following: (i) the
     occurrence of any ERISA Event; (ii) the partial or complete withdrawal of
     the Borrower or any of its

<Page>

     ERISA Affiliates from a Multiemployer Plan; or (iii) the reorganization or
     termination of a Multiemployer Plan; or

          (i)     any Loan Document after delivery thereof pursuant to Section
     3.01 or 5.01(j) shall for any reason cease to be valid and binding on or
     enforceable against any Loan Party party to it, or any such Loan Party
     shall so state in writing;

then, and in any such event, the Agent (i) shall at the request, or may with the
consent, of the Required Lenders, by notice to the Borrower, declare the
obligation of each Lender to make Advances (other than Advances by an Issuing
Bank or a Lender pursuant to Section 2.03(c)) and of the Issuing Banks to issue
Letters of Credit to be terminated, whereupon the same shall forthwith
terminate, and (ii) shall at the request, or may with the consent, of the
Required Lenders, by notice to the Borrower, declare the Advances, all interest
thereon and all other amounts payable under this Agreement to be forthwith due
and payable, whereupon the Advances, all such interest and all such amounts
shall become and be forthwith due and payable, without presentment, demand,
protest or further notice of any kind, all of which are hereby expressly waived
by the Borrower; PROVIDED, HOWEVER, that in the event of an actual or deemed
entry of an order for relief with respect to the Borrower under the Federal
Bankruptcy Code, (A) the obligation of each Lender to make Advances (other than
Advances by an Issuing Bank or a Lender pursuant to Section 2.03(c)) and of the
Issuing Banks to issue Letters of Credit shall automatically be terminated and
(B) the Advances, all such interest and all such amounts shall automatically
become and be due and payable, without presentment, demand, protest or any
notice of any kind, all of which are hereby expressly waived by the Borrower.

          SECTION 6.02. ACTIONS IN RESPECT OF THE LETTERS OF CREDIT UPON
DEFAULT. If any Event of Default shall have occurred and be continuing, the
Agent may with the consent, or shall at the request, of the Required Lenders,
irrespective of whether it is taking any of the actions described in Section
6.01 or otherwise, make demand upon the Borrower to, and forthwith upon such
demand the Borrower will, (a) pay to the Agent on behalf of the Lenders in same
day funds at the Agent's office designated in such demand, for deposit in the
L/C Cash Collateral Account, an amount equal to the aggregate Available Amount
of all Letters of Credit then outstanding or (b) make such other arrangements in
respect of the outstanding Letters of Credit as shall be acceptable to the
Required Lenders; PROVIDED, HOWEVER, that in the event of an actual or deemed
entry of an order for relief with respect to the Borrower under the Federal
Bankruptcy Code, the Borrower will pay to the Agent on behalf of the Lenders in
same day funds for deposit in the L/C Cash Collateral Account an amount equal to
the aggregate Available Amount of all Letters of Credit then outstanding,
without presentment, demand, protest or any notice of any kind, all of which are
hereby expressly waived by the Borrower. If at any time the Agent determines
that any funds held in the L/C Cash Collateral Account are subject to any right
or claim of any Person other than the Agent and the Lenders or that the total
amount of such funds is less than the aggregate Available Amount of all Letters
of Credit, the Borrower will, forthwith upon demand by the Agent, pay to the
Agent, as additional funds to be deposited and held in the L/C Cash Collateral
Account, an amount equal to the excess of (a) such aggregate Available Amount
over (b) the total amount of funds, if any, then held in the L/C Cash Collateral
Account that the Agent determines to be free and clear of any such right and
claim. Upon the drawing of any Letter of Credit, to the extent funds are on
deposit in the L/C Cash Collateral Account, such funds shall be applied to
reimburse the Issuing Banks to the extent permitted by applicable law. After all
such Letters of Credit shall have expired or been fully drawn upon and all other
obligations of the Borrower hereunder and under the Notes shall have been paid
in full, the balance, if any, in such L/C Cash Collateral Account shall be
returned to the Borrower.

                                   ARTICLE VII

                                    THE AGENT

          SECTION 7.01. AUTHORIZATION AND ACTION. Each Lender hereby appoints
and authorizes the Agent to take such action as agent on its behalf and to
exercise such powers and discretion under this Agreement as are delegated to the
Agent by the terms hereof, together with such powers and discretion as are
reasonably incidental thereto. As to any matters not expressly provided for by
this Agreement (including, without limitation, enforcement or collection of the
Notes), the Agent shall not be required to exercise any discretion or take any
action, but shall be required to act or to refrain from acting (and shall be
fully protected in so acting or refraining from acting) upon the instructions of
the Required Lenders, and such instructions shall be binding upon all Lenders
and all holders of

<Page>

Notes; PROVIDED, HOWEVER, that the Agent shall not be required to take any
action that exposes the Agent to personal liability or that is contrary to this
Agreement or applicable law. The Agent agrees to give to each Lender prompt
notice of each notice given to it by the Borrower pursuant to the terms of this
Agreement.

