Account Pledge Agreement



 EXHIBIT 4.555 
 Execution Version 
 SIG ASSET HOLDINGS LIMITED 

as Pledgor 

WILMINGTON TRUST (LONDON) LIMITED 
 as Collateral Agent and Pledgee 
  

 
 ACCOUNT
PLEDGE AGREEMENT 
 (Kontoverpfändung) 

 
  
 The taking of this document or any certified copy of it or any document which constitutes substitute documentation for it, or any document which includes written confirmations or references to it, into
Austria as well as printing out any e-mail communication which refers to any Credit Document (as defined in Clause 1 of this document) in Austria or sending any e-mail communication to which a pdf scan of this document is attached to an Austrian
addressee or sending any e-mail communication carrying an electronic or digital signature which refers to any Credit Document to an Austrian addressee may cause the imposition of Austrian stamp duty. Accordingly, keep the original document as well
as all certified copies thereof and written and signed references to it outside of Austria and avoid printing out any email communication which refers to any Credit Document in Austria or sending any e-mail communication to which a pdf scan of this
document is attached to an Austrian addressee or sending any e-mail communication carrying an electronic or digital signature which refers to any Credit Document to an Austrian addressee. 

CLIFFORD CHANCE PARTNERSCHAFTSGESELLSCHAFT VON RECHTSANWÄLTEN, WIRTSCHAFTSPRÜFERN, STEUERBERATERN UND SOLICITORS • SITZ:
FRANKFURT AM MAIN • AG FRANKFURT AM MAIN PR 1000 







 CONTENTS 

 

					
	Clause	  	Page	 
		
	 1.      Definitions and Language
	  	 	5	  
		
	 2.      Pledge
	  	 	12	  
		
	 3.      Purpose of the Pledges
	  	 	13	  
		
	 4.      Notice of Pledge
	  	 	13	  
		
	 5.      Pledgor’s Right of Disposal
	  	 	14	  
		
	 6.      Enforcement of the Pledges
	  	 	14	  
		
	 7.      Undertakings of the Pledgor
	  	 	15	  
		
	 8.      Delegation
	  	 	17	  
		
	 9.      Indemnity
	  	 	17	  
		
	 10.    No liability
	  	 	18	  
		
	 11.    Duration and Independence
	  	 	18	  
		
	 12.    Release (Pfandfreigabe)
	  	 	18	  
		
	 13.    Droit De Discussion and Droit De Division
	  	 	19	  
		
	 14.    Partial Invalidity; Waiver
	  	 	19	  
		
	 15.    Amendments
	  	 	19	  
		
	 16.    Notices and their Language
	  	 	20	  
		
	 17.    Applicable Law, Jurisdiction
	  	 	21	  
		
	 18.    Conclusion of this Agreement (Vertragsschluss)
	  	 	21	  
		
	 Schedule 1
	  	 	24	  
		
	 Part 1 List of Current Borrowers
	  	 	24	  
		
	 Part 2 List of Current Guarantors, Current 2009 Senior Secured Notes Guarantors,
Current October 2010 Secured Notes

           Guarantors,Current February 2011 Secured Notes
Guarantors and Current August 2011 Secured Notes Guarantors
	  	 	24	  
		
	 Part 3 List of Current New Secured Notes Guarantors
	  	 	29	  
		
	 Schedule 2 List of Accounts
	  	 	35	  
		
	 Schedule 3 Form of Notice of Pledge
	  	 	36	  
		
	 Schedule 4 Form of Notification of Future Accounts
	  	 	40	  








 This ACCOUNT PLEDGE AGREEMENT (the “Agreement”) is made on 7 November 2012

 BETWEEN: 
  

	(1)	SIG Asset Holdings Limited, a non-cellular company limited by shares incorporated in Guernsey whose registered number is 28883 and whose registered office as at
the date of this Agreement is at Heritage Hall, Le Marchant Street, St Peter Port, Guernsey GY1 4EL (the “Pledgor”); and 

  

	(2)	Wilmington Trust (London) Limited, a private limited company whose registered number is 05650152 and whose registered office address as at the date of this
Agreement is at 1 King’s Arms Yard, London EC2R 7AF, United Kingdom, in its capacity as collateral agent under the First Lien Intercreditor Agreement (as defined below) (the “Collateral Agent “ or the
“Pledgee”). 

 WHEREAS: 
  

	(A)	Pursuant to the third amended and restated senior secured multi-currency term and revolving credit agreement dated 28 September 2012 of currently up to USD
2,355,000,000 and EUR 380,000,000 between, inter alios, the parties listed in Schedule 1 Part 1 hereto as current borrowers (the “Current Borrowers”), the parties listed in Schedule 1 Part 2 hereto as current guarantors (the
“Current Guarantors”), Credit Suisse AG as administrative agent and others (as amended, varied, novated, restated, supplemented, superseded or extended from time to time, the “Third Amended and Restated Credit
Agreement”), which amends and restates the multi-currency term and revolving credit agreement dated 5 November 2009 between, inter alios, the Current Borrowers and the Current Guarantors, Credit Suisse AG as administrative agent
and others (as amended and restated pursuant to the Third Amended and Restated Credit Agreement and as further amended, varied, novated, restated, supplemented, superseded or extended from time to time, hereinafter the “Credit
Agreement”), certain lenders (together the “Original Lenders”) have granted certain facilities to the Current Borrowers and certain other entities which may accede or may have acceded to the Credit Agreement as additional
borrowers. 

  

	(B)	Pursuant to a senior secured notes indenture dated 5 November 2009 between, inter alios, Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., and Reynolds
Group Issuer (Luxembourg) S.A. as ultimate issuers (the “Issuers”), certain affiliates of the Issuers listed in Schedule 1 Part 2 hereto as current 2009 senior secured notes guarantors (the “Current 2009 Senior Secured Notes
Guarantors”) and The Bank of New York Mellon, as indenture trustee, principal paying agent, transfer agent and registrar, (as amended, varied, novated, supplemented, superseded or extended from time to time, the “2009 Senior Secured
Notes Indenture”), the Issuers have issued senior secured notes due 2016 in the aggregate principal amount of EUR 450,000,000 (the “2009 Senior Secured Notes”) to certain noteholders. 


  
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	(C)	Pursuant to a senior secured notes indenture dated 15 October 2010 between, inter alios, RGHL US Escrow I LLC, RGHL US Escrow I Inc., and RGHL Escrow Issuer
(Luxembourg) I S.A. as escrow issuers (the “Escrow Issuers”), The Bank of New York Mellon as indenture trustee, The Bank of New York Mellon, London Branch as principal paying agent, The Bank of New York Mellon as collateral
agent and Wilmington Trust (London) Limited as additional collateral agent (as amended, varied, novated, supplemented, superseded or extended from time to time, the “October 2010 Secured Notes Indenture”), the Escrow Issuers have
issued secured notes due 2019 in the aggregate principal amount of USD 1,500,000,000 in escrow (the “October 2010 Secured Notes”). In connection with the release from escrow of the proceeds of the October 2010 Secured Notes, which
occurred on 16 November 2010, the Escrow Issuers were merged with and into the Issuers, with each of the Issuers surviving the applicable mergers or other transfers and assuming by operation of law the obligations of the applicable Escrow
Issuers with respect to the October 2010 Secured Notes Indenture and the October 2010 Secured Notes. Certain affiliates of the Issuers listed in Schedule 1 Part 2 hereto have acceded to the October 2010 Secured Notes Indenture as current October
2010 secured notes guarantors (the “Current October 2010 Secured Notes Guarantors”). 

  

	(D)	Pursuant to a senior secured notes indenture dated 1 February 2011 between, inter alios, the Issuers, The Bank of New York Mellon as indenture trustee, The
Bank of New York Mellon, London Branch as principal paying agent, The Bank of New York Mellon as collateral agent and Wilmington Trust (London) Limited as additional collateral agent (as amended, varied, novated, supplemented, superseded or extended
from time to time, the “February 2011 Secured Notes Indenture”), the Issuers have issued secured notes due 2021 in the aggregate principal amount of USD 1,000,000,000 (the “February 2011 Secured Notes”) which are
guaranteed by certain affiliates of the Issuers listed in Schedule 1 Part 2 hereto as current February 2011 secured notes guarantors (the “Current February 2011 Secured Notes Guarantors”). 


 

	(E)	 Pursuant to a senior secured notes indenture dated 9 August 2011 between, inter alios, the RGHL US Escrow II LLC and RGHL US Escrow II Inc.
as escrow issuers (the “August 2011 Escrow Issuers”), The Bank of New York Mellon as indenture trustee, The Bank of New York Mellon, London Branch as principal paying agent, The Bank of New York Mellon as collateral agent and
Wilmington Trust (London) Limited as additional collateral agent (as amended, varied, novated, supplemented, superseded or extended from time to time, the “August 2011 Secured Notes Indenture”), the August 2011 Escrow Issuers have
issued senior secured notes due 2019 in the aggregate principal amount of USD 1,500,000,000 (the “August 2011 Secured Notes”). In connection with the release from escrow of the proceeds of the August 2011 Secured Notes, which
occurred on 8 September 2011 RGHL US Escrow II Inc. and RGHL US Escrow II LLC were merged with and into Reynolds Group Issuer Inc. and Reynolds Group Issuer LLC (together with Reynolds Group Issuer (Luxembourg) S.A., the




  
 3 









	 	
“August 2011 Ultimate Issuers”), respectively, and the obligations of the August 2011 Escrow Issuers were assumed by the August 2011 Ultimate Issuers pursuant to one or more
supplemental indentures between, among others, the August 2011 Escrow Issuers, the August 2011 Ultimate Issuers, The Bank of New York Mellon, as trustee, principal paying agent, transfer agent, registrar and collateral agent and Wilmington Trust
(London) Limited, as additional collateral agent. The August 2011 Ultimate Issuers and certain affiliates of the August 2011 Ultimate Issuers listed in Schedule 1 Part 2 hereto which have acceded to the August 2011 Secured Notes Indenture as current
August 2011 secured notes guarantors (the “Current August 2011 Secured Notes Guarantors”) guarantee the August 2011 Secured Notes. 

