exv4w95






EXHIBIT 4.95




ASSIGNMENT OF BANK ACCOUNTS




dated November 5th, 2009




between




SIG COMBIBLOC GROUP AG




as Assignor



and




THE BANK OF NEW YORK MELLON




acting as Collateral Agent under the First Lien Intercreditor Agreement



for itself and for the benefit and for the account of the Secured Parties



as Assignee


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 Loan
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 Loan 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 Loan 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 Loan
Document to an Austrian addressee.













 









 







THIS ASSIGNMENT OF BANK ACCOUNTS effective as of the Effective Date (as defined in Clause 2. below)
and entered BETWEEN





	(1)	 	SIG Combibloc Group AG, a company limited by shares incorporated under the laws of
Switzerland, having its registered office at Laufengasse 18, CH-8212 Neuhausen am Rheinfall,
Switzerland and registered in the Commercial Register of the Canton of Schaffhausen with the
federal register number CH-290.3.004.149-2 (the “Assignor”) on the one part; and
	 
	(2)	 	The Bank of New York Mellon acting under the First Lien Intercreditor Agreement (as defined
below) as Collateral Agent for itself and for the benefit and for the account of the Secured
Parties (as defined below) (the “Collateral Agent” or the “Assignee”) on the other part.





RECITALS





	(A)	 	Pursuant to a credit agreement dated on or around the date hereof made between inter alia
Reynolds Consumer Products Holdings Inc., SIG Euro Holding AG & Co. KG aA, Closure Systems
International Holdings Inc., Closure Systems International B.V. and SIG Austria Holding GmbH
as borrowers, Reynolds Group Holdings Limited, the lenders from time to time party thereto,
and Credit Suisse, Cayman Islands Branch, as administrative agent, as amended, extended,
restructured, renewed, novated, supplemented, restated, refunded, replaced or modified from
time to time (the “Credit Agreement”) certain facilities were made available on the terms and
conditions thereof.
	 
	(B)	 	Pursuant to a senior secured note indenture dated on or around the date hereof among inter
alia the Issuers (as defined below), the Note Guarantors (as defined therein) and The Bank of
New York Mellon, as trustee, principal paying agent, transfer agent and registrar, as amended,
extended, restructured, renewed, refunded, novated, supplemented, restated, replaced or
modified from time to time (the “Senior Secured Note Indenture”), certain senior secured notes
were issued to certain noteholders on the terms and conditions thereof.
	 
	(C)	 	Pursuant to a first lien intercreditor agreement dated on or around the date hereof, among
The Bank of New York Mellon as Collateral Agent (as defined therein) and as Trustee (as
defined in the Senior Secured Note Indenture) and Credit Suisse, Cayman Islands Branch, as
Administrative Agent (as defined in the Credit Agreement), as amended, novated, supplemented,
restated or modified from time to time (the “First Lien Intercreditor Agreement”), The Bank of
New York Mellon was appointed





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	 	 	Collateral Agent (as defined therein) with regard to, among other things, the acquisition,
holding and enforcement of Liens on Collateral (both as defined in therein).
	 
	(D)	 	The security created by or pursuant to this Agreement is to be administered by the Collateral
Agent for itself and for the benefit and for the account of the Secured Parties (as defined
below) pursuant to the relevant provisions of the First Lien Intercreditor Agreement.
	 
	(E)	 	Pursuant to the Principal Finance Documents (as defined below) the parties enter into this
Agreement in order to secure the performance of the Secured Obligations (as defined below).




NOW IT IS AGREED as follows:





	1.	 	DEFINITIONS AND CONSTRUCTION
	 
	(a)	 	In this Agreement, unless the context otherwise requires or unless otherwise defined or
provided for in this Agreement, a term defined in the First Lien Intercreditor Agreement shall
have the same meaning in this Agreement and in any notice given under this Agreement. In
addition, the following words and expressions shall have the respective meanings ascribed to
them:
	 
	 	 	“Account Bank” means each and any custodian of the Secured Assets held by the Assignor in any
Bank Account.
	 
	 	 	“Agreed Security Principles” has the meaning it is given in the Credit Agreement and the
Senior Secured Note Indenture and, to the extent of any inconsistency, the meaning it is
given in the Credit Agreement shall prevail.
	 
