Document:

exv4w151

	 	 	 

	 

	 	EXHIBIT 4.151

SIG COMBIBLOC LTD.

as Assignor

in favour of

WILMINGTON TRUST (LONDON) LIMITED

as Collateral Agent

and

THE SECURED PARTIES

as defined in the First Lien Intercreditor Agreement

 

CONDITIONAL ASSIGNMENT OF

RECEIVABLES 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.”

 

 

CONTENTS

	 	 	 	 	 
	Clause	 	Page	 
	1. Definitions and Interpretation
	 	 	1	 
	2. Assignment
	 	 	5	 
	3. Notice of Conditional Assignment to the Intercompany Debtor
	 	 	6	 
	4. Continuing Security
	 	 	6	 
	5. Further Assurance and Protection of Security
	 	 	7	 
	6. Representations and Warranties
	 	 	9	 
	7. Power of Attorney
	 	 	9	 
	8. Enforcement and Instruction of Applicable Representative
	 	 	10	 
	9. Application of Proceeds
	 	 	11	 
	10. Successors and Assigns
	 	 	11	 
	11. Release and Reassignment
	 	 	12	 
	12. Delegation
	 	 	12	 
	13. Effectiveness of Security
	 	 	12	 
	14. Notices
	 	 	14	 
	15. Currency Conversion
	 	 	14	 
	16. Indemnity
	 	 	14	 
	17. Counterparts
	 	 	14	 
	18. Law and Jurisdiction
	 	 	14	 
	Schedule 1 List of Debtors/Receivables
	 	 	1	 
	Schedule 2 Notice of Conditional Assignment to the Intercompany Debtor
	 	 	1	 
	Schedule 3 Notice of Assignment
	 	 	3	 
	Schedule 4 Form of Supplemental Conditional Assignment of Receivables
	 	 	5	 

 

 

THIS AGREEMENT is made on 29 January 2010.

BETWEEN

	(1)	 	SIG COMBIBLOC LTD. registered in Thailand with the company registration number
0105538149390 having its registered office at 33 Moo 4 Pluakdaeng Sub-District, Pluakdaeng
District, Rayong Province (the “Assignor”);
	 
	(2)	 	WILMINGTON TRUST (LONDON) LIMITED as collateral agent appointed under the First Lien
Intercreditor Agreement (as defined below) acting in its own right and/or for the benefit and
on behalf of the Secured Parties (the “Collateral Agent”, and this expression shall include
any person for the time being appointed as successor collateral agent and any permitted
assigns in such capacity, for the purpose of, and in accordance with, the First Lien
Intercreditor Agreement); and
	 
	(3)	 	THE SECURED PARTIES (as defined below) acting through the Collateral Agent.

IT IS AGREED as follows:

	1.	 	DEFINITIONS AND INTERPRETATION
	 
	1.1	 	Definitions
	 
	 	 	In this 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.
	 
	 	 	“Borrowers” means the “Borrowers” under, and, as defined in, the Credit Agreement from time
to time.
	 
	 	 	“Business Day” means a day (other than a Saturday or Sunday) on which banks are open for
general business in London, New York, Germany and Bangkok.
	 
	 	 	“Contracts” means all agreements between the Assignor and a Debtor regardless of form by
which the Assignor agrees to sell goods or provide services to Debtors including purchase
and sale contracts, purchase orders and invoices and any amendments, addenda and supplements
to such agreements, and “Contract” means any of them.
	 
	 	 	“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, SIG Austria Holding GmbH, Closure Systems International Holdings Inc., and Closure
Systems International B.V. as borrowers, Reynolds Group Holdings Limited, the lenders from
time to time party thereto and Credit Suisse AG (formerly known as Credit Suisse), as
administrative agent, as amended, extended, restructured, renewed, novated, supplemented,
restated, refunded, replaced or modified from time to time.

 

 

	 	 	“Debtors” means all debtors of the Assignor (including any subsidiary of Reynolds Group
Holdings Limited and any affiliate of the Assignor being a debtor of the Assignor and the
debtors listed in Schedule 1 and each Appendix to each Supplemental Conditional Assignment
Agreement) whose Receivables amount to or exceed Thai Baht 4,000,000 or the equivalent
amount in another currency under their Contract(s), and “Debtor” means any of them.
	 
	 	 	“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 (among others), The Bank of New York Mellon, as collateral agent
and 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, extended, restated, replaced or modified from time to time
(including by a joinder agreement dated 21 January 2010 under which the Collateral Agent was
added as a collateral agent under the First Lien Intercreditor Agreement).
	 
	 	 	“Intercompany Debtors” means all Debtors who are subsidiaries of Reynolds Group Holdings
Limited.
	 
	 	 	“Intercreditor Arrangements” means the First Lien Intercreditor Agreement, 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 successor in interest.
	 
	 	 	“Loan Documents” means the “Credit Documents” under, and as defined in, the First Lien
Intercreditor Agreement and any other document designated by the Loan Parties’ Agent and the
Collateral Agent as a Loan Document.
	 
	 	 	“Loan Parties” means the “Grantors” under, and as defined in, the First Lien Intercreditor
Agreement.
	 
	 	 	“Loan Parties’ Agent” means Reynolds Group Holdings Limited (formerly known as Rank Group
Holdings Limited).
	 
	 	 	“Notice of Assignment” means a notice in the form set out in Schedule 3 (or such other form
as may be acceptable to the Collateral Agent), that may be given by the Collateral Agent to
the Assignor and the Debtor if an Enforcement Event has occurred and is continuing.
	 
	 	 	“Notice of Conditional Assignment to the Intercompany Debtor” means a notice of conditional
assignment in the form set out in Schedule 2 (or such other form as may be acceptable to the
Collateral Agent) to the Intercompany Debtors.
	 
	 	 	“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.

	 	 	“Principal Finance Documents” means the Credit Agreement, the Senior Secured Note Indenture,
the Intercreditor Arrangements and any Additional Agreement.
	 
	 	 	“Receivables” means all amounts due or to become due to the Assignor from current or future
Debtors in connection with existing and future Contracts, which amounts are recorded or to
be recorded as accounts receivable on the internal reports of the Assignor regularly
recording the receivables of the Assignor and/or the balance sheet of the Assignor and/or as
listed in the Schedule 1 or the Appendix to a Supplemental Conditional Assignment Agreement
and all other claims under the Contracts or applicable law that the Assignor may now or
hereafter have with respect to such amounts due from a Debtor.
	 
	 	 	“Report Date” means 1 April 2010 and then the day that is two calendar months after the
previous Report Date until the full and final discharge of the Obligations.
	 
	 	 	“Secured Parties” means the “Secured Parties” under, and as defined in, the First Lien
Intercreditor Agreement.
	 
	 	 	“Security” means any rights under this Agreement and each Supplemental Conditional
Assignment Agreement purported to be created by or constituted by or pursuant to such
assignment agreements in respect of the Receivables assigned to the Collateral Agent and the
Secured Parties by the Assignor to secure the Obligations.
	 
	 	 	“Security Documents” means the “Security Documents” under, and as defined in, the First Lien
Intercreditor Agreement.
	 
	 	 	“Security Interest” means any mortgage, pledge, charge, preferential right or any security
or preferential interest or arrangement of any kind, or any other right of or arrangement
with any creditor or with any person to have its claims satisfied prior to other creditors
with, or from the proceeds of, any asset (including retention of title other than in the
course of day-to-day trading, any deposit of money by way of security and conditional
assignment of assets), but excluding any charge, lien or preferential interest arising in
favor of any governmental agency or by operation of any law provided there is no default in
payment of the moneys secured by such charge, lien or preferential interest.
	 
	 	 	“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, refunded, novated, supplemented, restated, replaced or modified from
time to time.

 

 

	 	 	“Supplemental Conditional Assignment Agreement” means a supplemental conditional assignment
agreement in the form set out in Schedule 4 as required to be executed under Clause 2.2.

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

	 	1.3.1	 	Section 1.01 (Construction; Certain Defined Terms) of the First Lien
Intercreditor Agreement will apply as if incorporated in this Agreement or in any
notice given under or in connection with this Agreement, as if all references in such
clauses to the First Lien Intercreditor Agreement were a reference to this Agreement or
such notice.
	 
	 	1.3.2	 	This Agreement is subject to the terms of the Intercreditor
Arrangements. In the event of a conflict between the terms of this Agreement and the
Intercreditor Arrangements, the terms of the Intercreditor Arrangements will prevail.
	 
	 	1.3.3	 	References to Clauses and Schedules are to the Clauses and Schedules of
this Agreement, unless otherwise specified.
	 
	 	1.3.4	 	Anything mentioned after “include”, “includes”, “including” or “such as”
and the like is only illustrative and does not limit the generality of the preceding
text.

	1.4	 	Receivables
	 
	 	 	The Parties agree that the Receivables shall be considered a “Collateral” for the purposes
of the Loan Documents.
	 
	1.5	 	Conditional Assignment of Receivables Agreement
	 
	 	 	The Parties agree that this Conditional Assignment of Receivables Agreement shall be
considered a “Security Document” for the purposes of the Loan Documents.
	 
	1.6	 	The Assignor acknowledges and agrees that the Collateral Agent’s actions under this
Conditional Assignment of Receivables Agreement are on the basis of authority conferred under
the Principal Finance Documents to which the Collateral Agent is a party, and on directions of
the Applicable Representative. In so acting, the Collateral Agent shall have, subject to the
terms of the Principal Finance Documents, the protections, immunities, rights, indemnities and
benefits conferred on the collateral agent under the Principal Finance Documents.

 

 

	2.	 	ASSIGNMENT
	 
	2.1	 	On the date hereof, the Assignor assigns (subject to the condition to the absolute
assignment’s effectiveness in Clause 2.3) to and in favour and for the benefit of the
Collateral Agent and the Secured Parties all of the Receivables capable of assignment at the
date hereof and agrees to assign, on each of the Report Date, all other Receivables capable of
assignment as of such Report Date including those coming into existence or becoming due at any
time hereafter, with the intention that all such Receivables shall from the date a Notice of
Assignment is given, be owed and payable to the Collateral Agent (acting in its own right and
on behalf of and for the benefit of the Secured Parties) by the Debtors.
	 
	2.2	 	The Assignor shall within 10 Business Days after any Report Date:

	 	2.2.1	 	provide the Collateral Agent with a report listing all Receivables as at
the relevant Report Date; and
	 
	 	2.2.2	 	duly execute and deliver to the Collateral Agent a Supplemental
Conditional Assignment Agreement for the conditional assignment on the terms and
conditions of this Agreement of any Receivables that are not listed on Schedule 1.

	 	 	Each reference to “Receivables” or “Debtor” in this Agreement shall include the Receivables
conditionally assigned under, and the Debtor named in, each Supplemental Conditional
Assignment Agreement when that Supplemental Conditional Assignment Agreement is executed and
delivered.
	 
	2.3	 	Each conditional assignment specified in Clause 2.1 shall only become an absolute
assignment if and when the Collateral Agent delivers a Notice of Assignment, upon the
instruction of the Applicable Representative, if an Enforcement Event has occurred and is
continuing in accordance with Clause 8.1 to each Debtor and the Assignor (by return receipt
registered mail or such other method as the Collateral Agent sees appropriate). Such
assignments shall become immediately effective as absolute assignment and binding upon the
service of such a Notice of Assignment. The Assignor hereby waives any judicial or other
formality or presentment, demand, protest or other notice of any kind.
	 
	2.4	 	Nothing herein shall constitute or be deemed to constitute a novation or settlement of
any of the Obligations or the Loan Documents and, except the assignment as provided herein or
by applicable law, this Agreement shall not be construed as an assumption or acceptance by the
Collateral Agent of the transfer of any right, obligation or liability of the Assignor under
any such Contracts.
	 
	2.5	 	With effect from the service of a Notice of Assignment, until the discharge and release
are effected pursuant to Clause 11 (Release and Reassignment), the Collateral Agent shall be
the sole person entitled to receive payment of the Receivables and to give instruction in
relation to such payment.

 

 

	3.	 	NOTICE OF CONDITIONAL ASSIGNMENT TO THE INTERCOMPANY DEBTOR
	 
	3.1	 	The Assignor and the Collateral Agent shall, promptly after the execution of this
Agreement and any of the Supplemental Conditional Assignment Agreement sign a Notice of
Conditional Assignment to any Intercompany Debtor, which the Assignor shall then promptly
deliver to such Intercompany Debtor.
	 
	3.2	 	Within 20 days from the date of the Notice of Conditional Assignment to any Intercompany
Debtor, the Assignor shall obtain and deliver to the Collateral Agent an acknowledgement of
receipt of the Notice of Conditional Assignment to the Intercompany Debtor and consent to the
assignment from each of the Intercompany Debtors in the form set forth in Schedule 2 duly
signed by the authorised signatory of such Intercompany Debtor.
	 
	4.	 	CONTINUING SECURITY
	 
	4.1	 	The rights of the Collateral Agent and the obligations of the Assignor under this
Agreement and the Security constituted by this Agreement are a continuing security and will
remain in full force and effect as a continuing security until all of the Obligations have
been unconditionally and irrevocably paid or discharged in full. Until then, the obligations
of the Assignor under this Agreement and the Security shall not be discharged, impaired or
otherwise affected by:

	 	4.1.1	 	any winding-up, liquidation, dissolution, judicial management,
administration or reorganization of or bankruptcy or any change in any of the Loan
Parties or any other company, corporation, partnership or other person;
	 
	 	4.1.2	 	any of the other Obligations being at any time illegal, invalid,
unenforceable or ineffective;
	 
	 	4.1.3	 	any intermediate satisfaction of the whole or any part of the
Obligations (other than by full performance and discharge of the Obligations);
	 
	 	4.1.4	 	any time or other indulgence being granted to any of the Loan Parties or
any other company, corporation, partnership or other person;
	 
	 	4.1.5	 	any amendment, variation, waiver or release of any of the Obligations
(except to the extent that the Loan Parties’ liabilities are discharged by such
action);
	 
	 	4.1.6	 	the extinction of any or all indebtedness by whatsoever reason (other
than by full performance and discharge of the Obligations);
	 
	 	4.1.7	 	any failure to take or failure to realise the value of any other
collateral in respect of the Obligations or any release, discharge, exchange or
substitution of any such collateral; or
	 
	 	4.1.8	 	any other act, event or omission which but for this provision would or
might operate to impair, discharge or otherwise adversely affect the obligations of the
Assignor under this Agreement.

 

 

	4.2	 	Without releasing, discharging, prejudicing or otherwise affecting the Obligations and
the obligations of the Assignor under this Agreement, the Collateral Agent shall have the
right, but not the obligation, from time to time without any notice to the Assignor, to
perform any, several or all of the following to which the Assignor consents and agrees:

	 	4.2.1	 	to grant time or any other indulgence to any Loan Party with regard to
its performance of the Obligations, and/or to compromise and/or make any agreement or
arrangement with any Loan Party and/or any other person howsoever liable with respect
to the Obligations;
	 
	 	4.2.2	 	to release or discharge any Loan Party and/or any other person who is or
may become liable to the Collateral Agent in respect of any Obligations and obligations
of the Assignor under this Agreement or any part thereof, and to include releasing or
discharging, wholly or partially, and/or varying, renewing or giving up any judgement,
Security Interest of whatever kind or other right that the Collateral Agent may now or
hereafter hold as Transaction Security; or
	 
	 	4.2.3	 	to increase, extend or vary any credit or facility granted or to be
granted to any person, or any other agreement constituting the Obligations,

	 	 	provided that the Collateral Agent shall only exercise such right upon an instruction of the
Applicable Representative.
	 
	5.	 	FURTHER ASSURANCE AND PROTECTION OF SECURITY
	 
	5.1	 	Covenant for further assurance
	 
	 	 	Subject to the Agreed Security Principles, the Assignor shall from time to time, at its cost
and at the request of the Collateral Agent, upon a reasonable instruction of the Applicable
Representative promptly do any act or execute any instruments, notices and documents in
favour of the Collateral Agent or as it may require such further or other legal or other
assignments, transfers, mortgages, charges, pledges or securities as in each case the
Collateral Agent shall reasonably stipulate, in such form as the Collateral Agent, upon a
reasonable instruction of the Applicable Representative, may require for the purpose of
creating, perfecting, maintaining, ensuring, protecting, defending, enforcing or securing
the Security (whether in existence at the date hereof or acquired after the date hereof) or
for facilitating the exercise or, as the case may be, realisation thereof and the exercise
of all other powers, authorities and discretions vested in the Collateral Agent including
any act or any document which may reasonably be required under the laws of any relevant
jurisdiction in which any Receivables may be located in order to confer on the Collateral
Agent such rights or for rendering any assignment of a benefit pursuant to Clause 10
(Successors and Assigns) valid and enforceable by law.
	 