  

	(F)	Pursuant to a senior secured notes indenture dated 28 September 2012 between, inter alios, the Issuers, The Bank of New York Mellon as indenture trustee,
principal paying agent, transfer agent, collateral agent and registrar, The Bank of New York Mellon, London Branch as paying agent and Wilmington Trust (London) Limited as additional collateral agent (as amended, varied, novated, supplemented,
superseded or extended from time to time, the “New Secured Notes Indenture”), the Issuers have issued secured notes due 2020 in the aggregate principal amount of USD 3,250,000,000 (the “New Secured Notes”) which are
or will be guaranteed by certain affiliates of the Issuers listed in Schedule 1 Part 3 hereto as current new secured notes guarantors (the “Current New Secured Notes Guarantors”). 


 

	(G)	As a result of the Third Amended and Restated Credit Agreement and the amendment No. 7 and incremental term loan assumption agreement dated 28 September 2012
between, inter alios, the Current Borrowers, the Current Guarantors, Credit Suisse AG as administrative agent and others (the “Amendment No. 7 and Incremental Term Loan Assumption Agreement”) certain lenders have agreed
to grant incremental term loans in an aggregate amount of up to USD 2,235,000,000 and EUR 300,000,000. 

  

	(H)	The Pledgor has agreed to grant an additional pledge (subject to the pledges existing by operation of the general business conditions (Allgemeine
Geschäftsbedingungen) of the respective Account Bank (as defined below) and the pledges arising under the Existing Account Pledge Agreements (as defined below)) over its Accounts (as defined below) as security for the Pledgee’s
respective claims against the Grantors (as defined below) (or any of them) in respect of the Obligations (as defined below). 

  

	(I)	The security created by or pursuant to this Agreement is to be administered by the Collateral Agent for the Secured Parties (as defined below) pursuant to a first lien
intercreditor agreement dated 5 November 2009 (as amended by the Amendment No. 1 and Joinder Agreement (as defined below)) between, inter alios, the Collateral Agent, the Indenture Trustee, the Administrative Agent and the
Grantors (each as defined below) and others (as amended, varied, novated, supplemented, superseded or extended from time to time, the “First Lien Intercreditor Agreement”). 


  
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	(J)	The Pledgor has entered into the Existing Account Pledge Agreements (as defined below). 

 NOW, IT IS AGREED as follows: 
  

	1.	DEFINITIONS AND LANGUAGE 

  

	1.1	DEFINITIONS 

 In this
Agreement: 
 “Account Banks” means the credit institutions administering the Accounts and “Account
Bank” means any of them. 
 “Accounts” means all bank accounts (including without limitation giro
accounts and accounts for saving deposits (Spareinlagen), time deposits (Termineinlagen) or call money deposits (Tagesgeldeinlagen)) which the Pledgor holds at present or may at any time hereafter open with any credit
institution in the Federal Republic of Germany (including without limitation the accounts listed in Schedule 2 (List of Accounts) and any sub-account (Unterkonto), renewal, redesignation or replacement thereof, and
“Account” means any of them. 
 “Administrative Agent” means Credit Suisse AG, Cayman Islands
Branch, having its business address at Eleven Madison Avenue, New York, NY 10010, United States of America in its capacity as administrative agent under the Credit Agreement and any successor appointed as administrative agent under the Credit
Agreement. 
 “Amendment No.1 and Joinder Agreement” means the joinder agreement dated 21 January 2010
relating to the First Lien Intercreditor Agreement made among (amongst others) the Collateral Agent, The Bank of New York Mellon, Credit Suisse AG and Reynolds Group Holdings Limited pursuant to which the Collateral Agent was appointed as additional
collateral agent and became party to the First Lien Intercreditor Agreement. 
 “August 2011 Secured Notes
Documents” shall mean the August 2011 Secured Notes Indenture, the August 2011 Secured Notes Guarantees, the August 2011 Secured Notes, the Intercreditor Arrangements, any supplemental indenture, any security document relating to the August
2011 Secured Notes and/or the August 2011 Secured Notes Indenture and any other document that may be entered into pursuant to any of the foregoing. 
 “August 2011 Secured Notes Guarantees” shall mean the guarantees of the obligations of the Issuers under the August 2011 Secured Notes and the August 2011 Secured Notes Indenture by the
August 2011 Secured Notes Guarantors. 
 “August 2011 Secured Notes Guarantors” means the Current August 2011
Secured Notes Guarantors and any entity which may accede to the August 2011 Secured Notes Indenture as additional guarantor. 

“August 2011 Secured Notes Holders” shall mean the holders from time to time of the August 2011 Secured Notes.


  
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 “August 2011 Secured Notes Indenture Trustee” shall mean The Bank of New
York Mellon, in its capacity as indenture trustee under the August 2011 Secured Notes Indenture and any successor appointed as indenture trustee under the August 2011 Secured Notes Indenture. 

“Borrowers” means the Current Borrowers and any entity which may accede to the Credit Agreement as an additional
borrower and “Borrower” means any of them. 
 “Cash Management Bank” shall mean Citibank N.A.,
Banco Nacional De Mexico S.A., Citibank International PLC, UK, Citibank (China) Co., Limited, Citibank Global Markets Deutschland AG & Co KGaA, Citibank ZRT, Hungary, a Lender, the Administrative Agent or any of the Lender’s or the
Administrative Agent’s affiliates (at the time the cash management services arrangement is entered into) provided in each case it has become a party to, or by execution of an additional bank secured party acknowledgment has agreed to be bound
by the terms of, the First Lien Intercreditor Agreement in its capacity as cash management bank. 
 “Cash Management
Services” shall mean any agreement or arrangement by a Cash Management Bank to provide any composite accounting or other cash pooling arrangements and netting, overdraft protection and other arrangements with any bank arising under standard
business terms of such Cash Management Bank to a Grantor. 
 “Credit Documents” shall mean the Loan Documents,
the 2009 Senior Secured Notes Documents, the October 2010 Secured Notes Documents, the February 2011 Secured Notes Documents, the August 2011 Secured Notes Documents and the New Secured Notes Documents. 

“Enforcement Event” shall mean an Event of Default. 

“Event of Default” means any event of default (Kündigungsgrund) under the Credit Agreement and/or the 2009
Senior Secured Notes Indenture and/or the October 2010 Secured Notes Indenture and/or the February 2011 Secured Notes Indenture and/or the August 2011 Secured Notes Indenture and/or the New Secured Notes Indenture. 

“Existing Account Pledge Agreements” means 

 

	 	(a)	the account pledge agreement dated 3 February 2010 (as amended by a confirmation and amendment agreement dated 4 May 2010) and entered into between SIG Asset
Holdings Limited as pledgor and Wilmington Trust (London) Limited as collateral agent and as pledgee and others as pledgees; 

  

	 	(b)	confirmation and amendment agreement dated 4 May 2010 and entered into between, inter alios, SIG Asset Holdings Limited as pledgor and Wilmington Trust
(London) Limited as collateral agent relating to an account pledge agreement dated 3 February 2010 and entered into between SIG Asset Holdings Limited as pledgor and Wilmington Trust (London) Limited as collateral agent and others as pledgees;


  

	 	(c)	the account pledge agreement dated 16 November 2010 and entered into between SIG Asset Holdings Limited as pledgor and Wilmington Trust (London) Limited as
collateral agent and pledgee; 


  
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	 	(d)	the account pledge agreement dated 1 February 2011 and entered into between SIG Asset Holdings Limited as pledgor and Wilmington Trust (London) Limited as
collateral agent and pledgee; 

  

	 	(e)	the account pledge agreement dated 9 February 2011 and entered into between SIG Asset Holdings Limited as pledgor and Wilmington Trust (London) Limited as
collateral agent and pledgee; and 

  

	 	(f)	the account pledge agreement dated 8 September 2011 and entered into between SIG Asset Holdings Limited as pledgor and Wilmington Trust (London) Limited as
collateral agent and pledgee. 

 “Existing Intercreditor Agreement” means the existing
intercreditor agreement dated 11 May 2007 (as amended by a letter dated 21 June 2007 and a further letter dated 29 June 2007, as amended and restated on 5 November 2009 and as further amended on 5 November 2010) between,
inter alios, Beverage Packaging Holdings (Luxembourg) I S.A., Rank Group Holdings Limited (now Reynolds Group Holdings Limited), Beverage Packaging Holdings (Luxembourg) II S.A., Beverage Packaging Holdings (Luxembourg) III S.à r.l.,
Credit Suisse AG (formerly Credit Suisse) as security trustee and others. 
 “February 2011 Secured Notes
Documents” shall mean the February 2011 Secured Notes Indenture, the February 2011 Secured Notes Guarantees, the February 2011 Secured Notes, the Intercreditor Arrangements, any supplemental indenture, any security document relating to the
February 2011 Secured Notes and/or the February 2011 Secured Notes Indenture and any other document that may be entered into pursuant to any of the foregoing. 
 “February 2011 Secured Notes Guarantees” shall mean the guarantees of the obligations of the Issuers under the February 2011 Secured Notes and the February 2011 Secured Notes Indenture by
the February 2011 Secured Notes Guarantors. 
 “February 2011 Secured Notes Guarantors” means the Current
February 2011 Secured Notes Guarantors and any entity which may accede to the February 2011 Secured Notes Indenture as additional guarantor. 
 “February 2011 Secured Notes Holders” shall mean the holders from time to time of the February 2011 Secured Notes. 

“February 2011 Secured Notes Indenture Trustee” shall mean The Bank of New York Mellon, in its capacity as indenture
trustee under the February 2011 Secured Notes Indenture and any successor appointed as indenture trustee under the February 2011 Secured Notes Indenture. 
 “Grantors” means the Loan Parties, the Issuers, the August 2011 Ultimate Issuers, the 2009 Senior Secured Notes Guarantors, the October 2010 Secured Notes Guarantors, the February 2011
Secured Notes Guarantors, the August 2011 Notes Guarantors and the New Secured Notes Guarantors and any person that has granted a security interest to the Collateral Agent and/or the Secured Parties in respect of the obligations of the Loan Parties,
the Issuers, the August 2011 Ultimate Issuers, the 2009 Senior Secured Notes Guarantors, the October 2010 Secured Notes Guarantors, the February 2011 Secured Notes Guarantors, the August 2011 Notes Guarantors and the New Secured Notes Guarantors
under the Credit Documents and “Grantor” means any of them. 