          SECTION 7.02. AGENT'S RELIANCE, ETC. Neither the Agent nor any of its
directors, officers, agents or employees shall be liable for any action taken or
omitted to be taken by it or them under or in connection with this Agreement,
except for its or their own gross negligence or willful misconduct. Without
limitation of the generality of the foregoing, the Agent: (i) may treat the
Lender that made any Advance as the holder of the Debt resulting therefrom until
the Agent receives and accepts an Assignment and Acceptance entered into by such
Lender, as assignor, and an Eligible Assignee, as assignee, as provided in
Section 8.07; (ii) may consult with legal counsel (including counsel for the
Borrower), independent public accountants and other experts selected by it and
shall not be liable for any action taken or omitted to be taken in good faith by
it in accordance with the advice of such counsel, accountants or experts; (iii)
makes no warranty or representation to any Lender and shall not be responsible
to any Lender for any statements, warranties or representations (whether written
or oral) made in or in connection with this Agreement; (iv) shall not have any
duty to ascertain or to inquire as to the performance, observance or
satisfaction of any of the terms, covenants or conditions of this Agreement on
the part of the Borrower or the existence at any time of any Default or to
inspect the property (including the books and records) of the Borrower; (v)
shall not be responsible to any Lender for the due execution, legality,
validity, enforceability, genuineness, sufficiency or value of, or the
perfection or priority of any lien or security interest created or purported to
be created under or in connection with, this Agreement or any other instrument
or document furnished pursuant hereto; and (vi) shall incur no liability under
or in respect of this Agreement by acting upon any notice, consent, certificate
or other instrument or writing (which may be by telecopier, telegram or telex)
believed by it to be genuine and signed or sent by the proper party or parties.

          SECTION 7.03. JPMORGAN AND AFFILIATES. With respect to its Commitment,
the Advances made by it and the Note issued to it, JPMorgan shall have the same
rights and powers under this Agreement as any other Lender and may exercise the
same as though it were not the Agent; and the term "Lender" or "Lenders" shall,
unless otherwise expressly indicated, include JPMorgan in its individual
capacity. JPMorgan and its Affiliates may accept deposits from, lend money to,
act as trustee under indentures of, accept investment banking engagements from
and generally engage in any kind of business with, the Borrower, any of its
Subsidiaries and any Person who may do business with or own securities of the
Borrower or any such Subsidiary, all as if JPMorgan were not the Agent and
without any duty to account therefor to the Lenders. The Agent shall have no
duty to disclose any information obtained or received by it or any of its
Affiliates relating to the Borrower or any of its Subsidiaries to the extent
such information was obtained or received in any capacity other than as Agent.

          SECTION 7.04. LENDER CREDIT DECISION. Each Lender acknowledges that it
has, independently and without reliance upon the Agent or any other Lender and
based on the financial statements referred to in Section 4.01 and such other
documents and information as it has deemed appropriate, made its own credit
analysis and decision to enter into this Agreement. Each Lender also
acknowledges that it will, independently and without reliance upon the Agent or
any other Lender and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or
not taking action under this Agreement.

          SECTION 7.05. INDEMNIFICATION. (a) Each Lender severally agrees to
indemnify the Agent (to the extent not reimbursed by the Borrower), from and
against such Lender's Ratable Share of any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements of any kind or nature whatsoever that may be imposed on, incurred
by, or asserted against the Agent in any way relating to or arising out of this
Agreement or any action taken or omitted by the Agent under this Agreement
(collectively, the "INDEMNIFIED COSTS"), PROVIDED that no Lender shall be liable
for any portion of the Indemnified Costs resulting from the Agent's gross
negligence or willful misconduct. Without limitation of the foregoing, each
Lender agrees to reimburse the Agent promptly upon demand for its ratable share
of any out-of-pocket expenses (including counsel fees) incurred by the Agent in
connection with the preparation, execution, delivery, administration,
modification, amendment or enforcement (whether through negotiations, legal
proceedings or otherwise) of, or legal advice in respect of rights or
responsibilities under, this Agreement, to the extent that the Agent is not
reimbursed for such expenses by the Borrower. In the case of any investigation,
litigation or proceeding giving rise to any Indemnified

<Page>

Costs, this Section 7.05 applies whether any such investigation, litigation or
proceeding is brought by the Agent, any Lender or a third party.

          (b)     Each Lender severally agrees to indemnify the Issuing Banks
(to the extent not promptly reimbursed by the Borrower) from and against such
Lender's Ratable Share of any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any
kind or nature whatsoever that may be imposed on, incurred by, or asserted
against any such Issuing Bank in any way relating to or arising out of this
Agreement or any action taken or omitted by such Issuing Bank hereunder or in
connection herewith; PROVIDED, HOWEVER, that no Lender shall be liable for any
portion of such liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements resulting from such Issuing
Bank's gross negligence or willful misconduct. Without limitation of the
foregoing, each Lender agrees to reimburse any such Issuing Bank promptly upon
demand for its Ratable Share of any costs and expenses (including, without
limitation, fees and expenses of counsel) payable by the Borrower under Section
8.04, to the extent that such Issuing Bank is not promptly reimbursed for such
costs and expenses by the Borrower.

