Document:

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                                                                   Exhibit 10.16

                          SECURITIES PURCHASE AGREEMENT

                           dated as of March 25, 2003

                                     BETWEEN

                               PLIANT CORPORATION

                                       and

                        J.P. Morgan Partners (BHCA), L.P.

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                                                          SECURITIES PURCHASE
                                                AGREEMENT dated as of March 25,
                                                2003, between PLIANT
                                                CORPORATION, a Utah corporation
                                                (the "Company"), and J.P. MORGAN
                                                PARTNERS (BHCA), L.P., a
                                                Delaware limited partnership
                                                (the "Purchaser").

               WHEREAS, the Company is in the business of manufacturing and
selling value-added films and flexible packaging for food, personal care,
medical, agricultural and industrial applications (the "Business").

               WHEREAS, concurrently with the execution and delivery of this
Agreement, the Purchaser has purchased from the Company 10,000 shares of Series
A Cumulative Exchangeable Redeemable Preferred Stock of the Company, no par
value (the "Series A Preferred Stock"), and warrants to purchase 153,857 shares
of Common Stock of the Company, no par value, for an aggregate purchase price of
$10,000,000.

               WHEREAS, the Company desires to issue and sell to the Purchaser,
and the Purchaser desires to purchase from the Company, additional equity
securities for an aggregate purchase price equal to $25,000,000 on the terms and
subject to the conditions provided herein.

               WHEREAS, the Company, JPMorgan Chase Bank, as syndication agent,
Deutsche Bank Trust Company Americas, as administrative agent (in such capacity,
the "Administrative Agent") and collateral agent and the lenders party thereto
have entered into Amendment No. 5 (the "Credit Agreement Amendment") dated as of
March 24, 2003, in respect of the Credit Agreement (as defined herein).

               WHEREAS, the execution and delivery of this Agreement is, among
other things, a condition precedent to the effectiveness of the Credit Agreement
Amendment.

               NOW THEREFORE, in consideration of the foregoing and the
covenants, agreements, representations and warranties contained in this
Agreement, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged by the parties, the parties hereto
hereby agree as set forth below.

                                   ARTICLE I

                      DEFINED TERMS; RULES OF CONSTRUCTION

1.1      Defined Terms.

         Capitalized terms used and not otherwise defined in this Agreement
shall have the meanings given to them below or in the other locations of this
Agreement specified below (or, if not defined herein, have the meanings ascribed
to them in the Credit Agreement as in effect on the date hereof and proposed to
be modified by the Credit

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Agreement Amendment or as such term is amended or modified from time to time,
solely for the purposes of this Agreement, if such amendment or modification
adversely affects the rights or obligations of the Purchaser under this
Agreement, with the consent of the Purchaser):

               "Administrative Agent" has the meaning given to such term in the
recitals to this Agreement.

               "Affiliate" of any specified Person means any other Person,
directly or indirectly, controlling or controlled by or under direct or indirect
common control with such specified Person. For the purposes of this definition,
"control" when used with respect to any Person means the power to direct the
management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms
"controlling" and "controlled" have meanings correlative to the foregoing.

               "Agreement" has the meaning given to such term in Section 1.2.

               "Business" has the meaning given to such term in the recitals to
this Agreement.

               "Business Day" means any day that is not (a) a Saturday, Sunday,
or legal holiday or (b) a day on which banks are not required to be open in New
York, New York.

               "Charter" means the Third Amended and Restated Articles of
Incorporation of the Company, as amended, modified, supplemented or restated
from time to time.

               "Closing" has the meaning given to such term in Section 3.1.

               "Commission" means the Securities and Exchange Commission or any
other Federal agency at the time administering the Securities Act.

               "Company" has the meaning given to such term in the caption to
this Agreement.

               "Credit Agreement" shall mean the Credit Agreement dated as of
May 31, 2000 among the Company, ASPEN Industrial, S.A. de C.V., the Lenders
party thereto, the Administrative Agent, the Collateral Agent, The Chase
Manhattan Bank, as Syndication Agent and The Bank of Nova Scotia, as
Documentation Agent, including the Credit Agreement Amendment, and as otherwise
amended, modified, supplemented or restated from time to time.

               "Credit Agreement Amendment" has the meaning given to such term
in the recitals to this Agreement.

               "Delivery Day Amount" means, with respect to any Delivery Day,
the amount (if positive), rounded-up to the nearest $1,000, equal to (a) the
Compliance

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Amount with respect to the last day of the fiscal quarter ending immediately
prior to such Delivery Day minus (b) the aggregate amount of all Specified
Equity Offering Proceeds received by the Company (or the Administrative Agent
pursuant to Section 2.3) during the Interim Period ending on such Delivery Day
including, without limitation, Specified Equity Offering Proceeds paid by any
other Qualified Equity Provider to the Company (or the Administrative Agent
pursuant to Section 2.3) at a Closing occurring on such Delivery Day. For
purposes of this definition, the purchase price paid by the Purchaser or any
other Qualified Equity Provider for the purchase of any Participation Interest
pursuant to Section 2.4 will be deemed to constitute Specified Equity Offering
Proceeds received by the Company on the date of such purchase.

               "Designated Account" has the meaning given to such term in
Section 2.3(a).

               "Equity Unit" means (a) initially an investment unit consisting
of (i) one share of Series A Preferred Stock and (ii) warrants to purchase
4.3962 shares of common stock (as such number of shares of common stock may be
adjusted from time to time in accordance with any agreements between the
Purchaser and the Company applicable to such warrants) and (b) from time to time
any other investment unit consisting solely of Qualified Equity Securities
specified by the Company and the Purchaser by notice to the Administrative Agent
that the Company and the Purchaser, by the execution and delivery of such
notice, agree shall, in lieu of the investment unit referred to in clause (a) of
this definition, be subject to purchase and sale as an Equity Unit under this
Agreement, provided that, prior to designating any investment unit to be an
"Equity Unit" pursuant to clause (b) above, the Company will authorize and
reserve for issuance a sufficient number of the Securities comprising such
investment unit to ensure compliance with Section 2.1 on the date of such
designation.

               "Expiration Date" has the meaning given to such term in Section
2.2(c).

               "Fundamental Documents" means the documents by which any Person
(other than an individual) establishes its legal existence or which govern its
internal affairs.

               "Interim Period" means the period beginning on the first day
following the last day of the most recently ended fiscal quarter of the Company
and ending on the Delivery Day for such fiscal quarter.

               "LC Reserve Account" has the meaning set forth in Section 2.4(b).

               "Lenders" has the meaning given to such term in the Credit
Agreement.

               "Participation Interest" has the meaning set forth in Section
2.4(a).

               "Participation Purchase Time" has the meaning set forth in
Section 2.4(a).

               "Person" shall be construed as broadly as possible and shall
include an individual or natural person, a partnership (including a limited
liability partnership), a

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corporation, an association, a joint stock company, a limited liability company,
a trust, a joint venture, an unincorporated organization and a governmental
authority.

               "Prohibited Contribution" has the meaning set forth in Section
2.4(a).

               "Purchaser" has the meaning given to such term in the caption to
this Agreement.

               "Purchaser Maximum Amount" has the meaning given to such term in
Section 2.2(b).

               "Qualified Equity Securities" means one or more Securities issued
by the Company consisting solely of (a) common stock, (b) Qualified Preferred
Stock, (c) warrants to acquire common stock or Qualified Preferred Stock or (d)
any combination of Securities referred to in clauses (a), (b) and (c) above.

               "Reallocation Amount" has the meaning set forth in Section
2.4(e).

               "Security" has the meaning given to the term "security" in
Section 2(1) of the Securities Act.

               "Series A Preferred Stock" has the meaning given to such term in
the recitals to this Agreement.

               "Securities Act" means the Securities Act of 1933, as amended, or
any successor Federal statute, and the rules and regulations of the Commission
promulgated thereunder, all as the same shall be in effect from time to time.

               "Subsidiary" or "subsidiary" means, with respect to any Person,
any other Person of which more than fifty percent (50%) of the shares of stock
or other interests entitled to vote in the election of directors or comparable
Persons performing similar functions (excluding shares or other interests
entitled to vote only upon the failure to pay dividends thereon or other
contingencies) are at the time owned or controlled, directly or indirectly
through one or more Subsidiaries, by such Person. Unless the context otherwise
requires, the term "Subsidiary" means a Subsidiary of the Company.

               "Unfunded LC Portion" has the meaning set forth in Section
2.4(a).

1.2      Rules of Construction.

         The term this "Agreement" means this agreement together with all
schedules and exhibits hereto, as the same may from time to time be amended,
modified, supplemented or restated in accordance with the terms hereof. The use
in this Agreement of the term "including" means "including, without limitation."
The words "herein," "hereof," "hereunder" and other words of similar import
refer to this Agreement as a whole, and not to any particular section,
subsection, paragraph, subparagraph or clause contained in this Agreement. All
references to sections mean the sections of this Agreement except where
otherwise stated. The title of and the section and paragraph headings in this

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Agreement are for convenience of reference only and shall not govern or affect
the interpretation of any of the terms or provisions of this Agreement. The use
herein of the masculine, feminine or neuter forms shall also denote the other
forms, as in each case the context may require or permit. Where specific
language is used to clarify by example a general statement contained herein,
such specific language shall not be deemed to modify, limit or restrict in any
manner the construction of the general statement to which it relates. The
language used in this Agreement has been chosen by the parties to express their
mutual intent, and no rule of strict construction shall be applied against any
party. Unless expressly provided otherwise, the measure of a period of one month
or year for purposes of this Agreement shall be that date of the following month
or year corresponding to the starting date, provided that if no corresponding
date exists, the measure shall be that date of the following month or year
corresponding to the next day following the starting date. For example, one
month following February 18 is March 18, and one month following March 31 is May
1.

                                   ARTICLE II

                        PURCHASE AND SALE OF EQUITY UNITS

2.1      Reservation of Equity Units.

         At all times during the term of this Agreement, the Company will have
reserved for issuance a number of Securities comprising the Equity Units that is
greater than or equal to the sum of (a) the maximum number of Securities that
the Purchaser could be required to purchase hereunder and (b) the maximum number
of such Securities that, under all other agreements in effect at such time, the
Company could be required to issue at or after such time (determined without
giving effect to potential future increases in the number of Securities required
to be issued under such other agreements if the maximum amount of such increases
cannot be determined at the time of calculation).

