NINTH AMENDMENT TO THE PLEDG E AGilliEMENT OVRR RRCRTV ARLRS AND


OTHER CREDIT RIGHTS














between














THE Il A NK OF NEW Y01m MELLON


as Co llat era l A ge nt for tir e benefit of th e Sec ur ed Parti es und er th e Fir s t Li e n lnt e r c r e dit or A gree m ent





and





C1.osu 1 mSYSTEl\IS I NTE lt NATIONAJ, (IlnAZIL) SISTEMAS DE VEDA<;i\o LTDA.


• a s Gra11 1 1 : ·









































Dated a s o f


February  14  , 2014


























- .





NINTH AMEND:MENT TO TI-lli PLEDGE AGREEMENT OVER RECEIVABLES AND OTHER CREDIT RIGHTS








. .


This Ninth Amendment to the P l edge Agreement over Receivables and Other Credit Rights ( th e


"Ame ndm e nt") is made as of Febru ary f4 , 20 1 4 by and among:





(a) THE BANK OF NEW YORK MELLON, a financial in s t itut ion d u ly organized and existing under the l aws of th e State of New York , with its re g i ste red office at JO I Barclay Street, 4R, New York, NY 12086, USA, enrolled with the R razil ian"t'axpayers R o ll of t he · Ministry of Filiance (CNPJ/MF) under n ° 09.214.177/0001-65, acting exclus ively in th e ca p ac ity as collateral agent of and for th e b e nefit of the Secured Part ies under the First Lien Int e rcreditor Agreement


(together with it s successors and permitted assignees in s u c h capacity, th e "Co llateral Agent"); and ;





(b) . CLOsum:SYSTEMS INTERNATIONA L (BHAZIL) SISTEl\ J AS DE VEDA<;:AO LTDA., a limit ed liabilit y company duly organized and existing in accordance with the laws of Brazil , wi th it s re gis t e red office in the City of Barucri, S tal e of Sao Paulo, at Alameda Araguaia, n° J . 8 19 - 1.889, Sflio Tambore, enrol l ed w ith the Bra z ilian Taxpayers Roll of . the Mini s try of F inanc e (CNPJ/MF) under n° 09.074.8S5/0001 -48, herei n repr esented in a ccordance with it s Charter Documents (together with it s s u ccessors and permi tted assig nee s , the "Grantor");





WHEREAS, on January 29, 2010, th e part ies her eto entered i nto th e P l edge Agreement over Recei ' vables and Other ' Credil Rights (the "Pledge Agreement").





WHEREAS, th e Pledge A g r ee m e nt was amended by (i) the Amendment to the Pledge Agreement over Receiva . blcs and Other Cr e dit Rights dated May 4, 2010," in respect of an Amendment No. 2 and Incr e m e nt a l T er m Loan Assumption Agreement dat e d May 4, 20JO, (ii) the Second Amendment to th e Pled ge Agreement ove · r Re ceivab le s and Other Credit Right s d a t ed November 16, 2010, in respect o f an Am end m e nt No. 3 and . lnerernental T ern 1 Loan Assun'lption Agrccnient dated September 30, 2010 a nd a Senior Secured Notes Indenture dated October 1 5, 2010, (iii) th e Third Amendment t o th e Pledge Agreement over Re ceivab l es and Other Credit Rights dated January 31, 20 I J , (iv) th e Fou11h Amend ment to the Pledge Agreement over Receivales and Other Credit Ri ghls dated March 2 , 2 0 I 1 , in re spec t of an Amendment No. 4 and In c r eme ntal Tenn Loan Assump ti o n Agreement dated February 9, 20 l l and th e Febnmry 201 1 Secured Notes Indent ure, (v) the Fifth Amendmen t t o the P l edge Agreement over Recei vable s a nd Other Credit Right s dat ed S e ptember . 8, 201 1 , in respect of


Amendment N o. 6 and Increm e ntal Term Loan A ssu mption Agreement dated August 9, 201 i'


and a Senior Secured Note s Indenture dated August 9, 201 I , (vi) th e S i xth Amendm e nt to the P l edge Agreement ovei· Re ceiva ble s and Other Credit Right s dated Janary 24, 2012, (vi i) the Seventh Amend ment to the Pledge Agreement over Receivables and Other Cred it Ri ghts d a ted


. November 7, 20 1 2, and (v i ii) the E i ght h A mend ment to the Pledg e Agreement over Recei vables and Other Credit R ight s dat e d March 11, 2013.




















