Document:

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                                                                   EXHIBIT 10.24

                                AMENDMENT No. 6 dated as of May 22, 2003 (this
                        "Amendment"), to the Credit Agreement dated as of
                        September 30, 1997, as Amended and Restated as of May
                        31, 2000 (as so amended and restated and as further
                        amended by Amendment No. 1 thereto dated as of September
                        30, 2000, Amendment No. 2 thereto dated as of July 10,
                        2001, Amendment No. 3 thereto dated as of April 2, 2002,
                        Amendment No. 4 thereto dated as of September 30, 2002,
                        and Amendment No. 5 thereto dated as of March 24, 2003,
                        the "Credit Agreement"), among PLIANT CORPORATION
                        (formerly known as Huntsman Packaging Corporation), a
                        Utah corporation (the "Borrower"), ASPEN INDUSTRIAL,
                        S.A. DE C.V., a Mexico corporation (the "Mexico
                        Borrower", and together with the Borrower, the
                        "Borrowers"), the financial institutions party to the
                        Credit Agreement as Lenders (the "Lenders"), DEUTSCHE
                        BANK TRUST COMPANY AMERICAS (formerly known as Bankers
                        Trust Company), as Administrative Agent and Collateral
                        Agent, and JPMORGAN CHASE BANK (formerly known as The
                        Chase Manhattan Bank), as Syndication Agent.

                A. The Borrower has requested that the Lenders agree to amend
certain provisions of the Credit Agreement as set forth herein.

                B. The undersigned Lenders are willing so to amend the Credit
Agreement pursuant to the terms and subject to the conditions set forth herein.

                C. Capitalized terms used and not otherwise defined herein shall
have the meanings assigned thereto in the Credit Agreement, as amended hereby.

                SECTION 1. Amendments to Section 1.01. (a) Section 1.01 of the
Credit Agreement is hereby amended by adding the following defined terms in the
appropriate alphabetical order, to read as follows:

                (i) "First Lien Leverage Ratio" means, on any date, the ratio of
        (a) the portion of Total Debt accounted for by (i) Indebtedness incurred
        under this Agreement as of such date and (ii) Securitization Obligations
        as of such date to (b) Consolidated EBITDA for the period of four
        consecutive fiscal quarters of the Borrower ended on such date, all
        determined on a consolidated basis in accordance with GAAP.

                (ii) "Intercreditor Agreement" means the intercreditor agreement
        entered into among the Borrower, the Collateral Agent and the trustee
        under the Senior Second Lien Note Indenture (or any other trustee or
        agent to which Liens are granted under the Second Lien Security
        Documents), providing for, among other things, (a) the priority of the
        Liens granted pursuant to the Security Documents

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                                                                               2

        over the Liens granted pursuant to the Second Lien Security Documents
        and (b) restrictions on the exercise of remedies under the Second Lien
        Security Documents , in form and substance reasonably satisfactory to
        the Administrative Agent and the Syndication Agent.

                (iii) "Second Lien Security Documents" means any and all
        security agreements, pledge agreements, mortgages and other agreements
        and documents pursuant to which any Liens are granted to secure any
        Indebtedness or other obligations in respect of the Senior Second Lien
        Notes.

                (iv) "Senior Second Lien Note Documents" means the Senior Second
        Lien Notes, the Senior Second Lien Note Indenture, the Second Lien
        Security Documents, the Intercreditor Agreement and all other
        instruments, agreements and documents evidencing, guaranteeing or
        otherwise governing the terms of the Senior Second Lien Notes.

                (v) "Senior Second Lien Note Indenture" means the indenture
        pursuant to which the Senior Second Lien Notes are issued.

                (vi) "Senior Second Lien Notes" means senior secured notes
        issued by the Borrower and having terms substantially as described under
        the heading "Description of notes" in the Preliminary Offering
        Memorandum for such notes dated May 14, 2003, provided that (a) no
        Subsidiary will Guarantee such notes unless such Subsidiary also
        Guarantees the Obligations, (b) such notes bear interest at a rate of
        interest that is a market rate at the time of issuance thereof and (c)
        the maturity date of such notes is at least one year after the Tranche B
        Term Loan Maturity Date.

                (b) The definition of "Change in Control" in Section 1.01 of the
Credit Agreement is hereby amended by (i) deleting the word "or" immediately
before clause (e) of such definition and (ii) adding the following clause (f)
immediately following clause (e) of such definition:

                ; or (f) there shall occur a "Change of Control" as defined
        under the Senior Second Lien Note Documents

                (c) The definition of "Consolidated Interest Expense" in Section
1.01 of the Credit Agreement is hereby amended by restating the proviso in such
definition in its entirety as follows:

                provided that "Consolidated Interest Expense" shall not include
        non-cash interest expense in respect of the Senior Second Lien Notes or
        New Senior Subordinated Notes arising because (i) the Senior Second Lien
        Notes or the New Senior Subordinated Notes and the Warrants were issued
        at a discount to their face value or (ii) a portion of the issue price
        of the New Senior Subordinated Notes and the Warrants is being allocated
        to the Warrants.

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                                                                               3

                (d) The definition of "Excluded Charges" in Section 1.01 of the
Credit Agreement is hereby amended and restated in its entirety as follows:

                "Excluded Charges" means (a) the non-recurring charges incurred
        or to be incurred in respect of the restructurings, plant closings or
        similar actions that have occurred or are expected to be taken in
        connection with the Borrower's facilities specified in Schedule 1.01(c),
        (b) any other such non-recurring charges incurred in respect of any
        restructurings, plant closings or similar actions during the eighteen
        month period commencing on the Effective Date, provided that the cash
        portion of charges referred to in this clause (b) shall be limited to
        $8,000,000, (c) for the purposes of calculating (i) the Leverage Ratio
        for purposes of Section 6.14, (ii) the interest coverage ratio for
        purposes of Section 6.15 and (iii) the First Lien Leverage Ratio for
        purposes of Section 6.18 for any four fiscal quarters of the Borrower
        ending on or after June 30, 2001, and on or before June 30, 2003, any
        other such non-recurring charges incurred in respect of any
        restructurings, plant closings or similar actions arising out of the
        Uniplast Acquisition, provided that the cash portion of charges referred
        to in this clause (c) shall be limited to the lesser of (x) $15,000,000
        and (y) the amount thereof accrued prior to April 2, 2002, and (d) for
        the purposes of calculating (i) the Leverage Ratio for purposes of
        Section 6.14, (ii) the interest coverage ratio for purposes of Section
        6.15 and (iii) the First Lien Leverage Ratio for purposes of Section
        6.18 for any four fiscal quarters of the Borrower ending on or after
        March 31, 2002, and on or before September 30, 2003, any other such
        non-recurring charges incurred in respect of any restructurings, plant
        closings or similar actions, provided that (x) the non-recurring charges
        referred to in this clause (d) (other than any such non-recurring
        charges also referred to in clause (c) of this definition) shall be
        limited to $20,000,000 in the aggregate, and (y) the cash portion of the
        non-recurring charges referred to in this clause (d) (other than any
        such non-recurring charges also referred to in clause (c) of this
        definition) shall be limited to $15,000,000 during any four consecutive
        fiscal quarters of the Borrower.

                (e) The definition of "Loan Documents" in Section 1.01 of the
Credit Agreement is hereby amended and restated in its entirety as follows:

                "Loan Documents" means this Agreement, the Guarantee Agreement,
        the Indemnity, Subrogation and Contribution Agreement, the Intercreditor
        Agreement, the Security Documents and each Bank Hedging Agreement.

                (f) The definition of "Permitted Acquisition" in Section 1.01 of
the Credit Agreement is hereby amended by restating clause (e)(1) of such
definition in its entirety as follows:

                (1) the Borrower and its Restricted Subsidiaries are in
        compliance with the covenants contained in Sections 6.15 and, if
        applicable, 6.18 and

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                                                                               4

                (g) The definition of "Prepayment Event" in Section 1.01 of the
Credit Agreement is hereby amended by inserting the text "(other than clause
(xiv) of Section 6.01)" in clause (d)(i) of such definition immediately after
the text "permitted by Section 6.01".

                (h) The definition of "Trigger Event" in Section 1.01 of the
Credit Agreement is hereby amended and restated in its entirety as follows:

                "Trigger Event" means, (a) with respect to the last day of the
        fiscal quarter of the Borrower ending on March 31, 2003, that (i) the
        Leverage Ratio as of such day is not in compliance with Section 6.14 or
        (ii) the Senior Debt Leverage Ratio as of such day exceeds the Target
        Senior Leverage Ratio with respect to such day, (b) with respect to the
        last day of any fiscal quarter of the Borrower ending on or after June
        30, 2003, and on or before December 31, 2003, that the First Lien
        Leverage Ratio as of such day is not in compliance with Section 6.18 and
        (c) with respect to the last day of any fiscal quarter of the Borrower
        ending after December 31, 2003, and on or before December 31, 2004, that
        (i) the First Lien Leverage Ratio as of such day is in excess of 2.25 to
        1.00 (if such fiscal quarter ends on March 31, 2004), or 2.00 to 1.00
        (if such fiscal quarter ends after March 31, 2004) or (ii) that the
        Leverage Ratio as of such day is not in compliance with Section 6.14.

                SECTION 2. Amendment to Section 2.10. Section 2.10 of the Credit
Agreement is hereby amended by adding the following proviso immediately before
the period at the end of paragraph (e) of such Section:

        ; provided further, that any prepayment of Term Borrowings of any Class
        made pursuant to Section 2.11(b) shall, in each case, to the extent made
        using Net Proceeds received from the issuance of the Senior Second Lien
        Notes, be applied, first, to reduce the scheduled repayments of Term
        Borrowings of such Class to be made pursuant to this Section (other than
        those that have been reduced to zero by operation of this paragraph) in
        direct order of maturity unless and until all such scheduled repayments
        scheduled to be made on or before December 31, 2004, have been
        eliminated as a result of reductions hereunder and, second, to reduce
        the remaining scheduled repayments of Term Borrowings of such Class to
        be made pursuant to this Section after December 31, 2004, and on or
        before December 31, 2005, ratably and, third, to reduce the remaining
        scheduled repayments of Term Borrowings of such Class to be made
        pursuant to this Section ratably.

                SECTION 3. Amendments to Section 2.11. (a) Section 2.11(b) of
the Credit Agreement is hereby amended by (i) replacing the first sentence of
such Section with the following two sentences:

                Subject to the provisions of Sections 2.11(e) and 5.08, in the
        event and on each occasion that any Net Proceeds are received by or on
        behalf of the Borrower or any Subsidiary in respect of any Prepayment
        Event (other than Net Proceeds

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                                                                               5

        received from the issuance of the Senior Second Lien Notes, Specified
        Equity Offering Proceeds and Net Proceeds that are or will be applied in
        accordance with clause (v) of Section 6.09(a)), the Borrower and the
        Mexico Borrower, as applicable, shall, within three Business Days after
        such Net Proceeds are received, prepay Term Borrowings in an aggregate
        amount equal to the entire amount of such Net Proceeds. In the event
        that any Net Proceeds are received by or on behalf of the Borrower or
        any Subsidiary from the issuance of the Senior Second Lien Notes, the
        Borrower shall on the Business day on which such Net Proceeds are
        received, apply such Net Proceeds to (i) first, prepay Revolving Loans
        and Swingline Loans until the aggregate amount of Revolving Loans and
        Swingline Loans prepaid pursuant to this clause (i) equals the lesser of
        (A) $75,000,000 and (B) the aggregate amount of all then outstanding
        Revolving Loans and Swingline Loans, and (ii) second, prepay (A) Tranche
        A Term Loans in an aggregate amount equal to 50% of the total amount of
        such Net Proceeds not applied pursuant to clause (i) of this sentence
        and (B) Tranche B Term Loans in an aggregate amount equal to 50% of the
        total amount of such Net Proceeds not applied pursuant to clause (i) of
        this sentence.

and (ii) replacing the text "second sentence" and the text "third sentence" in
the last sentence of such Section with the text "third sentence" and the text
"fourth sentence", respectively.

                (b) Section 2.11(f) of the Credit Agreement is hereby amended by
replacing the second proviso in such Section with the following:

                provided that if such prepayment is (x) a mandatory prepayment
        pursuant to paragraph (b) or (c) of this Section (other than a mandatory
        prepayment in respect of the Net Proceeds of the issuance of Senior
        Second Lien Notes), any Tranche B Lender may elect, to the extent Term
        Borrowings of any other Class or Classes remain outstanding on the
        prepayment date, by notice to the Administrative Agent by telephone
        (confirmed by telecopy) at least one Business Day prior to the
        prepayment date, to decline all or any portion of any prepayment of its
        Tranche B Term Loans pursuant to this Section, in which case the
        aggregate amount of the prepayment that would have been applied to
        prepay Tranche B Term Borrowings but was so declined shall be applied to
        prepay Term Borrowings of each other Class then outstanding pro rata
        based on the aggregate principal amount of outstanding Borrowings of
        each such Class, or (y) a mandatory prepayment pursuant to paragraph (b)
        of this Section in respect of the Net Proceeds of the issuance of Senior
        Second Lien Notes, any Tranche B Lender may elect, by notice to the
        Administrative Agent by telephone (confirmed by telecopy) at least one
        Business Day prior to the prepayment date, to decline all or any portion
        of any prepayment of its Tranche B Term Loans pursuant to this Section,
        in which case the aggregate amount of the prepayment that would have
        been applied to prepay Tranche B Term Borrowings but was so declined
        shall be applied to prepay Tranche A Term Borrowings then outstanding,
        provided that if the aggregate amount so declined exceeds the amount of
        Tranche A Term Borrowings outstanding on the prepayment date after
        giving effect to all

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                                                                               6

        prepayments of Tranche A Term Borrowings made or to be made pursuant to
        the second sentence of Section 2.11(b), then the excess shall be applied
        to prepay the Tranche B Term Loans held by the Tranche B Lenders so
        declining in proportion to the amounts so declined by such Tranche B
        Lenders;

                (c) Section 2.11(h) of the Credit Agreement is hereby amended
and restated in its entirety as follows:

                (h) If, at 3:00 p.m., New York City time, on any Business Day
        the amount, determined reasonably and in good faith by the Borrower (the
        "Cash Amount"), equal to (i) the aggregate amount of "cash and cash
        equivalents" and "marketable securities" of the Borrower and the
        Subsidiaries (other than Foreign Subsidiaries), in each case that would
        be required to be reflected on a consolidated balance sheet of the
        Borrower and the Subsidiaries prepared as of such time in accordance
        with GAAP (excluding any such "cash" that is not available funds), minus
        (ii) the aggregate amount of payments in such cash and cash equivalents
        that will be made (and will reduce such cash and cash equivalents) on
        such Business Day, is more than $5,000,000, then on such Business Day
        the Borrower shall, to the extent (but only to the extent) that any
        Revolving Borrowings and Swingline Loans are then outstanding, prepay
        Revolving Borrowings and Swingline Loans to the extent necessary so
        that, after giving effect to such prepayment and the receipt by the
        Borrower of the proceeds of any Revolving Borrowings and Swingline Loans
        made or to be made on such Business Day, the Cash Amount will not exceed
        $5,000,000.

                SECTION 4. Amendment to Article III (Representations and
Warranties). Article III of the Credit Agreement is hereby amended by adding the
following as Section 3.18:

                SECTION 3.18. Senior Secured Obligations. All the Obligations
        constitute "Credit Agreement Obligations" under and as defined in the
        Senior Second Lien Note Indenture. The Liens granted pursuant to the
        Security Documents are prior to the Liens granted pursuant to the Second
        Lien Security Documents.

