Exhibit 10.e

 

EXECUTION COPY

 

CROWN HOLDINGS, INC.

 

ISSUANCE BY

 

CROWN EUROPEAN HOLDINGS SA

 

OF

 

€350,000,000 6 1/4% First Priority Senior Secured Notes due 2011

 

Purchase Agreement

 

New York, New York

August 11, 2004

 

Citigroup Global Markets Inc.

Lehman Brothers Inc.

As Representatives of the several Initial

Purchasers named in Schedule I hereto

c/o Citigroup Global Markets Inc.

388 Greenwich Street

New York, New York 10013

 

Ladies and Gentlemen:

 

Crown Holdings, Inc., a Pennsylvania corporation (“Holdings”), and the indirect
parent company of Crown European Holdings SA, a société anonyme organized under
the laws of France (the “Company”), proposes that the Company issue and sell to
the several purchasers named in Schedule I hereto (the “Initial Purchasers”),
for whom Citigroup Global Markets Inc. (“Citigroup”) and Lehman Brothers Inc.
(the “Representatives”) are acting as representatives, €350,000,000 aggregate
principal amount of its 6 1/4% First Priority Senior Secured Notes due 2011 (the
“Notes”). The Notes will be issued pursuant to an indenture to be dated as of
September 1, 2004 (the “Indenture”) among the Company, Holdings, as guarantor,
the other guarantors named in Schedule II hereto (together with Holdings, the
“Guarantors” and, together with the Company, the “Issuers”) and Wells Fargo Bank
N.A., as trustee (the “Trustee”). The Notes will have the benefit of the
guarantees (the “Note Guarantees” and, together with the Notes, the
“Securities”) provided for in the Indenture. The use of the neuter in this
Agreement shall include the feminine and masculine wherever appropriate. Certain
terms used herein are defined in Section 17 hereof.

 

Holders of the Securities will also have the benefit of a registration rights
agreement to be dated as of September 1, 2004 (the “Registration Rights
Agreement”) among the Issuers and the Initial Purchasers. Pursuant to the
Registration Rights Agreement, the Issuers will agree to register the Securities
under the Act subject to the terms and conditions therein specified.

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Pursuant to the Security Documents (as defined in the Indenture), which include
the Intercreditor Agreements (as defined in the Indenture), the Securities will
be secured by a first priority lien on the Collateral (as defined in the
Indenture), subject to certain exceptions and otherwise in accordance with the
terms of the Indenture and the Security Documents and as described in the Final
Memorandum (as defined below); provided that, to the extent applicable French,
German or other applicable law does not recognize the concept of first, second
or third priority liens with respect to the assets securing the Notes located in
France, Germany or any other country, the Security Documents will provide that
holders of Notes and other creditors secured by a lien over such assets will
have pari passu security interests as a matter of applicable law, the order of
priority among the holders of Notes and such other creditors being determined
pursuant to the Euro Intercreditor Agreement (as defined in the Indenture). In
addition, the Trustee, on behalf of the holders of the Securities, will enter
into the Proceeds Sharing Agreement (as defined in the Indenture).

 

The Securities are being issued in connection with the refinancing plan of
Holdings, as described in the Final Memorandum (the “Refinancing Plan”). In
connection with the Refinancing Plan, the Company, Crown Americas, Inc., a
Pennsylvania corporation (“Crown Americas” and, together with the Company, the
“Borrowers”) and the guarantors party thereto will either (x) enter into a new
credit agreement to be dated as of September 1, 2004 (the “New Credit Facility”)
which will provide for (I) a $125 million term loan B maturing in 2011 and (II)
the revolving credit facilities and letter of credit facility described in the
Preliminary Memorandum under the heading “Description of Other Indebtedness—New
Credit Facilities” or (y) amend and restate its existing senior secured credit
facilities to repay the entire amount of the term loan borrowings thereunder,
incur $125 million of new term loan B borrowings thereunder maturing in 2011 and
to otherwise permit the transactions (the “Amended and Restated Credit
Facility”), in each case, as to be described in the Final Memorandum. This
Agreement, the Securities, the Indenture, the Registration Rights Agreement, the
Security Documents, the Proceeds Sharing Agreement and the agreements and
instruments to which Holdings or any of its subsidiaries is a signatory relating
to the New Credit Facility or the Amended and Restated Credit Facility, as
applicable, collectively are referred to herein as the “Transaction Documents”.

 

The sale of the Securities to the Initial Purchasers will be made without
registration of the Securities under the Act in reliance upon exemptions from
the registration requirements of the Act.

 

In connection with the sale of the Securities, the Issuers have prepared a
preliminary offering memorandum dated August 6, 2004 (as amended or supplemented
at the Execution Time, including any and all exhibits thereto and any
information incorporated by reference therein, the “Preliminary Memorandum”) and
a final offering memorandum to be dated August 11, 2004 (as amended or
supplemented at the Execution Time, including any and all exhibits thereto and
any information incorporated by reference therein, the “Final Memorandum”). Each
of the Preliminary Memorandum and the Final Memorandum sets forth certain
information concerning the Issuers and the Securities. The Issuers hereby
confirm that they have authorized the use of the Preliminary Memorandum and the
Final Memorandum, and

 

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any amendment or supplement thereto, in connection with the offer and sale of
the Securities by the Initial Purchasers. Unless stated to the contrary, any
references herein to the terms “amend”, “amendment” or “supplement” with respect
to the Final Memorandum shall be deemed to refer to and include any information
filed under the Exchange Act which is incorporated by reference therein.

 

1. Representations and Warranties. The Issuers, jointly and severally, represent
and warrant to each Initial Purchaser as set forth below in this Section 1.

 

(a) The Preliminary Memorandum, at the date thereof, did not contain any untrue
statement of a material fact or omit to state any material fact necessary to
make the statements therein, in the light of the circumstances under which they
were made, not misleading. At the Execution Time and on the Closing Date (as
defined below), the Final Memorandum did not, and will not (and any amendment or
supplement thereto, at the date thereof and at the Closing Date, will not),
contain any untrue statement of a material fact or omit to state any material
fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided, however, that the Issuers
make no representation or warranty as to the information contained in or omitted
from the Preliminary Memorandum or the Final Memorandum, or any amendment or
supplement thereto, in reliance upon and in conformity with information
furnished in writing to the Issuers by or on behalf of the Initial Purchasers
specifically for inclusion therein.

 

(b) None of the Issuers or their respective Affiliates, or any person acting on
behalf of any of them (other than the Initial Purchasers as to which the Issuers
make no representation or warranty), has, directly or indirectly, made offers or
sales of any security, or solicited offers to buy any security, under
circumstances that would require the registration of the Securities under the
Act. Assuming the accuracy of the representations and warranties of the Initial
Purchasers in Section 4 of this Agreement, it is not necessary in connection
with the offer, sale and delivery of the Securities to the Initial Purchasers or
the initial resale of the Securities by the Initial Purchasers, in each case, in
the manner contemplated by this Agreement, to register any of the Securities
under the Act or to qualify the Indenture under the Trust Indenture Act.

 

(c) None of the Issuers or their respective Affiliates, or any person acting on
behalf of any of them (other than the Initial Purchasers as to which the Issuers
make no representation or warranty), has engaged in any form of general
solicitation or general advertising (within the meaning of Regulation D) in
connection with any offer or sale of the Securities in the United States.

 

(d) The Securities satisfy the eligibility requirements of Rule 144A(d)(3) under
the Act.

 

(e) None of the Issuers or their respective Affiliates, or any person acting on
behalf of any of them (other than the Initial Purchasers as to which the Issuers
make no representation or warranty), has engaged in any “directed selling
efforts” with respect to the Securities, and each of the Issuers and their
respective Affiliates has complied with the “offering restrictions” requirement
of Regulation S. Terms used in this paragraph have the meanings given to them by
Regulation S.

 

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(f) No securities of any of the Issuers are of the same class (within the
meaning of Rule 144A under the Act) as any of the Securities and listed on a
national securities exchange registered under Section 6 of the Exchange Act or
quoted in a U.S. automated inter-dealer quotation system.

 

(g) None of the transactions contemplated by this Agreement (including, without
limitation, the use of the proceeds from the sale of the Securities), will
violate or result in a violation of Section 7 of the Exchange Act, or any
regulation promulgated thereunder, including, without limitation, Regulations T,
U or X of the Board of Governors of the Federal Reserve System.

 

(h) Application will be made prior to the Closing Date to list the Notes on the
Luxembourg Stock Exchange. The Issuers will use their best efforts to have the
Notes approved for trading on the Luxembourg Stock Exchange.

 

(i) None of the Issuers or their respective subsidiaries is, and after giving
effect to the offering and sale of the Securities and the application of the
proceeds thereof as described in the Final Memorandum none of them will be,
required to register as an “investment company” or a company “controlled by” an
“investment company” within the meaning of the Investment Company Act.

 

(j) Holdings is subject to the reporting requirements of, and has timely filed
all material required to be filed by it pursuant to, Section 13 or Section 15(d)
of the Exchange Act.

 

(k) None of the Issuers or their respective Affiliates has paid or agreed to pay
to any person any compensation for soliciting another to purchase any securities
of any of them (except as contemplated by this Agreement).

 

(l) None of the Issuers or their respective Affiliates has taken, directly or
indirectly, any action designed to cause or which has constituted or which might
reasonably be expected to cause or result, under the Exchange Act or otherwise,
in the stabilization or manipulation of the price of any security of any of them
to facilitate the sale or resale of the Securities.

 

(m) The information to be provided by the Issuers pursuant to Section 5(h)
hereof will not, at the date thereof, contain any untrue statement of a material
fact or omit to state any material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not
misleading.

 

(n) The statements set forth or referenced under the headings “Crown’s
Business—Legal Proceedings”, “Description of Certain Indebtedness”, “Description
of the Notes”, “Registered Exchange Offer; Registration Rights” and “Certain Tax
Considerations” in the Final Memorandum fairly summarize the matters therein
described.

 

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(o) The statistical and market-related data included in the Final Memorandum are
based on or derived from sources which Holdings believes to be reliable and
accurate in all material respects.

 

(p) There are no contracts, agreements or other documents or pending legal or
governmental proceedings to which any of the Issuers or their respective
subsidiaries is a party or any property of any of the Issuers or their
respective subsidiaries is subject that would be required to be described in a
prospectus under the Act that have not been described in the Final Memorandum
(exclusive of any amendment or supplement thereto). The contracts, agreements
and other documents so described in the Final Memorandum are in full force and
effect on the date of this Agreement. None of the Issuers or their respective
subsidiaries or, to the knowledge of any Issuer, any other party is in breach of
or default under any such contracts, agreements or other documents, other than a
breach or default that would not reasonably be expected to have a material
adverse effect on (i) the issue and sale of the Securities or the consummation
of the other transactions contemplated by the Transaction Documents or of the
Refinancing Plan or (ii) the condition (financial or otherwise), prospects,
earnings, business or properties of the Company, individually, or of Holdings
and its subsidiaries, taken as a whole, whether or not arising from transactions
in the ordinary course of business (“Material Adverse Effect”).

 

(q) Holdings and each of its subsidiaries has been duly organized and is validly
existing as a corporation or other legal entity in good standing under the laws
of the jurisdiction in which it is organized, with full corporate or other
statutory power and authority to own or lease, as the case may be, and operate
its properties and conduct its business as described in the Final Memorandum.
Holdings and each of its subsidiaries is duly qualified to do business as a
foreign corporation or other legal entity and is in good standing under the laws
of each jurisdiction which requires such qualification, except where the failure
to do so qualify or be in good standing would not reasonably be expected to
result in a Material Adverse Effect.

 

(r) Holdings does not have any material subsidiaries other than (i) the Company,
(ii) the other Guarantors and (iii) the subsidiaries listed on Schedule III
hereto. All the outstanding shares of capital stock of each subsidiary of
Holdings have been duly and validly authorized and issued and are fully paid
and, where applicable, nonassessable, and, except as set forth on Schedule III
hereto or as otherwise set forth in the Final Memorandum, all outstanding shares
of capital stock of such subsidiaries are owned by Holdings, either directly or
through wholly owned subsidiaries, free and clear of any perfected security
interest or any other security interests, claims, liens or encumbrances, except
for any such perfected security interests, or other security interests, claims,
liens or encumbrances described in the Final Memorandum or that would not
reasonably be expected to result in a Material Adverse Effect or an Event of
Default (as defined in the Indenture).

 

(s) Holdings’ capitalization is as set forth in the “Actual” column of the table
set forth under the heading “Capitalization” in the Final Memorandum. On the
Closing Date, Holdings’ capitalization will be consistent in all material
respects with the “As Adjusted” column of the table set forth under the heading
“Capitalization” in the Final Memorandum.

 

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(t) This Agreement has been duly authorized, executed and delivered by each of
the Issuers and, assuming the due authorization, execution and delivery thereof
by the Initial Purchasers, constitutes the legal, valid and binding obligation
of each of the Issuers, enforceable against each of the Issuers in accordance
with its terms (except that the enforcement thereof may be subject to applicable
bankruptcy, reorganization, insolvency, fraudulent conveyance, moratorium or
other laws of general applicability affecting creditors’ rights generally from
time to time in effect and to general principles of equity and the discretion of
the court before which any proceeding therefor may be brought regardless of
whether such enforcement is considered in a proceeding at law or in equity).

 

(u) The Indenture has been duly authorized by each of the Issuers and, assuming
the due authorization, execution and delivery thereof by the Trustee, when
executed and delivered by each of the Issuers, will constitute the legal, valid
and binding instrument of each of the Issuers, enforceable against each of the
Issuers in accordance with its terms (except that the enforcement thereof may be
subject to applicable bankruptcy, reorganization, insolvency, fraudulent
conveyance, moratorium or other laws of general applicability affecting
creditors’ rights generally from time to time in effect and to general
principles of equity and the discretion of the court before which any proceeding
therefor may be brought regardless of whether such enforcement is considered in
a proceeding at law or in equity). The Indenture meets the requirements for
qualification under the Trust Indenture Act.

 

(v) The Notes have been duly authorized by the Company and, when executed and
authenticated in accordance with the provisions of the Indenture and delivered
to and paid for by the Initial Purchasers in accordance with the terms hereof,
will have been duly executed and delivered by the Company and will constitute
the legal, valid and binding obligations of the Company, entitled to the
benefits of the Indenture and enforceable against the Company in accordance with
their terms (except that the enforcement thereof may be subject to applicable
bankruptcy, reorganization, insolvency, fraudulent conveyance, moratorium or
other laws of general applicability affecting creditors’ rights generally from
time to time in effect and to general principles of equity and the discretion of
the court before which any proceeding therefor may be brought regardless of
whether such enforcement is considered in a proceeding at law or in equity).