	 	 	“Agreement” means this assignment of bank accounts.
	 
	 	 	“Assignment” means the assignment of the “Secured Assets” (as defined below) as constituted
by this Agreement.
	 
	 	 	“Bank Account” means each Assignor’s bank account set opposite its name in Schedule 1
(and any renewal or redesignation thereof) and any other future bank account which is subject
to Swiss law and opened by the Assignor with an Account Bank, which are subject to the
Assignment created hereunder.




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	 	 	“Collateral Agent” shall mean The Bank of New York Mellon in its capacity as collateral agent
as appointed under the First Lien Intercreditor Agreement and its successors and permitted
assigns in such capacity.
	 
	 	 	“Enforcement Event” means any “Event of Default” under and as defined in the Credit Agreement
and/or the Senior Secured Note Indenture, as the context requires, provided that any notice,
lapse of time or other condition precedent to the occurrence of such Event of Default in the
relevant instrument shall have been satisfied.
	 
	 	 	“Intercreditor Arrangements” means the First Lien Intercreditor Agreement and any other
document that is designated by the Loan Parties’ Agent (as defined below) and the Applicable
Representative as an intercreditor agreement, in each case as amended, novated, supplemented,
restated, replaced or modified from time to time.
	 
	 	 	“Issuers” shall mean the “Issuers” under, and as defined in, the Senior Secured Note
Indenture, including their successors in interest.
	 
	 	 	“Lien” has the meaning it is given in the First Lien Intercreditor Agreement.
	 
	 	 	“Loan Documents” shall mean the “Credit Documents” under, and as defined in, the First Lien
Intercreditor Agreement and any other documents designated by the Loan Parties’ Agent and the
Applicable Representative as a Loan Document.
	 
	 	 	“Loan Parties” shall mean the “Grantors” under, and as defined in, the First Lien
Intercreditor Agreement.
	 
	 	 	“Loan Parties’ Agent” shall mean Reynolds Group Holdings Limited (formerly known as Rank
Group Holdings Limited).
	 
	 	 	“Parallel Obligations” means the independent obligations of any of the Loan Parties arising
pursuant to the First Lien Intercreditor Agreement to pay to the Collateral Agent sums equal
to the sums owed by such Loan Party to the other Secured Parties (or any of them) under the
Loan Documents.
	 
	 	 	“Principal Finance Documents” means the Credit Agreement, the Senior Secured Note
Indenture and the Intercreditor Arrangements.
	 
	 	 	“SchKG” means the Swiss federal statute on debt collection and bankruptcy (“Bundesgesetz über
Schuldbetreibung und Konkurs”) dated 11 April 1889, as amended from time to time, carrying
the official designation SR 281.1





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	 	 	“Secured Assets” means (a) all and any money, currencies, cash, securities (including but not
limited to shares, bonds or derivatives), fiduciary deposits, precious metals or any other
valuables or assets which at present or in the future are held in any Bank Account and each
and any actual, contingent, present and/or future right, entitlement, claim or benefit
including the right to recovery of possession, to or over all said assets held in that Bank
Account, (b) any present and future accessories which attach or will attach to any of the
above mentioned assets, including interests, dividends, coupons, subscription rights, new
shares, bonuses, distributions and options, and all proceeds of all operations and
transactions involving the above mentioned assets, whether such proceeds are cash or
securities and (c) any claims or rights of the Assignor against the Account Bank, arising in
connection with the Bank Account.
	 