	 	 	For the avoidance of doubt, it is acknowledged that the Collateral Agent is permitted to act
on the instructions of the Applicable Representative in accordance with Clause 2.02(a)(i) of
the First Lien Intercreditor Agreement. It is further acknowledged that the Collateral Agent
may assume that any and all instructions received by it from the

 

 

	 	 	Applicable Representative under this Clause 5.1 are reasonable, and that any question as to
the reasonableness or otherwise of such instructions shall be determined as between the
Applicable Representative and the Assignor.

	5.2	 	Subject to the terms and conditions of this Agreement, until a Notice of Assignment is
issued to the Debtor and the Assignor, the Assignor shall retain control over the Receivables,
and exercise all rights and powers in respect of the Receivables and apply their proceeds in
its business as it deems appropriate.
	 
	5.3	 	Except as provided in Clause 5.2, without the written consent of the Collateral Agent,
the Assignor shall not, or agree to, do any of the following:

	 	5.3.1	 	create or permit to subsist any Security Interest over any of the
Receivables;
	 
	 	5.3.2	 	sell or transfer or otherwise dispose of the Receivables; and
	 
	 	5.3.3	 	knowingly do or permit to be done anything or fail to do anything, that
would jeopardise or otherwise directly or indirectly prejudice the validity or
enforceability of the Security or that would cause an Event of Default to occur;

	 	 	unless otherwise permitted under the Principal Finance Documents.

	5.4	 	The Assignor agrees:

	 	5.4.1	 	to comply in all respects with any applicable laws and regulations to
which it is subject and any requirements of authorities to which it is subject and to
perform the Assignor’s obligations under the Contracts in connection with the
Receivables (so as to establish and maintain valid and enforceable payment obligations
of the Debtors under the Contracts) if failure to do so would have a Material Adverse
Effect (as defined in the Credit Agreement or, if the Credit Agreement is no longer in
existence, any Additional Agreement); and
	 
	 	5.4.2	 	after the Notice of Assignment has been served:

	 	(a)	 	not to cancel or terminate the Contract and not to, or
purport to, terminate, revoke or extend the maturity date of any Receivable
without the prior consent in writing of the Collateral Agent and to refrain
from any action which might in any way prejudice or limit the Collateral
Agent’s rights under or in respect of any Receivable;
	 
	 	(b)	 	to promptly inform the Collateral Agent of any material
breach of a Contract by the Debtor, as soon as it becomes aware of any such
breach and to take all reasonable measures necessary to minimise or prevent any
loss which may be incurred by the Collateral Agent in the event of
non-performance of the Contract or non payment of an invoice issued under the
relevant Contract; and
	 
	 	(c)	 	to use reasonable endeavours to recover any or all
Receivables and assist the Collateral Agent to recover any or all Receivables
(including at the request of the Collateral Agent joining in and being a party
to any legal or other action that the Collateral Agent has taken or wishes

 

 

	 	 	 	to take against the Debtor with the Collateral Agent being entitled to full
control of such action).

	6.	 	REPRESENTATIONS AND WARRANTIES
	 
	6.1	 	The Assignor warrants to the Collateral Agent that on the date of this Agreement:

	 	6.1.1	 	it is solely entitled to the Receivables and to receive such proceeds
and related rights thereof;
	 
	 	6.1.2	 	its entry into and performance of this Agreement and the transactions
contemplated by this Agreement and the Assignor’s assignment of the Receivables to the
Collateral Agent under this Agreement do not and will not conflict with (i) the
Assignor’s Memorandum and Articles of Association in any material respect or (ii) any
agreement binding it or any of its assets or constitute a default or termination event
(however described) under any such agreement to an extent that has, or could reasonably
be expected to have, a Material Adverse Effect (as defined in the Credit Agreement or,
if the Credit Agreement is no longer in existence, any Additional Agreement);
	 
	 	6.1.3	 	except to the extent set out in the Credit Agreement, to the best of its
knowledge and belief, there are no litigation, arbitration or administrative
proceedings of, or before, any court, arbitral body or agency started or threatened
against it in respect of the Receivables that are reasonably likely to be adversely
determined and if adversely determined, could reasonably be expected to have a Material
Adverse Effect (as defined in the Credit Agreement or, if the Credit Agreement is no
longer in existence, any Additional Agreement);
	 
	 	6.1.4	 	no Receivable is subject to any restrictions or prohibitions under the
relevant Contract and each Receivable is freely assignable and constitutes an amount to
be due and payable by the Debtor pursuant to the relevant Contract; and
	 
	 	6.1.5	 	the information or report in relation to any Receivables, Contracts and
Debtors provided to the Collateral Agent as required hereunder is true and correct in
all material respects.

	6.2	 	Each of the representations set out in Clause 6.1 will be deemed to be repeated by the
Assignor as true and correct in all material respects on and as of each date that a
Supplemental Conditional Assignment Agreement is executed in respect of any Receivables that
are not listed in Schedule 1 or when any other document is executed (as required under Clause
5 (Further Assurance and Protection of Security)) with the same effect as though made on and
as of such date.
	 
	7.	 	POWER OF ATTORNEY
	 
	7.1	 	Appointment and powers
	 
	 	 	To the extent permitted by applicable law, the Assignor by way of security irrevocably
appoints the Collateral Agent or receiver or any person delegated by it as an attorney
severally to be its attorney and in its name, on its behalf and as its act to 

 

 

	 	 	execute,
deliver and perfect all documents and do all things that the attorney may consider to be
required or desirable for:

	 	7.1.1	 	carrying out any obligation imposed on the Assignor by this Agreement or
any other agreement binding on the Assignor to which the Collateral Agent is a party
(including the execution and delivery of any agreements or any assignments of or other
security and any transfers of the Receivables);
	 
	 	7.1.2	 	enabling the Collateral Agent to exercise, or delegate the exercise of,
all or any of the rights and powers conferred on it by this Agreement or by law; and
	 
	 	7.1.3	 	enabling any receiver or any person delegated by the Collateral Agent as
the attorney to exercise, or delegate the exercise of, any of the rights, powers and
authorities conferred on them by or pursuant to this Agreement or by law,

	 	 	provided always that the Collateral Agent may only be entitled to exercise the powers
conferred upon it by the Assignor under this Clause 7 (Power of Attorney) if:

	 	(i)	 	an Enforcement Event has occurred and is continuing; and/or
	 
	 	(ii)	 	the Collateral Agent has received notice from the Applicable
Representative, the Loan Parties’ Agent and/or the Assignor that the Assignor 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),

	 	 	provided further that the Collateral Agent shall not be obliged to exercise the powers
conferred upon it by the Assignor under this Clause 7 (Power of Attorney) 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.
	 
	7.2	 	Ratification
	 
	 	 	The Assignor shall ratify and confirm all things lawfully done and all documents properly
executed by the Collateral Agent or any person delegated by it as an attorney in the
exercise or purported exercise of all or any of the powers hereby granted.
	 
	8.	 	ENFORCEMENT AND INSTRUCTION OF APPLICABLE REPRESENTATIVE
	 
	8.1	 	The Security shall become enforceable if an Enforcement Event has occurred and is
continuing and the Collateral Agent has, upon the instruction of the Applicable
Representative, delivered the Notice of Assignment under or pursuant to Clause 2.3. The
Collateral Agent shall thereafter be entitled, but not required, to take such action after
delivery of the Notice of Assignment by any means allowed by applicable law for the collection
and realisation of the Receivables.
	 
	8.2	 	At any time following the service of a Notice of Assignment, the Collateral Agent may:

 

 

	 	8.2.1	 	exercise in place of the Assignor any rights acquired by the Collateral
Agent pursuant to this Agreement in all respects as if it were the owner of the
Receivables;
	 
	 	8.2.2	 	sell or assign, transfer or otherwise dispose of or deal with in such
manner and for such consideration as it may think fit to the extent permitted by
applicable law all or any part of the rights, title and interest in and to the
Receivables; and
	 
	 	8.2.3	 	otherwise put into force and effect all rights, powers and remedies
available to it at law or otherwise as assignee of the Receivables.

	8.3	 	The Collateral Agent shall be under no obligation to exercise any right, power or
interest conferred upon it by or pursuant to this Agreement or applicable law or to make any
enquiry as to the nature or sufficiency of any payment received by it or to make any claim or
to take any other action to enforce any rights or benefits assigned hereunder or any amount
due and payable, or which has become payable thereunder, or to which it may at any time be
entitled. No action taken or omitted to be taken by the Collateral Agent shall give rise to
any defence, counterclaim or other right of set-off against the Collateral Agent or affect or
impair the Obligations or the Assignor’s obligations under this Agreement.
	 
	9.	 	APPLICATION OF PROCEEDS
	 
	 	 	All monies received, recovered or realised by the Collateral Agent under this Agreement
(including the proceeds of any conversion of currency) shall be applied in or towards the
discharge of the Obligations in accordance with the Intercreditor Arrangements. The
Assignor shall be liable for the deficiency if such moneys are insufficient to discharge all
amounts to which the Collateral Agent is entitled with respect to the Obligations.
	 
	10.	 	SUCCESSORS AND ASSIGNS
	 
	10.1	 	This Agreement shall be binding on and inure to the benefit of each party and its direct
or subsequent legal successor, permitted transferees and assigns; provided that the Assignor
may not assign or transfer all or any of its rights or obligations under this Agreement.
	 
	10.2	 	The Collateral Agent has the right to assign the Security and this Agreement to any
person as permitted under and subject to the Principal Finance Documents and any assignee
shall be entitled to enforce and proceed upon this Agreement in the same manner as if named in
this Agreement.
	 
	10.3	 	This Agreement shall remain in effect despite any amalgamation or merger (however
effected) relating to the Collateral Agent; and references to the Collateral Agent shall
include any assignee or successor in title of the Collateral Agent and any person who, under
the laws of its jurisdiction of incorporation or domicile, has assumed the rights
and obligations of the Collateral Agent under this Agreement or to which, under such laws,
those rights and obligations have been transferred.
	 
	10.4	 	Subject to Section 9.16 (Confidentiality) of the Credit Agreement and the terms of the
other Principal Finance Documents, the Collateral Agent shall be entitled to disclose

 

 

	 	 	such
information concerning the Assignor and this Agreement as the Collateral Agent considers
appropriate to any actual or proposed direct or indirect successor or to any person to whom
information may be required to be disclosed by applicable law.

	11.	 	RELEASE AND REASSIGNMENT
	 
	11.1	 	The Security constituted by this Agreement and the effect of this Agreement shall be
released, re-assigned and cancelled (to the extent applicable):

	 	11.1.1	 	by the Collateral Agent (acting on the instructions of the Applicable
Representative) at the request and cost of the Assignor, upon the Obligations being
irrevocably paid or discharged in full and none of the Secured Parties being under any
further actual or contingent obligation to make advances or provide other financial
accommodation to the Assignor or any other person under any of the Loan Documents; or
	 
	 	11.1.2	 	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
Thai law).

	11.2	 	The Collateral Agent shall promptly return to the Assignor any surplus arising from
enforcement of its rights regarding the Security following full and final discharge of the
Obligations, including principal, contractual and penalty interests, commissions, charges and
costs in accordance with the terms of the Intercreditor Arrangements.
	 
	12.	 	DELEGATION
	 
	 	 	Subject to Section 4.05 of the First Lien Intercreditor Agreement (to the extent permitted
by Thai law), each of the Collateral Agent and any receiver shall have full power to
delegate (either generally or specifically) the powers, authorities and discretions
conferred on it by this Agreement (including the power of attorney) on such terms and
conditions as it shall see fit which delegation shall not preclude either the subsequent
exercise, any subsequent delegation or any revocation of such power, authority or discretion
by the Collateral Agent or the receiver itself.
	 
	13.	 	EFFECTIVENESS OF SECURITY
	 
	13.1	 	Rights Cumulative
	 
	 	 	The rights of the Collateral Agent under this Agreement and the Security are cumulative and
are in addition to, independent of, without prejudice to, and are not and shall not be in
substitution for, any other right, security, guarantee or indemnity now held or which may
hereafter be held by the Collateral Agent with respect to the Obligations or any rights
powers and remedies provided by law. No prior or other
security or Security Interest with respect to the Obligations held by the Collateral Agent
shall merge in the Security.
	 
	13.2	 	Waivers

	 	13.2.1	 	No waiver of any of its rights under this Agreement shall be effective
unless given in writing by the party waiving those rights (or entitled to give such

 

 

	 	 	 	waiver on behalf of the party hereunder, under the Principal Finance Documents).

	 	13.2.2	 	No failure to exercise, nor any delay in exercising, on the part of the
Collateral Agent, any right, power or remedy of the Collateral Agent provided by this
Agreement or by law shall operate as a waiver, nor shall any single or partial exercise
of that right, power or remedy prevent any further or other exercise of that or any
other right, power or remedy of the Collateral Agent provided by this Agreement or by
law.

	13.3	 	Illegality, Invalidity, Unenforceability
	 
	 	 	If, at any time, any provision of this Agreement is or becomes illegal, invalid or
unenforceable in any respect under the law of any jurisdiction, neither the legality,
validity or enforceability of the remaining provisions of this Agreement nor the legality,
validity or enforceability of such provision under the law of any other jurisdiction will in
any way be affected or impaired.
	 
	13.4	 	No liability
	 
	 	 	None of the Collateral Agent, or its nominee(s) or any receiver or delegate appointed
pursuant to this Agreement shall be liable by reason of (a) taking any action permitted by
this Agreement or (b) any neglect or default in connection with the Receivables or (c)
taking possession of or realising all or any part of the Receivables, except to the extent
provided in the Principal Finance Documents.
	 
	13.5	 	Immediate recourse
	 
	 	 	To the extent permitted by applicable law, the Assignor waives any right it may have of
first requiring the Collateral Agent or a Secured Party to proceed against or enforce any
other rights or Security Interests or claim payment from any person before claiming from the
Assignor under this Agreement. This waiver applies irrespective of any provision of this
Agreement or any other Loan Document or other applicable agreement to the contrary.
	 
	13.6	 	Clawback
	 
	 	 	In the event (i) any settlement or discharge of any or all of the indebtedness of the
Assignor is subsequently nullified by any reason whatsoever, and/or (ii) an order or
judgement is made against the Collateral Agent under Section 237 of the Civil and Commercial
Code (or any modification or re-enactment thereof from time to time in force) or under
Sections 90/40, 90/41, 113, 114 and/or 115 of the Bankruptcy Act B.E. 2483 (or any
modification or re-enactment thereof from time to time in force) or
analogous provisions under similar laws of any other jurisdiction directing the Collateral
Agent or any Secured Party to pay any sum received or held by it from the Assignor or from
any other person to settle all or part of the debt of the Assignor to a plan preparer, a
plan administrator, a receiver or an official receiver, liquidator or creditor of the
Assignor or other person or officer performing similar function, then, (a) the returned
monies, losses, damages, costs and expenses of the Collateral Agent or such Secured Party
arising as a result of such nullified settlement or discharge,

 

 

	 	 	and/or (b) the sum paid by it
pursuant to such order or judgement, shall be recoverable from the Assignor on demand.

	14.	 	NOTICES
	 
	 	 	All communications and notices hereunder shall (except as otherwise expressly permitted
herein) be in writing and given as provided in Section 5.01 (Notices) of the First Lien
Intercreditor Agreement.
	 
	15.	 	CURRENCY CONVERSION
	 
	 	 	In order to apply any sum held or received by the Collateral Agent in or towards payment of
the Obligations, the Collateral Agent (acting reasonably) may purchase an amount in another
currency and the rate of exchange to be applied shall be that at which, at such time as it
considers appropriate, the Collateral Agent is able to effect such purchase.
	 
	16.	 	INDEMNITY
	 
	 	 	To the extent set out in Section 4.11 (Indemnity) of the First Lien Intercreditor Agreement,
the Assignor shall, notwithstanding any release or discharge of all or any part of the
Security, indemnify the Collateral Agent, its agents, attorneys, any delegate and any
receiver against any action, proceeding, claims, losses, liabilities, expenses, demands,
taxes and costs which it may sustain as a consequence of any breach by the Assignor of the
provisions of this Agreement, the exercise or purported exercise of any of the rights and
powers conferred on them by this Agreement or otherwise relating to the Receivables.
	 
	17.	 	COUNTERPARTS
	 
	 	 	This Agreement may be executed in any number of counterparts, and each has the same effect
as if the signatures on the counterparts were on a single copy of this Agreement.
	 