 

(w) The Note Guarantees have been duly authorized by the Guarantors and, when
the Notes have been executed in accordance with the provisions of the Indenture,
will have been duly executed and delivered by the Guarantors and will constitute
legal, valid and binding obligations of the Guarantors, entitled to the benefits
of the Indenture and enforceable against the Guarantors in accordance with their
terms (except that the enforcement thereof may be subject to applicable
bankruptcy, reorganization, insolvency, fraudulent conveyance, moratorium or
other laws of general applicability affecting creditors’ rights generally from
time to time in effect and to general principles of equity and the discretion of
the court before which any proceeding therefor may be brought regardless of
whether such enforcement is considered in a proceeding at law or in equity).

 

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(x) The Registration Rights Agreement has been duly authorized by each of the
Issuers and, assuming the due authorization, execution and delivery thereof by
the Initial Purchasers, when executed and delivered by each of the Issuers, will
constitute the legal, valid and binding obligation of each of the Issuers,
enforceable against each of the Issuers in accordance with its terms (except
that the enforcement thereof may be subject to applicable bankruptcy,
reorganization, insolvency, fraudulent conveyance, moratorium or other laws of
general applicability affecting creditors’ rights generally from time to time in
effect and to general principles of equity and the discretion of the court
before which any proceeding therefor may be brought regardless of whether such
enforcement is considered in a proceeding at law or in equity).

 

(y) No holder of securities of any of the Issuers will be entitled to have such
securities registered under the registration statements required to be filed by
the Issuers pursuant to the Registration Rights Agreement other than as
expressly permitted thereby.

 

(z) Each of the Intercreditor Agreements has been duly authorized by the Issuers
party thereto and, assuming the due authorization, execution and delivery
thereof by each of the other parties thereto, when executed and delivered by
each such Issuer, will constitute legal, valid and binding obligations of each
such Issuer, enforceable against each such Issuer in accordance with its terms
(except that the enforcement thereof may be subject to applicable bankruptcy,
reorganization, insolvency, fraudulent conveyance, moratorium or other laws of
general applicability affecting creditors’ rights generally from time to time in
effect and to general principles of equity and the discretion of the court
before which any proceeding therefor may be brought regardless of whether such
enforcement is considered in a proceeding at law or in equity).

 

(aa) Each of the other Security Documents has been duly authorized by the
Issuers party thereto and, assuming the due authorization, execution and
delivery thereof by each of the other parties thereto, when executed and
delivered by each such Issuer, will constitute legal, valid and binding
obligations of each such Issuer, enforceable against each such Issuer in
accordance with its terms (except that the enforcement thereof may be subject to
applicable bankruptcy, reorganization, insolvency, fraudulent conveyance,
moratorium or other laws of general applicability affecting creditors’ rights
generally from time to time in effect and to general principles of equity and
the discretion of the court before which any proceeding therefor may be brought
regardless of whether such enforcement is considered in a proceeding at law or
in equity).

 

(bb) The Security Documents, once executed and delivered, will create, in favor
of the Trustee for the benefit of the Trustee and the holders of the Notes, a
valid and enforceable, and upon the filing or recording of the appropriate
financing statements, mortgages, the Security Documents, any required notices
and similar instruments with the appropriate governmental authorities (and the
payment of the appropriate filing or recording fees and any applicable taxes)
and the delivery of the applicable documents to the Collateral Agent (as defined
in the Indenture) in accordance with the provisions of the

 

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Security Documents, a perfected security interest in all Collateral, superior to
and prior to the Liens (as defined in the Indenture) of all third persons other
than the Liens securing Holdings’ and its subsidiaries obligations with the New
Credit Facility or the Amended and Restated Credit Facility, as applicable, and
pari passu with the Liens securing the New Credit Facility or the Amended and
Restated Credit Facility, as applicable, and subject to no other Liens other
than Permitted Collateral Liens (as defined in the Indenture), it being
understood that for French, German and other non-U.S. assets secured by a Lien,
the holders of the Notes will have their priority on the Liens over such assets
effectively enforced pursuant to the Euro Intercreditor Agreement.

 

(cc) Each other Transaction Document has been duly authorized by each Issuer a
party thereto and, assuming the due authorization, execution and delivery
thereof by the other parties thereto, when executed and delivered by each such
Issuer will constitute the legal, valid and binding obligation of each such
Issuer, enforceable against each such Issuer in accordance with its terms
(except that the enforcement thereof may be subject to applicable bankruptcy,
reorganization, insolvency, fraudulent conveyance, moratorium or other laws of
general applicability affecting creditors’ rights generally from time to time in
effect and to general principles of equity and the discretion of the court
before which any proceeding therefor may be brought regardless of whether such
enforcement is considered in a proceeding at law or in equity).

 

(dd) The documents (or portions thereof) incorporated by reference in the Final
Memorandum, when they became effective or were filed with the Commission, as the
case may be, complied as to form in all material respects with the requirements
of the Act or the Exchange Act, as applicable, and none of such documents
contained an untrue statement of a material fact or omitted to state a material
fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading.

 

(ee) No consent, approval, authorization, filing with or order of any court or
governmental agency or body is required in connection with the transactions
contemplated by any of the Transaction Documents or otherwise in connection with
the Refinancing Plan, except (i) in the case of compliance with the terms of the
Registration Rights Agreement such as will be obtained under the Act and the
Trust Indenture Act, (ii) such as may be required under the blue sky laws of any
state in connection with the purchase and distribution of the Securities by the
Initial Purchasers in the manner contemplated herein and in the Final Memorandum
and the Registration Rights Agreement and (iii) such filings and recordings with
governmental authorities as may be required to record or perfect liens under the
Security Documents, and except where the failure to obtain the same would not
reasonably be expected to have a Material Adverse Effect.

 

(ff) None of the execution and delivery by any of the Issuers party thereto of
any of the Transaction Documents, the issue and sale of the Securities, the
consummation of the other transactions contemplated by the Transaction Documents
or of the Refinancing Plan will conflict with, result in a breach or violation
or imposition of any lien, charge or encumbrance upon any property or assets of
any of the Issuers or their

 

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respective subsidiaries pursuant to (i) the organizational documents of Holdings
or any of its subsidiaries; (ii) the terms of any indenture, contract, lease,
mortgage, deed of trust, note agreement, loan agreement or other agreement,
obligation, condition, covenant or instrument to which Holdings or any of its
subsidiaries is a party or bound or to which any property or assets of Holdings
or any of its subsidiaries is subject; or (iii) any statute, law, rule,
regulation, judgment, order or decree applicable to Holdings or any of its
subsidiaries or any property or assets of Holdings or any of its subsidiaries of
any court, regulatory body, administrative agency, governmental body, arbitrator
or other authority having jurisdiction over Holdings or any of its subsidiaries
or property or assets of any of its subsidiaries, except, in the case of clauses
(ii) and (iii) above, as would not reasonably be expected to have a Material
Adverse Effect or to materially adversely affect the rights of the holders of
the Securities or of the Initial Purchasers under the Transaction Documents.

 

(gg) The consolidated historical financial statements and schedules of Holdings
and its consolidated subsidiaries included in the Final Memorandum present
fairly in all material respects the financial condition, results of operations
and cash flows of Holdings and its consolidated subsidiaries as of the dates and
for the periods indicated, comply as to form in all material respects with the
applicable requirements of the Act and have been prepared in conformity with
generally accepted accounting principles applied on a consistent basis
throughout the periods involved (except as otherwise noted therein). The
selected historical financial data set forth under the caption “Selected
Historical Financial Data” in the Final Memorandum comply as to form in all
material respects with the applicable requirements of the Act and have been
prepared in conformity with generally accepted accounting principles applied on
a consistent basis throughout the periods involved (except as otherwise noted
therein). The summary historical financial data set forth under the caption
“Summary—Summary Historical and Pro Forma Consolidated Condensed Financial Data”
in the Final Memorandum fairly present, on the basis stated in the Final
Memorandum, the information included therein. The pro forma financial data
included in the Final Memorandum include assumptions that provide a reasonable
basis for presenting the significant effects directly attributable to the
transactions and events described therein, the related pro forma adjustments
give appropriate effect to those assumptions, and the pro forma adjustments
reflect the proper application of those adjustments to the historical amounts in
the pro forma financial data included in the Final Memorandum. The pro forma
adjustments have been properly applied to the historical amounts in the
compilation of such data.

 

(hh) Other than as set forth in the Final Memorandum, no action, suit or
proceeding by or before any court or governmental agency, authority or body or
any arbitrator involving Holdings or any of its subsidiaries or any property or
assets of Holdings or any of its subsidiaries is pending or, to the knowledge of
Holdings, threatened that would reasonably be expected to have a Material
Adverse Effect.

 

(ii) Holdings and each of its subsidiaries owns or leases all such properties as
are necessary to the conduct of its operations as presently conducted. Holdings
and each of its subsidiaries has good and marketable title to, or valid
leasehold interests in, or easements or other limited property interests in, or
is licensed to use, all its material

 

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properties and assets, except for minor defects that do not interfere with its
ability to conduct its business as currently conducted or utilize such
properties and assets for their intended purposes, and except where failure to
have such title, leasehold interests, easements or other limited property
interests or licenses to use, in the aggregate, would not reasonably be expected
to have a Material Adverse Effect. All material properties and assets of
Holdings and its subsidiaries are free and clear of all liens, charges,
encumbrances or restrictions, except (i) in the case of any such material
properties and assets that constitute Collateral, Permitted Collateral Liens (as
defined in the Indenture) and (ii) in the case of any such material properties
and assets that do not constitute Collateral, Permitted Liens (as defined in the
Indenture). Each of the Issuers and their respective subsidiaries has good and
marketable title to all personal property it purports to own (including, without
limitation, all Collateral), except (i) in the case of any such material
personal property that constitutes Collateral, Permitted Collateral Liens and
(ii) in the case of any such material personal property that does not constitute
Collateral, Permitted Liens. None of Holdings or its subsidiaries has any real
property, personal property or other assets that would constitute Collateral
under the Security Documents that will not constitute Collateral under the
Security Documents as of the Closing Date.

 

(jj) None of the Issuers has received any written notice, or has any knowledge,
of any existing or contemplated condemnation proceeding affecting all or any
portion of the material real property, material fixtures and leasehold estates
in real property or fixtures that constitutes Collateral under the Security
Documents (the “Mortgaged Property”) that remains unresolved, or of any sale or
disposition thereof in lieu of condemnation.

 

(kk) Neither Holdings nor any of its subsidiaries is in violation or default of
(i) any provision of its organizational documents; (ii) the terms of any
indenture, contract, lease, mortgage, deed of trust, note agreement, loan
agreement or other agreement, obligation, condition, covenant or instrument to
which it is a party or bound or to which its property or assets is subject; or
(iii) any statute, law, rule, regulation, judgment, order or decree applicable
to it or any of its subsidiaries of any court, regulatory body, administrative
agency, governmental body, arbitrator or other authority having jurisdiction
over it or any such subsidiaries or any of their respective property or assets,
except, in the case of clauses (ii) and (iii) above, for any such violation or
default which would not reasonably be expected to have a Material Adverse
Effect.

 

(ll) PricewaterhouseCoopers LLP, who have certified certain financial statements
of Holdings and its consolidated subsidiaries and delivered their report with
respect to the audited consolidated financial statements and schedules included
in the Final Memorandum, are independent public accountants with respect to
Holdings within the meaning of the Act and the Exchange Act and the related
published rules and regulations thereunder.

 

(mm) Holdings and each of its subsidiaries has filed all foreign, federal, state
and local tax returns that are required to be filed or has requested extensions
thereof (except in any case in which the failure so to file would not reasonably
be expected to have a Material Adverse Effect). Holdings and each of its
subsidiaries has paid all taxes

 

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required to be paid by it as shown in such return and any other assessment, fine
or penalty levied against it, to the extent that any of the foregoing is due and
payable, except for any such assessment, fine or penalty that is being contested
in good faith or as would not reasonably be expected to have a Material Adverse
Effect.

 

(nn) No labor problem or dispute with the employees of Holdings or any of its
subsidiaries exists or is threatened or imminent, and there is no existing or
imminent labor disturbance or collective bargaining activities by the employees
of Holdings or any of its subsidiaries or, to the knowledge of any of the
Issuers, by the employees of any of the principal suppliers, contractors or
customers of Holdings or any of its subsidiaries, in each case, that would have
a Material Adverse Effect.

 

(oo) Holdings and each of its subsidiaries, except as disclosed in the Final
Memorandum, or to the extent it would not reasonably be expected to have a
Material Adverse Effect, is insured by insurers of recognized financial
responsibility against such losses and risks and in such amounts as are prudent
and customary in the businesses in which they are engaged. All policies of
insurance and fidelity or surety bonds insuring Holdings or any of its
subsidiaries or the businesses, assets, employees, officers and directors of
Holdings or any of its subsidiaries are in full force and effect. Holdings and
each of its subsidiaries is in compliance with the terms of such policies and
instruments in all material respects. There are no claims by Holdings or any of
its subsidiaries under any such policy or instrument as to which any insurance
company is denying liability or defending under a reservation of rights clause,
except for such claims which, if successfully denied, would not reasonably be
expected to have a Material Adverse Effect. Neither Holdings nor any of its
subsidiaries has been refused any insurance coverage sought or applied for.
Neither Holdings nor any of its subsidiaries has any reason to believe that it
will not be able to renew its existing insurance coverage as and when such
coverage expires or to obtain similar coverage from similar insurers as may be
necessary to continue its business at a cost that would not reasonably be
expected to have a Material Adverse Effect.

 

(pp) No subsidiary of Holdings is prohibited, directly or indirectly, from
paying any dividends on such subsidiary’s capital stock, from making any other
distribution on such subsidiary’s capital stock, from repaying to Holdings or
any other subsidiary of Holdings any loans or advances to such subsidiary from
Holdings or such other subsidiary or from transferring any of such subsidiary’s
property or assets to Holdings or any other subsidiary of Holdings, except as
described in or contemplated by the Final Memorandum (exclusive of any amendment
or supplement thereto).

 

(qq) Holdings and each of its subsidiaries owns or possesses adequate licenses
or other rights to use all patents, trademarks, service marks, trade names,
copyrights and know-how that are necessary to conduct their respective
businesses as described in the Final Memorandum, except where the failure to own
or possess such licenses or other rights to use such patents, trademarks,
service marks, trade names, copyrights and know-how would not reasonably be
expected to have a Material Adverse Effect. Neither Holdings nor any of its
subsidiaries has received any notice of infringement of or conflict with (or
knows of any such infringement of or conflict with) asserted rights of others
with

 

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respect to any patents, trademarks, service marks, trade names, copyrights or
know-how that, if such assertion of infringement or conflict were sustained,
could have a Material Adverse Effect.