  
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 “Grantors’ Agent” shall mean Reynolds Group Holdings Limited or any
other person appointed as agent of the Grantors in accordance with the Principal Finance Documents. 
 “Group”
means Reynolds Group Holdings Limited and its direct or indirect subsidiaries (Tochtergesellschaften). 
 “Hedge
Counterparty” means a Lender, the Administrative Agent or any of the Lender’s or the Administrative Agent’s affiliates (at the time a hedging agreement is entered into) who has entered into a hedging agreement for the purpose of
hedging interest rate liabilities and/or any exchange rate and/or commodity price risks provided it has become a party, or by execution of an additional bank secured party acknowledgment has agreed to be bound by the terms of, to the First Lien
Intercreditor Agreement in its capacity as hedge counterparty. 
 “Incremental Assumption Agreement” shall mean
an incremental assumption agreement relating to incremental facilities of up to USD 750,000,000 among, and in form and substance reasonably satisfactory to, one or more Borrowers, the Administrative Agent, one or more Incremental Term Lenders and/or
one or more Incremental Revolving Credit Lenders pursuant to which one or more Incremental Term Lenders make available Incremental Term Loan Commitments and/or one or more Incremental Revolving Credit Lenders make available Incremental Revolving
Credit Commitments respectively. 
 “Incremental Revolving Credit Lender” shall mean a Lender with an
Incremental Revolving Credit Commitment or an outstanding revolving loan under the Credit Agreement of any class as a result of an Incremental Revolving Credit Commitment. 
 “Incremental Revolving Credit Commitment” shall mean the commitment of any Lender, established pursuant to the Credit Agreement, to make available certain revolving credit loans to one or
more Borrowers. 
 “Incremental Term Lender” shall mean a Lender with an Incremental Term Loan Commitment.

 “Incremental Term Loan Commitment” shall mean the commitment of any Lender, established pursuant to the
Credit Agreement, to make available certain term loans to one or more Borrowers. 
 “Indenture Trustee” shall
mean The Bank of New York Mellon, in its capacity as indenture trustee under the 2009 Senior Secured Notes Indenture and any successor appointed as indenture trustee under the 2009 Senior Secured Notes Indenture. 

“Intercreditor Arrangements” means the First Lien Intercreditor Agreement and the Existing Intercreditor Agreement, in
each case as amended, novated, supplemented, restated, or modified from time to time. 
 “Issuing Bank” means
Credit Suisse AG or any other Lender or any affiliate of Credit Suisse AG or any other Lender that issues letters of credit or bank guarantees under the Credit Agreement. 

  
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 “Lenders” shall mean the Original Lenders and any entity which may become a
lender under the Credit Agreement in the future and “Lender” means any of them. 
 “Loan
Documents” shall mean the Credit Agreement, the Amendment No.1 and Joinder Agreement, the Third Amended and Restated Credit Agreement and the Amendment No. 7 and Incremental Term Loan Assumption Agreement, any borrowing subsidiary
agreement and/or guarantor joinder agreement relating to the Credit Agreement, any letter of credit or bank guarantee relating to the Credit Agreement, any security documents relating to the Credit Agreement, any hedging agreement entered into by a
Hedge Counterparty and a Grantor, each Incremental Assumption Agreement, the Intercreditor Arrangements, each Promissory Note, any agreement between a Grantor and a Cash Management Bank relating to Cash Management Services, each Local Facility
Agreement and any other document that may be entered into pursuant to any of the foregoing in relation to the Credit Agreement. 

“Loan Parties” shall mean the Borrowers, the Current Guarantors and any entity which may accede to the Credit Agreement
as additional guarantor and a “Loan Party” means any of them. 
 “Local Facilities” means
working capital facilities provided to a Grantor (other than Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings (Luxembourg) II S.A. Beverage Packaging Holdings (Luxembourg) III S.à r.l. and the Borrowers) by a
Local Facility Provider and “Local Facility” means any of them. 
 “Local Facility Agreements”
shall mean any agreement under which a Local Facility is made available. 
 “Local Facility Provider” means
HSBC Trinkaus & Burkhardt AG, Deutsche Bank AG, Commerzbank Aktiengesellschaft and Hong Kong and Shanghai Banking Corporation Ltd., Thailand, Bank of America, N.A., Canada Branch, FIA Card Services, N.A., Citibank N.A., Citibank (China)
Co., Ltd., Banco Nacional de Mexico, S.A., Integrante del Grupo Financiero Banamex, Bank of America, N.A., provided in each case it has become a party to, or by execution of an additional bank secured party acknowledgment has agreed to be bound by
the terms of, the First Lien Intercreditor Agreement in its capacity as local facility provider. 
 “New Secured Notes
Documents” shall mean the New Secured Notes Indenture, the New Secured Notes Guarantees, the New Secured Notes, the Intercreditor Arrangements, any supplemental indenture, any security document relating to the New Secured Notes and/or the
New Secured Notes Indenture and any other document that may be entered into pursuant to any of the foregoing. 
 “New
Secured Notes Guarantees” shall mean the guarantees of the obligations of the Issuers under the New Secured Notes and the New Secured Notes Indenture by the New Secured Notes Guarantors. 

“New Secured Notes Guarantors” means the Current New Secured Notes Guarantors and any entity which may accede to the New
Secured Notes Indenture as additional guarantor. 
 “New Secured Notes Holders” shall mean the holders from
time to time of the New Secured Notes. 

  
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 “New Secured Notes Indenture Trustee” shall mean The Bank of New York
Mellon, in its capacity as indenture trustee under the New Secured Notes Indenture and any successor appointed as indenture trustee under the New Secured Notes Indenture. 
 “Obligations” shall mean all present and future obligations and liabilities (whether actual or contingent and whether owed jointly or severally or in any other capacity whatsoever) of
each Grantor to the Pledgee under each or any of the Credit Documents (including, but not limited to, the Parallel Obligations), including with respect to all costs, charges and expenses incurred by the Pledgee in connection with the protection,
preservation or enforcement of its rights under the Credit Documents or any other document evidencing or securing any such liabilities. The Obligations shall further include any obligation based on unjust enrichment (ungerechtfertigte
Bereicherung) or tort (Delikt). 
 “October 2010 Secured Notes Documents” shall mean the October
2010 Secured Notes Indenture, the October 2010 Secured Notes Guarantees, the October 2010 Secured Notes, the Intercreditor Arrangements, any supplemental indenture relating to the October 2010 Secured Notes Indenture, any security document relating
to the October 2010 Secured Notes and/or the October 2010 Secured Notes Indenture and any other document that may be entered into pursuant to any of the foregoing. 
 “October 2010 Secured Notes Guarantees” shall mean the guarantees of the obligations of the Issuers under the October 2010 Secured Notes and the October 2010 Secured Notes Indenture by
the October 2010 Secured Notes Guarantors. 
 “October 2010 Secured Notes Guarantors” means the Current October
2010 Secured Notes Guarantors and any entity which may accede to the October 2010 Secured Notes Indenture as additional guarantor. 
 “October 2010 Secured Notes Holders” shall mean the holders from time to time of the October 2010 Secured Notes. 
 “October 2010 Secured Notes Indenture Trustee” shall mean The Bank of New York Mellon, in its capacity as indenture trustee under the October 2010 Secured Notes Indenture and any
successor appointed as indenture trustee under the October 2010 Secured Notes Indenture. 
 “Parallel
Obligations” means the independent obligations of any of the Grantors arising pursuant to the First Lien Intercreditor Agreement to pay to the Collateral Agent sums equal to the sums owed by such Grantor to the other Secured Parties (or any
of them) under the Credit Documents. 
 “Pledge” and “Pledges” have the meanings given to such
terms in Clause 2.1. 
 “Principal Finance Documents” means the Credit Agreement, the 2009 Senior Secured
Notes Indenture, the October 2010 Secured Notes Indenture, the February 2011 Secured Notes Indenture, the August 2011 Secured Notes Indenture, the New Secured Notes Indenture and the First Lien Intercreditor Agreement. 

“Promissory Note” shall mean any promissory note executed and delivered by a Borrower upon the request of a Lender
evidencing the amount of principal owed by such Borrower to such Lender under the Credit Agreement. 

  
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 “Secured Parties” shall mean the Lenders (including in their capacity as
issuing bank(s), and/or Hedge Counterparties under the Credit Agreement), the Hedge Counterparties, the Administrative Agent, any Issuing Bank, the beneficiaries of each indemnification obligation undertaken by any Grantor under any Credit Document,
the 2009 Senior Secured Notes Holders, the October 2010 Secured Notes Holders, the February 2011 Secured Notes Holders, the August 2011 Secured Notes Holders and the New Secured Notes Holders, the Indenture Trustee, the October 2010 Secured Notes
Indenture Trustee, the February 2011 Secured Notes Indenture Trustee, the August 2011 Secured Notes Indenture Trustee and the New Secured Notes Indenture Trustee, the Collateral Agent, the Local Facility Providers and the Cash Management Banks.

 “2009 Senior Secured Notes Documents” shall mean the 2009 Senior Secured Notes Indenture, the 2009 Senior
Secured Notes Guarantees, the 2009 Senior Secured Notes, the Intercreditor Arrangements, any supplemental indenture, any security document relating to the 2009 Senior Secured Notes and/or the 2009 Senior Secured Notes Indenture and any other
document that may be entered into pursuant to any of the foregoing. 
 “2009 Senior Secured Notes Guarantees”
shall mean the guarantees of the obligations of the Issuers under the 2009 Senior Secured Notes and the 2009 Senior Secured Notes Indenture by the 2009 Senior Secured Notes Guarantors. 

“2009 Senior Secured Notes Guarantors” means the Current 2009 Senior Secured Notes Guarantors and any entity which may
accede to the 2009 Senior Secured Notes Indenture as additional guarantor. 
 “2009 Senior Secured Notes
Holders” shall mean the holders from time to time of the 2009 Senior Secured Notes. 
  

