exv4w115






			
	 
	 	EXHIBIT 4.115







REYNOLDS GROUP HOLDINGS LIMITED



AS PLEDGOR



AND



THE BANK OF NEW YORK MELLON



AS COLLATERAL AGENT



 





PLEDGE OVER RECEIVABLES



 




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.




 









 








CONTENTS




	 	 	 	 	 
	CLAUSE	 	PAGE	 
	1. DEFINITIONS AND INTERPRETATION
	 	 	2	 
	2. PLEDGE OVER PLEDGED CLAIMS
	 	 	4	 
	3. PLEDGOR’S REPRESENTATIONS AND
UNDERTAKINGS
	 	 	4	 
	4. POWER OF ATTORNEY
	 	 	5	 
	5. REMEDIES UPON DEFAULT
	 	 	6	 
	6. EFFECTIVENESS OF COLLATERAL
	 	 	6	 
	7. INDEMNITY
	 	 	8	 
	8. DELEGATION
	 	 	8	 
	9. RIGHTS OF RECOURSE
	 	 	8	 
	10. PARTIAL ENFORCEMENT
	 	 	8	 
	11. COSTS AND EXPENSES
	 	 	9	 
	12. CURRENCY CONVERSION
	 	 	9	 
	13. NOTICES 
	 	 	9	 
	14. SUCCESSORS
	 	 	9	 
	15. AMENDMENTS AND PARTIAL INVALIDITY
	 	 	10	 
	16. LAW AND JURISDICTION
	 	 	10	 











 









 







THIS PLEDGE AGREEMENT has been entered into on 2 December 2009




BETWEEN





	(1)	 	REYNOLDS GROUP HOLDINGS LIMITED, a company incorporated in New Zealand with
registration number 1812226 (the “Pledgor”); and






	(2)	 	THE BANK OF NEW YORK MELLON, acting for itself and as collateral agent as appointed
under the First Lien Intercreditor Agreement (as defined below) for the benefit of the Secured
Parties (as defined below), together with its successors and permitted assigns in such
capacity (the “Collateral Agent”);




AND IN THE PRESENCE OF:





	(3)	 	BEVERAGE PACKAGING HOLDINGS (LUXEMBOURG) I S.A., a société anonyme incorporated under
Luxembourg law with registered office at 6C, Parc d’Activités Syrdall, L-5365 Munsbach,
Grand-duchy of Luxembourg registered with the Luxembourg register of commerce and companies
under the number B128.592 (the “ Debtor”).





WHEREAS:





	(A)	 	Pursuant to a credit agreement (the “Credit Agreement”) dated 5 November 2009 and entered
into between Reynolds Group Holdings Inc., Reynolds Consumer Products Holdings Inc., SIG Euro
Holding AG & CO KGaA, 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, as administrative agent, as
amended, extended, restructured, renewed, novated, supplemented, restated, refunded, replaced
or modified from time to time, certain loan facilities (the “Facilities”) have been made
available to the Borrowers (as defined below).






	(B)	 	Pursuant to an indenture (the “Senior Secured Note Indenture”) dated 5 November 2009 and
entered into between 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, certain notes have been issued by the
Issuers.






	(C)	 	On 5 November 2009, the Collateral Agent, The Bank of New York Mellon, as trustee under the
Senior Secured Note Indenture, Credit Suisse, as administrative agent under the Credit
Agreement, and the Loan Parties (as defined below), entered into an intercreditor agreement
(the “First Lien Intercreditor Agreement”) as amended, novated, supplemented, restated or
modified from time to time.






	(D)	 	As a condition subsequent to any borrowing under the Credit Agreement and the Senior Secured
Note Indenture, the Pledgor has agreed, for the payment and discharge of and as security for
all of the Secured Obligations as defined herein, to enter into this pledge agreement (the
“Pledge Agreement”) which the Pledgor declares to be in its best corporate interest.




- 1 -









 











IT IS AGREED as follows:





	1.	 	DEFINITIONS AND INTERPRETATION






	1.1	 	Unless defined in this Pledge Agreement or the context otherwise requires, a term
defined in the First Lien Intercreditor Agreement has the same meaning in this Pledge
Agreement and in any notice given under this Pledge Agreement.






