Document:

EXHIBIT 10.3

                               US PLEDGE AGREEMENT
                               -------------------

          PLEDGE AGREEMENT,  dated as of June 30, 2005 (as amended,  modified or
supplemented  from  time  to  time,  this  "Agreement"),  made  by  each  of the
undersigned  pledgors (each a "Pledgor" and, together with any other entity that
becomes a pledgor  hereunder  pursuant to Section 30 hereof,  the "Pledgors") to
DEUTSCHE  BANK AG NEW  YORK  BRANCH,  as  Collateral  Agent  (together  with any
successor  Collateral  Agent,  the  "Pledgee"),  for the  benefit of the Secured
Creditors (as defined below).  Except as otherwise  defined herein,  capitalized
terms used herein and defined in the Credit  Agreement (as defined  below) shall
be used herein as therein defined.

                              W I T N E S S E T H :
                               - - - - - - - - - -

          WHEREAS,   Silgan   Holdings  Inc.   ("Silgan"),   Silgan   Containers
Corporation  ("Containers"),  Silgan Plastics Corporation  ("Plastics"),  Silgan
Containers  Manufacturing  Corporation  ("Manufacturing"),  Silgan  Can  Company
("CanCo"), each other Borrower from time to time party thereto, the lenders from
time to time party thereto (the "Lenders", and each, a "Lender"),  Deutsche Bank
AG New York Branch, as Administrative Agent (in such capacity, and together with
any  successor  administrative  agent,  the  "Administrative  Agent"),  Bank  of
America,  N.A.  and  Morgan  Stanley  Bank,  as  Co-Syndication  Agents (in such
capacity,  the  "Co-Syndication  Agents"),  BNP Paribas and JPMorgan Chase Bank,
N.A.,  as  Co-Documentation  Agents  (in such  capacity,  the  "Co-Documentation
Agents"),  and Deutsche Bank Securities Inc. and Banc of America Securities LLC,
as Joint Lead Arrangers and Joint Book Managers (in such capacities,  the "Joint
Lead  Arrangers"),  have entered into a Credit  Agreement,  dated as of June 30,
2005 (as  amended,  modified  or  supplemented  from time to time,  the  "Credit
Agreement"),  providing  for the making of Loans to, and the issuance of Letters
of Credit for the  account  of,  the  Borrowers  as  contemplated  therein  (the
Lenders,  the  Administrative  Agent,  the Issuing Lenders,  the  Co-Syndication
Agents,  the  Co-Documentation  Agents, the Joint Lead Arrangers and the Pledgee
are collectively referred to herein as the "Lender Creditors");

          WHEREAS,  one or more of the  Borrowers or  Subsidiaries  thereof have
herefore  entered  into,  or may from time to time after the date  hereof  enter
into,  one or more other  Interest Rate  Protection  Agreements or Other Hedging
Agreements  with any Lender or an  affiliate  of a Lender  (each such  Lender or
affiliate,  even if the  respective  Lender  subsequently  ceases to be a Lender
under the Credit  Agreement  for any  reason,  together  with such  Lender's  or
affiliate's successors and assigns, are herein called the "Other Creditors" and,
together with the Lender Creditors, are herein called the "Secured Creditors");

          WHEREAS,  pursuant  to the US  Borrowers/Subsidiaries  Guaranty,  each
Pledgor  (other  than  CanCo  except as may be  required  after the date  hereof
pursuant to the Credit  Agreement)  has jointly and severally  guaranteed to the
Secured  Creditors  the payment when due of all  indebtedness,  obligations  and
liabilities of each Borrower and Subsidiary thereof under or with respect to the
Credit Documents,  the Interest Rate Protection Agreements and the Other Hedging
Agreements;

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          WHEREAS,  it is a condition  precedent  to the making of Loans to each
Borrower and the issuance of, and  participation  in,  Letters of Credit for the
account of each Revolving  Borrower under the Credit Agreement that the Pledgors
shall have executed and delivered to the Pledgee this Agreement; and

          WHEREAS,  each Pledgor will obtain  benefits  from the  incurrence  of
Loans by, and the issuance of, and  participation  in, Letters of Credit for the
account of, the  Borrowers  under the Credit  Agreement and the entering into by
one or more of the  Borrowers  and/or  Subsidiaries  thereof  of  Interest  Rate
Protection  Agreements  and Other  Hedging  Agreements  and,  accordingly,  each
Pledgor  desires to enter into this  Agreement in order to satisfy the condition
described in the preceding paragraph;

          NOW,  THEREFORE,  in  consideration  of the benefits  accruing to each
Pledgor,  the receipt and  sufficiency  of which are hereby  acknowledged,  each
Pledgor hereby makes the following representations and warranties to the Pledgee
for the benefit of the Secured  Creditors  and hereby  covenants and agrees with
the Pledgee for the benefit of the Secured Creditors as follows:

          1. SECURITY FOR  OBLIGATIONS.  This  Agreement is made by each Pledgor
for the benefit of the Secured Creditors to secure:

          (i) the full  and  prompt  payment  when due  (whether  at the  stated
     maturity, by acceleration or otherwise) of all obligations, liabilities and
     indebtedness (including,  without limitation,  principal, premium, interest
     (including,  without  limitation,  all  interest  that  accrues  after  the
     commencement  of any  case,  proceeding  or other  action  relating  to the
     bankruptcy, insolvency, reorganization or similar proceeding of any Pledgor
     or any  Subsidiary  thereof  at the  rate  provided  for in the  respective
     documentation, whether or not a claim for post-petition interest is allowed
     in any such proceeding), reimbursement obligations under Letters of Credit,
     fees,  costs and  indemnities)  of such  Pledgor to the  Lender  Creditors,
     whether now existing or  hereafter  incurred  under,  arising out of, or in
     connection  with,  the Credit  Agreement and the other Credit  Documents to
     which such Pledgor is a party (including,  in the case of each Pledgor that
     is a Guarantor, all such obligations,  liabilities and indebtedness of such
     Pledgor  under  the  US   Borrowers/Subsidiaries   Guaranty)  and  the  due
     performance  and  compliance  by  such  Pledgor  with  all  of  the  terms,
     conditions  and  agreements  contained in the Credit  Agreement and in such
     other Credit Documents (all such obligations,  liabilities and indebtedness
     under this  clause (i),  except to the extent  consisting  of  obligations,
     liabilities  or  indebtedness  with  respect to  Interest  Rate  Protection
     Agreements  or Other  Hedging  Agreements  entitled to the benefits of this
     Agreement,   being  herein   collectively   called  the  "Credit   Document
     Obligations");

          (ii) the full and  prompt  payment  when due  (whether  at the  stated
     maturity, by acceleration or otherwise) of all obligations, liabilities and
     indebtedness  (including,  without  limitation,  all interest  that accrues
     after the commencement of any case,  proceeding or other action relating to
     the bankruptcy,  insolvency,  reorganization  or similar  proceeding of any
     Pledgor  or  any  Subsidiary  thereof  at  the  rate  provided  for  in the
     respective documentation, whether or not a claim for post-petition interest
     is  allowed  in

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     any such proceeding) owing by such Pledgor to the Other Creditors under, or
     with  respect  to  (including,  in the  case  of  each  Pledgor  that  is a
     Guarantor,  all such  obligations,  liabilities  and  indebtedness  of such
     Pledgor under the US  Borrowers/Subsidiaries  Guaranty), each Interest Rate
     Protection  Agreement and Other Hedging Agreement  entitled to the benefits
     of this Agreement, whether such Interest Rate Protection Agreement or Other
     Hedging  Agreement is now in existence  or hereafter  arising,  and the due
     performance  and  compliance  by  such  Pledgor  with  all  of  the  terms,
     conditions  and  agreements   contained   therein  (all  such  obligations,
     liabilities  and  indebtedness  described  in this clause (ii) being herein
     collectively called the "Other Obligations");

          (iii) any and all sums  advanced  by the  Pledgee in order to preserve
     the Collateral (as hereinafter  defined) or preserve its security  interest
     in the Collateral;

          (iv) in the event of any  proceeding for the collection or enforcement
     of any indebtedness, obligations or liabilities of such Pledgor referred to
     in clauses (i), (ii) and (iii) above,  after an Event of Default shall have
     occurred and be continuing,  the reasonable expenses of retaking,  holding,
     preparing for sale or lease, selling or otherwise disposing of or realizing
     on  the  Collateral,  or of  any  exercise  by the  Pledgee  of its  rights
     hereunder, together with reasonable attorneys' fees and court costs;

          (v) all amounts paid by any Indemnitee as to which such Indemnitee has
     the right to reimbursement under Section 11 of this Agreement; and

          (vi) all amounts owing to any Agent or any of its affiliates  pursuant
     to any of the Credit Documents in its capacity as such;;

all such indebtedness,  obligations, liabilities, sums and expenses set forth in
clauses (i) through (vi) of this Section 1 being herein  collectively called the
"Obligations;"  it being  acknowledged and agreed that the  "Obligations"  shall
include extensions of credit of the types described above,  whether  outstanding
on the date of this  Agreement  or extended  from time to time after the date of
this Agreement.

          2. DEFINITIONS.  (a) Unless otherwise defined herein,  all capitalized
terms used  herein and defined in the Credit  Agreement  shall be used herein as
therein  defined.  Reference to singular terms shall include the plural and vice
versa.

          (b) The  following  capitalized  terms  used  herein  shall  have  the
     definitions specified below:

          "Administrative Agent" shall have the meaning provided in the recitals
hereof.

          "Adverse  Claim"  shall mean  "adverse  claim" as such term defined in
Section 8-102(a)(1) of the UCC.

          "Agreement"  shall have the meaning  provided  in the first  paragraph
hereof.

          "Borrower" shall have the meaning provided in the recitals hereof.

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          "CanCo" shall have the meaning provided in the recitals hereof.

          "Certificated  Security"  shall mean  "certificated  security" as such
term is defined in Section 8-102(a)(4) of the UCC.

          "Clearing  Corporation" shall mean "clearing corporation" as such term
is defined in Section 8-102(a)(5) of the UCC.

          "Co-Documentation  Agents"  shall  have the  meaning  provided  in the
recitals  hereof.

          "Collateral  Accounts" shall mean any and all accounts established and
maintained by the Pledgee in the name of any Pledgor to which  Collateral may be
credited.

          "Collateral"  shall have the  meaning  provided in Section 3.1 of this
Agreement.

          "Containers" shall have the meaning provided in the recitals hereof.

          "Co-Syndication  Agents"  shall  have  the  meaning  provided  in  the
recitals hereof.

          "Credit  Agreement"  shall have the meaning  provided in the  recitals
hereof.

          "Credit  Document  Obligations"  shall have the  meaning  provided  in
Section 1 of this Agreement.

          "Domestic   Corporation"  shall  have  the  meaning  provided  in  the
definition of "Stock" in this Section 2.

          "Event of  Default"  shall  mean any Event of  Default  under,  and as
defined  in,  the  Credit  Agreement  and  shall in any event  include,  without
limitation,  any payment default on any of the Obligations  after the expiration
of any applicable grace period.

          "Excluded Equity  Interests" shall mean any Stock,  Limited  Liability
Company Interest or Partnership  Interest in any Person that is not a Subsidiary
of Silgan to the extent that such equity  interests  are  prohibited  from being
pledged  hereunder  by the  terms  of  the  respective  stockholders  agreement,
partnership agreement,  membership agreement, operating agreement, joint venture
agreement or other  agreement,  as the case may be; provided that (i) any equity
interests  constituting Excluded Equity Interests shall only constitute Excluded
Equity  Interests  until such time as such Person becomes a Subsidiary of Silgan
or such Excluded Equity Interests are no longer subject to such prohibitions and
(ii)  notwithstanding the foregoing,  any distributions or dividends received or
to be received by a Pledgor in respect of an Excluded  Equity  Interest shall be
subject to the security interests created by this Agreement (other than any such
distributions or dividends paid in Stock, Limited Liability Company Interests or
Partnership Interests, as applicable, of such Person).

          "Financial Asset" shall mean "financial asset" as such term is defined
in Section 8-102(a)(9) of the UCC.

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          "Foreign   Corporation"   shall  have  the  meaning  provided  in  the
definition of "Stock" of this Agreement.

          "Indemnitees"  shall have the  meaning  provided in Section 11 of this
Agreement.

          "Instrument"  shall  mean  "instrument"  as such  term is  defined  in
Section 9-102(a)(47) of the UCC.

          "Investment Property" shall mean "investment property" as such term is
defined in Section 9-102(a)(49) of the UCC.

          "Joint Lead Arrangers" shall have the meaning provided in the recitals
hereof.

          "Lender  Creditors"  shall have the meaning  provided in the  recitals
hereof.

          "Lenders" shall have the meaning provided in the first recital hereof.

          "Limited  Liability  Company  Assets"  shall mean all assets,  whether
tangible or intangible and whether real,  personal or mixed (including,  without
limitation,  all limited liability company capital and interest in other limited
liability companies),  at any time owned or represented by any Limited Liability
Company Interest.

          "Limited  Liability  Company  Interests" shall mean the entire limited
liability  company  membership  interest at any time owned by any Pledgor in any
limited liability company.

          "Location"  of any Pledgor  shall mean such  Pledgor's  "location"  as
determined pursuant to Section 9-307 of the UCC.

          "Manufacturing"  shall  have  the  meaning  provided  in the  recitals
hereof.

          "Non-Voting   Stock"  shall  mean  all  capital  stock  of  a  Foreign
Corporation which is not Voting Stock.

          "Notes"  shall mean (x) all  intercompany  notes at any time issued to
each Pledgor and (y) all other  promissory notes from time to time issued to, or
held by, each Pledgor.

          "Obligations"  shall have the  meaning  provided  in Section 1 of this
Agreement.

          "Other  Creditors"  shall have the meaning  provided  in the  recitals
hereof.

          "Other  Obligations"  shall have the meaning  provided in Section 1 of
this Agreement.

          "Partnership  Assets"  shall  mean all  assets,  whether  tangible  or
intangible and whether real,  personal or mixed (including,  without limitation,
all partnership capital and interest in other  partnerships),  at any time owned
or represented by any Partnership Interest.

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          "Partnership  Interest"  shall  mean the  entire  general  partnership
interest or limited partnership interest at any time owned by any Pledgor in any
general partnership or limited partnership.

          "Plastics" shall have the meaning provided in the recitals hereof.

          "Pledged Notes" shall have the meaning provided in Section 3.5 of this
Agreement.

          "Pledgee"  shall have the meaning  provided in the first  paragraph of
this Agreement.

          "Pledgor"  shall have the meaning  provided in the first  paragraph of
this Agreement.

          "Proceeds"  shall  mean all  "proceeds"  as such  term is  defined  in
Section  9-102(a)(64) of the UCC and, in any event, shall also include,  but not
be limited to, (i) any and all proceeds of any insurance, indemnity, warranty or
guaranty payable to the Pledgee or any Pledgor from time to time with respect to
any of the Collateral,  (ii) any and all payments (in any form  whatsoever) made
or due any  payable  to any  Pledgor  from time to time in  connection  with any
requisition,  confiscation,  condemnation,  seizure or  forfeiture of all or any
part of the Collateral by and governmental authority (or any person acting under
color of  governmental  authority) and (iii) any and all other amounts from time
to time paid or payable under or in connection with any of the Collateral.

          "Registered Organization" shall mean "registered organization" as such
term is defined in 9-102(a)(70) of the UCC.

          "Required Secured Creditors" shall have the meaning provided in the US
Security Agreement.

          "Secured  Creditors"  shall have the meaning  provided in the recitals
hereof.

          "Secured Debt Agreements" shall have the meaning provided in Section 5
of this Agreement.

          "Securities  Account" shall mean "securities  account" as such term is
defined in Section 8-501(a) of the UCC.

          "Securities Act" shall mean the Securities Act of 1933, as amended, as
in effect from time to time.