          (c)     The failure of any Lender to reimburse the Agent or any
Issuing Bank promptly upon demand for its Ratable Share of any amount required
to be paid by the Lenders to the Agent or such Issuing Bank as provided herein
shall not relieve any other Lender of its obligation hereunder to reimburse the
Agent or such Issuing Bank for its Ratable Share of such amount, but no Lender
shall be responsible for the failure of any other Lender to reimburse the Agent
or an Issuing Bank for such other Lender's Ratable Share of such amount. Without
prejudice to the survival of any other agreement of any Lender hereunder, the
agreement and obligations of each Lender contained in this Section 8.05 shall
survive the payment in full of principal, interest and all other amounts payable
hereunder and under the Notes.

          SECTION 7.06. SUCCESSOR AGENT. The Agent may resign at any time by
giving written notice thereof to the Lenders and the Borrower and may be removed
at any time with or without cause by the Required Lenders. Upon any such
resignation or removal, the Required Lenders shall have the right to appoint a
successor Agent with, so long as no Event of Default has occurred and is
continuing, the consent of the Borrower, which consent shall not be unreasonably
withheld or delayed. If no successor Agent shall have been so appointed by the
Required Lenders, and shall have accepted such appointment, within 30 days after
the retiring Agent's giving of notice of resignation or the Required Lenders'
removal of the retiring Agent, then the retiring Agent may, on behalf of the
Lenders, appoint a successor Agent, which shall be a commercial bank organized
under the laws of the United States of America or of any State thereof and
having a combined capital and surplus of at least $500,000,000. Upon the
acceptance of any appointment as Agent hereunder by a successor Agent, such
successor Agent shall thereupon succeed to and become vested with all the
rights, powers, discretion, privileges and duties of the retiring Agent, and the
retiring Agent shall be discharged from its duties and obligations under this
Agreement. After any retiring Agent's resignation or removal hereunder as Agent,
the provisions of this Article VII shall inure to its benefit as to any actions
taken or omitted to be taken by it while it was Agent under this Agreement.

          SECTION 7.07. OTHER AGENTS. Each Lender hereby acknowledges that
neither the documentation agent nor any other Lender designated as any "Agent"
on the signature pages hereof has any liability hereunder other than in its
capacity as a Lender.

                                  ARTICLE VIII

                                  MISCELLANEOUS

          SECTION 8.01. AMENDMENTS, ETC. No amendment or waiver of any provision
of this Agreement or the Notes, nor consent to any departure by the Borrower
therefrom, shall in any event be effective unless the same shall be in writing
and signed by the Required Lenders, and then such waiver or consent shall be
effective only in the specific instance and for the specific purpose for which
given; PROVIDED, HOWEVER, that (a) no amendment, waiver or consent shall, unless
in writing and signed by all the Lenders, do any of the following: (i) waive any
of the conditions specified in Section 3.01, (ii) change the number of Lenders
or the percentage of (x) the Commitments, (y) the aggregate unpaid principal
amount of the Advances or (z) the aggregate Available Amount of outstanding
Letters of Credit that, in each case, shall be required for the Lenders or any
of them to take any action

<Page>

hereunder or (iii) amend this Section 8.01 and (b) no amendment, waiver or
consent shall, unless in writing and signed by the Required Lenders and each
Lender that has a Commitment under the Term Facility or Revolving Credit
Facility if such Lender is directly affected by such amendment, waiver or
consent, (i) increase the Commitments of such Lender, (ii) reduce the principal
of, or interest on, the Notes held by such Lender or any fees or other amounts
payable hereunder to such Lender, (iii) postpone any date fixed for any payment
of principal of, or interest on, the Notes held by such Lender or any fees or
other amounts payable hereunder to such Lender, (iv) change the order of
application of any prepayment set forth in Section 2.06 in any manner that
materially affects such Lender; and PROVIDED FURTHER that no amendment, waiver
or consent shall, unless in writing and signed by the Agent in addition to the
Lenders required above to take such action, affect the rights or duties of the
Agent under this Agreement or any Note and no amendment, waiver or consent
shall, unless in writing and signed by the Issuing Banks in addition to the
Lenders required above to take such action, adversely affect the rights or
obligations of the Issuing Banks in their capacities as such under this
Agreement.