	18.	 	LAW AND JURISDICTION
	 
	 	 	This Agreement is governed by and shall be construed in accordance with the laws of
Thailand. All Parties irrevocably agree that the courts of Thailand are to have
non-exclusive jurisdiction to settle any disputes which may arise out of or in connection
with this Agreement.

THIS AGREEMENT has been signed on behalf of each of the Collateral Agent, the Secured Parties and
the Assignor and is delivered by it on the date specified above.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SCHEDULE 2

NOTICE OF CONDITIONAL ASSIGNMENT TO THE INTERCOMPANY DEBTOR

	To: 	 (1)	 	 [Name of the relevant Intercompany Debtor] (the “Debtor”)
	 
	 	 	 	[address]
	 
	 	 	 	Attn: [•]
	 
	 	(2)	 	SIG Combibloc Ltd.

Date
[•]

Dear Sirs,

We refer to the receivables owing by you to SIG Combibloc Ltd. (the “Assignor”).

We hereby give you notice that pursuant to [the Conditional Assignment of Receivables Agreement
dated [ -to insert the date of the Assignment- ]/ the Supplemental Conditional Assignment
Agreement date [ -to insert the date of the Assignment- ]]1 (the “Assignment”)
between the Assignor, Wilmington Trust (London) Limited as collateral agent (the “Collateral
Agent”) and the Secured Parties (as defined therein), the Assignor has conditionally assigned to
and in favour and for the benefit of the Collateral Agent and the Secured Parties the receivables
owed by you to the Assignor and all of the Assignor’s right, title and interest in and to the
receivables in connection with the [specify the relevant Contract(s)/invoice] (the “Receivables”).

Terms and expressions defined in the Assignment shall have the same meaning when used herein.

We hereby advise you and confirm that:

	1.	 	unless and until you receive a Notice of Assignment from the Collateral Agent in accordance
with the terms of the Assignment, the payment of the Receivables shall be made to us as
normal in accordance with the Contract that currently exists;
	 
	2.	 	following delivery of a Notice of Assignment, the Collateral Agent shall be the sole person
entitled to give instructions with respect to the Receivables;
	 
	3.	 	you may rely conclusively upon any Notice of Assignment delivered to you which is signed by
the Collateral Agent and that you shall not be concerned to enquire whether whether any event
has happened that authorises the Collateral Agent to deliver a Notice of Assignment;
	 
	4.	 	notwithstanding the giving of this notice or a Notice of Assignment, the Assignor shall
remain liable to perform all its obligations under the Contract in relation to the
Receivables; and

 

			
	1	 	As applicable.

 

	5.	 	as from your receipt of this notice you shall no longer be entitled to exercise any right of
set off against the Receivables against any sums owing to you by the Assignor.

This notice shall be irrevocable unless the Collateral Agent consents in writing to its revocation.

Please countersign below to acknowledge receipt of this notice and to consent to the Assignment.
Please then return one copy of this notice to the Assignor and one to the Collateral Agent to the
attention of Elaine Lockhart, 6 Broad Street Place, London EC2M 7JH, United Kingdom, Fax +44(0) 20
7614 1122.

	 	 	 	 
	Yours faithfully,

	 	Yours faithfully,	
	for and on behalf of

	 	for and on behalf of	
	SIG COMBIBLOC LTD.

	 	WILMINGTON TRUST (LONDON) LIMITED	
	as the Assignor
	 	 	
	 
	 	 	
	 

	 	as the Collateral Agent acting in its own	
	 

	 	right and for and on behalf of	
	 

	 	the Secured Parties	
	 	 	 	

We acknowledge receipt of the above notice and consent to the assignment. We hereby agree to the
above terms as set out in the notice.

Yours faithfully,

For and on behalf of

[ -to insert the full name of the Intercompany Debtor- ]

Date : [ -to insert the date of the Intercompany Debtor’s execution- ]

 

SCHEDULE 3

NOTICE OF ASSIGNMENT2

	To:	(1)	 	  [Name of the relevant Debtor] (the “Debtor”)
	 
	 	 	 	[address]
	 
	 	 	 	Attn: [•]
	 
	 	(2)	 	SIG Combibloc Ltd.

Date
[•]

Dear Sirs,

We refer to the receivables owing by you to SIG Combibloc Ltd. (the “Assignor”).

[[We hereby give you notice that pursuant to the Conditional Assignment of Receivables Agreement
dated [ -to insert the date of the Assignment- ] (the “Assignment”) between the Assignor,
Wilmington Trust (London) Limited as collateral agent (the “Collateral Agent”) and the Secured
Parties (as defined therein) [and the Supplemental Conditional Assignment Agreement date [ -to
insert the date of the Assignment- ]3, the Assignor has conditionally assigned
to and in favour and for the benefit of the Collateral Agent and the Secured Parties the
receivables owed by you to the Assignor and all of the Assignor’s right, title and interest in and
to the receivables in connection with the [specify the relevant Contract(s)/invoice] (the
"Receivables”).]4

[We refer to the Conditional Assignment of Receivables Agreement dated [ -to insert the date of the
Assignment- ] (the “Assignment”) between the Assignor, Wilmington Trust (London) Limited as
collateral agent (the “Collateral Agent”) and the Secured Parties (as defined therein), [the
Supplemental Conditional Assignment Agreement date [ -to insert the date of the Assignment-
]5 and the Notice of Conditional Assignment to the Intercompany Debtor sent to
you by the Assignor on [ to insert date of the notice.]6]

The Assignment provides that it shall become an absolute assignment on our giving notice of
assignment to you if an Enforcement Event (as defined in the Assignment) has occurred and is
continuing.

Please be informed that an Enforcement Event has occurred and is continuing and that the assignment
is now absolute.

We hereby advise you and confirm that until further notice from us:

 

			
	2	 	Prepare three copies at the time of execution
this Notice.
	 
	3	 	To be inserted if applicable.
	 
	4	 	This paragraph is to be used for the
notice to the Debtors other than the Intercompany Debtors.
	 
	5	 	To be inserted if applicable.
	 
	6	 	This paragraph is to be used for the
notice to the Intercompany Debtors.

 

	1.	 	the Collateral Agent is the sole person entitled to receive payment and give instructions
with respect to the Receivables;
	 
	2.	 	henceforth, all such payments shall be made to the following account:

[insert details of the Collateral Agent’s account]

	3.	 	you may rely conclusively upon this notice and that you shall not be concerned to enquire
whether any event has happened that authorises us to deliver this Notice; and
	 
	4.	 	notwithstanding the giving of this Notice, the Assignor shall remain liable to perform all
its obligations under the Contract in relation to the Receivables.

This notice shall be irrevocable unless the Collateral Agent consents in writing to its revocation.

For the Debtor, please countersign below to acknowledge receipt of this notice and to consent
without reservation to the Assignment and return one copy of this Notice to the Assignor and one to
the Collateral Agent to the attention of Elaine Lockhart, 6 Broad Street Place, London EC2M 7JH,
United Kingdom, Fax +44(0) 20 7614 1122.

Yours faithfully,

For and on behalf of

WILMINGTON TRUST (LONDON) LIMITED

Acting in its own right and

For and on behalf of the Secured Parties

                                                            

We acknowledge receipt of the above notice and consent to the Assignment without reservation. We
hereby agree to act in accordance with its terms as set out in the notice.

Yours faithfully,

For and on behalf of

[ -to insert the full name of the relevant Debtor- ]

Date: [-to insert the date of the Debtor’s execution-]

 

SCHEDULE 4

FORM OF SUPPLEMENTAL CONDITIONAL ASSIGNMENT OF RECEIVABLES

THIS SUPPLEMENTAL CONDITIONAL ASSIGNMENT OF RECEIVABLES AGREEMENT (the “Supplemental Conditional
Assignment Agreement”) is made on [•].

BETWEEN:

	1.	 	SIG COMBIBLOC LTD. registered in Thailand with the company registration number 0105538149390
having its registered office at 33 Moo 4 Pluakdaeng Sub- District, Pluakdaeng District, Rayong
Province (the “Assignor”);
	 
	2.	 	WILMINGTON TRUST (LONDON) LIMITED as collateral agent appointed under the First Lien
Intercreditor Agreement (as defined in the Conditional Assignment of Receivables defined
below) acting in its own right and/or for the benefit and on behalf of the Secured Parties
(the “Collateral Agent”, and this expression shall include any person for the time being
appointed as successor collateral agent and any permitted assigns in such capacity, for the
purpose of, and in accordance with, the First Lien Intercreditor Agreement); and
	 
	3.	 	THE SECURED PARTIES (as defined in the Conditional Assignment of Receivables defined below)
acting through the Collateral Agent.

WHEREAS:

	(A)	 	The Assignor, the Collateral Agent and the Secured Parties entered into the Conditional
Assignment of Receivables Agreement dated [•] pursuant to which the Assignor agreed to
assign to and in favour and for the benefit of the Collateral Agent and the Secured Parties
all Receivables under the terms and conditions set out therein (the “Conditional Assignment of
Receivables”).
	 
	(B)	 	The Assignor executes this Supplemental Conditional Assignment Agreement with respect to the
conditional assignment herein pursuant to Clause 2 of the Conditional Assignment of
Receivables to effect the assignment of the receivables specified in the attached Appendix
(the “Receivables”).

THE PARTIES HERETO AGREE AS FOLLOWS:

	1.	 	Unless defined otherwise herein, words and expressions defined in or construed by the
Conditional Assignment of Receivables shall have the same meanings and shall be construed in
the same manner when used in this Agreement.
	 
	2.	 	To secure the payment, performance, discharge and satisfaction in full of the Obligations,
the Assignor hereby assigns (subject to the condition to the absolute assignment’s
effectiveness in Clause 2.3 of the Conditional Assignment of Receivables) to and in favour and
for the benefit of the Collateral Agent and the Secured Parties all of the Receivables.
	 
	3.	 	The Assignor will serve the Notice of Conditional Assignment to any Intercompany Debtor in
respect of the Receivables and take such action as is required by Clause 3

 

	 	 	(Notice of Conditional Assignment to the Intercompany Debtor) of the Conditional Assignment
of Receivables.
	 
	4.	 	The Assignor hereby represents and warrants that the representation, warranties and
undertakings of the Assignor set forth in Clause 6 (Representation and Warranties) of the
Conditional Assignment of Receivables are true and correct in all material respects as of the
date hereof with the same effect as though made on and as of the date of this Supplemental
Conditional Assignment Agreement.
	 
	5.	 	Unless otherwise provided in this Supplemental Conditional Assignment Agreement, all other
terms and conditions set forth in the Conditional Assignment of Receivables will apply to this
Supplemental Conditional Assignment Agreement and be deemed to be incorporated mutatis
mutandis as if set out in full herein.

IN WITNESS WHEREOF the parties to this Supplemental Conditional Assignment Agreement have caused
this Supplemental Conditional Assignment Agreement to be executed on the date first above written.

	 	 	 	 	 
	 	ASSIGNOR

EXECUTED For and on behalf of

SIG COMBIBLOC LTD.

(the company seal (if required))

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	

 	 
	 
	 	COLLATERAL AGENT

EXECUTED for and on behalf of

WILMINGTON TRUST (LONDON) LIMITED

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	

 	 
	 
	 	SECURED PARTIES

EXECUTED for and on behalf of the Secured Parties by the
Collateral Agent

WILMINGTON TRUST (LONDON) LIMITED

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	

 	 

 

	 	 	 	 	 

Appendix to the Supplemental Conditional Assignment Agreement 7

List of Debtors/Receivables

	A.	 	Intercompany Debtors
	 
	 	 	[ please insert the list ]

	B.	 	Other Debtors
	 
	 	 	[ please insert the list ]

 

			
	7	 	to insert the name of the Debtors in
relation to the Receivables having a total value amounting to Thai Baht
4,000,000 or more.

 

SIGNATURE PAGE

	 	 	 	 	 
	 	ASSIGNOR

EXECUTED for and on behalf of

SIG COMBIBLOC LTD.

(the company seal (if required))

 	 
	 	By:  	/s/ Philip West
 	 
	 	 	Name:  	Philip West 	 
	 	 	Title:  	Authorised Signatory 	 

 

	 	 	 	 	 

	 	 	 	 	 
	 	COLLATERAL AGENT

EXECUTED for and on behalf of

WILMINGTON TRUST (LONDON) LIMITED

 	 
	 	By:  	/s/ Elaine Lockhart
 	 
	 	 	Name:  	Elaine Lockhart 	 
	 	 	Title:  	Relationship Manager 	 

 

	 	 	 	 	 

	 	 	 	 	 
	 	SECURED PARTIES

EXECUTED for and on behalf of the Secured Parties by the Collateral Agent

WILMINGTON TRUST (LONDON) LIMITED

 	 
	 	By:  	/s/ Elaine Lockhart
 	 
	 	 	Name:  	Elaine Lockhart 	 
	 	 	Title:  	Relationship Managerexv4w152

EXHIBIT 4.152

SIG ASSET HOLDINGS LIMITED

as Pledgor

WILMINGTON TRUST (LONDON) LIMITED

as Collateral Agent and Pledgee

THE INSTITUTIONS NAMED HEREIN

as Pledgees

 

ACCOUNT PLEDGE AGREEMENT

(Kontoverpfändung)

 

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

 

 

CONTENTS

	 	 	 	 	 
	Clause	 	Page	 
	1. Definitions and Language
	 	 	3	 
	2. Pledge
	 	 	8	 
	3. Purpose of the Pledges
	 	 	10	 
	4. Notice of Pledge
	 	 	10	 
	5. Pledgor’s Right of Disposal
	 	 	11	 
	6. Enforcement of the Pledges
	 	 	11	 
	7. Undertakings of the Pledgor
	 	 	12	 
	8. Delegation
	 	 	14	 
	9. Indemnity
	 	 	14	 
	10. No liability
	 	 	14	 
	11. Duration and Independence
	 	 	15	 
	12. Release (Pfandfreigabe)
	 	 	15	 
	13. Droit De Discussion and Droit De Division
	 	 	16	 
	14. Partial Invalidity; Waiver
	 	 	16	 
	15. Amendments
	 	 	16	 
	16. Notices and their Language
	 	 	16	 
	17. Applicable Law, Jurisdiction
	 	 	18	 
	18. Conclusion of this Agreement (Vertragsschluss)
	 	 	18	 
	Schedule 1
	 	 	21	 
	Part 1 List of Financial Institutions
	 	 	21	 
	Part 2 List of Current Borrowers
	 	 	38	 
	Part 3 List of Current Guarantors
	 	 	38	 
	Part 4 List of Current Senior Secured Note Guarantors
	 	 	41	 
	Schedule 2 List of Accounts
	 	 	45	 
	Schedule 3 Form of Notice of Pledge
	 	 	46	 
	Schedule 4 Form of Notification of Future Accounts
	 	 	50	 

 

 

This ACCOUNT PLEDGE AGREEMENT (the “Agreement”) is made on 3 February 2010

BETWEEN:

	(1)	 	SIG Asset Holdings Limited, a non-cellular company limited by shares incorporated in
Guernsey whose registered number is 28883 and whose registered office as at the date of this
Agreement is at Heritage Hall, Le Marchant Street, St Peter Port, Guernsey GY1 4EL (the
“Pledgor”);

	(2)	 	Wilmington Trust (London) Limited, a private limited company whose registered number is
05650152 and whose registered office address as at the date of this Agreement is at Fifth
Floor, 6 Broad Street Place, London EC2M 7JH, United Kingdom, in its capacity as collateral
agent under the First Lien Intercreditor Agreement (as defined below) (the “Collateral Agent
“); and

	(3)	 	the institutions, listed in Part 1 of Schedule 1 (List of financial institutions) hereto
in their capacity as lenders, issuing banks, hedge counterparties, administrative agent, local
facility providers, cash management banks under the Credit Documents (as defined below) and
indenture trustee under the Senior Secured Note Indenture (as defined below);

(the institutions named in (2) and (3) are hereinafter referred to as the “Original Pledgees”).

WHEREAS:

	(A)	 	Pursuant to a USD 1,155,000,000 and EUR 330,000,000 multi-currency term and revolving
credit agreement dated 5 November 2009 (as amended by an amendment agreement dated 21 January
2010) between, inter alia, the parties listed in Part 2 of Schedule 1 hereto as current
borrowers (the “Current Borrowers”), the parties listed in Part 3 of Schedule 1 hereto as
current guarantors (the “Current Guarantors”), Credit Suisse AG, Cayman Island branch
(formerly Credit Suisse, Cayman Island branch) as administrative agent and The Bank of New
York Mellon as collateral agent and others (as amended, varied, novated, supplemented,
superseded or extended from time to time, the “Credit Agreement”), certain lenders (together
the “Original Lenders”) have granted certain facilities to the Current Borrowers and certain
other entities which may accede to the Credit Agreement as additional borrowers.

