SIXTH AMENDMENT TO TllR QUOTA PLEDGE AGREEMENT








I








Among














Tm : llANI< or NEW YORI< M E LLON





as Cu/late ral Ag e nt for th e b e n efi t of th e Ser. 11r ed Parti es 1111d e r t h e Firs t Lien l11t e r cred it o r


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|• | Agreement

· CLOSUlrn     YSTEMS lNTF.llNAT[ONAL n.v.


and





CLOSU I U: SY S T l •: M S I NTEUNATIONAL HOLDING S I NC.





a s Gra nt o r s





ri nd





CLOSU rtESVSTEl\ I S l NTF.llNATIONAL ( llRAZIL ) SJSTEMAS O E V E0A c; 1 \0 LTUA .





as th e Co mpan y


























Dated as of


F e bru a ry 1 4 ,2 0 1 4









































SIXTH AMl<:NUMENTTO THE QUOTA PLEDGE AGREEMENT








This Sixth Amendment to the Quota Pledge Agreement (the " Amendment") 1s made as of F e bru a ry 1 4 , 2014 by and among : ·


(a) CLOSUilE SYSTEl\IS lNTEUNATIONAL n.v.. a company, duly organized and ex1st1ng i n accordance wit h the law s of the Netherland s, with its registered office at Tclcportboulevard 140 , 1043EJ A msterdam, Netherlnnds, which is registered under registration number 3420 I 082 wi th the Chamber of Commerce, herein d!tly represented in accordance with it s Charter Documents (together with its s ucce ssors and permitted assig1iees, " CST n.V." );


\


(b) CLOSUHI£ SYST l •:MS TNTEHNATIONAJ, HOLDINGS I NC., a compan y duly incorporated and existing u1!der the l aws of the Stnte of Delaware, United States of America ("USA"), with its registered office in the State of Delaware at National R egis t e r ed Agents, lnc, 160 Grentree Drive, Suite I 0 I , Dover, DE 19904 and principa l place of business al 664 1 West Broad Street, Richmond, VA, 23230, USA, herei n dul y represented in accordance with its Charter Documents (together with its successors and permitted assignees, " CS  I Holding s " and


1 togeth,l!r with CSI B.V., th e "Grantors"); ·





(c) TnE llANK OF NEW YOHK MELT.ON, a financia l in st itut ion du l y organized and existi n g und e r the l aws of the State of New York, w i th it s regi s tered office at I 0 I Barc l ay Street, 4E, NC\y York, _ NY 12086 , :t.JSA, enrolled with the Orazilian Ta xpaye r s R o ll of the Ministry of Finan ce (CNPJ/Ml·) under 11° 09.214.177/0001 -65, acti ng exclusively in th e capaci ty as collateral agent of and for the b e n eli t of th e Secured Prut ies under th e First J . ien Jntercreditor Agreement


(together with it s successors ; md permitted assignees in suc h capacity, th e "Collateral Agent"); and .





(cl) CLOSUHE SYS T EMS INTEHNATIONA I. (fl H AZIL) S I STEMAS OE VEOAAO LTDA., a


limited liability company duly organized and existing in accordance with th e Jaw s of Brazil, with i t s regi s tered office in ihe City of Barneri, State of Sao Paulo, at Alameda Araguaia, n ° 1 . 819- 1.889, Sftio Tambore , enrolled witl1 the Hrazi lian Tax payers Roll o f t he . Ministry of rinance (CNPJ/MF) u nder n° 09.074.885/0001-48 (the "Company").





WHEREAS: on January 29, 2010, th e parties hereto entered into the Quota Pledge Agreement (the " P l edge  A greement") . .





WI IEREAS, the Pledge Agreement was amend e d by (i) the Amendment to the Quota Pledge Agreement dated May 4, 20 1 0, i n respect of an Amendment No. 2 and Incremental Term Loan A ss umption Agreement dated May 4, 20 1 0, (ii) the Second Amendment t o th e Quota Pledge Agreeh1ent  dated  Novcn1ber 16, 2010, i n  re s p ec t of  nn  Amendment  No.  3 and


.Incremental Term L oan A ss umpt ion Agreement dated September 30, 2010 a nd a Senior Secured Notes Indenture dated October 1 5, 2010, (iii) the Third Am end m ent to th e Qu ota Pledge Agre e·me nt dated Ma r ch 2, 20 1 1, in r espect of an Amendment No. 4 and I n c rem enta l Term Loan As s u mption Agreement dated February 9, 201 1 and the February 2011 Secured Notes lnclent ure,


