Document:

exv4w323

EXHIBIT 4.323

SIG AUSTRIA HOLDING GMBH

as Pledgor

and

THE BANK OF NEW YORK MELLON

as Collateral Agent

and

as Pledgee

 

PLEDGE AGREEMENT

relating to the shares (Verpfändung von Aktien) in SIG EURO

HOLDING AG & CO. KGAA

 

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

 

 

Contents

	 	 	 	 	 
	Clause	 	Page
	 
	 	 	 	 
	1. Definitions and Language

	 	 	3	 
	2. Pledged Shares

	 	 	9	 
	3. Pledge

	 	 	10	 
	4. Scope of the Pledges

	 	 	11	 
	5. Purpose of the Pledges

	 	 	12	 
	6. Exercise of Membership Rights

	 	 	12	 
	7. Enforcement of the Pledges

	 	 	12	 
	8. Austrian Limitations on Enforcement

	 	 	14	 
	9. Undertakings of the Pledgor

	 	 	14	 
	10. Delegation

	 	 	16	 
	11. Indemnity

	 	 	16	 
	12. No liability

	 	 	16	 
	13. Duration and Independence

	 	 	17	 
	14. Release (Pfandfreigabe)

	 	 	17	 
	15. Partial Invalidity; Waiver

	 	 	18	 
	16. Amendments

	 	 	18	 
	17. Austrian Stamp Duty

	 	 	18	 
	18. Notices and their Language

	 	 	20	 
	19. Applicable Law, Jurisdiction

	 	 	21	 
	20. Conclusion of this Agreement (Vertragsschluss)

	 	 	22	 
	Schedule 1 The Current Borrowers, the Current Guarantors and the
Current Senior Secured Note Guarantors and the Current New
Secured Note Guarantors

	 	 	23	 
	Part I — The Current Borrowers

	 	 	23	 
	Part II — The Current Guarantors

	 	 	23	 

 

 

	 	 	 	 	 
	Clause	 	Page
	 
	 	 	 	 
	Part III — The Current Senior Secured Note Guarantors

	 	 	28	 
	Part IV — List of Current New Secured Note Guarantors

	 	 	32	 
	Schedule 2 Copy of Approval and Consent

	 	 	37	 
	Schedule 3 Stamp Duty Guidelines

	 	 	38	 
	Signature Pages

	 	 	40	 

 

 

This Share Pledge Agreement (this “Agreement”) is made on 14 January 2011

BETWEEN:

	(1)	 	SIG Austria Holding GmbH, having its business address as at the date of this Agreement at
Industriestr. 3, A-5760 Saalfelden, Austria, and registered in the company book (Firmenbuch)
of the Republic of Austria under FN 236071 p (the “Pledgor”); and
	 
	(2)	 	The Bank of New York Mellon, having its business address at 1 Wall Street, New York, N.Y.
10286, The United States of America, in its capacity as collateral agent under the First Lien
Intercreditor Agreement (as defined below) (the “Collateral Agent”, or the “Pledgee”).

WHEREAS:

	(A)	 	Pursuant to a USD 3,975,000,000 and EUR 330,000,000 multi-currency term and revolving credit
agreement dated 5 November 2009 (as amended by the Amendment No.1 (as defined below), by the
Amendment No. 2 and Incremental Term Loan Assumption Agreement (as defined below) and by the
Amendment No. 3 and Incremental Term Loan Assumption Agreement (as defined below)) between,
inter alia, the parties listed in Part I of Schedule 1 hereto as current borrowers (the
“Current Borrowers”), the parties listed in Part IIof Schedule 1 hereto as current
guarantors (the “Current Guarantors”), Credit Suisse AG, Cayman Islands Branch (formerly
Credit Suisse, Cayman Islands Branch) as administrative agent and others (as further amended,
varied, novated, supplemented, superseded or extended from time to time, the “Credit
Agreement”), certain lenders (together the “Original Lenders”) have granted certain facilities
to the Current Borrowers and certain other entities which may accede or may have acceded to
the Credit Agreement as additional borrowers.
	 
	(B)	 	Pursuant to a senior secured note indenture dated 5 November 2009 between, inter alia,
Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., and Reynolds Group Issuer (Luxembourg)
S.A as issuers (the “Issuers”), certain affiliates of the Issuers listed in Part III of
Schedule 1 as current senior secured note guarantors (the “Current Senior Secured Note
Guarantors”) and The Bank of New York Mellon, as indenture trustee, principal paying agent,
transfer agent and registrar, (as amended, varied, novated, supplemented, superseded or
extended from time to time, the “Senior Secured Note Indenture”), the Issuers have issued
senior secured notes due 2016 in the aggregate principal amount of USD 1,125,000,000 (the “US
Secured Notes”) and senior secured notes due 2016 in the aggregate principal amount of EUR
450,000,000

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	 	 	(the “Euro Secured Notes” and together with the US Secured Notes the “Senior Secured Notes”)
to certain noteholders.
	 
	(C)	 	The Pledgor has entered into the Existing Share Pledge Agreements (as defined below).
	 
	(D)	 	Pursuant to an amendment No. 3 and incremental term loan assumption agreement relating to the
Credit Agreement dated 30 September 2010 between, inter alia, the Current Borrowers, the
Current Guarantors, Credit Suisse AG, Cayman Islands branch (formerly Credit Suisse, Cayman
Islands branch) as administrative agent and others (the “Amendment No. 3 and Incremental Term
Loan Assumption Agreement”) the Credit Agreement has been amended to, inter alia, increase the
incremental term facilities from an amount of USD 1,550,000,000 to an amount of USD
2,770,000,000.
	 
	(E)	 	Pursuant to a secured note indenture dated 15 October 2010 between, inter alia, RGHL Escrow I
LLC, RGHL Escrow I Inc., and RGHL Escrow Issuer (Luxembourg) I S.A. as escrow issuers (the
“Escrow Issuers”), The Bank of New York Mellon as indenture trustee, principal paying agent,
transfer agent, registrar and collateral agent, The Bank of New York Mellon, London Branch as
paying agent and Wilmington Trust (London) Limited as additional collateral agent (as amended,
varied, novated, supplemented, superseded or extended from time to time, the “New Secured Note
Indenture”), the Escrow Issuers have issued secured notes due 2019 in the aggregate principal
amount of USD 1,500,000,000 in escrow (the “New Secured Notes”). The Escrow Issuers have
merged with and into, or otherwise transferred all of their assets and liabilities to, the
Issuers, with each of the Issuers surviving the applicable mergers or other transfers and
assuming by operation of law the obligations of the applicable Escrow Issuers with respect to
the New Secured Note Indenture and the New Secured Notes. Certain affiliates of the Issuers
listed in Schedule 1Part IV have acceded to the New Secured Note Indenture as new secured note
guarantors (the “Current New Secured Note Guarantors”).
	 
	(F)	 	The Pledgor has agreed to grant an additional pledge (subject to the pledges arising under
the Existing Share Pledge Agreements (as defined below)) over its Shares (as defined below) in
the Company (as defined below) as security for the Pledgee’s claims against the Grantors (as
defined below) (or any of them) in respect of the Obligations (as defined below).
	 
	(G)	 	The security created by or pursuant to this Agreement is to be administered by the Collateral
Agent for the Secured Parties (as defined below) pursuant to a first lien intercreditor
agreement dated 5 November 2009 (as amended by the Amendment No.1 and Joinder Agreement (as
defined below)) between, inter alia, the Collateral Agent, the Indenture Trustee, the
Administrative Agent and the Grantors (each as defined

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	 	 	below) and others (as amended, varied, novated, supplemented, superseded or extended from
time to time, the “First Lien Intercreditor Agreement”).
	 
	(H)	 	SIG Combibloc Group AG is the owner of 501 (in words: five hundred one) shares in the
Company, Nos. 9,500-10,000, which are represented by a global share certificate (the “Existing
Share Certificate 2”).
	 
	(I)	 	The Pledgor and SIG Combibloc Group AG as sole shareholders (Aktionäre) of the Company have
approved and consented to the Pledge (as defined below) in a resolution of the shareholders
(Hauptversammlungsbeschluss) a copy of which is attached hereto as Schedule 2.

NOW, IT IS AGREED as follows:

	1.	 	DEFINITIONS AND LANGUAGE
	 
	1.1	 	Definitions
	 
	 	 	In this Agreement:
	 
	 	 	“Administrative Agent” means Credit Suisse AG, Cayman Island branch, having its business
address at Eleven Madison Avenue, New York, NY 10010, United States of America in its
capacity as administrative agent under the Credit Agreement and any successor appointed as
administrative agent under the Credit Agreement.
	 
	 	 	“Amendment No.1” means the amendment dated 21 January 2010 relating to the Credit Agreement
between, inter alia, the borrowers and the guarantors under the Credit Agreement as of such
date, the Administrative Agent and others.
	 
	 	 	“Amendment No.1 and Joinder Agreement” means the joinder agreement dated 21 January 2010
relating to the First Lien Intercreditor Agreement made among (amongst others) the
Collateral Agent, Wilmington Trust (London) Limited, Credit Suisse AG and Reynolds Group
Holdings Limited pursuant to which Wilmington Trust (London) Limited was appointed as
additional collateral agent and became party to the First Lien Intercreditor Agreement.
	 
	 	 	“Amendment No. 2 and Incremental Term Loan Assumption Agreement” means the amendment and
incremental term loan assumption agreement dated 4 May 2010 relating to the Credit Agreement
between, inter alia, the borrowers and the guarantors under the Credit Agreement as of such
date, the Administrative Agent and others.
	 