          "Securities Intermediary" shall mean "securities intermediary" as such
term is defined in Section 8-102(a)(14) of the UCC.

          "Security  Entitlement" shall mean "security entitlement" as such term
is defined in Section 8-102(a)(17) of the UCC.

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          "Security"  shall mean a "security" as such term is defined in Section
8-102(a)(15) of the UCC and shall in any event include all Stock and Notes.

          "Silgan" shall have the meaning provided in the recitals hereof.

          "Stock" shall mean (x) with respect to corporations incorporated under
the  laws  of  the  United  States  or  any  State  thereof  (each  a  "Domestic
Corporation"),  all of the issued and outstanding shares of capital stock of any
corporation  at any time owned by any Pledgor of any Domestic  Corporation,  and
(y) with  respect to  corporations  not Domestic  Corporations  (each a "Foreign
Corporation"),  all of the issued and outstanding shares of capital stock at any
time owned by any Pledgor of any Foreign Corporation.

          "Termination  Date" shall have the  meaning  provided in Section 20 of
this Agreement.

          "Transmitting  Utility" shall mean "transmitting utility" as such term
is defined in Section 9-102(a)(80) of the UCC.

          "UCC" means the Uniform  Commercial  Code as in effect in the State of
New York from time to time;  provided  that all  references  herein to  specific
sections  or  subsections  of  the  UCC  are  references  to  such  sections  or
subsections,  as the case may be, of the Uniform Commercial Code as in effect in
the State of New York on the date hereof.

          "Uncertificated  Security" shall mean an "uncertificated  security" as
such term is defined in Section 8-102(a)(18) of the UCC.

          "Voting  Stock" shall mean all classes of capital stock of any Foreign
Corporation entitled to vote.

          3. PLEDGE OF SECURITIES, ETC.

          3.1 Pledge.  To secure the  Obligations now or hereafter owed or to be
performed by such Pledgor,  each Pledgor does hereby grant, pledge and assign to
the Pledgee for the benefit of the Secured Creditors, and does hereby create, in
each case a continuing security interest in favor of the Pledgee for the benefit
of the Secured Creditors in all of the right, title and interest of such Pledgor
in and to the  following,  whether now existing or  hereafter  from time to time
acquired (collectively, the "Collateral"):

          (a) each of the Collateral  Accounts,  including any and all assets of
     whatever  type or kind  deposited  by such  Pledgor in any such  Collateral
     Account,  whether  now owned or  hereafter  acquired,  existing or arising,
     including,  without limitation,  all Financial Assets, Investment Property,
     monies, checks, drafts, Instruments, Securities or interests therein of any
     type or nature  deposited or required by the Credit  Agreement or any other
     Secured Debt Agreement to be deposited in any such Collateral Account,  and
     all  investments  and all  certificates  and other  Instruments  (including
     depository  receipts,  if any) from time to time representing or evidencing
     the  same,  and all  dividends,  interest,  distributions,  cash and  other
     property from time to time received, receivable or otherwise distributed in
     respect of or in exchange for any or all of the foregoing;

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          (b) all Securities held or owned by such Pledgor from time to time and
all options and  warrants  owned by such  Pledgor  from time to time to purchase
Securities;

          (c) all  Limited  Liability  Company  Interests  held or owned by such
Pledgor  from  time to time and all of its  right,  title and  interest  in each
limited  liability  company to which each such  interest  relates,  whether  now
existing or hereafter acquired, including, without limitation:

          (A) all the capital  thereof and its interest in all profits,  losses,
     Limited  Liability  Company  Assets and other  distributions  to which such
     Pledgor shall at any time be entitled in respect of such Limited  Liability
     Company Interests;

          (B) all other payments due or to become due to such Pledgor in respect
     of Limited Liability Company Interests, whether under any limited liability
     company  agreement  or  otherwise,   whether  as  contractual  obligations,
     damages, insurance proceeds or otherwise;

          (C) all of its claims, rights, powers, privileges, authority, options,
     security interests, liens and remedies, if any, under any limited liability
     company agreement or operating agreement, or at law or otherwise in respect
     of such Limited Liability Company Interests;

          (D) all present and future claims, if any, of such Pledgor against any
     such limited liability company for monies loaned or advanced,  for services
     rendered or otherwise;

          (E) all of such Pledgor's rights under any limited  liability  company
     agreement  or operating  agreement or at law to exercise and enforce  every
     right,  power,  remedy,  authority,  option and  privilege  of such Pledgor
     relating to such Limited Liability Company  Interests,  including any power
     to terminate,  cancel or modify any limited  liability company agreement or
     operating  agreement,  to execute any  instruments  and to take any and all
     other  action on behalf of and in the name of such  Pledgor  in  respect of
     such Limited  Liability  Company  Interests and any such limited  liability
     company, to make determinations,  to exercise any election (including,  but
     not limited to,  election of  remedies) or option or to give or receive any
     notice, consent,  amendment,  waiver or approval,  together with full power
     and authority to demand,  receive,  enforce,  collect or receipt for any of
     the foregoing or for any Limited  Liability  Company  Asset,  to enforce or
     execute any checks,  or other instruments or orders, to file any claims and
     to take any action in connection with any of the foregoing; and

          (F) all other property  hereafter  delivered in substitution for or in
     addition  to  any  of  the  foregoing,  all  certificates  and  instruments
     representing  or evidencing  such other property and all cash,  securities,
     interest, dividends, rights and other property at any time and from time to
     time  received,  receivable  or otherwise  distributed  in respect of or in
     exchange for any or all thereof;

          (d) all Partnership  Interests held or owned by such Pledgor from time
to time

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and all of its right,  title and interest in each partnership to which each such
interest relates, whether now existing or hereafter acquired, including, without
limitation:

          (A) all the capital  thereof and its interest in all profits,  losses,
     Partnership  Assets and other  distributions to which such Pledgor shall at
     any time be entitled in respect of such Partnership Interests;

          (B) all other payments due or to become due to such Pledgor in respect
     of  Partnership  Interests,  whether  under any  partnership  agreement  or
     otherwise, whether as contractual obligations,  damages, insurance proceeds
     or otherwise;

          (C) all of its claims, rights, powers, privileges, authority, options,
     security  interests,  liens and  remedies,  if any,  under any  partnership
     agreement or operating agreement, or at law or otherwise in respect of such
     Partnership Interests;

          (D) all present and future claims, if any, of such Pledgor against any
     such  partnership for monies loaned or advanced,  for services  rendered or
     otherwise;

          (E) all of such Pledgor's  rights under any  partnership  agreement or
     operating  agreement or at law to exercise and enforce every right,  power,
     remedy,  authority,  option and privilege of such Pledgor  relating to such
     Partnership Interests,  including any power to terminate,  cancel or modify
     any  partnership   agreement  or  operating   agreement,   to  execute  any
     instruments  and to take any and all  other  action on behalf of and in the
     name of such Pledgor in respect of such Partnership  Interests and any such
     partnership,  to make determinations,  to exercise any election (including,
     but not limited to,  election of  remedies) or option or to give or receive
     any notice,  consent,  amendment,  waiver or approval,  together  with full
     power and authority to demand, receive, enforce, collect or receipt for any
     of the foregoing or for any  Partnership  Asset,  to enforce or execute any
     checks,  or other instruments or orders, to file any claims and to take any
     action in connection  with any of the foregoing  (with all of the foregoing
     rights  only  to  be  exercisable   upon  the  occurrence  and  during  the
     continuation of an Event of Default); and

          (F) all other property  hereafter  delivered in substitution for or in
     addition  to  any  of  the  foregoing,  all  certificates  and  instruments
     representing  or evidencing  such other property and all cash,  securities,
     interest, dividends, rights and other property at any time and from time to
     time  received,  receivable  or otherwise  distributed  in respect of or in
     exchange for any or all thereof;

          (e) all Financial Assets and Investment  Property of such Pledgor from
time to time;

          (f) all Security Entitlements of such Pledgor from time to time in any
and all of the foregoing; and

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          (g) all Proceeds of any and all of the foregoing.

          Notwithstanding anything to the contrary contained in this Section 3.1
or in Section 3.3 hereof,  (x) except as  otherwise  provided in Section 7.10 of
the Credit  Agreement and except to the extent that such pledge is to secure the
obligations  of a Foreign Credit Party  (including any guaranty  thereof by a US
Credit  Party),  no Pledgor  (to the extent  that it is a Borrower or a Domestic
Subsidiary of a Borrower) shall be required at any time to pledge hereunder, and
clause (b) above  shall not apply to,  more than 65% of the Voting  Stock of any
Foreign Corporation, (y) each Pledgor shall be required to pledge hereunder 100%
of any  Non-Voting  Stock at any time and  from  time to time  acquired  by such
Pledgor  of  any  Foreign  Corporation  and  (z)  in no  event  shall  the  term
"Collateral"  include, and no Pledgor shall be required to pledge, (I) the Stock
of CanCo (until such time as such Stock is no longer subject to the terms of the
Campbell Can Pledge Agreement or otherwise prohibited to be pledged hereunder by
any of the  Campbell Can  Acquisition  Documents)  or (II) any  Excluded  Equity
Interests (except as otherwise provided in the definition thereof).

          3.2 Procedures. (a) To the extent that any Pledgor at any time or from
time to time owns,  acquires  or obtains  any right,  title or  interest  in any
Collateral,  such Collateral shall  automatically (and without the taking of any
action by the  respective  Pledgor)  be pledged  pursuant to Section 3.1 of this
Agreement and, in addition  thereto,  such Pledgor shall (to the extent provided
below) take the following actions as set forth below (as promptly as practicable
and, in any event, within 10 Business Days after it obtains such Collateral) for
the benefit of the Pledgee and the Secured Creditors:

          (i) with respect to a Certificated Security (other than a Certificated
     Security credited on the books of a Clearing  Corporation),  the respective
     Pledgor shall physically deliver such Certificated Security to the Pledgee,
     endorsed to the Pledgee or endorsed in blank;

          (ii)  with  respect  to an  Uncertificated  Security  (other  than  an
     Uncertificated  Security credited on the books of a Clearing  Corporation),
     the  respective  Pledgor  shall  cause the  issuer  of such  Uncertificated
     Security  (or,  in the  case of an  issuer  that is not a  Subsidiary  of a
     Pledgor,  use  its  reasonable  efforts  to  cause  such  issuer)  to  duly
     authorize,  execute and deliver to the Pledgee an agreement for the benefit
     of the Pledgee and the other Secured Creditors substantially in the form of
     Annex H hereto (appropriately  completed to the satisfaction of the Pledgee
     and with  such  modifications,  if any,  as shall  be  satisfactory  to the
     Pledgee)  pursuant to which such  issuer  agrees to comply with any and all
     instructions  originated  by the  Pledgee  without  further  consent by the
     registered  owner  and  not to  comply  with  instructions  regarding  such
     Uncertificated   Security  (and  any  Partnership   Interests  and  Limited
     Liability Company Interests issued by such issuer)  originated by any other
     Person other than a court of competent jurisdiction;

          (iii)  with  respect  to  a  Certificated   Security,   Uncertificated
     Security,  Partnership  Interest  or  Limited  Liability  Company  Interest
     credited  on the  books of a  Clearing  Corporation  (including  a  Federal
     Reserve Bank,  Participants Trust Company or The Depository Trust Company),
     the respective  Pledgor shall promptly notify the Pledgee thereof and shall
     promptly take all actions  required (i) to comply with the applicable rules

<PAGE>

                                                                         Page 11

     of such Clearing  Corporation and (ii) to perfect the security  interest of
     the Pledgee under applicable law (including,  in any event,  under Sections
     9-314(a), (b) and (c), 9-106 and 8-106 (d) of the UCC). The Pledgor further
     agrees to take such actions  requested by the Pledgee as the Pledgee  deems
     reasonably necessary or desirable to effect the foregoing;

          (iv) with  respect to a  Partnership  Interest or a Limited  Liability
     Company  Interest (other than a Partnership  Interest or Limited  Liability
     Company Interest credited on the books of a Clearing  Corporation),  (1) if
     such  Partnership   Interest  or  Limited  Liability  Company  Interest  is
     represented by a certificate and is a Security for purposes of the UCC, the
     procedure  set  forth  in  Section  3.2(a)(i)  hereof,   and  (2)  if  such
     Partnership   Interest  or  Limited   Liability  Company  Interest  is  not
     represented  by a certificate or is not a Security for purposes of the UCC,
     the procedure set forth in Section 3.2(a)(ii) hereof; and

          (v) with  respect to any Note,  physical  delivery of such Note to the
     Pledgee, endorsed to the Pledgee or endorsed in blank.

          (b) In  addition  to the  actions  required  to be taken  pursuant  to
preceding  Section  3.2(a)  hereof,   each  Pledgor  shall  take  the  following
additional actions with respect to the Securities and Collateral:

          (i) with  respect  to all  Collateral  of such  Pledgor  of which  the
     Pledgee may obtain "control" within the meaning of Section 8-106 of the UCC
     (or under any  provision of the UCC as same may be amended or  supplemented
     from time to time,  or under the laws of any relevant  State other than the
     State of New York), the respective Pledgor shall take all actions as may be
     reasonably  requested from time to time by the Pledgee so that "control" of
     such Collateral is obtained and at all times held by the Pledgee; and

          (ii) each Pledgor shall from time to time cause appropriate  financing
     statements  (on Form UCC-1 or other  appropriate  form)  under the  Uniform
     Commercial  Code as in  effect  in the  various  relevant  States,  in form
     satisfactory  to the Pledgee and covering all Collateral  hereunder,  to be
     filed in the relevant filing offices so that at all times the Pledgee has a
     security interest in all Investment  Property and other Collateral which is
     perfected by the filing of such  financing  statements (in each case to the
     maximum  extent  perfection by filing may be obtained under the laws of the
     relevant States,  including,  without  limitation,  Section 9-312(a) of the
     UCC).

          (c) Without  limiting any  provision of Section 7 hereof,  the Pledgee
hereby agrees that unless an Event of Default has occurred and is continuing, it
will not assume exclusive control over any Securities  Account of any Pledgor or
any asset  credited  thereto or give any notice of exclusive  control or similar
notice  to any  Securities  Intermediary  or  any  issuer  of an  Uncertificated
Security or any Clearing Corporation.

          (d)  Notwithstanding  anything to the  contrary  contained  in Section
3.2(a) hereof, so long as Silgan Closures Mexico, S.A. de C.V., Thatcher Mexico,
S.A. de R.L. de C.V. or Thatcher  Investments,  S.A. de R.L. de C.V.  are in the
process of being  dissolved,  no  Pledgor  shall be  required  to deliver to the
Pledgee  any stock  certificate  or control  agreement  representing

<PAGE>
                                                                         Page 12

the equity interests in such entity (although such equity interests shall remain
subject to the security interests created by this Agreement).

          3.3 Subsequently Acquired Collateral. If any Pledgor shall acquire (by
purchase,  stock dividend or otherwise) any additional Collateral at any time or
from time to time after the date hereof,  such  Collateral  shall  automatically
(and without any further  action  being  required to be taken) be subject to the
pledge and  security  interests  created  pursuant  to Section  3.1 hereof  and,
furthermore,  the Pledgor will promptly  thereafter  take (or cause to be taken)
all action with respect to such Collateral in accordance with the procedures set
forth in Section 3.2 hereof, and will promptly thereafter deliver to the Pledgee
(i) a certificate  executed by an executive  officer of such Pledgor  describing
such  Collateral and certifying  that the same has been duly pledged in favor of
the  Pledgee  (for the  benefit of the  Secured  Creditors)  hereunder  and (ii)
supplements to Annexes A through F hereto as are necessary to cause such annexes
to be complete and accurate at such time.

          3.4 Transfer  Taxes.  Each pledge of  Collateral  under Section 3.1 or
Section 3.3 hereof shall be accompanied  by any transfer tax stamps  required in
connection with the pledge of such Collateral.