	(B)	 	Pursuant to a senior secured note indenture dated 5 November 2009 between, inter alia,
Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., and Reynolds Group Issuer (Luxembourg)
S.A as issuers (the “Issuers”), certain affiliates of the Issuers listed in Part 4 of Schedule
1 as current senior secured note guarantors (the “Current Senior Secured Note Guarantors”) and
The Bank of New York Mellon, as indenture trustee, principal paying agent, transfer agent and
registrar, (as amended, varied, novated, supplemented, superseded or extended from time to
time, the “Senior Secured Note Indenture”), the Issuers have issued senior secured notes due
2016 in the aggregate principal amount of USD 1,125,000,000 (the “US Secured Notes”) and
senior secured notes due 2016 in the aggregate principal amount of EUR 450,000,000 (the “Euro
Secured Notes” and together with the US Secured Notes the “Senior

2

 

	 	 	Secured Notes”) to certain noteholders.

	(C)	 	The Pledgor has agreed to grant a first ranking pledge (subject to the pledges existing
by operation of the general business conditions (Allgemeine Geschäftsbedingungen) of the
respective Account Bank (as defined below)) over its Accounts (as defined below) as security
for the Pledgees’ (as defined below) respective claims against the Grantors (as defined below)
(or any of them) in respect of the Obligations (as defined below).

	(D)	 	The security created by or pursuant to this Agreement is to be administered by the
Collateral Agent for the Secured Parties (as defined below) pursuant to a first lien
intercreditor agreement dated 5 November 2009 (as amended by the Amendment No. 1 and Joinder
Agreement (as defined below)) between, inter alia, the Collateral Agent, the Indenture
Trustee, the Administrative Agent and the Grantors (each as defined below) and others (as
amended, varied, novated, supplemented, superseded or extended from time to time, the “First
Lien Intercreditor Agreement”).

NOW, IT IS AGREED as follows:

	1.	 	DEFINITIONS AND LANGUAGE

	1.1	 	Definitions

	 	 	In this Agreement:

	 	 	“Account Banks” means the credit institutions administering the Accounts and “Account Bank”
means any of them.

	 	 	“Accounts” means all bank accounts (including without limitation giro accounts and accounts
for saving deposits (Spareinlagen), time deposits (Termineinlagen) or call money deposits
(Tagesgeldeinlagen)) which the Pledgor holds at present or may at any time hereafter open
with any credit institution in the Federal Republic of Germany (including without limitation
the accounts listed in Schedule 2 (List of Accounts) and any sub-account (Unterkonto),
renewal, redesignation or replacement thereof, and “Account” means any of them.

	 	 	“Administrative Agent” means Credit Suisse AG, Cayman Island branch, having its business
address at One Madison Avenue, New York, NY 10010, United States of America in its capacity
as administrative agent under the Credit Agreement and any successor appointed as
administrative agent under the Credit Agreement.

	 	 	“Amendment No.1 and Joinder Agreement” means the joinder agreement dated 21 January 2010
made among (amongst others) the Collateral Agent, The Bank of New York Mellon, Credit Suisse
AG and Reynolds Group Holdings Limited pursuant to which the Collateral Agent is appointed
an additional collateral agent and becomes party to the First Lien Intercreditor Agreement.

	 	 	“Borrowers” means the Current Borrowers and any entity which may accede to the Credit
Agreement as an additional borrower and “Borrower” means any of them.

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	 	 	“Cash Management Bank” shall mean Citibank NA, Banco Nacional De Mexico S.A., Citibank
International PLC, UK, Citibank (China) Co., Limited, Citibank Global Markets Deutschland AG
& Co KGaA, Citibank ZRT, Hungary, a Lender, the Administrative Agent or any of the Lender’s
or the Administrative Agent’s affiliates (at the time the cash management services
arrangement is entered into) provided in each case it has become a party to, or by execution
of an additional bank secured party acknowledgment has agreed to be bound by the terms of,
the First Lien Intercreditor Agreement in its capacity as cash management bank.

	 	 	“Cash Management Services” shall mean any agreement or arrangement by a Cash Management Bank
to provide any composite accounting or other cash pooling arrangements and netting,
overdraft protection and other arrangements with any bank arising under standard business
terms of such Cash Management Bank to a Grantor.

	 	 	“Credit Documents” shall mean the Loan Documents and the Senior Secured Note Documents.

	 	 	“Enforcement Event” shall mean an Event of Default.

	 	 	“Event of Default” means any event of default (Kündigungsgrund) under the Credit Agreement
and/or the Senior Secured Note Indenture.

	 	 	“Existing Intercreditor Agreement” means the existing intercreditor agreement dated 11 May
2007 (as amended by a letter dated 21 June 2007 and a further letter dated 29 June 2007 and
as amended and restated on 5 November 2009) between, inter alia, Beverage Packaging Holdings
(Luxembourg) I S.A., Rank Group Holdings Limited (now Reynolds Group Holdings Limited),
Beverage Packaging Holdings (Luxembourg) II S.A., Beverage Packaging Holdings (Luxembourg)
III S.à r.l., Credit Suisse AG (formerly Credit Suisse) as security trustee and others.

	 	 	“Future Pledgee” means any entity which may become a pledgee hereunder by way of (i)
transfer of the Pledges by operation of law following the transfer or assignment (including
by way of novation or assumption (Vertragsübernahme)) of any part of the Obligations from
any Original Pledgee or Future Pledgee to such future pledgee and/or (ii) accession to this
Agreement pursuant to sub-Clause 2.3 hereof as pledgee.

	 	 	“Grantors” means the Loan Parties, the Issuers and the Senior Secured Note Guarantors and
any person that has granted a security interest to the Collateral Agent and/or the Secured
Parties in respect of the obligations of the Loan Parties, the Issuers and the Senior
Secured Note Guarantors under the Credit Documents and “Grantor” means any of them.

	 	 	“Grantors’ Agent” shall mean Reynolds Group Holdings Limited or any other person appointed
as agent of the Grantors in accordance with the Principal Finance Documents.

	 	 	“Group” means Reynolds Group Holdings Limited and its direct or indirect subsidiaries
(Tochtergesellschaften).

	 	 	“Hedge Counterparty” means a Lender, the Administrative Agent or any of the Lender’s or the
Administrative Agent’s affiliates (at the time a hedging agreement is entered into) who has
entered into a hedging agreement for the purpose of hedging

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	 	 	interest rate liabilities and/or any exchange rate and/or commodity price risks provided it
has become a party, or by execution of an additional bank secured party acknowledgment has
agreed to be bound by the terms of, to the First Lien Intercreditor Agreement in its
capacity as hedge counterparty.

	 	 	“Incremental Assumption Agreement” shall mean an incremental assumption agreement relating
to incremental facilities of up to USD 400,000,000 among, and in form and substance
reasonably satisfactory to, one or more Borrowers, the Administrative Agent, one or more
Incremental Term Lenders and/or one or more Incremental Revolving Credit Lenders pursuant to
which one or more Incremental Term Lenders make available Incremental Term Loan Commitments
and/or one or more Incremental Revolving Credit Lenders make available Incremental Revolving
Credit Commitments respectively.

	 	 	“Incremental Revolving Credit Lender” shall mean a Lender with an Incremental Revolving
Credit Commitment or an outstanding revolving loan under the Credit Agreement of any class
as a result of an Incremental Revolving Credit Commitment.

	 	 	“Incremental Revolving Credit Commitment” shall mean the commitment of any Lender,
established pursuant to the Credit Agreement, to make available certain revolving credit
loans to one or more Borrowers.

	 	 	“Incremental Term Lender” shall mean a Lender with an Incremental Term Loan Commitment.

	 	 	“Incremental Term Loan Commitment” shall mean the commitment of any Lender, established
pursuant to the Credit Agreement, to make available certain term loans to one or more
Borrowers.

	 	 	“Indenture Trustee” shall mean The Bank of New York Mellon, in its capacity as indenture
trustee under the Senior Secured Note Indenture and any successor appointed as indenture
trustee under the Senior Secured Notes Indenture.
	 
	 	 	“Intercreditor Arrangements” means the First Lien Intercreditor Agreement and the Existing
Intercreditor Agreement, in each case as amended, novated, supplemented, restated, or
modified from time to time.
	 
	 	 	“Issuing Bank” means Credit Suisse AG or any other Lender or any affiliate of Credit Suisse
AG or any other Lender that issues letters of credit or bank guarantees under the Credit
Agreement.
	 
	 	 	“Lenders” shall mean the Original Lenders and any entity which may become a lender under the
Credit Agreement in the future and “Lender” means any of them.
	 
	 	 	“Loan Documents” shall mean the Credit Agreement, any borrowing subsidiary agreement and/or
guarantor joinder agreement relating to the Credit Agreement, any letter of credit or bank
guarantee relating to the Credit Agreement, any security documents relating to the Credit
Agreement, any hedging agreement entered into by a Hedge Counterparty and a Grantor, each
Incremental Assumption Agreement, the Intercreditor Arrangements, each Promissory Note, any
agreement between a Grantor and a Cash Management Bank relating to Cash Management Services,
each Local

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	 	 	Facility Agreement and any other document that may be entered into pursuant to any of the
foregoing in relation to the Credit Agreement.
	 
	 	 	“Loan Parties” shall mean the Borrowers, the Current Guarantors and any entity which may
accede to the Credit Agreement as additional guarantor and a “Loan Party” means any of them.
	 
	 	 	“Local Facilities” means working capital facilities provided to a Grantor (other than
Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings (Luxembourg) II
S.A. Beverage Packaging Holdings (Luxembourg) III S.à.r.l. and the Borrowers) by a Local
Facility Provider and “Local Facility” means any of them.
	 
	 	 	“Local Facility Agreements” shall mean any agreement under which a Local Facility is made
available.
	 
	 	 	“Local Facility Provider” means each of HSBC Trinkaus & Burkhardt AG, Deutsche Bank AG,
Commerzbank Aktiengesellschaft, Bank of America, N.A. Hong Kong and Shanghai Banking
Corporation Ltd., Thailand, provided in each case it has become a party to, or by execution
of an additional bank secured party acknowledgment has agreed to be bound by the terms of,
the First Lien Intercreditor Agreement in its capacity as local facility provider.
	 
	 	 	“Obligations” shall mean all present and future obligations and liabilities (whether actual
or contingent and whether owed jointly or severally or in any other capacity whatsoever) of
each Grantor to the Pledgees (or any of them) under each or any of the Credit Documents
(including, but not limited to, the Parallel Obligations), together with all costs, charges
and expenses incurred by any Pledgee in connection with the protection, preservation or
enforcement of its respective rights under the Credit Documents or any other document
evidencing or securing any such liabilities. The Obligations shall further include any
obligation based on unjust enrichment (ungerechtfertigte Bereicherung) or tort (Delikt).
	 
	 	 	“Parallel Obligations” means the independent obligations of any of the Grantors arising
pursuant to the First Lien Intercreditor Agreement to pay to the Collateral Agent sums equal
to the sums owed by such Grantor to the other Secured Parties (or any of them) under the
Credit Documents.
	 
	 	 	“Pledge” and “Pledges” have the meanings given to such terms in Clause 2.1.
	 
	 	 	“Pledgees” means the Original Pledgees and the Future Pledgees, and “Pledgee” means any of
them.
	 
	 	 	“Principal Finance Documents” means the Credit Agreement, the Senior Secured Note Indenture
and the First Lien Intercreditor Agreement.
	 
	 	 	“Promissory Note” shall mean any promissory note executed and delivered by a Borrower upon
the request of a Lender evidencing the amount of principal owed by such Borrower to such
Lender under the Credit Agreement.
	 
	 	 	“Secured Parties” shall mean the Lenders (including in their capacity as issuing bank(s)
and/or Hedge Counterparties under the Credit Agreement), the Hedge Counterparties, the
Administrative Agent, any Issuing Bank, the beneficiaries of each indemnification obligation
undertaken by any Grantor under any Credit Document, the

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	 	 	Senior Secured Note Holders, the Indenture Trustee, the Collateral Agent, the Local Facility
Providers and the Cash Management Banks.
	 
	 	 	“Senior Secured Note Documents” shall mean the Senior Secured Note Indenture, the Senior
Secured Note Guarantees, the Senior Secured Notes, the Intercreditor Arrangements, any
security document relating to the Senior Secured Notes and/or the Senior Secured Note
Indenture and any other document that may be entered into pursuant to any of the foregoing.
	 
	 	 	“Senior Secured Note Guarantees” shall mean the guarantees of the obligations of the Issuers
under the Senior Secured Notes and the Senior Secured Note Indenture by the Senior Secured
Note Guarantors.
	 
	 	 	“Senior Secured Note Guarantors” means the Current Senior Secured Note Guarantors and any
entity which may accede to the Senior Secured Note Indenture as additional guarantor.
	 
	 	 	“Senior Secured Note Holders” shall mean the holders from time to time of the Senior Secured
Notes.

	1.2	 	Construction

	 	 	In this Agreement:

	 	(a)	 	Capitalised terms used in this Agreement (or in any notice given under this
Agreement) but not defined therein shall have the meanings ascribed thereto in the
First Lien Intercreditor Agreement; and

	 	(b)	 	any reference in this Agreement to a “Clause” or a “Schedule” shall,
subject to any contrary indication, be construed as a reference to a Clause or a
Schedule hereof.

	1.3	 	This Agreement is made in the English language. For the avoidance of doubt, the English
language version of this Agreement shall prevail over any translation of this Agreement.
However, where a German translation of a word or phrase appears in the text of this Agreement,
the German translation of such word or phrase shall prevail.

	1.4	 	The Pledgor acknowledges and agrees that the Collateral Agent’s actions under this
Agreement are on the basis of authority conferred under the Principal Finance Documents to
which the Collateral Agent is a party, and on directions given in accordance with the
Principal Finance Documents. In so acting, the Collateral Agent shall have, subject to the
terms of the Principal Finance Documents, the protections, immunities, rights, indemnities and
benefits conferred on the collateral agent under the Principal Finance Documents.

	1.5	 	For the avoidance of doubt, it is acknowledged that the Collateral Agent is permitted to
act on the instructions of the other Pledgees in accordance with Clause 2.02(a) of the First
Lien Intercreditor Agreement. It is further acknowledged that the Collateral

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	 	 	Agent may assume that any and all instructions received by it from the other Pledgees and/or
the Secured Parties (acting in accordance with the Principal Finance Documents) under this
Agreement are reasonable, and that any question as to the reasonableness or otherwise of
such instructions shall be determined as between the other Pledgees and/or other Secured
Parties (or any one or more representatives of the other Pledgees and/or other Secured
Parties acting in accordance with the Principal Finance Documents) and the Pledgor.

	1.6	 	In the case of any references in this Agreement to the Pledgees and/or the Secured
Parties acting through the Collateral Agent or to the Collateral Agent acting for or on behalf
of the Pledgees and/or the Secured Parties, it is acknowledged that the Pledgees and/or the
Secured Parties shall at all times be represented in accordance with the First Lien
Intercreditor Agreement and the Collateral Agent act only on the instructions given in
accordance with the First Lien Intercreditor Agreement.

	2.	 	PLEDGE

	2.1	 	The Pledgor hereby pledges to each of the Pledgees all its present and future rights and
claims (whether conditional or unconditional) arising against any Account Bank from or in
relation to any of the Accounts, including without limitation:

	 	(a)	 	all rights and claims in respect of present and future cash deposits
(Guthaben) (including without limitation saving deposits (Spareinlagen), time deposits
(Termineinlagen) (including fixed deposits (Festgeldguthaben) and termination monies
(Kündigungsgelder)) and call money deposits (Tagesgeldeinlagen) (including deposits for
overnight money, tom/next money, spot/next money and money until further notice (Geld b
..a. w.)) standing from time to time to the credit of the Accounts, including all claims
to interest payable;

	 	(b)	 	in respect of each Account maintained as a giro account (Girokonto) at
present or in the future, (i) all claims in respect of present and future credit
balances (positive Salden), (ii) all claims in respect of present and future credit
entries (gutgeschriebene Beträge), (iii) all claims to interest payable and (iv) all
other present and future monetary rights and claims arising under or in connection with
the respective giro agreement (Girovertrag) (including without limitation all claims to
the grant of a credit entry (Gutschriftanspruch); and

	 	(c)	 	in respect of each Account maintained as a current account
(Kontokorrentkonto) at present or in the future, all present and future rights and
claims arising under or in connection with the respective current account agreement
(Kontokorrentabrede) (including without limitation all claims to determination and
acknowledgement of the current account balance (Anspruch auf Saldofeststellung und
-anerkennung), all claims to present and future current

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	 	 	 	account balances (Saldoforderungen) including the causal final balance (kausaler
Schlusssaldo) and the right to terminate the current account relationship (Kündigung
des Kontokorrents)).