                SECTION 5. Amendment to Section 4.02. Section 4.02 of the Credit
Agreement is hereby amended by adding the following as Section 4.02(d):

                (d) The Administrative Agent shall have received an Officers'
        Certificate (as defined in the indenture under which the New Senior
        Subordinated Notes were issued, the indenture under which any Additional
        Senior Subordinated Notes were issued and the indenture under which the
        Senior Second Lien Notes were issued) of the Borrower (delivered, and
        containing a statement that it was delivered, in good faith after
        reasonable investigation) to the effect that such Borrowing, or the
        issuance, amendment, renewal or extension of such Letter of Credit, does
        not violate the provisions of any such indenture.

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                                                                               7

                SECTION 6. Amendment to Section 5.14. Section 5.14 of the Credit
Agreement is hereby amended by (i) replacing the word "and" with the text ","
immediately prior to clause (c) of such Section and (ii) inserting the following
clause (d) immediately prior to the text "is effectively subject" in such
Section:

                and (d) from and after the date of issuance of the Senior Second
Lien Notes, the outstanding Senior Second Lien Notes

                SECTION 7. Amendment to Section 5.15. Section 5.15 of the Credit
Agreement is hereby amended by replacing the last sentence of such Section with
the following sentence:

                For purposes of this Section, "Compliance Amount" means, at any
        time, the greater of (a) $5,000,000 for the first Trigger Event or
        $1,000,000 for each subsequent Trigger Event and (b) (i) if the
        applicable Trigger Event relates to the fiscal quarter of the Borrower
        ending on March 31, 2003, the greater of (A) the amount, if any, by
        which Total Debt (determined without regard to any reduction pursuant to
        clause (c) of the definition of "Total Debt") as of the last day of the
        most recently completed fiscal quarter of the Borrower exceeded the
        maximum amount of Total Debt as of such day that could have existed
        without causing an Event of Default as of such day under Section 6.14
        (calculated using Consolidated EBITDA for the period of four consecutive
        fiscal quarters of the Borrower ended on such day) and (B) the amount,
        if any, by which the portion of Total Debt (determined without regard to
        any reduction pursuant to clause (c) of the definition of "Total Debt")
        accounted for by Senior Debt as of the last day of the most recently
        completed fiscal quarter of the Borrower exceeded the maximum amount of
        the portion of Total Debt accounted for by Senior Debt as of such day
        that could have existed without causing the Senior Debt Leverage Ratio
        to be in excess of the Target Senior Leverage Ratio as of such day
        (calculated using Consolidated EBITDA for the period of four consecutive
        fiscal quarters of the Borrower ended on such day), (ii) if the
        applicable Trigger Event relates to a fiscal quarter of the Borrower
        ending on or after June 30, 2003, and on or before December 31, 2003,
        the amount, if any, by which the portion of Total Debt (determined
        without regard to any reduction pursuant to clause (c) of the definition
        of "Total Debt") accounted for by (x) Indebtedness incurred under this
        Agreement and (y) Securitization Obligations (determined without regard
        to any reduction pursuant to clause (c) of the definition of "Total
        Debt") as of the last day of the most recently completed fiscal quarter
        of the Borrower exceeded the maximum amount of Total Debt accounted for
        by (x) Indebtedness incurred under this Agreement as of such day and (y)
        Securitization Obligations as of such day that could have existed
        without causing an Event of Default as of such day under Section 6.18
        (calculated using Consolidated EBITDA for the period of four consecutive
        fiscal quarters of the Borrower ended on such day) or (iii) if the
        applicable Trigger Event relates to a fiscal quarter of the Borrower
        ending after December 31, 2003, the greater of (A) the amount, if any,
        by which the portion of Total Debt (determined without regard to any
        reduction pursuant to clause (c) of the definition of "Total Debt")
        accounted for by (x) Indebtedness incurred under

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        this Agreement and (y) Securitization Obligations (determined without
        regard to any reduction pursuant to clause (c) of the definition of
        "Total Debt") as of the last day of the most recently completed fiscal
        quarter of the Borrower exceeded the maximum amount of Total Debt
        accounted for by (x) Indebtedness incurred under this Agreement as of
        such day and (y) Securitization Obligations as of such day that could
        have existed without causing the First Lien Leverage Ratio to be in
        excess of 2.25 to 1.00 (if such fiscal quarter ends on March 31, 2004)
        or 2.00 to 1.00 (if such fiscal quarter ends after March 31, 2004) as of
        such day (calculated using Consolidated EBITDA for the period of four
        consecutive fiscal quarters of the Borrower ended on such day) and (B)
        the amount, if any, by which Total Debt (determined without regard to
        any reduction pursuant to clause (c) of the definition of "Total Debt")
        as of the last day of the most recently completed fiscal quarter of the
        Borrower exceeded the maximum amount of Total Debt as of such day that
        could have existed without causing an Event of Default as of such day
        under Section 6.14 (calculated using Consolidated EBITDA for the period
        of four consecutive fiscal quarters of the Borrower ended on such day).

                SECTION 8. Amendment to Section 6.01. Section 6.01 of the Credit
Agreement is hereby amended by (i) inserting the text "any Guarantee of the
Senior Subordinated Notes or the Senior Second Lien Notes" immediately after the
text "same terms as the Senior Subordinated Notes and" in clause (ii) of the
proviso to clause (iv) of such Section, (ii) deleting the word "and" at the end
of clause (xii) of such Section and (iii) inserting the following clause (xiv)
after clause (xiii) of such Section:

                ; and (xiv) the Senior Second Lien Notes in an aggregate
        principal amount not exceeding $250,000,000

                SECTION 9. Amendment to Section 6.03. Section 6.03 of the Credit
Agreement is hereby amended by (i) deleting the word "and" at the end of clause
(h) and (ii) inserting the following clause (j) after clause (i) of such
section:

                ; and (j) Liens granted under the Second Lien Security
        Documents; provided that (i) such Liens secure only obligations under
        the Senior Second Lien Note Documents, except that such obligations
        shall not include obligations under any Indebtedness (or obligations
        under any Hedging Agreements) except to the extent incurred pursuant to
        Section 6.01(xiv), (ii) such Liens do not apply to any asset other than
        Collateral that is subject to a prior Lien granted under a Security
        Document and (iii) all such Liens and Second Lien Security Documents
        shall be subject to the terms of the Intercreditor Agreement.

                SECTION 10. Amendment to Section 6.09. Section 6.09(b) of the
Credit Agreement is hereby amended and restated in its entirety as follows:

                (b) The Borrower will not, and will not permit any Subsidiary
        to, make or agree to pay or make, directly or indirectly, any payment or
        other distribution (whether in cash, securities or other property) of or
        in respect of principal of or interest on any Senior Second Lien Note or
        Senior Subordinated Note, or any

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        payment or other distribution (whether in cash, securities or other
        property), including any sinking fund or similar deposit, on account of
        the purchase, redemption, retirement, acquisition, cancelation or
        termination of any Senior Second Lien Note or Senior Subordinated Note,
        except (i) payment of regularly scheduled interest payments as and when
        due in respect of the Senior Second Lien Notes and Senior Subordinated
        Notes and (ii) purchases of any Remaining Notes from time to time
        following the Effective Date at prices not exceeding the price payable
        pursuant to the Debt Tender Offer, including pursuant to a change of
        control offer pursuant to the Existing Indenture arising as a result of
        the Transactions.

                SECTION 11. Amendment to Section 6.11. Section 6.11 of the
Credit Agreement is hereby amended by (i) replacing the word "and" immediately
before clause (xi) of the first proviso in such Section with the text ";" and
(ii) inserting the following clause (xii) after clause (xi) of the first proviso
in such Section:

                and (xii) the foregoing shall not apply to restrictions imposed
by the Senior Second Lien Note Documents

                SECTION 12. Amendment to Section 6.12. Section 6.12 of the
Credit Agreement is hereby amended by (i) inserting the text "or (except for
amendments to the Second Lien Security Documents permitted by the Intercreditor
Agreement) the Senior Second Lien Notes or the other Senior Second Lien Note
Documents" immediately before the text "(other than amendments to the Existing
Notes Indenture" in clause (b) of such Section and (ii) inserting the text "or
the Intercreditor Agreement" immediately after each appearance in such Section
of the text "any Security Document".

                SECTION 13. Amendment to Section 6.14. The table set forth in
Section 6.14 of the Credit Agreement is hereby amended and restated in its
entirety as follows:

                Period                                              Ratio
                ------                                              -----

                January 1, 2003 through March 31, 2003          6.60 to 1.00
                January 1, 2004 through March 31, 2004          6.60 to 1.00
                April 1, 2004 through June 30, 2004             6.40 to 1.00
                July 1, 2004 through September 30, 2004         6.30 to 1.00
                October 1, 2004 through December 31, 2004       6.00 to 1.00
                January 1, 2005 through December 31, 2005       5.50 to 1.00
                January 1, 2006 through December 31, 2006       5.00 to 1.00
                January 1, 2007 through December 31, 2007       4.50 to 1.00
                January 1, 2008 through December 31, 2008       4.00 to 1.00

                SECTION 14. Amendment to Section 6.15. The table set forth in
Section 6.15 of the Credit Agreement is hereby amended and restated in its
entirety as follows:

                Period                                              Ratio
                ------                                              -----

                January 1, 2003 through March 31, 2003          1.40 to 1.00

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                                                                              10

                April 1, 2003 through June 30, 2003             1.25 to 1.00
                July 1, 2003 through September 30, 2003         1.25 to 1.00
                October 1, 2003 through December 31, 2003       1.30 to 1.00
                January 1, 2004 through March 31, 2004          1.35 to 1.00
                April 1, 2004 through June 30, 2004             1.35 to 1.00
                July 1, 2004 through September 30, 2004         1.40 to 1.00
                October 1, 2004 through December 31, 2004       1.45 to 1.00
                January 1, 2005 through December 31, 2005       1.60 to 1.00
                January 1, 2006 through December 31, 2006       1.75 to 1.00
                January 1, 2007 through December 31, 2007       1.85 to 1.00
                January 1, 2008 through December 31, 2008       2.00 to 1.00

                SECTION 15. Amendment to Section 6.16. Section 6.16 of the
Credit Agreement is hereby amended and restated in its entirety as follows:

                SECTION 6.16. Designated Senior Debt. The Borrower shall not
        designate any Indebtedness (other than indebtedness under the Loan
        Documents and indebtedness in respect of the Senior Second Lien Notes
        incurred in compliance with Section 6.01(xiv) of this Agreement) as
        "Designated Senior Debt" for purposes of and as defined in the New
        Senior Subordinated Note Documents.

                SECTION 16. Amendment to Article VI. Article VI of the Credit
Agreement is hereby amended by adding the following as Section 6.18:

                SECTION 6.18. First Lien Leverage Ratio. The Borrower will not
        permit the First Lien Leverage Ratio as of the last day of any fiscal
        quarter ending on or after June 30, 2003, and on or before December 31,
        2003, to be in excess of 2.25 to 1.00.

                SECTION 17. Addition of Subsidiary Borrowers. (a) The parties to
this Amendment hereby agree that any Revolving Borrowings or Swingline Loans
that the Lenders are obligated to make pursuant to the Credit Agreement (as
amended, supplemented or otherwise modified from time to time), will (at the
request of the Borrower made in the applicable Borrowing Request) be made to
Uniplast Holdings Inc., a Delaware corporation, Uniplast U.S., Inc., a Delaware
corporation, Pierson Industries, Inc., a Massachusetts corporation, Turex, Inc.,
a Rhode Island corporation, or Uniplast Midwest, Inc., an Indiana corporation
(each, a "Subsidiary Borrower" and, collectively, the "Subsidiary Borrowers"),
provided that (i) such Revolving Borrowings and Swingline Loans made to any
Subsidiary Borrower shall be treated as Revolving Borrowings and Swingline
Loans, respectively, for all purposes of such Credit Agreement (including,
without limitation, calculating the Revolving Exposures of the Lenders), (ii)
the portion of the total Revolving Exposures for all Lenders outstanding at any
time and attributable to Revolving Borrowings and Swingline Loans made to the
Subsidiary Borrowers pursuant to this paragraph will not exceed $9,400,000,
(iii) the proceeds of such Revolving Borrowings and Swingline Loans will be used
only in a manner that results in their being eligible as "Permitted Debt" under
Section 4.03(b)(iv) of the indenture under

<PAGE>

                                                                              11

which the New Senior Subordinated Notes were issued (and the comparable section
of the indenture under which the Additional Senior Subordinated Notes were
issued), (iv) the Borrower and each Subsidiary Borrower will, and each hereby
agrees to, be jointly and severally liable in respect of the Revolving
Borrowings and Swingline Loans made to such Subsidiary Borrower, and all
Obligations (including, without limitation, in respect of principal, interest
and fees arising from such Revolving Borrowings and Swingline Loans), and the
Borrower and each Subsidiary Borrower hereby acknowledges and agrees that it
shall be liable to pay all Revolving Borrowings and Swingline Loans made to such
Subsidiary Borrower, and all Obligations (including, without limitation, in
respect of principal, interest and fees arising from such Revolving Borrowings
and Swingline Loans) as and when due, (v) the obligations of the Borrower and
the Mexico Borrower under the Loan Documents shall remain in full force and
effect and (vi) the Borrower will continue to own, directly or indirectly, 100%
of the equity of each Subsidiary Borrower at all times when any Revolving Loans,
Swingline Loans or interest on Revolving Loans or Swingline Loans made to such
Subsidiary Borrower remains outstanding.

        (b) For all purposes of Articles I, II, VII, VIII and IX of the Credit
Agreement, unless the context requires otherwise, references to "the Borrower"
shall be deemed to include a reference to each Subsidiary Borrower in respect of
the Revolving Borrowings and Swingline Loans made to such Subsidiary Borrower.

        (c) Each Subsidiary Borrower hereby (i) agrees to all the terms and
provisions of the Credit Agreement applicable to it as a Borrower thereunder and
(ii) represents and warrants that the representations and warranties made by it
as a Borrower thereunder (other than such representations and warranties that
relate to a date earlier than the date hereof) are true and correct on and as of
the date hereof.

        (d) Any failure by the Borrower or the Subsidiary Borrowers to comply
with the terms of this Section 16 (other than clauses (iii) and (vi) of the
proviso to paragraph (a) of this Section 16) shall constitute an Event of
Default under the Credit Agreement to the extent such failure would constitute
an Event of Default if such Borrower or Subsidiary Borrower was a Borrower
thereunder, and any failure by the Borrower or any Subsidiary Borrower to comply
with clause (iii) or (vi) of the proviso to paragraph (a) of this Section 16
shall constitute an Event of Default under the Credit Agreement.

        (e) Each of the Borrower and the Subsidiary Borrowers agrees that the
provisions of Sections 1, 2, 4, 5, 6, 7, 8 and 10(b) of the Guarantee Agreement
will apply, mutatis mutandis, to its joint and several obligations under this
Section 16 as if references in such Sections of the Guarantee Agreement to the
Guarantors were to it.

        (f) Each Subsidiary Borrower reaffirms and agrees that the guarantee of
such Subsidiary Borrower pursuant to the Guarantee Agreement is in full force
and effect.