	1.2	 	In this Pledge Agreement:






	 	 	“Applicable Representative” has the meaning ascribed to such term in the First Lien
Intercreditor Agreement.






	 	 	“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.






	 	 	“Borrowers” shall mean the “Borrowers” under, and as defined in, the Credit Agreement from
time to time.






	 	 	“Business Day” has the meaning ascribed to such term in the Credit Agreement.






	 	 	“Event of Default” shall mean an “Event of Default” under, and as defined in, the First
Lien Intercreditor Agreement.






	 	 	“Financial Collateral Law” means the Luxembourg law of 5 August 2005 on financial
collateral arrangements.






	 	 	“Intercompany Loan Agreement” means the intercompany loan agreement dated 20 December 2007
and entered into between the Pledgor as lender and the Debtor as borrower.






	 	 	“Intercreditor Arrangements” means the First Lien Intercreditor Agreement and any other
document that is designated by the Loan Parties’ Agent and the Collateral Agent 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.






	 	 	“Loan Documents” shall mean the “Credit Documents” under, and as defined in, the First Lien
Intercreditor Agreement and any other document designated by the Loan Parties’ Agent and
the Collateral Agent 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 the Pledgor.






	 	 	“Pledged Claims” means all claims, regardless of the nature thereof (including interest,
default interest, commissions, expenses, costs, indemnities and any other amounts due
thereunder), whether actual, future or contingent, whether owed jointly or severally, and




- 2 -









 






	 	 	whether subordinated or not, owed by the Debtor to the Pledgor under the Intercompany Loan
Agreement, as well as any other loan agreement or other debt instrument and receivables
owed to the Pledgor by the Debtor, together with, to the largest extent permitted by law,
any accessory rights, claims or actions, including any security interest or rights, under
whatever law, attaching to such claims or granted to the Pledgor as security for such
claims.






	 	 	“Principal Finance Documents” means the Credit Agreement, the Senior Secured Note
Indenture, the Intercreditor Arrangements and any Additional Agreement.






	 	 	“Rights of Recourse” means all and any rights, actions and claims the Pledgor may have
against any Loan Party or any other person having granted security or given a guarantee for
the Secured Obligations, arising under or pursuant to the enforcement of the present Pledge
including, in particular, the Pledgor’s right of recourse against any such entity under the
terms of Article 2028 et seq. of the Luxembourg Civil Code (including, for the avoidance of
doubt, any right of recourse prior to enforcement), or any right of recourse by way of
subrogation or any other similar right, action or claim under any applicable law.






	 	 	“Secured 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 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, for
the avoidance of doubt, any liability in respect of any further advances made under the
Loan Documents or resulting from an amendment or an increase of the principal amount of the
Facilities), 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 document evidencing or securing any such liabilities.






	 	 	“Secured Parties” shall mean the “Secured Parties” under, and as defined in, the First Lien
Intercreditor Agreement.






	 	 	“Security Deed” means the New Zealand law governed general security deed dated 5 November
2009 and entered into by the Pledgor as chargor and the Collateral Agent.






	1.3	 	This Pledge Agreement is subject to the terms of the Intercreditor Arrangements. In
the event of a conflict between the terms of this Agreement and the Intercreditor
Arrangements, the terms of the Intercreditor Arrangements will prevail.






	1.4	 	In this Pledge Agreement, any reference to (a) a “Clause” is, unless otherwise
stated, a reference to a Clause hereof and (b) to any agreement (including this Pledge
Agreement, the First Lien Intercreditor Agreement, the Credit Agreement or any other Loan
Document) is a reference to such agreement as amended, varied, modified or supplemented
(however fundamentally) from time to time. Clause headings are for ease of reference only.




- 3 -









 












	1.5	 	This Pledge Agreement may be executed in any number of counterparts and by way of
facsimile exchange of executed signature pages, all of which together shall constitute one and
the same Pledge Agreement.






	2.	 	PLEDGE OVER PLEDGED CLAIMS






	2.1	 	The Pledgor pledges the Pledged Claims in favour of the Collateral Agent acting for
itself and as collateral agent for the benefit of the Secured Parties, who accepts, as
first-priority pledge (gage) (the “Pledge”), for the due and full payment and discharge of all
of the Secured Obligations.