	1.2	Construction 

 In this
Agreement: 
  

	 	(a)	capitalised terms used in this Agreement (or in any notice given under this Agreement) but not defined therein shall have the meanings ascribed thereto in the First
Lien Intercreditor Agreement; 

  

	 	(b)	any reference in this Agreement to a “Clause”, a “sub-Clause” or a “Schedule” shall, subject to any contrary
indication, be construed as a reference to a Clause, sub-Clause or a Schedule hereof; and 

  

	 	(c)	to the extent the word “note” or “Note” is used in any other documents in relation to this Agreement, it shall be construed as if it
were a reference to the word “notes” or “Notes” as defined and used in this Agreement. 

  

	1.3	This Agreement is made in the English language. For the avoidance of doubt, the English language version of this Agreement shall prevail over any translation of this
Agreement. However, where a German translation of a word or phrase appears in the text of this Agreement, the German translation of such word or phrase shall prevail. 


  
 11 










	1.4	The Pledgor acknowledges and agrees that the Collateral Agent’s actions under this Agreement are on the basis of authority conferred under the Principal Finance
Documents to which the Collateral Agent is a party, and on directions given in accordance with the Principal Finance Documents. In so acting, the Collateral Agent shall have, subject to the terms of the Principal Finance Documents, the protections,
immunities, rights, indemnities and benefits conferred on the collateral agent under the Principal Finance Documents. 

  

	1.5	For the avoidance of doubt, it is acknowledged that the Collateral Agent is permitted to act on the instructions of the other Secured Parties in accordance with Clause
2.02(a) of the First Lien Intercreditor Agreement. It is further acknowledged that the Collateral Agent may assume that any and all instructions received by it from the other Secured Parties (acting in accordance with the Principal Finance
Documents) under this Agreement are reasonable, and that any question as to the reasonableness or otherwise of such instructions shall be determined as between the other Secured Parties (or any one or more representatives of the other Secured
Parties acting in accordance with the Principal Finance Documents) and the Pledgor. 

  

	1.6	In the case of any references in this Agreement to the Secured Parties acting through the Collateral Agent or to the Collateral Agent acting for or on behalf of the
Secured Parties, it is acknowledged that the Pledgee and/or the Secured Parties shall at all times be represented in accordance with the First Lien Intercreditor Agreement and the Collateral Agent act only on the instructions given in accordance
with the First Lien Intercreditor Agreement. 

  

	2.	PLEDGE 

  

	2.1	The Pledgor hereby pledges to the Pledgee all its present and future rights and claims (whether conditional or unconditional) arising against any Account Bank from or
in relation to any of the Accounts, including without limitation: 

  

	 	(a)	all rights and claims in respect of present and future cash deposits (Guthaben) (including without limitation saving deposits (Spareinlagen), time
deposits (Termineinlagen) (including fixed deposits (Festgeldguthaben) and termination monies (Kündigungsgelder)) and call money deposits (Tagesgeldeinlagen) (including deposits for overnight money, tom/next money,
spot/next money and money until further notice (Geld b .a. w.)) standing from time to time to the credit of the Accounts, including all claims to interest payable; 


 

	 	(b)	in respect of each Account maintained as a giro account (Girokonto) at present or in the future, (i) all claims in respect of present and future credit
balances (positive Salden), (ii) all claims in respect of present and future credit entries (gutgeschriebene Beträge), (iii) all claims to interest payable and (iv) all other present and future monetary rights and
claims arising under or in connection with the respective giro agreement (Girovertrag) (including without limitation all claims to the grant of a credit entry (Gutschriftanspruch); and 


  
 12 










	 	(c)	in respect of each Account maintained as a current account (Kontokorrentkonto) at present or in the future, all present and future rights and claims arising
under or in connection with the respective current account agreement (Kontokorrentabrede) (including without limitation all claims to determination and acknowledgement of the current account balance (Anspruch auf Saldofeststellung und
-anerkennung), all claims to present and future current account balances (Saldoforderungen) including the causal final balance (kausaler Schlusssaldo) and the right to terminate the current account relationship (Kündigung
des Kontokorrents)). 

  

	    	(the “Pledge” and/or the “Pledges”). 

  

	2.2	The Pledgee hereby accepts the Pledges. 

  

	2.3	The Pledges are in addition, and without prejudice, to any other security the Secured Parties may now or hereafter hold in respect of the Obligations.


  

	3.	PURPOSE OF THE PLEDGES 


The Pledges hereunder are constituted in order to secure the prompt and complete satisfaction of any and all Obligations. The Pledges
shall also cover any future extension of the Obligations and the Pledgor herewith expressly agrees that the provisions of Section 1210 para 1 sentence 2 of the German Civil Code (Bürgerliches Gesetzbuch) shall not apply to
this Agreement. 
  

	4.	NOTICE OF PLEDGE 

  

	4.1	Subject to Clause 4.3 below the Pledgor undertakes that it will without undue delay, but not later than twenty business days after the date of this Agreement,
and, in relation to any Account opened after the date of this Agreement, within ten business days after such new Account has been opened, notify each Account Bank and any other relevant third party of the Pledges by delivering a notification
substantially in the form set out in Schedule 3 (Form of Notice of Pledge) by registered mail (Einschreiben mit Rückschein). The Pledgor shall provide the Collateral Agent with a copy of each such notification and of the
corresponding return receipt (Rückschein). In addition, the Pledgor shall use all reasonable efforts to procure that each Account Bank promptly acknowledges receipt of the respective notification, and acceptance of the terms thereof, to
the Collateral Agent and to the Pledgor. 

  

	4.2	 Without prejudice to the obligations imposed on the Pledgor in Clause 4.1 and, in the case of future Accounts, Clause 7.3, the Pledgor hereby
authorises the Collateral Agent and releases it for this purpose from the restrictions of self-dealing under 



  
 13 










	 	
Section 181 of the German Civil Code to notify each Account Bank and any other relevant third party on its behalf of this Agreement and the Pledges constituted hereunder by delivering a
notification substantially in the form set out in Schedule 3 (Form of Notice of Pledge), or in such substantially similar form as the Collateral Agent (acting on behalf of the Secured Parties) deems appropriate, provided that the
Collateral Agent may only make use of this authorisation if the Pledgor has not complied with the obligations imposed on the Pledgor in Clause 4.1 within 10 business days of being notified of such failure (with a copy of such notice being sent
to Reynolds Group Holdings Limited) and being requested to comply or if an Enforcement Event has occurred and is continuing. 

  

	4.3	The Pledgor shall not be under an obligation to comply with its obligation under Clause 4.1 above whilst an Enforcement Event is not continuing if the Pledgor can prove
to the Collateral Agent (acting on behalf of the Secured Parties) that notifying the relevant Account Bank of the Pledges created hereunder would not be consistent with, whilst an Enforcement Event is not continuing, the Pledgor retaining control
over and the ability to freely use the balance of any such Account. The Collateral Agent will not be required to use its discretion but will take instructions in accordance with the First Lien Intercreditor Agreement whether or not to agree with the
Pledgor’s analysis under this Clause 4.3. For the avoidance of doubt, at the date of this Agreement the Pledgor agrees that notifying the Account Banks of the Pledge created hereunder is not inconsistent with the Pledgor retaining control over
and the ability to freely use the balance of any Account existing at the date of this Agreement. 

  

	5.	PLEDGOR’S RIGHT OF DISPOSAL 

  

	    	The Pledgor may exercise all rights and powers in respect of each Account until the Collateral Agent gives notice to the contrary to the Account Bank with a copy to the
Pledgor. The Pledgee may give such notice only if an Enforcement Event has occurred and is continuing. 

  

	6.	ENFORCEMENT OF THE PLEDGES 

  

	6.1	If (i) an Enforcement Event has occurred and is continuing and (ii) the requirements set forth in Sections 1273 para 2, 1204 et seq. of
the German Civil Code with regard to the enforcement of the Pledge are met (Pfandreife), in particular, if any of the Obligations have become due and payable, then in order to enforce the Pledge the Collateral Agent (acting on the
instructions of the Secured Parties) may at any time thereafter avail itself of all rights and remedies that a pledgee has against a pledgor under the laws of the Federal Republic of Germany. 


  
 14 










	6.2	Notwithstanding Section 1277 of the German Civil Code, the Pledgee is entitled to exercise its rights without obtaining an enforceable judgment or other instrument
(vollstreckbarer Titel). The Pledgee shall be entitled to have the Pledge enforced in any manner allowed under the laws of the Federal Republic of Germany. 


 

	6.3	The Pledgee will notify the Pledgor five business days prior to the enforcement of the Pledge according to Clause 6. No such notification shall be
required if (i) the Pledgor has generally ceased to make payments (Zahlungseinstellung), (ii) an application for the institution of insolvency proceedings is filed by or against the Pledgor or (iii) the Pledgee has reasonable
grounds to believe that observance of the notice period will adversely affect the legitimate interests (berechtigte Interessen) of the Pledgee. 

  

	6.4	If the Pledgee (acting on the instructions of the Secured Parties) should seek to enforce the Pledge pursuant to Clause 6.1 hereof, the Pledgor shall, at its own
expense, render forthwith all necessary assistance in order to facilitate the prompt realisation of the Pledge and/or the exercise by the Pledgee of any other right it may have as Pledgee. 


 

	6.5	The Pledgee may, in its sole discretion, determine which of several security interests (created under this or other security agreements) shall be used to satisfy the
Obligations. 

  

	6.6	The Pledgor hereby expressly waives all defences of revocation (Einrede der Anfechtbarkeit) and set-off (Einrede der Aufrechenbarkeit) pursuant to
Sections 770, 1211 of the German Civil Code. 

  

	6.7	The Pledgor hereby expressly waives its defences based on defences any Grantor might have against any of the Obligations (Einreden des Hauptschuldners) pursuant
to Section 1211 para 1 sentence 1 alternative 1 of the German Civil Code. 

  

	6.8	If the Pledge is enforced or if the Pledgor has discharged any of the Obligations (or any part of them), Section 1225 of the German Civil Code (legal subrogation
of claims to a pledgor—Forderungsübergang auf den Verpfänder) shall not apply and no rights of the Pledgee shall pass to the Pledgor by subrogation or otherwise. Further, the Pledgor shall at no time before, on or after an
enforcement of the Pledge, and as a result of the Pledgor entering into this Agreement, be entitled to demand indemnification or compensation from a Grantor or any affiliate of a Grantor or assign any of these claims. 