                SECTION 18. Amendment to Security Documents. (a) Notwithstanding
anything contained in the Security Documents to the contrary, no Collateral that
constitutes Common Collateral (as defined in the Intercreditor Agreement) will
be released from the Liens created pursuant to the Security Documents (except
upon

<PAGE>

                                                                              12

termination of the Security Documents in accordance with their terms when the
Obligations have been indefeasibly paid in full, the Lenders have no further
commitment to lend, the LC Exposure has been reduced to zero and the Issuing
Bank has no further commitment to issue Letters of Credit under the Credit
Agreement), unless, prior to or simultaneously with the release of such Liens
created pursuant to the Security Documents, all Liens on such Common Collateral
securing the Obligations (as defined in the Intercreditor Agreement) in respect
of the Senior Second Lien Notes and the Senior Second Lien Note Documents (other
than the Intercreditor Agreement) have been or will be simultaneously released
(whether pursuant to the Intercreditor Agreement, any other Senior Second Lien
Note Document or otherwise and whether automatically or by action of any trustee
or other Person).

        (b) The Pledge Agreement is hereby amended by replacing the text "the
shares of capital stock owned by it and listed on Schedule II hereto and any
shares of capital stock of any Subsidiary obtained in the future by the Pledgor
and the certificates representing all such shares (the "Pledged Stock")" in
clause (a) of the first paragraph of Section 1 of the Pledge Agreement with the
text "all the shares of capital stock, partnership interests, membership
interests in a limited liability company, beneficial interests in a trust or
other equity ownership interests in a person (collectively the "Equity
Interests") owned by it and listed on Schedule II hereto and any Equity
Interests obtained in the future by the Pledgor and the certificates
representing all such shares (the "Pledged Stock")".

                SECTION 19. Representations and Warranties. Each Borrower
represents and warrants to the Administrative Agent and to each of the Lenders
that:

        (a) This Amendment has been duly authorized, executed and delivered by
it and constitutes a legal, valid and binding obligation of each Loan Party
party hereto, enforceable against such Loan Party in accordance with its terms.

        (b) After giving effect to this Amendment, the representations and
warranties set forth in Article III of the Credit Agreement are true and correct
in all material respects on and as of the date hereof with the same effect as if
made on and as of the date hereof, except to the extent such representations and
warranties expressly relate to an earlier date.

        (c) After giving effect to this Amendment, no Event of Default or
Default has occurred and is continuing.

                SECTION 20. Amendment Fee. In consideration of the agreements of
the Lenders contained in this Amendment, the Borrower agrees to pay to the
Administrative Agent, for the account of each Lender that delivers an executed
counterpart of this Amendment prior to 5:00 p.m, New York City time, on May 20,
2003, an amendment fee (the "Amendment Fee") of 12.5 basis points on the
aggregate amount of the Commitments and outstanding Term Loans of such Lender
(in the case of all such Loans, calculated following all prepayment of Loans in
respect of the Net Proceeds of the issuance of Senior Second Lien Notes).

<PAGE>

                                                                              13

                SECTION 21. Conditions to Effectiveness. This Amendment shall
become effective as of May 22, 2003, when (a) the Administrative Agent shall
have received (i) counterparts of this Amendment that, when taken together, bear
the signatures of the Borrowers, the Subsidiary Loan Parties, the Required
Lenders, Lenders holding a majority in interest of the outstanding Tranche B
Term Loans and Lenders holding a majority in interest of the outstanding Mexico
Term Loans and (ii) the Amendment Fee, (b) the representations and warranties
set forth in Section 19 hereof are true and correct (as set forth on an
officer's certificate delivered to the Administrative Agent), (c) the
Intercreditor Agreement shall have been executed and delivered by all parties
thereto and shall be in full force and effect, (d) the terms and conditions of
the Senior Second Lien Notes and the other Senior Second Lien Note Documents
(including terms and conditions relating to payment, covenants, events of
default, remedies and maturity) shall be reasonably satisfactory to the
Administrative Agent and the Syndication Agent, (e) the Administrative Agent
shall have received a favorable written opinion (addressed to the Administrative
Agent, the Syndication Agent and the Lenders) of counsel to the Borrower, in
form and substance reasonably satisfactory to the Administrative Agent, with
respect to this Amendment, the Subsidiary Borrower and the Intercreditor
Agreement, (f) the Equity Purchaser shall have executed and delivered to the
Administrative Agent a written consent of the Equity Purchaser to this
Amendment, in form and substance reasonably satisfactory to the Administrative
Agent and the Syndication Agent, and such written consent shall be in full force
and effect, and the Administrative Agent shall have received a favorable written
opinion (addressed to the Administrative Agent, the Syndication Agent and the
Lenders) of counsel to the Equity Purchaser, in form and substance reasonably
satisfactory to the Administrative Agent, with respect to such written consent,
(g) the gross cash proceeds from the issuance of the Senior Second Lien Notes
shall not be less than $250,000,000 (or, if the Senior Second Lien Notes are
issued at a discount that is a market discount at the time of issuance thereof,
$250,000,000 less the amount of such discount) and (h) all fees and expenses
required to be paid or reimbursed by the Borrowers pursuant hereto or the Credit
Agreement or otherwise, including all invoiced fees and expenses of counsel to
the Administrative Agent and the Syndication Agent, shall have been paid or
reimbursed, as applicable.

                SECTION 22. Credit Agreement. Except as specifically amended
hereby, the Credit Agreement shall continue in full force and effect in
accordance with the provisions thereof as in existence on the date hereof. After
the date hereof, any reference to the Credit Agreement shall mean the Credit
Agreement as amended hereby. This Amendment shall be a Loan Document for all
purposes.

                SECTION 23. Applicable Law. THIS AMENDMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

                SECTION 24. Counterparts. This Amendment may be executed in two
or more counterparts, each of which shall constitute an original but all of
which when taken together shall constitute but one agreement. Delivery of an
executed signature page to

<PAGE>

                                                                              14

this Amendment by facsimile transmission shall be effective as delivery of a
manually signed counterpart of this Amendment.

                SECTION 25. Expenses. The Borrower agrees to reimburse the
Administrative Agent and the Syndication Agent for their out-of-pocket expenses
in connection with this Amendment, including the reasonable fees, charges and
disbursements of Cravath, Swaine & Moore LLP, counsel for the Syndication Agent.

                SECTION 26. Headings. The headings of this Amendment are for
purposes of reference only and shall not limit or otherwise affect the meaning
hereof.

<PAGE>

                IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be duly executed by their respective authorized officers as of the
day and year first written above.

                                        PLIANT CORPORATION, formerly known
                                        as Huntsman Packaging Corporation,

                                           by /s/ Brian E. Johnson
                                              ----------------------------------
                                              Name:
                                              Title:

                                        ASPEN INDUSTRIAL, S.A. DE C.V.,

                                           by /s/ Brian E. Johnson
                                              ----------------------------------
                                              Name:
                                              Title:

                                        PLIANT CORPORATION INTERNATIONAL,

                                           by /s/ Brian E. Johnson
                                              ----------------------------------
                                              Name:
                                              Title:

                                        PLIANT FILM PRODUCTS OF MEXICO, INC.,

                                           by /s/ Brian E. Johnson
                                              ----------------------------------
                                              Name:
                                              Title:

                                        PLIANT SOLUTIONS CORPORATION,

                                           by /s/ Brian E. Johnson
                                              ----------------------------------
                                              Name:
                                              Title:

                                        PLIANT PACKAGING OF CANADA, LLC,

                                           by /s/ Brian E. Johnson
                                              ----------------------------------
                                              Name:
                                              Title:

<PAGE>

                                        UNIPLAST HOLDINGS INC.,

                                           by /s/ Brian E. Johnson
                                              ----------------------------------
                                              Name:
                                              Title:

                                        UNIPLAST U.S., INC.,

                                           by /s/ Brian E. Johnson
                                              ----------------------------------
                                              Name:
                                              Title:

                                        PIERSON INDUSTRIES, INC.,

                                           by /s/ Brian E. Johnson
                                              ----------------------------------
                                              Name:
                                              Title:

                                        TUREX, INC.,

                                           by /s/ Brian E. Johnson
                                              ----------------------------------
                                              Name:
                                              Title:

                                        UNIPLAST MIDWEST, INC.,

                                           by /s/ Brian E. Johnson
                                              ----------------------------------
                                              Name:
                                              Title:

                                        DEUTSCHE BANK TRUST COMPANY
                                        AMERICAS, formerly known as Bankers
                                        Trust Company, individually and as
                                        Administrative Agent,

                                           by /s/ Marco Orlando
                                              ----------------------------------
                                              Name:  Marco Orlando
                                              Title: Director

<PAGE>

                                        JPMORGAN CHASE BANK, formerly
                                        known as The Chase Manhattan Bank, as
                                        Syndication Agent,

                                           by: /s/ Peter A. Dedousis
                                               ---------------------------------
                                               Name:  Peter A. Dedousis
                                               Title: Managing Director

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May 20, 2003

To Approve the Amendment:

Name of Institution IKB INTERNATIONAL S.A.

                                           By: /s/ Stephen Jessett
                                               ---------------------------------
                                           Name:  Stephen Jessett
                                           Title: Director

                                           by: /s/ Manfred Ziwey
                                               ---------------------------------
                                           Name:  Manfred Ziwey
                                           Title: Director

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                  May     , 2003

To Approve the Amendment:

Name of Institution  ERSTE BANK, NEW YORK BRANCH

                                           by: /s/ Gregory T. Aptman
                                               ---------------------------------
                                               Name:  Gregory T. Aptman
                                               Title: Vice President

                                           by: /s/ Bryan Lynch
                                               ---------------------------------
                                               Name:  Bryan Lynch
                                               Title: First Vice President

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May 20, 2003

To Approve the Amendment:

Name of Institution  NATEXIS BANQUES POPULAIRES

                                           by: /s/ Joseph A. Miller
                                               ---------------------------------
                                               Name:  Joseph A. Miller
                                               Title: Assistant Vice President

                                           by: /s/ William J. Burke
                                               ---------------------------------
                                               Name:  William J. Burke
                                               Title: Vice President

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May  , 2003

To Approve the Amendment:

Name of Institution  Clydesdale CLO 2001-1, Ltd.

                                           by: Nomura Corporate Research and
                                               Asset Management Inc., as
                                               Collateral Manager

                                           by: /s/ Elizabeth MacLean
                                               ---------------------------------
                                               Name:  Elizabeth MacLean
                                               Title: Director

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May  , 2003

To Approve the Amendment:

Name of Institution  Nomura Bond & Loan Fund

                                           by: UFJ Trust Company of New York,
                                               as Trustee

                                           by: Nomura Corporate Research and
                                               Asset Management Inc., as
                                               Attorney in Fact

                                           by: /s/ Elizabeth MacLean
                                               ---------------------------------
                                               Name:  Elizabeth MacLean
                                               Title: Director

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                      May  ,2003

To Approve the Amendment:

Name of Institution  Archimedes Funding II, LTD.

                                           by: ING Capital Advisors, LLC,
                                               as Collateral Manager

                                           by: /s/ Gordon Cook
                                               ---------------------------------
                                               Name:  Gordon Cook
                                               Title: Senior Vice President and
                                                      Portfolio Manager

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May  , 2003

To Approve the Amendment:

Name of Institution ING-ORX CLO, LTD.

                                           by: ING Capital Advisors, LLC,
                                               as Collateral Manager

                                           by: /s/ Gordon Cook
                                               ---------------------------------
                                               Name:  Gordon Cook
                                               Title: Senior Vice President and
                                                      Portfolio Manager

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                     May  , 2003

To Approve the Amendment:

Name of Institution  Balanced High-Yield Fund I, LTD.

                                           by: ING Capital Advisors, LLC,
                                               as Asset Manager

                                           by: /s/ Gordon Cook
                                               ---------------------------------
                                               Name:  Gordon Cook
                                               Title: Senior Vice President and
                                                      Portfolio Manager

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May 20, 2003

To Approve the Amendment:

Name of Institution  MONY Life Insurance Company

                                           by: MONY Capital Management, Inc..,
                                               as Investment Adviser

                                           by: /s/ Suzanne E. Walton
                                               ---------------------------------
                                               Name:  Suzanne E. Walton
                                               Title: Senior Managing Director

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                     May  , 2003

To Approve the Amendment:

Name of Institution  Smoky River CDO, L.P.

                                           by: RCB Leveraged Capital, as
                                               Portfolio Advisor

                                           by: /s/ Melissa Marano
                                               ---------------------------------
                                               Name:  Melissa Marano
                                               Title: Partner

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  HELLER FINANCIAL, INC.

                                           by: /s/ Robert M. Kadlick
                                               ---------------------------------
                                               Name:  Robert M. Kadlick
                                               Title: Duly Authorized Signatory

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May 20, 2003

Name of Institution  Van Kampen Senior Income Trust

                                           by: Van Kampen Investment Advisory
                                               Corp.

                                           by: /s/ Darvin D. Pierce
                                               ---------------------------------
                                               Name:  Darvin D. Pierce
                                               Title: Execu`tive Director

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May 20, 2003

Name of Institution  Van Kampen Senior Floating Rate Fund

                                           by: Van Kampen Investment Advisory
                                               Corp.

                                           by: /s/ Brad Langs
                                               ---------------------------------
                                               Name:  Brad Langs
                                               Title: Executive Director

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May 20, 2003

Name of Institution  Van Kampen Prime Rate Income Trust

                                           by: Van Kampen Investment Advisory
                                               Corp.

                                           by: /s/ Christina Jamieson
                                               ---------------------------------
                                               Name:  Christina Jamieson
                                               Title: Vice President

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May 20, 2003

Name of Institution  Van Kampen CLO 1, Limited

                                           by: Van Kampen Investment Advisory
                                               Corp., as Collateral Manager

                                           by: /s/ William Lenga
                                               ---------------------------------
                                               Name:  William Lenga
                                               Title: Vice President

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May 20, 2003

Name of Institution  Van Kampen CLO II, Limited

                                           by: Van Kampen Investment Advisory
                                               Corp., as Collateral Manager

                                           by: /s/ William Lenga
                                               ---------------------------------
                                               Name:  William Lenga
                                               Title: Vice President

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  ING Prime Rate Trust.

                                           by: ING Investments, LLC,
                                               as its Investment Manager

                                           by: /s/ Charles E. LeMieux
                                               ---------------------------------
                                               Name:  Charles E. LeMieux
                                               Title: Vice President

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  ML CLO XII Pilgrim America (Cayman) LTD

                                           by: ING Investments, LLC,
                                               as its Investment Manager

                                           by: /s/ Charles E. LeMieux
                                               ---------------------------------
                                               Name:  Charles E. LeMieux
                                               Title: Vice President

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  Pilgrim CLO 1999-1 LTD.

                                           by: ING Investments, LLC,
                                               as its Investment Manager

                                           by: /s/ Charles E. LeMieux
                                               ---------------------------------
                                               Name:  Charles E. LeMieux
                                               Title: Vice President

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  Flagship CLO II

                                           by: /s/ Mark S. Pelletier
                                               ---------------------------------
                                               Name:  Mark S. Pelletier
                                               Title: Director

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  WINGED FOOT FUNDING TRUST

                                           by: /s/ Diana M. Himes
                                               ---------------------------------
                                               Name:  Diana M. Himes
                                               Title: Authorized Agent

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  OLYMPIC FUNDING TRUST, SERIES 1999-1

                                           by: /s/ Diana M. Himes
                                               ---------------------------------
                                               Name:  Diana M. Himes
                                               Title: Authorized Agent

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  MUIRFIELD TRADING LLC

                                           by: /s/ Diana M. Himes
                                               ---------------------------------
                                               Name:  Diana M. Himes
                                               Title: Assistant Vice President

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May 20, 2003

To Approve the Amendment:

Name of Institution  BANK ONE, NA

                                           by: /s/ Mark F. Nelson
                                               ---------------------------------
                                               Name:  Mark F. Nelson
                                               Title: Vice President

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May 20, 2003

To Approve the Amendment:

Name of Institution  CREDIT INDUSTRIEL ET COMMERCIAL

                                           by: /s/ Sean Mounier
                                               ---------------------------------
                                               Name:  Sean Mounier
                                               Title: First Vice President

                                           by: /s/ Brian O'Leary
                                               ---------------------------------
                                               Name:  Brian O'Leary
                                               Title: Vice President

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May 20, 2003

To Approve the Amendment:

Name of Institution  SEQUILS--Cumberland I, LTD.