	 	 	“Secured Obligations” means 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 Loan Party and each grantor of a security interest to the Secured Parties
(or any of them) under each or any of the Loan Documents including in particular, but not
limited to, the Parallel Obligations together with all costs, charges and expenses incurred
by any Secured Party in connection with the protection, preservation or enforcement of its
respective rights under the Loan Documents or any other documents evidencing or securing any
such liabilities provided always that the Assignor (A) shall only be liable under this
Agreement or any other Loan Document (including, for the avoidance of doubt, any
restructuring of the Assignor’s rights of set-off and/or subrogation and its duties to
subordinate claims) in relation to obligations (other than obligations under the Loan
Documents of (y) the Assignor (i) incurred as Borrower under the Credit Agreement, (ii)
incurred as borrower under a Local Facility Agreement (as defined in the Credit Agreement),
(iii) incurred as a party to and beneficiary under any Hedging Agreement (as defined in the
Credit Agreement), (iv) owed as Cash Management Obligations, provided the Assignor is a
beneficiary of the Cash Management Services causing such Cash Management Obligations (all as
defined in the Credit Agreement), (v) incurred as a party to and beneficiary under any
Additional Agreement or (vi) to the extent certain proceeds of the Senior Secured Note
Indenture have been made available to the Assignor, up to such proceeds and (z) a direct or
indirect subsidiary of the Assignor (the “Assignor’s Subsidiary”) (i) incurred as Borrower
under the Credit Agreement, (ii) incurred as borrower under a Local Facility Agreement (as
defined in the Credit Agreement), (iii) incurred as a party to and beneficiary under any
Hedging Agreement (as defined in the Credit Agreement), (iv) owed as Cash Management
Obligations, provided the Assignor’s Subsidiary is a beneficiary of the Cash Management
Services causing such Cash Management Obligations (all as defined in the Credit Agreement),
(v) incurred as a party to and





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	 	 	beneficiary under any Additional Agreement or (vi) to the extent certain proceeds of the
Senior Secured Note Indenture have been made available to the Assignor’s Subsidiary, up to
such proceeds) to the extent such obligations do not constitute a repayment of capital
(Einlagerueckgewaehr), a violation of the legally protected reserves (gesetzlich geschuetzte
Reserven) or a payment of a (constructive) dividend prohibited by the Swiss Federal Code of
Obligations by the Assignor and in the maximum amount of its profits available for the
distribution of dividends at the point in time the Assignor’s obligations fall due (being the
balance sheet profits and any free reserves made for this purpose, in each case in accordance
with the relevant Swiss law); (B) pass for such payments shareholder’s resolutions for the
distribution of dividends in accordance with the relevant provisions of the Swiss Federal
Code of Obligations being in force at that time (currently the profits available for the
distribution of dividends as described above must be determined based on an audited balance
sheet and such shareholders’ resolution must be based on a report from the Assignor’s
auditors approving the proposed distribution of dividends); and (C) deduct from such payments
Swiss Anticipatory Tax (withholding tax) at the rate of 35% (or such other rate as in force
from time to time) and subject to any applicable double taxation treaty and/or agreements
entered into with the Swiss Federal Tax administration:






	 	(i)	 	pay such deduction to the Swiss Federal Tax Administration; and
	 
	 	(ii)	 	give evidence to the respective Secured Party beneficiary or Secured
Parties beneficiaries (as the same may be) of such deduction in accordance with
Section 2.20 of the Credit Agreement (Taxes) and Section 4.15 of the Senior Secured
Note Indenture (Withholding Taxes);
	 
	 	(iii)	 	but if such a deduction is made, not be obliged to gross-up pursuant to
Section 2.20 of the Credit Agreement (Taxes) and Section 4.15 of the Senior Secured
Note Indenture (Withholding Taxes) to the extent that such gross-up would result in
the aggregate amounts paid to the Secured Parties beneficiaries and the Swiss
Federal Tax administration exceeding the maximum amount of its profits available for
the distribution of dividends.






	 	 	“Secured Parties” means the “Secured Parties” under, and as defined in, the First Lien
Intercreditor Agreement. Each entity or person that becomes a Secured Party after the date of
this Agreement shall be a Secured Party under this Assignment.
	 
	(b)	 	Reference to a person in this Agreement includes its successors and assigns including,
without limitation, any successor or assignee of the Assignor by way of merger, amalgamation,
novation or otherwise.




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	2.	 	EFFECTIVE DATE
	 
	 	 	This Agreement shall be effective as of the date set forth on its front page (the “Effective
Date”).
	 
	3.	 	ASSIGNMENT
	 
	(a)	 	As continuing security for the payment of the Secured Obligations and until this Agreement
shall be released in accordance with Clause 16 hereof, the Assignor agrees to assign and
assigns as of the Effective Date the Secured Assets to the extent that they are legally and
contractually assignable pursuant to articles 164 et seq. of the Swiss Federal Code of
Obligations and/or transfers title by way of security (“Sicherungsübereignung”) to the Secured
Assets, as the case may be, to the Collateral Agent.
	 
