Document:

exv4w341

EXHIBIT 4.341

DEED OF RELEASE

THIS DEED OF RELEASE is made on the 1 February 2011

BY:

	(1)	 	THE BANK OF NEW YORK MELLON, in its capacity as collateral agent as appointed under the First
Lien Intercreditor Agreement (the “Collateral Agent”)

In favour of

	(2)	 	BEVERAGE PACKAGING HOLDINGS (LUXEMBOURG) III S.À R.L, a société à responsabilité limitée
incorporated under Luxembourg law with registered office at 6C, rue Gabriel Lippmann, L-5365
Munsbach, Grand-Duchy of Luxembourg, registered with the Luxembourg register of commerce and
companies under number B128.135 and having a share capital of EUR 404,969,325 (the “Company”).

WHEREAS

	(A)	 	By a security assignment of receivables under a specific contract dated 10 March 2010 made
between the Reynolds Consumer Products (Luxembourg) S.à r.l. (“RCP Lux”) and the Collateral
Agent (as subsequently amended) (the “Security Assignment”), RCP Lux granted security for the
payment and discharge of the Secured Liabilities (as defined in the Security Assignment) over
the Assigned Property (as defined in the Security Assignment) in favour of the Collateral
Agent.
	 
	(B)	 	Pursuant to a merger effective as of 21 December 2010, the Company has absorbed RCP Lux (the
“Merger”). As a result of the Merger, all the rights, obligations and liabilities of RCP Lux
under the Security Assignment have been transferred to the Company by way of universal
succession in accordance with article 259 of the Luxembourg law dated 10 August 1915 as
amended.
	 
	(C)	 	The Company has now requested that the Collateral Agent release the Assigned Property (as
defined in the Security Assignment) from the security created by or pursuant to the Security
Assignment, which the Collateral Agent has agreed to do upon the terms and conditions of this
deed.
	 
	(D)	 	This deed is supplemental to the Security Assignment.

IT IS AGREED as follows:

	1.	 	Terms defined in the Security Assignment shall have the same meaning in this deed.
	 
	2.	 	The Collateral Agent without recourse, representation or warranty of title, irrevocably and
unconditionally releases, reassigns, retransfers and cancels all of its rights, title

 

 

	 	 	and
interest, present and future, in, under and to the Contract, together with, without
limitation, all present and future claims, causes of action, payments and proceeds in respect
thereof that have been assigned to it by the Company under the Security Assignment and
discharges the Company from all its obligations under the Security Assignment in respect of
the Assigned Property.

	3.	 	The Assigned Property shall be held freed and discharged from the security created by, and
all claims arising under, the Security Assignment.
	 
	4.	 	The Collateral Agent agrees that it will (at the cost and expense of the Company) do all
things and execute all documents as the Company may reasonably require to give effect to this
release.
	 
	5.	 	This deed and any non-contractual obligations arising out of or in connection with it are
governed by English law.

IN WITNESS WHEREOF this deed has been executed by the Collateral Agent and is intended to be
and is hereby delivered on the date specified above.

The Collateral Agent

	 	 	 	 	 

	Signed as a deed by

	 	)	 	 
	 
	 	) 	 	 
	as attorney for

	 	)	 	 
	The Bank of New York Mellon

	 	)	 	 
	in the presence of:

	 	)	/s/ Catherine F. Donohue	 

	 	 	 	 	 
	Signature of witness:
	 	/s/ Julia Keppe	 	 
	 
	 	 

	 	 
	Name of witness:
	 	Julia Keppe	 	 
	 
	 	 	 	 
	Address of witness:
	 	Debevoise & Plimpton LLP, Tower 42, EC2N 1HQ	 	 
	 
	 	 	 	 
	Occupation of witness:
	 	Solicitor	 	 

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EXHIBIT 4.342

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.

DATED 1 FEBRUARY 2011

BEVERAGE PACKAGING HOLDINGS (LUXEMBOURG) III S.À R.L

AS DESIGNATED COMPANY

IN FAVOUR OF

THE BANK OF NEW YORK MELLON

AS THE COLLATERAL AGENT

 

SECURITY ASSIGNMENT OF CONTRACTUAL

RIGHTS UNDER A SPECIFIC CONTRACT

 

 

 

CONTENTS

	 	 	 	 	 
	Clause	 	Page	 
	 
	 	 	 	 
	1. Definitions And Interpretation
	 	 	2	 
	2. Covenant To Pay
	 	 	6	 
	3. Assignment
	 	 	6	 
	4. Deliverables
	 	 	6	 
	5. Dealing With Assigned Property
	 	 	6	 
	6. Representation
	 	 	7	 
	7. Further Advances
	 	 	7	 
	8. Designated Company’s Undertakings
	 	 	7	 
	9. Further Assurance
	 	 	8	 
	10. Power Of Attorney
	 	 	9	 
	11. Security Enforcement
	 	 	10	 
	12. Receivers
	 	 	12	 
	13. Effectiveness Of Collateral
	 	 	14	 
	14. Indemnity
	 	 	16	 
	15. Application Of Proceeds
	 	 	17	 
	16. Other Security Interests
	 	 	17	 
	17. Suspense Accounts
	 	 	18	 
	18. Currency Indemnity
	 	 	18	 
	19. Assignment
	 	 	19	 
	20. Disclosure
	 	 	19	 
	21. Waivers And Counterparts
	 	 	19	 
	22. Law
	 	 	19	 
	23. Enforcement
	 	 	20	 
	24. Financial Assistance
	 	 	20	 
	Schedule 1 Form Of Notice Of Assignment
	 	 	22	 

 

 

THIS AGREEMENT is made by way of deed on 1 February 2011

BETWEEN:

	(1)	 	BEVERAGE PACKAGING HOLDINGS (LUXEMBOURG) III S.À R.L a société à responsabiliteé limitée
incorporated under Luxembourg law with registered office at 6C, rue Gabriel Lippmann, L—5365
Munsbach, Grand-Duchy of Luxembourg registered with the Luxembourg register of commerce and
companies under number B128.135 and having a share capital of EUR 404,969,325 (the “Designated
Company”);
	 
	(2)	 	THE BANK OF NEW YORK MELLON in its capacity as collateral agent as appointed under the First
Lien Intercreditor Agreement for the Secured Parties (the “Collateral Agent”).

RECITALS:

	(A)	 	Further to the Credit Agreement (as defined below) certain lenders and financial institutions
have made available to the borrowers therein certain facilities (the “Facilities”) on the
terms set out in the Credit Agreement.
	 
	(B)	 	Further to the 2009 Senior Secured Notes Indenture (as defined below), the 2009 Issuers (as
defined below) have issued certain notes (the “2009 Notes”).
	 
	(C)	 	Further to the 2010 Senior Secured Notes Indenture (as defined below), the 2010 Issuers (as
defined below) have issued certain notes (the “2010 Notes”).
	 
	(D)	 	Further to the February 2011 Senior Secured Notes Indenture (as defined below), the February
2011 Issuers (as defined below) have issued certain notes (the “February 2011 Notes”).
	 