                                           by: Deerfield Capital Management LLC,
                                               as Collateral Manager

                                           by: /s/ Mark E. Wittnebel
                                               ---------------------------------
                                               Name:  Mark E. Wittnebel
                                               Title: Sr. Vice President

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May 20, 2003

To Approve the Amendment:

Name of Institution  Rosemont CLO, LTD.

                                           by: Deerfield Capital Management LLC,
                                               as Collateral Manager

                                           by: /s/ Mark E. Wittnebel
                                               ---------------------------------
                                               Name:  Mark E. Wittnebel
                                               Title: Sr. Vice President

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  BRYN MAWR CLO, LTD.

                                           by: Deerfield Capital Management LLC,
                                               as Collateral Manager

                                           by: /s/ Mark E. Wittnebel
                                               ---------------------------------
                                               Name:  Mark E. Wittnebel
                                               Title: Sr. Vice President

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  National City Bank

                                           by: /s/ Andrew J. Pernsteiner
                                               ---------------------------------
                                               Name:  Andrew J. Pernsteiner
                                               Title: Account Officer

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  AURUM CLO 2002-1 LTD.

                                           by: Columbia Management Advisors,
                                               Inc. (f/k/a Stein Roe & Farnham
                                               Incorporated), as Investment
                                               Advisor

                                           by: /s/ Kathleen A. Zarn
                                               ---------------------------------
                                               Name:  Kathleen A. Zarn
                                               Title: Senior Vice President

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  Liberty Floating Rate Advantage Fund

                                           by: Columbia Management Advisors,
                                               Inc. (f/k/a Stein Roe & Farnham
                                               Incorporated), as Investment
                                               Advisor

                                           by: /s/ Kathleen A. Zarn
                                               ---------------------------------
                                               Name:  Kathleen A. Zarn
                                               Title: Senior Vice President

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  LCM I Limited Partnership

                                           by: Lyon Capital Management LLC, as
                                               Attorney-in-Fact

                                           by: /s/ Farboud Tavangar
                                               ---------------------------------
                                                     LYON CAPITAL MANAGEMENT LLC
                                               Name:  Farboud Tavangar
                                               Title: Senior Portfolio Manager

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  ALLSTATE LIFE INSURANCE COMPANY

                                           by: /s/ Chris Goergen
                                               ---------------------------------
                                               Name:  Chris Goergen
                                               Title: Authorized Signatory

                                           by: /s/ Jerry D. Zinkula
                                               ---------------------------------
                                               Name:  Jerry D. Zinkula
                                               Title: Authorized Signatory

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  AIMCO CLO SERIES 2001-A

                                           by: /s/ Chris Goergen
                                               ---------------------------------
                                               Name:  Chris Goergen
                                               Title: Authorized Signatory

                                           by: /s/ Jerry D. Zinkula
                                               ---------------------------------
                                               Name:  Jerry D. Zinkula
                                               Title: Authorized Signatory

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  AIMCO CDO Series 2000-A

                                           by: /s/ Chris Goergen
                                               ---------------------------------
                                               Name:  Chris Goergen
                                               Title: Authorized Signatory

                                           by: /s/ Jerry D. Zinkula
                                               ---------------------------------
                                               Name:  Jerry D. Zinkula
                                               Title: Authorized Signatory

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May 20, 2003

To Approve the Amendment:

Name of Institution  U. S. BANK NATIONAL ASSOCIATION

                                           by: /s/ Scott J. Bell
                                               ---------------------------------
                                               Name:  Scott J. Bell
                                               Title: Vice President

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  FIRSTRUST BANK

                                           By: /s/ Kent D. Nelson
                                               ---------------------------------
                                               Name:  Kent D. Nelson
                                               Title: SVP

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  Zions First National Bank

                                           by: /s/ Jim C. Stanchfield
                                               ---------------------------------
                                               Name:  Jim C. Stanchfield
                                               Title: Vice President

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  Hanover Square CLO LTD.

                                           by: Blackstone Dept. Advisors L.P.,
                                               as Collateral Manager

                                           by: /s/ Dean T. Criares
                                               ---------------------------------
                                               Name:  Dean T. Criares
                                               Title: Managing Director

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  SIERRA CLO I, LTD.

                                           by: /s/ John M. Cooperton
                                               ---------------------------------
                                               Name:  John M. Cooperton
                                               Title: Chief Operating Officer
                                                      Centre Pacific LLP
                                                      (Manager)

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  Metropolitan Life Insurance Company

                                           by: /s/ James R. Dingler
                                               ---------------------------------
                                               Name:  James R. Dingler
                                               Title: Director

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution: First Allmerica Financial Life Insurance Company

                                           by: CypressTree Investment Management
                                               Company, Inc., as Attorney-in-
                                               Fact

                                           by: /s/ Jeffrey Megar
                                               ---------------------------------
                                               Name:  Jeffrey Megar
                                               Title: Principal

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May 20, 2003

To Approve the Amendment:

Name of Institution  Centurion CDO II, Ltd.

                                           by: American Express Asset Management
                                               Group, Inc. as Collateral Manager

                                           by: /s/ Leanne Stavralds
                                               ---------------------------------
                                               Name:  Leanne Stavralds
                                               Title: Director - Operations

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May 20, 2003

To Approve the Amendment:

Name of Institution  Centurion CDO III, Ltd.

                                           by: American Express Asset Management
                                               Group, Inc. as Collateral Manager

                                           by: /s/ Leanne Stavralds
                                               ---------------------------------
                                               Name:  Leanne Stavralds
                                               Title: Director - Operations

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May 20, 2003

To Approve the Amendment:

Sequils - Centurion V, Ltd.

Name of Institution  Sequils - Centurion V, Ltd.

                                           by: American Express Asset Management
                                               Group, Inc. as Collateral Manager

                                           by: /s/ Leanne Stavralds
                                               ---------------------------------
                                               Name:  Leanne Stavralds
                                               Title: Director - Operations

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May 20, 2003

To Approve the Amendment:

Name of Institution  Centurion CDO VI, Ltd.

                                           by: American Express Asset Management
                                               Group, Inc. as Collateral Manager

                                           by: /s/ Leanne Stavralds
                                               ---------------------------------
                                               Name:  Leanne Stavralds
                                               Title: Director - Operations

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May 20, 2003

To Approve the Amendment:

Name of Institution  Webster Bank

                                           by: /s/ John Gilsenan
                                               ---------------------------------
                                               Name:  John Gilsenan
                                               Title: Vice President

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  SunAmerica Senior Floating Rate Fund, Inc.

                                           by: Stanfield Capital Partners, LLC
                                               as subadvisor

                                           by: /s/ Christopher A. Bondy
                                               ---------------------------------
                                               Name:  Christopher A. Bondy
                                               Title: Partner

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  Hamilton CDO, Ltd.

                                           by: Stanfield Capital Partners LLC
                                               As its Collateral Manager

                                           by: /s/ Christopher A. Bondy
                                               ---------------------------------
                                               Name:  Christopher A. Bondy
                                               Title: Partner

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  Windsor Loan Funding, Limited

                                           by: Stanfield Capital Partners LLC
                                               as its Investment Manager

                                           by: /s/ Christopher A. Bondy
                                               ---------------------------------
                                               Name:  Christopher A. Bondy
                                               Title: Partner

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  Stanfield/RMF Transatlantic CDO Ltd.

                                           by: Stanfield Capital Partners LLC
                                               As its Collateral Manager

                                           by: /s/ Christopher A. Bondy
                                               ---------------------------------
                                               Name:  Christopher A. Bondy
                                               Title: Partner

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment

Name of Institution  Stanfield Arbitrage CDO, Ltd.

                                           by: Stanfield Capital Partners LLC
                                               as the Collateral Manager

                                           by: /s/ Christopher A. Bondy
                                               ---------------------------------
                                               Name:  Christopher A. Bondy
                                               Title: Partner

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  Stanfield Carrera CLO, Ltd.

                                           by: Stanfield Capital Partners LLC
                                               as its Asset Manager

                                           by: /s/ Christopher A. Bondy
                                               ---------------------------------
                                               Name:  Christopher A. Bondy
                                               Title: Partner

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  Stanfield Quattro CLO, Ltd.

                                           by: Stanfield Capital Partners LLC
                                               as its Collateral Manager

                                           by: /s/ Christopher A. Bondy
                                               ---------------------------------
                                               Name:  Christopher A. Bondy
                                               Title: Partner

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  Stanfield CLO Ltd.

                                           by: Stanfield Capital Partners LLC
                                               as its Collateral Manager

                                           by: /s/ Christopher A. Bondy
                                               ---------------------------------
                                               Name:  Christopher A. Bondy
                                               Title: Partner

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  GALAXY CLO 1999-1 Ltd.

                                           by: /s/ W. Jeffrey Baxter
                                               ---------------------------------
                                               Name:  W. Jeffrey Baxter
                                               Title: Authorized Agent

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  Brant Point II CBO 2001 LTD, as Term Leader

                                           by: Sankaty Advisors, LLC
                                               As Collateral Manager

                                           by: /s/ Diane J. Exter
                                               ---------------------------------
                                               Name:  Diane J. Exter
                                               Title: Managing Director
                                                      Portfolio Manager

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  Great Point CLO 1999-1 LTD, as Term Lender

                                           by: Sankaty Advisors, LLC
                                               as Collateral Manager

                                           by: /s/ Diane J. Exter
                                               ---------------------------------
                                               Name:  Diane J. Exter
                                               Title: Managing Director
                                                      Portfolio Manager

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  Race Point CLO, Limited, as Term Lender

                                           by: Sankaty Advisors, LLC
                                               as Collateral Manager

                                           by: /s/ Diane J. Exter
                                               ---------------------------------
                                               Name:  Diane J. Exter
                                               Title: Managing Director
                                                      Portfolio Manager

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  Race Point II CLO, Limited, as Term Lender

                                           by: Sankaty Advisors, LLC
                                               as Collateral Manager

                                           by: /s/ Diane J. Exter
                                               ---------------------------------
                                               Name:  Diane J. Exter
                                               Title: Managing Director
                                                      Portfolio Manager

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  Sankaty High Yield Partners II, L.P.

                                           by: /s/ Diane J. Exter
                                               ---------------------------------
                                               Name:  Diane J. Exter
                                               Title: Managing Director
                                                      Portfolio Manager

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  Sankaty High Yield Partners III, L.P.

                                           by: /s/ Diane J. Exter
                                               ---------------------------------
                                               Name:  Diane J. Exter
                                               Title: Managing Director
                                                      Portfolio Manager

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  Castle Hill I - INGOTS, Ltd., as Term Lender

                                           by: Sankaty Advisors, LLC
                                               as Collateral Manager

                                           by: /s/ Diane J. Exter
                                               ---------------------------------
                                               Name:  Diane J. Exter
                                               Title: Managing Director
                                                      Portfolio Manager

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  Castle Hill II - INGOTS, Ltd., as Term Lender

                                           by: Sankaty Advisors, LLC
                                               as Collateral Manager

                                           by: /s/ Diane J. Exter
                                               ---------------------------------
                                               Name:  Diane J. Exter
                                               Title: Managing Director
                                                      Portfolio Manager

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  HARBOUR TOWN FUNDING TRUST

                                           by: /s/ Ann E. Morris
                                               ---------------------------------
                                               Name:  Ann E. Morris
                                               Title: Authorized Agent

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  HARBOUR TOWN FUNDING LLC

                                           by: /s/ Ann E. Morris
                                               ---------------------------------
                                               Name:  Ann E. Morris
                                               Title: Asst Vice President

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  OAK HILL SECURITIES FUND, L.P.

                                           by: Oak Hill Securities GenPar, L.P.
                                               Its General Partner

                                           by: Oak Hill Securities MGP, Inc.
                                               Its General Partner

                                           By: /s/ Scott D. Krase
                                               ---------------------------------
                                               Name:  Scott D. Krase
                                               Title: Authorized Signatory

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  OAK HILL CREDIT PARTNERS I, LIMITED

                                           by: Oak Hill CLO Management I, LLC
                                               Its Investment Manager

                                           by: /s/ Scott D. Krase
                                               ---------------------------------
                                               Name:  Scott D. Krase
                                               Title: Authorized Signatory

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  OAK HILL SECURITIES FUND II, L.P.

                                           by: Oak Hill Securities GenPar II,
                                               L.P. Its General Partner

                                           by: Oak Hill Securities MGP II, Inc.
                                               Its General Partner

                                           by: /s/ Scott D. Krase
                                               ---------------------------------
                                               Name:  Scott D. Krase
                                               Title: Authorized Signatory

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  OAK HILL CREDIT PARTNERS II, LIMITED

                                           by: Oak Hill CLO Management II, LLC
                                               as Investment Manager

                                           by:
                                               ---------------------------------
                                               Name:  Scott D. Krase
                                               Title: Authorized Signatory

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  Morgan Stanley Prime Income Trust

                                           By: /s/ Sheila A. Finnerty
                                               ---------------------------------
                                               Name:  Sheila A. Finnerty
                                               Title: Executive Director

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  KATONAH I, LTD.

                                           by: /s/ Ralph Della Rocca
                                               ---------------------------------
                                               Name:  Ralph Della Rocca
                                               Title: Authorized Officer
                                                      Katonah Capital, L.L.C.
                                                      As Manager

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  KATONAH II, LTD.

                                           By: /s/ Ralph Della Rocca
                                               ---------------------------------
                                               Name:  Ralph Della Rocca
                                               Title: Authorized Officer
                                                      Katonah Capital, L.L.C.
                                                      As Manager

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  KATONAH III, LTD.

                                           By: /s/ Ralph Della Rocca
                                               ---------------------------------
                                               Name:  Ralph Della Rocca
                                               Title: Authorized Officer
                                                      Katonah Capital, L.L.C.
                                                      As Manager

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  KATONAH IV, LTD.

                                           by: /s/ Ralph Della Rocca
                                               ---------------------------------
                                               Name:  Ralph Della Rocca
                                               Title: Authorized Officer
                                                      Katonah Capital, L.L.C.
                                                      As Manager

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  KATONAH V, LTD.

                                           By: /s/ Ralph Della Rocca
                                               ---------------------------------
                                               Name:  Ralph Della Rocca
                                               Title: Authorized Officer
                                                      Katonah Capital, L.L.C.
                                                      As Manager

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  THE BANK OF NOVA SCOTIA

                                           By: /s/ Mark Sparrow
                                               ---------------------------------
                                               Name:  Mark Sparrow
                                               Title: Director

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  D25 Maplewood (Cayman) GIA - Long Term Pool

                                           by: David L. Babson & Co., Inc.
                                               as Collateral Manager

                                           by: /s/ Glenn P. Duffy
                                               ---------------------------------
                                               Name:  Glenn P. Duffy, CFA
                                               Title: Managing Director

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  OCTAGON INVESTMENT PARTNERS II, LLC

                                           by: Octagon Credit Investors, LLC
                                               as its investment manager

                                           By: /s/ Michael B. Nechamkin
                                               ---------------------------------
                                               Name:  Michael B. Nechamkin
                                               Title: Portfolio Manager

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  OCTAGON INVESTMENT PARTNERS III, LTD.

                                           By: Octagon Credit Investors, LLC
                                               as Portfolio Manager

                                           By: /s/ Michael B. Nechamkin
                                               ---------------------------------
                                               Name:  Michael B. Nechamkin
                                               Title: Portfolio Manager

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  OCTAGON INVESTMENT PARTNERS IV, LTD.