	 	 	“Borrowers” means the Current Borrowers and any entity which may accede to the Credit
Agreement as an additional borrower and “Borrower” means any of them.

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	 	 	“Cash Management Bank” shall mean Citibank N.A., Banco Nacional De Mexico S.A., Citibank
International PLC, UK, Citibank (China) Co., Limited, Citibank Global Markets Deutschland AG
& Co KGaA, Citibank ZRT, Hungary, a Lender, the Administrative Agent or any of the Lender’s
or the Administrative Agent’s affiliates (at the time the cash management services
arrangement is entered into) provided in each case it has become a party to, or by execution
of an additional bank secured party acknowledgment has agreed to be bound by the terms of,
the First Lien Intercreditor Agreement in its capacity as cash management bank.
	 
	 	 	“Cash Management Services” shall mean any agreement or arrangement by a Cash Management Bank
to provide any composite accounting or other cash pooling arrangements and netting,
overdraft protection and other arrangements with any bank arising under standard business
terms of such Cash Management Bank to a Grantor.
	 
	 	 	“Company” means SIG Euro Holding AG & Co. KGaA, an association limited by shares
(Kommanditgesellschaft auf Aktien) organised under the laws of the Federal Republic of
Germany having its business address at Rurstraße 58, 52441 Linnich, Germany, and registered
in the commercial register (Handelsregister) of the local court (Amtsgericht) of Düren under
HRB 5754.
	 
	 	 	“Credit Documents” shall mean the Loan Documents, the Senior Secured Note Documents and the
New Secured Note Documents.
	 
	 	 	“Enforcement Event” shall mean an Event of Default.
	 
	 	 	“Event of Default” means any event of default (Kündigungsgrund) under the Credit
Agreement and/or the Senior Secured Note Indenture and/or the New Secured Note Indenture.
	 
	 	 	“Existing Intercreditor Agreement” means the existing intercreditor agreement dated 11 May
2007 (as amended by a letter dated 21 June 2007 and a further letter dated 29 June 2007, as
amended and restated on 5 November 2009 and as further amended and restated on 5 November
2010) between, inter alia, Beverage Packaging Holdings (Luxembourg) I S.A., Rank Group
Holdings Limited (now Reynolds Group Holdings Limited), Beverage Packaging Holdings
(Luxembourg) II S.A., Beverage Packaging Holdings (Luxembourg) III S.à r.l., Credit Suisse
AG (formerly Credit Suisse) as security trustee and others.
	 
	 	 	“Existing Share Certificate 1” has the meaning given to such term in sub-Clause 2.2 hereof.
	 
	 	 	“Existing Share Certificate 2” has the meaning given to such term in Preamble(H).
	 
	 	 	“Existing Shares” has the meaning given to such term in sub-Clause 2.2 hereof.

 - 4 - 

 

	 	 	“Existing Share Pledge Agreements” means

	 	(a)	 	the share pledge agreement dated 4 March 2010 (as amended by a confirmation and
amendment agreement dated 27 August 2010 (the “Share Pledge Confirmation and Amendment
Agreement”) entered into between SIG Austria Holding GmbH as pledgor and The Bank of
New York Mellon as collateral agent and pledgee; and
	 
	 	(b)	 	the Share Pledge Confirmation and Amendment Agreement.

	 	 	“Future Shares” means any and all shares in the Company in whatever nominal value which the
Pledgor may hold in the future other than the Existing Shares (arising from a split of
 shares, purchase of shares in the context of the mandatory public offer or otherwise).
	 
	 	 	“Grantors” means the Loan Parties, the Issuers, the Senior Secured Note Guarantors and the
New Secured Note Guarantors and any person that has granted a security interest to the
Collateral Agent and/or the Secured Parties in respect of the obligations of the Loan
Parties, the Issuers, the Senior Secured Note Guarantors and the New Secured Note Guarantors
under the Credit Documents and “Grantor” means any of them.
	 
	 	 	“Grantors’ Agent” shall mean Reynolds Group Holdings Limited (formerly known as Rank Group
Holdings Limited) or any other person appointed as agent of the Grantors in accordance with
the Principal Finance Documents.
	 
	 	 	“Group” means Reynolds Group Holdings Limited and its direct or indirect subsidiaries
(Tochtergesellschaften).
	 
	 	 	“Hedge Counterparty” means a Lender, the Administrative Agent or any of the Lender’s or
the Administrative Agent’s affiliates (at the time a hedging agreement is entered into) who
has entered into a hedging agreement for the purpose of hedging interest rate liabilities
and/or any exchange rate and/or commodity price risks provided it has become a party, or by
execution of an additional bank secured party acknowledgment has agreed to be bound by the
terms of, to the First Lien Intercreditor Agreement in its capacity as hedge counterparty.
	 
	 	 	“Incremental Assumption Agreement” shall mean an incremental assumption agreement
relating to incremental facilities of up to USD 750,000,000 among, and in form and substance
reasonably satisfactory to, one or more Borrowers, the Administrative Agent, one or more
Incremental Term Lenders and/or one or more Incremental Revolving Credit Lenders pursuant to
which one or more Incremental Term Lenders make available Incremental Term Loan Commitments
and/or one or more Incremental Revolving Credit Lenders make available Incremental Revolving
Credit Commitments respectively.

 - 5 - 

 

	 	 	“Incremental Revolving Credit Lender” shall mean a Lender with an Incremental Revolving
Credit Commitment or an outstanding revolving loan under the Credit Agreement of any class
as a result of an Incremental Revolving Credit Commitment.
	 
	 	 	“Incremental Revolving Credit Commitment” shall mean the commitment of any Lender,
established pursuant to the Credit Agreement, to make available certain revolving credit
loans to one or more Borrowers.
	 
	 	 	“Incremental Term Lender” shall mean a Lender with an Incremental Term Loan Commitment.
	 
	 	 	“Incremental Term Loan Commitment” shall mean the commitment of any Lender, established
pursuant to the Credit Agreement, to make available certain term loans to one or more
Borrowers.
	 
	 	 	“Indenture Trustee” shall mean The Bank of New York Mellon, in its capacity as
indenture trustee under the Senior Secured Note Indenture and any successor appointed as
indenture trustee under the Senior Secured Notes Indenture.
	 
	 	 	“Intercreditor Arrangements” means the First Lien Intercreditor Agreement and the
Existing Intercreditor Agreement, in each case as amended, novated, supplemented, restated,
or modified from time to time.
	 
	 	 	“Issuing Bank” means Credit Suisse AG or any other Lender or any affiliate of Credit Suisse
AG or any other Lender that issues letters of credit or bank guarantees under the Credit
Agreement.
	 
	 	 	“Lenders” shall mean the Original Lenders and any entity which has become a lender
under the Credit Agreement or may become a lender under the Credit Agreement in the future
and “Lender” means any of them.
	 
	 	 	“Loan Documents” shall mean the Credit Agreement, the Amendment No.1, the Amendment
No.1 and Joinder Agreement, the Amendment No.2 and Incremental Term Loan Assumption
Agreement, the Amendment No.3 and Incremental Term Loan Assumption Agreement, any borrowing
subsidiary agreement and/or guarantor joinder agreement relating to the Credit Agreement,
any letter of credit or bank guarantee relating to the Credit Agreement, any security
documents relating to the Credit Agreement, any hedging agreement entered into by a Hedge
Counterparty and a Grantor, each Incremental Assumption Agreement, the Intercreditor
Arrangements, each Promissory Note, any agreement between a Grantor and a Cash Management
Bank relating to Cash Management Services, each Local Facility Agreement and any other
document that may be entered into pursuant to any of the foregoing in relation to the Credit
Agreement.
	 
	 	 	“Loan Parties” shall mean the Borrowers, the Current Guarantors and any entity which
may accede to the Credit Agreement as additional guarantor and a “Loan Party” means any of
them.
	 
	 	 	“Local Facilities” means working capital facilities provided to a Grantor (other than
Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings

 - 6 - 

 

	 	 	(Luxembourg) II S.A., Beverage Packaging Holdings (Luxembourg) III S.à r.l. and the
Borrowers) by a Local Facility Provider and “Local Facility” means any of them.
	 
	 	 	“Local Facility Agreements” shall mean any agreement under which a Local Facility is made
available.
	 
	 	 	“Local Facility Provider” means each of Bank of America, N.A., Canada Branch, FIA Card
Services, N.A., Citibank N.A., Citibank (China) Co., Ltd., Banco Nacional de Mexico, S.A.,
Integrante del Grupo Financiero Banamex, Bank of America, N.A., provided in each case it has
become a party to, or by execution of an additional bank secured party acknowledgment has
agreed to be bound by the terms of, the First Lien Intercreditor Agreement in its capacity
as local facility provider.
	 
	 	 	“New Secured Note Documents” shall mean the New Secured Note Indenture, the New Secured Note
Guarantees, the New Secured Notes, the Intercreditor Arrangements, any supplemental
indenture, any security document relating to the New Secured Notes and/or the New Secured
Note Indenture and any other document that may be entered into pursuant to any of the
foregoing.
	 
	 	 	“New Secured Note Guarantees” shall mean the guarantees of the obligations of the Issuers
under the New Secured Notes and the New Secured Note Indenture by the New Secured Note
Guarantors.
	 
	 	 	“New Secured Note Guarantors” means the Current New Secured Note Guarantors and any entity
which may accede to the New Secured Note Indenture as additional guarantor.
	 
	 	 	“New Secured Note Holders” shall mean the holders from time to time of the New Secured
Notes.
	 
	 	 	“New Secured Notes Indenture Trustee” shall mean The Bank of New York Mellon, in its
capacity as indenture trustee under the New Secured Note Indenture and any successor
appointed as indenture trustee under the New Secured Note Indenture.
	 