2.2      Sale of Equity Units.

               (a)    Subject to the further provisions of this Section 2.2, if
a Trigger Event exists with respect to any fiscal quarter of the Company ending
on or before December 31, 2004, the Company shall as soon as practicable
following knowledge of such Trigger Event, but in no event later than 5 Business
Days prior to the applicable Delivery Day, notify the Purchaser of the
Compliance Amount and the Delivery Day Amount, if any, and the number of Equity
Units required to be issued by the Company and purchased by the Purchaser on the
applicable Delivery Day; provided that no failure or delay by the Company to
provide such notice to the Purchaser shall discharge the Purchaser's obligations
under this Agreement. The Purchaser will advise its general partner of each
Trigger Event promptly following the Purchaser's receipt of notice of such
Trigger Event from the Company, and will include in such notice a request that
such partner provide, or cause to be provided, to the Purchaser the cash
required by the Purchaser in order for the Purchaser to satisfy its obligations
under this Agreement with respect to such Trigger Event. On each Delivery Day on
which Equity Units are required to be issued and purchased, the Company shall
issue to the Purchaser, and the Purchaser

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shall purchase from the Company, a number of Equity Units equal to the quotient
obtained by dividing (x) the Delivery Day Amount by (y) 1,000.

               (b)    Notwithstanding anything to the contrary contained in this
Agreement, the maximum aggregate amount (the "Purchaser Maximum Amount") that
the Purchaser shall be required to pay under this Agreement in respect of the
purchase of Equity Units or the purchase of Participation Interests shall be
$25,000,000; provided, however, that the Purchaser Maximum Amount shall be
reduced by (i) the aggregate purchase price paid to the Administrative Agent (on
behalf of the Lenders) for Participation Interests purchased by Qualified Equity
Providers (other than the Purchaser) and (ii) the aggregate amount of all
Specified Equity Offering Proceeds received by the Company (including, without
limitation, Specified Equity Offering Proceeds paid by any Qualified Equity
Provider to the Company (or the Administrative Agent pursuant to Section 2.3) at
any Closing) other than pursuant to this Section 2.2, provided that such
Specified Equity Offering Proceeds have been designated as (or otherwise become)
Mandatory Equity Offering Proceeds. At no time shall the Purchaser have any
monetary obligation hereunder other than to purchase Equity Units and
Participation Interests in accordance with the terms hereof.

               (c)    The obligation of the Purchaser to purchase Equity Units
hereunder shall expire on the date (the "Expiration Date") that is the earlier
of (x) April 1, 2005; (y) the date (the "Cutoff Date") that is the later of (1)
91 days after the date on which all the Obligations (except for contingent
obligations and liabilities in respect of which no claim has been made against
the Company) have been paid in full, the Commitments have been terminated and
the LC Exposure has been reduced to zero, (2) if any payment by any Loan Party
was made in respect of the Obligations within 91 days prior to any bankruptcy or
similar proceeding in respect of such Loan Party, the date on which such
proceedings are completed, (3) 91 days after the date on which any Participation
Interest is purchased (or deemed purchased) pursuant to Section 2.4 and (4) if
any Participation Interest is purchased (or deemed purchased) pursuant to
Section 2.4 within 91 days prior to any bankruptcy or similar proceeding in
respect of any Loan Party, the date on which such proceedings are completed; and
(z) such other time that the Required Lenders agree in writing to release the
Purchaser from its obligations hereunder. Notwithstanding the foregoing, any
obligation to purchase Equity Units which arises prior to the Expiration Date
shall continue until such time as such obligation is satisfied in full.

2.3      Purchase Price.

               (a)    As payment for the Equity Units to be purchased by the
Purchaser from the Company at each Closing, the Purchaser shall pay to the
Company a price per Equity Unit equal to $1,000. All consideration payable
pursuant to this Section 2.3 shall be paid in cash by wire transfer of
immediately available funds to an account (the "Designated Account") designated
by the Administrative Agent. The Company acknowledges that payment of the
foregoing consideration to the Designated Account in accordance with the terms
hereof shall satisfy the obligations of the Purchaser to make payment of the
purchase price with respect to such Equity Units.

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               (b)    The Company agrees that the Designated Account will be an
account with the Administrative Agent in the name of the Administrative Agent
(for the benefit of the Lenders) and that all of the proceeds from the sale of
the Equity Units deposited in the Designated Account will be applied to prepay
Loans or cash collateralize Letters of Credit pursuant to Section 2.11(b) of the
Credit Agreement; provided that the portion of such proceeds that the Company
notifies the Administrative Agent would not, pursuant to the definition of the
term Net Proceeds, be required to be applied as aforesaid will be transferred by
the Administrative Agent to the Company.

2.4      Purchase of Participation Interests.

               (a)    In the event and on each occasion that any purchase of
Equity Units by the Purchaser from the Company (or any payment by the Purchaser
in connection with any such purchase) is required by the terms of this Agreement
to be made at a time when (i) any Default with respect to any event with respect
to the Company or the Mexico Borrower described in paragraph (h) or (i) of
Article VII of the Credit Agreement has occurred or (ii) such purchase or
contribution (or such payment) is prohibited by law or any injunction, decree or
similar legal restraint (a "Prohibited Contribution"), then at such time (such
time, the "Participation Purchase Time"), in lieu of effecting such Prohibited
Contribution, the Purchaser shall purchase for cash, at par (which, in the case
of undrawn Letters of Credit, will mean the undrawn face amount of such Letters
of Credit), an undivided participation in the Loans, LC Disbursements and
undrawn portion (the "Unfunded LC Portion") of the Letters of Credit (all such
participations, collectively, the "Participation Interest") outstanding at such
time, from the Lenders at such time for an aggregate purchase price equal to the
amount of such Prohibited Contribution; provided that all interest accrued in
respect of such Loans and LC Disbursements, and all participation fees accrued
in respect of such participations in Letters of Credit, under the Credit
Agreement prior to the purchase of such Participation Interest shall be for the
account of the Lenders from which such Participation Interest is acquired. Each
Participation Interest will be allocated on a pro rata basis to the Loans, LC
Disbursements and Unfunded LC Portion outstanding at the Participation Purchase
Time.

               (b)    The Purchaser shall pay the purchase price for each
purchase of a Participation Interest pursuant to this Section 2.4 on the date of
purchase by a wire transfer of immediately available funds directly to the
Administrative Agent (acting on behalf of the Lenders), into such account as the
Administrative Agent may specify, in the amount of the Prohibited Contribution
that gave rise to the Purchaser's obligation to acquire such Participation
Interest; provided that the portion, if any, of the purchase price for any
Participation Interest that relates to any Unfunded LC Portion shall be
deposited by the Administrative Agent into an account (the "LC Reserve Account")
with the Administrative Agent in the name of the Administrative Agent (and for
the benefit of the Lenders).

               (c)    The Purchaser's rights under each Participation Interest
(including in respect of any LC Disbursements subject to the Participation
Interest that are made in respect of the Unfunded LC Portion after the
Participation Purchase Time) will be fully

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subordinated to each Lender's retained interest in the Loans, LC Disbursements
and participations in Letters of Credit, and distributions in respect of such
Participation Interest will be made only after the Cutoff Date.

               (d)    On the date of any purchase of a Participation Interest,
the Purchaser will execute and deliver a participation agreement with respect to
such Participation Interest, in the standard form employed by the Administrative
Agent for loan participation agreements (modified to reflect the subordination
referred to above and to eliminate all voting rights of the participant
thereunder). Upon entering into such a participation agreement with respect to a
Participation Interest and making payment of the purchase price for such
Participation Interest as provided above, the Purchaser will be relieved of its
obligation hereunder to make the Prohibited Contribution that gave rise to the
Purchaser's obligation to acquire such Participation Interest.

               (e)    Unless otherwise agreed to by Revolving Lenders with LC
Exposure representing greater than 50% of the total LC Exposure, amounts held in
the LC Reserve Account will be released only as provided in this Section.

                      (i)    If at any time after the Participation Purchase
         Time there is a reduction in the LC Exposure (other than by reason of
         the Company's reimbursement of an LC Disbursement), then at such time
         (A) a portion of the Participation Interest that was allocated at the
         Participation Purchase Time to the Unfunded LC Portion equal in amount
         to the product (such product, the "Reallocation Amount") of (x) the
         quotient obtained by dividing (1) the amount of such reduction in the
         LC Exposure by (2) the amount of the Unfunded LC Portion at the
         Purchase Participation Time multiplied by (y) the aggregate amount of
         cash required to be deposited in the LC Reserve Account at the
         Participation Purchase Time will be reallocated on a pro rata basis to
         the Loans and LC Disbursements outstanding at such time and (B) an
         amount of cash deposited in the LC Reserve Account equal to the
         Reallocation Amount will be released to the Lenders pro rata based on
         the amount of Loans and LC Disbursements held by or owed to such
         Lenders, in satisfaction of the Purchaser's obligation to pay the
         purchase price for such reallocated Participation Interest.

                      (ii)   If at any time after the Participation Purchase
         Time any LC Disbursement is made, then at such time an amount of cash
         deposited in the LC Reserve Account equal in amount to the product of
         (x) the quotient obtained by dividing (1) the amount of such LC
         Disbursement by (2) the amount of the Unfunded LC Portion at the
         Participation Purchase Time multiplied by (y) the aggregate amount of
         cash required to be deposited in the LC Reserve Account at the
         Participation Purchase Time will be released to the Issuing Bank in
         satisfaction of the Purchaser's obligation pursuant to Section 2.05(d)
         of the Credit Agreement.