	(E)	 	Reynolds Consumer Products (Luxembourg) S.àr.l. (“RCP Lux”) previously provided security in
respect of the Facilities, the 2009 Notes and the 2010 Notes by way of a security assignment
agreement dated 10 March 2010 (as subsequently amended) (the “RCP Security Assignment”).
	 
	(F)	 	Closure Systems International (Luxembourg) S.àr.l (“CSI Lux”) previously provided security in
respect of the Facilities, the 2009 Notes and the 2010 Notes by way of a security assignment
agreement dated 10 March 2010 (as subsequently amended) (the “CSI Security Assignment”).
	 
	(G)	 	Pursuant to a merger effective as of 21 December 2010, the Designated Company has absorbed
RCP Lux and CSI Lux (the “Merger”). As a result of the Merger, all the rights, obligations
and liabilities of RCP Lux and CSI Lux under the RCP Security Assignment and the CSI Security
Assignment were transferred to the Designated Company by way of universal succession in
accordance with article 259 of the Luxembourg law dated 10 August 1915 as amended.

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	(H)	 	Pursuant to a deed of release dated 1 February 2011 the Collateral Agent released,
reassigned, retransferred and cancelled all rights and property assigned to it under the RCP
Security Assignment (the “RCP Deed of Release”).
	 
	(I)	 	Pursuant to a deed of release dated 1 February 2011 the Collateral Agent released,
reassigned, retransferred and cancelled all rights and property assigned to it under the CSI
Security Assignment (the “CSI Deed of Release”).
	 
	(J)	 	The Designated Company now intends to provide additional security in respect of the
Facilities, the 2009 Notes, the 2010 Notes and the February 2011 Notes by providing security
over the property previously subject to security under the RCP Security Assignment and the CSI
Security Assignment.
	 
	(K)	 	The Designated Company may, from time to time, make advances to one or more of the Borrowers
(as defined below) under the Contract (as defined below).
	 
	(L)	 	It is intended by the parties to this Agreement that this document will take effect as a deed
despite the fact that a party may only execute this Agreement under hand.
	 
	(M)	 	The Collateral Agent is acting under and holds the benefit of the rights conferred upon it in
this Agreement on trust for the Secured Parties.

IT IS AGREED as follows:

	1.	 	DEFINITIONS AND INTERPRETATION
	 
	1.1	 	Definitions

In this Agreement:

“2009 Issuers” means the “Issuers” under, and as defined in, the 2009 Senior Secured Notes
Indenture, including their successors in interest.

“2009 Senior Secured Notes Indenture” means the indenture dated 5 November 2009, and entered
into between, among others, the 2009 Issuers, 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.

“2010 Issuers” means the “Issuers” under, and as defined in, the 2010 Senior Secured Notes
Indenture, including their successors in interest.

“2010 Senior Secured Notes Indenture” means the indenture dated 15 October 2010, and entered
into between, among others, the 2010 Issuers, the Senior Secured Note Guarantors (as defined
therein) and The Bank of New York Mellon, as trustee, principal paying agent, transfer
agent, registrar and collateral agent and Wilmington Trust (London) Limited as additional
collateral agent, as amended, extended, restructured,

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renewed, refunded, novated, supplemented, restated, replaced or modified from time to time.

“Additional Agreement” has the meaning given to that term in the First Lien Intercreditor
Agreement.

“Agreed Security Principles” has the meaning it is given in the Credit Agreement and the 2009
Senior Secured Notes Indenture and to the extent of any inconsistency the meaning it is given
in the Credit Agreement shall prevail.

“Applicable Representative” has the meaning given to that term in the First Lien
Intercreditor Agreement.

“Assigned Property” means the rights and property expressed to be assigned in Clause 3
(Assignment).

“Borrower” means each of the Companies (defined below) designated as a borrower under the
Contract and which has borrowed a loan amount from the Designated Company under the Contract
(as defined below) (each a “Borrower” and together the “Borrowers”).

“Business Day” means a day (other than Saturday or Sunday) on which banks are open for
business in New York and London.

“Collateral Rights” means all rights, powers and remedies of the Collateral Agent provided by
or pursuant to this Agreement or by law.

“Company” means each of the members of the Group that are parties to the Contract (each a
“Company” and together the “Companies”).

“Contract” means the global loan agreement dated 5 November 2009 between, among others, the
Companies as amended, extended, restructured, renewed, novated, supplemented, restated,
refunded, replaced or modified from time to time.

“Credit Agreement” means the Credit Agreement dated 5 November 2009 among Reynolds Group
Holdings Inc., Reynolds Consumer Products Holdings Inc., SIG Euro Holding AG & Co. KGaA,
Closure Systems International Holdings Inc., Closure Systems International B.V., Pactiv
Corporation and SIG Austria Holding GmbH 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 by amendment agreements dated 21 January 2010, 4
May 2010 and 30 September 2010 and as amended and restated on or about the date of this
Agreement and as further amended, extended, restructured, renewed, novated, supplemented,
restated, refunded, replaced or modified from time to time.

“Delegate” means a delegate or sub-delegate appointed pursuant to Clause 12.8 (Delegation)
of this Agreement.

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“Enforcement Event” means an “Event of Default” under, and as defined in, the First Lien
Intercreditor Agreement.

“February 2011 Issuers” means the “Issuers” under, and as defined in, the February 2011
Senior Secured Notes Indenture, including their successors in interest.

“February 2011 Senior Secured Notes Indenture” means the indenture dated 1 February 2011
between, among others, the February 2011 Issuers and The Bank of New York Mellon, as
trustee, principal paying agent, transfer agent, registrar and collateral agent and
Wilmington Trust (London) Limited as additional collateral agent, as amended, extended,
restructured, renewed, refunded, novated, supplemented, restated, replaced or modified from
time to time.

“First Lien Intercreditor Agreement” means the First Lien Intercreditor Agreement dated 5
November 2009 between, among others, the Collateral Agent, The Bank of New York Mellon, as
trustee under the 2009 Senior Secured Notes Indenture, the 2010 Senior Secured Notes
Indenture and the February 2011 Senior Secured Notes Indenture, Credit Suisse AG (formerly
known as Credit Suisse), as administrative agent under the Credit Agreement, and the Loan
Parties, as amended by an amendment agreement dated 21 January 2010 and as further amended,
novated, supplemented, restated or modified from time to time.

“Group” means Reynolds Group Holdings Limited and each of its subsidiaries from time to
time.

“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.

“Lien” has the meaning given to such term in the First Lien Intercreditor Agreement.

“Loan Documents” means 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” means the “Grantors” under, and as defined in, the First Lien Intercreditor
Agreement.

“Loan Parties’ Agent” means Reynolds Group Holdings Limited (formerly known as Rank Group
Holdings Limited).

“Notice of Assignment” means a notice of assignment substantially in the form of Schedule 1
(Form of Notice of Assignment).

