Document:

exv4w149

			
	 
	 	EXHIBIT 4.149

SIG COMBIBLOC HOLDING GMBH

as Pledgor

in favour of

WILMINGTON TRUST (LONDON) LIMITED

as Collateral Agent

and

THE SECURED PARTIES

as defined in the First Lien Intercreditor Agreement

 

SHARE PLEDGE AGREEMENT

in respect of shares in SIG Combibloc Ltd.

 

“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. Pledge
	 	 	4	 
	3. Creation and Release of Pledge
	 	 	5	 
	4. Voting Rights and Dividends
	 	 	6	 
	5. Further Assurance
	 	 	7	 
	6. Representations and Warranties
	 	 	8	 
	7. Power of Attorney
	 	 	8	 
	8. Security Enforcement and Instruction of Applicable Representative
	 	 	9	 
	9. Pledgor’s Obligations
	 	 	13	 
	10. Delegation
	 	 	13	 
	11. Effectiveness of Security and Collateral Rights
	 	 	14	 
	12. Indemnity
	 	 	15	 
	13. Application of Proceeds
	 	 	16	 
	14. Suspense Accounts
	 	 	16	 
	15. Notices
	 	 	16	 
	16. Currency Conversion
	 	 	16	 
	17. Assignment
	 	 	16	 
	18. Counterparts
	 	 	17	 
	19. Law and Jurisdiction
	 	 	17	 
	Schedule 1 Details of Existing Shares
	 	 	18	 
	Schedule 2 Form of Notice of Pledge
	 	 	19	 
	Schedule 3 Form of Notice of Acknowledgement
	 	 	20	 
	Schedule 4 Form of Voting Proxy
	 	 	21	 
	Schedule 5 Form of Pledge Supplement
	 	 	22	 
	Schedule 6 Form of Enforcement Notice to Company
	 	 	24	 
	Schedule 7 Form of Enforcement Notice to Pledgor
	 	 	25	 

 

 

THIS AGREEMENT is made on 29 January 2010.

BETWEEN

	(1)	 	SIG COMBIBLOC HOLDING GMBH, a company with limited liability (Gesellschaft mit beschraenkter
Haftung) incorporated under the laws of Germany registered in the commercial register
(Handelsregister) of the local court (Amtsgericht) of Düren, Germany under HRB 5751 (the
“Pledgor”);
	 
	(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.
	 
	 	 	“Agreement” means this Share Pledge Agreement and all Pledge Supplements.
	 
	 	 	“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.
	 
	 	 	“Collateral Rights” means all rights, powers and remedies of the Collateral Agent provided
by this Agreement or by law.
	 
	 	 	“Company” means SIG Combibloc Ltd., a company incorporated under the laws of Thailand with
registered office at 33 Moo 4 Pluakdaeng Sub-District, Pluakdaeng District, Rayong Province
(Thai company registration no. 0105538149390).
	 
	 	 	“Companies” means SIG Combibloc GmbH, SIG Vietnam Beteiligungs GmbH and SIG Combibloc
Systems GmbH.
	 
	 	 	“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.
	 
	 	 	“Enforcement Event” means an Event of Default under, and as defined in, the First Lien
Intercreditor Agreement.
	 
	 	 	“Enforcement Notice to the Company” means a notice in the form set out in Schedule 6 (or
such other form as may be approved by the Collateral Agent).
	 
	 	 	“Enforcement Notice to the Pledgor” means a notice in the form set out in Schedule 7 (or
such other form as may be approved by the Collateral Agent).
	 
	 	 	“Existing Shares” means the shares identified in Schedule 1, which are owned by the Pledgor
at the date of this 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).
	 
	 	 	“Intercreditor Arrangements” means the First Lien Intercreditor Agreement and any other
document that is designated by the Loan Parties’ Agent and the Collateral Agent as an
intercreditor agreement, in each case as amended, novated, supplemented, restated, replaced
or modified from time to time.
	 
	 	 	“Issuers” means the “Issuers” under, and as defined in, the Senior Secured Note Indenture,
including their successors in interest.
	 
	 	 	“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 Acknowledgement” means a notice in the form set out in Schedule 3 (or such other
form as may be acceptable to the Collateral Agent).

 

 

	 	 	“Notice of Pledge” means a notice in the form set out in Schedule 2 (or such other form as
may be acceptable to the Collateral Agent).
	 
	 	 	“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.
	 
	 	 	“Pledge Supplement” means a pledge supplement substantially in the form set out in Schedule
5.
	 
	 	 	“Pledged Shares” means the Existing Shares and other shares in the Company (whether arising
by way of redemption, bonus, preference, option, substitution, conversion or otherwise) that
are from time to time the subject of and are listed in each Pledge Supplement or subject to
the pledge to the Collateral Agent pursuant to this Agreement.
	 
	 	 	“Principal Finance Documents” means the Credit Agreement, the Senior Secured Note Indenture,
the Intercreditor Arrangements and any Additional Agreement.
	 
	 	 	“Related Assets” means all rights, entitlements, benefits, proceeds, dividends, interest and
other monies at any time arising or payable in respect of or derived from the Pledged Shares
held by, or to the order or on behalf of, the Pledgor at any time.
	 
	 	 	“Secured Parties” means the “Secured Parties” under, and as defined in, the First Lien
Intercreditor Agreement.
	 
	 	 	“Secured Properties” means the Pledged Shares and the Related Assets.
	 
	 	 	“Security” means the security created under or pursuant to or evidenced by this Agreement.
	 
	 	 	“Security Documents” means the “Security Documents” under, and as defined in, the First Lien
Intercreditor Agreement.
	 
	 	 	“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.
	 
	 	 	“Voting Proxy” means a proxy form substantially in the form set out in Schedule 4
authorising the Collateral Agent to exercise the voting power of the Pledgor, subject to
Clause 4 (Voting Rights and Dividends).

 

 

	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
	 
	 	 	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.
	 
	 	 	This Agreement is subject to the terms of the Intercreditor Arrangements. In the event of a
conflict between the terms of this Agreement and the Intercreditor Arrangements, the terms
of the Intercreditor Arrangements will prevail.
	 
	1.4	 	Secured Properties
	 
	 	 	The Parties agree that the Secured Properties shall be considered a “Collateral” for the
purposes of the Loan Documents.
	 
	1.5	 	Share Pledge Agreement
	 
	 	 	The Parties agree that this Share Pledge Agreement shall be considered a “Security Document”
for the purposes of the Loan Documents.
	 
	1.6	 	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 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.	 	PLEDGE
	 
	2.1	 	The Pledgor hereby pledges the Pledged Shares to and in favour and for the benefit of the
Collateral Agent and the Secured Parties as security for the payment, discharge and
satisfaction of the Obligations.
	 
	2.2	 	The Pledgor hereby conditionally assigns any and all of the Related Assets (including,
without limitation, upon capital reduction or liquidation of the Company), which shall become
an absolute assignment if an Enforcement Event has occurred and is continuing and an
Enforcement Notice to the Company is delivered pursuant to Clause 8 (Security Enforcement), to
and in favour and for the benefit of the Collateral Agent and the Secured Parties.
	 
	2.3	 	The Pledgor undertakes that if at any time by reason of the acquisition of new shares,
amalgamation, takeover, bonus or scrip or for any other reason whatsoever its Pledged Shares
represented by share certificates, shares or stock, additional to or different

 

 

	 	 	from those originally or subsequently pledged hereunder, and/or other shares will accrue to
or be declared in respect of the Pledged Shares in favour of the Pledgor, then the Pledgor
will as soon as practicable execute and deliver a Pledge Supplement to the Collateral Agent
for the pledge of such other share certificates, shares, and/or stock with the Collateral
Agent. Any such other shares and/or stock will be deemed to be included within the
definition of the “Pledged Shares” for all purposes hereof.
	 