WHEREAS, th e following documents ("Addi t ina l Documents") wee entere d i nto on th e date, anu by and amo n g th e pat1ies, d escr i hed hclow:





(i) Am e nd m e nt No. 8 and In c rem e ntal T er m L oa n Assumption Agreement dat ed November 27, 2013, e nt ere d i nt o by and mn o n g, inc l udi ng oth ers, Reynolds Group H o ldi ngs fn c., Reyno l ds Consumer P ro du cts H o lding s LLC (fo rmerly Reyn o ld s Consume r Prod u c t s Holdin gs ln c.), Closure Sys t e m s rrlt e rnation a l H o ld ings ln c . , S IG Euro H oldi n g AG & Co. KOaA, Sid Austria H o ldin g GmbH, Closure Systen1s Int e rn a ti o n al B .V. , Pact iv LLC (fo rm e r ly Pactiv Corporat i o n ), H everage Pa ckag in g IToldin gs (Luxembourg) lt'l S.a r.I., Evergreen Packagi ng Inc., Reynold Co n s um e r Prod u c t s In c., Reynolds Group Holdings Limit ed, t he Guarantors from ti m e to t ime party th e reto , the L enders fr o m t ime t o lime party thereto and Credit Suisse AG as admi nistrative agent for th e L ende r s, r e l ated l o, and ame nd i n g, th e T hi rd Amended and Re s tat ed Credi t Agreement dated as o f September 28, 20 1 2, a s set out th ere in and


as further am e nded , ex tend e d , restruct ured, r e n ewe d , no vated, supp l emen t e d , restated, refunded, r e pl aced or . modified fr o m iim e to ti me (the "C r e d it Agreement"); and ·    ·


\





(ii) Loan M od ifi cation Agreement dated Decembe r 27, 20 1 3 , e n tered i nt o by and among, i n cl udi n g o th e r s, R ey n o ld s Group ' I Iold ings I nc . , R ey n olds Consumer Products I Joidings · , LLC (fo rm er l y R ey n o ld s Co n su m e r Products Iluldin gs In c.), C l osure Sys t ems I nternational H o ldin gs In c., SIG Euro H o ldiri g AG & Co. KG aA , S I G Aust ria Il o luin g GmbH, C l osure Systems Int e rnational B.V., P ac t iv LLC (form er ly Pa c tiv Corporation), B everage P ackag in g H o ld ings (Lu xe mb o urg ) JII S. r.I., Evergr ee n Pa c ka g ing In c., Re ynolds Co n s um e r Produ c t s In c., R ey n o ld s Group H o lding s Limited , th e Guarant o r s from lim e to lime pa1 1 y t hereto, lhe L ende r s from tim e to tim e part y theret o and Cree.Ji! Suisse AG as ad m inistra ti ve age nt for t he L en d ers, r e l a t ed t o, a n d amending, th e Cre dit A greement. ·





WHEREAS, th e parti es r ecog ni ze irnd a g r ee th a t the security int e r est c r ea ted under th e Pledg e A g r ee ment s hall ex t e nd to sec ure, i n addit i on t o th e ob li gations c urr e ntl y secured th ereby, th e obli g ation s created und e r th e Addit ional D oc um e nt s (" Addit i onal Covered Obligations").





