Document:

exv4w167

EXHIBIT 4.167

SIG COMBIBLOC GMBH & CO KG

and

WILMINGTON TRUST (LONDON) LIMITED

 

CHARGE AND SECURITY DEPOSIT OVER BANK ACCOUNTS AGREEMENT

(BANKSZÁMLA-KÖVETELÉSEN ALAPÍTOTT ZÁLOG- ÉS ÓVADÉKI

SZERZŐDÉS)

 

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.

 

 

Execution copy

TABLE OF CONTENTS

	 	 	 	 	 

	1. INTERPRETATION
	 	 	3	 
	2. CHARGE
	 	 	7	 
	3. SECURITY DEPOSIT
	 	 	9	 
	4. DISTINCT RIGHTS
	 	 	10	 
	5. NATURE OF THE SECURITY INTEREST
	 	 	10	 
	6. CHARGOR’S RIGHTS
	 	 	11	 
	7. REPRESENTATIONS, WARRANTIES AND COVENANTS
	 	 	11	 
	8. COLLATERAL AGENT’S RIGHTS
	 	 	12	 
	9. GENERAL PROVISIONS
	 	 	13	 
	10. REMEDIES AND WAIVERS
	 	 	14	 
	11. SEVERABILITY
	 	 	15	 
	12. STAMP DUTY
	 	 	15	 
	13. CAPITAL MAINTENANCE
	 	 	15	 
	14. ATTORNEY
	 	 	16	 
	15. TERMINATION
	 	 	16	 
	16. POWER TO ASSIGN
	 	 	17	 
	17. NOTICES
	 	 	17	 
	18. GOVERNING LAW
	 	 	17	 
	19. JURISDICTION
	 	 	17	 
	20. LANGUAGE
	 	 	18	 
	21. AMENDMENTS
	 	 	18	 
	SCHEDULE 1 — ACCOUNTS
	 	 	 	 
	SCHEDULE 2 — FORM OF NOTICE OF CHARGE OVER BANK ACCOUNTS
	 	 	 	 
	SCHEDULE 3 — FORM OF AUTHORISATION TO ACT ON A PROMPT COLLECTION ORDER
	 	 	 	 

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THIS CHARGE AND SECURITY DEPOSIT OVER BANK ACCOUNTS AGREEMENT (the “Agreement”) is made on 4 March
2010

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; and chargor and depositor under this Agreement (the
“Chargor”, the “Depositor” or “SIG Combibloc”); 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.

WHEREAS

	(A)	 	Pursuant to the Loan Documents (as defined below) the Chargor was requested to provide
security to the Chargee for the Obligations under the Loan Documents (each as defined below).
	 
	(B)	 	The Parties have agreed to enter into this Agreement to create a security interest over the
Accounts (as defined below) in accordance with and subject to the terms and conditions as set
out herein.
	 
	(C)	 	The Secured Parties (as defined below) have duly authorised and empowered the Chargee to
enter into this Agreement and to represent their joint and several rights in connection with
the security interest over the Accounts, acting for its own and for the Secured Parties’
benefit.

NOW IT IS HEREBY AGREED AS FOLLOWS:

	1.	 	INTERPRETATION
	 
	1.1	 	Definitions
	 
	 	 	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.
	 
	 	 	In this Agreement:
	 
	 	 	“Account Banks” means the banks with whom the Accounts listed in Schedule 1 (List of Bank
Accounts) of this Agreement are held, and “Account Bank” means any of them.

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	 	 	“Accounts” means together the Hungarian bank accounts of SIG Combibloc listed in Schedule 1
(List of Bank Accounts) of this Agreement, and “Account” means any of them.
	 
	 	 	“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.
	 
	 	 	“Applicable Representative” has the meaning given to that term in the First Lien
Intercreditor Agreement.
	 
	 	 	“Authorisation to Act on a Prompt Collection Order” means the authorisation sent to an
Account Bank by SIG Combibloc in a similar form as set out in Schedule 3 (Form of
Authorisation to Act on a Prompt Collection Order) or in a form acceptable to the Collateral
Agent, in accordance with Decree No. 18/2009. of the National Bank of Hungary on Money
Circulation.
	 
	 	 	“Business Day” means a day (other than Saturday or Sunday) on which banks are open for
business in New York, London and Budapest.
	 
	 	 	“Charge” has the meaning given to such term in Clause 2.1.
	 
	 	 	“Civil Code” means Act IV of 1959 (as amended) on the Civil Code of the Republic of Hungary.
	 
	 	 	“Collateral” means all rights and interests in respect of all amounts at any time held on
the Accounts.
	 
	 	 	“Court Enforcement Act” means Act LIII of 1994 on Judicial Execution.
	 
	 	 	“Credit Agreement” means the Credit Agreement dated as of 5 November 2009, among Closure
Systems International B.V., Reynolds Group Holdings Inc., Reynolds Consumer Products
Holdings Inc., SIG Euro Holding AG & Co. KGaA, Closure Systems International Holdings Inc.
and SIG Austria Holding GmbH 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 the occurrence of an Event of Default which is continuing
unremedied and unwaived and in respect of which a notice has been served in accordance with
Article VII of the Credit Agreement or the equivalent provisions of the other Principal
Finance Documents except that any rights of the Chargee in respect of the preservation of
the assets or the security may be exercised if the Chargee determines that they are required
to be exercised if an Event of Default has occurred and is continuing (i.e. without any
notice).
	 
	 	 	“Event of Default” means an “Event of Default” under, and as defined in, the First Lien
Intercreditor Agreement.

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	 	 	“First Lien Intercreditor Agreement” means the First Lien Intercreditor Agreement dated as
of 5 November 2009, among the Collateral Agent, The Bank of New York Mellon, as trustee
under the Senior Secured Note Indenture, Credit Suisse AG (formerly known as Credit Suisse),
as administrative agent under the Credit Agreement, and the Loan Parties, as amended,
novated, supplemented, restated or modified from time to time (including by the Joinder
Agreement which added the Collateral Agent 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.
	 
	 	 	“Joinder Agreement” means the joinder agreement dated on 21 January 2010 made among (amongst
others) the Collateral Agent, The Bank of New York Mellon, Credit Suisse AG and Reynolds
Group Holdings Limited pursuant to which the Collateral Agent is appointed an additional
collateral agent and becomes a party to the First Lien Intercreditor Agreement.
	 
	 	 	“Lien” has the meaning it is given in the First Lien Intercreditor Agreement.
	 
	 	 	“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 Charge over Accounts” means the notice sent to an Account Bank by SIG Combibloc
substantially in a similar form as set out in Schedule 2 (Form of Notice of Charge over
Accounts) or in a form acceptable to the Collateral Agent.
	 
	 	 	“Notice of Enforcement Event” means a notice sent to an Account Bank by the Collateral Agent
substantially in a similar form as set out in Schedule 2 (Form of Notice of Enforcement
Event) or in a form acceptable to the Collateral Agent.
	 
	 	 	“Notice of Security Deposit” means a notice sent to an Account Bank by the Collateral Agent
substantially in a similar form as set out in Schedule 2 (Form of Notice of Security
Deposit) or in a form 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, including in particular, but not limited

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	 	 	to, the Parallel Obligations, 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.
	 
	 	 	“Parallel Obligations” means the independent obligations of any of the Loan Parties arising
pursuant to the First Lien Intercreditor Agreement to pay to the Collateral Agent sums equal
to the sums owed by such Loan Party to the other Secured Parties (or any of them) under the
Loan Documents.
	 
	 	 	“Principal Finance Document” means the Credit Agreement, the Senior Secured Note Indenture,
the Intercreditor Arrangements and any Additional Agreement.
	 
	 	 	“Prompt Collection Order” means any prompt collection order (in Hungarian “beszedési
megbízás") sent to an Account Bank by the Collateral Agent substantially in the form set out
in Schedule 3 (Form of Authorisation to act on a Prompt Collection Order) or if such form is
not acceptable to any of the Account Banks, in any form so required.
	 
	 	 	“Prompt Collection Right” means any and all rights of the Collateral Agent, if an
Enforcement Event has occurred, to collect amounts from the Accounts on the basis of a
Prompt Collection Order granted under this Agreement.
	 
	 	 	“Secured Parties” means the “Secured Parties” under, and as defined in, the First Lien
Intercreditor Agreement.
	 
	 	 	“Secured Principal” has the meaning given to such term in Clause 2.1 of this 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.

	1.2	 	Construction

	 	1.2.1	 	Headings are for convenience of reference only.
	 
	 	1.2.2	 	Where the context so permits, the singular includes the plural and vice versa.
	 
	 	1.2.3	 	Save where the contrary is indicated, any reference in this Agreement to the
“Chargee”, the “Chargor”, a “Secured Party”, the “Depositor”, “SIG Combibloc”, the
“Collateral Agent”, a “Loan Party” or a “Lender” shall be construed so as to include
its (or their) respective successors, transferees and assignees from time to time and
any successor of such a successor, transferee or assignee in accordance with its (or
their) respective interests.
	 
	 	1.2.4	 	The Parties agree and confirm that any person becoming a transferee of any
rights and obligations of the Collateral Agent under the First Lien Intercreditor
Agreement shall thereupon become entitled to the benefit of the provisions

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	 	 	 	contained herein as if it had originally been and had been named as a party hereto.
	 
	 	1.2.5	 	References to Clause and Schedule shall, subject to any indication to the
contrary, mean the respective Clause and Schedule of this Agreement.
	 
	 	1.2.6	 	References to the Credit Agreement, the First Lien Intercreditor Agreement,
the other Loan Documents, this Agreement or any other agreement or document shall,
where applicable, be deemed to be references to such Credit Agreement, the First Lien
Intercreditor Agreement, the other Loan Documents, this Agreement or such other
agreement or document as the same may have been, or may from time to time be, amended,
extended, restructured, renewed, novated, supplemented, restated, refunded, replaced or
modified from time to time, as persons may accede thereto as a party or withdraw
therefrom as a party in part or in whole or be released thereunder in part or in whole,
and as facilities and financial services are or may from time to time be granted,
extended, prolonged, increased, reduced, cancelled, withdrawn, amended, restated,
supplemented, restructured, refunded, replaced, modified, renewed or novated
thereunder.
	 
	 	1.2.7	 	Any amount will be deemed irrevocably paid in full if it has been paid in
full and there is no evidence such as to give a reasonable belief that any claim will
be brought to revoke such payment.
	 
	 	1.2.8	 	References to any element of the legislation, statute, act, law, regulation
or any provision thereof shall, where applicable, be deemed to be references to that
element of the legislation, as amended or re-enacted.
	 
	 	1.2.9	 	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.

	2.	 	CHARGE
	 
	2.1	 	Creation of the Charge     

	 	2.1.1	 	In order to secure the Obligations up to the maximum amount of:

	 	(i)	 	USD 2,280,000,000 (that is two billion two hundred and eighty million
U.S.$ and EUR 780,000,000 (that is seven hundred and eighty million euro) (the
“Secured Principal”); plus
	 
	 	(ii)	 	all accrued interest (as calculated in accordance with Loan
Documents); plus all accrued default interest (as calculated in accordance
with Loan Documents); plus any other amounts, monetary obligations,
indemnities, fees, commissions, costs and expenses arising under and payable
in accordance with the terms of the Loan Documents, which amounts, monetary
obligations, indemnities, fees, commissions, costs, expenses, and the costs of
the enforcement of this Agreement shall not exceed an aggregate amount
representing 40% of the aggregate amount of Secured Principal,

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	 	 	 	the Chargor hereby grants to the Chargee a first priority charge over the Accounts
and the Collateral in accordance with Sections 267 and 268 of the Civil Code (the
“Charge”).

	 	2.1.2	 	The Chargee hereby accepts such Charge.

	2.2	 	Nature of the Charge

	 	2.2.1	 	The Charge constituted by, and pursuant to, this Agreement shall:
	 
	 	(a)	 	subject to any Lien permitted by the Loan Documents, subject to obtaining any
necessary consents to such security from any third party, and subject to the Legal
Reservations (as defined in the Credit Agreement) be a first priority security over the
Accounts and the Collateral; and
	 
	 	(b)	 	to the extent permitted by Hungarian law, be of the nature of “framework
security” (in Hungarian “keretbiztosítéki jellegû”), the maximum amount of which is the
sum set out under Clause 2.1. If the framework security nature of the Charge
constituted by this Agreement is not recognised by a court for any reason, then the
Charge shall be deemed to secure the Obligations.
	 
	 	2.2.2	 	The Charge constituted by this Agreement will come into existence upon the
execution of this Agreement by the Parties.

	2.3	 	Prompt Collection Right

	 	2.3.1	 	In order to secure the Obligations (as set out above) and to facilitate the
enforcement of the Charge or the Security Deposit (as applicable) as set out in this
Agreement, SIG Combibloc hereby grants to the Chargee a Prompt Collection Right in
respect of, and over, the Accounts.
	 
	 	2.3.2	 	SIG Combibloc undertakes to deliver to the Account Banks within twenty (20)
Business Days of the execution of this Agreement, (i) a Notice of Charge over Accounts
and (ii) an Authorisation to Act on Prompt Collection Order:

	 	(a)	 	notifying the Account Banks of the establishment of the Prompt
Collection Right and the Charge over the Accounts;
	 
	 	(b)	 	authorising the Account Banks that, after the delivery of a Notice of
Enforcement Event by the Chargee to the Account Banks, they should comply with
any Prompt Collection Order received by it from the Chargee for the withdrawal
of amounts from the Accounts held with them; and
	 
	 	(c)	 	notifying the Account Banks that after the delivery of a Notice of
Enforcement Event by the Chargee to the Account Banks, the Chargee is entitled
to demand the amounts held on the Accounts as set out in Article 268(2) of the
Civil Code, and authorising the Account Banks to comply with such demand.