	3.	 	CREATION AND RELEASE OF PLEDGE
	 
	3.1	 	Creation of Pledge
	 
	 	 	On the date of this Agreement and of any Pledge Supplement, the Pledgor shall:

	 	3.1.1	 	give a Notice of Pledge of its Pledged Shares to the Company;
	 
	 	3.1.2	 	request and procure the Company to deliver to the Collateral Agent a Notice
of Acknowledgement, duly signed on behalf of the Company;
	 
	 	3.1.3	 	deliver to the Collateral Agent the original share certificates representing
the Pledged Shares;
	 
	 	3.1.4	 	deliver the duly executed Voting Proxy authorizing the Collateral Agent to
exercise the voting power of the Pledgor subject to Clause 4 (Voting Rights and
Dividends); and
	 
	 	3.1.5	 	deliver the duly executed share transfer form in blank in relation to the
Pledged Shares subject to or expressed to be subject to the Transaction Security.

	3.2	 	As soon as reasonably practicable but no later than 2 Business Days after the date of this
Agreement and of any Pledge Supplement, the Pledgor shall cause the pledge of its Pledged
Shares to the Collateral Agent to be entered in the shareholders’ register book of the Company
and deliver to the Collateral Agent copies (certified as true and complete by the authorised
persons of the Company) of the relevant pages of the shareholders’ register book of the
Company evidencing the entering of such pledge.
	 
	3.3	 	Release
	 
	 	 	The Security constituted by this Agreement and the effect of this Agreement shall be
released, re-assigned and cancelled (to the extent applicable):

	 	3.3.1	 	by the Collateral Agent (acting on the instructions of the Applicable
Representative) at the request and cost of the Pledgor, 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 Pledgor or any other person under any of the Loan Documents; or
	 
	 	3.3.2	 	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).

 

 

	4.	 	VOTING RIGHTS AND DIVIDENDS
	 
	4.1	 	Voting rights and dividends provided no Enforcement Event has occurred and is continuing
	 
	 	 	Provided no Enforcement Event has occurred and is continuing, the Pledgor shall:

	 	4.1.1	 	to the extent permitted under the Principal Finance Documents, be entitled
to all proceeds, dividends, interest and other monies or distributions of an income
nature arising from the Pledged Shares; and
	 
	 	4.1.2	 	be entitled to attend all shareholders’ meetings of the Company and exercise
all voting rights in relation to the Pledged Shares, provided that the Pledgor shall
not exercise such voting rights in any manner which would result in, or otherwise
permit or agree to, any:

	 	(a)	 	variation of the rights attaching to or conferred by all or any
part of the Secured Properties; or
	 
	 	(b)	 	increase in the issued share capital of the Company; or
	 
	 	(c)	 	exercise, renunciation or assignment of any right to subscribe
for any shares or securities; or
	 
	 	(d)	 	reconstruction, amalgamation, sale or other disposal of the
Company or any of the assets of the Company (including the exchange, conversion
or reissue of any shares or securities as a consequence thereof),

	 	 	 	which would adversely affect the validity or enforceability of the Security or which
would cause an Enforcement Event to occur. Unless otherwise permitted under the
Principal Finance Documents, an exercise of any right referred to in subparagraphs
(a) — (d) without the Collateral Agent’s prior written consent will constitute a
breach of this Agreement and the proceeds of any such action shall form part of the
Secured Properties.

	4.2	 	Voting rights and dividends if an Enforcement Event has occurred and is continuing
	 
	 	 	If an Enforcement Event has occurred and is continuing and to the extent allowed by
applicable law:

	 	4.2.1	 	the Collateral Agent may, and shall, upon an instruction of the Applicable
Representative, (in the name of the Pledgor or otherwise and without any further
consent or authority from the Pledgor):

	 	(a)	 	exercise (or refrain from exercising) the Voting Proxy in
respect of any voting rights under the Pledged Shares; and
	 
	 	(b)	 	apply all dividends, interest and other monies arising from the
Pledged Shares which it receives to discharge the Obligations.

 

 

	 	 	 	The proceeds of any such action shall form part of the Secured Properties and shall
be applied to discharging the Obligations as required by this Agreement and by law;
and
	 
	 	4.2.2	 	the Pledgor must procure that all dividends payable thereafter in respect of
its Shares are paid directly to the Collateral Agent and shall fully co-operate and
instruct the Company to allow the Collateral Agent to exercise its right under the
Voting Proxy.

	5.	 	FURTHER ASSURANCE
	 
	5.1	 	Covenant for Further Assurance
	 
	 	 	Subject to the Agreed Security Principles, the Pledgor will promptly at its own cost do all
such acts or execute all such documents (including assignments, transfers, pledges, notices
and instructions) as, upon a reasonable instruction of the Applicable Representative, the
Collateral Agent may specify (and in such form as the Collateral Agent, upon a reasonable
instruction of the Applicable Representative, may require in favour of the Collateral Agent
or its nominee(s)) for the purpose of creating and perfecting the Security or exercising the
Collateral Rights or assuring the right to enforce the Security created or intended to be
created in respect of the Secured Properties (which may include the execution by the Pledgor
of a pledge or assignment over all or any of the assets constituting, or intended to
constitute, the Secured Properties) or for the exercise of the rights, powers and remedies
of the Collateral Agent provided by or pursuant to this Agreement or by law in each case in
accordance with the rights vested in it under this Agreement or for rendering any assignment
of a benefit pursuant to Clause 16 (Assignment) 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 Pledgor.
	 
	5.2	 	Without the prior written consent of the Collateral Agent, the Pledgor shall not, or agree
to, do any of the following:

	 	5.2.1	 	create or allow to exist any encumbrances in connection with the Secured
Properties or anything that may result in the Collateral Agent’s rights ranking in
priority behind any claim against the Pledgor over the Secured Properties;
	 
	 	5.2.2	 	sell or transfer or dispose of the Secured Properties;
	 
	 	5.2.3	 	waive any of its rights or release any person from its obligations in
connection with the Secured Properties;
	 
	 	5.2.4	 	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 Enforcement Event to occur;
and
	 
	 	5.2.5	 	deal in any other way with the Secured Properties, or allow the Secured
Properties or any interest in them to arise or be varied, unless otherwise permitted under the Principal Finance Documents.

	5.3	 	The Pledgor agrees to comply in all respects with any applicable laws and regulations and any
requirements of authorities and the Pledgor’s other obligations in connection with the Secured
Properties (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)).
	 
	6.	 	REPRESENTATIONS AND WARRANTIES
	 
	6.1	 	The Pledgor represents and warrants to the Collateral Agent that, on the date of this
Agreement:

	 	6.1.1	 	except as disclosed under the Credit Agreement or otherwise permitted by the
Principal Finance Documents, the Pledged Shares then in existence have been validly
issued and are fully paid;
	 
	 	6.1.2	 	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 Secured Properties which 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)); and
	 
	 	6.1.3	 	it has good, valid and marketable title to the Secured Properties then in
existence.

	6.2	 	Each of the representations set out in Clause 6.1 will be deemed to be repeated by the
Pledgor as true and correct in all material respects on and as of each date a Pledge
Supplement is executed 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 Pledgor 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 Pledgor by this Agreement or any
other agreement binding on the Pledgor to which the Collateral Agent is a

 

 

	 	 	 	party (including the execution and delivery of any agreements or any assignments or
other security and any transfers of the Secured Properties);
	 
	 	7.1.2	 	enabling the Collateral Agent to exercise, or delegate the exercise of, all
or any of the Collateral Rights; 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 Pledgor 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 Pledgor that the Pledgor has failed to comply with a
further assurance or perfection obligation within 10 Business Days of being notified of
that failure (with a copy of that notice being sent to the Loan Party’s Agent),

	 	 	provided further that the Collateral Agent shall not be obliged to exercise the powers
conferred upon it by the Pledgor 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 Pledgor shall ratify and confirm all things done and all documents executed by the
attorney in the exercise or purported exercise of all or any of its powers in accordance
with the terms hereof.
	 
	8.	 	SECURITY ENFORCEMENT AND INSTRUCTION OF APPLICABLE REPRESENTATIVE
	 
	8.1	 	The Pledgor acknowledges and agrees that if an Enforcement Event has occurred and is
continuing and at any time thereafter, the Collateral Agent shall be entitled to but not
obliged to:

	 	8.1.1	 	deliver to the Pledgor an Enforcement Notice to the Pledgor;
	 
	 	8.1.2	 	deliver to the Company an Enforcement Notice to the Company; and
	 
	 	8.1.3	 	cause the pledge constituted under or pursuant to Clause 2 (Pledge) to
become enforceable by sale of the Pledged Shares in accordance with this Agreement and
the Principal Finance Documents and as allowed and subject to applicable law,

	 	 	provided that the Collateral Agent shall only exercise such rights upon the instruction of
the Applicable Representative.