(iv) the fourth Am e nd m e nt to th e Quota Pledge Agreement dated September 8, 201 l , in r espect    / " ) of an Amendment N o. 6 and I ncremental Term Loan Assumpt io n Agreement dat ed Augu st 9,


0'JJ

















20 1 1 and t he August 20 1 J Secured Note s Indenture, and (v) t he Pifth A me rid me nt t o the Quota Pledge Agre e m e n t d ated No ve mb e r 7 , 20 1 2, i n respect of an A me ndm e n t No. 7 :rn d In cre m e n ta l Term Loa n A ss umption Agreeme n t dated September 28, 20 1 2 rmd th e Septembe r 2012 Secured Notes Ind en t ure.





WHEREAS, t he f q ll owi n g documents ( " Additio n  a l  Document  s ") were e nt ered into on t he date , a n d by a n d amo ' ng th e prutie s described below:





(i) Amend men t No. 8 a nd I ncremental Term L oa n As s umption Agreement dated November 27 , 20 1 3 ente r ed in to by a nd amo n g, i n c l ud in g ot h e r s, Reynold s Group H o l dings I n c., R eyno ld s Co n s um e r P roducts H o ldin gs LLC (formerly Reyno ld s Co n s um er Prod uct s Hold ing s Inc.), C l osu r e Systems In t e rn at i o n a l Holdi ng s Inc., SIG E u ro Holding J\G & Co . KGaA, SIG Austria H o ld ing GmbH, C l osure Sys t e m s Int e rn ationa l B.V . , Pact i v LLC (forme rl y Pacti v Corporat i o n ), B everage Packagi ng . H ol din gs (Luxembourg) Ill S.a r.I., Eerg r een Packagi ng In c., Reynold s Co n su met : Product s I nc., Reyno l ds Group H oldings Limited, th e G ua ra nt ors from ti m e to t im e party t hereto, the L enders from ti me l o t ime paity thereto and C r edit Suisse AG as


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|• | ad ministrative agent for the Lenders,relatedto, andamending,the ThirdAmendedandRestated CreditAgreementdatedasof September 28, 2012, assetout therein and as furtheramended, extended,restructured,renewed,novaled, supplemented, restated, refunded,replacedor modified fromtimetoti me (the"CreditAgreement"); an<!




(ii) Loan M od ification Ag r eeme n t dnt e d December 27, 20 1 3, e nt e r ed int o by nnd n m o n g, includ in g o th ers, Rey n o ld s Gro ' up H o ldin gs f n c., Rey nold s Co n s um er Prod u cts H o ld ings LLC (formerly Reynolds Consumer Prod uct s H oldi n gs I nc.), Closure Syste!l l S lnl ei"lrn ti onn l H oldings Inc ., SlCj Euro H olding AG · & Co. KGnA, SIG A u s tri a Il o Jd i n g Gmb H , C l osure Sy s t ems Tn tcrnnt io n a l H.V ., P act iv I. LC (formerly Pa c t i v Co rp ora ti o n ), Beverag e Pa ckagi ng H o l ding s (L u xembourg) III S.a r . I. , Evergree n Pn ckag in g In c., R ey nolds Consumer Produc t s In c . , Rey n o ld s Group Ho l dings Limited, th e Guarantors from t i m e l o ti me party t here t o, t he Lender s from time to time par t y th e reto and Credit S ui sse AU as administrat i ve agen t for the Lenders, related t o , a nd amendi n g, th e Credit Agreement.





WHEREAS, th e part i es · r ecognize and agree thnt t h e sec urity intere s t created und er the Pl edge Agreement s hall cx!end l o secure, i n addition t o t h e o bli ga ti o n s c urr en tl y sec u r ed thereby , th e ob li ga ti ons c re ate un de r th e Addit ional Doc um e nts ( " Add itional  Covered Ob li  gat  i o ns").





. NO W 1 THEREFORE, i n co n s iderntion of the fo r egoing premi ses an d mutua l covenants co n! ained h erei n , t he p ar t i es h e r e t o ag r ee as follows:


I





I . Defined  Term  s . Cn p i t a l i zed term s use d an d n ot othe r wise d efi n ed in th is Amendment are u sed herein a nd in any n o t ice gi.ve n und e r t h.i s A m e ndm e nt .w i th t he sa m e m ean in gs n sc r ibed t o s u c h t erms in t h e P l edge Agreeme nt or any of i ts a m endme n ts. A ll t erms dc,:li ned in thi s Am e nd ment s h a ll h ave the defined meaning s con t a in e d her e in wh en u se d i n any ce rtificat e or other d ocument made or delivered pur s uant h ereto unl ess o t he rwi se defin ed t herein.