                                           by: Octagon Creditor Investors, LLC
                                               as collateral manager

                                           by: /s/ Michael B. Nechamkin
                                               ---------------------------------
                                               Name:  Michael B. Nechamkin
                                               Title: Portfolio Manager

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  OCTAGON INVESTMENT PARTNERS V, LTD.

                                           by: Octagon Credit Investors, LLC
                                               as Portfolio Manager

                                           by: /s/ Michael B. Nechamkin
                                               ---------------------------------
                                               Name:  Michael B. Nechamkin
                                               Title: Portfolio Manager

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  KZH CYPRESSTREE-1 LLC

                                           By: /s/ Susan Lee
                                               ---------------------------------
                                               Name:  Susan Lee
                                               Title: Authorized Agent

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  KZH ING-2 LLC

                                           By: /s/ Susan Lee
                                               ---------------------------------
                                               Name:  Susan Lee
                                               Title: Authorized Agent

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  KZH SOLEIL LLC

                                           By: /s/ Susan Lee
                                               ---------------------------------
                                               Name:  Susan Lee
                                               Title: Authorized Agent

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  KZH STERLING LLC

                                           By: /s/ Susan Lee
                                               ---------------------------------
                                               Name:  Susan Lee
                                               Title: Authorized Agent

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  KZH SOLEIL-2 LLC

                                           By: /s/ Susan Lee
                                               ---------------------------------
                                               Name:  Susan Lee
                                               Title: Authorized Agent

<PAGE>

                                                               SIGNATURE PAGE TO
                                                           AMENDMENT DATED AS OF
                                                                    May   , 2003

To Approve the Amendment:

Name of Institution  Wells Fargo Bank, National Association

                                           By: /s/ Tyler G. Harvey
                                               ---------------------------------
                                               Name:  Tyler G. Harvey
                                               Title: Vice President<PAGE>

                                                                   EXHIBIT 10.25

                             INTERCREDITOR AGREEMENT

                         INTERCREDITOR  AGREEMENT,  dated  as of May  30,  2003,
                    among DEUTSCHE BANK TRUST COMPANY AMERICAS, as Credit Agent,
                    WILMINGTON   TRUST   COMPANY,   as   Trustee,   and   PLIANT
                    CORPORATION.

                              W I T N E S S E T H :

        WHEREAS, the Company (such term and each other capitalized term used
herein having the meanings set forth in Section 1 below), certain lenders,
Deutsche Bank Trust Company Americas, as administrative agent and collateral
agent, JPMorgan Chase Bank, as syndication agent, and The Bank of Nova Scotia,
as documentation agent, are parties to the Credit Agreement dated as of
September 30, 1997, as amended and restated as of May 31, 2000, as amended (as
further amended, supplemented or otherwise modified from time to time, the
"Existing Credit Agreement");

        WHEREAS, the Obligations of the Company under the Existing Credit
Agreement are secured (together with certain other obligations) by various
assets of the Company and certain Subsidiaries thereof;

        WHEREAS, the Company, certain Subsidiaries of the Company and the
Trustee have entered into the Indenture dated as of May 30, 2003 (as amended,
supplemented or otherwise modified from time to time, the "Indenture"), pursuant
to which the Notes shall be governed;

        WHEREAS, the Company and certain lenders under the Existing Credit
Agreement have entered into an Amendment dated as of May 22, 2003 (the
"Amendment"), to the Existing Credit Agreement that, among other things,
permits, subject to certain terms and conditions, (a) the issuance of
$250,000,000 in principal amount of the Notes by the Company and (b) a second
priority Lien on the Common Collateral to secure certain of the Noteholder
Claims; and

        WHEREAS, it is a condition precedent to the effectiveness of the
Amendment that the parties hereto enter into this Agreement;

        Now, THEREFORE, in consideration of the foregoing, the mutual covenants
and obligations herein set forth and for other good and valuable consideration,
the sufficiency and receipt of which are hereby acknowledged, the parties
hereto, intending to be legally bound, hereby agree as follows:

        Section 1. (a) Definitions. As used in this Agreement, the following
terms have the meanings specified below:

        "Agreement" means this Agreement, as amended, renewed, extended,
supplemented or otherwise modified from time to time in accordance with the
terms hereof.

        "Amendment" has the meaning set forth in the recitals hereto.

<PAGE>

                                                                               2

        "Bank Indebtedness" means any and all amounts payable under or in
respect of the Credit Agreement and any Refinancing Indebtedness (as defined in
the Indenture) with respect thereto, as amended from time to time, including
principal, premium (if any), interest (including interest accruing on or after
the filing of any petition in bankruptcy or for reorganization relating to the
Company whether or not a claim for post-filing interest is allowed in such
proceedings), fees, charges, expenses, reimbursement obligations, guarantees and
all other amounts payable thereunder or in respect thereof. It is understood and
agreed that Refinancing Indebtedness in respect of the Credit Agreement may be
Incurred (as defined in the Indenture) from time to time after termination of
the Credit Agreement.

        "Bankruptcy Law" means Title 11 of the United States Code and any
similar Federal, state or foreign law for the relief of debtors.

        "Business Day" means any day other than a Saturday, a Sunday or a day
that is a legal holiday under the laws of the State of New York or on which
banking institutions in the State of New York are required or authorized by law
or other governmental action to close.

        "Cash Management Obligations" means, with respect to any Person, all
obligations of such Person in respect of overdrafts and related liabilities owed
to any other Person that arise from treasury, depositary or cash management
services in connection with any automated clearing house transfers of funds or
any similar transactions.

        "Commodity Hedge Obligations" means, with respect to any Person, all
obligations of such Person in respect of any commodity price protection
agreement or other commodity price hedging arrangement or other similar
agreement or arrangement.

        "Common Collateral" means all of the assets of any Grantor, whether
real, personal or mixed, constituting both Senior Lender Collateral and
Noteholder Collateral.

        "Company" means Pliant Corporation, a Utah corporation.

        "Comparable Noteholder Collateral Document" means, in relation to any
Common Collateral subject to any Lien created under any Senior Collateral
Document, that Noteholder Collateral Document that creates a Lien on the same
Common Collateral, granted by the same Grantor.

        "Credit Agent" means Deutsche Bank Trust Company Americas (formerly
known as Bankers Trust Company) in its capacity as collateral agent under the
Existing Credit Agreement and the Security Documents (as defined in the Existing
Credit Agreement) and also includes its successors hereunder as collateral agent
for the Senior Lenders (or if there is more than one such successor agent, such
agents representing the Senior Lenders holding a majority of the Senior Lender
Claims) under the Senior Credit Agreement in accordance with Section 5.6,
exercising substantially the same rights and powers, or if there is no acting
Credit Agent under the Senior Credit Agreement, the Required Lenders.

        "Credit Agreement" means the credit agreement dated as of September 30,
1997, as amended and restated as of May 31, 2000 (and further amended by
Amendments No. 1 through 6), among the Company, Aspen Industrial, S.A. de C.V.,
the financial institutions party

<PAGE>

                                                                               3

thereto as lenders, Deutsche Bank Trust Company Americas, as administrative
agent and collateral agent, and JPMorgan Chase Bank, as syndication agent,
together with related documents thereto including any guarantee agreements and
security documents, as further amended, modified, supplemented, restated,
renewed, refunded, replaced, restructured, repaid or refinanced from time to
time (including any agreement extending the maturity thereof or increasing the
amount of available borrowings thereunder or adding Restricted Subsidiaries (as
defined in the Indenture) of the Company as additional borrowers or guarantors
thereunder) whether with the original agents and lenders or otherwise and
whether provided under the original credit agreement or other credit agreements
or otherwise.

        "Credit Facilities" means one or more (a) debt facilities (including the
Credit Agreement) or commercial paper facilities providing for revolving credit
loans, term loans, receivables financing (including through the sale of
receivables to lenders or to special purpose entities formed to borrow from
lenders against such receivables) or letters of credit, (b) debt securities,
indentures or other forms of debt financing (including convertible or
exchangeable debt instruments), or (c) instruments or agreements evidencing any
other Indebtedness, in each case, as amended, supplemented, modified, extended,
renewed, restated or refunded in whole or in part from time to time.

        "Discharge of Senior Lender Claims" means, except to the extent
otherwise provided in Section 5.6, payment in full in cash of (a) the principal
of and interest and premium, if any, on all Indebtedness outstanding under the
First-Lien Credit Facilities or, with respect to letters of credit outstanding
thereunder, delivery of cash collateral or backstop letters of credit in respect
thereof in compliance with such First-Lien Credit Facilities, as applicable, in
each case after or concurrently with termination of all commitments to extend
credit thereunder and (b) any other Senior Lender Claims that are due and
payable or otherwise accrued and owing at or prior to the time such principal
and interest are paid.

        "Existing Credit Agreement" has the meaning set forth in the recitals
hereto.

        "First-Lien Credit Facilities" means (a) the Credit Facilities provided
pursuant to the Credit Agreement and (b) any other Credit Facility, that, in the
case of both clauses (a) and (b), is secured by a Permitted Lien (as defined in
the Indenture) described in clause (a) of the definition thereof and (except for
the Credit Facilities provided pursuant to the Existing Credit Agreement) is
designated by the Company as a "First-Lien Credit Facility" for purposes of the
Indenture.

        "Future First-Lien Credit Facility" means any First-Lien Credit Facility
(other than the Existing Credit Agreement) that is designated by the Company as
a "First-Lien Credit Facility" for purposes of the Indenture.

        "Future Other First-Lien Obligations" means all Obligations of the
Company or any other Grantor in respect of Cash Management Obligations or
Hedging Obligations that are designated by the Company as "Credit Agreement
Obligations" for purposes of the Indenture (other than any Senior Lender Cash
Management Obligations and Senior Lender Hedging Obligations).

<PAGE>

                                                                               4

        "Grantors" means the Company and each of the Subsidiaries that has
executed and delivered a Noteholder Collateral Document or a Senior Collateral
Document.

        "Hedging Obligations" means, with respect to any Person, all obligations
and liabilities of such Person in respect of (a) interest rate or currency swap
agreements, interest rate or currency cap agreements, interest rate or currency
collar agreements, (b) other agreements or arrangements designed to protect such
Person against fluctuations in interest rates and/or currency exchange rates or
(c) Commodity Hedge Obligations.

        "Indebtedness" means and includes all obligations that constitute
"Indebtedness" within the meaning of the Indenture or the Senior Credit
Agreement.

        "Indenture" has the meaning set forth in the recitals hereto.

        "Insolvency or Liquidation Proceeding" means (a) any voluntary or
involuntary case or proceeding under any Bankruptcy Law with respect to any
Grantor, (b) any other voluntary or involuntary insolvency, reorganization or
bankruptcy case or proceeding, or any receivership, liquidation, reorganization
or other similar case or proceeding with respect to any Grantor or with respect
to any of their respective assets, (c) any liquidation, dissolution,
reorganization or winding up of any Grantor whether voluntary or involuntary and
whether or not involving insolvency or bankruptcy or (d) any assignment for the
benefit of creditors or any other marshalling of assets and liabilities of any
Grantor.

        "Lien" means, with respect to any asset, (a) any mortgage, deed of
trust, lien, pledge, hypothecation, encumbrance, charge or security interest in,
on or of such asset, (b) the interest of a vendor or a lessor under any
conditional sale agreement, capital lease or title retention agreement (or any
financing lease having substantially the same economic effect as any of the
foregoing) relating to such asset and (c) in the case of securities, any
purchase option, call or similar right of a third party with respect to such
securities.

        "Noteholder Claims" means all Obligations in respect of the Notes or
arising under the Noteholder Documents or any of them.

        "Noteholder Collateral" means all of the assets of any Grantor, whether
real, personal or mixed, with respect to which a Lien is granted as security for
any Noteholder Claim.

        "Noteholder Collateral Documents" means the Noteholder Pledge Agreement,
the Noteholder Security Agreement, the Noteholder Mortgages and any other
document or instrument pursuant to which a Lien is granted by any Grantor to
secure any Noteholder Claims or under which rights or remedies with respect to
any such Lien are governed.

        "Noteholder Documents" means (a) the Indenture, the Notes, the
Noteholder Collateral Documents and any document or instrument evidencing or
governing any Other Second-Lien Obligations (as defined in the Indenture) and
any (b) other related document or instrument executed and delivered pursuant to
any Noteholder Document described in clause (a) above evidencing or governing
any Obligations thereunder.

<PAGE>

                                                                               5

        "Noteholder Mortgages" means a collective reference to each mortgage,
deed of trust and any other document or instrument under which any Lien on real
property owned by any Grantor is granted to secure any Noteholder Claims or
under which rights or remedies with respect to any such Liens are governed.

        "Noteholder Pledge Agreement" means the Second Priority Pledge
Agreement, dated as of May 30, 2003, among the Company, the other Grantors and
the Trustee.

        "Noteholder Security Agreement" means the Second Priority Security
Agreement, dated as of May 30, 2003, among the Company, the other Grantors and
the Trustee.

        "Noteholders" means the Persons holding Noteholder Claims.

        "Notes" means (a) the initial $250,000,000 in principal amount of
11 1/8% Senior Secured Notes due 2009 to be issued by the Company, (b) the
exchange notes issued in exchange therefor as contemplated by the Registration
Rights Agreement dated as of May 30, 2003, and the Initial Purchasers (as
defined therein) and (c) any additional notes issued under the Indenture by the
Company, to the extent permitted by the Indenture and the Senior Credit
Agreement.

        "Obligations" means any and all obligations with respect to the payment
of (a) any principal of or interest (including interest accruing on or after the
commencement of any Insolvency or Liquidation Proceeding, whether or not a claim
for post-filing interest is allowed in such proceeding) or premium on any
Indebtedness, including any reimbursement obligation in respect of any letter of
credit, (b) any fees, indemnification obligations, expense reimbursement
obligations or other liabilities payable under the documentation governing any
Indebtedness, (c) any obligation to post cash collateral in respect of letters
of credit and any other obligations or (d) any Cash Management Obligations or
Hedging Obligations.

        "Person" means any natural person, corporation, limited liability
company, trust, joint venture, association, company, partnership, entity or
other party, including any government and any political subdivision, agency or
instrumentality thereof.

        "Pledged Collateral" means (a) the Common Collateral in the possession
of the Credit Agent (or its agents or bailees), to the extent that possession
thereof is necessary to perfect a Lien thereon under the Uniform Commercial
Code, and (b) the "Pledged Securities" under, and as defined in, the Noteholder
Pledge Agreement.

        "Recovery" has the meaning set forth in Section 6.5.

        "Required Lenders" means, with respect to any amendment or modification
of the Senior Credit Agreement, or any termination or waiver of any provision of
the Senior Credit Agreement, or any consent or departure by the Company or any
of the Subsidiaries therefrom, or consent of the Required Lenders required under
this Agreement, those Senior Lenders the approval of which is required to
approve such amendment or modification of, termination or waiver of any
provision of or consent or departure from the Senior Credit Agreement (or would
be required to effect such consent under this Agreement if such consent were
treated as an amendment of the Senior Credit Agreement).

<PAGE>

                                                                               5

        "Senior Collateral Documents" means the Security Documents (as defined
in the Existing Credit Agreement) and any other agreement, document or
instrument pursuant to which a Lien is granted securing any Senior Lender Claims
or under which rights or remedies with respect to such Liens are governed.