          SECTION 8.02. NOTICES, ETC. (a) All notices and other communications
provided for hereunder shall be in writing (including telecopier, telegraphic or
telex communication) and mailed, telecopied, telegraphed or delivered, if to the
Borrower, at its address at 1900 West Field Court, Lake Forest, Illinois 60045,
Attention: Chief Financial Officer; if to any Initial Lender, at its Domestic
Lending Office specified opposite its name on Schedule I hereto; if to any other
Lender, at its Domestic Lending Office specified in the Assignment and
Acceptance pursuant to which it became a Lender; and if to the Agent, at its
address at 1111 Fannin, 10th Floor, Houston, Texas 77002, Attention: Jeremy
Jones (Telecopy No. (713) 750-2223; E-Mail Address:
jeremy.m.jones@jpmorgan.com), with a copy to 270 Park Avenue, 4th Floor, New
York, New York 10017, Attention: Peter S. Predun (Telecopy No. (212) 270-5100;
E-Mail Address: peter.predun@jpmorgan.com); or, as to the Borrower or the Agent,
at such other address as shall be designated by such party in a written notice
to the other parties and, as to each other party, at such other address as shall
be designated by such party in a written notice to the Borrower and the Agent.
All such notices and communications shall, when mailed, telecopied, telegraphed
or delivered, be effective when deposited in the mails, telecopied, delivered to
the telegraph company or delivered, respectively, except that notices and
communications to the Agent pursuant to Article II, III or VII shall not be
effective until received by the Agent. Delivery by telecopier of an executed
counterpart of any amendment or waiver of any provision of this Agreement or the
Notes or of any Exhibit hereto to be executed and delivered hereunder shall be
effective as delivery of a manually executed counterpart thereof.

          SECTION 8.03. NO WAIVER; REMEDIES. No failure on the part of any
Lender or the Agent to exercise, and no delay in exercising, any right hereunder
or under any Note shall operate as a waiver thereof; nor shall any single or
partial exercise of any such right preclude any other or further exercise
thereof or the exercise of any other right. The remedies herein provided are
cumulative and not exclusive of any remedies provided by law.

          SECTION 8.04. COSTS AND EXPENSES. (a) The Borrower agrees to pay on
demand all reasonable costs and expenses of the Agent in connection with the
preparation, execution, delivery, administration, modification and amendment of
this Agreement, the Notes and the other documents to be delivered hereunder,
including, without limitation, (A) all due diligence, syndication (including
printing, distribution and bank meetings), transportation, computer,
duplication, appraisal, consultant, and audit expenses and (B) the reasonable
fees and expenses of counsel for the Agent with respect thereto and with respect
to advising the Agent as to its rights and responsibilities under this
Agreement. The Borrower further agrees to pay on demand all costs and expenses
of the Agent and the Lenders, if any (including, without limitation, reasonable
counsel fees and expenses), in connection with the enforcement (whether through
negotiations, legal proceedings or otherwise) of this Agreement, the Notes and
the other documents to be delivered hereunder, including, without limitation,
reasonable fees and expenses of counsel for the Agent and each Lender in
connection with the enforcement of rights under this Section 8.04(a).

          (b)     The Borrower agrees to indemnify and hold harmless the Agent
and each Lender and each of their Affiliates and their officers, directors,
employees, agents and advisors (each, an "INDEMNIFIED PARTY") from and against
any and all claims, damages, losses, liabilities and expenses (including,
without limitation, reasonable fees and expenses of counsel) incurred by or
asserted or awarded against any Indemnified Party, in each case arising out of
or in connection with or by reason of (including, without limitation, in
connection with any investigation, litigation or proceeding or preparation of a
defense in connection therewith) (i) the Notes, this Agreement, any of the
transactions contemplated herein or the actual or proposed use of the proceeds
of the Advances or (ii) the actual or alleged presence of Hazardous Materials on
any property of the Borrower or any of its

<Page>

Subsidiaries or any Environmental Action relating in any way to the Borrower or
any of its Subsidiaries, except to the extent such claim, damage, loss,
liability or expense resulted from such Indemnified Party's gross negligence or
willful misconduct. In the case of an investigation, litigation or other
proceeding to which the indemnity in this Section 8.04(b) applies, such
indemnity shall be effective whether or not such investigation, litigation or
proceeding is brought by the Borrower, its directors, equityholders or creditors
or an Indemnified Party or any other Person, whether or not any Indemnified
Party is otherwise a party thereto and whether or not the transactions
contemplated hereby are consummated. The Borrower also agrees not to assert any
claim for special, indirect, consequential or punitive damages against the
Agent, any Lender, any of their Affiliates, or any of their respective
directors, officers, employees, attorneys and agents, on any theory of
liability, arising out of or otherwise relating to the Notes, this Agreement,
any of the transactions contemplated herein or the actual or proposed use of the
proceeds of the Advances.

