Document:

exv4w171

	 	 	 

	 

	 	EXHIBIT 4.171

SIG AUSTRIA HOLDING GMBH

as Pledgor

and

THE BANK OF NEW YORK MELLON

as Collateral Agent

and

as Pledgee

 

PLEDGE AGREEMENT

relating to the shares (Verpfändung von Aktien) in SIG

EURO HOLDING AG & CO. KGAA

 

The taking of this document or any certified copy of it or any document which constitutes
substitute documentation for it, or any document which includes written confirmations or references
to it, into Austria as well as printing out any e-mail communication which refers to any Credit
Document (as defined in Clause 1 of this document) in Austria or sending any e-mail communication
to which a pdf scan of this document is attached to an Austrian addressee or sending any e-mail
communication carrying an electronic or digital signature which refers to any Credit Document to an
Austrian addressee may cause the imposition of Austrian stamp duty. Accordingly, keep the original
document as well as all certified copies thereof and written and signed references to it outside of
Austria and avoid printing out any email communication which refers to any Credit Document in
Austria or sending any e-mail communication to which a pdf scan of this document is attached to an
Austrian addressee or sending any e-mail communication carrying an electronic or digital signature
which refers to any Credit Document to an Austrian addressee.

 

 

Contents

	 	 	 	 	 
	Clause	 	Page	 
	1. Definitions and Language
	 	 	3	 
	2. Pledged Shares
	 	 	9	 
	3. Pledge
	 	 	9	 
	4. Scope of the Pledges
	 	 	10	 
	5. Purpose of the Pledges
	 	 	12	 
	6. Exercise of Membership Rights
	 	 	12	 
	7. Enforcement of the Pledges
	 	 	12	 
	8. Austrian Limitations on Enforcement
	 	 	13	 
	9. Undertakings of the Pledgor
	 	 	14	 
	10. Delegation
	 	 	16	 
	11. Indemnity
	 	 	16	 
	12. No liability
	 	 	16	 
	13. Duration and Independence
	 	 	16	 
	14. Release (Pfandfreigabe)
	 	 	17	 
	15. Partial Invalidity; Waiver
	 	 	17	 
	16. Amendments
	 	 	18	 
	17. Austrian Stamp Duty
	 	 	18	 
	18. Notices and their Language
	 	 	19	 
	19. Applicable Law, Jurisdiction
	 	 	21	 
	20. Conclusion of this Agreement (Vertragsschluss)
	 	 	21	 
	Schedule 1 The Current Borrowers, the Current Guarantors and the
Current Senior Secured Note Guarantors and the Current New
Secured Note Guarantors
	 	 	22	 
	Part I — The Current Borrowers
	 	 	22	 
	Part II — The Current Guarantors
	 	 	22	 
	Part III — The Current Senior Secured Note Guarantors
	 	 	27	 
	Part IV — List of Current New Secured Note Guarantors
	 	 	31	 
	Schedule 2 Copy of Approval and Consent
	 	 	36	 
	Schedule 3 Stamp Duty Guidelines
	 	 	37	 
	Signature Pages
	 	 	39	 

 

 

This Share Pledge Agreement
(this “Agreement”) is made on 4 March 2010

BETWEEN:

	(1)	 	SIG Austria Holding GmbH, having its business address as at the date of this Agreement at
Industriestr. 3, A-5760 Saalfelden, Austria, and registered in the company book (Firmenbuch)
of the Republic of Austria under FN 236071 p (the “Pledgor”); and
	 
	(2)	 	The Bank of New York Mellon, having its business address at 1 Wall Street, New York, N.Y.
10286, The United States of America, in its capacity as collateral agent under the First Lien
Intercreditor Agreement (as defined below) (the “Collateral Agent”, or the “Pledgee”).

WHEREAS:

	(A)	 	Pursuant to a USD 3,975,000,000 and EUR 330,000,000 multi-currency term and revolving credit
agreement dated 5 November 2009 (as amended by the Amendment No.1 (as defined below), by the
Amendment No. 2 and Incremental Term Loan Assumption Agreement (as defined below) and by the
Amendment No. 3 and Incremental Term Loan Assumption Agreement (as defined below)) between,
inter alia, the parties listed in Part I of Schedule 1 hereto as current borrowers (the
“Current Borrowers”), the parties listed in Part IIof Schedule 1 hereto as current
guarantors (the “Current Guarantors”), Credit Suisse AG, Cayman Islands Branch (formerly
Credit Suisse, Cayman Islands Branch) as administrative agent and others (as further amended,
varied, novated, supplemented, superseded or extended from time to time, the “Credit
Agreement”), certain lenders (together the “Original Lenders”) have granted certain facilities
to the Current Borrowers and certain other entities which may accede or may have acceded to
the Credit Agreement as additional borrowers.
	 
	(B)	 	Pursuant to a senior secured note indenture dated 5 November 2009 between, inter alia,
Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., and Reynolds Group Issuer (Luxembourg)
S.A as issuers (the “Issuers”), certain affiliates of the Issuers listed in Part III of
Schedule 1 as current senior secured note guarantors (the “Current Senior Secured Note
Guarantors”) and The Bank of New York Mellon, as indenture trustee, principal paying agent,
transfer agent and registrar, (as amended, varied, novated, supplemented, superseded or
extended from time to time, the “Senior Secured Note Indenture”), the Issuers have issued
senior secured notes due 2016 in the aggregate principal amount of USD 1,125,000,000 (the “US
Secured Notes”) and senior secured notes due 2016 in the aggregate principal amount of EUR
450,000,000 (the “Euro Secured Notes” and together with the US Secured Notes the “Senior
Secured Notes”) to certain noteholders.

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	(C)	 	The Pledgor has entered into the Existing Share Pledge Agreements (as defined below).
	 
	(D)	 	Pursuant to an amendment No. 3 and incremental term loan assumption agreement relating to the
Credit Agreement dated 30 September 2010 between, inter alia, the Current Borrowers, the
Current Guarantors, Credit Suisse AG, Cayman Islands branch (formerly Credit Suisse, Cayman
Islands branch) as administrative agent and others (the “Amendment No. 3 and Incremental Term
Loan Assumption Agreement”) the Credit Agreement has been amended to, inter alia, increase the
incremental term facilities from an amount of USD 1,550,000,000 to an amount of USD
2,770,000,000.
	 
	(E)	 	Pursuant to a secured note indenture dated 15 October 2010 between, inter alia, RGHL Escrow I
LLC, RGHL Escrow I Inc., and RGHL Escrow Issuer (Luxembourg) I S.A. as escrow issuers (the
“Escrow Issuers”), The Bank of New York Mellon as indenture trustee, principal paying agent,
transfer agent, registrar and collateral agent, The Bank of New York Mellon, London Branch as
paying agent and Wilmington Trust (London) Limited as additional collateral agent (as amended,
varied, novated, supplemented, superseded or extended from time to time, the “New Secured Note
Indenture”), the Escrow Issuers have issued secured notes due 2019 in the aggregate principal
amount of USD 1,500,000,000 in escrow (the “New Secured Notes”). The Escrow Issuers have
merged with and into, or otherwise transferred all of their assets and liabilities to, the
Issuers, with each of the Issuers surviving the applicable mergers or other transfers and
assuming by operation of law the obligations of the applicable Escrow Issuers with respect to
the New Secured Note Indenture and the New Secured Notes. Certain affiliates of the Issuers
listed in Schedule 1Part IV have acceded to the New Secured Note Indenture as new secured note
guarantors (the “Current New Secured Note Guarantors”).
	 
	(F)	 	The Pledgor has agreed to grant an additional pledge (subject to the pledges arising under
the Existing Share Pledge Agreements (as defined below)) over its Shares (as defined below) in
the Company (as defined below) as security for the Pledgee’s claims against the Grantors (as
defined below) (or any of them) in respect of the Obligations (as defined below).
	 
	(G)	 	The security created by or pursuant to this Agreement is to be administered by the Collateral
Agent for the Secured Parties (as defined below) pursuant to a first lien intercreditor
agreement dated 5 November 2009 (as amended by the Amendment No.1 and Joinder Agreement (as
defined below)) between, inter alia, the Collateral Agent, the Indenture Trustee, the
Administrative Agent and the Grantors (each as defined below) and others (as amended, varied,
novated, supplemented, superseded or extended from time to time, the “First Lien Intercreditor
Agreement”).

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	(H)	 	SIG Combibloc Group AG is the owner of 501 (in words: five hundred one) shares in the
Company, Nos. 9,500-10,000, which are represented by a global share certificate (the “Existing
Share Certificate 2”).
	 
	(I)	 	The Pledgor and SIG Combibloc Group AG as sole shareholders (Aktionäre) of the Company have
approved and consented to the Pledge (as defined below) in a resolution of the shareholders
(Hauptversammlungsbeschluss) a copy of which is attached hereto as Schedule 2.

NOW, IT IS AGREED as follows:

	1.	 	DEFINITIONS AND LANGUAGE
	 
	1.1	 	Definitions
	 
	 	 	In this Agreement:
	 
	 	 	“Administrative Agent” means Credit Suisse AG, Cayman Island branch, having its business
address at Eleven Madison Avenue, New York, NY 10010, United States of America in its
capacity as administrative agent under the Credit Agreement and any successor appointed as
administrative agent under the Credit Agreement.
	 
	 	 	“Amendment No.1” means the amendment dated 21 January 2010 relating to the Credit Agreement
between, inter alia, the borrowers and the guarantors under the Credit Agreement as of such
date, the Administrative Agent and others.
	 
	 	 	“Amendment No.1 and Joinder Agreement” means the joinder agreement dated 21 January 2010
relating to the First Lien Intercreditor Agreement made among (amongst others) the
Collateral Agent, Wilmington Trust (London) Limited, Credit Suisse AG and Reynolds Group
Holdings Limited pursuant to which Wilmington Trust (London) Limited was appointed as
additional collateral agent and became party to the First Lien Intercreditor Agreement.
	 
	 	 	“Amendment No. 2 and Incremental Term Loan Assumption Agreement” means the amendment and
incremental term loan assumption agreement dated 4 May 2010 relating to the Credit Agreement
between, inter alia, the borrowers and the guarantors under the Credit Agreement as of such
date, the Administrative Agent and others.
	 
	 	 	“Borrowers” means the Current Borrowers and any entity which may accede to the Credit
Agreement as an additional borrower and “Borrower” means any of them.
	 
	 	 	“Cash Management Bank” shall mean Citibank N.A., Banco Nacional De Mexico S.A., Citibank
International PLC, UK, Citibank (China) Co., Limited, Citibank Global Markets Deutschland AG
& Co KGaA, Citibank ZRT, Hungary, a Lender, the Administrative Agent or any of the Lender’s
or the Administrative Agent’s affiliates (at the time the cash management services
arrangement is entered into) provided in each

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	 	 	case it has become a party to, or by execution of an additional bank secured party
acknowledgment has agreed to be bound by the terms of, the First Lien Intercreditor
Agreement in its capacity as cash management bank.

	 	 	“Cash Management Services” shall mean any agreement or arrangement by a Cash Management Bank
to provide any composite accounting or other cash pooling arrangements and netting,
overdraft protection and other arrangements with any bank arising under standard business
terms of such Cash Management Bank to a Grantor.
	 
	 	 	“Company” means SIG Euro Holding AG & Co. KGaA, an association limited by shares
(Kommanditgesellschaft auf Aktien) organised under the laws of the Federal Republic of
Germany having its business address at Rurstraße 58, 52441 Linnich, Germany, and registered
in the commercial register (Handelsregister) of the local court (Amtsgericht) of Düren under
HRB 5754.
	 
	 	 	“Credit Documents” shall mean the Loan Documents, the Senior Secured Note Documents and the
New Secured Note Documents.
	 
	 	 	“Enforcement Event” shall mean an Event of Default.
	 
	 	 	“Event of Default” means any event of default (Kündigungsgrund) under the Credit Agreement
and/or the Senior Secured Note Indenture and/or the New Secured Note Indenture.
	 