 

	7.	UNDERTAKINGS OF THE PLEDGOR 

 Unless otherwise permitted by the Principal Finance Documents, during the term of this Agreement, the Pledgor undertakes to the Pledgee: 

 

	7.1	subject to Clause 4.3 to use all reasonable efforts to procure that each Account Bank releases any existing lien, including without limitation any pledge existing by
operation of its general business conditions (Allgemeine Geschäftsbedingungen), and waives any right of set-off and right of retention in respect of the Accounts by countersigning and returning an acknowledgement of notice of pledge
substantially in the form set out in Schedule 3 (Form of Notice of Pledge) to the Pledgor and the Pledgee. 


  
 15 










	7.2	to instruct each Account Bank to provide the Pledgee following receipt by the relevant Account Bank of a notice pursuant to Clause 5 with all information requested
by it in respect of the Accounts and to that extent to release each Account Bank from its obligation to maintain confidentiality (Bankgeheimnis) by delivering a notice of pledge to the respective Account Bank in accordance with the
requirements set out in Clause 4.1 or, in the case of any future Account, Clause 7.3. The Pledgor undertakes not to revoke such instruction during the term of this Agreement, other than in respect of an Account which is closed or disposed
of in accordance with the terms of the Credit Documents; 

  

	7.3	to notify the Pledgee without undue delay substantially in the form set out in Schedule 4 (Form of Notification of Future Accounts) of each new bank account
opened by the Pledgor with a credit institution in the Federal Republic of Germany in accordance with Clause 4 above. For the avoidance of doubt, the Pledgor is aware that any new bank account opened within the Federal Republic of Germany will
become an Account in the meaning of this Agreement upon notice to the Account Bank and will be subject to the Pledge and the obligations assumed by the Pledgor hereunder without any further agreement; 


 

	7.4	to close any of the Accounts only upon giving 5 business days prior notice to the Pledgee and provided that the Pledgee has not given a notice pursuant
to Clause 5; 

  

	7.5	to deliver to the Pledgee at any time upon reasonable request of the Pledgee, up-to date account statement sheets (Kontoauszüge) showing the balance on each
of the Accounts, provided that the Pledgee shall not request such information more than twice in any one year period prior to the occurrence of an Enforcement Event that is continuing; 


 

	7.6	with regard to any account books (Sparbücher) and any other documents which are necessary to dispose over (verfügen) any of the Accounts, the
Pledgor undertakes to deliver the originals of such documents to the Pledgee without undue delay if the Pledgee has given a notice pursuant to Clause 5 and to deliver to the Pledgee upon its reasonable request following such event without undue
delay any documents or other information concerning the Accounts, in particular (but not limited to) the account opening documents and any agreements between the Account Bank and the Pledgor in relation to the Accounts; 


 

	7.7	not to grant to any third party any rights in respect of the Accounts (keine Und-Konten oder Oder-Konten oder sonstige Rechte Dritter) (other than those arising
under the relevant Account Bank’s general business conditions (Allgemeine Geschäftsbedingungen) and under the Existing Account Pledge Agreements) without the prior written consent of the Collateral Agent (as instructed in accordance
with the Principal Finance Documents) (such consent not to be unreasonably withheld); 


  
 16 










	7.8	to inform the Pledgee without undue delay of any attachment (Pfändung) and any third parties bringing claims in respect of any of the Accounts, such notice
to be accompanied by any documents the Pledgee might need to defend itself against any claim by a third party. In the case of any attachment (Pfändung) in respect of any of the Accounts, the Pledgor undertakes to forward to the Pledgee
without undue delay a copy of the attachment order (Pfändungsbeschluss), any transfer order (Überweisungsbeschluss) and all other documents necessary for a defence against the attachment. The Pledgor shall inform the
attaching creditor of the Pledge without undue delay; 

  

	7.9	except as otherwise agreed pursuant to the Principal Finance Documents, insofar as additional declarations or actions are necessary for the creation of the Pledge, the
Pledgor shall, at the Collateral Agent’s reasonable request (acting on the reasonable instructions of the Secured Parties), make such declarations and undertake such actions at the Pledgor’s costs and expenses; 


 

	7.10	for the avoidance of doubt, notification and delivery requirements as set out in sub-Clauses 7.3, 7.4, 7.5, 7.6 and 7.8 of this Agreement are deemed to be satisfied if
and to the extent such notification or information has been delivered under the Existing Account Pledge Agreements provided that such notification or delivery to the Pledgee makes reference to this Agreement and each Existing Account Pledge
Agreement; and 

  

	7.11	sub-Clause 7.5 of each Existing Account Pledge Agreement shall be deleted in its entirety and replaced by a new sub-clause 7.5 corresponding to sub-Clause 7.5 of this
Agreement. 

  

	8.	DELEGATION 

 The Pledgee
shall have full power to delegate (either generally or specifically) the powers, authorities and discretions conferred on it by this Agreement on such terms and conditions as it shall see fit. The Pledgee shall only remain liable for diligently
selecting and providing initial instructions to such delegate. 
  

	9.	INDEMNITY 

 To the extent
set out in the First Lien Intercreditor Credit Agreement, the Pledgor shall, notwithstanding any release or discharge of all or any part of the security, indemnify the Pledgee, its agents its attorneys and any delegate against any action,
proceeding, claims, losses, liabilities, damages, expenses, demands, taxes, losses and costs which it may sustain as a consequence of any breach by the Pledgor of the provisions of this Agreement, the exercise or purported exercise of any of the
rights and powers conferred on them by this Agreement or otherwise relating to the Pledge. 

  
 17 










	10.	NO LIABILITY 

 Except to
the extent provided in the Principal Finance Documents, none of the Pledgee, its nominee(s) or agent(s) or delegate(s) shall be liable by reason of (a) taking any action permitted by this Agreement or (b) any neglect or default in
connection with the assets and rights subject to the security interest created hereunder, save in respect of any loss or damage which is suffered as a result of wilful misconduct (Vorsatz) or gross negligence (grobe
Fahrlässigkeit) by the Pledgee, its nominee(s) or agent(s) or delegate(s), or (c) the enforcement or realisation of all or any part of the security interest created hereunder. 

 

	11.	DURATION AND INDEPENDENCE 

  

	11.1	This Agreement shall remain in full force and effect until complete satisfaction of the Obligations. The Pledges shall not cease to exist, if the Grantors under the
Credit Documents have only temporarily discharged the Obligations. 

  

	11.2	This Agreement shall create a continuing security and no change, amendment, or supplement whatsoever in the Credit Documents or in any document or agreement related to
any of the Credit Documents shall affect the validity or the scope of this Agreement nor the obligations which are imposed on the Pledgor pursuant to it. 

  


	11.3	This Agreement is independent from any other security or guarantee which may have been or will be given to the Pledgee. None of such other security shall prejudice, or
shall be prejudiced by, or shall be merged in any way with this Agreement. 

  

	11.4	Waiving Section 418 of the German Civil Code, the Pledgor hereby agrees that the security created hereunder shall not be affected by any transfer or assumption of
the Obligations to, or by, any third party. 

  

	12.	RELEASE (PFANDFREIGABE) 

  

	12.1	Upon complete and irrevocable satisfaction of the Obligations, the Collateral Agent (as instructed in accordance with the First Lien Intercreditor Agreement) will as
soon as reasonably practical declare in writing the release of the Pledge (Pfandfreigabe) to the Pledgor as a matter of record. For the avoidance of doubt, the parties are aware that upon full and complete satisfaction of the Obligations the
Pledge, due to its accessory nature (Akzessorietät), ceases to exist by operation of German mandatory law. 

  

	12.2	 At any time when the total value of the aggregate security granted by the Pledgor and any of the other Grantors to secure the Obligations (the
“Security”), which can be expected to be realised in the event of an enforcement of the Security (realisierbarer Wert), exceeds 110% of the Obligations (the “Limit”) not only temporarily, the Pledgee shall on
demand of the Pledgor release such part of the Security 



  
 18 









 
(Sicherheitenfreigabe) as the Pledgee (as instructed in accordance with the First Lien Intercreditor Agreement) may in its reasonable discretion determine so as to reduce the realisable
value of the Security to the Limit. 
  

	12.3	The Pledgee (as instructed in accordance with the First Lien Intercreditor Agreement) will as soon as reasonably practicable declare in writing the release of the
Pledge (Pfandfreigabe) to the Pledgor in accordance with, and to the extent required by, the Intercreditor Arrangements. 

  

	13.	DROIT DE DISCUSSION AND DROIT DE DIVISION 

 The Pledgor abandons all and every right which it may have at any time under any existing or future Guernsey law including, but not limited to the “droit de discussion” and the “droit de
division” or otherwise to require that recourse be had to the assets of some other person nor shall the Pledgor be entitled to require that any other person be made a party to any legal proceedings brought by the Pledgee, or to require that any
liability of the Pledgor be divided or apportioned amongst any other persons or reduced in any manner whatsoever, whether the formalities required by Guernsey law, in regard to the rights or obligations of sureties shall or shall not have been
observed. 
  

	14.	PARTIAL INVALIDITY; WAIVER 

  

	14.1	If at any time, any one or more of the provisions hereof is or becomes invalid, illegal or unenforceable in any respect under the law of any jurisdiction, such
provision shall as to such jurisdiction, be ineffective to the extent necessary without affecting or impairing the validity, legality and enforceability of the remaining provisions hereof or of such provisions in any other jurisdiction. The invalid,
illegal or unenforceable provision shall be deemed to be replaced with such valid, legal or enforceable provision which comes as close as possible to the original intent of the parties and the invalid, illegal or unenforceable provision. Should a
gap (Regelungslücke) become evident in this Agreement, such gap shall, without affecting or impairing the validity, legality and enforceability of the remaining provisions hereof, be deemed to be filled in with such provision which comes
as close as possible to the original intent of the parties. 

  

	14.2	No failure to exercise, nor any delay in exercising, on the part of the Pledgee, any right or remedy hereunder shall operate as a waiver thereof, nor shall any single
or partial exercise of any right or remedy prevent any further or other exercise thereof or the exercise of any other right or remedy. The rights and remedies provided hereunder are cumulative and not exclusive of any rights or remedies provided by
law. 