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	 	2.3.3	 	SIG Combibloc shall use its reasonable efforts, for a period of thirty (30)
days after service, to obtain the acknowledgement of receipt of the (i) Notice of
Charge over Accounts and (ii) Authorisation to Act on Prompt Collection Order by the
Account Banks.

	2.4	 	Enforcement of the Charge

	 	2.4.1	 	The Chargor hereby acknowledges that if an Enforcement Event has occurred,
the Chargee becomes immediately entitled to enforce the Charge as set out in Clauses
2.4.2 to 2.4.4 below.
	 
	 	2.4.2	 	If the Chargee becomes entitled to enforce the Charge and the Prompt
Collection Right pursuant to Clause 2.4.1, the Chargee shall notify the Account Banks
about the occurrence of an Enforcement Event in the Notice of Enforcement Event and the
Charge may be enforced, upon the decision of the Chargee made in its absolute
discretion, by

	 	(a)	 	exercising the Prompt Collection Right by issuing and delivering a
Prompt Collection Order to the Account Banks; or
	 
	 	(b)	 	demanding the amounts held on an Account from any of the Account
Banks in accordance with Article 268(2) of the Civil Code; or
	 
	 	(c)	 	court enforcement proceedings (as set out in Article 255(1) of the
Civil Code).

	 	2.4.3	 	The Chargor shall, upon the request of the Chargee upon the exercise of the
rights of the Chargee under Clause 2.4.1 above, deliver any document relating to the
Accounts and/or the Collateral, which is required by the Chargee for the purposes of
exercising its rights under Clause 2.4 of this Agreement.
	 
	 	2.4.4	 	The Chargee shall utilise the proceeds received under this Clause 2.4 and
shall return the surplus amounts, if any, in accordance with the provisions of the
First Lien Intercreditor Agreement.

	3.	 	SECURITY DEPOSIT
	 
	3.1	 	Subject to Clause 3.2 and in order to secure the Obligations, the maximum aggregate
amount of:

	 	(i)	 	the Secured Principal; plus
	 
	 	(ii)	 	all accrued interest (as calculated in accordance with Loan
Documents); plus all accrued default interest (as calculated in accordance
with Loan Documents); plus any other amounts, monetary obligations,
indemnities, fees, commissions, costs and expenses arising under and payable
in accordance with terms of the Loan Documents, which amounts, monetary
obligations, indemnities, fees, commissions, costs, expenses, and the costs of
the enforcement of this Agreement shall not exceed an aggregate amount
representing 40% of the aggregate amount of Secured Principal,

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	 	 	the Depositor hereby creates a security deposit (in Hungarian “óvadék") over the entire
balance (from time to time) of the Accounts in accordance with Sections 270 and 271 of the
Civil Code in favour of the Collateral Agent (the “Security Deposit”).
	 
	3.2	 	The Security Deposit shall be perfected if an Enforcement Event has occurred in
accordance with Clause 3.3 below.
	 
	3.3	 	If an Enforcement Event has occurred, the Collateral Agent shall be entitled to
perfect the Security Deposit created hereunder, in a way that dispatches a Notice of Security
Deposit in which it instructs the Account Banks to block the Accounts in part or in whole
which blocking of the Accounts shall be considered as a hand over of the Collateral (in
Hungarian “átadás”) in respect of the Account blocked to the Collateral Agent within the
meaning of Section 270 (2) of the Civil Code (the “Perfection of the Security Deposit”).
	 
	3.4	 	Following the Perfection of the Security Deposit set out in Clause 3.3 above, the
Collateral Agent becomes entitled to directly — i.e. without judicial execution — satisfy
the Obligations from the Security Deposit in accordance with the provisions of the Hungarian
law. By blocking the Accounts by the Account Banks pursuant to Clause 3.3 above, the Account
Banks shall restrict the disposal right (in Hungarian “rendelkezési jog") of the Depositor
over the Accounts. The Security Deposit shall cover any and all rights, title and interests in
and to, and the balance of Accounts, including accrued interest and any further amount (in
Hungarian “kamatai, hasznai, gyümölcse") accrued, existing and recorded from time to time on
the Accounts and all amounts credited thereto at any particular time.
	 
	3.5	 	The Charge terminates if, after an Enforcement Event has occurred, the Collateral
Agent decides, in accordance with its right stipulated in the present Agreement, to declare
the perfection of the Security Deposit by the delivery of a Notice of Security Deposit to the
Account Banks.
	 
	4.	 	DISTINCT RIGHTS
	 
	 	 	SIG Combibloc and the Collateral Agent hereby confirm and agree that:

	 	(a)	 	the Charge and the Security Deposit are separate and distinct rights granted
or created hereunder; and
	 
	 	(b)	 	the exercise of remedies under the Charge and the effectiveness of the
Security Deposit are mutually exclusive.

	5.	 	NATURE OF THE SECURITY INTEREST
	 
	5.1	 	The Charge and the Security Deposit (together, the “Security Interest”) constituted by,
and pursuant to, this Agreement shall:

	 	5.1.1	 	be a continuing security for the payment, satisfaction and discharge in full
of the Obligations and shall not be considered as satisfied or discharged or prejudiced
by any intermediate payment, satisfaction or settlement of any part of the Obligations
unless and until discharged by the Chargee;

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	 	5.1.2	 	be in addition to and shall not operate so as in any way to prejudice or
affect or be prejudiced or affected by any security, encumbrance, guarantee,
suretyship, indemnity or other right or remedy which the Collateral Agent or any other
Secured Party (or any person on their behalf) may now or at any time hereafter hold for
or in respect of the Obligations or any part thereof; and
	 
	 	5.1.3	 	not be prejudiced by any time or indulgence granted to any person, or any
abstention or delay by the Collateral Agent or any other Secured Party (or any person
on their behalf) in perfecting or enforcing any security, encumbrance, guarantee,
suretyship, right or remedy that the Collateral Agent or any other Secured Party (or
any person on their behalf) may now or at any time hereafter have from or against the
Loan Parties.

	6.	 	CHARGOR’S RIGHTS
	 
	 	 	Notwithstanding any other provision of this Agreement, at all times unless an
Enforcement Event has occurred, SIG Combibloc is authorised by the Chargee to deal with the
Accounts and the Collateral in any manner and to exercise all of its rights under and in
respect of the Accounts and the Collateral (including the disposal of or closing of any
Account if permitted by the Principal Finance Documents) freely and without restrictions in
accordance with the terms and conditions of the Principal Finance Documents.
	 
	7.	 	REPRESENTATIONS, WARRANTIES AND COVENANTS
	 
	7.1	 	Representations and Warranties
	 
	 	 	In addition and without prejudice to those representations and warranties made by or in
respect of SIG Combibloc herein or in any other Principal Finance Document, SIG Combibloc
hereby represents and warrants that on the date of this Agreement with reference to the
facts and circumstances then existing, and subject to the provisions of the Principal
Finance Documents:

	 	(a)	 	it is the sole owner of the Accounts subject to any Liens permitted by the
Principal Finance Documents, and it has not sold, transferred, encumbered or otherwise
disposed of, nor has it agreed to sell, transfer, encumber or otherwise dispose of, any
or all of its rights in the Collateral to any third person, in each case other than as
permitted by the Principal Finance Documents or this Agreement; and
	 
	 	(b)	 	the representations and warranties made by SIG Combibloc as Loan Party in
Sections 3.01 (Organization; Powers), 3.02 (Authorization), 3.03 (Enforceability), 3.06
(No Material Adverse Change), 3.09 (Litigation, Compliance with Laws), 3.10
(Agreements), 3.19 (Security Documents) and 3.22 (Solvency) of the Credit Agreement are
true and accurate as regards SIG Combibloc and this Agreement;
	 
	 	(c)	 	it has not taken any action that would have an adverse effect on the validity
and enforceability of security constituted by this Agreement hereunder, other than as
permitted by the Principal Finance Documents; and

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	 	(d)	 	subject to any Liens permitted by the Principal Finance Documents, subject to
obtaining any necessary consents to such security from any third party and subject to
the Legal Reservations (as defined in the Credit Agreement), this Agreement constitutes
a first priority Charge and, subject to the Perfection of the Security Deposit, a
Security Deposit over the Accounts and the Collateral.

	7.2	 	Covenants
	 
	 	 	In addition and without prejudice to those covenants, undertakings, commitments and
obligations made by or in respect of SIG Combibloc herein or in any other Loan Documents,
SIG Combibloc hereby covenants that, so long as this Agreement shall be in force, it shall:

	 	(a)	 	unless otherwise permitted by the Principal Finance Documents, not give a
prompt collection right and not grant any Lien to any third party in respect of the
Accounts;
	 
	 	(b)	 	waive its right to deposit the Collateral with court (in Hungarian “bírói
letétbe helyezés”) in accordance with Section 268 (1) of the Civil Code;
	 
	 	(c)	 	unless pursuant to a release of security in accordance with Clause 15, not
revoke the Authorisation to Act on a Prompt Collection Order or any other notices sent
or to be sent to the Account Banks pursuant to this Agreement;
	 
	 	(d)	 	not take or omit to take any action the taking or omission of which would
result in the alteration or impairment of any rights of the Collateral Agent under the
Security Interest which would have an adverse effect on the validity and enforceability
of the security hereunder except if such actions or omissions are permitted by the
Principal Finance Documents;
	 
	 	(e)	 	promptly notify the Collateral Agent of any event or circumstance of which SIG
Combibloc is aware which would (i) materially and adversely affect, alter or impair the
Collateral Agent’s rights relating to the validity and enforceability of the Security
Interest under or pursuant to this Agreement, (ii) materially and adversely affect,
alter or impair the Collateral Agent’s rights under or pursuant to this Agreement in
relation to the filing of a petition for the bankruptcy or insolvency of SIG Combibloc,
the initiation of an execution in respect of the Accounts in accordance with the Court
Enforcement Act or similar laws applicable in other jurisdictions, the termination of
SIG Combibloc’s commercial activities or the winding up of SIG Combibloc (unless the
termination of SIG Combibloc’s commercial activities or the winding up of SIG Combibloc
is permitted by the Principal Finance Documents); and
	 
	 	(f)	 	unless otherwise permitted by the Principal Finance Documents and subject to
the Agreed Security Principles, ensure that the Security Interest, subject to any Lien
permitted by the Principal Finance Documents, or any third party consent, is a first
priority security interest over the Collateral and the Accounts.

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	8.	 	COLLATERAL AGENT’S RIGHTS
	 
	8.1	 	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 Agreement are reasonable, and that any question as to the
reasonableness or otherwise of such instructions shall be determined as between the Applicable
Representative and SIG Combibloc.
	 
	8.2	 	SIG Combibloc 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 the protections, immunities, rights, indemnities
and benefits conferred on a collateral agent under the Principal Finance Documents.
	 
	8.3	 	The powers conferred by this Agreement on the Collateral Agent in relation to the
Accounts and the Collateral shall be in addition to and not in substitution for the rights
conferred on the Collateral Agent by applicable law except insofar as they are excluded by
this Agreement and, where there is any ambiguity or conflict between the rights contained in
any such applicable law and those conferred by this Agreement, then the terms of this
Agreement shall prevail to the extent permitted by such law.
	 
	8.4	 	The Collateral Agent will be entitled, subject to the Agreed Security Principles, the
terms of the Principal Finance Documents and this Agreement and the reasonable instructions of
the Applicable Representative, at any time to take any such action permitted under the
relevant laws as it in their/its discretion thinks fit for the purpose of protecting the
Security Interest constituted by this Agreement.
	 
	8.5	 	Subject to Section 4.05 of the First Lien Intercreditor Agreement, the Collateral
Agent may, at any time and from time to time, delegate by power of attorney to any person all
or any of the rights conferred on it by this Agreement which are for the time being
exercisable by the Collateral Agent hereunder in relation to the Accounts and the Collateral
or any part thereof and the Collateral Agent shall inform SIG Combibloc of such a delegation
or appointment of a delegate.
	 
	8.6	 	The Collateral Agent does not need, before it exercises any of the rights conferred
upon it by this Agreement or by law, to (i) initiate proceedings or obtain a judgement against
SIG Combibloc or any other person in any court; (ii) make or file a claim in a bankruptcy or
liquidation with respect to SIG Combibloc or any other person; or (iii) enforce any of its
rights in respect of any part of the Obligations, except as expressly required by Hungarian
law from time to time.
	 
	9.	 	GENERAL PROVISIONS
	 
	9.1	 	Separate Agreements
	 
	 	 	This Agreement shall be construed so as to constitute a separate security agreement between
the Collateral Agent on the one hand and SIG Combibloc on the other hand and if such
separate agreement between SIG Combibloc and the Collateral Agent becomes

- 13 -

 

	 	 	invalid or unenforceable, is terminated, rescinded, released, void, voidable, amended,
restated, renewed, novated, supplemented or otherwise affected, the obligations of SIG
Combibloc are satisfied or any of the rights of Collateral Agent created thereby is
ineffective, the foregoing shall, to the fullest extent permitted by law, not affect the
validity or enforceability of any of the other agreements between SIG Combibloc on the one
hand and the Collateral Agent on the other hand.
	 
	9.2	 	Immediate Recourse
	 
	 	 	To the fullest extent allowed by applicable law SIG Combibloc waives any right it may have
of first requiring the Collateral Agent to proceed against or claim payment from any other
person or entity or enforce any guarantee, suretyship or security granted by any other
person or entity with respect to the Obligations before enforcing this Agreement and/or its
rights hereunder or pursuant hereto.
	 