 

 

	8.2	 	Each of the parties agree that (i) the time provided in a notice served under the Credit
Agreement and/or the Senior Secured Note Indenture and/or an Additional Agreement to the
relevant Loan Parties if an Enforcement Event has occurred and is continuing for the
performance of their obligations; and (ii) the 10 Business Days specified in the Enforcement
Notice to the Pledgor, are the reasonable time for such Loan Parties and the Pledgor (as a
Loan Party) to remedy the Enforcement Event and to perform their obligations as referred to
under Section 764 of the Civil and Commercial Code of Thailand. Each of the parties further
agree that each of the notice referred to in (i) and the Enforcement Notice to the Pledgor is
a notification to a debtor as required under Section 764 of the Civil and Commercial Code of
Thailand.
	 
	8.3	 	The Collateral Agent may enforce the pledge granted under this Agreement before it enforces
other rights or remedies available to it:

	 	8.3.1	 	against any other person; or
	 
	 	8.3.2	 	under another document, such as another encumbrance.

	 	 	If the Collateral Agent has more than one encumbrance, it may enforce them in any order it
chooses.
	 
	8.4	 	Subject to applicable law, the Collateral Agent need not, except to take any action the
Collateral Agent considers appropriate to secure its interest under this Agreement or to
enforce the Security to the extent permitted or required by applicable law or under this
Agreement:

	 	8.4.1	 	do anything to obtain payment of any dividends or other income in respect of
any Secured Properties (other than to comply with the applicable exchange control
regulations of Thailand then in force); or
	 
	 	8.4.2	 	vote at any meeting of shareholders of the Company; or
	 
	 	8.4.3	 	exercise rights in respect of any Secured Properties,

	 	 	even if it has reason to believe that the Secured Properties may depreciate in value. The
Collateral Agent is not responsible for loss occasioned by such a failure to act or delay in
so acting.
	 
	8.5	 	The Collateral Agent shall be entitled to apply proceeds of an enforcement of the Security
towards satisfaction of the Obligations without limitation in respect of:

	 	8.5.1	 	all and any amounts which are owed under the Loan Documents by the Pledgor
itself, any of the Companies or by any of their subsidiaries; and
	 
	 	8.5.2	 	all and any amounts which correspond to funds that have been borrowed or
otherwise raised under the Loan Documents, in each case to the extent borrowed, on-lent
or otherwise passed on to, or issued for the benefit of, the Pledgor, any of the
Companies or any of their subsidiaries, or for the benefit of any of their creditors
and in each case not repaid and outstanding from time to time

 

 

	 	 	(in aggregate, the “Unlimited Enforcement Amount”).

	8.6	 	Besides an application of proceeds from an enforcement of the Security towards satisfaction
of the Obligations in respect of the Unlimited Enforcement Amount pursuant to Clause 8.5
above, the Collateral Agent shall not be entitled to apply proceeds of an enforcement of the
Security towards satisfaction of the Obligations but shall return to the Pledgor proceeds of
an enforcement of the Security if and to the extent that:

	 	8.6.1	 	the Security secures the obligations of a Grantor which is (x) a shareholder
of the Pledgor or (y) an affiliated company (verbundenes Unternehmen) within the
meaning of section 15 of the German Stock Corporation Act (Aktiengesetz) of a
shareholder of the Pledgor (other than the Pledgor and its subsidiaries); and
	 
	 	8.6.2	 	the application of proceeds of an enforcement of the Security towards the
Obligations would have the effect of (x) reducing the Pledgor’s net assets
(Reinvermögen) (the “Net Assets”) to an amount of less than its stated share capital
(Stammkapital) or, if the Net Assets are already an amount of less than its stated
share capital, of causing such amount to be further reduced and (y) would thereby
affect the assets required for the obligatory preservation of the Pledgor’s stated
share capital (Stammkapital) according to section 30, 31 German Limited Liability
Companies Act (Gesetz betreffend die Gesellschaften mit beschränkter Haftung) provided
that the amount of the stated share capital to be taken into consideration shall be the
amount registered in the commercial register at the date hereof, and any increase of
the stated share capital registered after the date of this Agreement shall only be
taken into account if such increase has been effected with the prior written consent of
the Collateral Agent.

	8.7	 	The Net Assets shall be calculated as an amount equal to the sum of the values of the
Pledgor’s assets (consisting of all assets which correspond to the items set forth in section
266 sub-section(2) A, B and C of the German Commercial Code (Handelsgesetzbuch) less the
aggregate amount of the Pledgor’s liabilities (consisting of all liabilities and liability
reserves which correspond to the items set forth in section 266 sub-section (3) B, C and D of
the German Commercial Code), save that:

	 	8.7.1	 	any asset that is shown in the balance sheet with a book value (Buchwert)
that is significantly lower than the market value of such asset and that is not
necessary for the Pledgor’s business (nicht betriebsnotwendig) shall be taken into
account with its market value;
	 
	 	8.7.2	 	obligations under loans provided to the Pledgor by any member of the Group
or any other affiliated company shall not be taken into account as liabilities as far
as such loans are subordinated by law or by contract at least to the claims of the
unsubordinated creditors of the Pledgor; and
	 
	 	8.7.3	 	obligations under loans or other contractual liabilities incurred by the
Pledgor in violation of the provisions of the Loan Documents shall not be taken into
account as liabilities.

 

 

	 	 	The Net Assets shall be determined in accordance with the generally accepted accounting
principles applicable from time to time in Germany (Grundsätze ordnungsmäßiger Buchführung)
and be based on the same principles that were applied by the Pledgor in the preparation of
its most recent annual balance sheet (Jahresbilanz).
	 
	 	 	It is understood that the assets of the Pledgor will be assessed at liquidation values
(Liquidationswerte) if the managing directors of the Pledgor, at the time they prepare the
Management Determination (as defined below) are, due to factual or legal circumstances at
that time, in their opinion not able to make a positive prognosis as to whether the business
of the Pledgor can carry on as a going concern (positive Fortführungsprognose), in
particular when the Security is enforced.
	 
	8.8	 	The limitations set out in Clause 8.6 above shall only apply if and to the extent that:

	 	8.8.1	 	without undue delay, but not later than within 5 business days, after
receipt of a notification by the Collateral Agent of its intention to enforce any of
the Security (the “Notice”), the Pledgor has confirmed in writing to the Collateral
Agent (x) to what extent such Security is up-stream or cross-stream security as
described in Clause 8.6 above and (y) which amount of proceeds of an enforcement of the
Security attributable to the enforcement of such up-stream or cross-stream security
cannot be applied towards satisfaction of the Obligations but would have to be returned
to the Pledgor as it would otherwise cause the Net Assets of the Pledgor to fall below
its stated share capital (taking into account the adjustments set out in Clause 8.7
above) and such confirmation is supported by evidence reasonably satisfactory to the
Collateral Agent (the “Management Determination”) and the Collateral Agent has not
contested this and argued that no or a lesser amount would be necessary to maintain the
Pledgor’s stated share capital; or
	 
	 	8.8.2	 	within 20 business days from the date the Collateral Agent has contested the
Management Determination, the Collateral Agent receives from the Pledgor an up to date
balance sheet prepared by a firm of auditors of international standard and reputation
(the “Determining Auditors”) which shows the value of the Pledgor’s Net Assets (the
“Balance Sheet”). The Balance Sheet shall be prepared in accordance with the principles
set out in Clause 8.7 above, provided that the final sentence of Clause 8.7 above shall
not apply unless the Determining Auditors have in an independent assessment determined
that the assets of the Pledgor should be evaluated at liquidation values
(Liquidationswerte) in accordance with the generally accepted accounting principles
applicable from time to time in Germany (Grundsätze ordnungsmäßiger Buchführung) and
shall contain further information (in reasonable detail) relating to items to be
adjusted pursuant to Clause 8.7 above. If the Pledgor fails to deliver a Balance Sheet
within the aforementioned time period, the Collateral Agent shall be entitled to apply
the proceeds of an enforcement of the Security towards satisfaction of the Obligations
irrespective of the limitations set out in Clause 8.6 above.

