Document:

exv4w345

EXHIBIT 4.345

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 Acknowledgment Agreement (Convenio de Reconocimiento) is entered into on this
1st day of February, 2011 (the “Agreement”), by and among CSI en Saltillo, S. de
R.L. de C.V., as trustor under the Trust Agreement; and The Bank of New York Mellon, acting solely
in its capacity as Collateral Agent on behalf and for the benefit of the Secured Parties, as
appointed under the First Lien Intercreditor Agreement, as first place beneficiary under the Trust
Agreement, in accordance with the following Recitals, Representations and Warranties and Clauses.
Terms used in this Agreement and not otherwise defined herein shall have the meaning set forth in
the Trust Agreement (as defined below).

Recitals

     I. Trust Agreement. On January 29, 2010 the Trustor, the Beneficiary and the Trustee
entered into the Irrevocable Security Trust Agreement with Reversion Rights No. F/00737 (as
amended, extended, restructured, renewed, novated, supplemented, restated, refunded, replaced or
modified from time to time, the “Trust Agreement”). A copy of the Trust Agreement together
with the acknowledgement agreements dated May 4, 2010 and November 16, 2010 relating to the Trust
Agreement is attached hereto as Exhibit “A”.

     II. February 2011 Secured Notes Indenture. On February 1, 2011, Reynolds Group Issuer
Inc., Reynolds Group Issuer LLC and Reynolds Group Issuer (Luxembourg) S.A. (the “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, entered
into an indenture (the “February 2011 Secured Notes Indenture”) pursuant to which certain
secured notes were issued by the Issuers.

     III. Secured Notes Designation. The obligations in respect of the February 2011
Secured Notes Indenture and any Senior Secured Note Documents (as defined therein) will or have
been designated as “Additional Obligations” under, and in

 

 

accordance with, section 5.02(c) of the First Lien Intercreditor Agreement (the “Secured
Notes Designation”).

Representations and Warranties

	I.	 	The Trustor hereby represents and warrants, through its legal representative, that
on the date hereof:

	 	(a)	 	the individual executing this Agreement in the name and on behalf of the
Trustor has sufficient power and authority, as well as the necessary authority
(corporate, organizational or otherwise) to validly execute and deliver this Agreement
on their behalf and to validly bind the Trustor under the terms herein, as evidenced
in public deed number 33,190, dated January 12, 2011, granted before Jose Luis
Villavicencio Castañeda, Notary Public number 218 for Mexico City, Federal District,
and that such powers, authority and corporate or other authorizations have not been
revoked, modified or limited in any manner.

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

Clauses

First.— Acknowledgment. The Trustor (a) confirms and agrees that the Trust Agreement and
the transfer of the Trust Estate in favor of the Trustee for the Purposes of the Trust continue to
be in full force and effect subject to the Legal Reservations (as such term is defined in the
Credit Agreement), and (b) acknowledges and agrees that any obligations that are “Additional
Obligations” as a result of the Secured Notes Designation constitute Secured Obligations under the
Trust Agreement.

Second.— No Novation. The parties hereby expressly agree that this Agreement shall not
extinguish the obligations for the payment of money outstanding under any Loan Document or
discharge or release the priority of any Loan Document or any other security therefor. Nothing
herein shall be construed as a substitution or novation of the Secured Obligations, which shall
remain in full force and effect. Nothing in or implied by this Agreement or in any other document
contemplated hereby shall be construed as a release or other discharge of any Secured Obligation.
The Trust Agreement shall remain in full force and effect notwithstanding the execution and
delivery of this Agreement.

     The parties agree that this Agreement shall be deemed a “Security Document” for the purposes
of and as defined in the First Lien Intercreditor Agreement (and for no other purpose) and that,
accordingly, all rights, duties,

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privileges, protections and benefits of the Collateral Agent set forth in the First Lien
Intercreditor Agreement are hereby incorporated by reference.

Third.— Entire Agreement. The parties hereby expressly agree that this Agreement is and
shall be deemed a part of the Trust Agreement and, for such reason, all references made in or with
respect to the Trust Agreement, shall include this Agreement.

Fourth.— 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, and the parties hereby expressly and irrevocably waive their rights to
any other jurisdiction to which they may be entitled to by reason of their present or any future
domiciles, or for any other reason.

Fifth.— 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.

[Signature page continues]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the date
first above written.

	 	 	 	 	 
	The Trustor:

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

 	 	 
	/s/ Silvia Ema Roldan Gregory
 	 	 
	Name:  	Silvia Ema Roldán Gregory 	 	 
	Title:  	Attorney-in-Fact 	 	 

The Beneficiary:

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

	 	 	 	 	 
	/s/ Jimena Janeiro Fong
 	 	 
	Name:  	Jimena Janeiro Fong 	 	 
	Title:  	Attorney-in-Fact 	 	 

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Exhibit “A”

Acknowledgement Agreement

Copy of Trust Agreement and

Acknowledgement Agreements

[Attached hereto]

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EXHIBIT
4.346

DATED 1 FEBRUARY 2011

CLOSURE SYSTEMS INTERNATIONAL B.V.

