Document:

exv4w229

EXHIBIT 4.229

PARTNERSHIP INTERESTS PLEDGE AGREEMENT

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.

This Partnership Interests Pledge Agreement (Contrato de Prenda sobre Partes Sociales) is
entered into on this 1 day of September, 2010 (the “Agreement”), by and between Reynolds
Packaging International B.V. (“Reynolds BV”), Closure Systems International B.V.
(“CSI”) and Reynolds Metals Company de México, S. de R.L. de C.V. (“Reynolds
Mexico” and, collectively with Reynolds BV and CSI, the “Pledgors”), and The Bank of
New York Mellon, acting solely in its capacity as Collateral Agent (as defined below) on behalf and
for the benefit of the Secured Parties (as defined below), as pledgee (in such capacity, together
with its successors and assigns in such capacity, the “Pledgee”), with the acknowledgment
of Maxpack, S. de R.L. de C.V. (“Maxpack”), in accordance with the following Recitals,
Representations and Warranties and Clauses. Capitalized terms used in the Recitals and
Representations and Warranties which are not otherwise defined herein, shall have the meaning
ascribed to such terms in Clause First hereof.

Recitals

     I. Credit Agreement. On November 5, 2009, Reynolds Group Holdings Inc., Reynolds
Consumer Products Holdings Inc., Closure Systems International Holdings Inc., SIG Euro Holding AG
& Co KGaA, SIG Austria Holding Gmbh and CSI, 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 (in such capacity, together with its successors and assigns in such
capacity, the “Administrative Agent”), entered into a credit agreement (as amended by the
Amendment No. 1 dated as of January 21, 2010 and by the Amendment No. 2 and Incremental Term Loan
Assumption Agreement dated as of May 4, 2010, and as further amended, extended, restructured,
renewed, novated, supplemented, restated, refunded, replaced or modified from time to time, the
“Credit Agreement”).

 

 

     II. Senior Secured Note Indenture. On November 5, 2009, Reynolds Group Escrow LLC,
Reynolds Group DL Escrow Inc. and The Bank of New York Mellon, acting in its capacity as trustee,
principal paying agent, transfer agent and collateral agent, entered into the Senior Secured Note
Indenture (as amended, extended, restructured, renewed, refunded, novated, supplemented, restated,
replaced or modified from time to time, the “Senior Secured Note Indenture”).

Representations and Warranties

	I.	 	Each of the Pledgors hereby represents and warrants, with respect to itself, through its
legal representative, that on the date hereof:

	 	(a)	 	(i) Reynolds BV is a private company with limited liability and duly
organized under the laws of The Netherlands; (ii) CSI is a private limited liability
company (besloten vennootschap met beperkte aansprakelijkheid) incorporated and duly
organized under the laws of The Netherlands, having its official seat in Amsterdam and
its registered office address at Teleport boulevard 140, 1043 EJ Amsterdam, the
Netherlands and registered in the commercial register of Amsterdam under number
34291082; and (iii) Reynolds Mexico is a sociedad de responsabilidad limitada de
capital variable duly organized and validly existing under the laws of Mexico, as
evidenced in public deed number 8,397, dated June 23, 1999, granted before Mr. Jose
Luis Villavicencio Castañeda, Notary Public number 218 for the Federal District,
recorded in the Public Registry of Commerce of the Federal District, under commercial
folio number 255143;
	 
	 	(b)	 	Reynolds BV is the sole, legal and beneficial owner of (i) 2 (two)
partnership interests, representing the outstanding capital of Maxpack, which in the
aggregate represent 99.99% of the total issued and outstanding capital of Maxpack, on
a fully diluted basis (the “Reynolds BV Maxpack Pledged Partnership
Interests”); and (ii) 1 (one) partnership interest, representing the outstanding
capital of Reynolds Mexico, which in the aggregate represents 99.99% of the total
issued and outstanding capital of Reynolds Mexico, on a fully diluted basis (the
“Reynolds BV Reynolds Mexico Pledged Partnership Interest”, and collectively
with the Reynolds BV Maxpack Pledged Partnership Interests, the “Reynolds BV
Pledged Partnership Interests”);
	 
	 	(c)	 	CSI is the sole, legal and beneficial owner of 1 (one) partnership interest,
representing the outstanding capital of Reynolds Mexico, which in the aggregate
represents 00.01% of the total issued and
outstanding capital

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	 	 	 	 of Reynolds Mexico, on a fully diluted basis (the “CSI
Pledged Partnership Interest”);
	 
	 	(d)	 	Reynolds Mexico is the sole, legal and beneficial owner of 1 (one)
partnership interest, representing the outstanding capital of Maxpack, which in the
aggregate represents 00.01% of the total issued and outstanding capital of Maxpack, on
a fully diluted basis (the “Reynolds Mexico Pledged Partnership Interest”);
	 
	 	(e)	 	the individual executing this Agreement in the name and on behalf of such
Pledgor has sufficient power and authority, as well as the necessary authority
(corporate, organizational or otherwise) to validly execute and deliver this Agreement
on its behalf and to validly bind such Pledgor under the terms herein, and in the case
of Reynolds Mexico as evidenced in public deed number 32,431, dated August 30, 2010,
granted before Mr. José Luis Villavicencio Castañeda, Notary Public number 218 for the
Federal District, Mexico, and that such powers, authority and authorizations have not
been revoked, modified or limited in any manner; and
	 
	 	(f)	 	with reference to the facts and circumstances then existing and subject to
the provisions of the Loan Documents and the Intercreditor Arrangements, the
representations and warranties made by such Pledgor as Loan Party in Section 3.01
(Organization; Powers), 3.02 (Authorization), 3.03 (Enforceability), 3.06 (No Material
Adverse Change), 3.07 (Title to Properties; Possession under Leases), 3.08
(Subsidiaries), 3.09 (Litigation, Compliance with Laws), 3.10 (Agreements), 3.19
(Security Documents) and 3.22 (Solvency) of the Credit Agreement, are true and
accurate as regards to such Pledgor and this Agreement.

	II.	 	Maxpack hereby represents and warrants, through its legal representative, that on the date
hereof:

	 	(a)	 	it is a sociedad de responsabilidad limitada de capital variable duly
organized and validly existing under the laws of Mexico, as evidenced in public deed
number 4,681, dated November 16, 2007, granted before Mr. Jesus Montaño Garcia,
Alternate Notary Public number 60 for Monterrey, Nuevo Leon, recorded in the Public
Registry of Commerce of Monterrey, Nuevo Leon, under commercial folio number 40998*9;
	 
	 	(b)	 	the individual executing this Agreement in its name and on its behalf has
sufficient power and authority, as well as the necessary authority

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	 	 	 	(corporate, organizational or otherwise) to validly execute and deliver this
Agreement on its behalf and to validly bind it under the terms herein, as evidenced
in public deed number 32,430, dated August 30, 2010, granted before Mr. José Luis
Villavicencio, Notary Public number 218 for the Federal District, Mexico; and that
such powers, authority and authorizations have not been revoked, modified or
limited in any manner; and
	 
	 	(c)	 	with reference to the facts and circumstances then existing and subject to
the provisions of the Loan Documents and the Intercreditor Arrangements, the
representations and warranties made by Maxpack as Loan Party in Section 3.01
(Organization; Powers), 3.02 (Authorization), 3.03 (Enforceability), 3.06 (No Material
Adverse Change), 3.07 (Title to Properties; Possession under Leases), 3.08
(Subsidiaries), 3.09 (Litigation, Compliance with Laws), 3.10 (Agreements), 3.19
(Security Documents) and 3.22 (Solvency) of the Credit Agreement, are true and
accurate as regards to Maxpack and this Agreement.

     NOW, THEREFORE, based on the Recital and Representations and Warranties contained herein, the
parties hereto agree as follows:

First. Certain Defined Terms.

     (a) 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 and in any notice given
under this Agreement. As used in this Agreement, the following terms shall have the following
meanings:

“Additional Agreement” shall have the meaning assigned to the term “Additional
Agreement” under, and as defined in, the First Lien Intercreditor Agreement.

“Administrative Agent” has the meaning specified in Recital I hereof.

“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.

“Agreement” means this Partnership Interests Pledge Agreement, as the same may be
amended, extended, restructured, renewed, novated, supplemented, restated, refunded,
replaced or modified from time to time.

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“Applicable Representative” shall have the meaning assigned to the term “Applicable
Representative” under, and as defined in, the First Lien Intercreditor Agreement.

“Business Day” shall mean a day (other than a Saturday or Sunday) on which banks
are open for business in New York City, New York, United States of America and Mexico.

“Collateral Agent” shall mean the Pledgee, in its capacity as collateral agent as
appointed under the First Lien Intercreditor Agreement, and its successors and permitted
assigns in such capacity.

“Credit Agreement” shall have the meaning assigned to such term in Recital I
hereof.

“CSI” has the meaning specified in the preamble to this Agreement.

“CSI Pledged Partnership Interest” has the meaning set forth in Representation
I (c) of this Agreement.

“Distributions” has the meaning specified in paragraph (c) of Clause Fourth of this
Agreement.