	8.9	 	If the Collateral Agent, on the reasonable instruction of the Applicable Representative,
disagrees with the Balance Sheet, the Collateral Agent shall be

 

 

	 	 	entitled to apply proceeds of an enforcement of the Security (in accordance with applicable
law) in satisfaction of the Obligations up to an amount which, according to the Balance
Sheet, can be applied in satisfaction of the Obligations in compliance with the limitations
set out in Clause 8.6 above. In relation to any additional amounts for which the Pledgor is
liable under this Agreement, the Collateral Agent and the Secured Parties shall be entitled
to further pursue their claims (if any) and the Pledgor shall be entitled to prove that this
amount is necessary for maintaining its stated share capital (calculated as of the date the
Collateral Agent give an Enforcement Notice to Pledgor).
	 	 	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 8.9 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 Pledgor.
	 
	8.10	 	No reduction of the amount enforceable or applicable towards satisfaction of the Obligations
under these Clauses 8.5 to 8.10 will prejudice the right of the Collateral Agent and the
Secured Parties to continue enforcing the Security (subject always to the operation of the
limitations set out above at the time of such enforcement) until full satisfaction to the
claims secured.
	 
	9.	 	PLEDGOR’S OBLIGATIONS
	 
	 	 	The obligations of the Pledgor and the Collateral Rights shall not be discharged, impaired
or otherwise affected by:
	 
	9.1	 	any winding-up, dissolution, judicial management, administration or reorganisation of or
other change in any of the Loan Parties or any other company, corporation, partnership or
other person;
	 
	9.2	 	any time or other indulgence being granted to any of the Loan Parties or any other company,
corporation, partnership or other person;
	 
	9.3	 	any amendment, variation, waiver or release of any of the Obligations;
	 
	9.4	 	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
	 
	9.5	 	any other act, event or omission which but for this provision would or might operate to
impair, discharge or otherwise affect the obligations of the Pledgor hereunder.
	 
	10.	 	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.
	 
	11.	 	EFFECTIVENESS OF SECURITY AND COLLATERAL RIGHTS
	 
	11.1	 	Rights Cumulative
	 
	 	 	The Security and the Collateral Rights shall be cumulative, in addition to and independent
of every other security that the Collateral Agent or any other Secured Party may at any time
hold for the Obligations or any rights, powers and remedies provided by law. No prior
security held by the Collateral Agent or any other Secured Party over the whole or any part
of the Secured Properties shall merge into the Security.
	 
	11.2	 	No Waiver

	 	11.2.1	 	No failure to exercise, nor any delay in exercising, on the part of the
Collateral Agent, any Collateral Right shall operate as a waiver, nor shall any single
or partial exercise of that Collateral Right prevent any further or other exercise of
that or any other Collateral Right.
	 
	 	11.2.2	 	No waiver by the Collateral Agent of any of its rights under this Agreement
shall be effective unless given in writing.

	11.3	 	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.
	 
	11.4	 	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 Pledged Shares or (c)
taking possession of or realising all or any part of the Pledged Shares, except to the
extent provided in the Principal Finance Documents.
	 
	11.5	 	Continuing security
	 
	 	 	The Security from time to time constituted by this Agreement is a continuing security and
will remain in full force and effect as a continuing security until released or discharged
by the Collateral Agent.
	 
	 	 	No part of the Security from time to time constituted by this Agreement will be considered
satisfied or discharged by any intermediate payment, discharge or satisfaction of the whole
or any part of the Obligations, unless such part of the

 

 

	 	 	Security is so discharged by the Collateral Agent to the extent permitted by the applicable
law.
	 
	11.6	 	Immediate recourse
	 
	 	 	To the extent permitted by the applicable law, the Pledgor 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 or claim payment from any person before claiming from the Pledgor
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.
	 
	11.7	 	Clawback
	 
	 	 	In the event (i) any settlement or discharge of any or all of the indebtedness of the
Pledgor is subsequently nullified for any reason whatsoever, and/or (ii) an order or
judgment is made to the detriment of the Collateral Agent or any of the Secured Parties
under Section 237 of the Civil and Commercial Code of Thailand (or any modification or
re-enactment thereof from time to time in force) or under any of 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 (including, without limitation, the jurisdiction in which the Pledgor is
incorporated) directing the Collateral Agent or any Secured Party to pay any sum received or
held by it from the Pledgor or from any other person to settle all or part of the debt of
the Pledgor to a plan preparer, a plan administrator, a receiver or an official receiver,
liquidator or creditor of the Pledgor or other person or officer performing similar
functions, then, (a) the returned moneys, 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 judgment, will be
recoverable from the Pledgor on demand.
	 
	11.8	 	No prejudice
	 
	 	 	The Security and the Collateral Rights shall not be prejudiced by any unenforceability or
invalidity of any other agreement or document or by any time or indulgence granted to the
Pledgor or any other person by the Collateral Agent or any other Secured Party or by any
variation of the terms upon which the Collateral Agent holds the Security or by any other
thing which might otherwise prejudice the Security or any Collateral Right.
	 
	12.	 	INDEMNITY
	 
	 	 	To the extent set out in Section 4.11 (Indemnity) of the First Lien Intercreditor Agreement,
the Pledgor shall, notwithstanding any release or discharge of all or any part of the
Security, indemnify the Collateral Agent, its agents, 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 Pledgor of the
provisions of this Agreement, the exercise or purported exercise of any of the Collateral
Rights or otherwise relating to the Pledged Shares.

 

 

	13.	 	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 any of the Obligations in accordance with the terms of the Intercreditor
Arrangements.
	 
	14.	 	SUSPENSE ACCOUNTS
	 
	 	 	All monies received, recovered or realised by the Collateral Agent under this Agreement
(including the proceeds of any conversion of currency) may in the discretion of the
Collateral Agent be credited to any interest bearing suspense or impersonal account
maintained with the Collateral Agent or any bank, building society or financial institution
as it considers appropriate and may be held in such account for so long as the Collateral
Agent may think fit pending their application from time to time (as the Collateral Agent is
entitled to do in its discretion) in or towards the discharge of any of the Obligations and,
save as provided herein, no party will be entitled to withdraw any amount at any time
standing to the credit of any suspense or impersonal account referred to above.
Notwithstanding the foregoing, the Collateral Agent shall pay to the Pledgor any amounts
required to be returned to the Pledgor following an enforcement of the pledge by virtue of
Clause 8 (Security Enforcement).
	 
	15.	 	NOTICES
	 
	 	 	Any communication to be made by one person to another under or in connection with this
Agreement shall be made in accordance with Section 5.01 (Notices) of the First Lien
Intercreditor Agreement.
	 
	16.	 	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.
	 
	17.	 	ASSIGNMENT
	 
	17.1	 	Permitted Successors
	 
	 	 	This Agreement shall be binding upon and shall inure to the benefit of each party and its
direct or subsequent legal successors, permitted transferees and assigns.
	 
	17.2	 	Collateral Agent Successors
	 
	 	 	This Agreement shall remain in effect despite any amalgamation or merger (however effected)
relating to the Collateral Agent; and references to the Collateral Agent shall include any
assignee or successor in title of the Collateral Agent and any person who, under the laws of
its jurisdiction of incorporation or domicile, has assumed the rights

 

 

	 	 	and obligations of the Collateral Agent under this Agreement or to which, under such laws,
those rights and obligations have been transferred.
	 
	17.3	 	Disclosure
	 
	 	 	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 Pledgor 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.
	 
	18.	 	COUNTERPARTS
	 
	 	 	This Agreement may be executed in any number of counterparts, and this has the same effect
as if the signatures on the counterparts were on a single copy of this Agreement.
	 
	19.	 	LAW AND JURISDICTION
	 
	 	 	This Agreement shall take effect under and be governed by and 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 Pledgor and is delivered by it on the date specified above.