	2.2	 	Without prejudice to the above provisions, the Pledgor hereby irrevocably authorises
and empowers the Collateral Agent to take or to cause any formal steps to be taken for the
purpose of perfecting the present Pledge, if the Pledgor has failed to comply with such
perfection steps within 10 Business Days of being notified of that failure and, for the
avoidance of doubt, subject to the Agreed Security Principles, undertakes to take any such
steps itself if so directed by the Collateral Agent.






	2.3	 	Provided that no Event of Default has occurred and is continuing, the Pledgor is
authorised by the Collateral Agent to collect and exercise any rights and claims in respect
of the Pledged Claims in accordance with the Principal Finance Documents.






	2.4	 	The Pledgor undertakes that, during the subsistence of the Pledge Agreement, it will
not grant any pledge with a lower ranking without the prior approval of the Collateral Agent
except as contemplated under the Principal Finance Documents.





3. PLEDGOR’S REPRESENTATIONS AND UNDERTAKINGS





	3.1	 	The Pledgor hereby represents to the Collateral Agent that, as of the date hereof,
except as permitted by the Principal Finance Documents:






	 	3.1.1	 	no counterclaims as to which a right to set-off or right of retention could
be exercised exist with respect to the Pledged Claims except those permitted to exist
under the Principal Finance Documents or the Security Deed; and
	 
	 	3.1.2	 	confirms to the Collateral Agent the representations contained in Section
3.02, 3.03 and 3.19 of the Credit Agreement.






	3.2	 	Unless permitted by the terms of the Principal Finance Documents or otherwise
pursuant to the Security Deed, except with the Collateral Agent’s prior written consent, the
Pledgor shall not:






	 	3.2.1	 	sell or otherwise dispose of all or any of its rights, title and interest in
the Pledged Claims; or
	 
	 	3.2.2	 	create, grant or permit to exist (a) any encumbrance or security interest
over or (b) any restriction on the ability to transfer or realise, all or any part of
the Pledged Claims (other than, for the avoidance of doubt, the Pledge, and liens and
privileges arising mandatorily by law).




- 4 -









 












	3.3	 	The Pledgor hereby undertakes that, subject to the Agreed Security Principles, during
the subsistence of this Pledge Agreement:






	 	3.3.1	 	it will ensure that no counterclaims as to which a right to set-off or right
of retention could be exercised will exist with respect to the Pledged Claims except
those permitted to exist under the Principal Finance Documents or otherwise pursuant to
the Security Deed;
	 
	 	3.3.2	 	it shall cooperate with the Collateral Agent and sign or cause to be signed
all such further documents and take all such further action as the Collateral Agent may
from time to time reasonably request to perfect and protect this Pledge or to exercise
its rights under this Pledge Agreement;
	 
	 	3.3.3	 	it shall act in good faith and, unless otherwise permitted by the Principal
Finance Documents or otherwise pursuant to the Security Deed, not knowingly take any
steps nor do anything which would adversely affect the existence of the Pledge created
hereunder;
	 
	 	3.3.4	 	it shall inform the Collateral Agent as soon as possible in case the Pledge
is prejudiced or jeopardised by actions of third parties (including, but without being
limited to, by attachments). Such information shall be accompanied, in case of any
attachment, by a copy of the order for attachment, as well as all documents required
for the filing of an objection against the attachment, and, in case of any other
actions by third parties, by copies evidencing which actions have or will be taken,
respectively, as well as all documents required for the filing of an objection against
such actions. Subject to Clause 11 (Costs and Expenses) hereof, all reasonable and
adequately documented costs and expenses for any actions of intervention and measures
of the Collateral Agent shall be borne by the Pledgor. This shall also apply to the
institution of legal action, which the Collateral Agent may consider necessary; and
	 
	 	3.3.5	 	it shall notify the Collateral Agent as soon as possible of any event or
circumstance which would have a material adverse effect on the validity or
enforceability of this Pledge Agreement.






	3.4	 	Subject to the Agreed Security Principles, the Pledgor hereby undertakes that it will
comply with all reasonably necessary procedures and fulfil all perfection requirements
reasonably required for the effectiveness and the enforceability of this Pledge against the
Pledgor, including but not limited thereto all the measures foreseen under Luxembourg law or
the law of any other relevant jurisdiction.