“Event of Default” shall have the meaning assigned to the term “Event of Default”
under, and as defined in, the First Lien Intercreditor Agreement.

“First Lien Intercreditor Agreement” shall mean the First Lien Intercreditor
Agreement dated as of November 5, 2009, among 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 amended on January 21, 2010 and as further amended, novated, supplemented,
restated or modified from time to time. A copy of the First Lien Intercreditor Agreement
and of its amendment is attached hereto as Exhibit “A”.

“Governmental Authority” means any national or federal government, any state,
regional, local or other political subdivision thereof with jurisdiction and any individual
or entity with jurisdiction exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to government or quasi-governmental issues
(including any court).

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“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” means the collective reference to Maxpack and Reynolds Mexico.

“Law” means the General Law of Negotiable Instruments and Credit Transactions (Ley
General de Títulos y Operaciones de Crédito) of Mexico.

“Lien” shall have the meaning assigned to the term “Lien” under, and as defined in,
the First Lien Intercreditor Agreement.

“Loan Documents” shall have the meaning assigned to the term “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 have the meaning assigned to the term “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).

“Maxpack” has the meaning specified in the preamble to this Agreement.

“Mexico” means the United Mexican States.

“Person” means any individual or entity, trust, joint venture, partnership,
corporation, Governmental Authority or any other entity of any nature whatsoever.

“Pledged Partnership Interests” means the collective reference to the Reynolds BV
Pledged Partnership Interests, the CSI Pledged Partnership Interest and the Reynolds Mexico
Pledged Partnership Interest.

“Pledgee” has the meaning specified in the preamble to this Agreement.

“Pledgors” has the meaning specified in the preamble to this Agreement.

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“Principal Finance Documents” means the Credit Agreement, the Senior Secured Note
Indenture, the Intercreditor Arrangements and any Additional Agreement.

“Prohibition” has the meaning specified in paragraph (b) of Clause First of this
Agreement.

“Reynolds BV” has the meaning specified in the preamble to this Agreement.

“Reynolds BV Maxpack Pledged Partnership Interests” has the meaning set forth in
Representation I (b) of this Agreement.

“Reynolds BV Pledged Partnership Interests” has the meaning set forth in
Representation I (b) of this Agreement.

“Reynolds BV Reynolds Mexico Pledged Partnership Interest” has the meaning set
forth in Representation I (b) of this Agreement.

“Reynolds Mexico” has the meaning specified in the preamble to this Agreement.

“Reynolds Mexico Pledged Partnership Interest” has the meaning set forth in
Representation I (d) of this Agreement.

“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, 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 have the meaning assigned to the term “Secured Parties”
under, and as defined in, the First Lien Intercreditor Agreement.

“Security Interest” has the meaning specified in paragraph (a) of Clause
Second of this Agreement.

“Senior Secured Note Indenture” has the meaning assigned to such term in Recital II
hereof.

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“Termination Notice” has the meaning specified in Clause Eleventh of this
Agreement.

     (b) The definitions in this Clause First shall apply equally to both the singular and plural
forms of the terms defined. Whenever the context may require, any pronoun shall include the
corresponding masculine, feminine and neutral forms. The words “hereof”, “herein” and “hereunder”
and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole
and not to any particular provision of this Agreement, unless otherwise expressly indicated, and
all references in this Agreement to Clauses, sections, and paragraphs shall be deemed to be
references to Clauses, sections or paragraphs of this Agreement, unless the context shall otherwise
require. As used herein and any certificate or other document made or delivered pursuant hereto,
(i) the words “include”, “includes” and “including” shall be deemed to be followed by the phrase
“without limitation”, unless such phrase, otherwise appears, (ii) the word “incur” shall be
construed to mean incur, create, issue, assume, become liable in respect of or suffer to exist (and
the words “incurred” and “incurrence” shall have correlative meanings), (iii) the words “asset” and
“property” shall be construed to have the same meaning and effect and to refer to any and all
tangible and intangible assets and properties, including cash, capital stock, securities, revenues,
accounts, leasehold interests and contract rights, (iv) references to agreements shall, unless
otherwise specified, be deemed to refer to such agreements as amended, extended, restructured,
renewed, novated, supplemented, restated, refunded, replaced or modified from time to time, and (v)
references to any statute, law or regulation shall be deemed to include any amendments thereto
from time to time or any successor statute, law or regulation thereof.

     No obligations shall be included in the definition of “Secured Obligations” to the extent
that, if included, the security interest granted pursuant to this Agreement or any part thereof
would be void as a result of a violation of the prohibition on financial assistance as contained in
Articles 2:98c and 2:207c of the Dutch Civil Code or any other applicable financial assistance
rules under any relevant jurisdiction (the “Prohibition”) and all provisions hereof will be
construed accordingly. For the avoidance of doubt, this Agreement will continue to secure those
obligations which, if included in the definition of “Secured Obligations”, would not constitute a
violation of the Prohibition.

Second. Pledge; Grant of Security Interest.

	(a)	 	Each of the Pledgors hereby grants a first priority pledge and security interest (the
“Security Interest”) to the Pledgee for the benefit of the Secured Parties, in and to
its Pledged Partnership Interests as collateral security for the due and timely payment,
performance and satisfaction when due (whether at stated

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	 	 	maturity, by acceleration or
otherwise) of any and all of the Secured Obligations.
	 
	(b)	 	For purposes of perfecting the Security Interest over the Pledged Partnership Interests
pursuant to paragraph III of Article 334 of the Law, the Pledgors hereby deliver to the
Pledgee (i) an executed original of this Agreement, and (ii) a copy of the entry made in the
partners’ registry book of each Issuer, duly certified by an authorized officer or
attorney-in-fact of each Issuer, evidencing that, on the date hereof, the Security Interest in
and to the Pledged Partnership Interests has been duly recorded in the partners’ registry book
of each Issuer.
	 
	(c)	 	Without prejudice to the rights of the Pledgee under the Loan Documents, the Pledgee hereby
irrevocably waives the provisions of, and any rights it might have under, Articles 340, 342
and 343 of the Law.

Third. Continuing Security Interest. The Security Interest shall be continuing and shall
(i) remain in full force and effect until all of the Secured Obligations have been paid pursuant to
the Loan Documents unless otherwise released pursuant to this Clause Third or Clause Eleventh; (ii)
be binding upon the Pledgors, and their successors and permitted assigns; and (iii) inure to the
benefit of and be enforceable by the Pledgee, acting on behalf of the Secured Parties, and their
respective successors and assigns; provided, however, that if the Pledgors dispose
of the Pledged Partnership Interests and that disposal is permitted by the terms of the Loan
Documents, the Pledged Partnership Interests shall, unless an Event of Default has occurred and is
continuing, be automatically released from the Security Interest created under this Agreement with
effect from the day of such disposal, and the Pledgee shall do all such acts which are reasonably
requested by the Pledgors in order to release the relevant Pledged Partnership Interests from the
Security Interest created under this Agreement.

Fourth. Voting and Management of the Pledged Partnership Interests.

	(a)	 	Subject to paragraph (b) of this Clause Fourth, the Pledgors will have the right to exercise
the voting rights and other rights and powers pertaining to the Pledged Partnership Interests
and deal with the Pledged Partnership Interests in any manner permitted by the Loan Documents;
provided, that the Pledgors shall not exercise, or refrain from exercising, at any
time, such rights in a manner which would affect adversely the validity and enforceability of
the security constituted hereby or cause an Event of Default. Subject to the terms of the Loan
Documents, the Pledgee and the Secured Parties shall be free and clear of any liability
arising from or in connection with the exercise or failure to exercise the voting rights
relating to the Pledged Partnership Interests.

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	(b)	 	If an Event of Default has occurred and is continuing, all rights of the Pledgors to exercise
the voting and other rights and powers that the Pledgors are entitled to exercise pursuant to
the foregoing provisions of paragraph (a) of this Clause Fourth shall cease, and all such
rights shall thereupon be exercised by the Pledgee, who shall have the sole and exclusive
right and authority to exercise such voting and other rights and powers.

	(c)	 	Unless an Event of Default has occurred and is continuing, the Pledgors shall be entitled,
from time to time, to collect and receive for its own use all dividends, interest and other
distributions paid in respect of the Pledged Partnership Interests as permitted by the Loan
Documents (the “Distributions”); provided, however, that until
actually paid, all rights to such distributions shall remain subject to the Security Interest
created by this Agreement. If an Event of Default has occurred and is continuing, all
Distributions thereafter paid in respect of the Pledged Partnership Interests shall be applied
by the Pledgee towards the payment of the Secured Obligations in accordance with the Loan
Documents.

	(d)	 	All Distributions (other than the Distributions that are permitted to be paid to the Pledgors
in accordance with paragraph (c) of this Clause Fourth), whenever paid or made, shall (i) be
delivered to the Pledgee to hold as part of the Pledged Partnership Interests and shall, if
received by the Pledgors, be received in deposit for the benefit of the Pledgee, be segregated
from the other property or funds of the Pledgors, and be forthwith delivered to the Pledgee as
part of the Pledged Partnership Interests in the same form as so received; and (ii) be
considered for all legal purposes as granted in pledge in accordance with this Agreement, and
shall be subject to the Security Interest and considered as an integral part of the Pledged
Partnership Interests pursuant to this Agreement.