 

(rr) Holdings and each of its subsidiaries possesses all licenses, certificates,
permits and other authorizations issued by the appropriate federal, state or
foreign regulatory authorities necessary to conduct their respective businesses
as currently conducted, except where the failure to possess such licenses,
certificates, permits or other authorizations would not reasonably be expected
to have a Material Adverse Effect, and neither Holdings nor any of its
subsidiaries has received any notice of proceedings relating to the revocation
or modification of any such certificate, authorization or permit which, singly
or in the aggregate, if the subject of an unfavorable decision, ruling or
finding, would reasonably be expected to have a Material Adverse Effect.

 

(ss) Holdings and each of its subsidiaries maintains a system of internal
accounting controls sufficient to provide reasonable assurance that (i)
transactions are executed in accordance with management’s general or specific
authorizations; (ii) transactions are recorded as necessary to permit
preparation of financial statements in conformity with generally accepted
accounting principles and to maintain asset accountability; (iii) access to
assets is permitted only in accordance with management’s general or specific
authorization; and (iv) the recorded accountability for assets is compared with
the existing assets at reasonable intervals and appropriate action is taken with
respect to any differences.

 

(tt) (i) Holdings and each of its subsidiaries is in compliance in all material
respects with any and all applicable foreign, federal, state and local laws and
regulations and rules of common law relating to pollution or the protection of
the environment, natural resources or occupational health and safety, including
without limitation those relating to the release or threat of release of
Hazardous Materials (“Environmental Laws”); (ii) Holdings and each of its
subsidiaries has received and is in compliance in all material respects with all
permits, licenses or other approvals required of it under applicable
Environmental Laws to conduct its businesses as currently conducted; (iii)
neither Holdings nor any of its subsidiaries has received written notice of any
actual or potential liability for the investigation or remediation of any
Hazardous Materials; (iv) there is no civil, criminal or administrative action,
suit, demand, claim, hearing, notice of violation, investigation, proceeding,
notice or demand letter or request for information pending or, to the knowledge
of any of the Issuers, threatened against Holdings or any of its subsidiaries
under any Environmental Law; (v) no lien, charge, encumbrance or restriction has
been recorded under any Environmental Law with respect to any assets, facility
or property owned, operated, leased or controlled by Holdings or any of its
subsidiaries; (vi) neither Holdings nor any of its subsidiaries is subject to
any order, decree, consent, settlement or agreement requiring, or is otherwise
obligated or required to perform, any response or corrective action relating to
any Hazardous Materials; (vii) neither Holdings nor any of its subsidiaries has
received written notice that it has been identified as a potentially responsible
party under the Comprehensive Environmental Response, Compensation and Liability
Act of 1980, as amended (“CERCLA”), or any comparable state or foreign law;
(viii) no property or facility of Holdings or any of its

 

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subsidiaries is (x) listed or, to the knowledge of the Issuers, proposed for
listing on the National Priorities List under CERCLA or (y) listed in the
Comprehensive Environmental Response, Compensation and Liability Information
System List promulgated pursuant to CERCLA, or on any comparable list maintained
by any governmental authority; and (ix) there are no past or present actions,
events, operations or activities which would reasonably be expected to prevent
or interfere with compliance by Holdings or any of its subsidiaries with any
applicable Environmental Law or result in liability (including, without
limitation, fines or penalties) under any applicable Environmental Law, except,
in the case of each of clauses (i) through (ix) above, as (A) described in the
Final Memorandum (exclusive of any amendment or supplement thereto) or (B) would
not reasonably be expected to, individually or in the aggregate, have a Material
Adverse Effect. “Hazardous Materials” means any hazardous or toxic substance,
chemical, material, pollutant, waste, contaminant or constituent, which is
subject to regulation under or could give rise to liability under any
Environmental Law.

 

(uu) In the ordinary course of its business, Holdings periodically reviews the
effect of Environmental Laws on the business, operations and properties of
Holdings and its subsidiaries, in the course of which it seeks to identify and
evaluate associated costs and liabilities. On the basis of such review, and
except as described in the Final Memorandum, Holdings does not reasonably expect
that such associated costs and liabilities would, singly or in the aggregate,
have a Material Adverse Effect.

 

(vv) Holdings and each of its subsidiaries has fulfilled its obligations, if
any, under the minimum funding standards of Section 302 of the United States
Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and the
regulations and published interpretations thereunder with respect to each “plan”
(as defined in Section 3(3) of ERISA and such regulations and published
interpretations) in which employees of any of the Issuers or their respective
subsidiaries are eligible to participate, and each such plan is, and on the
Closing Date will be, in compliance in all material respects with the presently
applicable provisions of ERISA and such regulations and published
interpretations. Neither Holdings nor any of its subsidiaries has incurred any
unpaid liability to the Pension Benefit Guaranty Corporation (other than for the
payment of premiums in the ordinary course) under Title IV of ERISA.

 

(ww) None of the Issuers or any of their respective Affiliates or any director,
officer, agent or employee of any of the Issuers or their respective Affiliates
has (i) used any corporate funds for any unlawful contribution, gift,
entertainment or other unlawful expense relating to political activity; (ii)
made any direct or indirect unlawful payment to any foreign or domestic
government official or employee from corporate funds; (iii) violated any
provision of the Foreign Corrupt Practices Act of 1977; or (iv) made any bribe,
rebate, payoff, influence payment, kickback or other unlawful payment.

 

(xx) Except as disclosed in the Final Memorandum, no income, stamp or other
taxes or levies, imposts, deductions, charges, compulsory loans or withholdings
whatsoever are or will be, under applicable law in France, the United States or
any other jurisdiction of incorporation, organization or formation, as the case
may be, or tax residency of any of the Issuers, imposed, assessed, levied or
collected by any Federal,

 

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state, local or foreign governmental taxing authority on or in respect of
principal, interest, premiums and penalties or other amounts payable under the
Securities, or on account of the issue and sale by the Issuers of the Securities
or the execution, delivery or performance of this Agreement, the Indenture, the
Security Documents or the Registration Rights Agreement or any payments
hereunder or thereunder.

 

(yy) None of the Issuers or any property or assets of any of the Issuers has any
immunity from jurisdiction of any court or from any legal process.

 

(zz) After giving effect to savings clauses in the Transaction Documents that
limit the liability of Issuers in certain cases, the fair value and present fair
saleable value of the assets of each of the Issuers and their respective
subsidiaries exceeds, and immediately after the consummation of the issue and
sale of the Securities and the consummation of the other transactions
contemplated by the Transaction Documents will exceed, the sum of its stated
liabilities and identified contingent liabilities. After giving effect to
savings clauses in the Transaction Documents that limit the liability of Issuers
in certain cases, none of the Issuers or their respective subsidiaries is, and
immediately after the consummation of the issue and sale of the Securities and
the consummation of the other transactions contemplated by the Transaction
Documents:

 

(i) none of them will be, (x) left with unreasonably small capital with which to
carry on its business as it is proposed to be conducted, (y) unable to pay its
debts (contingent or otherwise) as they mature or (z) otherwise insolvent; and

 

(ii) neither Holdings nor any of its subsidiaries:

 

(A) is or will be subject to any proceedings for its administration
(redressement judiciaire), is or will be subject to a plan for the transfer of
the whole or part of its business, or is or will be subject to liquidation
(liquidation judiciaire) and no claim has been requesting implementation of such
proceedings;

 

(B) is or will be subject to the administration of a court appointed mediator
(conciliateur), judicial condition, compulsory manager, receiver (administrateur
judiciaire), administrator, liquidator (liquidateur judiciaire) or other similar
office (mandataire ad hoc), and no request has been filed and no negotiations
are envisaged for the rehabilitation, administration, custodianship,
liquidation, winding-up or dissolution of Holdings or any subsidiary;

 

(C) is or will be unable to settle its debts (contingent or otherwise) (passif
exigible) with realizable assets (en état de cessation des paiements) within the
meaning of article L 621-1 of the French Commercial Code or admits in writing
its inability to pay its debts as they fall due;

 

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(D) is or will be subject to amicable arrangement proceedings (procédure de
règlement amiable), within the meaning of article L. 611-3 of the French
Commercial Code; and

 

(E) has or will commence negotiations with any of its creditors with a view to
the general readjustment or rescheduling of any of its indebtedness or has made
a general assignment for the benefit of any of its creditors and/or has entered
into any settlement agreement or amicable arrangement with any of its creditors
(transactions, accord ou réglement amiable), or stops, suspends payment of all
or substantially all of its debts or announces an intention to do so, or a
moratorium is declared in respect of any of its indebtedness.

 

(aaa) None of the Issuers or their respective Affiliates, or any person acting
on behalf of any of them (other than the Initial Purchasers as to which the
Issuers make no representation or warranty), has offered or sold or will offer
or sell, directly or indirectly, any Notes to the public in the Republic of
France or has distributed or caused to be distributed or will distribute or
cause to be distributed to the public in the Republic of France the Preliminary
Memorandum, the Final Memorandum or any other offering material relating to the
Notes, and such offers, sales and distributions will be made in France only to
qualified investors (investisseurs qualifiés) as defined in and in accordance
with Articles L.411-1 and L.411-2 of the French Code Monétaire et Financier and
Decree no. 98-880 dated 1 October 1998.

 

Any certificate signed by any officer of any of the Issuers and delivered to the
Initial Purchasers or counsel for the Initial Purchasers pursuant to this
Agreement shall be deemed a representation and warranty by such Issuer, as to
matters covered thereby, to each Initial Purchaser.

 

2. Purchase and Sale. Subject to the terms and conditions and in reliance upon
the representations and warranties herein set forth, the Company agrees to sell
to each Initial Purchaser, and each Initial Purchaser agrees, severally and not
jointly, to purchase from the Company, at a purchase price equal to 98.5% of the
principal amount thereof, plus accrued interest, if any, from September 1, 2004
to the Closing Date, the principal amount of Securities set forth opposite such
Initial Purchaser’s name in Schedule I hereto.

 

3. Delivery and Payment. Delivery of and payment for the Securities shall be
made at 10:00 A.M., New York City time, on September 1, 2004, or at such time on
such later date (not later than September 9, 2004) as the Initial Purchasers
shall designate, which date and time may be postponed by agreement between the
Initial Purchasers and the Company or as provided in Section 9 hereof (such date
and time of delivery and payment for the Securities being herein called the
“Closing Date”). Delivery of the Securities shall be made to the Initial
Purchasers for the respective accounts of the several Initial Purchasers against
payment by the several Initial Purchasers of the purchase price thereof to or
upon the order of the Company by wire transfer payable in same-day funds to the
account specified by the Company. Delivery of the Securities shall be made
through the facilities of Euroclear Bank S.A./N.V., as operator of the Euroclear
System (“Euroclear”), and Clearstream Banking S.A. (“Clearstream, Luxembourg”),
or their designated custodian, unless the Initial Purchasers shall otherwise
instruct.

 

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4. Offering by Initial Purchasers. Each Initial Purchaser, severally and not
jointly, represents and warrants to and agrees with the Company that:

 

(a) It has not offered or sold, and will not offer or sell, any Securities
except (i) to those it reasonably believes to be qualified institutional buyers
(as defined in Rule 144A under the Act) and that, in connection with each such
sale, it has taken or will take reasonable steps to ensure that the purchaser of
such Securities is aware that such sale is being made in reliance on Rule 144A
or (ii) in accordance with the restrictions set forth in Exhibit A hereto.

 

(b) Neither it nor any person acting on its behalf has made or will make offers
or sales of the Securities in the United States by means of any form of general
solicitation or general advertising (within the meaning of Regulation D) in the
United States.

 

(c) The Securities to be purchased by it on the Closing Date are subject to the
terms of the Proceeds Sharing Agreement.

 

5. Agreements. The Issuers, jointly and severally, agree with each Initial
Purchaser that:

 

(a) The Issuers will furnish to each Initial Purchaser and to counsel for the
Initial Purchasers, without charge, during the period referred to in paragraph
(c) below, as many copies of the Final Memorandum and any amendments and
supplements thereto as they may reasonably request and the Final Memorandum as
so delivered shall be in form and substance reasonably satisfactory to
Citigroup.

 

(b) The Issuers will not amend or supplement the Final Memorandum, other than by
filing documents under the Exchange Act that are incorporated by reference
therein, without the prior written consent of each Initial Purchaser; provided,
however, that prior to the completion of the distribution of the Securities by
the Initial Purchasers (as determined by the Initial Purchasers), the Issuers
will not file any document under the Exchange Act that is incorporated by
reference in the Final Memorandum unless, prior to such proposed filing, the
Issuers have furnished the Initial Purchasers with a copy of such document for
their review and the Initial Purchasers have not reasonably objected to the
filing of such document. The Issuers will promptly advise the Initial Purchasers
when any document filed under the Exchange Act that is incorporated by reference
in the Final Memorandum shall have been filed with the Commission.

 

(c) If at any time prior to the completion of the sale of the Securities by the
Initial Purchasers (as determined by the Initial Purchasers), any event occurs
as a result of which the Final Memorandum, as then amended or supplemented,
would include any untrue statement of a material fact or omit to state any
material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading, or if it should be
necessary to amend or supplement the Final Memorandum to comply with applicable
law, the Issuers promptly (i) will notify the Initial Purchasers

 

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of any such event; (ii) subject to the requirements of paragraph (b) of this
Section 5, will prepare an amendment or supplement that will correct such
statement or omission or effect such compliance; and (iii) will supply any
supplemented or amended Final Memorandum to the several Initial Purchasers and
counsel for the Initial Purchasers without charge in such quantities as they may
reasonably request.

 

(d) To the extent an Issuer may do so under applicable law, the Issuers will
arrange, if necessary, for the qualification of the Securities for sale by the
Initial Purchasers under the laws of such jurisdictions as the Initial
Purchasers may reasonably designate and will maintain such qualifications in
effect so long as required for the sale of the Securities; provided that in no
event shall any Issuer be obligated to qualify to do business in any
jurisdiction where it is not now so qualified, to execute a general consent to
service of process in any jurisdiction with respect to which such a consent has
not been previously executed or to subject itself to taxation in any
jurisdiction wherein it would not otherwise be subject to tax but for the
requirements of this paragraph. The Issuers will promptly advise the Initial
Purchasers of the receipt by any Issuer of any notification with respect to the
suspension of the qualification of the Securities for sale in any jurisdiction
or the initiation or threatening of any proceeding for such purpose.

 

(e) The Issuers will not, and will not permit any of their respective Affiliates
to, resell any Securities that have been acquired by any of them.

 

(f) None of the Issuers or their respective Affiliates, or any person acting on
behalf of any of them, will, directly or indirectly, make offers or sales of any
security, or solicit offers to buy any security, under circumstances that would
require the registration of the Securities under the Act.