	 	 	“Existing Intercreditor Agreement” means the existing intercreditor agreement dated 11 May
2007 (as amended by a letter dated 21 June 2007 and a further letter dated 29 June 2007, as
amended and restated on 5 November 2009 and as further amended and restated on 5 November
2010) between, inter alia, Beverage Packaging Holdings (Luxembourg) I S.A., Rank Group
Holdings Limited (now Reynolds Group Holdings Limited), Beverage Packaging Holdings
(Luxembourg) II S.A., Beverage Packaging Holdings (Luxembourg) III S.à r.l., Credit Suisse
AG (formerly Credit Suisse) as security trustee and others.
	 
	 	 	“Existing Share Certificate 1” has the meaning given to such term in sub-Clause 2.2 hereof.
	 
	 	 	“Existing Share Certificate 2” has the meaning given to such term in Preamble(H).
	 
	 	 	“Existing Shares” has the meaning given to such term in sub-Clause 2.2 hereof.
	 
	 	 	“Existing Share Pledge Agreements” means

	 	(a)	 	the share pledge agreement dated 4 March 2010 (as amended by a confirmation and
amendment agreement dated 27 August 2010 (the “Share Pledge Confirmation and Amendment
Agreement”) entered into between SIG Austria Holding GmbH as pledgor and The Bank of
New York Mellon as collateral agent and pledgee; and

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	 	(b)	 	the Share Pledge Confirmation and Amendment Agreement.

	 	 	“Future Shares” means any and all shares in the Company in whatever nominal value which the
Pledgor may hold in the future other than the Existing Shares (arising from a split of
shares, purchase of shares in the context of the mandatory public offer or otherwise).
	 
	 	 	“Grantors” means the Loan Parties, the Issuers, the Senior Secured Note Guarantors and the
New Secured Note Guarantors and any person that has granted a security interest to the
Collateral Agent and/or the Secured Parties in respect of the obligations of the Loan
Parties, the Issuers, the Senior Secured Note Guarantors and the New Secured Note Guarantors
under the Credit Documents and “Grantor” means any of them.
	 
	 	 	“Grantors’ Agent” shall mean Reynolds Group Holdings Limited (formerly known as Rank Group
Holdings Limited) or any other person appointed as agent of the Grantors in accordance with
the Principal Finance Documents.
	 
	 	 	“Group” means Reynolds Group Holdings Limited and its direct or indirect subsidiaries
(Tochtergesellschaften).
	 
	 	 	“Hedge Counterparty” means a Lender, the Administrative Agent or any of the Lender’s or the
Administrative Agent’s affiliates (at the time a hedging agreement is entered into) who has
entered into a hedging agreement for the purpose of hedging interest rate liabilities and/or
any exchange rate and/or commodity price risks provided it has become a party, or by
execution of an additional bank secured party acknowledgment has agreed to be bound by the
terms of, to the First Lien Intercreditor Agreement in its capacity as hedge counterparty.
	 
	 	 	“Incremental Assumption Agreement” shall mean an incremental assumption agreement relating
to incremental facilities of up to USD 750,000,000 among, and in form and substance
reasonably satisfactory to, one or more Borrowers, the Administrative Agent, one or more
Incremental Term Lenders and/or one or more Incremental Revolving Credit Lenders pursuant to
which one or more Incremental Term Lenders make available Incremental Term Loan Commitments
and/or one or more Incremental Revolving Credit Lenders make available Incremental Revolving
Credit Commitments respectively.
	 
	 	 	“Incremental Revolving Credit Lender” shall mean a Lender with an Incremental Revolving
Credit Commitment or an outstanding revolving loan under the Credit Agreement of any class
as a result of an Incremental Revolving Credit Commitment.
	 
	 	 	“Incremental Revolving Credit Commitment” shall mean the commitment of any Lender,
established pursuant to the Credit Agreement, to make available certain revolving credit
loans to one or more Borrowers.
	 
	 	 	“Incremental Term Lender” shall mean a Lender with an Incremental Term Loan Commitment.

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	 	 	“Incremental Term Loan Commitment” shall mean the commitment of any Lender, established
pursuant to the Credit Agreement, to make available certain term loans to one or more
Borrowers.
	 
	 	 	“Indenture Trustee” shall mean The Bank of New York Mellon, in its capacity as indenture
trustee under the Senior Secured Note Indenture and any successor appointed as indenture
trustee under the Senior Secured Notes Indenture.
	 
	 	 	“Intercreditor Arrangements” means the First Lien Intercreditor Agreement and the Existing
Intercreditor Agreement, in each case as amended, novated, supplemented, restated, or
modified from time to time.
	 
	 	 	“Issuing Bank” means Credit Suisse AG or any other Lender or any affiliate of Credit Suisse
AG or any other Lender that issues letters of credit or bank guarantees under the Credit
Agreement.
	 
	 	 	“Lenders” shall mean the Original Lenders and any entity which has become a lender under the
Credit Agreement or may become a lender under the Credit Agreement in the future and
“Lender” means any of them.
	 
	 	 	“Loan Documents” shall mean the Credit Agreement, the Amendment No.1, the Amendment No.1 and
Joinder Agreement, the Amendment No.2 and Incremental Term Loan Assumption Agreement, the
Amendment No.3 and Incremental Term Loan Assumption Agreement, any borrowing subsidiary
agreement and/or guarantor joinder agreement relating to the Credit Agreement, any letter of
credit or bank guarantee relating to the Credit Agreement, any security documents relating
to the Credit Agreement, any hedging agreement entered into by a Hedge Counterparty and a
Grantor, each Incremental Assumption Agreement, the Intercreditor Arrangements, each
Promissory Note, any agreement between a Grantor and a Cash Management Bank relating to Cash
Management Services, each Local Facility Agreement and any other document that may be
entered into pursuant to any of the foregoing in relation to the Credit Agreement.
	 
	 	 	“Loan Parties” shall mean the Borrowers, the Current Guarantors and any entity which may
accede to the Credit Agreement as additional guarantor and a “Loan Party” means any of them.
	 
	 	 	“Local Facilities” means working capital facilities provided to a Grantor (other than
Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings (Luxembourg) II
S.A., Beverage Packaging Holdings (Luxembourg) III S.à r.l. and the Borrowers) by a Local
Facility Provider and “Local Facility” means any of them.
	 
	 	 	“Local Facility Agreements” shall mean any agreement under which a Local Facility is made
available.
	 
	 	 	“Local Facility Provider” means each of Bank of America, N.A., Canada Branch, FIA Card
Services, N.A., Citibank N.A., Citibank (China) Co., Ltd., Banco Nacional de Mexico, S.A.,
Integrante del Grupo Financiero Banamex, Bank of America, N.A., provided in each case it has
become a party to, or by execution of an additional bank secured party acknowledgment has
agreed to be bound by the terms of, the First Lien Intercreditor Agreement in its capacity
as local facility provider.

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	 	 	“New Secured Note Documents” shall mean the New Secured Note Indenture, the New Secured Note
Guarantees, the New Secured Notes, the Intercreditor Arrangements, any supplemental
indenture, any security document relating to the New Secured Notes and/or the New Secured
Note Indenture and any other document that may be entered into pursuant to any of the
foregoing.
	 
	 	 	“New Secured Note Guarantees” shall mean the guarantees of the obligations of the Issuers
under the New Secured Notes and the New Secured Note Indenture by the New Secured Note
Guarantors.
	 
	 	 	“New Secured Note Guarantors” means the Current New Secured Note Guarantors and any entity
which may accede to the New Secured Note Indenture as additional guarantor.
	 
	 	 	“New Secured Note Holders” shall mean the holders from time to time of the New Secured
Notes.
	 
	 	 	“New Secured Notes Indenture Trustee” shall mean The Bank of New York Mellon, in its
capacity as indenture trustee under the New Secured Note Indenture and any successor
appointed as indenture trustee under the New Secured Note Indenture.
	 
	 	 	“Obligations” shall mean all present and future obligations and liabilities (whether actual
or contingent and whether owed jointly or severally or in any other capacity whatsoever) of
each Grantor to the Pledgee under each or any of the Credit Documents (including, but not
limited to, the Parallel Obligations), including with respect to all costs, charges and
expenses incurred by the Pledgee in connection with the protection, preservation or
enforcement of its respective rights under the Credit Documents or any other document
evidencing or securing any such liabilities. The Obligations shall further include any
obligation based on unjust enrichment (ungerechtfertigte Bereicherung) or tort (Delikt).
	 
	 	 	“Parallel Obligations” means the independent obligations of any of the Grantors arising
pursuant to the First Lien Intercreditor Agreement to pay to the Collateral Agent sums equal
to the sums owed by such Grantor to the other Secured Parties (or any of them) under the
Credit Documents.
	 
	 	 	“Pledges” means each pledge constituted under this Agreement and “Pledge” means any of them.
	 
	 	 	“Principal Finance Documents” means the Credit Agreement, the Senior Secured Note Indenture,
the New Secured Note Indenture and the First Lien Intercreditor Agreement.
	 
	 	 	“Promissory Note” shall mean any promissory note executed and delivered by a Borrower upon
the request of a Lender evidencing the amount of principal owed by such Borrower to such
Lender under the Credit Agreement.
	 
	 	 	“Secured Parties” shall mean the Lenders (including in their capacity as issuing bank(s),
and/or Hedge Counterparties under the Credit Agreement), the Hedge Counterparties, the
Administrative Agent, any Issuing Bank, the beneficiaries of each indemnification obligation
undertaken by any Grantor under any Credit Document, the

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	 	 	Senior Secured Note Holders, the New Secured Note Holders, the Indenture Trustee, the New
Secured Notes Indenture Trustee, the Collateral Agent, the Local Facility Providers and the
Cash Management Banks.

	 	 	“Senior Secured Note Documents” shall mean the Senior Secured Note Indenture, the Senior
Secured Note Guarantees, the Senior Secured Notes, the Intercreditor Arrangements, any
supplemental indenture, any security document relating to the Senior Secured Notes and/or
the Senior Secured Note Indenture and any other document that may be entered into pursuant
to any of the foregoing.
	 
	 	 	“Senior Secured Note Guarantees” shall mean the guarantees of the obligations of the Issuers
under the Senior Secured Notes and the Senior Secured Note Indenture by the Senior Secured
Note Guarantors.
	 
	 	 	“Senior Secured Note Guarantors” means the Current Senior Secured Note Guarantors and any
entity which may accede to the Senior Secured Note Indenture as additional guarantor.
	 
	 	 	“Senior Secured Note Holders” shall mean the holders from time to time of the Senior Secured
Notes.
	 
	 	 	“Share Certificates” means the Existing Share Certificate 1 (as defined in Clause 2.2
below), and any other certificate or securities representing any of the Future Shares or any
rights in relation thereto, including interest and dividend coupons, annuity bands, renewal
coupons and all related certificates.
	 
	 	 	“Shares” means the Existing Shares and the Future Shares.
	 
	 	 	“Stamp Duty Sensitive Document” shall mean (a) any original of any Credit Document and (b)
any signed document (including email, PDF, TIF and other comparable formats) that
constitutes a deed (Urkunde) within the meaning of section 15 of the Austrian Stamp Duty Act
(as interpreted by the Austrian tax authorities), whether documenting or confirming the
entering into of the relevant transaction (rechtserzeugende Urkunde) or documenting that the
relevant transaction has been entered into (rechtsbezeugende Urkunde), or a substitute deed
(Ersatzurkunde) within the meaning of section 15 of the Austrian Stamp Duty Act (as
interpreted by the Austrian tax authorities), including, without limitation, any notarized
copy, any certified copy and any written minutes recording the transactions
(Rechtsgeschäfte) contemplated by, or referenced in, any Credit Document.
	 
	 	 	“Stamp Duty Guidelines” means the stamp duty guidelines set out in Schedule 3 (Stamp Duty
Guidelines).

	1.2	 	Construction
	 
	 	 	In this Agreement:
	 
	1.2.1	 	Terms used in this Agreement or in any notice relating hereto but not defined have the
meanings ascribed thereto in the First Lien Intercreditor Agreement; and
	 
	1.2.2	 	any reference in this Agreement to a “Clause” or a “sub-Clause” shall, subject to any
contrary indication, be construed as a reference to a Clause or sub-Clause hereof.