	 	 	(each a “Pledge” and together the “Pledges”).

	2.2	 	Each of the Original Pledgees hereby accepts its Pledge for itself.

	2.3	 	The Collateral Agent accepts, as representative without power of attorney (Vertreter ohne
Vertretungsmacht), the respective Pledges for and on behalf of each Future Pledgee. Each
Future Pledgee ratifies and confirms the declarations and acts so made by the Collateral Agent
on its behalf by accepting the transfer or assignment (including by way of novation or
assumption (Vertragsübernahme)) of the Obligations under the Loan Documents (or part of them)
from a Pledgee or the appointment to become a successor as administrative agent under the
Credit Agreement or as indenture trustee under the Senior Secured Note Indenture. Upon such
ratification (Genehmigung) such Future Pledgee becomes a party to this Agreement, it being
understood that any future or conditional claim (zukünftiger oder bedingter Anspruch) of such
Future Pledgee arising under the Loan Documents, or, in case of a successor indenture trustee
arising under the Senior Secured Note Documents shall be secured by the Pledges constituted
hereunder.

	2.4	 	All parties hereby confirm that the validity of the Pledges granted hereunder shall not
be affected by the Collateral Agent acting as representative without power of attorney for
each Future Pledgee.

	2.5	 	The Pledgor herewith authorises the Collateral Agent to notify on its behalf the Pledges
and/or the identity of any Future Pledgee and the new pledges created pursuant to Clause 2.3
above to each Account Bank. Upon request of the Collateral Agent, the Pledgor shall without
undue delay (unverzüglich) give such notice and provide the Collateral Agent with a copy
thereof.

	2.6	 	The validity and effect of each of the Pledges shall be independent from the validity and
the effect of the other Pledges created hereunder. The Pledges to each of the Pledgees shall
be separate and individual pledges ranking pari passu with the other Pledges created
hereunder.

	2.7	 	Each of the Pledges is in addition, and without prejudice, to any other security the
Pledgees may now or hereafter hold in respect of the Obligations.

	2.8	 	For the avoidance of doubt, the parties agree that nothing in this Agreement shall
exclude a transfer of all or part of the Pledges created hereunder by operation of law upon
the transfer or assignment (including by way of novation or assumption (Vertragsübernahme)) of
all or part of the Obligations by any Pledgee to a Future Pledgee.

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	3.	 	PURPOSE OF THE PLEDGES

	 	 	The Pledges hereunder are constituted in order to secure the prompt and complete
satisfaction of any and all Obligations. The Pledges shall also cover any future extension
of the Obligations and the Pledgor herewith expressly agrees that the provisions of Section
1210 para 1 sentence 2 of the German Civil Code (Bürgerliches Gesetzbuch) shall not apply to
this Agreement.

	4.	 	NOTICE OF PLEDGE

	4.1	 	Subject to Clause 4.3 below the Pledgor undertakes that it will without undue delay, but
not later than within twenty business days after the date of this Agreement, and, in relation
to any Account opened after the date of this Agreement, within ten business days after such
new Account has been opened, notify each Account Bank and any other relevant third party of
the Pledges by delivering a notification substantially in the form set out in Schedule 3 (Form
of Notice of Pledge) by registered mail (Einschreiben mit Rückschein). The Pledgor shall
provide the Collateral Agent with a copy of each such notification and of the corresponding
return receipt (Rückschein). In addition, the Pledgor shall use all reasonable efforts to
procure that each Account Bank promptly acknowledges receipt of the respective notification,
and acceptance of the terms thereof, to the Collateral Agent (acting for and on behalf of the
Pledgees) and to the Pledgor.

	4.2	 	Without prejudice to the obligations imposed on the Pledgor in Clause 4.1 and, in the
case of future Accounts, Clause 7.3, the Pledgor hereby authorises the Collateral Agent and
releases it for this purpose from the restrictions of self-dealing under Section 181 of the
German Civil Code to notify each Account Bank and any other relevant third party on its behalf
of this Agreement and the Pledges constituted hereunder by delivering a notification
substantially in the form set out in Schedule 3 (Form of Notice of Pledge), or in such
substantially similar form as the Collateral Agent (acting for and on behalf of the Pledgees)
deems appropriate, provided that the Collateral Agent may only make use of this authorisation
if the Pledgor has not complied with the obligations imposed on the Pledgor in Clause 4.1
within 10 business days of being notified of such failure (with a copy of such notice being
sent to Reynolds Group Holdings Limited) and being requested to comply or if an Enforcement
Event has occurred and is continuing.

	4.3	 	The Pledgor shall not be under an obligation to comply with its obligation under Clause
4.1 above whilst an Enforcement Event is not continuing if the Pledgor can prove to the
Collateral Agent (acting on behalf of the Pledgees) that notifying the relevant Account Bank
of the Pledges created hereunder would not be consistent with, whilst an Enforcement Event is
not continuing, the Pledgor retaining control over and the ability to freely use the balance
of any such Account. The Collateral Agent will not be required to use its discretion but will
take instructions in accordance with the First

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	 	 	Lien Intercreditor Agreement whether or not to agree with the Pledgor’s analysis under this
Clause 4.3. For the avoidance of doubt, at the date of this Agreement the Pledgor agrees
that notifying the Account Banks of the Pledges created hereunder is not inconsistent with
the Pledgor retaining control over and the ability to freely use the balance of any Account
existing at the date of this Agreement.

	5.	 	PLEDGOR’S RIGHT OF DISPOSAL

	 	 	The Pledgor may exercise all rights and powers in respect of each Account until the Pledgees
(acting through the Collateral Agent) give notice to the contrary to the Account Bank with a
copy to the Pledgor. The Pledgees (acting through the Collateral Agent) may give such notice
only if an Enforcement Event has occurred and is continuing.

	6.	 	ENFORCEMENT OF THE PLEDGES

	6.1	 	If (i) an Enforcement Event has occurred and is continuing and (ii) the requirements set
forth in Sections 1273 para 2, 1204 et seq. of the German Civil Code with regard to the
enforcement of any of the Pledges are met (Pfandreife), in particular, if any of the
Obligations has become due and payable, then in order to enforce the Pledges (or any of them),
the Collateral Agent (acting on the instructions of the Secured Parties) may on its own behalf
and on behalf of the other Pledgees at any time thereafter avail itself of all rights and
remedies that a pledgee has against a pledgor under the laws of the Federal Republic of
Germany.

	6.2	 	Notwithstanding Section 1277 of the German Civil Code, the Pledgees are entitled to
exercise their rights without obtaining an enforceable judgment or other instrument
(vollstreckbarer Titel). The Pledgees shall be entitled to have the Pledges enforced in any
manner allowed under the laws of the Federal Republic of Germany.

	6.3	 	The Collateral Agent will notify the Pledgor five business days prior to the enforcement
of the Pledges (or any of them) according to Clause 6. No such notification shall be required
if (i) the Pledgor has generally ceased to make payments (Zahlungseinstellung), (ii) an
application for the institution of insolvency proceedings is filed by or against the Pledgor
or (iii) the Pledgees have reasonable grounds to believe that observance of the notice period
will adversely affect the legitimate interests (berechtigte Interessen) of the Pledgees.

	6.4	 	If the Pledgees acting through the Collateral Agent should seek to enforce the Pledges
pursuant to Clause 6.1 hereof, the Pledgor shall, at its own expense, render forthwith all
necessary assistance in order to facilitate the prompt realisation of the Pledges (or any of
them) and/or the exercise by the Pledgees, acting through the Collateral Agent, of any other
right they may have as Pledgee.

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	6.5	 	The Pledgees (acting through the Collateral Agent) may, in their sole discretion,
determine which of several security interests (created under this or other security
agreements) shall be used to satisfy the Obligations.

	6.6	 	The Pledgor hereby expressly waives all defences of revocation (Einrede der
Anfechtbarkeit) and set-off (Einrede der Aufrechenbarkeit) pursuant to Sections 770, 1211 of
the German Civil Code.

	6.7	 	The Pledgor hereby expressly waives its defences based on defences any Grantor might have
against any of the Obligations (Einreden des Hauptschuldners) pursuant to Section 1211 para 1
sentence 1 alternative 1 of the German Civil Code.

	6.8	 	If the Pledges are enforced or if the Pledgor has discharged any of the Obligations (or
any part of them), Section 1225 of the German Civil Code (legal subrogation of claims to a
pledgor — Forderungsübergang auf den Verpfänder) shall not apply and no rights of the Pledgees
shall pass to the Pledgor by subrogation or otherwise. Further, the Pledgor shall at no time
before, on or after an enforcement of the Pledges, and as a result of the Pledgor entering
into this Agreement, be entitled to demand indemnification or compensation from a Grantor or
any affiliate of a Grantor or assign any of these claims.

	7.	 	UNDERTAKINGS OF THE PLEDGOR

	 	 	Unless otherwise permitted by the Principal Finance Documents, during the term of this
Agreement, the Pledgor undertakes to each of the Pledgees:

	7.1	 	subject to Clause 4.3 to use all reasonable efforts to procure that each Account Bank
releases any existing lien, including without limitation any pledge existing by operation of
its general business conditions (Allgemeine Geschäftsbedingungen), and waives any right of
set-off and right of retention in respect of the Accounts by countersigning and returning an
acknowledgement of notice of pledge substantially in the form set out in Schedule 3 (Form of
Notice of Pledge) to the Pledgor and the Collateral Agent.

	7.2	 	to instruct each Account Bank to provide the Collateral Agent following receipt by the
relevant Account Bank of a notice pursuant to Clause 5 with all information requested by it
in respect of the Accounts and to that extent to release each Account Bank from its obligation
to maintain confidentiality (Bankgeheimnis) by delivering a notice of pledge to the respective
Account Bank in accordance with the requirements set out in Clause 4.1 or, in the case of any
future Account, Clause 7.3. The Pledgor undertakes not to revoke such instruction during the
term of this Agreement, other than in respect of an Account which is closed or disposed of in
accordance with the terms of the Credit Documents;

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	7.3	 	to notify the Collateral Agent (for and on behalf of the Pledgees) without undue delay
substantially in the form set out in Schedule 4 (Form of Notification of future Accounts) of
each new bank account opened by the Pledgor with a credit institution in the Federal Republic
of Germany in accordance with Clause 4 above. For the avoidance of doubt, the Pledgor is
aware that any new bank account opened within the Federal Republic of Germany will become an
Account in the meaning of this Agreement upon notice to the Account Bank and will be subject
to the Pledge and the obligations assumed by the Pledgor hereunder without any further
agreement;

	7.4	 	to close any of the Accounts only upon giving 5 business days prior notice to the
Collateral Agent and provided that the Pledgees (acting through the Collateral Agent) have not
given a notice pursuant to Clause 5;

	7.5	 	to deliver to the Collateral Agent, within three months after the end of each calendar
year ending after January 2010, and at any time upon reasonable request of the Collateral
Agent, up-to date account statement sheets (Kontoauszüge) showing the balance on each of the
Accounts, provided that the Collateral Agent shall not request such information more than one
additional time in any one year prior to the occurrence of an Enforcement Event that is
continuing;

	7.6	 	with regard to any account books (Sparbücher) and any other documents which are necessary
to dispose over (verfügen) any of the Accounts, the Pledgor undertakes to deliver the
originals of such documents to the Collateral Agent without undue delay if the Pledgees
(acting through the Collateral Agent) have given a notice pursuant to Clause 5 and to deliver
to the Collateral Agent upon its request (acting on the reasonable instructions of the Secured
Parties) following such event without undue delay any documents or other information
concerning the Accounts, in particular (but not limited to) the account opening documents and
any agreements between the Account Bank and the Pledgor in relation to the Accounts;

	7.7	 	not to grant to any third party any rights in respect of the Accounts (keine Und-Konten
oder Oder-Konten oder sonstige Rechte Dritter) (other than those arising under the relevant
Account Bank’s general business conditions (Allgemeine Geschäftsbedingungen)) without the
prior written consent of the Collateral Agent (as instructed in accordance with the Principal
Finance Documents (such consent not to be unreasonably withheld by the Secured Parties));

	7.8	 	to inform the Collateral Agent without undue delay of any attachment (Pfändung) and any
third parties bringing claims in respect of any of the Accounts, such notice to be accompanied
by any documents the Pledgees (or any of them) might need to defend themselves against any
claim by a third party. In the case of any attachment (Pfändung) in respect of any of the
Accounts, the Pledgor undertakes to forward to the Collateral Agent without undue delay a copy
of the attachment order (Pfändungsbeschluss), any transfer order (Überweisungsbeschluss) and
all other documents necessary for a

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	 	 	defence against the attachment. The Pledgor shall inform the attaching creditor of the
Pledges without undue delay;

	7.9	 	except as otherwise agreed pursuant to the Principal Finance Documents, insofar as
additional declarations or actions are necessary for the creation of the Pledges (or any of
them), the Pledgor shall, at the Collateral Agent’s request (acting on the reasonable
instructions of the Secured Parties), make such declarations and undertake such actions at the
Pledgor’s costs and expenses; and

	7.10	 	except as otherwise agreed pursuant to the Principal Finance Documents, to confirm or
re-execute, upon request of the Collateral Agent (acting on the reasonable instructions of the
Secured Parties), on the same terms as contained herein, the Pledges created hereunder in
order to ensure that any Future Pledgee shall receive the benefit of such Pledges.

	8.	 	DELEGATION

	 	 	The Collateral Agent shall have full power to delegate (either generally or specifically)
the powers, authorities and discretions conferred on it by this Agreement on such terms and
conditions as it shall see fit. The Collateral Agent shall only remain liable for diligently
selecting and providing initial instructions to such delegate.

	9.	 	INDEMNITY

	 	 	To the extent set out in the First Lien Intercreditor Credit Agreement, the Pledgor shall,
notwithstanding any release or discharge of all or any part of the security, indemnify the
Collateral Agent, its agents its attorneys and any delegate against any action, proceeding,
claims, losses, liabilities, damages, expenses, demands, taxes, losses and costs which it
may sustain as a consequence of any breach by the Pledgor of the provisions of this
Agreement, the exercise or purported exercise of any of the rights and powers conferred on
them by this Agreement or otherwise relating to the Pledges.

	10.	 	NO LIABILITY

	 	 	Except to the extent provided in the Principal Finance Documents, none of the Collateral
Agent, its nominee(s) or agent(s) or delegate(s) shall be liable by reason of (a) taking any
action permitted by this Agreement or (b) any neglect or default in connection with the
assets and rights subject to the security interest created hereunder, save in respect of any
loss or damage which is suffered as a result of wilful misconduct (Vorsatz) or gross
negligence (grobe Fahrlässigkeit) by the Collateral Agent, its nominee(s) or agent(s) or
delegate(s), or (c) the enforcement or realisation of all or any part of the security
interest created hereunder.

14

 

	11.	 	DURATION AND INDEPENDENCE

	11.1	 	This Agreement shall remain in full force and effect until complete satisfaction of the
Obligations. The Pledges shall not cease to exist, if the Grantors under the Credit Documents
have only temporarily discharged the Obligations.

	11.2	 	This Agreement shall create a continuing security and no change, amendment, or supplement
whatsoever in the Credit Documents or in any document or agreement related to any of the
Credit Documents shall affect the validity or the scope of this Agreement nor the obligations
which are imposed on the Pledgor pursuant to it.

	11.3	 	This Agreement is independent from any other security or guarantee which may have been or
will be given to the Pledgees or the Collateral Agent. None of such other security shall
prejudice, or shall be prejudiced by, or shall be merged in any way with this Agreement.

	11.4	 	Waiving Section 418 of the German Civil Code, the Pledgor hereby agrees that the security
created hereunder shall not be affected by any transfer or assumption of the Obligations to,
or by, any third party.

	12.	 	RELEASE (PFANDFREIGABE)

	12.1	 	Upon complete and irrevocable satisfaction of the Obligations, the Collateral Agent (as
instructed in accordance with the First Lien Intercreditor Agreement) and the other Pledgees
will as soon as reasonably practical declare in writing the release of the Pledges
(Pfandfreigabe) to the Pledgor as a matter of record. For the avoidance of doubt, the parties
are aware that upon full and complete satisfaction of the Obligations the Pledges, due to
their accessory nature (Akzessorietät), cease to exist by operation of German mandatory law.

	12.2	 	At any time when the total value of the aggregate security granted by the Pledgor and any
of the other Grantors to secure the Obligations (the “Security”), which can be expected to be
realised in the event of an enforcement of the Security (realisierbarer Wert), exceeds 110% of
the Obligations (the “Limit”) not only temporarily, the Pledgees shall on demand of the
Pledgor release such part of the Security (Sicherheitenfreigabe) as the other Pledgees (acting
reasonably) and the Collateral Agent (as instructed in accordance with the First Lien
Intercreditor Agreement) may in their discretion determine so as to reduce the realisable
value of the Security to the Limit.

