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Exhibit 10.1  

 
 

SECOND AMENDMENT    
  

        SECOND
AMENDMENT (this "Amendment"), dated as of March 8, 2002, among PACKAGING CORPORATION OF AMERICA, a Delaware corporation (the  "Borrower"), the various
lenders party to the Credit Agreement referred to below (the "Lenders"), J.P.
MORGAN SECURITIES INC. and DEUTSCHE BANK SECURITIES INC., as Co-Lead Arrangers and Joint Book Runners (in such capacity, each a "Co-Lead Arranger" and,
collectively, the "Co-Lead Arrangers"), DEUTSCHE BANK SECURITIES INC., as Syndication Agent (in such capacity, the "Syndication
Agent"), GOLDMAN SACHS CREDIT PARTNERS L.P., as Documentation Agent (in such capacity, the "Documentation Agent") and JPMORGAN
CHASE BANK as successor by merger to Morgan Guaranty Trust Company of New York, as Administrative Agent (in such capacity, the "Administrative Agent").
All capitalized terms used herein and not otherwise defined herein shall have the respective meanings provided such terms in the Credit Agreement (as defined below). 

W I T N E S S E T H:  

        WHEREAS, the Borrower, the Lenders, the Co-Lead Arrangers, the Syndication Agent, the Documentation Agent and the Administrative Agent are party to an Amended and
Restated Credit Agreement, dated as of June 29, 2000 (as amended, the "Credit Agreement"); and 

        WHEREAS,
the parties hereto wish to amend the Credit Agreement as herein provided; 

        NOW,
THEREFORE, it is agreed: 

I.    Amendment  

        1.    Section
8.01 of the Credit Agreement is hereby amended by deleting in sub-paragraph (e) the text "the Available J.V. Basket Amount and". 

        2.    Section
9.03 of the Credit Agreement is hereby amended by deleting in sub-paragraph (vii) the text ", provided that the
aggregate amount of Dividends paid pursuant to this clause (vii), does not exceed $150,000,000 less the aggregate principal amount of Senior
Subordinated Notes redeemed or repurchased pursuant to clause (z) of the proviso to Section 9.11(iii)". 

        3.    Section
9.05 of the Credit Agreement is hereby amended by deleting sub-paragraph (xii) in its entirety and inserting in lieu thereof the following text: 

        "(xii)
so long as (A) there shall exist no Default or Event of Default (both before and after giving effect to the Investment), (B) the Leverage Ratio (both before and after giving
effect to the Investment) is less than 4.00:1.00 and (C) after giving effect to the Investment, the Total Available Unutilized Revolving Loan Commitment shall equal or exceed $50,000,000, the Borrower
and its Wholly-Owned Domestic Subsidiaries shall be permitted to make Investments in any Joint Venture." 

        4.    Section
9.11 of the Credit Agreement is hereby amended in sub-paragraph (iii) by deleting the text "in an aggregate principal amount not to exceed $150,000,000 less the
cash Dividends paid pursuant to Section 9.03(vii)". 

        5.    Section
11.01 is hereby amended by (x) deleting the definition of "Available J.V. Basket Amount" in its entirety, and (y)
deleting the definition of "Joint Venture" in its entirety and inserting in lieu thereof the following text: 

        "Joint Venture" shall mean any Person, other than an individual or a Wholly-Owned Subsidiary of the Borrower, (i) in which the Borrower or
a Subsidiary of the Borrower holds or acquires an ownership interest (whether by way of capital stock, partnership or limited liability company interest, or other evidence of ownership), (ii) in which
another Person (other than the Borrower and its Affiliates) acquires or holds a bona fide significant economic interest (whether by way of capital stock, partnership or limited liability company
interest, or other evidence of ownership) and (iii) which is engage in a Permitted Business, provided that a Person not engaged in a Permitted Business shall be deemed to be a Joint Venture for
purposes of this Agreement to the extent that the aggregate amount of Investments made in all such Persons does not exceed $10,000,000." 