	9.3	 	Certificates

	 	(a)	 	A certificate (including but not limited to the Declaration) signed by any
duly authorised officer of the Chargee setting forth any amount due to the Secured
Parties from either of SIG Combibloc and/or the Loan Parties in respect of any part of
the Obligations as well as the occurrence of an Event of Default which is continuing
shall be prima facie evidence of such amount against the Loan Parties and SIG Combibloc
except in case of manifest error or fraud on the part of the Chargee.
	 
	 	(b)	 	SIG Combibloc hereby acknowledges that after the occurrence of an Event of
Default which is continuing the Chargee shall be entitled to incorporate such
certificate, setting out the outstanding amount of all or any part of the Obligations
in a notarial certificate (in Hungarian:
“ténytanúsítvány”/“ténytanúsító okirat”), the
costs of which are to be borne in accordance with the Principal Finance Documents. SIG
Combibloc accepts any notarial certificate issued according to this Clause as prima
facie evidence except in case of manifest error or fraud on the part of the Chargee.

	9.4	 	Discharge
	 
	 	 	Where any discharge (whether in respect of this Agreement, or other Security Document for
the Obligations or otherwise) is made in whole or in part or any arrangement is made on the
faith of any payment, security or other disposition which is subsequently avoided or must be
restored on bankruptcy, insolvency or otherwise without limitation, the liability of SIG
Combibloc under this Agreement and the rights of the Collateral Agent created hereby and
pursuant hereto shall continue as if there had been no discharge or arrangement. The
Collateral Agent shall be under no obligation to challenge, contest or otherwise take any
steps to remedy any avoidance of any payment, security or other disposition or the
restoration thereof by any liquidator, receiver or similar officer on bankruptcy, insolvency
or otherwise.

- 14 -

 

	10.	 	REMEDIES AND WAIVERS
	 
	 	 	No failure on the part of the Collateral Agent to exercise, and no delay on its part in
exercising, any right or remedy under this Agreement will operate as a waiver thereof, nor
will any single or partial exercise of any right or remedy preclude any other or further
exercise thereof or the exercise of any other right or remedy. The rights and remedies
provided in this Agreement are cumulative and not exclusive of any rights or remedies
provided by applicable law, the Credit Agreement or any other Loan Documents.
	 
	11.	 	SEVERABILITY
	 
	 	 	If any of the terms hereof is or becomes invalid or unenforceable (or the security
purported to be created hereunder or pursuant hereto are ineffective) for any reason under
the laws of any jurisdiction or in relation to SIG Combibloc, such invalidity or
unenforceability shall, to the fullest extent possible under applicable law, not affect its
validity or enforceability in any other jurisdiction or invalidate or make unenforceable any
other term hereof. The Parties hereto agree that they will negotiate in good faith to
replace any provision hereof held invalid, illegal or unenforceable with a valid, legal and
enforceable provision which is as similar as possible in substance to the invalid, illegal
or unenforceable provision.
	 
	12.	 	STAMP DUTY
	 
	 	 	The Parties agree that the provisions of sections 9.19 (Place of Performance) and 9.20
(Austrian Stamp Duty) of the Credit Agreement (and, if the Credit Agreement is no longer in
existence, an equivalent clause in any Additional Agreement) and the provisions of sections
5.15 (Place of Performance) and 5.16 (Austrian Stamp Duty) of the First Lien Intercreditor
Agreement (and, if the First Lien Intercreditor Agreement is no longer in existence, an
equivalent clause in any Intercreditor Arrangements) shall apply to this Agreement
as if incorporated herein mutatis mutandis, to the extent relating to SIG Combibloc and the
Collateral Agent.
	 
	13.	 	CAPITAL MAINTENANCE

	 	(a)	 	The liability of SIG Combibloc under this Agreement shall at all times be
limited so that at no time the granting of security under this Agreement be required if
this would violate mandatory Austrian capital maintenance rules
(Kapitalerhaltungsvorschriften) 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).
	 
	 	(b)	 	Should any obligation under this Agreement violate or contradict Austrian
capital maintenance rules and should therefore be held invalid or unenforceable, such
obligation shall be deemed to be replaced by an obligation of a similar nature which is
in compliance with Austrian capital maintenance rules and which provides the best
possible security interest in favour of the Secured Parties. By way of example, should
it be held that the security interest created under the Agreement is contradicting
Austrian capital maintenance rules in relation to any amount of the Obligations, the
security interest created under the

- 15 -

 

	 	 	 	Agreement shall be reduced to the maximum amount of the Obligations which is
permitted pursuant to Austrian capital maintenance rules.

	14.	 	ATTORNEY
	 
	 	 	To the fullest extent permitted by applicable law, SIG Combibloc hereby appoints the
Chargee, such appointment being made for the benefit of the Chargee and the other Secured
Parties represented by the Chargee and shall be effective if an Enforcement Event has
occurred to be its true and lawful attorney (with full power of substitution and delegation)
for and on behalf of SIG Combibloc and in its name or in the name of the Chargee and as SIG
Combibloc’s attorney in act and deed to sign, execute, seal, deliver, acknowledge, file,
register and perfect any and all such assurances, documents, instruments, agreements
(including any agreements to which the Chargee itself is a party) certificates and consents
and to do any and all such acts and things as SIG Combibloc itself could do in relation to
the Charged Assets or in relation to any matters dealt with in this Agreement and which the
Chargee may, (upon the reasonable instruction of the Applicable Representative), deem to be
necessary in order to give full effect to the purposes of this Agreement. SIG Combibloc will
ratify and confirm whatever the Chargee shall do or cause to be done in pursuance of the
powers conferred to it hereunder. For the avoidance of any doubt, this Clause constitutes
the express consent of SIG Combibloc to the appointment of the Collateral Agent as its
representative for the purposes of Article 221 (3) of the Civil Code except that the
Collateral Agent shall not be entitled to conclude or amend any agreement between SIG
Combibloc and any of the Secured Parties or to waive any rights of SIG Combibloc against any
of the Secured Parties.
	 
	15.	 	TERMINATION
	 
	15.1	 	The security constituted by this Agreement shall be released, re-assigned,
re-transferred and cancelled (as applicable):

	 	(a)	 	by the Collateral Agent at the request and cost of SIG Combibloc, 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 SIG Combibloc or any other person under any of
the Loan Documents; or
	 
	 	(b)	 	in accordance with, and to the extent required by, the Intercreditor
Arrangements.

	15.2	 	Upon termination of this Agreement and subject to Clause 15.1, the Collateral Agent
shall promptly (but in any event within fifteen (15) days), at the cost of SIG Combibloc,
issue all certificates or other documents and sign all other documents and do all such acts as
are required by law or requested by SIG Combibloc in order that this Agreement will be
terminated.
	 
	15.3	 	If the Chargor disposes of or closes any of the Accounts and that disposal or
closing is permitted by the Principal Finance Documents, that Account shall (to the extent
necessary), unless an Enforcement Event has occurred, be: (a) automatically released,
re-assigned, re-transferred and cancelled (as applicable) from the Charge constituted by this

- 16 -

 

	 	 	Agreement with effect from the day of such disposal or closing or (b) released, re-assigned,
re-transferred and cancelled (as applicable) in accordance with and to the extent required
by, the Intercreditor Arrangements.
	 
	15.4	 	Upon the Chargor disposing or closing of any of the Accounts (which disposal or
closing is permitted by the Principal Finance Documents), the Chargee shall promptly (but in
any event within fifteen (15) days) at the cost of the Chargor, issue all certificates or
other documents and sign all other documents and do all such acts as are required by law or
requested by the Chargor in order to release the relevant Accounts from the Charge constituted
by this Agreement.
	 
	16.	 	POWER TO ASSIGN
	 
	 	 	To the fullest extent permitted under the laws of Hungary and subject to the terms of
the Loan Documents, only the Collateral Agent (but not, for the avoidance of doubt, SIG
Combibloc, unless otherwise permitted by the Principal Finance Documents) shall be entitled
to assign and/or transfer all or part of its rights and obligations under this Agreement to
a replacement Collateral Agent appointed in accordance with the Principal Finance Documents
and SIG Combibloc hereby in advance gives its irrevocable consent to, within the meaning of
Sections 328-331 of the Civil Code, and hereby in advance irrevocably co-operates with any
such assignment and/or transfer (as the case may be) hereunder.
	 
	17.	 	NOTICES
	 
	 	 	Each notice or other communication to be given or made by a Party under this Agreement
shall be given or made in accordance with the First Lien Intercreditor Agreement, subject to
Clause 19 below.
	 
	18.	 	GOVERNING LAW
	 
	 	 	This Agreement and all non-contractual obligations arising from or connected with it
are governed by, and construed in accordance with, Hungarian law.
	 
	19.	 	JURISDICTION
	 
	19.1	 	The Parties agree that any dispute arising out of or in connection with this Agreement
(including a dispute regarding the existence, validity or termination of this Agreement or the
consequences of its nullity) (the “Dispute”) shall be exclusively decided by the Court of
Arbitration attached to the Hungarian Chamber of Commerce and Industry, Budapest (the “Court
of Arbitration”) in accordance with its own rules of proceedings.
	 
	19.2	 	The number of arbitrators shall be three. Both Parties may designate one
arbitrator each and those two arbitrators elect the presiding arbitrator of the tribunal.
	 
	19.3	 	The language to be used in the arbitral proceedings shall be English.
	 
	19.4	 	The address and fax number (and the department or officer, if any, for whose
attention the communication is to be made) of each Party for any communication or document to
be made or delivered under or in connection with the arbitral proceedings (including the

- 17 -

 

	 	 	delivery of the statement of claim for the purpose of article 21 (3) of the rules of
proceedings of the Court of Arbitration) is:

	 	(a)	 	in the case of SIG Combibloc:

	 	 	 	Address: c/o Closure Systems International Holdings (Hungary) Vagyonkezelő
Korlátolt Felelősségű Társaság
	 
	 	 	 	               Berényi út 72-100, 8000 Székesfehérvár, Hungary
	 
	 	 	 	Fax: +64 2 9268 6693; and

	 	(b)	 	in the case of the Collateral Agent:

	 	 	 	Address: 6 Broad Street Place, London EC2M 7JH, United Kingdom
	 
	 	 	 	Fax: +44 207 614 1122

	 	 	or any substitute address or fax number or department or officer as a Party may
notify to the other Party, and (in case of ongoing arbitral proceedings) to the Court
of Arbitration by not less than five (5) Business Days’ notice in writing.
	 
	20.	 	LANGUAGE
	 
	 	 	This Agreement shall be executed in English language only. This Agreement may be
translated into Hungarian but in the event of any ambiguity or conflict between the two
versions, the English version shall prevail to the extent permitted by law.
	 
	21.	 	AMENDMENTS
	 
	21.1	 	This Agreement may be amended only by a written instrument executed by the Parties.
	 
	21.2	 	With consideration to the forthcoming potential enactment of a new Hungarian civil
code, SIG Combibloc hereby undertakes that, subject to the Agreed Security Principles, upon
the request of the Collateral Agent:

	 	21.2.1	 	it shall agree to an amendment and restatement of this Agreement following
the entry into force of such a new civil code, in order to reflect the provisions
thereof, to the extent such amendment is necessary to preserve the Charge or to clarify
the security position of the Collateral Agent; and
	 
	 	21.2.2	 	it shall enter into good faith negotiations on the amendment and restatement
terms of this Agreement, in order to reflect the provisions of the new civil code,
other than those which are referred to in Clause 21.2.1 above.

IN WITNESS WHEREOF the Parties hereto have caused this Agreement to be duly executed by their
respective duly authorised officers as of the above date.

- 18 -

 

SCHEDULE 1

ACCOUNTS 

	 	 	 	 	 
	No.	 	Account Bank	 	Account
	1.

	 	Name: Raiffeisen Bank Zrt.
	 	Currency: EUR
	 
	 

	 	Seat: Budapesti Fiók
1054 Budapest,
Akadémia u. 6.
	 	Account Number: [____________] (EUR)
	 

	 	
	
 	IBAN: HU [______________________]
	 
	 

	 	 	 	SWIFT:UBRTHUHBXXX

- 19 -

 

SCHEDULE 2

FORM OF NOTICE OF CHARGE OVER BANK ACCOUNTS

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

	 	 	 
	 	 	BANKSZÁMLA-KÖVETELÉSEN
	NOTICE OF CHARGE OVER BANK	 	ALAPÍTOTT ZÁLOGJOGRÓL SZÓLÓ
	ACCOUNTS	 	ÉRTESÍTÉS
	 
	 	 
	To: [Account Bank] (address:[*]) as Account Bank (hereinafter: the “Account
Bank”)

	 	Címzett: [Számlavezetõ Bank]
(székhely:[*]) mint számlavezetõ bank
(továbbiakban: a “Számlavezetõ Bank”)
	 
	 	 
	Subject: Notice on charge

	 	Tárgy: Értesítés zálogjog alapításról
	 
	 	 
	Dated: Budapest, ________________

	 	Kelt: Budapest, ______________________
	 
	 	 
	Dear Sir/Madam,

	 	Tisztelt Címzett!
	 
	 	 
	With reference to the Charge and Security Deposit over Bank Accounts Agreement
dated __ 2010 (hereinafter: the “Agreement”), entered into between us, the
[*] (registered seat: [*]; Company registration number: [*]) as chargor
(hereinafter: the “Chargor”), and [*], (registered seat: [*], registration
number [*]) as chargee and Collateral Agent (hereinafter, with its successors,
permitted transferees and permitted assigns in such capacity, the “Collateral
Agent”), we hereby give notice that we have established a charge in favour of
the Collateral Agent over the bank account No.:_______________(hereinafter: the “Bank Account”).