	12.3	 	The Collateral Agent (as instructed in accordance with the First Lien Intercreditor
Agreement) and the other Pledgees, acting through the Collateral Agent, will as soon as
reasonably practicable declare in writing the release of the Pledges (Pfandfreigabe) to the
Pledgor in accordance with, and to the extent required by, the Intercreditor Arrangements.

15

 

	13.	 	DROIT DE DISCUSSION AND DROIT DE DIVISION

	 	 	The Pledgor abandons all and every right which it may have at any time under any existing or
future Guernsey law including, but not limited to the “droit de discussion” and the “droit
de division” or otherwise to require that recourse be had to the assets of some other person
nor shall the Pledgor be entitled to require that any other person be made a party to any
legal proceedings brought by any of the Pledgees, or to require that any liability of the
Pledgor be divided or apportioned amongst any other persons or reduced in any manner
whatsoever, whether the formalities required by Guernsey law, in regard to the rights or
obligations of sureties shall or shall not have been observed.

	14.	 	PARTIAL INVALIDITY; WAIVER

	14.1	 	If at any time, any one or more of the provisions hereof is or becomes invalid, illegal
or unenforceable in any respect under the law of any jurisdiction, such provision shall as to
such jurisdiction, be ineffective to the extent necessary without affecting or impairing the
validity, legality and enforceability of the remaining provisions hereof or of such provisions
in any other jurisdiction. The invalid, illegal or unenforceable provision shall be deemed to
be replaced with such valid, legal or enforceable provision which comes as close as possible
to the original intent of the parties and the invalid, illegal or unenforceable provision.
Should a gap (Regelungslücke) become evident in this Agreement, such gap shall, without
affecting or impairing the validity, legality and enforceability of the remaining provisions
hereof, be deemed to be filled in with such provision which comes as close as possible to the
original intent of the parties.

	14.2	 	No failure to exercise, nor any delay in exercising, on the part of the Pledgees, any
right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any right or remedy prevent any further or other exercise thereof or the exercise
of any other right or remedy. The rights and remedies provided hereunder are cumulative and
not exclusive of any rights or remedies provided by law.

	15.	 	AMENDMENTS

	 	 	Changes and amendments to this Agreement including this Clause 15 shall be made in writing.

	16.	 	NOTICES AND THEIR LANGUAGE

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

16

 

	 	 	 	 	 

	For the Pledgor:

	 	SIG Asset Holdings Limited
	 
	 

	 	Address:
	 	Heritage Hall,
	 

	 	 	 	Le Marchant Street
	 

	 	 	 	St Peter Port
	 

	 	 	 	Guernsey GY1 4EL
	 
	 

	 	Fax:
	 	+44 1481712596
	 
	 

	 	Attention:
	 	Hugh Richards
	For the Pledgor with a copy to:
	 	 	 	 
	 

	 	Address:
	 	c/o Rank Group Limited
	 

	 	 	 	Level 9
	 

	 	 	 	148 Quay Street
	 

	 	 	 	PO Box 3515
	 

	 	 	 	Auckland 1140
	 

	 	 	 	New Zealand
	 

	 	Telephone:
	 	+649 3666 259
	 
	 

	 	Fax:
	 	+649 3666 263
	 
	 

	 	Attention:
	 	Helen Golding
	 
	For the Pledgees to the Collateral Agent:

	 	Wilmington Trust (London) Limited
	 
	 

	 	Address:
	 	Fifth Floor
	 

	 	 	 	6 Broad Street Place
	 

	 	 	 	London, EC2M 7JH
	 

	 	 	 	United Kingdom
	 
	 

	 	Fax:
	 	+44 (0)20 7614 1122
	 
	 

	 	Attention:
	 	Elaine Lockhart

	16.2	 	Any party hereto may change its address or fax number for notices and other
communications hereunder by notice to the other parties hereto. As agreed to in writing in
accordance with the First Lien Intercreditor Agreement, notices and other communications
hereunder may also be delivered by e-mail to the e-mail address of a representative of the
applicable party to this Agreement provided from time to time by such party.

	16.3	 	All notices and other communications given to any party in connection with this Agreement
in accordance with the provisions of this Agreement shall be deemed (widerlegbare Vermutung)
received on the date sent (if a business day) and on the next

17

 

	 	 	business day thereafter (in all other cases) if delivered by hand or overnight courier
service or sent by fax or on the date five business days after dispatch by certified or
registered mail if mailed, in each case delivered, sent or mailed (properly addressed) to
such party as provided in this Clause 16 or in accordance with the latest unrevoked
direction from such party given in accordance with this Clause 16.

	16.4	 	Any notice or other communication under or in connection with this Agreement shall be in
the English language or, if in any other language, accompanied by a translation into English.
In the event of any conflict between the English text and the text in any other language, the
English text shall prevail.
	 
	17.	 	APPLICABLE LAW, JURISDICTION
	 
	17.1	 	This Agreement is governed by the laws of the Federal Republic of Germany.
	 
	17.2	 	The place of jurisdiction for any and all disputes arising under or in connection with
this Agreement shall be the district court (Landgericht) in Frankfurt am Main. The Pledgees
however, shall also be entitled to take action against the Pledgor in any other court of
competent jurisdiction. Further, the taking of proceedings against the Pledgor in any one or
more jurisdictions shall not preclude the taking of proceedings in any other jurisdiction
(whether concurrently or not) if and to the extent permitted by applicable law.
	 
	18.	 	CONCLUSION OF THIS AGREEMENT (VERTRAGSSCHLUSS)
	 
	18.1	 	The parties to this Agreement may choose to conclude this Agreement by an exchange of
signed signature page(s), transmitted by means of telecommunication (telekommunikative
Übermittlung) by fax or attached as an electronic photocopy (pdf., tif., etc.) to an e-mail.
	 
	18.2	 	If the parties to this Agreement choose to conclude this Agreement pursuant to sub-Clause
18.1 above, they will transmit the signed signature page(s) of this Agreement to attention of
Mr. Philipp Kropatscheck or Ms Corinna May (Philipp.Kropatscheck@cliffordchance.com or
Corinna.May@cliffordchance.com, fax: +49 69 7199 4000) (each a “Recipient”). The Agreement
will be considered concluded once any of the Recipients has actually received the signed
signature page(s) (Zugang der Unterschriftsseite(n)) from all parties to this Agreement and at
the time of the receipt of the last outstanding signature page(s).
	 
	18.3	 	For the purposes of this Clause 18 only, the parties to this Agreement appoint each
Recipient individually as their attorney (Empfangsvertreter) and expressly allow (gestatten)
each Recipient to collect the signed signature page(s) from all and for all parties to this
Agreement. For the avoidance of doubt, the Recipients will have no further duties connected
with their position as Recipient. In particular, the Recipients may assume the conformity to
the authentic original(s) of the signature page(s)

18

 

	 	 	transmitted to it by means of telecommunication, the genuineness of all signatures on the
original signature page(s) and the signing authority of the signatories.

19

 

SIGNATURE PAGE

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

	 	 	 	 	 
	 	

SIG Asset Holdings Limited

as Pledgor

 	 
	 	By:  	/s/ Cindy Lefari
 	 
	 	 	Name:  	CINDY LEFARI 	 
	 	 	Title:  	AUTHORISED SIGNATORY 	 

Wilmington Trust (London) Limited

as Collateral Agent and as Original Pledgee on its own behalf and on behalf of the parties listed
in Part 1 of Schedule 1 hereto under a power of attorney granted under the First Lien Intercreditor
Agreement

	 	 	 	 	 
	 	By:  	        /s/ Elaine Lockhart
 	 
	 	 	Name:  	ELAINE LOCKHART 	 
	 	 	Title:  	RELATIONSHIP MANAGER 	 

20

 

	 	 	 	 	 

SCHEDULE 1

PART 1

LIST OF FINANCIAL INSTITUTIONS

1776 CLO I, Ltd

280 Funding I

ABS Loans 2007 Ltd

ACE TEMPEST LIFE REINSURANCE LIMITED

ACE TEMPEST REINSURANCE LTD

Adfam Investment Company LLC

AIG Bank Loan Fund Ltd

AIM FLOATING RATE FUND

ALPSTAR CLO I PUBLIC LTD CO

Altenberg Funding

American Hallmark Insurance Co of TX

AMMC CLO IV LIMITED

AMMC CLO V Ltd

AMMC VII LIMITED

Anchorage Crossover Credit Finance Ltd

Apostle Loomis Sayles Credit Opportunities Fund

Apostle Loomis Sayles Senior Loan Fund

Ares Enhanced Credit Opportunities

ARES ENHANCED LOAN INVESTMENT STRATEGY II LTD

Ares Enhanced Loan Investment Strategy III LTD

ARES ENHANCED LOAN INVESTMENT STRATEGY IR LTD

Ares European CLO II BV

ARES IIIR/IVR CLO LTD

ARES IIR CLO LTD.

Ares Institutional Loan Fund B.V.

21

 

ARES STRATEGIC INVESTMENT PARTNERS EUROPE B.V.

Ares VIII CLO LTD

Ares VIR CLO Ltd.

Ares VR CLO Ltd.

Ares X CLO Ltd

ARES XI CLO LTD

Ares XII CLO Ltd

Ariel Reinsurance Company Ltd

Atrium III

Atrium IV

ATRIUM V

Australia and New Zealand Banking Group Limited

Avalon Capital Ltd 3

AVOCA CLO III PLC

AVOCA CLO IX LTD

AVOCA CLO VI PLC

Babson Capital Loan Partners I LP

Babson CLO Ltd 2004-I

Babson CLO LTD 2004-II

BABSON CLO LTD 2005-I

Babson CLO Ltd 2006 II

Babson CLO Ltd 2006-I

BABSON CLO LTD 2007-I

Babson CLO LTD 2008 — II

Babson CLO LTD. 2005 — III

BABSON LOAN OPPORTUNITY CLO LTD

Banco Nacional De Mexico, S.A., Integrante Del Grupo Financiero Banamex

BARCLAYS BANK PLC

22

 

Battalion CLO 2007-I, Ltd.

Belhurst Clo Ltd

Belhurst Clo Ltd

BELL ATLANTIC MASTER TRUST

BILL&MELINDA GATES FOUNDATION

Blackrock Debt Strategies Fund, Inc

Blackrock Defined Opportunity Credit Trust

Blackrock Diversified Income Strategies Fund (DVF)

Blackrock Floating Rate Income Trust

BlackRock Fltng Rate Income Strat Fd Inc

Blackrock Global Investment Series Income Strategies Portfolio

BlackRock Limited Duration Income Trust

Blackrock Senior Floating Rate Portfolio

BLACKROCK SENIOR HIGH INCOME FUND INC

Blackrock Senior Income Series

BLACKROCK SENIOR INCOME SERIES II

Blackrock Senior Income Series IV

Blackrock Senior Income Series V Limited

BLACKSTONE SPECIAL FUNDING IRELAND

BLT 18 LLC

BLT 2009-1Ltd

Blue Shield of California

BLUEBAY COF LOAN INVESTMENTS S.A.

Bluebay High Income Loan Investments (Luxembourg) SA

Board of Pensions of the Evangelical Lutheran Church in America

Boeing Company Employee Retirement Plans Master Trust Investment Control Pool

BOS INTERNATIONAL (AUSTRALIA) LTD

Brentwood CLO, LTD

23

 

Bridgeport CLO II Ltd.

BRIDGEPORT CLO LTD

Brigade Credit Fund II LP

Brown University

California Public Employees Retirement System

Carlyle Credit Partners Financing I, Ltd.

CARLYLE HIGH YIELD PARTNERS IX, Ltd.

Carlyle High Yield Partners VI LTD

Carlyle High Yield Partners VII Ltd

Carlyle High Yield Partners VIII, Ltd

Carlyle High Yield Partners X, Ltd.

Carpenters Pension Trust Fund of St. Louis

Cascade Investment LLC

CASTLE GARDEN FUNDING

CAVALRY CLO I, LTD

CELF Loan Partners B.V

CELF LOAN PARTNERS II PLC

CELF LOAN PARTNERS III PLC

CELF LOW LEVERED PARTNERS PLC

CELF PARTNERSHIP LOAN FUNDING 2008 I

Cent CDO 10 Limited

Cent CDO 12 Limited

Cent CDO 14 Limited

CENT CDO 15 LIMTIED

Cent CDO XI Limited

CENTAURUS LOAN TRUST

Centurion CDO 8 Ltd

CENTURION CDO 9 LIMITED

24

 

Centurion CDO VI Ltd.

Centurion CDO VII Ltd

CFS WHOLESALE GLOBAL CORPORATE DEBT FUND

CHAMPLAIN CLO LTD

CHAMPLAIN CLO LTD

Chatham Light II CLO Ltd

Chelsea Park CLO Ltd

CHEYNE CREDIT OPPORTUNITIES CDO 1 BV

CHGO Loan Funding LTD

CIM VI LLC

Citibank (China) Co., Ltd.

Citibank, National Association

CITRON INVESTMENTS CORPORATION

CLEAR LAKE CLO LTD

CLYDESDALE CLO 2004 LTD

Clydesdale CLO 2005 Ltd

CLYDESDALE STRATEGIC CLO I LTD

Columbus Park CDO Ltd

Columbusnova CLO IV Ltd 2007 II

Commonwealth International Fixed Interest Fund 6

Commonwealth of Pennsylvania State Employees Retirement System

Confluent 2 Limited

Continental Casualty Company

COOPERATIEVE CENTRALE RAIFFEISEN BOERENLEENBANK B.A.

CRATOS CLO I LTD

CREDIT SUISSE AG

CREDIT SUISSE INTERNATIONAL

Credit Suisse Loan Funding LLC

25

 

Credit Suisse Syndicated Loan Fund

Credos Floating Rate Fund, LP

CREF Bond Market Account

CSAM Funding I

CSAM Funding II

CSAM FUNDING IV

CUMBERLAND II CLO LTD

Delaware Corporate Bond Fund, a series of Delaware Group Income Funds

Delaware Extended Duration Bond Fund, a series of Delaware Group Income Funds

Delaware Group Advisor Funds-Delaware Diversified Income Fund

Delaware Group Limited Term — Government Funds — Delaware Limited — Term Diversified Income Fund

Delaware VIP Trust-Delaware VIP Diversified Income Series

Delaware VIP Trust- Delaware VIP Limited Term Diversified Income Series

Deutsche Bank AG New York Branch

DFR Middle Market CLO LTD

DIAMOND LAKE CLO LTD

Diversified Credit Portfolio Ltd

Doral Money Inc

DRYDEN IX SENIOR LOAN FUND 2005 PLC

DRYDEN VIII-LEVERAGED LOAN CDO 2005

Dryden X — Euro CLO 2005 PLC

Dryden XI Leveraged Loan CDO 2006

Dryden XIV — Euro CLO 2006 PLC

DRYDEN XV EURO CLO 2006 PLC

Dryden XVI — Leveraged Loan CDO 2006

Dryden XXI Leveraged Loan CDO LLC

DWS Floating Rate Plus Fund

26

 

DWS Short Duration Plus Fund

DZ Bank AG

DZ BANK AG DEUTSCHE ZENTRALGENOSSENSCHAFTSBANK

EATON VANCE CDO X PLC

Eaton Vance Floating Rate Income Trust

Eaton Vance Institutional Senior Loan Fund

Eaton Vance Medallion Floating Rate Income Portfolio

Eaton Vance Senior Floating Rate Trust

Eaton Vance Senior Income Trust

Eaton Vance VT Floating Rate Income Fund

Employers Insurance of Wausau

Fairway Loan Funding Company

Faraker Investment PTE Ltd

Fidelity Advisor Series I: Fidelity Advisor Floating Rate High Income Fund

FIFTH THIRD BANK

FIRST 2004-II CLO LTD

First Trust Four Corners Senior Floating Rate Income Fund

First Trust Four Corners Senior Floating Rate Income Fund II

FLAGSHIP CLO V

Flagship CLO VI

Flatiron CLO 2007-1 Ltd

Foothill CLO I Ltd

Fore CLO Ltd 2007-1

FORTIS FLEXI III SENIOR SECURED BANK LOAN FUND MOGLIANO

Franklin CLO V, Ltd

Franklin CLO VI, Limited

Franklin Floating Rate Daily Access Fund

FRANKLIN FLOATING RATE MASTER SERIES

27

 

Franklin Templeton Limited Duration Income Trust

Franklin Templeton Series II Funds-Franklin Floating Rate II Fund

Future Fund Board of Guardians

Galaxy V CLO Ltd

Galaxy VI CLO, Ltd.