“Principal Finance Documents” means the Credit Agreement, the 2009 Senior Secured Notes
Indenture, the 2010 Senior Secured Notes Indenture, the February 2011 Senior Secured Notes
Indenture, the Intercreditor Arrangements and any Additional Agreement.

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“Receiver” means a receiver or receiver and manager or, where permitted by law, an
administrative receiver of the whole or any part of the Assigned Property and that term will
include any appointee made under a joint and/or several appointment.

“Secured Liabilities” means, with respect to the Designated Company, 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 in 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” means the “Secured Parties” under, and as defined in, the First Lien
Intercreditor Agreement.

“Security Documents” means the “Security Documents” under, and as defined in, the First Lien
Intercreditor Agreement.

	1.2	 	Terms defined in First Lien Intercreditor Agreement

Unless defined in this Agreement or the context otherwise requires, a term defined in the
First Lien Intercreditor Agreement has the same meaning in this Agreement or any notice
given under or in connection with this Agreement.

	1.3	 	Construction

	 	(a)	 	The rules of interpretation contained in the First Lien Intercreditor Agreement
will apply as if incorporated in this Agreement or in any notice given under or in
connection with this Agreement.
	 
	 	(b)	 	Any reference to the “Collateral Agent”, a “Borrower”, the “Designated Company”
or the “Secured Parties” or any other person shall be construed so as to include its or
their (and any subsequent) successors and any permitted transferees in accordance with
their respective interests.
	 
	 	(c)	 	This 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	 	Third Party Rights

A person who is not a party to this Agreement has no right under the Contracts (Rights of
Third Parties) Act 1999 to enforce or to enjoy any benefit of any term of this Agreement.

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	2.	 	COVENANT TO PAY

The Designated Company covenants with the Collateral Agent that it shall discharge its
obligations in respect of the Secured Liabilities on their due date in accordance with their
respective terms.

	3.	 	ASSIGNMENT
	 
	3.1	 	Assignment
	 
	 	 	The Designated Company assigns absolutely and with full title guarantee to the Collateral
Agent as security for the payment and discharge of the Secured Liabilities all of its
rights, title and interest, present and future, in, under and to the Contract including,
without limitation, all present and future claims, causes of action, payments and proceeds
in respect thereof.
	 
	3.2	 	Collateral Agent Assumes No Obligations
	 
	 	 	The Collateral Agent shall not be under any obligation in relation to the Assigned Property
or the Contract as a consequence of this Agreement and the Designated Company shall at all
times remain liable to perform all obligations expressed to be assumed by it in respect of
the Assigned Property and the Contract.
	 
	3.3	 	Release
	 
	 	 	The security constituted by this Agreement shall be released, reassigned and cancelled:

	 	(a)	 	by the Collateral Agent (acting on the instructions of the Applicable
Representative) at the request and cost of the Designated Company, upon the Secured
Liabilities 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 Designated Company or any other person
under any of the Loan Documents; or
	 
	 	(b)	 	in accordance with, and to the extent required by, the Intercreditor
Arrangements (to the extent it is possible to give effect to such arrangements under
English law).

	4.	 	DELIVERABLES
	 
	 	 	The Designated Company shall deliver or cause to be delivered to the Collateral Agent on the
date hereof a Notice of Assignment in respect of the Contract duly executed by or on behalf
of the Designated Company and acknowledged by the Loan Parties’ Agent on behalf of each of
the Companies.
	 
	5.	 	DEALING WITH ASSIGNED PROPERTY
	 
	 	 	Notwithstanding any other provision of this Agreement, the Designated Company shall be
permitted to deal with the Assigned Property relating to it in any manner and to

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	 	 	exercise all of its rights and benefits under and in respect of such Assigned Property
(including, but not limited to, the sale, disposal, transfer, assignment, set off or
forgiveness of the whole or any part of such Assigned Property if permitted by the Principal
Finance Documents) freely and without restriction in accordance with the terms and
conditions of the Principal Finance Documents, unless an Enforcement Event has occurred and
is continuing.

	6.	 	REPRESENTATION
	 
	 	 	The Designated Company represents that it has not registered any “establishments” (as that
term is defined in Part 1 of the Overseas Companies Regulations 2009) with the Registrar of
Companies in England and Wales or, if it has so registered, it has provided to the
Collateral Agent sufficient details to enable an accurate search against it to be undertaken
by the Secured Parties at the Companies Registry.
	 
	7.	 	FURTHER ADVANCES

	 	(a)	 	Subject to the terms of the Loan Documents, each Lender (as defined in the
Credit Agreement) is under an obligation to make further Loans (as defined in the
Credit Agreement) to the Loan Parties and that obligation shall be deemed to be
incorporated into this Agreement as if set out in this Agreement.
	 
	 	(b)	 	(i) Subject to the terms of the Loan Documents, each 2009 Issuer may issue
Additional Notes (as defined in the 2009 Senior Secured Notes Indenture) and the
obligations in respect of such Additional Notes will be deemed to be incorporated into
this Agreement as if set out in this Agreement.

(ii) Subject to the terms of the Loan Documents, each 2010 Issuer many issue
Additional Notes (as defined in the 2010 Senior Secured Notes Indenture) and the
obligations in respect of such Additional Notes will be deemed to be incorporated
into this Agreement as if set out in this Agreement.

(iii) Subject to the terms of the Loan Documents, each February 2011 Issuer may
issue Additional Notes (as defined in the February 2011 Senior Secured Notes
Indenture) and the obligations in respect of such Additional Notes will be deemed to
be incorporated into this Agreement as if set out in this Agreement.

	8.	 	DESIGNATED COMPANY’S UNDERTAKINGS
	 
	8.1	 	Undertakings

	 	(a)	 	Contract in force
	 
	 	 	 	The Designated Company shall ensure that the Contract, as long as it continues to
subsist, is in full force and effect and enforceable in accordance with its terms
and, at the date hereof, it is not in breach of any term or condition of the
Contract and that, unless otherwise permitted by the Principal Finance Documents,
there are no restrictions on its ability to assign the Assigned Property pursuant to
this

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	 	 	 	Agreement, whether contained in the Contract or in any other document, which would
materially and adversely affect the validity or enforceability of this Agreement.

	 	(b)	 	Negative pledge
	 
	 	 	 	Unless permitted by this Agreement or the Principal Finance Documents, the
Designated Company will not create or permit to subsist any security interest on any
part of the Assigned Property, in each case without the consent of the Collateral
Agent (acting on the instructions of the Applicable Representative).
	 
	 	(c)	 	Disposals
	 
	 	 	 	The Designated Company shall not, whilst an Enforcement Event has occurred which is
continuing, enter into a single transaction or a series of transactions (whether
related or not) and whether voluntarily or involuntarily, to sell, transfer or
otherwise dispose of the whole or any part of the Assigned Property or otherwise
deal with any part of the Assigned Property.
	 
	 	(d)	 	Not Jeopardise
	 
	 	 	 	Unless otherwise permitted by the Principal Finance Documents or this Agreement, the
Designated Company shall not do or permit to be done any act or thing which would
materially and adversely affect the validity and enforceability of this Agreement.
	 