	(e)	 	The rights of the Pledgee hereunder shall not be conditioned or contingent upon the exercise
by the Pledgee of any right or remedy against the Pledgors or any other Person which may be or
become liable in respect of all or any part of the Secured Obligations or against any
collateral security therefor, guarantee therefor or right of offset with respect thereto.

	(f)	 	Subject to the terms of the Loan Documents, the Pledgee, its nominee(s) or any receiver or
delegate appointed pursuant to this Agreement, shall not be liable for any failure to demand,
collect or realize upon all or any part of the rights corresponding to the Pledged Partnership
Interests or for any delay in doing so, nor shall the Pledgee be under any obligation to sell
or otherwise dispose of the Pledged Partnership Interests upon the request of the Pledgors or
any other Person (except for the Secured Parties and in conformity with the Loan

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Documents), or to take any other action whatsoever with regard to the Pledged
Partnership Interests or any part thereof.

Fifth. Covenants of the Pledgors. So long as this Agreement is in effect, the Pledgors
covenant and agree to (a) not create, incur, assume, or permit to exist any Lien in favor of, or
any claim of any Person with respect to, the Pledged Partnership Interests, whether now held or
hereafter subscribed, except for the Security Interest or as permitted under the Loan Documents;
(b) except to the extent permitted by the Loan Documents, not sell, transfer, assign, pledge,
deliver, transfer in trust, grant, usufruct or otherwise dispose of, or grant any option with
respect to, the Pledged Partnership Interests or any interest therein without the prior written
consent of the Pledgee; and (c) subject to the Agreed Security Principles, execute and deliver to
the Pledgee, for the benefit of the Secured Parties, such documents in favor of the Pledgee and/or
the Secured Parties, and do such things relating to the Security Interest as the Pledgee may
reasonably request in order to protect and maintain the Security Interest and to protect and
preserve the Pledgors’ and or the Pledgee’s title and interest in and to the Pledged Partnership
Interests, and pay all reasonable costs arising from or in connection therewith.

Sixth. Safekeeping of the Pledged Partnership Interests; Indemnity. The obligations of the
Pledgee with respect to the safekeeping and preservation of the Pledged Partnership Interests shall
be limited to the obligations imposed by the Law. Unless otherwise expressly provided for in the
Loan Documents, any actions carried out by the Pledgee for the safekeeping and preservation of the
Pledged Partnership Interests shall be at the sole expense and risk of the Pledgors.

Seventh. Events of Default. If an Event of Default has occurred and is continuing
(a) all rights of the Pledgors to exercise or refrain from exercising any voting and other rights
which they would otherwise be entitled to exercise pursuant to Clause Fourth hereof shall cease and
be exercised thereafter by the Pledgee, (b) the Pledgee shall have the right to keep any and all
Distributions in respect of the Pledged Partnership Interests received or thereafter paid in
respect of the Pledged Partnership Interests and apply them to the payment of the Secured
Obligations; and (c) the Pledgee shall have the right to foreclose upon the Pledged Partnership
Interests pursuant to the provisions of Clause Eighth of this Agreement, and to exercise its rights
in any other manner as set forth in the Law.

Eighth. Foreclosure. If an Event of Default has occurred and is continuing:

	(a)	 	the Pledgee may foreclose upon the Security Interest and request the sale of the Pledged
Partnership Interests, if any, pursuant to Article 341 of the Law, or

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	 	 	exercise its rights in
any other manner as set forth in the Law, in order to seek payment of the Secured Obligations;
and
	 
	(b)	 	the Pledgors shall take or shall cause the Issuers to take any and all actions and/or
initiate any and all proceedings that may be necessary or convenient, in the Pledgee’s sole
discretion (acting reasonably), to facilitate the execution and transfer of the Pledged
Partnership Interests. The Pledgors further agree to do or cause to be done all such other
acts as may be necessary or convenient to expedite such sale or sales of all or any portion of
the Pledged Partnership Interests, and to execute and deliver such documents and take such
other action as the Pledgee (acting reasonably) deems necessary or advisable so that such sale
may be in compliance with applicable law. The Pledgee shall apply all amounts received under
this Agreement in accordance with the First Lien Intercreditor Agreement. In the event of
foreclosure and sale of the Pledged Partnership Interests in accordance with this Clause
Eighth, the Pledgors hereby expressly and irrevocably waive any rights of first offer, rights
of first refusal, and any other preemptive rights of any kind to which they may be entitled
under the by-laws of each Issuer and the Mexican General Law of Commercial Companies (Ley
General de Sociedades Mercantiles).

Ninth.- Capacity of Collateral Agent. The Pledgors hereby (i) expressly acknowledge that
the Pledgee has all necessary appointments, legal capacity and authority to act on behalf of the
Secured Parties for all matters arising from or relating to this Agreement; and (ii) expressly
waive their rights to carry out any action challenging the legal existence, appointments, legal or
other capacity and authority of the Pledgee to act on behalf of the Secured Parties. The rights,
duties, privileges, protections and benefits of the Pledgee as Collateral Agent set forth in the
First Lien Intercreditor Agreement are hereby incorporated herein by reference and made a part
hereof. The Pledgors agree that all acts to be executed by the Pledgors under this Agreement shall
be in accordance with the terms and conditions of the Intercreditor Arrangements.

Tenth. Power of Attorney. Each of the Pledgors, by way of security irrevocably appoints the
Pledgee and any receiver appointed by the Pledgee to be its attorney in fact, 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 in fact may consider to be required or desirable for:

	 	(a)	 	carrying out any obligation imposed on such Pledgor by this Agreement or any
other agreement binding on such Pledgor to which the Pledgee is a party (including the
execution and delivery of any deeds, charges, assignments or other security and any
transfers of the Pledged Partnership Interests);

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	 	(b)	 	enabling the Pledgee to exercise, or delegate the exercise of, all or any of
its rights over the Pledged Partnership Interests; and
	 
	 	(c)	 	enabling any receiver appointed by Pledgee to exercise, or delegate the
exercise of, any of the rights, powers and authorities conferred on it by or pursuant to
this Agreement or by law,

provided always that the Pledgee may only be entitled to exercise the powers conferred upon
it by each of the Pledgors under this Clause Tenth if:

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

provided further that the Pledgee shall not be obliged to exercise the powers conferred upon
it by each of the Pledgors under this Clause Tenth unless and until it shall have been (a)
instructed to do so by the Applicable Representative and (b) indemnified and/or secured
and/or prefunded to its satisfaction.

     For purposes of this Clause, each of the Pledgors shall grant a notarized irrevocable special
power of attorney, substantially in form of Exhibit “B” hereto, pursuant to the terms of
article 2,596 of the Federal Civil Code and its correlatives for the other States of Mexico and the
Federal District, in order to allow the Pledgee to perform any and all acts referred to in this
Clause Tenth, with the authorities referred to in the first, second and third paragraph of article
2,554 of the Federal Civil Code and its correlative Articles of the Civil Codes of the States of
the United Mexican States and the Federal District and that includes the authority to delegate such
special power of attorney.

Eleventh.- Release and Termination. The Security Interest constituted by this Agreement
shall be released and cancelled:

	 	(a)	 	by the Pledgee (acting on the instruction of the Applicable Representative)
at the request and cost of the Pledgors, upon the Secured Obligations being irrevocably
paid or discharged in full and none of the Secured Parties being under further actual or
contingent obligation to make

 - 13 - 

 

	 	 	 	advances or provide other financial accommodation
to the Pledgors 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
Mexican law).

     As soon as is reasonably practicable and (i) in respect of paragraph (a) above, following a
written request from the Pledgors, or (ii) in respect of paragraph (b) above, following receipt of
a written instruction from the Applicable Representative, the Pledgee shall deliver to the Pledgors
a termination notice (the “Termination Notice”) substantially in the form attached hereto
as Exhibit “C”. Only upon delivery of the Termination Notice by the Pledgee to the Pledgors
as herein contemplated, this Agreement shall terminate and the Security Interest shall cease,
terminate and be released.

Twelfth.- Delegation. The Pledgee, and any receiver appointed by Pledgee, 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 referred to in Clause Tenth
hereto) 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 Pledgee or any receiver hereto.

Thirteenth.- No Liability. None of the Pledgee, its nominee(s) or any receiver or delegate
appointed pursuant to this Agreement shall be liable by reason of (a) taking any action permitted
under this Agreement, (b) any neglect or default in connection with the Security Interest, or (c)
taking possession or realization of all or any part of the Pledged Partnership Interests, except to
the extent provided in the Principal Finance Documents.

Fourteenth.- Indemnity. To the extent set out in Section 4.11 of the First Lien
Intercreditor Agreement, the Pledgors shall, notwithstanding any release or discharge of all or any
part of the Security Interest, indemnify the Pledgee, its agents, its 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 Pledgors of the provisions of
this Agreement, the exercise or purported exercise of any of the rights and powers conferred on it
by this Agreement or otherwise relating to the Security Interest.