               (f)    Notwithstanding the foregoing, (i) if any purchase by the
Purchaser of a Participation Interest pursuant to this Section occurs prior to
the time when the maturity of the Loans has been accelerated in accordance with
Article VII of the Credit

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Agreement, such Participation Interest will not be allocated in accordance with
the second sentence of Section 2.4(a) at the Participation Purchase Time but
will instead be allocated at such time among the Loans, LC Disbursements and
Unfunded LC Portion that would have been prepaid and cash collateralized, as
applicable, if the applicable Prohibited Contribution had been made when
required pursuant to the Credit Agreement and the gross proceeds received by the
Company in respect of such Prohibited Contribution had been applied by the
Company in accordance with the second sentence of Section 2.11(b) of the Credit
Agreement, (ii) if any reallocation of any portion of a Participation Interest
is required pursuant to Section 2.4(e) at any time prior to the time when the
maturity of the Loans has been so accelerated, then such portion of such
Participation Interest will not be reallocated pro rata among the Loans and LC
Disbursements but will instead be reallocated among the Loans that would have
been prepaid if Net Proceeds in an amount equal to the amount of the
Participation Interest being reallocated had been applied by the Company to
prepay Term Loans pursuant to Section 2.11(b) of the Credit Agreement and (iii)
if any purchase by the Purchaser of a Participation Interest pursuant to this
Section occurs prior to the time when the Revolving Commitments have been
terminated, then (A) such Participation Interest will also include a
participation in the Revolving Commitments equal to the portion of the
Participation Interest allocated to the Revolving Loans, LC Disbursements and
Unfunded LC Portion at the Participation Purchase Time, (B) any payments in
respect of Revolving Loans or participations in Swingline Loans or LC
Disbursements subject to such Participation Interest to which the Purchaser
would be entitled will be held in a collateral account with the Administrative
Agent in the name of the Administrative Agent (for the benefit of the Lenders)
and (C) amounts so deposited in the collateral account referred to in clause (B)
above will be released to satisfy the obligations of the Purchaser to fund its
pro rata share of Revolving Loans and participations in Swingline Loans and
Letters of Credit based on the unfunded portion of such Participation Interest
in the Revolving Commitments from time to time; provided, however, that all
obligations of the Purchaser under or in respect of such participation in the
Revolving Commitments shall be deemed satisfied in full by the payment by the
Purchaser of the purchase price for the applicable Participation Interest.

2.5      Delivery and Execution of Agreement.

               This Agreement has been duly executed and delivered by the
Company.

                                  ARTICLE III

                                    CLOSINGS

3.1      Closings.

         Each closing (each, a "Closing") of the sale of Equity Units which
occurs from time to time pursuant to Section 2.2 shall take place on such date
as agreed to by the parties (but in no event later than the applicable Delivery
Day) at the offices of O'Melveny & Myers LLP at 30 Rockefeller Plaza, New York,
New York 10112, or such other place agreed to by the Company and the Purchaser.

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3.2      Closing Deliverables.

         At each Closing, (a) the Company shall deliver to the Purchaser one or
more certificates registered in the name of the Purchaser, representing, in the
aggregate, the Securities evidencing the Equity Units being purchased by the
Purchaser at such Closing and (b) the Purchaser shall deliver to the Company the
purchase price (calculated and payable in accordance with Section 2.3) for the
Equity Units being purchased by the Purchaser at such Closing.

                                   ARTICLE IV

                 REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

               The Purchaser represents and warrants, as of the date hereof, as
set forth below.

4.1      Organization Etc.

         The Purchaser has been duly formed and is validly existing and is in
good standing under the laws of its jurisdiction of formation, is duly qualified
to do business and is in good standing in each jurisdiction in which its
ownership or lease of property or the conduct of its businesses requires such
qualification, and has all power and authority necessary to own or hold its
properties and to conduct the businesses in which it is engaged, except in each
case where the failure to so qualify or have such power or authority could not
reasonably be expected to adversely affect the ability of the Purchaser to
perform its obligations under Section 2.2, 2.3 or 2.4 or any other material
obligations under this Agreement.

4.2      Authorization of the Documents.

         The Purchaser has all requisite power and authority to execute, deliver
and perform this Agreement and the transactions contemplated hereby, and the
execution, delivery and performance by the Purchaser of this Agreement have been
duly authorized by all requisite action by the Purchaser and its partners. This
Agreement has been duly executed and delivered by the Purchaser and this
Agreement constitutes a valid and binding obligation of the Purchaser,
enforceable against the Purchaser in accordance with its terms, subject to
applicable bankruptcy, insolvency, reorganization, fraudulent conveyance,
moratorium or other similar laws and subject to general principles of equity.

4.3      No Conflict; Consents.

         The execution, delivery and performance by the Purchaser of this
Agreement and the consummation of the transactions contemplated hereby will not
(a) result in any violation of the provisions of the Fundamental Documents of
the Purchaser; (b) except as could not reasonably be expected to adversely
affect the ability of the Purchaser to perform its obligations under Section
2.2, 2.3 or 2.4 or any other material obligations under this Agreement (i)
conflict with or result in a breach or violation of any of the terms or
provisions of, or constitute a default under, or result in the creation or
imposition

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of any lien upon any property or assets of the Purchaser pursuant to, any
material indenture, mortgage, deed of trust, loan agreement or other material
agreement or instrument to which the Purchaser is a party or by which the
Purchaser is bound or to which any of the property or assets of the Purchaser is
subject or (ii) result in any violation of any statute or any judgment, order,
decree, rule or regulation of any court or arbitrator or governmental agency or
body having jurisdiction over the Purchaser; or (c) require the consent,
approval, authorization or order of, or filing or registration with, any such
court or arbitrator or governmental agency or body under any such statute,
judgment, order, decree, rule or regulation is required for the execution,
delivery and performance by the Purchaser of this Agreement and the consummation
of the transactions contemplated by hereby, except for such consents, approvals,
authorizations, filings, registrations or qualifications (i) which shall have
been obtained or made on or prior to the date hereof, and (ii) as may be
required under state or foreign securities and blue sky laws and the rules and
regulations of the National Association of Securities Dealers, Inc.

4.4      Litigation.

         There are no legal or governmental proceedings pending to which the
Purchaser is a party or of which any of its property or assets is the subject
which question the validity or enforceability of this Agreement or any action
taken or to be taken pursuant hereto; and to the knowledge of the Purchaser, no
such proceedings are threatened or contemplated by governmental authorities or
threatened by others.

                                   ARTICLE V

                              CONDITIONS TO CLOSING

5.1      Conditions to Purchaser's Obligations.

         The obligation of the Purchaser to purchase and pay for Equity Units to
be purchased hereunder at each Closing occurring prior to the Expiration Date is
subject to the occurrence of a Trigger Event with respect to the fiscal quarter
ending immediately prior to the date of such Closing.

5.2      Conditions to the Company's Obligations.

         The obligation of the Company to issue the Equity Units to the
Purchaser at each Closing is subject to payment by the Purchaser of the
consideration set forth in Section 2.3 in accordance with the terms thereof.

5.3      No Conditions to Certain Obligations.

         Notwithstanding the provisions of Sections 5.1 and 5.2 or any other
provision herein, the Company expressly acknowledges and agrees that its
obligation under Section 2.2(a) to issue the Equity Units, and the Purchaser
expressly acknowledges and agrees that its obligations under Section 2.2(a) to
acquire and pay the purchase price for the Equity Units (and its obligations
under Section 2.4 to acquire and pay the purchase price

                                       11

<PAGE>

for Participation Interests), in each case from time to time upon the occurrence
of a Trigger Event shall be absolute and unconditional in any and all
circumstances, notwithstanding the breach by any party hereto of this Agreement
or any other agreement between the parties hereto (including any failure by the
Company to deliver certificates evidencing the Equity Units purchased by the
Purchaser in accordance with Section 3.2) and notwithstanding any acceleration
of Loans or termination of Commitments under the Credit Agreement (but
nevertheless subject to Section 2.2(c)) or any bankruptcy, reorganization,
liquidation, insolvency or similar proceeding instituted by or against the
Company; provided, however, that the foregoing shall not relieve the Company
from any obligations it may have to the Purchaser hereunder or under any other
agreement.

                                   ARTICLE VI

                                  MISCELLANEOUS

6.1      Information.

         The Purchaser assumes all responsibility for being and keeping itself
informed of the Company's and its subsidiaries' financial condition and assets,
and of all other circumstances bearing upon the risk of nonpayment of the Loans
and the nature, scope and extent of the risks that the Purchaser assumes and
incurs hereunder, and agrees that none of the Administrative Agent, the
Syndication Agent or the Lenders will have any duty to advise the Purchaser of
information known to it or any of them regarding such circumstances or risks.

6.2      Specific Performance; Remedies.

         Damages in the event of breach of this Agreement by either party hereto
would be difficult, if not impossible, to ascertain, and it is therefore agreed
that each party hereto, in addition to and without limiting any other remedy or
right it may have, will have the right to an injunction or other equitable
relief in any court of competent jurisdiction, enjoining any such breach, and
enforcing specifically the terms and provisions hereof, and each party hereto
hereby waives any and all defenses it may have on the ground of lack of
jurisdiction or competence of the court to grant such an injunction or other
equitable relief. The existence of this right to specific performance will not
preclude any party hereto from pursuing any other rights and remedies at law or
in equity which the such party may have.

6.3      Successors and Assigns.

               (a)    This Agreement shall bind and inure to the benefit of the
Company and the Purchaser and their respective successors, permitted assigns,
heirs and personal representatives; provided, however, that (i) the Company
shall not be permitted to assign its rights or obligations hereunder without the
prior written consent of the Required Lenders and the Purchaser and (ii) except
as set forth in Section 6.3(b), the Purchaser shall not be permitted to assign
its obligations hereunder without the prior written consent of the Required
Lenders.

                                       12

<PAGE>

               (b)    The Purchaser shall be permitted to assign its rights to
receive the Equity Units at any Closing to any Qualified Equity Provider. No
assignment by the Purchaser of its right to receive any Equity Units at any
Closing shall relieve the Purchaser of its obligations hereunder.

               (c)    Notwithstanding anything herein to the contrary, the
Company shall be entitled to grant to the Administrative Agent, for the benefit
of the Secured Parties, a security interest in the Company's rights hereunder.

