Document:

exv4w36

EXHIBIT 4.36

SIG EURO HOLDING AG & CO. KG AA

as Pledgor

THE BANK OF NEW YORK MELLON

as Collateral Agent and Pledgee

THE INSTITUTIONS NAMED HEREIN

as Pledgees

 

SHARE PLEDGE AGREEMENT RELATING TO THE SHARES

IN SIG BEVERAGES GERMANY GMBH, SIG

INTERNATIONAL SERVICES GMBH, SIG INFORMATION

TECHNOLOGY GMBH AND SIG COMBIBLOC HOLDING GMBH

(Geschäftsanteilsverpfändung)

 

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

 

 

Contents

	 	 	 	 	 
	Clause	 	Page	 
	1. Definitions and Language
	 	 	7	 
	2. Pledged Shares
	 	 	11	 
	3. Pledge
	 	 	12	 
	4. Scope of the Pledges
	 	 	13	 
	5. Purpose of the Pledges
	 	 	14	 
	6. Exercise of Membership Rights
	 	 	14	 
	7. Enforcement of the Pledges
	 	 	15	 
	8. Approval and Confirmation
	 	 	16	 
	9. Undertakings of the Pledgor
	 	 	16	 
	10. Delegation
	 	 	18	 
	11. Indemnity
	 	 	18	 
	12. No Liability
	 	 	19	 
	13. Duration and Independence
	 	 	19	 
	14. Release of Pledge (Pfandfreigabe)
	 	 	19	 
	15. Partial Invalidity; Waiver
	 	 	20	 
	16. Amendments
	 	 	20	 
	17. Notices and their Language
	 	 	21	 
	18. Notification
	 	 	22	 
	19. Applicable Law, Jurisdiction
	 	 	23	 
	Schedule 1 List of Financial Institutions, Original Borrowers and Original Guarantors
	 	 	24	 
	Part 1 List of Financial Institutions
	 	 	24	 
	Part 2 List of Original Borrowers
	 	 	25	 
	Part 3 List of Original Guarantors
	 	 	26	 
	Part 4 List of Original Senior Secured Note Guarantors
	 	 	28	 
	Schedule 2 Copy of Shareholders Lists (Gesellschafterlisten)
	 	 	30	 

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Deed Register No.     /               .

Notary certificates

R e c o r d e d

in [place of recording] on [date of recording]

Before me, the undersigning Notary in the district of the Higher Regional Court (Oberlandesgericht)
of [place of Higher Regional Court]

[Name of Notary Public]

with my
official place of business in [ • ]

appeared today:

	1.	 	[christian name and last name of representative], whose business address is [complete
business address], [and who identified [himself/herself] by presenting [his/her] [identity
card/passport] with the number [ • ]]/[and who is personally known to the notary].
	 
	2.	 	[christian name and last name of representative], whose business address is [complete
business address], [and who identified [himself/herself] by presenting [his/her] [identity
card/passport] with the number [ • ]]/[and who is personally known to the notary].

The person appearing to 1. declared to make the following declarations not in [his/her] own name
but, excluding any personal liability, for and on behalf of

	 	 	SIG Euro Holding AG & Co. KG aA, having its business address at Weilheimer Straße 5, 79761
Waldshut-Tiengen, Germany,

	 	 	presenting [an original power of attorney dated [ • ]]/[a fax copy of the power of
attorney dated [ • ] promising to furnish the original as soon as possible];

	 	 	SIG Beverages Germany GmbH, having its business address at Weilheimer Straße 5, 79761
Waldshut-Tiegen, Germany,

	 	 	presenting [an original power of attorney dated [•]]/[a fax copy of the power of attorney
dated [•] promising to furnish the original as soon as possible];

	 	 	SIG International Services GmbH, having its business address at Rurstraße 58, 52441 Linnich,
Germany,

- 2 -

 

	 	 	presenting [an original power of attorney dated [•]]/[a fax copy of the power of attorney
dated [•] promising to furnish the original as soon as possible];

	 	 	SIG Information Technology GmbH, having its business address at Rurstraße 58, 52441
Linnich, Germany,

	 	 	presenting [an original power of attorney dated [•]]/[a fax copy of the power of attorney
dated [•] promising to furnish the original as soon as possible]; and

	 	 	SIG Combibloc Holding GmbH, having its business address at Weilheimer Straße 5, 79761
Waldshut-Tiegen, Germany,

	 	 	presenting [an original power of attorney dated [•]]/[a fax copy of the power of attorney
dated [•] promising to furnish the original as soon as possible]; and

SIG Combibloc GmbH, having its business address at Rurstraße 58, 52441 Linnich, Germany,

presenting [an original power of attorney dated [•]]/[a fax copy of the power of attorney
dated [•] promising to furnish the original as soon as possible].

The person appearing to 2. declared to make the following declarations not in [his/her] own name
but, excluding any personal liability, for and on behalf of

The Bank of New York Mellon, having its business address at 1 Wall Street, New York, N.Y.
10286, The United States of America,

presenting [an original power of attorney dated [ • ]]/[a fax copy of the power of
attorney dated [ • ] promising to furnish the original as soon as possible]; and

[the institutions listed in Schedule 1 Part 1],

presenting [the aforementioned [original]/[fax copy of the] power of attorney dated [•] as
substitute power of attorney (Untervollmacht) in connection with [an original]/[a fax] copy
of the power of attorney granted to The Bank of New York Mellon by the institutions listed
in Schedule 1 hereto in a first lien intercreditor agreement dated [•] [promising to furnish
the original as soon as possible]].]

Neither the Notary nor the proxies assume any liability as to the validity and/or the scope of the
powers of attorney presented.

The aforementioned original powers of attorney will be attached to this deed in copies which are
herewith certified.

The Notary convinced himself that the persons appearing are in adequate command of the English
language and declared that he is in command of the English language as well.

- 3 -

 

The persons appearing stated that the parties represented by them requested that this instrument be
recorded in the English language.

On being asked whether there had been any prior involvement by the Notary in terms of Section 3
para 1 no 7 of the German Notarisation Act (Beurkundungsgesetz) the provisions of which had been
explained by the Notary, the persons appearing said that there had been no such prior involvement.

Requesting its notarisation, the persons appearing then declared the following:

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This SHARE PLEDGE AGREEMENT (the “Agreement”) is made on 5 November 2009

BETWEEN:

	(1)	 	SIG Euro Holding AG & Co. KG aA, a limited liability company (Gesellschaft mit beschränkter
Haftung) organised under the laws of the Federal Republic of Germany, having its business
address at Weilheimer Straße 5, 79761 Waldshut-Tiengen, Germany, which is registered in the
commercial register (Handelsregister) of the local court (Amtsgericht) of Freiburg i. Br.
under HRB 6215296 (the “Pledgor”);

	(2)	 	SIG Beverages Germany GmbH, a limited liability company (Gesellschaft mit beschränkter
Haftung) organised under the laws of the Federal Republic of Germany having its corporate seat
in Waldshut-Tiengen, Germany and its business address at Weilheimer Straße 5, 79761
Waldshut-Tiegen, Germany, which is registered in the commercial register (Handelsregister) of
the local court (Amtsgericht) of Freiburg i. Br. under HRB 702482 (the “Company 1”);

	(3)	 	SIG International Services GmbH, a limited liability company (Gesellschaft mit beschränkter
Haftung) organised under the laws of the Federal Republic of Germany having its corporate seat
in Linnich, Germany and its business address at Rurstraße 58, 52441 Linnich, Germany, which is
registered in the commercial register (Handelsregister) of the local court (Amtsgericht) of
Düren under HRB 3925 (the “Company 2”);

	(4)	 	SIG Information Technology GmbH, a limited liability company (Gesellschaft mit beschränkter
Haftung) organised under the laws of the Federal Republic of Germany having its corporate seat
in Linnich, Germany and its business address at Rurstraße 58, 52441 Linnich, Germany, which is
registered in the commercial register (Handelsregister) of the local court (Amtsgericht) of
Düren under HRB 4050 (the “Company 3”);

	(5)	 	SIG Combibloc Holding GmbH, a limited liability company (Gesellschaft mit beschränkter
Haftung) organised under the laws of the Federal Republic of Germany having its corporate seat
in Waldshut-Tiengen, Germany and its business address at Weilheimer Straße 5, 79761
Waldshut-Tiegen, Germany, which is registered in the commercial register (Handelsregister) of
the local court (Amtsgericht) of Freiburg i. Br. under HRB 620756 (the “Company 4”)

	(6)	 	SIG Combibloc GmbH, a limited liability company (Gesellschaft mit beschränkter Haftung)
organised under the laws of the Federal Republic of Germany having its corporate seat in
Linnich, Germany and its business address at Rurstraße 58, 52441 Linnich, Germany, which is
registered in the commercial register (Handelsregister) of the local court (Amtsgericht) of
Düren under HRB 5182 (the “Company 5” and together with Company 1, Company 2, Company 3 and
Company 4 the “Companies”);

- 5 -

 

	(7)	 	The Bank of New York Mellon, having its business address at 1 Wall Street, New York, N.Y.
10286, The United States of America, in its capacity as collateral agent under the First Lien
Intercreditor Agreement (as defined below) (the “Collateral Agent ”); and

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

(the institutions named in 6 and 7 are hereinafter referred to as the “Original Pledgees”).

WHEREAS:

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

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

	(C)	 	The Pledgor has agreed to grant a pledge over its Shares (as defined below) in the Companies
(as defined below) as security for the Pledgees’ (as defined below) respective claims against
the Grantors (as defined below) (or any of them) in respect of the Obligations (as defined
below).

	(D)	 	The security created by or pursuant to this Agreement is to be administered by the Collateral
Agent for the Pledgees (as defined below) pursuant to a first lien

- 6 -

 

	 	 	intercreditor agreement dated on or about 5 November 2009 between, inter alia, the
Collateral Agent, the Indenture Trustee, the Administrative Agent and the Grantors (each as
defined below) and others (as amended, varied, novated, supplemented, superseded or extended
from time to time, the “First Lien Intercreditor Agreement”).

	(E)	 	The Pledgor has granted security interests over the Shares (as defined below) to Credit
Suisse and others pursuant to existing security documents entered into in connection with
certain existing financing arrangements with Credit Suisse and others (the “Existing
Security”). The Existing Security will be released on or about the date hereof in accordance
with the terms of a release agreement between the Pledgor, Credit Suisse and others.

NOW, IT IS AGREED as follows:

	1.	 	DEFINITIONS AND LANGUAGE

	1.1	 	In this Agreement:

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

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

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

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

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

     “Enforcement Event” shall mean an Event of Default.

- 7 -

 

	 	 	“Event of Default” means any event of default (Kündigungsgrund) under the Credit
Agreement and/or the Senior Secured Note Indenture.
	 
	 	 	“Existing Intercreditor Agreement” means the existing intercreditor agreement dated 11
May 2007 (as amended by a letter dated 21 June 2007 and a further letter dated 29 June 2007
and as amended and restated on or about the date hereof) between, inter alia, Beverage
Packaging Holdings (Luxembourg) I S.A., Rank Group Holdings Limited (now Reynolds Group
Holdings Limited), Beverage Packaging Holdings (Luxembourg) II S.A., Beverage Packaging
Holdings (Luxembourg) III S.à r.l., Credit Suisse as security trustee and others.
	 
	 	 	“Existing Shares” has the meaning given to such term in sub-Clause 2.1 hereof.
	 