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	1.3	 	This Agreement is made in the English language. For the avoidance of doubt, the English
language version of this Agreement shall prevail over any translation of this Agreement.
However, where a German translation of a word or phrase appears in the text of this Agreement,
the German translation of such word or phrase shall prevail.
	 
	1.4	 	Solely for the purposes of Clause 17 (Austrian Stamp Duty) and Schedule 3, “written” shall
mean that what is “written” was translated into letters (Buchstaben) that are or can be made
visible on a physical or electronic device of whatever type and format, including paper and
screen, and, accordingly, communication, documents or notices being “in writing” shall include
not only paper-form (letter or fax) communication, documents or notices but also electronic
communication, documents or notices, including by way of e-mail; and “signed” communication,
documents or notices refers to written communication, documents or notices that carry a
manuscript, digital or electronic or other technically reproduced signature, and “signature”
shall be construed accordingly.
	 
	2.	 	PLEDGED SHARES
	 
	2.1	 	The Company has a registered share capital (Grundkapital) of EUR 10,000,000 (in words: Euro
ten million) which is divided into 10,000 registered shares (Namensaktien) with no nominal
value (Stückaktien ohne Nennwert) which are at the date of this agreement represented by the
Existing Share Certificate 1 (as defined below) and the Existing Share Certificate 2.
	 
	2.2	 	The Pledgor is the owner of 9,499 (in words nine thousand four hundred ninety nine) shares in
the Company, Nos. 1-9,499 (the “Existing Shares”), which are represented by a global share
certificate (the “Existing Share Certificate 1”).
	 
	3.	 	PLEDGE
	 
	3.1	 	The Pledgor hereby pledges (verpfändet) to the Pledgee as security all Shares in the Company
together with all ancillary rights and claims associated with the Shares as more particularly
specified in Clause 4.1 hereof by pledging each Share Certificate representing any Shares to
the Pledgee.
	 
	3.2	 	The Pledgor shall:
	 
	3.2.1	 	duly endorse (indossieren) all Share Certificates (other than the Existing Share Certificate
1) which are endorsed in its name with a blank endorsement (Blankoindossament). The Pledgee
and the Pledgor acknowledge that the Existing Share Certificate 1 which is endorsed in the
Pledgor’s name has been duly endorsed (indossieren) by the Pledgor with a blank endorsement
(Blankoindossament); and
	 
	3.2.2	 	deliver (übergeben) all Share Certificates endorsed by the Pledgor in accordance with Clause
3.2.1 above to an authorised representative of the Pledgee in Germany for the

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	 	 	purpose of depositing the Share Certificates with the Pledgee. For the avoidance of doubt,
the Existing Share Certificate 1 is already in the possession of the Pledgee. The Pledgor
shall use all reasonable endeavours (including offering delivery of the relevant Share
Certificate to the Pledgee in Germany within normal business hours) to deliver any other
Share Certificate endorsed by the Pledgor in accordance with clause 3.2.1 above to the
Pledgee in Germany without undue delay upon the Pledgor becoming the owner of the Shares to
which it relates.

	3.3	 	The Pledgor hereby further assigns to the Pledgee all present and future claims for the
return of any Share Certificate against third parties (other than the Pledgee) having or
obtaining actual possession of a Share Certificate. Such third parties shall be notified
forthwith by the Pledgor of the Pledges (as soon as the Pledgor becomes aware of such third
party having or obtaining actual possession of a Share Certificate).
	 
	3.4	 	The Pledges shall extend automatically to any newly issued certificates representing,
replacing or supplementing any of the Shares which shall forthwith be duly endorsed
(indossiert) with a blank endorsement (Blankoindossament) and delivered to (übergeben) to the
Pledgee in Germany.
	 
	3.5	 	In addition to the Pledges created in accordance with Clause 3.1 to 3.4 (inclusive) above,
the Pledgor hereby creates a Pledge over all Shares by way of pledging the Pledgor’s rights
in the Company (Mitgliedschaftsrechte) arising from such Shares in accordance with sections
1274, 413, 398 of the German Civil Code (BGB) in favour of the Pledgee.
	 
	3.6	 	The Pledgee hereby accepts all Pledges and assignments made pursuant to this Clause 3.
	 
	3.7	 	The validity and effect of each of the Pledges shall be independent from the validity and the
effect of the other Pledges created hereunder.
	 
	3.8	 	For the avoidance of doubt, the parties agree that nothing in this Agreement shall exclude a
transfer of all or part of the Pledges created hereunder by operation of law upon the transfer
or assignment (including by way of novation or assumption (Vertragsübernahme)) of all or part
of the Obligations.
	 
	3.9	 	Each of the Pledges is in addition, and without prejudice, to any other security the Secured
Parties may now or hereafter hold in respect of the Obligations.
	 
	4.	 	SCOPE OF THE PLEDGES
	 
	4.1	 	The Pledges constituted by this Agreement include the present and future rights:

	 	(a)	 	to receive and/or withdraw dividends, to receive payments under an interest
coupon (Zinsanteilsschein), dividend coupon (Dividendenschein) or talon

 - 10 - 

 

	 	 	 	(Erneuerungsschein) and any other similar cash payments and other forms of profit
distribution;

	 	(b)	 	to receive all other pecuniary claims associated with the Shares;
	 
	 	(c)	 	to subscribe for newly issued shares of the Company; and
	 
	 	(d)	 	all other rights and benefits attributable to the Shares (including without
limitation all present and future pecuniary claims of the Pledgor against the Company
arising under or in connection with any domination and/or profit transfer agreement
(Beherrschungs- und/oder Gewinnabführungsvertrag) or partial profit transfer agreement
(Teilgewinnabführungsvertrag) which may be entered into between the Pledgor and the
Company).

	4.2	 	Notwithstanding that the items set out in Clause 4.1 above are pledged hereunder, the Pledgor
shall be entitled to receive and retain the items set out in Clause 4.1 in respect of, and
otherwise deal (in accordance with the provisions of this Agreement and any other Principal
Finance Document) with all items described in Clause 4.1 in respect of the Shares at all times
other than any time the Pledgee is entitled to enforce the Pledges constituted hereunder.
	 
	4.3	 	On the date and during the period in which the Pledgee is entitled, in accordance with Clause
7 (Enforcement of the Pledges) hereof, to enforce the Pledges (or any part thereof):

	 	(a)	 	all dividends paid or payable and any other property received, receivable or
otherwise distributed in respect of or in exchange for the Shares;
	 
	 	(b)	 	all dividends or other distributions or payments paid or payable in respect of
the Shares in connection with the partial or total liquidation or dissolution of the
Company or in connection with the reduction of the amount of the registered share
capital of the Company; and
	 
	 	(c)	 	all cash paid, payable or otherwise distributed in respect of the principal of,
or in redemption of, or in exchange for the Shares

	 	 	shall be forthwith delivered to the Pledgee and held as security for the benefit of the
Secured Parties. If such proceeds or property are received by the Pledgor, they shall be
received as trustee for the benefit of the Secured Parties and shall be segregated from
other property or funds of the Pledgor and shall be forthwith delivered to the Pledgee for
the benefit of the Secured Parties as security in the form so received (with any necessary
endorsement).

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	5.	 	PURPOSE OF THE PLEDGES
	 
	 	 	The Pledges hereunder are constituted in order to secure the prompt and complete
satisfaction of any and all Obligations. The Pledges shall also cover any future extension
of the Obligations and the Pledgor herewith expressly agrees that the provisions of Section
1210 para 1 sentence 2 of the German Civil Code (Bürgerliches Gesetzbuch) shall not apply to
this Agreement.
	 
	6.	 	EXERCISE OF MEMBERSHIP RIGHTS
	 
	 	 	The membership rights, including the voting rights, attached to the Shares remain with the
Pledgor. The Pledgor may exercise its membership rights in any manner which does not
adversely affect the validity and enforceability of the Pledges, the existence of all or
part of the Shares or cause an Event of Default to occur. The Pledgor undertakes, unless
otherwise permitted by the Principal Finance Documents, not to support any resolutions which
if passed would constitute a breach of its obligations under Clause 9 or any other
obligation under this Agreement.
	 
	7.	 	ENFORCEMENT OF THE PLEDGES
	 
	7.1	 	If (i) an Enforcement Event has occurred and is continuing and (ii) the requirements set
forth in Sections 1273 para 2, 1204 et seq. of the German Civil Code with regard to the
enforcement of any of the Pledges are met (Pfandreife), in particular, if any of the
Obligations has become due and payable, then in order to enforce the Pledges (or any of them),
the Pledgee may at any time thereafter avail itself of all rights and remedies that a pledgee
has against a pledgor under the laws of the Federal Republic of Germany.
	 
	7.2	 	Notwithstanding Section 1277 of the German Civil Code, the Pledgee is entitled to exercise
its rights without obtaining enforceable judgment or other instrument (vollstreckbarer Titel).
The Pledgee shall be entitled to have the Pledges enforced in any manner allowed under the
laws of the Federal Republic of Germany, in particular have the Pledges sold (including at
public auction).
	 
	7.3	 	The Pledgor hereby expressly agrees that five business days’ prior written notice to the
Pledgor of the place and time of any such sale shall be sufficient and the Pledgee shall not
be obliged to deliver any further notices (including, but not limited to the notices set out
under Section 1234 of the German Civil Code) to the Pledgor prior to such sale. The sale may
take place at any place in the Federal Republic of Germany designated by the Pledgee.
	 
	7.4	 	If the Pledgee should seek to enforce the Pledges under sub-Clause 7.1, the Pledgor shall, at
its own expense, render forthwith all necessary assistance in order to facilitate the prompt
sale of the Shares or any part thereof and/or the exercise by the Pledgee of any other right
it may have as a Pledgee.

 - 12 - 

 

	7.5	 	Whilst the requirements for enforcement under sub-Clause 7.1 are continuing all subsequent
payments attributable to the Shares and all payments based on similar ancillary rights
attributed to the Shares may be applied by the Pledgee in satisfaction in whole or in part of
the Obligations or treated as additional collateral.
	 
	7.6	 	Even if the requirements for enforcement referred to under sub-Clause 7.1 above are met, the
Pledgee shall not, whether as proxy or otherwise, be entitled to exercise the voting rights
attached to the Shares. During the continuation of an event which allows the Pledgee to
enforce the Pledges, the Pledgor shall have the obligations and the Pledgee shall have the
rights set forth in sub-Clause 9.8 below regardless of which resolutions are intended to be
adopted.
	 
	7.7	 	The Pledgee may, in its sole discretion, determine which of several security interests, if
applicable, shall be used to satisfy the Obligations. The Pledgor hereby expressly waives its
right pursuant to Section 1230 sentence 2 of the German Civil Code to limit the realisation of
the Pledges and pledges over partnership interests or shares in one or more other companies to
such number of pledges as are necessary to satisfy the Obligations and agrees further that the
Pledgee may decide to enforce the Pledges in the Company individually at separate proceedings
or together with pledges over partnership interests or shares in one or more other companies
at one single proceeding (Gesamtverwertung).
	 
	7.8	 	The Pledgor hereby expressly waives all defenses of revocation (Einrede der Anfechtbarkeit)
and set-off (Einrede der Aufrechenbarkeit) pursuant to Sections 770, 1211 of the German Civil
Code.
	 
	7.9	 	The Pledgor hereby expressly waives its defenses based on defenses any Grantor might have
against any of the Obligations (Einreden des Hauptschuldners) pursuant to Section 1211 para 1
sentence 1 alternative 1 of the German Civil Code.
	 
	7.10	 	If the Pledges are enforced or if the Pledgor has discharged any of the Obligations (or any
part of them), Section 1225 of the German Civil Code (legal subrogation of claims to a pledgor
 — Forderungsübergang auf den Verpfänder) shall not apply and no rights of the Pledgee shall
pass to the Pledgor by subrogation or otherwise. Further, the Pledgor shall at no time before,
on or after an enforcement of the Pledges and as a result of the Pledgor entering into this
Agreement, be entitled to demand indemnification or compensation from the Company or any of
the Company’s affiliates or to assign any of these claims.
	 