Fifteenth.- Assignments. Unless otherwise permitted under the Loan Documents, the rights
and obligations arising from this Agreement may not be assigned or transferred

 - 14 - 

 

by the Pledgors to
any third party without the prior written consent of
the Pledgee. The Pledgee may assign, in whole or in part, its rights hereunder by written notice
to the Pledgors, without requiring the consent of the Pledgors to perform such assignment or
transfer, in accordance with the Loan Documents.

Sixteenth.- Amendments. This Agreement may only be amended or modified with the prior
written consent of the Pledgors and the Pledgee.

Seventeenth.- Notices. Each notice or other communication to be given or made by a party in
connection with this Agreement shall be given or made in accordance with the provisions of the
First Lien Intercreditor Agreement, provided that with respect to any notice to be given or made
pursuant to or under a Mexican judicial procedure, the Pledgors designate the following address:

Reynolds Packaging International B.V.

Closure Systems International B.V.

Bosque de Ciruelos 186, Piso 4

Col. Bosques de las Lomas

11700, México, D.F.

Mexico

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

Durango 263, piso 6

Col. Roma

06700, Mexico, D.F.

Mexico

with a copy (which shall not constitute notice) to:

Rank Group Limited

Suite 2502

Level 25, Citgroup Centre

2 Park Street

Sydney 2000

Australia

Attention: Helen Golding

Eighteenth.- Exhibits and Captions. All documents attached hereto or to which reference is
made herein are hereby incorporated by reference into, and shall be deemed a part of, this
Agreement. The captions and headings contained in this Agreement are for convenience only and shall
not affect the interpretation of this Agreement.

 - 15 - 

 

Nineteenth.- Further Assurances. Subject to the Agreed Security Principles, each Pledgor,
at the Pledgee’s request, agrees to promptly execute or cause to be executed and deliver to the
Pledgee any and all documents, instruments and agreements, in connection with this Agreement,
deemed necessary by the Pledgee (acting on the instructions of the Applicable Representative) to
give effect to or carry out the terms or intent of this Agreement.

Twentieth.- Jurisdiction, Governing Law. For all matters relating to the interpretation and
fulfillment of this Agreement, the parties hereto expressly and irrevocably submit to the
applicable laws of Mexico, and to the jurisdiction of the competent courts sitting in Mexico,
Federal District, Mexico, with respect to any action or proceeding arising out of or relating
hereto, and the parties hereby expressly and irrevocably waive all rights to any other jurisdiction
to which they may be entitled to by reason of their present or future domiciles, or by any other
reason.

Twenty First.- Language. This Agreement is entered into in both the Spanish and English
languages; provided that, in the case of any judicial procedure before a Mexican court, the Spanish
version shall govern for all purposes.

Twenty Second.- Counterparts. This Agreement may be executed in any number of counterparts
and by different parties hereto in separate counterparts, each of which when so executed shall be
deemed to be an original and all of which taken together shall constitute one and the same
Agreement.

[Signature pages continue]

 - 16 - 

 

IN WITNESS WHEREOF, the parties hereto execute this Agreement, on this 1 day of September, 2010.

The Pledgors:

	 	 	 	 
	Reynolds Packaging International B.V.

 	 
	By:  	/s/ Pru Wyllie
 	 
	 	Name:  	Pru Wyllie 	 
	 	Title:  	 	 
	 

	 	 	 	 
	Closure Systems International B.V.

 	 
	By:  	/s/ Pru Wyllie
 	 
	 	Name:  	Pru Wyllie 	 
	 	Title:  	 	 
	 

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

 	 
	By:  	/s/ Pru Wyllie
 	 
	 	Name:  	Pru Wyllie 	 
	 	Title:  	 	 
	 

The Pledgee:

The Bank of New York Mellon, acting solely in its capacity as Collateral Agent on behalf and for
the benefit of the Secured Parties.

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

With the acknowledgment of:

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

 	 
	By:  	/s/ Pru Wyllie
 	 
	 	Name:  	Pru Wyllie 	 
	 	Title:  	 	 
	 

 - 17 - 

 

Exhibit “A”

Partnership Interests Pledge Agreement

Copy of First Lien Intercreditor Agreement

and Amendment

[Attached hereto]

 - 18 - 

 

Exhibit “B”

Partnership Interests Pledge Agreement

Form of Power of Attorney

	 	 	 

	PODER ESPECIAL

	 	SPECIAL POWER OF ATTORNEY
	 
	 	 
	En la Ciudad de        
          , el         
de                 de 2010, ante mi 
                 , Notario Público,
compareció                  en su
carácter de                  de         
         , (la “Sociedad”)
una sociedad debidamente
constituida y existente de
conformidad con las leyes de         
         , con su domicilio en                  , y expuso:

	 	In the City of                  ,
on                   , 2010, before me                 
 Notary Public, appeared                  , in
his capacity as                  of (the
“Corporation”) a corporation organized
and existing pursuant to the laws of                  , and having its
principal offices in                  and declared:
	
	 	 
	 
	 	 
	Que en nombre y representación de
la Sociedad y de conformidad con
los poderes que le confiere la
Sociedad, por medio del presente otorga como garantía:

	 	That in the name and on behalf of the
Corporation and in accordance with the
powers conferred by the Corporation,
hereby grants by way of security:
	
	 	 
	 
	 	 
	1. Un PODER ESPECIAL en cuanto a
su objeto pero general en cuanto
a las facultades otorgadas, con
facultades de delegación, a favor
de The Bank of New York Mellon
(el “Acreedor Prendario”),
actuando únicamente en su
carácter de Agente de Garantías
(Collateral Agent), en
representación y para el
beneficio de las Partes
Garantizadas (Secured Parties) y
cualquier delegado designado por
el Acreedor Prendario, para que,
en nombre y representación de la
Sociedad, puedan,
individualmente, celebrar, firmar
y perfeccionar cualquier
documento y llevar a cabo
cualesquiera actuaciones que el
apoderado considere necesarias o
deseables, en relación con el
Contrato de Prenda sobre Partes
Sociales celebrado entre Reynolds
Packaging International B.V.,
Closure Systems International
B.V. y

	 	1. A SPECIAL POWER-OF-ATTORNEY deemed
as special in regards to its purpose
but as general in regards to the
powers granted, with authority to
delegate such power, in favor of The
Bank of New York Mellon (the
“Pledgee”), acting solely in its
capacity as Collateral Agent, on
behalf and for the benefit of the
Secured Parties and any receiver
appointed by the Pledgee, so that in
the name and on behalf of the
Corporation they may, severally,
execute, deliver and perfect all
documents and do all things which the
attorney in fact may consider to be
required or desirable, in connection
with the Partnership Interests Pledge
Agreement (Contrato de Prenda sobre
Partes Sociales) entered into, by and
between Reynolds Packaging
International B.V., Closure Systems
International B.V. and Reynolds Metals
Company de México,

 - 19 - 

 

	 	 	 
	PODER ESPECIAL

	 	SPECIAL POWER OF ATTORNEY
	 
	 	 
	Reynolds Metals Company de México,
S. de R.L. de C.V., como deudores
prendarios, y el Acreedor Prendario,
actuando únicamente en su carácter
de Agente de Garantías (Collateral
Agent), en representación y para el
beneficio de las Partes Garantizadas
(Secured Parties), como acreedor
prendario, con el reconocimiento de
Maxpack, S. de R.L. de C.V., (según
dicho Contrato de Prenda sobre
Partes Sociales haya sido o sea

	 	S. de R.L. de C.V., as pledgors, and
the Pledgee, acting solely in its
capacity as Collateral Agent on
behalf and for the benefit of the
Secured Parties, as pledgee, with
the acknowledgment of Maxpack, S. de
R.L. de C.V. (as such Partnership
Interests Pledge Agreement may be
amended, supplemented, modified or
amended and restated from time to
time, hereinafter, the “Pledge
Agreement”), for:
	modificado, suplementado o
modificado y reexpresado de tiempo
en tiempo, en lo sucesivo, el
“Contrato de Prenda”), para:
	 	 
	 
	 	 
	(a) llevar a cabo cualquier acto
para cumplir con cualquier
obligación impuesta a la Sociedad
mediante el Contrato de Prenda o
cualquier otro contrato que obligue
a la Sociedad y del cual sea parte
el Acreedor Prendario (incluyendo la
celebración y entrega de cualesquier
actos, gravámenes, cesiones u otra
garantía y cualesquier transmisiones
de las Partes Sociales Pignoradas
(según dicho término se define en el
Contrato de Prenda));

	 	(a) carrying out any obligation
imposed on the Corporation by the
Pledge Agreement or any other
agreement binding on the Corporation
to which the Pledgee is a party
(including the execution and
delivery of any deeds, charges,
assignments or other security and
any transfers of the Pledged
Partnership Interests (as such term
is defined in the Pledge
Agreement));
	 
	 	 
	(b) permitir al Acreedor Prendario
para que ejerza, o delegue el
ejercicio de, todos y o cualquiera
de sus derechos sobre las Partes
Sociales Pignoradas; y