1

 

        6.    Section
13.07 of the Credit Agreement is hereby amended by deleting in sub-paragraph (a)(i) the text "Available J.V. Basket Amount,". 

II.    Miscellaneous  

        1.    The
Borrower hereby represents and warrants that (i) no Default or Event of Default exists as of the Amendment Effective Date (as defined below) after giving effect to
this Amendment and (ii) on the Amendment Effective Date, both before and after giving effect to this Amendment, all representations and warranties (other than those representations made as of a
specified date) contained in the Credit Agreement and in the other Credit Documents are true and correct in all material respects. 

        2.    This
Amendment shall become effective on the date (the "Amendment Effective Date") when the Required Lenders and the
Borrower shall have signed a counterpart hereof (whether the same or different counterparts) and shall have delivered (including by way of facsimile transmission) the same to the Administrative Agent
at its Notice Office. 

        3.    This
Amendment is limited as specified and shall not constitute a modification, acceptance or waiver of any other provision of the Credit Agreement or any other Credit
Document. 

        4.    This
Amendment may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which counterparts when executed and
delivered shall be an original, but all of which shall together constitute one and the same instrument. A complete set of counterparts shall be lodged with the Borrower and the Administrative Agent. 

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

 * * *  

2

   
        IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Amendment to be duly executed and delivered as of the date hereof. 

	 	 	PACKAGING CORPORATION OF AMERICA
	

 	
 	

By:	

/s/  PAMELA A. BARNES      
 Name: Pamela A. Barnes

Title: Treasurer
	

 	
 	

JPMORGAN CHASE BANK, as successor by

    merger to Morgan Guaranty Trust Company

    of New York, Individually and as

    Administrative Agent
	

 	
 	

By:	

/s/  PETER S. PREDUN      
 Name:

Title:
	

 	
 	

GOLDMAN SACHS CREDIT PARTNERS L.P.

    as Documentation Agent
	

 	
 	

By:	

/s/  ELIZABETH FISCHER      
	 	 	 	
 Name: Elizabeth Fischer

Title: Authorized Signatory
	

 	
 	

J.P. MORGAN SECURITIES INC., as Co-Lead

    Arranger and Joint Book Runner
	

 	
 	

By:	

/s/  PETER S. PREDUN      
 Name:

Title:

3

 

	 	 	 	DEUTSCHE BANK SECURITIES INC., as

    Co-Lead Arranger, Joint Book Runner and

    Syndication Agent
	

 	

 	
 	

By:	

 
	 	 	 	 	
 Name:

Title:
	

ABN AMRO BANK N.V.	
 	

ABN AMRO BANK N.V.
	

By:	

/s/  KENNETH E. KOZAR      
 Name: Kenneth E. Kozar

Title: Assistant Vice President	
 	

By:	

/s/  K. DANIEL STREIFF      
 Name: K. Daniel Streiff

Title: Group Vice President

	 	 	AIMCO CLO SERIES 2001-A
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

ALLSTATE LIFE INSURANCE CO.
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

BANK ONE, NA
	

 	
 	

By:	
 	

/s/  KELLY T. COTTON      
 Name: Kelly T. Cotton

Title: Managing Director
	

 	
 	

BANK OF AMERICA
	

 	

 	

By:	

 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

BANK OF CANTON OF CALIFORNIA
	

 	

 	

By:	

 	

/s/  WILKIE HUI      
 Name: Wilkie Hui

Title: VP & Manager
	

 	
 	

THE GOVERNOR AND COMPANY OF THE

BANK OF IRELAND
	

 	
 	

By:	
 	

/s/  GERALDINE HANNON      
 Name: Geraldine Hannon

Title: Associate Director
	

 	
 	

By:	
 	

/s/  MARY CONNOLLY      
 Name: Mary Connolly

Title: Manager
	
 	
 	

 	
 	

 

4

 