	8.	 	AUSTRIAN LIMITATIONS ON ENFORCEMENT
	 
	 	 	The Pledgor and the Pledgee agree that proceeds from an enforcement of the Pledges shall not
be applied in satisfaction of the obligations secured by the Pledges but shall be released
and turned over to the Pledgor if and to the extent that such application would violate
mandatory Austrian capital maintenance rules

 - 13 - 

 

	 	 	(Kapitalerhaltungsvorschriften) as amended from time to time and as interpreted by the
Austrian Supreme Court from time to time pursuant to Austrian company law, in particular
Sections 82 et seq of the Austrian Act on Limited Liability Companies (Gesetz über
Gesellschaften mit beschränkter Haftung) and/or Sections 52 and 65 et seq of the Austrian
Stock Corporation Act (Aktiengesetz). This limitation on the satisfaction of the obligations
secured by the Pledges applies from the date this Agreement enters into force as well as on
any date until the termination date of this Agreement, particularly on the date of a
possible enforcement of the Pledges and the payments thereunder.

	9.	 	UNDERTAKINGS OF THE PLEDGOR
	 
	 	 	Unless otherwise permitted by the Principal Finance Documents, during the term of this
Agreement, the Pledgor undertakes to the Pledgee:
	 
	9.1	 	not to take, or participate in, any action which results or might result in the Pledgor’s
loss of ownership of all or part of the Shares or any other transaction which would have the
same result as a sale, transfer or other disposal of the Shares or which would for any other
reason be inconsistent with the security interest of the Pledgee or the security purpose (as
described in Clause 5) or defeat, impair or circumvent the rights of the Pledgee except as
permitted by the Pledgee (acting reasonably);
	 
	9.2	 	to procure that all Share Certificates representing the Shares acquired by the Pledgor will,
promptly following the acquisition of the relevant Shares, be delivered (übergeben) to the
Pledgee;
	 
	9.3	 	not to encumber, permit to subsist, create or agree to create any other security interest or
third party right in or over the Shares or other rights subject to the Pledges and the
Existing Share Pledge Agreements;
	 
	9.4	 	to inform the Pledgee promptly of any change made in the registered share capital of the
Company, or of any changes to the Company’s articles of association which would materially
adversely affect the security interest of the Pledgee;
	 
	9.5	 	to promptly notify the Pledgee of any attachment (Pfändung) in respect of any of the Shares
or any ancillary rights set out in sub-Clause 4.1, such notice to be accompanied by any
documents the Pledgee might need to defend itself against any claim of a third party. In
particular, the Pledgor shall promptly forward to the Pledgee a copy of the attachment order
(Pfändungsbeschluss), any transfer order (Überweisungsbeschluss) and all other documents
necessary for a defence against the attachment;
	 
	9.6	 	in the event of any increase in the capital of the Company, not to allow, without the prior
written consent of the Pledgee (such consent not to be unreasonably withheld), any party other
than itself or SIG Combibloc Group AG to subscribe for any Future

 - 14 - 

 

	 	 	Shares, and not to defeat, impair or circumvent in any way the rights of the Pledgee created
hereunder;

	9.7	 	to pledge in favour of the Pledgee on terms identical to the terms of this Agreement any
Future Shares which it acquires upon an increase of the capital of the Company by way of
capital contribution (Kapitalerhöhung gegen Einlage) or out of authorised capital
(Kapitalerhöhung aus genehmigtem Kapital) promptly after the registration of such increase of
the capital of the Company in the competent commercial register (Handelsregister) and the
acquisition of such Future Shares;
	 
	9.8	 	to promptly inform the Pledgee in writing of all matters concerning the Company of which the
Pledgor is aware which would materially adversely affect the security interest of the Pledgee.
In particular, the Pledgor shall notify the Pledgee, forthwith of any shareholders’ meeting at
which a shareholders’ resolution is intended to be adopted which would have a materially
adverse effect upon any of the Pledges. The Pledgor shall allow, following the occurrence and
during the continuance of an Enforcement Event, the Pledgee or, as the case may be, its proxy
or any other person designated by the Pledgee, to participate in all such shareholders’
meetings of the Company as attendants without power to vote. Subject to the provision
contained in sub-Clause 13.1, the Pledgee’s right to attend the shareholders’ meeting shall
lapse immediately upon complete satisfaction and discharge of the Obligations;
	 
	9.9	 	to refrain from any acts or omissions, subject to the performance of its rights and duties
under the Existing Share Pledge Agreements, the purpose or effect of which is or would be the
dilution of the value of the Shares or the Shares ceasing to exist except if permitted by the
Pledgee (acting reasonably);
	 
	9.10	 	not to amend the articles of association of the Company to the extent that such amendment
would materially adversely affect the security interest of the Pledgee created hereunder
without the prior written consent of the Pledgee (such consent not to be unreasonably
withheld); and
	 
	9.11	 	insofar as additional declarations or actions are necessary for the creation of the Pledges
(or any of them) in favour of the Pledgee, the Pledgor shall at the Pledgee’s reasonable
request make such declarations and undertake such actions at the Pledgor’s costs and expenses.
For the avoidance of doubt, notification and consent requirements as set out in sub-Clause 9.1
to 9.10 of this Agreement are deemed to be satisfied by the Pledgor if and to the extent such
notification or consent has been delivered under the Existing Share Pledge Agreements provided
that such notification to the Pledgee or consent of the Pledgee makes reference to this
Agreement and the Existing Share Pledge Agreements.

 - 15 - 

 

	10.	 	DELEGATION
	 
	 	 	The Pledgee shall have full power to delegate (either generally or specifically) the powers,
authorities and discretions conferred on it by this Agreement on such terms and conditions
as it shall see fit. The Pledgee shall only remain liable for diligently selecting and
providing initial instructions to such delegate.
	 
	11.	 	INDEMNITY
	 
	 	 	To the extent set out in the First Lien Intercreditor Credit Agreement, the Pledgor shall,
notwithstanding any release or discharge of all or any part of the security, indemnify the
Pledgee, its agents its attorneys and any delegate against any action, proceeding, claims,
losses, liabilities, damages, expenses, demands, taxes, losses and costs which it may
sustain as a consequence of any breach by the Pledgor of the provisions of this Agreement,
the exercise or purported exercise of any of the rights and powers conferred on them by this
Agreement or otherwise relating to the Pledges.
	 
	12.	 	NO LIABILITY
	 
	 	 	Except to the extent provided in the Principal Finance Documents, none of the Pledgee, its
nominee(s) or agent(s) or delegate(s) shall be liable by reason of (a) taking any action
permitted by this Agreement or (b) any neglect or default in connection with the assets and
rights subject to the security interest created hereunder, save in respect of any loss or
damage which is suffered as a result of wilful misconduct (Vorsatz) or gross negligence
(grobe Fahrlässigkeit) by the Pledgee, its nominee(s) or agent(s) or delegate(s), or (c) the
enforcement or realisation of all or any part of the security interest created hereunder.
	 
	13.	 	DURATION AND INDEPENDENCE
	 
	13.1	 	This Agreement shall remain in full force and effect until complete satisfaction of the
Obligations. The Pledges shall not cease to exist, if any Grantor under the Credit Documents
has only temporarily discharged the Obligations.

	13.2	 	This Agreement shall create a continuing security and no change, amendment, or supplement
whatsoever in the Credit Documents or in any document or agreement related to any of the
Credit Documents shall affect the validity or the scope of this Agreement nor the obligations
which are imposed on the Pledgor pursuant to it.
	 
	13.3	 	This Agreement is independent from any other security or guarantee which may have been or
will be given to the Pledgee. None of such other security shall prejudice, or shall be
prejudiced by, or shall be merged in any way with this Agreement.
	 
	13.4	 	Waiving Section 418 of the German Civil Code, the Pledgor hereby agrees that the security
created hereunder shall not be affected by any transfer or assumption of the Obligations to,
or by, any third party.

 - 16 - 

 

	14.	 	RELEASE (PFANDFREIGABE)
	 
	14.1	 	Upon complete and irrevocable satisfaction of the Obligations, the Pledgee (as instructed in
accordance with the First Lien Intercreditor Agreement) will as soon as reasonably practical
declare in writing the release of the Pledges (Pfandfreigabe) to the Pledgor as a matter of
record. For the avoidance of doubt, the parties are aware that upon full and complete
satisfaction of the Obligations the Pledges, due to their accessory nature (Akzessorietät),
cease to exist by operation of German mandatory law.
	 
	14.2	 	At any time when the total value of the aggregate security granted by the Pledgor and any of
the other Grantors to secure the Obligations (the “Security”) which can be expected to be
realised in the event of an enforcement of the Security (realisierbarer Wert) exceeds 110% of
the Obligations (the “Limit”) not only temporarily, the Pledgee shall on demand of the Pledgor
release such part of the Security (Sicherheitenfreigabe) as the Pledgee may in its reasonable
discretion (as instructed in accordance with the First Lien Intercreditor Agreement) determine
so as to reduce the realisable value of the Security to the Limit.
	 
	14.3	 	The Pledgee (as instructed in accordance with the First Lien Intercreditor Agreement) will as
soon as reasonably practicable declare in writing the release of the Pledges (Pfandfreigabe)
to the Pledgor in accordance with, and to the extent required by, the Intercreditor
Arrangements.
	 
	15.	 	PARTIAL INVALIDITY; WAIVER
	 
	15.1	 	If at any time, any one or more of the provisions hereof is or becomes invalid, illegal or
unenforceable in any respect under the law of any jurisdiction (including Austrian law, in
particular Austrian capital maintenance rules), such provision shall as to such jurisdiction,
be ineffective to the extent necessary without affecting or impairing the validity, legality
and enforceability of the remaining provisions hereof or of such provisions in any other
jurisdiction. The invalid, illegal or unenforceable provision shall be deemed to be replaced
with such valid, legal or enforceable provision which comes as close as possible to the
original intent of the parties and the invalid, illegal or unenforceable provision. Should a
gap (Regelungslücke) become evident in this Agreement, such gap shall, without affecting or
impairing the validity, legality and enforceability of the remaining provisions hereof, be
deemed to be filled in with such provision which comes as close as possible to the original
intent of the parties.
	 
	15.2	 	No failure to exercise, nor any delay in exercising, on the part of the Pledgee, any right or
remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise
of any right or remedy prevent any further or other exercise thereof or the exercise of any
other right or remedy. The rights and remedies provided hereunder are cumulative and not
exclusive of any rights or remedies provided by law.

 - 17 - 

 

	15.3	 	In particular, the Pledges shall not be affected and shall in any event extend to any and all shares in the Company even if the number or nominal value of the Existing Shares or the
aggregate share capital of the Company as stated in Clause 2 are inaccurate or deviate from
the actual facts.
	 
	16.	 	AMENDMENTS
	 
	 	 	Changes and amendments to this Agreement including this Clause 16 shall be made in writing.
	 
	17.	 	AUSTRIAN STAMP DUTY
	 
	17.1	 	The parties to this Agreement (each a “Party” and together the “Parties”) shall perform their
obligations under or in connection with the Agreement exclusively at the Place of Performance
(as defined below), but in no event at a place in Austria and the performance of any
obligations or liability under or in connection with the Agreement within the Republic of
Austria shall not constitute discharge or performance of such obligation or liability. For the
purposes of the above, “Place of Performance” means: (i) in relation to any payment under or
in connection with the Agreement, the place at which such payment is to be made pursuant to
the Credit Documents; and (ii) in relation to any other obligation or liability under or in
connection with the Agreement, the premises of the Administrative Agent or the Indenture
Trustee (as the case may be) in New York or any other place outside of Austria as the
Administrative Agent or the Indenture Trustee (as the case may be) may specify from time to
time. Any payment made under or in connection with the Agreement shall be made from and to an
account outside of Austria.
	 