  

	15.	AMENDMENTS 

 Changes and
amendments to this Agreement including this Clause 15 shall be made in writing. 

  
 19 










	16.	NOTICES AND THEIR LANGUAGE 

  

	16.1	All notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or
registered mail or sent by fax, as follows: 

  

					
	 For the Pledgor:
	  	SIG Asset Holdings Limited
			
		  	Address:	  	 Heritage Hall,
 Le Marchant
Street
 St Peter Port
 Guernsey GY1
4EL

			
		  	Fax:	  	+44 1481712596
			
		  	Attention:	  	Hugh Richards
			
	 For the Pledgor with a copy to:
	  	Address:	  	 c/o Rank Group Limited
 Level
9
 148 Quay Street
 PO Box
3515
 Auckland 1140
 New
Zealand

			
		  	Telephone:	  	+649 3666 259
			
		  	Fax:	  	+649 3666 263
			
		  	Attention:	  	Helen Golding
		
	 For the Collateral Agent:
	  	Wilmington Trust (London) Limited
			
		  	Address:	  	 1 King’s Arms Yard

London, EC2R 7AF
 United
Kingdom

			
		  	Fax:	  	+44 (0)20 7397 3601
			
		  	Attention:	  	Elaine Lockhart/ Paul Barton

  

	16.2	Any party hereto may change its address or fax number for notices and other communications hereunder by notice to the other parties hereto. As agreed to in writing in
accordance with the First Lien Intercreditor Agreement, notices and other communications hereunder may also be delivered by e-mail to the e-mail address of a representative of the applicable party to this Agreement provided from time to time by such
party. 


  
 20 










	16.3	All notices and other communications given to any party in connection with this Agreement in accordance with the provisions of this Agreement shall be deemed
(widerlegbare Vermutung) received on the date sent (if a business day) and on the next business day thereafter (in all other cases) if delivered by hand or overnight courier service or sent by fax or on the date five business days after
dispatch by certified or registered mail if mailed, in each case delivered, sent or mailed (properly addressed) to such party as provided in this Clause 16 or in accordance with the latest unrevoked direction from such party given in accordance with
this Clause 16. 

  

	16.4	Any notice or other communication under or in connection with this Agreement shall be in the English language or, if in any other language, accompanied by a translation
into English. In the event of any conflict between the English text and the text in any other language, the English text shall prevail. 

  

	17.	APPLICABLE LAW, JURISDICTION 

  

	17.1	This Agreement is governed by the laws of the Federal Republic of Germany. 


 

	17.2	The place of jurisdiction for any and all disputes arising under or in connection with this Agreement shall be the courts in Frankfurt am Main. The Pledgee however,
shall also be entitled to take action against the Pledgor in any other court of competent jurisdiction. Further, the taking of proceedings against the Pledgor in any one or more jurisdictions shall not preclude the taking of proceedings in any other
jurisdiction (whether concurrently or not) if and to the extent permitted by applicable law. 

  

	18.	CONCLUSION OF THIS AGREEMENT (VERTRAGSSCHLUSS) 


 

	18.1	The parties to this Agreement may choose to conclude this Agreement by an exchange of signed signature page(s), transmitted by means of telecommunication
(telekommunikative Übermittlung) by fax or attached as an electronic photocopy (pdf., tif., etc.) to an e-mail. 

  

	18.2	If the parties to this Agreement choose to conclude this Agreement pursuant to sub-Clause 18.1 above, they will transmit the signed signature page(s) of this
Agreement to attention of Isabel van Bremen (isabel.vanbremen@cliffordchance.com or Axel Schlieter axel.schlieter@cliffordchance.com, fax: +49 211 43 55 5600) (each a “Recipient”). The Agreement will be considered
concluded once any of the Recipients has actually received the signed signature page(s) (Zugang der Unterschriftsseite(n)) from all parties to this Agreement and at the time of the receipt of the last outstanding signature page(s).



  
 21 










	18.3	For the purposes of this Clause 18 only, the parties to this Agreement appoint each Recipient individually as their attorney (Empfangsvertreter) and
expressly allow (gestatten) each Recipient to collect the signed signature page(s) from all and for all parties to this Agreement. For the avoidance of doubt, the Recipients will have no further duties connected with their position as
Recipient. In particular, the Recipients may assume the conformity to the authentic original(s) of the signature page(s) transmitted to it by means of telecommunication, the genuineness of all signatures on the original signature page(s) and the
signing authority of the signatories. 


  
 22 









 SIGNATURE PAGE 
 This Account Pledge Agreement has been entered into on the date stated at the beginning by 

SIG Asset Holdings Limited 
 as Pledgor

 By: /s/ Karen Mower                

Name: Karen Mower 
 Title: Authorised Signatory

 Wilmington Trust (London) Limited 
 as Collateral Agent and Pledgee 
 By: /s/ Elaine Lockhart
             
 Name: Elaine Lockhart 

Title: Director 
  

  
 23 









 SCHEDULE 1 
 PART 1 
 LIST OF CURRENT BORROWERS 

SIG Euro Holding AG & Co. KGaA 

Closure Systems International Holdings Inc. 

Closure Systems International B.V. 
 SIG
Austria Holding GmbH 
 Reynolds Consumer Products Holdings LLC 
 Reynolds Group Holdings Inc. 
 Pactiv LLC 

Beverage Packaging Holdings (Luxembourg) III S.à r.l. 
 Evergreen Packaging Inc. 
 Reynolds Consumer Products Inc. 

PART 2 

LIST OF CURRENT GUARANTORS, CURRENT 2009 SENIOR SECURED NOTES 

GUARANTORS, CURRENT OCTOBER 2010 SECURED NOTES GUARANTORS, 
 CURRENT FEBRUARY 2011 SECURED NOTES GUARANTORS AND CURRENT 
 AUGUST 2011
SECURED NOTES GUARANTORS 
 Whakatane Mill Australia Pty Limited 
 SIG Austria Holding GmbH 
 SIG Combibloc GmbH 

SIG Combibloc GmbH & Co. KG 
 Closure
Systems International (Brazil) Sistemas de Vedação Ltda. 
 SIG Beverages Brasil Ltda. 

SIG Combibloc do Brasil Ltda. 
 CSI Latin
American Holdings Corporation 
 Evergreen Packaging Canada Limited 
 Pactiv Canada Inc. 

  
 24 









 CSI Closure Systems Manufacturing de Centro America, Sociedad de Responsabilidad Limitada 

Closure Systems International Deutschland GmbH 

Closure Systems International Holdings (Germany) GmbH 
 Omni-Pac Ekco GmbH Verpackungsmittel 
 Omni-Pac GmbH Verpackungsmittel 

Pactiv Deutschland Holdinggesellschaft mbH 

SIG Beverages Germany GmbH 
 SIG Combibloc GmbH

 SIG Combibloc Holding GmbH 
 SIG
Combibloc Systems GmbH 
 SIG Combibloc Zerspanungstechnik GmbH 
 SIG Euro Holding AG & Co. KGaA 
 SIG Information Technology GmbH 

SIG International Services GmbH 
 SIG
Beteiligungs GmbH 
 SIG Asset Holdings Limited 
 Closure Systems International (Hong Kong) Limited 
 Evergreen Packaging (Hong Kong) Limited

 SIG Combibloc Limited 
 CSI Hungary
Kft. 
 Closure Systems International Holdings (Japan) KK 
 Closure Systems International Japan, Limited 
 Beverage Packaging Holdings (Luxembourg) I S.A.

 Beverage Packaging Holdings (Luxembourg) III S.à r.l. 
 Evergreen Packaging (Luxembourg) S.à r.l. 
 Beverage Packaging Holdings (Luxembourg) IV
S.à r.l. 
 Reynolds Group Issuer (Luxembourg) S.A. 

  
 25 









 Bienes Industriales del Norte, S.A. de C.V. 
 CSI en Ensenada, S. de R.L. de C.V. 
 CSI en Saltillo, S. de R.L. de C.V. 

CSI Tecniservicio, S. de R.L. de C.V. 

Evergreen Packaging Mexico, S. de R.L. de C.V. 

Grupo CSI de Mexico, S. de R.L. de C.V. 

Reynolds Metals Company de Mexico, S. de R.L. de C.V. 
 Tecnicos de Tapas Innovativas, S.A. de C.V. 
 Pactiv Foodservice México, S. de R.L. de C.V.

 Grupo Corporativo Jaguar, S.A. de C.V. 
 Servicios Industriales Jaguar, S.A. de C.V. 
 Servicio Terrestre Jaguar, S.A. de C.V. 

Pactiv Mexico, S. de R.L. de C.V. 
 Closure
Systems International B.V. 
 Evergreen Packaging International B.V. 
 Reynolds Consumer Products International B.V. 
 Reynolds Packaging International B.V. 

Reynolds Group Holdings Limited 
 Whakatane
Mill Limited 
 SIG allCap AG 
 SIG
Combibloc Group AG 
 SIG Combibloc Procurement AG 
 SIG Combibloc (Schweiz) AG 
 SIG Schweizerische Industrie-Gesellschaft AG 

SIG Technology AG 
 SIG Combibloc Ltd.

 Closure Systems International (UK) Limited 
 IVEX Holdings, Ltd. 

  
 26 









 J. & W. Baldwin (Holdings) Limited 
 Kama Europe Limited 
 Omni-Pac U.K. Limited 

Reynolds Consumer Products (UK) Limited 

Reynolds Subco (UK) Limited (formerly BACO Consumer Products Limited) 
 SIG Combibloc Limited 
 SIG Holdings (UK) Limited 

The Baldwin Group Limited 
 Bakers Choice
Products, Inc. 
 BCP/ Graham Holdings L.L.C. 
 Blue Ridge Holding Corp. 
 Blue Ridge Paper Products Inc. 

BRPP, LLC 
 Closure Systems International
Americas, Inc. 
 Closure Systems International Holdings Inc. 
 Closure Systems International Packaging Machinery, Inc. 
 Closure Systems International, Inc.