	(b)	 	As soon as reasonably practicable upon receipt of a signed notice from the Collateral Agent,
substantially in the form set out in Schedule 2, the Assignor shall countersign and
send each notice to such Account Bank informing it of this Assignment. Thereafter, the
Assignor shall use all reasonable endeavours to procure either that the Account Banks
acknowledge the notice or if the Account Banks require the conclusion of a tripartite
agreement, that each tripartite agreement is signed by the Assignor and the Account Banks.
	 
	(c)	 	The Collateral Agent as of the Effective Date grants to the Assignor the power of attorney to
use any balance on any Bank Account and to deal with the account in any manner (including the
disposal of or closing of any Bank Account if permitted by the Principal Finance Documents)
freely and without restrictions in accordance with the terms and conditions of the Principal
Finance Documents and of this Agreement provided no Enforcement Event has occurred and is
continuing.
	 
	4.	 	PRESERVATION OF SECURITY
	 
	(a)	 	The security constituted by this Assignment shall be continuing and will extend to the
ultimate balance of the Secured Obligations, regardless of any intermediate payment or
discharge in part (whether in respect of this Assignment, any other security or otherwise).
	 
	(b)	 	Subject to Clause 16, the obligations of the Assignor hereunder shall not be affected by any
act, omission or circumstances which, but for this provision, might operate to





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	 	 	release or otherwise exonerate the Assignor from its obligations hereunder or affect such
obligations including without limitation and whether or not known to the Assignor or the
Assignee:






	 	(i)	 	any time, waiver or concession granted to or composition with the Assignor or any
other party to the Loan Documents;
	 
	 	(ii)	 	the taking, variation, extension, compromise, exchange, renewal or release of, or
refusal or neglect to perfect, take up or enforce, any terms of the Loan Documents or
any rights or remedies against, or securities granted by the Assignor or by any party to
the Loan Documents;
	 
	 	(iii)	 	any irregularity, invalidity or unenforceability of any obligations of the
Assignor or any party to the Loan Documents or any present or future law or order of any
government or authority (whether of right or in fact) purporting to reduce or otherwise
affect any of such obligations to the intent that the Assignor’s obligations under this
Assignment and this security shall remain in full force and this Assignment shall be
construed accordingly as if there were no such irregularity, unenforceability,
invalidity, law or order; and
	 
	 	(iv)	 	any legal limitation, disability, incapacity or other circumstances, including
bankruptcy, insolvency, liquidation, administrative or other receivership, relating to
the Assignor or any party to the Loan Documents or any other person or any amendment to
or variation of the terms of the Loan Documents or any other document or security.






	(c)	 	Provided an Enforcement Event has occurred and is continuing, the Assignor waives (i) its
right of objection pursuant to Art. 41 SchKG of first requiring the Collateral Agent to
enforce and realise the Secured Assets subject of this Assignment and (ii) any right it may
have of first requiring the Collateral Agent to enforce any guarantee, pledge or other
security before enforcing and realising this Agreement.
	 
	(d)	 	This Assignment shall be cumulative, independent of, in addition to and shall not in any way
be prejudiced by any other assignment or other security or guarantee as of the Effective Date
or thereafter held by the Collateral Agent or any other Secured Party with respect to any
Secured Obligations. None of such other securities shall prejudice, or be prejudiced by, or
shall be merged in any way with this Agreement.




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	5.	 	REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS
	 
	(a)	 	The Assignor warrants and represents to the Collateral Agent that as of the Effective Date
with reference to the facts and circumstances then existing and subject to the provisions of
the Principal Finance Documents:






	 	(i)	 	the representations and warranties made by the Assignor as Loan Party in Section
3.01 (Organization; Powers), 3.02 (Authorization), 3.03 (Enforceability), 3.07 (Title to
Properties; Possession Under Leases), 3.09 (Litigation, Compliance with Laws), 3.10
(Agreements) and 3.19(d) (Security Documents) of the Credit Agreement, are true and
accurate as regards the Assignor and this Agreement, subject to limitations on
representations and warranties in the Principal Finance Documents.
	 
	 	(ii)	 	Except as permitted by the Loan Documents and the Intercreditor Arrangements, the
Assignor is and will remain, for the lifetime of this Agreement, the sole beneficial
owner of the respective Bank Account.