	 	 	“Obligations” shall mean all present and future obligations and liabilities (whether actual
or contingent and whether owed jointly or severally or in any other capacity whatsoever) of
each Grantor to the Pledgee under each or any of the Credit Documents (including, but not
limited to, the Parallel Obligations), including with respect to all costs, charges and
expenses incurred by the Pledgee in connection with the protection, preservation or
enforcement of its respective rights under the Credit Documents or any other document
evidencing or securing any such liabilities. The Obligations shall further include any
obligation based on unjust enrichment (ungerechtfertigte Bereicherung) or tort (Delikt).
	 
	 	 	“Parallel Obligations” means the independent obligations of any of the Grantors arising
pursuant to the First Lien Intercreditor Agreement to pay to the Collateral Agent sums equal
to the sums owed by such Grantor to the other Secured Parties (or any of them) under the
Credit Documents.

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	 	 	“Pledges” means each pledge constituted under this Agreement and “Pledge” means any of them.
	 
	 	 	“Principal Finance Documents” means the Credit Agreement, the Senior Secured Note
Indenture, the New Secured Note Indenture and the First Lien Intercreditor Agreement.
	 
	 	 	“Promissory Note” shall mean any promissory note executed and delivered by a Borrower
upon the request of a Lender evidencing the amount of principal owed by such Borrower to
such Lender under the Credit Agreement.
	 
	 	 	“Secured Parties” shall mean the Lenders (including in their capacity as issuing
bank(s), and/or Hedge Counterparties under the Credit Agreement), the Hedge Counterparties,
the Administrative Agent, any Issuing Bank, the beneficiaries of each indemnification
obligation undertaken by any Grantor under any Credit Document, the Senior Secured Note
Holders, the New Secured Note Holders, the Indenture Trustee, the New Secured Notes
Indenture Trustee, the Collateral Agent, the Local Facility Providers and the Cash
Management Banks.
	 
	 	 	“Senior Secured Note Documents” shall mean the Senior Secured Note Indenture, the
Senior Secured Note Guarantees, the Senior Secured Notes, the Intercreditor Arrangements,
any supplemental indenture, any security document relating to the Senior Secured Notes
and/or the Senior Secured Note Indenture and any other document that may be entered into
pursuant to any of the foregoing.
	 
	 	 	“Senior Secured Note Guarantees” shall mean the guarantees of the obligations of the Issuers
under the Senior Secured Notes and the Senior Secured Note Indenture by the Senior Secured
Note Guarantors.
	 
	 	 	“Senior Secured Note Guarantors” means the Current Senior Secured Note Guarantors and
any entity which may accede to the Senior Secured Note Indenture as additional guarantor.
	 
	 	 	“Senior Secured Note Holders” shall mean the holders from time to time of the Senior
Secured Notes.
	 
	 	 	“Share Certificates” means the Existing Share Certificate 1 (as defined in Clause 2.2
below), and any other certificate or securities representing any of the Future Shares or any
rights in relation thereto, including interest and dividend coupons, annuity bands, renewal
coupons and all related certificates.
	 
	 	 	“Shares” means the Existing Shares and the Future Shares.
	 
	 	 	“Stamp Duty Sensitive Document” shall mean (a) any original of any Credit Document and
(b) any signed document (including email, PDF, TIF and other comparable formats) that
constitutes a deed (Urkunde) within the meaning of section 15 of the Austrian Stamp Duty Act
(as interpreted by the Austrian tax authorities), whether documenting or confirming the
entering into of the relevant transaction (rechtserzeugende Urkunde) or documenting that the
relevant transaction has been entered into (rechtsbezeugende Urkunde), or a substitute deed
(Ersatzurkunde) within the meaning of section 15 of the Austrian Stamp Duty Act (as
interpreted by the

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	 	 	Austrian tax authorities), including, without limitation, any notarized copy, any certified
copy and any written minutes recording the transactions (Rechtsgeschäfte) contemplated by,
or referenced in, any Credit Document.
	 
	 	 	“Stamp Duty Guidelines” means the stamp duty guidelines set out in Schedule 3 (Stamp
Duty Guidelines).
	 
	1.2	 	Construction
	 
	 	 	In this Agreement:
	 
	1.2.1	 	Terms used in this Agreement or in any notice relating hereto but not defined have the
meanings ascribed thereto in the First Lien Intercreditor Agreement; and
	 
	1.2.2	 	any reference in this Agreement to a “Clause” or a “sub-Clause” shall, subject to any
contrary indication, be construed as a reference to a Clause or sub-Clause hereof.
	 
	1.3	 	This Agreement is made in the English language. For the avoidance of doubt, the English
language version of this Agreement shall prevail over any translation of this Agreement.
However, where a German translation of a word or phrase appears in the text of this Agreement,
the German translation of such word or phrase shall prevail.
	 
	1.4	 	Solely for the purposes of Clause 17 (Austrian Stamp Duty) and Schedule 3, “written” shall
mean that what is “written” was translated into letters (Buchstaben) that are or can be made
visible on a physical or electronic device of whatever type and format, including paper and
screen, and, accordingly, communication, documents or notices being “in writing” shall include
not only paper-form (letter or fax) communication, documents or notices but also electronic
communication, documents or notices, including by way of e-mail; and “signed” communication,
documents or notices refers to written communication, documents or notices that carry a
manuscript, digital or electronic or other technically reproduced signature, and “signature”
shall be construed accordingly.
	 
	2.	 	PLEDGED SHARES
	 
	2.1	 	The Company has a registered share capital (Grundkapital) of EUR 10,000,000 (in words: Euro
ten million) which is divided into 10,000 registered shares (Namensaktien) with no nominal
value (Stückaktien ohne Nennwert) which are at the date of this agreement represented by the
Existing Share Certificate 1 (as defined below) and the Existing Share Certificate 2.
	 
	2.2	 	The Pledgor is the owner of 9,499 (in words nine thousand four hundred ninety nine) shares in
the Company, Nos. 1-9,499 (the “Existing Shares”), which are represented by a global share
certificate (the “Existing Share Certificate 1”).

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	3.	 	PLEDGE
	 
	3.1	 	The Pledgor hereby pledges (verpfändet) to the Pledgee as security all Shares in the Company
together with all ancillary rights and claims associated with the Shares as more particularly
specified in Clause 4.1 hereof by pledging each Share Certificate representing any Shares to
the Pledgee.
	 
	3.2	 	The Pledgor shall:
	 
	3.2.1	 	duly endorse (indossieren) all Share Certificates (other than the Existing Share Certificate
1) which are endorsed in its name with a blank endorsement (Blankoindossament). The Pledgee
and the Pledgor acknowledge that the Existing Share Certificate 1 which is endorsed in the
Pledgor’s name has been duly endorsed (indossieren) by the Pledgor with a blank endorsement
(Blankoindossament); and
	 
	3.2.2	 	deliver (übergeben) all Share Certificates endorsed by the Pledgor in accordance with Clause
3.2.1 above to an authorised representative of the Pledgee in Germany for the purpose of
depositing the Share Certificates with the Pledgee. For the avoidance of doubt, the Existing
Share Certificate 1 is already in the possession of the Pledgee. The Pledgor shall use all
reasonable endeavours (including offering delivery of the relevant Share Certificate to the
Pledgee in Germany within normal business hours) to deliver any other Share Certificate
endorsed by the Pledgor in accordance with clause 3.2.1 above to the Pledgee in Germany
without undue delay upon the Pledgor becoming the owner of the Shares to which it relates.
	 
	3.3	 	The Pledgor hereby further assigns to the Pledgee all present and future claims for the
return of any Share Certificate against third parties (other than the Pledgee) having or
obtaining actual possession of a Share Certificate. Such third parties shall be notified
forthwith by the Pledgor of the Pledges (as soon as the Pledgor becomes aware of such third
party having or obtaining actual possession of a Share Certificate).
	 
	3.4	 	The Pledges shall extend automatically to any newly issued certificates representing,
replacing or supplementing any of the Shares which shall forthwith be duly endorsed
(indossiert) with a blank endorsement (Blankoindossament) and delivered to (übergeben) to the
Pledgee in Germany.
	 
	3.5	 	In addition to the Pledges created in accordance with Clause 3.1 to 3.4 (inclusive) above,
the Pledgor hereby creates a Pledge over all Shares by way of pledging the Pledgor’s rights
in the Company (Mitgliedschaftsrechte) arising from such Shares in accordance with sections
1274, 413, 398 of the German Civil Code (BGB) in favour of the Pledgee.
	 
	3.6	 	The Pledgee hereby accepts all Pledges and assignments made pursuant to this Clause 3.

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	3.7	 	The validity and effect of each of the Pledges shall be independent from the validity and the
effect of the other Pledges created hereunder.
	 
	3.8	 	For the avoidance of doubt, the parties agree that nothing in this Agreement shall exclude a
transfer of all or part of the Pledges created hereunder by operation of law upon the transfer
or assignment (including by way of novation or assumption (Vertragsübernahme)) of all or part
of the Obligations.
	 
	3.9	 	Each of the Pledges is in addition, and without prejudice, to any other security the Secured
Parties may now or hereafter hold in respect of the Obligations.
	 