	

 	
 	

BANK OF MONTREAL
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

BANK OF NOVA SCOTIA
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

BANKERS TRUST COMPANY
	

 	
 	

By:	
 	

/s/  MARCO A. ORLANDO      
 Name: Marco A. Orlando

Title: Director
	

 	
 	

BAVARIA TRR CORPORATION
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

COMPANGNIE FINANCIERE DE CIC
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

DAI-ICHI KANGYO BANK
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

ERSTE BANK
	

 	
 	

By:	
 	

/s/  BRANDON A. MEYERSON      
 Name: Brandon A. Meyerson

Title: Vice President

        Erste Bank New York Branch
	

 	
 	

By:	
 	

/s/  JOHN S. RUNNION      
 Name: John S. Runnion

Title: Managing Director

        Erste Bank New York Branch
	

 	
 	

FIRST UNION NATIONAL BANK N.C.
	

 	
 	

By:	
 	

/s/  SHAWN JANKO      
 Name: Shawn Janko

Title: Vice President
	

 	
 	

FLEET NATIONAL BANK
	

 	
 	

By:	
 	

/s/  RICHARD D. HILL, JR.      
 Name: Richard D. Hill, Jr.

Title: Managing Director
	
 	
 	

 	
 	

 

5

 

	

 	
 	

FUJI BANK, LIMITED
	

 	
 	

By:	
 	

/s/  NOBUOKI KOIKE      
 Name: Nobuoki Koike

Title: SVP
	

 	
 	

GALAXY CLO 1999-1, LTD.
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

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

        Portfolio Manager
	

 	
 	

HAMILTON CDO, LTD

    By: Stanfield Capital Partners LLC

    As its Collateral Manager
	

 	
 	

By:	
 	

/s/  CHRISTOPHER E. JANSEN      
 Name: Christopher E. Jansen

Title: Managing Partner
	

 	
 	

INDOSUEZ CAPITAL FUNDING IIA, LTD.
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

JPMORGAN CHASE BANK
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

KZH WATERSIDE LLC
	

 	
 	

By:	
 	

/s/  SUSAN LEE      
 Name: Susan Lee

Title: Authorized Agent

	

LLOYDS TSB BANK, PLC	

LLOYDS TSB BANK, PLC
	

By:	

/s/  CATHERINE HANKIN      
 Name: Catherine Hankin

Title: Assistant Vice President,

          Corporate Banking, USA B027	

By:	

/s/  LISA MAGUIRE      
 Name: Lisa Maguire

Title: Assistant Vice President M067

6

 

	

 	
 	

MAPLEWOOD (CAYMAN) LIMITED
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

MITSUBISHI TRUST & BANKING CORP.
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

MORGAN GUARANTY TRUST COMPANY
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

NATEXIS BANQUE POPULAIRES
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

NORTH AMERICAN SENIOR FLOATING RATE FUND INC.

By: Standfield Capital Partners, LLC

      As Subadvisor
	

 	
 	

By:	
 	

/s/  CHRISTOPHER E. JANSEN      
 Name: Christopher E. Jansen

Title: Managing Partner
	

 	
 	

PEOPLES BANK
	

 	
 	

By:	
 	

/s/  DAVID K. SHERRILL      
 Name: David K. Sherrill

Title: Vice President
	

 	
 	

RZB FINANCE LLC
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

SEQUILS-PILGRAM I, LTD.
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

SCUDDER FLOATING RATE FUND
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

STEIN ROE & FARNHAM CLO I LTD.
	

 	
 	

By:	
 	

/s/  JAMES R. FELLOWS      
 Name: James R. Fellows

Title: Sr. Vice President & Portfolio

        Manager
	
 	
 	

 	
 	

 

7

 

	

 	
 	

SUMITOMO TRUST & BANKING CO.
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

SUMMIT BANK
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

TCW SELECT LOAN FUND, LIMITED
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

PINEHURST TRADING, INC.
	