        "Senior Credit Agreement" means the Existing Credit Agreement; provided
that if at any time a Discharge of Senior Lender Claims occurs with respect to
the Existing Credit Agreement (without giving effect to Section 5.6), then, to
the extent provided in Section 5.6, the term "Senior Credit Agreement" means the
Future First-Lien Credit Facility designated by the Company as the "Senior
Credit Agreement" in accordance with such Section.

        "Senior Lender Cash Management Obligations" means any Cash Management
Obligations secured by any Common Collateral under the same Senior Collateral
Documents that secure Obligations under the Senior Credit Agreement.

        "Senior Lender Claims" means (a) all Bank Indebtedness and all other
Indebtedness outstanding under one or more of any other First-Lien Credit
Facilities, including any Future First-Lien Credit Facilities, the Indebtedness
under each of which (i) constitutes Permitted Debt (as defined in the Indenture)
or is otherwise permitted by the Indenture, (ii) is designated by the Company as
"Credit Agreement Obligations" for purposes of the Indenture and (iii) is
secured by a Permitted Lien (as defined in the Indenture) described in clause
(a) of the definition thereof, (b) all other Obligations (not constituting
Indebtedness) of the Company or any Grantor under the Credit Agreement or any
such other First-Lien Credit Facility, including all Senior Lender Hedging
Obligations and Senior Lender Cash Management Obligations, and (c) all Future
Other First-Lien Obligations. Senior Lender Claims shall include all interest
accrued or accruing (or that would, absent the commencement of an Insolvency or
Liquidation Proceeding, accrue) after the commencement of an Insolvency or
Liquidation Proceeding in accordance with and at the rate specified in the
relevant Senior Lender Document whether or not the claim for such interest is
allowed as a claim in such Insolvency or Liquidation Proceeding. Notwithstanding
anything to the contrary contained in the first sentence of this definition, any
Obligation under the Senior Lender Documents or any Future First-Lien Credit
Facility (including any Cash Management Obligations or Hedging Obligations)
shall constitute a "Senior Lender Claim" if the Credit Agent or the relevant
Senior Lender or Senior Lenders shall have received a written representation
from the Company in or in connection with the Senior Lender Documents evidencing
such Obligation that such Obligation constitutes a "Credit Agreement Obligation"
under and as defined in the Indenture (whether or not such Obligation is at any
time determined not to have been permitted to be incurred under the Indenture).

        "Senior Lender Collateral" means all of the assets of any Grantor,
whether real, personal or mixed, with respect to which a Lien is granted as
security for any Senior Lender Claim.

        "Senior Lender Documents" means the Senior Credit Agreement, the Senior
Collateral Documents, and each of the other agreements, documents and
instruments (including each agreement, document or instrument providing for or
evidencing a Senior Lender Hedging Obligation or Senior Lender Cash Management
Obligation) providing for or evidencing any other Obligation under the Credit
Agreement or any Future First-Lien Credit Facility or any

<PAGE>

                                                                               7

Future Other First-Lien Obligations, and any other related document or
instrument executed or delivered pursuant to any Senior Lender Document at any
time or otherwise evidencing any Indebtedness arising under any Senior Lender
Document.

        "Senior Lender Hedging Obligations" means any Hedging Obligations
secured by any Common Collateral under the same Senior Collateral Documents that
secure Obligations under the Senior Credit Agreement.

        "Senior Lenders" means the Persons holding Senior Lender Claims,
including the Credit Agent.

        "Subsidiary" means any "Subsidiary" of the Company, as defined in the
Indenture or the Senior Credit Agreement.

        "Trustee" means Wilmington Trust Company, in its capacity as trustee
under the Indenture and collateral agent under the Noteholder Collateral
Documents, and also includes its successors hereunder as collateral agent for
the Noteholders under the Noteholder Collateral Documents.

        "Uniform Commercial Code" or "UCC" means the Uniform Commercial Code as
from time to time in effect in the State of New York.

        (b)     Terms Generally. The definitions of terms herein shall apply
equally to the singular and plural forms of the terms defined. Whenever the
context may require, any pronoun shall include the corresponding masculine,
feminine and neuter forms. The words "include", "includes" and "including" shall
be deemed to be followed by the phrase "without limitation". The word "will"
shall be construed to have the same meaning and effect as the word "shall".
Unless the context requires otherwise (a) any definition of or reference to any
agreement, instrument or other document herein shall be construed as referring
to such agreement, instrument or other document as from time to time amended,
supplemented or otherwise modified in accordance with this Agreement, (b) any
reference herein to any Person shall be construed to include such Person's
successors and assigns, (c) the words "herein", "hereof" and "hereunder", and
words of similar import, shall be construed to refer to this Agreement in its
entirety and not to any particular provision hereof, (d) all references herein
to Sections shall be construed to refer to Sections of this Agreement and (e)
the words "asset" and "property" shall be construed to have the same meaning and
effect and to refer to any and all tangible and intangible assets and
properties, including cash, securities, accounts and contract rights.

        Section 2. Lien Priorities.

        2.1     Subordination. Notwithstanding the date, manner or order of
grant, attachment or perfection of any Liens granted to the Trustee or the
Noteholders on the Common Collateral or of any Liens granted to the Credit Agent
or the Senior Lenders on the Common Collateral and notwithstanding any provision
of the UCC, or any applicable law or the Noteholder Documents or the Senior
Lender Documents or any other circumstance whatsoever, the Trustee, on behalf of
itself and the Noteholders, hereby agrees that: (a) any Lien on the Common
Collateral securing any Senior Lender Claims now or hereafter held by or on
behalf of

<PAGE>

                                                                               8

the Credit Agent or any Senior Lenders or any agent or trustee therefor shall be
senior in all respects and prior to any Lien on the Common Collateral securing
any of the Noteholder Claims; and (b) any Lien on the Common Collateral now or
hereafter held by or on behalf of the Trustee or any Noteholders or any agent or
trustee therefor regardless of how acquired, whether by grant, statute,
operation of law, subrogation or otherwise, shall be junior and subordinate in
all respects to all Liens on the Common Collateral securing any Senior Lender
Claims. All Liens on the Common Collateral securing any Senior Lender Claims
shall be and remain senior in all respects and prior to all Liens on the Common
Collateral securing any Noteholder Claims for all purposes, whether or not such
Liens securing any Senior Lender Claims are subordinated to any Lien securing
any other obligation of the Company, any other Grantor or any other Person.

        2.2     Prohibition on Contesting Liens. Each of the Trustee, for itself
and on behalf of each Noteholder, and the Credit Agent, for itself and on behalf
of each Senior Lender, agrees that it shall not (and hereby waives any right to)
contest or support any other Person in contesting, in any proceeding (including
any Insolvency or Liquidation Proceeding), the priority, validity or
enforceability of (a) a Lien held by or on behalf of any of the Senior Lenders
in the Senior Lender Collateral or (b) a Lien held by or on behalf of any of the
Noteholders in the Common Collateral (in the case of this clause (b), to secure
Obligations in respect of Notes referred to in clause (a), (b) or (c) of the
definition of the term "Notes" in Section 1(a)), as the case may be; provided
that nothing in this Agreement shall be construed to prevent or impair the
rights of the Credit Agent or any Senior Lender to enforce this Agreement,
including the priority of the Liens securing the Senior Lender Claims as
provided in Section 2.1.

        2.3     No New Liens. So long as the Discharge of Senior Lender Claims
has not occurred, the parties hereto agree that, after the date hereof, if the
Trustee shall hold any Lien on any assets of the Company or any other Grantor
securing any Noteholder Claims that are not also subject to the first-priority
Lien of the Credit Agent under the Senior Lender Documents, the Trustee, upon
demand by the Credit Agent or the Company, will either release such Lien or
assign it to the Credit Agent as security for the Senior Lender Claims (in which
case the Trustee may retain a junior lien on such assets subject to the terms
hereof).

        Section 3. Enforcement.

        3.1     Exercise of Remedies.

        (a)     So long as the Discharge of Senior Lender Claims has not
occurred, whether or not any Insolvency or Liquidation Proceeding has been
commenced by or against the Company or any other Grantor, (i) the Trustee and
the Noteholders will not exercise or seek to exercise any rights or remedies
(including set-off) with respect to any Common Collateral, institute any action
or proceeding with respect to such rights or remedies (including any action of
foreclosure), contest, protest or object to any foreclosure proceeding or action
brought by the Credit Agent or any Senior Lender, the exercise of any right
under any lockbox agreement, control agreement, landlord waiver or bailee's
letter or similar agreement or arrangement to which the Trustee or any
Noteholder is a party, or any other exercise by any such party, of any rights
and remedies relating to the Common Collateral under the Senior Lender Documents
or otherwise, or object to the forbearance by the Senior Lenders from bringing
or pursuing any foreclosure proceeding or action or any other exercise of any
rights or remedies relating to the

<PAGE>

                                                                               9

Common Collateral and (ii) the Credit Agent and the Senior Lenders shall have
the exclusive right to enforce rights, exercise remedies (including set-off and
the right to credit bid their debt) and make determinations regarding the
release, disposition, or restrictions with respect to the Common Collateral
without any consultation with or the consent of the Trustee or any Noteholder;
provided, that (A) in any Insolvency or Liquidation Proceeding commenced by or
against the Company or any other Grantor, the Trustee may file a claim or
statement of interest with respect to the Noteholder Claims, and (B) the Trustee
may take any action (not adverse to the prior Liens on the Common Collateral
securing the Senior Lender Claims, or the rights of the Credit Agent or the
Senior Lenders to exercise remedies in respect thereof) in order to preserve or
protect its Lien on the Common Collateral. In exercising rights and remedies
with respect to the Common Collateral, the Credit Agent and the Senior Lenders
may enforce the provisions of the Senior Lender Documents and exercise remedies
thereunder, all in such order and in such manner as they may determine in the
exercise of their sole discretion. Such exercise and enforcement shall include
the rights of an agent appointed by them to sell or otherwise dispose of Common
Collateral upon foreclosure, to incur expenses in connection with such sale or
disposition, and to exercise all the rights and remedies of a secured lender
under the Uniform Commercial Code of any applicable jurisdiction and of a
secured creditor under Bankruptcy Laws of any applicable jurisdiction.

        (b)     The Trustee, on behalf of itself and the Noteholders, agrees
that it will not take or receive any Common Collateral or any proceeds of Common
Collateral in connection with the exercise of any right or remedy (including
set-off) with respect to any Common Collateral, unless and until the Discharge
of Senior Lender Claims has occurred. Without limiting the generality of the
foregoing, unless and until the Discharge of Senior Lender Claims has occurred,
except as expressly provided in the proviso in clause (ii) of Section 3.1(a),
the sole right of the Trustee and the Noteholders with respect to the Common
Collateral is to hold a Lien on the Common Collateral pursuant to the Noteholder
Documents for the period and to the extent granted therein and to receive a
share of the proceeds thereof, if any, after the Discharge of the Senior Lender
Claims has occurred.

        (c)     Subject to the proviso in clause (ii) of Section 3.1(a), (i) the
Trustee, for itself and on behalf of the Noteholders, agrees that the Trustee
and the Noteholders will not take any action that would hinder any exercise of
remedies undertaken by the Credit Agent or the Senior Lenders under the Senior
Loan Documents, including any sale, lease, exchange, transfer or other
disposition of the Common Collateral, whether by foreclosure or otherwise, and
(ii) the Trustee, for itself and on behalf of the Noteholders, hereby waives any
and all rights it or the Noteholders may have as a junior lien creditor or
otherwise to object to the manner in which the Credit Agent or the Senior
Lenders seek to enforce or collect the Senior Lender Claims or the Liens granted
in any of the Senior Lender Collateral, regardless of whether any action or
failure to act by or on behalf of the Credit Agent or Senior Lenders is adverse
to the interest of the Noteholders.

        (d)     The Trustee hereby acknowledges and agrees that no covenant,
agreement or restriction contained in any Noteholder Document shall be deemed to
restrict in any way the rights and remedies of the Credit Agent or the Senior
Lenders with respect to the Common Collateral as set forth in this Agreement and
the Senior Lender Documents.

<PAGE>

                                                                              10

        3.2     Cooperation. Subject to the proviso in clause (ii) of Section
3.1(a), the Trustee, on behalf of itself and the Noteholders, agrees that,
unless and until the Discharge of Senior Lender Claims has occurred, it will not
commence, or join with any Person (other than the Senior Lenders and the Credit
Agent upon the request thereof) in commencing, any enforcement, collection,
execution, levy or foreclosure action or proceeding with respect to any Lien
held by it under any of the Noteholder Documents or otherwise.

        Section 4. Payments.

        4.1     Application of Proceeds. As long as the Discharge of Senior
Lender Claims has not occurred, the Common Collateral or proceeds thereof
received in connection with the sale or other disposition of, or collection on,
such Common Collateral upon the exercise of remedies, shall be applied by the
Credit Agent to the Senior Lender Claims in such order as specified in the
relevant Senior Lender Documents until the Discharge of Senior Lender Claims has
occurred. Upon the Discharge of the Senior Lender Claims, the Credit Agent shall
deliver to the Trustee any proceeds of Common Collateral held by it in the same
form as received, with any necessary endorsements or as a court of competent
jurisdiction may otherwise direct to be applied by the Trustee to the Noteholder
Claims in such order as specified in the relevant Noteholder Documents.

        4.2     Payments Over. Any Common Collateral or proceeds thereof
received by the Trustee or any Noteholder in connection with the exercise of any
right or remedy (including set-off) relating to the Common Collateral in
contravention of this Agreement shall be segregated and held in trust and
forthwith paid over to the Credit Agent for the benefit of the Senior Lenders in
the same form as received, with any necessary endorsements or as a court of
competent jurisdiction may otherwise direct. The Credit Agent is hereby
authorized to make any such endorsements as agent for the Trustee or any such
Noteholder. This authorization is coupled with an interest and is irrevocable.

        Section 5. Other Agreements.

        5.1     Releases.

        (a)     If:

            (i)    all other Liens (other than Permitted Liens (as defined in
    the Indenture) under clauses (b) - (aa) of the definition of Permitted Liens
    in the Indenture) on any Common Collateral securing Credit Agreement
    Obligations or any Other Second-Lien Obligations then secured by that Common
    Collateral (including all commitments thereunder) are released; provided
    that after giving effect to the release, Senior Secured Claims secured by
    Liens on the remaining Common Collateral remain outstanding;

            (ii)   any Common Collateral is disposed of pursuant to a
    transaction permitted or not prohibited under the Indenture;

<PAGE>

                                                                              11

            (iii)  the Company provides substitute collateral for any Common
    Collateral with at least an equivalent fair value, as determined in good
    faith by the Board of Directors of the Company;

            (iv)   all of the stock of any of the Subsidiaries that is Common
    Collateral is released or any Subsidiary that is a Note Guarantor (as
    defined in the Indenture) is released from its Note Guarantee (as defined in
    the Indenture); or

            (v)    the Company so requests in respect of Common Collateral with
    a fair value, as determined in good faith by the Board of Directors of the
    Company, of up to $2.0 million in any calendar year; subject to a cumulative
    carryover for any amount not used in any prior calendar year,

            then

the Liens, if any, of the Trustee, for itself or for the benefit of the
Noteholders, on such Common Collateral (and, in the case of clause (iv) above,
on the assets of such Subsidiary that constitute Common Collateral) shall be
automatically, unconditionally and simultaneously released and the Trustee, for
itself and on behalf of any such Noteholder, promptly shall execute and deliver
to the Credit Agent or such Grantor such termination statements, releases and
other documents as the Credit Agent or such Grantor may request to effectively
confirm such release; provided that a Grantor shall not be released from its
guaranty of the Noteholder Claims pursuant to this Section if such Grantor will
remain liable under a guaranty in respect of the Senior Subordinated Notes or
other Subordinated Obligations (each as defined in the Indenture).