6.4      Notices.

               (a)    All notices, claims, requests, demands or other
communications which are required or otherwise delivered hereunder shall be
deemed to be sufficient and duly given if contained in a written instrument (i)
personally delivered or sent by telecopier, (ii) sent by nationally-recognized
overnight courier guaranteeing next Business Day delivery or (iii) sent by first
class, registered or certified mail, postage prepaid, return receipt requested,
addressed as follows:

                      (i)    if to the Company, to:

                             Pliant Corporation
                             1475 Woodfield Road, Suite 700
                             Schaumburg, Illinois 60173
                             Attention: Jack E. Knott
                                        Michael Annes
                             Telephone No.:  (847) 969-3330
                             Telecopier No.: (847) 969-3338

                             with a copy to:

                             Stoel Rives LLP
                             One Utah Center
                             201 S. Main Street, Suite 1100
                             Salt Lake City, Utah 84111-4904
                             Attention: Ronald G. Moffitt
                             Telephone No.:  (818) 578-6966
                             Telecopier No.: (801) 578-6999

                             and

                             Deutsche Bank Trust Company Americas
                             222 S. Riverside Plaza
                             MS CH105-2900
                             Chicago, Illinois 60606
                             Attention: Marla Brefka Heller
                             Telephone No.:  (312) 537-4231
                             Telecopier No.: (312) 537-1324

                                       13

<PAGE>

                      (ii)   if to the Purchaser, to:

                             JP Morgan Partners (BHCA), L.P.
                             c/o J.P. Morgan Partners, LLC
                             1221 Avenue of the Americas, 40th Floor
                             New York, New York  10020-1080
                             Attention: Official Notices Clerk
                             Telephone No.:  (212) 899-3400
                             Telecopier No.: (212) 899-3401

                             with copies to:

                             O'Melveny & Myers LLP
                             30 Rockefeller Plaza, 24th Floor
                             New York, New York  10112
                             Attention: Ilan S. Nissan
                             Telephone No.:  (212) 408-2400
                             Telecopier No.: (212) 728-5950

                             and

                             Deutsche Bank Trust Company Americas
                             222 S. Riverside Plaza
                             MS CH105-2900
                             Chicago, Illinois 60606
                             Attention: Marla Brefka Heller
                             Telephone No.:  (312) 537-4231
                             Telecopier No.: (312) 537-1324

               (b)    Any notice, demand or request so delivered shall
constitute valid notice under this Agreement and shall be deemed to have been
received (i) on the day of actual delivery in the case of personal delivery, if
delivered on a Business Day (otherwise on the next Business Day), (ii) on the
next Business Day after the date when sent in the case of delivery by
nationally-recognized overnight courier, (iii) on the fifth Business Day after
the date of deposit in the U.S. mail in the case of mailing or (iv) upon receipt
in the case of a telecopier transmission if received on a Business Day
(otherwise on the next Business Day). Any party hereto may from time to time by
notice in writing served upon the other as aforesaid designate a different
mailing address or a different Person to which all such notices, demands or
requests thereafter are to be addressed; provided that no such change with
respect to the Administrative Agent will be made unless directed by the
Administrative Agent.

                                       14

<PAGE>

6.5      Amendments, Modifications and Waivers.

               (a)    The terms and provisions of this Agreement may not be
modified or amended, nor may any of the provisions hereof be waived, temporarily
or permanently, except pursuant to a written instrument executed by the Company,
the Purchaser and, only to the extent that such modification, amendment or
waiver is adverse to the interests of the Lenders, the Required Lenders (or the
Administrative Agent with the consent of the Required Lenders).

               (b)    No waiver by any party shall operate or be construed as a
waiver of any subsequent breach by any other party.

6.6      Governing Law.

         THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO PRINCIPLES OF
CONFLICTS OF LAWS EXCEPT TO THE EXTENT THAT THE NEW YORK CONFLICTS OF LAWS
PRINCIPLES WOULD APPLY THE APPLICABLE LAWS OF THE STATE OF THE COMPANY'S
ORGANIZATION TO INTERNAL MATTERS RELATING TO ENTITIES SUCH AS THE COMPANY
ORGANIZED THEREUNDER).

6.7      Third Party Reliance.

               (a)    Except as provided in Section 6.7(b), no third party
(including, without limitation, any holder of Securities of the Company) or
anyone acting on behalf of any thereof shall be a third party or other
beneficiary of this Agreement.

               (b)    The parties hereto acknowledge and agree that their
respective obligations pursuant to this Agreement, and the representations and
warranties contained in this Agreement, as applicable, were an inducement for
the Lenders to enter into the Credit Agreement Amendment and that the
Administrative Agent (for and on behalf of the Lenders) shall be entitled to
enforce such obligations, including to compel specific performance, and to rely
on such representations and warranties, in each case as a third party
beneficiary. The provisions of this Agreement inure to the benefit of the
Administrative Agent, the Syndication Agent and the Lenders (including any
Person that hereafter becomes a Lender under the Credit Agreement and any
successor Administrative Agent or Syndication Agent under the Credit Agreement).

6.8      Nature of Liability; Independent Obligation.

         The Purchaser agrees that this Agreement may be enforced by the
Administrative Agent without the necessity at any time of resorting to or
exhausting any proceedings or actions under the Credit Agreement or any other
Loan Document or otherwise, or resorting to any other guarantees or attempting
first to collect any Obligations (or to enforce the performance of any such
Obligations) of the Company or any other Loan Party. The Purchaser hereby waives
the right to require the Administrative Agent to join the Company or any other
Loan Party in any action brought hereunder or to commence

                                       15

<PAGE>

any action against or obtain any judgment against the Company or any other Loan
Party or to pursue any other remedy or enforce any other right. To the extent
permitted by applicable law, the Purchaser further agrees that nothing contained
herein or otherwise shall prevent the Administrative Agent or any Lender from
pursuing concurrently or successively all rights and remedies available to the
Administrative Agent or any Lender at law and/or in equity, hereunder or under
the other Loan Documents, and the exercise of any of its rights or the
completion of any of its remedies shall not constitute a discharge of any of the
Purchaser's obligations hereunder, it being the purpose and intent of the
Purchaser that, except as expressly provided herein, its obligations hereunder
shall be absolute, independent and unconditional under any and all circumstances
whatsoever without regard to the validity, regularity or enforceability of the
Credit Agreement or any other Loan Document. Neither the Purchaser's obligations
under this Agreement nor any remedy for the enforcement thereof shall be
impaired, modified, changed or released in any manner whatsoever by any
impairment, modification, change, release or limitation of the liability of any
Loan Party under the Credit Agreement or any other Loan Document or by reason of
the Purchaser's or any Loan Party's bankruptcy or by reason of any creditor or
bankruptcy proceeding instituted by or against the Purchaser or any Loan Party.

6.9      Submission to Jurisdiction.

         Any legal action or proceeding with respect to this Agreement may be
brought in the courts of the State of New York and the United States of America
for the Southern District of New York and, by execution and delivery of this
Agreement, each of the Company and the Purchaser hereby accepts for itself and
in respect of its property, generally and unconditionally, the jurisdiction of
the aforesaid courts. Each of the Company and the Purchaser hereby irrevocably
waives, in connection with any such action or proceeding, any objection,
including, without limitation, any objection to the venue or based on the
grounds of forum non conveniens, which it may now or hereafter have to the
bringing of any such action or proceeding in such respective jurisdictions. Each
of the Company and the Purchaser hereby irrevocably consents to the service of
process of any of the aforementioned courts in any such action or proceeding by
the mailing of copies thereof by registered or certified mail, postage prepaid,
to it at its address as set forth herein. Nothing herein shall affect the right
of any party hereto or any specifically designated third party beneficiary
hereunder to serve process in any other manner permitted by law or to commence
legal proceedings or otherwise proceed against any other party hereto in any
other jurisdiction.

6.10     Severability.

         It is the desire and intent of the parties that the provisions of this
Agreement be enforced to the fullest extent permissible under the law and public
policies applied in each jurisdiction in which enforcement is sought.
Accordingly, in the event that any provision of this Agreement would be held in
any jurisdiction to be invalid, prohibited or unenforceable for any reason, such
provision, as to such jurisdiction, shall be ineffective, without invalidating
the remaining provisions of this Agreement or affecting the validity or
enforceability of such provision in any jurisdiction. Notwithstanding the
foregoing, if

                                       16

<PAGE>

such provision could be more narrowly drawn so as not be invalid, prohibited or
unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so
narrowly drawn, without invalidating the remaining provisions of this Agreement
or affecting the validity or enforceability of such provision in any other
jurisdiction.

6.11     Survival of Representation, Warranties, Etc.

         The representations, warranties, covenants and agreements contained in
this Agreement or any other instrument delivered pursuant to this Agreement
shall survive indefinitely. Notwithstanding the foregoing, the Purchaser hereby
acknowledges and agrees that, until the date that is the later of (a) 91 days
after the payment in full of all the Obligations(except contingent obligations
and liabilities in respect of which no claim has been made against the Company),
the termination of the Commitments and the reduction of the LC Exposure to zero
and (b) if any payment by any Loan Party was made in respect of the Obligations
within 91 days prior to any bankruptcy or similar proceeding in respect of such
Loan Party, the date on which such proceedings are completed, neither the
Purchaser nor any of its Affiliates shall be entitled to exercise or attempt to
exercise any rights or remedies against the Company whatsoever arising from any
breach by the Company of its agreements or representations and warranties
hereunder or under any other instrument delivered pursuant to this Agreement,
except for any exercise of rights or remedies solely for damages payable in the
form of Equity Units.

6.12     Counterparts; Facsimile Signatures.

         This Agreement may be executed in any number of counterparts, and each
such counterpart hereof shall be deemed to be an original instrument, but all
such counterparts together shall constitute but one agreement. Facsimile
counterpart signatures to this Agreement shall be acceptable and binding.

6.13     Loan Document.

         The Purchaser acknowledges receipt of a copy of the Credit Agreement
and agrees that this Agreement shall constitute a Loan Document for all purposes
(other than Section 9.02 of the Credit Agreement).

6.14     Inconsistencies with Other Agreements.

         In the event of any conflict or inconsistency between the terms of this
Agreement and the terms of (a) the Securities Purchase Agreement dated as of the
date hereof among the Company, the Purchaser, the Initial Purchasers identified
on Schedule I thereto and the Additional Purchasers signatory thereto from time
to time or (b) any other agreement to which the Company and the Purchaser are
parties, with respect to the Administrative Agent (for the benefit of the
Lenders) only, the terms of this Agreement shall govern.

                                     * * * *

                                       17

<PAGE>

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

                                       PLIANT CORPORATION

                                       By: /s/ Brian E. Johnson
                                           -------------------------------------
                                           Name:  Brian E. Johnson
                                           Title: Executive Vice President and
                                                  Chief Financial Officer

                                       J.P. MORGAN PARTNERS (BHCA), L.P.

                                       By:  JPMP Master Fund Manager, L.P.,
                                            its General Partner

                                       By:  JPMP Capital Corp.,
                                            its General Partner

                                       By: /s/ Timothy Walsh
                                           -------------------------------------
                                           Name:
                                           Title:<PAGE>

                                                                   Exhibit 10.22

                                                                  CONFORMED COPY

                                    AMENDMENT No. 5 dated as of March 24, 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, and Amendment No. 4 thereto dated as of
                         September 30, 2002, 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)    "Amendment No. 5" means Amendment No. 5 dated as of March
         24, 2003, to this Agreement.