	17.2	 	No Party shall bring or send to, or otherwise produce in, Austria a Stamp Duty Sensitive
Document or communicate in writing other than in compliance with the Stamp Duty Guidelines, in
each case other than in the event that: (i) it does not cause a liability of a Party to pay
stamp duty in the Republic of Austria; (ii) a Party wishes to enforce any of its rights under
or in connection with a Credit Document in any form of proceedings in the Republic of Austria
and is only able to do so by bringing or sending to, or otherwise producing in, Austria a
Stamp Duty Sensitive Document and it would not be sufficient for that Party to bring or send
to, or otherwise produce in, Austria a document that is not a Stamp Duty Sensitive Document
(e.g. a simple/uncertified copy (i.e. a copy which is not an original, notarised or certified
copy) of the relevant Stamp Duty Sensitive Document) for the purposes of such enforcement; in
furtherance of the foregoing, no Party shall (A) object to the introduction into evidence of
an uncertified copy of any Stamp Duty Sensitive Document or raise a defence to any action or
to the exercise of any remedy on the basis of an original or certified copy of any Stamp Duty
Sensitive Document not having been introduced into evidence, unless such uncertified copy
actually introduced into evidence does not accurately reflect the content of the original
document and (B) if such Party is a party to proceedings before

 - 18 - 

 

	 	 	an Austrian court or authority, contest the authenticity (Echtheit) of an uncertified copy
of any such Stamp Duty Sensitive Document, unless such uncertified copy actually introduced
into evidence does not accurately reflect the content of the original document; or (iii) a
Party is required by law, governmental body, court, authority or agency pursuant to any
legal requirement (whether for the purposes of initiating, prosecuting, enforcing or
executing any claim or remedy or enforcing any judgment or otherwise) to bring or send a
Stamp Duty Sensitive Document into, or otherwise produce a Stamp Duty Sensitive Document in,
the Republic of Austria.

	17.3	 	The Pledgor shall indemnify the Administrative Agent, each Lender, each Issuing Bank, the
Indenture Trustee and the Pledgee against any cost, loss or liability in respect of Austrian
stamp duty unless such cost, loss or liability is incurred as a result of the Administrative
Agent, a Lender, an Issuing Bank, the Indenture Trustee or the Pledgee breaching any
obligations under this Clause 17, in which case the breaching party shall be liable for
payment of such stamp duty.

18. NOTICES AND THEIR LANGUAGE

	18.1	 	All notices and other communications provided for herein shall be in writing and shall be
delivered by hand or overnight courier service, mailed by certified or registered mail or sent
by fax, as follows:

	 	 	 

	For the Pledgor:

	 	c/o SIG Combibloc Holding GmbH

	 

	 	Address: Rurstraße 58

52441 Linnich

Germany

	 

	 	Fax: +41 52674 6556

	 

	 	Attention: Daniel Petitpierre

	 

	 	Email: Daniel.Petitpierre@sig.biz

	For the Pledgor with a copy to:

	 	 
	 

	 	Address: c/o Rank Group Limited

Suite 2502

2 Park Street

Sydney NSW 2000

Australia

	 

	 	Fax: +64 2 9268 6693

	 

	 	Email: helen.golding@rankgroup.co.nz
	 
	 

	 	Attention: Helen Golding

 - 19 - 

 

	 	 	 
	For the Pledgee:

	 	The Bank of New York 
Mellon

	 

	 	Address: 101 Barclay Street, 4E

New York, N.Y. 10286, The

United States of 
America

	 

	 	Telephone: +212 298 1528

	 

	 	Fax: +212 815 5366

	 

	 	Attention: International Corporate Trust

	18.2	 	Any party hereto may change its address or fax number for notices and other communications
hereunder by notice to the other parties hereto. As agreed to in writing in accordance with
the First Lien Intercreditor Agreement, notices and other communications hereunder may also be
delivered by e-mail to the e-mail address of a representative of the applicable party to this
Agreement provided from time to time by such party.
	 
	18.3	 	All notices and other communications given to any party in connection with this Agreement in
accordance with the provisions of this Agreement shall be deemed (widerlegbare Vermutung)
received on the date sent (if a business day) and on the next business day thereafter (in all
other cases) if delivered by hand or overnight courier service or sent by fax or on the date
five business days after dispatch by certified or registered mail if mailed, in each case
delivered, sent or mailed (properly addressed) to such party as provided in this Clause 18 or
in accordance with the latest unrevoked direction from such party given in accordance with
this Clause 18.
	 
	18.4	 	Any notice or other communication under or in connection with this Agreement shall be in the
English language or, if in any other language, accompanied by a translation into English. In
the event of any conflict between the English text and the text in any other language, the
English text shall prevail.

 - 20 - 

 

	18.5	 	No communication (including fax, electronic message or communication in any other written
form) under or in connection with the Credit Documents shall be made to or from an address
located inside of the Republic of Austria.
	 
	19.	 	APPLICABLE LAW, JURISDICTION
	 
	19.1	 	This Agreement is governed by the laws of the Federal Republic of Germany.
	 
	19.2	 	The place of jurisdiction for any and all disputes arising under or in connection with this
Agreement shall be the district court (Landgericht) in Frankfurt am Main. The Pledgee however,
shall also be entitled to take action against the Pledgor in any other court of competent
jurisdiction. Further, the taking of proceedings against the Pledgor in any one or more
jurisdictions shall not preclude the taking of proceedings in any other jurisdiction (whether
concurrently or not) if and to the extent permitted by applicable law.
	 
	20.	 	CONCLUSION OF THIS AGREEMENT (VERTRAGSSCHLUSS)
	 
	20.1	 	The parties to this Agreement may choose to conclude this Agreement by an exchange of signed
signature page(s), transmitted by means of telecommunication (telekommunikative Übermittlung)
by fax or attached as an electronic photocopy (pdf., tif., etc.) to an e-mail.
	 
	20.2	 	If the parties to this Agreement choose to conclude this Agreement pursuant to sub-Clause
20.1 above, they will transmit the signed signature page(s) of this Agreement to attention of
Ms Isabel van Bremen or Ms Julia Eggert
(isabel.vanbremen@cliffordchance.com or
julia.eggert@cliffordchance.com, fax: +49 69 7199 4000) (the “Recipients”). The Agreement will
be considered concluded once any of the Recipients has actually received the signed signature
page(s) (Zugang der Unterschriftsseite(n)) from all parties to this Agreement and at the time
of the receipt of the last outstanding signature page(s).
	 
	20.3	 	For the purposes of this Clause 20 only, the parties to this Agreement appoint each Recipient
as their attorney (Empfangsvertreter) and expressly allow (gestatten) the Recipient to collect
the signed signature page(s) from all and for all parties to this Agreement. For the avoidance
of doubt, the Recipients will have no further duties connected with their position as
Recipient. In particular, the Recipients may assume the conformity to the authentic
original(s) of the signature page(s) transmitted to it by means of telecommunication, the
genuineness of all signatures on the original signature page(s) and the signing authority of
the signatories.

 - 21 - 

 

SCHEDULE 1

THE CURRENT BORROWERS, THE CURRENT GUARANTORS AND THE

CURRENT SENIOR SECURED NOTE GUARANTORS AND THE CURRENT NEW

SECURED NOTE GUARANTORS

Part I— The Current Borrowers

SIG Euro Holding AG & Co. KGaA

Closure Systems International Holdings Inc.

Closure Systems International B.V.

SIG Austria Holding GmbH

Reynolds Consumer Products Holdings Inc.

Reynolds Group Holdings Inc.

Pactiv Corporation (formerly Reynolds Acquisition Corporation)

Part II— The Current Guarantors

Whakatane Mill Australia Pty Limited

SIG Austria Holding GmbH

SIG Combibloc GmbH & Co KG

SIG Combibloc GmbH

SIG Beverages Brasil Ltda

SIG Combibloc do Brasil Ltda

Closure Systems International (Brazil) Sistemas de Vedação Ltda

CSI Latin American Holdings Corporation

Closure Systems International (Canada) Limited

Evergreen Packaging Canada Limited

Reynolds Food Packaging Canada Inc.

 - 22 - 

 

CSI Closure Systems Manufacturing de Centro America, S.R.L.

SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Limited

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft

CSI Hungary Gyártó és Kereskedelmi Kft. (aka CSI Hungary)

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

 - 23 - 

 

Beverage Packaging Holdings (Luxembourg) III S.à r.l.

SIG Finance (Luxembourg) S.à r.l. (in liquidation)

Closure Systems International (Luxembourg) S.à r.l.

Reynolds Consumer Products (Luxembourg) S.à r.l.

Evergreen Packaging (Luxembourg) S.à r.l.

Reynolds Group Issuer (Luxembourg) S.A.

Bienes Industriales del Norte S.A. de C.V.

CSI en Ensenada, S. de R.L. de C.V.

CSI en Saltillo, S. de R.L. de C.V.

CSI Tecniservicio, S. de R.L. de C.V.

Grupo CSI de Mexico, S. de R.L. de C.V.

Técnicos de Tapas Innovativas, S.A. de C.V.

Evergreen Packaging Mexico, S. de R.L. de C.V.

Reynolds Metals Company de Mexico, S. de R.L. de C.V.

Maxpack, S. de R.L. de C.V.

Closure Systems International B.V.

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG

SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

 - 24 - 

 

 SIG Combibloc Ltd.

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas, Inc.

Closure Systems International Holdings Inc.

Closure Systems International Inc.

Reynolds Packaging Machinery Inc.

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc.

Bakers Choice Products, Inc.

Reynolds Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Group Holdings Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics Inc.

Ultra Pac, Inc.

 - 25 - 

 

BRPP, LLC

Reynolds Group Issuer Inc.

Reynolds Group Issuer LLC

Pactiv Corporation (formerly Reynolds Acquisition Corporation)

Pactiv Factoring LLC

Pactiv RSA LLC

Pactiv Retirement Administration LLC

Pactiv Germany Holdings, Inc.

Pactiv International Holdings Inc.

Pactiv Management Company LLC

PCA West Inc.

Prairie Packaging, Inc.

PWP Holdings, Inc.

PWP Industries, Inc.

Newspring Industrial Corp.

798795 Ontario Limited

Pactiv Canada Inc.

Newspring Canada Inc.

The Baldwin Group Ltd.

J. & W. Baldwin (Holdings) Ltd.

Omni-Pac U.K. Limited

 - 26 - 

 

Part III— The Current Senior Secured Note Guarantors

Whakatane Mill Australia Pty Limited

SIG Austria Holding GmbH

SIG Combibloc GmbH & Co KG

SIG Combibloc GmbH

SIG Beverages Brasil Ltda

SIG Combibloc do Brasil Ltda

Closure Systems International (Brazil) Sistemas de Vedação Ltda

CSI Latin American Holdings Corporation

Closure Systems International (Canada) Limited

Evergreen Packaging Canada Limited

Reynolds Food Packaging Canada Inc.

CSI Closure Systems Manufacturing de Centro America, S.R.L.

SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

 - 27 - 

 

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Limited

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft

CSI Hungary Gyártó és Kereskedelmi Kft. (aka CSI Hungary)

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

Beverage Packaging Holdings (Luxembourg) III S.à r.l.

SIG Finance (Luxembourg) S.à r.l. (in liquidation)

Closure Systems International (Luxembourg) S.à r.l.

Reynolds Consumer Products (Luxembourg) S.à r.l.

Evergreen Packaging (Luxembourg) S.à r.l.

Bienes Industriales del Norte S.A. de C.V.

CSI en Ensenada, S. de R.L. de C.V.

CSI en Saltillo, S. de R.L. de C.V.

CSI Tecniservicio, S. de R.L. de C.V.

Grupo CSI de Mexico, S. de R.L. de C.V.

Técnicos de Tapas Innovativas, S.A. de C.V.

Evergreen Packaging Mexico, S. de R.L. de C.V.

Reynolds Metals Company de Mexico, S. de R.L. de C.V.

Maxpack, S. de R.L. de C.V.

Closure Systems International B.V.

 - 28 - 

 

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG

SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Combibloc Ltd.

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas, Inc.

Closure Systems International Holdings Inc.

Closure Systems International Inc.

Reynolds Packaging Machinery Inc.

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc.

Bakers Choice Products, Inc.