          3.5  Definition  of Pledged  Notes.  All Notes at any time  pledged or
required to be pledged hereunder are hereinafter called the "Pledged Notes".

          3.6 Certain  Representations and Warranties  Regarding the Collateral.
Each Pledgor represents and warrants that on the date hereof (i) the exact legal
name of such Pledgor,  the type of organization of such Pledgor,  whether or not
such Pledgor is a Registered  Organization,  the jurisdiction of organization of
such Pledgor, such Pledgor's Location, the organizational  identification number
(if any) of such  Pledgor,  and  whether or not such  Pledgor is a  Transmitting
Utility, is listed on Annex A hereto; (ii) each Subsidiary of such Pledgor,  and
the direct ownership thereof, is listed in Annex B hereto;  (iii) the Stock held
by such  Pledgor  consists  of the number and type of shares of the stock of the
corporations  as  described  in Annex C hereto;  (iv) such Stock  referenced  in
clause (iii) of this  paragraph  constitutes  that  percentage of the issued and
outstanding  capital stock of the issuing corporation as is set forth in Annex C
hereto;  (v) the Notes  held by such  Pledgor  consist of the  promissory  notes
described in Annex D hereto where such Pledgor is listed as the lender; (vi) the
Limited  Liability  Company Interests held by such Pledgor consist of the number
and type of  interests of the Persons  described  in Annex E hereto;  (vii) each
such  Limited  Liability  Company  Interest  referenced  in clause  (vi) of this
paragraph  constitutes  that  percentage  of the issued and  outstanding  equity
interest  of the  issuing  Person  as set forth in Annex E  hereto;  (viii)  the
Partnership  Interests  held by such  Pledgor  consist of the number and type of
interests of the Persons described in Annex F hereto; (ix) each such Partnership
Interest  referenced  in  clause  (viii)  of  this  paragraph  constitutes  that
percentage or portion of the entire  partnership  interest of the Partnership as
set forth in Annex F hereto;  (x) such Pledgor has complied with the  respective
procedure  set forth in  Section  3.2(a)  hereof  with  respect  to each item of
Collateral  described in Annexes C through F hereto;  (xi) the  Excluded  Equity
Interests  owned by such  Pledgor on the date  hereof are  described  in Annex H
hereto; and (xii) other than Excluded Equity Interests, on the date hereof, such
Pledgor  owns no  other  Securities,  Limited  Liability  Company  Interests  or
Partnership Interests.

<PAGE>
                                                                         Page 13

          4. APPOINTMENT OF SUB-AGENTS;  ENDORSEMENTS, ETC. If and to the extent
necessary to enable the Pledgee to perfect its  security  interest in any of the
Collateral or to exercise any of its remedies hereunder,  the Pledgee shall have
the  right to  appoint  one or more  sub-agents  for the  purpose  of  retaining
physical  possession of the Collateral,  which may be held (in the discretion of
the Pledgee) in the name of the relevant Pledgor,  endorsed or assigned in blank
or in favor of the  Pledgee  or any  nominee  or  nominees  of the  Pledgee or a
sub-agent appointed by the Pledgee.

          5.  VOTING,  ETC.,  WHILE NO EVENT OF DEFAULT.  Unless and until there
shall have  occurred and be  continuing  an Event of Default and written  notice
thereof shall have been given by the Pledgee to the relevant Pledgor  (provided,
that if an Event of Default  specified in Section  9.05 of the Credit  Agreement
shall occur,  no such notice shall be required),  each Pledgor shall be entitled
to exercise any and all voting and other  consensual  rights  pertaining  to the
Collateral  owned by it,  and to give  consents,  waivers  or  ratifications  in
respect  thereof;  provided  that,  in each  case,  no vote shall be cast or any
consent, waiver or ratification given or any action taken or omitted to be taken
which would violate or be inconsistent  with any of the terms of this Agreement,
the Credit Agreement,  any other Credit Document or any Interest Rate Protection
Agreement or Other Hedging Agreement  entitled to the benefits of this Agreement
(collectively, the "Secured Debt Agreements"), or which would have the effect of
impairing the position or interests of the Pledgee or any other Secured Creditor
in the Collateral. All such rights of each Pledgor to vote and to give consents,
waivers and  ratifications  shall cease in case an Event of Default has occurred
and is  continuing  and  written  notice  thereof  shall  have been given to the
relevant Pledgor as (but only to the extent)  described above in this Section 5,
and Section 7 hereof shall become applicable.

          6.  DIVIDENDS  AND OTHER  DISTRIBUTIONS.  Unless and until there shall
have occurred and be continuing an Event of Default,  all cash  dividends,  cash
distributions,  cash  Proceeds and other cash amounts  payable in respect of the
Collateral  shall  be paid to the  respective  Pledgor.  The  Pledgee  shall  be
entitled to receive directly, and to retain as part of the Collateral:

          (i) all other or additional  stock,  notes,  limited liability company
     interests,  partnership  interests,  instruments  or  other  securities  or
     property  (including,  but not limited to, cash dividends other than as set
     forth above) paid or distributed by way of dividend or otherwise in respect
     of the Collateral;

          (ii) all other or additional stock,  notes,  limited liability company
     interests,  partnership  interests,  instruments  or  other  securities  or
     property  (including,  but not  limited  to,  cash  other than as set forth
     above)  paid  or  distributed  in  respect  of  the  Collateral  by  way of
     stock-split, spin-off, split-up, reclassification, combination of shares or
     similar rearrangement; and

          (iii) all other or additional stock, notes,  limited liability company
     interests,  partnership  interests,  instruments  or  other  securities  or
     property  (including,  but not  limited  to,  cash  other than as set forth
     above)  which may be paid in  respect  of the  Collateral  by reason of any
     consolidation, merger, exchange of stock, conveyance of assets, liquidation
     or similar corporate reorganization.

<PAGE>
                                                                         Page 14

Nothing  contained  in this  Section  6 (other  than as set  forth in the  first
sentence  hereof)  shall  limit or restrict  in any way the  Pledgee's  right to
receive  proceeds of the Collateral in any form in accordance  with Section 3 of
this  Agreement.  All  dividends,  distributions  or other  payments  which  are
received by any Pledgor contrary to the provisions of this Section 6 and Section
7 hereof  shall be received in trust for the  benefit of the  Pledgee,  shall be
segregated  from other  property or funds of such Pledgor and shall be forthwith
paid over to the Pledgee as Collateral in the same form as so received (with any
necessary endorsement).

          7. REMEDIES IN CASE OF EVENT OF DEFAULT.  Each Pledgor agrees that, if
any Event of Default  shall have occurred and be  continuing,  then and in every
such case,  the  Pledgee,  in addition to any rights now or  hereafter  existing
under  applicable  law,  the other  provisions  of this  Agreement  or any other
Secured Debt Agreement,  shall be entitled to exercise all of the rights, powers
and remedies  (whether  vested in it by this  Agreement,  any other Secured Debt
Agreement or by law) for the protection and enforcement of its rights in respect
of the Collateral,  and the Pledgee shall be entitled to exercise all the rights
and remedies of a secured party under the Uniform  Commercial  Code as in effect
in any relevant jurisdiction and also shall be entitled,  without limitation, to
exercise  the  following  rights,   which  each  Pledgor  hereby  agrees  to  be
commercially reasonable:

          (i) to receive  all  amounts  payable  in  respect  of the  Collateral
     otherwise payable under Section 6 hereof to the respective Pledgor;

          (ii) to transfer all or any part of the Collateral  into the Pledgee's
     name or the name of its nominee or nominees (although the Pledgee agrees to
     promptly  notify the relevant  Pledgor after any such  transfer;  provided,
     however, that the failure to give such notice shall not affect the validity
     of any such transfer);

          (iii) to  accelerate  any  Pledged  Note which may be  accelerated  in
     accordance with its terms, and take any other lawful action to collect upon
     any Pledged Note  (including,  without  limitation,  to make any demand for
     payment thereon);

          (iv) subject to the giving of written  notice in accordance  with (and
     to the extent required by) Section 5 hereof, to vote all or any part of the
     Collateral  (whether or not  transferred  into the name of the Pledgee) and
     give all consents,  waivers and  ratifications in respect of the Collateral
     and otherwise act with respect thereto as though it were the outright owner
     thereof (each Pledgor hereby  irrevocably  constituting  and appointing the
     Pledgee the proxy and attorney-in-fact of such Pledgor,  with full power of
     substitution to do so);

          (v) at any time and from time to time to sell, assign and deliver,  or
     grant  options  to  purchase,  all or any  part of the  Collateral,  or any
     interest  therein,  at any  public  or  private  sale,  without  demand  of
     performance, advertisement or notice of intention to sell or of the time or
     place of sale or  adjournment  thereof or to redeem or  otherwise  purchase
     (all of which are hereby  waived by each  Pledgor),  for cash, on credit or
     for other property, for immediate or future delivery without any assumption
     of  credit  risk,  and for such  price or prices  and on such  terms as the
     Pledgee in its absolute discretion may determine, provided that at least 10
     days' written  notice of the time and place of any

<PAGE>
                                                                         Page 15

     such sale shall be given to the respective  Pledgor.  The Pledgee shall not
     be obligated to make any such sale of Collateral  regardless of whether any
     such notice of sale has theretofore been given.  Each Pledgor hereby waives
     and releases to the fullest extent  permitted by law any right or equity of
     redemption  with respect to the  Collateral,  whether  before or after sale
     hereunder,  and all rights,  if any, of marshalling  the Collateral and any
     other security for the Obligations or otherwise.  At any such sale,  unless
     prohibited  by  applicable  law,  the  Pledgee  on  behalf  of the  Secured
     Creditors  may bid for and  purchase all or any part of the  Collateral  so
     sold free from any such right or equity of redemption.  Neither the Pledgee
     nor any other  Secured  Creditor  shall be liable for failure to collect or
     realize upon any or all of the  Collateral or for any delay in so doing nor
     shall any of them be under any  obligation  to take any  action  whatsoever
     with regard thereto;

          (vi)  to  set-off  any  and  all   Collateral   against  any  and  all
     Obligations,  and to withdraw any and all cash or other Collateral from any
     and all Collateral  Accounts and to apply such cash and other Collateral to
     the payment of any and all Obligations; and

          (vii) instruct all depository banks and/or  Securities  Intermediaries
     which have  entered into a control  agreement  with the Pledgee to transfer
     all  monies,  securities,  instruments  and  financial  assets held by such
     depositary  bank and/or  Securities  Intermediary  to a Collateral  Account
     and/or otherwise assume exclusive control over any such accounts;

it being understood that each Pledgor's  obligation so to deliver the Collateral
is of the essence of this Agreement and that, accordingly, upon application to a
court of equity having  jurisdiction,  the Pledgee shall be entitled to a decree
requiring specific performance by such Pledgor of said obligation.  By accepting
the benefits of this  Agreement and each other  Security  Document,  the Secured
Creditors  expressly  acknowledge  and agree that this  Agreement and each other
Security Document may be enforced only by the action of the Administrative Agent
or the Pledgee acting upon the  instructions of the Required  Secured  Creditors
and that no other Secured Creditor shall have any right  individually to seek to
enforce  this  Agreement or any other  Security  Document or to realize upon the
security to be granted  hereby or thereby,  it being  understood and agreed that
such rights and  remedies may be exercised by the Pledgee for the benefit of the
Secured  Creditors  upon the  terms of this  Agreement  and the  other  Security
Documents.

          8. REMEDIES, ETC., CUMULATIVE.  Each and every right, power and remedy
of the Pledgee or any other Secured  Creditor  provided for in this Agreement or
in any other Secured Debt Agreement,  or now or hereafter  existing at law or in
equity or by statute shall be cumulative and concurrent and shall be in addition
to every other such right,  power or remedy.  The  exercise or  beginning of the
exercise by the Pledgee or any other Secured  Creditor of any one or more of the
rights,  powers or remedies  provided for in this Agreement or any other Secured
Debt Agreement or now or hereafter existing at law or in equity or by statute or
otherwise  shall not preclude the  simultaneous or later exercise by the Pledgee
or any other Secured Creditor of all such other rights, powers or remedies,  and
no failure or delay on the part of the Pledgee or any other Secured  Creditor to
exercise any such right,  power or remedy shall operate as a waiver thereof.  No
notice to or demand on any Pledgor in any case shall  entitle it to any other or
further  notice or demand in  similar or other  circumstances  or  constitute  a
waiver of

<PAGE>
                                                                         Page 16

any of the rights of the Pledgee or any other  Secured  Creditor to any other or
further action in any circumstances without notice or demand.

          9.  APPLICATION OF PROCEEDS.  (a) All monies  collected by the Pledgee
upon any sale or other  disposition of the  Collateral  pursuant to the terms of
this  Agreement,  together  with  all  other  monies  received  by  the  Pledgee
hereunder,  shall be  applied in the manner  provided  in Section  7.4 of the US
Security Agreement.

          (b) It is understood and agreed that the Pledgors shall remain jointly
and severally  liable to the extent of any deficiency  between the amount of the
proceeds  of  the  Collateral   hereunder  and  the  aggregate   amount  of  the
Obligations.

          (c) Notwithstanding anything to the contrary contained in this Section
9, CanCo shall not be jointly and severally  liable with the other  Pledgors for
any deficiency described in Section 9(b) above to the extent that such joint and
several  liability is prohibited by the applicable  CanCo  Restrictions  then in
effect,  although  CanCo  shall  remain  liable to the extent of any  deficiency
between the amount of the proceeds of the  Collateral  and the amount of its own
Obligations.

          10.  PURCHASERS OF COLLATERAL.  Upon any sale of the Collateral by the
Pledgee  hereunder  (whether  by  virtue of the  power of sale  herein  granted,
pursuant to judicial  process or  otherwise),  the receipt of the Pledgee or the
officer  making the sale shall be a  sufficient  discharge  to the  purchaser or
purchasers of the Collateral so sold, and such purchaser or purchasers shall not
be obligated to see to the  application  of any part of the purchase  money paid
over  to the  Pledgee  or  such  officer  or be  answerable  in any  way for the
misapplication or nonapplication thereof.

          11.  INDEMNITY.  Each  Pledgor  jointly  and  severally  agrees (i) to
indemnify,  reimburse and hold harmless the Pledgee in such capacity, each other
Secured  Creditor  and  their   respective   successors,   assigns,   employees,
affiliates,  agents and  servants  (hereinafter  in this  Section 11 referred to
individually an  "Indemnitee,"  and,  collectively the  "Indemnitees")  from and
against any and all  liabilities,  obligations,  damages,  injuries,  penalties,
claims,  demands,  actions,  suits,  judgments and losses of whatsoever  kind or
nature,  and (ii) to reimburse each  Indemnitee for any and all costs,  expenses
and disbursements,  including reasonable  attorneys' fees and expenses,  in each
case  growing out of or  resulting  from this  Agreement  or the exercise by any
Indemnitee  of any right or remedy  granted to it  hereunder  or under any other
Secured Debt  Agreement (but excluding any  liabilities,  obligations,  damages,
injuries,   penalties,  claims,  demands,  actions,  suits,  judgments,  losses,
expenses,  costs or  disbursements  to the  extent  incurred  by reason of gross
negligence or willful misconduct of such Indemnitee (as determined by a court of
competent jurisdiction in a final and non-appealable  decision));  provided that
the indemnity  described above shall not apply to any liabilities,  obligations,
losses, damages,  penalties,  claims, actions, judgments, suits, costs, expenses
or disbursements  incurred by, imposed on or assessed as a result of, or arising
out of, or in any way related to, or by reason of any litigation,  proceeding or
other  action  solely  between or among the  Lenders  (excluding,  however,  any
liabilities,   obligations,   losses,  damages,   penalties,   claims,  actions,
judgments,  suits,  costs,  expenses  and  disbursements  (all of which shall be
covered by such  indemnity)  incurred  by,  imposed on or  assessed  against the
Administrative Agent, the Pledgee or any of their respective

<PAGE>

                                                                         Page 17

officers,  directors,  employees,  affiliates,  representatives  or  agents as a
result of, or arising out of, or in any way related to, or by reason of any such
litigation,  proceeding  or  action  to which  the  Administrative  Agent or the
Pledgee (or any of their respective officers, directors, employees,  affiliates,
representatives  or  agents) is a party in its  capacity  as such) to the extent
(and only to the extent) that such  litigation,  proceeding or other action does
not relate to, or arise  from,  any action or  omission by Siligan or any of its
Subsidiaries.  In no event shall the Pledgee be liable,  in the absence of gross
negligence  or  willful  misconduct  on its  part,  for any  matter  or thing in
connection  with this  Agreement  other  than to  account  for  monies  actually
received by it in accordance  with the terms  hereof.  If and to the extent that
the obligations of any Pledgor under this Section 11 are  unenforceable  for any
reason,  such  Pledgor  hereby  agrees to make the maximum  contribution  to the
payment  and  satisfaction  of  such  obligations  which  is  permissible  under
applicable  law.  Notwithstanding  anything to the  contrary  contained  in this
Agreement,  CanCo  shall not be  jointly  and  severally  liable  with the other
Pledgors for any indemnity  obligations under this Section 11 to the extent such
joint and several  liability is prohibited by the applicable CanCo  Restrictions
then in effect,  although CanCo shall remain obligated for indemnity obligations
with respect to its own actions.