 

(g) None of the Issuers or their respective Affiliates, or any person acting on
behalf of any of them, will engage in any form of general solicitation or
general advertising (within the meaning of Regulation D) in connection with any
offer or sale of the Securities in the United States.

 

(h) So long as any of the Securities are “restricted securities” within the
meaning of Rule 144(a)(3) under the Act, each Issuer will, during any period in
which it is not subject to and in compliance with Section 13 or 15(d) of the
Exchange Act or it is not exempt from such reporting requirements pursuant to
and in compliance with Rule 12g3-2(b) under the Exchange Act, provide to each
holder of such restricted securities and to each prospective purchaser (as
designated by such holder) of such restricted securities, upon the request of
such holder or prospective purchaser, any information required to be provided by
Rule 144A(d)(4) under the Act. This covenant is intended to be for the benefit
of the holders, and the prospective purchasers designated by such holders, from
time to time, of such restricted securities.

 

(i) None of the Issuers or their respective Affiliates, or any person acting on
behalf of any of them, will engage in any “directed selling efforts” with
respect to the Securities, and each of them will comply with the “offering
restrictions” requirement of Regulation S. Terms used in this paragraph have the
meanings given to them by Regulation S.

 

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(j) The Issuers will cooperate with the Initial Purchasers and use their
respective reasonable best efforts to permit the Notes to be eligible for
clearance and settlement through Euroclear and Clearstream, Luxembourg. The
Issuers will cooperate with the Initial Purchasers and use their respective
reasonable best efforts to permit the Notes to be approved for trading on the
Luxembourg Stock Exchange.

 

(k) The Issuers will not for a period of 90 days following the Execution Time,
without the prior written consent of the Initial Purchasers, offer, sell or
contract to sell, or otherwise dispose of (or enter into any transaction which
is designed to, or might reasonably be expected to, result in the disposition
(whether by actual disposition or effective economic disposition due to cash
settlement or otherwise) by any Issuer or any Affiliate of any Issuer or any
person in privity with any Issuer or any Affiliate of any Issuer), directly or
indirectly, or announce the offering of, any debt securities issued or
guaranteed by any Issuer (other than the Securities, notes under the New Credit
Facility or the Amended and Restated Credit Facility, as applicable, and
inter-company notes).

 

(l) The Issuers will not take, directly or indirectly, any action designed to or
which has constituted or which might reasonably be expected to cause or result,
under the Act or the Exchange Act or otherwise, in stabilization or manipulation
of the price of any security of any Issuer to facilitate the sale or resale of
the Securities.

 

(m) The Issuers, jointly and severally, agree to pay the costs and expenses
relating to the following matters: (i) the preparation of the Indenture, the
Security Documents and the Registration Rights Agreement, the issuance of the
Securities and the fees of the Trustee and the Collateral Agent; (ii) the
preparation, printing or reproduction of the Preliminary Memorandum and the
Final Memorandum and each amendment or supplement to either of them; (iii) the
printing (or reproduction) and delivery (including postage, air freight charges
and charges for counting and packaging) of such copies of the Preliminary
Memorandum and the Final Memorandum, and all amendments or supplements to either
of them, as may, in each case, be reasonably requested for use in connection
with the offering and sale of the Securities; (iv) the preparation, printing,
authentication, issuance and delivery of certificates for the Securities,
including any stamp or transfer taxes in connection with the original issuance
and sale of the Securities; (v) the printing (or reproduction) and delivery of
this Agreement, any blue sky memorandum and all other agreements or documents
printed (or reproduced) and delivered in connection with the offering of the
Securities; (vi) any registration or qualification of the Securities for offer
and sale under the securities or blue sky laws of the several states (including
filing fees and the reasonable fees and expenses of counsel for the Initial
Purchasers relating to such registration and qualification); (vii) admitting the
Notes for trading on the Luxembourg Stock Exchange; (viii) the transportation
and other expenses incurred by or on behalf of the Issuers’ representatives in
connection with presentations to prospective purchasers of the Securities; (ix)
the fees and expenses of the Issuers’ accountants and the fees and expenses of
counsel (including local and special counsel) for the Issuers; (x) any appraisal
or valuation performed in connection with the

 

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offering and sale of the Securities; (xi) compliance with the provisions of
Section 6(n) hereof; and (xii) all other costs and expenses incident to the
performance by the Issuers of their respective obligations hereunder.

 

(n) The Issuers will apply the proceeds from the offering and sale of the
Securities as provided under the caption “Use of Proceeds” in the Final
Memorandum.

 

(o) The Issuers will on or prior to the Closing Date enter into either (i) the
New Credit Facility or (ii) the Amended and Restated Credit Facility.

 

6. Conditions to the Obligations of the Initial Purchasers. The obligations of
the Initial Purchasers to purchase the Securities shall be subject to the
accuracy of the representations and warranties on the part of the Issuers
contained herein at their respective times of execution of this Agreement, the
Closing Date and any settlement date pursuant to Section 3 hereof, to the
accuracy of the statements of the Issuers made in any certificates pursuant to
the provisions hereof, to the performance by the Issuers of their respective
obligations hereunder and to the following additional conditions:

 

(a) The Issuers shall have requested and caused Dechert LLP, special United
States counsel for the Issuers, to furnish to the Initial Purchasers their
opinion, dated the Closing Date and addressed to the Initial Purchasers,
substantially in the form of Exhibit B hereto (with such modifications as shall
be reasonably acceptable to the Initial Purchasers and their counsel); provided,
however, that, to the extent appropriate and acceptable to the Initial
Purchasers and their counsel, William T. Gallagher, General Counsel of Holdings,
may furnish to the Initial Purchasers his opinion, dated the Closing Date and
addressed to the Initial Purchasers, covering certain of the matters set forth
in Exhibit B hereto. In rendering such opinions, such counsel may rely (A) as to
matters involving the application of laws of any jurisdiction other than the
Commonwealth of Pennsylvania, the State of New York, the Federal laws of the
United States and the Delaware General Corporation Law, to the extent they deem
proper and specified in such opinion, upon the opinion of other counsel of good
standing whom they believe to be reliable and who are satisfactory to counsel
for the Initial Purchasers; and (B) as to matters of fact, to the extent they
deem proper, on certificates of responsible officers of the Issuers and public
officials.

 

(b) The Issuers shall have requested and caused Dechert LLP, special French
counsel to the Issuers, to furnish to the Initial Purchasers their opinion,
dated the Closing Date and addressed to the Initial Purchasers, substantially in
the form of Exhibit C hereto (with such modifications as shall be reasonably
acceptable to the Initial Purchasers and their counsel). In rendering such
opinion, such counsel may rely (A) as to matters involving the application of
laws of any jurisdiction other than the Republic of France, to the extent they
deem proper and specified in such opinion, upon the opinion of other counsel of
good standing whom they believe to be reliable and who are satisfactory to
counsel for the Initial Purchasers; and (B) as to matters of fact, to the extent
they deem proper, on certificates of responsible officers of the Issuers and
public officials.

 

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(c) The Issuers shall have requested and caused one or more local counsel for
the Issuers, reasonably satisfactory to the Initial Purchasers and counsel to
the Initial Purchasers, in each of Belgium, Canada, Germany, Mexico, Switzerland
and the United Kingdom to furnish to the Initial Purchasers their opinion, dated
the Closing Date and addressed to the Initial Purchasers, substantially in the
form of Exhibit D hereto (with such modifications as shall be reasonably
acceptable to the Initial Purchasers and their counsel). In rendering such
opinion, such counsel may rely as to matters of fact, to the extent they deem
proper, on certificates of responsible officers of relevant Issuers.

 

(d) The Initial Purchasers shall have received from each of (i) Cahill Gordon &
Reindel LLP, special United States counsel for the Initial Purchasers and (ii)
Gide Loyrette Nouel, special French counsel for the Initial Purchasers, such
opinion or opinions, dated the Closing Date and addressed to the Initial
Purchasers, with respect to such matters as the Initial Purchasers may
reasonably require, and the Issuers shall have furnished to such counsel such
documents as they request for the purpose of enabling them to pass upon such
matters.

 

(e) Holdings shall have furnished to the Initial Purchasers a certificate of
Holdings and the Company, signed by the Chairman of the Board or the President
and the principal financial or accounting officer of each of Holdings and the
Company, dated the Closing Date, to the effect that the signers of such
certificate have carefully examined the Final Memorandum, any amendment or
supplement to the Final Memorandum and this Agreement and that:

 

(i) the representations and warranties of the Issuers in this Agreement are true
and correct in all material respects on and as of the Closing Date with the same
effect as if made on the Closing Date, and the Issuers have complied with all
the agreements and satisfied all the conditions on their part to be performed or
satisfied hereunder at or prior to the Closing Date; and

 

(ii) since the date of the most recent financial statements included in the
Final Memorandum (exclusive of any amendment or supplement thereto), there has
been no material adverse change in the condition (financial or otherwise),
prospects, earnings, business or properties of the Company, individually, or of
Holdings and its subsidiaries, taken as a whole, whether or not arising from
transactions in the ordinary course of business, except as set forth in or
contemplated by the Final Memorandum (exclusive of any amendment or supplement
thereto).

 

(f) At the Execution Time and at the Closing Date, Holdings shall have requested
and caused PricewaterhouseCoopers LLP to furnish to the Initial Purchasers
letters, dated respectively as of the Execution Time and as of the Closing Date,
in form and substance satisfactory to the Initial Purchasers, confirming that
they are independent accountants within the meaning of the Act and the Exchange
Act and the applicable rules and regulations thereunder, that they have
performed a review of the unaudited interim financial information of Holdings
and its consolidated subsidiaries for the six-month period ended June 30, 2004
and stating in effect that:

 

(i) in their opinion the audited financial statements included in the Final
Memorandum and reported on by them comply as to form in all material respects
with the applicable accounting requirements of Regulation S-X;

 

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(ii) on the basis of a reading of the latest unaudited financial statements made
available by Holdings; their limited review in accordance with the standards
established under Statement on Auditing Standards No. 100 of the unaudited
interim financial information for the six-month period ended June 30, 2004;
carrying out certain specified procedures (but not an examination in accordance
with generally accepted auditing standards) which would not necessarily reveal
matters of significance with respect to the comments set forth in such letter; a
reading of the minutes of the meetings of the stockholders, directors and audit
committees of Holdings; and inquiries of certain officials of Holdings who have
responsibility for financial and accounting matters of Holdings and its
subsidiaries as to transactions and events subsequent to December 31, 2003,
nothing came to their attention which caused them to believe that:

 

(1) any unaudited financial statements included in the Final Memorandum (x) do
not comply as to form in all material respects with the applicable accounting
requirements and with the published rules and regulations of the Commission with
respect to financial statements included in quarterly reports on Form 10-Q under
the Exchange Act or (y) are not in conformity with generally accepted accounting
principles applied on a basis substantially consistent with that of the audited
financial statements included or incorporated in the Final Memorandum;

 

(2) with respect to the period subsequent to June 30, 2004, there were any
changes, at a specified date not more than five days prior to the date of the
letter, in the total debt of Holdings and its consolidated subsidiaries or the
capital stock of Holdings or decreases in the shareholders’ equity of Holdings
or working capital of Holdings and its consolidated subsidiaries as compared
with the amounts shown on the June 30, 2004 consolidated balance sheet included
in the Final Memorandum, or for the period from July 1, 2004 to such specified
date there were any decreases, as compared with the corresponding period in the
preceding year, in net sales, income before income taxes, minority interest and
cumulative effect of a change in accounting or net income of Holdings and its
consolidated subsidiaries, except in all instances for changes or decreases set
forth in such letter, in which case the letter shall be accompanied by an
explanation by Holdings as to the significance thereof unless said explanation
is not deemed necessary by the Initial Purchasers; or

 

(3) the unaudited amounts of any capsule information included in the Final
Memorandum do not agree with the amounts set forth in the unaudited financial
statements for the same periods or were not determined on a basis substantially
consistent with that of the

 

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corresponding amounts in the audited financial statements included in the Final
Memorandum or do not conform with generally accepted accounting principles; and

 

(iii) they have performed certain other specified procedures as a result of
which they determined that certain information of an accounting, financial or
statistical nature (which is limited to accounting, financial or statistical
information derived from the general accounting records of Holdings and its
subsidiaries) included in the Final Memorandum agrees with the accounting
records of Holdings and its consolidated subsidiaries, excluding any questions
of legal interpretation.

 

References to the Final Memorandum in this Section 6(f) include any amendment or
supplement thereto at the date of the applicable letter.

 

(g) Subsequent to the Execution Time or, if earlier, the dates as of which
information is given in the Final Memorandum (exclusive of any amendment or
supplement thereto), there shall not have been (i) any change or decrease
specified in the letter or letters referred to in paragraph (f) of this Section
6; or (ii) any change, or any development involving a prospective change, in or
affecting the condition (financial or otherwise), prospects, earnings, business
or properties of the Company or of Holdings and its subsidiaries, taken as a
whole, whether or not arising from transactions in the ordinary course of
business, except as set forth in or contemplated in the Final Memorandum
(exclusive of any amendment or supplement thereto) the effect of which, in any
case referred to in clause (i) or (ii) above, is, in the sole judgment of the
Initial Purchasers, so material and adverse as to make it impractical or
inadvisable to market the Securities as contemplated by the Final Memorandum
(exclusive of any amendment or supplement thereto).

 

(h) The Issuers and the Trustee shall have entered into the Indenture in form
and substance satisfactory to the Initial Purchasers, and the Initial Purchasers
shall have received counterparts, conformed as executed, thereof.

 

(i) Each of the Guarantors shall have executed a Notes Guarantee in form and
substance satisfactory to the Initial Purchasers, and the Initial Purchasers
shall have received counterparts, conformed as executed, thereof.

 

(j) The Issuers and the Initial Purchasers shall have entered into the
Registration Rights Agreement.

 

(k) The U.S. Intercreditor Agreement (as defined in the Indenture) shall have
been executed by the respective parties thereto and shall be in form and
substance satisfactory to the Initial Purchasers, and the Initial Purchasers
shall have received counterparts, conformed as executed, thereof.

 

(l) The Euro Intercreditor Agreement (as defined in the Indenture) shall have
been executed by the respective parties thereto and shall be in form and
substance satisfactory to the Initial Purchasers, and the Initial Purchasers
shall have received counterparts, conformed as executed, thereof.

 

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(m) All other Security Documents shall have been executed by the respective
parties thereto and shall be in form and substance satisfactory to the Initial
Purchasers, and the Initial Purchasers shall have received counterparts,
conformed as executed, thereof.