	(b)	 	The Assignee acknowledges that the Account Banks have pledges and rights of set-off based
upon the general terms and conditions of the Account Banks applicable to the respective Bank
Account.
	 
	6.	 	ENFORCEMENT AND APPLICATION OF PROCEEDS
	 
	(a)	 	If an Enforcement Event has occurred and is continuing, the Collateral Agent, acting for
itself and for the benefit and for the account of the Secured Parties, shall be entitled, but
not obliged, to exercise immediately all the rights and powers conferred to it under or
pursuant to this Assignment and in particular without notice to the Assignor (i) to inform the
Account Bank of the revocation of the power of attorney granted to the Assignor pursuant to
Clause 3(c) hereof and instruct the Account Bank to make no payments without the express
consent of the Collateral Agent as set forth in Schedule 3 (ii) to require payment of
any amounts standing to the credit of any Bank Account or to realize any of the Secured Assets
by private sale (“Private Verwertung”), as, in its sole and absolute discretion, is necessary
or appropriate to cover the Secured Obligations and to apply the net proceeds in settlement of
all the Secured Obligations, including, but not limited to, principal, contractual and penalty
interests, commissions, charges and costs in accordance with the terms of the Principal
Finance Documents. Any surplus following satisfaction of the Secured Obligations shall be paid
by the Collateral Agent





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	 	 	to the Assignor, or to a third party, as directed in writing by the Assignor, for no
consideration.
	 
	(b)	 	The Assignor agrees with the Collateral Agent that if an Enforcement Event has occurred and
is continuing:






	 	(i)	 	the Account Bank may follow the instructions given by the sole Collateral Agent
pursuant to Clause 6(a) hereof, the Assignor waiving any objections on its part vis-à-vis
the Account Bank to follow such instructions; and
	 
	 	(ii)	 	the Assignor will do or permit to be done each and every act or thing which the
Collateral Agent may from time to time reasonably require to be done for the purpose of
enforcing the Collateral Agent’s rights under this Assignment and will allow its name to
be used as and when reasonably required by the Collateral Agent for that purpose.






	7.	 	FURTHER ASSURANCE
	 
	 	 	Subject to the Agreed Security Principles, the Assignor shall, at its own expense promptly do
(or as the case may be, refrain from doing) all acts and execute all such documents necessary
or advisable to comply and to allow for the Company to comply with its obligations under
Section 5.12 (Further Assurances) of the Credit Agreement.
	 
	8.	 	WAIVERS, REMEDIES CUMULATIVE
	 
	(a)	 	The rights, powers and remedies provided in this Assignment are cumulative and are not, nor
are they to be construed as, exclusive of any rights, powers or remedies provided by law or
otherwise.
	 
	(b)	 	No failure on the part of the Collateral Agent to exercise, or delay on its part in
exercising, any of its respective rights, powers and remedies provided by this Agreement or by
law (collectively the “Rights”) shall operate as a waiver thereof, nor shall any single or
partial waiver of any of the Rights preclude any further or other exercise of that one of the
Rights concerned or the exercise of any other of the Rights.
	 
	9.	 	INDEMNITY
	 
	 	 	To the extent set out in Section 4.11 of the First Lien Intercreditor Agreement, the Assignor
shall, notwithstanding any release or discharge of all or any part of the





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	 	 	security, indemnify the Collateral Agent, its agents, its attorneys and any delegate against
any action, proceeding, claims, losses, liabilities, expenses, demands, taxes, and costs
which it may sustain as a consequence of any breach by the Assignor 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 Secured Assets.
	 
	10.	 	NO LIABILITY
	 
	 	 	None of the Collateral Agent, its nominee(s) or delegate appointed pursuant to this Agreement
shall be liable by reason of (a) taking any action permitted by this Agreement or (b) any
neglect or default in connection with the Secured Assets or (c) the taking possession or
realisation of all or any part of the Secured Assets, except to the extent provided in the
Principal Finance Documents.
	 