	4.	 	SCOPE OF THE PLEDGES
	 
	4.1	 	The Pledges constituted by this Agreement include the present and future rights:

	 	(a)	 	to receive and/or withdraw dividends, to receive payments under an interest
coupon (Zinsanteilsschein), dividend coupon (Dividendenschein) or talon
(Erneuerungsschein) and any other similar cash payments and other forms of profit
distribution;

	 	(b)	 	to receive all other pecuniary claims associated with the Shares;

	 	(c)	 	to subscribe for newly issued shares of the Company; and

	 	(d)	 	all other rights and benefits attributable to the Shares (including without
limitation all present and future pecuniary claims of the Pledgor against the Company
arising under or in connection with any domination and/or profit transfer agreement
(Beherrschungs- und/oder Gewinnabführungsvertrag) or partial profit transfer agreement
(Teilgewinnabführungsvertrag) which may be entered into between the Pledgor and the
Company).

	4.2	 	Notwithstanding that the items set out in Clause 4.1 above are pledged hereunder, the Pledgor
shall be entitled to receive and retain the items set out in Clause 4.1 in respect of, and
otherwise deal (in accordance with the provisions of this Agreement and any other Principal
Finance Document) with all items described in Clause 4.1 in respect of the Shares at all times
other than any time the Pledgee is entitled to enforce the Pledges constituted hereunder.
	 
	4.3	 	On the date and during the period in which the Pledgee is entitled, in accordance with Clause
7 (Enforcement of the Pledges) hereof, to enforce the Pledges (or any part thereof):

	 	(a)	 	all dividends paid or payable and any other property received, receivable or
otherwise distributed in respect of or in exchange for the Shares;

 - 11 - 

 

	 	(b)	 	all dividends or other distributions or payments paid or payable in respect of
the Shares in connection with the partial or total liquidation or dissolution of the
Company or in connection with the reduction of the amount of the registered share
capital of the Company; and

	 	(c)	 	all cash paid, payable or otherwise distributed in respect of the principal of,
or in redemption of, or in exchange for the Shares

	 	 	shall be forthwith delivered to the Pledgee and held as security for the benefit of the
Secured Parties. If such proceeds or property are received by the Pledgor, they shall be
received as trustee for the benefit of the Secured Parties and shall be segregated from
other property or funds of the Pledgor and shall be forthwith delivered to the Pledgee for
the benefit of the Secured Parties as security in the form so received (with any necessary
endorsement).
	 
	5.	 	PURPOSE OF THE PLEDGES

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

	 	 	The membership rights, including the voting rights, attached to the Shares remain with the
Pledgor. The Pledgor may exercise its membership rights in any manner which does not
adversely affect the validity and enforceability of the Pledges, the existence of all or
part of the Shares or cause an Event of Default to occur. The Pledgor undertakes, unless
otherwise permitted by the Principal Finance Documents, not to support any resolutions which
if passed would constitute a breach of its obligations under Clause 9 or any other
obligation under this Agreement.
	 
	7.	 	ENFORCEMENT OF THE PLEDGES
	 
	7.1	 	If (i) an Enforcement Event has occurred and is continuing and (ii) the requirements set
forth in Sections 1273 para 2, 1204 et seq. of the German Civil Code with regard to the
enforcement of any of the Pledges are met (Pfandreife), in particular, if any of the
Obligations has become due and payable, then in order to enforce the Pledges (or any of them),
the Pledgee may at any time thereafter avail itself of all rights and remedies that a pledgee
has against a pledgor under the laws of the Federal Republic of Germany.

 - 12 - 

 

	7.2	 	Notwithstanding Section 1277 of the German Civil Code, the Pledgee is entitled to exercise
its rights without obtaining enforceable judgment or other instrument (vollstreckbarer Titel).
The Pledgee shall be entitled to have the Pledges enforced in any manner allowed under the
laws of the Federal Republic of Germany, in particular have the Pledges sold (including at
public auction).
	 
	7.3	 	The Pledgor hereby expressly agrees that five business days’ prior written notice to the
Pledgor of the place and time of any such sale shall be sufficient and the Pledgee shall not
be obliged to deliver any further notices (including, but not limited to the notices set out
under Section 1234 of the German Civil Code) to the Pledgor prior to such sale. The sale may
take place at any place in the Federal Republic of Germany designated by the Pledgee.
	 
	7.4	 	If the Pledgee should seek to enforce the Pledges under sub-Clause 7.1, the Pledgor shall, at
its own expense, render forthwith all necessary assistance in order to facilitate the prompt
sale of the Shares or any part thereof and/or the exercise by the Pledgee of any other right
it may have as a Pledgee.
	 
	7.5	 	Whilst the requirements for enforcement under sub-Clause 7.1 are continuing all subsequent
payments attributable to the Shares and all payments based on similar ancillary rights
attributed to the Shares may be applied by the Pledgee in satisfaction in whole or in part of
the Obligations or treated as additional collateral.
	 
	7.6	 	Even if the requirements for enforcement referred to under sub-Clause 7.1 above are met, the
Pledgee shall not, whether as proxy or otherwise, be entitled to exercise the voting rights
attached to the Shares. During the continuation of an event which allows the Pledgee to
enforce the Pledges, the Pledgor shall have the obligations and the Pledgee shall have the
rights set forth in sub-Clause 9.8 below regardless of which resolutions are intended to be
adopted.
	 
	7.7	 	The Pledgee may, in its sole discretion, determine which of several security interests, if
applicable, shall be used to satisfy the Obligations. The Pledgor hereby expressly waives its
right pursuant to Section 1230 sentence 2 of the German Civil Code to limit the realisation of
the Pledges and pledges over partnership interests or shares in one or more other companies to
such number of pledges as are necessary to satisfy the Obligations and agrees further that the
Pledgee may decide to enforce the Pledges in the Company individually at separate proceedings
or together with pledges over partnership interests or shares in one or more other companies
at one single proceeding (Gesamtverwertung).
	 
	7.8	 	The Pledgor hereby expressly waives all defenses of revocation (Einrede der Anfechtbarkeit)
and set-off (Einrede der Aufrechenbarkeit) pursuant to Sections 770, 1211 of the German Civil
Code.

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	7.9	 	The Pledgor hereby expressly waives its defenses based on defenses any Grantor might have
against any of the Obligations (Einreden des Hauptschuldners) pursuant to Section 1211 para 1
sentence 1 alternative 1 of the German Civil Code.
	 
	7.10	 	If the Pledges are enforced or if the Pledgor has discharged any of the Obligations (or any
part of them), Section 1225 of the German Civil Code (legal subrogation of claims to a pledgor
 — Forderungsübergang auf den Verpfänder) shall not apply and no rights of the Pledgee shall
pass to the Pledgor by subrogation or otherwise. Further, the Pledgor shall at no time before,
on or after an enforcement of the Pledges and as a result of the Pledgor entering into this
Agreement, be entitled to demand indemnification or compensation from the Company or any of
the Company’s affiliates or to assign any of these claims.
	 
	8.	 	AUSTRIAN LIMITATIONS ON ENFORCEMENT

	 	 	The Pledgor and the Pledgee agree that proceeds from an enforcement of the Pledges shall not
be applied in satisfaction of the obligations secured by the Pledges but shall be released
and turned over to the Pledgor if and to the extent that such application would violate
mandatory Austrian capital maintenance rules (Kapitalerhaltungsvorschriften) as amended from
time to time and as interpreted by the Austrian Supreme Court from time to time pursuant to
Austrian company law, in particular Sections 82 et seq of the Austrian Act on Limited
Liability Companies (Gesetz über Gesellschaften mit beschränkter Haftung) and/or Sections 52
and 65 et seq of the Austrian Stock Corporation Act (Aktiengesetz). This limitation on the
satisfaction of the obligations secured by the Pledges applies from the date this Agreement
enters into force as well as on any date until the termination date of this Agreement,
particularly on the date of a possible enforcement of the Pledges and the payments
thereunder.
	 
	9.	 	UNDERTAKINGS OF THE PLEDGOR

	 	 	Unless otherwise permitted by the Principal Finance Documents, during the term of this
Agreement, the Pledgor undertakes to the Pledgee:
	 
	9.1	 	not to take, or participate in, any action which results or might result in the Pledgor’s
loss of ownership of all or part of the Shares or any other transaction which would have the
same result as a sale, transfer or other disposal of the Shares or which would for any other
reason be inconsistent with the security interest of the Pledgee or the security purpose (as
described in Clause 5) or defeat, impair or circumvent the rights of the Pledgee except as
permitted by the Pledgee (acting reasonably);

 - 14 - 

 

	9.2	 	to procure that all Share Certificates representing the Shares acquired by the Pledgor will,
promptly following the acquisition of the relevant Shares, be delivered (übergeben) to the
Pledgee;
	 
	9.3	 	not to encumber, permit to subsist, create or agree to create any other security interest or
third party right in or over the Shares or other rights subject to the Pledges and the
Existing Share Pledge Agreements;
	 
	9.4	 	to inform the Pledgee promptly of any change made in the registered share capital of the
Company, or of any changes to the Company’s articles of association which would materially
adversely affect the security interest of the Pledgee;
	 
	9.5	 	to promptly notify the Pledgee of any attachment (Pfändung) in respect of any of the Shares
or any ancillary rights set out in sub-Clause 4.1, such notice to be accompanied by any
documents the Pledgee might need to defend itself against any claim of a third party. In
particular, the Pledgor shall promptly forward to the Pledgee a copy of the attachment order
(Pfändungsbeschluss), any transfer order (Überweisungsbeschluss) and all other documents
necessary for a defence against the attachment;
	 
	9.6	 	in the event of any increase in the capital of the Company, not to allow, without the prior
written consent of the Pledgee (such consent not to be unreasonably withheld), any party other
than itself or SIG Combibloc Group AG to subscribe for any Future Shares, and not to defeat,
impair or circumvent in any way the rights of the Pledgee created hereunder;
	 