	4.	 	POWER OF ATTORNEY






	4.1	 	The Pledgor irrevocably appoints the Collateral Agent to be its attorney and in its
name and on its behalf to execute, deliver and perfect all documents and do all things that
the Collateral Agent may consider to be requisite for (a) carrying out any obligation imposed
on the Pledgor under this Pledge Agreement or (b) exercising any of the rights conferred on
the Collateral Agent or the Secured Parties by this Pledge Agreement or by law, it being
understood that the enforcement of the pledge over the Pledged Claims




- 5 -









 






	 	 	must be carried out as described in Clause 5 (Remedies upon Default) hereunder. The powers
under this Clause 4.1 shall only be exercised upon the occurrence of an Event of Default
and provided that such Event of Default is continuing, or if the Pledgor has failed to
comply with a further assurance or any perfection obligation hereunder within 10 Business
Days of being notified of that failure.






	4.2	 	The Pledgor shall ratify and confirm all things done and all documents executed by
the Collateral Agent in the exercise of that power of attorney.






	4.3	 	The Collateral Agent shall not be obliged to exercise the powers conferred upon it by
the Pledgor under this Clause 4.1 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.





5. REMEDIES UPON DEFAULT





	5.1	 	Upon the occurrence of an Event of Default and provided that such Event of Default is
continuing, the Collateral Agent shall be entitled to realise the Pledged Claims in the most
favourable manner provided for by Luxembourg law and in particular the Financial Collateral
Law, and may, in particular, but without limitation,






	 	5.1.1	 	appropriate the Pledged Claims in which case the Pledged Claims will be
valued at their fair value, as determined by an independent expert appointed by the
Collateral Agent, to the extent possible among the members of the Institut
Luxembourgeois des réviseurs d’entreprises or, if no such appointment can be made or no
valuation can be obtained within a reasonable time, by the Collateral Agent in its
commercially reasonable discretion. The Collateral Agent may appoint a qualified third
party to make (or to assist the Collateral Agent in making) such valuation;
	 
	 	5.1.2	 	sell the Pledged Claims in a private sale at normal commercial terms
(conditions commerciales normales); or
	 
	 	5.1.3	 	request direct payment of the Pledged Claims from the Debtor and the
Collateral Agent (or the Secured Parties, as the case may be) may proceed to a set-off
between the Pledged Claims and the Secured Obligations (each time in accordance with
the terms of the Financial Collateral Law).






	5.2	 	The Collateral Agent shall apply the proceeds of the sale in paying the costs of that
sale or disposal and in or towards the discharge of the Secured Obligations, in accordance
with the terms of the Loan Documents.






	6.	 	EFFECTIVENESS OF COLLATERAL






	6.1	 	The Pledge shall be a continuing security and shall not be considered as satisfied or
discharged or prejudiced by any intermediate payment, satisfaction or settlement of any part
of the Secured Obligations and shall remain in full force and effect until it has been
discharged in accordance with the terms of Clause 6.2 of the Pledge Agreement.





- 6 -









 






	6.2	 	The security constituted by this Pledge Agreement shall be released and cancelled (a)
by the Collateral Agent at the request and cost of the Pledgor, 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 Pledgor or any other person under any of the Loan
Documents; or (b) in accordance with, and to the extent required by, the First Lien
Intercreditor Agreement.






	6.3	 	The Pledge shall be cumulative, in addition to, and independent of every other
security which the Collateral Agent and Secured Parties may at any time hold as security for
the Secured Obligations or any rights, powers and remedies provided by law and shall not
operate so as in any way to prejudice or affect or be prejudiced or affected by any security
interest or other right or remedy which the Collateral Agent and Secured Parties may now or at
any time in the future have in respect of the Secured Obligations.






	6.4	 	This Pledge shall not be prejudiced by any time or indulgence granted to any person,
or any abstention or delay by the Secured Parties or the Collateral Agent in perfecting or
enforcing any security interest or rights or remedies that the Secured Parties or the
Collateral Agent may now or at any time in the future have from or against the Pledgor or any
other person.






	6.5	 	No failure on the part of the Collateral Agent or the Secured Parties to exercise, or
delay on its part in exercising, any of its rights under this Pledge Agreement shall operate
as a waiver thereof, nor shall any single or partial exercise of any such right preclude any
further or other exercise of that or any other rights.