	11.	 	POWER OF ATTORNEY
	 
	(a)	 	The Assignor by way of security and in order to more fully secure the performance of its
obligations hereunder appoints the Collateral Agent to be its attorney acting severally, and
on its behalf and in its name or otherwise to do all acts and things and to sign, execute,
deliver, perfect and do all deeds, instruments, documents, acts and things which are required
for carrying out any obligation imposed on the Assignor by or pursuant to this Assignment for
enabling the Collateral Agent to exercise, or delegate the exercise of, its respective powers
and authorities conferred on it by or pursuant to this Agreement or by law, provided always
that the Collateral Agent may only be entitled to exercise the powers conferred upon it by the
Assignor under this Clause if:






	 	(i)	 	an Enforcement Event has occurred and is continuing; and/or
	 
	 	(ii)	 	the Collateral Agent has received notice from the Applicable Representative, the
Loan Parties’ Agent and /or the Assignor that the Assignor has failed to comply with a
further assurance or perfection obligation within 10 Business Days of being notified of
that failure (with a copy of that notice being sent to the Assignor) and being requested
to comply.






	(b)	 	The Collateral Agent shall not be obliged to exercise the powers conferred upon it by the
Assignor under this Clause 11 unless and until it shall have been (a) instructed to do so by
the Applicable Representative and (b) indemnified and/or secured and/or prefunded to its
satisfaction.




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	(c)	 	The Assignor ratifies and confirms and agrees to ratify and confirm any and all acts carried
out by the Collateral Agent in the proper exercise of the powers conferred on it pursuant to
Clause 11(a) above.
	 
	12.	 	NOTICES
	 
	(a)	 	Each notice or other communication to be given under this Agreement shall be given in writing
in English and, unless otherwise provided, shall be made by fax, hand delivery or mail.
	 
	(b)	 	Without prejudice to any other method of service of notices and communications provided by
law, any notice or other communication to be given by one party to another under this
Agreement shall (unless one party has by 5 days’ notice to the other party specified another
address) be given to that other party, in the case of the Assignor and the Collateral Agent,
at the respective addresses given in section (c) below and shall be effective only when
received.
	 
	(c)	 	The addresses are:






	 	(i)	 	the Assignor:




SIG Combibloc Group AG

Laufengasse 18

CH-8212 Neuhausen am Rheinfall

Fax: +41 52 674 65 74

Attention: head of legal corporate



with
copy to:


Rank Group Limited

Level 9

148 Quay St.

Auckland, 1140

New Zealand

Fax: +64 (0) 9 366 6263

c/o: Helen Golding





	 	(ii)	 	the Collateral Agent:





The Bank of New York Mellon

101 Barclay Street, 4E

New York, N.Y. 10286

Attn: International Corporate Trust

Phn: (212) 298-1528

Fax: (212) 815-5366



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	 	(iii)	 	the Trustee:




The Bank of New York Mellon

101 Barclay Street, 4E

New York, N.Y. 10286

Attn: International Corporate Trust

Phn: (212) 298-1528

Fax: (212) 815-5366





	 	(iv)	 	the Administrative Agent:




Credit Suisse

Agency Manager,

One Madison Avenue,

New York, NY 10010,

USA

Fax : 212-322-2291,


Email: agency.loanops@credit-suisse.com





	13.	 	THE COLLATERAL AGENT
	 
	(a)	 	The parties acknowledge that the Collateral Agent acts in its capacity as Collateral Agent
(as defined in the First Lien Intercreditor Agreement). For Swiss Law purposes, the Collateral
Agent shall be deemed to act for the benefit and for the account of each of the Secured
Parties for the purposes of this Agreement, without any prejudice to the rights and duties
laid upon the Collateral Agent under the laws applicable to the Loan Documents.
	 
	(b)	 	The Collateral Agent shall have a full and unfettered right to assign or otherwise transfer
the whole or any part of the benefit of this Agreement to any person to whom all or any part
of its rights, benefits and obligations under the Loan Documents are assigned or transferred
in accordance with the provisions of the Loan Documents. The Collateral Agent shall be
entitled to disclose any information concerning this Agreement to any such assignee or
successor or any participant or proposed assignee, successor or participant subject to the
provisions of the Loan Documents.
	 
	14.	 	SEVERABILITY OF PROVISIONS
	 
	 	 	If, at any time, any provision of this Agreement is or becomes illegal, invalid or
unenforceable in any respect under the terms of a jurisdiction, such illegality invalidity or
unenforceability shall neither (i) affect or impair the remaining provisions of this
Agreement, nor (ii) affect or impair the legality, validity or enforceability of such
provisions in any other jurisdiction.