               (ii)   "Cash Amount" has the meaning assigned to such term in
         Section 2.11(h).

               (iii)  "Delivery Day" has the meaning set forth in Section 5.15.

               (iv)   "Eligible Voluntary Offering Proceeds" has the meaning set
         forth in the definition of "Voluntary Equity Offering Proceeds".

               (v)    "Equity Purchaser" means J.P. Morgan Partners (BHCA), L.P.

<PAGE>

                                                                               2

               (vi)   "Initial Equity Offering Proceeds" means the $10,000,000
         of gross proceeds that are received by or on behalf of the Borrower or
         any Subsidiary in respect of Specified Equity Offerings as a condition
         to the effectiveness of Amendment No. 5.

               (vii)  "Mandatory Equity Offering Proceeds" means the first
         $25,000,000 of Net Proceeds (other than Initial Equity Offering
         Proceeds, Voluntary Equity Offering Proceeds and Net Proceeds that are
         or will be applied in accordance with clause (v) of Section 6.09(a))
         received by or on behalf of the Borrower or any Subsidiary in respect
         of Specified Equity Offerings. Without limiting the generality of the
         foregoing, any Eligible Voluntary Offering Proceeds that are deemed to
         be Voluntary Equity Offering Proceeds pursuant to clause (a) of the
         proviso in the definition of "Voluntary Equity Offering Proceeds" shall
         become Mandatory Equity Offering Proceeds on the earlier of (a) the
         date on which such Eligible Voluntary Offering Proceeds are designated
         as Mandatory Equity Offering Proceeds by the Borrower or (b) the
         Delivery Day with respect to the fiscal quarter of the Borrower in
         which such Eligible Voluntary Offering Proceeds are received by the
         Borrower, if the Borrower does not affirmatively designate such
         Eligible Voluntary Offering Proceeds as Voluntary Equity Offering
         Proceeds on or before such Delivery Day.

               (viii) "Qualified Equity Provider" means any Person other than
         the Borrower or one of the Subsidiaries.

               (ix)   "Purchase Agreement" means the purchase agreement between
         Pliant Corporation and J.P. Morgan Partners (BHCA), L.P. referred to in
         clause (e)(i) of Section 13 of Amendment No. 5 dated as of March 24,
         2003, to this Agreement.

               (x)    "Specified Equity Offering" means an issuance by the
         Borrower of (a) common stock, (b) Qualified Preferred Stock, (c)
         warrants to acquire common stock or Qualified Preferred Stock or (d)
         any combination of securities referred to in clauses (a), (b) and (c)
         above to, or the receipt by the Borrower of common capital
         contributions or capital contributions made in respect of Qualified
         Preferred Stock from, a Qualified Equity Provider, in each case after
         March 1, 2003.

               (xi)   "Specified Equity Offering Proceeds" means (a) Initial
         Equity Offering Proceeds, (b) Voluntary Equity Offering Proceeds and
         (c) Mandatory Equity Offering Proceeds.

               (xii)  "Target Senior Leverage Ratio" means, with respect to any
         date, the ratio set forth opposite such date in the following table:

<PAGE>

                                                                               3

               Period                                        Ratio

               March 31, 2003                                3.90  to 1.00
               June 30, 2003                                 3.95  to 1.00
               September 30, 2003                            3.75  to 1.00
               December 31, 2003                             3.50  to 1.00
               March 31, 2004                                3.40  to 1.00
               June 30, 2004                                 3.35  to 1.00
               September 30, 2004                            3.15  to 1.00
               December 31, 2004                             3.00  to 1.00

               (xiii) "Trigger Event" means, with respect to the last day of any
         fiscal quarter of the Borrower ending on or before December 31, 2004,
         that (a) the Leverage Ratio as of such day is not in compliance with
         Section 6.14 or (b) the Senior Debt Leverage Ratio as of such day
         exceeds the Target Senior Leverage Ratio with respect to such day.

               (xiv)  "Voluntary Equity Offering Proceeds" means any portion of
         the first $40,000,000 of Net Proceeds (other than Initial Equity
         Offering Proceeds and Net Proceeds that are or will be applied in
         accordance with clause (v) of Section 6.09(a)) received by or on behalf
         of the Borrower or any Subsidiary on or before December 31, 2004, in
         respect of Specified Equity Offerings (such $40,000,000 of Net
         Proceeds, "Eligible Voluntary Offering Proceeds") that the Borrower
         designates, by written notice to the Administrative Agent on or before
         the Delivery Day with respect to the fiscal quarter of the Borrower in
         which such Net Proceeds are received, as "Voluntary Equity Offering
         Proceeds"; provided, that (a) subject to the limitation in clause (b)
         below, all Eligible Voluntary Offering Proceeds shall be deemed to be
         Voluntary Equity Offering Proceeds from and including the date of
         receipt by the Borrower of such Eligible Voluntary Offering Proceeds to
         but excluding such Delivery Day, except to the extent that the Borrower
         designates, by written notice to the Administrative Agent before such
         Delivery Day, such Eligible Voluntary Offering Proceeds to be Mandatory
         Equity Offering Proceeds, (b) at any time, the aggregate amount of
         Eligible Voluntary Offering Proceeds designated or deemed to be
         designated as Voluntary Equity Offering Proceeds at or prior to such
         time that did not become Mandatory Equity Offering Proceeds at or prior
         to such time may not exceed $15,000,000 and (c) the amount of Voluntary
         Equity Offering Proceeds so designated by the Borrower or deemed so
         designated at any time shall be at least $1,000,000. Notwithstanding
         anything herein to the contrary, any Eligible Voluntary Offering
         Proceeds that, pursuant to the foregoing provisions of this definition,
         would otherwise constitute Voluntary Equity Offering Proceeds will be
         deemed, on the Delivery Day immediately following the date such
         Eligible Voluntary Offering Proceeds are received, instead to
         constitute Mandatory Equity Offering Proceeds

<PAGE>

                                                                               4

         unless, on such Delivery Day (after giving effect to the issuance of
         Securities (as defined in the Purchase Agreement) by the Borrower that
         resulted in such Eligible Voluntary Offering Proceeds), there are
         authorized and reserved for issuance by the Borrower a number of
         Securities comprising the Equity Units (as defined in the Purchase
         Agreement) that is greater than or equal to the sum of (a) the maximum
         number of Securities that the Equity Purchaser could be required to
         purchase under the Purchase Agreement at or after such time and (b) the
         maximum number of such Securities that, under all other agreements in
         effect at such time, the Borrower could be required to issue at or
         after such time (determined without giving effect to potential future
         increases in the number of Securities required to be issued under such
         other agreements if the maximum amount of such increases cannot be
         determined at the time of calculation).

               (b) Section 1.01 of the Credit Agreement is hereby amended by
replacing in its entirety the table set forth in the definition of "Applicable
Rate" with the following:

<TABLE>
<CAPTION>
========================================================================================================
            Leverage Ratio                 ABR Spread        Eurodollar Spread     Commitment Fee Rate
            --------------                 ----------        -----------------     -------------------
--------------------------------------------------------------------------------------------------------
<S>                                            <C>                  <C>                    <C>
              Category 1
              ----------
 Greater than or equal to 5.50 to 1.00         3.00%                4.00%                  0.750%
--------------------------------------------------------------------------------------------------------
              Category 2
          Less than 5.50 to 1
 but greater than or equal to 5.00 to          3.00%                4.00%
                 1.00                                                                      0.625%
--------------------------------------------------------------------------------------------------------
              Category 3                       2.50%                3.50%                  0.500%
              ----------
        Less than 5.00 to 1.00
 but greater than or equal to 4.25 to
                 1.00
--------------------------------------------------------------------------------------------------------
              Category 4                       2.25%                3.25%                  0.500%
              ----------
        Less than 4.25 to 1.00
========================================================================================================
</TABLE>

               (c) The first sentence of the definition of "Consolidated EBITDA"
in Section 1.01 of the Credit Agreement is hereby amended by (a) replacing the
word "and" immediately before clause (h) of such sentence with the text ",", (b)
deleting the text "," immediately following the text "Transactions and Permitted
Acquisitions" in clause (h) of such sentence, and (c) inserting the following
text "and (i) except for purposes of determining the Applicable Rate and Tranche
B Rate, up to $5,000,000 in the aggregate of charges taken on or before
September 30, 2003, in connection with (i) the termination or modification prior
to their scheduled expiration of leases by the Borrower or a Restricted
Subsidiary of properties located in North America or (ii) the termination or
modification of subleases by third party tenants of such properties or the
breach by such tenants of such subleases" immediately after the text "(h) all
non-recurring transaction and financing expenses resulting from the Transactions
and Permitted Acquisitions".

<PAGE>

                                                                               5

               (d) The definition of "Total Debt" in Section 1.01 of the Credit
Agreement is hereby amended by inserting the following text "minus the sum of
(c) except for purposes of determining the Applicable Rate and Tranche B Rate,
the amount of Specified Equity Offering Proceeds received by the Borrower after
such date of determination and on or before the Delivery Day with respect to the
fiscal quarter or fiscal year of the Borrower ended on such date of
determination pursuant to Section 5.15 that have been applied to prepay Loans
(or cash collateralize Letters of Credit) in accordance with Section 2.11(b) and
(d) except for purposes of determining the Applicable Rate and Tranche B Rate,
the aggregate amount of cash held as of such date in a cash collateral account
pursuant to clause (y) of the proviso to clause (i) of the second sentence of
Section 2.11(b) or clause (iii) of the proviso to the third sentence of Section
2.11(b)" after the text "(b) all Securitization Obligations of the Borrower or
any Receivables Finance Sub" in the definition of "Total Debt".

               (e) Section 1.01 of the Credit Agreement is hereby amended by
amending and restating the definition of "Tranche B Rate" in its entirety as
follows:

               "Tranche B Rate" means (a) if the Leverage Ratio is greater than
or equal to 4.25 to 1.00 (i) 4.75% per annum, in the case of a Eurodollar Loan,
and (ii) 3.75% per annum, in the case of an ABR Loan, or (b) if the Leverage
Ratio is less than 4.25 to 1.00 (i) 4.50% per annum, in the case of a Eurodollar
Loan, and (ii) 3.50% per annum, in the case of an ABR Loan.

