Document:

Exhibit 10.48
                          NuSTATE ENERGY HOLDINGS, INC.
--------------------------------------------------------------------------------

March 19, 2008

The Black Diamond Fund, LLLP
155 Revere Dr., Suite 10
Northbrook, IL  60062
Attn: Brandon Goulding

Re:  Fittipaldi Logistics, Inc. (the "Company") 16% Secured Promissory Note due
     February 8, 2008 (the "Note") held by The Black Diamond Fund, LLLP ("BDF")

Dear Brandon:

         This will confirm our understanding regarding the amendment of the
Note.

         1.       In the 2nd paragraph of page 1 of the Note, effective March
                  18, 2008 the interest rate shall change from the rate of 16.0%
                  per annum, compounded daily, to the rate of 25% simple
                  interest. From February 8, 2008 through March 17, 2008 the
                  interest rate of the Note shall be 32% simple interest.

         2.       The Company shall execute a written order instructing the
                  escrow agent to release one (1) certificate for Five Thousand
                  (5,000) shares of the Company's Series I preferred stock
                  commencing on April 8, 2008 and on the 8th of each month
                  thereafter until such time as the Note and accrued interest
                  thereon have been paid in full

         3.       In the 3rd paragraph on page 1 of the Note, the Maturity Date
                  shall be changed to September 18, 2008.

         4.       As modified herein, the Note shall remain in full force and
                  effect, and all sums owed thereunder shall remain due and
                  payable.

         In addition, upon mutual execution of this amendment to the Note, BD
shall execute a waiver in the form attached hereto.

         If the foregoing accurately reflects your understanding regarding this
matter, please indicate your agreement and acceptance by signing in the space
provided below and returning an executed copy of this letter to us.

Remainder of page intentionally left blank.
<PAGE>
NuState Energy Holdings, Inc.
March 19, 2008
Page 2 of 2

Sincerely,

By: /s/ Frank P. Reilly
    ---------------------
    Frank P. Reilly
    Chief Executive Officer

AGREED AND ACCEPTED:

The Black Diamond Fund, LLLP

By: /s/ Brandon S. Goulding
    -----------------------
    Brandon S. Goulding, on behalf of
    Philly Financial, its Investment AdvisorExhibit 4.1

 

PACKAGING CORPORATION OF AMERICA

 

OFFICERS’ CERTIFICATE

Dated as of March 25, 2008

 

Pursuant to the authority granted by the Board of Directors of
Packaging Corporation of America (the “Company”) in its Consent in Lieu of a
Special Meeting of the Board of Directors of the Company, dated February 4,
2008, and pursuant to Section 301 of the Indenture, dated as of July 21,
2003 (the “Indenture”), by and between the Company and U.S. Bank National
Association, as trustee (the “Trustee”), there is hereby created a new series
of Securities with the terms set forth below. 
Capitalized terms used but not otherwise defined herein shall, unless
specified otherwise, have the meanings assigned to them in the Indenture.

 

(a)           The Securities shall be designated as
the “6.50% Senior Notes due 2018” (the “Notes”).

 

(b)           The aggregate principal amount of
Notes that may be authenticated and delivered under the Indenture is initially
limited to U.S. $150,000,000, except for Notes authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of, other Notes
pursuant to Section 304, 305, 306, 905 or 1107 of the Indenture.  However, the Notes may be re-opened by the
Company for the issuance of additional Notes, so long as any such additional
Notes have the same form and terms (other than the date of issuance), and carry
the same right to receive accrued and unpaid interest, as the Notes theretofore
issued; provided, however, that notwithstanding the foregoing, the Notes may
not be reopened if the Company has effected satisfaction and discharge with
respect to the Notes pursuant to Section 401 of the Indenture or
defeasance or covenant defeasance with respect to the Notes pursuant to Section 402
of the Indenture; and provided, further, that no additional Notes may be issued
at a price that would cause such additional Notes to have “original issue
discount” within the meaning of Section 1273 of the U.S. Internal Revenue
Code of 1986, as amended.

 

(c)           The Notes shall be issuable only as
Registered Securities without Coupons. 
The Registered Securities are not exchangeable for Bearer Securities.

 

(d)           The Notes shall be issued in the form
of one or more permanent global Notes, the initial Depository for the global
Notes shall be The Depository Trust Company and the depository arrangements
shall be those employed by whosoever shall be the Depository with respect to
the global Notes from time to time. 
Interests in global Notes may only be exchanged for definitive
certificated Notes as provided in Section 305 of the Indenture and in
accordance with the procedures of the Depository Trust Company.  Any endorsement of any global Note to reflect
the amount, or any increase or decrease in the amount, of Outstanding Notes represented
thereby, shall be made by the Trustee, and the Trustee shall be entitled to
make endorsements on any global Note or on its books and records reflecting any
increases or decreases in the principal amount of Notes evidenced thereby, and
the Persons entitled to give instructions and to take other actions with
respect to any global Notes as contemplated by the first paragraph of Section 203
of the Indenture shall be the Trustee and the Depository.

 

 

(e)           The
Stated Maturity of the Notes on which the principal thereof is due and payable
shall be March 15, 2018.

 

(f)            The
principal of the Notes shall bear interest at the rate of 6.50% per annum from
and including March 25, 2008, or from and including the most recent date
to which interest has been paid or duly provided for, to, but not including,
the applicable Interest Payment Date or Maturity, as the case may be.  Interest shall be payable semiannually in
arrears on March 15 and September 15 (each, an “Interest
Payment Date”) of each year, commencing September 15, 2008, to
the Persons in whose names the Notes (or one or more Predecessor Securities of
such series) are registered at the close of business on the date that is
fifteen calendar days prior to such Interest Payment Date (each, a “Regular Record Date”), regardless of whether such Regular
Record Date is a Business Day.  Interest
on the Notes shall be computed on the basis of a 360-day year of twelve 30-day
months.  The interest rate on the Notes
is subject to adjustment as described in the form of Note attached hereto as Exhibit A.