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	15.	 	RELEASE
	 
	(a)	 	The security constituted by this Agreement shall be released and reassigned and cancelled:






	 	(i)	 	by the Collateral Agent (acting on the instruction of the Applicable
Representative) at the request and cost of the Assignor, (a) upon the Secured
Obligations being irrevocably paid or discharged in full and none of the Secured Parties
being under any further actual or contingent obligation to make advances or provide
other financial accommodation to the Assignor or any other person under any of the Loan
Documents, (b) upon the Assignor ceasing to be a Grantor or (c) upon the Assignor
entering into a separate assignment agreement that comprises the Assignment under this
Agreement; or
	 
	 	(ii)	 	in accordance with, and to the extent required by the Intercreditor Arrangements
(to the extent it is possible to give effect to such arrangements under Swiss law).






	(b)	 	Subject to the terms of the Loan Documents, any Secured Assets so to be released and
reassigned shall be delivered net of any transfer taxes or other expenses in connection with
such release and reassignment. The Collateral Agent shall not be deemed to have made any
representation or warranty with respect to any Secured Assets so released and reassigned
except that such Secured Assets are free and clear on the date of the reassignment, of any
security arising from the Collateral Agent’s and the Secured Parties’ acts.
	 
	16.	 	AMENDMENTS
	 
	 	 	To the extent permitted under the Principal Finance Documents, changes and amendments to this
Agreement, including this Clause, shall be made in writing and signed by all parties thereto.
	 
	17.	 	NON-ASSIGNMENT/DELEGATION
	 
	(a)	 	The rights, interests and obligations of the Assignor under this Assignment are personal to
it. Accordingly, they are not capable of being assigned, transferred or delegated in any
manner. The Assignor undertakes that it shall not at any time assign or transfer, or attempt
to assign or transfer, any of its rights, interests or obligations under or in respect of this
Assignment to any person.




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	(b)	 	Notwithstanding the above and subject to Section 4.05 of the First Lien Intercreditor
Agreement (to the extent permitted by Swiss law), the Collateral Agent shall have full power
to delegate (either generally or specifically) the powers, authorities and discretions
conferred on it by this Agreement (including the power of attorney) on such terms and
conditions as it shall see fit which delegation shall not preclude either the subsequent
exercise, any subsequent delegation or any revocation of such power, authority or discretion
by the Collateral Agent itself.
	 
	18.	 	GOVERNING LAW AND JURISDICTION
	 
	(a)	 	This Agreement shall be governed by and construed in accordance with the substantive laws of
Switzerland (without regard to the International Private Law provisions thereof).
	 
	(b)	 	Any and all litigation to which this Assignment may give rise shall be subject to the
exclusive jurisdiction of the competent authorities and the Commercial Court of the Canton of
Zurich (“Handelsgericht”), with reservation of the right of appeal to the Swiss Federal Court
in Lausanne. The Parties submit to the jurisdiction of said authorities and Courts.
	 
	19.	 	COUNTERPARTS
	 
	 	 	This Agreement may be executed in any number of counterparts and all of such counterparts
taken together shall be deemed to constitute one and the same instrument.




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	SIG Combibloc Group AG, by
	 	 	 	 
	 
	 	 	 	 
	/s/ Philip West

	 	/s/ Mark Dunkley	 	 
	 


	 	 

	 	 






	 	 	 	 	 
	 	The Bank of New York Mellon, by

 	 
	 	/s/  Paul Cattermole
 	 
	 	Paul Cattermole 	 
	 	Vice President 	 
	 	
 	 
















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SCHEDULE 1




List of Bank Accounts



	 	 	 	 	 
	UBS AG	 	 	 	 
	Bank:
	 	 	 	 
	Account Holder:

	 	SIG Combibloc Group AG	 	 
	Address of the Account

	 	Laufengasse 18	 	 
	Holder:
	 	 	 	 
	 

	 	 CH-8212 Neuhausen am
Rheinfall	 	 
	 
	 	 	 	 
	Swift Code of the Bank:

	 	UBSWCHZH80A	 	 
	BC-Code of the Bank:

	 	 230	 	 
	Address of the Bank:

	 	UBS AG	 	 
	 

	 	Europastrasse 1	 	 
	 

	 	 CH-8152 Opfikon	 	 
	 
	 	 	 	 
	Currency

	 	Account Number
	 	IBAN Number
	 

	 	 
	 	 