	 	 	“Future Pledgee” means any entity which may become a pledgee hereunder by way of (i)
transfer of the Pledges by operation of law following the transfer or assignment (including
by way of novation or assumption (Vertragsübernahme)) of any part of the Obligations from
any Original Pledgee or Future Pledgee to such future pledgee and/or (ii) accession to this
Agreement pursuant to sub-Clause 3.3 hereof as pledgee.
	 
	 	 	“Future Shares” means all additional shares in the capital of the Companies
(irrespective of their nominal value) which the Pledgor may acquire in the future in the
event of a share transfer, a share split, a share combination, an increase of the capital of
any of the Companies (including by way of authorised capital (genehmigtes Kapital)) or
otherwise.
	 
	 	 	“Grantors” means the Loan Parties, the Issuers and the Senior Secured Note Guarantors and
any person that has granted a security interest to the Collateral Agent and/or the Secured
Parties in respect of the obligations of the Loan Parties, the Issuers and the Senior
Secured Note Guarantors under the Credit Documents and “Grantor” means any of them.
	 
	 	 	“Group” means Reynolds Group Holdings Limited and its direct or indirect subsidiaries
(Tochtergesellschaften).
	 
	 	 	“Hedge Counterparty” means a Lender, the Administrative Agent or any of the Lender’s or
the Administrative Agent’s affiliates (at the time a hedging agreement is entered into) who
has entered into a hedging agreement for the purpose of hedging interest rate liabilities
and/or any exchange rate and/or commodity price risks provided it has become a party, or by
execution of an additional bank secured party acknowledgment has agreed to be bound by the
terms of, to the First Lien Intercreditor Agreement in its capacity as hedge counterparty.
	 
	 	 	“Incremental Assumption Agreement” shall mean an incremental assumption agreement
relating to incremental facilities of up to USD 400,000,000 among, and in form and substance
reasonably satisfactory to, one or more Borrowers, the Administrative Agent, one or more
Incremental Term Lenders and/or one or more

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	 	 	Incremental Revolving Credit Lenders pursuant to which one or more Incremental Term Lenders
make available Incremental Term Loan Commitments and/or one or more Incremental Revolving
Credit Lenders make available Incremental Revolving Credit Commitments respectively.
	 
	 	 	“Incremental Revolving Credit Lender” shall mean a Lender with an Incremental Revolving
Credit Commitment or an outstanding revolving loan under the Credit Agreement of any class
as a result of an Incremental Revolving Credit Commitment.
	 
	 	 	“Incremental Revolving Credit Commitment” shall mean the commitment of any Lender,
established pursuant to the Credit Agreement, to make available certain revolving credit
loans to one or more Borrowers.
	 
	 	 	“Incremental Term Lender” shall mean a Lender with an Incremental Term Loan Commitment.
	 
	 	 	“Incremental Term Loan Commitment” shall mean the commitment of any Lender, established
pursuant to the Credit Agreement, to make available certain term loans to one or more
Borrowers.
	 
	 	 	“Indenture Trustee” shall mean The Bank of New York Mellon, in its capacity as
indenture trustee under the Senior Secured Note Indenture and any successor appointed as
indenture trustee under the Senior Secured Notes Indenture.
	 
	 	 	“Intercreditor Arrangements” means the First Lien Intercreditor Agreement and the
Existing Intercreditor Agreement, in each case as amended, novated, supplemented, restated,
or modified from time to time.
	 
	 	 	“Issuing Bank” means Credit Suisse or any other Lender or any affiliate of Credit Suisse or
any other Lender that issues letters of credit or bank guarantees under the Credit
Agreement.
	 
	 	 	“Lenders” shall mean the Original Lenders and any entity which may become a lender
under the Credit Agreement in the future and “Lender” means any of them.
	 
	 	 	“Loan Documents” shall mean the Credit Agreement, any borrowing subsidiary agreement and/or
guarantor joinder agreement relating to the Credit Agreement, any letter of credit or bank
guarantee relating to the Credit Agreement, any security documents relating to the Credit
Agreement, any hedging agreement entered into by a Hedge Counterparty and a Grantor, each
Incremental Assumption Agreement, the Intercreditor Arrangements, each Promissory Note, any
agreement between a Grantor and a Cash Management Bank relating to Cash Management Services,
each Local Facility Agreement and any other document that may be entered into pursuant to
any of the foregoing in relation to the Credit Agreement.

- 9 -

 

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

- 10 -

 

	 	 	bank(s), and/or Hedge Counterparties under the Credit Agreement), the Hedge Counterparties,
the Administrative Agent, any Issuing Bank, the beneficiaries of each indemnification
obligation undertaken by any Grantor under any Credit Document, the Senior Secured Note
Holders, the Indenture Trustee, the Collateral Agent, the Local Facility Providers and the
Cash Management Banks.
	 
	 	 	“Senior Secured Note Documents” shall mean the Senior Secured Note Indenture, the
Senior Secured Note Guarantees, the Senior Secured Notes, the Intercreditor Arrangements,
any security document relating to the Senior Secured Notes and/or the Senior Secured Note
Indenture and any other document that may be entered into pursuant to any of the foregoing.
	 
	 	 	“Senior Secured Note Guarantees” shall mean the guarantees of the obligations of the Issuers
under the Senior Secured Notes and the Senior Secured Note Indenture by the Senior Secured
Note Guarantors.
	 
	 	 	“Senior Secured Note Guarantors” means the Original Senior Secured Note Guarantors and
any entity which may accede to the Senior Secured Note Indenture as additional guarantor.
	 
	 	 	“Senior Secured Note Holders” shall mean the holders from time to time of the Senior
Secured Notes.
	 
	 	 	“Shares” means the Existing Shares and the Future Shares.
	 
	1.2	 	In this Agreement any reference in this Agreement to a “Clause” or a “sub-Clause” shall,
subject to any contrary indication, be construed as a reference to a Clause or sub-Clause
hereof.
	 
	1.3	 	This Agreement is made in the English language. For the avoidance of doubt, the English
language version of this Agreement shall prevail over any translation of this Agreement.
However, where a German translation of a word or phrase appears in the text of this Agreement,
the German translation of such word or phrase shall prevail.
	 
	2.	 	PLEDGED SHARES
	 
	2.1	 	The Company 1 has a nominal share capital (Stammkapital) of EUR 50,000 (in words: Euro fifty
thousand) which consists of one share (the “Existing Shares 1”).
	 
	 	 	The Company 2 has a nominal share capital (Stammkapital) of EUR 1,000,000 (in words: Euro
one million) which consists of one share (the “Existing Shares 2”).

	 	 	The Company 3 has a nominal share capital (Stammkapital) of EUR 5,000,000 (in words: Euro
five million) which is divided into two shares, one share in the nominal amount (Nennbetrag)
of EUR 100,000 (in words: Euro one hundred thousand) and one share in the nominal amount
(Nennbetrag) of EUR 400,000 (in words: Euro four hundred thousand) (the “Existing Shares
2”).

- 11 -

 

	 	 	The Company 4 has a nominal share capital (Stammkapital) of EUR 5,200,000 (in words: Euro
five million two hundred thousand) which is divided into two shares. The Pledgor is the
owner of one share in Company 4 with a nominal amount (Nennbetrag) of EUR 4,939,480 (in
words: Euro four million nine hundred thirty-nine thousand four hundred eighty) carrying the
serial number (laufende Nummer) 1 (the “Existing Shares 4”)

	 	 	The Company 5 has a nominal share capital (Stammkapital) of EUR 30,700,000 (in words: Euro
thirty million seven hundred thousand) which is divided into three shares. The Pledgor is
the owner of one share in Company 5 with a nominal amount (Nennbetrag) of EUR 307,000 (in
words: Euro three hundred seven thousand) (the “Existing Shares 5” and together with the
Existing Shares 1, the Existing Shares 2, the Existing Shares 3 and the Existing Shares 4
the “Existing Shares”).
	 
	2.2	 	The Pledgor is the owner of the Existing Shares and is registered as such in the relevant
shareholders list (Gesellschafterliste) of the Companies as filed (aufgenommen) with the
commercial register (Handelsregister), a copy of which is attached as Schedule 2 (Copy of
Shareholders Lists).
	 
	3.	 	PLEDGE
	 
	3.1	 	The Pledgor hereby pledges to each of the Pledgees the Shares together with all ancillary
rights and claims associated with the Shares as more particularly specified in Clause 4 (each
a “Pledge” and together the “Pledges”).
	 
	3.2	 	Each of the Original Pledgees hereby accepts its Pledge for itself.
	 
	3.3	 	The Collateral Agent accepts, as representative without power of attorney (Vertreter ohne
Vertretungsmacht), the respective Pledges for and on behalf of each Future Pledgee. Each
Future Pledgee ratifies and confirms the declarations and acts so made by the Collateral Agent
on its behalf in connection with accepting the transfer or assignment (including by way of
novation or assumption (Vertragsübernahme)) of the Obligations under the Loan Documents (or
part of them) from a Pledgee or the appointment to become a successor as administrative agent
under the Credit Agreement or as indenture trustee under the Senior Secured Note Indenture.
Upon such ratification (Genehmigung) such Future Pledgee becomes a party to this Agreement, it
being understood that any future or conditional claim (zukünftiger oder bedingter Anspruch) of
such Future Pledgee arising under the Loan Documents, or, in case of a successor indenture
trustee arising under the Senior Secured Note Documents shall be secured by the Pledges
constituted hereunder.
	 
	3.4	 	All parties hereby confirm that the validity of the Pledges granted hereunder shall not be
affected by the Collateral Agent acting as representative without power of attorney for each
Future Pledgee.

- 12 -

 

	3.5	 	The Pledgor herewith authorises the Collateral Agent to notify on its behalf the Pledges
and/or the identity of any Future Pledgee and the new pledges created pursuant to sub-Clause
3.3 above to each of the Companies. Upon request of the Collateral Agent, the Pledgor shall
without undue delay give such notice and provide the Collateral Agent with a copy thereof.
	 
	3.6	 	The validity and effect of each of the Pledges shall be independent from the validity and the
effect of the other Pledges created hereunder. The Pledges to each of the Pledgees shall be
separate and individual pledges ranking pari passu with the other Pledges created hereunder.
	 
	3.7	 	Each of the Pledges is in addition, and without prejudice, to any other security the Pledgees
may now or hereafter hold in respect of the Obligations.
	 
	3.8	 	For the avoidance of doubt, the parties agree that nothing in this Agreement shall exclude a
transfer of all or part of the Pledges created hereunder by operation of law upon the transfer
or assignment (including by way of novation or assumption (Vertragsübernahme)) of all or part
of the Obligations by any Pledgee to a Future Pledgee.

	4.	 	SCOPE OF THE PLEDGES
	 
	4.1	 	The Pledges constituted by this Agreement include:

	 	(a)	 	the present and future rights to receive:

	 	(i)	 	dividends attributable to the Shares, if any; and

	 	(ii)	 	liquidation proceeds, redemption proceeds (Einziehungsentgelt),
repaid capital in case of a capital decrease, any compensation in case of
termination (Kündigung) and/or withdrawal (Austritt) of a shareholder of the
Companies, the surplus in case of surrender (Preisgabe), any repayment claim
for any additional capital contributions (Nachschüsse) and all other pecuniary
claims associated with the Shares;

	 	(b)	 	the right to subscribe for newly issued shares; and

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

	4.2	 	Notwithstanding that the items set out in Clause 4.1 above are pledged hereunder, the Pledgor
shall be entitled to receive and retain the items set out in Clause 4.1 in respect

- 13 -

 

	 	 	of, and otherwise deal (in accordance with the agreements between the parties) with all
items described in Clause 4.1 hereof in respect of the Shares at all times other than any
time the Pledgees are entitled to enforce the Pledges constituted hereunder.
	 