	 	Hivatkozással a 2010. _______-án kelt
Bankszámla-követelésen Alapított
Zálog és Óvadéki Szerzõdésre
(továbbiakban: a “Szerzõdés”), amely
köztünk, az [*] (székhely: [*],
cégjegyzékszám: [*]) mint
zálogkötelezett (továbbiakban: a
“Zálogkötelezett”), és az [*]
(székhely: [*], cégjegyzékszáma [*])
mint zálogjogosult és Biztosítéki
Megbízott (továbbiakban, annak
jogutódjaként, átruházottjaként és
engedményesként eljáró valamennyi
személyt is ideértve: a “Biztosítéki
Megbízott”) között jött létre, ezúton
értesítjük Önöket, hogy cégünk a
Biztosítéki Megbízott javára
zálogjogot alapított a [*] számú
bankszámlánk (továbbiakban: a
“Bankszámla”) felett.
	 
	 	 
	Therefore, we request you to kindly acknowledge and register the charge over the
Bank Account, as

	 	Ebből fakadóan kérjük, hogy ismerjék
el és vegyék nyilvántartásba a
Bankszámlán alapított

- 20 -

 

	 	 	 

	follows:

	 	zálogjogot; az
alábbiakban leírtak figyelembe
vételével:
	 
	 	 
	1.    The right of the Chargor to deal with the Bank Account and amounts in
respect of the Bank Account in any manner and to exercise all of its
rights under and in respect of the Bank Account (including the disposal or
closing thereof) shall remain unrestricted until the receipt of a notice
of an Enforcement Event (as defined in the Agreement) which is continuing
(hereinafter: “Notice of Enforcement Event”) by the Account Bank, sent in
accordance with the terms of the Agreement to the address of the Account
Bank, and made substantially in the form and substance attached hereto
(hereinafter: “Form of Notice of Enforcement Event”).

	 	1.    A Zálogkötelezett joga, hogy
rendelkezzen a Bankszámlával és a
Bankszámlához kapcsolódó bármilyen
összeggel minden tekintetben
korlátlan, valamint jogosult
gyakorolni valamennyi Bankszámlához
kapcsolódó jogát (beleértve a
rendelkezési jogot és a Bankszámla
bezárását is) a Végrehajtási
Eseményrõl (a Szerzõdés szerint
meghatározott, angolul: “Enforcement
Event”) szóló, a jelen Értesítéshez
csatolt mintával (továbbiakban: a
“Végrehajtási Eseményrõl szóló
Értesítés Mintája”) lényegében
megegyezõ formában és tartalommal
kiállított, Szerzõdés rendelkezései
szerint a Számlavezetõ Bank címére
megküldött értesítés (továbbiakban: a
“Végrehajtási Eseményrõl szóló
Értesítés”) Számlavezetõ Bank által
történő kézhezvételéig.

	 
	 	 
	2.    The Collateral Agent upon the delivery of the Notice of Enforcement
Event to the Account Bank is entitled to seek satisfaction from the charge
in accordance with the applicable Hungarian legal norms. Particularly (but
not exclusively), the Collateral Agent will be entitled to enforce any
claim which is already due and arising from any of the claims of the
Secured Parties (as defined in the Agreement), by submitting prompt
collection orders on the basis of the Authorisation to Act on a Prompt
Collection Order (as defined in the Agreement) delivered together with the
present Notice. The Collateral Agent will be entitled to enforce its claim
only once the

	 	2.    A Biztosítéki Megbízott
Végrehajtási Esemény bekövetkezésének
a Számlavezető Banknál történt
bejelentése után a hatályos magyar
jogszabályoknak megfelelõen jogosult
a zálogjogból kielégítést keresni.
Így különösen, de nem kizárólag a
Biztosítéki Megbízott a jelen
Értesítéssel egyidejűleg megküldött
Felhatalmazó Levél (a Szerződés
szerint meghatározott, angolul: “Authorisation to Act on a Prompt
Collection Order”) alapján beszedés
útján is végrehajthatja a Biztosított
Felek (a Szerzõdés szerint
meghatározott, angolul: “Secured
Parties”) bármely

- 21 -

 

	 	 	 

	
      Account Bank has received the Notice of Enforcement Event
made by the Collateral Agent. We hereby accept your priority right of
satisfaction over the Bank Account vis-à-vis to the charge established in
our favour and our prompt collection rights concerning your matured claims
deriving from your banking services rendered.

	 	       igényébõl eredõ
bármely esedékessé vált követelést,
de csak azt követõen, hogy a
Számlavezetõ Bank megkapta a
Biztosítéki Megbízottnak a
Végrehajtási Eseményrõl szóló
Értesítését. Az Önök Bankszámlára
vonatkozó kielégítési elsõbbségét
elfogadjuk a jelzálogjogunkkal és a
felhatalmazó levélen alapuló
beszedési megbízás benyújtására
vonatkozó jogunkkal szemben, az Önök
bankszolgáltatásaiból eredõ esedékes
követeléseik tekintetében.

	 
	 	 
	3.    The charge over the Bank Account terminates if, while an Enforcement
Event has occurred under the Agreement, the Collateral Agent elects, in
accordance with its right stipulated in the Agreement, to declare the
Perfection of Security Deposit (as defined in the Agreement) over the Bank
Account by delivering a notice to the Account Bank, (hereinafter: “Notice
of Security Deposit”) incorporated in a notarial deed in Hungary and made
in the form and substance attached hereto (hereinafter: “Form of Notice of
Security Deposit”).

	 	3.    A Bankszámlán fennálló zálogjog
megszûnik, amennyiben a Szerzõdés
szerinti Végrehajtási Esemény
bekövetkezése esetén a Biztosítéki
Megbízott él a Szerzõdésben
biztosított jogával, és a jelen
Értesítéshez csatolt mintával
(továbbiakban: az “Óvadéki Értesítés
Mintája”) lényegében megegyezõ
formában és tartalommal kiállított,
Magyarországon közokiratba foglalt
értesítés (továbbiakban: az “Óvadéki
Értesítés”) Számlavezetõ Banknak
történõ megküldésével bejelenti az
Óvadék Létrejöttét (a Szerzõdés
szerint meghatározott, angolul: “Perfection of the Security Deposit”)
a Bankszámla felett.

	 
	 	 
	4.    We hereby request, after the Account Bank has received a Form of Notice
of Enforcement Event or a Form of Notice of Security Deposit, the Account
Bank to disclose to the Collateral Agent any information on the Bank
Account upon its request. Further, we hereby authorise the Account Bank,
after the Account Bank has received a Form of Notice of

	 	4.    Felhívjuk a Számlavezetõ Bankot,
azt követõen, hogy a Végrehajtási
Eseményrõl szóló Értesítést vagy az
Óvadéki Értesítést átvette, a
Bankszámlára vonatkozó bármely
információt, a Biztosítéki Megbízott
kérésére bocsássa annak
rendelkezésére, és felhatalmazzuk a
Számlavezetõ Bankot a
Hitelintézetekről és a Pénzügyi

- 22 -

 

	 	 	 

	
Enforcement Event
or a Form of Notice of Security Deposit, to disclose to the Collateral
Agent any information on the Bank Account, which qualifies as bank secret
on the basis of Act CXII of 1996 on Credit Institutions and Financial
Enterprises.

	 	       Vállalkozásokról szóló 1996. évi
CXII. törvény alapján banktitoknak
minõsülõ, a Bankszámlára vonatkozó
bármely információnak a Biztosítéki
Megbízott részére történõ
kiszolgáltatására.

	 
	 	 
	We request you to kindly acknowledge the receipt of the present Notice by
countersigning and returning to us the Acknowledgment attached hereto.

	 	Kérjük Önöket, hogy a jelen Értesítés
tudomásulvételét jelen Értesítés
mellékletét képezõ Elismervény
aláírásával és részünkre való
visszaküldésével ismerjék el.
	 
	 	 
	In case of any discrepancies in the interpretation of the English and the
Hungarian version of this document, the English version shall prevail.

	 	Jelen okirat angol és magyar nyelvû
változatának eltérõ értelmezése
esetén az angol nyelvû szöveg az
irányadó.

_______________________

SIG Combibloc GmbH & Co KG

Acting as a Chargor/ mint Zálogkötelezett

	 	 	 	 	 	 	 

	Schedules:	 	Mellékletek:
	 
	•

	 	Form of Notice of Enforcement
	 	•
	 	Végrehajtási Eseményrõl szóló Értesítés Mintája
	 

	 	Event	 	 	 	 
	 
	 	 	 	 	 	 
	•

	 	Form of Notice of Security
	 	•
	 	Óvadéki Értesítés Mintája
	 

	 	Deposit	 	 	 	 
	 
	 	 	 	 	 	 
	•

	 	Acknowledgement
	 	•
	 	Elismervény

- 23 -

 

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.

	 	 	 	 	 	 	 
	 	 	ACKNOWLEDGEMENT	 	 	 	ELISMERVÉNY
	 
	 	 	 	 	 	 
	To:

	 	Wilmington Trust (London)
Limited (registered seat: [*],
registration number [*]) as Chargee
or Collateral Agent (hereinafter:
“Collateral Agent”)
	 	Címzett:
	 	Wilmington Trust (London) Limited
(székhely: [*], cégjegyzékszáma [*]) mint
zálogjogosult és Biztosítéki Megbízott
(továbbiakban: a “Biztosítéki Megbízott”)
	 
	 	 	 	 	 	 
	 

	 	[*]
(registered seat:
[*]; Company
registration number:
Cg. [*]) as
Chargor (hereinafter: “Chargor”)
	 	 	 	[*] (székhely: [*],
cégjegyzékszám: [*]) mint
zálogkötelezett (továbbiakban: a
“Zálogkötelezett”)

	 	 	 

	Dated: Budapest,_________________________

	 	Kelt: Budapest, _______________________
	 
	The undersigned, on behalf of [*]
(hereinafter: “Bank”), with
reference to the Notice of Charge
and Security Deposit over Bank
Accounts Agreement dated [*] 2010
and delivered to us, we inform you
that the Bank acknowledges and
registers the Charge established
over the bank account number [*]
(hereinafter: “Bank Account”) held
by the Bank.

	 	Alulírottak, a [*] (továbbiakban: a ,,Bank”)
képviseletében, hivatkozással a 2010. [*]
napján kelt és részünkre megküldött
Bankszámla-követelésen Alapított Zálog és
Óvadéki Szerződésről szóló értesítésre
tájékoztatjuk, hogy Bankunk a nála vezetett
[*] számú bankszámlán (továbbiakban: a
“Bankszámla”) alapított zálogjogot
jóváhagyólag elismeri és nyilvántartásba
veszi.

- 24 -

 

	 	 	 

	Yours sincerely,

	 	Tisztelettel:

_______________________

Name/ Név:

Title/ Beosztás:

[ACCOUNT
BANK/ SZÁMLAVEZETŐ BANK]

as
Account Bank/ mint Számlavezető Bank

- 25 -

 

FORM OF NOTICE OF ENFORCEMENT EVENT

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.

	 	 	 
	 	 	VÉGREHAJTÁSI ESEMÉNYRÕL
	NOTICE OF ENFORCEMENT EVENT	 	SZÓLÓ ÉRTESÍTÉS
	 
	 	 
	To: [Account Bank] (address:[*]) as Account

	 	Címzett: [Számlavezetõ Bank]
	   Bank (hereinafter: the “Account Bank”)

	 	(székhely:[*]) mint
számlavezetõ bank
(továbbiakban: a
“Számlavezetõ Bank”)
	 
	 	 
	Subject: Notice of an Enforcement Event

	 	Tárgy: Értesítés
Végrehajtási Esemény
bekövetkezésérõl
	 
	 	 
	Dated: _____ Budapest,

	 	Kelt: Budapest,________________________
	 
	 	 
	Dear Sir/Madam,

	 	Tisztelt Címzett!
	 
	 	 
	We hereby refer to

	 	Hivatkozunk
	 
	 	 
	i.     the Charge and Security Deposit over
Bank Accounts Agreement dated __
2010 (hereinafter: the “Agreement”),
entered into between the [*] (registered
seat: [*]; Company registration number:
[*]) as chargor (hereinafter: the
“Chargor”), and [*], (registered seat:
[*], registration number [*]) as chargee
and Collateral Agent (hereinafter together
its successors and permitted assigns in
such capacity: the “Collateral
Agent”) over the bank

	 	i.     a 2010. _______-án kelt
Bankszámla-követelésen
Alapított Zálog és Óvadéki
Szerzõdésre (továbbiakban: a
“Szerzõdés”), amely az [*]
(székhely: [*],
cégjegyzékszám: [*]) mint
zálogkötelezett
(továbbiakban: a
“Zálogkötelezett”), és az
[*] (székhely: [*],
cégjegyzékszáma [*]) mint
zálogjogosult és Biztosítéki
Megbízott (továbbiakban,
annak jogutódjaként eljáró
valamely személyt is
ideértve: a “Biztosítéki
Megbízott”) között jött
létre, a [*] számú

- 26 -

 

	 	 	 

	   account No.: [*] (hereinafter: the “Bank
Account”); and

	 	bankszámlánk
(továbbiakban:

	 
	 	a
“Bankszámla”) felett;
továbbá

	 
	 	 
	ii.     the Notice of Charge over Bank
Accounts, dated [*], and delivered to you
by the Chargor.

	 	ii.     a [*]-én kelt, és
Önöknek a Zálogkötelezett
által megküldött
Bankszámla-követelésen
Alapított Zálogjogról szóló
Értesítésre.