	 	(e)	 	No variation
	 
	 	 	 	The Designated Company shall not, whilst an Enforcement Event has occurred which is
continuing, vary, rescind or amend the Contract except with the prior written
consent of the Collateral Agent (acting on the instructions of the Applicable
Representative).

	9.	 	FURTHER ASSURANCE
	 
	9.1	 	Covenant for Further Assurance
	 
	 	 	Subject to the Agreed Security Principles, the Designated Company will promptly at its own
cost do all such acts or execute all such documents (including assignments, transfers,
mortgages, charges, notices and instructions) as the Collateral Agent may reasonably specify
(and in such form as the Collateral Agent may reasonably require in favour of the Collateral
Agent or its nominee(s) or Delegate) for the purposes of (a) exercising the Collateral
Rights or perfecting the Lien created or intended to be created in respect of the Assigned
Property (which may include the execution by the Designated Company of a mortgage, charge or
assignment over all or any of the assets constituting, or intended to constitute, the
Assigned Property) or for the exercise of the Collateral Rights and/or (b) to facilitate the
realisation of the Assigned Property in each case in accordance with the rights vested in it
under this Agreement.

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	9.2	 	Prescribed Wording
	 
	 	 	The following covenants shall be implied in respect of any action taken by the Designated
Company to comply with its obligations under Clause 9.1 (Covenant for Further Assurance):

	 	(a)	 	the Designated Company has the right to take such action in respect of the
Assigned Property; and
	 
	 	(b)	 	the Designated Company will at its own cost do all that it reasonably can to
give the Collateral Agent or its nominee or Delegate the title and/or rights that it
purports to give.

	10.	 	POWER OF ATTORNEY
	 
	10.1	 	Appointment and Powers
	 
	 	 	The Designated Company by way of security irrevocably appoints the Collateral Agent and any
Receiver severally to be its attorney and in its name, on its behalf and as its act and deed
to execute, deliver and perfect all documents and do all things which the attorney may
consider to be required or desirable for:

	 	(a)	 	carrying out any obligation imposed on the Designated Company by this Agreement
or any other agreement binding on the Designated Company to which the Collateral Agent
is a party (including the execution and delivery of any deeds, charges, assignments or
other security and any transfers of the Assigned Property);
	 
	 	(b)	 	enabling the Collateral Agent to exercise, or delegate the exercise of, all or
any of the Collateral Rights in respect of the Designated Company; and
	 
	 	(c)	 	enabling any Receiver to exercise, or delegate the exercise of, any of the
rights, powers and authorities conferred on them by or pursuant to this Agreement or by
law in respect of the Designated Company,

	 	 	provided always that the Collateral Agent may only be entitled to exercise the powers
conferred upon it by the Designated Company under this Clause 10.1 if:

	 	(i)	 	an Enforcement Event has occurred and is continuing; and/or
	 
	 	(ii)	 	the Collateral Agent has received notice from the Applicable Representative,
the Loan Parties’ Agent and/or the Designated Company that the Designated Company has
failed to comply with a further assurance or perfection obligation within 10 Business
Days of the Designated Company being notified of that failure (with a copy of that
notice being sent to the Loan Parties’ Agent),

provided further that the Collateral Agent shall not be obliged to exercise the powers
conferred upon it by the Designated Company under this Clause 10.1 unless and until it

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shall have been (a) instructed to do so by the Applicable Representative and (b) indemnified
and/or secured and/or prefunded to its satisfaction.

	10.2	 	Ratification
	 
	 	 	The Designated Company shall ratify and confirm all things done and all documents executed
by any attorney in respect of the Designated Company in the exercise or purported exercise
of all or any of his powers.
	 
	11.	 	SECURITY ENFORCEMENT
	 
	11.1	 	Time for Enforcement
	 
	 	 	If an Enforcement Event has occurred and is continuing, or if a petition or application is
presented for the making of an administration order in relation to the Designated Company,
or if any person who is entitled to do so gives written notice of its intention to appoint
an administrator of the Designated Company or files such a notice with the court or is
requested to do so by the Designated Company, save to the extent that such petition,
application, notice or filing is not made by a member of the Group or any director of any
member of the Group and is frivolous or vexatious and is stayed, dismissed or withdrawn
within 4 Business Days of such petition, application, notice or filing being made the
security created by or pursuant to this Agreement is immediately enforceable and the
Collateral Agent may without notice to the Designated Company or prior authorisation from
any court, in its absolute discretion and shall, if so instructed by the Applicable
Representative:

	 	(a)	 	secure and perfect its title to all or any part of the Assigned Property
(including transferring the same into the name of the Collateral Agent or its
nominee(s)) or otherwise exercise in relation to the Assigned Property all the rights
of an absolute owner;
	 
	 	(b)	 	enforce all or any part of the Lien created by the Designated Company under
this Agreement (at the times, in the manner and on the terms it thinks fit) and
appropriate, hold, sell, or otherwise dispose of all or any part of the Assigned
Property (at the time, in the manner and on the terms it thinks fit);
	 
	 	(c)	 	whether or not it has appointed a Receiver, exercise all or any of the powers,
authorisations and discretions conferred by the Law of Property Act 1925 (as varied or
extended by this Agreement) on chargees and by this Agreement on any Receiver or
otherwise conferred by law on chargees or Receivers; and
	 
	 	(d)	 	collect, recover or compromise, and give good discharge for any moneys paid or
payable to the Designated Company under or in respect of the Assigned Property, and
enforce (in any way whatsoever including, without limitation, by way of instituting
proceedings in the name of the Designated Company) any rights or claims arising or in
respect of the Assigned Property.

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	11.2	 	Power of sale

	 	(a)	 	The power of sale or other disposal conferred on the Collateral Agent and on
the Receiver by this Agreement shall operate as a variation and extension of the
statutory power of sale under Section 101 of the Law of Property Act 1925 and such
power shall arise (and the Secured Liabilities shall be deemed due and payable for that
purpose) on execution of this Agreement.
	 
	 	(b)	 	The restrictions contained in Sections 93 and 103 of the Law of Property Act
1925 shall not apply to this Agreement or to the exercise by the Collateral Agent of
its right to consolidate all or any of the Lien created by or pursuant to this
Agreement with any other security in existence at any time or to its power of sale
which powers may be exercised by the Collateral Agent without notice to the Designated
Company on or at any time if an Enforcement Event has occurred and is continuing.

	11.3	 	Assignee’s liability
	 
	 	 	Neither the Collateral Agent nor any Receiver will be liable to account as mortgagee or
mortgagee in possession in respect of the Assigned Property or be liable for any loss upon
realisation or for any neglect or default of any nature whatsoever in connection with the
Assigned Property for which a mortgagee or mortgagee in possession might as such be liable.
	 