	6.6	 	Neither the obligations of the Pledgor contained in this Pledge Agreement nor the
rights, powers and remedies conferred upon the Collateral Agent or the Secured Parties by this
Pledge Agreement or by law, nor the Pledge created hereby shall be discharged, impaired or
otherwise affected by:






	 	6.6.1	 	any amendment to, or any variation, waiver or release of, any Secured
Obligation or of the obligations of any Loan Party under any other Loan Documents;
	 
	 	6.6.2	 	any failure to take, or fully to take, any security contemplated by the Loan
Documents or otherwise agreed to be taken in respect of the Secured Obligations;
	 
	 	6.6.3	 	any failure to realise or fully to realise the value of, or any release,
discharge, exchange or substitution of, any security taken in respect of the Secured
Obligations; or
	 
	 	6.6.4	 	any other act, event or omission which, but for this Clause 6.6, might
operate to discharge, impair or otherwise affect any of the obligations of the Pledgor
contained in this Pledge Agreement, the rights, powers and remedies conferred upon the
Collateral Agent or the Secured Parties by this Pledge Agreement, the Pledge or by law.




- 7 -









 












	6.7	 	For the avoidance of doubt, the Pledgor hereby waives any rights arising for it now
or in the future (if any) under Article 2037 of the Luxembourg Civil Code.






	6.8	 	Subject to the terms of the Principal Finance Documents, neither the Secured Parties,
nor the Collateral Agent or any of their agents shall be liable by reason of (a) taking any
action permitted by this Pledge Agreement or (b) any neglect or default in connection with
the Pledged Claims or (c) the realisation of all or any part of the Pledged Claims, except
in the case of bad faith, gross negligence or wilful misconduct upon their part.






	7.	 	INDEMNITY






	 	 	To the extent set out in Section 4.11 of the First Lien Intercreditor Agreement, the
Pledgor shall, notwithstanding any release or discharge of all or any part of the 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 Pledgor of the provisions of this
Pledge Agreement, the exercise or purported exercise of any of the rights and powers
conferred on them by this Pledge Agreement or otherwise relating to the Pledged Claims.






	8.	 	DELEGATION






	 	 	Subject to Section 4.05 of the First Lien Intercreditor Agreement (to the extent permitted
by Luxembourg law), each of the Collateral Agent shall have full power to delegate (either
generally or specifically) the powers, authorities and discretions conferred on it by this
Pledge 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.






	9.	 	RIGHTS OF RECOURSE






	9.1	 	For as long as the Secured Obligations are outstanding and have not been
unconditionally and irrevocably paid and discharged in full or the Collateral Agent or the
Secured Parties have any obligations under the Loan Documents, the Pledgor shall not exercise
any Rights of Recourse, arising for any reason whatsoever, by any means whatsoever (including
for the avoidance of doubt, by way of provisional measures such as provisional attachment
(“saisie-arrêt conservatoire”) or by way of set-off).






	9.2	 	The Pledgor irrevocably agrees to waive its Rights of Recourse if the relevant person
against whom the Rights of Recourse are to be exercised has come under the direct or indirect
control of the Collateral Agent or the Secured Parties or any third party following or in
connection with, the enforcement of any security granted in connection with the Secured
Obligations.






	9.3	 	Without prejudice to Clause 9.1 above, this clause shall remain in full force and
effect notwithstanding any discharge, release or termination of this Pledge (whether or not in
accordance with Clause 6.1 of this Pledge Agreement).





- 8 -









 







	10.	 	PARTIAL ENFORCEMENT






	 	 	Subject to Clause 5 (Remedies upon Default), the Collateral Agent shall be entitled, to
request enforcement of the Pledge over all or part of the Pledged Claims in its most
absolute discretion. No action, choice or absence of action in this respect, or partial
enforcement, shall in any manner affect the Pledge created hereunder over the Pledged
Claims, as it then shall be. The Pledge shall continue to remain in full and valid
existence until enforcement, discharge or termination hereof, as the case may be.






	11.	 	COSTS AND EXPENSES






	 	 	Section 9.05 (Expenses, Indemnity) of the Credit Agreement applies to this Agreement.