	 
	 	 
	We hereby inform you that an Enforcement
Event has occurred and is continuing under
the Agreement, and as from today, the
Collateral Agent is entitled to seek
satisfaction from the Charge, in accordance
with the applicable Hungarian legal norms.
This instruction shall be valid until
withdrawn in a declaration of the
Collateral Agent, made in the form of a
notarial deed. The Collateral Agent in
particular (but not exclusively) is
entitled to enforce any claim which becomes
due and is arising from any of the claims
of the Secured Parties (as defined in the
Agreement), by submitting prompt collection
orders on the basis of the Authorisation to
Act on a Prompt Collection Order (as
defined in the Agreement) delivered to you
by the Chargor.

	 	Ezennel értesítjük Önöket a
Szerzõdés szerinti
Végrehajtási Esemény
bekövetkezésérõl, valamint
arról, hogy a mai naptól a
Biztosítéki Megbízott a
hatályos magyar
jogszabályoknak megfelelõen
jogosult a zálogjogból
kielégítést keresni,
mindaddig, amíg közokiratba
foglalt nyilatkozattal errõl
le nem mond. Így különösen,
de nem kizárólag a
Biztosítéki Megbízott az
Önöknek a Zálogkötelezett
által megküldött
Felhatalmazó Levél (a
Szerzõdés szerint
meghatározott, angolul: “Authorisation to Act on a
Prompt Collection Order”)
alapján beszedés útján is
végrehajthatja a Biztosított
Felek (a Szerzõdés szerint
meghatározott, angolul: “Secured Parties”) bármely
igényébõl eredõ bármely
esedékessé vált követelést.
	 
	 	 
	We hereby accept your priority right of
satisfaction over the Bank Account
vis-à-vis to the Charge established in our
favour and our prompt collection rights
concerning your matured claims deriving
from your banking services rendered.

	 	Az Önök Bankszámlára
vonatkozó kielégítési
elsõbbségét elfogadjuk a
jelzálogjogunkkal és a
felhatalmazó levélen alapuló
beszedési megbízás
benyújtására vonatkozó
jogunkkal szemben, az Önök
bankszolgáltatásaiból eredõ
esedékes követeléseik
tekintetében.
	 
	 	 
	We request you to kindly acknowledge the
receipt of the present Notice by
countersigning and returning to us one copy
thereof. 

We declare that the Agreement excluded any
depositing with court (Section 268 (1) of
the Civil Code).

	 	Kérjük Önöket, hogy a jelen
Értesítés tudomásulvételét
jelen Értesítés egy
példányának aláírásával és
részünkre való
visszaküldésével ismerjék
el. 

Kijelentjük, hogy a
Szerzõdés kizárta a bírói
letétbe helyezés lehetõségét
(Ptk. 268. § (1) bek.).
	 
	 	 
	In case of any discrepancies in the
interpretation of the English and the
Hungarian version of this document, the
English version shall prevail.

	 	Jelen okirat angol és magyar
nyelvû változatának eltérõ
értelmezése esetén az angol
nyelvû szöveg az irányadó.

- 27 -

 

_______________________

Name/ Név:

Title/ Beosztás:

WILMINGTON TRUST (LONDON) LIMITED

as Collateral Agent/ mint Biztosítéki Megbízott

- 28 -

 

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.

	 	 	 
	ACKNOWLEDGEMENT	 	ELISMERVÉNY
	 
	 	 
	We hereby acknowledge and confirm
the above Notice of Enforcement
Event and undertake to perform the
obligations contained in the Notice
of Enforcement Event in accordance
with terms set out therein; until it
will be withdrawn by the Collateral
Agent in a declaration incorporated
in a notarial deed.

	 	Elismerjük és jóváhagyjuk a fenti
Végrehajtási Eseményrõl szóló
Értesítést, és vállaljuk, hogy
Végrehajtási Eseményrõl szóló
Értesítéssel összhangban teljesítjük
az abban foglalt kötelezettségeket,
mindaddig, amíg a Biztosítéki
Megbízott közokiratba foglalt
nyilatkozatával errõl le nem mond.

Dated/ Kelt: Budapest, ________________________

 

Name/ Név:

Title/ Beosztás:

[ACCOUNT
BANK/ SZÀMLAVEZETŐ BANK]

as
Account Bank/ mint Számlavezető Bank

- 29 -

 

FORM OF NOTICE OF SECURITY DEPOSIT

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.

	 	 	 	 	 	 	 
	 	 	NOTICE OF SECURITY DEPOSIT	 	 	 	ÓVADÉKI ÉRTESÍTÉS
	 
	 	 	 	 	 	 
	To:

	 	[Account Bank] (address:[*]) as
Account Bank (hereinafter: the “Account
Bank”)
	 	Címzett:
	 	[Számlavezetõ Bank]
(székhely:[*]) mint számlavezetõ bank
(továbbiakban: a “SzámlavezetŐ Bank”)

	 	 	 

	Subject: Notice of Security Deposit

	 	Tárgy: Értesítés óvadékról
	 
	 	 
	Dated: Budapest, ________________________

	 	Kelt: Budapest, ________________________
	 
	 	 
	Dear Sir/Madam,

	 	Tisztelt Címzett!
	 
	 	 
	We hereby refer to

	 	Hivatkozunk
	 
	 	 
	(ii)   the Charge and Security
Deposit over Bank Accounts Agreement
dated [*] 2010 (hereinafter: the
“Agreement”), entered into between the
[*] (registered seat: [*]; Company
registration number: [*]) as chargor
(hereinafter: the “Chargor”), and [*],
(registered seat: [*], registration
number [*]) as chargee and Collateral
Agent (hereinafter together its
successors and permitted assigns in such
capacity: the “Collateral Agent”) over
the bank account No.: [*] (hereinafter:
the “Bank Account”); and

	 	i.    a 2010. [*]-án kelt
Bankszámla-követelésen Alapított Zálog
és Óvadéki Szerzõdésre (továbbiakban: a
“Szerzõdés”), amely az [*]
(székhely: [*],
cégjegyzékszám: [*]) mint
zálogkötelezett (továbbiakban: a
“Zálogkötelezett”), és az [*]
(székhely: [*], cégjegyzékszáma [*])
mint zálogjogosult és Biztosítéki
Megbízott (továbbiakban, annak
jogutódjaként eljáró valamely személyt
is ideértve: a “Biztosítéki Megbízott”)
között jött létre, a [*] számú
bankszámlánk (továbbiakban: a
“Bankszámla”) felett; továbbá

	 
	 	 
	(iii)   the Notice of Charge over
Bank Accounts, dated [*], and delivered
to you by the Chargor

	 	ii.    a [*]-én kelt, és Önöknek a
Zálogkötelezett által megküldött
Bankszámla-követelésen Alapított
Zálogjogról szóló Értesítésre.

	 
	 	 
	We hereby inform you that an
Enforcement Event (as defined in the
Agreement) has

	 	Ezennel értesítjük Önöket a Szerzõdés

szerinti Végrehajtási Esemény bekövetkezésérõl,

- 30 -

 

	 	 	 

	occurred under the
Agreement, and that the Charge over the
Bank Account terminates as of today and
the provisions of the Agreement on the
Security Deposit shall apply, i.e. the
Security Deposit is created and
perfected over the balance of the Bank
Account available at the Chargor’s free
disposal as of the blocking of the Bank
Account (Perfection of the Security
Deposit).

	 	valamint arról, hogy
a mai naptól a Bankszámlán fennálló
zálogjog megszûnik és a Szerzõdés
Óvadékról (a Szerzõdés szerint
meghatározott, angolul: “Security
Deposit”) szóló rendelkezései
alkalmazandóak, azaz a Bankszámlának a
Zálogkötelezett szabad rendelkezése
alatt álló egyenlege felett, annak
zárolásával Óvadék jön létre (a
Szerzõdés szerint meghatározott,
angolul: “Perfection of the Security
Deposit”).
	 
	 	 
	We hereby request you to block the
entire balance (available at the
Chargor’s free disposal) as of today
and the entire future balance of the
Bank Account as a Security Deposit for
the benefit of the Collateral Agent.
This instruction shall be valid until
withdrawn in a joint declaration of the
Collateral Agent and the Chargor.

	 	Ezúton kérjük Önöket, hogy ellenkezõ
tartalmú, a Zálogkötelezettel közös
rendelkezésünkig zárolják a Bankszámla
mai napon (a Zálogkötelezett szabad
rendelkezése alatt) fennálló és a
jövõben beérkezõ teljes pozitív
egyenlegét mint Óvadékot a Biztosítéki
Megbízott javára.
	 
	 	 
	We hereby accept your priority right of
satisfaction over the Bank Account
vis-à-vis to the security deposit
established in our favour and our
prompt collection rights concerning
your matured claims deriving from your
banking services rendered

	 	Az Önök Bankszámlára vonatkozó
kielégítési elsõbbségét elfogadjuk az
óvadéki jogunkkal és a felhatalmazó
levélen alapuló beszedési megbízás
benyújtására vonatkozó jogunkkal
szemben, az Önök bankszolgáltatásaiból
eredõ esedékes követeléseik
tekintetében.
	 
	 	 
	The Collateral Agent is entitled to
seek satisfaction from the Security
Deposit, in accordance with the
applicable Hungarian laws. The
Collateral Agent in particular (but not
exclusively) is entitled to enforce any
claim, which becomes due and is arising
from any of the claims of the Secured
Parties (as defined in the Agreement),
by submitting prompt collection orders
on the basis of the Authorisation to
Act on a Prompt Collection Order (as
defined in the Agreement) delivered to
you by the Chargor.

	 	A Biztosítéki Megbízott a hatályos
magyar jogszabályoknak megfelelõen
jogosult az Óvadékból kielégítést
keresni. Így különösen, de nem
kizárólag a Biztosítéki Megbízott az
Önöknek a Zálogkötelezett által
megküldött Felhatalmazó Levél (a
Szerzõdés szerint meghatározott,
angolul: “Authorisation to Act on a
Prompt Collection Order”) alapján
beszedés útján is végrehajthatja a
Biztosított Felek (a Szerzõdés szerint
meghatározott, angolul: “Secured
Parties”) bármely igényébõl eredõ
bármely esedékessé vált követelést.
	 
	 	 
	We hereby request the Account Bank to
disclose to the Collateral Agent any
information on the Bank Account upon
its request. Further, we hereby
authorise the Account Bank to disclose
to the Collateral Agent any information
on the Bank Account, which qualifies as
bank secret on the basis of Act CXII of
1996 on the Credit Institutions and the
Financial Enterprises.

	 	Felhívjuk a Számlavezetõ Bankot, hogy a
Bankszámlára vonatkozó bármely
információt a Biztosítéki Megbízott
kérésére bocsássa annak rendelkezésére,
és felhatalmazzuk a Számlavezetõ Bankot
a Hitelintézetekrõl és a Pénzügyi
Vállalkozásokról szóló 1996. évi CXII.
törvény alapján banktitoknak minõsülõ a
Bankszámlára vonatkozó bármely
információnak Biztosítéki

- 31 -

 

	 	 	 

	 

	 	Megbízott
részére történõ kiszolgáltatására.
	 
	 	 
	We request you to kindly acknowledge
the receipt of the present Notice by
countersigning and returning to us one
copy thereof.

	 	Kérjük Önöket, hogy a jelen Értesítés
tudomásulvételét jelen Értesítés egy
példányának aláírásával és részünkre
való visszaküldésével ismerjék el.
	 
	 	 
	In case of any discrepancies in the
interpretation of the English and the
Hungarian version of this document, the
English version shall prevail.

	 	Jelen okirat angol és magyar nyelvû
változatának eltérõ értelmezése esetén
az angol nyelvû szöveg az irányadó.

_______________________

Name/ Név:

Title/ Beosztás:

WILMINGTON TRUST (LONDON) LIMITED

as Collateral Agent/ mint Biztosítéki Megbízott

- 32 -

 

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.

	 	 	 
	ACKNOWLEDGEMENT	 	ELISMERVÉNY
	 
	 	 
	We hereby acknowledge and approve all the rights and authorisations
granted to the Collateral Agent
under this Notice of Security
Deposit:

	 	Elismerjük és jóváhagyjuk a fenti Óvadéki Értesítés alapján a Biztosítéki Megbízottat megilletõ valamennyi jogosultságot és felhatalmazást:
	
	 	 

_______________________

Name/ Név:

Title/ Beosztás:

SIG COMBIBLOC GMBH & CO KG

as Chargor / mint Zálogkötelezett

- 33 -

 

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.

	 	 	 
	ACKNOWLEDGEMENT	 	ELISMERVÉNY
	 
	 	 
	We hereby acknowledge and approve
the above Notice of Security Deposit
and undertake to perform the
obligations set out therein, in
particular the followings:

	 	Elismerjük és jóváhagyjuk a fenti
Óvadéki Értesítést, és vállaljuk,
hogy az Óvadéki Értesítéssel
összhangban teljesítjük az abban
foglalt kötelezettségeket, így
különösen a következõket :
	 
	 	 
	-     we acknowledge the termination of
the Charge; and 

	 	-     tudomásul vesszük a zálogjog
megszûnését; és

	 
	 	 
	-     undertake to block the entire
balance available at the Chargor’s
free disposal as of today and the
entire future balance of the Bank
Account as a security deposit for
the benefit of the Collateral Agent;
until the instruction is withdrawn
in a joint declaration of the
Chargor and the Collateral Agent,
made in the form of a
notarial deed.