Wll E REAS , ii i s a r eq uir eme nt under h y Pl e d ge Agreement th t the pa rti es enter into cer t a i n J\m e ndm c nt s in order t o exte1d th e Lien crea t e d und er th e Pl edge Agreem e n t t o any Additional Pl edged Assets·.





NOW , THEREFOR E , in consideration of th e foregoing pr emises and 1iwlua l covena nt s c ontain e d h e r e in, th e pai1i es h e r eto a gree a s follow s:





I. D e fined T e rm s. Capital ized t e rm s u se d and n ot  ot herwise defined  i n thi s Am e nd m e nt ' are u se d herei n and in any n otice given und e r this Amendment wi th th e same m ea ni n gs ascribed t o suc h t er m s i n the Pled ge A g re y m e nt or any of it s amendments, as i 1pplic a bl e. All t e rm s d e fin ed in thi s Amendment s h a ll . ha ve th e defined meanings co nt ained her e in when u se d in a n y certificate or other docu ment made or del i vered pursua nt hereto unles s otherwise defined th ere in.





2. Am e ndm e nt - Add itional Covered Obligations. T!1e p a 11 ies h e r e t o ag re e to amend th e de sc ripti o n of th e Secu red Obligations contained in Schedu l e A-I or th e Pledge Agr eeme nt in order t o adjust suc h de sc ription to the Add i tional Covered Ob li gat i o n s. Accordi ngly, th e parti es




















hereto amend Schedule A-1 of t he Pledge Agreement, which shall be in force and effect as of the date here of with the following language: ·





"DESCRJ(YfJON OF Tm ; SECUllED OBLIGATIO NS UN J> J<:H Tii i-: LOAN D OCUMENTS





/\) All ob li gations owed lo th e Secured Part ies now exisl ing or her eafte r ar i si n g, . ·direc t or i ndircc1, absolute 9r contingent, d ue or to become due, und er the Loan Documents, including (and without l imitation):





|    |                                                                                                                                                                                                                                                                                                                                                                                                          
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(i) | a seniorsecuredU.S.term loanfacility in an aggregate principal amount not in·excess of US$2,212,650,000with aninterestrate equ i valenttothe ApplicableMargi n plus(a)the Adjusted Ll l30Rate forborrowingsdenominated inDol larsfor theapplicableInterestPeriodor(b)the AlternateBaseRate,as applicable; which shallbe repaidinfu llonDecemberI,2018(subjecttoany prepayment and ccelerationprovisions);




|     |                                                                                                                                                                                                                         
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(ii) | aseniorsecured Europeantermloanfacilityinan aggregate principalamount notinexcess off297,000,000with anInterestrate equivalent to the Applicable Margin plus (a)the'Adjusted LIBORate forborrowingsdenominatedinHuro for

. th e ap pli cab l e I n terest Period or (b) th e fore i gn Dase Rate, a s applicable; which sha ll b.c r epaid in fu ll o n December I , 20 1 8 (subject to any prepayment and acce)eration provisions);


. .


|      |                                                                                
|----- | -------------------------------------------------------------------------------
|(iii) | a senio·rsecured U.S.revolvingloanfacil ity in an aggregate principal amountnot

i n excess of US $ 1 20,000,000, whic h principa l amounts include sub- l i mits for l ellcr of crtdi t facilit ies, with an i nterest rate equivalcnl t o th e App l icab l e Margin plus (a) t he Adjus t ed LIBO Rate for borrowi ng s d e nom inated in Do ll ars for th e ap pli cable In te r est Period or (b) th e A lt ernate ·Ba se Rate, as applicable; which sha ll be r epaid i n fu l l o n Decemher 27, 20 1 8 (subject t o any prepayme1.ll and acce l ern tion p rov i s ions);





|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(iv) | aEuropeanrevolvingloanfacili tyi nan aggregateprincipalamount not i n excess off54,235,000,whlchprincipalamountsincludesub-l imits for lcucr ofcreditfacilitieswith aninterestrate equivalentto theApplicable Marginplus {a) the AdjustedLIBO RateforborrowingsdenominatedinHuroforthe appl icableInterestPeriodor(b) theForeignBaseRate, as applicable;which shallberepaidin fullonDecember .27,2018(subjecttoany prepayment and accelerationprovisions); and