	11.4	 	Right of Appropriation
	 
	 	 	To the extent that any of the Assigned Property constitutes “financial collateral” and this
Agreement and the obligations of the Designated Company hereunder constitute a “security
financial collateral arrangement” (in each case as defined in, and for the purposes of, the
Financial Collateral Arrangements (No. 2) Regulations 2003 (SI 2003 No. 3226) (the
“Regulations”) the Collateral Agent shall have the right if an Enforcement Event has
occurred and is continuing to appropriate all or any part of such financial collateral in or
towards discharge of the Secured Liabilities. For this purpose, the parties agree that the
value of such financial collateral so appropriated shall be the market price of the Assigned
Property determined by the Collateral Agent (acting on the instructions of the Applicable
Representative) by reference to a public index or by such other process as the Collateral
Agent (acting on the instructions of the Applicable Representative) shall select, including
independent valuation. The parties agree that the method of valuation provided for in this
Agreement shall constitute a commercially reasonable method of valuation for the purposes of
the Regulations.
	 
	11.5	 	Statutory powers
	 
	 	 	The powers conferred by this Agreement on the Collateral Agent are in addition to and not in
substitution for the powers conferred on mortgagees and mortgagees in possession under the
Law of Property Act 1925, the Insolvency Act 1986 or otherwise by law and in

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	 	 	the case of any conflict between the powers contained in any such Act and those conferred by
this Agreement the terms of this Agreement will prevail.

	12.	 	RECEIVERS
	 
	12.1	 	Appointment and Removal
	 
	 	 	Notwithstanding any other provisions of this Agreement, subject to applicable laws, at any
time after having been requested to do so by the Designated Company or if the security
created by this Agreement is enforceable in accordance with Clause 11 (Security
Enforcement), the Collateral Agent may by deed or otherwise (acting through an authorised
officer of the Collateral Agent), without prior notice to the Designated Company:

	 	(a)	 	appoint one or more persons to be a Receiver of the whole or any part of the
Assigned Property;
	 
	 	(b)	 	remove (so far as it is lawfully able) any Receiver so appointed;
	 
	 	(c)	 	appoint another person(s) as an additional or replacement Receiver(s); or
	 
	 	(d)	 	appoint one or more persons to be an administrator of the Designated Company.

	12.2	 	Capacity of Receivers
	 
	 	 	Each person appointed to be a Receiver pursuant to Clause 12.1 (Appointment and removal)
will be:

	 	(a)	 	entitled to act individually or together with any other person appointed or
substituted as Receiver;
	 
	 	(b)	 	for all purposes shall be deemed to be the agent of the Designated Company
which shall be solely responsible for his acts, defaults and liabilities and for the
payment of his remuneration and no Receiver shall at any time act as agent for the
Collateral Agent; and
	 
	 	(c)	 	entitled to remuneration for his services at a rate to be fixed by the
Collateral Agent from time to time (without being limited to the maximum rate specified
by the Law of Property Act 1925).

	12.3	 	Statutory powers of appointment
	 
	 	 	The powers of appointment of a Receiver shall be in addition to all statutory and other
powers of appointment of the Collateral Agent under the Law of Property Act 1925 (as
extended by this Agreement) or otherwise and such powers shall remain exercisable from time
to time by the Collateral Agent in respect of any part of the Assigned Property.

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	12.4	 	Powers of Receivers
	 
	 	 	Every Receiver shall (subject to any restrictions in the instrument appointing him but
notwithstanding any winding-up or dissolution of the Designated Company) have and be
entitled to exercise, in relation to the Assigned Property, and as varied and extended by
the provisions of this Agreement (in the name of or on behalf of the Designated Company or
in his own name and, in each case, at the cost of the Designated Company):

	 	(a)	 	all the powers conferred by the Law of Property Act 1925 on mortgagors and on
mortgagees in possession and on receivers appointed under that Act;
	 
	 	(b)	 	all the powers of an administrative receiver set out in Schedule 1 to the
Insolvency Act 1986 (whether or not the Receiver is an administrative receiver);
	 
	 	(c)	 	all the powers and rights of an absolute owner and power to do or omit to do
anything which the Designated Company itself could do or omit to do;
	 
	 	(d)	 	the power to delegate (either generally or specifically) the powers,
authorities and discretions conferred on it by this Agreement or any of the Principal
Finance Documents (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
Receiver itself; and
	 
	 	(e)	 	the power to do all things (including bringing or defending proceedings in the
name or on behalf of the Designated Company) which seem to the Receiver to be
incidental or conducive to:

	 	(i)	 	any of the functions, powers, authorities or discretions
conferred on or vested in him;
	 
	 	(ii)	 	the exercise of any Collateral Rights (including realisation of
all or any part of the Assigned Property); or
	 
	 	(iii)	 	bringing to his hands any assets of the Designated Company
forming part of, or which when got in would be, the Assigned Property.

	12.5	 	Consideration
	 
	 	 	The receipt of the Collateral Agent or any Receiver shall be a conclusive discharge to a
purchaser and, in making any sale or disposal of any of the Assigned Property or making any
acquisition, the Collateral Agent or any Receiver may do so for such consideration, in such
manner and on such terms as it thinks fit.
	 
	12.6	 	Protection of purchasers
	 
	 	 	No purchaser or other person dealing with the Collateral Agent or any Receiver shall be
bound to inquire whether the right of the Collateral Agent or such Receiver to exercise

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	 	 	any of its powers has arisen or become exercisable or be concerned with any propriety or
regularity on the part of the Collateral Agent or such Receiver in such dealings.

	12.7	 	Discretions
	 
	 	 	Any liberty or power which may be exercised or any determination which may be made under
this Agreement by the Collateral Agent or any Receiver may, subject to the terms and
conditions of the Intercreditor Arrangements and to any requirement of reasonableness
required under this Agreement, be exercised or made in its absolute and unfettered
discretion without any obligation to give reasons.
	 
	12.8	 	Delegation
	 
	 	 	Subject to Section 4.05 of the First Lien Intercreditor Agreement (to the extent permitted
by English law), each of the Collateral Agent and any Receiver shall have full power to
delegate (either generally or specifically) the powers, authorities and discretions
conferred on it by this 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 or the Receiver itself.
	 
	13.	 	EFFECTIVENESS OF COLLATERAL
	 
	13.1	 	Collateral Cumulative
	 
	 	 	The collateral constituted by this Agreement and the Collateral Rights shall be cumulative,
in addition to and independent of every other security which the Collateral Agent or any
other Secured Party may at any time hold for the Secured Liabilities or any rights, powers
and remedies provided by law. No prior security held by the Collateral Agent or any other
Secured Party over the whole or any part of the Assigned Property shall merge into the
collateral constituted by this Agreement.
	 
	13.2	 	No Waiver
	 
	 	 	No failure to exercise, nor any delay in exercising, on the part of the Collateral Agent,
any right, power or remedy of the Collateral Agent provided by this Agreement or by law
shall operate as a waiver, nor shall any single or partial exercise of that right, power or
remedy prevent any further or other exercise of that or any other right, power or remedy of
the Collateral Agent provided by this Agreement or by law.
	 