               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 Specified Equity Offering Proceeds, be applied, first, to
         reduce the next two 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 such next two scheduled repayments 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 ratably

               SECTION 3. Amendments to Section 2.11. (a) Section 2.11(b) of the
Credit Agreement is hereby amended and restated in its entirety as follows:

               (b) 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 the 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

<PAGE>

                                                                               6

         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
         and on each occasion that any Mandatory Equity Offering Proceeds are
         received by or on behalf of the Borrower or any Subsidiary, except as
         provided in the penultimate sentence of this paragraph (b), the
         Borrower and the Mexico Borrower, as applicable, shall, on the Business
         Day on which such Mandatory Equity Offering Proceeds are received,
         prepay (i) if such Mandatory Equity Offering Proceeds are received
         either (A) pursuant to a Specified Equity Offering that was required
         pursuant to Section 5.15 with respect to any fiscal quarter of the
         Borrower ending on or before December 31, 2003, or (B) at any time on
         or prior to December 31, 2003 ("2003 Proceeds"), (A) Revolving
         Borrowings in an aggregate amount equal to 50% of the amount of such
         Mandatory Equity Offering Proceeds (such 50%, the "Revolving Portion")
         and (B) Term Borrowings in an aggregate amount equal to 50% of the
         amount of such Mandatory Equity Offering Proceeds; provided, that if
         the Revolving Portion exceeds the aggregate principal amount of
         Revolving Borrowings outstanding immediately prior to such prepayment,
         then such excess of the Revolving Portion shall instead be applied to
         (w) first, prepay the Swingline Loans until all outstanding Swingline
         Loans have been prepaid, (x) second, reimburse any outstanding LC
         Disbursements, (y) third, cash collateralize the Letters of Credit by
         depositing the remainder of such excess in an account with the
         Administrative Agent, in the name of the Administrative Agent and for
         the benefit of the Lenders, until all outstanding Letters of Credit
         have been so cash collateralized and (z) fourth, prepay Term
         Borrowings, or (ii) if such Mandatory Equity Offering Proceeds are not
         2003 Proceeds, Term Borrowings in an aggregate amount equal to the
         entire amount of such Mandatory Equity Offering Proceeds. In the event
         and on each occasion that any Voluntary Equity Offering Proceeds are
         received by or on behalf of the Borrower or any Subsidiary, the
         Borrower shall on the Business Day on which such Voluntary Equity
         Offering Proceeds are received, prepay Revolving Borrowings in an
         aggregate amount equal to the entire amount of such Voluntary Equity
         Offering Proceeds; provided that if the amount of such Voluntary Equity
         Offering Proceeds exceeds the aggregate principal amount of Revolving
         Borrowings outstanding immediately prior to such prepayment, then the
         excess of such Voluntary Equity Offering Proceeds shall instead be
         applied to (i) first, prepay the Swingline Loans until all outstanding
         Swingline Loans have been prepaid, (ii) second, reimburse any
         outstanding LC Disbursements, (iii) third, cash collateralize the
         Letters of Credit by depositing the remainder of such excess in an
         account with the Administrative Agent, in the name of the
         Administrative Agent and for the benefit of the Lenders, until all
         outstanding Letters of Credit have been so cash collateralized and (iv)
         fourth, prepay Term Borrowings. In the event and on each occasion that
         any Eligible Voluntary Offering Proceeds that were designated by the
         Borrower (or deemed to be so designated) as Voluntary Equity Offering
         Proceeds become Mandatory Equity Offering Proceeds, the Borrower and
         the Mexico Borrower, as

<PAGE>

                                                                               7

         applicable, shall, on the Business Day on which such Voluntary Equity
         Offering Proceeds become Mandatory Equity Offering Proceeds, prepay
         Term Borrowings in an aggregate amount equal to (i) if either (A) such
         Mandatory Equity Offering Proceeds are needed to satisfy a requirement
         pursuant to Section 5.15 with respect to any fiscal quarter of the
         Borrower ending on or before December 31, 2003, or (B) such Mandatory
         Equity Offering Proceeds become Mandatory Equity Offering Proceeds on
         or prior to December 31, 2003 ("Converted 2003 Proceeds"), 50% of the
         amount of such Mandatory Equity Offering Proceeds or (ii) if such
         Mandatory Equity Offering Proceeds are not Converted 2003 Proceeds,
         100% of the amount of such Mandatory Equity Offering Proceeds. If, at
         any time, the aggregate amount of cash held as cash collateral pursuant
         to clause (y) of the proviso to clause (i) of the second sentence of
         this Section or clause (ii) of the proviso to the third sentence of
         this Section exceeds the LC Exposure at such time, then such excess
         cash shall be released to the Borrower.

               (b) Section 2.11(e)(ii) of the Credit Agreement is hereby amended
by inserting the text "(other than Specified Equity Offering Proceeds)" after
the text "the Borrower intends to utilize all or a specified portion of the Net
Proceeds of such Prepayment Event" in such section.

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

               The Borrower (or, in the case of prepayment of a Mexico Term
         Borrowing, the Mexico Borrower) shall notify the Administrative Agent
         (and, in the case of prepayment of a Swingline Loan, the Swingline
         Lender) by telephone (confirmed by telecopy) of any prepayment
         hereunder (i) in the case of prepayment of a Eurodollar Borrowing, not
         later than 11:00 a.m., New York City time, three Business Days before
         the date of prepayment, (ii) in the case of prepayment of an ABR
         Borrowing, not later than 11:00 a.m., New York City time, one Business
         Day before the date of prepayment or (iii) in the case of prepayment of
         a Swingline Loan, not later than 12:00 noon, New York City time, on the
         date of prepayment; provided that any notice of a prepayment given by
         the Borrower in connection with a prepayment pursuant to Section
         2.11(h) need only be given as early as practicable and in any event not
         later than the date of such prepayment.

               (d) Section 2.11 of the Credit Agreement is hereby amended by
adding the following as Section 2.11(h):

               (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

<PAGE>

                                                                               8

         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 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 Section 4.02. Section 4.02 of the Credit
Agreement is hereby amended by adding the following as Section 4.02(c):

               (c) At the time of the Borrowing Request with respect to such
         Borrowing, the amount that the Borrower reasonably and in good faith
         estimates will be the Cash Amount at 3:00 p.m., New York City time, on
         the requested date of such Borrowing (after giving effect to such
         Borrowing) shall not exceed $5,000,000, and such Borrowing Request
         shall contain a statement to that effect and to the effect that the
         Borrower reasonably and in good faith expects to be in compliance with
         Section 6.17 as of the date of such Borrowing.

               SECTION 5. Amendment to Article V. Article V of the Credit
Agreement is hereby amended by adding the following as Section 5.15:

               SECTION 5.15. Trigger Events. If, on any day (the "Delivery Day")
         on which the Borrower is required to deliver financial statements
         pursuant to Section 5.01(a) or (b) with respect to any fiscal quarter
         or fiscal year of the Borrower ending on or before December 31, 2004,
         any Trigger Event shall have occurred with respect to the last day of
         such fiscal quarter or fiscal year, then on or before the Delivery Day,
         the Borrower shall obtain cash pursuant to a Specified Equity Offering
         in an amount equal to the "Compliance Amount" at such time and apply
         such cash to prepay the Loans in accordance with the second sentence of
         Section 2.11(b); provided that the Borrower shall not be required to
         obtain cash pursuant to Specified Equity Offerings pursuant to this
         Section at any time to the extent that, as a result of doing so, the
         aggregate amount of cash obtained by the Borrower pursuant to Specified
         Equity Offerings (other than cash that constitutes Initial Equity
         Offering Proceeds or Voluntary Equity Offering Proceeds) would exceed
         $25,000,000. 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) the greater of
         (i) 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

<PAGE>

                                                                               9

         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 (ii) 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).

               SECTION 6. Amendment to Article VI. Article VI of the Credit
Agreement is hereby amended by adding the following as Section 6.17:

               SECTION 6.17. Cash Held by Foreign Subsidiaries. The Borrower
         will not permit at any time on any day (a) the aggregate amount of
         "cash and cash equivalents" and "marketable securities" of the 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, minus (b) the
         aggregate amount of payments in such cash and cash equivalents that the
         Borrower reasonably and in good faith determines will be made by the
         Foreign Subsidiaries (and will reduce such cash and cash equivalents)
         on such day to exceed $15,000,000.

               SECTION 7. Amendment to Section 6.09. Section 6.09(a) of the
Credit Agreement is hereby amended by (a) replacing the word "and" immediately
before clause (iv) of such Section with the text "," and (b) inserting the text
"and (v) the Borrower may repurchase or otherwise acquire from any holder
thereof shares of Qualified Preferred Stock (whether outstanding on the date
hereof or issued in a Specified Equity Offering) or shares or any other units of
any other Security (as defined in the Purchase Agreement) issued in a Specified
Equity Offering (or issued upon the exercise of any warrant issued in a
Specified Equity Offering) for consideration consisting solely of (x) Securities
of the types referred to in the definition of Specified Equity Offering, (y)
cash in an aggregate amount not greater than the amount of Net Proceeds received
from a substantially concurrent issuance of Securities of such types or (z) a
combination of the Securities described in (x) and the cash described in (y).