Reynolds Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Group Holdings Inc.

Reynolds Services Inc.

 - 29 - 

 

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics Inc.

Ultra Pac, Inc.

BRPP, LLC

Pactiv Corporation (formerly Reynolds Acquisition Corporation)

Pactiv Factoring LLC

Pactiv RSA LLC

Pactiv Retirement Administration LLC

Pactiv Germany Holdings, Inc.

Pactiv International Holdings Inc.

Pactiv Management Company LLC

PCA West Inc.

Prairie Packaging, Inc.

PWP Holdings, Inc.

PWP Industries, Inc.

Newspring Industrial Corp.

798795 Ontario Limited

Pactiv Canada Inc.

Newspring Canada Inc.

 - 30 - 

 

The Baldwin Group Ltd.

J. & W. Baldwin (Holdings) Ltd.

Omni-Pac U.K. Limited

Part IV — List of Current New Secured Note Guarantors

Whakatane Mill Australia Pty Limited

SIG Beverages Brasil Ltda

SIG Combibloc do Brasil Ltda

Closure Systems International (Brazil) Sistemas de Vedação Ltda

CSI Latin American Holdings Corporation

Closure Systems International (Canada) Limited

Evergreen Packaging Canada Limited

Reynolds Food Packaging Canada Inc.

CSI Closure Systems Manufacturing de Centro America, S.R.L.

SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

 - 31 - 

 

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Limited

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft.

CSI Hungary Gyártó és Kereskedelmi Kft. (aka CSI Hungary)

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

Beverage Packaging Holdings (Luxembourg) III S.à r.l.

SIG Finance (Luxembourg) S.à r.l. (in liquidation)

Closure Systems International (Luxembourg) S.à r.l.

Reynolds Consumer Products (Luxembourg) S.à r.l.

Evergreen Packaging (Luxembourg) S.à r.l.

Bienes Industriales del Norte S.A. de C.V.

CSI en Ensenada, S. de R.L. de C.V.

CSI en Saltillo, S. de R.L. de C.V.

CSI Tecniservicio, S. de R.L. de C.V.

Grupo CSI de Mexico, S. de R.L. de C.V.

Técnicos de Tapas Innovativas S.A. de C.V.

Evergreen Packaging Mexico, S. de R.L. de C.V.

Reynolds Metals Company de Mexico, S. de R.L. de C.V.

Maxpack, S. de R.L. de C.V.

 - 32 - 

 

Closure Systems International B.V.

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG

SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas, Inc.

Closure Systems International Inc.

Reynolds Group Holdings Inc.

Reynolds Packaging Machinery Inc.

Closure Systems International Holdings Inc.

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc.

Bakers Choice Products, Inc.

Reynolds Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Services Inc.

 - 33 - 

 

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics, Inc.

Ultra Pac, Inc.

BRPP, LLC

Pactiv Corporation (formerly Reynolds Acquisition Corporation)

Pactiv Factoring LLC

Pactiv RSA LLC

Pactiv Retirement Administration LLC

Pactiv Germany Holdings, Inc.

Pactiv International Holdings Inc.

Pactiv Management Company LLC

PCA West Inc.

Prairie Packaging, Inc.

PWP Holdings, Inc.

PWP Industries, Inc.

Newspring Industrial Corp.

798795 Ontario Limited

Pactiv Canada Inc.

Newspring Canada Inc.

 - 34 - 

 

The Baldwin Group Ltd.

J. & W. Baldwin (Holdings) Ltd.

Omni-Pac U.K. Limited

 - 35 - 

 

SCHEDULE 2

COPY OF APPROVAL AND CONSENT

 - 36 - 

 

SCHEDULE 3

STAMP DUTY GUIDELINES

	1.	 	Introduction
	 
	1.1	 	These stamp duty guidelines (the “Guidelines”) shall apply to all written
communi-cation of the parties to this Agreement of which this Schedule 3 forms part.
	 
	1.2	 	In these Guidelines, unless a contrary indication appears a term defined in the
Agreement (including by way of reference) has the same meaning when used in these
Guidelines.
	 
	2.	 	Guidelines for Written Communication
	 
	2.1	 	Signed written communication that records or otherwise provides evidence of a
transaction (Rechtsgeschäft) contemplated by, or referenced in, any Credit Document,
whether in the body of the relevant communication, a schedule, an attachment, an annex or
an appendix referred to therein or incorporated by reference (Bezugnahme), may only be made
from an address outside of the Republic of Austria to an address outside of the Republic of
Austria. For the avoidance of doubt, e-mails where the server on which such e-mails will be
received or from which such e-mails will be sent is located in the Republic of Austria
(e.g. this may be indicated by an e-mail address having a country code top level domain
“.at”) or other e-mail addresses where the person sending or the person receiving such
e-mail have their ordinary workplace (Arbeitsplatz) in the Republic of Austria must not be
signed (see also clause 2.2. and 2.3. below).
	 
	2.2	 	Letters that record or otherwise provide evidence of a transaction (Rechtsgeschäft)
contemplated by, or referenced in, any Credit Document, whether in the body of the letter,
a schedule, an attachment, an annex or an appendix referred to therein or incorporated by
reference (Bezugnahme), may only be brought or sent into, or pro-duced in, the Republic of
Austria in the following format (provided that no Stamp Duty Sensitive Document is
attached):
	 
	 	 	[party’s letterhead]

	 	 	Dear....,
	 
	 	 	[text of message]
	 
	 	 	Kind regards

 - 37 - 

 

	 	 	NO SIGNATURE OF SENDING PARTY (WHETHER MANUSCRIPT, DIGITAL OR ELECTRONIC)
	 
	 	 	NO CONTACT DETAILS
	 
	 	 	DO NOT ATTACH A STAMP DUTY SENSITIVE DOCUMENT
	 
	 	 	CONFIDENTIALITY NOTICES AND OTHER FOOTERS ALLOWED

	2.3	 	E-mails and fax messages that record or otherwise provide evidence of a transaction
(Rechtsgeschäft) contemplated by, or referenced in, any Credit Document, whether in the
body of the e-mail or fax, a schedule, an attachment, an annex or an appendix referred to
therein or incorporated by reference (Bezugnahme), may only be brought or sent into, or
produced in, the Republic of Austria if in the following format (provided that no Stamp
Duty Sensitive Document is attached):
	 
	 	 	Dear....,
	 
	 	 	[text of message].
	 
	 	 	Kind regards
	 
	 	 	NO SIGNATURE OF SENDING PARTY (WHETHER MANUSCRIPT, DIGITAL OR ELECTRONIC)
	 
	 	 	NO CONTACT DETAILS OR OTHER AUTOMATICALLY GENERATED FOOTERS THAT REFER TO A PARTY
	 
	 	 	DO NOT ATTACH A STAMP DUTY SENSITIVE DOCUMENT
	 
	 	 	CONFIDENTIALITY NOTICES AND OTHER FOOTERS ALLOWED
	 
	 	 	In addition, the footer of such e-mails must not contain the company name, contact details
or any other information allowing identification of the sender. The company name, contact
details etc. of the original sender of a reply or forwarded message need not be deleted.

 - 38 - 

 

SIGNATURE PAGES

This Agreement has been entered into on the date stated at the beginning by

	 	 	 	 	 	 	 

	SIG Austria Holding GmbH

as Pledgor	 	
	 
	By: 	 /s/ Cindi Lefari	 	By: 	 /s/ Mark Dunkley
	 	Name: 	 Cindi Lefari	 	 	Name: 	 Mark Dunkley
	 	Title:	 Authorised Signatory	 	 	Title:	 Authorised Signatory
	 	Date:	 March 4, 2010	 	 	Date:	 March 4, 2010
	 
	The Bank of New York Mellon

as Collateral Agent and Pledgee
	 	
	 
	By: 	 /s/ Catherine F. Donohue	 	By: 	 /s/ Joellen McNamara
	 	Name: 	 Catherine F. Donohue	 	 	Name: 	 Joellen McNamara
	 	Title:	 Vice President	 	 	Title:	 Senior Associate
	 	Date:	 March 4, 2010	 	 	Date:	 March 4, 2010
	 
	Acknowledged and
agreed

 SIG Euro Holding AG & Co. KGaA represented by the SIG Reinag AG as its general partner (Komplementär).	
	 
	By: 	 /s/ Cindi Lefari	 	By: 	 /s/ Mark Dunkley
	 	Name: 	 Cindi Lefari	 	 	Name: 	 Mark Dunkley
	 	Title:	 Authorised Signatory	 	 	Title:	 Authorised Signatory
	 	Date:	 March 4, 2010	 	 	Date:	 March 4, 2010

 - 39 -exv4w172

			
	 
	 	EXHIBIT 4.172

BEVERAGE PACKAGING HOLDINGS (LUXEMBOURG) I S.A.

AS PLEDGOR

AND

THE BANK OF NEW YORK MELLON

AS COLLATERAL AGENT

 

PLEDGE OVER RECEIVABLES

 

The taking of this document or any certified copy of it or any document which constitutes
substitute documentation for it, or any document which includes written confirmations or references
to it, into Austria as well as printing out any e-mail communication which refers to any Loan
Document in Austria or sending any e-mail communication to which a pdf scan of this document is
attached to an Austrian addressee or sending any e-mail communication carrying an electronic or
digital signature which refers to any Loan Document to an Austrian addressee may cause the
imposition of Austrian stamp duty. Accordingly, keep the original document as well as all certified
copies thereof and written and signed references to it outside of Austria and avoid printing out
any email communication which refers to any Loan Document in Austria or sending any e-mail
communication to which a pdf scan of this document is attached to an Austrian addressee or sending
any e-mail communication carrying an electronic or digital signature which refers to any Loan
Document to an Austrian addressee.

 

 

CONTENTS

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

 

 

THIS PLEDGE AGREEMENT has been entered into on 23 February 2010

BETWEEN

	(1)	 	BEVERAGE PACKAGING HOLDINGS (LUXEMBOURG) I S.A., a société anonyme incorporated under
Luxembourg law with registered office at 6C, Parc d’Activités Syrdall, L-5365 Munsbach,
Grand-duchy of Luxembourg registered with the Luxembourg register of commerce and companies
under the number B128.592 (the “Pledgor”); and
	 
	(2)	 	THE BANK OF NEW YORK MELLON, acting for itself and as collateral agent as appointed
under the First Lien Intercreditor Agreement (as defined below) for the benefit of the Secured
Parties (as defined below), together with its successors and permitted assigns in such
capacity (the “Collateral Agent”),

AND IN THE PRESENCE OF:

	(3)	 	SIG AUSTRIA HOLDING GMBH a limited liability company incorporated under Austrian law
with registered office at Saalfelden am Steinernen Meer, Austria and its business address at
Industriestraße 3, 5760 Saalfelden, Austria with file number FN 236071 p (the “Austrian
Debtor”); and
	 
	(4)	 	SIG EURO HOLDING AG & CO. KGaA, an association limited by shares
(Kommanditgesellschaft auf Aktien) organized under the laws of the Federal Republic of Germany
having its business address at Rurstraße 58, 52441 Linnich, Germany and registered in the
commercial register (Handelsregister) of the local court (Amtsgericht) of Düren under HRB 5754
(the “German Debtor”).

WHEREAS:

	(A)	 	Pursuant to a credit agreement (the “Credit Agreement”) dated 5 November 2009 and entered
into between Reynolds Group Holdings Inc., Reynolds Consumer Products Holdings Inc., the
German Debtor, the Austrian Debtor, Closure Systems International Holdings Inc. and Closure
Systems International B.V. as borrowers, Reynolds Group Holdings Limited, the lenders from
time to time party thereto and Credit Suisse AG (formerly known as Credit Suisse), as
administrative agent, as amended, extended, restructured, renewed, novated, supplemented,
restated, refunded, replaced or modified from time to time, certain loan facilities (the
“Facilities”) have been made available to the Borrowers (as defined below).
	 