	4.3	 	On the date and during the period in which the Pledgees are entitled, in accordance with
Clause 7 (Enforcement of the Pledges) hereof, to enforce the Pledges (or any part thereof):

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

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

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

	 	 	shall be forthwith delivered to the Collateral Agent and held as security for and on behalf
of the Pledgees. If such proceeds or property are received by the Pledgor, they shall be
received as trustee for the benefit of the Pledgees and shall be segregated from other
property or funds of the Pledgor and shall be forthwith delivered to the Collateral Agent
for and on behalf of the Pledgees as security in the form so received (with any necessary
endorsement).

	5.	 	PURPOSE OF THE PLEDGES

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

	6.	 	EXERCISE OF MEMBERSHIP RIGHTS

	 	 	The membership rights, including the voting rights, attached to the Shares remain with the
Pledgor. The Pledgor may exercise its membership rights in any manner which does not
adversely affect the validity and enforceability of the Pledges, the existence of all or
part of the Shares or cause an Event of Default to occur. The Pledgor undertakes, unless
otherwise agreed between the parties, that no resolutions will be passed which would, if
passed, constitute a breach of its obligations under Clause 0 or any other obligation under
this Agreement.

- 14 -

 

	7.	 	ENFORCEMENT OF THE PLEDGES
	 
	7.1	 	If (i) an Enforcement Event has occurred and is continuing and (ii) the requirements set
forth in Sections 1273 para 2, 1204 et seq. of the German Civil Code with regard to the
enforcement of any of the Pledges are met (Pfandreife), in particular, if any of the
Obligations has become due and payable, then in order to enforce the Pledges (or any of them),
the Collateral Agent may on its own behalf and on behalf of the other Pledgees at any time
thereafter avail itself of all rights and remedies that a pledgee has against a pledgor under
the laws of the Federal Republic of Germany.
	 
	7.2	 	Notwithstanding Section 1277 of the German Civil Code, the Pledgees are entitled to exercise
their rights without obtaining enforceable judgment or other instrument (vollstreckbarer
Titel). The Pledgees shall be entitled to have the Pledges enforced in any manner allowed
under the laws of the Federal Republic of Germany, in particular have the Pledges sold
(including at public auction).
	 
	7.3	 	The Pledgor hereby expressly agrees that 5 (five) business days’ prior written notice to the
Pledgor of the place and time of any such sale shall be sufficient and the Pledgees, acting
through the Collateral Agent, shall not be obliged to deliver any further notices (including,
but not limited to the notices set out under Section 1234 of the German Civil Code) to the
Pledgor prior to such sale. The sale may take place at any place in the Federal Republic of
Germany designated by the Collateral Agent, acting for and on behalf of the Pledgees.
	 
	7.4	 	If the Pledgees, acting through the Collateral Agent, should seek to enforce the Pledges
under sub-Clause 7.1, the Pledgor shall, at its own expense, render forthwith all necessary
assistance in order to facilitate the prompt sale of the Shares or any part thereof and/or the
exercise by the Pledgees, acting through the Collateral Agent, of any other right they may
have as Pledgee.
	 
	7.5	 	Whilst the requirements for enforcement under sub-Clause 7.1 are continuing, all subsequent
dividend payments attributable to the Shares and all payments based on similar ancillary
rights attributed to the Shares may be applied by the Pledgees, acting through the Collateral
Agent, in satisfaction in whole or in part of the Obligations or treated as additional
collateral.
	 
	7.6	 	Even if the requirements for enforcement referred to under sub-Clause 7.1 above are met, the
Pledgees shall not, whether as proxy or otherwise, be entitled to exercise the voting rights
attached to the Shares. However, the Pledgor shall, during the continuation of an event which
allows the Pledgees to enforce the Pledges, have the obligations and the Pledgees shall have
the rights set forth in sub-Clause 9.6 below regardless of which resolutions are intended to
be adopted.
	 
	7.7	 	The Pledgees acting through the Collateral Agent, may, in their sole discretion, determine
which of several security interests, if applicable, shall be used to satisfy the Obligations.
The Pledgor hereby expressly waives its right pursuant to Section 1230

- 15 -

 

	 	 	sentence 2 of the German Civil Code to limit the realisation of the Pledges and pledges over
the shares or partnership interests in one or more other companies to such number of pledges
as are necessary to satisfy the Obligations and agrees further that the Collateral Agent may
decide to enforce the Pledges over the shares in the Companies individually in separate
proceedings or together with pledges over shares or partnership interests in one or more
other companies at one single proceeding (Gesamtverwertung).
	 
	7.8	 	The Pledgor hereby expressly waives all defences of revocation (Einrede der Anfechtbarkeit)
and set-off (Einrede der Aufrechenbarkeit) pursuant to Sections 770, 1211 of the German Civil
Code.
	 
	7.9	 	The Pledgor hereby expressly waives its defences based on defences any Grantor might have
against any of the Obligations (Einreden des Hauptschuldners) pursuant to Section 1211 para 1
sentence 1 alternative 1 of the German Civil Code.
	 
	7.10	 	If the Pledges are enforced or if the Pledgor has discharged any of the Obligations (or any
part of them), Section 1225 of the German Civil Code (legal subrogation of claims to a pledgor
 — Forderungsübergang auf den Verpfänder) shall not apply and no rights of the Pledgees shall
pass to the Pledgor by subrogation or otherwise. Further, the Pledgor shall at no time before,
on or after an enforcement of the Pledges and as a result of the Pledgor entering into this
Agreement, be entitled to demand indemnification or compensation from any of the Companies or
any of the Companies’ affiliates or to assign any of these claims.
	 
	8.	 	APPROVAL AND CONFIRMATION
	 
	 	 	The Pledgor as the sole shareholder of the Companies other than Company 4 and Company 5
hereby approves the Pledges over the Shares in Company 1, Company 2 and Company 3 and over
any and all ancillary rights and claims associated with the Shares (as more particularly
specified in Clause 4). Pursuant to the articles of association of each of Companies the
Pledges are not subject to any approval of the relevant Company.
	 
	9.	 	UNDERTAKINGS OF THE PLEDGOR
	 
	 	 	Unless otherwise agreed between the parties, during the term of this Agreement, the Pledgor
undertakes to each of the Pledgees:
	 
	9.1	 	to promptly effect any contributions in cash (Bareinlage) or kind (Sacheinlage) to be made in
respect of the Shares;
	 
	9.2	 	to inform the Collateral Agent promptly of any change made in the registered share capital of
any of the Companies, or any changes made to the articles of association of any of the
Companies which would materially adversely affect the security interest of the Collateral
Agent and in each such case to promptly deliver to the Pledgees, by

- 16 -

 

	 	 	sending the same to the Collateral Agent, in its capacity as agent for and on behalf of the
Pledgees, a copy of the updated shareholders list (Gesellschafterliste) and a copy of the
amended articles of association (Satzung) both as filed (aufgenommen) with the commercial
register (Handelsregister);
	 
	9.3	 	to promptly notify the Pledgees, by notification in writing to the Collateral Agent of the
registration of an objection (Widerspruch) in relation to the Shares of the Pledgor in the
shareholders list (Gesellschafterliste) as filed (aufgenommen) with the commercial register
(Handelsregister).
	 
	9.4	 	to promptly notify the Pledgees, by notification in writing to the Collateral Agent, of any
attachment (Pfändung) in respect of any of the Shares or any ancillary rights set out in
sub-Clause 4.1 such notice to be accompanied by any documents the Pledgees might need to
defend themselves against any claim of a third party. In particular, the Pledgor shall
promptly forward to the Collateral Agent a copy of the attachment order (Pfändungsbeschluss),
any transfer order (Überweisungsbeschluss) and all other documents necessary for a defence
against the attachment;
	 
	9.5	 	in the event of any increase in the capital of any of the Companies, not to allow, without
the prior written consent of the Pledgees, acting through the Collateral Agent (such consent
not to be unreasonably withheld), any party other than himself to subscribe for any Future
Shares, and not to defeat, impair or circumvent in any way the rights of the Pledgees created
hereunder;
	 
	9.6	 	to promptly inform the Pledgees, by notification in writing to the Collateral Agent, of all
matters concerning of any of the Companies of which the Pledgor is aware which would
materially adversely affect the security interest of the Pledgees. In particular, the Pledgor
shall notify the Pledgees, by notification in writing to the Collateral Agent, forthwith of
any shareholders’ meeting at which a shareholders’ resolution is intended to be adopted which
would have a materially adverse effect upon any of the Pledges. The Pledgor shall allow,
following the occurrence and during the continuance of any of the circumstances which permit
the Pledgees to enforce the Pledges constituted hereunder in accordance with Clause 7, the
Pledgees or, as the case may be, their proxy or any other person designated by the Pledgees,
to participate in all such shareholders’ meetings of any of the Companies as attendants
without power to vote. Subject to the provision contained in sub-Clause 13.1, the Pledgees’
right to attend a shareholders’ meeting shall lapse immediately upon complete satisfaction and
discharge of the Obligations;
	 
	9.7	 	to refrain from any acts or omissions, the purpose or effect of which is or would be the
dilution of the value of the Shares or the Shares ceasing to exist, unless permitted by the
Pledgees (acting reasonably), acting through the Collateral Agent;
	 
	9.8	 	not to amend the articles of association of any of the Companies to the extent that such
amendment would materially adversely affect the security interest of the

- 17 -

 

	 	 	Pledgees created hereunder without the prior written consent of the Pledgees, acting through
the Collateral Agent (such consent not to be unreasonably withheld);
	 
	9.9	 	insofar as additional declarations or actions are necessary for the creation of the Pledges
(or any of them) in favour of the Pledgees (or any of them), to make such declarations and
undertake such actions at its own costs and expenses at the Collateral Agent’s reasonable
request; and
	 
	9.10	 	upon reasonable request of the Collateral Agent to confirm or re-execute in notarial form on
the same terms as contained herein the Pledges created hereunder in order to ensure that any
Future Pledgee shall receive the benefit of such Pledges.
	 
	10.	 	DELEGATION
	 
	 	 	The Collateral Agent shall have full power to delegate (either generally or specifically)
the powers, authorities and discretions conferred on it by this Agreement on such terms and
conditions as it shall see fit. The Collateral Agent shall only remain liable for diligently
selecting and providing initial instructions to such delegate.
	 
	11.	 	INDEMNITY
	 
	 	 	The Pledgor shall reimburse the Collateral Agent (which, for purposes of this Clause 11,
shall include its officers, directors, employees, agents and counsel) upon request for all
properly incurred, reasonable and documented out-of-pocket expenses incurred or made by it
in connection with the Credit Documents. Such expenses shall include the properly incurred,
reasonable and documented compensation and expenses, disbursements and advances of the
Collateral Agent’s agents, counsel, accountants and experts. The Pledgor shall indemnify the
Collateral Agent against any and all loss, liability, claim, taxes, costs, damage or expense
(including properly incurred, reasonable and documented attorneys’ fees and expenses)
incurred by or in connection with the acceptance or administration of the Collateral Agent’s
performance of its duties under this Agreement and under German law, including the costs and
expenses of enforcing this Agreement and defending itself against or investigating any
claim. The obligation to pay such amounts shall survive the payment in full or defeasance of
the Obligations or the removal or resignation of the Collateral Agent. The Collateral Agent
shall notify Reynolds Group Holdings Limited of any claim for which it may seek indemnity
promptly upon obtaining actual knowledge thereof; provided that any failure so to notify
Reynolds Group Holdings Limited shall not relieve the Pledgor of its indemnity obligations
hereunder. The Pledgor may defend itself against such claim and the Collateral Agent shall
provide reasonable cooperation in such defense. The Collateral Agent may have separate
counsel and the Pledgor shall pay the properly incurred, reasonable and documented fees and
expenses of such counsel. The Pledgor need not reimburse any expense or indemnify against
any loss, liability or expense incurred by the Collateral Agent through the Collateral
Agent’s own wilful misconduct (Vorsatz) or gross negligence (grobe Fahrlässigkeit). No
provision of this Agreement shall require the Collateral

- 18 -

 

	 	 	Agent to expend or risk its own funds or otherwise incur any financial liability in the
performance of any of its duties hereunder, or in the exercise of any of its rights or
powers, if repayment of such funds or adequate indemnity against such risk or liability is
not assured to its satisfaction.
	 