	 	-     vállaljuk, hogy a Bankszámlának a
Zálogkötelezett szabad rendelkezése
alatt álló teljes jelenlegi és
jövõben beérkezõ pozitív egyenlegét
óvadékként zároljuk a Biztosítéki
Megbízott javára, a Zálogkötelezett
és a Biztosítéki Megbízott ellenkezõ
tartalmú, közokiratba foglalt közös
rendelkezéséig.

	 
	 	 
	The Bank shall be entitled to
satisfy any of its matured claims
from the Security Deposit deriving
from its banking services rendered.

	 	A Banknak a bankszolgáltatásokból
eredõ esedékes követelései a Bank
által az óvadék terhére
kielégíthetõk.
	 
	 	 
	In case of any discrepancies in the
interpretation of the English and
the Hungarian version of this
document, the English version shall
prevail.

	 	Jelen okirat angol és magyar nyelvû
változatának eltérõ értelmezése
esetén az angol nyelvû szöveg az
irányadó.

Dated/ Kelt: Budapest, ________________________

- 34 -

 

 

Name/ Név:

Title/ Beosztás:

[ACCOUNT
BANK/ SZÁMLAVEZETŐ BANK]

as
Account Bank/ mint Számlavezető Bank

- 35 -

 

SCHEDULE 3

FORM OF AUTHORISATION TO ACT ON A

PROMPT COLLECTION ORDER

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.

	 	 	 
	 	 	FELHATALMAZÓ LEVÉL BESZEDÉSI
	AUTHORISATION	 	MEGBÍZÁSRA
	To [Account Bank] (address:[*]) as Account
Bank (hereinafter: the “Account Bank”) to
enforce payment instructions for prompt
collection.

	 	A [Számlavezető Bank]-nak
(székhely:[*]) mint számlavezető
banknak (továbbiakban: a
“Számlavezető Bank”), hogy beszedési
megbízásokat hajtson végre, az
alábbiak szerint:
	 
	 	 
	1. We hereby refer to the Charge and Security
Deposit over Bank Accounts Agreement dated [*]
2010 (hereinafter: the “Agreement”), entered
into between us, the [*] (registered seat:
[*]; Company registration number: [*]) as
chargor (hereinafter: the “Chargor”), and [*],
(registered seat: [*], registration number
[*]) as chargee and Collateral Agent
(hereinafter together its successors and
permitted assigns in such capacity: the
“Collateral Agent ”) over the bank account
No.: [*] (hereinafter: the “Bank Account”).

	 	 1. Hivatkozunk a 2010. [*]-án kelt
Bankszámla-követelésen Alapított
Zálog és Óvadéki Szerződésre
(továbbiakban: a “Szerződés”), amely
köztünk, az [*] (székhely: [*],
cégjegyzékszám: [*]) mint
zálogkötelezett (továbbiakban: a
“Zálogkötelezett”), és az [*]
(székhely: [*], cégjegyzékszáma [*])
mint zálogjogosult és Biztosítéki
Megbízott (továbbiakban, annak
jogutódjaként eljáró valamely
személyt is ideértve: a “Biztosítéki
Megbízott”) között jött létre, a [*]
számú bankszámlánk (továbbiakban: a
“Bankszámla”) felett.

	 
	 	 
	
2. In accordance with the applicable Hungarian
laws, the Chargor — by executing of the
present declaration — hereby authorises the
Bank to enforce

	 	 2. A Zálogkötelezett a hatályos
magyar jogszabályoknak megfelelően —
a jelen nyilatkozat aláírásával —
ezennel felhatalmazza a Bankot, hogy

- 36 -

 

	 	 	 
	by prompt collection any of the claims of the Secured Parties (as defined
in the Agreement) which becomes due, (i) upon
the receipt by the Account Bank of a Notice of
Enforcement Event or a Notice of Security
Deposit sent by the Collateral Agent in
accordance with the terms of the Agreement;
and (ii) following the satisfaction of the
privileged prompt collection orders in
accordance with the Hungarian law. Under the
present Authorisation a prompt collection
order could be submitted only if a Notice of
Enforcement Event or a Notice of Security
Deposit is attached thereto, after an
Enforcement Event (as defined in the
Agreement) has occurred. Attachment of one of
the Notices above (Notice of Enforcement Event
or a Notice of Security Deposit) excludes the
attachment of the other. In the event that no
Notices are attached, or both Notices are
attached thereto, the prompt collection order
shall not be performed on the basis of the
present Authorisation. 

	 	beszedéssel végrehajtsa a Biztosított
Felek (a Szerződés szerint
meghatározott, angolul: “Secured
Parties”) bármely igényéből eredő
bármely esedékessé vált követelést —
azt követően, hogy a Számlavezető
Bank megkapta a Biztosítéki
Megbízottnak a Szerződés
rendelkezései szerint a Végrehajtási
Eseményről szóló Értesítését vagy az
Óvadéki Értesítést a magyar jog
szabályaival összhangban. Jelen
Felhatalmazó Levél alapján kizárólag
abban az esetben nyújtható be
beszedési megbízás, amennyiben a
Végrehajtási Eseményről szóló
Értesítését vagy az Óvadéki
Értesítést csatolják hozzá egy
Végrehajtási Esemény (a
hitelszerződésben definiálva)
bekövetkezését követően. Bármelyik
fenti (Óvadéki vagy a Végrehajtási
Eseményről szóló) Értesítés csatolása
kizárja a másik Értesítés csatolását,
amennyiben Értesítés csatolásra nem
kerül, vagy mindkét Értesítést
csatolják, úgy a jelen Felhatalmazó
Levél alapján a beszedési megbízás
nem teljesíthető.

	 
	 	 
	3. For the above purpose, we authorise the
Account Bank to debit — following the receipt
of a Notice of Enforcement Event or a Notice
of Security Deposit (in the form of a notarial
deed) by the Account Bank from the Collateral
Agent — our account No. [*], and credit to
the [*] of the Collateral Agent, at the time
when the prompt collection order is submitted
by the Collateral Agent. 

	 	 3. A fentiek céljából felhatalmazzuk
a Számlavezető Bankot, hogy
megterhelje a [*] számú
bankszámlánkat — azt követően, hogy
a Számlavezető Bank megkapta a
Biztosítéki Megbízott Végrehajtási
Eseményről szóló Értesítését vagy az
Óvadéki Értesítést  — és ezt az
összeget jóváírja a Biztosítéki
Megbízott részére a [*] számú
számlája javára, abban az időpontban,
amikor a Biztosítéki Megbízott a
fizetendő összeg beszedésére
beszedési megbízást ad.

	 
	 	 
	4. In accordance with section 8 of Decree No.
18/2009 (VIII. 6.) of the National Bank of
Hungary (hereinafter: the “NBH Decree”), we
authorise the

	 	 4. A Magyar Nemzeti Bank elnöke által
kibocsátott 18/2009 (VIII. 6.) számú
rendelet 8. §-ának megfelelően
(továbbiakban: “MNB rendelet”),

- 37 -

 

	 	 	 
	Account Bank (i) to keep the unperformed part of the payment instruction
for prompt collection pending until such
payment instruction shall have been fully
performed — but not longer than for 35 days
— if it cannot be performed due to lack of
funds and inform the Security Trustee
accordingly; and (ii) to the extent of the
amount standing to our credit, to make a
partial payment on the basis of the payment
instruction for prompt collection relating to
insufficient funds.

	 	felhatalmazzuk a Számlavezető Bankot,
hogy (i) tartsa függőben a beszedési
megbízásra vonatkozó fizetési
felszólítás teljesítését a még ki nem
fizetett részre vonatkozóan
mindaddig, amíg a felhatalmazó
levélen alapuló beszedési megbízást
teljes egészében nem teljesítik — de
nem tovább, mint 35 napra — ha az
pénzügyi fedezet hiánya miatt nem
teljesíthető, és megfelelően
értesítse erről a Biztosítéki
Megbízottat; valamint (ii) a
fedezethiányos felhatalmazó levélen
alapuló beszedési megbízásra
vonatkozó fizetési felszólításra a
rendelkezésre álló fedezet erejéig
részfizetést teljesítsen.

	 
	 	 
	5. This Authorisation is valid and remains in
full force until withdrawn by us in a
statement countersigned by the Collateral
Agent. 

	 	 5. Jelen Felhatalmazó Levél érvényes
és mindaddig hatályban marad, amíg
azt vissza nem vonjuk, egy, a
Biztosítéki Megbízott által is aláírt
nyilatkozatban. 

	 
	 	 
	We request you to kindly acknowledge the
receipt of the present Notice by
countersigning and returning to us one copy
thereof.

	 	Kérjük Önöket, hogy a jelen Értesítés
tudomásulvételét jelen Értesítés egy
példányának aláírásával és részünkre
való visszaküldésével ismerjék el.
	 
	 	 
	In case of any discrepancies in the
interpretation of the English and the
Hungarian version of this document, the
English version shall prevail.

	 	Jelen okirat angol és magyar nyelvű
változatának eltérő értelmezése
esetén az angol nyelvű szöveg az
irányadó.

 

Name/ név:

Title/ beosztás:

- 38 -

 

For and on behalf of

SIG Combibloc GmbH & Co KG

(acting as a Chargor) / (mint Zálogkötelezett) nevében

	 	 	 

	Schedules:

	 	Melléklet:
	 
	 	 
	• Form of Notice of Enforcement
Event

	 	•
  Végrehajtási Eseményről szóló

Értesítés Mintája

	 
	 	 
	• Form of Notice of Security
Deposit

	 	•
   Óvadéki Értesítés
Mintája

- 39 -

 

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.

	 	 	 
	ACKNOWLEDGEMENT	 	ELISMERVÉNY
	We acknowledge and approve the content of
the above Authorisation and, in accordance
with the terms of the Authorisation, we
undertake to perform the obligations
contained therein, with special regard to
the followings:

	 	Elismerjük és jóváhagyjuk a
fenti Felhatalmazó Levél
tartalmát, és vállaljuk, hogy
a Felhatalmazó Levéllel
összhangban teljesítjük az
abban foglalt
kötelezettségeket, különös
tekintettel a következőkre:
	 
	 	 
	•   if the prompt collection
order cannot be performed due to lack
of funds, we will treat the payment
instruction for prompt collection as
a pending instruction, but only for a
period of 35 days;

	 	•    ha a felhatalmazó
levélen alapuló beszedési
megbízást pénzügyi forrás
hiánya miatt nem lehet
teljesíteni, az felhatalmazó
levélen alapuló beszedésre
vonatkozó fizetési
felszólítást legfeljebb 35
napig függőben tartjuk;

	 
	 	 
	•   we undertake to execute the
payment instruction for prompt
collection in accordance with terms
of the Authorisation to Act on a
Prompt Collection Order (as defined
in the Agreement), until it is
withdrawn by the Chargor and the
Collateral Agent jointly.

	 	•   vállaljuk a
felhatalmazó levélen alapuló
beszedésre vonatkozó megbízás
teljesítését a Felhatalmazó
Levélnek megfelelően
mindaddig, amíg a
Felhatalmazó Levélet (a
Szerződés szerint
meghatározott, angolul:

	 

	 	“Authorisation to Act on a
Prompt Collection Order”) a
Zálogkötelezett és a
Biztosítéki Megbízott közösen
vissza nem vonja.
	 
	 	 
	In case of any discrepancies in the
interpretation of the English and the
Hungarian version of this document, the
English version shall prevail.

	 	Jelen okirat angol és magyar
nyelvű változatának eltérő
értelmezése esetén az angol
nyelvű szöveg az irányadó.

Budapest, ________________________

 

Name:

- 40 -

 

Title:

[ACCOUNT
BANK / SZÁMLAVEZETŐ BANK]

as
Account Bank / mint Számlavezető Bank

- 41 -

 

SIGNATURES

SIG COMBIBLOC GMBH & CO KG represented by its general partner SIG COMBIBLOC GMBH— as Chargor and
Depositor

	 	 	 	 	 

	By:

	 	/s/ Cindi Lefari
	 	/s/ March Dunkley
	 

	 	 
	 	 
	 

	 	Cindi Lefari
	 	March Dunkley

WILMINGTON TRUST (LONDON) LIMITED — as Collateral Agent

	 	 	 	 	 
	 	 	 
	By:  	                          /s/ Gabriella Pataki
 	 
	 	Gabriella Pataki 	 
	 	Proxy Holder 	 
	 

- 42 -exv4w168

EXHIBIT 4.168

The taking of this document or any certified copy of it or any other 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.

Receivables Pledge Agreement

between

1. SIG Austria Holding GmbH

as Pledgor

and

2. Wilmington Trust (London) Limited

as Pledgee and Collateral Agent

 

 

	 	 	 	 	 
	Contents	 	 	 	 
	Whereas:
	 	 	3	 
	1. Definitions
	 	 	3	 
	2. Construction
	 	 	7	 
	3. Secured Obligations
	 	 	7	 
	4. Pledges
	 	 	8	 
	5. Perfection of Security and Further Security
	 	 	8	 
	6. Enforcement of Pledges
	 	 	9	 
	7. Undertakings of the Pledgor
	 	 	10	 
	8. Acknowledgment by Pledgor
	 	 	10	 
	9. Representations and Warranties of the Pledgor
	 	 	10	 
	10. Duration and Independence
	 	 	11	 
	11. Partial Invalidity; Waiver
	 	 	11	 
	12. Further Assurance
	 	 	12	 
	13. Amendments; Waiver
	 	 	12	 
	14. Miscellaneous
	 	 	12	 
	15. Execution in Counterparts
	 	 	14	 
	16. Stamp Duty
	 	 	15	 
	17. Capital maintenance
	 	 	15	 
	18. Choice of Law
	 	 	15	 
	19. Settlement of Disputes
	 	 	15	 

- 2 -

 

Whereas:

A. Pursuant to the Credit Agreement (as defined below) the Lenders (as defined therein) under this
agreement granted to the Borrowers (as defined below) facilities as provided therein.