GALAXY VII CLO LTD

Galaxy VIII CLO Ltd

GE Capital Commercial Inc

General Electric Pension Trust

GILLESPIE CLO PLC

GLOBAL CREDIT RETURN FUND N V

Global Loan Opportunity Fund BV

GMAM Group Pension Trust I

Golden Knight II CLO, Limited

GOLDENTREE CAPITAL OPPORTUNITIES LP

Goldentree Loan Opportunities III, Limited

Goldentree Loan Opportunities IV, Ltd.

Goldentree Loan Opportunities V Limited

Goldman Sachs Asset Mgmt CLO plc

Goldman Sachs Collective Trust High Yield Implementation Vehicle

Grand Central Asset Trust Cameron I Series

GRAND CENTRAL ASSET TRUST, ANC SERIES

Grayson & Co

GREEN PARK CDO BV

Greenbriar CLO Ltd

GSO CO INVESTMENT PARTNERS LLC

GSO DOMESTIC CAPITAL FUNDING LLC

GSO Royal Holdings CB LLC

28

 

Halcyon Loan Investors CLO I Ltd

Halcyon Loan Investors CLO II, Ltd.

HALCYON STR AM LS/SU 2007-3 Ltd.

Halcyon Structured Asset Management CLO I Ltd

Halcyon Structured Asset Management Long Secured/Short Unsecured 2007-2 Ltd

Halcyon Structured Asset Management Long Secured/Short Unsecured CLO 2006-I LTD

Halcyon Structured Asset Management Long Secured/Short Unsecured CLO 2007 Ltd

Harbourview CLO 2006-1

Harvest CLO II SA

Harvest CLO III Public Limited Company

Harvest CLO IV PLC

HARVEST CLO V PLC

Highland Credit Opportunities CDO, Ltd

Highlander Euro CDO BV

HIGHLANDER EURO CDO III B.V.

Hillmark Funding LTD.

Hiscox insurance Company Bermuda Ltd

HISCOX SYNDICATE 33

Hudson Canyon Funding II Ltd

Hudson Canyon Funding II Ltd

Hyde Park CDO BV

IAM National Pension Fund

Illinois State Board of Investment

ING International II — Senior Bank Loans Euro

ING INVESTMENT CLO II LTD

ING Investment Management CLO I Ltd

ING INVESTMENT MANAGEMENT CLO III, LTD

ING Investment Management CLO IV Ltd

29

 

ING INVESTMENT MANAGEMENT CLO V LTD

ING Investment Trust Co. Plan Employee Benefit Investment Funds — Senior Loan Fund

ING INVESTORS TRUST — ING T. ROWE PRICE CAPITAL APPRECIATION PORTFOLIO

ING Prime Rate Trust

ING Senior Income Fund By: ING Investments, LLC as its investment manager

James River Insurance Company

Jersey Street CLO Ltd.

JHF II Multi Sector Bond Fund

John Hancock Fund II Floating Rate Income Fund

John Hancock Funds II — Spectrum Income Fund

John Hancock Trust — Capital Appreciation Value Trust

John Hancock Trust-Spectrum Income Trust

JP Morgan Whitefriars Inc

JPMorgan Chase Retirement Plan

JRG Reinsurance Company, Ltd.

Koniginstrasse I S.A.R.L

LAURELIN BV

LAURELIN II B V

LeverageSource V S A.R.L

LIBERTY MUTUAL INSURANCE CO

Libra Global Limited

LIGHTPOINT PAN EUROPEAN CLO 2007 1 PLC

Limerock CLO I

LLCP Loan Funding 2007

Loan Funding III LLC

Loan Funding IV LLC

Longhorn Credit Funding LLC

30

 

Loomis Sayles Leveraged Senior Loan Fund Ltd

Loomis Sayles Senior Loan Fund LLC

Lord Abbett Invest Trust-Lord Abbett Floating Rate Fund

Lucent Technologies Inc master Pension Trust

MACKAY SHIELDS CORE PLUS ALPHA FUND LTD

MACKAY SHORT DURATION ALPHA FUND

MACQUARIE INCOME OPPORTUNITIES FUND

MACQUARIE MASTER DIVERSIFIED FIXED INTEREST FUND

Madison Park Funding I LTD

MADISON PARK FUNDING III LTD

MADISON PARK FUNDING IV LTD

MADISON PARK FUNDING V LTD

MADISON PARK FUNDING VI LTD

MAINSTAY FLOATING RATE FUND A SERIES OF ECLIPSE FUNDS INC

Mainstay VP Floating Rate Portfolio A Series of Mainstay VP Series Fund

Market Square CLO Ltd.

Marlborough Street CLO, Ltd.

Master Senior Floating Rate Trust

Maxim High Yield Bond Portfolio

Mayport CLO Ltd

Meadow Foundation Incorporated

MERCATOR CLO 2 PLC

MERCATOR CLO I PLC

MERCATOR CLO III LIMITED

Merrill Lynch Investment Managers Lp A/C Floating Rate Income Strategies Fund II Inc

MET Investors Series Trust-Pioneer Strategic Income Portfolio

MetLife Bank National Association

METROPOLITAN LIFE INSURANCE CO

31

 

MISSOURI STATE EMPLOYEES RETIREMENT SYSTEM

Mizuho Corporate Bank, Ltd.

Momentum Capital Fund, Ltd

Morgan Stanley Investment Management Croton

MORGAN STANLEY INVESTMENT MANAGEMENT GARDA B.V

Morgan Stanley Prime Income Trust

MSIM Peconic Bay Ltd.

Mt Wilson CLO Ltd

Mt. Wilson CLO II, LTD

MUNICIPAL EMPLOYEES ANNUITY AND BENEFIT FUND OF CHICAGO (SYMPHONY)

Muzinich & Co (Ireland) Limited for the sub acct of Extrayield $ Loan Fund

NACM CLO I

NANTUCKET CLO I LTD

Nash Point CLO

NATIXIS COF I, LLC

Natixis Loomis Sayles Senior Loan Fund

NAUTIQUE FUNDING LTD

NAVIGARE FUNDING I CLO LTD.

Navigare Funding II CLO, Ltd.

Navigare Funding III CLO, Ltd

Navigator CDO 2005 Ltd

Navigator CDO 2006 Ltd.

NCM GT 2008-1 LLC

NCRAM Loan Trust

NCRAM SENIOR LOAN TRUST 2005

Neptune Finance CCS, LTD.

NEW YORK LIFE INSURANCE & ANNUITY CORP.

32

 

New York Life Insurance (Guaranteed Products)

New York Life Insurance Company, GP-Portable Alpha

Nexum Loan SICAV — Nordic Loan Fund II

Nexum Loans SICAV

Nomura Bond & Loan Fund

North Dakota State Investment Board

NORTHWOOD CAPITAL V LTD

Northwoods Capital IV Ltd

Northwoods Capital VI Limited

Northwoods Capital VII, Limited

NORTHWOODS CAPITAL VIII LIMITED

Nuveen Diversified Dividend & Income Fund

Nuveen Floating Rate Income Fund

Nuveen Floating Rate Income Opportunity Fund

Nuveen Senior Income Fund

Nuveen Tax-Advantage Total Return Strategy Fund

NYLIM FLATIRON CLO 2005-1 LTD

Nylim Flatiron CLO 2006-1 Ltd.

NYLIM INSTITUTIONAL FLOATING RATE FUND L.P

Oak Hill Credit Opportunities Financing, Ltd.

Oak Hill Credit Partners III Limited

Oak Hill Credit Partners IV Ltd

Oak HIll Credit Partners V Limited

OAK HILL EUROPEAN CREDIT PARTNERS I PLC

OAK HILL EUROPEAN CREDIT PARTNERS II PLC

OCA Brigade Credit Fund LLC

Ocean Trails CLO I

Ocean Trails CLO II

33

 

OHA Finlandia Credit Fund

OHA Park Avenue CLO I

Olympic Park Ltd

Oppenheimer Master Loan Fund LLC

Oppenheimer Senior Floating Rate Fund

OPPIDA INVESTMENTS LTD

Oregon Public Employee Ret Fund

PACIFIC LIFE INSURANCE CO

Penn Series Funds Inc Flexibility Managed Fund

Phoenix Edge Series Fund: Phoenix Multi-Sector Short Term Bond Series

Phoneix Edge Series Fund: Phoenix Strategic Allocation Series

Pimco Cayman Bank Loan Fund

PIMCO LOAN OPPORTUNITIES FUND I LP

Pioneer Diversified High Income Trust

Pioneer Floating Rate Fund

PIONEER FLOATING RATE TRUST

PIONEER GLOBAL HIGH YIELD FUND

Pioneer High Yield Fund

Pioneer Strategic Income Fund

Pioneer Strategic Income VCT Portfolio

Portola CLO Ltd

PPM America Inc a/c PPM Monarch Bay Funding LLC

Prudential Bank Loan Fund of the Prudential Trust Company Collective Trust

Putnam Floating Rate Income Fund

PUTNAM High Yield Advantage Fund

PUTNAM HIGH YIELD TRUST

Putnam Variable Trust PVT High Yield Fund

Qualcomm Global Trading, Inc.

34

 

Race Point III CLO

RACE POINT IV CLO LTD

Red River CLO, Ltd.

Regents Park CDO BV

Republic Loan Funding Ltd

Ridgeworth Funds Seix Floating Rate High Income Fund

RIVERSIDE PARK CLO LTD

Riversource Bond Series, Inc-Riversource Floating Rate Fund

RiverSource Strategic Allocation Series, Inc. — RIVERSOURCE INSTITUTIONAL LEVERAGED LOAN FUND II,
LP

RiverSource Strategic Allocation Series, Inc. — RiverSource Strategic Income Allocation Fund

Rochdale Fixed Income Opportunities Portfolio

San Joaquin County Employees’ Retirement Association

Sapphire Valley CDO I Ltd

Saratoga CLO I Limited

Saratoga CLO I Limited

Schiller Park CLO, LTD

SEARS HOLDINGS PENSION PLAN

SEI Institutional Investment Trust — High Yield Bond Fund (Brigade)

SEI Institutional Investments Trust Enhanced Libor Opportunities Fund

SEI INSTITUTIONAL INVESTMENTS TRUST ENHANCED LIBOR OPPORTUNITIES FUND

SEI INSTITUTIONAL MANAGED TRUST — HIGH YIELD BOND FUND

Senior Debt Portfolio

Senior Loan Portfolio

SERVES 2006-1 LTD

Silverado CLO 2006-II Ltd

Southport CLO Ltd

35

 

SSS Funding II LLC

St James Park CDO BV

St. James River CLO LTD

State Retirement and Pension System of Maryland

Stellar Performer Global Series W — Global Credit

STICHTING DEPOSITARY APG FIXED INCOME CREDIT POOL

Stichting Pensioenfonds Medische Specialisten

STICHTING PENSIOENFONDS VOOR HUISARTEN

Stone Harbor Leveraged Loan Portfolio

Stone Harbor Libor Total Return Fund

Stone Harbor Sterling Core Plus Bond Fund

Stone Tower Credit Funding I Ltd

Stoney Lane Funding I LTD

Sumitomo Mitsui Banking Corp

Summer Hill Fixed Income AG LLC

SUMMIT LAKE CLO LTD

Sun America Senior Floating Rate Fund Inc

Sun Life Assurance Company of Canada

Sunsuper Pooled Superannuation Trust

Symetra Life Insurance Company

T Rowe Price Capital Appreciation Fund

T Rowe Price Institutional Common Trust Fund — T Rowe Price Capital Appreciation Trust

T Rowe Price Institutional Floating Rate Fund

T. Rowe Price Institutional High Yield Fund Inc

Tavitian Foundation Inc

TCW CREDIT OPPORTUNITIES FUND I B LP

TCW Credit Opportunities Fund, L.P.

TCW SENIOR SECURED FLOATING RATE LOAN FUND LP

36

 

TCW Senior Secured Loan Fund LP

TEACHERS INSURANCE & ANNUITY ASSOCIATION OF AMERICA

TEACHERS RETIREMENT SYSTEM OF LOUISIANA (SHENKMAN-HIGH YIELD ACCOUNT)

Texas Prepaid Higher Education Tuition Board

TFP Royal Issuer LLC

The Bank of New York Mellon

The President and Trustees of Williams College

TIAA-CREF BOND PLUS FUND

TRIBECA PARK CLO LTD

TRS HY FNDS LLC

Trustees of the University of Pennsylvania

TRUSTMARK INSURANCE COMPANY

U.A.I. (LUXEMBOURG) INVESTMENT SARL

UBS (UK) Pension and Life Assurance Scheme

UMC Benefit Board Inc

United America Idemnity, LTD

Van Kampen Dynamic Credit Opportunities Fund

VAN KAMPEN SENIOR INCOME TRUST

Van Kampen Senior Loan Fund

VELOCITY CLO LTD

VERMONT PENSION INVESTMENT COMMITTEE

Veronica Atkins Marital Trust

VICTORIA FALLS CLO, LTD

Virginia Retirement System

Virtus Multi-Sector Fixed Income Fund

Virtus Multi-Sector Short Term Bond Fund

Virtus Senior Floating Rate Fund

37

 

Vitesse CLO Ltd

WASATCH CLO LTD

WASATCH CLO LTD

Waterfront CLO 2007-1, Ltd

Wellington Trust Company, National Association Multiple Common Trust Funds Trust, Opportunistic
Investment Portfolio

Wellington Trust Company, National Association Multiple Common Trust Funds Trust-Opportunistic
Fixed Income Allocation Portfolio

West Bend Mutual Insurance Company

WESTEN ASSET FLOATING RATE HIGH INCOME FUND LLC

WESTERN ASSET LEVERED LOAN OPPORTUNITY FUND LTD

WESTPAC BANKING CORP

WG Horizons CLO I

WHITEHORSE III LTD

Wind River Reinsurance Company, LTD

Windmill CLO I Limited

ZODIAC FUND MORGAN STANLEY US SENIOR LAON FUND

PART 2

LIST OF CURRENT BORROWERS

SIG Euro Holding AG & Co. KGaA

Closure Systems International Holdings Inc.

Closure Systems International B.V.

SIG Austria Holding GmbH

Reynolds Consumer Products Holdings Inc.

Reynolds Group Holdings Inc.