 

 

SCHEDULE 1

DETAILS OF EXISTING SHARES

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Serial No. of Shares	 	 	 	 
	Share Certificate No.	 	From	 	 	To	 	 	Total Number of Shares	 
	 
	 	 	00000001	 	 	 	00649987	 	 	 	 	 
	1
	 	 	00649994	 	 	 	06500000	 	 	 	6,499,994	 
	02/09
	 	 	649989	 	 	 	—	 	 	 	1	 
	03/09
	 	 	649992	 	 	 	—	 	 	 	1	 
	04/09
	 	 	649993	 	 	 	—	 	 	 	1	 
	8
	 	 	6500001	 	 	 	30706930	 	 	 	24,206,930	 
	 
	 	 	 	 	 	 	 	 	 
	Total
	 	 	 	 	 	 	 	 	 	 	30,706,927	 
	 
	 	 	 	 	 	 	 	 	 	 	 

 

 

SCHEDULE 2

FORM OF NOTICE OF PLEDGE

	 	 	 

	To:

	 	SIG Combibloc Ltd. (the “Company”)
	 
	For the attention of:

	 	The Managing Director of the Company
	 
	Attached:

	 	A photocopy of [Share Pledge Agreement dated
[•] (the “Share Pledge Agreement”)] /
[Pledge Supplement dated [•] (the “Pledge
Supplement”)]

[Date]

We, SIG Combibloc Holding GmbH, hereby notify you of the pledge of the shares represented by the
following share certificates issued by the Company pursuant to the [Share Pledge Agreement] /
[Pledge Supplement] made between SIG Combibloc Holding GmbH as Pledgor, Wilmington Trust (London)
Limited as Collateral Agent and the Secured Parties (as defined therein).

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Serial No. of Shares	 	 	 	 
	Certificate No.	 	From	 	 	To	 	 	No. of Pledged Shares	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 

Accordingly, please acknowledge and register and record this pledge in favour of the Collateral
Agent who is acting on behalf of the Secured Parties in the shareholder registry book of the
Company as follows:

“The share(s) no(s). [•] represented by the share certificate(s) no(s). [•] is/are subject to a
pledge pursuant to the terms and conditions of a Share Pledge Agreement with respect to shares in
SIG Combibloc Ltd. dated ___________________ between SIG Combibloc Holding GmbH as Pledgor,
Wilmington Trust (London) Limited of 6 Broad Street Place, London EC2M 7JH, United Kingdom, as
Collateral Agent and the Secured Parties (as defined therein) [and a Pledge Supplement dated [•]]”

	 	 	 	 	 
	 	Yours sincerely 	 
	 
	 	 	 
	 	for and on behalf of 	 
	 	SIG COMBIBLOC HOLDING GMBH 	 

 

 

	 	 	 	 	 

SCHEDULE 3

FORM OF NOTICE OF ACKNOWLEDGEMENT

[Letterhead of SIG Combibloc Ltd.]

			
	To:	 	Wilmington Trust (London) Limited
as Collateral Agent

			
	To:	 	The Secured Parties (as defined in the Share Pledge Agreement)

[Date]

We refer to the request made by SIG Combibloc Holding GmbH (the “Pledgor”), a shareholder of SIG
Combibloc Ltd. (the “Company”) and hereby notify you that the Company has registered and recorded
the pledge of [number of shares] shares represented by share certificate no. [•] (the
“Shares”) under the [Share Pledge Agreement] / [Pledge Supplement] dated [•] between SIG Combibloc
Holding GmbH as pledgor, Wilmington Trust (London) Limited as collateral agent and the Secured
Parties (as defined therein) [(the “Share Pledge Agreement”)] / [(the “Pledge Supplement”)] in the
shareholders’ registry book of the Company on [date].

We acknowledge that the Shares are pledged as Security for the Obligations. We agree that following
an Enforcement Notice to the Company from you to us that an Enforcement Event has occurred and is
continuing: (i) we will pay to you all dividends payable thereafter relating to the Shares; and
(ii) we will accept, and have no objection against you exercising your rights under, the Voting
Proxy executed by the Pledgor authorising you to attend and cast any and all voting rights in
respect of the Shares at any shareholders meeting of the Company and effecting sales of the Shares
in accordance with the [Share Pledge Agreement] / [Pledge Supplement], subject to applicable law.

Unless defined, terms used herein shall have the same meaning as ascribed to it in the [Share
Pledge Agreement] / [Pledge Supplement].

	 	 	 	 	 
	 	Yours faithfully

 	 
	 	 	 
	 	Authorised Signatory 	 
	 	SIG COMBIBLOC LTD. 	 

 

 

	 	 	 	 	 

SCHEDULE 4

FORM OF VOTING PROXY

Date                    

Place                    

We, SIG Combibloc Holding GmbH, being a shareholder of SIG Combibloc Ltd. (the “Company”), holding
the number of share(s) in the Company specified below (the “Shares”), hereby irrevocably appoint
and authorise Wilmington Trust (London) Limited to be our proxy (with full power to appoint, by
written notice to the Company, on any one or more occasions, any one or more substitutes for any or
all meetings), if an Enforcement Event has occurred and is continuing (as defined in the Share
Pledge Agreement), (i) to attend and exercise any and all voting rights on our behalf at any
general meeting (including any adjournments thereof) of shareholders of the Company to be held at
any time; and (ii) exercise any other rights specified in the Loan Documents (as defined in the
Share Pledge Agreement dated ___________________ between ourselves as pledgor, Wilmington Trust
(London) Limited as collateral agent and the Secured Parties (as defined therein) (the “Share
Pledge Agreement”)) in respect of the Shares, in accordance with such documents.

Details of the Share:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Shareholder	 	Serial No. of Pledged Shares	 	 	Total Number of	 
	Registration No.	 	From	 	 	To	 	 	Pledged Shares	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 

In witness whereof, this Proxy has been signed as of the date first written above.

SIG COMBIBLOC HOLDING GMBH

Signed 
                       
                 

            (
                      
                   )

Signed                          
                Witness

            
(                     
                    )

Signed 
                    
                     Witness

            
(                    
                     )

 

 

SCHEDULE 5

FORM OF PLEDGE SUPPLEMENT

			
	To:	 	Wilmington Trust (London) Limited
as Collateral Agent

			
	To:	 	The Secured Parties (as defined in the Share Pledge Agreement)

[Date]

Dear Sirs

	1.	 	Reference is made to the Share Pledge Agreement dated [•] between between SIG Combibloc
Holding GmbH as pledgor, Wilmington Trust (London) Limited as collateral agent and the Secured
Parties (as defined therein) in respect of the shares in SIG Combibloc Ltd. (the “Share Pledge
Agreement”).
	 
	2.	 	We, SIG Combibloc Holding GmbH (the “Pledgor”), being the owner of the ordinary shares of [•]
identified in the Annex hereto (the “Shares”), hereby pledge to Wilmington Trust (London)
Limited (the “Collateral Agent”) and the Secured Parties in accordance with the Share Pledge
Agreement the Shares for the payment of the Obligations.
	 
	3.	 	The Pledgor will take such action with respect to this pledge of shares as is required under
the Share Pledge Agreement and in particular as required by Clauses 3.1 and 3.2 (Creation of
Pledge) of the Share Pledge Agreement.
	 
	4.	 	The Pledgor hereby represents and warrants that the representations and warranties of the
Pledgor set forth in the Share Pledge Agreement 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 Pledge
Supplement.
	 
	5.	 	All terms and conditions set forth in the Share Pledge Agreement will apply to this Pledge
Supplement and be deemed to be incorporated mutatis mutandis as if fully set out herein.

	 	 	 	 	 
	 	The Pledgor

SIG COMBIBLOC HOLDING GMBH

 	 
	 	 	 
	 	Address: 	 
	 	Attention:

Facsimile: 	 

 

 

	 	 	 	 	 

ANNEX TO PLEDGE SUPPLEMENT

The Shares Pledged Pursuant to this Pledge Supplement

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 	 	Total Number of	 
	Share Certificate No.	 	Serial No. of Pledged Shares	 	 	Pledged Shares	 
	 	 	From	 	 	To	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	Total	 	 	 	 

 

 

SCHEDULE 6

FORM OF ENFORCEMENT NOTICE TO COMPANY

			
	To:	 	SIG Combibloc Ltd. (the “Company”)

Date:

Dear Sirs,

The Share Pledge Agreement dated [•] between SIG Combibloc Holding GmbH as Pledgor, Wilmington
Trust (London) Limited as Collateral Agent and the Secured Parties (as defined therein) (the “Share
Pledge Agreement”)

Unless otherwise defined herein, terms used herein shall have the same meanings as ascribed to them
in the Share Pledge Agreement.