 

(n) To the extent delivered to the agents under the New Credit Facility or
Amended and Restated Credit Facility, as applicable (the “Bank Agents”), the
Initial Purchasers, the Trustee and the Collateral Agent shall have received
each of the following documents which shall be reasonably satisfactory in form
and substance to the Initial Purchasers, the Trustee and the Collateral Agent
and each of their respective counsel with respect to each Mortgaged Property and
each other item of Collateral, as appropriate:

 

(i) all Mortgages (as defined in the Security Documents) in favor of either or
both of the Trustee and the Collateral Agent, together with such certificates,
affidavits, questionnaires or returns as shall be required in connection with
the recording or filing thereof and such financing statements and other similar
statements as are contemplated in respect of each such Mortgage by the local
counsel opinion referred to in subparagraph (x) below, and any other instruments
necessary to grant the interests purported to be granted by each such Mortgage
under the laws of any applicable jurisdiction, which Mortgages and financing
statements and other instruments shall be effective to create a lien on such
Mortgaged Property in favor of either or both of the Trustee and Collateral
Agent, as applicable, subject to no liens other than Permitted Collateral Liens;

 

(ii) such consents, approvals, amendments, supplements, estoppels, tenant
subordination agreements or other instruments as shall have been delivered to
the Bank Agents in order for the owner or holder of the fee interest or
leasehold interest to grant the lien contemplated by the Mortgage with respect
to each Mortgaged Property;

 

(iii) with respect to each Mortgage, a policy of title insurance (or commitment
to issue such a policy) insuring (or committing to insure) the lien of such
Mortgage as a valid mortgage lien on the real property and fixtures described
therein, with the priority described in the Final Memorandum, in respect of the
Securities;

 

(iv) a survey with respect to each Mortgaged Property;

 

(v) policies or certificates of insurance;

 

(vi) Uniform Commercial Code, judgment, tax lien and intellectual property
searches;

 

(vii) affidavits, certificates and instruments of indemnification;

 

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(viii) copies of all leases and subleases;

 

(ix) any certificate of an officer of Holdings or any subsidiary of Holdings
relating to the Collateral (which shall also be addressed to the Initial
Purchasers and the Trustee); and

 

(x) opinions from all local and foreign counsel who deliver opinions to the Bank
Agents (which opinions shall be addressed to the Initial Purchasers and the
Trustee), which opinions shall address, with respect to the Collateral and the
Securities, the matters addressed with respect to the New Credit Facility or
Amended and Restated Credit Facility, as applicable, with only such
modifications as are necessary to reflect the relative priority of the
Securities as contemplated by the Final Memorandum and otherwise satisfactory to
the Initial Purchasers, the Trustee and each of their respective counsel.

 

(o) Holdings shall have delivered a certificate, signed on behalf of Holdings by
its Chairman of the Board or President and its principal financial or accounting
officer to the effect that Holdings has performed, in all material respects, all
covenants and agreements described in Section 6(n) and satisfied, in all
material respects, all conditions on its part to be performed or satisfied
thereunder.

 

(p) The Company shall have filed an application to list the Notes on the
Luxembourg Stock Exchange, and the Notes shall be eligible for clearance and
settlement through Euroclear and Clearstream, Luxembourg.

 

(q) Subsequent to the Execution Time, there shall not have been any decrease in
the rating of any debt securities of any of the Issuers by any “nationally
recognized statistical rating organization” (as defined for purposes of Rule
436(g) under the Act) or any notice given of any intended or potential decrease
in any such rating or of a possible change in any such rating that does not
indicate the direction of the possible change.

 

(r) The Borrowers and the Bank Agents and lenders party thereto shall have
entered into either the New Credit Facility or the Amended and Restated Credit
Facility, as applicable, in form and substance satisfactory to the Initial
Purchasers. Prior to or concurrently with the consummation of the offering of
the Securities on the Closing Date, the Borrowers shall have made the initial
borrowings under the New Credit Facility or the initial term loan borrowings
under the Amended and Restated Credit Facility, as applicable, as contemplated
by the Final Memorandum.

 

(s) The Trustee, the Bank Agents and the other parties thereto shall have
entered into the Proceeds Sharing Agreement and such agreement shall be in form
and substance satisfactory to the Initial Purchasers.

 

(t) Prior to the Closing Date, the Issuers shall have furnished to the Initial
Purchasers such further information, certificates and documents as the Initial
Purchasers may reasonably request.

 

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If any of the conditions specified in this Section 6 shall not have been
fulfilled in all material respects when and as provided in this Agreement, or if
any of the opinions and certificates mentioned above or elsewhere in this
Agreement shall not be in all material respects reasonably satisfactory in form
and substance to the Initial Purchasers and counsel for the Initial Purchasers,
this Agreement and all obligations of the Initial Purchasers hereunder may be
canceled at, or at any time prior to, the Closing Date by the Initial
Purchasers. Notice of such cancellation shall be given to the Issuers in writing
or by telephone or facsimile confirmed in writing.

 

The documents required to be delivered by this Section 6 will be delivered at
the office of Cahill Gordon & Reindel LLP, United States counsel for the Initial
Purchasers, at 80 Pine Street, New York, New York 10005 or Augustine House, 6A
Austin Friars, London, England, EC2N 2HA, on the Closing Date.

 

7. Reimbursement of Expenses. If the sale of the Securities provided for herein
is not consummated because any condition to the obligations of the Initial
Purchasers set forth in Section 6 hereof is not satisfied, because of any
termination pursuant to Section 10 hereof or because of any refusal, inability
or failure on the part of any Issuer to perform any agreement herein or comply
with any provision hereof other than by reason of a default by any of the
Initial Purchasers, the Issuers, jointly and severally, agree to reimburse the
Initial Purchasers severally through Citigroup promptly after demand for all
reasonable out-of-pocket expenses (including reasonable fees and disbursements
of counsel) that shall have been incurred by them in connection with the
proposed purchase and sale of the Securities.

 

8. Indemnification and Contribution. (a) The Issuers (other than the Company)
jointly and severally agree, and the Company severally agrees, to indemnify and
hold harmless each Initial Purchaser, the directors, officers, employees and
agents of each Initial Purchaser and each person who controls any Initial
Purchaser within the meaning of either the Act or the Exchange Act against any
and all losses, claims, damages or liabilities, joint or several, to which they
or any of them may become subject under the Act, the Exchange Act or other
Federal or state statutory law or regulation, at common law or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon any untrue statement or alleged untrue
statement of a material fact contained in the Preliminary Memorandum, the Final
Memorandum (or in any supplement or amendment thereto) or any information
provided by any Issuer to any holder or prospective purchaser of Securities
pursuant to Section 5(h), or in any amendment thereof or supplement thereto, or
arise out of or are based upon the omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were
made, not misleading, and agrees to reimburse each such indemnified party, as
incurred, for any legal or other expenses reasonably incurred by them in
connection with investigating or defending any such loss, claim, damage,
liability or action; provided, however, that the Issuers will not be liable in
any such case to the extent that any such loss, claim, damage or liability
arises out of or is based upon any such untrue statement or alleged untrue
statement or omission or alleged omission made in the Preliminary Memorandum or
the Final Memorandum, or in any amendment thereof or supplement thereto, in
reliance upon and in conformity with written information furnished to the
Issuers by or on behalf of any Initial Purchaser specifically for inclusion
therein; provided, further, that with respect to any untrue statement or
omission of

 

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material fact made in the Preliminary Memorandum, the indemnity agreement
contained in this Section 8(a) shall not inure to the benefit of any Initial
Purchaser from whom such person asserting any such loss, claim, damage or
liability purchased the Securities concerned, to the extent that any such loss,
claim, damage or liability of such Initial Purchaser occurs under the
circumstance where (i) the Company had previously furnished copies of the Final
Memorandum on a timely basis to the Initial Purchasers, (ii) delivery of the
Final Memorandum was required by the Act to be made to such person, (iii) the
untrue statement or omission of a material fact contained in the Preliminary
Memorandum was corrected in the Final Memorandum and (iv) there was not sent or
given to such person, at or prior to the written confirmation of the sale of
such Securities to such person, a copy of the Final Memorandum. This indemnity
agreement will be in addition to any liability which the Issuers may otherwise
have.

 

(b) Each Initial Purchaser severally and not jointly, agrees to indemnify and
hold harmless each Issuer, each of its directors, each of its officers, and each
person who controls an Issuer within the meaning of either the Act or the
Exchange Act, to the same extent as the foregoing indemnity from the Issuers to
each Initial Purchaser, but only with reference to written information relating
to such Initial Purchaser furnished to the Issuers by or on behalf of such
Initial Purchaser specifically for inclusion in the Preliminary Memorandum or
the Final Memorandum (or in any amendment or supplement thereto). This indemnity
agreement will be in addition to any liability which any Initial Purchaser may
otherwise have. The Issuers acknowledge that the statements set forth in the
last paragraph of the cover page regarding the delivery of the Securities, the
disclosure on page (i) concerning stabilization, syndicate covering transactions
and penalty bids and the paragraph related to stabilization, syndicate covering
transactions and penalty bids under the heading “Plan of Distribution” in the
Preliminary Memorandum and the Final Memorandum, constitute the only information
furnished in writing by or on behalf of the Initial Purchasers for inclusion in
the Preliminary Memorandum or the Final Memorandum (or in any amendment or
supplement thereto).

 

(c) Promptly after receipt by an indemnified party under this Section 8 of
notice of the commencement of any action, such indemnified party will, if a
claim in respect thereof is to be made against the indemnifying party under this
Section 8, notify the indemnifying party in writing of the commencement thereof;
but the failure so to notify the indemnifying party (i) will not relieve it from
liability under paragraph (a) or (b) above unless and to the extent it did not
otherwise learn of such action and such failure results in the forfeiture by the
indemnifying party of substantial rights and defenses; and (ii) will not, in any
event, relieve the indemnifying party from any obligations to any indemnified
party other than the indemnification obligation provided in paragraph (a) or (b)
above. The indemnifying party shall be entitled to appoint counsel of the
indemnifying party’s choice at the indemnifying party’s expense to represent the
indemnified party in any action for which indemnification is sought (in which
case the indemnifying party shall not thereafter be responsible for the fees and
expenses of any separate counsel retained by the indemnified party or parties
except as set forth below); provided, however, that such counsel shall be
reasonably satisfactory to the indemnified party. Notwithstanding the
indemnifying party’s election to appoint counsel to represent the indemnified
party in an action, the indemnified party shall have the right to employ
separate counsel (including local counsel), and the indemnifying party shall
bear the reasonable fees, costs and expenses of such separate counsel if (i) the
use of counsel chosen by the indemnifying party to represent the indemnified
party would present such counsel with a conflict of interest;

 

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(ii) the actual or potential defendants in, or targets of, any such action
include both the indemnified party and the indemnifying party and the
indemnified party shall have reasonably concluded that there may be legal
defenses available to it and/or other indemnified parties which are different
from or additional to those available to the indemnifying party; (iii) the
indemnifying party shall not have employed counsel reasonably satisfactory to
the indemnified party to represent the indemnified party within a reasonable
time after notice of the institution of such action; or (iv) the indemnifying
party shall authorize the indemnified party to employ separate counsel at the
expense of the indemnifying party. An indemnifying party will not, without the
prior written consent of the indemnified parties, settle or compromise or
consent to the entry of any judgment with respect to any pending or threatened
claim, action, suit or proceeding in respect of which indemnification or
contribution may be sought hereunder (whether or not the indemnified parties are
actual or potential parties to such claim or action) unless such settlement,
compromise or consent includes an unconditional release of each indemnified
party from all liability arising out of such claim, action, suit or proceeding.
An indemnifying party shall not be liable under this Section 8 to any
indemnified party regarding any settlement or compromise or consent to the entry
of any judgment with respect to any pending or threatened claim, action, suit or
proceeding in respect of which indemnification or contribution may be sought
hereunder (whether or not the indemnified parties are actual or potential
parties to such claim or action) unless such settlement, compromise or consent
is consented to by such indemnifying party, which consent shall not be
unreasonably withheld.

 

(d) In the event that the indemnity provided in paragraph (a) or (b) of this
Section 8 is unavailable to or insufficient to hold harmless an indemnified
party for any reason, the Issuers and the Initial Purchasers agree to contribute
to the aggregate losses, claims, damages and liabilities (including legal or
other expenses reasonably incurred in connection with investigating or defending
same) (collectively “Losses”) to which one or more of the Issuers and the
Initial Purchasers may be subject in such proportion as is appropriate to
reflect the relative benefits received by the Issuers on the one hand and by the
Initial Purchasers on the other hand from the offering of the Securities;
provided, however, that in no case shall any Initial Purchaser (except as may be
provided in any agreement among the Initial Purchasers relating to the offering
of the Securities) be responsible for any amount in excess of the purchase
discount or commission applicable to the Securities purchased by such Initial
Purchaser hereunder. If the allocation provided by the immediately preceding
sentence is unavailable for any reason, the Issuers and the Initial Purchasers
shall contribute in such proportion as is appropriate to reflect not only such
relative benefits but also the relative fault of the Issuers on the one hand and
of the Initial Purchasers on the other hand in connection with the statements or
omissions which resulted in such Losses, as well as any other relevant equitable
considerations. Benefits received by the Issuers shall be deemed to be equal to
the total net proceeds from the offering (before deducting expenses) received by
the Company, and benefits received by the Initial Purchasers shall be deemed to
be equal to the total purchase discounts and commissions. Relative fault shall
be determined by reference to, among other things, whether any untrue or any
alleged untrue statement of a material fact or the omission or alleged omission
to state a material fact relates to information provided by the Issuers on the
one hand or the Initial Purchasers on the other, the intent of the parties and
their relative knowledge, information and opportunity to correct or prevent such
untrue statement or omission. The Issuers and the Initial Purchasers agree that
it would not be just and equitable if contribution were determined by pro rata
allocation or any other method of allocation which does not take account of the
equitable considerations referred

 

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to above. Notwithstanding the provisions of this paragraph (d), no person guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act)
shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. For purposes of this Section 8, each person who
controls an Initial Purchaser within the meaning of either the Act or the
Exchange Act and each director, officer, employee and agent of an Initial
Purchaser shall have the same rights to contribution as such Initial Purchaser,
and each person who controls an Issuer within the meaning of either the Act or
the Exchange Act and each officer and director of an Issuer shall have the same
rights to contribution as such Issuer, subject in each case to the applicable
terms and conditions of this paragraph (d).