	CHF

	 	[______________]
	 	[                                                ]
	EUR

	 	[______________]
	 	[                                                ]
	GBP

	 	[______________]
	 	[                                                ]
	USD

	 	[______________]
	 	[                                                ]






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SCHEDULE 2




Notice To:



UBS AG

Europastrasse 1

CH-8152 Opfikon





			
	Re:	 	SIG Combibloc Group AG,






	 	 	account number [                          ], currency CHF




account number [                          ], currency EUR
	 
	 	 	account number [                          ], currency GBP
	 
	 	 	account number [                          ], currency USD




(the “Bank Accounts”)



WHEREAS



SIG Combibloc Group AG has entered into an agreement to assign the Bank Accounts (including any
renewal or redesignation thereof) on or about 5th November, 2009 (the “Assignment”) with
The Bank of New York Mellon, in its capacity as Collateral Agent as defined in the Assignment
pursuant to which we have assigned by way of security pursuant to art. 164 and ff. of the Swiss
Federal Code of Obligations and transferred title for security, as the case may be, all the amounts
standing to the credit of the Bank Accounts together with all other investments, securities,
fiduciary deposits and other assets as well as all rights, entitlements, claims over or to said
assets deposited in the Bank Accounts (the “Secured Assets” as defined in the Assignment).



THEREFORE





	 	(i)	 	We inform you that under the Assignment, The Bank of New York Mellon has
authorized SIG Combibloc Group AG, subject to revocation, upon the security constituted
by the Assignment being enforceable in accordance with its terms, to dispose of and
otherwise freely use the Secured Assets held in the Bank Accounts.
	 
	 	(ii)	 	The revocation of the power of attorney mentioned hereinabove under (i) shall be
made by The Bank of New York Mellon by registered mail or fax (confirmed by registered
mail) to the following address:
UBS AG, Europastrasse 1, CH-8152 Opfikon, Attn. Daniel Cottini, Fax no ++41 (0)44 239
54 14
	 
	 	 	 	Upon revocation of the power of attorney, you may only validly discharge your
obligation in respect of the Secured Assets held in the Bank Accounts by payment to
The Bank of New York Mellon.




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	 	(iii)	 	We instruct you to provide to The Bank of New York Mellon, upon its request, any
copy of copies of all instructions, statements, transfers, correspondence in relation to
the Bank Accounts




We will kindly ask you to return to us the acknowledgement set forth below:




	 	 	 	 	 

	Date: 5th November, 2009
	 	 	 	 
	 
	 	 	 	 
	SIG Combibloc Group AG:
	 	 	 	 
	 
	 	 	 	 
	/s/ Philip West

	 	/s/ Mark Dunkley	 	 
	 


	 	 

	 	 





Date: ___________




	 	 	 	 	 
	 	The Bank of New York Mellon:

 	 
	 	/s/  Paul Cattermole
 	 
	 	Paul Cattermole 	 
	 	Vice President 	 
	 
	 	
 	 





We, UBS AG have taken due note of the above notice and in particular that SIG Combibloc Group AG as
holder of the Bank Accounts in our books has assigned all present and future claims against our
Bank to The Bank of New York Mellon.



We have taken due note that SIG Combibloc Group AG, as account holder, may forthwith only dispose
of and otherwise freely use the Secured Assets held in the Bank Accounts only with The Bank of New
York Mellon ‘s authorization, as Assignee. In the notice, The Bank of New York Mellon has given us
such authorization for the Bank Accounts until revocation.



Date: ___________




UBS AG




	 	 	 	 	 
	 


	 	 

	 	 








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SCHEDULE 3




Notice



Dear Sirs,



Re:
Accounts nb [•] (hereinafter the “Bank Account”)



We refer to our prior letter dated [•] and to your acknowledgement in relation thereto.



This is to inform you that we, The Bank of New York Mellon, in our capacity of Collateral Agent
have revoked the power of attorney granted to SIG Combibloc Group AG on the Bank Account.



From now on, you may only validly discharge your obligation in relation to the Bank Account by
payments in our favour pursuant to our instructions.



Thus signed this [•] in [•]



The Bank of New York Mellon, by




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