	9.7	 	to pledge in favour of the Pledgee on terms identical to the terms of this Agreement any
Future Shares which it acquires upon an increase of the capital of the Company by way of
capital contribution (Kapitalerhöhung gegen Einlage) or out of authorised capital
(Kapitalerhöhung aus genehmigtem Kapital) promptly after the registration of such increase of
the capital of the Company in the competent commercial register (Handelsregister) and the
acquisition of such Future Shares;
	 
	9.8	 	to promptly inform the Pledgee in writing of all matters concerning the Company of which the
Pledgor is aware which would materially adversely affect the security interest of the Pledgee.
In particular, the Pledgor shall notify the Pledgee, forthwith of any shareholders’ meeting at
which a shareholders’ resolution is intended to be adopted which would have a materially
adverse effect upon any of the Pledges. The Pledgor shall allow, following the occurrence and
during the continuance of an Enforcement Event, the Pledgee or, as the case may be, its proxy
or any other person designated by the Pledgee, to participate in all such shareholders’
meetings of the Company as attendants without power to vote. Subject to the provision
contained in sub-Clause 13.1, the Pledgee’s right to attend the shareholders’ meeting shall
lapse immediately upon complete satisfaction and discharge of the Obligations;

 - 15 - 

 

	9.9	 	to refrain from any acts or omissions, subject to the performance of its rights and duties
under the Existing Share Pledge Agreements, the purpose or effect of which is or would be the
dilution of the value of the Shares or the Shares ceasing to exist except if permitted by the
Pledgee (acting reasonably);
	 
	9.10	 	not to amend the articles of association of the Company to the extent that such amendment
would materially adversely affect the security interest of the Pledgee created hereunder
without the prior written consent of the Pledgee (such consent not to be unreasonably
withheld); and
	 
	9.11	 	insofar as additional declarations or actions are necessary for the creation of the Pledges
(or any of them) in favour of the Pledgee, the Pledgor shall at the Pledgee’s reasonable
request make such declarations and undertake such actions at the Pledgor’s costs and expenses.
For the avoidance of doubt, notification and consent requirements as set out in sub-Clause 9.1
to 9.10 of this Agreement are deemed to be satisfied by the Pledgor if and to the extent such
notification or consent has been delivered under the Existing Share Pledge Agreements provided
that such notification to the Pledgee or consent of the Pledgee makes reference to this
Agreement and the Existing Share Pledge Agreements.
	 
	10.	 	DELEGATION

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

	 	 	To the extent set out in the First Lien Intercreditor Credit Agreement, the Pledgor shall,
notwithstanding any release or discharge of all or any part of the security, indemnify the
Pledgee, its agents its attorneys and any delegate against any action, proceeding, claims,
losses, liabilities, damages, expenses, demands, taxes, losses and costs which it may
sustain as a consequence of any breach by the Pledgor of the provisions of this Agreement,
the exercise or purported exercise of any of the rights and powers conferred on them by this
Agreement or otherwise relating to the Pledges.
	 
	12.	 	NO LIABILITY

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

 - 16 - 

 

	 	 	(Vorsatz) or gross negligence (grobe Fahrlässigkeit) by the Pledgee, its nominee(s) or
agent(s) or delegate(s), or (c) the enforcement or realisation of all or any part of the
security interest created hereunder.
	 
	13.	 	DURATION AND INDEPENDENCE
	 
	13.1	 	This Agreement shall remain in full force and effect until complete satisfaction of the
Obligations. The Pledges shall not cease to exist, if any Grantor under the Credit Documents
has only temporarily discharged the Obligations.
	 
	13.2	 	This Agreement shall create a continuing security and no change, amendment, or supplement
whatsoever in the Credit Documents or in any document or agreement related to any of the
Credit Documents shall affect the validity or the scope of this Agreement nor the obligations
which are imposed on the Pledgor pursuant to it.
	 
	13.3	 	This Agreement is independent from any other security or guarantee which may have been or
will be given to the Pledgee. None of such other security shall prejudice, or shall be
prejudiced by, or shall be merged in any way with this Agreement.
	 
	13.4	 	Waiving Section 418 of the German Civil Code, the Pledgor hereby agrees that the security
created hereunder shall not be affected by any transfer or assumption of the Obligations to,
or by, any third party.
	 
	14.	 	RELEASE (PFANDFREIGABE)
	 
	14.1	 	Upon complete and irrevocable satisfaction of the Obligations, the Pledgee (as instructed in
accordance with the First Lien Intercreditor Agreement) will as soon as reasonably practical
declare in writing the release of the Pledges (Pfandfreigabe) to the Pledgor as a matter of
record. For the avoidance of doubt, the parties are aware that upon full and complete
satisfaction of the Obligations the Pledges, due to their accessory nature (Akzessorietät),
cease to exist by operation of German mandatory law.
	 
	14.2	 	At any time when the total value of the aggregate security granted by the Pledgor and any of
the other Grantors to secure the Obligations (the “Security”) which can be expected to be
realised in the event of an enforcement of the Security (realisierbarer Wert) exceeds 110% of
the Obligations (the “Limit”) not only temporarily, the Pledgee shall on demand of the Pledgor
release such part of the Security (Sicherheitenfreigabe) as the Pledgee may in its reasonable
discretion (as instructed in accordance with the First Lien Intercreditor Agreement) determine
so as to reduce the realisable value of the Security to the Limit.
	 
	14.3	 	The Pledgee (as instructed in accordance with the First Lien Intercreditor Agreement) will as
soon as reasonably practicable declare in writing the release of the Pledges

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	 	 	(Pfandfreigabe) to the Pledgor in accordance with, and to the extent required by, the
Intercreditor Arrangements.
	 
	15.	 	PARTIAL INVALIDITY; WAIVER
	 
	15.1	 	If at any time, any one or more of the provisions hereof is or becomes invalid, illegal or
unenforceable in any respect under the law of any jurisdiction (including Austrian law, in
particular Austrian capital maintenance rules), such provision shall as to such jurisdiction,
be ineffective to the extent necessary without affecting or impairing the validity, legality
and enforceability of the remaining provisions hereof or of such provisions in any other
jurisdiction. The invalid, illegal or unenforceable provision shall be deemed to be replaced
with such valid, legal or enforceable provision which comes as close as possible to the
original intent of the parties and the invalid, illegal or unenforceable provision. Should a
gap (Regelungslücke) become evident in this Agreement, such gap shall, without affecting or
impairing the validity, legality and enforceability of the remaining provisions hereof, be
deemed to be filled in with such provision which comes as close as possible to the original
intent of the parties.
	 
	15.2	 	No failure to exercise, nor any delay in exercising, on the part of the Pledgee, any right or
remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise
of any right or remedy prevent any further or other exercise thereof or the exercise of any
other right or remedy. The rights and remedies provided hereunder are cumulative and not
exclusive of any rights or remedies provided by law.
	 
	15.3	 	In particular, the Pledges shall not be affected and shall in any event extend to any and all
            shares in the Company even if the number or nominal value of the Existing Shares or the
aggregate share capital of the Company as stated in Clause 2 are inaccurate or deviate from
the actual facts.
	 
	16.	 	AMENDMENTS

	 	 	Changes and amendments to this Agreement including this Clause 16 shall be made in writing.
	 
	17.	 	AUSTRIAN STAMP DUTY
	 
	17.1	 	The parties to this Agreement (each a “Party” and together the “Parties”) shall perform their
obligations under or in connection with the Agreement exclusively at the Place of Performance
(as defined below), but in no event at a place in Austria and the performance of any
obligations or liability under or in connection with the Agreement within the Republic of
Austria shall not constitute discharge or performance of such obligation or liability. For the
purposes of the above, “Place of Performance” means: (i) in relation to any payment under or
in connection with the Agreement, the place at which such payment is to be made pursuant to
the Credit Documents; and (ii) in

 - 18 - 

 

	 	 	relation to any other obligation or liability under or in connection with the Agreement, the
premises of the Administrative Agent or the Indenture Trustee (as the case may be) in New
York or any other place outside of Austria as the Administrative Agent or the Indenture
Trustee (as the case may be) may specify from time to time. Any payment made under or in
connection with the Agreement shall be made from and to an account outside of Austria.
	 
	17.2	 	No Party shall bring or send to, or otherwise produce in, Austria a Stamp Duty Sensitive
Document or communicate in writing other than in compliance with the Stamp Duty Guidelines, in
each case other than in the event that: (i) it does not cause a liability of a Party to pay
stamp duty in the Republic of Austria; (ii) a Party wishes to enforce any of its rights under
or in connection with a Credit Document in any form of proceedings in the Republic of Austria
and is only able to do so by bringing or sending to, or otherwise producing in, Austria a
Stamp Duty Sensitive Document and it would not be sufficient for that Party to bring or send
to, or otherwise produce in, Austria a document that is not a Stamp Duty Sensitive Document
(e.g. a simple/uncertified copy (i.e. a copy which is not an original, notarised or certified
copy) of the relevant Stamp Duty Sensitive Document) for the purposes of such enforcement; in
furtherance of the foregoing, no Party shall (A) object to the introduction into evidence of
an uncertified copy of any Stamp Duty Sensitive Document or raise a defence to any action or
to the exercise of any remedy on the basis of an original or certified copy of any Stamp Duty
Sensitive Document not having been introduced into evidence, unless such uncertified copy
actually introduced into evidence does not accurately reflect the content of the original
document and (B) if such Party is a party to proceedings before an Austrian court or
authority, contest the authenticity (Echtheit) of an uncertified copy of any such Stamp Duty
Sensitive Document, unless such uncertified copy actually introduced into evidence does not
accurately reflect the content of the original document; or (iii) a Party is required by law,
governmental body, court, authority or agency pursuant to any legal requirement (whether for
the purposes of initiating, prosecuting, enforcing or executing any claim or remedy or
enforcing any judgment or otherwise) to bring or send a Stamp Duty Sensitive Document into, or
otherwise produce a Stamp Duty Sensitive Document in, the Republic of Austria.
	 