          (c)     If any payment of principal of, or Conversion of, any
Eurodollar Rate Advance is made by the Borrower to or for the account of a
Lender other than on the last day of the Interest Period for such Advance, as a
result of a payment or Conversion pursuant to Section 2.08(d) or (e), 2.10 or
2.12, acceleration of the maturity of the Notes pursuant to Section 6.01 or for
any other reason, or by an Eligible Assignee to a Lender other than on the last
day of the Interest Period for such Advance upon an assignment of rights and
obligations under this Agreement pursuant to Section 8.07 as a result of a
demand by the Borrower pursuant to Section 8.07(a), the Borrower shall, upon
demand by such Lender (with a copy of such demand to the Agent), pay to the
Agent for the account of such Lender any amounts required to compensate such
Lender for any additional losses, costs or expenses that it may reasonably incur
as a result of such payment or Conversion, including, without limitation, any
loss (including loss of anticipated profits), cost or expense incurred by reason
of the liquidation or reemployment of deposits or other funds acquired by any
Lender to fund or maintain such Advance.

          (d)     Without prejudice to the survival of any other agreement of
the Borrower hereunder, the agreements and obligations of the Borrower contained
in Sections 2.11, 2.14 and 8.04 shall survive the payment in full of principal,
interest and all other amounts payable hereunder and under the Notes.

          SECTION 8.05. RIGHT OF SET-OFF. Upon (i) the occurrence and during the
continuance of any Event of Default and (ii) the making of the request or the
granting of the consent specified by Section 6.01 to authorize the Agent to
declare the Notes due and payable pursuant to the provisions of Section 6.01,
each Lender and each of its Affiliates is hereby authorized at any time and from
time to time, to the fullest extent permitted by law, to set off and apply any
and all deposits (general or special, time or demand, provisional or final) at
any time held and other indebtedness at any time owing by such Lender or such
Affiliate to or for the credit or the account of the Borrower against any and
all of the obligations of the Borrower now or hereafter existing under this
Agreement and the Note held by such Lender, whether or not such Lender shall
have made any demand under this Agreement or such Note and although such
obligations may be unmatured. Each Lender agrees promptly to notify the Borrower
after any such set-off and application, PROVIDED that the failure to give such
notice shall not affect the validity of such set-off and application. The rights
of each Lender and its Affiliates under this Section are in addition to other
rights and remedies (including, without limitation, other rights of set-off)
that such Lender and its Affiliates may have.

          SECTION 8.06. BINDING EFFECT. This Agreement shall become effective
(other than Sections 2.01 and 2.03, which shall only become effective upon
satisfaction of the conditions precedent set forth in Section 3.01) when it
shall have been executed by the Borrower and the Agent and when the Agent shall
have been notified by each Initial Lender that such Initial Lender has executed
it and thereafter shall be binding upon and inure to the benefit of the
Borrower, the Agent and each Lender and their respective successors and assigns,
except that the Borrower shall not have the right to assign its rights hereunder
or any interest herein without the prior written consent of the Lenders.

          SECTION 8.07. ASSIGNMENTS AND PARTICIPATIONS. (a) Each Lender may with
the consent of the Agent, each Issuing Bank and, so long as no Event of Default
has occurred and is continuing, the Borrower (which consents shall not be
unreasonably withheld or delayed), and, if demanded by the Borrower (following a
demand by such Lender pursuant to Section 2.11 or 2.14) upon at least five
Business Days' notice to such Lender and the Agent, will assign to one or more
Persons all or a portion of its rights and obligations under this Agreement
(including, without limitation, all or a portion of its Revolving Credit
Commitment, its Term Commitment, its Unissued Letter