(v) in cremental l oan fac il i ties i n a prin c ip al amount of up to US $750,000,000 wit h nn int erest rate equiva l e n t to t he rate s se t fo r th i n c l auses (i) th rough (iv) above, as applicable l o the relevant incremental l oan faci lit y; which sha ll be repaid in full as se t for t h in clauses (i) th rough (iv) above, as app li cr1ble lo t he relevant i ncremental l oan facil i t y or s u c h other as sci out in til e relevant in c r eme nt a l AsS\lm pt ion Agreement, which d a t e of r e p ay m en t s hall be earlier th a n th e date s se t fo r th above as applicab l e t o th e r e l eva nt incremental l oa n faci l it y (s u bjecl t o m1y prepayment and ace l eration provis i o n s).

















. B) ii ll other obligations, advances, debts and liabilit ie s owed t o the Secured Partie s under the Cred it Agreement, includi ng ind e nrni ties , fees and i ntere s t i n cu JTcd under , arisi ng out of or. in co n nection wi t h th e Credi t A g reement.





Definitions ·





For th e. purpose of t his item "I " of th i s Schedule A, all capi t alized t e rm s used and not otherwise defined i n thi s Agreement s hnll have th e meaning ascribed · to s uch term s in t he C r ed it Agreement."


3. Amendment  -  Additional  Pledged  A ssets. The partie s h ere to agree to amend Sched ul e B  of the P l edge Agreement , wh i ch sha ll read a s stated in !h e An n ex her e to. Upo n regi s trat ion o'f t h is Amendment as set fo 11h in Sec ti on 4 be l ow, the An n ex h ere to sha ll  r eplace a n y prev i ous Schedu l e B  of the Pledge Agreement.





4. Regi s tration of thi s Amendme nt. The Grantor s hall, at it s own expe n se, no later t ha n t we nt y (20) d ays from th e execut ion date of thi s Amer:idment, (i) cause the s ignature of th e parties who h ave signed thi s Amendme nt outside Brazi l l o be notarized by a publ i c n otary a nd


|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | consularized at thelocalBrazilconsulate, (ii)causethisAmend menttu betranslated intoPortugueseby apublicswoni translator(tradutorp1!blicoj11rm11e11tado)and (lii)have th isAmendment,togetherwi thits  sworntranslat ion(traduriio  juramentada )into  Portuguese, an notated at themargi n oftheregistrationof!hePledge Agrcemeillwiththe competentRegistry ofDeedsand Documents(Cart6rio deRegistro de1'rt11loseDoc11111e11tos )inBrazilpursuant toJ\11icle128of LawNo.6,015ofDecember 31,1973.TheGrantor shall, promptly after such registration, deliver tothe Coll ateral Agent evidence of sucltregistration inform andsubstance satisfactorytotheCollateralJ\gent. Allexpensesincurredinconnection wi th suchregistrationsshallhebornebythe Grantor.




Notwiths t and i n g th e Jorcgoi ng, the Collateral Agent, at its so l e discretio n , may decide t o u ndc11akc any of the r egistrations, t ranslat i ons, filings and other formalities desc r ibed h erein i f Gran t or fai l s t u du so, wher e upon t he Granter s h a ll r eimburse th e Co ll atera l Agent- prompt l y for any a nd all costs and expenses incurred by it related l o s uch reg i s trat ions, t rans l atio n s, fili ng s nnd other formal i ties in accordance with th e provi s i ons of th e Princi pa l Finance Do c uments .


.


'





5.. Effec tiv eness of th e P l e d ge Agreeme n t. A H th e provision s of . the Pledge Agreement not expressly amended as a resu lt o f t his Amendment s hall re1nain in full force and effect.