We, Wilmington Trust (London) Limited, in our capacity as Collateral Agent, hereby notify you,
pursuant to Clause 8 (Security Enforcement) of the Share Pledge Agreement, that an Enforcement
Event has occurred and is continuing.

You are hereby instructed and obliged, with immediate effect and until further notice, to:

	1.	 	pay to us, on and after the date hereof, all dividends payable relating to the shares
specified below (the “Shares”); and
	 
	2.	 	accept, and have no objection against us exercising our rights under the Voting Proxy dated
[•] executed by SIG Combibloc Holding GmbH authorising us to attend and cast any and all
voting rights in respect of the Shares at any shareholders meeting of the Company and
effecting sales of the Shares.

Details of the Share:

	 	 	 	 	 	 	 	 	 	 	 	 	 
		 	Serial No. of Pledged Shares	 	 	 
	Share Certificate No. 	 	From	 	 	To	 	Total Number of Pledged Shares
	 
	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 
	 	Yours faithfully

 	 
	 	 	 
	 	Wilmington Trust (London) Limited 	 
	 	in its capacity as Collateral Agent acting in its own right
and for and on behalf of the Secured Parties 	 

 

 

	 	 	 	 	 

SCHEDULE 7

FORM OF ENFORCEMENT NOTICE TO PLEDGOR

			
	To:	 	SIG Combibloc Holding GmbH (the “Pledgor”)

Date:

Dear Sirs,

The Share Pledge Agreement dated [•] between the Pledgor, Wilmington Trust (London) Limited as
Collateral Agent and the Secured Parties (as defined therein) (the “Share Pledge Agreement”)

Unless otherwise defined herein, terms used herein shall have the same meanings as ascribed to them
in the Share Pledge Agreement.

We, Wilmington Trust (London) Limited in our capacity as Collateral Agent, hereby notify you,
pursuant to Clause 8 (Security Enforcement) of the Share Pledge Agreement that an Enforcement Event
has occurred and is continuing.

Accordingly, the Pledgor as a Loan Party is hereby notified to remedy the Event of Default giving
rise to a continuing Enforcement Event within 10 Business Days after Pledgor’s receipt of this
notice. The Collateral Agent will sell the Pledged Shares by public auction if the Pledgor as a
Loan Party fails to comply with this notice or unless agreed otherwise between the Pledgor and the
Collateral Agent to enforce by other means.

If not agreed otherwise, the auction will take place at [ time ] on [date] at [place].

This notice is a notification under Section 764 of the Civil and Commercial Code of Thailand.

Details of the Shares:

	 	 	 	 	 	 	 	 	 	 	 	 	 
		 	Serial No. of Pledged Shares	 	 	 
	Share Certificate No. 	 	From	 	 	To	 	Total Number of Pledged Shares
	 
	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 
	 	Yours faithfully

 	 
	 	 	 
	 	Wilmington Trust (London) Limited 	 
	 	in its capacity as Collateral Agent acting in its own right
and for and on behalf of the Secured Parties 	 

 

 

	 	 	 	 	 

EXECUTION PAGE

THE PLEDGOR

EXECUTED for and on behalf of

SIG COMBIBLOC HOLDING GMBH

	 	 	 	 	 	 	 

	 
	By: 	 /s/ Philip West	 	By: 	                   /s/ Helen Golding
	 
	 	 	 
	 	Name: 	 Philip West	 	 	Name: 	                Helen Golding
	 	Title:	 Authorised Signatory	 	 	Title:	            Authorised Signatory
	 	 	 	 	 	 	 
	 
	Witness:	 	 	 	 
	 
	By: 	 /s/ Fiona Singh	 	 	 	 
	 
	 
	 	 	 	 
	 	Name: 	 Fiona Singh	 	 	 	 
	 
	 
	 	 	 	 

 

 

THE COLLATERAL AGENT

EXECUTED for and on behalf of

WILMINGTON TRUST (LONDON) LIMITED

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

	 	 	 	 	 
	Witness:

 	 
	By:  	/s/ Michael Qulyuan
 	 
	 	Name:  	Michael Qulyuan 	 
	 	 	 

 

 

	 	 	 	 	 

THE 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 Manager 	 
	 

	 	 	 	 	 
	Witness:

 	 
	By:  	/s/ Michael Qulyuan 
 	 
	 	Name:  	Michael Qulyuanexv4w150

			
	 
	 	EXHIBIT 4.150

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 BANK

ACCOUNTS 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

	 	 	4	 
	 
	 	 	 	 
	3. Notice of Conditional Assignment

	 	 	5	 
	 
	 	 	 	 
	4. Continuing Security

	 	 	5	 
	 
	 	 	 	 
	5. Further Assurance and Protection of Security

	 	 	6	 
	 
	 	 	 	 
	6. Representations and Warranties

	 	 	9	 
	 
	 	 	 	 
	7. Power of Attorney

	 	 	9	 
	 
	 	 	 	 
	8. Enforcement and Instruction of Applicable Representative

	 	 	10	 
	 
	 	 	 	 
	9. Successors and Assigns

	 	 	11	 
	 
	 	 	 	 
	10. Release and Reassignment

	 	 	12	 
	 
	 	 	 	 
	11. Delegation

	 	 	12	 
	 
	 	 	 	 
	12. Effectiveness of Security

	 	 	12	 
	 
	 	 	 	 
	13. Notices

	 	 	14	 
	 
	 	 	 	 
	14. Currency Conversion

	 	 	14	 
	 
	 	 	 	 
	15. Indemnity

	 	 	14	 
	 
	 	 	 	 
	16. Counterparts

	 	 	14	 
	 
	 	 	 	 
	17. Law and Jurisdiction

	 	 	14	 
	 
	 	 	 	 
	Schedule 1 Details of Assigned Accounts

	 	 	15	 
	 
	 	 	 	 
	Schedule 2 Notice of Conditional Assignment

	 	 	16	 
	 
	 	 	 	 
	Schedule 3 Form of Trigger Notice

	 	 	18	 
	 
	 	 	 	 
	Schedule 4 Form of Supplemental Conditional Assignment of Bank Accounts Agreement

	 	 	19	 

 

 

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:

	 	 	“Account Bank” means, with respect to each Assigned Account, the Collateral Agent or any
financial institution in Thailand where such account is maintained.

	 	 	“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.

	 	 	“Assigned Account” means each of the accounts maintained by the Assignor with each Account
Bank as listed in Schedule 1 (including any renumbering or renaming of that account and any
consolidated, renewal or substitute account or new account opened and owned by the Assignor
with an Account Bank from time to time) and such amounts as are from time to time standing
to the credit thereof including all of the Assignor’s rights, entitlements and benefits in
respect of the Account(s) (including its rights to withdraw and receive monies therefrom).

	 	 	“Borrowers” means the “Borrowers” under, and, as the 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.

 

 

	 	 	“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.

	 	 	“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).

	 	 	“Intercreditor Arrangements” means the First Lien Intercreditor Agreement, and any other
document that is designated by the Loan Parties’ Agent and the Collateral Agent as an
intercreditor agreement, in each case as amended, novated, supplemented, restated, replaced
or modified from time to time.

	 	 	“Issuers” means the “Issuers” under, and as defined in, the Senior Secured Note Indenture,
including their 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 2 (or such other form
as may be acceptable to the Collateral Agent).

	 	 	“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.

 

 

	 	 	“Permitted Lien Account” means each of the accounts of the Assignor held with the Hong Kong
and Shanghai Banking Corporation Limited, Bangkok branch (“Permitted Lien Account Bank”),
with account numbers [               ] and [               ].