        (b) The Trustee, for itself and on behalf of the Noteholders, hereby
irrevocably constitutes and appoints the Credit Agent and any officer or agent
of the Credit Agent, with full power of substitution, as its true and lawful
attorney-in-fact with full irrevocable power and authority in the place and
stead of the Trustee or such holder or in the Credit Agent's own name, from time
to time in the Credit Agent's discretion, for the purpose of carrying out the
terms of this Section 5.1, to take any and all appropriate action and to execute
any and all documents and instruments that may be necessary or desirable to
accomplish the purposes of this Section 5.1, including any termination
statements, endorsements or other instruments of transfer or release.

        5.2     Insurance. Unless and until the Discharge of Senior Lender
Claims has occurred, the Credit Agent and the Senior Lenders shall have the sole
and exclusive right, subject to the rights of the Grantors under the Senior
Lender Documents, to adjust settlement for any insurance policy covering the
Common Collateral in the event of any loss thereunder and to approve any award
granted in any condemnation or similar proceeding affecting the Common
Collateral. Unless and until the Discharge of Senior Lender Claims has occurred,
all proceeds of any such policy and any such award if in respect to the Common
Collateral shall be paid to the Credit Agent for the benefit of the Senior
Lenders to the extent required under the Senior Lender Documents and thereafter
to the Trustee for the benefit of the Noteholders to the extent required under
the applicable Noteholder Documents and then to the owner of the subject
property or as a court of competent jurisdiction may otherwise direct. If the
Trustee or any Noteholder shall, at any time, receive any proceeds of any such
insurance policy or any such award in contravention

<PAGE>

                                                                              12

of this Agreement, it shall pay such proceeds over to the Credit Agent in
accordance with the terms of Section 4.2.

        5.3     Amendments to Noteholder Collateral Documents.

        (a)     Without the prior written consent of the Credit Agent and the
Required Lenders, no Noteholder Collateral Document may be amended, supplemented
or otherwise modified or entered into to the extent such amendment, supplement
or modification, or the terms of any new Noteholder Collateral Document, would
be prohibited by or inconsistent with any of the terms of the Senior Lender
Documents. The Trustee agrees that each Noteholder Collateral Document shall
include the following language (or language to similar effect approved by the
Credit Agent):

    "Notwithstanding anything herein to the contrary, the lien and
    security interest granted to the Trustee pursuant to this Agreement and the
    exercise of any right or remedy by the Trustee hereunder are subject to the
    provisions of the Intercreditor Agreement, dated as of May 30, 2003 (as
    amended, supplemented or otherwise modified from time to time, the
    "Intercreditor Agreement"), among Pliant Corporation, Deutsche Bank Trust
    Company Americas (formerly known as Bankers Trust Company), as Credit Agent,
    and Wilmington Trust Company, as Trustee. In the event of any conflict
    between the terms of the Intercreditor Agreement and this Agreement, the
    terms of the Intercreditor Agreement shall govern."

In addition, the Trustee agrees that each Noteholder Mortgage covering any
Common Collateral shall contain such other language as the Credit Agent may
reasonably request to reflect the subordination of such Noteholder Mortgage to
the Senior Collateral Document covering such Common Collateral.

        (b)     In the event that the Credit Agent or the Senior Lenders enter
into any amendment, waiver or consent in respect of any of the Senior Collateral
Documents for the Senior Credit Agreement or, if no Senior Credit Agreement then
exists, for the other Senior Lender Documents for the purpose of adding to, or
deleting from, or waiving or consenting to any departures from any provisions
of, any Senior Collateral Document or changing in any manner the rights of the
Credit Agent, the Senior Lenders, the Company or any other Grantor thereunder,
then such amendment, waiver or consent shall apply automatically to any
comparable provision of the Indenture and the Comparable Noteholder Collateral
Document without the consent of the Trustee or the Noteholders and without any
action by the Trustee, the Company or any other Grantor, provided, that (A) no
such amendment, waiver or consent shall have the effect of removing assets
subject to the Lien of the Noteholder Collateral Documents, except to the extent
that a release of such Lien is permitted by Section 5.1, and (B) notice of such
amendment, waiver or consent shall have been given to the Trustee.

        5.4     Rights As Unsecured Creditors. Notwithstanding anything to the
contrary in this Agreement, the Trustee and the Noteholders may exercise rights
and remedies as an unsecured creditor against the Company or any Subsidiary that
has guaranteed the Noteholder Claims in accordance with the terms of the
Noteholder Documents and applicable law as if the Common Collateral was not
Noteholder Collateral. Nothing in this Agreement shall prohibit the

<PAGE>

                                                                              13

receipt by the Trustee or any Noteholders of the required payments of interest
and principal so long as such receipt is not the direct or indirect result of
the exercise by the Trustee or any Noteholder of rights or remedies as a secured
creditor or enforcement in contravention of this Agreement of any Lien held by
any of them. In the event the Trustee or any Noteholder becomes a judgment lien
creditor in respect of Common Collateral as a result of its enforcement of its
rights as an unsecured creditor, such judgment lien shall be subordinated to the
Liens securing Senior Lender Claims on the same basis as the other Liens
securing the Noteholder Claims are so subordinated to such Senior Lender Claims
under this Agreement. Nothing in this Agreement impairs or otherwise adversely
affects any rights or remedies the Credit Agent or the Senior Lenders may have
with respect to the Senior Lender Collateral.

        5.5     Bailee for Perfection.

        (a)     The Credit Agent agrees to hold the Pledged Collateral that is
part of the Common Collateral in its possession or control (or in the possession
or control of its agents or bailees) as bailee for the Trustee and any assignee
solely for the purpose of perfecting the security interest granted in such
Pledged Collateral pursuant to the Noteholder Pledge Agreement, subject to the
terms and conditions of this Section 5.5.

        (b)     Except as otherwise specifically provided herein, until the
Discharge of Senior Lender Claims has occurred, the Credit Agent shall be
entitled to deal with the Pledged Collateral in accordance with the terms of the
Senior Lender Documents as if the Liens under the Noteholder Collateral
Documents did not exist. The rights of the Trustee and the Noteholders shall at
all times be subject to the terms of this Agreement and to the Credit Agent's
rights under the Senior Lender Documents.

        (c)     The Credit Agent shall have no obligation whatsoever to the
Trustee or any Noteholder to assure that the Pledged Collateral is genuine or
owned by any of the Grantors or to preserve rights or benefits of any Person
except as expressly set forth in this Section 5.5. The duties or
responsibilities of the Credit Agent under this Section 5.5 shall be limited
solely to holding the Pledged Collateral as bailee for the Trustee for purposes
of perfecting the Lien held by the Trustee.

        (d)     The Credit Agent shall not have by reason of the Noteholder
Collateral Documents or this Agreement or any other document a fiduciary
relationship in respect of the Trustee or any Noteholder.

        (e)     Upon the Discharge of Senior Lender Claims, the Credit Agent
shall deliver to the Trustee the remaining Pledged Collateral (if any) together
with any necessary endorsements (or otherwise allow the Trustee to obtain
control of such Pledged Collateral) or as a court of competent jurisdiction may
otherwise direct.

        5.6     When Discharge of Senior Lender Claims Deemed to Not Have
Occurred. If at any time after the Discharge of Senior Lender Claims has
occurred with respect to the Existing Credit Agreement the Company designates
any Future First-Lien Credit Facility to be the "Senior Credit Agreement"
hereunder, then such Discharge of Senior Lender Claims shall automatically be
deemed not to have occurred for all purposes of this Agreement (other than

<PAGE>

                                                                              14

with respect to any actions taken prior to the date of such designation as a
result of the occurrence of such first Discharge of Senior Lender Claims), and
such Future First-Lien Credit Facility shall automatically be treated as the
Senior Credit Agreement for all purposes of this Agreement, including for
purposes of the Lien priorities and rights in respect of Common Collateral set
forth herein and the granting by the Credit Agent of amendments, waivers and
consents hereunder. Upon receipt of notice of such designation (including the
identity of the new Credit Agent), the Trustee shall promptly (i) enter into
such documents and agreements (including amendments or supplements to this
Agreement) as the Company or such new Credit Agent shall request in order to
provide to the new Credit Agent the rights of the Credit Agent contemplated
hereby and (ii) deliver to the Credit Agent the Pledged Collateral together with
any necessary endorsements (or otherwise allow such Credit Agent to obtain
control of such Pledged Collateral).

        Section 6. Insolvency or Liquidation Proceedings.

        6.1     Financing Issues. If the Company or any other Grantor shall be
subject to any Insolvency or Liquidation Proceeding and the Credit Agent shall
desire to permit the use of cash collateral or to permit the Company or any
other Grantor to obtain financing under Section 363 or Section 364 of Title 11
of the United States Code or any similar Bankruptcy Law ("DIP Financing"), then
the Trustee, on behalf of itself and the Noteholders, agrees that it will raise
no objection to such use of cash collateral or DIP Financing and will not
request adequate protection or any other relief in connection therewith (except
to the extent permitted by Section 6.3) and, to the extent the Liens securing
the Senior Lender Claims under the Senior Credit Agreement or, if no Senior
Credit Agreement exists, under the other Senior Lender Documents are
subordinated or pari passu with such DIP Financing, will subordinate its Liens
in the Common Collateral to such DIP Financing (and all Obligations relating
thereto) on the same basis as the other Liens securing the Noteholder Claims are
so subordinated to Senior Lender Claims under this Agreement.

        6.2     Relief from the Automatic Stay. Until the Discharge of Senior
Lender Claims has occurred, the Trustee, on behalf of itself and the
Noteholders, agrees that none of them shall seek relief from the automatic stay
or any other stay in any Insolvency or Liquidation Proceeding in respect of the
Common Collateral, without the prior written consent of the Credit Agent and the
Required Lenders.

        6.3     Adequate Protection. The Trustee, on behalf of itself and the
Noteholders, agrees that none of them shall contest (or support any other Person
contesting) (a) any request by the Credit Agent or the Senior Lenders for
adequate protection or (b) any objection by the Credit Agent or the Senior
Lenders to any motion, relief, action or proceeding based on the Credit Agent's
or the Senior Lenders' claiming a lack of adequate protection. Notwithstanding
the foregoing contained in this Section 6.3, in any Insolvency or Liquidation
Proceeding, (i) if the Senior Lenders (or any subset thereof) are granted
adequate protection in the form of additional collateral in connection with any
DIP Financing or use of cash collateral under Section 363 or Section 364 of
Title 11 of the United States Code or any similar Bankruptcy Law, then the
Trustee, on behalf of itself and any of the Noteholders, may seek or request
adequate protection in the form of a replacement Lien on such additional
collateral,

<PAGE>

                                                                              15

which Lien is subordinated to the Liens securing the Senior Lender Claims and
such DIP Financing (and all Obligations relating thereto) on the same basis as
the other Liens securing the Noteholder Claims are so subordinated to the Senior
Lender Claims under this Agreement, and (ii) in the event the Trustee, on behalf
of itself and the Noteholders, seeks or requests adequate protection and such
adequate protection is granted in the form of additional collateral, then the
Trustee, on behalf of itself or any of the Noteholders, agrees that the Credit
Agent shall also be granted a senior Lien on such additional collateral as
security for the Senior Lender Claims and any such DIP Financing and that any
Lien on such additional collateral securing the Noteholder Claims shall be
subordinated to the Liens on such collateral securing the Senior Lender Claims
and any such DIP Financing (and all Obligations relating thereto) and any other
Liens granted to the Senior Lenders as adequate protection on the same basis as
the other Liens securing the Noteholder Claims are so subordinated to such
Senior Lender Claims under this Agreement.

        6.4     No Waiver. Nothing contained herein shall prohibit or in any way
limit the Credit Agent or any Senior Lender from objecting in any Insolvency or
Liquidation Proceeding or otherwise to any action taken by the Trustee or any of
the Noteholders, including the seeking by the Trustee or any Noteholder of
adequate protection or the asserting by the Trustee or any Noteholder of any of
its rights and remedies under the Noteholder Documents or otherwise.

        6.5     Preference Issues. If any Senior Lender is required in any
Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise pay
to the estate of the Company or any other Grantor (or any trustee, receiver or
similar person therefor), because the payment of such amount was declared to be
fraudulent or preferential in any respect or for any other reason, any amount (a
"Recovery"), whether received as proceeds of security, enforcement of any right
of set-off or otherwise, then the Senior Lender Claims shall be reinstated to
the extent of such Recovery and deemed to be outstanding as if such payment had
not occurred and the Senior Lenders shall be entitled to a Discharge of Senior
Lender Claims with respect to all such recovered amounts. If this Agreement
shall have been terminated prior to such Recovery, this Agreement shall be
reinstated in full force and effect, and such prior termination shall not
diminish, release, discharge, impair or otherwise affect the obligations of the
parties hereto.

        Section 7. Reliance; Waivers; etc.

        7.1     Reliance. The consent by the Senior Lenders to the execution and
delivery of the Noteholder Documents to which the Senior Lenders have consented
and the grant to the Trustee on behalf of certain of the Noteholders of a Lien
on the Common Collateral and all loans and other extensions of credit made or
deemed made on and after the date hereof by the Senior Lenders to the Company or
any Subsidiary shall be deemed to have been given and made in reliance upon this
Agreement. The Trustee, on behalf of itself and the Noteholders, acknowledges
that it and the Noteholders have, independently and without reliance on the
Credit Agent or any Senior Lender, and based on documents and information deemed
by them appropriate, made their own credit analysis and decision to enter into
the Indenture, this Agreement and the transactions contemplated hereby and
thereby and they will continue to make their own credit decision in taking or
not taking any action under the Indenture or this Agreement.

<PAGE>

                                                                              16

        7.2     No Warranties or Liability. The Trustee, on behalf of itself and
the Noteholders, acknowledges and agrees that each of the Credit Agent and the
Senior Lenders have made no express or implied representation or warranty,
including with respect to the execution, validity, legality, completeness,
collectibility or enforceability of any of the Senior Lender Documents, the
ownership of any Common Collateral or the perfection or priority of any Liens
thereon. The Senior Lenders will be entitled to manage and supervise their
respective loans and extensions of credit under the Senior Lender Documents in
accordance with law and as they may otherwise, in their sole discretion, deem
appropriate, and the Senior Lenders may manage their loans and extensions of
credit without regard to any rights or interests that the Trustee or any of the
Noteholders have in the Common Collateral or otherwise, except as otherwise
provided in this Agreement. Neither the Credit Agent nor any Senior Lender shall
have any duty to the Trustee or any of the Noteholders to act or refrain from
acting in a manner that allows, or results in, the occurrence or continuance of
an event of default or default under any agreements with the Company or any
Subsidiary thereof (including the Noteholder Documents), regardless of any
knowledge thereof that they may have or be charged with.