	12.	 	NO LIABILITY
	 
	 	 	Except as otherwise agreed between the parties to this Agreement, none of the Collateral
Agent, its nominee(s) or agent(s) or delegate(s) shall be liable by reason of (a) taking any
action permitted by this Agreement or (b) any neglect or default in connection with the
assets and rights subject to the security interest created hereunder, save in respect of any
loss or damage which is suffered as a result of wilful misconduct (Vorsatz) or gross
negligence (grobe Fahrlässigkeit) by the Collateral Agent, its nominee(s) or agent(s) or
delegate(s), or (c) the enforcement or realisation of all or any part of the security
interest created hereunder.
	 
	13.	 	DURATION AND INDEPENDENCE
	 
	13.1	 	This Agreement shall remain in full force and effect until complete satisfaction of the
Obligations. The Pledges shall not cease to exist, if any Grantor under the Credit Documents
has only temporarily discharged the Obligations.
	 
	13.2	 	This Agreement shall create a continuing security and no change, amendment, or supplement
whatsoever in the Credit Documents or in any document or agreement related to any of the
Credit Documents shall affect the validity or the scope of this Agreement nor the obligations
which are imposed on the Pledgor pursuant to it.
	 
	13.3	 	This Agreement is independent from any other security or guarantee which may have been or
will be given to the Pledgees or the Collateral Agent. None of such other security shall
prejudice, or shall be prejudiced by, or shall be merged in any way with this Agreement.
	 
	13.4	 	Waiving Section 418 of the German Civil Code, the Pledgor hereby agrees that the security
created hereunder shall not be affected by any transfer or assumption of the Obligations to,
or by, any third party.
	 
	14.	 	RELEASE OF PLEDGE (PFANDFREIGABE)
	 
	14.1	 	Upon complete and irrevocable satisfaction of the Obligations, the Collateral Agent (as
instructed in accordance with the First Lien Intercreditor Agreement) and the other Pledgees
will as soon as reasonably practicable declare in writing the release of the Pledges
(Pfandfreigabe) to the Pledgor as a matter of record. For the avoidance of doubt, the parties
are aware that upon full and complete satisfaction of the Obligations the Pledges, due to
their accessory nature (Akzessorietät) cease to exist by operation of German mandatory law.

- 19 -

 

	14.2	 	At any time when the total value of the aggregate security granted by the Pledgor and any of
the other Grantors to secure the Obligations (the “Security”), which can be expected to be
realised in the event of an enforcement of the Security (realisierbarer Wert), exceeds 110% of
the Obligations (the “Limit”) not only temporarily, the Pledgees shall on demand of the
Pledgor release such part of the Security (Sicherheitenfreigabe) as the Collateral Agent (as
instructed in accordance with the First Lien Intercreditor Agreement) and the other Pledgees
may in their reasonable discretion determine so as to reduce the realisable value of the
Security to the Limit.
	 
	14.3	 	The parties acknowledge that the Collateral Agent (as instructed in accordance with the First
Lien Intercreditor Agreement) and the other Pledgees, acting through the Collateral Agent,
will declare in writing the release of the Pledges (Pfandfreigabe) to the Pledgor as soon as
reasonably practicable in accordance with, and to the extent required by, the Intercreditor
Arrangements.
	 
	15.	 	PARTIAL INVALIDITY; WAIVER
	 
	15.1	 	If at any time, any one or more of the provisions hereof is or becomes invalid, illegal or
unenforceable in any respect under the law of any jurisdiction, such provision shall as to
such jurisdiction, be ineffective to the extent necessary without affecting or impairing the
validity, legality and enforceability of the remaining provisions hereof or of such provisions
in any other jurisdiction. The invalid, illegal or unenforceable provision shall be deemed to
be replaced with such valid, legal or enforceable provision which comes as close as possible
to the original intent of the parties and the invalid, illegal or unenforceable provision.
Should a gap (Regelungslücke) become evident in this Agreement, such gap shall, without
affecting or impairing the validity, legality and enforceability of the remaining provisions
hereof, be deemed to be filled in with such provision which comes as close as possible to the
original intent of the parties.
	 
	15.2	 	No failure to exercise, nor any delay in exercising, on the part of the Pledgees, any right
or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any right or remedy prevent any further or other exercise thereof or the exercise
of any other right or remedy. The rights and remedies provided hereunder are cumulative and
not exclusive of any rights or remedies provided by law.
	 
	15.3	 	In particular, the Pledges shall not be affected and shall in any event extend to any and all
            shares in each of the Companies even if the number or nominal value of the Existing Shares or
the aggregate share capital of any of the Companies as stated in Clause 2 are inaccurate or
deviate from the actual facts.
	 
	16.	 	AMENDMENTS
	 
	 	 	Changes and amendments to this Agreement including this Clause 16 shall be made in writing
except where notarisation is required.

- 20 -

 

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

	 	 	 	 	 

	For the Pledgor:

	 	SIG Euro Holding AG & Co. KG aA
	 
	 	 	 	 
	 

	 	Address:
	 	Weilheimer Straße 5,

79761 Waldshut-
	 

	 	 	 	Tiengen, Germany
	 
	 	 	 	 
	 

	 	Telephone:
	 	+49 7741 64 455
	 
	 	 	 	 
	 

	 	Fax:
	 	+49 7741 20 28
	 
	 	 	 	 
	 

	 	Attention:
	 	Managing Directors
	 

	 	 	 	(Geschäftsführung)
	 
	 	 	 	 
	for the Pledgor with a copy to:  
	 	 	 	 
	 
	 	 	 	 
	 

	 	Address:
	 	c/o Rank Group Limited
	 

	 	 	 	Level 9
	 

	 	 	 	148 Quay Street
	 

	 	 	 	PO Box 3515
	 

	 	 	 	Auckland 1140
	 

	 	 	 	New Zealand
	 
	 	 	 	 
	 

	 	Telephone:
	 	+649 3666 259
	 
	 	 	 	 
	 

	 	Fax:
	 	+649 3666 263
	 
	 	 	 	 
	 

	 	Attention:
	 	Helen Golding

- 21 -

 

	 	 	 	 	 

	For the Pledgees to the Collateral Agent:

	 	The Bank
of New
York
Mellon
	 
	 	 	 	 
	 

	 	Address:
	 	101 Barclay Street, 4E
	 

	 	 
	 	New York, N.Y. 10286
	 

	 	 	 	The United States of
	 

	 	 	 	America
	 
	 	 	 	 
	 

	 	Telephone:	 	+212 298 1528
	 
	 	 	 	 
	 

	 	Fax:
	 	+212 815 5366
	 
	 	 	 	 
	 

	 	Attention:
	 	Interational
Corporate Trust

	17.2	 	Any party hereto may change its address or fax number for notices and other communications
hereunder by notice to the other parties hereto. As agreed to in writing by the parties,
notices and other communications hereunder may also be delivered by e-mail to the e-mail
address of a representative of the applicable party to this Agreement provided from time to
time by such party.
	 
	17.3	 	All notices and other communications given to any party in connection with this Agreement in
accordance with the provisions of this Agreement shall be deemed (widerlegbare Vermutung)
received on the date sent (if a business day) and on the next business day thereafter (in all
other cases) if delivered by hand or overnight courier service or sent by fax or on the date
five business days after dispatch by certified or registered mail if mailed, in each case
delivered, sent or mailed (properly addressed) to such party as provided in this Clause 17 or
in accordance with the latest unrevoked direction from such party given in accordance with
this Clause 17.
	 
	17.4	 	Any notice or other communication under or in connection with this Agreement shall be in the
English language or, if in any other language, accompanied by a translation into English. In
the event of any conflict between the English text and the text in any other language, the
English text shall prevail.
	 
	18.	 	NOTIFICATION
	 
	18.1	 	The Pledgor and the Pledgees hereby give notice of this Agreement and the Pledges of the
rights pursuant to Clause 3 and Clause 4 to the Company.
	 
	18.2	 	The Company hereby acknowledges the notification pursuant to Clause 18.1 above.

- 22 -

 

	19.	 	APPLICABLE LAW, JURISDICTION
	 
	19.1	 	This Agreement is governed by the laws of the Federal Republic of Germany.
	 
	19.2	 	The place of jurisdiction for any and all disputes arising under or in connection with this
Agreement shall be the district court (Landgericht) in Frankfurt am Main. The Pledgees
however, shall also be entitled to take action against the Pledgor in any other court of
competent jurisdiction. Further, the taking of proceedings against the Pledgor in any one or
more jurisdictions shall not preclude the taking of proceedings in any other jurisdiction
(whether concurrently or not) if and to the extent permitted by applicable law.

The Notary advised the persons appearing:

	•	 	that a pledge is a security instrument of strictly accessory nature (which means that it
comes into legal existence only if, to the extent that, and as long as, the underlying secured
claims do in fact exist, and that the owners of the secured claims and the pledgees must be
identical);
	 
	•	 	that notwithstanding Section 16 para 3 German Limited Liability Companies Act (Gesetz
betreffend die Gesellschaften mit beschränkter Haftung) there is no bona fide creation,
acquisition nor ranking of a pledge of shares (in the sense that the pledgees are not
protected if the shares purported to be pledged do not exist or have been previously
encumbered for the benefit of a third party); and
	 
	•	 	that the English original version of this Agreement will not be acceptable for enforcement
but will have to be translated, by a certified translator, into German for such purposes.

The above Agreement including the Schedules was read aloud by the Notary to the persons appearing,
approved by them and signed by the persons appearing and by the Notary in their own hand as
follows:

- 23 -

 

SCHEDULE 1

LIST OF FINANCIAL INSTITUTIONS, ORIGINAL BORROWERS AND

ORIGINAL GUARANTORS

PART 1

LIST OF FINANCIAL INSTITUTIONS

	 	 	 
	Name	 	Domicile
	Australia and New Zealand Banking Group Limited

	 	Melbourne, Australia
	 
	 	 
	BOS International (Australia) Limited

	 	Sydney, Australia
	 
	 	 
	Coöperatieve Centrale Raiffeisen —
Boerenleenbank B.A. (“Rabobank”), Frankfurt Branch

	 	Frankfurt, Germany
	 
	 	 
	Credit Suisse, Cayman Island branch

	 	Cayman Islands
	 
	 	 
	DZ Bank AG Deutsche Zentral-Genossenschaftsbank Frankfurt am Main, London Branch

	 	London, United Kingdom
	 
	 	 
	Mizuho Corporate Bank, Ltd., Sydney Branch

	 	Sydney, Australia
	 
	 	 
	Sumitomo Mitsui Banking Corporation, Singapore Branch

	 	Singapore
	 
	 	 
	The Bank of New York Mellon

	 	New York, United States of America
	 
	 	 
	Westpac Banking Corporation

	 	Australia

- 24 -

 

PART 2

LIST OF ORIGINAL BORROWERS

SIG Euro Holding AG & Co. KG aA

Closure Systems International Holding Inc.