	13.3	 	Illegality, Invalidity, Unenforceability
	 
	 	 	If, at any time, any provision of this Agreement is or becomes illegal, invalid or
unenforceable in any respect under the law of any jurisdiction, neither the legality,
validity or enforceability of the remaining provisions of this Agreement nor the legality,
validity or enforceability of such provision under the law of any other jurisdiction will in
any way be affected or impaired and if any part of the security intended to be created by

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	 	 	or pursuant to this Agreement is invalid, unenforceable or ineffective for any reason, that
shall not affect or impair any other part of the security.

	13.4	 	No liability
	 
	 	 	None of the Collateral Agent, its nominee(s) or any Receiver or Delegate appointed pursuant
to this Agreement shall be liable by reason of (a) taking any action permitted by this
Agreement or (b) any neglect or default in connection with the Assigned Property or (c) the
taking possession or realisation of all or any part of the Assigned Property except to the
extent provided in the Principal Finance Documents.
	 
	13.5	 	Implied Covenants for Title

	 	(a)	 	The covenants set out in Sections 3(1), 3(2) and 6(2) of the Law of Property
(Miscellaneous Provisions) Act 1994 will not extend to Clause 3 (Assignment).
	 
	 	(b)	 	It shall be implied in respect of Clause 3 (Assignment) that the Designated
Company is assigning its Assigned Property free from all charges and encumbrances
(whether monetary or not) and from all other rights exercisable by third parties
(including liabilities imposed and rights conferred by or under any enactment).

	13.6	 	Continuing Lien

	 	(a)	 	The Lien from time to time constituted by this Agreement is a continuing
security and will remain in full force and effect as a continuing security until
released or discharged by the Collateral Agent.
	 
	 	(b)	 	No part of the security from time to time constituted by this Agreement will be
considered satisfied or discharged by any intermediate payment, discharge or
satisfaction of the whole or any part of the Secured Liabilities.

	13.7	 	Immediate recourse
	 
	 	 	The Designated Company waives any right it may have of first requiring the Collateral Agent
or a Secured Party to proceed against or enforce any other rights or Lien or claim payment
from any person before claiming from the Designated Company under this Agreement. This
waiver applies irrespective of any law or any provision of this Agreement to the contrary.
	 
	13.8	 	Avoidance of Payments
	 
	 	 	Notwithstanding Clause 3.3 (Release) if the Collateral Agent considers that any amount paid
or credited to it is capable of being avoided or reduced by virtue of any bankruptcy,
insolvency, liquidation or similar laws the liability of the Designated Company under this
Agreement and the security constituted by this Agreement shall continue and that amount
shall not be considered to have been irrevocably paid.

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	13.9	 	Waiver of defences
	 
	 	 	The obligations of the Designated Company under this Agreement and the Collateral Rights
will not be affected by any act, omission, matter or thing which, but for this Clause 13.9
(Waiver of defences), would reduce, release or prejudice any of its obligations under this
Agreement and this Lien and whether or not known to the Designated Company or the Collateral
Agent or any Secured Party including:

	 	(a)	 	any time, waiver or consent granted to, or composition with, any Loan Party or
other person;
	 
	 	(b)	 	the release of any other Loan Party or any other person under the terms of any
composition or arrangement with any creditor of any Loan Party;
	 
	 	(c)	 	the taking, variation, compromise, exchange, renewal or release of, or refusal
or neglect to perfect, take up or enforce, any rights against, or Lien over assets of,
any Loan Party or other person or any non-presentment or non-observance of any
formality or other requirement in respect of any instruments or any failure to realise
the full value of any other Lien;
	 
	 	(d)	 	any incapacity or lack of powers, authority or legal personality of or
dissolution or change in the members or status of, any Loan Party or any other person;
	 
	 	(e)	 	any amendment, novation, supplement, extension (whether of maturity or
otherwise) or restatement (in each case however fundamental and of whatsoever nature,
and whether or not more onerous) or replacement of any Loan Document or any document or
security or of the Secured Liabilities;
	 
	 	(f)	 	any unenforceability, illegality or invalidity of any obligation of any person
under any Loan Document or any other document or security or of the Secured
Liabilities; or
	 
	 	(g)	 	any insolvency or similar proceedings.

	14.	 	INDEMNITY
	 
	14.1	 	Indemnity
	 
	 	 	To the extent set out in Section 4.11 of the First Lien Intercreditor Agreement, the
Designated Company shall, notwithstanding any release or discharge of all or any part of the
security, indemnify the Collateral Agent, its agents, attorneys, any Delegate and any
Receiver against any action, proceeding, claims, losses, liabilities, expenses, demands,
taxes and costs which it may sustain as a consequence of any breach by the Designated
Company 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
Assigned Property.

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	14.2	 	Interest on Demands
	 
	 	 	Section 2.07 (Default Interest) of the Credit Agreement applies to amounts which the
Designated Company fails to pay under this Agreement.
	 
	14.3	 	Payments Free Of Deduction
	 
	 	 	Section 2.20 (Taxes) of the Credit Agreement applies to this Agreement, save that, for the
purposes of this Agreement, the references in Section 2.20 (Taxes) of the Credit Agreement
to “a Loan Party”, “that Loan Party” and “each Loan Party” shall be replaced with
“Designated Company”. The exceptions to, and exclusions from, Section 2.20 (Taxes) of the
Credit Agreement contained in the Loan Documents (including, without limitation, Schedule
10.03 of the Credit Agreement) apply to the incorporation of Section 2.20 (Taxes) of the
Credit Agreement in this Agreement.
	 
	15.	 	APPLICATION OF PROCEEDS
	 
	 	 	All moneys received or recovered by the Collateral Agent or any Receiver pursuant to this
Agreement or the powers conferred by it shall (subject to the claims of any person having
prior rights thereto and by way of variation of the provisions of the Law of Property Act
1925) be applied in accordance with Section 2.01 of the First Lien Intercreditor Agreement.
	 
	16.	 	OTHER SECURITY INTERESTS
	 
	16.1	 	Redemption or transfer
	 
	 	 	In the event of any action, proceeding or step being taken to exercise any powers or
remedies conferred by any prior ranking Lien in case of exercise by the Collateral Agent or
any Receiver or any Delegate of any power of sale under this Agreement the Collateral Agent
may redeem such prior Lien or procure the transfer thereof to itself.
	 
	16.2	 	Accounts
	 
	 	 	The Collateral Agent may settle and pass the accounts of the prior Lien and any accounts so
settled and passed will be conclusive and binding on the Designated Company.
	 
	16.3	 	Costs of redemption or transfer
	 
	 	 	All principal monies, interest, costs, charges and expenses of and incidental to any
redemption or transfer will be paid by the Designated Company to the Collateral Agent on
demand together with accrued interest thereon (as well as before judgment) at the rate from
time to time applicable to unpaid sums specified in the Credit Agreement from the time or
respective times of the same having been paid or incurred until payment thereof (after as
well as before judgment).