          12. PLEDGEE NOT A PARTNER OR LIMITED  LIABILITY  COMPANY  MEMBER.  (a)
Nothing  herein  shall be  construed  to make the  Pledgee or any other  Secured
Creditor liable as a member of any limited  liability company or as a partner of
any partnership and neither the Pledgee nor any other Secured Creditor by virtue
of this Agreement or otherwise (except as referred to in the following sentence)
shall have any of the  duties,  obligations  or  liabilities  of a member of any
limited liability company or as a partner in any partnership. The parties hereto
expressly  agree that,  unless the Pledgee  shall become the  absolute  owner of
Collateral  consisting of a Limited  Liability  Company  Interest or Partnership
Interest  pursuant  hereto,  this Agreement shall not be construed as creating a
partnership or joint venture among the Pledgee, any other Secured Creditor,  any
Pledgor and/or any other Person.

          (b) Except as provided in the last  sentence of paragraph  (a) of this
Section 12, the Pledgee, by accepting this Agreement, did not intend to become a
member of any  limited  liability  company  or a partner of any  partnership  or
otherwise  be deemed to be a  co-venturer  with  respect  to any  Pledgor or any
limited  liability  company or  partnership  either  before or after an Event of
Default shall have occurred.  The Pledgee shall have only those powers set forth
herein and the Secured Creditors shall assume none of the duties, obligations or
liabilities of a member of any limited  liability company or as a partner of any
partnership  or any Pledgor except as provided in the last sentence of paragraph
(a) of this Section 12.

          (c) The Pledgee and the other Secured Creditors shall not be obligated
to perform or discharge any  obligation of any Pledgor as a result of the pledge
hereby effected.

          (d) The  acceptance  by the  Pledgee of this  Agreement,  with all the
rights, powers, privileges and authority so created, shall not at any time or in
any event  obligate  the Pledgee or any other  Secured  Creditor to appear in or
defend any action or proceeding  relating to the Collateral to which it is not a
party, or to take any action hereunder or thereunder,  or to expend any money or
incur any expenses or perform or  discharge  any  obligation,  duty or liability
under the Collateral.

<PAGE>
                                                                         Page 18

          13. FURTHER ASSURANCES;  POWER-OF-ATTORNEY. (a) Each Pledgor agrees to
execute and deliver to the Pledgee such financing statements, in form reasonably
acceptable  to the  Pledgee,  as the  Pledgee  may from time to time  reasonably
request  or as are  reasonably  necessary  or  desirable  in the  opinion of the
Pledgee to  establish  and  maintain a valid,  enforceable,  perfected  security
interest in the Collateral as provided  herein and the other rights and security
contemplated   hereby.  Each  Pledgor  will  pay  any  applicable  filing  fees,
recordation taxes and related expenses relating to its Collateral.  Each Pledgor
hereby authorizes the Pledgee to file any such financing  statements without the
signature  of such  Pledgor  where  permitted  by law  (and  such  authorization
includes describing the Collateral as "all assets" of such Pledgor).

          (b) Each Pledgor hereby  constitutes and appoints the Pledgee its true
and lawful  attorney,  irrevocably,  with full power after the occurrence of and
during the  continuance  of an Event of Default (in the name of such  Pledgor or
otherwise) to act, require, demand, receive,  compound and give acquaintance for
any and all monies  and  claims for monies due or to become due to such  Pledgor
under  or  arising  out of the  Collateral,  to  endorse  any  checks  or  other
instruments or orders in connection therewith and to file any claims or take any
action or institute any  proceedings  which the Pledgee may deem to be necessary
or  advisable  to  protect  the  interests  of  the  Secured  Creditors,   which
appointment as attorney is coupled with an interest.

          14.  THE  PLEDGEE  AS  COLLATERAL  AGENT.  The  Pledgee  will  hold in
accordance  with this Agreement all items of the Collateral at any time received
under this  Agreement.  It is  expressly  understood  and agreed by each Secured
Creditor  that by  accepting  the benefits of this  Agreement  each such Secured
Creditor  acknowledges  and agrees that the obligations of the Pledgee as holder
of the  Collateral  and  interests  therein and with respect to the  disposition
thereof, and otherwise under this Agreement,  are only those expressly set forth
in this Agreement and in Section 11 of the Credit  Agreement.  The Pledgee shall
act hereunder on the terms and  conditions set forth herein and in Section 11 of
the Credit Agreement.

          15.  TRANSFER  BY THE  PLEDGORS.  No  Pledgor  will sell or  otherwise
dispose of, grant any option with  respect to, or mortgage,  pledge or otherwise
encumber  any of  the  Collateral  or any  interest  therein  (except  as may be
permitted in accordance with the terms of the Secured Debt Agreements).

          16.  REPRESENTATIONS,  WARRANTIES  AND COVENANTS OF THE PLEDGORS.  (a)
Each Pledgor represents, warrants and covenants that:

          (i) it is the legal,  beneficial and record owner of, and has good and
     marketable title to, all Collateral pledged by it hereunder and that it has
     sufficient  interest  in all  Collateral  in which a security  interest  is
     purported  to be created  hereunder  for such  security  interest to attach
     (subject,  in each  case,  to no  pledge,  lien,  mortgage,  hypothecation,
     security  interest,  charge,  option,  Adverse  Claim or other  encumbrance
     whatsoever,  except  the  liens  and  security  interests  created  by this
     Agreement);

          (ii) it has full  power,  authority  and legal right to pledge all the
     Collateral pledged by it pursuant to this Agreement;

<PAGE>
                                                                         Page 19

          (iii) this Agreement has been duly authorized,  executed and delivered
     by such Pledgor and  constitutes a legal,  valid and binding  obligation of
     such Pledgor enforceable against such Pledgor in accordance with its terms,
     except to the  extent  that the  enforceability  hereof  may be  limited by
     applicable  bankruptcy,  insolvency,  reorganization,  moratorium  or other
     similar  laws  generally  affecting  creditors'  rights  and  by  equitable
     principles  (regardless  of whether  enforcement  is sought in equity or at
     law);

          (iv) except to the extent  already  obtained or made and the filing of
     UCC  financing  statements  with respect to that portion of the  Collateral
     that may only be  perfected  by such  filings  (which  filings will be made
     within 10 days after the date  hereof or, if later,  within 10 days after a
     Pledgor becomes a party hereto),  no consent of any other party (including,
     without limitation,  any stockholder,  member,  partner or creditor of such
     Pledgor  or any of its  Subsidiaries)  and  no  consent,  license,  permit,
     approval  or  authorization  of,  exemption  by,  notice or  report  to, or
     registration,  filing or declaration  with, any  governmental  authority is
     required  to be  obtained  by  such  Pledgor  in  connection  with  (a) the
     execution,  delivery or performance of this Agreement,  (b) the validity or
     enforceability  of this  Agreement  (except  as set forth in  clause  (iii)
     above),  (c) the  perfection or  enforceability  of the Pledgee's  security
     interest in the Collateral or (d) except for  compliance  with or as may be
     required by applicable  securities laws, the exercise by the Pledgee of any
     of its rights or remedies provided herein;

          (v) the execution, delivery and performance of this Agreement will not
     violate any provision of any  applicable law or regulation or of any order,
     judgment,  writ,  award or decree of any court,  arbitrator or governmental
     authority,  domestic  or foreign,  applicable  to such  Pledgor,  or of the
     certificate  of  incorporation,   operating  agreement,  limited  liability
     company agreement,  partnership  agreement or by-laws of such Pledgor or of
     any securities issued by such Pledgor or any of its Subsidiaries, or of any
     mortgage, deed of trust, indenture, lease, loan agreement, credit agreement
     or other material contract, agreement or instrument or undertaking to which
     such Pledgor or any of its  Subsidiaries is a party or which purports to be
     binding upon such Pledgor or any of its  Subsidiaries  or upon any of their
     respective  assets and will not result in the creation or imposition of (or
     the  obligation to create or impose) any lien or  encumbrance on any of the
     assets of such Pledgor or any of its Subsidiaries except as contemplated by
     this Agreement;

          (vi)  all  of  the  Collateral  (consisting  of  Securities,   Limited
     Liability  Company  Interests or  Partnership  Interests) has been duly and
     validly  issued  and  acquired,  is fully  paid and  non-assessable  and is
     subject to no options to purchase or similar rights;

          (vii)  each  of the  Pledged  Notes  constituting  Intercompany  Notes
     constitutes,  or when executed by the obligor thereof will constitute,  the
     legal,  valid  and  binding  obligation  of such  obligor,  enforceable  in
     accordance  with its terms,  except to the extent  that the  enforceability
     thereof   may   be   limited   by   applicable   bankruptcy,    insolvency,
     reorganization,  moratorium  or  other  similar  laws  generally  affecting
     creditors'  rights  and by  equitable  principles  (regardless  of  whether
     enforcement is sought in equity or at law); and

<PAGE>
                                                                         Page 20

          (viii) the pledge,  collateral  assignment and delivery to the Pledgee
     of the Collateral  consisting of Certificated  Securities  pursuant to this
     Agreement creates a valid and perfected first priority security interest in
     such Certificated Securities, and the proceeds thereof, subject to no prior
     Lien or  encumbrance  or to any agreement  purporting to grant to any third
     party a Lien or encumbrance on the property or assets of such Pledgor which
     would include the Securities and the Pledgee is entitled to all the rights,
     priorities  and  benefits  afforded  by the UCC or  other  relevant  law as
     enacted in any  relevant  jurisdiction  to perfect  security  interests  in
     respect of such Collateral; and

          (ix)  Subject to  Section  3.2(d)  hereof,  "control"  (as  defined in
     Section  8-106  of the  UCC)  has been  obtained  by the  Pledgee  over all
     Collateral  consisting of Securities  with respect to which such  "control"
     may be obtained  pursuant to Section 8-106 of the UCC; provided that in the
     case of the Pledgee  obtaining  "control" over  Collateral  consisting of a
     Security  Entitlement,  such  Pledgor  shall  have  taken  all steps in its
     control  so  that  the  Pledgee   obtains   "control"  over  such  Security
     Entitlement.

          (b)  Each  Pledgor  covenants  and  agrees  that  it will  defend  the
Pledgee's  right,  title and security  interest in and to the Securities and the
proceeds thereof against the claims and demands of all persons  whomsoever;  and
each Pledgor  covenants  and agrees that it will have like title to and right to
pledge  any other  property  at any time  hereafter  pledged  to the  Pledgee as
Collateral  hereunder  and will  likewise  defend the right thereto and security
interest therein of the Pledgee and the other Secured Creditors.

          (c) Each  Pledgor  covenants  and  agrees  that it will take no action
which would violate any of the terms of any Secured Debt Agreement.

          17.  LEGAL  NAMES;  TYPE OF  ORGANIZATION  (AND  WHETHER A  REGISTERED
ORGANIZATION  AND/OR A  TRANSMITTING  UTILITY);  JURISDICTION  OF  ORGANIZATION;
LOCATION; ORGANIZATIONAL IDENTIFICATION NUMBERS; CHANGES THERETO; ETC. The exact
legal name of each Pledgor, the type of organization of such Pledgor, whether or
not such Pledgor is a Registered Organization,  the jurisdiction of organization
of such Pledgor,  such Pledgor's  Location,  the  organizational  identification
number  (if  any)  of  each  Pledgor,  and  whether  or not  such  Pledgor  is a
Transmitting  Utility,  is listed on Annex A hereto for such Pledgor. No Pledgor
shall  change  its  legal  name,  its  type of  organization,  its  status  as a
Registered Organization (in the case of a Registered  Organization),  its status
as a Transmitting Utility or as a Person which is not a Transmitting Utility, as
the  case  may be,  its  jurisdiction  of  organization,  its  Location,  or its
organizational identification number (if any) from that listed on Annex A hereto
for such  Pledgor,  except that any such changes  shall be permitted (so long as
not in violation of the applicable  requirements  of the Secured Debt Agreements
and so long as same do not  involve  (x) a  Registered  Organization  ceasing to
constitute same or (y) any Pledgor  changing its jurisdiction of organization or
Location  from  the  United  States  or a State  thereof  to a  jurisdiction  of
organization  or Location,  as the case may be,  outside the United  States or a
State  thereof) if (i) it shall have given to the Pledgee not less than 10 days'
prior  written  notice of each change to the  information  listed on Annex A (as
adjusted for any subsequent  changes thereto  previously made in accordance with
this  sentence),  together  with a supplement to Annex A which shall correct all
information contained therein for the respective Pledgor, and (ii) in connection
with the  respective  such  change or  changes,  it shall

<PAGE>
                                                                         Page 21

have taken all action  reasonably  requested  by the  Pledgee  to  maintain  the
security  interests  of the  Pledgee in the  Collateral  intended  to be granted
hereby at all times fully  perfected and in full force and effect.  In addition,
to the extent that any Pledgor  does not have an  organizational  identification
number on the date hereof and later  obtains one,  such Pledgor  shall  promptly
thereafter notify the Pledgee of such organizational  identification  number and
shall take all  actions  reasonably  satisfactory  to the  Pledgee to the extent
necessary  to maintain the  security  interest of the Pledgee in the  Collateral
intended to be granted hereby fully perfected and in full force and effect.

          18.  PLEDGORS'  OBLIGATIONS  ABSOLUTE,  ETC. The  obligations  of each
Pledgor  under this  Agreement  shall be absolute  and  unconditional  and shall
remain in full force and effect  without  regard to, and shall not be  released,
suspended, discharged,  terminated or otherwise affected by, any circumstance or
occurrence  whatsoever,   including,   without  limitation:   (i)  any  renewal,
extension, amendment or modification of or addition or supplement to or deletion
from any Secured Debt Agreement or any other instrument or agreement referred to
therein, or any assignment or transfer of any thereof; (ii) any waiver, consent,
extension,  indulgence  or other  action or inaction  under or in respect of any
such agreement or instrument  including,  without  limitation,  this  Agreement;
(iii) any furnishing of any  additional  security to the Pledgee or its assignee
or any  acceptance  thereof or any release of any security by the Pledgee or its
assignee;  (iv) any limitation on any party's liability or obligations under any
such instrument or agreement or any invalidity or unenforceability,  in whole or
in part, of any such  instrument  or agreement or any term  thereof;  or (v) any
bankruptcy, insolvency,  reorganization,  composition,  adjustment, dissolution,
liquidation or other like  proceeding  relating to any Pledgor or any Subsidiary
of any  Pledgor,  or any action  taken with  respect  to this  Agreement  by any
trustee or receiver,  or by any court,  in any such  proceeding;  whether or not
such Pledgor shall have notice or knowledge of any of the foregoing.