<Page>

of Credit Commitment, the Advances owing to it, its participations in Letters of
Credit and the Note or Notes held by it); PROVIDED, HOWEVER, that (i) each such
assignment shall be of a constant, and not a varying, percentage of all rights
and obligations under this Agreement, (ii) except in the case of an assignment
to a Person that, immediately prior to such assignment, was a Lender or an
assignment of all of a Lender's rights and obligations under this Agreement, the
amount of the Commitment of the assigning Lender being assigned pursuant to each
such assignment (determined as of the date of the Assignment and Acceptance with
respect to such assignment) shall in no event be less than (x) in the case of an
assignment of Revolving Credit Commitment, $5,000,000 or an integral multiple of
$1,000,000 in excess thereof, (y) in the case of an assignment of Term
Commitment, an integral multiple of $1,000,000 and (z) in the case of an
assignment of Unissued Letter of Credit Commitment, $5,000,000 or an integral
multiple of $1,000,000 in excess thereof, in each case unless the Agent and, if
no Default has occurred and is continuing, the Borrower otherwise agree, (iii)
each such assignment shall be to an Eligible Assignee, (iv) each such assignment
made as a result of a demand by the Borrower pursuant to this Section 8.07(a)
shall be arranged by the Borrower after consultation with the Agent and shall be
either an assignment of all of the rights and obligations of the assigning
Lender under this Agreement or an assignment of a portion of such rights and
obligations made concurrently with another such assignment or other such
assignments that together cover all of the rights and obligations of the
assigning Lender under this Agreement, (v) no Lender shall be obligated to make
any such assignment as a result of a demand by the Borrower pursuant to this
Section 8.07(a) unless and until such Lender shall have received one or more
payments from either the Borrower or one or more Eligible Assignees in an
aggregate amount at least equal to the aggregate outstanding principal amount of
the Advances owing to such Lender, together with accrued interest thereon to the
date of payment of such principal amount and all other amounts payable to such
Lender under this Agreement, (vi) the parties to each such assignment shall
execute and deliver to the Agent, for its acceptance and recording in the
Register, an Assignment and Acceptance, together with any Note subject to such
assignment and a processing and recordation fee of $3,500 payable by the parties
to each such assignment, PROVIDED, HOWEVER, that in the case of each assignment
made as a result of a demand by the Borrower, such recordation fee shall be
payable by the Borrower except that no such recordation fee shall be payable in
the case of an assignment made at the request of the Borrower to an Eligible
Assignee that is an existing Lender and (vii) no consent of the Borrower, the
Agent or any Issuing Bank shall be required in the case of an assignment to any
Affiliate of the assigning Lender or in the case of an assignment to a Person
that, immediately prior to such assignment, was a Lender. Upon such execution,
delivery, acceptance and recording, from and after the effective date specified
in each Assignment and Acceptance, (x) the assignee thereunder shall be a party
hereto and, to the extent that rights and obligations hereunder have been
assigned to it pursuant to such Assignment and Acceptance, have the rights and
obligations of a Lender hereunder and (y) the Lender assignor thereunder shall,
to the extent that rights and obligations hereunder have been assigned by it
pursuant to such Assignment and Acceptance, relinquish its rights (other than
its rights under Sections 2.11, 2.14 and 8.04 to the extent any claim thereunder
relates to an event arising prior to such assignment) and be released from its
obligations under this Agreement (and, in the case of an Assignment and
Acceptance covering all or the remaining portion of an assigning Lender's rights
and obligations under this Agreement, such Lender shall cease to be a party
hereto).

          (b) By executing and delivering an Assignment and Acceptance, the
Lender assignor thereunder and the assignee thereunder confirm to and agree with
each other and the other parties hereto as follows: (i) other than as provided
in such Assignment and Acceptance, such assigning Lender makes no representation
or warranty and assumes no responsibility with respect to any statements,
warranties or representations made in or in connection with any Loan Document or
the execution, legality, validity, enforceability, genuineness, sufficiency or
value of, or the perfection or priority of any lien or security interest created
or purported to be created under or in connection with, any Loan Document or any
other instrument or document furnished pursuant hereto; (ii) such assigning
Lender makes no representation or warranty and assumes no responsibility with
respect to the financial condition of any Loan Party or the performance or
observance by any Loan Party of any of its obligations under any Loan Document
or any other instrument or document furnished pursuant hereto; (iii) such
assignee confirms that it has received a copy of this Agreement, together with
copies of the financial statements referred to in Section 4.01 and such other
documents and information as it has deemed appropriate to make its own credit
analysis and decision to enter into such Assignment and Acceptance; (iv) such
assignee will, independently and without reliance upon the Agent, such assigning
Lender or any other Lender and based on such documents and information as it
shall deem appropriate at the time, continue to make its own credit decisions in
taking or not taking action under the Loan Documents; (v) such assignee confirms
that it is an Eligible Assignee; (vi) such assignee appoints and authorizes the
Agent to take such action as agent on its behalf and to exercise such powers and
discretion under any Loan Document as are delegated to the Agent by the terms
hereof or thereof, together with such powers and discretion as

<Page>

are reasonably incidental thereto; and (vii) such assignee agrees that it will
perform in accordance with their terms all of the obligations that by the terms
of this Agreement are required to be performed by it as a Lender.

          (c)     Upon its receipt of an Assignment and Acceptance executed by
an assigning Lender and an assignee representing that it is an Eligible
Assignee, together with any Note or Notes subject to such assignment, the Agent
shall, if such Assignment and Acceptance has been completed and is in
substantially the form of Exhibit C hereto, (i) accept such Assignment and
Acceptance, (ii) record the information contained therein in the Register and
(iii) give prompt notice thereof to the Borrower.

          (d)     The Agent shall maintain at its address referred to in Section
8.02 a copy of each Assignment and Acceptance delivered to and accepted by it
and a register for the recordation of the names and addresses of the Lenders and
the Commitment of, and principal amount of the Advances owing to, each Lender
from time to time (the "REGISTER"). The entries in the Register shall be PRIMA
FACIE evidence of the correctness thereof and binding for all purposes, absent
manifest error, and the Borrower, the Agent and the Lenders may treat each
Person whose name is recorded in the Register as a Lender hereunder for all
purposes of this Agreement. The Register shall be available for inspection by
the Borrower or any Lender at any reasonable time and from time to time upon
reasonable prior notice.