	 	(b) enabling the Pledgee to
exercise, or delegate the exercise
of, all or any of its rights over
the Pledged Partnership Interests;
and
	 
	 	 
	(c) permitir a cualquier delegado
designado por el Acreedor Prendario
para que ejerza, o delegue el
ejercicio de, cualquier de los
derechos, poderes y facultades
conferidos sobre los mismos por o
conforme al Contrato de Prenda o por
ley;

	 	(c) enabling any receiver appointed
by Pledgee to exercise, or delegate
the exercise of, any of the rights,
powers and authorities conferred on
them by or pursuant to the Pledge
Agreement or by law;
	 
	 	 
	en el entendido en todo momento que
el Acreedor Prendario únicamente
tendrá el

	 	provided always that the Pledgee may
only be entitled to exercise the
powers

 - 20 - 

 

	 	 	 
	PODER ESPECIAL

	 	SPECIAL POWER OF ATTORNEY
	 
	 	 
	derecho de ejercer los poderes que le han
sido conferidos por este poder (incluyendo
los mencionados abajo) si: un Caso de
Incumplimiento ha ocurrido y continúa; y/o
el Acreedor Prendario ha recibido una
notificación del Representante Aplicable,
el Agente de las Partes del Crédito y/o de
la Sociedad de que la Sociedad ha
incumplido con cualquier obligación
(incluyendo obligaciones de
perfeccionamiento) dentro de los 10 (diez)
Días Hábiles de que se le haya notificado
de dicho incumplimiento (con copia de dicha
notificación entregada al Agente de las
Partes del Crédito), en el entendido además
que el Acreedor Prendario no tendrá la
obligación de ejercer los poderes que le
han sido conferidos por la Sociedad
conforme al presente poder (incluyendo los
mencionados abajo), salvo y hasta que se le
haya (i) instruido a ejercerlos por el
Representante Aplicable, e (ii) indemnizado
y/o garantizado y/o pre-fondeado a su
satisfacción.

	 	conferred upon it by this Power of Attorney
(including those below) if: an Event of
Default has occurred and is continuing;
and/or the Pledgee has received notice from
the Applicable Representative, the Loan
Parties’ Agent and/or the Corporation that
the Corporation has failed to comply with a
further assurance or perfection obligation
within ten Business Days of being notified
of that failure (with a copy of that notice
being sent to the Loan Party’s Agent),
provided further that the Pledgee shall not
be obliged to exercise the powers conferred
upon it by the Corporation under this Power
(including those below) unless and until it
shall have been (i) instructed to do so by
the Applicable Representative and (ii)
indemnified and/or secured and/or prefunded
to its satisfaction.
	 
	 	 
	Para poder llevar a cabo los actos
mencionados en los incisos anteriores, y
sin perjuicio de la especialidad de los
facultades otorgadas, los apoderados
contarán con:

	 	In order to carry out the acts referred to
in the preceding sections, and
notwithstanding the special nature of the
powers granted, the attorneys-in-fact are
hereby granted with:
	 
	 	 
	(i) Poder para pleitos y cobranzas, actos
de administración y actos de dominio en los
términos del primer, segundo y tercer
párrafos del artículo dos mil quinientos
cincuenta y cuatro del Código Civil Federal
y sus correlativos contenidos en los
Códigos Civiles de los demás estados de los
Estados Unidos Mexicanos y el Distrito
Federal; y

	 	(i) A power of attorney for lawsuits and
collections, acts of administration and acts
of ownership in terms of the first, second
and third paragraphs of Article two thousand
five hundred and fifty four of the Federal
Civil Code and its correlative Articles of
the Civil Codes of the remaining States of
the United Mexican States and the Federal
District; and
	 
	 	 
	(ii) poder especial para suscribir y endosar

	 	(ii) a special power of attorney to subscribe

 - 21 - 

 

	 	 	 
	PODER ESPECIAL

	 	SPECIAL POWER OF ATTORNEY
	 
	 	 
	títulos de crédito en los términos
del artículo 9o de la Ley General de
Títulos y Operaciones de Crédito.

	 	and endorse negotiable instruments
in accordance with article 9 of the
General Law of Negotiable
Instruments and Credit Operations.
	 
	 	 
	El presente poder es irrevocable en
los términos de artículo 2596 (dos
mil quinientos noventa y seis) del
Código Civil Federal y sus artículos
correlativos en los Códigos Civiles
de los demás Estados de la
República, por haberse otorgado como
una condición en un contrato
bilateral y como un medio para el
cumplimiento de sus obligaciones
conforme al Contrato de Prenda.

	 	The special power of attorney
granted hereby is irrevocable
pursuant to the terms of article
2,596 of the Federal Civil Code its
correlative Articles of the Civil
Codes of the States of the United
Mexican States and the Federal
District, it being a condition of a
bilateral agreement and a mean to
comply with its obligations under
the Pledge Agreement.
	 
	 	 
	Para efectos del párrafo quinto del
Artículo 2554 del Código Civil
Federal, el mismo se transcribe a
continuación:

	 	For purposes of paragraph fifth of
Article 2554 of the Federal Civil
Code, a transcription thereof
follows:
	 
	 	 
	“Artículo 2554. En todos los
poderes generales para pleitos y
cobranzas bastará que se diga que se
otorga con todas las facultades
generales y las especiales que
requieran cláusula especial conforme
a la ley para que se entiendan
conferidos sin limitación alguna.

	 	“Article 2554. In all general powers
of attorney for lawsuits and
collections it shall be sufficient
to say that they are granted with
all the general powers and with the
special powers requiring special
clause in accordance with the law in
order that they may be considered as
granted without any limitation.
	 
	 	 
	En los poderes generales para
administrar bienes, bastará expresar
que se dan con este carácter para
que el apoderado tenga toda clase de
facultades administrativas.

	 	In general powers of attorney to
administer property, it shall be
sufficient to state that they are
given with that character, in order
that the attorneys-in-fact may have
all kinds of administrative powers.
	 
	 	 
	En los poderes generales, para
ejercer actos de dominio, bastará
que se den con ese carácter para que
el apoderado tenga todas las
facultades de dueño, tanto en lo
relativo a los bienes, como para
hacer toda clase de gestiones, a fin
de defenderlos.

	 	In general powers of attorney to
exercise acts of ownership, it shall
be sufficient that they be given
with that character, in order that
the attorneys-in-fact may have all
the powers of an owner, both with
respect to the property, and to take
all actions to defend it.

 - 22 - 

 

	 	 	 

	Cuando se quisieren limitar, en los
tres casos antes mencionados, las
facultades de los apoderados, se
consignarán las limitaciones, o los
poderes serán especiales.

	 	If in any of the aforesaid three
cases it should be desired to limit
the authority of the
attorneys-in-fact, the limitation
shall be set out, or the powers of
the attorneys-in-fact shall be
special powers of attorney.
	 
	 	 
	Los Notarios insertarán este
Artículo en los testimonios de los
poderes que otorguen.”

	 	Notaries shall insert this Article
in the instruments of powers of
attorney which they execute.”
	 
	 	 
	Salvo que un término se encuentre
definido en este poder o el contexto
lo requiera de otra forma, un
término definido en el Contrato de
Prenda y/o el Convenio entre
Acreedores (como dicho término se
define en el Contrato de Prenda)
tiene el mismo significado en este
poder.

	 	Unless defined in this power of
attorney or the context otherwise
requires, a term defined in the
Pledge Agreement and/or the First
Lien Intercreditor Agreement (as
defined in the Pledge Agreement) has
the same meaning in this Power of
Attorney.

	 	 	 	 	 	 	 
	 

	 

Nombre: [                     ]

	 	 
	 	 

Nombre: [                     ]
	 	 
	Cargo:

	 	 	 	Title:	 	 

(NOTE: The signature of the Notary Public must be certified by the relevant officer of; the power
of attorney must bear an apostille issued in accordance with The Hague Convention of 1961.)

 - 23 - 

 

Exhibit “C”

Partnership Interest Pledge Agreement

Form of Termination Notice

	[Date]

Reynolds Packaging International B.V.

Closure Systems International B.V.

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

[                            ]

[                            ]

[                            ]

     This Termination Notice is delivered pursuant to Clause Eleventh of the Partnership Interests
Pledge Agreement dated September 1, 2010 (the “Pledge Agreement”), entered into by and
between Reynolds Packaging International B.V., Closure Systems International B.V. and Reynolds
Metals Company de México, S. de R.L. de C.V., as pledgors, and The Bank of New York Mellon, on
behalf and for the benefit of the Secured Parties, as pledgee, with the acknowledgment of Maxpack,
S. de R.L. de C.V. Capitalized terms used and not otherwise defined herein, shall have the meaning
ascribed to such terms in the Pledge Agreement.

     By means of this Termination Notice the undersigned, acting as Pledgee under the Pledge
Agreement, hereby certifies that the Pledge Agreement is terminated and the Security Interest
created thereby is hereby released.