	17.3	 	The Pledgor shall indemnify the Administrative Agent, each Lender, each Issuing Bank, the
Indenture Trustee and the Pledgee against any cost, loss or liability in respect of Austrian
stamp duty unless such cost, loss or liability is incurred as a result of the Administrative
Agent, a Lender, an Issuing Bank, the Indenture Trustee or the Pledgee breaching any
obligations under this Clause 17, in which case the breaching party shall be liable for
payment of such stamp duty.

 - 19 - 

 

	18.	 	NOTICES AND THEIR LANGUAGE
	 
	18.1	 	All notices and other communications provided for herein shall be in writing and shall be
delivered by hand or overnight courier service, mailed by certified or registered mail or sent
by fax, as follows:

	 	 	 	 	 	 	 

	For the Pledgor:	 	c/o SIG Combibloc Holding GmbH
	 
	 	 	 	 	 	 
	 

	 	Address:
	 	Rurstraße 58	 	 
	 

	 	 	 	52441 Linnich	 	 
	 

	 	 	 	Germany	 	 
	 

	 	Fax:
	 	+41 52674 6556	 	 
	 

	 	Attention:
	 	Daniel Petitpierre	 	 
	 

	 	Email:
	 	Daniel.Petitpierre@sig.biz	 	 
	 
	 	 	 	 	 	 
	For the Pledgor with a copy to:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Address:
	 	c/o Rank Group Limited	 	 
	 

	 	 	 	Suite 2502	 	 
	 

	 	 	 	2 Park Street	 	 
	 

	 	 	 	Sydney NSW 2000	 	 
	 

	 	 	 	Australia	 	 
	 

	 	Fax:
	 	+64 2 9268 6693	 	 
	 

	 	Email:
	 	helen.golding@rankgroup.co.nz	 	 
	 

	 	Attention:
	 	Helen Golding	 	 
	 
	 	 	 	 	 	 
	For the Pledgee:

	 	 	 	The Bank of New York Mellon	 	 
	 
	 	 	 	 	 	 
	 

	 	Address:
	 	101 Barclay Street, 4E	 	 
	 

	 	 	 	New York, N.Y. 10286, The	 	 
	 

	 	 	 	United States of America	 	 
	 

	 	Telephone:
	 	+212 298 1528	 	 
	 

	 	Fax:
	 	+212 815 5366	 	 
	 

	 	Attention:
	 	International Corporate Trust	 	 

 - 20 - 

 

	18.2	 	Any party hereto may change its address or fax number for notices and other communications
hereunder by notice to the other parties hereto. As agreed to in writing in accordance with
the First Lien Intercreditor Agreement, notices and other communications hereunder may also be
delivered by e-mail to the e-mail address of a representative of the applicable party to this
Agreement provided from time to time by such party.
	 
	18.3	 	All notices and other communications given to any party in connection with this Agreement in
accordance with the provisions of this Agreement shall be deemed (widerlegbare Vermutung)
received on the date sent (if a business day) and on the next business day thereafter (in all
other cases) if delivered by hand or overnight courier service or sent by fax or on the date
five business days after dispatch by certified or registered mail if mailed, in each case
delivered, sent or mailed (properly addressed) to such party as provided in this Clause 18 or
in accordance with the latest unrevoked direction from such party given in accordance with
this Clause 18.
	 
	18.4	 	Any notice or other communication under or in connection with this Agreement shall be in the
English language or, if in any other language, accompanied by a translation into English. In
the event of any conflict between the English text and the text in any other language, the
English text shall prevail.
	 
	18.5	 	No communication (including fax, electronic message or communication in any other written
form) under or in connection with the Credit Documents shall be made to or from an address
located inside of the Republic of Austria.
	 
	19.	 	APPLICABLE LAW, JURISDICTION
	 
	19.1	 	This Agreement is governed by the laws of the Federal Republic of Germany.
	 
	19.2	 	The place of jurisdiction for any and all disputes arising under or in connection with this
Agreement shall be the district court (Landgericht) in Frankfurt am Main. The Pledgee however,
shall also be entitled to take action against the Pledgor in any other court of competent
jurisdiction. Further, the taking of proceedings against the Pledgor in any one or more
jurisdictions shall not preclude the taking of proceedings in any other jurisdiction (whether
concurrently or not) if and to the extent permitted by applicable law.

 - 21 - 

 

	20.	 	CONCLUSION OF THIS AGREEMENT (VERTRAGSSCHLUSS)
	 
	20.1	 	The parties to this Agreement may choose to conclude this Agreement by an exchange of signed
signature page(s), transmitted by means of telecommunication (telekommunikative Übermittlung)
by fax or attached as an electronic photocopy (pdf., tif., etc.) to an e-mail.
	 
	20.2	 	If the parties to this Agreement choose to conclude this Agreement pursuant to sub-Clause
20.1 above, they will transmit the signed signature page(s) of this Agreement to attention of
Ms Isabel van Bremen or Ms Julia Eggert (isabel.vanbremen@cliffordchance.com or
julia.eggert@cliffordchance.com, fax: +49 69 7199 4000) (the “Recipients”). The Agreement will
be considered concluded once any of the Recipients has actually received the signed signature
page(s) (Zugang der Unterschriftsseite(n)) from all parties to this Agreement and at the time
of the receipt of the last outstanding signature page(s).
	 
	20.3	 	For the purposes of this Clause 20 only, the parties to this Agreement appoint each Recipient
as their attorney (Empfangsvertreter) and expressly allow (gestatten) the Recipient to collect
the signed signature page(s) from all and for all parties to this Agreement. For the avoidance
of doubt, the Recipients will have no further duties connected with their position as
Recipient. In particular, the Recipients may assume the conformity to the authentic
original(s) of the signature page(s) transmitted to it by means of telecommunication, the
genuineness of all signatures on the original signature page(s) and the signing authority of
the signatories.

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SCHEDULE 1

THE CURRENT BORROWERS, THE CURRENT GUARANTORS AND THE

CURRENT SENIOR SECURED NOTE GUARANTORS AND THE CURRENT NEW

SECURED NOTE GUARANTORS

Part I— The Current Borrowers

SIG Euro Holding AG & Co. KGaA

Closure Systems International Holdings Inc.

Closure Systems International B.V.

SIG Austria Holding GmbH

Reynolds Consumer Products Holdings Inc.

Reynolds Group Holdings Inc.

Pactiv Corporation (formerly Reynolds Acquisition Corporation)

Part II  — The Current Guarantors

Whakatane Mill Australia Pty Limited

SIG Austria Holding GmbH

SIG Combibloc GmbH & Co KG

SIG Combibloc GmbH

SIG Beverages Brasil Ltda

SIG Combibloc do Brasil Ltda

Closure Systems International (Brazil) Sistemas de Vedação Ltda

CSI Latin American Holdings Corporation

Closure Systems International (Canada) Limited

Evergreen Packaging Canada Limited

Reynolds Food Packaging Canada Inc.

 - 23 - 

 

CSI Closure Systems Manufacturing de Centro America, S.R.L.

SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Limited

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft

CSI Hungary Gyártó és Kereskedelmi Kft. (aka CSI Hungary)

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

 - 24 - 

 

Beverage Packaging Holdings (Luxembourg) I S.A.

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

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

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

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

Evergreen Packaging (Luxembourg) S.à r.l.

Reynolds Group Issuer (Luxembourg) S.A.

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

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

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

CSI Tecniservicio, S. de R.L. de C.V.

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

Técnicos de Tapas Innovativas, S.A. de C.V.

Evergreen Packaging Mexico, S. de R.L. de C.V.

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

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

Closure Systems International B.V.

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG

SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

 - 25 - 

 

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Combibloc Ltd.

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas, Inc.

Closure Systems International Holdings Inc.

Closure Systems International Inc.

Reynolds Packaging Machinery Inc.

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc.

Bakers Choice Products, Inc.

Reynolds Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Group Holdings Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

 - 26 - 

 

Reynolds Flexible Packaging Inc.

Southern Plastics Inc.

Ultra Pac, Inc.

BRPP, LLC

Reynolds Group Issuer Inc.

Reynolds Group Issuer LLC

Pactiv Corporation (formerly Reynolds Acquisition Corporation)

Pactiv Factoring LLC

Pactiv RSA LLC

Pactiv Retirement Administration LLC

Pactiv Germany Holdings, Inc.

Pactiv International Holdings Inc.

Pactiv Management Company LLC

PCA West Inc.

Prairie Packaging, Inc.

PWP Holdings, Inc.

PWP Industries, Inc.

Newspring Industrial Corp.

798795 Ontario Limited

Pactiv Canada Inc.

Newspring Canada Inc.

The Baldwin Group Ltd.

J. & W. Baldwin (Holdings) Ltd.

Omni-Pac U.K. Limited

 - 27 - 

 

Part III — The Current Senior Secured Note Guarantors

Whakatane Mill Australia Pty Limited

SIG Austria Holding GmbH

SIG Combibloc GmbH & Co KG

SIG Combibloc GmbH

SIG Beverages Brasil Ltda

SIG Combibloc do Brasil Ltda

Closure Systems International (Brazil) Sistemas de Vedação Ltda

CSI Latin American Holdings Corporation

Closure Systems International (Canada) Limited

Evergreen Packaging Canada Limited

Reynolds Food Packaging Canada Inc.