B. Pursuant to the Senior Secured Note Indenture (as defined below) the Issuers (as defined
therein) have issued certain notes.

C. The Pledgor is foreseen to grant a pledge over its Receivables (as defined below) as security
for the Secured Parties’ (as defined below) respective claims against the Borrowers under the Loan
Documents (as defined below).

D. The security created by or pursuant to this Agreement (as defined below) is to be administered
by the Collateral Agent (as defined below) for and on behalf of the Secured Parties pursuant to the
relevant provisions of the First Lien Intercreditor Agreement (as defined below).

Now, it is agreed as follows:

1. Definitions

A term defined in the First Lien Intercreditor Agreement shall, unless otherwise defined in this
Agreement, have the same meaning when used in this Agreement or any notice given under or in
connection with this Agreement and in addition:

	 	 	 
	Account Pledge Agreement

	 	means the account pledge agreement entered into on or
about the date of this Agreement between the Pledgor and
the Collateral Agent, as varied, amended, extended,
restructured, renewed, novated, restated, replaced,
modified or supplemented from time to time.
	 
	 	 
	Additional Collateral
Agent’s Fee Letter

	 	means the fee letter dated 20 January 2010 among the
Collateral Agent and Reynolds Group Holdings Limited as
amended, novated, supplemented, restated or modified from
time to time.
	 
	 	 
	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 receivables pledge agreement, as the same may
from time to time be varied, amended, extended,
restructured, renewed, novated, supplemented, restated,
replaced or modified from time to time.

- 3 -

 

	 	 	 
	Amendment No.1 and
Joinder

 Agreement

	 	means the joinder agreement dated 21 January 2010 made
among (amongst others) the Collateral Agent, The Bank of
New York Mellon, Credit Suisse AG and Reynolds Group
Holdings Limited pursuant to which the Collateral Agent
is appointed an additional collateral agent and becomes
party to the First Lien Intercreditor Agreement.
	 
	 	 
	Borrowers

	 	has the meaning given to it under the Credit Agreement
from time to time.
	 
	 	 
	Business Days

	 	has the meaning given to it under the Credit Agreement
from time to time.
	 
	 	 
	Collateral Agent

	 	means Wilmington Trust (London) Limited, as joint and
several creditor for and on behalf of itself and each of
the Secured Parties on the terms and conditions set out
in the First Lien Intercreditor Agreement. The term
“Collateral Agent” shall include any person for the time
being appointed as collateral agent, or as an additional
collateral agent, for the purpose of, and in accordance
with, the First Lien Intercreditor Agreement and shall
include successors, transferees and permitted assigns.
	 
	 	 
	Collateral Rights

	 	means all rights, powers and remedies of the Collateral
Agent provided by this Agreement or by law.
	 
	 	 
	Credit Agreement

	 	means a credit agreement dated as of 5 November 2009,
among Reynolds Group Holdings Inc., Reynolds Consumer
Products Holdings Inc., SIG Euro Holding AG & Co. KG aA,
Closure Systems International Holdings Inc., Closure
Systems International B.V. and the Pledgor 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.
	 
	 	 
	Existing Receivables

	 	means any and all claims and receivables of the Pledgor
against the following third parties resulting out of the
following legal grounds existing at the time of this
Agreement: in particular (but not limited to) claims from
the sale of goods and assets and/or the providing of
services (Lieferungen und Leistungen), leasing licence
and rental claims, damage

- 4 -

 

	 	 	 
	 

	 	claims, enrichment claims,
warranty claims, tax refund claims, and all other claims
and receivables of whatever nature, in each case together
with all ancillary rights and claims associated
therewith, in each case except for the Accounts (as
defined in the Account Pledge Agreement).
	 
	 	 
	First Lien Intercreditor 

Agreement

	 	means the first lien intercreditor agreement dated 5
November 2009 among (amongst others) The Bank of New York
Mellon as collateral agent and as trustee under the
Senior Secured Note Indenture, Credit Suisse AG (formerly
known as Credit Suisse) as administrative agent under the
Credit Agreement and the Loan Parties, as amended,
novated, supplemented, restated or modified from time to
time (including by the Amendment No.1 and Joinder
Agreement which added the Collateral Agent as a
collateral agent under the First Lien Intercreditor
Agreement).
	 
	 	 
	Future Receivables

	 	means any and all claims and receivables of the Pledgor
against the following third parties resulting out of the
following legal grounds which the Pledgor may acquire in
the future: in particular (but not limited to) claims
from the sale of goods and assets and/or the providing of
services (Lieferungen und Leistungen), leasing licence
and rental claims, damage claims, enrichment claims,
warranty claims, tax refund claims, and all other claims
and receivables of whatever nature, in each case together
with all ancillary rights and claims associated
therewith, in each case except for the Accounts (as
defined in the Account Pledge 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

	 	has the meaning given to it in the Senior Secured Note
Indenture, including their successors in interest.
	 
	 	 
	Lien

	 	has the meaning given to it in the First Lien
Intercreditor Agreement.
	 
	 	 
	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.

- 5 -

 

	 	 	 
	Loan Parties

	 	means the “Grantors” under, and as defined in, the First
Lien Intercreditor Agreement.
	 
	 	 
	Loan Parties’ Agent

	 	means Reynolds Group Holdings Limited (previously known
as Rank Group Holdings Limited).
	 
	 	 
	Parallel Obligations

	 	means the independent obligations of any of the Loan
Parties arising pursuant to the First Lien Intercreditor
Agreement to pay to the Collateral Agent sums equal to
the sums owed by such Loan Party to the other Secured
Parties (or any of them) under the Loan Documents.
	 
	 	 
	Party

	 	means a party to this Agreement. The term “Parties” means
any of them.
	 
	 	 
	Pledge

	 	has the meaning given to it in Clause 4.1.
	 
	 	 
	Pledgee

	 	means the Collateral Agent.
	 
	 	 
	Pledgor

	 	means SIG Austria Holding GmbH, a limited liability
company organised under the laws of Austria with its seat
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 FN 236071 p.
	 
	 	 
	Principal Finance 

Documents

	 	means the Credit Agreement, the Senior Secured Note
Indenture, the Intercreditor Arrangements and any
Additional Agreement.
	 
	 	 
	Receivables

	 	means the Existing Receivables and the Future Receivables.
	 
	 	 
	Secured Obligations

	 	means all present and future obligations and liabilities
(whether actual or contingent and whether owed jointly or
severally or in any other capacity whatsoever) of each
Loan Party and each grantor of a security interest to the
Secured Parties (or any of them) under each or any of the
Loan Documents, including in particular, but not limited
to, the Parallel Obligations, together with all costs,
charges and expenses incurred by any Secured Party in
connection with the protection, preservation or
enforcement of its respective rights under the Loan
Documents or any other document evidencing or securing
any such liabilities.
	 
	 	 
	Secured Parties

	 	means the “Secured Parties” under, and as defined in, the

- 6 -

 

	 	 	 
	 

	 	First Lien Intercreditor Agreement.
	 
	 	 
	Security Documents

	 	has the meaning given to it 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.

2. Construction

In this Agreement, unless the context otherwise requires:

	(a)	 	the rules of interpretation contained in the First Lien Intercreditor Agreement apply to the
construction of this Agreement and any notice given under or in connection with this
Agreement.
	 
	(b)	 	unless otherwise stated, a “Clause” is a reference to a Clause of this Agreement;
	 
	(c)	 	unless otherwise stated, a “Schedule” is a reference to a Schedule of this Agreement and
references to this Agreement include its Schedules;
	 
	(d)	 	words importing the plural shall include the singular and vice versa;
	 
	(e)	 	a reference to (or to any specified provision of) any agreement, deed or other instrument
(for the avoidance of doubt including, but not limited to, such agreements, deeds or other
instruments which are entered into prior to or after the conclusion of this Agreement) is to
be construed as a reference to that agreement, deed or other instrument or that provision as
from time to time amended, extended, restructured, renewed, refunded, novated, supplemented,
restated, replaced or modified; and
	 
	(f)	 	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.

3. Secured Obligations

3.1 The Pledges hereunder are constituted in order to secure the prompt and complete satisfaction
of any and all Secured Obligations. The security created hereunder shall remain in full force and
effect as a continuing security for the Secured Obligations unless and until the earlier of the
following occurs: (i) discharge by the Collateral Agent, (ii) complete satisfaction or explicit
waiver of any and all Secured Obligations or (iii) discharge in accordance with Clauses 14.1 or
14.2.

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3.2 The parties to this Agreement agree that in the case of a transfer or assignment or novation of
any Secured Obligations in accordance with the terms of the Principal Finance Documents, the
Pledges hereunder shall not lapse but shall continue to secure such transferred or assigned or
novated Secured Obligations.

3.3 Furthermore, the parties to this Agreement agree that in case of a substitution of any Loan
Party or the assumption of any of the Secured Obligations from any Loan Party or the transfer of
any of the Secured Obligations from any Loan Party to another person, the Pledges hereunder shall
not lapse but shall continue to secure such Secured Obligations in accordance with section 1407
para 2 of the Austrian General Civil Code (Allgemeines Bürgerliches Gesetzbuch).

4. Pledges

4.1 The Pledgor hereby pledges to the Collateral Agent the Receivables (each a “Pledge” and
together the “Pledges”).

4.2 Subject to any Liens permitted by the Principal Finance Documents and subject to any Legal
Reservations (as defined in the Credit Agreement), the Pledges shall rank ahead of any other Lien
now in existence or created in future in or over any of the Receivables. The validity and effect of
each of the Pledges shall be independent from the validity and effect of any other Pledges created
hereunder.

4.3 The Collateral Agent hereby accepts the Pledges.

4.4 Each of the Pledges is in addition and without prejudice to any other security that a Secured
Party may now or hereafter hold in respect of the Secured Obligations.

4.5 Notwithstanding any other provision of this Agreement, the Pledgor shall be permitted to deal
with the Receivables in any manner and to exercise all of its rights and benefits under and in
respect of the Receivables (including, but not limited to, the sale, disposal, transfer,
assignment, set off or forgiveness of the whole or any part of any Receivables if permitted by the
Principal Finance Documents (which includes, for the avoidance of doubt, the disposal of the
Receivables in connection with any factoring arrangement which is permitted under the Principal
Finance Documents)) freely and without restriction in accordance with the terms and conditions of
the Principal Finance Documents without reference to the Collateral Agent unless an Enforcement
Event has occurred and is continuing.

5. Perfection of Security and Further Security

5.1 The Pledgor shall, subject to the Agreed Security Principles, at all times (while this
Agreement is in existence) take all reasonable actions to ensure that all Receivables are marked as
being pledged in accordance with Austrian law (Buchvermerk).

5.2 In order to effectuate the Pledges hereunder the Pledgor shall promptly upon signing of this
Agreement record the Pledges in its company books and records, in the relevant individual account
and the open-item list, in each case specifying the date of signing of this Agreement, the date of
the annotation, as well as the Collateral Agent as pledgee, in such

- 8 -

 

manner so as to ensure that any person inspecting such books and records becomes aware of the
Pledges.

5.3 Upon the instructions of the Collateral Agent (acting on the reasonable instruction of the
Applicable Representative), which may be given at any time after signing this Agreement, the
Pledgor hereby, subject to the Agreed Security Principles, undertakes to take all actions
reasonably required in relation to the perfection of the Pledges created under this Agreement. For
the avoidance of doubt, no notice of this Agreement or the Pledges created hereunder shall be given
to any third party if an Enforcement Event has not occurred and is not continuing.

6. Enforcement of Pledges

6.1 The Pledgor herewith grants its express consent that if an Enforcement Event has occurred and
is continuing, the Pledges shall become enforceable by the Collateral Agent. The Collateral Agent
may at any time thereafter (while the Enforcement Event is still continuing) avail itself of all
rights and remedies that a pledgee has upon default of a pledgor under the laws of Austria. In
particular, but not limited to, the Collateral Agent shall be entitled to set-off (Verrechnung auf
die Schuld) any and all payments received with regard to the Receivables without writ, judgement or
any other legal court action with the Secured Obligations if an Enforcement Event has occurred and
is continuing. The Collateral Agent may also request the transfer of and collect any amounts in
relation to the Receivables without writ, judgement or any other legal court action with the
Secured Obligations if an Enforcement Event has occurred and is continuing. The Pledgor grants its
explicit consent to such set-off and such out-of-court enforcement in accordance with this Clause
6.1.

6.2 In case the Secured Parties acting through the Collateral Agent should seek to enforce the
Pledges pursuant to, and in accordance with Clause 6.1 above, the Pledgor shall, at its own
expense, render forthwith all necessary assistance in order to facilitate the prompt realisation of
the Receivables or any part thereof and/or the exercise by the Secured Parties acting through the
Collateral Agent of any other right they may have under this Agreement as Secured Parties.

6.3 In the event of the enforcement of the Pledges, no rights of the Secured Parties shall pass to
the Pledgor by subrogation or otherwise unless and until all of the Secured Obligations have been
satisfied and discharged finally and in full. Until then, the Secured Parties shall be entitled to
treat all enforcement proceeds as additional collateral for the Secured Obligations or to seek
satisfaction from such proceeds at any time.

6.4 The proceeds from the enforcement of the Pledges shall, after deduction of enforcement costs,
which are to be borne by the Pledgor to the extent set out in the Principal Finance Documents, and
any preferential debts, be paid to the Collateral Agent. Any moneys received by the Collateral
Agent pursuant to this Agreement and/or under the powers hereby conferred shall be applied by the
Collateral Agent in accordance with the terms of the Intercreditor Arrangements, save that any
amount received or recovered in excess of the Secured Obligations shall be returned to the Pledgor.