2. Ame nd m  e n t. The pa rt ies he re to agi·ec t o amen d the d escri pti on of the Secured


Ob l igation s contai n ed in Sc h edu l e A - I of the Pledge Agreeme nt  i n order  to a dju s t suc h ..- dem ; pOon  to t he AddH;o"'I Cowed Obl;gat;on s. Accordh1g l y, th e pru · t; cs h ereto ame nd

















Schedule . A - I of the · Pledg e Agreement, which s hall b e in force and effect a s of the date her eof with the fo ll owing · l anguage:





''DESCIUl'TlON OF THE SECURED 0.BLIGATIO NS UNDER Tim LOA N DOCUMENTS





a) Al l obligations owed to the Secured Part i es now exist ing or h e reafter arising, direct or ind ir ect, absolu t e or conti ngent, clue or to becom e due, . und e r th e I .oan D oc um e nt s, i ncludi ng · (and without limitation):





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|(i) | aseniorsecuredU.S. tern1.loanfacilityinanaggregateprincipal amount notin excess ofUS$2,212,650,00.0 withani nterestrateec1uivalenttotl1cAppl icableMargi n plus (a)the AdjustedLIBORatefor borrowingsdenominated inDollars fortheapplicableInterestPeriodor (b)the Alternate BaseRate, asapplicable;wh ichshallbercpai9infullonDecemberI,2018 (subjecttoanyprepaymellland accelerationprovisions);




(ii ) a se n ior sec ured European term loao fa c il ity in an aggreg a te pri n c ipal amou nt ' not   i n exce ss of €297 ,000,000 w it h an interest rate equi v'ale1it to th e Applicable Margi n plu s (a) t h e Adju s ted LIBO Rate for borrowing s d e nomi naled i n Euro for the applicable Int erest Period or (b) th e For eig n Ba se Rat e, as applicab l e; which shall be repaid in full on D ece mb er I , 2018 (subj ect lo any prepaym e nt and acce ler tion provi s i ons);





(iii) a se nior sec ured U.S. r evol v i ng loan fa c il ity i n an aggregate principal amount n ot in excess of US $ 1 20,000,000, which pri nci pal amounts in c lud e s ub - l i mits fo r letter of cred i t facil ities; wi th a n intere s t rate equiva l e nt to the Applicabl e Margi n plu s (a) th e Adjusted LIBO Rat e for horrowi ng s denom inated i n Dollars for the app l i cable Jntere l Period or (b) the Alt e rnute Ba se Rate, a s appl i cab l e; wh i ch sha ll be r e paid in full on De ce mber 27, 2018 (subjt;cl tu any prepayment and acce l eratio n provi s ions);





(iv) a European revol ving l oan facility in an aggregate pri ncipal amount no t in exce ss of €54,235,000, which principal amounts in c l ude sub-limits for l etter of credit facilities w ith an i nterest rat e eqt dv a l ent t o th e Applicable Margin plu s (a) th e Adju s ted LIBO Rate for borrowing s denominated i n Euro for th e applicable I ntere s t Period or (b) the Foreign Ha se Rat e, a s applicab l e; whi c h s hal l · b e r epaid ill full on De ce mber 27, 20 1 8 (subject t o any prepayment and  acceleration provi s ion s ); and .





(v) in cre m en t al l oan facilit ie s in a principal amount of up t o US $750,000,000 with an intere s t rate equiva l e nt to th e rate s set forth i n clau ses (i) through (iv) above, as applicable t o the relevant incremental l oa n fac ility ; whid1 sha ll be repaid in full a s set forth in clau ses (i ) th.rough (iv) above, a s applicable l o the relevant i ncremen t a l l oan facility or such other a s se t out i n th e r elevant In creme ntal A ss umpt ion Agreement, which date of r epaymen t sha ll be earl ier than the dates se t forth above as applicable to the r e l eva nt in cremen tal loan facility ( s ubject l o any prepayment and acceleration provisions).

















b) al l other obligations, advances, d eb t s nd ii a biliti es owed l o th e Secul·ed Parti es under th e C r e dit Agreement, including ind e mniti es , f ees anti int e re st in cu rr e d untler, arising out of or in connect ion with th e Cred it i\ g r ee rn e nt.