CSI Closure Systems Manufacturing de Centro America, S.R.L.

SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

 - 28 - 

 

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Limited

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft

CSI Hungary Gyártó és Kereskedelmi Kft. (aka CSI Hungary)

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

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

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

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

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

Evergreen Packaging (Luxembourg) S.à r.l.

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

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

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

CSI Tecniservicio, S. de R.L. de C.V.

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

Técnicos de Tapas Innovativas, S.A. de C.V.

Evergreen Packaging Mexico, S. de R.L. de C.V.

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

 - 29 - 

 

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

Closure Systems International B.V.

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG

SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Combibloc Ltd.

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas, Inc.

Closure Systems International Holdings Inc.

Closure Systems International Inc.

Reynolds Packaging Machinery Inc.

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc.

Bakers Choice Products, Inc.

Reynolds Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

 - 30 - 

 

Reynolds Foil Inc.

Reynolds Group Holdings Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics Inc.

Ultra Pac, Inc.

BRPP, LLC

Pactiv Corporation (formerly Reynolds Acquisition Corporation)

Pactiv Factoring LLC

Pactiv RSA LLC

Pactiv Retirement Administration LLC

Pactiv Germany Holdings, Inc.

Pactiv International Holdings Inc.

Pactiv Management Company LLC

PCA West Inc.

Prairie Packaging, Inc.

PWP Holdings, Inc.

PWP Industries, Inc.

 - 31 - 

 

Newspring Industrial Corp.

798795 Ontario Limited

Pactiv Canada Inc.

Newspring Canada Inc.

The Baldwin Group Ltd.

J. & W. Baldwin (Holdings) Ltd.

Omni-Pac U.K. Limited

Part IV — List of Current New Secured Note Guarantors

Whakatane Mill Australia Pty Limited

SIG Beverages Brasil Ltda

SIG Combibloc do Brasil Ltda

Closure Systems International (Brazil) Sistemas de Vedação Ltda

CSI Latin American Holdings Corporation

Closure Systems International (Canada) Limited

Evergreen Packaging Canada Limited

Reynolds Food Packaging Canada Inc.

CSI Closure Systems Manufacturing de Centro America, S.R.L.

SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

 - 32 - 

 

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Limited

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft.

CSI Hungary Gyártó és Kereskedelmi Kft. (aka CSI Hungary)

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

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

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

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

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

Evergreen Packaging (Luxembourg) S.à r.l.

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

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

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

 - 33 - 

 

CSI Tecniservicio, S. de R.L. de C.V.

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

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

Evergreen Packaging Mexico, S. de R.L. de C.V.

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

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

Closure Systems International B.V.

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG

SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas, Inc.

Closure Systems International Inc.

Reynolds Group Holdings Inc.

Reynolds Packaging Machinery Inc.

Closure Systems International Holdings Inc.

Closure Systems Mexico Holdings LLC

 - 34 - 

 

CSI Mexico LLC

CSI Sales & Technical Services Inc.

Bakers Choice Products, Inc.

Reynolds Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics, Inc.

Ultra Pac, Inc.

BRPP, LLC

Pactiv Corporation (formerly Reynolds Acquisition Corporation)

Pactiv Factoring LLC

Pactiv RSA LLC

Pactiv Retirement Administration LLC

Pactiv Germany Holdings, Inc.

Pactiv International Holdings Inc.

Pactiv Management Company LLC

 - 35 - 

 

PCA West Inc.

Prairie Packaging, Inc.

PWP Holdings, Inc.

PWP Industries, Inc.

Newspring Industrial Corp.

798795 Ontario Limited

Pactiv Canada Inc.

Newspring Canada Inc.

The Baldwin Group Ltd.

J. & W. Baldwin (Holdings) Ltd.

Omni-Pac U.K. Limited

 - 36 - 

 

SCHEDULE 2

COPY OF APPROVAL AND CONSENT

 - 37 - 

 

SCHEDULE 3

STAMP DUTY GUIDELINES

	1.	 	Introduction
	 
	1.1	 	These stamp duty guidelines (the “Guidelines”) shall apply to all written
communication of the parties to this Agreement of which this Schedule 3 forms part.
	 
	1.2	 	In these Guidelines, unless a contrary indication appears a term defined in the
Agreement (including by way of reference) has the same meaning when used in these
Guidelines.
	 
	2.	 	Guidelines for Written Communication
	 
	2.1	 	Signed written communication that records or otherwise provides evidence of a
transaction (Rechtsgeschäft) contemplated by, or referenced in, any Credit Document,
whether in the body of the relevant communication, a schedule, an attachment, an annex or
an appendix referred to therein or incorporated by reference (Bezugnahme), may only be made
from an address outside of the Republic of Austria to an address outside of the Republic of
Austria. For the avoidance of doubt, e-mails where the server on which such e-mails will be
received or from which such e-mails will be sent is located in the Republic of Austria
(e.g. this may be indicated by an e-mail address having a country code top level domain
“.at”) or other e-mail addresses where the person sending or the person receiving such
e-mail have their ordinary workplace (Arbeitsplatz) in the Republic of Austria must not be
signed (see also clause 2.2. and 2.3. below).
	 
	2.2	 	Letters that record or otherwise provide evidence of a transaction (Rechtsgeschäft)
contemplated by, or referenced in, any Credit Document, whether in the body of the letter,
a schedule, an attachment, an annex or an appendix referred to therein or incorporated by
reference (Bezugnahme), may only be brought or sent into, or produced in, the Republic of
Austria in the following format (provided that no Stamp Duty Sensitive Document is
attached):
	 
	 	 	[party’s letterhead]
	 
	 	 	Dear....,
	 
	 	 	[text of message]
	 
	 	 	Kind regards

 - 38 - 

 

	 	 	NO SIGNATURE OF SENDING PARTY (WHETHER MANUSCRIPT, DIGITAL OR ELECTRONIC)
	 
	 	 	NO CONTACT DETAILS
	 
	 	 	DO NOT ATTACH A STAMP DUTY SENSITIVE DOCUMENT
	 
	 	 	CONFIDENTIALITY NOTICES AND OTHER FOOTERS ALLOWED
	 
	2.3	 	E-mails and fax messages that record or otherwise provide evidence of a transaction
(Rechtsgeschäft) contemplated by, or referenced in, any Credit Document, whether in the
body of the e-mail or fax, a schedule, an attachment, an annex or an appendix referred to
therein or incorporated by reference (Bezugnahme), may only be brought or sent into, or
produced in, the Republic of Austria if in the following format (provided that no Stamp
Duty Sensitive Document is attached):
	 
	 	 	Dear....,
	 
	 	 	[text of message].
	 
	 	 	Kind regards
	 
	 	 	NO SIGNATURE OF SENDING PARTY (WHETHER MANUSCRIPT, DIGITAL OR ELECTRONIC)
	 
	 	 	NO CONTACT DETAILS OR OTHER AUTOMATICALLY GENERATED FOOTERS THAT REFER TO A PARTY
	 
	 	 	DO NOT ATTACH A STAMP DUTY SENSITIVE DOCUMENT
	 
	 	 	CONFIDENTIALITY NOTICES AND OTHER FOOTERS ALLOWED
	 
	 	 	In addition, the footer of such e-mails must not contain the company name, contact details
or any other information allowing identification of the sender. The company name, contact
details etc. of the original sender of a reply or forwarded message need not be deleted.

 - 39 - 

 

SIGNATURE PAGES

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

	 	 	 	 	 	 	 	 	 	 

	SIG Austria Holding GmbH	 	 	 	 	 	 
	as Pledgor	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Pru Wyllie
 

	 	 	 	 	 	 
	 

	 	Name: Pru Wyllie	 	 	 	 	 	 
	 

	 	Title: Attorney	 	 	 	 	 	 
	 

	 	Date: 14 January, 2011	 	 	 	 	 	 
	 
	The Bank of New York Mellon	 	 	 	 	 	 
	as Collateral Agent and Pledgee	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Erika Walker
	 	 
	 	By:
	 	/s/ Lesley Daley
	 

	 	 
	 	 	 	 	 	 
	 

	 	Name: Erika Walker
	 	 	 	 	 	Name: Lesley Daley
	 

	 	Title: Vice President
	 	 	 	 	 	Title: Assistant Vice President
	 

	 	Date: 14 January, 2011
	 	 	 	 	 	Date: 14 January, 2011
	 
	 	 	 	 	 	 	 	 
	Acknowledged and agreed	 	 	 	 	 	 
	SIG Euro Holding AG & Co. KGaA represented by the SIG Reinag AG as its general partner (Komplementär).
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Pru Wyllie
	 	 	 	By:
	 	/s/  Karen Mower
	 

	 	 
	 	 	 	 	 	 
	 

	 	Name: Pru Wyllie
	 	 	 	 	 	Name: Karen Mower
	 

	 	Title: Authorised Signatory
	 	 	 	 	 	Title: Authorised Signatory
	 

	 	Date: 14 January, 2011
	 	 	 	 	 	Date: 14 January, 2011

 - 40 -exv4w324

EXHIBIT 4.324

AMENDMENT AGREEMENT NO. 2

dated JANUARY 14, 2011

for

SIG COMBIBLOC GMBH & CO KG

as Chargor

and

WILMINGTON TRUST (LONDON) LIMITED

as Chargee

RELATING TO A

CHARGE AND SECURITY DEPOSIT OVER BANK

ACCOUNTS AGREEMENT

DATED 4 MARCH 2010 AS AMENDED ON 27 AUGUST 2010

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

 

 

THIS AMENDMENT AGREEMENT (the “Agreement”) is made on January 14, 2011

BETWEEN:

	(1)	 	SIG Combibloc GmbH & Co KG, a limited partnership organised under the laws of the
Republic of Austria, having its registered seat as at the date of this Agreement in
Saalfelden am Steinernen Meer, Austria, and its business address as at the date of this
Agreement at Industriestrasse 3, 5760 Saalfelden, Austria, registered in the Austrian
companies register (Firmenbuch) under file number FN240335 i; as chargor and depositor
under this Agreement (the “Chargor”, the “Depositor”); and

	(2)	 	Wilmington Trust (London) Limited, acting as Collateral Agent and chargee under this
Agreement, acting on behalf and for the benefit of the Secured Parties (as defined below) as
appointed under the First Lien Intercreditor Agreement and authorised to represent their joint
and several rights in connection with this Agreement (hereinafter, with its successors,
permitted transferees and permitted assigns in such capacity, referred to as the “Collateral
Agent” or the “Chargee”);

(1) and (2) are together hereinafter referred to as the “Parties” and “Party” means any of
them, as the context may require.