	Sincerely,

The Bank of New York Mellon

	 	 	 	 	 

	By:

	 	 
	Name:

	 	 

[                            ]
	 	 
	Title:

	 	Attorney-in-Fact	 	 

 - 24 -exv4w230

EXHIBIT 4.230

REYNOLDS PACKAGING INTERNATIONAL B.V.

as Pledgor

and

THE BANK OF NEW YORK MELLON

as Collateral Agent

 

DISCLOSED PLEDGE OF BANK ACCOUNTS

 

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
	 	 	1	 
	2. Undertaking To Pledge And Parallel Debt
	 	 	5	 
	3. Pledge
	 	 	6	 
	4. Representations, Warranties And Covenants
	 	 	7	 
	5. Enforcement
	 	 	8	 
	6. Miscellaneous Provisions
	 	 	9	 
	7. Power To Transfer
	 	 	11	 
	8. Termination
	 	 	11	 
	9. No Liability
	 	 	12	 
	10. Governing Law And Jurisdiction
	 	 	12	 
	Annex I List Of Accounts
	 	 	14	 
	Annex Ii Form Of Notification
	 	 	15	 

 

 

THIS DEED is made by:

	(1)	 	REYNOLDS PACKAGING INTERNATIONAL B.V., a private company with limited liability (besloten
vennootschap met beperkte aansprakelijkheid), incorporated under the laws of The Netherlands,
having its seat (statutaire zetel) in Amsterdam, The Netherlands, having its registered office
at Teleportboulevard 140, 1043 EJ Amsterdam, The Netherlands, and registered with the Dutch
Commercial Register (Handelsregister) under number 34291103 (the “Pledgor”); and

	(2)	 	THE BANK OF NEW YORK MELLON, a company, incorporated under the laws of the State of New York,
with registered office at One Wall Street, New York, New York, registered with the Internal
Revenue Service under number 13-5160382 as the Collateral Agent, (the “Collateral Agent”).

IT IS HEREBY AGREED AS FOLLOWS:

	1.	 	DEFINITIONS AND INTERPRETATION

	1.1	 	Definitions

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

	 	1.1.2	 	In addition the following terms shall have the following meaning:

	 	 	 	“Account” means any present and future bank account maintained by the Pledgor in
The Netherlands (including but limited to the bank accounts listed in Annex I (List
of Accounts));

	 	 	 	“Account Bank” means any financial institution with which the Pledgor (now or in
the future) maintains an Account;

	 	 	 	“Additional Agreement” has the meaning given thereto 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;

	 	 	 	“Collateral Agent” means The Bank of New York Mellon in its capacity as collateral
agent under the First Lien Intercreditor Agreement, and its successors and
permitted assigns in such capacity;

	 	 	 	“Credit Agreement” means the Credit Agreement dated as of 5 November 2009, among
Reynolds Group Holdings Inc., Reynolds Consumer Products Holdings Inc., SIG Euro
Holding AG & Co. KGaA,

- 1 -

 

	 	 	 	SIG Austria Holding GmbH, Closure Systems International B.V. and Closure Systems
International Holdings Inc., 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, replaced or modified from time to time;

	 	 	 	“Deed” means this deed of disclosed pledge of bank accounts;
	 
	 	 	 	“Enforcement Event” means an Event of Default under, and as defined in, the First
Lien Intercreditor Agreement;
	 
	 	 	 	“First Lien Intercreditor Agreement” means the First Lien Intercreditor Agreement
dated as of 5 November 2009, among 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 amended, novated, supplemented, restated or
modified 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;
	 
	 	 	 	“Issuers” means the Issuers under, and as defined in, the Senior Secured Note
Indenture, including their successors in interest;
	 
	 	 	 	“Lien” has the meaning it is given in the First Lien Intercreditor Agreement;
	 
	 	 	 	“Loan Documents” 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 Credit 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);
	 
	 	 	 	“Parallel Debt” has the meaning ascribed thereto in Section 4.10 (Parallel Debt) of
the First Lien Intercreditor Agreement;

- 2 -

 

	 	 	 	“Principal Finance Document” means the Credit Agreement, the Senior Secured Note
Indenture, the First Lien Intercreditor Agreement and any Additional Agreement;
	 
	 	 	 	“Principal Obligations” means 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,
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 other than the obligations pursuant to the Parallel Debt;
	 
	 	 	 	“Rights” means, in respect of the Pledgor, all present and future rights
(vorderingen) of the Pledgor vis-à-vis any Account Bank;
	 
	 	 	 	“Secured Obligations” means 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 Collateral Agent under each or any of the Loan Documents, together with all
costs, charges and expenses incurred by the Collateral Agent 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, in
each case, pursuant to the Parallel Debt and all Principal Obligations that are
secured obligations pursuant to Clause 3.1.2.;
	 
	 	 	 	“Secured Parties” means the Secured Parties under, and as defined in, the First
Lien Intercreditor Agreement; and
	 
	 	 	 	“Senior Secured Note Indenture” means the Indenture dated as of 5 November 2009,
among the 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, novated, supplemented, restated, replaced
or modified from time to time.

	1.2	 	Interpretation

	 	1.2.1	 	Continuing Security

	 	 	 	Any references made in this Deed to any Loan Document or to any
agreement or document (under whatever name), shall, where applicable, be
deemed to be references to (i) such Loan Document or such other agreement or
documents as the same may have been, or may at any time

- 3 -

 

	 	 	 	be, extended, prolonged, amended, restated, supplemented, restructured, replaced,
modified, renewed or novated, as persons may accede thereto as a party or withdraw
therefrom as a party in part or in whole or be released thereunder in part or in
whole, and as facilities and financial services are or may at any time be granted,
extended, prolonged, increased, reduced, cancelled, withdrawn, amended, restated,
supplemented, restructured, replaced, modified, renewed or novated thereunder
including, without limitation, (a) any increase or reduction in any amount
available thereunder or any alteration of or addition to the purpose for which any
such amount, or increased or reduced amount may be used, (b) any facility provided
in substitution of or in addition to the facilities originally made available
thereunder, (c) any rescheduling of the indebtedness incurred thereunder whether in
isolation or in connection with any of the foregoing, and (d) any combination of
the foregoing and/or (ii) any document designated as Loan Document by the
Collateral Agent in accordance with the Loan Documents, and consequently, the
rights of pledge created under and pursuant to this Deed and any supplemental deed
of pledge will secure any additional amounts which are or may be made available or
become payable under the Loan Documents from time to time.

	 	1.2.2	 	Annex; Clause

	 	 	 	Except as otherwise specified, a reference in this Deed to an Annex or a Clause
shall be construed as a reference to such Annex to or Clause of this Deed.

	 	1.2.3	 	Construction

	 	(a)	 	This Deed is subject to the terms of the Intercreditor Arrangements. In the
event of a conflict between the terms of this Deed and the Intercreditor Arrangements,
the terms of the Intercreditor Arrangements will prevail, subject to the mandatory
provisions of Dutch law. This does not apply to the extent that the inconsistency
between the Intercreditor Arrangements and any term of this Deed that relates to
creation or perfection of the security, to applicable law or to choice of court, in
which case this Deed will prevail.

	 	(b)	 	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, any
delegate and any trustee in bankruptcy (curator) or administrator (bewindvoerder)
against any action, proceeding, claims, losses, liabilities, expenses, demands, taxes,
and

- 4 -

 

	 	 	 	costs which it may sustain as a consequence of any breach by the Pledgor of the
provisions of this Deed, the exercise or purported exercise of any of the rights
and powers conferred on them by this Deed or otherwise relating to the Rights.

	 	(c)	 	Any reference to the “Collateral Agent”, the “Pledgor” or the “Secured
Parties” shall be construed so as to include their (and any subsequent) successors and
any permitted transferees or assignees in accordance with their respective interests.

	1.3	 	Unlawful Financial Assistance

	 	 	No obligations shall be included in the definition of “Secured Obligations” to the extent
that, if included, the security interest granted pursuant to this Deed or any part thereof
would be void as a result of a violation of the prohibition on financial assistance as
contained in Articles 2:98c and 2:207c Dutch Civil Code or any other applicable financial
assistance rules under any relevant jurisdiction (the “Prohibition”) and all provisions
hereof will be construed accordingly. For the avoidance of doubt, this Deed will continue
to secure those obligations which, if included in the definition of “Secured Obligations”,
would not constitute a violation of the Prohibition.

	1.4	 	Counterparts

	 	 	This Deed may be executed in any number of counterparts and by way of facsimile exchange of
executed signature pages, all of which taken together shall constitute one and the same
deed.

	2.	 	UNDERTAKING TO PLEDGE AND PARALLEL DEBT

	2.1	 	Undertaking to Pledge

	 	 	The Pledgor has agreed, or, as the case may be, hereby agrees with the Collateral Agent
that it shall grant to the Collateral Agent a right of pledge (pandrecht) over the Rights,
as security for the payment of the Secured Obligations.

	2.2	 	Parallel Debt

	 	 	Pursuant to the Parallel Debt the Collateral Agent has its own claim in respect of the
payment obligations of the Loan Parties to the Secured Parties. With respect to this claim
the Collateral Agent acts in its own name and not as representative (vertegenwoordiger) of
the Secured Parties or any of them and consequently the Collateral Agent becomes the sole
pledgee (pandhouder) under this Deed.

