exv4w2w15






Exhibit 4.2.15




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     FIFTEENTH SUPPLEMENTAL INDENTURE (this “Fifteenth Supplemental
Indenture”) dated as of October 14, 2011 among Reynolds Group Issuer LLC,
a Delaware limited liability company (the “US Issuer I”), Reynolds Group
Issuer Inc., a Delaware corporation (the “US Issuer II”), Reynolds Group
Issuer (Luxembourg) S.A., a société anonyme (limited liability company)
organized under the laws of Luxembourg (the “Luxembourg Issuer” and,
together with the US Issuer I and the US Issuer II, the “Issuers”),
Beverage Packaging Holdings (Luxembourg) I S.A. (“BP I”), the affiliates
of the Issuers party hereto (the “Additional Note Guarantors”), The Bank
of New York Mellon, as trustee (the “Trustee”), principal paying agent,
transfer agent and registrar, to the indenture dated as of May 4, 2010, as
amended or supplemented (the “Indenture”), in respect of the issuance of
an aggregate principal amount of $1,000,000,000 of 8.50% Senior Notes due
2018 (the “Notes”).



W I T N E S S E T H :



          WHEREAS pursuant to Section 4.11 of the Indenture, each Restricted Subsidiary (unless such
Subsidiary is an Issuer, a Note Guarantor or a Receivables Subsidiary) that guarantees, assumes or
in any other manner becomes liable with respect to any Indebtedness under any Credit Agreement is
required to execute and deliver to the Trustee a supplemental indenture pursuant to which such
Restricted Subsidiary shall guarantee payment and the other obligations under the Notes and the
Indenture;


          WHEREAS pursuant to Section 9.01(a)(vi) of the Indenture, the Trustee, BP I and the Issuers
are authorized to (i) to amend the Indenture to add a Note Guarantor with respect to any Note and
(ii) to execute and deliver this Fifteenth Supplemental Indenture;




 









 







          Capitalized terms used herein but not otherwise defined herein shall have the meanings
assigned to them in the Indenture.


          NOW THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the Additional Note
Guarantors mutually covenant and agree for the equal and ratable benefit of the Holders of the
Notes as follows:


          1. Guarantee. Each Additional Note Guarantor hereby jointly and severally with all
other Note Guarantors unconditionally guarantees the obligations under the Notes and the Indenture
on the terms and subject to the conditions set forth in Article X of the Indenture and agrees to be
bound by all other applicable provisions of the Indenture.


          2. Ratification of Indenture; Fifteenth Supplemental Indenture Part of Indenture.
Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all
the terms, conditions and provisions thereof shall remain in full force and effect. This Fifteenth
Supplemental Indenture shall form a part of the Indenture for all purposes, and every holder of a
Note heretofore or hereafter authenticated and delivered shall be bound hereby.


          3. Governing Law. THIS FIFTEENTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK AND THE ADDITIONAL NOTE GUARANTORS
AGREE TO SECTION 13.09 OF THE INDENTURE, INCLUDING WITH RESPECT TO SUBMISSION TO JURISDICTION,
WAIVER OF OBJECTION TO VENUE IN THE STATE AND FEDERAL COURTS LOCATED IN THE BOROUGH OF MANHATTAN,
NEW YORK, NEW YORK, AND PURSUANT TO SECTION 13.08, THE WAIVER OF ANY RIGHT TO TRIAL BY JURY.


          4. Trustee Makes No Representation. The Trustee makes no representation as to the
validity or sufficiency of this Fifteenth Supplemental Indenture or any Guarantee referenced
herein.


          5. Duplicate Originals. The parties may sign any number of copies of this Fifteenth
Supplemental Indenture. Each signed copy shall be an original, but all of them together represent
the same agreement.


          6. Effect of Headings. The Section headings herein are for convenience only and
shall not effect the construction thereof.


          7. No Adverse Interpretation of Other Agreements. This Fifteenth Supplemental
Indenture may not be used to interpret another indenture, loan or debt agreement of the Issuers, BP
I, BP II, RGHL or any of their Subsidiaries. Any such indenture, loan or debt agreement may not be
used to interpret this Fifteenth Supplemental Indenture.



 









 







          8. No Recourse Against Others. No director, officer, employee or manager of a
Additional Note Guarantor will have any liability for any obligations of the Issuers, Note
Guarantor or Additional Note Guarantors under the Notes, the Indenture, or for any claim based on,
in respect of, or by reason of, such obligations or their creation. Each holder of Notes by
accepting a Note waives and releases all such liability. The waiver and release are part of the
consideration for the guarantee of the obligations under the Notes and the Indenture by the
Additional Note Guarantors. The waiver may not be effective to waive liabilities under the federal
securities laws.