 

9. Default by an Initial Purchaser. If any one or more Initial Purchasers shall
fail to purchase and pay for any of the Securities agreed to be purchased by
such Initial Purchaser hereunder and such failure to purchase shall constitute a
default in the performance of its or their obligations under this Agreement, the
remaining Initial Purchasers shall be obligated severally to take up and pay for
(at the respective purchase prices set forth in Section 2 and in the respective
proportions which the amount of Securities set forth opposite their names in
Schedule I hereto bears to the aggregate amount of Securities set forth opposite
the names of all the remaining Initial Purchasers) the Securities which the
defaulting Initial Purchaser or Initial Purchasers agreed but failed to
purchase; provided, however, that in the event that the aggregate amount of
Securities which the defaulting Initial Purchaser or Initial Purchasers agreed
but failed to purchase shall exceed 10% of the aggregate amount of Securities
set forth in Schedule I hereto, the remaining Initial Purchasers shall have the
right to purchase all, but shall not be under any obligation to purchase any, of
the Securities, and if such nondefaulting Initial Purchasers do not purchase all
the Securities, this Agreement will terminate without liability to any
nondefaulting Initial Purchaser or the Issuers. In the event of a default by any
Initial Purchaser as set forth in this Section 9, the Closing Date shall be
postponed for such period, not exceeding five Business Days, as the
Representatives shall determine in order that the required changes in the Final
Memorandum or in any other documents or arrangements may be effected. Nothing
contained in this Agreement and no action taken under this paragraph shall
relieve any defaulting Initial Purchaser of its liability, if any, to the
Issuers or any nondefaulting Initial Purchaser for damages occasioned by its
default hereunder.

 

10. Termination. This Agreement shall be subject to termination in the absolute
discretion of Citigroup, by notice given to the Company prior to delivery of and
payment for the Securities, if at any time prior to such time (i) trading in any
of Holdings’ securities shall have been suspended by the Commission or the New
York Stock Exchange or trading in securities generally on the New York Stock
Exchange, the American Stock Exchange or the Nasdaq National Market shall have
been suspended or limited or minimum prices shall have been established on any
such Exchange or the Nasdaq National Market; (ii) a banking moratorium shall
have been declared either by Federal or New York State authorities; or (iii)
there shall have occurred any outbreak or escalation of hostilities, declaration
by the United States of a national emergency or war or other calamity or crisis
the effect of which on financial markets is such as to make it, in the sole
judgment of Citigroup, impracticable or inadvisable to proceed with the offering
or delivery of the Securities as contemplated by the Final Memorandum (exclusive
of any amendment or supplement thereto).

 

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11. Representations and Indemnities to Survive. The respective agreements,
representations, warranties, indemnities and other statements of the Issuers or
their respective officers and of the Initial Purchasers set forth in or made
pursuant to this Agreement will remain in full force and effect, regardless of
any investigation made by or on behalf of the Initial Purchasers or the Issuers
or any of the officers, directors or controlling persons referred to in Section
8 hereof, and will survive delivery of and payment for the Securities. The
provisions of Sections 7, 8 and 11 hereof shall survive the termination or
cancellation of this Agreement.

 

12. Notices. All communications hereunder will be in writing and effective only
on receipt, and, if sent to the Initial Purchasers, will be mailed, delivered or
telefaxed to the Citigroup General Counsel (fax no.: (212) 816-7912) and
confirmed to Citigroup at 388 Greenwich Street, New York, New York 10013,
Attention: General Counsel; if sent to the Issuers, will be mailed, delivered or
telefaxed to Crown Holdings, Inc., One Crown Way, Philadelphia, PA 19154-4599,
Attention: General Counsel (fax no.: (215) 676-6011), with a copy to Dechert
LLP, 4000 Bell Atlantic Tower, 1717 Arch Street, Philadelphia, PA 19103,
Attention: William G. Lawlor (fax no.: (215) 994-2222).

 

13. Successors. This Agreement will inure to the benefit of and be binding upon
the parties hereto and their respective successors and the officers and
directors and controlling persons referred to in Section 8 hereof, and, except
as expressly set forth in Section 5(h) hereof, no other person will have any
right or obligation hereunder.

 

14. Applicable Law. This Agreement will be governed by and construed in
accordance with the laws of the State of New York applicable to contracts made
and to be performed within the State of New York.

 

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

 

16. Headings. The section headings used herein are for convenience only and
shall not affect the construction hereof.

 

17. Definitions. The terms which follow, when used in this Agreement, shall have
the meanings indicated.

 

“Act” shall mean the Securities Act of 1933, as amended, and the rules and
regulations of the Commission promulgated thereunder.

 

“Affiliate” shall have the meaning specified in Rule 501(b) of Regulation D.

 

“Business Day” shall mean any day other than a Saturday, a Sunday or a legal
holiday or a day on which banking institutions or trust companies are authorized
or obligated by law to close in The City of New York.

 

“Commission” shall mean the Securities and Exchange Commission.

 

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“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and
the rules and regulations of the Commission promulgated thereunder.

 

“Execution Time” shall mean, the date and time that this Agreement is first
executed and delivered by the parties hereto.

 

“Investment Company Act” shall mean the Investment Company Act of 1940, as
amended, and the rules and regulations of the Commission promulgated thereunder.

 

“NASD” shall mean the National Association of Securities Dealers, Inc.

 

“Regulation D” shall mean Regulation D under the Act.

 

“Regulation S” shall mean Regulation S under the Act.

 

“Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended,
and the rules and regulations of the Commission promulgated thereunder.

 

18. Agent for Service; Submission to Jurisdiction; Waiver of Immunities. By the
execution and delivery of this Agreement, each Issuer (i) acknowledges that such
Issuer has, or agrees that by the Closing Date such Issuer shall have, by
separate written instrument, irrevocably designated and appointed CT Corporation
System (“CT”) (and any successor entity) as its authorized agent upon which
process may be served in any suit or proceeding arising out of or relating to
this Agreement, the Securities, the Indenture, the Security Documents and the
Registration Rights Agreement that may be instituted in any federal or state
court in the State of New York or brought under Federal or state securities
laws, and acknowledges that CT has, or agrees that by the Closing Date CT shall
have, accepted such designation, (ii) submits to the jurisdiction of any such
court in any such suit or proceeding and (iii) agrees that service of process
upon CT and written notices of said service to such Issuer in accordance with
Section 12 hereof shall be deemed effective service of process upon such Issuer
in any such suit or proceeding. Each Issuer further agrees to take any
reasonable action, including the execution and filing of any and all such
documents and instruments, as may be necessary to continue such designation and
appointment of CT in full force and effect so long as any of the Securities
shall be outstanding; provided, however, that such Issuer may, by written notice
to the Initial Purchasers, designate such additional or alternative agent for
service of process under this Section 18 that (i) maintains an office located in
the Borough of Manhattan, City of New York in the State of New York and (ii) is
either (x) counsel for such Issuer or (y) a corporate service company which acts
as agent for service of process for other persons in the ordinary course of its
business. Such written notice shall identify the name of such agent for process
and the address of the office of such agent for process in the Borough of
Manhattan, City of New York, State of New York.

 

To the extent that any Issuer has or hereafter may acquire any immunity from
jurisdiction of any court or from any legal process with respect to itself or
its property, it hereby irrevocably waives such immunity in respect of its
obligations under each of this Agreement, the Securities, the Indenture, the
Security Documents and the Registration Rights Agreement. In addition, each
Issuer irrevocably waives and agrees not to assert, by way of motion, as a
defense, or otherwise in any such suit, action or proceeding, any claim that it
is not personally subject to

 

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the jurisdiction of the above-mentioned courts for any reason whatsoever, that
such suit, action or proceeding is brought in an inconvenient forum or that the
venue for such suit is improper, or that this Agreement, the Securities, the
Indenture, the Securities Documents or the Registration Rights Agreement or the
subject matter hereof or thereof may not be enforced in such courts.

 

The Issuers and the Initial Purchasers agree that a final judgment in any such
suit, action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law.
Nothing in this section 18 shall affect the right of either Trustee to serve
legal process in any other manner permitted by law or affect the right of the
Trustee to bring any action or proceeding against any Issuer or its property in
the courts of any other jurisdictions.

 

19. Judgment Currency. The Issuers, jointly and severally, agree to indemnify
and hold harmless each Initial Purchaser, the directors, officers, employees and
agents of each Initial Purchaser and each person who controls any Initial
Purchaser within the meaning of either the Act or the Exchange Act against any
loss incurred by such indemnified party as a result of any judgment or order
being given or made in favor of such indemnified party for any amount due under
this Agreement and such judgment or order being expressed and paid in a currency
(the “Judgment Currency”) other than euros, and as a result of any variation as
between (i) the rate of exchange at which the euro amount is converted into the
Judgment Currency for the purpose of such judgment or order and (ii) the spot
rate of exchange in The City of New York at which such indemnified party on the
date of payment of such judgment or order is able to purchase euros with the
amount of the Judgment Currency actually received by such indemnified party. The
foregoing indemnity shall continue in full force and effect notwithstanding any
such judgment or order as aforesaid. The term “spot rate of exchange” shall
include any premiums and costs of exchange payable in connection with the
purchase of, or conversion into, euros.

 

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If the foregoing is in accordance with your understanding of our agreement,
please sign and return to us the enclosed duplicate hereof, whereupon this
Agreement and your acceptance shall represent a binding agreement among the
Issuers and the several Initial Purchasers.

 

Very truly yours,

Crown Holdings, Inc.

By:

 

/s/ John W. Conway

--------------------------------------------------------------------------------

Name:

 

John W. Conway

Title:

 

Chairman of the Board, President and CEO

Attest:

   

By:

 

/s/ William T. Gallagher

--------------------------------------------------------------------------------

Name:

 

William T. Gallagher

Title:

 

Sr. Vice President and Secretary

Crown European Holdings SA

By:

 

/s/ Alan W. Rutherford

--------------------------------------------------------------------------------

Name:

 

Alan W. Rutherford

Title:

 

Executive Vice President and CFO

Executed August 11, 2004

--------------------------------------------------------------------------------

GUARANTORS:

United States:

Central States Can Co. of Puerto Rico, Inc.

CROWN Americas, Inc.

CROWN Beverage Packaging Puerto Rico, Inc.

Crown Consultants, Inc.

Crown Cork & Seal Company (DE), LLC

Crown Cork & Seal Company, Inc.

Crown Financial Corporation

Crown Financial Management, Inc.

Crown International Holdings, Inc.

Crown New Delaware Holdings, Inc.

CROWN Packaging Technology, Inc.

Foreign Manufacturers Finance Corporation

NWR, Inc.

By

 

/s/ Michael B. Burns

--------------------------------------------------------------------------------

Name:

 

Michael B. Burns

Title:

 

Vice President & Treasurer

Executed August 11, 2004

Crown Beverage Packaging, Inc.

By

 

Patrick D. Szmyt

--------------------------------------------------------------------------------

   

Patrick D. Szmyt

   

Vice President & CFO

Executed August 11, 2004

CROWN Cork & Seal USA, Inc.

By

 

Patrick D. Szmyt

--------------------------------------------------------------------------------

   

Patrick D. Szmyt

   

Sr. Vice President & CFO

Executed August 11, 2004

--------------------------------------------------------------------------------

CROWN Risdon USA, Inc.

By

 

/s/ Stephen Pearlman

--------------------------------------------------------------------------------

    Stephen Pearlman     President Executed August 11, 2004

CROWN Zeller USA, Inc.

By

 

/s/ Joseph R. Pierce

--------------------------------------------------------------------------------

   

Joseph R. Pierce

   

President

Executed August 11, 2004

--------------------------------------------------------------------------------

Crown Holdings (PA), LLC

By

 

/s/ Michael B. Burns

--------------------------------------------------------------------------------

Name:

 

Michael B. Burns

Title:

 

Vice President and Treasurer

Executed August 11, 2004

Crown Cork & Seal Company (PA), Inc.

By

 

/s/ Alan W. Rutherford

--------------------------------------------------------------------------------

Name:

 

Alan W. Rutherford

Title:

 

President

Executed August 11, 2004

--------------------------------------------------------------------------------

Belgium:

Crown Verpakking België NV

By

 

/s/ Howard Lomax

--------------------------------------------------------------------------------

Name:

 

Howard Lomax

Title:

 

Directors

By

 

/s/ Xavier Blanpain

--------------------------------------------------------------------------------

Name:

 

Xavier Blanpain

Title:

 

Managing Director

Executed August 11, 2004

--------------------------------------------------------------------------------

Canada:

889273 Ontario Inc.

By

 

/s/ Adrian Cobbold

--------------------------------------------------------------------------------

Name:

 

Adrian Cobbold

Title:

 

VP Finance

Executed August 11, 2004

CROWN Risdon Canada Inc.

By

 

/s/ Adrian Cobbold

--------------------------------------------------------------------------------

Name:

 

Adrian Cobbold

Title:

 

Secretary

Executed August 11, 2004

CROWN Zeller Plastic Closures Canada Inc.

By

 

/s/ Adrian Cobbold

--------------------------------------------------------------------------------

Name:

 

Adrian Cobbold

Title:

 

Secretary

Executed August 11, 2004

--------------------------------------------------------------------------------

Crown Canadian Holdings ULC

By

 

/s/ Adrian Cobbold

--------------------------------------------------------------------------------

Name:

 

Adrian Cobbold

Title:

 

VP Finance

Executed August 11, 2004

CROWN Metal Packaging Canada LP

By

 

/s/ Adrian Cobbold

--------------------------------------------------------------------------------

Name:

 

Adrian Cobbold

Title:

 

VP Finance

Executed August 11, 2004

CROWN Metal Packaging Canada Inc.