- 5 -

 

	3.	 	PLEDGE

	3.1	 	Pledge of Rights

	 	3.1.1	 	To secure the payment of the Secured Obligations the Pledgor hereby grants
to the Collateral Agent, subject to any Liens permitted under sub-section 6.02 (u)
(Banker’s Lien) of the Credit Agreement, a first ranking disclosed right of pledge
(openbaar pandrecht eerste in rang) over the Rights, which rights of pledge are hereby
accepted by the Collateral Agent.

	 	3.1.2	 	If and to the extent that at the time of the creation of this right of
pledge, or at any time hereafter, a Principal Obligation owed to the Collateral Agent
cannot be validly secured through the Parallel Debt, such Principal Obligation itself
shall be a Secured Obligation.
	 
	 	3.1.3	 	In order to perfect the right of pledge created pursuant to Clause 3.1.1,
the Pledgor shall (on its own behalf and on behalf of the Collateral Agent) forthwith
notify the Account Banks (which for the avoidance of doubt also includes financial
institutions with which the Pledgor will open an Account in the future) of the right
of pledge created hereby by sending a notification (mededeling) to the Account Banks
(the “Notification”) by registered mail or as otherwise agreed with the Collateral
Agent substantially in the form of Annex II (Form of Notification) with a copy to the
Collateral Agent. The Collateral Agent is authorised to notify any Account Bank of the
right of pledge created hereby.
	 
	 	3.1.4	 	The Collateral Agent hereby authorises the Pledgor to send the
Notifications on its behalf and to accept on behalf of the Collateral Agent any right
of pledge created over Rights after the date hereof, which authorisation permits the
Pledgor to (also) act as the Collateral Agent ‘s counterparty within the meaning of
Article 3:68 Dutch Civil Code.
	 
	 	3.1.5	 	The Collateral Agent is entitled to present this Deed and any other
document pursuant hereto for registration to any office, registrar or governmental
body in any jurisdiction the Collateral Agent deems necessary or useful to protect its
interests.
	 
	 	3.1.6	 	The Collateral Agent is entitled to register this Deed with the Tax
Authorities, pursuant to which an undisclosed right of pledge (stil pandrecht) will be
created over the Rights which have not already been validly pledged by way of
disclosed pledge. The Collateral Agent shall at all times be authorised to notify the
Account Banks of such undisclosed rights of pledge.

- 6 -

 

	3.2	 	Withdrawal Rights

	 	 	The Collateral Agent hereby authorises the Pledgor to pay into, receive, withdraw or
otherwise transfer any credit balance from time to time on any Account (as envisaged by
Article 3:246 paragraph 4 Dutch Civil Code) and to exercise all rights and powers in
respect of any Account (including the disposal or closing of such Account). The Collateral
Agent is entitled to revoke this authorisation if an Enforcement Event has occurred and is
continuing.

	4.	 	REPRESENTATIONS, WARRANTIES AND COVENANTS

	4.1	 	Representations and Warranties

	 	 	The Pledgor hereby represents and warrants to the Collateral Agent that the following is
true and correct on the date hereof and will be true and correct on each date an Account
Bank is notified pursuant to Clause 3.1.3:

	 	(a)	 	it is entitled to pledge the Rights as envisaged hereby;
	 
	 	(b)	 	the right of pledge created hereby over the Rights is, subject to any Liens
permitted under sub-section 6.02 (u) (Banker’s Lien) of the Credit Agreement, a first
ranking right of pledge (pandrecht eerste in rang), its Rights have not been
encumbered with limited rights (beperkte rechten) or otherwise and no attachment
(beslag) on the Rights has been made, in each case, except as permitted by the
Principal Finance Documents;
	 
	 	(c)	 	its Rights have not been transferred, encumbered or attached in advance, nor
has it agreed to such transfer or encumbrance in advance, in each case, except as
permitted by the Principal Finance Documents; and
	 
	 	(d)	 	other than the Accounts listed in Annex I (List of Accounts) opposite its
name, it does not have any other bank accounts in The Netherlands.

	4.2	 	Covenants

	 	 	The Pledgor hereby covenants that, subject to the Agreed Security Principles, it will:

	 	(a)	 	other than as permitted under the terms of the Principal Finance Documents,
not release, settle or subordinate any Rights without the Collateral Agent’s prior
written consent (such consent not to be unreasonably withheld or delayed);

	 	(b)	 	at the Collateral Agent’s first request, as soon as practicable submit an
up-to-date overview listing the Rights and the balances of its Accounts in the form
designated by the Collateral Agent, which may include a print-

- 7 -

 

	 		 	out and/or an electronic data carrier containing the relevant data provided that no
more than one request shall be made in any 12 month period unless an Enforcement
Event has occurred and is continuing;

	 	(c)	 	at its own expense execute all documents, exercise any right, power or
discretion exercisable and do all such acts as the Collateral Agent may reasonably
request for creating, perfecting, protecting or enforcing the rights of pledge
envisaged hereby;

	 	(d)	 	other than envisaged hereby, or as permitted under the terms of the other
Principal Finance Documents, not pledge, otherwise encumber or transfer any Rights,
whether or not in advance, or permit to subsist any kind of encumbrance or attachment
over the Rights;
	 
	 	(e)	 	other than as permitted under the terms of the Principal Finance Documents
not perform any act that would affect the validity or enforceability of the security
under this Deed or cause an Event of Default to occur;
	 
	 	(f)	 	as soon as practicable inform the Collateral Agent of any event or
circumstance which may be of importance to the Collateral Agent for the preservation
or exercise of the Collateral Agent’s rights pursuant hereto and provide the
Collateral Agent, upon its written request, with any other information in relation to
the (pledge of the) Rights as the Collateral Agent may from time to time request
acting reasonably, provided that no more than one request shall be made in any 12
month period unless an Enforcement Event has occurred and is continuing; and
	 
	 	(g)	 	as soon as reasonably practicable inform in writing persons such as a
liquidator (curator) in bankruptcy, an administrator (bewindvoerder) in a
(preliminary) suspension of payment or persons making an attachment, of the existence
of the rights of the Collateral Agent pursuant hereto.

	5.	 	ENFORCEMENT

	5.1	 	Any failure by the Pledgor to satisfy the Secured Obligations when due shall constitute a
default (verzuim) in the performance of the Secured Obligations, without any reminder letter
(sommatie) or notice of default (ingebrekestelling) being required.

	5.2	 	If an Enforcement Event has occurred and is continuing, the Collateral Agent may enforce its
right of pledge and take recourse against the proceeds thereof.

	5.3	 	The Pledgor shall not be entitled to request the court to determine that the Rights pledged
pursuant hereto shall be sold in a manner deviating from the provisions

- 8 -

 

		 	  of Article 3:250 Dutch Civil Code.

	5.4	 	The Collateral Agent shall not be obliged to give notice to the Pledgor of any intention to
sell the pledged Rights (as provided in Article 3:249 Dutch Civil Code) or, if applicable, of
the fact that it has sold the same Rights (as provided in Article 3:252 Dutch Civil Code).

	5.5	 	All monies received or realised by the Collateral Agent in connection with the Rights shall
be applied by the Collateral Agent in accordance with the Intercreditor Arrangements, subject
to the mandatory provisions of Dutch law on enforcement (uitwinning).

	6.	 	MISCELLANEOUS PROVISIONS

	6.1	 	Waiver

	6.1.1	 	To the fullest extent allowed by applicable law, the Pledgor waives (doet
afstand van) any right it may have of first requiring the Collateral Agent to proceed
against or claim payment from any other person or enforce any guarantee or security
granted by any other person before exercising its rights pursuant hereto, which waiver
is hereby accepted by the Collateral Agent.
	 
	6.1.2	 	The Pledgor hereby irrevocably and unconditionally waives (doet afstand
van) any rights granted to it under or pursuant to any Dutch law provisions for the
protection of grantors of security for the debts of third parties, including, to the
extent relevant, any rights it may have pursuant to Articles 3:233, 3:234 and 6:139
Dutch Civil Code, which waiver is hereby accepted by the Collateral Agent.
	 
	6.1.3	 	The Pledgor hereby irrevocably and unconditionally waives (doet afstand
van), to the extent necessary in advance, any and all rights of recourse (regres) or
subrogation (subrogatie) vis-à-vis any Loan Party that the Pledgor has or may obtain
or acquire after the date of this Deed as a result of any enforcement action in
respect of the rights of pledge granted under or in connection with this Deed (and, to
the extent such waiver is not enforceable in whole or in part, any rights of recourse
or subrogation to which the Pledgor is or may become entitled under or pursuant to
enforcement of any rights of pledge created under or pursuant to this Deed are hereby
pledged to the Collateral Agent by way of a non disclosed pledge governed by the terms
of this Deed), which waiver is hereby accepted by the Collateral Agent.

- 9 -

 

	6.2	 	Evidence of Indebtedness

	 	 	An excerpt from the Collateral Agent’s records shall serve as conclusive evidence (dwingend
bewijs) of the existence and the amounts of the Secured Obligations, subject to proof to
the contrary.