 Closure Systems Mexico Holdings LLC 

CSI Mexico LLC 
 CSI Sales & Technical
Services Inc. 
 Evergreen Packaging Inc. 
 Evergreen Packaging International (US) Inc. 
 Evergreen Packaging USA Inc. 

GPACSUB LLC 
 GPC Capital Corp. I 

GPC Capital Corp. II 
 GPC Holdings LLC

 GPC Opco GP LLC 

  
 27 









 GPC Sub GP LLC 
 Graham Packaging Acquisition Corp. 
 Graham Packaging Company Inc. 

Graham Packaging Company, L.P. 
 Graham
Packaging GP Acquisition LLC 
 Graham Packaging Holdings Company 
 Graham Packaging LC, L.P. 
 Graham Packaging LP Acquisition LLC 

Graham Packaging Minster LLC 
 Graham Packaging
PET Technologies Inc. 
 Graham Packaging Plastic Products Inc. 
 Graham Packaging PX Company 
 Graham Packaging PX Holding Corporation 

Graham Packaging PX, LLC 
 Graham Packaging
Regioplast STS Inc. 
 Graham Packaging West Jordan, LLC 
 Graham Recycling Company, L.P. 
 Pactiv Germany Holdings Inc. 

Pactiv International Holdings Inc. 
 Pactiv LLC

 Pactiv Management Company LLC 
 PCA
West Inc. 
 PWP Industries, Inc. 

Renpac Holdings Inc. 
 Reynolds Consumer
Products Holdings LLC 
 Reynolds Consumer Products Inc. 
 Reynolds Flexible Packaging Inc. 
 Reynolds Food Packaging LLC 

  
 28 









 Reynolds Group Holdings Inc. 
 Reynolds Group Issuer Inc. 
 Reynolds Group Issuer LLC 

Reynolds Manufacturing Inc. 
 Reynolds
Packaging Holdings LLC 
 Reynolds Packaging Kama Inc. 
 Reynolds Packaging LLC 
 Reynolds Presto Products Inc. 

Reynolds Services Inc. 
 SIG Combibloc Inc.

 SIG Holding USA, LLC 
 Southern
Plastics Inc. 
 Ultra Pac, Inc. 

International Tray Pads and Packaging, Inc. 
 PART 3 
 LIST OF CURRENT NEW SECURED NOTES GUARANTORS 

Whakatane Mill Australia Pty Limited 
 SIG
Austria Holding GmbH 
 SIG Combibloc GmbH 
 SIG Combibloc GmbH & Co. KG 
 Closure Systems International (Brazil) Sistemas de
Vedação Ltda. 
 SIG Beverages Brasil Ltda. 
 SIG Combibloc do Brasil Ltda. 
 CSI Latin American Holdings Corporation 

Evergreen Packaging Canada Limited 
 Pactiv
Canada Inc. 

  
 29 









 CSI Closure Systems Manufacturing de Centro America, Sociedad de Responsabilidad Limitada 

Closure Systems International Deutschland GmbH 

Closure Systems International Holdings (Germany) GmbH 
 Omni-Pac Ekco GmbH Verpackungsmittel 
 Omni-Pac GmbH Verpackungsmittel 

Pactiv Deutschland Holdinggesellschaft mbH 

SIG Beverages Germany GmbH 
 SIG Combibloc GmbH

 SIG Combibloc Holding GmbH 
 SIG
Combibloc Systems GmbH 
 SIG Combibloc Zerspanungstechnik GmbH 
 SIG Euro Holding AG & Co. KGaA 
 SIG Information Technology GmbH 

SIG International Services GmbH 
 SIG
Beteiligungs GmbH 
 SIG Asset Holdings Limited 
 Closure Systems International (Hong Kong) Limited 
 Evergreen Packaging (Hong Kong) Limited

 SIG Combibloc Limited 
 CSI Hungary
Kft. 
 Closure Systems International Holdings (Japan) KK 
 Closure Systems International Japan, Limited 
 Beverage Packaging Holdings (Luxembourg) I S.A.

 Beverage Packaging Holdings (Luxembourg) II S.A. 
 Beverage Packaging Holdings (Luxembourg) III S.à r.l. 
 Evergreen Packaging (Luxembourg)
S.à r.l. 
 Beverage Packaging Holdings (Luxembourg) IV S.à r.l. 

  
 30 









 Reynolds Group Issuer (Luxembourg) S.A. 
 Bienes Industriales del Norte, S.A. de C.V. 
 CSI en Ensenada, S. de R.L. de C.V. 

CSI en Saltillo, S. de R.L. de C.V. 
 CSI
Tecniservicio, S. de R.L. de C.V. 
 Evergreen Packaging Mexico, S. de R.L. de C.V. 
 Grupo CSI de Mexico, S. de R.L. de C.V. 
 Reynolds Metals Company de Mexico, S. de R.L. de C.V.

 Tecnicos de Tapas Innovativas, S.A. de C.V. 
 Pactiv Foodservice México, S. de R.L. de C.V. 
 Grupo Corporativo Jaguar, S.A. de C.V.

 Servicios Industriales Jaguar, S.A. de C.V. 
 Servicio Terrestre Jaguar, S.A. de C.V. 
 Pactiv Mexico, S. de R.L. de C.V. 

Closure Systems International B.V. 
 Evergreen
Packaging International B.V. 
 Reynolds Consumer Products International B.V. 
 Reynolds Packaging International B.V. 
 Reynolds Group Holdings Limited 

Whakatane Mill Limited 
 SIG allCap AG

 SIG Combibloc Group AG 
 SIG
Combibloc Procurement AG 
 SIG Combibloc (Schweiz) AG 
 SIG Schweizerische Industrie-Gesellschaft AG 
 SIG Technology AG 

SIG Combibloc Ltd. 
 Closure Systems
International (UK) Limited 

  
 31 









 IVEX Holdings, Ltd. 
 J. & W. Baldwin (Holdings) Limited 
 Kama Europe Limited 

Omni-Pac U.K. Limited 
 Reynolds Consumer
Products (UK) Limited 
 Reynolds Subco (UK) Limited (formerly BACO Consumer Products Limited) 

SIG Combibloc Limited 
 SIG Holdings (UK)
Limited 
 The Baldwin Group Limited 

Bakers Choice Products, Inc. 
 BCP/ Graham
Holdings L.L.C. 
 Blue Ridge Holding Corp. 
 Blue Ridge Paper Products Inc. 
 BRPP, LLC 

Closure Systems International Americas, Inc. 

Closure Systems International Holdings Inc. 

Closure Systems International Packaging Machinery, Inc. 
 Closure Systems International, Inc. 
 Closure Systems Mexico Holdings LLC 

CSI Mexico LLC 
 CSI Sales & Technical
Services Inc. 
 Evergreen Packaging Inc. 
 Evergreen Packaging International (US) Inc. 
 Evergreen Packaging USA Inc. 

GPACSUB LLC 
 GPC Capital Corp. I 

GPC Capital Corp. II 
 GPC Holdings LLC


  
 32 









 GPC Opco GP LLC 
 GPC Sub GP LLC 
 Graham Packaging Acquisition Corp. 

Graham Packaging Company Inc. 
 Graham
Packaging Company, L.P. 
 Graham Packaging GP Acquisition LLC 
 Graham Packaging Holdings Company 
 Graham Packaging LC, L.P. 

Graham Packaging LP Acquisition LLC 
 Graham
Packaging Minster LLC 
 Graham Packaging PET Technologies Inc. 
 Graham Packaging Plastic Products Inc. 
 Graham Packaging PX Company 

Graham Packaging PX Holding Corporation 

Graham Packaging PX, LLC 
 Graham Packaging
Regioplast STS Inc. 
 Graham Packaging West Jordan, LLC 
 Graham Recycling Company, L.P. 
 Pactiv Germany Holdings Inc. 

Pactiv International Holdings Inc. 
 Pactiv LLC

 Pactiv Management Company LLC 
 PCA
West Inc. 
 PWP Industries, Inc. 

Renpac Holdings Inc. 
 Reynolds Consumer
Products Holdings LLC 
 Reynolds Consumer Products Inc. 
 Reynolds Flexible Packaging Inc. 

  
 33 









 Reynolds Food Packaging LLC 
 Reynolds Group Holdings Inc. 
 Reynolds Group Issuer Inc. 

Reynolds Group Issuer LLC 
 Reynolds
Manufacturing Inc. 
 Reynolds Packaging Holdings LLC 
 Reynolds Packaging Kama Inc. 
 Reynolds Packaging LLC 

Reynolds Presto Products Inc. 
 Reynolds
Services Inc. 
 SIG Combibloc Inc. 

SIG Holding USA, LLC 
 Southern Plastics Inc.

 Ultra Pac, Inc. 
 International
Tray Pads and Packaging, Inc. 

  
 34 









 SCHEDULE 2 
 LIST OF ACCOUNTS 
  

									
	 (Sub-) Account No.
	  	Bank Sort
Code
(Bankleitzahl)	  	Name and address of
Account
Bank	  	Type of
account	  	Currency
	Currently none	  	Currently none	  	Currently none	  	Currently none	  	Currently none


  
 35 









 SCHEDULE 3 
 FORM OF NOTICE OF PLEDGE 
 [Letterhead of Pledgor] 

 

			
	
Absender/From:                 
[Pledgor]
	  	
		
	
An/To:                       
         [Account Bank]
	  	
		
	
Datum/Date:                      
 [•]
	  	
		
	Verpfändungsanzeige	  	Notice of Pledge
		
	Betrifft: Konto Nr. [•]	  	Re: Account No. [•]
		
	Sehr geehrte Damen und Herren,	  	Dear Sirs,
		
	wie Ihnen bekannt ist, haben wir gemäß der Kontenverpfändungsverträge vom 3. Februar 2010, 16. November 2010, 1. Februar 2011, 9. Februar 2011 und
8. September 2011 sowie gemäß des Bestätigungs- und Ergänzungsvertrages vom 4. Mai 2010 zum Kontenverpfändungsvertrag vom 3. Februar 2010 alle Ansprüche einschließlich Zinsen aus dem o.g. Konto (inklusive
aller Unterkonten, etwaigen Neueröffnungen, Verlängerungen, Umbenennungen und Festgeldkonten davon) zu Gunsten von Wilmington Trust (London) Limited (“Sicherheitentreuhänder”) und anderen verpfändet. Die
Verpfändung umfasst alle Arten von Kontoguthaben sowie alle daraus zeitanteilig anfallenden Zinsen.	  	As you are aware, by the account pledge agreements dated 3 February 2010, 16 November 2010, 1 February 2011, 9 February 2011 and 8 September 2011, as well as pursuant to the
confirmation and amendment agreement dated 4 May 2010 relating to the account pledge agreement dated 3 February 2010 we have pledged in favour of Wilmington Trust (London) Limited (the “Collateral Agent”) and others all of our
right, title and interest in and to the above account (which shall include all sub-accounts, renewals, replacements, redesignations and related fixed deposit accounts thereof) and all monies and interest from time to time standing or accruing to the
credit thereof.
		