          19.  REGISTRATION,  ETC.  (a) If  there  shall  have  occurred  and be
continuing an Event of Default then, and in every such case, upon receipt by any
Pledgor  from the  Pledgee of a written  request or requests  that such  Pledgor
cause any  registration,  qualification or compliance under any Federal or state
securities  law or laws to be  effected  with  respect to all or any part of the
Collateral  consisting of Securities,  Limited  Liability  Company  Interests or
Partnership  Interests,  such Pledgor as soon as practicable  and at its expense
will use its reasonable  efforts to cause such  registration to be effected (and
be  kept  effective)  and  will  use  its  reasonable   efforts  to  cause  such
qualification  and compliance to be declared effected (and be kept effective) as
may be so requested and as would permit or facilitate the sale and  distribution
of such  Collateral,  including,  without  limitation,  registration  under  the
Securities  Act,  as then in effect (or any  similar  statute  then in  effect),
appropriate  qualifications  under applicable blue sky or other state securities
laws  and  appropriate  compliance  with  any  other  government   requirements,
provided,  that the  Pledgee  shall  furnish to such  Pledgor  such  information
regarding the Pledgee as such Pledgor may  reasonably  request in writing and as
shall be required in connection  with any such  registration,  qualification  or
compliance. Such Pledgor will cause the Pledgee to be kept reasonably advised in
writing  as  to  the  progress  of  each  such  registration,  qualification  or
compliance  and as to the completion  thereof,  will furnish to the Pledgee such
number of prospectuses,  offering  circulars or other documents incident thereto
as the Pledgee from time to time may reasonably request,  and will indemnify the
Pledgee,  each  other  Secured  Creditor  and all  others  participating  in the
distribution  of  such  Collateral  against  all  claims,

<PAGE>
                                                                         Page 22

losses,  damages  and  liabilities  caused by any untrue  statement  (or alleged
untrue  statement)  of a material  fact  contained  therein  (or in any  related
registration statement, notification or the like) or by any omission (or alleged
omission)  to  state  therein  (or  in  any  related   registration   statement,
notification  or the like) a  material  fact  required  to be stated  therein or
necessary to make the statements  therein not misleading,  except insofar as the
same may have  been  caused  by an  untrue  statement  or  omission  based  upon
information  furnished  in writing to such  Pledgor by the Pledgee or such other
Secured Creditor expressly for use therein.

          (b) If at any time when the Pledgee  shall  determine  to exercise its
right  to sell  all or any  part of the  Collateral  consisting  of  Securities,
Limited Liability Company Interests or Partnership Interests pursuant to Section
7 hereof,  and the  Collateral or the part thereof to be sold shall not, for any
reason whatsoever,  be effectively  registered under the Securities Act, as then
in effect,  the Pledgee  may,  in its sole and  absolute  discretion,  sell such
Collateral,  as the case may be, or part  thereof by private sale in such manner
and under such  circumstances  as the Pledgee may deem necessary or advisable in
order that such sale may legally be effected without such registration.  Without
limiting the generality of the foregoing,  in any such event the Pledgee, in its
sole  and  absolute  discretion  (i) may  proceed  to  make  such  private  sale
notwithstanding  that a  registration  statement for the purpose of  registering
such Collateral or part thereof shall have been filed under such Securities Act,
(ii) may approach and negotiate with a single possible  purchaser to effect such
sale,  and (iii) may restrict  such sale to a purchaser  who will  represent and
agree that such purchaser is purchasing for its own account, for investment, and
not with a view to the  distribution or sale of such Collateral or part thereof.
In the event of any such sale,  the  Pledgee  shall incur no  responsibility  or
liability  for  selling all or any part of the  Collateral  at a price which the
Pledgee,  in its sole and absolute  discretion,  in good faith deems  reasonable
under the  circumstances,  notwithstanding  the possibility that a substantially
higher  price  might  be  realized  if  the  sale  were  deferred   until  after
registration as aforesaid.

          20.  TERMINATION;  RELEASE.  (a)  After  the  Termination  Date,  this
Agreement  shall  terminate  (provided  that all  indemnities  set forth  herein
including,   without  limitation,  in  Section  11  hereof  shall  survive  such
termination)  and the  Pledgee,  at the request  and  expense of the  respective
Pledgor,  will promptly execute and deliver to such Pledgor a proper  instrument
or instruments (including Uniform Commercial Code termination statements on Form
UCC-3)  acknowledging  the satisfaction  and termination of this Agreement,  and
will duly release from the security interest created hereby and assign, transfer
and deliver to such Pledgor (without recourse and without any  representation or
warranty)  such of the Collateral as may be in the possession of the Pledgee and
as has not theretofore  been sold or otherwise  applied or released  pursuant to
this  Agreement.  As used in this Agreement,  "Termination  Date" shall mean the
date upon which the Total Commitment and all Interest Rate Protection Agreements
and Other Hedging  Agreements  entitled to the benefits of this  Agreement  have
been terminated,  no Note, Loan or Letter of Credit is outstanding and all other
Obligations (other than indemnities described in Section 11 hereof and described
in Section 12.13 of the Credit Agreement, and any other indemnities set forth in
any other Security  Documents,  in each case which are not then due and payable)
have been paid in full in cash.

          (b) In the event that any part of the Collateral is sold in connection
with a sale  permitted by Section  8.02 of the Credit  Agreement or is otherwise
released at the direction of the Required Secured Creditors, the Pledgee, at the
request and expense of such Pledgor, will duly

<PAGE>
                                                                         Page 23

release from the security  interest created hereby (and will execute and deliver
such  documentation,  including UCC-3 termination or partial release  statements
and the like in connection  therewith) and assign,  transfer and deliver to such
Pledgor (without  recourse and without any  representation  or warranty) such of
the  Collateral as is then being (or has been) so sold or released and as may be
in the possession of the Pledgee and has not theretofore been released  pursuant
to this Agreement.

          (c) At any time that the respective Pledgor desires that Collateral be
released as provided in the foregoing  Section 20(a) or (b), it shall deliver to
the  Pledgee a  certificate  signed by an  authorized  officer  of such  Pledgor
stating that the release of the respective  Collateral is permitted  pursuant to
Section 20(a) or (b) hereof.

          (d) The  Pledgee  shall  have no  liability  whatsoever  to any  other
Secured  Creditor as the result of any release of Collateral by it in accordance
with this Section 20.

          21. NOTICES,  ETC. Except as otherwise  specified herein, all notices,
requests,  demands or other  communications  to or upon the  respective  parties
hereto shall be sent or delivered by mail, telegraph,  telex, telecopy, cable or
courier  service and all such  notices and  communications  shall,  when mailed,
telegraphed, telexed, telecopied or cabled or sent by courier, be effective when
deposited in the mails,  delivered to the  telegraph  company,  cable company or
overnight  courier,  as the case may be, or sent by telex or telecopier,  except
that  notices and  communications  to the  Pledgee or any  Pledgor  shall not be
effective until received by the Pledgee or such Pledgor, as the case may be. All
notices and other communications shall be in writing addressed as follows:

          (a) if to any Pledgor, at:

              c/o Silgan Holdings Inc.
              4 Landmark Square
              Suite 400
              Stamford, CT 06901
              Tel: (203) 975-7110
              Fax: (203) 975-4598
              Attention: General Counsel

          (b) if to the Pledgee, at:

             Deutsche Bank AG New York Branch
             222 S. Riverside Plaza
             Chicago, Illinois  60606
             Tel: (312) 537-4231
             Fax: (312) 537-1324
             Attention:  Marla Brefka Heller

          (c) if to any Lender Creditor,  other than the Pledgee,  either (x) to
the Administrative  Agent, at the address of the Administrative  Agent specified
in the Credit  Agreement  or (y) at such address as such Lender  Creditor  shall
have specified in the Credit

<PAGE>
                                                                         Page 24

Agreement;

          (d) if to any Other  Creditor,  at such address as such Other Creditor
shall have specified in writing to Silgan and the Pledgee;

or at such other  address as shall have been  furnished in writing by any Person
described above to the party required to give notice hereunder.

          22.  WAIVER;  AMENDMENT.  Except as  provided  in  Sections  20 and 30
hereof,  none of the terms and  conditions  of this  Agreement  may be  changed,
waived,  modified or varied in any manner  whatsoever  except in accordance with
the terms of the US Security Agreement.

          23. SUCCESSORS AND ASSIGNS.  This Agreement shall be binding upon each
Pledgor  and its  successors  and  assigns  (although  no Pledgor may assign its
rights and obligations hereunder except in accordance with the provisions of the
Secured Debt  Agreements)  and shall inure to the benefit of the Pledgee and the
other  Secured  Creditors  and their  respective  successors  and  assigns.  All
agreements,  statements,  representations  and  warranties  made by each Pledgor
herein or in any certificate or other instrument delivered by such Pledgor or on
its behalf under this Agreement  shall be considered to have been relied upon by
the Secured  Creditors  and shall  survive the  execution  and  delivery of this
Agreement and the other Secured Debt Agreements  regardless of any investigation
made by the Secured Creditors or on their behalf.

          24. HEADINGS DESCRIPTIVE. The headings of the several sections of this
Agreement are inserted for convenience  only and shall not in any way affect the
meaning or construction of any provision of this Agreement.

          25. GOVERNING LAW;  SUBMISSION TO JURISDICTION;  VENUE; WAIVER OF JURY
TRIAL.  (a)  THIS  AGREEMENT  AND THE  RIGHTS  AND  OBLIGATIONS  OF THE  PARTIES
HEREUNDER  SHALL BE CONSTRUED IN  ACCORDANCE  WITH AND BE GOVERNED BY THE LAW OF
THE STATE OF NEW YORK,  WITHOUT REGARD TO ITS CONFLICTS OF LAWS PRINCIPLES.  ANY
LEGAL ACTION OR  PROCEEDING  WITH RESPECT TO THIS  AGREEMENT OR ANY OTHER CREDIT
DOCUMENT  MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED
STATES FOR THE SOUTHERN  DISTRICT OF NEW YORK, IN EACH CASE WHICH ARE LOCATED IN
THE COUNTY OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS  AGREEMENT,  EACH
PLEDGOR  HEREBY  IRREVOCABLY  ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY,
GENERALLY AND UNCONDITIONALLY,  THE NON-EXCLUSIVE  JURISDICTION OF THE AFORESAID
COURTS.  EACH PLEDGOR HEREBY FURTHER  IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH
COURTS LACK PERSONAL  JURISDICTION OVER SUCH PLEDGOR, AND AGREES NOT TO PLEAD OR
CLAIM IN ANY LEGAL ACTION OR  PROCEEDING  WITH RESPECT TO THIS  AGREEMENT OR ANY
OTHER CREDIT DOCUMENT BROUGHT IN ANY OF THE AFORESAID COURTS THAT ANY SUCH COURT
LACKS PERSONAL  JURISDICTION OVER SUCH PLEDGOR. EACH PLEDGOR FURTHER IRREVOCABLY
CONSENTS TO THE SERVICE OF PROCESS  OUT OF ANY OF THE  AFOREMENTIONED  COURTS IN
ANY SUCH ACTION OR

<PAGE>
                                                                         Page 25

PROCEEDING BY THE MAILING OF COPIES  THEREOF BY  REGISTERED  OR CERTIFIED  MAIL,
POSTAGE  PREPAID,  TO ANY SUCH PLEDGOR AT ITS ADDRESS FOR NOTICES AS PROVIDED IN
SECTION 21 ABOVE,  SUCH SERVICE TO BECOME  EFFECTIVE 30 DAYS AFTER SUCH MAILING.
EACH PLEDGOR HEREBY  IRREVOCABLY WAIVES ANY OBJECTION TO SUCH SERVICE OF PROCESS
AND FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY ACTION OR
PROCEEDING  COMMENCED  HEREUNDER  OR UNDER ANY OTHER CREDIT  DOCUMENT  THAT SUCH
SERVICE OF PROCESS WAS IN ANY WAY INVALID OR  INEFFECTIVE.  NOTHING HEREIN SHALL
AFFECT THE RIGHT OF THE PLEDGEE UNDER THIS AGREEMENT,  OR ANY SECURED  CREDITOR,
TO SERVE  PROCESS IN ANY OTHER  MANNER  PERMITTED  BY LAW OR TO  COMMENCE  LEGAL
PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY PLEDGOR IN ANY OTHER JURISDICTION.

          (b) EACH PLEDGOR HEREBY  IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY
NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID  ACTIONS OR
PROCEEDINGS  ARISING OUT OF OR IN  CONNECTION  WITH THIS  AGREEMENT OR ANY OTHER
CREDIT DOCUMENT BROUGHT IN THE COURTS REFERRED TO IN CLAUSE (a) ABOVE AND HEREBY
FURTHER  IRREVOCABLY  WAIVES  AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT
THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN
AN INCONVENIENT FORUM.

          (c) EACH OF THE PARTIES TO THIS AGREEMENT  HEREBY  IRREVOCABLY  WAIVES
ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION,  PROCEEDING OR COUNTERCLAIM  ARISING
OUT OF OR  RELATING  TO  THIS  AGREEMENT,  THE  OTHER  CREDIT  DOCUMENTS  OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

          26.  PLEDGOR'S  DUTIES.  It  is  expressly  agreed,   anything  herein
contained to the contrary notwithstanding, that each Pledgor shall remain liable
to perform all of the  obligations,  if any,  assumed by it with  respect to the
Collateral and the Pledgee shall not have any  obligations  or liabilities  with
respect to any  Collateral  by reason of or arising out of this  Agreement,  nor
shall the Pledgee be required or  obligated  in any manner to perform or fulfill
any of the obligations of any Pledgor under or with respect to any Collateral.

          27.  COUNTERPARTS.  This  Agreement  may be  executed in any number of
counterparts and by the different parties hereto on separate counterparts,  each
of which when so executed and delivered  shall be an original,  but all of which
shall together  constitute one and the same  instrument.  A set of  counterparts
executed by all the  parties  hereto  shall be lodged with each  Pledgor and the
Pledgee.

          28. SEVERABILITY.  Any provision of this Agreement which is prohibited
or  unenforceable  in  any  jurisdiction  shall,  as to  such  jurisdiction,  be
ineffective  to the  extent  of such  prohibition  or  unenforceability  without
invalidating  the  remaining  provisions  hereof,  and any such  prohibition  or
unenforceability   in  any   jurisdiction   shall  not   invalidate   or  render
unenforceable such provision in any other jurisdiction.

<PAGE>
                                                                         Page 26

          29.  RECOURSE.  This  Agreement  is made  with full  recourse  to each
Pledgor and pursuant to and upon all the warranties, representations,  covenants
and  agreements  on the part of such Pledgor  contained  herein and in the other
Secured  Debt  Agreements  and  otherwise in writing in  connection  herewith or
therewith.

          30.  ADDITIONAL  PLEDGORS.  It  is  understood  and  agreed  that  any
Subsidiary of Silgan that is required to execute a counterpart of this Agreement
after the date hereof pursuant to the  requirements  of the Credit  Agreement or
any other Credit  Document  shall  automatically  become a Pledgor  hereunder by
executing a counterpart  hereof and delivering  the same to the Pledgee.  Silgan
agrees that it shall and shall  cause any  Subsidiary  of Silgan that  becomes a
Pledgor hereunder to (i) deliver  supplements to Annexes A through F, inclusive,
hereto,  and  Annex H hereto,  as are  necessary  to cause  such  Annexes  to be
complete and accurate with respect to such  additional  Pledgor on such date and
(ii) take all actions as specified in this Agreement as would have been taken by
such Pledgor had it been an original party to this Agreement,  in each case with
all  documents  required  above  to be  delivered  to the  Pledgee  and with all
documents and actions required above to be taken to the reasonable  satisfaction
of the Pledgee.