          9. Indemnity. (a) The Issuers, BP I and the Additional Note Guarantors executing this
Fifteenth Supplemental Indenture, subject to Section 10.08 of the Indenture, jointly and severally
shall indemnify the Trustee (which, for purposes of this Section, shall include its officers,
directors, employees, agents and counsel) against any and all loss, liability, claim, taxes, costs,
damage or expense (including properly incurred attorneys’ fees and expenses) incurred by or in
connection with the acceptance or administration of this trust and the performance of its duties
hereunder, including the costs and expenses of enforcing this Fifteenth Supplemental Indenture or a
Note Guarantee provided herein against the Issuers, BP I or an Additional Note Guarantor (including
this Section) and defending against or investigating any claim (whether asserted by the Issuers, BP
I, any Additional Note Guarantor, any Holder or any other Person). The obligation to pay such
amounts shall survive the payment in full or defeasance of the Notes or the removal or resignation
of the Trustee. The Trustee shall notify the Issuers of any claim for which it may seek indemnity
promptly upon obtaining actual knowledge thereof; provided, however, that any failure so to notify
the Issuers shall not relieve any of the Issuers, BP I or the Additional Note Guarantors executing
this Fifteenth Supplemental Indenture of its indemnity obligations hereunder. The Issuers shall
defend the claim and the indemnified party shall provide reasonable cooperation at the Issuers’
expense in the defense. Such indemnified parties may have separate counsel and the Issuers, BP I
and the Additional Note Guarantors, as applicable, shall pay the fees and expenses of such counsel.
The Issuers need not reimburse any expense or indemnify against any loss, liability or expense
incurred by an indemnified party solely through such party’s own willful misconduct, negligence or
bad faith.


          (b) To secure the payment obligations of the Issuers, BP I and the other Note Guarantors in
this Section, the Trustee shall have a Lien prior to the Notes on all money or property held or
collected by the Trustee other than money or property held to pay principal of and interest on the
Notes.


          10. Successors and Assigns. All covenants and agreements of the Issuers, BP I and
the Additional Note Guarantors in this Fifteenth Supplemental Indenture and the Notes shall bind
their respective successors and assigns. All agreements of the Trustee in this Fifteenth
Supplemental Indenture shall bind its successors and assigns.


          11. Severability. In case any one or more of the provisions contained in this
Fifteenth Supplemental Indenture or the Notes shall for any reason be held to be invalid, illegal
or unenforceable in any respect, such invalidity, illegality or



 









 








unenforceability shall not affect any other provisions of this Fifteenth Supplemental
Indenture or the Notes.



          12. Notices. Any order, consent, notice or communication shall be sufficiently given
if in writing and delivered in person or mailed by first class mail, postage prepaid, addressed as
follows:



     If to the Issuers or any Additional Note Guarantor:



Suite 2502

Level 25 Citigroup Centre

2 Park Street

Sydney 2000, Australia

Attn: Helen Golding

Fax: +6192686693

helen.golding@rankgroup.co.nz



     If to the Trustee:



The Bank of New York Mellon

101 Barclay Street 4-E

New York, NY 10286

Attn: International Corporate Trust

Fax: (212) 815 5366

catherine.donohue@bnymellon.com

lesley.daley@bnymellon.com


          13. Amendments and Modification. This Fifteenth Supplemental Indenture may be
amended, modified, or supplemented only as permitted by the Indenture and by written agreement of
each of the parties hereto.



[Remainder of page intentionally left blank]




 









 








     IN WITNESS WHEREOF, the parties hereto have caused this supplemental indenture to be duly
executed as of the date first above written.



	 	 	 	 	 
	 	REYNOLDS GROUP ISSUER INC.

 	 
	 	By:  	/s/ Gregory Alan Cole
 	 
	 	 	Name:  	Gregory Alan Cole 	 
	 	 	Title:  	President 	 
	 
	 	REYNOLDS GROUP ISSUER LLC

 	 
	 	By:  	/s/ Gregory Alan Cole
 	 
	 	 	Name:  	Gregory Alan Cole 	 
	 	 	Title:  	President 	 
	 
	 	REYNOLDS GROUP ISSUER 

(LUXEMBOURG) S.A.

 	 
	 	By:  	/s/ Gregory Alan Cole
 	 
	 	 	Name:  	Gregory Alan Cole 	 
	 	 	Title:  	Officer 	 
	 
	 	BEVERAGE PACKAGING 

HOLDINGS (LUXEMBOURG)I S.A.

 	 
	 	By:  	/s/ Gregory Alan Cole
 	 
	 	 	Name:  	Gregory Alan Cole 	 
	 	 	Title:  	Officer 	 




[Supplemental
Indenture to May 2010 Notes]






 









 






	 	 	 	 	 



	 	 	 	 	 
	 	REYNOLDS MANUFACTURING, 

INC.

 	 
	 	By:  	/s/ Joseph E. Doyle
 	 
	 	 	Name:  	Joseph E. Doyle 	 
	 	 	Title:  	Assistant Secretary 	 
	 
	 	RENPAC HOLDINGS INC.

 	 
	 	By:  	/s/ Joseph E. Doyle
 	 
	 	 	Name:  	Joseph E. Doyle 	 
	 	 	Title:  	Assistant Secretary 	 




[Supplemental
Indenture to May 2010 Notes]



 









 






	 	 	 	 	 



	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON, as Trustee,

Principal Paying Agent, Transfer Agent

and Registrar

 	 
	 	By:  	/s/ Catherine F. Donohue
 	 
	 	 	Name:  	Catherine F. Donohue 	 
	 	 	Title:  	Vice President 	 
	 




[Supplemental
Indenture to May 2010 Notes]