AND

WILMINGTON TRUST (LONDON) LIMITED

AS COLLATERAL AGENT

 

DEED OF CONFIRMATION AND AMENDMENT

 

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 DEED is made the 1st day of February 2011

BETWEEN:

	(1)	 	CLOSURE SYSTEMS INTERNATIONAL B.V. a private company with limited liability (besloten
vennootschap met beperkte aansprakelijkheid), incorporated under the laws of The Netherlands,
having its corporate seat (statutaire zetel) in Amsterdam, The Netherlands and its registered
address at Teleportboulevard 140, 1043 EJ Amsterdam, The Netherlands, Chamber of Commerce
registration number 34291082 (the “Chargor”); and
	 
	(2)	 	WILMINGTON TRUST (LONDON) LIMITED in its capacity as additional collateral agent for
the Secured Parties appointed under the First Lien Intercreditor Agreement (the “Collateral
Agent”)

WHEREAS:

	(A)	 	The Chargor has entered into the security over shares agreement dated 25 February
2010 and as subsequently amended by way of a deed of confirmation and amendment dated 16
November 2010 granted by the Chargor in favour of the Collateral Agent (the “Share Charge”)
pursuant to (i) a credit agreement dated as of 5 November 2009 (as subsequently amended)
between among others Reynolds Group Holdings Inc., Reynolds Consumer Products Holdings Inc.,
Closure Systems International Holdings Inc., SIG Euro Holding AG & Co KGaA, SIG Austria
Holding GmbH, Reynolds Group Holdings Limited, Closure Systems International BV, Pactiv
Corporation, the other borrowers party thereto, the lenders from time to time parties thereto,
and Credit Suisse AG as administrative agent (the “Credit Agreement”), (ii) an indenture dated
5 November 2009 between Reynolds Group Escrow LLC, Reynolds Group DL Escrow Inc. and The Bank
of New York Mellon, as trustee, principal paying agent, transfer agent and collateral agent,
as modified, amended or supplemented from time to time (the “2009 Senior Secured Notes
Indenture”) and (iii) an indenture dated 15 October 2010 and entered into between, among
others, RGHL US Escrow I Inc., RGHL US Escrow I LLC and RGHL Escrow Issuer (Luxembourg) I S.A.
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 (the
“2010 Senior Secured Notes Indenture”).
	 
	(B)	 	In connection with the Credit Agreement, the 2009 Senior Secured Notes Indenture and
the 2010 Senior Secured Notes Indenture, certain parties to those documents have entered into
a first lien intercreditor agreement dated 5 November 2009 (as subsequently amended) between
among others The Bank of New York Mellon as collateral agent and representative under the
indenture, Credit Suisse AG as representative under the Credit Agreement, Wilmington Trust
(London) Limited as an additional collateral agent and each grantor that are parties thereto
(the “First Lien Intercreditor Agreement”).
	 
	(C)	 	Pursuant to an indenture (the “February 2011 Senior Secured Notes Indenture”) dated
as of 1 February 2011 and entered into between, among others, the Issuers (as defined

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	 	 	therein) (the “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, certain secured notes (the “February 2011 Senior
Secured Notes”) were issued by the Issuers.

	(D)	 	The obligations in respect of the February 2011 Senior Secured Notes and any Senior
Secured Note Documents (as defined in the February 2011 Senior Secured Notes Indenture) will
be or have been designated as “Additional Obligations” under, and in accordance with, section
5.02(c) of the First Lien Intercreditor Agreement and the February 2011 Senior Secured Notes
Indenture and the Senior Secured Note Documents (as defined in the February 2011 Senior
Secured Notes Indenture) are therefore “Additional Agreements” under the First Lien
Intercreditor Agreement (the “Secured Notes Designation”).
	 
	(E)	 	As a consequence of the execution of the February 2011 Senior Secured Notes Indenture
it is necessary for the Chargor to make certain minor amendments to the Share Charge, and
enter into this Deed.

NOW THE PARTIES HEREBY AGREE:

	1.	 	In this Deed (including its recitals), unless otherwise defined herein terms defined
in the First Lien Intercreditor Agreement shall have the same meaning when used in this Deed.
	 
	2.	 	With effect from the date of this Deed, the Share Charge shall be amended as follows:

	 	(a)	 	In Clause 1.1 (Definitions) the following new definition of “February 2011
Issuers” shall be inserted in alphabetical order:
	 
	 	 	 	““February 2011 Issuers” means the “Issuers” under, and as defined in, the February
2011 Senior Secured Notes Indenture, including their successors in interest.”
	 
	 	(b)	 	In Clause 1.1 (Definitions) the following new definition of “February 2011
Senior Secured Notes Indenture” shall be inserted in alphabetical order:
	 
	 	 	 	““February 2011 Senior Secured Notes Indenture” means the indenture dated as of 1
February 2011, among 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.”
	 