          (e)     Each Lender may sell participations to one or more banks or
other entities (other than any Loan Party or any of its Affiliates) in or to all
or a portion of its rights and obligations under this Agreement (including,
without limitation, all or a portion of its Commitment, its participation in
Letters of Credit, the Advances owing to it and any Note or Notes held by it);
PROVIDED, HOWEVER, that (i) such Lender's obligations under this Agreement
(including, without limitation, its Commitment to the Borrower hereunder) shall
remain unchanged, (ii) such Lender shall remain solely responsible to the other
parties hereto for the performance of such obligations, (iii) such Lender shall
remain the holder of any such Note for all purposes of this Agreement, (iv) each
Loan Party, the Agent and the other Lenders shall continue to deal solely and
directly with such Lender in connection with such Lender's rights and
obligations under this Agreement and (v) no participant under any such
participation shall have any right to approve any amendment or waiver of any
provision of this Agreement or any Note, or any consent to any departure by any
Loan Party therefrom, except to the extent that such amendment, waiver or
consent would reduce the principal of, or interest on, the Notes or any fees or
other amounts payable hereunder, in each case to the extent subject to such
participation, or postpone any date fixed for any payment of principal of, or
interest on, the Notes or any fees or other amounts payable hereunder, in each
case to the extent subject to such participation.

          (f)     Any Lender may, in connection with any assignment or
participation or proposed assignment or participation pursuant to this Section
8.07, disclose to the assignee or participant or proposed assignee or
participant, any information relating to the Loan Parties furnished to such
Lender by or on behalf of the Loan Parties; PROVIDED that, prior to any such
disclosure, the assignee or participant or proposed assignee or participant
shall agree to preserve the confidentiality of any Borrower Information relating
to the Loan Parties received by it from such Lender.

          (g)     Notwithstanding any other provision set forth in this
Agreement, any Lender may at any time create a security interest in all or any
portion of its rights under this Agreement (including, without limitation, the
Advances owing to it and any Note or Notes held by it) in favor of any Federal
Reserve Bank in accordance with Regulation A of the Board of Governors of the
Federal Reserve System.

          SECTION 8.08. CONFIDENTIALITY. Neither the Agent nor any Lender may
disclose to any Person any confidential, proprietary or non-public information
of the Loan Parties furnished to the Agent or the Lenders by any Loan Party
(such information being referred to collectively herein as the "BORROWER
INFORMATION"), except that each of the Agent and each of the Lenders may
disclose Borrower Information (i) to its and its affiliates' employees,
officers, directors, agents and advisors on a need to know basis (it being
understood that the Persons to whom such disclosure is made will be informed of
the confidential nature of such Borrower Information and instructed to keep such
Borrower Information confidential on substantially the same terms as provided
herein), (ii) to the extent requested by any regulatory authority, (iii) to the
extent required by applicable laws or regulations or by any subpoena or similar
legal process, (iv) to any other party to this Agreement, (v) in connection with
the exercise of any remedies hereunder or any suit, action or proceeding
relating to this Agreement or the enforcement of rights hereunder, (vi) subject
to an agreement containing provisions substantially the same as those of this
Section 8.08, to

<Page>

any assignee or participant or prospective assignee or participant, (vii) to the
extent such Borrower Information (A) is or becomes generally available to the
public on a non-confidential basis other than as a result of a breach of this
Section 8.08 by the Agent or a Lender, or (B) is or becomes available to the
Agent or such Lender on a nonconfidential basis from a source other than the
Loan Parties and (viii) with the consent of any Loan Party, PROVIDED, that,
prior to any disclosure pursuant to (ii) or (iii) above, the disclosing party
agrees that it will notify the Borrower as soon as practical in the event of any
such request for a disclosure, unless such notification shall be prohibited by
applicable law or legal process. Notwithstanding anything herein to the
contrary, the Borrower, the Agent and the Lenders may disclose to any and all
Persons, without limitation of any kind, the U.S. tax treatment and tax
structure of the transactions contemplated hereby and all materials of any kind
(including opinions or other tax analyses) that are provided to the Borrower,
the Agent or any Lender relating to such U.S. tax treatment and tax structure.

          SECTION 8.09. GOVERNING LAW. This Agreement and the Notes shall be
governed by, and construed in accordance with, the laws of the State of New
York.

          SECTION 8.10. EXECUTION IN COUNTERPARTS. This Agreement may be
executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an
original and all of which taken together shall constitute one and the same
agreement. Delivery of an executed counterpart of a signature page to this
Agreement by telecopier shall be effective as delivery of a manually executed
counterpart of this Agreement.

          SECTION 8.11. JURISDICTION, ETC. (a) Each of the parties hereto hereby
irrevocably and unconditionally submits, for itself and its property, to the
nonexclusive jurisdiction of any New York State court or federal court of the
United States of America sitting in New York City, and any appellate court from
any thereof, in any action or proceeding arising out of or relating to this
Agreement or the Notes, or for recognition or enforcement of any judgment, and
each of the parties hereto hereby irrevocably and unconditionally agrees that
all claims in respect of any such action or proceeding may be heard and
determined in any such New York State court or, to the extent permitted by law,
in such federal court. The Borrower hereby agrees and consents to the service of
process in any action or proceeding in such courts by the mailing thereof by any
parties hereto by registered or certified mail, postage prepaid, to the Borrower
at its address specified pursuant to Section 8.02. Each of the parties hereto
agrees that a final judgment in any such action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or
in any other manner provided by law. Nothing in this Agreement shall affect any
right that any party may otherwise have to bring any action or proceeding
relating to this Agreement or the Notes in the courts of any jurisdiction.