	6.3	 	Unenforceability

	 	 	The Pledgor and the Collateral Agent hereby agree that they will negotiate in good faith to
replace any provision hereof which may be held unenforceable with a provision which is
enforceable and which is as similar as possible in substance to the unenforceable
provision.

	6.4	 	Power of Attorney

	 	 	The Pledgor hereby grants an irrevocable power of attorney to the Collateral Agent and any
trustee in bankruptcy (curator) or administrator (bewindvoerder) severally provided always
that the Collateral Agent may only be entitled to exercise the power of attorney granted to
it by the Pledgor under this Clause 6.4 if (i) an Enforcement Event has occurred which is
continuing and/or (ii) the Collateral Agent has received notice from the Applicable
Representative, the Loan Parties’ Agent and/or the Pledgor that the Pledgor has failed to
comply with a further assurance or perfection obligation within 10 Business Days of being
notified of that failure (with a copy of that notice being sent to the Loan Party’s Agent)
authorising the Collateral Agent to execute on its behalf all documents and to perform all
such acts on behalf of the Pledgor as the Collateral Agent may deem necessary or useful in
order to have the full benefit of the rights (to be) granted to the Collateral Agent
pursuant hereto, including (i) the exercise of any ancillary rights (nevenrechten) as well
as any other rights it has in relation to the Rights and (ii) the performance of
obligations of the Pledgor hereunder, which authorisations permits the Collateral Agent to
(also) act as the Pledgor’s counterparty within the meaning of Article 3:68 Dutch Civil
Code. Provided further that the Collateral Agent shall not be obliged to exercise the power
of attorney granted to it by the Pledgor under this Clause 6.4 unless and until it shall
have been (a) instructed to do so by the Applicable Representative and (b) indemnified
and/or secured and/or prefunded to satisfaction.

	6.5	 	Delegation

	 	 	Subject to Section 4.05 of the First Lien Intercreditor Agreement (to the extent permitted
by Dutch law), each of the Collateral Agent and any trustee in bankruptcy (curator) or
administrator (bewindvoerder) shall have full power to delegate (either generally or
specifically) the powers, authorities and discretions conferred on it by this Deed
(including the power of attorney) on such terms and conditions as it shall see fit which
delegation shall not preclude either the

- 10 -

 

	 	 	subsequent exercise, any subsequent delegation or any revocation of such power, authority
or discretion by the Collateral Agent or any trustee in bankruptcy (curator) or
administrator (bewindvoerder) itself.

	6.6	 	Costs

	 	 	With respect to costs and expenses, Section 9.05 (Expenses; Indemnity) of the Credit
Agreement shall apply mutatis mutandis and the provisions thereof are incorporated here by
reference.

	7.	 	POWER TO TRANSFER

	7.1	 	The Collateral Agent is entitled to transfer all or part of its rights and/or obligations
pursuant hereto to any replacement collateral agent appointed in accordance with the First
Lien Intercreditor Agreement, to the extent such transfer is in accordance with the terms of
the First Lien Intercreditor Agreement, and the Pledgor hereby in advance gives its
irrevocable consent to and hereby in advance irrevocably co-operates with any such transfer
(within the meaning of Articles 6:156 and 6:159 Dutch Civil Code).

	7.2	 	Subject to Section 9.16 (Confidentiality) of the Credit Agreement and the terms of the other
Principal Finance Documents the Collateral Agent is entitled to impart any information
concerning the Pledgor or the Rights to any (proposed) transferee.

	8.	 	TERMINATION

	8.1	 	Unless terminated by operation of law, the Collateral Agent’s right of pledge created
pursuant hereto shall be in full force and effect vis-à-vis the Pledgor until it shall have
terminated, in part or in whole, as described in Clause 8.2 and Clause 8.3 below.

	8.2	 	The Collateral Agent will be entitled to terminate by notice (opzeggen) the right of pledge
created hereunder and pursuant hereto, in part or in whole, in respect of all or part of the
Rights and/or all or part of the Secured Obligations. If and insofar as the purported effect
of any such termination would require a waiver (afstand) by the Collateral Agent, such
termination shall be construed accordingly and the Pledgor hereby in advance agrees to such
waiver.

	8.3	 	The Collateral Agent’s right of pledge created pursuant hereto in respect of any or all of
the Rights shall be released and cancelled (a) by the Collateral Agent (acting on the
instructions of the Applicable Representative) 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

- 11 -

 

	 	 	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 Intercreditor Arrangements (to the
extent it is possible to give effect to such arrangements under Dutch law).

	9.	 	NO LIABILITY

	 	 	None of the Collateral Agent, its nominee(s) or any trustee in bankruptcy (curator) or
administrator (bewindvoerder) or delegate appointed pursuant to this Deed shall be liable
by reason of (a) taking any action permitted by this Deed or (b) any neglect or default in
connection with the Rights or (c) the taking possession or realisation of all or any part
of the Rights, except to the extent provided in the Principal Finance Documents.

	10.	 	GOVERNING LAW AND JURISDICTION

	10.1	 	This Deed is governed by and shall be interpreted in accordance with Dutch law. All disputes
arising from or in connection with this Deed shall be submitted to the competent court in
Amsterdam, without prejudice to the Collateral Agent’s right to submit any disputes to any
other competent court in The Netherlands or in any other jurisdiction.

	10.2	 	If a party to this Deed is represented by (an) attorney(s) in connection with the execution
of this Deed or any agreement or document pursuant hereto, and the relevant power of attorney
is expressed to be governed by Dutch law, such choice of law is hereby accepted by the other
party, in accordance with Article 14 of the ‘The Hague Convention on the Law Applicable to
Agency’ of 14 March 1978.

	10.3	 	Pursuant to Article 1:15 Dutch Civil Code the Pledgor hereby designates the offices of the
Company as the Pledgor’s domicile (woonplaats) for service of process in any proceedings in
connection with this Deed. This designation shall be without prejudice to any other method of
service of process permitted by law.

<<signature page to follow>>

- 12 -

 

This Deed has been executed on _1___ September 2010 by:

REYNOLDS PACKAGING INTERNATIONAL B.V., as Pledgor

/s/ Pru Wyllie                                                 

Name: Pru Wyllie

Title: Attorney

THE BANK OF NEW YORK MELLON, as Collateral Agent

/s/ Catherine F. Donohue                              

Name: Catherine F. Donohue

Title: Vice President

- 13 -

 

ANNEX I

LIST OF ACCOUNTS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	Account	 	 	 	 
	Bank name	 	Address/ Contact name	 	No.	 	SWIFT/ BIC	 	Currency
	Citibank

	 	Customer Service Desk
	 	[___________]
	 	CITINL2X
	 	EUR
	International
	 	Europlaza
	 	
[___________]
	 	
CITINL2X
	 	
USD
	PLC
	 	Hoogoorddreef 54B	 	 	 	 	 	 
	Netherlands
	 	1101 BE Amsterdam

The Netherlands	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 
	 	Copy: Citibank

Attn.: Janine Boulter

Citibank Centre

23 Customs Street East

PO Box 3429

Auckland 1

New Zealand	 	 	 	 	 	 

- 14 -

 

ANNEX II

FORM OF NOTIFICATION

From: Reynolds Packaging International B.V. (the “Pledgor”)

To: BY REGISTERED MAIL

           [•]

[Amsterdam], [•] 2010

Dear Sir/Madam,

	 	 	Notification of Pledge

We hereby (also on behalf of the Collateral Agent) notify you of the deed of disclosed pledge of
bank accounts between the Pledgor and The Bank of New York Mellon as pledgee (the “Collateral Agent
”) dated [•] (the “Pledge of Bank Accounts”), in which a disclosed first ranking right of pledge
(openbaar pandrecht eerste in rang) is (to be) created over all our present and future rights
vis-à-vis yourselves, subject to any Liens permitted under Sub-Section 6.02(u) (Banker’s Liens) of
the Credit Agreement (as defined in the Pledge of Bank Accounts).

Capitalised terms used herein shall have the same meaning given thereto in the Pledge of Bank
Accounts.

Please be informed that pursuant to the Pledge of Bank Accounts we will remain authorised to
operate our accounts with you as normal in accordance with the mandates that currently exist in
respect of our accounts with you and consequently you are authorised to continue to execute our
payment instructions in connection with the above-mentioned accounts until this authorisation is
terminated.

By signing this letter for acknowledgement you release any right of pledge, and waive any right of
set-off and suspension in respect of the above-mentioned accounts.

To the extent necessary this letter shall serve as a supplemental deed of pledge in connection with
all our present and future Rights to which the provisions of the Pledge of Bank Accounts shall
apply mutatis mutandis. The Pledgor accepts the right of pledge created hereby on behalf of the
Collateral Agent.

- 15 -

 

Please sign the enclosed copy of this letter for acknowledgement of receipt.

Yours sincerely,

_________________________

By: Reynolds Packaging International B.V. (also on behalf of the Collateral Agent)

Title:

For acknowledgement of receipt

[the Financial Institutions Listed in Annex I (List of Accounts)]

	 	 	 

	 
	 
	 	 
	 	 	 
	By:
	 	By:
	 	 	 
	Title:
	 	Title:

- 16 -

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