 	
 	

By:	
 	

/s/  ANN E. MORRIS      
 Name: Ann E. Morris

Title: Asst. Vice President
	

 	
 	

WINGED FOOT FUNDING TRUST
	

 	
 	

By:	
 	

/s/  DIANA L. MUSHILL      
 Name: Diana L. Mushill

Title: Authorized Agent
	

 	
 	

SRF 2000 LLC
	

 	
 	

By:	
 	

/s/  DIANA L. MUSHILL      
 Name: Diana L. Mushill

Title: Asst. Vice President
	

 	
 	

KZH CNC LLC
	

 	
 	

By:	
 	

/s/  SUSAN LEE      
 Name: Susan Lee

Title: Authorized Agent
	

 	
 	

KZH CRESCENT LLC
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

KZH CRESCENT-2 LLC
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

KZH CRESCENT-3 LLC
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	
 	
 	

 	
 	

 

8

 

	

 	
 	

KZH PONDVIEW LLC
	

 	
 	

By:	
 	

/s/  SUSAN LEE      
 Name: Susan Lee

Title: Authorized Agent
	

 	
 	

KZH SOLEIL LLC
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

ATHENA CDO, LIMITED
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

BANK OF SCOTLAND
	

 	
 	

By:	
 	

/s/  JOSEPH FRATUS      
 Name: Joseph Fratus

Title: Vice President
	

 	
 	

COLUMBUS LOAN FUNDING, LTD
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

CREDIT LYONNAIS
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

ELC (CAYMAN) LTD. CDO SERIES 1999-I
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

FIDELITY II: ADV. FL. RATE HIGH INC. FD.
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

FORTIS CAPITAL CORP.
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

GMAC COMMERCIAL CREDIT LLC
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	
 	
 	

 	
 	

 

9

 

	

 	
 	

IKB DEUTSCHE INDUSTRIEBANK

    Luxembourg Branch
	

 	
 	

By:	
 	

/s/  ANJA KEUCHEL      
 Name: Anja Keuchel

Title: Manager
	

 	
 	

By:	
 	

/s/  MANFRED ZIWEY      
 Name: Manfred Ziwey

Title: Director
	

 	
 	

NORTHERN TRUST COMPANY
	

 	
 	

By:	
 	

/s/  CRAIG L. SMITH      
 Name: Craig L. Smith

Title: Vice President
	

 	
 	

SEQUILS I, LTD.
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

JISSEKIKUN FUNDING, LTD.
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

MASSACHUSETTS MUTUAL LIFE

    INSURANCE
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

MICHIGAN NATIONAL BANK OF DETROIT
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

NATIONAL CITY BANK
	

 	
 	

By:	
 	

/s/  JON R. HINARD      
 Name: Jon R. Hinard

Title: Senior Vice President
	

 	
 	

NORSE CBO, LTD.
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

PILGRIM PRIME RATE TRUST
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	
 	
 	

 	
 	

 

10

 

	

 	
 	

PROMETHEUS INVESTMENT FUNDING

    NO. I LTD.

By: CPF ASSET ADVISORS LLC, as

      Investment Manager
	

 	
 	

By:	
 	

/s/  FRANCESCO OSSINO      
 Name: Francesco Ossino

Title: Director
	

 	
 	

By:	
 	

/s/  ELIZABETH H. TALLMADGE      
 Name: Elizabeth H. Tallmadge

Title: Managing Director

          Chief Investment Officer
	

 	
 	

SWAPS CSLT
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

TORONTO DOMINION (TEXAS), INC.
	

 	
 	

By:	
 	

/s/  CAROLYN R. FAETH      
 Name: Carolyn R. Faeth

Title: Vice President
	

 	
 	

TRANSAMERICA BUSINESS CREDIT CORP.
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

UNION BANK OF CALIFORNIA, N.A.
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

CREDIT INDUSTRIEL ET COMMERCIAL
	

 	
 	

By:	
 	

/s/  SEAN MOUNIER      
 Name: Sean Mounier

Title: First Vice President
	

 	
 	

By:	
 	

/s/  ANTHONY ROCK      
 Name: Anthony Rock

Title: Vice President
	

 	
 	

WACHOVIA BANK N.A.
	