Definitions





For the pu rpose of thi° s it e m "!" of thi s Schedule A, all capi tali zed t e rm s u se d a nd not otherwise ddined i n lh is Agreement s h n ll have  the m ea ni n g ascr i bed . t o such  terms  in th e Credit


. A g re e m e nt."








3. R eg i s tration  of  thi  s  A mendment. Th e Granlor s hall , a t its own ex p e n se , no lat er than t wenty (20) day s fr o m th e exccutiot1 dat e of th is Amendment, ( i ) ca u se t he sig n a tur e of th e parti es who have s igned thi s Am end ment outside Braz il t o b e notari ze d by a public n o tar y and cons . ulari ze d at th e l oca l Ilrazil co n s ul a t e , (ii) ca u se thi s Amentlme n t lo b e t ra n s lat e d i nt o P o 1tu guese by a publi c sworn tran s lator ( tradut o r · p1/bli co j11rm11 e 11tado) and (i i i) h ave th is Amendment, to ge th e r wi th it s s worn tran s l a ti o n (trad11 r(/o j11ra111e11tada ) into P ort u guese, an notatetl at the margin of th e reg!strat i on of th e Pl e d ge A g r ee m e nt with the competent R egis try of D eeds and Documents (Cart6rio· de R eg i s tro de Tftulos e Doc11111e11tos ) in Bra zi l , pur sua nt t o Article 12 8 of Law N o. 6,015 . of D ece mb er 3 1 , 19 73. Th e Grantor s hall, prompt ly after suc h r eg i stra tion, del iver lo th e Co llat era l Agent evi d ence of s u c h r eg i s t rati on in form ai1d s ub s t ance s atisfa c t o ry t o the Co llat e ral Agen t. All expenses i n c urr ed in co nn ec tion wi th s u c h registratio n s s hall be borne b y the Grant oi.:.





Notwithstandi ng th e foregoing, the . Collateral A ge nt , at it s so l e di sc reti o n , may d ec id t o u nd e rta ke any of th e r eg i st rati o n s, tran slat ion s , fil in gs · ,md other formal ities de sc ribed her ei n if


Grantor fail s t o do so , whereupon th e Grnntor s hall r e imb u r se th e Co lla teral Agent promptly for . a ny a nd all cos t s and expenses in cu rr e d by it r e l a t e d lo s uch r eg i s trati ons, t ran s l a t i o n s , filjng s and o th e r formalit i es n accordam:c wi th th e provisions of th e Pri n c ip a l Finan ce D oc um e nt s.





4. Effe c ti ven  ess  of  th  e  Pled  ge  Agre e m ent. A ll the  pro vis ion s of  th e Pl e d ge A g r ee m e nt n o t express l y amended as a r esu lt of thi s Amendme 1 . 1 t s hall r e ma in i n fu ll fo r ce and e ffect.





· 5. Secu r ity D oc um e nt. The Parti es ·agree th at . thi s Amendment s hall be d ee m e d a "Sec urity . D o cuin e nt " for th e purposes of a nd a s d e fined i n th e First Lien lnt e r c r e dil o r Ag r eement (and for no o t her pu r pose) and that, ac co rdi n g ly , all rights, duti es, privile ges, prot ec ti o1is and ben efi t s of th e Collateral Agent . se t forth i n the  Fi r li t L i e n Jnt e r c r e dit o r Agreement arc h ereby in co rporat e d by r e feren ce.





6. Gove1 ' ni ng  L aw;  '  Juri  s di  c t ion. This Amefldm e nl s hall  b e  gove rn ed by and


· co n s tru e d and interpr e t e d in acc or dan ce with th e l aws of Brazi l. T l) e part i es in-ev oca bly ubmit t o th e juri s d i c tion o f th e co urt s si ll i ng in th e ' City of Sa o Paulo, Stale of Sao Paul o, Rra 7 . il , any ac t i on or pro cee ding t o r eso l ve any di s put e o r controversy r e l a t e tl to or arisi n g fr o m thi s


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|• | Amendment  and thepartiesirrevocabl yagreethatallclaimsin respectofsuchactionor
















proceed ing  may  be  heard  and d ete rmined in  s uch cou11s, with  the  expres s waiver  of th e juri sd i c tion of any other court, however pr i vileged it may be.





lN WITNESS WHEREOF , the partie s . have cau se d this Amendment to be du ly executed i n th e


1


pre sence 9f the u nder s i g n ed wit nes ses. ·