               SECTION 8. 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:

<PAGE>

                                                                            10
               Period                                              Ratio

               July 1, 2002 through September 30, 2002             5.50  to 1.00
               October 1, 2002 through December 31, 2002           6.10  to 1.00
               January 1, 2003 through March 31, 2003              6.60  to 1.00
               April 1, 2003 through June 30, 2003                 6.85  to 1.00
               July 1, 2003 through September 30, 2003             6.50  to 1.00
               October 1, 2003 through December 31, 2003           6.15  to 1.00
               January 1, 2004 through March 31, 2004              5.80  to 1.00
               April 1, 2004 through June 30, 2004                 5.65  to 1.00
               July 1, 2004 through September 30, 2004             5.40  to 1.00
               October 1, 2004 through December 31, 2004           5.15  to 1.00
               January 1, 2005 and thereafter                      4.00  to 1.00

               SECTION 9. 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

               July 1, 2002 through September 30, 2002             1.75  to 1.00
               October 1, 2002 through December 31, 2002           1.60  to 1.00
               January 1, 2003 through March 31, 2003              1.40  to 1.00
               April 1, 2003 through June 30, 2003                 1.40  to 1.00
               July 1, 2003 through September 30, 2003             1.40  to 1.00
               October 1, 2003 through December 31, 2003           1.45  to 1.00
               January 1, 2004 through March 31, 2004              1.50  to 1.00
               April 1, 2004 through June 30, 2004                 1.60  to 1.00
               July 1, 2004 through September 30, 2004             1.70  to 1.00
               October 1, 2004 through December 31, 2004           1.80  to 1.00
               January 1, 2005 and thereafter                      2.25  to 1.00

               SECTION 10. Amendment to Article VII. Article VII of the Credit
Agreement is hereby amended by (a) deleting the text "or" immediately before
paragraph (n) of such Article, (b) inserting the following text immediately
after paragraph (n) of such Article:

               ; or

               (o) the Equity Purchaser or the Borrower shall assert that, for
         any reason, the purchase agreement contemplated by clause (e) of
         Section 13 of Amendment No. 5 is not a legal, valid or binding
         obligation of the Equity Purchaser or the

<PAGE>

                                                                            11

         Borrower or is not enforceable against the Equity Purchaser or the
         Borrower, or the Equity Purchaser or the Borrower shall fail to comply
         with any of its obligations under such purchase agreement;

and (c) by adding the following sentence to the end of such Article:

Notwithstanding the foregoing, for purposes of this Agreement, from and after
the date on which any Specified Equity Offering Proceeds are received by the
Borrower pursuant to Section 5.15 and applied to prepay Loans or cash
collateralize the Letters of Credit in accordance with Section 2.11(b), any
Event of Default pursuant to Section 6.14 as of the last day of any fiscal
quarter of the Borrower that would not have arisen had such Specified Equity
Offering Proceeds been so received and applied to prepay Loans or cash
collateralize the Letters of Credit on or prior to such day, will be deemed
effective as of such day (unless the maturity of Loans has been accelerated
pursuant to Article VII prior to such day), not to be an Event of Default.

               SECTION 11. 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 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 12. 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 March
21, 2003, an amendment fee (the "Amendment Fee") of 25 basis points on the
aggregate amount of the Commitments and outstanding Term Loans of such Lender
excluding the portion of such Loans prepaid, or to be prepaid, pursuant to
Section 13(d) of this Amendment.

               SECTION 13. Conditions to Effectiveness. This Amendment shall
become effective as of March 24, 2003, when (a) the Administrative Agent shall
have received (i) counterparts of this Amendment that, when taken together, bear
the signatures of the Borrowers and the Required Lenders and (ii) the Amendment
Fee, (b) the representations and warranties set forth in Section 11 hereof are
true and correct

<PAGE>

                                                                              12

(as set forth on an officer's certificate delivered to the Administrative
Agent), (c) 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, (d) the
Borrower shall have obtained , at any time after March 1, 2003, at least
$10,000,000 in gross proceeds from a Specified Equity Offering, and the Borrower
shall have applied $10,000,000 to prepay Term Borrowings after such date and (e)
the Administrative Agent shall have received (i) an agreement between the Equity
Purchaser and the Borrower, duly executed and delivered on behalf of the Equity
Purchaser and the Borrower and in full force and effect (and identifying the
Administrative Agent, the Syndication Agent and the Lenders as third-party
beneficiaries), in substantially the form of Exhibit G hereto, pursuant to which
if, at any time and from time to time, the Borrower is required to obtain an
amount of cash from a Specified Equity Offering pursuant to Section 5.15 of the
Credit Agreement, then on such day the Equity Purchaser shall, unless the Equity
Purchaser shall cause an Affiliate thereof (other than the Borrower or any of
the Subsidiaries) or another Qualified Equity Provider to, purchase equity
securities from the Borrower or (at the option of the Equity Purchaser) make
equity contributions to the Borrower (in each case as contemplated by the
definition of "Specified Equity Offering"), and the Equity Purchaser shall or
shall cause such Affiliate or Other Qualified Equity Purchaser to pay to the
Administrative Agent (for the account of the Borrower) in respect of such
purchase or contributions cash in an aggregate amount equal to the Compliance
Amount at such time and (ii) 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 the Equity Purchaser and the purchase
agreement referred to in clause (e)(i) of this Section. The purchase agreement
referred to in clause (e) of this Section shall be a Loan Document for all
purposes (other than for purposes of Section 9.02 of the Credit Agreement), and
the Equity Purchaser shall be deemed to be (a) a Loan Party solely for purposes
of Section 4.02(a) of the Credit Agreement and (b) a Subsidiary solely for
purposes of paragraph (c) of Article VII of the Credit Agreement. Any prepayment
of a Term Borrowing described in clause (d) of this Section shall be deemed to
be a mandatory prepayment under Section 2.11(b) of the Credit Agreement.

               SECTION 14. 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 15. Applicable Law. THIS AMENDMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

<PAGE>

                                                                              13

               SECTION 16. 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 this Amendment by facsimile transmission shall be
effective as delivery of a manually signed counterpart of this Amendment.

               SECTION 17. 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, counsel for the Syndication Agent.

               SECTION 18. Headings. The headings of this Amendment are for
purposes of reference only and shall not limit or otherwise affect the meaning
hereof.

<PAGE>

                                                                              14

               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:  Brian E. Johnson
                                            Title: Executive Vice President and
                                                   Chief Financial Officer

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

                                         by
                                            /s/    Brian E. Johnson
                                            ------------------------------------
                                            Name:  Brian E. Johnson
                                            Title: Executive Vice President and
                                                   Treasurer

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

                                         by
                                            /s/    M.A. Orlando
                                            ------------------------------------
                                            Name:  Marco Orlando
                                            Title: Director

                                       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>

                                                                              15

                                       AIMCO CDO SERIES 2000-A,

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

                                         by
                                            /s/    David Walsh
                                            ------------------------------------
                                            Name:  David Walsh
                                            Title: Authorized Signatory

                                       AIMCO CLO SERIES 2001-A,

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

                                         by
                                            /s/    David Walsh
                                            ------------------------------------
                                            Name:  David Walsh
                                            Title: Authorized Signatory

                                       ALLSTATE LIFE INSURANCE COMPANY,

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

                                         by
                                            /s/    David Walsh
                                            ------------------------------------
                                            Name:  David Walsh
                                            Title: Authorized Signatory

<PAGE>

                                                                              16

                                       CENTURION CDO II, LTD.,

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

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

                                       CENTURION CDO III, LTD.,

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

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

                                       CENTURION CDO VI, LTD.,

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

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

                                       SEQUILS - CENTURION V, LTD.,

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

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

<PAGE>

                                                                            17

                                       KZH CYPRESSTREE-1 LLC,

                                         by
                                            /s/    Dorian Herrera
                                            ------------------------------------
                                            Name:  Dorian Herrera
                                            Title: Authorized Agent

                                       KZH ING-2 LLC,

                                         by
                                            /s/    Dorian Herrera
                                            ------------------------------------
                                            Name:  Dorian Herrera
                                            Title: Authorized Agent

                                       KZH STERLING LLC,

                                         by
                                            /s/    Dorian Herrera
                                            ------------------------------------
                                            Name:  Dorian Herrera
                                            Title: Authorized Agent

                                       AURUM CLO 2002-1 LTD.,

                                       By: Stein Roe & Farnham Incorporated,
                                       as Investment Manager

                                         by
                                            /s/    James R. Fellows
                                            ------------------------------------
                                            Name:  James R. Fellows
                                            Title: Senior Vice President &
                                                   Portfolio Manager

                                       BANK OF NOVA SCOTIA,

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

<PAGE>

                                                                              18

                                       THE BANK OF NEW YORK,

                                         by
                                            /s/    Lizanne J. Baerle
                                            ------------------------------------
                                            Name:  Lizanne J. Baerle
                                            Title: Vice President

                                       BANK ONE, NA,

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

                                       HANOVER SQUARE CLO LTD.,

                                       By: Blackstone Debt Advisors L.P.,
                                       as Collateral Manager

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

                                       CARLYLE HIGH YIELD PARTNERS II, LTD.,

                                         by
                                            /s/    Linda Pace
                                            ------------------------------------
                                            Name:  Linda Pace
                                            Title: Principal

                                       SIERRA CLO I, LTD.,

                                         by
                                            /s/    Kevin J. Hickam
                                            ------------------------------------
                                            Name:  Kevin J. Hickam
                                            Title: Managing Director

<PAGE>

                                                                              19

                                       WINGED FOOT FUNDING TRUST,

                                         by
                                            /s/    Diana L. Mushill
                                            ------------------------------------
                                            Name:  Diana L. Mushill
                                            Title: Authorized Agent

                                       LCM I LIMITED PARTNERSHIP,

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

                                         by
                                            /s/    Farboud Tavangar
                                            ------------------------------------
                                            Name:  Farboud Tavangar
                                            Title: Senior Portfolio Manager

                                       CYPRESSTREE INVESTMENT
                                       MANAGEMENT COMPANY, INC.,

                                       As: Attoreny-in-Fact and on behalf of
                                       First Allmerica Financial Life Insurance
                                       Company as Portfolio Manager

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

                                       BRYN MAWR CLO, LTD.,

                                       By: Deerfield Capital Management, LLC
                                       as its Collateral Manager

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

<PAGE>

                                                                              20

                                       ROSEMONT CLO, LTD.,

                                       By: Deerfield Capital Management, LLC
                                       as its Collateral Manager

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

                                       SEQUILS-CUMBERLAND I, LTD.,

                                       By: Deerfield Capital Management, LLC
                                       as its Collateral Manager
                                         by
                                            /s/    Mark E. Wittnebel
                                            ------------------------------------
                                            Name:  Mark E. Wittnebel
                                            Title: Senior Vice President

                                       MUIRFIELD TRADING LLC,

                                         by
                                            /s/    Diana L. Mushill
                                            ------------------------------------
                                            Name:  Diana L. Mushill
                                            Title: Assistant Vice President

                                       OLYMPIC FUNDING TRUST, SERIES 1999-1,

                                         by
                                            /s/    Diana L. Mushill
                                            ------------------------------------
                                            Name:  Diana L. Mushill
                                            Title: Authorized Agent

<PAGE>

                                                                              21

                                       ERSTE BANK,

                                         by
                                            /s/    Brandon A. Meyerson
                                            ------------------------------------
                                            Name:  Brandon A. Meyerson
                                            Title: Vice President, Erste Bank
                                                   New York Branch

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

                                       FIRSTRUST BANK,

                                         by
                                            /s/    Bryan T. Denney
                                            ------------------------------------
                                            Name:  Bryan T. Denney
                                            Title: Vice President

                                       FLAGSHIP CLO II,

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

                                       IKB INTERNATIONAL S.A.,

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

                                         by
                                            /s/    Stephen Jessett
                                            ------------------------------------
                                            Name:  Stephen Jesset
                                            Title: Director