Closure Systems International B.V.

SIG Austria Holding GmbH

Reynolds Consumer Products Holdings Inc.

Reynolds Group Holdings Inc.

- 25 -

 

PART 3

LIST OF ORIGINAL GUARANTORS

SIG Euro Holding AG & Co. KGaA (Germany)

SIG Beverages Germany GmbH (Germany)

SIG Combibloc Holding GmbH (Germany)

SIG Vietnam Beteiligungs GmbH (Germany)

SIG Combibloc GmbH (Germany)

SIG Combibloc Systems GmbH (Germany)

SIG Combibloc Zerspanungstechnik GmbH (Germany)

SIG Information Technology GmbH (Germany)

SIG International Services GmbH (Germany)

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

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

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

Reynolds Group Holdings Limited (New Zealand)

SIG Combibloc Group AG (Switzerland)

SIG Finanz AG (Switzerland)

SIG Technology AG (Switzerland)

SIG allCap AG (Switzerland)

SIG Combibloc (Schweiz) AG (Switzerland)

SIG Schweizerische Industrie-Gesellschaft AG (Switzerland)

SIG Holding USA Inc. (USA)

SIG Combibloc Inc. (USA)

Reynolds Group Holdings Inc. (USA)

- 26 -

 

Reynolds Group Issuer Inc. (USA)

Reynolds Group Issuer LLC (USA)

Closure Systems International Holdings (Germany) GmbH (Germany)

Closure Systems International Deutschland GmbH (Germany)

Closure Systems International Deutschland Real Estate GmbH & Co KG (Germany)

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

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

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

Closure Systems International B.V. (The Netherlands)

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

Closure Systems International Holdings Inc. (Delaware, USA)

Closure Systems International Inc. (Delaware, USA)

Reynolds Packaging Machinery Inc. (Delaware, USA)

Closure Systems Mexico Holdings LLC (Delaware, USA)

CSI Mexico LLC (Delaware, USA)

Southern Plastics, Inc. (Louisiana, USA)

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

Reynolds Consumer Products Holdings Inc. (Delaware, USA)

Bakers Choice Products, Inc. (Delaware, USA)

Reynolds Consumer Products Inc. (Delaware, USA)

Reynolds Foil Inc. (Delaware, USA)

Reynolds Services Inc. (Delaware, USA)

- 27 -

 

PART 4

LIST OF ORIGINAL SENIOR SECURED NOTE GUARANTORS

SIG Euro Holding AG & Co. KGaA (Germany)

SIG Beverages Germany GmbH (Germany)

SIG Combibloc Holding GmbH (Germany)

SIG Vietnam Beteiligungs GmbH (Germany)

SIG Combibloc GmbH (Germany)

SIG Combibloc Systems GmbH (Germany)

SIG Combibloc Zerspanungstechnik GmbH (Germany)

SIG Information Technology GmbH (Germany)

SIG International Services GmbH (Germany)

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

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

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

Reynolds Group Holdings Limited (New Zealand)

SIG Combibloc Group AG (Switzerland)

SIG Finanz AG (Switzerland)

SIG Technology AG (Switzerland)

SIG allCap AG (Switzerland)

SIG Combibloc (Schweiz) AG (Switzerland)

SIG Schweizerische Industrie-Gesellschaft AG (Switzerland)

SIG Holding USA Inc. (USA)

SIG Combibloc Inc. (USA)

Reynolds Group Holdings Inc. (USA)

Closure Systems International Holdings (Germany) GmbH (Germany)

- 28 -

 

Closure Systems International Deutschland GmbH (Germany)

Closure Systems International Deutschland Real Estate GmbH & Co KG (Germany)

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

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

Closure Systems International B.V. (The Netherlands)

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

Closure Systems International Holdings Inc. (Delaware, USA)

Closure Systems International Inc. (Delaware, USA)

Reynolds Packaging Machinery Inc. (Delaware, USA)

Closure Systems Mexico Holdings LLC (Delaware, USA)

CSI Mexico LLC (Delaware, USA)

Southern Plastics, Inc. (Louisiana, USA)

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

Reynolds Consumer Products Holdings Inc. (Delaware, USA)

Bakers Choice Products, Inc. (Delaware, USA)

Reynolds Consumer Products Inc. (Delaware, USA)

Reynolds Foil Inc. (Delaware, USA)

Reynolds Services Inc. (Delaware, USA)

- 29 -

 

SCHEDULE 2

COPY OF SHAREHOLDERS LISTS (GESELLSCHAFTERLISTEN)

Information was provided in pdf format only.

- 30 -exv4w37

EXHIBIT 4.37

SIG BEVERAGES GERMANY GMBH

as Assignor

and

THE BANK OF NEW YORK MELLON

as Collateral Agent

 

GLOBAL ASSIGNMENT AGREEMENT

(Globalabtretung)

 

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

 

 

CONTENTS

	 	 	 	 	 
	Clause	 	Page	 
	1. Definitions and Language
	 	 	4	 
	2. Assignment
	 	 	9	 
	3. Transfer of Ancillary Rights
	 	 	9	 
	4. Purpose of the Assignment
	 	 	9	 
	5. List of Receivables
	 	 	9	 
	6. Notice of Assignment
	 	 	10	 
	7. Receivables under Extended Retention of Title Arrangements
	 	 	10	 
	8. Checks and Bills of Exchange
	 	 	11	 
	9. Collection of Receivables by the Assignor
	 	 	11	 
	10. Enforcement
	 	 	12	 
	11. Limitations on Enforcement
	 	 	13	 
	12. Bookkeeping and Data-Processing
	 	 	15	 
	13. Undertakings of the Assignor
	 	 	16	 
	14. Power of Attorney
	 	 	16	 
	15. Delegation
	 	 	17	 
	16. Indemnity
	 	 	17	 
	17. No liability
	 	 	17	 
	18. Duration and Independence
	 	 	17	 
	19. Release of Security (Sicherheitenfreigabe)
	 	 	18	 
	20. Partial Invalidity; Waiver
	 	 	18	 
	21. Amendments
	 	 	18	 
	22. Notices and Their Language
	 	 	19	 
	23. Applicable Law; Jurisdiction
	 	 	20	 
	24. Conclusion of the Agreement (Vertragsschluss)
	 	 	20	 
	Schedule 1 List of Original Borrowers, Original Guarantors and Original
Senior Secured Note Guarantors
	 	 	22	 
	Part 1 The Original Borrowers
	 	 	22	 
	Part 2 The Original Guarantors
	 	 	22	 
	Part 3 The Original Senior Secured Note Guarantors
	 	 	24	 
	Schedule 2 List of Collection Arrangement Receivables
	 	 	26	 
	Schedule 3 List of Current Account Receivables
	 	 	27	 
	Schedule 4 List of Customer Receivables
	 	 	28	 
	Schedule 5 List of Existing Intercompany Loans
	 	 	29	 
	Schedule 6 Form of Blank Notification Letter
	 	 	30	 

- 1 -

 

	 	 	 	 	 
	Clause	 	Page	 
	Schedule 7 Form of Notice for a Disclosed Assignment
	 	 	33	 

- 2 -

 

This GLOBAL ASSIGNMENT AGREEMENT (the “Agreement”) is made on 5 November 2009

BETWEEN:

	(1)	 	SIG Beverages Germany GmbH, registered in the commercial register (Handelsregister) of the
local court (Amtsgericht) of Freiburg i. Br. under HRB 702482 (the “Assignor”); and

	(2)	 	The Bank of New York Mellon, having its business address at 1 Wall Street, New York, N.Y.
10286, The United States of America, in its capacity as collateral agent for the Secured
Parties (as defined below) under the First Lien Intercreditor Agreement (as defined below)
(the “Collateral Agent”).

WHEREAS:

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

	(B)	 	Pursuant to a senior secured note indenture dated on or about 5 November 2009 between, inter
alia, Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., and Reynolds Group Issuer
(Luxembourg) S.A as issuers (the “Issuers”), certain affiliates of the Issuers listed in
Part 3 of Schedule 1 as original senior secured note guarantors (the “Original Senior
Secured Note Guarantors”) and The Bank of New York Mellon, as indenture trustee, principal
paying agent, transfer agent and registrar, (as amended, varied, novated, supplemented,
superseded or extended from time to time, the “Senior Secured Note Indenture”), the Issuers
will issue senior secured notes due 2016 in the aggregate principal amount of USD
1,125,000,000 (the “US Secured Notes”) and senior secured notes due 2016 in the aggregate
principal amount of EUR 450,000,000 (the “Euro Secured Notes” and together with the US Secured
Notes the “Senior Secured Notes”) to certain noteholders.

	(C)	 	The Assignor has agreed to assign the Receivables (as defined below) to the Collateral Agent
as security for the Secured Parties’ (as defined below) respective claims against the Grantors
(as defined below) (or any of them) in respect of the Obligations (as defined below).

	(D)	 	The security created by or pursuant to this Agreement is to be held and administered by the
Collateral Agent for the Secured Parties (as defined below) pursuant to a first lien
intercreditor agreement dated on or about 5 November 2009 between, inter alia, the Collateral
Agent, the Indenture Trustee, the Administrative Agent and the Grantors (each as defined
below) and others (as amended, varied, novated,

- 3 -

 

	 	 	supplemented, superseded or extended from time to time, the “First Lien Intercreditor
Agreement”).

	(E)	 	The Assignor has granted security interests over the Receivables (as defined below) to Credit
Suisse pursuant to existing security documents entered into in connection with certain
existing financing arrangements with Credit Suisse and others (the “Existing Security”). The
Existing Security will be released on or about the date hereof in accordance with the terms of
a release agreement between the Assignor, Credit Suisse and others.

	 	 	NOW IT IS HEREBY AGREED as follows:

	1.	 	DEFINITIONS AND LANGUAGE

	1.1	 	Definitions
	 
	 	 	In this Agreement:
	 
	 	 	“Administrative Agent” means Credit Suisse Cayman Island branch, having its business address
at One Madison Avenue, New York, NY 10010, United States of America in its capacity as
administrative agent under the Credit Agreement and any successor appointed as
administrative agent under the Credit Agreement.
	 
	 	 	“Ancillary Rights” means all present and future, actual and contingent rights and claims
(including monetary claims for damages) arising out of the underlying contractual or other
relationship under which the Receivables are created, including but not limited to,
unilateral rights (Gestaltungsrechte) of the Assignor.
	 
	 	 	“Authorisation” means the authorisation to collect the Receivables (Einziehungsermächtigung)
and to exercise any rights and claims in relation to the Receivables in accordance with the
terms of the Principal Finance Documents granted by the Collateral Agent to the Assignor
pursuant to Clause 9 hereof.
	 
	 	 	“Borrowers” means the Original Borrowers and any entity which may accede to the Credit
Agreement as an additional borrower and “Borrower” means any of them.
	 
	 	 	“Cash Management Bank” shall mean Citibank NA, Banco Nacional De Mexico S.A., Citibank
International PLC, UK, Citibank (China) Co., Limited, Citibank Global Markets Deutschland AG
& Co KGaA, Citibank ZRT, Hungary, a Lender, the Administrative Agent or any of the Lender’s
or the Administrative Agent’s affiliates (at the time the cash management services
arrangement is entered into) provided in each case it has become a party to, or by execution
of an additional bank secured party acknowledgment has agreed to be bound by the terms of,
the First Lien Intercreditor Agreement in its capacity as cash management bank.
	 
	 	 	“Cash Management Services” shall mean any agreement or arrangement by a Cash Management Bank
to provide any composite accounting or other cash pooling arrangements and netting,
overdraft protection and other arrangements with any bank arising under standard business
terms of such Cash Management Bank to a Grantor.