                                      *****

<PAGE>

          IN WITNESS  WHEREOF,  each  Pledgor and the  Pledgee  have caused this
Agreement to be executed by their duly elected  officers  duly  authorized as of
the date first above written.

                               SILGAN HOLDINGS INC.,
                               as a Pledgor

                               By: /s/ Frank W. Hogan, III
                                   ---------------------------------------------
                                   Title: Senior Vice President, General Counsel
                                           and Secretary

                               SILGAN CONTAINERS CORPORATION
                               SILGAN PLASTICS CORPORATION
                               SILGAN CONTAINERS MANUFACTURING
                                   CORPORATION
                               SILGAN CAN COMPANY
                               SILGAN LLC
                               By: SILGAN CONTAINERS CORPORATION,
                                   as Manager
                               SILGAN CORPORATION
                               RXI PLASTICS, INC.
                               SILGAN CLOSURES CORPORATION
                               SILGAN CLOSURES LLC
                               SILGAN CLOSURES HOLDING COMPANY
                               SILGAN CLOSURES INTERNATIONAL
                                   HOLDING COMPANY
                               SILGAN EQUIPMENT COMPANY
                               SILGAN TUBES CORPORATION
                               SILGAN TUBES HOLDING COMPANY,
                               each as a Pledgor

                                By: /s/ Frank W. Hogan, III
                                    -----------------------------------
                                    Title: Vice President and Secretary

<PAGE>

Accepted and Agreed to:

DEUTSCHE BANK AG NEW YORK BRANCH,
as Pledgee and Collateral Agent

By: /s/ Susan LeFevre
    ---------------------------------
    Title: Director

By: /s/ Evelyn Lazala
    ---------------------------------
    Title: Vice PresidentEXHIBIT 10.4

                       US BORROWERS/SUBSIDIARIES GUARANTY
                       ----------------------------------

          GUARANTY,  dated  as  of  June  30,  2005  (as  amended,  modified  or
supplemented  from  time  to  time,  this  "Guaranty"),  made  by  each  of  the
undersigned  guarantors (each, a "Guarantor" and, together with any other entity
that  becomes  a  guarantor   hereunder  pursuant  to  Section  25  hereof,  the
"Guarantors"). Except as otherwise defined herein, capitalized terms used herein
and defined in the Credit  Agreement (as defined  below) shall be used herein as
therein defined.

                              W I T N E S S E T H :
                               - - - - - - - - - -

          WHEREAS,   Silgan   Holdings  Inc.   ("Silgan"),   Silgan   Containers
Corporation  ("Containers"),  Silgan Plastics Corporation  ("Plastics"),  Silgan
Containers  Manufacturing  Corporation  ("Manufacturing"),  Silgan  Can  Company
("CanCo"), each other Borrower from time to time party thereto, the lenders from
time to time party thereto (the "Lenders", and each, a "Lender"),  Deutsche Bank
AG New York Branch, as Administrative Agent (in such capacity, and together with
any  successor  administrative  agent,  the  "Administrative  Agent"),  Bank  of
America,  N.A.  and  Morgan  Stanley  Bank,  as  Co-Syndication  Agents (in such
capacity,  the  "Co-Syndication  Agents"),  BNP Paribas and JPMorgan Chase Bank,
N.A.,  as  Co-Documentation  Agents  (in such  capacity,  the  "Co-Documentation
Agents"),  and Deutsche Bank Securities Inc. and Banc of America Securities LLC,
as Joint Lead  Arrangers and Joint Book Managers (in such  capacity,  the "Joint
Lead  Arrangers"),  have entered into a Credit  Agreement,  dated as of June 30,
2005 (as  amended,  modified  or  supplemented  from time to time,  the  "Credit
Agreement"),  providing  for the making of Loans to, and the issuance of Letters
of Credit for the  account  of,  the  Borrowers  as  contemplated  therein  (the
Lenders,  the  Administrative  Agent, the Collateral Agent, the Issuing Lenders,
the  Co-Syndication  Agents,  the  Co-Documentation  Agents  and the Joint  Lead
Arrangers are collectively referred to herein as the "Lender Creditors");

          WHEREAS,  one or more of the  Borrowers or  Subsidiaries  thereof have
heretofore  entered  into,  or may from time to time after the date hereof enter
into,  one  or  more  Interest  Rate  Protection  Agreements  or  Other  Hedging
Agreements  with any Lender or an  affiliate  of a Lender  (each such  Lender or
affiliate,  even if the  respective  Lender  subsequently  ceases to be a Lender
under the Credit  Agreement  for any  reason,  together  with such  Lender's  or
affiliate's successors and assigns, are herein called the "Other Creditors" and,
together with the Lender Creditors, are herein called the "Secured Creditors");

          WHEREAS, each Guarantor (other than Silgan) is a Subsidiary of Silgan;

          WHEREAS,  it is a condition  precedent  to the making of Loans to each
Borrower and the issuance of, and  participation  in,  Letters of Credit for the
account  of each  Revolving  Borrower  under  the  Credit  Agreement  that  each
Guarantor  shall have  executed and delivered to the  Administrative  Agent this
Guaranty; and

          WHEREAS,  each Guarantor  will obtain  benefits from the incurrence of
Loans and the issuance  of, and  participation  in,  Letters of Credit under the
Credit Agreement and the

<PAGE>
                                                                          Page 2

entering  into  by one or more  of the  Borrowers  or  Subsidiaries  thereof  of
Interest  Rate   Protection   Agreements  and  Other  Hedging   Agreements  and,
accordingly, desires to execute this Guaranty in order to satisfy the conditions
described in the preceding paragraph and to induce the Lenders to make the Loans
and  issue  (and/or  participate  in) the  Letters  of Credit  under the  Credit
Agreement  and to induce the Other  Creditors  to enter into the  Interest  Rate
Protection Agreements and Other Hedging Agreements;

          NOW,  THEREFORE,  in consideration of the foregoing and other benefits
accruing to each  Guarantor,  the receipt  and  sufficiency  of which are hereby
acknowledged,  each  Guarantor  hereby makes the following  representations  and
warranties to the Secured  Creditors  and hereby  covenants and agrees with each
Secured Creditor as follows:

          1. Each Guarantor, jointly and severally, and absolutely,  irrevocably
and  unconditionally,  guarantees:  (i) to the  Lender  Creditors,  the full and
prompt  payment when due (whether at the stated  maturity,  by  acceleration  or
otherwise) of all obligations,  liabilities and indebtedness (including, without
limitation, all principal, premium, interest (including, without limitation, all
interest that accrues after the  commencement  of any case,  proceeding or other
action  relating  to  the  bankruptcy,  insolvency,  reorganization  or  similar
proceeding of any Borrower or any Subsidiary thereof at the rate provided for in
the respective documentation,  whether or not a claim for post-petition interest
is allowed in any such proceeding),  reimbursement  obligations under Letters of
Credit,  fees, costs and indemnities) of each Borrower to the Lender  Creditors,
whether  now  existing  or  hereafter  incurred  under,  arising  out of,  or in
connection with, the Credit Agreement and the other Credit Documents and the due
performance  and  compliance by each Borrower with all of the terms,  conditions
and  agreements  contained  in the  Credit  Agreement  and in the  other  Credit
Documents (all such obligations,  liabilities and indebtedness under this clause
(i), except to the extent consisting of obligations, liabilities or indebtedness
with respect to Interest Rate Protection Agreements and Other Hedging Agreements
entitled to the benefits of this Guaranty,  being herein collectively called the
"Credit Document  Obligations");  and (ii) to the Other Creditors,  the full and
prompt  payment when due (whether at the stated  maturity,  by  acceleration  or
otherwise) of all obligations,  liabilities and indebtedness (including, without
limitation,  all  interest  that  accrues  after the  commencement  of any case,
proceeding   or  other   action   relating   to  the   bankruptcy,   insolvency,
reorganization  or similar  proceeding of any Borrower or Subsidiary  thereof at
the rate provided for in the  respective  documentation,  whether or not a claim
for  post-petition  interest  is allowed in any such  proceeding)  owing by each
Borrower and Subsidiary  thereof to the Other  Creditors  under, or with respect
to, each Interest Rate Protection Agreement and Other Hedging Agreement entitled
to the  benefits  of  this  Guaranty,  whether  such  Interest  Rate  Protection
Agreement or Other Hedging  Agreement is now in existence or hereafter  arising,
and the due  performance  and  compliance by each  Borrower and each  Subsidiary
thereof with all of the terms,  conditions and agreements contained therein (all
such  obligations,  liabilities and  indebtedness  described in this clause (ii)
being herein  collectively called the "Other Obligations" and, together with the
Credit  Document  Obligations,  are herein  collectively  called the "Guaranteed
Obligations").  Each Guarantor understands, agrees and confirms that the Secured
Creditors  may enforce  this  Guaranty  up to the full amount of the  Guaranteed
Obligations   against  each  Guarantor  without  proceeding  against  any  other
Guarantor,  any Borrower,  any Subsidiary thereof,  against any security for the
Guaranteed Obligations, or under any other guaranty covering all or a portion of
the Guaranteed  Obligations.  All payments by each Guarantor under this Guaranty
shall be made

<PAGE>
                                                                          Page 3

in the currency or currencies in which the respective Guaranteed Obligations are
required to be paid and on the same basis as payments are made by the respective
Borrowers under Sections 4.03 and 4.04 of the Credit Agreement.  For purposes of
this  Guaranty,  the term  "Guarantor"  as applied to any Borrower  party hereto
shall  refer to such  Borrower as a guarantor  of  indebtedness  incurred by the
other  Borrowers,  as opposed to  indebtedness  directly  incurred  by it.  This
Guaranty constitutes a guaranty of payment, and not of collection.

          2.   Additionally,   each  Guarantor,   jointly  and  severally,   and
absolutely,  unconditionally and irrevocably,  guarantees the payment of any and
all  Guaranteed  Obligations  to the  Secured  Creditors  whether  or not due or
payable by any Borrower or any Subsidiary thereof upon the occurrence in respect
of such Borrower or such  Subsidiary  of any of the events  specified in Section
9.05 of the Credit Agreement,  and absolutely,  unconditionally and irrevocably,
and jointly and severally,  promises to pay such  Guaranteed  Obligations to the
Secured  Creditors,  or to their order, on demand, in the currency or currencies
in which the respective Guaranteed Obligations are required to be paid.

          3. The  liability of each  Guarantor  hereunder is primary,  absolute,
irrevocable,   joint  and  several  and   unconditional  and  is  exclusive  and
independent of any security for or other guaranty of the Guaranteed  Obligations
whether executed by such Guarantor,  any other Guarantor, any other guarantor or
by any other party,  and the liability of each Guarantor  hereunder shall not be
affected or impaired by any  circumstance  or occurrence  whatsoever,  including
without  limitation:  (a) any  direction  as to  application  of  payment by any
Borrower, any Subsidiary thereof or by any other party, (b) any other continuing
or other  guaranty,  undertaking  or maximum  liability of a guarantor or of any
other party as to the Guaranteed Obligations, (c) any payment on or in reduction
of any such other guaranty or undertaking,  (d) any dissolution,  termination or
increase,  decrease or change in  personnel  by any  Borrower or any  Subsidiary
thereof,  (e)  any  payment  made  to any  Secured  Creditor  on the  Guaranteed
Obligations  which any Secured  Creditor  repays any  Borrower,  any  Subsidiary
thereof  or any  other  Person  pursuant  to  court  order  in  any  bankruptcy,
reorganization,  arrangement,  moratorium or other debtor relief proceeding, and
each  Guarantor  waives  any  right  to  the  deferral  or  modification  of its
obligations  hereunder  by reason of any such  proceeding  or (f) any  action or
inaction by the Secured Creditors as contemplated by Section 5 hereof.

          4. The obligations of each Guarantor  hereunder are independent of the
obligations  of any other  Guarantor,  any  other  guarantor  of the  Guaranteed
Obligations,  any Borrower or any Subsidiary  thereof,  and a separate action or
actions may be brought and  prosecuted  against  each  Guarantor  whether or not
action is  brought  against  any other  Guarantor,  any other  guarantor  of the
Guaranteed  Obligations,  any Borrower or any Subsidiary  thereof and whether or
not any other Guarantor, any other guarantor of the Guaranteed Obligations,  any
Borrower or any Subsidiary thereof be joined in any such action or actions. Each
Guarantor  waives,  to the fullest extent  permitted by law, the benefits of any
statute of  limitations  affecting  its liability  hereunder or the  enforcement
thereof.  Any  payment by any  Borrower or any  Subsidiary  thereof or any other
circumstance  which  operates  to toll any  statute  of  limitations  as to such
Borrower or such Subsidiary  shall,  to the extent  permitted by applicable law,
operate to toll the statute of limitations as to each Guarantor.

<PAGE>
                                                                          Page 4

          5. Any Secured Creditor may (except as shall be required by applicable
statute  and  cannot be waived)  at any time and from time to time  without  the
consent of, or notice to, any Guarantor (in its capacity as Guarantor),  without
incurring  responsibility to such Guarantor,  without impairing or releasing the
obligations of such Guarantor hereunder, upon or without any terms or conditions
and in whole or in part:

          (a) change the manner,  place or terms of payment of, and/or change or
     extend the time of payment of, renew, increase, accelerate or alter, any of
     the  Guaranteed  Obligations  (including  any increases or decreases in the
     rate of interest  thereon or the principal  amount  thereof),  any security
     therefor,  or any  liability  incurred  directly or  indirectly  in respect
     thereof,  and the  guaranty  herein  made  shall  apply  to the  Guaranteed
     Obligations as so changed, extended, renewed or altered;

          (b)  take  and  hold  security  for  the  payment  of  the  Guaranteed
     Obligations and sell, exchange, release, impair, surrender, realize upon or
     otherwise  deal  with  in any  manner  and in any  order  any  property  by
     whomsoever  at any time  pledged  or  mortgaged  to  secure,  or  howsoever
     securing,  the Guaranteed  Obligations or any liabilities (including any of
     those  hereunder)  incurred  directly or indirectly  in respect  thereof or
     hereof, and/or any offset thereagainst;

          (c)  exercise  or  refrain  from  exercising  any rights  against  any
     Borrower, any other Credit Party or any Subsidiary thereof or otherwise act
     or refrain from acting;

          (d)  settle  or  compromise  any of the  Guaranteed  Obligations,  any
     security  therefor  or any  liability  (including  any of those  hereunder)
     incurred  directly  or  indirectly  in respect  thereof or hereof,  and may
     subordinate  the  payment of all or any part  thereof to the payment of any
     liability (whether due or not) of any Borrower or any Subsidiary thereof to
     creditors  of such  Borrower  or such  Subsidiary  other  than the  Secured
     Creditors;

          (e) apply any sums by  whomsoever  paid or  howsoever  realized to any
     liability or liabilities  of any Borrower or any Subsidiary  thereof to the
     Secured  Creditors  regardless of what liabilities of such Borrower or such
     Subsidiary remain unpaid;

          (f)  consent  to or waive any breach of any act,  omission  or default
     under any of the Interest  Rate  Protection  Agreements,  the Other Hedging
     Agreements,  the Credit  Documents or any of the  instruments or agreements
     referred to therein,  or otherwise  amend,  modify or supplement any of the
     Interest Rate  Protection  Agreements,  the Other Hedging  Agreements,  the
     Credit Documents or any of such other instruments or agreements;

          (g) act or fail to act in any manner which may deprive such  Guarantor
     of its  right to  subrogation  against  any  Borrower  or any  Subsidiaries
     thereof to recover full  indemnity  for any payments  made pursuant to this
     Guaranty;

          (h) release or substitute any one or more endorsers, Guarantors, other
     guarantors, any Borrower, any Subsidiary thereof or other obligors; and/or

<PAGE>
                                                                          Page 5

          (i) take any other  action  which would,  under  otherwise  applicable
     principles  of common law,  give rise to a legal or equitable  discharge of
     such Guarantor from its liabilities under this Guaranty.