<PAGE>

                                                                              22

                                       ARCHIMEDES FUNDING II, LTD.,

                                       By: ING Capital Advisors LLC,
                                       as Collateral Manager

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

                                       ING-ORYX CLO, LTD.,

                                       By: ING Capital Advisors LLC,
                                       as its Collateral Manager

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

                                       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 &
                                                   Portfolio Manager

                                       PILGRIM CLO 1999-1 LTD.,

                                       By: ING Investments, LLC
                                       as its Investment Manager

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

<PAGE>

                                                                              23

                                       ML CLO XII PILGRIM AMERICA (CAYMAN) LTD,

                                       By: ING Investments, LLC
                                       as its Investment Manager

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

                                       ING PRIME RATE TRUST,

                                       By: ING Investments, LLC
                                       as its Investment Manager

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

                                       HELLER FINANCIAL, INC.,

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

                                       GOLDMAN SACHS CREDIT PARTNERS L.P.,

                                         by
                                            /s/    Patricia Tessier
                                            ------------------------------------
                                            Name:  Patricia Tessier
                                            Title: Authorized Signatory

                                       KATONAH I, LTD.,

                                         by
                                            /s/    Ralph Della Rocca
                                            ------------------------------------
                                            Name:  Ralph Della Rocca
                                            Title: Authorized Officer

<PAGE>

                                                                              24

                                       KATONAH II, LTD.,

                                         by
                                            /s/    Ralph Della Rocca
                                            ------------------------------------
                                            Name:  Ralph Della Rocca
                                            Title: Authorized Officer

                                       KATONAH III, LTD.,

                                         by
                                            /s/    Ralph Della Rocca
                                            ------------------------------------
                                            Name:  Ralph Della Rocca
                                            Title: Authorized Officer

                                       KATONAH IV, LTD.,

                                         by
                                            /s/    Ralph Della Rocca
                                            ------------------------------------
                                            Name:  Ralph Della Rocca
                                            Title: Authorized Officer

                                       MAPLEWOOD (CAYMAN) LIMITED,

                                       By: David L. Babson & Company Inc. under
                                       delegated authority from Massachusetts
                                       Mutual Life Insurance Company as
                                       Investment Manager

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

<PAGE>

                                                                              25

                                       MASSACHUSETTS MUTUAL LIFE
                                       INSURANCE COMPANY,

                                       By: David L. Babson & Company Inc.
                                       as Investment Adviser

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

                                       METROPOLITAN LIFE INSURANCE CORPORATION,

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

                                       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

                                       MORGAN STANLEY PRIME INCOME TRUST,

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

<PAGE>

                                                                              26

                                       NATEXIS BANQUES POPULAIRES,

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

                                       NATIONAL CITY BANK,

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

                                       CLYDESDALE CLO 2001-I, LTD.,

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

                                         by
                                            /s/    Elizabeth MacLean
                                            ------------------------------------
                                            Name:  Elizabeth MacLean
                                            Title: Vice President

                                       OAK HILL CREDIT PARTNERS I, LIMITED,

                                       By: Oak Hill CLO Management I, LLC as
                                       Investment Manager

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

<PAGE>

                                                                              27

                                       OAK HILL CREDIT PARTNERS II,
                                       LIMITED,

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

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

                                       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

                                       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>

                                                                              28

                                       OCTAGON INVESTMENT PARTNERS II, LLC,

                                       By: Octagon Credit Investors, LLC as
                                       sub-Investment Manager

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

                                       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

                                       OCTAGON INVESTMENT PARTNERS IV, LTD.,

                                       By: Octagon Credit Investors, LLC as
                                       Collageral Manager

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

                                       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>

                                                                              29

                                       GALAXY CLO 1999-1, LTD.,

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

                                       KZH SOLEIL LLC,

                                         by
                                            /s/    Dorian Herrera
                                            ------------------------------------
                                            Name:  Dorian Herrera
                                            Title: Authorized Agent

                                       KZH SOLEIL-2 LLC,

                                         by
                                            /s/    Dorian Herrera
                                            ------------------------------------
                                            Name:  Dorian Herrera
                                            Title: Authorized Agent

                                       SANKATY ADVISORS, LLC, AS
                                       COLLATERAL MANAGER FOR BRANT
                                       POINT II CBO 2000-1 LTD., AS TERM
                                       LENDER,

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

                                       SANKATY ADVISORS, LLC, AS COLLATERAL
                                       MANAGER FOR CASTLE HILL I - INGOTS, LTD.,
                                       AS TERM LENDER,

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

<PAGE>

                                                                              30

                                       SANKATY ADVISORS, LLC, AS COLLATERAL
                                       MANAGER FOR CASTLE HILL II - INGOTS,
                                       LTD., AS TERM LENDER,

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

                                       SANKATY ADVISORS, LLC, AS
                                       COLLATERAL MANAGER FOR GREAT
                                       POINT CLO 1999-1 LTD., AS TERM
                                       LENDER,

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

                                       SANKATY ADVISORS, LLC, AS
                                       COLLATERAL MANAGER FOR RACE
                                       POINT CLO, LIMITED, AS TERM
                                       LENDER,

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

<PAGE>

                                                                              31

                                       SANKATY ADVISORS, LLC, AS
                                       COLLATERAL MANAGER FOR RACE
                                       POINT II CLO, LIMITED, AS TERM
                                       LENDER,

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

                                       SANKATY HIGH YIELD PARTNERS III, L.P.

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

                                       HARBOUR TOWN FUNDING LLC,

                                         by
                                            /s/    Diana L. Mushill
                                            ------------------------------------
                                            Name:  Diana L. Mushill
                                            Title: Assistant Vice President

                                       HARBOUR TOWN FUNDING TRUST,

                                         by
                                            /s/    Diana L. Mushill
                                            ------------------------------------
                                            Name:  Diana L. Mushill
                                            Title: Authorized Agent

<PAGE>

                                                                              32

                                       SMOKY RIVER CDO, L.P.,

                                       By: RBC Leveraged Capital as Portfolio
                                       Advisor

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

                                       STANFIELD CLO LTD.,

                                       By: Stanfield Capital Partners LLC as its
                                       Collateral Manager

                                         by
                                            /s/    Christopher E. Jansen
                                            ------------------------------------
                                            Name:  Christopher E. Jansen
                                            Title: Managing Partner

                                       STANFIELD/RMF TRANSATLANTIC CDO LTD,

                                       By: Stanfield Capital Partners LLC as its
                                       Collateral Manager

                                         by
                                            /s/    Christopher E. Jansen
                                            ------------------------------------
                                            Name:  Christopher E. Jansen
                                            Title: Managing Partner

                                       WINDSOR LOAN FUNDING, LIMITED,

                                       By: Stanfield Capital Partners LLC as its
                                       Investment Manager

                                         by
                                            /s/    Christopher E. Jansen
                                            ------------------------------------
                                            Name:  Christopher E. Jansen
                                            Title: Managing Partner

<PAGE>

                                                                              33

                                       STANFIELD ARBITRAGE CDO, LTD.,

                                       By: Stanfield Capital Partners LLC as its
                                       Collateral Manager

                                         by
                                            /s/    Christopher E. Jansen
                                            ------------------------------------
                                            Name:  Christopher E. Jansen
                                            Title: Managing Partner

                                       STANFIELD CARRERA CLO, LTD.,

                                       By: Stanfield Capital Partners LLC as its
                                       Asset Manager

                                         by
                                            /s/    Christopher E. Jansen
                                            ------------------------------------
                                            Name:  Christopher E. Jansen
                                            Title: Managing Partner

                                       STANFIELD QUATTRO CLO, LTD.,

                                       By: Stanfield Capital Partners LLC as its
                                       Collateral Manager

                                         by
                                            /s/    Christopher E. Jansen
                                            ------------------------------------
                                            Name:  Christopher E. Jansen
                                            Title: Managing Partner

                                       HAMILTON CDO, LTD.,

                                       By: Stanfield Capital Partners LLC as its
                                       Collateral Manager
                                         by
                                            /s/    Christopher E. Jansen
                                            ------------------------------------
                                            Name:  Christopher E. Jansen
                                            Title: Managing Partner

<PAGE>

                                                                              34

                                       SUNAMERICA SENIOR FLOATING RATE FUND
                                       INC.,

                                       By: Stanfield Capital Partners LLC as
                                       Subadvisor

                                         by
                                            /s/    Christopher E. Jansen
                                            ------------------------------------
                                            Name:  Christopher E. Jansen
                                            Title: Managing Partner

                                       LIBERTY FLOATING RATE ADVANTAGE FUND,

                                       By: Stein Roe & Farnham Incorporated, as
                                       Advisor

                                         by
                                            /s/    James R. Fellows
                                            ------------------------------------
                                            Name:  James R. Fellows
                                            Title: Senior Vice President &
                                                   Portfolio Manager

                                       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

                                       U.S. BANK NATIONAL ASSOCIATION,

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

<PAGE>

                                                                              35

                                       VAN KAMPEN CLO I, LIMITED,

                                       By: Van Kampen Investment Advisory Corp
                                       as Collateral Manager

                                         by
                                            /s/    Frank Sherrod
                                            ------------------------------------
                                            Name:  Frank Sherrod
                                            Title: Vice President

                                       VAN KAMPEN CLO II, LIMITED,

                                       By: Van Kampen Investment Advisory Corp
                                       as Collateral Manager

                                         by
                                            /s/    Frank Sherrod
                                            ------------------------------------
                                            Name:  Frank Sherrod
                                            Title: Vice President

                                       VAN KAMPEN PRIME RATE INCOME TRUST,

                                       By: Van Kampen Investment Advisory Corp.

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

                                       VAN KAMPEN SENIOR FLOATING RATE FUND,

                                       By: Van Kampen Investment Advisory Corp.

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

<PAGE>

                                                                              36

                                       VAN KAMPEN SENIOR INCOME TRUST,

                                       By: Van Kampen Investment Advisory Corp.

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

                                       WACHOVIA BANK, N.A.,

                                         by
                                            /s/    David L. Driggers
                                            ------------------------------------
                                            Name:  David L. Driggers
                                            Title: Managing Director

                                       WEBSTER BANK,

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

                                       WELLS FARGO BANK, N.A.,

                                         by
                                            /s/    Tyler Harvey
                                            ------------------------------------
                                            Name:  Tyler Harvey
                                            Title: Vice President

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