	 	 	“Permitted Lien Account Amount” means, with respect to the Permitted Lien Account with
account number [               ], THB 11,441,000.00 and, with respect to the Permitted Lien
Account with account number [               ], USD46,000.00.

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

	 	 	“Secured Parties” means the “Secured Parties” under, and as defined in, the First Lien
Intercreditor Agreement.

	 	 	“Security” means any rights under this Agreement purported to be created by or constituted
by or pursuant to this Agreement in respect of the Assigned Accounts given 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
favour 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.
	 
	 	 	“Trigger Notice” shall have the meaning described in 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	 	Assigned Accounts

	 	 	The Parties agree that the Assigned Accounts shall be considered a “Collateral” for the
purposes of the Loan Documents.
	 
	1.5	 	Conditional Assignment of Bank Accounts Agreement

	 	 	The Parties agree that this Conditional Assignment of Bank Accounts 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 Bank Accounts 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 hereby assigns (subject to the condition to the absolute
assignment’s effectiveness in Clause 2.2) to and in favour and for the benefit of the
Collateral Agent and the Secured Parties all of the Assignor’s rights, title and interest in
and to each of the Assigned Accounts to secure the payment, discharge and satisfaction of the
Obligations.

	2.2	 	Each assignment specified in Clause 2.1 shall only become an absolute assignment if and when
the Collateral Agent delivers a notice, upon the instruction of the Applicable Representative,
if an Enforcement Event has occurred and is continuing in accordance with Clause 8.1 in
substantially the form of that set out in Schedule 3

 

 

	 	 	(the “Trigger Notice”) to each Account Bank and the Assignor. Such assignments shall become
immediately effective as an absolute assignment and binding upon the service of such a
Trigger Notice. The Assignor hereby waives any judicial or other formality or presentment,
demand, protest or other notice of any kind.

	2.3	 	Nothing herein shall constitute or be deemed to constitute a novation or settlement of any of
the Obligations or the Loan Documents, nor shall it be construed as an assumption or
acceptance by the Collateral Agent of the transfer of any obligation or liability of the
Assignor in respect of the Assigned Accounts.

	2.4	 	With effect from the service of a Trigger Notice, until the discharge and release are
effected pursuant to Clause 10 (Release and Reassignment), the Collateral Agent shall be the
sole person entitled to give instructions with respect to the monies standing to the credit of
the Assigned Accounts.
	 
	3.	 	NOTICE OF CONDITIONAL ASSIGNMENT

	3.1	 	The Assignor and the Collateral Agent shall, promptly after the execution of this Agreement
and the Supplemental Conditional Assignment Agreement (as defined in Clause 5.7), sign a
Notice of Assignment to each Account Bank, which the Assignor shall then promptly give to each
Account Bank by means of return receipt registered mail.

	3.2	 	Within 20 days after the date of the Notice of Assignment, the Assignor shall provide the
Collateral Agent with a registered mail receipts as evidence that the Notice of Assignment has
been received by each of the Account Banks.

	3.3	 	The Assignor shall use its best endeavours for 45 days from the date of the service of the
Notice of Assignment to promptly obtain and deliver to the Collateral Agent an acknowledgement
of receipt of the Notice of Assignment and consent to the assignment from each of the Account
Banks in the form set forth in Schedule 2 duly signed by the authorised signatory of such
Account Banks. However, the Assignor shall have no liability if an Account Bank does not
countersign and return the Notice of Assignment despite the best endeavours of the Assignor.
	 
	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 (including the amendment of Schedule 1 to this Agreement to the extent necessary
to include future Assigned Accounts) 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 Assigned Account may be located in
order to confer on the Collateral Agent such rights or for rendering any assignment of a
benefit pursuant to Clause 9 (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 (Further Assurance and Protection of Security) 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 Trigger Notice is issued to
the Account Bank and the Assignor, the Assignor shall retain control over and the ability to
use freely the balance of and exercise all rights and powers in respect of the Assigned
Accounts.

	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 Assigned
Accounts;
	 
	 	5.3.2	 	sell or transfer or otherwise dispose of the Assigned Accounts or enter into
any arrangement under which money or the benefit of the Assigned Accounts may be
applied, set-off or made subject to a combination of accounts other than the Permitted
Security;
	 
	 	5.3.3	 	commit or omit to do any act the result of which would lead to the
termination or closure of the Assigned Accounts or any part thereof, unless required
to do so by law;
	 
	 	5.3.4	 	waive any of its rights or release any person from its obligations in
connection with the Assigned Accounts; and

 

 

	 	5.3.5	 	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 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 the
Assignor’s other obligations in connection with the Assigned Accounts 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).

	5.5	 	Subject to Clause 5.6, the Assignor undertakes that, within 5 Business Days of the end of
each calendar month, it will send an authorisation or instruction to the Permitted Lien
Account Bank authorising or instructing the Permitted Lien Account Bank to transfer all
amounts standing to the credit of a Permitted Lien Account in excess of the Permitted Lien
Account Amount to one or more of the Assigned Accounts.

	5.6	 	The Assignor shall only be required to deliver the authorisation or instruction referred to
in Clause 5.5 at the end of a calendar month if the balance of a Permitted Lien Account is in
excess of the Permitted Lien Account Amount at the end of that month. In addition, the
Assignor shall not be required to deliver any authorisation or instruction under Clause 5.5 at
any time after the date on which a Security Interest is granted over that Permitted Lien
Account in accordance with Clause 5.7 below.

	5.7	 	As soon as reasonably practicable after the Security Interest over a Permitted Lien Account
in favour of the Permitted Lien Account Bank is released, the Assignor shall duly execute and
deliver to the Collateral Agent a supplemental conditional assignment agreement in the form
set out in Schedule 4 to this Agreement (the “Supplemental Conditional Assignment Agreement”)
for the purposes of creating the Security Interest over such Permitted Lien Account, unless
such Permitted Lien Account is closed or in the process of being closed within 10 Business
Days and all remaining sums in such Permitted Lien Account shall be transferred to one or more
of the Assigned Accounts. Subject to the terms and conditions of this Agreement, the Assignor
shall do all such acts and things as the Collateral Agent, upon a reasonable instruction of
the Applicable Representative, may require for the purposes of creating, perfecting,
maintaining or protecting the Security and the Permitted Lien Account shall become the
Assigned Account for the purpose of this Agreement.

	 	 	Upon the execution of a Supplemental Conditional Assignment Agreement, each reference to
“Assigned Accounts” or “Account Bank” shall include the accounts assigned under and the
account bank named under the Supplemental Conditional Assignment Agreement. The Supplemental
Conditional Assignment Agreement shall form part of this Agreement.

 

 

	6.	 	REPRESENTATIONS AND WARRANTIES 

	6.1	 	The Assignor represents and warrants to the Collateral Agent that, on the date of this
Agreement:

	 	6.1.1	 	it has good, valid and marketable title to the Assigned Accounts and the
amounts then standing to the credit 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 Assigned Accounts
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); and
	 
	 	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 Assigned Accounts 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).

	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 when an
assignment or amendment to assignment or any other documents (as required under Clause 5
(Further Assurance and Protection of Security)) is executed in respect of any account which is
not listed in Schedule 1 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 or other
security and any transfers of the Assigned Accounts);

 

 

	 	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 Trigger Notice under or pursuant to Clause 2.2. The Collateral Agent shall thereafter be
entitled, but not required, to take such action after delivery of the Trigger Notice by any
means allowed by applicable law for the collection and realisation of the Assigned Accounts.
	 
	8.2	 	At any time following the service of a Trigger Notice, 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 rights
in the Assigned Accounts;
	 
	 	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 Assigned Accounts;
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 Assigned Accounts.

	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.
	 
	8.4	 	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.
	 
	9.	 	SUCCESSORS AND ASSIGNS
	 
	9.1	 	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.
	 
	9.2	 	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.
	 
	9.3	 	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.
	 
	9.4	 	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.

 

 

	10.	 	RELEASE AND REASSIGNMENT

	10.1	 	The Security constituted by this Agreement and the effect of this Agreement shall be
released, re-assigned and cancelled (to the extent applicable):

	 	10.1.1	 	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
	 
	 	10.1.2	 	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).

	10.2	 	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.
	 
	11.	 	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.
	 
