exv10w1w54






EXHIBIT 10.1.54


The taking of this document or any certified copy of it or any other 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 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 this 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
e-mail communication which refers to 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 this document to an
Austrian addressee.





     GUARANTOR JOINDER (this “Joinder”) dated as of November 16,
2010 to the Credit Agreement dated as of November 5, 2009, as
amended on January 21, 2010 by Amendment No. 1, as amended on May
4, 2010 by Amendment No. 2 and Incremental Term Loan Assumption
Agreement and as amended on September 30, 2010 by Amendment No. 3
and Incremental Term Loan Assumption Agreement (as further
amended, supplemented or otherwise modified from time to time, the
“Credit Agreement”), among REYNOLDS GROUP HOLDINGS INC., a
Delaware corporation, REYNOLDS CONSUMER PRODUCTS HOLDINGS INC., a
Delaware corporation, CLOSURE SYSTEMS INTERNATIONAL HOLDINGS INC.,
a Delaware corporation, SIG EURO HOLDING AG & CO KGAA, a German
partnership limited by shares, SIG AUSTRIA HOLDING GMBH, an
Austrian limited liability company (Gesellschaft mit beschränkter
Haftung), CLOSURE SYSTEMS INTERNATIONAL BV, a private company with
limited liability (besloten vennootschapm met beperkte
aansprakelijkheid), incorporated under the laws of The
Netherlands, PACTIV CORPORATION, a Delaware corporation, REYNOLDS
GROUP HOLDINGS LIMITED, a New Zealand limited liability company,
the Guarantors, the Lenders and CREDIT SUISSE AG, as
administrative agent.



          A. Capitalized terms used herein and not otherwise defined herein shall have the meanings
assigned to such terms in the Credit Agreement.





 









 








          B. The Guarantors have entered into the Credit Agreement in order to induce the Lenders to
make Loans and the Issuing Banks to issue Letters of Credit. Sections 5.12 and 5.13 of the Credit
Agreement provide that additional Subsidiaries may become Guarantors under the Credit Agreement by
execution and delivery of an instrument in the form of this Joinder. The undersigned Subsidiary
(the “New Guarantor”) is executing this Joinder in accordance with the requirements of the Credit
Agreement to become a Guarantor under the Credit Agreement in order to induce the Lenders to make
additional Loans and the Issuing Banks to issue additional Letters of Credit and as consideration
for Loans previously made and Letters of Credit previously issued.




          Accordingly, the Administrative Agent and the New Guarantor agree as follows:




          SECTION 1. In accordance with Section 5.12 of the Credit Agreement, the New Guarantor by its
signature below becomes a Guarantor under the Credit Agreement with the same force and effect as if
originally named therein as a Guarantor and the New Guarantor hereby (i) agrees to all the terms
and provisions of the Credit Agreement applicable to it as a Guarantor thereunder and (ii)
represents and warrants that the representations and warranties made by it as a Guarantor
thereunder are true and correct in all material respects on and as of the date hereof, except to
the extent such representations and warranties expressly relate to an earlier date. Each reference
to a “Guarantor” in the Credit Agreement shall be deemed to include the New Guarantor. The Credit
Agreement is hereby incorporated herein by reference.




          SECTION 2. The New Guarantor hereby agrees to (i) be bound by and become a party to the First
Lien Intercreditor Agreement, as amended, supplemented or otherwise modified from time to time, as
if originally named a Guarantor therein and (ii) execute and deliver accession deeds to the
Existing Intercreditor Agreement in form and substance reasonably satisfactory to the Security
Trustee thereunder.




          SECTION 3. The New Guarantor represents and warrants to the Administrative Agent and the
other Secured Parties that this Joinder has been duly authorized, executed and delivered by it and
constitutes its legal, valid and binding obligation, enforceable against it in accordance with its
terms.




          SECTION 4. The New Guarantor is a company duly formed under the law of Delaware.




          SECTION 5. The New Guarantor confirms that no Default has occurred or would occur as a result
of the New Guarantor becoming a Guarantor under the Credit Agreement.




          SECTION 6. This Joinder may be executed in counterparts (and by different parties hereto on
different counterparts), each of which shall constitute an
original, but all of which when taken together shall constitute a single contract. This
Joinder shall become effective when the Administrative Agent shall have received




 









 




counterparts of
this Joinder that, when taken together, bear the signatures of the New Guarantor and the
Administrative Agent. Delivery of an executed signature page to this Joinder by facsimile
transmission shall be as effective as delivery of a manually signed counterpart of this Joinder.




          SECTION 7. Except as expressly supplemented hereby, the Credit Agreement shall remain in full
force and effect.




          SECTION 8. THIS JOINDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK.




          SECTION 9. In case any one or more of the provisions contained in this Joinder should be held
invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions contained herein and in the Credit Agreement shall not in any way be affected
or impaired thereby (it being understood that the invalidity of a particular provision in a
particular jurisdiction shall not in and of itself affect the validity of such provision in any
other jurisdiction). The parties hereto shall endeavor in good-faith negotiations to replace the
invalid, illegal or unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the invalid, illegal or unenforceable provisions.




          SECTION 10. All communications and notices hereunder shall (except as otherwise expressly
permitted by the Credit Agreement) be in writing and given as provided in Section 9.01 of the
Credit Agreement. All communications and notices hereunder to the New Guarantor shall be given to
it in care of Holdings as provided in Section 9.01 of the Credit Agreement.




          SECTION 11. The New Guarantor agrees to reimburse the Administrative Agent for its reasonable
out-of-pocket expenses in connection with this Joinder, including the fees, other charges and
disbursements of counsel for the Administrative Agent.




 









 





          IN WITNESS WHEREOF, the New Guarantor and the Administrative Agent have duly executed this
Joinder to the Credit Agreement as of the day and year first above written.



	 	 	 	 	 	 	 

	 	PACTIV FACTORING LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	 	by  	/s/ Helen Golding
 


	 	 
	 

	 	 		Name: Helen Golding
	 	 
	 

	 	 	 	Title: Vice President	 	 





	 	 	 	 	 	 	 

	 	CREDIT SUISSE AG, CAYMAN ISLANDS

BRANCH, as Administrative Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	by 	 	/s/ Sheheen Malik
 

Name: Sheheen Malik
	 	 
	 

	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	by 	 	/s/ Kevin Buddhdew
 

Name: Kevin Buddhdew
	 	 
	 

	 	 	 	Title: Associate