RECITALS:

	(A)	 	The Parties hereby declare that the Charge and Security Deposit over Bank Accounts
Agreement (as defined below) was originally concluded on 4 March 2010 between the Chargee and
the Chargor, pursuant to both (i) a credit agreement dated 5 November 2009 (as subsequently
amended) between among others Reynolds Group Holdings Inc., Reynolds Consumer Products
Holdings Inc., Closure Systems International Holdings Inc., SIG Euro Holding AG & Co KGaA, SIG
Austria Holding GmbH, Closure Systems International BV, the other borrowers party thereto, the
lenders from time to time parties thereto, and Credit Suisse AG (formerly known as Credit
Suisse) as administrative agent (the “Credit Agreement”) and (ii) an indenture dated 5
November 2009 between Reynolds Group Escrow LLC, Reynolds Group DL Escrow Inc. and The Bank of
New York Mellon, as trustee, principal paying agent, transfer agent and registrar, as
modified, amended or supplemented from time to time (the “2009 Indenture”).

	(B)	 	In connection with the Credit Agreement and the 2009 Indenture certain parties to
both of those documents have entered into a first lien intercreditor agreement dated 5
November 2009 between, among others, The Bank of New York Mellon as trustee under the 2009
Indenture, Credit Suisse AG as administrative agent and as representative under the Credit
Agreement and each grantor that are parties thereto, as subsequently amended by Amendment No.
1 and Joinder Agreement dated 21 January 2010 which added the Collateral Agent as a collateral
agent under the First Lien Intercreditor Agreement (the “First Lien Intercreditor Agreement”).

	(C)	 	The parties to the Credit Agreement have entered into the amendment agreement No. 3
and incremental assumption agreement dated 30 September 2010 (the “Incremental

 

 

	 	 	Assumption and Amendment Agreement”) to amend the terms of the Credit Agreement.
	 
	(D)	 	Pursuant to an indenture (the “2010 Secured Notes Indenture”) dated 15 October 2010
and entered into between, among others the Escrow Issuers (as defined below) and The Bank of
New York Mellon, as trustee, principal paying agent, transfer agent, registrar and collateral
agent and Wilmington Trust (London) Limited as additional collateral agent, certain secured
notes (the “2010 Secured Notes”) were issued by the Escrow Issuers. On 16 November 2010 the
2010 Secured Notes were released from escrow and the obligations of the Escrow Issuers were
assumed by the Issuers.
	 
	(E)	 	The obligations in respect of the 2010 Secured Notes Indenture and any Senior Secured
Note Documents (as defined therein) were, on 16 November 2010, designated as “Additional
Obligations” under, and in accordance with, section 5.02(c) of the First Lien Intercreditor
Agreement (the “Secured Notes Designation”).
	 
	(F)	 	As a consequence of the execution of the Incremental Assumption and Amendment
Agreement and the issue of the 2010 Secured Notes, the Parties agreed to amend the Charge and
Security Deposit over Bank Accounts Agreement and enter into this Agreement.

IT IS AGREED as follows:

1. DEFINITIONS AND INTERPRETATION

1.1 Definitions

	 	 	In this Agreement:

	 	 	“Escrow Issuers” means RGHL US Escrow I LLC, RGHL US Escrow I Inc. and RGHL Escrow
(Luxembourg) I S.A.

	 	 	“Issuers” means Reynolds Group Issuer LLC, Reynolds Group Issuer Inc. and Reynolds Group
Issuer (Luxembourg) S.A. and their respective successors in interest and assigns.

	 	 	“Charge and Security Deposit over Bank Accounts Agreement” means the charge and security
deposit over bank accounts agreement concluded in the form of a private deed dated 4 March
2010, as amended on 27 August 2010 between the Chargor and the Chargee.

1.2 Incorporation of defined terms

	 	(a)	 	Unless a contrary indication appears, a term defined in the First Lien
Intercreditor Agreement and in the Charge and Security Deposit over Bank Accounts
Agreement has the same meaning in this Agreement and in any notice given under this
Agreement.
	 
	 	(b)	 	The principles of construction set out in the Charge and Security Deposit over
Bank Accounts Agreement shall have effect as if set out in this Agreement.

 

 

1.3 Clauses

	 	 	In this Agreement any reference to a “Clause” is, unless the context otherwise requires,
a reference to a Clause to this Agreement.

2. AMENDMENTS TO THE CHARGE AND SECURITY DEPOSIT OVER BANK ACCOUNTS AGREEMENT

	 	 	With effect from the date of this Agreement:

	 	(a)	 	The following new definitions shall be inserted in clause 1.1 (Definitions) of
the Charge and Security Deposit over Bank Accounts Agreement in alphabetical order:
	 
	 	 	 	““2010 Secured Notes Indenture” means the indenture dated 15 October 2010, among the
Escrow Issuers and The Bank of New York Mellon, as trustee, principal
paying agent, transfer agent, registrar and collateral agent and Wilmington Trust
(London) Limited as additional collateral agent, as amended, extended, restructured,
renewed, refunded, novated, supplemented, restated, replaced or modified from time
to time.”

	 	 	 	“Escrow Issuers” means RGHL US Escrow I LLC, RGHL US Escrow I Inc. and RGHL Escrow
(Luxembourg) I S.A.”

	 	(b)	 	The definition of “Incremental Assumption and Amendment Agreement” in clause 1.1
(Definitions) of the Charge and Security Deposit over Bank Accounts Agreement shall be
replaced with the following wording:

	 	 	 	““Incremental Assumption and Amendment Agreement” means the amendment no. 3 and
incremental term loan assumption agreement dated 30 September 2010 entered into
between, among others, Reynolds Group Holdings Inc., Reynolds Consumer Products
Holdings Inc., Closure Systems International Holdings Inc., SIG Euro Holding AG
& Co. KGAA, SIG Austria Holding GmbH and Closure Systems International B.V. as
borrowers, Reynolds Group Holdings Limited, the Guarantors from time to time
party thereto (as defined therein), the Lenders from time to time party
thereto, the New Incremental Term Lenders (as defined therein), the other
Lenders party thereto and the Administrative Agent (as defined therein), as
amended, novated, supplemented, restated or modified from time to time.”
	 
	 	(c)	 	Clause 2.1.1 (i) (Creation of the Charge) of the Charge and Security Deposit
over Bank Accounts Agreement shall be replaced with the following wording:

 

 

	 	 	 	“(i) USD 7,350,000,000 (that is seven billion three hundred and fifty
million U.S. $) and EUR 780,000,000 (that is seven hundred and eighty million euro)
(the “Secured Principal”); plus”

	3.	 	CONTINUITY AND FURTHER ASSURANCE
	 
	3.1	 	Continuing obligations
	 
	 	 	The provisions of the Charge and Security Deposit over Bank Accounts Agreement shall,
save as amended by this Agreement, continue in full force and effect.
	 
	3.2	 	Further assurance
	 
	 	 	The Chargor shall, at the reasonable request of the Chargee and at its own expense, do
all such acts and things necessary to give effect to the amendments effected or to be
effected pursuant to this Agreement.
	 
	4.	 	INCORPORATION OF TERMS
	 
	 	 	The provisions of clause 10 (Remedies and waivers), clause 11 (Severability), clause 17
(Notices) and clause 19 (Jurisdiction) of the Charge and Security Deposit over Bank Accounts
Agreement shall be incorporated into this Agreement as if set out in full in this Agreement
and as if references in those clauses to “this Agreement” are references to this Agreement.
	 
	5.	 	GOVERNING LAW
	 
	 	 	This Agreement is governed by Hungarian law.
	 
	6.	 	RIGHTS OF THE COLLATERAL AGENT
	 
	 	 	Notwithstanding anything contained herein, the Parties agree that this Agreement shall
be deemed a “Security Document” for the purposes of and as defined in the First Lien
Intercreditor Agreement (and for no other purpose) and accordingly each of the protections,
immunities, rights, indemnities and benefits conferred on the Collateral Agents under the
Charge and Security Deposit over Bank Accounts Agreement and the First Lien Intercreditor
Agreement shall continue in full force and effect and shall apply to this Agreement as if set
out in full herein.

 

 

SIGNATURES

SIG Combibloc GmbH & Co KG, represented by its general partner SIG Combibloc GmbH - as Chargor

	 	 	 	 
	 	 
	By:  	/s/Pru Wyllie
 	 
	 	Pru Wyllie 	 
	 	 	 
	 
	Wilmington Trust (London) Limited - as Chargee

 	 
	By:  	/s/Elaine Lockhart
 	 
	 	Elaine Lockhart

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