	(B)	 	Pursuant to an indenture (the “Senior Secured Note Indenture”) dated 5 November 2009 and
entered into between the Issuers (as defined below), the Note Guarantors (as defined therein)
and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent and
registrar, as amended, extended, restructured, renewed, refunded, novated, supplemented,
restated, replaced or modified from time to time, certain notes (the “Notes”) have been issued
by the Issuers.
	 
	(C)	 	On 5 November 2009, the Collateral Agent, The Bank of New York Mellon, as trustee under the
Senior Secured Note Indenture, Credit Suisse AG (formerly known as Credit Suisse), as
administrative agent under the Credit Agreement, and the Loan Parties (as

- 1 -

 

	 	 	defined below),
entered into an intercreditor agreement (the “First Lien Intercreditor Agreement”) as amended,
novated, supplemented, restated or modified from time to time.
	 
	(D)	 	As a condition subsequent to the borrowings under the Credit Agreement and the Senior Secured
Note Indenture, the Pledgor has agreed, for the payment and discharge of and as security for
all of the Secured Obligations as defined herein, to enter into this pledge agreement (the
“Pledge Agreement”) which the Pledgor declares to be in its best corporate interest.

IT IS AGREED as follows:

	1.	 	DEFINITIONS AND INTERPRETATION
	 
	1.1	 	Unless defined in this Pledge Agreement or the context otherwise requires, a term
defined in the First Lien Intercreditor Agreement has the same meaning in this Pledge
Agreement and in any notice given under this Pledge Agreement.
	 
	1.2	 	In this Pledge Agreement:
	 
	 	 	“Applicable Representative” has the meaning ascribed to such term in the First Lien
Intercreditor Agreement.
	 
	 	 	“Agreed Security Principles” has the meaning it is given in the Credit Agreement and the
Senior Secured Note Indenture and to the extent of any inconsistency the meaning it is given
in the Credit Agreement shall prevail.
	 
	 	 	“Austrian Loan Agreement” means the loan receivable owed to SIG Finance (Luxembourg) S.àr.l.
as lender by the Austrian Debtor as borrower whereby SIG Finance (Luxembourg) S.àr.l. lent up
to EUR 453,725,000 to the Austrian Debtor and the rights and benefit of which have been
assigned to the Pledgor by way of, amongst others, a deed of assignment dated 12 February
2010, between the Pledgor and Beverage Packaging Holdings (Luxembourg) III S.àr.l. as such
agreement may be amended, extended, restructured, renewed, novated, supplemented, restated,
refunded, replaced or modified from time to time.
	 
	 	 	“Borrowers” shall mean the “Borrowers” under, and as defined in, the Credit Agreement, from
time to time.
	 
	 	 	“Business Day” has the meaning ascribed to such term in the Credit Agreement.
	 
	 	 	“Debtors” means the Austrian Debtor, the German Debtor and any other entity owing receivables
to the Pledgor which has signed an acceptance of the terms of this Pledge Agreement in
substantially similar form to the acceptance of this Pledge Agreement.
	 
	 	 	“Event of Default” shall mean an “Event of Default” under, and as defined in, the First Lien
Intercreditor Agreement.
	 
	 	 	“Financial Collateral Law” means the Luxembourg law of 5 August 2005 on financial collateral
arrangements.

- 2 -

 

	 	 	“German Loan Agreement” means the loan agreement dated 1 August 2008 entered into between SIG
Asset Holdings Limited as lender and the German Debtor as borrower whereby SIG Asset Holdings
Limited lent up to EUR 25,000,000 to the German Debtor and the rights and benefit of which
have been assigned to the Pledgor pursuant to, amongst others, a deed of assignment dated 12
February 2010, between the Pledgor and Beverage Packaging Holdings (Luxembourg) III S.àr.l.
as such agreement may be amended, extended, restructured, renewed, novated, supplemented,
restated, refunded, replaced or modified from time to time.
	 
	 	 	“Intercompany Agreements” means the Austrian Loan Agreement and the German Loan Agreement.
	 
	 	 	“Intercreditor Arrangements” means the First Lien Intercreditor Agreement and any other
document that is designated by the Loan Parties’ Agent and the Collateral Agent as an
intercreditor agreement, in each case as amended, novated, supplemented, restated, replaced
or modified from time to time.
	 
	 	 	“Issuers” shall mean the “Issuers” under and as defined in the Senior Secured Note Indenture,
including their successors in interest.
	 
	 	 	“Loan Documents” shall mean the “Credit Documents” under, and as defined in, the First Lien
Intercreditor Agreement and any other document designated by the Loan Parties’ Agent and the
Collateral Agent as a Loan Document.
	 
	 	 	“Loan Parties” shall mean the “Grantors”, under and as defined in the First Lien
Intercreditor Agreement.
	 
	 	 	“Loan Parties’ Agent” shall mean Reynolds Group Holdings Limited (formerly known as Rank
Group Holdings Limited).
	 
	 	 	“Pledged Claims” means all claims, regardless of the nature thereof (including interest,
default interest, commissions, expenses, costs, indemnities and any other amounts due
thereunder), whether actual, future or contingent, whether owed jointly or severally, and
whether subordinated or not, owed by any Debtor to the Pledgor under in particular the
Intercompany Agreements as well as any other loan agreement or other debt instrument and
receivables, in each case to the extent they are subject to the laws of Luxembourg, owed to
the Pledgor by any Debtor, together with, to the largest extent permitted by law, any
accessory rights, claims or actions, including any security interest or rights, under
whatever law, attaching to such claims or granted to the Pledgor as security for such claims.
	 
	 	 	“Principal Finance Documents” means the Credit Agreement, the Senior Secured Note Indenture,
the Intercreditor Arrangements and any Additional Agreement.
	 
	 	 	“Rights of Recourse” means all and any rights, actions and claims the Pledgor may have
against any Loan Party or any other person having granted security or given a guarantee for
the Secured Obligations, arising under or pursuant to the enforcement of the present Pledge
including, in particular, the Pledgor’s right of recourse against any such entity under the
terms of Article 2028 et seq. of the Luxembourg Civil Code (including, for the avoidance of
doubt, any right of recourse prior to enforcement), or any right of recourse

- 3 -

 

	 	 	by way of
subrogation or any other similar right, action or claim under any applicable law.
	 
	 	 	“Secured Obligations” shall mean all present and future obligations and liabilities (whether
actual or contingent and whether owed jointly or severally or in any other capacity
whatsoever) of each Loan Party and each grantor of a security interest to the Secured Parties
(or any of them) under each or any of the Loan Documents (including, for the avoidance of
doubt, any liability in respect of any further advances made under the Loan Documents or
resulting from an amendment or an increase of the principal amount of the Facilities),
together with all costs, charges and expenses incurred by any Secured Party in connection
with the protection, preservation or enforcement of its respective rights under the Loan
Documents or any other document evidencing or securing any such liabilities.
	 
	 	 	“Secured Parties” shall mean the “Secured Parties” under, and as defined in, the First Lien
Intercreditor Agreement.
	 
	1.3	 	This Pledge Agreement is subject to the terms of the Intercreditor Arrangements. In
the event of a conflict between the terms of this Agreement and the Intercreditor
Arrangements, the terms of the Intercreditor Arrangements will prevail.
	 
	1.4	 	In this Pledge Agreement, any reference to (a) a “Clause” is, unless otherwise
stated, a reference to a Clause hereof and (b) to any agreement (including this Pledge
Agreement, the First Lien Intercreditor Agreement, the Credit Agreement or any other Loan
Document) is a reference to such agreement as amended, varied, modified or supplemented
(however fundamentally) from time to time. Clause headings are for ease of reference only.
	 
	1.5	 	This Pledge Agreement may be executed in any number of counterparts and by way of
facsimile exchange of executed signature pages, all of which together shall constitute one and
the same Pledge Agreement.

2. PLEDGE OVER PLEDGED CLAIMS

	2.1	 	The Pledgor pledges the Pledged Claims in favour of the Collateral Agent acting for
itself and as collateral agent for the benefit of the Secured Parties, who accepts, as
first-priority pledge (gage) (the “Pledge”), for the due and full payment and discharge of all
of the Secured Obligations.
	 
	2.2	 	To the extent relating to the Austrian Loan Agreement and to the extent necessary,
this pledge is taken in replacement of the pledge (to the extent relating to the Austrian Loan
Agreement only) granted by SIG Finance (Luxembourg) S.àr.l. to the Collateral Agent acting for
itself and as collateral agent as appointed under the First Lien Intercreditor Agreement for
the benefit of the Secured Parties pursuant to a pledge agreement dated 5 November 2009 (the
“Original Pledge Agreement”) pursuant to the rights and benefits relating to the loan
receivable of up to EUR 453,725,000 owed by the Austrian Debtor to SIG Finance (Luxembourg)
S.àr.l. (the “Austrian Receivable”) being transferred subject to the pledge under the Original
Pledge Agreement to the Pledgor by way of, amongst

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	 	 	others, a deed of assignment dated 12
February 2010 between the Pledgor and Beverage Packaging Holdings (Luxembourg) III S.àr.l.
	 
	2.3	 	Without prejudice to the above provisions, the Pledgor hereby irrevocably authorises
and empowers the Collateral Agent to take or to cause any formal steps to be taken for the
purpose of perfecting the present Pledge, if the Pledgor has failed to comply with such
perfection steps within 10 Business Days of being notified of that failure and, for the
avoidance of doubt, subject to the Agreed Security Principles, undertakes to take any such
steps itself if so directed by the Collateral Agent.
	 
	2.4	 	Provided that no Event of Default has occurred and is continuing, the Pledgor is
authorised by the Collateral Agent to collect and exercise any rights and claims in respect
of the Pledged Claims in accordance with the Principal Finance Documents.
	 
	2.5	 	The Pledgor undertakes that, during the subsistence of the Pledge Agreement, it will
not grant any pledge with a lower ranking without the prior approval of the Collateral Agent
except as contemplated under the Principal Finance Documents.
	 
	3.	 	PLEDGOR’S REPRESENTATIONS AND UNDERTAKINGS
	 
	3.1	 	The Pledgor hereby represents to the Collateral Agent that, as of the date hereof,
except as permitted by the Principal Finance Documents:

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

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

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

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

	 	3.3.1	 	it will ensure that no counterclaims as to which a right to set-off or right
of retention could be exercised will exist with respect to the Pledged Claims except
those permitted to exist under the Principal Finance Documents;
	 
	 	3.3.2	 	it shall cooperate with the Collateral Agent and sign or cause to be signed
all such further documents and take all such further action as the Collateral Agent

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	 	 	 	may from time to time reasonably request to perfect and protect this Pledge or to exercise
its rights under this Pledge Agreement;
	 
	 	3.3.3	 	it shall act in good faith and, unless otherwise permitted by the Principal
Finance Documents, not knowingly take any steps nor do anything which would adversely
affect the existence of the Pledge created hereunder;
	 
	 	3.3.4	 	it shall inform the Collateral Agent as soon as possible in case the Pledge
is prejudiced or jeopardised by actions of third parties (including, but without being
limited to, by attachments). Such information shall be accompanied, in case of any
attachment, by a copy of the order for attachment, as well as all documents required
for the filing of an objection against the attachment, and, in case of any other
actions by third parties, by copies evidencing which actions have or will be taken,
respectively, as well as all documents required for the filing of an objection against
such actions. Subject to Clause 11 (Costs and Expenses) hereof, all reasonable and
adequately documented costs and expenses for any actions of intervention and measures
of the Collateral Agent shall be borne by the Pledgor. This shall also apply to the
institution of legal action, which the Collateral Agent may consider necessary; and
	 
	 	3.3.5	 	it shall notify the Collateral Agent as soon as possible of any event or
circumstance which would have a material adverse effect on the validity or
enforceability of this Pledge Agreement.

	3.4	 	Subject to the Agreed Security Principles, the Pledgor hereby undertakes that it will
comply with all reasonably necessary procedures and fulfil all perfection requirements
reasonably required for the effectiveness and the enforceability of this Pledge against the
Pledgor, including but not limited thereto all the measures foreseen under Luxembourg law,
Austrian law or German law or the law of any other relevant jurisdiction.
	 