	Hiermit zeigen wir Ihnen an, dass wir gemäß Ziffer 2.1 des hier in Kopie beigefügten Kontenverpfändungsvertrags vom [•] alle Rechte und Ansprüche
bezüglich des o. g. Kontos und aller sonstigen bei Ihnen geführten Konten (die “KONTEN”) (inklusive aller Unterkonten, etwaiger Neueröffnungen, Verlängerungen, Umbenennung und
Festgeldkonten) zu Gunsten des Sicherheitentreuhänders verpfändet haben.	  	We hereby give you notice that pursuant to Clause 2.1 of an account pledge agreement dated [•], a copy of which is attached hereto, we have pledged in favour of the
Collateral Agent all of our rights and claims in respect of the above account and all other accounts maintained with you from time to time (the “Accounts”) (including all sub-accounts thereof, renewals, replacements, redesignations
and related fixed deposit accounts thereof).
		
	Die Verpfändung umfasst insbesondere alle Ansprüche auf gegenwärtige und zukünftige Guthaben (einschließlich Spareinlagen, Termineinlagen, Festgeldeinlagen
und Tagesgeldeinlagen) und positive Salden sowie alle darauf anfallenden Zinsen.	  	The pledges comprise in particular all claims to present and future cash deposits (including saving deposits, time deposits, fixed deposits and call money deposits) and credit
balances and all claims to interest payable in relation thereto.


  
 36 










			
	Solange Sie als kontoführende Bank keine gegenteilige Nachricht vom SICHERHEITENTREUHÄNDER erhalten, sind wir ermächtigt, über die
KONTEN und insbesondere die Kontenguthaben zu verfügen. Im Fall des Erhalts einer entsprechenden Nachricht sind Sie als kontoführende Bank gehalten, keinerlei Verfügungen unsererseits über die KONTEN
und die Kontenguthaben mehr zuzulassen.	  	Until notice to the contrary from the Collateral Agent to be served on you as account bank, we may continue to operate the Accounts and in particular may dispose over the amounts
standing to the credit thereof. Upon receipt of such aforesaid notice to the contrary, you as account bank shall not allow any dispositions by us of the Accounts and of the amounts standing to the credit thereof.
		
	Wir verzichten hiermit in Bezug auf alle bei Ihnen geführten KONTEN zu Gunsten des SICHERHEITENTREUHÄNDERS auf unser Recht auf
Vertraulichkeit (Bankgeheimnis) und beauftragen und ermächtigen Sie hiermit, nachdem Sie die o.g Nachricht vom SICHERHEITENTREUHÄNDER erhalten haben, dem SICHERHEITENTREUHÄNDER auf sein Verlangen
jede gewünschte Information im Hinblick auf solche Konten zu geben.	  	We herewith waive all rights of confidentiality (Bankgeheimnis) in relation to all accounts held with you for the benefit of the Collateral Agent. If you have received the
above notice from the Collateral Agent we hereby instruct and authorise you to provide the Collateral Agent with any information requested by it in respect of such accounts.
		
	Diese Verpfändungsanzeige unterliegt deutschem Recht.	  	This notice of pledge shall be construed in accordance with German law.
		
	In Zweifelsfällen gilt die deutsche Fassung dieser Verpfändungsanzeige.	  	In cases of doubt the German version of this notice of pledge shall prevail.
		
	Wir bitten Sie, die dieser Verpfändungsanzeige beigefügte Empfangsbestätigung als Zeichen Ihres Einverständnisses mit den hierin und in der
Empfangsbestätigung genannten Bestimmungen unterzeichnet sowohl an uns als auch an den SICHERHEITENTREUHÄNDER zu senden. Die Adresse des SICHERHEITENTREUHÄNDERS ist die folgende:	  	Please sign the enclosed Acknowledgement of Notice of Pledge in order to acknowledge receipt of this notice and your agreement to the terms set out herein and in the enclosed
Acknowledgement and return the same to us and to the Collateral Agent. The address of the Collateral Agent is the following:
	
	[name and address of Collateral Agent].
		
	Mit freundlichen Grüßen	  	Yours faithfully

 [Pledgor] 
  

 

(Geschäftsführer/Managing Director) 

  
 37 









 [Letterhead of Account Bank] 

 

			
	 Absender/From:                [Account
Bank]
	  	
		
	
An/ To:                 
            [Collateral

                   
                       und/and
                                   
        [Pledgor]
	  	Agent]
		
	
Datum/ Date:                     
[•]
	  	
		
	Bestätigung des Empfangs einer Verpfändungsanzeige	  	Acknowledgement of Notice of Pledge
		
	Betrifft: Konto Nr. [•]	  	Re: Account No. [•]
		
	Sehr geehrte Damen und Herren,	  	Dear Sirs,
		
	Wir bestätigen hiermit den Erhalt der Verpfändungsanzeige vom [Datum] sowie der Kopie des Kontoverpfändungsvertrags vom [•] und unser Einverständnis
mit den darin enthaltenen Bestimmungen.	  	We hereby acknowledge receipt of the notice of pledge dated [date] and of a copy of the account pledge agreement dated [•] and confirm our agreement with the terms set
out therein.
		
	Wir versichern, dass wir keine Verpfändungsanzeige bzgl. der verpfändeten Konten erhalten haben, außer Ihrer Anzeigen hinsichtlich der in der
Verpfändungsanzeige genannten Kontenverpfändungsverträge und uns mit Ausnahme unseres AGB-Pfandrechts keine Rechte Dritter an den verpfändeten Konten bekannt sind.	  	We confirm that we have neither received any previous notice of pledge relating to the pledged accounts nor are we aware of any third party rights in relation to the accounts other
than your notices in relation to the Existing Account Pledge Agreements pursuant to the notice of pledge and except for the right of pledge arising pursuant to our general business conditions.
		
	Wir verpflichten uns hiermit, sowohl im eigenen Namen als auch für unsere jeweiligen Rechtsnachfolger, die in der obengenannten Verpfändungsanzeige enthaltenen
Bestimmungen und Anweisungen zu befolgen.	  	We hereby confirm on behalf of ourselves and our legal successors in title that we will act in accordance with the terms and instructions set out in the notice of pledge referred to
above.
		
	Wir verzichten hiermit unwiderruflich und bedingungslos auf jegliche Aufrechnungs- und Zurückbehaltungsrechte bzgl. der Konten, wobei es unser Verständnis ist, dass
Saldierungen bei Kontokorrentkonten weiterhin vorgenommen und Kontoführungsgebühren und retournierte Schecks den Konten weiterhin ohne Einschränkung belastet werden dürfen.	  	We hereby irrevocably and unconditionally waive our rights in respect of and agree not to make any set-off from the Accounts or invoke any rights of retention in relation to the
Accounts; it being understood that the balancing of current accounts shall be permitted and that account-keeping fees and returned cheques may furthermore be debited without restriction.
		
	Des Weiteren erklären wir hiermit, dass wir das aufgrund unserer Allgemeinen Geschäftsbedingungen an den Konten bestehende Pfandrecht aufgeben.	  	We hereby release the pledge granted in our favour in respect of the Accounts pursuant to our General Business Conditions.


  
 38 










			
		
	Dieses Schreiben unterliegt deutschem Recht.	  	This letter shall be construed in accordance with German law.
		
	In Zweifelsfällen gilt die deutsche Fassung dieses Schreibens.	  	In cases of doubt the German version of this letter shall prevail.
		
	Mit freundlichen Grüßen	  	Yours faithfully
		
	 [Account Bank]
  

([Name des Unterzeichners/name of signatory])
	  	


  
 39 









 SCHEDULE 4 
 FORM OF NOTIFICATION OF FUTURE ACCOUNTS 
  

			
	From:	  	[Pledgor]
		
	To:	  	[Collateral Agent], on its own behalf and for and on behalf of the Secured Parties (as defined in the Account Pledge Agreement, as defined below)
		
	Date:	  	[Date of Notification]
		
	Re:	  	Account pledge agreement dated [date of this Agreement] between us as pledgor and you as pledgee (the “Account Pledge Agreement”)

 Dear Sirs, 
 In
accordance with Clause 7.3 of the Account Pledge Agreement, we hereby give you notice that we [will open/have opened] the following bank account (the “New Account”): 

 

							
	 (Sub-) Account No.
	  	 Bank Sort Code

(Bankleitzahl)
	  	 Name and address of Account

Bank (the “Account Bank”)
	  	 Type of Account

	 [•]
	  	[•]	  	[•]	  	[•]

 Capitalised terms not otherwise defined herein shall have the meaning ascribed thereto in the Account Pledge Agreement.

 We hereby confirm that all our present and future rights and claims (whether conditional or unconditional) arising against the Account Bank
from or in relation to the New Account (as specified in Clause 2.1 of the Account Pledge Agreement) are pledged to the Pledgee pursuant to the Account Pledge Agreement as security for the Obligations. We expressly acknowledge that all obligations
imposed on us in the Account Pledge Agreement in respect of the Accounts also apply for the New Account. 
 [In accordance with Clause 7.3 of
the Account Pledge Agreement, we enclose a copy of the notice of pledge we have given to the Account Bank in respect of the New Account as well as an original copy of the acknowledgement countersigned by the Account Bank.] 

  
 40 









 Yours faithfully 
 [Pledgor] 
  

			
	By:	 	 

 Name: 
 Title:
Managing Director (Geschäftsführer) 

  
 41