          6. No invalidity,  irregularity or unenforceability of all or any part
of the Guaranteed  Obligations or of any security therefor shall affect,  impair
or  be a  defense  to  this  Guaranty,  and  this  Guaranty  shall  be  primary,
irrevocable,  joint and several, absolute and unconditional  notwithstanding the
occurrence of any event or the existence of any other  circumstances which might
constitute  a legal or  equitable  discharge  of a surety  or  guarantor  except
payment in full in cash of the Guaranteed Obligations.

          7. This Guaranty is a continuing  one and all  liabilities to which it
applies or may apply under the terms  hereof shall be  conclusively  presumed to
have been  created in  reliance  hereon.  No failure or delay on the part of any
Secured  Creditor in exercising any right,  power or privilege  hereunder  shall
operate as a waiver  thereof;  nor shall any single or partial  exercise  of any
right,  power or  privilege  hereunder  preclude  any other or further  exercise
thereof or the exercise of any other right,  power or privilege.  The rights and
remedies  herein  expressly  specified are  cumulative  and not exclusive of any
rights or remedies  which any Secured  Creditor  would  otherwise have under any
other Credit Document, any Interest Rate Protection Agreement, any Other Hedging
Agreement,  applicable law or otherwise. No notice to or demand on any Guarantor
in any case shall entitle such  Guarantor to any other further  notice or demand
in similar or other  circumstances  or  constitute a waiver of the rights of any
Secured  Creditor to any other or further  action in any  circumstances  without
notice or demand.  It is not necessary for any Secured  Creditor to inquire into
the capacity or powers of any Guarantor,  any Borrower or any Subsidiary thereof
or the officers, directors,  partners, members or agents acting or purporting to
act on its or their  behalf,  in  connection  with the  execution  of the Credit
Documents,  the  Interest  Rate  Protection  Agreements  or  the  Other  Hedging
Agreements,  and any indebtedness made or created in reliance upon the professed
exercise of such powers shall be guaranteed hereunder.

          8. Any indebtedness,  obligations or other liabilities of any Borrower
or any  Subsidiary  thereof now or  hereafter  held by any  Guarantor  is hereby
subordinated  to the  indebtedness,  obligations  or other  liabilities  of such
Borrower  or  Subsidiary  to the Secured  Creditors,  and (x) if a Default or an
Event of Default under Section 9.05 of the Credit Agreement  exists, no Borrower
or  Subsidiary  thereof (or any Person  acting on behalf of any  Borrower or any
Subsidiary  thereof) may make any payment of any kind or character in respect of
such  indebtedness,  obligations or other liabilities and to the extent that any
Guarantor  (or any Person acting on behalf of any  Guarantor)  shall receive any
such payment, such Guarantor shall hold such amounts in trust for the benefit of
the of the Secured  Creditors and shall immediately pay such amounts over to the
Administrative  Agent on behalf  of the  Secured  Creditors  on  account  of the
Guaranteed  Obligations,  or (y) if the  Administrative  Agent or the Collateral
Agent,  after the  occurrence  and during the  continuance of any other Event of
Default, so requests, all such indebtedness, obligations or other liabilities of
such  Borrower or Subsidiary  shall be collected,  enforced and received by such
Guarantor as trustee for the Secured  Creditors  and be paid over to the Secured
Creditors on account of the  indebtedness,  obligations or other  liabilities of
such Borrower or Subsidiary to the Secured Creditors, but (in each case) without
affecting or impairing in any manner the liability of such  Guarantor  under the
other provisions of this

<PAGE>
                                                                          Page 6

Guaranty.  Prior to the  transfer  by any  Guarantor  of any note or  negotiable
instrument evidencing any indebtedness of any Borrower or any Subsidiary thereof
to such Guarantor,  such Guarantor shall mark such note or negotiable instrument
with a legend that the same is subject to this  subordination.  Without limiting
the generality of the foregoing,  each Guarantor  hereby agrees with the Secured
Creditors that it will not exercise any right of subrogation which it may at any
time otherwise  have as a result of this Guaranty  (whether  contractual,  under
Section  509  of  the  Bankruptcy  Code  or  otherwise)   until  all  Guaranteed
Obligations have been indefeasibly paid in full in cash.

          9. (a) Each  Guarantor  waives all rights (except as shall be required
by  applicable  statute or law and cannot be  waived)  to  require  the  Secured
Creditors to: (i) proceed  against any Borrower,  any  Subsidiary  thereof,  any
other Guarantor,  any other guarantor of the Guaranteed Obligations or any other
party; (ii) proceed against or exhaust any security held from any Borrower,  any
Subsidiary thereof,  any other Guarantor,  any other guarantor of the Guaranteed
Obligations or any other party;  or (iii) pursue any other remedy in the Secured
Creditors'  power  whatsoever.  Each  Guarantor  waives (to the  fullest  extent
permitted by applicable  law) any defense based on or arising out of any defense
of any Borrower,  any other  Guarantor,  any other  guarantor of the  Guaranteed
Obligations,  any  Subsidiary  of any Borrower or any other party other than the
indefeasible payment in full in cash of the Guaranteed  Obligations,  including,
without limitation, any defense based on or arising out of the disability of any
Borrower, any other Subsidiary of any Borrower,  any other Guarantor,  any other
guarantor  of  the   Guaranteed   Obligations   or  any  other  party,   or  the
unenforceability  of the  Guaranteed  Obligations  or any part  thereof  for any
reason or the  cessation  from any cause of the liability of any Borrower or any
Subsidiary  thereof other than the  indefeasible  payment in full in cash of the
Guaranteed Obligations.  The Secured Creditors may, at their election, foreclose
on any security held by the  Administrative  Agent,  the Collateral Agent or the
other Secured Creditors by one or more judicial or nonjudicial sales, whether or
not every aspect of any such sale is  commercially  reasonable,  or exercise any
other right or remedy the Secured  Creditors may have against any Borrower,  any
Subsidiary  thereof or any other party,  or any security,  without  affecting or
impairing in any way the  liability  of any  Guarantor  hereunder  except to the
extent the Guaranteed Obligations have been paid in full in cash. Each Guarantor
waives any defense  arising out of any such  election by the Secured  Creditors,
even  though  such  election  operates  to  impair  or  extinguish  any right of
reimbursement or subrogation or other right or remedy of such Guarantor  against
any Borrower, any Subsidiary thereof or any other party or any security.

          (b) Each Guarantor  hereby waives (to the fullest extent  permitted by
applicable  law)  promptness,  diligence,  presentment,  demands  for payment or
performance,  protests and notices,  including,  without limitation,  notices of
nonpayment or nonperformance,  notices of protest, notices of dishonor,  notices
of acceptance of this Guaranty,  notices of any liability to which it may apply,
notices  of  the   existence,   creation  or  incurring  of  new  or  additional
indebtedness,  notices of suit or taking of other  action by the  Administrative
Agent, the Collateral Agent or any other Secured Creditor against, and any other
notice  to,  any party  liable  thereon  (including  such  Guarantor,  any other
guarantor,  any Borrower or any Subsidiary thereof).  Each Guarantor assumes all
responsibility for being and keeping itself informed of each Borrower's and each
Subsidiary's  financial  condition  and assets,  and of all other  circumstances
bearing  upon the  risk of  nonpayment  of the  Guaranteed  Obligations  and the
nature,  scope and extent of the risks which such  Guarantor  assumes and incurs
hereunder,  and agrees that the Secured  Creditors

<PAGE>
                                                                          Page 7

shall  have no  duty to  advise  any  Guarantor  of  information  known  to them
regarding such circumstances or risks.

Each  Guarantor  warrants and agrees that each of the waivers set forth above is
made with full knowledge of its significance and consequences and that if any of
such  waivers is  determined  to be  contrary  to any  applicable  law or public
policy,  such waivers shall be effective only to the maximum extent permitted by
law.

          10. The Secured  Creditors  agree that this  Guaranty  may be enforced
only by the action of the Administrative  Agent or the Collateral Agent, in each
case acting upon the instructions of the Required Secured  Creditors (as defined
in the US Security  Agreement) and that no other Secured Creditor shall have any
right  individually to seek to enforce or to enforce this Guaranty or to realize
upon the security to be granted by the Security  Documents,  it being understood
and agreed that such rights and remedies may be exercised by the  Administrative
Agent or the Collateral Agent for the benefit of the Secured  Creditors upon the
terms of this Guaranty and the Security Documents. The Secured Creditors further
agree that this  Guaranty  may not be enforced  against any  director,  officer,
employee,  member, partner or stockholder of any Guarantor (except to the extent
such member, partner or stockholder is also a Guarantor hereunder).

          11.  In order  to  induce  the  Lenders  to make  Loans  and  issue or
participate in Letters of Credit pursuant to the Credit Agreement,  and in order
to induce the Other Creditors to execute,  deliver and perform the Interest Rate
Protection  Agreements and Other Hedging Agreements,  each Guarantor represents,
warrants and covenants (as to itself and each of its Subsidiaries), in each case
after giving effect to the transactions to occur on the Initial  Borrowing Date,
that:

          (a)  Such  Guarantor  and  each  of  its  Subsidiaries  (i)  is a duly
     organized  and  validly  existing   corporation,   partnership  or  limited
     liability  company,  as the case may be, in good standing under the laws of
     the jurisdiction of its organization,  (ii) has the corporate,  partnership
     or limited  liability  company power and authority,  as the case may be, to
     own its  property  and assets and to transact  the  business in which it is
     engaged and presently  proposes to engage and (iii) is duly  qualified as a
     foreign corporation,  partnership or limited liability company, as the case
     may be, and is in good standing in each  jurisdiction  where the ownership,
     leasing or operation  of property or the conduct of its  business  requires
     such  qualification,  except in those jurisdictions where the failure to be
     so qualified could not reasonably be expected to, either individually or in
     the aggregate, have a Material Adverse Effect.

          (b) Such Guarantor has the corporate, partnership or limited liability
     company,  as the case may be, power and  authority to execute,  deliver and
     carry out the terms and  provisions  of this Guaranty and each other Credit
     Document  to which it is a party  and has taken  all  necessary  corporate,
     partnership or limited  liability  company  action,  as the case may be, to
     authorize the execution, delivery and performance by it of each such Credit
     Document.  Such Guarantor has duly executed and delivered this Guaranty and
     each  other  Credit  Document  to which it is a party and each such  Credit
     Document  constitutes  the  legal,  valid and  binding  obligation  of such
     Guarantor

<PAGE>
                                                                          Page 8

     enforceable  in  accordance  with its terms,  except to the extent that the
     enforceability  hereof or thereof may be limited by applicable  bankruptcy,
     insolvency,  reorganization  or other  similar  laws  affecting  creditors'
     rights  generally  and  by  equitable  principles  (regardless  of  whether
     enforcement is sought in equity or at law).

          (c) Neither the  execution,  delivery or performance by such Guarantor
     of this Guaranty or any other Credit  Document to which it is a party,  nor
     compliance by it with any of the terms and provisions hereof or thereof (i)
     will  contravene  any  applicable  provision of any law,  statute,  rule or
     regulation,  or any  order,  writ,  injunction  or  decree  of any court or
     governmental instrumentality, (ii) will conflict or be inconsistent with or
     result  in  any  breach  of  any of the  terms,  covenants,  conditions  or
     provisions of, or constitute a default under,  or result in the creation or
     imposition  of (or the  obligation  to create or impose)  any Lien  (except
     pursuant to the Security  Documents)  upon any of the property or assets of
     such  Guarantor  or any of its  Subsidiaries  pursuant  to the terms of any
     indenture, mortgage, deed of trust, credit agreement, loan agreement or any
     other material agreement, contract or instrument to which such Guarantor or
     any of its Subsidiaries is a party or by which it or any of its property or
     assets is bound or to which it may be  subject or (iii)  will  violate  any
     provision of the  certificate  of  incorporation  or by-laws (or equivalent
     organizational documents) of such Guarantor or any of its Subsidiaries.

          (d) No order, consent, approval, license,  authorization or validation
     of, or filing, recording or registration with (except as have been obtained
     or made and  except  for any  filings  of  financing  statements  and other
     documents required by the Security Documents, all of which have been made),
     or  exemption  by, any  governmental  or public body or  authority,  or any
     subdivision thereof, is required to authorize, or is required in connection
     with, (i) the execution,  delivery and  performance of this Guaranty or any
     other  Credit  Document  to  which  such  Guarantor  is a party or (ii) the
     legality,  validity,  binding effect or  enforceability of this Guaranty or
     any other Credit Document to which such Guarantor is a party.

          (e) There are no actions, suits, investigations or proceedings pending
     or, to the best knowledge of such Guarantor, threatened (i) with respect to
     this  Guaranty or any other  Credit  Document to which such  Guarantor is a
     party or (ii) that are reasonably  likely,  either  individually  or in the
     aggregate, to have a Material Adverse Effect.

          12.  Each  Guarantor  covenants  and agrees that on and after the date
hereof and until the  termination of the Total  Commitment and all Interest Rate
Protection  Agreements and Other Hedging Agreements  entitled to the benefits of
the Guaranty and when no Loan, Note or Letter of Credit remains  outstanding and
all  Guaranteed  Obligations  have  been  paid  in  full  in  cash  (other  than
indemnities  described in Section  12.13 of the Credit  Agreement  and analogous
provisions in the Security  Documents which are not then due and payable),  such
Guarantor  shall,  and shall cause each of its  Subsidiaries to take, or refrain
from taking,  as the case may be, all actions that are  necessary to be taken or
not taken so that  neither such  Guarantor  nor any of its  Subsidiaries  are in
violation of any provision, covenant or agreement contained in Section 7 or 8 of
the  Credit  Agreement,  and so that no Default or Event of Default is caused by
the actions of such Guarantor or any of its Subsidiaries.

<PAGE>
                                                                          Page 9

          13. The  Guarantors  hereby  jointly  and  severally  agree to pay all
reasonable  out-of-pocket  costs  and  expenses  of  each  Secured  Creditor  in
connection with the enforcement of this Guaranty and of the Administrative Agent
in connection with any amendment,  waiver or consent relating hereto (including,
without limitation, the reasonable fees and disbursements of counsel (including,
without  duplication,  in-house counsel) and consultants employed or retained by
the Administrative  Agent and, after the occurrence of an Event of Default,  one
additional  counsel  employed or retained by the other  Secured  Creditors  as a
group).

          14.  This  Guaranty  shall be  binding  upon  each  Guarantor  and its
successors  and assigns and shall inure to the benefit of the Secured  Creditors
and their  successors and assigns,  provided that no Guarantor may assign any of
its rights or obligations hereunder,  except in accordance with the terms of the
Credit Agreement.

          15.  Neither this  Guaranty nor any  provision  hereof may be changed,
waived,  discharged  or  terminated  except  as  provided  in  the  US  Security
Agreement.

          16. Each Guarantor  acknowledges  that an executed (or conformed) copy
of each of the Credit  Documents and Interest  Rate  Protection  Agreements  and
Other Hedging Agreements  entitled to the benefits of the Guaranty has been made
available to its  principal  executive  officers and such  officers are familiar
with the contents thereof.

          17.  In  addition  to  any  rights  now  or  hereafter  granted  under
applicable  law  (including,  without  limitation,  Section  151 of the New York
Debtor and Creditor Law) and not by way of  limitation of any such rights,  upon
the occurrence  and during the  continuance of an Event of Default (such term to
mean and include any "Event of  Default" as defined in the Credit  Agreement  or
any payment  default  under any  Interest  Rate  Protection  Agreement  or Other
Hedging  Agreement  continuing after any applicable grace period),  each Secured
Creditor is hereby  authorized at any time or from time to time,  without notice
to any Guarantor or to any other Person, any such notice being expressly waived,
to set off and to  appropriate  and  apply  any and  all  deposits  (general  or
special)  and any other  indebtedness  at any time held or owing by such Secured
Creditor to or for the credit or the account of such  Guarantor,  against and on
account of the  indebtedness,  obligations  and liabilities of such Guarantor to
such Secured  Creditor under this Guaranty,  irrespective of whether or not such
Secured  Creditor  shall  have  made any  demand  hereunder  and  although  said
indebtedness,  obligations,  liabilities,  deposits  or claims,  or any of them,
shall be contingent or unmatured.