	12.	 	CURRENCY CONVERSION






	 	 	Without prejudice to the terms of the Loan Documents, for the purpose of, or pending the
discharge of, any of the Secured Obligations the Collateral Agent may convert any money
received, recovered or realised or subject to application by it under this Pledge Agreement
from one currency to another, as the Collateral Agent (acting reasonably) may think fit and
any such conversion shall be effected at the Collateral Agent’s spot rate of exchange for
the time being for obtaining such other currency with the first currency.






	13.	 	NOTICES






	 	 	Any notice or demand to be served by one person on another pursuant to this Pledge
Agreement shall be served in accordance with the provisions of the First Lien Intercreditor
Agreement.






	14.	 	SUCCESSORS






	14.1	 	This Pledge Agreement shall remain in effect despite any amalgamation or merger
(however effected) relating to the Secured Parties or the Collateral Agent, and references to
the Secured Parties or the Collateral Agent shall be deemed to include any assignee or
successor in title of the Secured Parties or the Collateral Agent and any person who, under
any applicable law, has assumed the rights and obligations of the Secured Parties or the
Collateral Agent hereunder or to which under such laws the same have been transferred or
novated or assigned in any manner.






	14.2	 	For the purpose of Articles 1278 et seq .of the Luxembourg Civil Code and any other
relevant legal provisions, to the extent required under applicable law and without prejudice
to any other terms hereof or of any other Loan Documents and in particular Clause 14.1 hereof,
the Secured Parties and the Collateral Agent hereby expressly reserve and the Pledgor agrees
to the preservation of this Pledge and the security interest created thereunder in case of
assignment, novation, amendment or any other transfer of the Secured Obligations or any other
rights arising under the Loan Documents.






	14.3	 	To the extent a further notification or registration or any other step is required
by law to give effect to the above, such further registration shall be made and the Pledgor
hereby gives power of attorney to the Collateral Agent to make any notifications and/or to




- 9 -









 






	 	 	proceed to any required registrations, or to take any other steps, and undertakes to do so
itself if so requested by the Collateral Agent.
	 
	15.	 	AMENDMENTS AND PARTIAL INVALIDITY






	15.1	 	Changes to this Pledge Agreement and any waiver of rights under this Pledge
Agreement shall require written form.






	15.2	 	If any provision of this Pledge Agreement is declared by any judicial or other
competent authority to be void or otherwise unenforceable, that provision shall be severed
from this Agreement and the remaining provisions of this Pledge Agreement shall remain in full
force and effect. The Pledge Agreement shall, however, thereafter be amended by the parties in
such reasonable manner so as to achieve, without illegality, the intention of the parties with
respect to that severed provision.






	16.	 	LAW AND JURISDICTION






	 	 	This Pledge Agreement shall be governed by Luxembourg law and the courts of Luxembourg-City
shall have exclusive jurisdiction to settle any dispute which may arise from or in
connection with it.





     This Pledge Agreement has been duly executed by the parties in four originals.



- 10 -









 





SIGNATURE PAGE — PARENT PLEDGE OVER RECEIVABLES (BPH I)




	 	 	 	 	 
	 	The Collateral Agent



THE BANK OF NEW YORK MELLON



Duly represented by:

 	 
	 	/s/ Maskim Genkin
 	 
	 	Name:  	Maskim Genkin 	 
	 	Title:  	Assistant Treasurer 	 
	 
	 	The Pledgor



REYNOLDS GROUP HOLDINGS LIMITED



Duly represented by:

 	 
	 	/s/ B.M. Murray
 	 
	 	Name:  	B.M. Murray 	 
	 	Title:  	Director 	 
	 



ACCEPTANCE



The Debtor, by signing hereunder for acceptance, acknowledges and accepts the existence of this
Pledge Agreement and of the Pledge created hereunder over the Pledged Claims for the purposes of
the Financial Collateral Law, and takes notice of the terms of the Pledge Agreement.




	 	 	 	 	 
	 	The Debtor



BEVERAGE PACKAGING HOLDINGS (LUXEMBOURG) I S.A.



Duly represented by:

 	 
	 	/s/ Philip West
 	 
	 	Name:  	Philip West 	 
	 	Title:  	Authorized Signatory 	 
	 



SIGNATURE PAGE