	12.	 	EFFECTIVENESS OF SECURITY
	 
	12.1	 	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.
	 
	12.2	 	Waivers

	 	12.2.1	 	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).

 

 

	 	12.2.2	 	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.

	12.3	 	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.
	 
	12.4	 	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 Assigned Accounts or (c)
taking possession of or realising all or any part of the Assigned Accounts, except to the
extent provided in the Principal Finance Documents.
	 
	12.5	 	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.
	 
	12.6	 	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.

 

 

	13.	 	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.
	 
	14.	 	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.
	 
	15.	 	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 Assigned Accounts.
	 
	16.	 	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.
	 
	17.	 	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 1

DETAILS OF ASSIGNED ACCOUNTS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Description
	No.	 	Account Number	 	Account Bank	 	Account Title	 	Currency
	1.

	 	[___________]
	 	Deutsche Bank AG,

Bangkok Branch
	 	SIG Combibloc Ltd.
	 	THB
	 
	 	 	 	 	 	 	 	 
	2.

	 	[___________]
	 	Deutsche Bank AG,

Bangkok Branch
	 	SIG Combibloc Ltd.
	 	THB
	 
	 	 	 	 	 	 	 	 
	3.

	 	[___________]
	 	Deutsche Bank AG,

Bangkok Branch
	 	SIG Combibloc Ltd.
	 	EUR
	 
	 	 	 	 	 	 	 	 
	4.

	 	[___________]
	 	Deutsche Bank AG,

Bangkok Branch
	 	SIG Combibloc Ltd.
	 	USD
	 
	 	 	 	 	 	 	 	 
	5.

	 	[___________]
	 	HSBC, Bangkok Branch
	 	SIG Combibloc Ltd.
	 	THB
	 
	 	 	 	 	 	 	 	 
	6.

	 	[___________]
	 	HSBC, Bangkok Branch
	 	SIG Combibloc Ltd.
	 	EUR
	 
	 	 	 	 	 	 	 	 
	7.

	 	[___________]
	 	United Overseas

Bank (Thai) Public

Company Limited, Eastern

Seaboard Branch
	 	SIG Combibloc Ltd.
	 	THB

 

 

SCHEDULE 2

NOTICE OF CONDITIONAL ASSIGNMENT

Date: [ -to insert the issue date- ]

To: [ -to insert the full name of the Account Bank- ]

Dear Sirs,

We refer to the following account(s) opened by SIG Combibloc Ltd. (the “Assignor”) with you:

[ - to insert details of the Assigned Account(s) -]

(the “Account(s)”, which expression includes any substitute account(s) opened therefor).

We hereby give you (which expression herein shall mean a reference to you and each of your branches
holding Accounts) notice that pursuant to [a Conditional Assignment of Bank Accounts Agreement
dated [ -to insert the date of the Assignment- ]/ a Supplemental Conditional Assignment Agreement
dated [ -to insert the date of the Supplemental Conditional 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
Account(s) and all of the Assignor’s rights, entitlements and benefits in respect of the Account(s)
(including its rights to withdraw and receive monies therefrom).

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

We hereby advise you and confirm that:

	1.	 	unless and until you receive a Trigger Notice from the Collateral Agent in accordance with
the terms of the Assignment, the Account shall be operated as normal in accordance with the
account mandate that currently exists;

	2.	 	following delivery of a Trigger Notice in accordance with the terms of the Assignment, the
Collateral Agent (acting in its own right and for and on behalf of the Secured Parties) shall
be the sole person entitled to give instructions to you with respect to the monies standing to
the credit of the Account(s);

	3.	 	you may rely conclusively on any Trigger Notice delivered to you that is signed by the
Collateral Agent and you do not have to enquire whether any event has happened that authorises
the Collateral Agent to deliver a Trigger Notice;

	4.	 	notwithstanding the giving of this notice or a Trigger Notice, the Assignor shall remain
liable to perform all its obligations in relation to the Account(s); 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 Account(s) or any balance therein 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 No. +44
(0) 20 7614 1122.

	 	 	 	 

	Yours faithfully,

for and on behalf of

SIG COMBIBLOC LTD.

as the Assignor

	 	Yours faithfully,

for and on behalf of

WILMINGTON TRUST (LONDON) LIMITED

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 Account Bank- ]

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

 

 

SCHEDULE 3

FORM OF TRIGGER NOTICE

To: (1) [ -to insert the full name of the Account Bank- ]

(2) SIG Combibloc Ltd. (the “Assignor”)

Date: [ -to insert the issue date- ]

Dear Sirs,

We refer to the Conditional Assignment of Bank Accounts 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 dated [ -to insert the date of the Supplemental
Conditional Assignment- ]]2 and the Notice of Conditional Assignment sent to
you by the Assignor on [ to insert date of the notice].

Words and expressions defined in the Assignment (whether expressly therein or by cross reference to
another document) and used herein shall, unless the context otherwise requires, have the same
meanings when used herein.

We hereby confirm that this Trigger Notice is delivered pursuant to and for the purposes of Clauses
2.1 and 2.2 of the Assignment so as to take effect in accordance with the terms thereof such that
with effect from the date hereof the assignments by the Assignor to the Collateral Agent and the
Secured Parties have taken effect and are absolute in relation to all the rights, title and
interests in the Assigned Accounts assigned to the Collateral Agent and the Secured Parties
pursuant to Clause 2.1 of the Assignment.

This Trigger Notice and the rights and obligations of the parties hereunder are governed by and are
to be construed in accordance with the laws of Thailand.

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

 

			
	2	 	To be inserted if applicable.

 

 

SCHEDULE 4

FORM OF SUPPLEMENTAL CONDITIONAL ASSIGNMENT AGREEMENT

THIS SUPPLEMENTAL CONDITIONAL ASSIGNMENT OF BANK ACCOUNTS 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 Bank Accounts 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 Bank Accounts
defined below) acting through the Collateral Agent.
	 

WHEREAS:

	(A)	 	The Assignor, the Collateral Agent and the Secured Parties entered into the Conditional
Assignment of Bank Accounts 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 of the Assignor’s rights, title and interest in and to each of the Assigned Accounts under
the terms and conditions set out therein (the “Conditional Assignment of Bank Accounts”).

	(B)	 	The Assignor executes this Supplemental Conditional Assignment Agreement with respect to the
conditional assignment herein pursuant to Clause 5.7 of the Conditional Assignment of Bank
Accounts to effect the assignment of certain Assigned Accounts specified herein.
	 

THE PARTIES HERETO AGREE AS FOLLOWS:

	1.	 	Unless defined otherwise herein, words and expressions defined in or construed by the
Conditional Assignment of Bank Accounts 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 2.2 of the Conditional Assignment of Bank Accounts) to
and in favour and for the benefit of the Collateral Agent and the Secured

 

 

	 	 	Parties all of the Assignor’s rights, title and interest in and to the Assigned Accounts
identified below.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Description
	No.	 	Account Number	 	Account Bank	 	Account Title	 	Currency
	1.

	 	 	 	 	 	SIG Combibloc Ltd.
	 
	 	 	 	 	 	 
	2.

	 	 	 	 	 	SIG Combibloc Ltd.
	 
	 	 	 	 	 	 
	3.

	 	 	 	 	 	SIG Combibloc Ltd.

	3.	 	The Assignor will serve the Notice of Assignment (in the form set out in Schedule 2 to
the Conditional Assignment of Bank Accounts) to each Account Bank in respect of the Assigned
Accounts and take such action as is required by Clause 3 (Notice of Conditional Assignment) of
the Conditional Assignment of Bank Accounts.
	 
	4.	 	The Assignor hereby represents and warrants that the representations, warranties and
undertakings of the Assignor set forth in Clause 6 (Representations and Warranties) of the
Conditional Assignment of Bank Accounts are true and correct in all material respects as of
the date hereof with respect to this Supplemental Conditional Assignment Agreement and the
above listed accounts.
	 
	5.	 	Unless otherwise provided in this Supplemental Conditional Assignment Agreement, all
other terms and conditions set forth in the Conditional Assignment of Bank Accounts 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:  	 	 

 

 

	 	 	 	 	 

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 Manager

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