          18. All notices,  requests,  demands or other communications  pursuant
hereto  shall be deemed to have been duly  given or made when  delivered  to the
Person to which such notice,  request, demand or other communication is required
or permitted to be given or made under this Guaranty, addressed to such party at
(i) in the case of any Lender  Creditor,  as provided  in the Credit  Agreement,
(ii) in the case of any  Guarantor,  at c/o  Silgan  Holdings  Inc.,  4 Landmark
Square,  Suite 400,  Stamford,  Connecticut 06901,  Attention:  General Counsel,
Telephone No.: (203) 975-7110,  Telecopier No.: (203) 975-4598, and (iii) in the
ease of any Other  Creditor,  at such address as such Other  Creditor shall have
specified  in writing to Silgan,  the  Administrative  Agent and the  Collateral
Agent;  or in any case at such other address as any of the Persons  listed above
may hereafter notify the others in writing.

<PAGE>
                                                                         Page 10

          19. If claim is ever made upon any Secured  Creditor for  repayment or
recovery  of any amount or amounts  received  in payment or on account of any of
the Guaranteed Obligations and any of the aforesaid payees repays all or part of
said  amount  by  reason  of (i) any  judgment,  decree or order of any court or
administrative  body having  jurisdiction over such payee or any of its property
or (ii) any  settlement or  compromise of any such claim  effected by such payee
with any such claimant (including any Borrower or any Subsidiary thereof),  then
and in such event each Guarantor agrees that any such judgment,  decree,  order,
settlement or compromise  shall be binding upon such Guarantor,  notwithstanding
any  revocation  hereof or other  instrument  evidencing  any  liability  of any
Borrower  or any  Subsidiary  thereof,  and such  Guarantor  shall be and remain
liable to the aforesaid  payees  hereunder for the amount so repaid or recovered
to the same extent as if such amount had never  originally  been received by any
such payee.

          20. (a) THIS  GUARANTY AND THE RIGHTS AND  OBLIGATIONS  OF THE SECURED
CREDITORS AND OF THE UNDERSIGNED HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH
AND BE  GOVERNED  BY THE LAW OF THE  STATE OF NEW  YORK,  WITHOUT  REGARD TO ITS
CONFLICTS OF LAWS  PRINCIPLES.  Any legal action or  proceeding  with respect to
this  Guaranty or any other Credit  Document to which such  Guarantor is a party
may be brought in the courts of the State of New York or of the United States of
America for the Southern District of New York, in each case which are located in
the County of New York,  and, by execution and delivery of this  Guaranty,  each
Guarantor hereby irrevocably  accepts for itself and in respect of its property,
generally and  unconditionally,  the jurisdiction of the aforesaid courts.  Each
Guarantor hereby further  irrevocably waives any claim that any such courts lack
personal jurisdiction over such Guarantor,  and agrees not to plead or claim, in
any legal action or proceeding with respect to this Guaranty or any other Credit
Document  to which such  Guarantor  is a party  brought in any of the  aforesaid
courts,  that any such court lacks personal  jurisdiction  over such  Guarantor.
Each Guarantor further irrevocably consents to the service of process out of any
of the aforementioned  courts in any such action or proceeding by the mailing of
copies  thereof by  registered  or  certified  mail,  postage  prepaid,  to each
Guarantor  at its address set forth above,  such service to become  effective 30
days after such mailing.  Each Guarantor hereby irrevocably waives any objection
to such  service of process  and  further  irrevocably  waives and agrees not to
plead or claim in any  action or  proceeding  commenced  hereunder  or under any
other Credit Document to which such Guarantor is a party that service of process
was in any way invalid or ineffective.  Nothing herein shall affect the right of
any of the Secured  Creditors to serve process in any other manner  permitted by
law or to commence legal proceedings or otherwise proceed against each Guarantor
in any other jurisdiction.

          (b) Each Guarantor  hereby  irrevocably  waives any objection which it
may now or hereafter have to the laying of venue of any of the aforesaid actions
or proceedings  arising out of or in connection  with this Guaranty or any other
Credit Document brought in the courts referred to in clause (a) above and hereby
further  irrevocably  waives  and agrees not to plead or claim in any such court
that such action or proceeding  brought in any such court has been brought in an
inconvenient forum.

          21.  In the  event  that  all  of the  capital  stock  of one or  more
Guarantors is sold or otherwise disposed of or liquidated in compliance with the
requirements of Section 8.02 of the

<PAGE>
                                                                         Page 11

Credit  Agreement (or such sale or other  disposition  or  liquidation  has been
approved in writing by the Required Secured Creditors), upon the consummation of
such sale, disposition or liquidation such Guarantor shall be released from this
Guaranty and this  Guaranty  shall,  as to each such  Guarantor  or  Guarantors,
terminate,  and have no further force or effect (it being  understood and agreed
that the sale of one or more Persons that own,  directly or  indirectly,  all of
the capital stock or other equity  interests of any Guarantor shall be deemed to
be a sale of such Guarantor for the purposes of this Section 21).

          22. This Guaranty may be executed in any number of counterparts and by
the different  parties  hereto on separate  counterparts,  each of which when so
executed and  delivered  shall be an original,  but all of which shall  together
constitute one and the same  instrument.  A set of counterparts  executed by all
the parties  hereto shall be lodged with each  Guarantor and the  Administrative
Agent.

          23.  EACH  GUARANTOR  AND  EACH OF THE  SECURED  CREDITORS  (BY  THEIR
ACCEPTANCE OF THE BENEFITS  HEREOF)  HEREBY  IRREVOCABLY  WAIVES ALL RIGHTS TO A
TRIAL  BY JURY IN ANY  ACTION,  PROCEEDING  OR  COUNTERCLAIM  ARISING  OUT OF OR
RELATING  TO THIS  GUARANTY,  THE OTHER  CREDIT  DOCUMENTS  OR THE  TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY.

          24. All payments made by any Guarantor  hereunder will be made without
setoff, counterclaim or other defense.

          25. It is understood  and agreed that any Subsidiary of Silgan that is
required  to  execute a  counterpart  of this  Guaranty  after  the date  hereof
pursuant  to  the  Credit  Agreement  shall  automatically  become  a  Guarantor
hereunder  by  executing a  counterpart  hereof and  delivering  the same to the
Administrative Agent.

          26. At any time a payment in respect of the Guaranteed  Obligations is
made under this Guaranty,  the right of contribution  of each Guarantor  against
each  other  Guarantor  shall  be  determined  as  provided  in the  immediately
following  sentence,  with the right of  contribution  of each  Guarantor  to be
revised and restated as of each date on which a payment (a  "Relevant  Payment")
is made on the Guaranteed  Obligations  under this Guaranty.  At any time that a
Relevant  Payment is made by a Guarantor that results in the aggregate  payments
made by such Guarantor in respect of the Guaranteed Obligations to and including
the  date  of the  Relevant  Payment  exceeding  such  Guarantor's  Contribution
Percentage (as defined  below) of the aggregate  payments made by all Guarantors
in  respect  of the  Guaranteed  Obligations  to and  including  the date of the
Relevant  Payment  (such  excess,  the  "Aggregate  Excess  Amount"),  each such
Guarantor  shall have a right of  contribution  against each other Guarantor who
has made payments in respect of the Guaranteed  Obligations to and including the
date of the  Relevant  Payment  in an  aggregate  amount  less than  such  other
Guarantor's  Contribution  Percentage  of the  aggregate  payments  made  to and
including the date of the Relevant  Payment by all  Guarantors in respect of the
Guaranteed  Obligations  (the aggregate  amount of such deficit,  the "Aggregate
Deficit  Amount") in an amount equal to (x) a fraction the numerator of which is
the Aggregate  Excess Amount of such  Guarantor and the  denominator of which is
the Aggregate  Excess Amount of all  Guarantors  multiplied by (y) the Aggregate
Deficit Amount of such other

<PAGE>
                                                                         Page 12

Guarantors.  A  Guarantor's  right of  contribution  pursuant  to the  preceding
sentences shall arise at the time of each computation,  subject to adjustment to
the time of any subsequent computation; provided, that no Guarantor may take any
action  to  enforce  such  right  until  the  Guaranteed  Obligations  have been
indefeasibly  paid in full in cash and the Total  Commitment  and all Letters of
Credit and Interest Rate Protection Agreements and Other Hedging Agreements have
been terminated,  it being expressly recognized and agreed by all parties hereto
that any Guarantor's  right of contribution  arising pursuant to this Section 26
against any other  Guarantor  shall be expressly  junior and subordinate to such
other  Guarantor's  indebtedness,  obligations and liabilities in respect of the
Guaranteed  Obligations and any other  obligations  owing under this Guaranty or
any other Credit  Document to which such  Guarantor is a party.  As used in this
Section  26:  (i) each  Guarantor's  "Contribution  Percentage"  shall  mean the
percentage obtained by dividing (x) the Adjusted Net Worth (as defined below) of
such Guarantor by (y) the aggregate  Adjusted Net Worth of all Guarantors;  (ii)
the "Adjusted Net Worth" of each Guarantor shall mean the greater of (x) the Net
Worth (as  defined  below) of such  Guarantor  and (y) zero;  and (iii) the "Net
Worth" of each  Guarantor  shall mean the amount by which the fair salable value
of such  Guarantor's  assets on the date of any  Relevant  Payment  exceeds  its
existing debts and other  liabilities  (including  contingent  liabilities,  but
without giving effect to any Guaranteed  Obligations arising under this Guaranty
and, to the maximum extent  permitted by applicable law, any liabilities of such
Guarantor in respect of any  Permitted  Subordinated  Indebtedness  or any other
indebtedness  that  is  subordinated  to  the  Guaranteed   Obligations  or  any
obligations  arising  under this  Guaranty)  on such date.  All  parties  hereto
recognize and agree that, except for any right of contribution  arising pursuant
to this  Section  26,  each  Guarantor  that makes any payment in respect of the
Guaranteed  Obligations  shall  have no right  of  contribution  or  subrogation
against any other  Guarantor in respect of such payment.  Each of the Guarantors
recognizes and acknowledges  that the rights to contribution  arising  hereunder
shall  constitute an asset in favor of the party entitled to such  contribution.
In this connection, each Guarantor has the right to waive its contribution right
against any Guarantor to the extent that after giving effect to such waiver such
Guarantor would remain solvent, in the reasonable  determination of the Required
Lenders.

          27. Each Secured  Creditor (by its acceptance of the benefits  hereof)
and each Guarantor  hereby  confirms that it is its intention that this Guaranty
not  constitute  a  fraudulent  transfer  or  conveyance  for  purposes  of  the
Bankruptcy Code, the Uniform  Fraudulent  Transfer Act or any similar federal or
state law. To effectuate the foregoing intention, each Secured Creditor and each
Guarantor hereby irrevocably agrees that the Guaranteed  Obligations  guaranteed
by each  Guarantor  under this Guaranty shall be limited to such amount as will,
after giving  effect to such maximum  amount and all of such  Guarantor's  other
(contingent  or otherwise)  liabilities  that are relevant  under such laws (but
excluding, to the maximum extent permitted by applicable law, any liabilities of
a Guarantor arising under any Permitted  Subordinated  Indebtedness or any other
indebtedness  that  is  subordinated  to  the  Guaranteed   Obligations  or  any
obligations  under  this  Guaranty),  and after  giving  effect to any rights to
contribution  pursuant to any agreement providing for an equitable  contribution
among the Guarantors  (including  pursuant to Section 26 hereof),  result in the
Guaranteed  Obligations  of such Guarantor in respect of such maximum amount not
constituting a fraudulent transfer or conveyance.

<PAGE>
                                                                         Page 13

          28. (a) The Guarantors'  obligations hereunder to make payments in the
respective currency or currencies in which the respective Guaranteed Obligations
are  required to be paid (such  currency  being  herein  called the  "Obligation
Currency")  shall not be  discharged  or  satisfied  by any  tender or  recovery
pursuant to any judgment  expressed in or converted into any currency other than
the  Obligation  Currency,  except to the extent  that such  tender or  recovery
results in the effective  receipt by the  Administrative  Agent,  the Collateral
Agent or the  respective  Secured  Creditor of the full amount of the Obligation
Currency  expressed to be payable to the  Administrative  Agent,  the Collateral
Agent or such other  Secured  Creditor  under this  Guaranty,  the other  Credit
Documents  or  the  Interest  Rate   Protection   Agreements  or  Other  Hedging
Agreements, as applicable. If for the purpose of obtaining or enforcing judgment
against any Guarantor in any court or in any jurisdiction,  it becomes necessary
to convert into or from any currency  other than the  Obligation  Currency (such
other  currency  being  hereinafter  referred to as the "Judgment  Currency") an
amount  due in the  Obligation  Currency,  the  conversion  shall be made at the
Relevant  Currency  Equivalent  thereof  or,  in the case of a  conversion  into
currencies  other than  Dollars  or a Primary  Alternate  Currency,  the rate of
exchange (quoted by the  Administrative  Agent) or if the  Administrative  Agent
does not quote a rate of exchange on such  currency,  by a known  dealer in such
currency designated by the Administrative Agent) determined, in each case, as of
the day on which the  judgment is given  (such  Business  Day being  hereinafter
referred to as the "Judgment Currency Conversion Date").

          (b) If there is a change in the rate of  exchange  prevailing  between
the  Judgment  Currency  Conversion  Date and the date of actual  payment of the
amount due, the Guarantors  jointly and severally  covenant and agree to pay, or
cause to be paid, such additional amounts, if any (but in any event not a lesser
amount),  as may be  necessary  to ensure that the amount  paid in the  Judgment
Currency,  when  converted  at the rate of  exchange  prevailing  on the date of
payment,  will produce the amount of the  Obligation  Currency  which could have
been purchased with the amount of Judgment  Currency  stipulated in the judgment
or judicial  award at the rate or exchange  prevailing on the Judgment  Currency
Conversion Date.

          (c) For purposes of determining  the Relevant  Currency  Equivalent or
any other rate of exchange for this Section 28, such amounts  shall  include any
premium and costs  payable in  connection  with the  purchase of the  Obligation
Currency.

                                      *****

<PAGE>

          IN WITNESS  WHEREOF,  each  Guarantor  has caused this  Guaranty to be
executed and delivered as of the date first above written.

                               SILGAN HOLDINGS INC.,
                               as a Guarantor

                               By: /s/ Frank W. Hogan, III
                                   ---------------------------------------------
                                   Title: Senior Vice President, General Counsel
                                           and Secretary

                               SILGAN CONTAINERS CORPORATION
                               SILGAN PLASTICS CORPORATION
                               SILGAN CONTAINERS MANUFACTURING
                                   CORPORATION
                               SILGAN LLC
                               By: SILGAN CONTAINERS CORPORATION,
                                   as Manager
                        `      SILGAN CORPORATION
                               RXI PLASTICS, INC.
                               SILGAN CLOSURES CORPORATION
                               SILGAN CLOSURES LLC
                               SILGAN CLOSURES HOLDING COMPANY
                               SILGAN CLOSURES INTERNATIONAL
                                   HOLDING COMPANY
                               SILGAN EQUIPMENT COMPANY
                               SILGAN TUBES CORPORATION
                               SILGAN TUBES HOLDING COMPANY,
                               each as a Guarantor

                                By: /s/ Frank W. Hogan, III
                                    -----------------------------------
                                    Title: Vice President and Secretary

Accepted and agreed:

DEUTSCHE BANK AG NEW YORK BRANCH,
as Administrative Agent

By: /s/ Susan LeFevre
    ---------------------------------
    Title: Director

By: /s/ Evelyn Lazala
    ---------------------------------
    Title: Vice President

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