- 4 -

 

	 	 	“Collection Arrangement Receivables” means all present and future, actual and contingent
receivables of the Assignor against any collection agent or factor under or in connection
with any collection arrangement or factoring arrangement (whether with or without recourse)
(echtes und unechtes Factoring) relating to its Customer Receivables including but not
limited to those specified in Schedule 2 (List of Collection Arrangement Receivables) or in
a list provided to the Collateral Agent on or about the date hereof.
	 
	 	 	“Credit Documents” shall mean the Loan Documents and the Senior Secured Note Documents.
	 
	 	 	“Current Account Receivables” means all present and future, actual and contingent
receivables of the Assignor originating from genuine or non-genuine current account
arrangements (echte oder unechte Kontokorrentverhältnisse), including but not limited to the
claim to determine the current account balance (Anspruch auf Feststellung des gegenwärtigen
Saldos) and the current account balance receivable (Kontokorrentsaldoanspruch) (in
particular the current account balance receivable of the final current account statement
(Saldoanspruch der Schlussrechnung)) including but not limited to those specified in
Schedule 3 (List of Current Account Receivables) or in a list provided to the Collateral
Agent on or about the date hereof.
	 
	 	 	“Customer Receivables” means all present and future, actual and contingent receivables of
the Assignor against all clients, purchasers, suppliers or lessees or any of them (including
members of the Group) originating from the leasing or other supply of goods and/or services
(including the renting of properties) by or to the Assignor including but not limited to
those specified in Schedule 4 (List of Customer Receivables) or in a list provided to the
Collateral Agent on or about the date hereof.
	 
	 	 	“Default” means any Event of Default or any event or circumstance specified in Article VII
of the Credit Agreement and/or Section 6.01 of the Senior Secured Note Indenture which upon
notice, lapse of time or both constitute an Event of Default.
	 
	 	 	“Enforcement Event” shall mean an Event of Default.
	 
	 	 	“Event of Default” means any event of default (Kündigungsgrund) under the Credit Agreement
and/or the Senior Secured Note Indenture.
	 
	 	 	“Existing Intercreditor Agreement” means the existing intercreditor agreement dated 11 May
2007 (as amended by a letter dated 21 June 2007 and a further letter dated 29 June 2007 and
as amended and restated on or about the date hereof) between, inter alia, Beverage Packaging
Holdings (Luxembourg) I S.A., Rank Group Holdings Limited (now Reynolds Group Holdings
Limited), Beverage Packaging Holdings (Luxembourg) II S.A., Beverage Packaging Holdings
(Luxembourg) III S.à r.l., Credit Suisse as security trustee and others.
	 
	 	 	“Grantors” means the Loan Parties, the Issuers and the Senior Secured Note Guarantors and
any person that has granted a security interest to the Collateral Agent and/or the Secured
Parties in respect of the obligations of the Loan Parties, the Issuers and the Senior
Secured Note Guarantors under the Credit Documents and “Grantor” means any of them.

- 5 -

 

	 	 	“Grantors’ Agent” means Reynolds Group Holdings Limited or any other person appointed as
agent of the Grantors in accordance with the Principal Finance Documents.
	 
	 	 	“Group” means Reynolds Group Holdings Limited and its direct or indirect subsidiaries
(Tochtergesellschaften).
	 
	 	 	“Hedge Counterparty” means a Lender, the Administrative Agent or any of the Lender’s or the
Administrative Agent’s affiliates (at the time a hedging agreement is entered into) who has
entered into a hedging agreement for the purpose of hedging interest rate liabilities and/or
any exchange rate and/or commodity price risks provided it has become a party, or by
execution of an additional bank secured party acknowledgment has agreed to be bound by the
terms of, to the First Lien Intercreditor Agreement in its capacity as hedge counterparty.
	 
	 	 	“Incremental Assumption Agreement” shall mean an incremental assumption agreement relating
to incremental facilities of up to USD 400,000,000 among, and in form and substance
reasonably satisfactory to, one or more Borrowers, the Administrative Agent, one or more
Incremental Term Lenders and/or one or more Incremental Revolving Credit Lenders pursuant to
which one or more Incremental Term Lenders make available Incremental Term Loan Commitments
and/or one or more Incremental Revolving Credit Lenders make available Incremental Revolving
Credit Commitments respectively.
	 
	 	 	“Incremental Revolving Credit Lender” shall mean a Lender with an Incremental Revolving
Credit Commitment or an outstanding revolving loan under the Credit Agreement of any class
as a result of an Incremental Revolving Credit Commitment.
	 
	 	 	“Incremental Revolving Credit Commitment” shall mean the commitment of any Lender,
established pursuant to the Credit Agreement, to make available certain revolving credit
loans to one or more Borrowers.
	 
	 	 	“Incremental Term Lender” shall mean a Lender with an Incremental Term Loan Commitment.
	 
	 	 	“Incremental Term Loan Commitment” shall mean the commitment of any Lender, established
pursuant to the Credit Agreement, to make available certain term loans to one or more
Borrowers.
	 
	 	 	“Indenture Trustee” shall mean The Bank of New York Mellon, in its capacity as indenture
trustee under the Senior Secured Note Indenture and any successor appointed as indenture
trustee under the Senior Secured Notes Indenture.
	 
	 	 	“Intercreditor Arrangements” means the First Lien Intercreditor Agreement and the Existing
Intercreditor Agreement, in each case as amended, novated, supplemented, restated, or
modified from time to time.
	 
	 	 	“Intercompany Loan Receivables” means all present and future, actual and contingent
receivables of the Assignor against any member of the Group arising under or in connection
with intercompany loans (including intercompany loans resulting from any cash pool
arrangements) including but not limited to the receivables arising

- 6 -

 

	 	 	under the intercompany loans specified in Schedule 5 (List of Existing Intercompany
Loans).

	 	 	“Issuing Bank” means Credit Suisse or any other Lender or any affiliate of Credit Suisse or
any other Lender that issues letters of credit or bank guarantees under the Credit
Agreement.

	 	 	“Lenders” shall mean the Original Lenders and any entity which may become a lender under the
Credit Agreement in the future and “Lender” means any of them.

	 	 	“Loan Documents” shall mean the Credit Agreement, any borrowing subsidiary agreement and/or
guarantor joinder agreement relating to the Credit Agreement, any letter of credit or bank
guarantee relating to the Credit Agreement, any security documents relating to the Credit
Agreement, any hedging agreement entered into by a Hedge Counterparty and a Grantor, each
Incremental Assumption Agreement, the Intercreditor Arrangements, each Promissory Note, any
agreement between a Grantor and a Cash Management Bank relating to Cash Management Services,
each Local Facility Agreement and any other document that may be entered into pursuant to
any of the foregoing in relation to the Credit Agreement.

	 	 	“Loan Parties” shall mean the Borrowers, the Original Guarantors and any entity which may
accede to the Credit Agreement as additional guarantor and a “Loan Party” means any of them.

	 	 	“Local Facilities” means working capital facilities provided to a Grantor (other than
Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings (Luxembourg) II
S.A. Beverage Packaging Holdings (Luxembourg) III S.à.r.l. and the Borrowers) by a Local
Facility Provider and “Local Facility” means any of them.

	 	 	“Local Facility Agreements” shall mean any agreement under which a Local Facility is made
available.

	 	 	“Local Facility Provider” means each of Deutsche Bank AG, Commerzbank Aktiengesellschaft,
Bank of America, N.A., HSBC Trinkaus & Burkhardt AG and Hong Kong and Shanghai Banking
Corporation Ltd., Thailand, provided in each case it has become a party to, or by execution
of an additional bank secured party acknowledgment has agreed to be bound by the terms of,
the First Lien Intercreditor Agreement in its capacity as local facility provider.

	 	 	“Obligations” shall mean all present and future obligations and liabilities (whether actual
or contingent and whether owed jointly or severally or in any other capacity whatsoever) of
each Grantor to the Secured Parties (or any of them) under each or any of the Credit
Documents, together with all costs, charges and expenses incurred by any Secured Party in
connection with the protection, preservation or enforcement of its respective rights under
the Credit Documents or any other document evidencing or securing any such liabilities. The
Obligations shall further include any obligation based on unjust enrichment
(ungerechtfertigte Bereicherung) or tort (Delikt).

	 	 	“Principal Finance Documents” means the Credit Agreement, the Senior Secured Note Indenture
and the First Lien Intercreditor Agreement.

- 7 -

 

	 	 	“Promissory Note” shall mean any promissory note executed and delivered by a Borrower upon
the request of a Lender evidencing the amount of principal owed by such Borrower to such
Lender under the Credit Agreement.

	 	 	“Receivables” means collectively:

	 	(a)	 	the Collection Arrangement Receivables;
	 
	 	(b)	 	the Current Account Receivables;
	 
	 	(c)	 	the Customer Receivables;
	 
	 	(d)	 	the Intercompany Loan Receivables; and
	 
	 	(e)	 	any Ancillary Rights.

	 	 	“Secured Parties” shall mean the Lenders (including in their capacity as issuing bank(s),
and/or Hedge Counterparties under the Credit Agreement), the Hedge Counterparties, the
Administrative Agent, any Issuing Bank, the beneficiaries of each indemnification obligation
undertaken by any Grantor under any Credit Document, the Senior Secured Note Holders, the
Indenture Trustee, the Collateral Agent, the Local Facility Providers and the Cash
Management Banks.

	 	 	“Senior Secured Note Documents” shall mean the Senior Secured Note Indenture, the Senior
Secured Note Guarantees, the Senior Secured Notes, the Intercreditor Arrangements, any
security document relating to the Senior Secured Notes and/or the Senior Secured Note
Indenture and any other document that may be entered into pursuant to any of the foregoing.

	 	 	“Senior Secured Note Guarantees” shall mean the guarantees of the obligations of the Issuers
under the Senior Secured Notes and the Senior Secured Note Indenture by the Senior Secured
Note Guarantors.

	 	 	“Senior Secured Note Guarantors” means the Original Senior Secured Note Guarantors and any
entity which may accede to the Senior Secured Note Indenture as additional guarantor.

	 	 	“Senior Secured Note Holders” shall mean the holders from time to time of the Senior Secured
Notes.

	 
	1.2	 	Construction

	 	 	In this Agreement:

	 	(a)	 	Capitalised terms used in this Agreement (or in any notice given under this
Agreement) but not defined therein shall have the meanings ascribed thereto in the
First Lien Intercreditor Agreement; and
	 
	 	(b)	 	any reference in this Agreement to a “Clause”, a “sub-Clause” or a “Schedule”
shall, subject to any contrary indication, be construed as a reference to a Clause, a
sub-Clause or a Schedule in this Agreement.

- 8 -

 

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

	2.1	 	The Assignor hereby assigns to the Collateral Agent the Receivables.

	2.2	 	The Collateral Agent hereby accepts the assignment of the Receivables.

	2.3	 	The existing Receivables shall pass over to the Collateral Agent on execution of this
Agreement, and any future Receivables shall pass over to the Collateral Agent at the date such
Receivables come into existence.
	 
	3.	 	TRANSFER OF ANCILLARY RIGHTS

	 	 	The Receivables are assigned to the Collateral Agent together with all accessory security
rights (akzessorische Sicherheiten) and ancillary rights (Neben-, Hilfs- und Vorzugsrechte)
pursuant to (including by way of analogy) Section 401 of the German Civil Code (Bürgerliches
Gesetzbuch). In case of security rights and ancillary rights pertaining to the Receivables
and which are not assigned and transferred to the Collateral Agent by operation of law
pursuant to Section 401 of the German Civil Code (the “Independent Ancillary Rights”), the
Collateral Agent may request at any time and at its sole discretion (upon instructions in
accordance with the First Lien Intercreditor Agreement) the assignment and/or transfer (as
the case may be) of such Independent Ancillary Rights.
	 