By

 

/s/ Adrian Cobbold

--------------------------------------------------------------------------------

Name:

 

Adrian Cobbold

Title:

 

VP Finance, CFO

Executed August 11, 2004

3079939 Nova Scotia Company

By

 

/s/ Adrian Cobbold

--------------------------------------------------------------------------------

Name:

 

Adrian Cobbold

Title:

 

VP Finance

Executed August 11, 2004

--------------------------------------------------------------------------------

France:

CROWN Zeller France SAS

By

 

/s/ Paul Browett

--------------------------------------------------------------------------------

Name:

 

Paul Browett

Title:

 

Attorney

Executed August 11, 2004

Societe de Participations CarnaudMetalbox SAS

By

 

/s/ Paul Browett

--------------------------------------------------------------------------------

Name:

 

Paul Browett

Title:

 

Attorney

Executed August 11, 2004

CROWN Astra SAS

By

 

/s/ Paul Browett

--------------------------------------------------------------------------------

Name:

 

Paul Browett

Title:

 

Attorney

Executed August 11, 2004

CROWN Polyflex SAS

By

 

/s/ Paul Browett

--------------------------------------------------------------------------------

Name:

 

Paul Browett

Title:

 

Attorney

Executed August 11, 2004

--------------------------------------------------------------------------------

CROWN Bevcan France SAS

By

 

/s/ Paul Browett

--------------------------------------------------------------------------------

Name:

 

Paul Browett

Title:

 

Attorney

Executed August 11, 2004

CROWN Emballage France SAS

By

 

/s/ Paul Browett

--------------------------------------------------------------------------------

Name:

 

Paul Browett

Title:

 

Attorney

Executed August 11, 2004

Crown Developpement SAS

By

 

/s/ Paul Browett

--------------------------------------------------------------------------------

Name:

 

Paul Browett

Title:

 

Attorney

Executed August 11, 2004

--------------------------------------------------------------------------------

Germany:

CROWN Verpackungen Deutschland GmbH

By

 

/s/ Dr. Christopher F. Wetzler

--------------------------------------------------------------------------------

Name:

 

Dr. Christopher F. Wetzler

Title:

 

By virtue of a Power of Attorney

Executed August 11, 2004

Crown Bender GmbH

By

 

/s/ Dr. Christopher F. Wetzler

--------------------------------------------------------------------------------

Name:

 

Dr. Christopher F. Wetzler

Title:

 

By virtue of a Power of Attorney

Executed August 11, 2004

CROWN Nahrungsmitteldosen Deutschland GmbH

By

 

/s/ Dr. Christopher F. Wetzler

--------------------------------------------------------------------------------

Name:

 

Dr. Christopher F. Wetzler

Title:

 

By virtue of a Power of Attorney

Executed August 11, 2004

CROWN Verschlússe Deutschland GmbH

By

 

/s/ Dr. Christopher F. Wetzler

--------------------------------------------------------------------------------

Name:

 

Dr. Christopher F. Wetzler

Title:

 

By virtue of a Power of Attorney

Executed August 11, 2004

--------------------------------------------------------------------------------

CROWN Speciality Packaging Deutschland GmbH

By

 

/s/ Dr. Christopher F. Wetzler

--------------------------------------------------------------------------------

Name:

 

Dr. Christopher F. Wetzler

Title:

 

By virtue of a Power of Attorney

Executed August 11, 2004

CROWN Nahrungsmitteldosen GmbH

By

 

/s/ Dr. Christopher F. Wetzler

--------------------------------------------------------------------------------

Name:

 

Dr. Christopher F. Wetzler

Title:

 

By virtue of a Power of Attorney

Executed August 11, 2004

CROWN Zeller Deutschland GmbH

By

 

/s/ Dr. Christopher F. Wetzler

--------------------------------------------------------------------------------

Name:

 

Dr. Christopher F. Wetzler

Title:

 

By virtue of a Power of Attorney

Executed August 11, 2004

CROWN Raku GmbH

By

 

/s/ Dr. Christopher F. Wetzler

--------------------------------------------------------------------------------

Name:

 

Dr. Christopher F. Wetzler

Title:

 

By virtue of a Power of Attorney

Executed August 11, 2004

--------------------------------------------------------------------------------

CROWN Zeller Engineering GmbH

By

 

/s/ Dr. Christopher F. Wetzler

--------------------------------------------------------------------------------

Name:

 

Dr. Christopher F. Wetzler

Title:

 

By virtue of a Power of Attorney

Executed August 11, 2004

Crown Cork & Seal Deutschland

Holdings GmbH

By

 

/s/ Dr. Christopher F. Wetzler

--------------------------------------------------------------------------------

Name:

 

Dr. Christopher F. Wetzler

Title:

 

By virtue of a Power of Attorney

Executed August 11, 2004

--------------------------------------------------------------------------------

Mexico:

CROWN Envases Mexico, S.A. de C.V.

By

 

/s/ Luis A. Ruiz Shelley

--------------------------------------------------------------------------------

Name:

 

Luis A. Ruiz Shelley

Title:

 

Legal Representative

Executed August 11, 2004

CROWN Zeller Mexico, S.A. de C.V.

By

 

/s/ Gerardo Orta Gutiérrez

--------------------------------------------------------------------------------

Name:

 

Gerardo Orta Gutiérrez

Title:

 

Attorney-In-Fact

Executed August 11, 2004

CROWN Mexican Holdings, S. de R.L. de C.V.

By

 

/s/ Luis A. Ruiz Shelley

--------------------------------------------------------------------------------

Name:

 

Luis A. Ruiz Shelley

Title:

 

Legal Representative

Executed August 11, 2004

--------------------------------------------------------------------------------

Switzerland:

Crown Obrist AG (Switzerland)

By

 

/s/ Paul Browett

--------------------------------------------------------------------------------

Name:

 

Paul Browett

Title:

 

Attorney

Executed August 11, 2004

CROWN Vogel AG

By

 

/s/ Paul Browett

--------------------------------------------------------------------------------

Name:

 

Paul Browett

Title:

 

Attorney

Executed August 11, 2004

--------------------------------------------------------------------------------

United Kingdom:

Crown UK Holdings Limited

By

 

/s/ Paul Browett

--------------------------------------------------------------------------------

Name:

 

Paul Browett

Title:

 

Attorney

Executed August 11, 2004

CarnaudMetalbox Overseas Limited

By

 

/s/ Paul Browett

--------------------------------------------------------------------------------

Name:

 

Paul Browett

Title:

 

Attorney

Executed August 11, 2004

Crown Cork & Seal Finance PLC

By

 

/s/ Paul Browett

--------------------------------------------------------------------------------

Name:

 

Paul Browett

Title:

 

Attorney

Executed August 11, 2004

CROWN Packaging UK PLC

By

 

/s/ Paul Browett

--------------------------------------------------------------------------------

Name:

 

Paul Browett

Title:

 

Attorney

Executed August 11, 2004

--------------------------------------------------------------------------------

CROWN UCP plc

By

 

/s/ Paul Browett

--------------------------------------------------------------------------------

Name:

 

Paul Browett

Title:

 

Attorney

Executed August 11, 2004

CarnaudMetalbox Engineering PLC

By

 

/s/ Paul Browett

--------------------------------------------------------------------------------

Name:

 

Paul Browett

Title:

 

Attorney

Executed August 11, 2004

CROWN Massmould Ltd.

By

 

/s/ Paul Browett

--------------------------------------------------------------------------------

Name:

 

Paul Browett

Title:

 

Attorney

Executed August 11, 2004

CROWN Speciality Packaging UK plc

By

 

/s/ Paul Browett

--------------------------------------------------------------------------------

Name:

 

Paul Browett

Title:

 

Attorney

Executed August 11, 2004

--------------------------------------------------------------------------------

CarnaudMetalbox Group UK Limited

By

 

/s/ Paul Browett

--------------------------------------------------------------------------------

Name:

 

Paul Browett

Title:

 

Attorney

Executed August 11, 2004

CROWN Aerosols UK Limited

By

 

/s/ Paul Browett

--------------------------------------------------------------------------------

Name:

 

Paul Browett

Title:

 

Attorney

Executed August 11, 2004

--------------------------------------------------------------------------------

The foregoing Agreement is hereby confirmed and

accepted as of the date first above written.

Citigroup Global Markets Inc.

Lehman Brothers Inc.

By:

 

Citigroup Global Markets Inc.

By:

 

/s/ Timothy Dilworth

--------------------------------------------------------------------------------

Name:

 

Timothy Dilworth

Title:

 

Vice President

For themselves and the other several Initial

Purchasers named in Schedule I to the foregoing

Agreement.

--------------------------------------------------------------------------------

SCHEDULE I

 

Initial Purchasers

--------------------------------------------------------------------------------

  

Principal Amount
of Securities

to Be Purchased

--------------------------------------------------------------------------------

Citigroup Global Markets Inc.

   € 245,000,000

Lehman Brothers Inc.

     52,500,000

ABN AMRO Incorporated

     17,500,000

BNP Paribas

     17,500,000

CALYON

     17,500,000     

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

Total

   € 350,000,000     

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

SCHEDULE II

 

Guarantors

--------------------------------------------------------------------------------

  

Jurisdiction of Formation

--------------------------------------------------------------------------------

United States      CROWN Americas, Inc.    PA Central States Can Co. of Puerto
Rico, Inc.    OH CROWN Beverage Packaging Puerto Rico, Inc.    DE Crown
Consultants, Inc.    PA Crown Cork & Seal Company (DE), LLC    DE Crown Cork &
Seal Company, Inc.    PA Crown Financial Corporation    PA Crown Financial
Management, Inc.    DE Crown International Holdings, Inc.    DE Crown New
Delaware Holdings, Inc.    DE CROWN Packaging Technology, Inc.    DE Foreign
Manufacturers Finance Corporation    DE NWR, Inc.    PA Crown Beverage
Packaging, Inc.    DE CROWN Cork & Seal USA, Inc.    DE CROWN Risdon USA, Inc.
   DE CROWN Zeller USA, Inc.    DE Crown Cork & Seal Company (PA), Inc.    PA
Crown Holdings (PA), LLC    PA Belgium      Crown Verpakking België NV   
Belgium Canada      889273 Ontario Inc.    Canada CROWN Risdon Canada Inc.   
Canada CROWN Zeller Plastic Closures Canada Inc.    Canada Crown Canadian
Holdings ULC    Canada CROWN Metal Packaging Canada LP    Canada CROWN Metal
Packaging Canada Inc.    Canada 3079939 Nova Scotia Company/3079939 Compagnie de
la Nouvelle Ecosse    Canada France      CROWN Zeller France SAS    France
Societe de Participations CarnaudMetalbox SAS    France CROWN Astra SAS   
France

 

-1-

--------------------------------------------------------------------------------

Guarantors

--------------------------------------------------------------------------------

   Jurisdiction of Formation

--------------------------------------------------------------------------------

CROWN Polyflex SAS    France CROWN Bevcan France SAS    France CROWN Emballage
France SAS    France Crown Developpement SAS    France Germany      CROWN
Verpackungen Deutschland GmbH    Germany Crown Bender GmbH    Germany CROWN
Nahrungsmitteldosen Deutschland GmbH    Germany CROWN Verschlüsse Deutschland
GmbH    Germany CROWN Speciality Packaging Deutschland GmbH    Germany CROWN
Nahrungsmitteldosen GmbH    Germany CROWN Zeller Deutschland GmbH    Germany
CROWN Raku GmbH    Germany CROWN Zeller Engineering GmbH    Germany Crown Cork &
Seal Deutschland Holdings GmbH    Germany Mexico      CROWN Envases Mexico, S.A.
de C.V.    Mexico CROWN Zeller Mexico, S.A. de C.V.    Mexico Crown Mexican
Holdings, S. de R.L. de C.V.    Mexico Switzerland      Crown Obrist AG   
Switzerland CROWN Vogel AG    Switzerland United Kingdom      Crown UK Holdings
Limited    United Kingdom CarnaudMetalbox Overseas Limited    United Kingdom
Crown Cork & Seal Finance PLC    United Kingdom CROWN Packaging UK PLC    United
Kingdom CROWN UCP plc    United Kingdom CarnaudMetalbox Engineering PLC   
United Kingdom CROWN Massmould Ltd.    United Kingdom CROWN Speciality Packaging
UK plc    United Kingdom CarnaudMetalbox Group UK Limited    United Kingdom
CROWN Aerosols UK Limited    United Kingdom

 

-2-

--------------------------------------------------------------------------------

SCHEDULE III

 

Non-Guarantor Subsidiaries

--------------------------------------------------------------------------------

  

Jurisdiction of Formation

--------------------------------------------------------------------------------

United States      Crownway Insurance Company    VT Crown Cork & Seal
Receivables (DE) Corporation    DE Argentina      CROWN Packaging Argentina,
S.A.    Argentina CROWN Plastics Closures Argentina SA    Argentina Bangladesh
     Bangladesh Can Company Ltd. (33.33% owned by CarnaudMetalbox Overseas
Limited)    Bangladesh Barbados      CROWN Packaging Barbados Limited   
Barbados Belgium      CROWN Speciality Packaging België NV    Belgium Eurocan
Dranken NV    Belgium Bermuda      Crown Swire Investment Company Limited   
Bermuda (51% owned by CROWN Asia Pacific Holdings Limited (Singapore))     
British Virgin Islands      Jasmine Properties Limited    British Virgin Islands
Caribbean Capital Ltd.    British Virgin Islands Shorelink Ltd.    British
Virgin Islands Bolivia      Fabrica Boliviana de Envases    Bolivia (13.54%
owned by Crown Cork & Seal Company, Inc.)      Brazil      Crown Brasil Holdings
Ltda.    Brazil CROWN Embalagens S.A.    Brazil

--------------------------------------------------------------------------------

Non-Guarantor Subsidiaries

--------------------------------------------------------------------------------

   Jurisdiction of Formation

--------------------------------------------------------------------------------

(50% owned by Crown Brasil Holdings Ltda)      CROWN Tampas da Amazonia S.A.   
Brazil PET HOLDING S.A. (50% owned by Crown Brasil Holdings Ltda)    Brazil
Crown Cromo Metal S.A.    Brazil Crown Cork Tampas Plasticas, S.A.    Brazil
Petropar Embalagens, S.A.    Brazil Aruma da Amazonia Ltda    Brazil Canada     
Continental Can Canada Inc.    Canada Chile      Crown Holdings Chile S.A.   
Chile Inesa Crown S.A. (20% owned by Crown Holdings Chile S.A.)    Chile Inesa -
Crown Mini Holding S.A.      (20% owned by Crown Cork & Seal Company, Inc.)   
Chile China      Beijing CarnaudMetalbox Company Limited    China CROWN Plastic
Closures Jiangmen Limited    China CROWN Plastic Closures Shanghai Limited   
China CarnaudMetalbox Huapeng (WUXI) Closures Co. Ltd.    China (23% owned by
CarnaudMetalbox Closures Asia Pacific PTE Ltd.)      CROWN Beverage Cans Huizhou
Limited    China (99% owned by CROWN Beverage Cans Hong Kong Limited)      CROWN
Beverage Cans Shanghai Limited    China (60% owned by CROWN Beverage Cans Hong
Kong Limited)      CROWN Beverage Cans Beijing Ltd    China (92.66% owned by
CROWN Beverage Cans Hong Kong Limited)      Foshan Continental Can Co. Ltd. (50%
owned by CROWN Beverage Cans Hong Kong Limited)    China Foshan Crown
Easy-Opening End Co. Ltd.    China (50% owned by CROWN Beverage Cans Hong Kong
Limited)      Colombia      Crown Colombiana, S.A.    Columbia

 