 

(g)           The
Borough of Manhattan, The City of New York, is hereby designated as a Place of
Payment; and the Company hereby appoints the Trustee, acting through its
Corporate Trust Office in the Borough of Manhattan, The City of New York
designated from time to time for such purpose, as the Company’s agent of the
purposes specified in Section 1002 of the Indenture; provided, however,
that, subject to Section 1002 of the Indenture, the Company may at any
time remove the Trustee as its Office or Agency in the Borough of Manhattan,
The City of New York designated for such purposes and may from time to time
designate one or more other Offices or Agencies for such purposes and may from
time to time rescind such designations, so long as the Company shall at all times
maintain an Office or Agency for such purposes in the Borough of Manhattan, The
City of New York.

 

(h)           The
Notes shall be redeemable at the option of the Company on the terms and subject
to the conditions set forth in the form of Note attached hereto as Exhibit A
and in the Indenture.

 

(i)            The
Company shall be required to offer to repurchase the Notes on the terms and
subject to the conditions set forth in the form of Note attached hereto as Exhibit A
and in the Indenture; provided that nothing in this Certificate shall limit the
right of the Trustee or the respective Holders of the Notes to declare the
principal of, and accrued and unpaid interest on, such Notes to be immediately
due and payable as provided in Article Five of the Indenture.  The Notes shall not be subject to a sinking
fund or analogous provision.

 

(j)            The
Notes shall be issuable in denominations of U.S. $2,000 and integral multiples
of U.S. $1,000 in excess thereof.

 

(k)           The
Notes shall not be convertible into or exchangeable for other securities.

 

(l)            Upon
declaration of acceleration of the Notes’ Maturity pursuant to Section 502
of the Indenture, the principal amount of the Notes and any accrued but unpaid
interest thereon shall be due and payable.

 

(m)          The
principal of, premium, if any, and interest on the Notes shall be payable in
U.S. Dollars.

 

2

 

(n)           The
amount of payments of principal of and interest on the Notes shall not be
determined with reference to an index or formula or other method or methods
other than as set forth in the form of Note attached hereto as Exhibit A.

 

(o)           The
Notes and the Holders thereof shall have the benefit of the additional
covenants set forth in the form of Note attached hereto as Exhibit A,
and Section 1010 of the Indenture shall not be applicable with respect to
any such additional covenants.

 

(p)           The
Notes shall be subject to satisfaction and discharge pursuant to Section 401
of the Indenture and shall be subject to defeasance and covenant defeasance
pursuant to Sections 402(2) and 402(3), respectively, of the
Indenture, provided that (i) the Company may effect satisfaction and
discharge pursuant to Section 401 of the Indenture and defeasance and
covenant defeasance pursuant to Sections 402(2) and 402(3), respectively,
of the Indenture only with respect to all (and not less than all) of the
Outstanding Notes, as the case may be, and (ii) the only covenants which,
for purposes of the Notes, shall be subject to covenant defeasance are the
covenants set forth in clause (ii) of Section 1007 of the
Indenture and Sections 1005, 1006, 1008 and 1009 of the Indenture.

 

(q)           The
Notes shall not be issued upon the exercise of any warrants.

 

(r)            The
global Notes shall be issued in book-entry form.

 

(s)           The
Company will not pay Additional Amounts on the Notes.  To the extent that any provision of the
Indenture or the Notes provides for the payment of interest on overdue
principal of, or premium, if any, or interest on any Notes, then, to the extent
permitted by law, interest on such overdue principal, premium, if any, and
interest shall accrue at the rate of interest borne by such Notes, and,
anything in the Indenture to the contrary notwithstanding, in the case of any
requirement in the Indenture that the Company pay (or that the Trustee
distribute) interest on overdue principal of, or premium, if any, or interest
on the Notes, such payment or distribution shall only be required to the extent
it is permitted by applicable law.

 

(t)            Anything
in the Indenture or the Notes to the contrary notwithstanding, payments of
principal of and premium, if any, and interest on global Notes shall be made in
accordance with the procedures of the Depository as in effect from time to
time, which procedures currently require that such payments be made by wire
transfer of immediately available funds.

 

(u)           As
used in the Indenture with respect to the Notes and in the certificates
evidencing the Notes, all references to “premium” on the Notes shall mean any
amounts (other than accrued interest) payable upon redemption of any Notes in
excess of 100% of the principal amount of such Notes.

 

(v)           The
Notes shall have such additional terms and provisions as are set forth in the
form of Note attached hereto as Exhibit A and shall be in
substantially such form.

 

* * * * *

 

3

 

IN WITNESS WHEREOF, the undersigned have executed this
Certificate as of the date first above written.

 

	
   

  	
  PACKAGING CORPORATION OF AMERICA

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  RICHARD B. WEST

  
	
   

  	
  Name:

  	
  Richard
  B. West

  
	
   

  	
  Title:

  	
  Senior
  Vice President and

  
	
   

  	
   

  	
  Chief
  Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  PACKAGING CORPORATION OF AMERICA

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  PAMELA A. BARNES

  
	
   

  	
  Name:

  	
  Pamela
  A. Barnes

  
	
   

  	
  Title:

  	
  Treasurer

  

 

 

4

 

EXHIBIT A

 

Form of Notes

 

[to
be inserted]

 

 

 

 

5

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