	4.	 	POWER OF ATTORNEY
	 
	4.1	 	The Pledgor irrevocably appoints the Collateral Agent to be its attorney and in its
name and on its behalf to execute, deliver and perfect all documents and do all things that
the Collateral Agent may consider to be requisite for (a) carrying out any obligation imposed
on the Pledgor under this Pledge Agreement or (b) exercising any of the rights conferred on
the Collateral Agent or the Secured Parties by this Pledge Agreement or by law, it being
understood that the enforcement of the pledge over the Pledged Claims must be carried out as
described in Clause 5 (Remedies upon Default) hereunder. The powers under this Clause 4.1
shall only be exercised upon the occurrence of an Event of Default and provided that such
Event of Default is continuing, or if the Pledgor has failed to comply with a further
assurance or any perfection obligations hereunder within 10 Business Days of being notified of
that failure.
	 
	4.2	 	The Pledgor shall ratify and confirm all things done and all documents executed by
the Collateral Agent in the exercise of that power of attorney.
	 
	4.3	 	The Collateral Agent shall not be obliged to exercise the powers conferred upon it by
the Pledgor under this Clause 4.1 unless and until it shall have been (a) instructed to do so
by

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	 	 	the Applicable Representative and (b) indemnified and/or secured and/or prefunded to its
satisfaction.
	 
	5.	 	REMEDIES UPON DEFAULT
	 
	5.1	 	Upon the occurrence of an Event of Default and provided that such Event of Default is
continuing, the Collateral Agent shall be entitled to realise the Pledged Claims in the most
favourable manner provided for by Luxembourg law and in particular the Financial Collateral
Law and may, in particular, but without limitation,

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

	5.2	 	The Collateral Agent shall apply the proceeds of the sale in paying the costs of that
sale or disposal and in or towards the discharge of the Secured Obligations, in accordance
with the terms of the Loan Documents.
	 
	6.	 	EFFECTIVENESS OF COLLATERAL
	 
	6.1	 	The Pledge shall be a continuing security and shall not be considered as satisfied or
discharged or prejudiced by any intermediate payment, satisfaction or settlement of any part
of the Secured Obligations and shall remain in full force and effect until it has been
discharged in accordance with Clause 6.2 of this Pledge Agreement.
	 
	6.2	 	The security constituted by this Pledge Agreement shall be released and cancelled (a)
by the Collateral Agent at the request and cost of the Pledgor, upon the Secured Obligations
being irrevocably paid or discharged in full and none of the Secured Parties being under any
further actual or contingent obligation to make advances or provide other financial
accommodation to the Pledgor or any other person under any of the Loan Documents; or (b) in
accordance with, and to the extent required by, the First Lien Intercreditor Agreement.

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	6.3	 	The Pledge shall be cumulative, in addition to, and independent of every other
security which the Collateral Agent and Secured Parties may at any time hold as security for
the Secured Obligations or any rights, powers and remedies provided by law and shall not
operate so as in any way to prejudice or affect or be prejudiced or affected by any security
interest or other right or remedy which the Collateral Agent and Secured Parties may now or at
any time in the future have in respect of the Secured Obligations.
	 
	6.4	 	This Pledge shall not be prejudiced by any time or indulgence granted to any person,
or any abstention or delay by the Secured Parties or the Collateral Agent in perfecting or
enforcing any security interest or rights or remedies that the Secured Parties or the
Collateral Agent may now or at any time in the future have from or against the Pledgor or any
other person.
	 
	6.5	 	No failure on the part of the Collateral Agent or the Secured Parties to exercise, or
delay on its part in exercising, any of its rights under this Pledge Agreement shall operate
as a waiver thereof, nor shall any single or partial exercise of any such right preclude any
further or other exercise of that or any other rights.
	 
	6.6	 	Neither the obligations of the Pledgor contained in this Pledge Agreement nor the
rights, powers and remedies conferred upon the Collateral Agent or the Secured Parties by this
Pledge Agreement or by law, nor the Pledge created hereby shall be discharged, impaired or
otherwise affected by:

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

	6.7	 	For the avoidance of doubt, the Pledgor hereby waives any rights arising for it now
or in the future (if any) under Article 2037 of the Luxembourg Civil Code.
	 
	6.8	 	Subject to the terms of the Principal Finance Documents, neither the Secured Parties,
nor the Collateral Agent or any of their agents shall be liable by reason of (a) taking any
action permitted by this Pledge Agreement or (b) any neglect or default in connection with the
Pledged Claims or (c) the realisation of all or any part of the Pledged Claims, except in the
case of bad faith, gross negligence or wilful misconduct upon their part.

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	7.	 	INDEMNITY
	 
	 	 	To the extent set out in Section 4.11 of the First Lien Intercreditor Agreement, the Pledgor
shall, notwithstanding any release or discharge of all or any part of the security, indemnify
the Collateral Agent, its agents, its attorneys and any delegate against any action,
proceeding, claims, losses, liabilities, expenses, demands, taxes, and costs which it may
sustain as a consequence of any breach by the Pledgor of the provisions of this Pledge
Agreement, the exercise or purported exercise of any of the rights and powers conferred on
them by this Pledge Agreement or otherwise relating to the Pledged Claims.
	 
	8.	 	DELEGATION
	 
	 	 	Subject to Section 4.05 of the First Lien Intercreditor Agreement (to the extent permitted by
Luxembourg law), the Collateral Agent shall have full power to delegate (either generally or
specifically) the powers, authorities and discretions conferred on it by this Pledge
Agreement (including the power of attorney) on such terms and conditions as it shall see fit
which delegation shall not preclude either the subsequent exercise, any subsequent delegation
or any revocation of such power, authority or discretion by the Collateral Agent itself.
	 
	9.	 	RIGHTS OF RECOURSE
	 
	9.1	 	For as long as the Secured Obligations are outstanding and have not been
unconditionally and irrevocably paid and discharged in full or the Collateral Agent or the
Secured Parties have any obligations under the Loan Documents, the Pledgor shall not exercise
any Rights of Recourse, arising for any reason whatsoever, by any means whatsoever (including
for the avoidance of doubt, by way of provisional measures such as provisional attachment
(“saisie-arrêt conservatoire”)) or by way of set-off.
	 
	9.2	 	The Pledgor irrevocably agrees to waive its Rights of Recourse if the relevant person
against whom the Rights of Recourse are to be exercised has come under the direct or indirect
control of the Collateral Agent or the Secured Parties or any third party following or in
connection with, the enforcement of any security granted in connection with the Secured
Obligations.
	 
	9.3	 	Without prejudice to Clause 9.1 above, this Clause shall remain in full force and
effect notwithstanding any discharge, release or termination of this Pledge (whether or not in
accordance with Clause 6.1 of this Pledge Agreement).
	 
	10.	 	PARTIAL ENFORCEMENT
	 
	 	 	Subject to Clause 5 (Remedies upon Default), the Collateral Agent shall be entitled, to
request enforcement of the Pledge over all or part of the Pledged Claims in its most absolute
discretion. No action, choice or absence of action in this respect, or partial enforcement,
shall in any manner affect the Pledge created hereunder over the Pledged Claims, as it then
shall be. The Pledge shall continue to remain in full and valid existence until enforcement,
discharge or termination hereof, as the case may be.

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	11.	 	COSTS AND EXPENSES
	 
	 	 	Section 9.05 (Expenses, Indemnity) of the Credit Agreement applies to this Pledge Agreement.
	 
	12.	 	CURRENCY CONVERSION
	 
	 	 	Without prejudice to the terms of the Loan Documents, for the purpose of, or pending the
discharge of, any of the Secured Obligations the Collateral Agent may convert any money
received, recovered or realised or subject to application by it under this Pledge Agreement
from one currency to another, as the Collateral Agent (acting reasonably) may think fit and
any such conversion shall be effected at the Collateral Agent’s spot rate of exchange for the
time being for obtaining such other currency with the first currency.
	 
	13.	 	NOTICES
	 
	 	 	Any notice or demand to be served by one person on another pursuant to this Pledge Agreement
shall be served in accordance with the provisions of the First Lien Intercreditor Agreement.
	 
	14.	 	SUCCESSORS
	 
	14.1	 	This Pledge Agreement shall remain in effect despite any amalgamation or merger
(however effected) relating to the Secured Parties or the Collateral Agent, and references to
the Secured Parties or the Collateral Agent shall be deemed to include any assignee or
successor in title of the Secured Parties or the Collateral Agent and any person who, under
any applicable law, has assumed the rights and obligations of the Secured Parties or the
Collateral Agent hereunder or to which under such laws the same have been transferred or
novated or assigned in any manner.
	 
	14.2	 	For the purpose of Articles 1278 et seq. of the Luxembourg Civil Code and any other
relevant legal provisions, to the extent required under applicable law and without prejudice
to any other terms hereof or of any other Loan Documents and in particular Clause 14.1 hereof,
the Secured Parties and the Collateral Agent hereby expressly reserve and the Pledgor agrees
to the preservation of this Pledge and the security interest created hereunder in case of
assignment, novation, amendment or any other transfer of the Secured Obligations or any other
rights arising under the Loan Documents.
	 
	14.3	 	To the extent a further notification or registration or any other step is required
by law to give effect to the above, such further registration shall be made and the Pledgor
hereby gives power of attorney to the Collateral Agent to make any notifications and/or to
proceed to any required registrations, or to take any other steps, and undertakes to do so
itself if so requested by the Collateral Agent.
	 
	15.	 	AMENDMENTS AND PARTIAL INVALIDITY
	 
	15.1	 	Changes to this Pledge Agreement and any waiver of rights under this Pledge
Agreement shall require written form.
	 
	15.2	 	If any provision of this Pledge Agreement is declared by any judicial or other
competent authority to be void or otherwise unenforceable, that provision shall be severed
from this Agreement and the remaining provisions of this Pledge Agreement shall remain in full

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	 	 	force and effect. The Pledge Agreement shall, however, thereafter be amended by the parties in
such reasonable manner so as to achieve, without illegality, the intention of the parties with
respect to that severed provision.
	 
	16.	 	LAW AND JURISDICTION
	 
	 	 	This Pledge Agreement shall be governed by Luxembourg law and the courts of Luxembourg-City
shall have exclusive jurisdiction to settle any dispute which may arise from or in connection
with it.
	 
	 	 	This Pledge Agreement has been duly executed by the parties in five originals.

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SIGNATURE PAGE — BPHI PLEDGE OVER RECEIVABLES (German Debtor and Austrian Debtor)

	 	 	 	 	 
	 	The Collateral Agent

THE BANK OF NEW YORK MELLON

Duly represented by:

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

	 	 	 	 	 
	 	The Pledgor

BEVERAGE PACKAGING HOLDINGS (LUXEMBOURG) I S.A.

Duly represented by:

 	 
	 	/s/ Cindi Lefari
 	 
	 	Name:  	Cindi Lefari 	 
	 	Title:  	Authorised Signatory 	 

 

 

	 	 	 	 	 

SIGNATURE PAGE — BPHI PLEDGE OVER RECEIVABLES (German Debtor and Austrian Debtor)

ACCEPTANCE

The Debtors, by signing hereunder for acceptance, acknowledge and accept the existence of this
Pledge Agreement and of the Pledge created hereunder over the Pledged Claims for the purposes of
the Financial Collateral Law, and take notice of the terms of the Pledge Agreement.

The German Debtor

	 	 	 	 	 
	 	SIG EURO HOLDING AG & Co. KGaA

By: SIG REINAG AG as general partner (Komplementär)

 	 
	 	/s/ Philip West
 	 
	 	Name:  	Philip West 	 
	 	Function: Authorised Signatory 	 
	 

The Austrian Debtor

To the best of its knowledge, it has not received any notification of pledge, attachment or any
lien over the Pledged Claims which could impact the first ranking the Pledge

SIG AUSTRIA HOLDING GMBH

	 	 	 

	Duly represented by:

	 	Duly represented by:
	 
	 	 
	/s/ Wolfgang Ornig

	 	/s/ Andre Rosenstock
	 

	 	 
	Name: Wolfgang Ornig 

Title: Managing Director

	 	Name: Andre Rosenstock

Title: Managing Director

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