-2-

--------------------------------------------------------------------------------

Non-Guarantor Subsidiaries

--------------------------------------------------------------------------------

   Jurisdiction of Formation

--------------------------------------------------------------------------------

(50% owned by Crown Cork & Seal Company, Inc.)      Prodenvases Crown (39.7%
owned by Crown Cork & Seal Company, Inc. and 4.3% owned by Foreign Manufacturers
Finance Corporation)    Columbia Costa Rica      CROWN Centro Americana, S.A.   
Costa Rica Cyprus      Packinvest Holdings Limited    Cyprus (50% owned by CROWN
Verpackungen Deutschland GmbH)      Denmark      Crown Cork Co. Scandinavia A/S
   Denmark East Africa      CarnaudMetalbox Senegal    Senegal (75.59 % owned by
Crown European Holdings SA)      CROWN SIEM    Ivory Coast (85.2 % owned by
Crown European Holdings SA)      Carnaud Maroc    Morocco (68.12% owned by Crown
European Holdings SA)      Light Metal Products SAL    Lebanon (39% owned by
Crown Verpakking Nederland NV (Netherlands))      CROWN Food Ghana Limited   
Ghana CROWN Ghana Limited    Ghana France      Crown Cork & Seal Finance S.A.   
France CarnaudMetalbox Finance    France Butimove    France Reymond SARL   
France (75% owned by CROWN Astra SAS)      EOLE (87.2% owned by CROWN Emballage
France SAS)    France Carnaud Cofem Terradou    France PP Industries    France
Societe de Participations CarnaudMetalbox Investments SAS    France CMB SAS   
France

 

-3-

--------------------------------------------------------------------------------

Non-Guarantor Subsidiaries

--------------------------------------------------------------------------------

   Jurisdiction of Formation

--------------------------------------------------------------------------------

CROWN Europe Group Services    France Finland      CROWN Pakkus OY    Finland
Germany      Florin GmbH (29.53% owned by CROWN Verschlüsse Deutschland GmbH)   
Germany Greece      CROWN Hellas Can SA    Greece (72.79% owned by Societe de
Participations CarnaudMetalbox SAS (France) and 2.39% owned by Societe de
Participations CarnaudMetalbox Investments SAS (France))      Guatemala     
CROWN Guatemala, S.A.    Guatemala CROWN Packaging Guatemala, S.A.    Guatemala
Hong Kong      CarnaudMetalbox Closures (Hong Kong) Limited    Hong Kong (50%
owned by CarnaudMetalbox Closures Asia Pacific PTE Limited (Singapore))     
CROWN Beverage Cans Hong Kong Limited    Hong Kong (55.43% owned by CROWN Asia
Pacific Holdings Limited (Singapore))      Hungary      CROWN Magyarorszag
Csomagoloipari KFT    Hungary Constar International PET Hungaria KFT    Hungary
(67.5% owned by CROWN Verpakking Nederland NV)      Jamaica      CROWN Packaging
Jamaica Limited    Jamaica Indonesia      P.T. CROWN Closures Indonesia   
Indonesia Ireland     

 

-4-

--------------------------------------------------------------------------------

Non-Guarantor Subsidiaries

--------------------------------------------------------------------------------

   Jurisdiction of Formation

--------------------------------------------------------------------------------

The Irish Crown Cork Company Limited    Ireland Crown Cork & Seal (Ireland) Ltd.
   Ireland CROWN Packaging Ireland Ltd    Ireland Italy      Faba Sirma spa   
Italy CROWN Bevcan Italia Srl    Italy CROWN Risdon Italia Srl    Italy FA.BA.
SUD Spa    Italy Baroni SRL    Italy CROWN Beverage Plastics Italia Spa    Italy
CROWN Zeller Italia Spa    Italy Costruzione Barattoli Metallici SPA (50% owned
by FA.BA. SUD Spa)    Italy CROWN Italcaps Srl    Italy CROWN Aerosols Italia
Srl    Italy CROWN Italprint Spa    Italy CROWN Italmeccanica Spa    Italy CROWN
Italy Finance srl    Italy Luxembourg      Standfast Reinsurance S.A.   
Luxembourg Madagascar      CROWN Societe Malgache d’Emballages Metalliques
(CROWN SMEM) (99.87% owned by Crown European Holdings SA)    Madagascar Malaysia
     CROWN Closures Malaysia Sdn Bhd    Malaysia (60% owned by CROWN Asia
Pacific Holdings Limited (Singapore))      CROWN Beverage Cans Malaysia Sdn Bhd
   Malaysia Zeller Plastik (Malaysia) Sdn Bhd    Malaysia (28.5% owned by Zeller
Plastik (S.E. Asia) PTE Ltd. (Singapore))      CarnaudMetalbox Packaging Sdn Bhd
   Malaysia Mexico     

 

-5-

--------------------------------------------------------------------------------

Non-Guarantor Subsidiaries

--------------------------------------------------------------------------------

   Jurisdiction of Formation

--------------------------------------------------------------------------------

Constar Holding de Mexico, S.A. de C.V.    Mexico CROWN Risdon Mexico, S. de
R.L. de C.V.    Mexico Middle East      NAFCEL (16% owned by CROWN Netherlands
Investments BV)    Saudi Arabia CROWN Emirates Company Limited   
United Arab Emirates (49% owned by Crown Cork & Seal Company, Inc.)     
Continental Can of Saudi Arabia    Saudi Arabia (40% owned by Crown Cork & Seal
Company, Inc.)      Jeddah Beverage Can Making Co., Ltd.    Saudi Arabia CROWN
Middle East Can Co. Ltd.    Jordan (45% owned by Crown Cork & Seal Company,
Inc.)      Netherlands      CROWN Verpakking Nederland NV    Netherlands
Speciality Packaging Print NV    Netherlands CROWN Speciality Packaging BV   
Netherlands Crown Netherlands Investments BV    Netherlands CROWN Aerosols
Nederland BV    Netherlands CarnaudMetalbox Holdings BV    Netherlands Panama   
  Massmetal (39.17% owned by CROWN Verpakking Nederland NV)    Panama
Philippines      CROWN Plastics Philippines, Inc.    Philippines Poland     
CROWN Plastics Polska Sp z.o.o.    Poland CROWN Packaging Polska Sp z.o.o.   
Poland CROWN Fish Sp z.o.o.    Poland Portugal      Crown Cork & Seal de
Portugal Embalagens SA    Portugal Ormis Combustiveis e Transportes de
Mercadorias, LDA.    Portugal Productos Alimentares Antonio Henrique Serrano,
S.A.    Portugal (1.15% owned by Crown Cork & Seal de Portugal Embalagens SA)   
 

 

-6-

--------------------------------------------------------------------------------

Non-Guarantor Subsidiaries

--------------------------------------------------------------------------------

   Jurisdiction of Formation

--------------------------------------------------------------------------------

Montifer Fabricacao de Ferramentas, L.D.A.    Portugal (60% owned by Crown Cork
& Seal de Portugal Embalagens SA)      Ormis Embalagens dos Acores, SA (95%
owned by Crown Cork & Seal de Portugal Embalagens SA)    Portugal
CarnaudMetalbox de Portugal Embalagens S.A.    Portugal Romania      Crownpak
SRL    Romania Russia      Crown Cork Kuban    Russia CROWN Plastics Rus   
Russia Singapore      CROWN Asia Pacific Holdings Limited    Singapore CROWN
Beverage Cans Singapore Pte. Ltd.    Singapore Zeller Plastik (S.E. Asia) PTE
Ltd.    Singapore CarnaudMetalbox Closures Asia Pacific PTE Ltd.    Singapore
Slovakia      CROWN Packaging Slovakia, s.r.o.    Slovakia South Africa     
CarnaudMetalbox Food South Africa (Pty) Limited    South Africa Spain      Ormis
Embalajes Espana SA    Spain Crown Cork de Espana, S.L.    Spain (99.9% owned by
CROWN Hellas Can SA (Greece)      Crown Cork Sevilla SL    Spain Crown Cork
Bebidas, S.L.    Spain CROWN Embalajes Espana SL    Spain Agrupacion Industrias
Especiales S.A. (Agridesa)    Spain (15.88% owned by CROWN Embalajes Espana SL)
     Envases Metalicos Manlleu SA    Spain (99.71% owned by CROWN Embalajes
Espana SL)      Expansion Quimica des Ampurdan SA    Spain

 

-7-

--------------------------------------------------------------------------------

Non-Guarantor Subsidiaries

--------------------------------------------------------------------------------

   Jurisdiction of Formation

--------------------------------------------------------------------------------

(20% owned by CROWN Embalajes Espana SL)      Immorenta SA    Spain CROWN Zeller
Espana SA    Spain La Artistica de Vigo, S.L.    Spain Litografia La Artistica
Carnaud SA    Spain Switzerland      Crown Cork AG Switzerland    Switzerland
Thailand      ZPJK (Thailand) Co. Ltd.    Thailand Interpack Business Limited   
Thailand CROWN Food Packaging (Thailand) Public Company Limited    Thailand
(95.44% owned by CROWN Asia Pacific Holdings Limited (Singapore) and 3.69% owned
by CROWN Beverage Cans Singapore PTE Ltd. (Singapore))      CROWN Bevcan and
Closures (Thailand) Company Limited (51% owned by CROWN Asia Pacific Holdings
Ltd. and 49% owned by CROWN Food Packaging (Thailand) Public Company Limited)   
Thailand Pet Containers (Thailand) Ltd    Thailand Trinidad      CROWN Packaging
Trinidad Ltd.    Trinidad CROWN Lithography Trinidad Ltd.    Trinidad Tunisia   
  Pack Services    Tunisia CROWN Maghreb Can Company (50% owned by CROWN Asia
Pacific Holdings Limited)    Tunisia Turkey      CROWN Bevcan Turkiye Ambalaj
Sanayi Ve Ticaret    Turkey United Kingdom      Alpine Crown Corks Ltd.   
United Kingdom CarnaudMetalbox Bevcan Limited    United Kingdom CarnaudMetalbox
Aerosols (UK) Limited    United Kingdom Metal Box Employees’ Funds Trustee
Limited    United Kingdom

 

-8-

--------------------------------------------------------------------------------

Non-Guarantor Subsidiaries

--------------------------------------------------------------------------------

   Jurisdiction of Formation

--------------------------------------------------------------------------------

Metal Box Life Funds Trustee Limited    United Kingdom Metal Box Pension
Trustees Limited    United Kingdom CarnaudMetalbox Closures Limited    United
Kingdom Metalbox Limited    United Kingdom Thomas Ashton Limited    United
Kingdom Can Makers Limited (8.5% owned by CROWN Packaging UK PLC)    United
Kingdom CMB Bottles and Closures Ltd.    United Kingdom CMB Charities Limited   
United Kingdom Metgate Developments Limited    United Kingdom Crown Cork & Seal
Finance N°2 Plc    United Kingdom John Crabtree Trust Fund    United Kingdom
Thomas Dowell Trust    United Kingdom Uruguay      Copag Trading SA    Uruguay
Venezuela      Dominguez Continental SA    Venezuela (40% owned by Crown Cork &
Seal Company, Inc. and 56.53% owned by Dominguez & CIA Caracas, S.A.)     
Dominguez & CIA Caracas, S.A. (10% owned by Crown Cork & Seal Company, Inc.)   
Venezuela Dominguez & Cia Valencia (100% owned by Dominguez & CIA Caracas, S.A.)
   Venezuela Envases Plasticos Dominguez SA (100% owned by Dominguez & CIA
Caracas, S.A.)    Venezuela Empaques Dominguez SA (100% owned by Dominguez & CIA
Caracas, S.A.)    Venezuela Vietnam      CROWN Beverage Cans Hanoi Limited
(76.3% owned by Crown Swire Investment Company Limited (Bermuda))    Vietnam
CROWN Beverage Cans Saigon Limited (70% owned by CROWN Asia Pacific Holdings
Limited)    Vietnam

 

-9-

--------------------------------------------------------------------------------

EXHIBIT A

 

Selling Restrictions for Offers

and Sales Outside the United States

 

1. (a) The Securities have not been and will not be registered under the Act and
may not be offered or sold (x) within the United States or to, or for the
account or benefit of, U.S. persons except pursuant to an exemption from the
registration requirements of the Act and (y) outside the United States except in
accordance with Regulation S under the Act. Each Initial Purchasers represents
and agrees that, except as otherwise permitted by Section 4(a)(i) of the
Agreement to which this is an exhibit, it has offered and sold the Securities,
and will offer and sell the Securities, (i) as part of their distribution at any
time; and (ii) otherwise until 40 days after the later of the commencement of
the offering and the Closing Date (the “distribution compliance period”), only
in accordance with Rule 903 of Regulation S under the Act. Accordingly, each
Initial Purchaser represents and agrees that neither it, nor any of its
Affiliates nor any person acting on its or their behalf has engaged or will
engage in any directed selling efforts with respect to the Securities, and that
it and they have complied and will comply with the offering restrictions
requirement of Regulation S. Each Initial Purchaser agrees that, at or prior to
the confirmation of sale of Securities (other than a sale of Securities pursuant
to Section 4(a)(i) of the Agreement to which this is an exhibit), it shall have
sent to each distributor, dealer or person receiving a selling concession, fee
or other remuneration that purchases Securities from it during the distribution
compliance period a confirmation or notice to substantially the following
effect:

 

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

 

(b) Each Initial Purchaser also represents and agrees that it has not entered
and will not enter into any contractual arrangement with any distributor with
respect to the distribution of the Securities, except with its Affiliates or
with the prior written consent of the Issuers.

 

(c) Terms used in this section have the meanings given to them by Regulation S.

 

2. Each Initial Purchaser represents and agrees that (i) it has not offered or
sold, and, prior to the expiry of six months from the closing of the offering of
the Securities will not offer or sell, any Securities to persons in the United
Kingdom except to persons whose

 

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ordinary activities involve them in acquiring, holding, managing or disposing of
investments, whether as principal or agent, for purposes of their businesses or
otherwise in circumstances which have not resulted and will not result in an
offer to the public in the United Kingdom within the meaning of the Public
Offers of Securities Regulations 1995, (ii) it has complied and will comply with
all applicable provisions of the Financial Services and Markets Act 2000 (the
“FSMA”) and the Public Offers of Securities Regulations 1995 with respect to
anything done by it in relation to the Securities in, from or otherwise
involving the United Kingdom and (iii) it has only communicated or caused to be
communicated and will only communicate or cause to be communicated any
invitation or inducement to engage in investment activity (within the meaning of
the FSMA) received by it in connection with the issue or sale of any Securities
in circumstances in which section 21(1) of the FSMA does not apply to the
Company or Holdings.

 

3. Each Initial Purchaser represents and agrees that it has not offered or sold
and will not offer or sell, directly or indirectly, any Notes to the public in
the Republic of France and has not distributed or caused to be distributed and
will not distribute or cause to be distributed to the public in the Republic of
France the Preliminary Memorandum, the Final Memorandum or any other offering
material relating to the Notes, and such offers, sales and distributions will be
made in France only to qualified investors (investisseurs qualifiés) as defined
in and in accordance with Articles L.411-1 and L.411-2 of the French Code
Monétaire et Financier and Decree no. 98-880 dated 1 October 1998.

 

4. Each Initial Purchaser represents and agrees that it has not sold and will
not sell any Securities, directly or indirectly, in or into Italy until the
expiration (without any comments received) of 20 days after the filing by the
Initial Purchasers of the notification pursuant to Article 129 of the Italian
Banking Act.

 

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