6. Sec urity Docume nt. The Parties agree th at thi s Am e ndm e nt shal l b e d ee med a "Secu rit y Document" f or th e purpo ses of and as defined in the fir s t Lien Tnter c reditor Ag r eeme nt (a n d for no ot h er purpo se) nnd that , according l y, a ll ri ghts, dut ies, privi l eges, protections ii nd b e nefit s of t he Co ll atera l Agent sc i for th in t he Fir s t Lien l ntercreditor Agreement are hereby in co rp orated by reference.





7. Gove rning   L  aw  ;  J u  risdic  t ion . Th is  A m end ment sha ll be governed  by   and construed and int erpre t ed in a cco r dance with the l aws o f B razi l. The part ies irr evocab l y subm it to the juri s d iction of t he courts sitti ng in th e Ci t y of Sao Paulo, Sta t e of Sao Pau l o, Brazil, any

















action or pro ceed i ng to re so lve any di s pute · or controver sy related to or arising from thi s Amendment and the parties irrevocably agree that all claims i n re s pect of s uch action or proceed in g may" be  heard and determined in such cou rts, · with the expre ss waiver of t h e jurisdiction of any other court, however privileged it may be






































/














































































































I N WITNESS WHEREOF, th e pa r tie s h ave caused this Ame nd ment t o b e d ul y execu t ed i n th e pre se n ce o f th e und ers i gned witnesses.


























ANNEX TO TUE NLYfH AMENDMENT TO PL EDGE AGREEMENT OVER


RECEIVABLES AND OTllliR CREDIT RIGHTS


by and among


THE BANK OF N.EW YOIU< MELI.ON, as Collateral Agent acting as agent


of and for th e benefit of the Secured Parties , and


CLOSURE SYSTEl\'IS INT E HNATIONAL (llRAZIL) SJSTEl\1AS DE VlmAAO LTDA .








. SCHEDULE B TO TllE PLEDG E Acmmi\IBNT OVER RE CECVABLES AND 0Tlllm CtrnDl'l' RlGHT S DATED AS OF .IANUAHY 29 , 2010





LlST 01" MATERIAL Cmm!T RIGHT S





Accounts Receivables expressed_ in Brazilian reai s (2.3420 r cais by I US Dollar)








COCA - COLA BOTILERS


-..--CLIEllJT._. _....:·-eceivables(R$)'FEMSA•6.378.084,35COCA-LEAO JUNIOR1.183.993,31COCASOLAR,971.438,10COCA-JJ\CAREPAGUA740.628,72COCA-UBERLANDIA167.199,97COCA-TAGUJ\TINGA"156.269,06COCA-ASSISBRASIL9.875,66COCA-RIBEIRi'iO5.649,64TOTAL.·.·.\.-'..-.·.i·-.- "''''...·1·.---.....-4.-.·-R$9.613·;138,81








OTHERS








1--'BESTFLAVORS--1.628.709,70REFRESCOSGUARARAPESLTDAi.128.782,18SIG941.491,79SAO MIGUEL571.541,05INDAIA569.881,7EBBA422.214,72ARBOR359.157,31VALLE VITA343.396,17FRUTEB329.038,03BEBIDASFRUKI278.995,30POlY245.803,94ASPRO PLASTIC222.819,74JCRUZ206.185,27























PSIU REFRIGERANTES SARANDIHUGO CINISCHINREFRIGERANTES DO TRIANGULOJBS SACONVEN<;AORIOMINERACAO POUSO ALTOREFRIGERANTESXUK CARGILL AGRICOLADUCOCO  ALIMENTOSREFRIGERANTESCOROAAMBEV183.290,24167.717,49165.085,10153.372,01151.21\2,89138.071\,06138.046,20115.238,11113.175,18108.292,52105.794,64105.581,7450.962,68JR$:8.943.889,72