	4.	 	PURPOSE OF THE ASSIGNMENT

	 	 	The assignment hereunder is constituted in order to secure the prompt and complete
satisfaction of any and all Obligations. The assignment shall also cover any future
extension of the Obligations and the Assignor herewith expressly agrees that the assignment
shall secure the Obligations as extended or increased from time to time.
	 
	5.	 	LIST OF RECEIVABLES

	5.1	 	Within three months after the end of each calendar year (for the first time for the calendar
year 2010) and if an Enforcement Event has occurred and is continuing at any time upon
reasonable request of the Collateral Agent, the Assignor shall deliver to the Collateral Agent
a list of the Receivables as of the end of the relevant calendar year or, as the case may be,
the last day of the month prior to the Collateral Agent’s request following the occurrence of
an Enforcement Event which is continuing. In addition, the Assignor shall, at the reasonable
request of the Collateral Agent following the occurrence of a Default and while it is
continuing, deliver a list of the Customer Receivables, Current Account Receivables and
Collection Arrangement Receivables as at the last day of the month prior to such request by
the Collateral Agent. Each such list of the Receivables shall be on a computer disk or in such
other form as agreed between the Collateral Agent and the Assignor. The Collateral Agent may
in its reasonable discretion request a computer print-out in addition to any other form in
which the list may be delivered.

- 9 -

 

	5.2	 	Unless otherwise agreed between the Assignor and the Collateral Agent (acting on the
instructions of the Secured Parties in accordance with the Principal Finance Documents), each
list of the Receivables (or, as the case may be, Customer Receivables, Current Account
Receivables and Collection Arrangement Receivables) referred to in sub-Clause 5.1 shall show
the names and addresses of the relevant debtors as well as any outstanding amounts and the due
dates for payment. In addition, each list shall include all unpaid counter claims, if any,
which arise from contracts between the Assignor and the relevant debtors, and shall state the
exact amount of such unpaid claim, the maturity date and the name of the respective debtor.

	5.3	 	Any list of Receivables referred to in sub-Clauses 5.1 and 5.2 above is provided for
information purposes only and if for any reason whatsoever the relevant Receivables are not,
or are incompletely, contained in the list presented, then the assignment of the Receivables
shall not be affected thereby.

	5.4	 	In case the Assignor is under an obligation to deliver a list of Receivables pursuant to
Clause 5.1 above and if the Assignor employs a third party for its bookkeeping and/or data
processing, the Assignor hereby authorises the Collateral Agent to obtain any list of
Receivables directly from such third party at the Assignor’s expense.
	 
	6.	 	NOTICE OF ASSIGNMENT

	6.1	 	The Assignor shall notify by registered mail (Einschreiben mit Rückschein) the relevant
debtors of the assignment of the Intercompany Loan Receivables constituted hereunder in the
form set out in Schedule 7 (Form of Notice for a Disclosed Assignment), within one month from
the date hereof or, with respect to Intercompany Loan Receivables arising from future
contracts within one month from the date of entry into such contract.

	6.2	 	The Assignor shall use all reasonable endeavours to procure that debtors of the Intercompany
Loan Receivables notified in accordance with Clause 6.1 above acknowledge each notice of
assignment and accept the terms of the assignment as set out in Schedule 7 (Form of Notice for
a Disclosed Assignment) without undue delay. The Assignor shall provide evidence to the
Collateral Agent of any such acknowledgement received.

	6.3	 	The Assignor shall deliver to the Collateral Agent 10 (ten) dated notification letters in the
form of Schedule 6 (Form of Blank Notification Letter) executed in blank within 20 business
days from the date hereof for the purpose of notifying the debtors of the Receivables of this
Agreement. The Collateral Agent will only use such notification letters if it is entitled to
enforce this Agreement in accordance with Clause 10.
	 
	7.	 	RECEIVABLES UNDER EXTENDED RETENTION OF TITLE ARRANGEMENTS

	7.1	 	If Receivables are assigned pursuant to this Agreement which are subject to extended
retention of title arrangements (verlängerter Eigentumsvorbehalt) with any supplier of the
Assignor, the assignment shall only become effective upon the termination (Erlöschen) of such
extended retention of title. As long as any person is only partly entitled to the Receivables
as a result of such person’s retention of title arrangement, the assignment of such
Receivables to the Collateral Agent hereunder shall be limited

- 10 -

 

	 	 	to the part of the relevant Receivables to which the Assignor is entitled to, the assignment
of the other part shall be effective upon complete termination of the extended retention of
title.

	7.2	 	If and to the extent that the Receivables assigned pursuant to this Agreement arise from the
sale of receivables of the Assignor pursuant to any factoring arrangement which are subject
to extended retention of title arrangements (verlängerter Eigentumsvorbehalt), the assignment
hereunder shall only become effective upon the complete satisfaction of the receivables which
are secured by the respective extended retention of title.

	7.3	 	The Assignor hereby assigns to the Collateral Agent its right to reassignment of Receivables
assigned to a supplier by reason of an extended retention of title arrangement as well as any
contingent claims to the transfer of all proceeds paid out to the supplier, together with all
rights pertaining thereto. The same applies to any possible inchoate right
(Anwartschaftsrecht) with respect to the assignment of any Receivables which is subject to a
dissolving condition (auflösende Bedingung). The Collateral Agent hereby accepts such
assignments.

	7.4	 	The Collateral Agent may at any time during the period it is entitled to enforce this
Agreement in accordance with sub-Clause 10.1 below terminate any retention of title
arrangement on behalf of the Assignor by discharging the respective liability of the Assignor
towards the relevant supplier. The Assignor will reimburse the Collateral Agent for any
reasonable costs and expenses so incurred.
	 
	8.	 	CHECKS AND BILLS OF EXCHANGE

	 	 	If payments in respect of the Receivables are made by check or bill of exchange, the
ownership in the documents shall pass to the Collateral Agent upon the Assignor acquiring
such ownership, and the Assignor hereby assigns to the Collateral Agent, who accepts the
assignment, in advance any of its rights arising therefrom as security for the Obligations.
Physical delivery of checks and bills of exchange to the Collateral Agent shall be replaced
by an undertaking of the Assignor to hold such checks and bills of exchange in gratuitous
custody (unentgeltliche Verwahrung) for the Collateral Agent or, if the Assignor does not
obtain actual possession of such documents, the Assignor hereby assigns to the Collateral
Agent in advance all of its claims for delivery thereof against third parties as security
for the Obligations. The Collateral Agent accepts such assignment.
	 
	9.	 	COLLECTION OF RECEIVABLES BY THE ASSIGNOR

	 	 	At all times while no Enforcement Event is continuing, the Assignor is authorised by the
Collateral Agent to collect the Receivables (ermächtigt zur Einziehung) in its own name and
for its own account and to dispose of, and exercise any rights and claims in relation to,
the Receivables in accordance with the terms of the Principal Finance Documents (including,
for the avoidance of doubt, the disposal of the Receivables in connection with any factoring
arrangement which is permitted under the Principal Finance Documents). The Collateral Agent
may revoke the Authorisation at any time if an Enforcement Event has occurred and is
continuing, except with respect to the disposal of Receivables that are subject to any
factoring arrangements that are permitted at that time pursuant to the Principal Finance
Documents.

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	10.	 	ENFORCEMENT

	10.1	 	If (i) an Enforcement Event has occurred and is continuing and (ii) any of the Obligations
has become due and payable, then the Collateral Agent is entitled to revoke the Authorisation,
notify the debtors, enforce its rights under this Agreement and arrange for the collection of
the Receivables in its own name and for its own account or for the sale of the Receivables.

	10.2	 	The Collateral Agent will notify the Assignor in writing at least 5 (five) business days
prior to the enforcement of any assignment pursuant hereto. No such notice shall be required
if (i) the Assignor has generally ceased to make payments, (ii) an application for the
institution of insolvency proceedings is filed by or against the Assignor or (iii) the
Collateral Agent has reasonable grounds to believe that observance of the notice period would
adversely affect the legitimate interests (berechtigte Interessen) of the Collateral Agent.

	10.3	 	To the extent that the Authorisation is revoked, the Collateral Agent may request that all
documents relating to the Receivables be handed over to it and the Assignor hereby agrees to
promptly comply with any such request. In the case of checks and bills of exchange, the
Assignor hereby further agrees to endorse such documents in blank and to deliver them to the
Collateral Agent as soon as reasonably practicable and in any event upon request by the
Collateral Agent.

	10.4	 	While being entitled to enforce the security interest created hereunder in accordance with
sub-Clause 10.1 the Collateral Agent may collect the Receivables in total or in part to the
extent necessary to satisfy any outstanding Obligations, it being understood that the
Collateral Agent shall apply the proceeds of such realisation towards the Obligations in
accordance with the First Lien Intercreditor Agreement.

	10.5	 	While being entitled to enforce the security interest created hereunder in accordance with
sub-Clause 10.1 the Collateral Agent may request the Assignor to collect the Receivables for
and on behalf of the Collateral Agent and in accordance with the Collateral Agent’s
instruction. The Assignor shall promptly comply with such request.

	10.6	 	If the Collateral Agent collects any Receivables pursuant to sub-Clause 10.4 hereof, it may
take all measures and enter into all agreements with such debtors which it considers to be
expedient. In particular, the Collateral Agent may grant discounts or indulgence to any
debtors and/or enter into settlement agreements in relation to existing Receivables at any
time.

	10.7	 	Notwithstanding sub-Clause 10.4, the Collateral Agent may, in its sole discretion, determine
which of several security interests (created under this or other security agreements) shall be
used to satisfy the Obligations.

	10.8	 	Given the non-accessory nature of this security, the Assignor has no defences of revocation
and set-off and no defences based on defences any Grantor might have against the Obligations.
The Collateral Agent is not required to proceed against or enforce any other rights or
security before enforcing the security created hereunder.

	10.9	 	The Assignor shall not at any time before, on or after an enforcement of the security created
hereunder and as a result of the Assignor entering into this Agreement, be

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	 	 	entitled to demand indemnification or compensation from any other Grantor or to assign any
of these claims.
	 
	11.	 	LIMITATIONS ON ENFORCEMENT

	11.1	 	The Collateral Agent shall be entitled to enforce the rights created under this Agreement
without limitation in respect of:

	 	(a)	 	all and any amounts which are owed under the Credit Documents by the Assignor
itself or by any of its subsidiaries; and
	 
	 	(b)	 	all and any amounts which correspond to funds that have been borrowed or
otherwise raised under the Credit Documents, in each case to the extent on-lent,
borrowed or otherwise passed on to, or issued for the benefit of, the Assignor or any
of its subsidiaries, or for the benefit of any of their creditors and in each case not
repaid and outstanding from time to time

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

	11.2	 	Besides an enforcement in respect of the Unlimited Enforcement Amount applicable to the
Assignor pursuant to Clause 11.1 above, the Collateral Agent shall not be entitled to enforce
the rights created under this Agreement against the Assignor if and to the extent that:

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

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

- 13 -

 

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

	 	 	The Net Assets shall be determined in accordance with the generally accepted accounting
principles applicable from time to time in Germany (Grundsätze ordnungsmäßiger Buchführung)
and be based on the same principles that were applied by the Assignor in the preparation of
its most recent annual balance sheet (Jahresbilanz).