        7.3     No Waiver of Lien Priorities.

        (a)     No right of the Senior Lenders, the Credit Agent or any of them
to enforce any provision of this Agreement or any Senior Lender Document shall
at any time in any way be prejudiced or impaired by any act or failure to act on
the part of the Company or any other Grantor or by any act or failure to act by
any Senior Lender or the Credit Agent, or by any noncompliance by any Person
with the terms, provisions and covenants of this Agreement, any of the Senior
Lender Documents or any of the Noteholder Documents, regardless of any knowledge
thereof that the Credit Agent or the Senior Lenders, or any of them, may have or
be otherwise charged with;

        (b)     Without in any way limiting the generality of the foregoing
paragraph (but subject to the rights of the Company and the other Grantors under
the Senior Lender Documents), the Senior Lenders, the Credit Agent and any of
them, may, at any time and from time to time, without the consent of, or notice
to, the Trustee or any Noteholder, without incurring any liabilities to the
Trustee or any Noteholder and without impairing or releasing the Lien priorities
and other benefits provided in this Agreement (even if any right of subrogation
or other right or remedy of the Trustee or any Noteholder is affected, impaired
or extinguished thereby) do any one or more of the following:

            (i)    change the manner, place or terms of payment or change or
    extend the time of payment of, or amend, renew, exchange, increase or alter,
    the terms of any of the Senior Lender Claims or any Lien on any Senior
    Lender Collateral or guaranty thereof or any liability of the Company or any
    other Grantor, or any liability incurred directly or indirectly in respect
    thereof (including any increase in or extension of the Senior Lender Claims,
    without any restriction as to the amount, tenor or terms of any such
    increase or extension) or otherwise amend, renew, exchange, extend, modify
    or supplement in any manner any Liens held by the Credit Agent or any of the
    Senior Lenders, the Senior Lender Claims or any of the Senior Lender
    Documents;

<PAGE>

                                                                              17

            (ii)   sell, exchange, release, surrender, realize upon, enforce or
    otherwise deal with in any manner and in any order any part of the Senior
    Lender Collateral or any liability of the Company or any other Grantor to
    the Senior Lenders or the Credit Agent, or any liability incurred directly
    or indirectly in respect thereof;

            (iii)  settle or compromise any Senior Lender Claim or any other
    liability of the Company or any other Grantor or any security therefor or
    any liability incurred directly or indirectly in respect thereof and apply
    any sums by whomsoever paid and however realized to any liability (including
    the Senior Lender Claims) in any manner or order; and

            (iv)   exercise or delay in or refrain from exercising any right or
    remedy against the Company or any security or any other Grantor or any other
    Person, elect any remedy and otherwise deal freely with the Company, any
    other Grantor or any Senior Lender Collateral and any security and any
    guarantor or any liability of the Company or any other Grantor to the Senior
    Lenders or any liability incurred directly or indirectly in respect thereof.

        (c)     The Trustee, on behalf of itself and the Noteholders, also
agrees that the Senior Lenders and the Credit Agent shall have no liability to
the Trustee or any Noteholder, and the Trustee, on behalf of itself and the
Noteholders, hereby waives any claim against any Senior Lender or the Credit
Agent, arising out of any and all actions that the Senior Lenders or the Credit
Agent may take or permit or omit to take with respect to: (i) the Senior Lender
Documents, (ii) the collection of the Senior Lender Claims or (iii) the
foreclosure upon, or sale, liquidation or other disposition of, any Senior
Lender Collateral. The Trustee, on behalf of itself and the Noteholders, agrees
that the Senior Lenders and the Credit Agent have no duty to them in respect of
the maintenance or preservation of the Senior Lender Collateral, the Senior
Lender Claims or otherwise; and

        (d)     The Trustee, on behalf of itself and the Noteholders, agrees not
to assert and hereby waives, to the fullest extent permitted by law, any right
to demand, request, plead or otherwise assert or otherwise claim the benefit of,
any marshalling, appraisal, valuation or other similar right that may otherwise
be available under applicable law or any other similar rights that a junior
secured creditor may have under applicable law.

        7.4     Obligations Unconditional. All rights, interests, agreements and
obligations of the Credit Agent and the Senior Lenders and the Trustee and the
Noteholders, respectively, hereunder shall remain in full force and effect
irrespective of:

        (a)     any lack of validity or enforceability of any Senior Lender
Documents or any Noteholder Documents;

        (b)     any change in the time, manner or place of payment of, or in any
other terms of, all or any of the Senior Lender Claims or Noteholder Claims, or
any amendment or waiver or other modification, including any increase in the
amount thereof, whether by course of conduct or otherwise, of the terms of the
Senior Credit Agreement or any other Senior Lender Document or of the terms of
the Indenture or any other Noteholder Document;

<PAGE>

                                                                              18

        (c)     any exchange of any security interest in any Common Collateral
or any other collateral, or any amendment, waiver or other modification, whether
in writing or by course of conduct or otherwise, of all or any of the Senior
Lender Claims or Noteholder Claims or any guarantee thereof;

        (d)     the commencement of any Insolvency or Liquidation Proceeding in
respect of the Company or any other Grantor; or

        (e)     any other circumstances that otherwise might constitute a
defense available to, or a discharge of, the Company or any other Grantor in
respect of the Senior Lender Claims, or of the Trustee or any Noteholder in
respect of this Agreement.

        Section 8. Miscellaneous.

        8.1     Conflicts. (a) Subject to Section 8.20, in the event of any
conflict between the provisions of this Agreement and the provisions of the
Senior Lender Documents or the Noteholder Documents, the provisions of this
Agreement shall govern.

        (b)     The parties hereto agree that if any amendments to this
Agreement (i) are required to comply with any amendment to the Trust Indenture
Act made after the date hereof and (ii) are reasonably determined by the Credit
Agent not to be adverse to the Credit Agent or the other Senior Lenders, then
such parties shall cooperate and act in good faith to effect such amendments as
promptly as practicable.

        8.2     Continuing Nature of this Agreement; Severability. This
Agreement shall continue to be effective until the Discharge of Senior Lender
Claims shall have occurred. This is a continuing agreement of lien subordination
and the Senior Lenders may continue, at any time and without notice to the
Trustee or any Noteholder, to extend credit and other financial accommodations
and lend monies to or for the benefit of the Company or any other Grantor
constituting Senior Lender Claims on reliance hereof. The Trustee, on behalf of
itself and the Noteholders, hereby waives any right it may have under applicable
law to revoke this Agreement or any of the provisions of this Agreement. The
terms of this Agreement shall survive, and shall continue in full force and
effect, in any Insolvency or Liquidation Proceeding. Any provision of this
Agreement that is prohibited or unenforceable in any jurisdiction shall not
invalidate the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

        8.3     Amendments; Waivers. No amendment, modification or waiver of any
of the provisions of this Agreement by the Trustee or the Credit Agent shall be
deemed to be made unless the same shall be in writing signed on behalf of the
party making the same or its authorized agent and each waiver, if any, shall be
a waiver only with respect to the specific instance involved and shall in no way
impair the rights of the parties making such waiver or the obligations of the
other parties to such party in any other respect or at any other time. The
Company and other Grantors shall not have any right to consent to or approve any
amendment, modification or waiver of any provision of this Agreement except to
the extent their rights are affected.

<PAGE>

                                                                              19

        8.4     Information Concerning Financial Condition of the Company and
the Subsidiaries. The Credit Agent and the Senior Lenders, on the one hand, and
the Trustee and the Noteholders, on the other hand, shall each be responsible
for keeping themselves informed of (a) the financial condition of the Company
and the Subsidiaries and all endorsers and/or guarantors of the Noteholder
Claims or the Senior Lender Claims and (b) all other circumstances bearing upon
the risk of nonpayment of the Noteholder Claims or the Senior Lender Claims. The
Credit Agent and the Senior Lenders shall have no duty to advise the Trustee or
any Noteholder of information known to it or them regarding such condition or
any such circumstances or otherwise. In the event that the Credit Agent or any
of the Senior Lenders, in its or their sole discretion, undertakes at any time
or from time to time to provide any such information to the Trustee or any
Noteholder, it or they shall be under no obligation (w) to make, and the Credit
Agent and the Senior Lenders shall not make, any express or implied
representation or warranty, including with respect to the accuracy,
completeness, truthfulness or validity of any such information so provided, (x)
to provide any additional information or to provide any such information on any
subsequent occasion, (y) to undertake any investigation or (z) to disclose any
information that, pursuant to accepted or reasonable commercial finance
practices, such party wishes to maintain confidential or is otherwise required
to maintain confidential.

        8.5     Subrogation. The Trustee, on behalf of itself and the
Noteholders, hereby waives any rights of subrogation it may acquire as a result
of any payment hereunder until the Discharge of Senior Lender Claims has
occurred.

        8.6     Application of Payments. All payments received by the Senior
Lenders may be applied, reversed and reapplied, in whole or in part, to such
part of the Senior Lender Claims as the Senior Lenders, in their sole
discretion, deem appropriate, consistent with the terms of the Senior Lender
Documents. The Trustee, on behalf of itself and the Noteholders, assents to any
extension or postponement of the time of payment of the Senior Lender Claims or
any part thereof and to any other indulgence with respect thereto, to any
substitution, exchange or release of any security that may at any time secure
any part of the Senior Lender Claims and to the addition or release of any other
Person primarily or secondarily liable therefor.

        8.7     Consent to Jurisdiction; Waivers. The parties hereto consent to
the jurisdiction of any state or federal court located in New York, New York,
and consent that all service of process may be made by registered mail directed
to such party as provided in Section 8.8 for such party. Service so made shall
be deemed to be completed three days after the same shall be posted as
aforesaid. The parties hereto waive any objection to any action instituted
hereunder in any such court based on forum non conveniens, and any objection to
the venue of any action instituted hereunder in any such court. Each of the
parties hereto waives any right it may have to trial by jury in respect of any
litigation based on, or arising out of, under or in connection with this
Agreement or any other Senior Lender Document or Noteholder Document, or any
course of conduct, course of dealing, verbal or written statement or action of
any party hereto.

        8.8     Notices. All notices to the Noteholders and the Senior Lenders
permitted or required under this Agreement may be sent to the Trustee and the
Credit Agent, respectively.

<PAGE>

                                                                              20

Unless otherwise specifically provided herein, any notice or other communication
herein required or permitted to be given shall be in writing and may be
personally served, telecopied, electronically mailed or sent by courier service
or U.S. mail and shall be deemed to have been given when delivered in person or
by courier service, upon receipt of a telecopy or electronic mail or four
Business Days after deposit in the U.S. mail (registered or certified, with
postage prepaid and properly addressed). For the purposes hereof, the addresses
of the parties hereto shall be as set forth below each party's name on the
signature pages hereto, or, as to each party, at such other address as may be
designated by such party in a written notice to all of the other parties.

        8.9     Further Assurances. The Trustee, on behalf of itself and the
Noteholders, agrees that each of them shall take such further action and shall
execute and deliver to the Credit Agent and the Senior Lenders such additional
documents and instruments (in recordable form, if requested) as the Credit Agent
or the Senior Lenders may reasonably request to effectuate the terms of and the
lien priorities contemplated by this Agreement.

        8.10    Governing Law. This Agreement has been delivered and accepted at
and shall be deemed to have been made at New York, New York and shall be
interpreted, and the rights and liabilities of the parties bound hereby
determined, in accordance with the laws of the State of New York.

        8.11    Binding on Successors and Assigns. This Agreement shall be
binding upon the Credit Agent, the Senior Lenders, the Trustee, the Noteholders,
the Company and their respective permitted successors and assigns.

        8.12    Specific Performance. The Credit Agent may demand specific
performance of this Agreement. The Trustee, on behalf of itself and the
Noteholders, hereby irrevocably waives any defense based on the adequacy of a
remedy at law and any other defense that might be asserted to bar the remedy of
specific performance in any action that may be brought by the Credit Agent.

        8.13    Section Titles. The section titles contained in this Agreement
are and shall be without substantive meaning or content of any kind whatsoever
and are not a part of this Agreement.

        8.14    Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be an original and all of which shall together
constitute one and the same document.

        8.15    Authorization. By its signature, each Person executing this
Agreement on behalf of a party hereto represents and warrants to the other
parties hereto that it is duly authorized to execute this Agreement.

        8.16    No Third Party Beneficiaries. This Agreement and the rights and
benefits hereof shall inure to the benefit of each of the parties hereto and
their respective successors and assigns and shall inure to the benefit of each
of the holders of Senior Lender

<PAGE>

                                                                              21

Claims and Noteholder Claims. No other Person shall have or be entitled to
assert rights or benefits hereunder.

        8.17    Effectiveness. This Agreement shall become effective when
executed and delivered by the parties hereto. This Agreement shall be effective
both before and after the commencement of any Insolvency or Liquidation
Proceeding. All references to the Company or any other Grantor shall include the
Company or any other Grantor as debtor and debtor-in-possession and any receiver
or trustee for the Company or any other Grantor (as the case may be) in any
Insolvency or Liquidation Proceeding.

        8.18    Credit Agent and Trustee. It is understood and agreed that (a)
Deutsche Bank Trust Company Americas is entering into this Agreement in its
capacity as Credit Agent and the provisions of Article VIII of the Existing
Credit Agreement applicable to Deutsche Bank Trust Company Americas as
administrative agent thereunder shall also apply to Deutsche Bank Trust Company
Americas as Credit Agent hereunder, and (b) Wilmington Trust Company is entering
in this Agreement in its capacity as Trustee and the provisions of Article 7 of
the Indenture applicable to the Trustee thereunder shall also apply to the
Trustee hereunder.

        8.19    Designations. For purposes of the provisions hereof and the
Indenture requiring the Company to designate Indebtedness for the purposes of
the term "Credit Agreement Obligations" under the Indenture, "First-Lien Credit
Facilities" or any other designations for any other purposes hereunder or under
the Indenture, any such designation shall be sufficient if the relevant
designation is set forth in writing, signed on behalf of the Company by an
officer thereof and delivered to the Trustee and the Credit Agent. For all
purposes hereof and the Indenture, the Company hereby designates the Credit
Facilities provided pursuant to the Existing Credit Agreement as the First-Lien
Credit Facility and any Obligations (as defined in the Security Documents (as
defined in the Existing Credit Agreement)), including any Obligations in respect
of the Existing Credit Agreement, as "Credit Agreement Obligations" under the
Indenture.

        8.20    Relative Rights. Notwithstanding anything in this Agreement to
the contrary, nothing in this Agreement is intended to or will (a) amend, waive
or otherwise modify the provisions of the Senior Credit Agreement or any other
Senior Lender Documents entered into in connection with the Senior Credit
Agreement or permit the Company or any Subsidiary to take any action, or fail to
take any action, to the extent such action or failure would otherwise constitute
a breach of, or default under, the Senior Credit Agreement or any other Senior
Lender Documents entered into in connection with the Senior Credit Agreement,
(b) change the relative priorities of the Senior Lender Claims or the Liens
granted under the Senior Lender Documents on the Common Collateral (or any other
assets) as among the Senior Lenders, (c) otherwise change the relative rights of
the Senior Lenders in respect of the Common Collateral as among such Senior
Lenders or (d) obligate the Company or any Subsidiary to take any action, or
fail to take any action, that would otherwise constitute a breach of, or default
under, the Senior Credit Agreement or any other Senior Lender Document entered
into in connection with the Senior Credit Agreement..

<PAGE>

        IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first written above.

                               Credit Agent:
                               DEUTSCHE BANK TRUST COMPANY AMERICAS,
                               as Credit Agent,

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

                               Address:

                               222 S. Riverside Plaza
                               MS CH105-2900
                               Chicago, IL 60606
                               Attention:  Marla Heller
                               Telecopy No.:  (312) 537-1324

                               Trustee:
                               WILMINGTON TRUST COMPANY,
                               as Trustee,

                               By:  /s/ James D. Nesci
                                    ------------------------
                                    Name: James D. Nesci
                                    Title: Authorized Officer

                               Address:

                               Rodney Square North
                               1100 North Market Street
                               Wilmington, DE 19890-0001
                               Attention:  Mary St. Amand
                               Telecopy No.:  (302) 636-4140

<PAGE>

                               PLIANT CORPORATION

                               By:  /s/ Brian E. Johnson
                                    ------------------------
                                    Name:
                                    Title:

                               Address:

                               1475 Woodsfield Road, Suite 700
                               Schamburg, IL 60173
                               Attention:  Chief Financial Officer
                               Telecopy No.:  (847) 969-3361

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