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	16.4	 	Subsequent Interests
	 
	 	 	If the Collateral Agent (acting in its capacity as security trustee or otherwise) or any of
the Secured Parties at any time receives notice or is deemed to have received notice of any
subsequent Lien affecting all or any part of the Assigned Property or any assignment or
transfer of the Assigned Property which in either case is prohibited by the terms of this
Agreement or the Principal Finance Documents, all payments made by the Designated Company to
the Collateral Agent or any of the Secured Parties after that time shall be treated as
having been credited to a new account of the Designated Company and not as having been
applied in reduction of the Secured Liabilities as at the time when the Collateral Agent
received notice.
	 
	17.	 	SUSPENSE ACCOUNTS
	 
	 	 	All monies received, recovered or realised by the Collateral Agent under this Agreement
(including the proceeds of any conversion of currency) may in the discretion of the
Collateral Agent be credited to any interest bearing suspense or impersonal account
maintained with the Collateral Agent or any bank, building society or financial institution
as it considers appropriate and may be held in such account for so long as the Collateral
Agent may think fit (acting on the instructions of the Applicable Representative) pending
their application from time to time (as the Collateral Agent is entitled to do in its
discretion) in or towards the discharge of any of the Secured Liabilities and save as
provided herein no party will be entitled to withdraw any amount at any time standing to the
credit of any suspense or impersonal account referred to above.
	 
	18.	 	CURRENCY INDEMNITY
	 
	18.1	 	The Secured Liabilities shall be paid in the currency in which it is denominated at the
relevant time, unless the Loan Documents provides otherwise.
	 
	18.2	 	If any Secured Liabilities are received from the Designated Company in a currency (“first
currency”) other than the currency (“second currency”) in which it is payable (whether as a
result of obtaining or enforcing an order or judgment, the dissolution of any person or
otherwise), the amount received shall only satisfy the Designated Company’s obligation to pay
its Secured Liabilities to the extent of the amount in the second currency which the relevant
Secured Party is able, in accordance with its usual practice, to purchase with the amount
received in the first currency on the date of that receipt (or, if it is not possible to make
that purchase on that date, on the first date upon which it is possible to do so).
	 
	18.3	 	Subject to Section 9.05 of the Credit Agreement and the terms of the Principal Finance
Documents, the Designated Company indemnifies each Secured Party against:

	 	(a)	 	any loss sustained by it as a result of the amount purchased by it in the
second currency pursuant to Clause 18.2 above being less than the amount due; and
	 
	 	(b)	 	all costs and expenses properly incurred by it in purchasing the second
currency,

in respect of any Secured Liabilities received from the Designated Company.

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	18.4	 	The Designated Company shall pay to the relevant Secured Party, promptly upon demand, in the
currency stipulated, all amounts payable pursuant to such indemnity.
	 
	19.	 	ASSIGNMENT
	 
	19.1	 	Permitted Successors
	 
	 	 	The Collateral Agent may assign and transfer all or any of its rights and obligations under
this Agreement to facilitate the performance of its role as Collateral Agent under the Loan
Documents in accordance with the Intercreditor Arrangements. This Agreement shall be
binding upon and shall inure to the benefit of each party and its direct or subsequent legal
successors, permitted transferees and assigns.
	 
	19.2	 	Collateral Agent Successors
	 
	 	 	This Agreement shall remain in effect despite any amalgamation or merger (however effected)
relating to the Collateral Agent; and references to the Collateral Agent shall include any
assignee or successor in title of the Collateral Agent and any person who, under the laws of
its jurisdiction of incorporation or domicile, has assumed the rights and obligations of the
Collateral Agent under this Agreement or to which, under such laws, those rights and
obligations have been transferred.
	 
	20.	 	DISCLOSURE
	 
	 	 	Subject to Section 9.16 of the Credit Agreement and the terms of the Principal Finance
Documents, the Collateral Agent shall be entitled to disclose such information concerning
the Designated Company or any other person and this Agreement as the Collateral Agent
considers appropriate to any actual or proposed direct or indirect successor or to any
person to whom information may be required to be disclosed by applicable law.
	 
	21.	 	WAIVERS AND COUNTERPARTS
	 
	21.1	 	Waivers
	 
	 	 	No waiver by the Collateral Agent of any of its rights under this Agreement shall be
effective unless given in writing.
	 
	21.2	 	Counterparts
	 
	 	 	This Agreement may be executed in any number of counterparts, and this has the same effect
as if the signatures on the counterparts were on a single copy of this Agreement.
	 
	22.	 	LAW
	 
	 	 	This Agreement and any non-contractual obligations arising out of or in connection with it
are governed by English law.

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	23.	 	ENFORCEMENT
	 
	23.1	 	Jurisdiction of English Courts

	 	(a)	 	The courts of England have exclusive jurisdiction to settle any dispute (a
“Dispute”) arising out of, or connected with this Agreement (including a dispute
regarding the existence, validity or termination of this Agreement or the consequences
of its nullity) or any non-contractual obligations arising out of or in connection with
this Agreement.
	 
	 	(b)	 	The parties agree that the courts of England are the most appropriate and
convenient courts to settle Disputes and accordingly no party will argue to the
contrary.
	 
	 	(c)	 	This Clause 23 (Enforcement) is for the benefit of the Collateral Agent only.
As a result and notwithstanding paragraph (a) of Clause 23.1, it does not prevent the
Collateral Agent from taking proceedings relating to a Dispute in any other courts with
jurisdiction. To the extent allowed by law, the Collateral Agent may take concurrent
proceedings in any number of jurisdictions.

	23.2	 	Service of process
	 
	 	 	Without prejudice to any other mode of service allowed under any relevant law, the
Designated Company:

	 	(a)	 	irrevocably appoints Law Debenture Corporate Services Limited as its agent for
service of process in relation to any proceedings before the English courts in
connection with this Agreement; and
	 
	 	(b)	 	agrees that failure by an agent for service of process to notify the Designated
Company of the process will not invalidate the proceedings concerned.

	24.	 	FINANCIAL ASSISTANCE
	 
	 	 	Without prejudice to the provisions of the Loan Documents, the rights granted by the
Designated Company incorporated in Luxembourg under this Agreement shall not constitute a
financial assistance pursuant to Article 49-6 of the Luxembourg law dated 10 August 1915 on
commercial companies (a “Financial Assistance”), to the extent applicable as at the date of
execution of this Agreement, to a private limited liability company incorporated under the
laws of Luxembourg, and none of the obligations under or pursuant to the Loan Documents
shall be included in the definition of “Secured Liabilities” to the extent that, if they
were included, the security interest granted pursuant to this Agreement or any part thereof
would be void as a result of violation of the prohibition on Financial Assistance (the
“Prohibition”) and all provisions hereof will be interpreted accordingly. For the avoidance
of doubt, this Agreement shall continue to secure those obligations which, if included in
the definition of “Secured Liabilities”, do not constitute a violation of the Prohibition.

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THIS AGREEMENT has been signed on behalf of the Collateral Agent and executed as a deed by the
Designated Company and is intended to be and is hereby delivered by it as a deed on the date
specified above.