- 9 -

 

6.5 The Collateral Agent may determine which of the securities granted pursuant to the Security
Documents, if applicable, shall be used to satisfy the Secured Obligations in accordance with the
Intercreditor Arrangements.

6.6 The Pledgor waives its rights of revocation (Anfechtbarkeit) to the extent legally permissible
and its right to set-off (Aufrechenbarkeit).

6.7 The Pledgor grants his express consent and authorization to the enforcement of the Pledges by
the Collateral Agent in accordance with Clauses 6.1 to 6.6.

6.8 Subject to the terms of and to the extent set out in the Principal Finance Documents the
Pledgor agrees that the Collateral Agent, its officers, employees, advisors, agents and delegates
shall not be bound by any applicable banking secrecy obligations, including, but not limited to,
the obligation as stipulated in section 38 of the Austrian Banking Act (Bankwesengesetz), in
connection with the creation and enforcement of the Pledges.

7. Undertakings of the Pledgor

During the term of this Agreement, the Pledgor undertakes to the Secured Parties (unless with the
prior written consent of the Collateral Agent (acting on the reasonable instructions of the
Applicable Representative) or unless otherwise permitted by the terms of the Principal Finance
Documents or this Agreement):

	(a)	 	not to sell, transfer, assign or dispose of the whole or any part of the Receivables; and
	 
	(b)	 	if an Enforcement Event has occurred and is continuing, to provide to the Collateral Agent
upon its request a certificate containing such information on the Receivables (including,
without limitation, information on perfection of the Pledges) as the Collateral Agent may
request (acting on the reasonable instruction of the Applicable Representative).

8. Acknowledgment by Pledgor

The Pledgor acknowledges that:

	(a)	 	to its knowledge it will receive adequate direct or indirect benefits as a result of the
transactions contemplated by the Loan Documents; and
	 
	(b)	 	to its knowledge each Secured Party has acted in good faith in connection with the Pledges
pursuant to this Agreement and the transactions contemplated by the Loan Documents.

9. Representations and Warranties of the Pledgor

9.1 The Pledgor represents and warrants to the Collateral Agent and the other Secured Parties that
on the date of this Agreement with reference to the facts and circumstances then existing:

- 10 -

 

	(a)	 	it has good title to the Existing Receivables held by it, subject to any Liens permitted by
the Principal Finance Documents, and it has not sold or otherwise disposed of or agreed to
sell or otherwise dispose of the Existing Receivables or any of its rights or benefits in
respect of the Existing Receivables, in each case except as permitted by the Principal Finance
Documents or this Agreement; and
	 
	(b)	 	it will have good title to the Future Receivables held by it, subject to any Liens permitted
by the Principal Finance Documents, and it will not sell or otherwise dispose of or agree to
sell or otherwise dispose of the Future Receivables or any of its rights or benefits in
respect of the Future Receivables, in each case except as permitted by the Principal Finance
Documents or this Agreement; and
	 
	(c)	 	its rights in relation to the Existing Receivables held by it are not subject to any Liens
and there are no other third party rights whatsoever affecting the Existing Receivables held
by it, in each case except for any Liens or third party rights permitted by the Principal
Finance Documents; and
	 
	(d)	 	its rights in relation to the Future Receivables held by it will not be subject to any Liens
and there will not be other third party rights whatsoever affecting the Future Receivables
held by it, in each case except for any Liens or third party rights permitted by the Principal
Finance Documents.

9.2 All the representations and warranties in Clause 9.1 are made to each Secured Party on the date
of this Agreement and all such representations and warranties are deemed to be repeated as true and
correct in each material respect by the Pledgor to each Secured Party on the date of a Credit Event
(as defined in the Credit Agreement) during the continuance of this Agreement.

10. Duration and Independence

10.1 This Agreement shall remain in full force and effect until the earlier of the following
occurs: (i) discharge by the Collateral Agent, (ii) complete satisfaction or explicit waiver of any
and all Secured Obligations or (iii) discharge in accordance with Clauses 14.1 or 14.2.

10.2 This Agreement shall create a continuing security which means that no change, amendment,
supplement or novation whatsoever of the Secured Obligations and/or in the Loan Documents or in any
document or agreement related to the Secured Obligations and/or any of the Loan Documents shall
affect the validity or the scope of this Agreement nor the obligations which are imposed on the
Pledgor pursuant hereto.

10.3 This Agreement is independent from any other security or guarantee which may have been or will
be given in favour of the Secured Parties. None of such other security or guarantee shall
prejudice, or shall be prejudiced by, or shall be merged in any way with this Agreement.

- 11 -

 

11. Partial Invalidity; Waiver

11.1 If at any time, any one or more of the provisions hereof is or becomes invalid, illegal or
unenforceable in any respect under the law of any jurisdiction, such provision shall as to such
jurisdiction, be ineffective to the extent necessary without affecting or impairing the validity,
legality and enforceability of the remaining provisions hereof or of such provisions in any other
jurisdiction. The invalid, illegal or unenforceable provision shall be deemed to be replaced by
such valid, legal or enforceable provision which comes as close as possible to the original intent
of the parties in respect of the invalid, illegal or unenforceable provision.

11.2 In particular, the Pledges shall not be affected and shall in any event extend to any and all
Receivables.

11.3 No failure to exercise, nor any delay in exercising, on the part of the Collateral Agent or
the Secured Parties, 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.

11.4 The security interest constituted by this Agreement and the Collateral Rights shall be
cumulative, in addition to and independent of every other security which the Collateral Agent may
at any time hold for the Secured Obligations or any rights, powers and remedies provided by law. No
prior security held by the Collateral Agent over the whole or any part of the Receivables shall
merge into the security interest constituted by this Agreement.

12. Further Assurance

12.1 Subject to the Agreed Security Principles, the Pledgor shall promptly execute all documents
(including transfers) and do all things (including the delivery, transfer, assignment or payment of
all or part of the Receivables to the Collateral Agent or its nominee(s)) that the Collateral Agent
may specify (upon the reasonable instruction of the Applicable Representative) for the purpose of
(a) (if an Enforcement Event has occurred and is continuing) exercising the Collateral Rights or
(b) securing and perfecting the security intended to be created by this Agreement over all or any
part of the Receivables. For the avoidance of doubt, no notice of this Agreement or the Pledges
created hereunder shall be given to any third party if an Enforcement Event has not occurred and is
not continuing.

12.2 At any time if an Enforcement Event has occurred and is continuing, the Pledgor shall upon
demand from the Collateral Agent execute all documents and do all other things that the Collateral
Agent may require (upon the reasonable instruction of the Applicable Representative) to facilitate
the realisation of the Receivables.

13. Amendments; Waiver

Any amendments, changes, variations or waivers to this Agreement may be made only with the
agreement of the Pledgor and the Collateral Agent in writing and, if required under Austrian
statutory law, in the form of a notarial deed. This applies also to this Clause 13.

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14. Miscellaneous

14.1 The security constituted by this Agreement shall be released, reassigned, re-transferred and
cancelled:

	 	(a)	 	by the Collateral Agent (acting on the instructions of the Applicable Representative)
at the request and cost of the Pledgor, upon the Secured Obligations being irrevocably paid
or discharged in full and none of the Secured Parties being under any further actual or
contingent obligation to make advances or provide other financial accommodation to the
Pledgor or any other person under any of the Loan Documents; or
	 
	 	(b)	 	in accordance with, and to the extent required by, the Intercreditor Arrangements (to
the extent it is possible to give effect to such arrangements under Austrian law).

14.2 If the Pledgor disposes of any Receivables and that disposal is permitted by the Principal
Finance Documents, such Receivables shall, unless an Enforcement Event has occurred and is
continuing, be automatically released, re-assigned, re-transferred and cancelled from the security
constituted by this Agreement with effect from the day of such disposal and the Collateral Agent
(at the expense and cost of the Pledgor) shall do all such acts which are reasonably requested by
the Pledgor in order to release, re-assign, re-transfer and cancel the relevant Receivables from
the security constituted by this Agreement. Any or all of the Receivables shall also be released,
re-assigned, re-transferred and cancelled in accordance with and to the extent permitted by the
Intercreditor Arrangements.

14.3 Any settlement or discharge between the Pledgor and the Collateral Agent shall be conditional
upon no security or payment to the Collateral Agent by the Pledgor or any Loan Party being avoided,
set aside, ordered to be refunded or reduced by virtue of any provision or enactment relating to
insolvency, and accordingly the Collateral Agent shall be entitled to recover from the Pledgor that
security or the amount of any such payment as if that settlement or discharge had not occurred.

14.4 None of the Collateral Agent, its nominee(s) or any receiver appointed pursuant to this
Agreement shall be liable by reason of (a) taking any action permitted by this Agreement or (b) any
neglect or default in connection with the Receivables or (c) the taking possession or realisation
of all or any part of the Receivables, except to the extent provided in the Principal Finance
Documents.

14.5 For the purpose of or pending the discharge of any of the Secured Obligations, the Collateral
Agent may convert any money received, recovered or realised or subject to application by it under
this Agreement from one currency to another, which the Collateral Agent considers necessary (acting
on the reasonable instruction of the Applicable Representative) to cover the obligations and
liabilities comprised in the Secured Obligations and any such conversion shall be effected at the
Collateral Agent’s spot rate of exchange for the time being for obtaining such other currency with
the first currency.

14.6 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 in-

- 13 -

 

clude any assignee, transferee 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.

14.7 Subject to Section 4.05 of the First Lien Intercreditor Agreement (to the extent permitted by
Austrian law), the Collateral Agent 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.

14.8 To the extent set out in Section 4.11 of the First Lien Intercreditor Agreement and in the
Additional Collateral Agent’s Fee Letter, the Pledgor shall, notwithstanding any release or
discharge of all or any part of the security, indemnify the Collateral Agent, its agents, its
attorneys and any delegate against any action, proceeding, claims, losses, liabilities, 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 rights and powers
conferred on them by this Agreement or otherwise relating to the Receivables.

14.9 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.

14.10 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
Agreement 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.

15. Execution in Counterparts

This Agreement may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an original and all of
which taken together shall constitute one and the same Agreement. In this respect the Collateral
Agent and the Pledgor agree not to contest the validity of an uncertified copy of this Agreement in
any court or enforcement proceedings in the Republic of Austria.

- 14 -

 

16. Stamp Duty

The Parties agree that the provisions of sections 9.19 (Place of Performance) and 9.20 (Austria
Stamp Duty) of the Credit Agreement (and, if the Credit Agreement is no longer in existence, an
equivalent clause in any Additional Agreement) and the provisions of sections 5.15 (Place of
Performance) and 5.16 (Austrian Stamp Duty) of the First Lien Intercreditor Agreement (and, if the
First Lien Intercreditor Agreement is no longer in existence, an equivalent clause in any
Intercreditor Arrangements) shall apply to this Agreement as if incorporated herein mutatis
mutandis, to the extent relating to the Pledgor and the Collateral Agent.

17. Capital maintenance

17.1 The liability of the Pledgor under this Agreement shall at all times be limited so that at no
time the granting of security under this Agreement be required if this would violate mandatory
Austrian capital maintenance rules (Kapitalerhaltungsvorschriften) 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).

17.2 Should any obligation under this Agreement violate or contradict Austrian capital maintenance
rules and should therefore be held invalid or unenforceable, such obligation shall be deemed to be
replaced by an obligation of a similar nature which is in compliance with Austrian capital
maintenance rules and which provides the best possible security interest in favour of the Secured
Parties. By way of example, should it be held that the security interest created under the
Agreement is contradicting Austrian capital maintenance rules in relation to any amount of the
Secured Obligations, the security interest created under the Agreement shall be reduced to the
maximum amount of the Secured Obligations which is permitted pursuant to Austrian capital
maintenance rules.

18. Choice of Law

This Agreement shall be governed in all respects by the laws of Austria.

19. Settlement of Disputes

19.1 Jurisdiction of English Courts

	(a)	 	The courts of England, shall have exclusive jurisdiction to settle any dispute arising out of
or in connection with this Agreement (including a dispute regarding the existence, validity or
termination of this Agreement).
	 
	(b)	 	The Parties agree that the courts of England are the most appropriate and convenient courts
to settle Disputes and accordingly no Party will argue to the contrary.

19.2 Clause 19.1 is for the benefit of the Collateral Agent only. As a result, the Collateral Agent
shall not be prevented from taking proceedings relating to a dispute in any other

- 15 -

 

courts with jurisdiction. To the extent allowed by law, the Collateral Agent may take concurrent
proceedings in any number of jurisdictions.

19.3 Without prejudice to any other mode of service allowed under any relevant law, the Pledgor:

	(a)	 	irrevocably appoints Law Debenture Corporate Services Limited as its agent for service of
process in relation to any proceedings before the English courts in connection with this
Agreement; and
	 
	(b)	 	agrees that failure by an agent for service of process to notify the Pledgor of the process
will not invalidate the proceedings concerned.

- 16 -

 

COLLATERAL AGENT

_________________, ______________________

					
	 	 	 
	 	
 	 
	 	Wilmington Trust (London) Limited 	 
	 	 	 
	 	By:  	 	 
	 	 	 	 
	 	PLEDGOR

_________________, ______________________

 	 
	 	
 	 
	 	SIG Austria Holding GmbH 	 
	 	 	 
	 	By:  	 	 
	 	 	 	 
	 	
 	 
	 	SIG Austria Holding GmbH 	 
	 	 	 
	 	By:  	 	 
	 	 	 	 

- 17 -

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