          (b)     Each of the parties hereto irrevocably and unconditionally
waives, to the fullest extent it may legally and effectively do so, any
objection that it may now or hereafter have to the laying of venue of any suit,
action or proceeding arising out of or relating to this Agreement or the Notes
in any New York State or federal court. Each of the parties hereto hereby
irrevocably waives, to the fullest extent permitted by law, the defense of an
inconvenient forum to the maintenance of such action or proceeding in any such
court.

          SECTION 8.12. NO LIABILITY OF THE ISSUING BANKS. Neither the Agent,
the Lenders nor any Issuing Bank, nor any of their respective Affiliates or
their respective officers, directors, employees, agents and advisors, shall have
any liability or responsibility by reason of or in connection with the issuance
or transfer of any Letter of Credit or any payment or failure to make any
payment thereunder (irrespective of any of the circumstances referred to in
Section 2.06(c)), or any error, omission, interruption, loss or delay in
transmission or delivery of any draft, notice or other communication under or
relating to any Letter of Credit (including any document required to make a
drawing thereunder), any error in interpretation of technical terms or any
consequence arising from causes beyond the control of the applicable Issuing
Bank; provided that the foregoing shall not be construed to excuse such Issuing
Bank from liability to the Borrower to the extent of any direct damages (as
opposed to consequential damages, claims in respect of which are hereby waived
by the Borrower to the extent permitted by applicable law) suffered by the
Borrower that are caused by such Issuing Bank's failure to exercise care when
determining whether drafts and other documents presented under a Letter of
Credit comply with the terms thereof. The parties hereto expressly agree that,
in the absence of gross negligence or willful misconduct on the part of the
applicable Issuing Bank, such Issuing Bank shall be deemed to have exercised
care in each such determination. In furtherance of the foregoing and without
limiting the generality thereof, the parties agree that, with respect to
documents presented

<Page>

which appear on their face to be in substantial compliance with the terms of a
Letter of Credit, the applicable Issuing Bank may, in its sole discretion,
either accept and make payment upon such documents without responsibility for
further investigation, regardless of any notice or information to the contrary,
or refuse to accept and make payment upon such documents if such documents are
not in strict compliance with the terms of such Letter of Credit.

<Page>

          SECTION 8.13. WAIVER OF JURY TRIAL. Each of the Borrower, the Agent
and the Lenders hereby irrevocably waives all right to trial by jury in any
action, proceeding or counterclaim (whether based on contract, tort or
otherwise) arising out of or relating to this Agreement or the Notes or the
actions of the Agent or any Lender in the negotiation, administration,
performance or enforcement thereof.

          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be executed by their respective officers thereunto duly authorized, as of the
date first above written.

                               PACKAGING CORPORATION OF AMERICA

                               By /s/ Richard B. West
                                  -------------------------------------
                                  Title: Senior Vice President, Chief Executive
                                         Officer and Corporate Secretary

                               JPMORGAN CHASE BANK,
                                  as Agent

                               By /s/ Peter S. Prechm
                                  -------------------------------------
                               Title: Vice President

                  INITIAL LENDERS

                               CITICORP NORTH AMERICA, INC.

                               By /s/ Robert A. Danziger
                                  -------------------------------------
                               Title: Attorney-In-Fact

                               JPMORGAN CHASE BANK

                               By /s/ Peter S. Prechm
                                  -------------------------------------
                               Title: Vice President

                               MORGAN STANLEY SENIOR FUNDING, INC.

                               By /s/ Todd Vannucci
                                  -------------------------------------
                               Title: Executive Director

                               LASALLE BANK NATIONAL ASSOCIATION

                               By /s/ [not legible]
                                  -------------------------------------
                               Title: First Vice President

                               UNION BANK OF CALIFORNIA, N.A.

                               By /s/ Christine Davis
                                  -------------------------------------
                               Title: Vice President

<Page>

                               BANK OF MONTREAL

                               By /s/ Isabelle Battista
                                  -------------------------------------
                               Title: Vice President

                               WACHOVIA BANK, NATIONAL ASSOCIATION

                               By /s/ Shawn Janko
                                  -------------------------------------
                               Title: Vice President

                               THE NORTHERN TRUST COMPANY

                               By /s/ [not legible]
                                  -------------------------------------
                               Title: Vice President

                               DEUTSCHE BANK TRUST COMPANY
                               AMERICAS

                               By /s/ Marco Orlando
                                  -------------------------------------
                               Title: Director

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