38

 

PART 3

LIST OF CURRENT GUARANTORS

SIG Holdings (UK) Limited (England and Wales)

SIG Combibloc Limited (England and Wales)

SIG Euro Holding AG & Co. KGaA (Germany)

SIG Beverages Germany GmbH (Germany)

SIG Combibloc Holding GmbH (Germany)

SIG Vietnam Beteiligungs GmbH (Germany)

SIG Combibloc GmbH (Germany)

SIG Combibloc Systems GmbH (Germany)

SIG Combibloc Zerspanungstechnik GmbH (Germany)

SIG Information Technology GmbH (Germany)

SIG International Services GmbH (Germany)

SIG Asset Holdings Ltd. (Guernsey)

Beverage Packaging Holdings (Luxembourg) I S.A. (Luxembourg)

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

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

Reynolds Group Holdings Limited (New Zealand)

SIG Combibloc Group AG (Switzerland)

SIG Finanz AG (Switzerland)

SIG Technology AG (Switzerland)

SIG allCap AG (Switzerland)

SIG Combibloc (Schweiz) AG (Switzerland)

SIG Schweizerische Industrie-Gesellschaft AG (Switzerland)

SIG Combibloc Procurement AG (Switzerland)

SIG Reinag AG (Switzerland)

39

 

SIG Combibloc Ltd. (Thailand)

SIG Holding USA Inc. (USA)

SIG Combibloc Inc. (USA)

Reynolds Group Holdings Inc. (USA)

Reynolds Group Issuer Inc. (USA)

Reynolds Group Issuer LLC (USA)

Closure Systems International (Brazil) Sistemas de Vedação Ltda (Brazil)

CSI Latin American Holdings Corporation (BVI)

Closure Systems International (Canada) Limited (Canada)

CSI Closure Systems Manufacturing de Centro America, S.R.L. (Costa Rica)

Closure Systems International (UK) Limited (England and Wales)

Reynolds Consumer Products (UK) Limited (England and Wales)

Reynolds Subco (UK) Limited (England and Wales)

Closure Systems International Holdings (Germany) GmbH (Germany)

Closure Systems International Deutschland GmbH (Germany)

Closure Systems International Holdings (Hungary) Kft. (Hungary)

CSI Hungary Gyártó és Kereskedelmi Kft. (Hungary)

Closure Systems International Holdings (Japan) KK (Japan)

Closure Systems International Japan, Limited (Japan)

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

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

Reynolds Group Issuer (Luxembourg) S.A. (Luxembourg)

Bienes Industriales del Norte S.A. de C.V. (Mexico)

CSI en Ensenada, S. de R.L. de C.V. (Mexico)

CSI en Saltillo, S. de R.L. de C.V. (Mexico)

40

 

CSI Tecniservicio, S. de R.L. de C.V. (Mexico)

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

Tecnicos de Tapas Innovativas S.A. de C.V. (Mexico)

Closure Systems International B.V. (The Netherlands)

Reynolds Consumer Products International B.V. (The Netherlands)

Closure Systems International Holdings Inc. (Delaware, USA)

Closure Systems International Inc. (Delaware, USA)

Reynolds Packaging Machinery Inc. (Delaware, USA)

Closure Systems Mexico Holdings LLC (Delaware, USA)

CSI Mexico LLC (Delaware, USA)

Southern Plastics, Inc. (Louisiana, USA)

CSI Sales & Technical Services Inc. (Delaware, USA)

Reynolds Consumer Products Holdings Inc. (Delaware, USA)

Bakers Choice Products, Inc. (Delaware, USA)

Reynolds Consumer Products Inc. (Delaware, USA)

Reynolds Foil Inc. (Delaware, USA)

Reynolds Services Inc. (Delaware, USA)

PART 4

LIST OF CURRENT SENIOR SECURED NOTE GUARANTORS

SIG Holdings (UK) Limited (England and Wales)

SIG Combibloc Limited (England and Wales)

SIG Euro Holding AG & Co. KGaA (Germany)

SIG Beverages Germany GmbH (Germany)

SIG Combibloc Holding GmbH (Germany)

41

 

SIG Vietnam Beteiligungs GmbH (Germany)

SIG Combibloc GmbH (Germany)

SIG Combibloc Systems GmbH (Germany)

SIG Combibloc Zerspanungstechnik GmbH (Germany)

SIG Information Technology GmbH (Germany)

SIG International Services GmbH (Germany)

SIG Asset Holdings Ltd. (Guernsey)

Beverage Packaging Holdings (Luxembourg) I S.A. (Luxembourg)

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

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

Reynolds Group Holdings Limited (New Zealand)

SIG Combibloc Group AG (Switzerland)

SIG Finanz AG (Switzerland)

SIG Technology AG (Switzerland)

SIG allCap AG (Switzerland)

SIG Combibloc (Schweiz) AG (Switzerland)

SIG Schweizerische Industrie-Gesellschaft AG (Switzerland)

SIG Combibloc Procurement AG (Switzerland)

SIG Reinag AG (Switzerland)

SIG Combibloc Ltd. (Thailand)

SIG Holding USA Inc. (USA)

SIG Combibloc Inc. (USA)

Reynolds Group Holdings Inc. (USA)

Reynolds Group Issuer Inc. (USA)

Reynolds Group Issuer LLC (USA)

Closure Systems International (Brazil) Sistemas de Vedação Ltda (Brazil)

CSI Latin American Holdings Corporation (BVI)

Closure Systems International (Canada) Limited (Canada)

42

 

CSI Closure Systems Manufacturing de Centro America, S.R.L. (Costa Rica)

Closure Systems International (UK) Limited (England and Wales)

Reynolds Consumer Products (UK) Limited (England and Wales)

Reynolds Subco (UK) Limited (England and Wales)

Closure Systems International Holdings (Germany) GmbH (Germany)

Closure Systems International Deutschland GmbH (Germany)

Closure Systems International Holdings (Hungary) Kft. (Hungary)

CSI Hungary Gyártó és Kereskedelmi Kft. (Hungary)

Closure Systems International Holdings (Japan) KK (Japan)

Closure Systems International Japan, Limited (Japan)

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

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

Reynolds Group Issuer (Luxembourg) S.A. (Luxembourg)

Bienes Industriales del Norte S.A. de C.V. (Mexico)

CSI en Ensenada, S. de R.L. de C.V. (Mexico)

CSI en Saltillo, S. de R.L. de C.V. (Mexico)

CSI Tecniservicio, S. de R.L. de C.V. (Mexico)

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

Tecnicos de Tapas Innovativas S.A. de C.V. (Mexico)

Closure Systems International B.V. (The Netherlands)

Reynolds Consumer Products International B.V. (The Netherlands)

Closure Systems International Holdings Inc. (Delaware, USA)

Closure Systems International Inc. (Delaware, USA)

Reynolds Packaging Machinery Inc. (Delaware, USA)

Closure Systems Mexico Holdings LLC (Delaware, USA)

CSI Mexico LLC (Delaware, USA)

Southern Plastics, Inc. (Louisiana, USA)

CSI Sales & Technical Services Inc. (Delaware, USA)

43

 

Reynolds Consumer Products Holdings Inc. (Delaware, USA)

Bakers Choice Products, Inc. (Delaware, USA)

Reynolds Consumer Products Inc. (Delaware, USA)

Reynolds Foil Inc. (Delaware, USA)

Reynolds Services Inc. (Delaware, USA)

44

 

SCHEDULE 2

LIST OF ACCOUNTS

	 	 	 	 	 	 	 	 	 
	(Sub-) Account	 	Bank Sort Code	 	Name and address of	 	Type of	 	 
	No.	 	(Bankleitzahl)	 	Account Bank	 	account	 	Currency
	[____________]

	 	BLZ 69270038
	 	Deutsche Bank AG
	 	Giro
	 	EUR
	 

	 	IBAN
	 	August-Ruf-Strasse 8	 	 	 	 
	 

	 	DE04692700380088072400
	 	D-78224 Singen, Germany	 	 	 	 
	 

	 	SWIFT DEUTDE6F692	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	[_____________]

	 	BLZ 69270038
	 	Deutsche Bank AG
	 	Giro
	 	GBP
	 

	 	IBAN
	 	August-Ruf-Strasse 8	 	 	 	 
	 

	 	DE04692700380088072400
	 	D-78224 Singen, Germany	 	 	 	 
	 

	 	SWIFT DEUTDE6F692	 	 	 	 	 	 

45

 

SCHEDULE 3

FORM OF NOTICE OF PLEDGE

[Letterhead of Pledgor]

	 	 	 

	Absender/From:

	 	[Pledgor]
	 
	 	 
	An/To:

	 	[Account Bank]
	 
	 	 
	Datum/Date:

	 	[•]

	 	 	 

	Verpfändungsanzeige

	 	Notice of Pledge
	 
	 	 
	Betrifft: Konto Nr. [•]

	 	Re: Account No. [•]
	 
	 	 
	Sehr geehrte Damen und Herren,

	 	Dear Sirs,
	 
	 	 
	Hiermit zeigen wir Ihnen an, dass wir gemäß Ziffer
2.1des hier in Kopie beigefügten
Kontenverpfändungsvertrags vom [•] (der
“Kontenverpfändungsvertrag”) alle Rechte und
Ansprüche bezüglich des o. g. Kontos und aller
sonstigen bei Ihnen geführten Konten (die
“Konten”) (inklusive aller Unterkonten,
etwaiger Neueröffnungen, Verlängerungen, Umbenennung
und Festgeldkonten) zu Gunsten von [Collateral Agent]
(der “Sicherheitentreuhänder”) und anderen
(zusammen die “Pfandgläubiger”) verpfändet
haben.

	 	We hereby give you
notice that pursuant to
Clause 2.1 of a account
pledge agreement dated
[•] (the “Account Pledge
Agreement”), a copy of
which is attached
hereto, we have pledged
in favour of [Collateral
Agent] (the “Collateral
Agent”) and others
(together the
“Pledgees”) all of our
rights and claims in
respect of the above
account and all other
accounts maintained with
you from time to time
(the “Accounts”)
(including all
sub-accounts thereof,
renewals, replacements,
redesignations and
related fixed deposit
accounts thereof).
	 
	 	 
	Die Verpfändung umfasst insbesondere alle Ansprüche
auf gegenwärtige und zukünftige Guthaben
(einschließlich Spareinlagen, Termineinlagen,
Festgeldeinlagen und Tagesgeldeinlagen) und positive
Salden sowie alle darauf anfallenden Zinsen.

	 	The pledges comprise in
particular all claims to
present and future cash
deposits (including
saving deposits, time
deposits, fixed deposits
and call money deposits)
and credit balances and
all claims to interest
payable in relation
thereto.
	 
	 	 
	Solange Sie als kontoführende Bank keine gegenteilige
Nachricht vom Sicherheitentreuhänder
erhalten, sind wir ermächtigt, über die
Konten und insbesondere die Kontenguthaben
zu verfügen. Im Fall des Erhalts einer entsprechenden
Nachricht sind Sie als kontoführende Bank gehalten,
keinerlei Verfügungen unsererseits über die
Konten und die Kontenguthaben mehr
zuzulassen.

	 	Until notice to the
contrary from the
Collateral Agent to be
served on you as account
bank, we may continue to
operate the Accounts and
in particular may
dispose over the amounts
standing to the credit
thereof. Upon receipt of
such aforesaid notice to
the contrary, you as
account bank shall not
allow any dispositions
by us of the Accounts
and of the amounts
standing to the credit
thereof.
	 
	 	 
	Wir verzichten hiermit in bezug auf alle bei Ihnen
geführten Konten zu Gunsten der
Pfandgläubiger auf unser Recht auf

	 	We herewith waive all
rights of
confidentiality (Bankgeheimnis) in relation to all accounts held with you for the benefit of

46

 

	 	 	 

	Vertraulichkeit (Bankgeheimnis) und beauftragen und
ermächtigen Sie hiermit, nachdem Sie die o.g
Nachricht vom Sicherheitentreuhänder
erhalten haben, dem Sicherheitentreuhänder
auf sein Verlangen jede gewünschte Information im
Hinblick auf solche Konten zu geben.

	 	the Pledgees.
If you have received the
above notice from the
Collateral Agent we hereby instruct and authorise you to provide
the Collateral Agent with any information requested by it in
respect of such accounts.
	 
	 	 
	Diese Verpfändungsanzeige unterliegt deutschem Recht.

	 	This notice of pledge
shall be construed in
accordance with German
law.
	 
	 	 
	In Zweifelsfällen gilt die deutsche Fassung dieser
Verpfändungsanzeige.

	 	In cases of doubt the
German version of this
notice of pledge shall
prevail.
	 
	 	 
	Wir bitten Sie, die dieser Verpfändungsanzeige
beigefügte Empfangsbestätigung als Zeichen Ihres
Einverständnisses mit den hierin und in der
Empfangsbestätigung genannten Bestimmungen
unterzeichnet sowohl an uns als auch an den
Sicherheitentreuhänder (für die
Pfandgläubiger) zu senden. Die Adresse des
Sicherheitentreuhänders ist die folgende:

	 	Please sign the enclosed
Acknowledgement of
Notice of Pledge in
order to acknowledge
receipt of this notice
and your agreement to
the terms set out herein
and in the enclosed
Acknowledgement and
return the same to us
and to the Collateral
Agent (for and on behalf
of the Pledgees). The
address of the
Collateral Agent is the
following:
	 
	 	 
	[name and address of Collateral Agent].

	 
	 	 
	Mit freundlichen Grüßen

	 	Yours faithfully

[Pledgor]

 

(Geschäftsführer/Managing Director)

47

 

[Letterhead of Account Bank]

	 	 	 

	Absender/From:

	 	[Account Bank]
	 
	 	 
	An/ To:

	 	[Collateral Agent]
	 

	 	und/and
	 

	 	[Pledgor]
	 
	 	 
	Datum/ Date:

	 	[•]

	 	 	 

	Bestätigung des Empfangs einer 

Verpfändungsanzeige

	 	Acknowledgement of Notice of Pledge
	 
	 	 
	Betrifft: Konto Nr. [•]

	 	Re: Account No. [•]
	 
	 	 
	Sehr geehrte Damen und Herren,

	 	Dear Sirs,
	 
	 	 
	Wir bestätigen hiermit den Erhalt
der Verpfändungsanzeige vom [Datum]
sowie der Kopie des
Kontoverpfändungsvertrags vom [•]
und unser Einverständnis mit den
darin enthaltenen Bestimmungen.

	 	We hereby acknowledge receipt of the
notice of pledge dated [date] and of
a copy of the account pledge
agreement dated [•] and confirm our
agreement with the terms set out
therein.
	 
	 	 
	Wir versichern, dass wir keine
Verpfändungsanzeige bzgl. der
verpfändeten Konten erhalten haben
und uns mit Ausnahme unseres
AGB-Pfandrechts keine Rechte
Dritter an den verpfändeten Konten
bekannt sind.

	 	We confirm that we have neither
received any previous notice of
pledge relating to the pledged
accounts nor are we aware of any
third party rights in relation to the
accounts except for the right of
pledge arising pursuant to our
general business conditions.
	 
	 	 
	Wir verpflichten uns hiermit,
sowohl im eigenen Namen als auch
für unsere jeweiligen
Rechtsnachfolger, die in der
obengenannten Verpfändungsanzeige
enthaltenen Bestimmungen und
Anweisungen zu befolgen.

	 	We hereby confirm on behalf of
ourselves and our legal successors in
title that we will act in accordance
with the terms and instructions set
out in the notice of pledge referred
to above.
	 
	 	 
	Wir verzichten hiermit
unwiderruflich und bedingungslos
auf jegliche Aufrechnungs- und
Zurückbehaltungsrechte bzgl. der
Konten, wobei es unser Verständnis
ist, dass Saldierungen bei
Kontokorrentkonten weiterhin
vorgenommen und
Kontoführungsgebühren und
retournierte Schecks den Konten
weiterhin ohne Einschränkung
belastet werden dürfen.

	 	We hereby irrevocably and
unconditionally waive our rights in
respect of and agree not to make any
set-off from the Accounts or invoke
any rights of retention in relation
to the Accounts; it being understood
that the balancing of current
accounts shall be permitted and that
account-keeping fees and returned
cheques may furthermore be debited
without restriction.
	 
	 	 
	Des Weiteren erklären wir hiermit,
dass wir das aufgrund unserer
Allgemeinen Geschäftsbedingungen an
den Konten bestehende Pfandrecht
aufgeben.

	 	We hereby release the pledge granted
in our favour in respect of the
Accounts pursuant to our General
Business Conditions.

48

 

	 	 	 

	Dieses Schreiben unterliegt
deutschem Recht.

	 	This letter shall be construed in
accordance with German law.
	 
	 	 
	In Zweifelsfällen gilt die deutsche
Fassung dieses Schreibens.

	 	In cases of doubt the German version
of this letter shall prevail.
	 
	 	 
	Mit freundlichen Grüßen

	 	Yours faithfully

[Account Bank]

 

([Name des Unterzeichners/name of signatory])

49

 

SCHEDULE 4

FORM OF NOTIFICATION OF FUTURE ACCOUNTS

	 	 	 

	From:

	 	[Pledgor]
	 
	 	 
	To:

	 	[Collateral Agent], on its own behalf and for and on behalf of the
Pledgees (as defined in the Account Pledge Agreement, as defined
below)
	 
	 	 
	Date:

	 	[Date of Notification]
	 
	 	 
	Re:

	 	Account pledge agreement dated [date of this Agreement] between us
as pledgor and you and others as pledgees (the “Account Pledge
Agreement”)

Dear Sirs,

In accordance with Clause 7.3 of the Account Pledge Agreement, we hereby give you notice that we
[will open/have opened] the following bank account (the “New Account”):

	 	 	 	 	 	 	 
		 	 	 	 	 	 
	 	 	 	 		 	 
	 	 	Bank Sort Code	 	Name and address of Account Bank 	 	 
	(Sub-) Account No.	 	(Bankleitzahl)	 	(the “Account Bank”)	 	Type of Account
	[•]

	 	[•]
	 	[•]
	 	[•]

Capitalised terms not otherwise defined herein shall have the meaning ascribed thereto in the
Account Pledge Agreement.

We hereby confirm that all our present and future rights and claims (whether conditional or
unconditional) arising against the Account Bank from or in relation to the New Account (as
specified in Clause 2.1 of the Account Pledge Agreement) are pledged to each of the Pledgees
pursuant to the Account Pledge Agreement as security for the Obligations. We expressly acknowledge
that all obligations imposed on us in the Account Pledge Agreement in respect of the Accounts also
apply for the New Account.

[In accordance with Clause 7.3 of the Account Pledge Agreement, we enclose a copy of the notice of
pledge we have given to the Account Bank in respect of the New Account as well as an original copy
of the acknowledgement countersigned by the Account Bank.]

50

 

Yours faithfully

	 	 	 	 	 
	 	[Pledgor]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	Managing Director (Geschäftsführer) 	 
	 

51

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