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SCHEDULE 1

FORM OF NOTICE OF ASSIGNMENT

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 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.

	To:	 	Closure Systems International (Brazil) Sistemas de Vedação Ltda.

CSI Latin American Holdings Corporation

Closure Systems International (Canada) Limited

CSI Closure Systems Manufacturing de Centro America, Ltda

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

Closure Systems International (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft.

CSI Manufacturing and Trading Limited (CSI Hungary Kft.)

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Grupo CSI de Mexico, 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.

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

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

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

Reynolds Consumer Products International B.V.

Closure Systems International B.V.

Closure Systems International (UK) Limited

Closure Systems International Holdings (Spain) S.A.

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited (formerly known as BACO Consumer Products Limited)

Closure Systems International Holdings Inc.

Closure Systems International Inc.

Reynolds Packaging Machinery Inc.

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

Southern Plastics, Inc.

CSI Sales & Technical Services Inc.

Reynolds Group Issuer LLC

-22-

 

	 	 	Reynolds Consumer Products Holdings Inc.

Bakers Choice Products Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Services Inc.

Reynolds Group Holdings Inc.

(each a “Company”, together the “Companies”)

Date: _____________

Dear Sirs,

	1.	 	We hereby give you notice that we have assigned to The Bank of New York Mellon (the
“Collateral Agent”) pursuant to a security assignment of collateral rights entered into by us
in favour of the Collateral Agent dated ______________ (“Assignment Agreement”) all our right,
title and interest in to the global loan agreement dated 5 November 2009 between, among
others, the Companies (as defined in the Assignment Agreement) as Lenders and Borrowers (as
defined therein) (as amended, extended, restructured, renewed, novated, supplemented,
restated, refunded, replaced or modified from time to time) (the “Contract”), including all
monies which may be payable in respect of the Contract.
	 
	2.	 	You are hereby instructed that, following your receipt of any notice from the Collateral
Agent that an Enforcement Event (as defined in the Assignment Agreement) has occurred and is
continuing:

	 	(a)	 	all payments by you to us under or arising from the Contract (the “Payments”)
shall be paid to the Collateral Agent or to its order (with a copy to us) as it may
specify in writing from time to time;
	 
	 	(b)	 	all remedies provided for in the Contract or available at law or in equity
shall be exercisable by, or at the direction of the Collateral Agent; and
	 
	 	(c)	 	all rights to compel performance of the Contract shall be exercisable by, or at
the direction of the Collateral Agent; and
	 
	 	(d)	 	all rights, interests and benefits whatsoever accruing to or for the benefit of
ourselves arising from the Contract shall belong to the Collateral Agent.

	3.	 	For the avoidance of doubt, unless and until you receive notice from the Collateral Agent
that an Enforcement Event has occurred and is continuing, the Contract may be performed as
normal or otherwise in accordance with its terms.
	 
	4.	 	We shall continue to be solely responsible for the performance of our obligations under or in
connection with the Contract.

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	5.	 	You are hereby instructed that, following your receipt of any notice from the Collateral
Agent that an Enforcement Event (as defined in the Assignment Agreement) has occurred and is
continuing without requiring further approval from us, to provide the Collateral Agent with
such information relating to the Contract as it may from time to time request and to send
copies of all notices issued by you under the Contract to the Collateral Agent as well as to
us.
	 
	6.	 	These instructions may not be revoked while the Assignment Agreement subsists, nor, whilst an
Enforcement Event (as defined in the Assignment Agreement) has occurred and is continuing, may
the terms of the Contract be amended, varied, waived, terminated or rescinded, without the
prior written consent of the Collateral Agent (acting on the instructions of the Applicable
Representative).
	 
	7.	 	Please acknowledge receipt of this notice by signing the acknowledgement on the enclosed copy
letter and returning it to the Collateral Agent at International Corporate Trust, 101 Barclay
Street, 4E New York, N.Y. 10286 marked for the attention of International Corporate Trust.
	 
	8.	 	This notice and any non-contractual obligations arising out of or in connection with it are
governed by English law.

Terms defined in the First Lien Intercreditor Agreement have the same meaning in this notice.

Yours faithfully,

 

For and on behalf of Beverage Packaging Holdings (Luxembourg) III S.à r.l

We confirm our agreement to the terms of this notice and instruct you, in accordance with Clause 2
of this notice, and with effect until your date of receipt of any further notice from the
Collateral Agent that an Enforcement Event has occurred and is continuing, that:

	(a)	 	the Payments shall be made to the Designated Company (as defined in the Assignment
Agreement); and
	 
	(b)	 	all remedies provided for in the Contract (or otherwise available) and all rights to compel
performance of the Contract shall be exercisable by the Designated Company,

in each case, until you receive written notification from us to the contrary which notice shall not
be given unless an Enforcement Event has occurred and is continuing.

 

For and on behalf of The Bank of New York Mellon

-24-

 

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 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.

Acknowledgement

On copy only:

To:   THE BANK OF NEW YORK MELLON

We acknowledge receipt of a notice in the terms set out above and confirm that we have not received
notice of any previous assignments or charges of or over any of the rights, interests and benefits
in and to the Contract and that, during the subsistence of the Assignment Agreement, we will comply
with the terms of the notice from the Designated Company (as defined in the Assignment Agreement).

We further confirm that except as permitted under the Principal Finance Documents, we have not
claimed or exercised and have no outstanding right to claim or exercise any right of set-off,
counterclaim or other right relating to the Payments.

We acknowledge receipt of instructions from you in connection with the assignment of the Contract
and confirm that we shall act in accordance with them until we receive written notification from
you to the contrary.

For and on behalf of Reynolds Group Holdings Limited acting as Loan Parties’ Agent on behalf of the
Companies (as defined in the Assignment Agreement)

By:         
                           

Dated:        
                      

-25-

 

Designated Company

	 	 	 	 	 

	Signed as a deed by

	 	 	)	 
	Karen Mower

	 	 	) 	 /s/ Karen Mower 
	as authorised signatory for

	 	 	)	 
	Beverage Packaging Holdings

	 	 	)	 
	(Luxembourg) III S.à r.l

	 	 	)	 
	in the presence of:

	 	 	)	 

	 	 	 

	/s/ Nathan Parker
 

	 	Signature of witness 
	 
	 	 
	Nathan Parker
 

	 	Name of witness 
	 
	 	 
	[________________]
 

	 	Address of witness 
	 

	 	 
	Solicitor
 

	 	Occupation of witness 

The Collateral Agent

THE BANK OF NEW YORK MELLON

	 	 	 	 	 

	Signed by

	 	 	)	 
	THE BANK OF NEW YORK MELLON

	 	 	)	 
	 

	 	 	)	 

	 	 	 	 	 
	 	 	 
	By:  	   /s/ Catherine F. Donohue
 	 	 
	 	Name:  	Catherine F. Donohue 	 	 
	Address:	101 Barclay Street, Floor 4E, New York, NY 10286, USA	 
	Fax:	 212-815-5603	 
	Attention:	 International Corporate Trust 	 
	 

-26-

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