 	
 	

By:	
 	

/s/  SHAWN JANKO      
 Name: Shawn Janko

Title: Vice President
	

 	
 	

STANDARD FEDERAL BANK N.A.
	

 	
 	

By:	
 	

/s/  KATHLEEN HALLBERG      
 Name: Kathleen Hallberb

Title: Assistant Vice President
	
 	
 	

 	
 	

 

11

 

	

 	
 	

LENDER: COBANK, ACB
	

 	
 	

By:	
 	

/s/  S. RICHARD DILL      
 Name: S. Richard Dill

Title: Vice President

12

 

        For
purposes of the Credit Documents to which the Subsidiary Guarantors are party, by their respective signatures below, each Subsidiary Guarantor hereby consents and agrees to the
entering into of this Amendment and acknowledges and affirms that each of the Subsidiaries Guaranty and Security Documents (as amended, modified or supplemented prior to the date hereof) remains in
full force and effect in accordance with its terms on the date hereof and after giving effect to this Amendment: 

	 	 	DIXIE CONTAINER CORPORATION
	

 	
 	

By:	
 	

/s/  JOHN R. OLSEN      
 Name: John R. Olsen

Title: Asst. Secretary
	

 	
 	

PCA HYDRO, INC.
	

 	
 	

By:	
 	

/s/  JOHN R. OLSEN      
 Name: John R. Olsen

Title: Asst. Secretary
	

 	
 	

PACKAGING CREDIT COMPANY, LLC
	

 	
 	

By:	
 	

/s/  JOHN R. OLSEN      
 Name: John R. Olsen

Title: Asst. Secretary
	

 	
 	

PCA INTERNATIONAL, INC.
	

 	
 	

By:	
 	

/s/  PAMELA A. BARNES      
 Name: Pamela A. Barnes

Title: Treasurer

13

QuickLinks

SECOND AMENDMENTExhibit
10.53

 

 

March 27, 2002

 

 

Ron Verdoorn

Executive Vice President, Global Operations

Affymetrix, Inc.

 

 

Dear Ron:

 

This is our understanding of the agreement to work with Affymetrix
effective April 1, 2002.

 

1)                                      You will remain an employee of Affymetrix
on personal leave beginning April 1, 2002 to March 31, 2003.

2)                                      During this time of employment,
Affymetrix asks you to be available to accomplish the following operations:

•                  Participate on committee to find VP of Manufacturing Operations.

•                  Create Transition Plan for VP of Manufacturing Operations.

•                  Knowledge Transfer and Acclimation of VP of Manufacturing Operations.

•                  Senior Transition Team Member, Global Operations.

•                  Assist in development of worldwide strategy regarding manufacturing.

 

3)             Compensation
and benefits:

•                  You will be eligible for Affymetrix group medical and life insurance
benefits.

•                  Base compensation will be $1000 per month.  A rate of $2500 per day for Transition Team work and other duties
is in addition to this base compensation. You will not be eligible to
participate in the Management Bonus Plan.

•                  You will report directly to Susan E. Siegel, President.

 

If these terms are acceptable, please sign below and return the
original copy to me.

 

	
   

  	
   

  	
  Sincerely,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  AFFYMETRIX, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Susan E. Siegel

  
	
   

  	
   

  	
  Susan E. Siegel

  
	
   

  	
   

  	
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Accepted and Agreed to:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Ron Verdoorn

  	
   

  	
   

  
	
  Ron Verdoorn

  	
   

  	
   

  
	
  EVP Global Operations

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated:  March
  27, 2002

  	
   

  	
   

  

 

 

BAC/fbg

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