	 	(c)	 	In Clause 1.1 (Definitions) the existing definition of “Agreed Security
Principles” shall be deleted and replaced by the following:
	 
	 	 	 	““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

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	 	 	 	any inconsistency
the meaning it is given in the Credit Agreement shall prevail.”
	 
	 	(d)	 	In Clause 1.1 (Definitions) the existing definition of “Credit Agreement”
shall be deleted and replaced by the following:
	 
	 	 	 	““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 (formally 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 further amended, extended, restructured, renewed, novated,
supplemented, restated, refunded, replaced or modified from time to time.”
	 
	 	(e)	 	In Clause 1.1 (Definitions) the existing definition of “First Lien
Intercreditor Agreement” shall be deleted and replaced by the following:
	 
	 	 	 	““First Lien Intercreditor Agreement” mean 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 (formally known as Credit Suisse) as administrative
agent under the Credit Agreement, and the Loan Parties, as further amended,
novated, supplemented, restated or modified from time to time.”
	 
	 	(f)	 	In Clause 1.1 (Definitions) the existing definition of “Principal Finance
Documents” shall be deleted and replaced by the following:
	 
	 	 	 	““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.”
	 
	 	(g)	 	Clause 2.2(b) (Further Advances) shall be deleted in its entirety and replaced
with the following:

	 	“2.2(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 may
issue Additional Notes (as defined in the 2010 Senior Secured Notes
Indenture) and the obligations in respect of such Additional

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	 	 	 	 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.”

	3.	 	The Chargor confirms that, with effect from the date of this Deed, the Share Charge
shall continue in full force and effect as amended by this Deed and extends to the obligations
in respect of the Additional Agreements (as defined in the First Lien Intercreditor Agreement)
as a result of the Secured Notes Designation.
	 
	4.	 	This Deed is supplemental to and shall be construed as one with the Share Charge and
all documents or instruments which are expressed to supplement the Share Charge shall be
construed accordingly.
	 
	5.	 	This Deed may be executed in any number of counterparts, and by each party on separate
counterparts. Each counterpart is an original, but all counterparts shall together constitute
one and the same instrument. Delivery of a counterpart of this Deed by e-mail attachment or
telecopy shall be an effective mode of delivery.
	 
	6.	 	This Deed and all non-contractual obligations arising out of or in connection with it
shall be governed by and construed in accordance with Hong Kong law.
	 
	7.	 	For the avoidance of doubt, notwithstanding anything contained herein, each of the
protections, immunities, rights, indemnities and benefits conferred on the Collateral Agent
under the Share Charge and the First Lien Intercreditor Agreement shall continue in full force
and effect and shall apply to this Deed as if set out in full herein.
	 
	8.	 	The courts of Hong Kong have exclusive jurisdiction to settle any dispute (a
“Dispute”) arising out of, or connected with this Deed (including a dispute regarding the
existence, validity or termination of this Deed or the consequences of its nullity) or any
non-contractual obligations arising out of or in connection with this Deed.
	 
	9.	 	The parties agree that the courts of Hong Kong are the most appropriate and convenient
courts to settle Disputes between them and, accordingly, that they will not argue to the
contrary.
	 
	10.	 	Clauses 8 to 10 (inclusive) of this Deed are for the benefit of the Collateral Agent
only. As a result and notwithstanding Clause 8, 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.

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IN WITNESS whereof this Deed has been duly executed as a deed by the Chargor and understood by the
Collateral Agent on the day and year first before written.

	 	 	 	 	 	 	 	 	 

	The Chargor
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	SIGNED, SEALED and DELIVERED

	 	 	)	 	 	 	 	 
	as a DEED by 

Karen Mower

	 	 	)

)	 	 	 	 	 

	for and on behalf of

	 	 	)	 	 	 	 
	CLOSURE SYSTEMS INTERNATIONAL B.V.

	 	 	)	 	 	 	 
	in the presence of:

	 	 	)	 	 	/s/ Karen Mower

 

	 	 

	 	 	 

	Signature of witness:

	 	/s/ Nathan Parker
		 	 

	Name of witness:

	 	  Nathan Parker
	 
	 	 
	Address of witness:

	 	[          ]
	 
	 	 
	Occupation of witness:

	 	Solicitor

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	The Collateral Agent
	 	 
	 
	Signed by

WILMINGTON TRUST (LONDON) LIMITED

	 	)

)

	 	 	 	 	 
	 	 	 
	By:  	    /s/ Elaine Lockhart
 	 	 
	 	Name:  	Elaine Lockhart 	 	 
	 	 	 	 
	 

	Address: 	 	 6 Broad Street Place

London EC2M 7JH

United Kingdom
	 
	Fax: 	 	 +44 (0)20 7614 1122
	 
	Attention: 	 	 Elaine Lockhart

	 	 	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 

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