	 	 	It being understood that the assets of the Assignor will be assessed at liquidation values
(Liquidationswerte) if the managing directors of the Assignor at the time they prepare the
Management Determination (as defined below) are, due to factual or legal circumstances at
that time, in their opinion not able to make a positive prognosis as to whether the business
of the Assignor can carry on as a going concern (positive Fortführungsprognose), in
particular when the security created under this Agreement is enforced.

	11.4	 	The limitations set out in Clause 11.2 above shall only apply if and to the extent that:

	 	(a)	 	without undue delay, but not later than within 5 business days, after receipt
of a notification by the Collateral Agent of its intention to enforce any of the rights
created under this Agreement (the “Notice”), the Assignor has confirmed in writing to
the Collateral Agent (x) to what extent such rights are up-stream or cross-stream
security as described in Clause 11.2 above and (y) which amount of such up-stream or
cross-stream security cannot be enforced as it would cause the Net Assets of the
Assignor to fall below its stated share capital (taking into account the adjustments
set out in Clause 11.3 above) and such confirmation is supported by evidence reasonably
satisfactory to the Collateral Agent (the “Management Determination”) and the
Collateral Agent has not contested this and argued that no or a lesser amount would be
necessary to maintain the Assignor’s stated share capital; or
	 
	 	(b)	 	within 20 business days from the date the Collateral Agent has contested the
Management Determination, the Collateral Agent receives from the Assignor an up to date
balance sheet prepared by a firm of auditors of international standard and reputation
(the “Determining Auditors”) which shows the value of the Assignor’s Net Assets (the
“Balance Sheet”). The Balance Sheet shall be prepared in accordance with the principles
set out in Clause 11.3 above, provided that the final sentence of Clause 11.3 above
shall not apply unless the Determining Auditors have in an independent assessment
determined that

- 14 -

 

	 	 	the assets of the Assignor should be evaluated at liquidation values
(Liquidationswerte) in accordance with generally accepted accounting principles
applicable from time to time in Germany (Grundsätze ordnungsgemäßer Buchführung) and
shall contain further information (in reasonable detail) relating to items to be
adjusted pursuant to Clause 11.3 above. If the Assignor fails to deliver a Balance
Sheet within the aforementioned time period, the Collateral Agent shall be entitled
to enforce the rights created under this Agreement irrespective of the limitations
set out in Clause 11.2 above.

	11.5	 	If the Collateral Agent disagrees with the Balance Sheet, it shall be entitled to enforce the
rights created under this Agreement up to the amount which, according to the Balance Sheet,
can be enforced in compliance with the limitations set out in Clause 11.2 above. In relation
to any additional amounts for which the Assignor is liable under this Agreement, the
Collateral Agent shall be entitled to further pursue their claims (if any) and the Assignor
shall be entitled to prove that this amount is necessary for maintaining its stated share
capital (calculated as of the date the Collateral Agent has given notice of its intention to
enforce the security created under this Agreement).

	11.6	 	No reduction of the amount enforceable under this Clause 11 will prejudice the right of the
Collateral Agent to continue enforcing the rights created under this Agreement (subject always
to the operation of the limitations set out above at the time of such enforcement) until full
satisfaction to the claims secured.
	 
	12.	 	BOOKKEEPING AND DATA-PROCESSING

	12.1	 	The Assignor hereby assigns to the Collateral Agent, who accepts such assignment, any right
it has against any third party (in particular any bookkeeping firm or tax consultant) in
respect of the return of any proof or documents which the Assignor has handed over to such
third party and which are necessary to identify the Receivables. The Collateral Agent will
only make use of such right if an Enforcement Event has occurred and is continuing or if the
Assignor has not complied with a request of the Collateral Agent to provide lists of
Receivables following the occurrence of a Default which is continuing, or, as the case may be,
an Enforcement Event which is continuing in accordance with Clause 5.1. The Assignor
undertakes to instruct such third party to provide the Collateral Agent upon demand in
accordance with the preceding sentence with such information, proof and documents which are
necessary to check, assess or enforce the Receivables.

	12.2	 	If an Enforcement Event has occurred and is continuing, the Assignor shall allow the
Collateral Agent access to any electronic data-processing system, including peripheral
equipment, in which data concerning the Receivables or any part thereof have been stored.
Moreover, the Assignor shall provide any assistance required to the Collateral Agent
(including by making software operators available). The Assignor hereby assigns to the
Collateral Agent, who accepts such assignment, all its rights against any third party which
handles the electronic processing of data concerning the Receivables and undertakes to
instruct such third party, upon a respective demand of the Collateral Agent if an Enforcement
Event has occurred and is continuing, to handle the processing of data for the Collateral
Agent as it did for the Assignor

- 15 -

 

	 	 	provided that the Assignor shall continue to be given access to any data it requires in its
ordinary course of business.

	12.3	 	The Collateral Agent authorises the Assignor to exercise the rights assigned to the
Collateral Agent pursuant to sub-Clause 12.1 and 12.2 above at all times if an Enforcement
Event is not continuing.
	 
	13.	 	UNDERTAKINGS OF THE ASSIGNOR

	 	 	Unless otherwise permitted by the Principal Finance Documents, during the term of this
Agreement, the Assignor undertakes to the Collateral Agent:

	13.1	 	subject to Clause 9 of this Agreement, to refrain from any acts or omissions, the purpose or
effect of which is or would be the material dilution of the value of the Receivables or the
Receivables ceasing to be assignable or subjecting any Receivable to any law other than German
law other than in the Assignor’s ordinary course of business;

	13.2	 	to inform the Collateral Agent without undue delay in writing of any attachment (Pfändung)
over any of the Receivables or part thereof and any third parties bringing claims in respect
of any of the Receivables or part thereof or any other measures which would impair or
jeopardize the Collateral Agent’s rights relating to any Receivable or materially impair its
value, such notice to be accompanied by any documents the Collateral Agent might need to
defend itself against any claim by a third party. In the event of an attachment, the Assignor
undertakes to forward to the Collateral Agent without undue delay a copy of the attachment
order (Pfändungsbeschluß), any transfer order (Überweisungsbeschluß) and all other documents
necessary or expedient for a defence against such attachment. The Assignor shall inform the
attaching creditor of the Collateral Agent’s security interests without undue delay;
	 
	14.	 	POWER OF ATTORNEY

	 	 	The Assignor, by way of security for its obligations under this Agreement, irrevocably
appoints the Collateral Agent to be its attorney (Stellvertreter) (and the Collateral Agent
may delegate that power on such terms as it sees fit) to do anything which the Assignor is
required to do under this Agreement but has failed to do and to notify the debtors of the
Receivables of the assignment of the Receivables in behalf of the Assignor, provided that
the debtors which are not debtors of Intercompany Loan Receivables may only be notified if
an Enforcement Event has occurred and is continuing. For this purpose the Assignor relieves
the Collateral Agent from the restrictions set out in Section 181 of the German Civil Code.
The Collateral Agent shall only make use of this authorisation in respect of any obligation
of the Assignor under this Agreement which is required for the creation, perfection and
enforcement of the security interest to be created hereunder, if the Assignor has not
complied with such obligations imposed on the Assignor within 10 business days of being
notified of such failure to comply (with a copy of such notice being sent to the Grantors’
Agent) and being requested to comply or if an Enforcement Event has occurred and is
continuing. The Collateral Agent shall not be obliged to exercise the powers conferred upon
it by the Assignor under this Clause 14 unless and until it shall have been (i)

- 16 -

 

	 	 	instructed to do so in accordance with the Principal Finance Documents and (ii) indemnified
and/or secured and/or prefunded to its satisfaction.
	 
	15.	 	DELEGATION

	 	 	The Collateral Agent shall have full power to delegate (either generally or specifically)
the powers, authorities and discretions conferred on it by this Agreement (including the
power of attorney in Clause 14) on such terms and conditions as it shall see fit. The
Collateral Agent shall only remain liable for diligently selecting and providing initial
instructions to such delegate.
	 
	16.	 	INDEMNITY

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

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

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

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

	18.3	 	Waiving Section 418 of the German Civil Code (applied by analogy), the Assignor hereby agrees
that the security created hereunder shall not be affected by any transfer or assumption of the
Obligations to, or by, any third party.

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	19.	 	RELEASE OF SECURITY (SICHERHEITENFREIGABE)

	19.1	 	Upon complete and irrevocable satisfaction of the Obligations, the Collateral Agent (as
instructed in accordance with the First Lien Intercreditor Agreement) will as soon as
reasonably practicable, at the cost and expense of the Assignor, reassign to the Assignor the
Receivables and surrender the excess proceeds, if any, resulting from any realisation thereof.
The Collateral Agent will, however, transfer any Receivable or excess proceeds to a third
person if so required by law.

	19.2	 	At any time when the total value of the aggregate security granted by the Assignor and the
other Grantor to secure the Obligations (the “Security”) which can be expected to be realised
in the event of an enforcement of the Security (realisierbarer Wert) exceeds 110% of the
Obligations (the “Limit”), the Collateral Agent shall on demand of the Assignor release such
part of the Security (Sicherheitenfreigabe) as the Collateral Agent may in its reasonable
discretion (as instructed in accordance with the First Lien Intercreditor Agreement) determine
so as to reduce the realisable value of the Security to the Limit.

	19.3	 	The Collateral Agent (as instructed in accordance with the First Lien Intercreditor
Agreement) will as soon as reasonably practicable declare in writing the release of the
security created hereunder and reassign the Receivables to the Assignor in accordance with,
and to the extent required by, the Intercreditor Arrangements.
	 
	20.	 	PARTIAL INVALIDITY; WAIVER

	20.1	 	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
replaced with a valid, legal or enforceable provision which comes as close as possible to the
original intent of the parties and the invalid, illegal or unenforceable provision. Should a
gap (Regelungslücke) become evident in this Agreement, such gap shall, without affecting or
impairing the validity, legality and enforceability of the remaining provisions hereof, be
deemed to be filled with such provision as comes as close as possible to the original intent
of the parties.

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

	 	 	Changes and amendments to this Agreement including this Clause 21 shall be made in writing.

- 18 -

 

	22.	 	NOTICES AND THEIR LANGUAGE

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

	 	 	 	 	 

	For the Assignor:	 	SIG Beverages Germany GmbH
	 
	 	 	 	 
	 

	 	Address:
	 	Weilheimer Straße 8-10
	 

	 	 	 	79761 Waldshut-Tiengen

Germany
	 
	 	 	 	 
	 

	 	Telephone:
	 	+49 7741 64 455
	 
	 	 	 	 
	 

	 	Fax:
	 	+49 7741 64 455
	 
	 	 	 	 
	 

	 	Attention:
	 	Managing directors (Geschäftsführung)
	 
	 	 	 	 
	For the Assignor 

with a copy to:
	 	 	 	 
	 

	 	Address:
	 	c/o Rank Group Limited 

Level 9
	 

	 	 	 	148 Quay Street
	 

	 	 	 	PO Box 3515
	 

	 	 	 	Auckland 1140
	 

	 	 	 	New Zealand
	 
	 	 	 	 
	 

	 	Telephone:
	 	+649 3666259
	 
	 	 	 	 
	 

	 	Fax:
	 	+649 3666 263
	 
	 	 	 	 
	 

	 	Attention:
	 	Helen Golding
	 
	 	 	 	 
	For the Collateral Agent:

	 	The Bank of New
York Mellon	 	 
	 
	 	 	 	 
	 

	 	Address:
	 	101 Barclay Street, 4E

New York, N.Y. 10286

The United States of

America
	 
	 	 	 	 
	 

	 	Telephone:
	 	+212 298 1528
	 
	 	 	 	 
	 

	 	Fax:
	 	+212 815 5366
	 
	 

	 	Attention:
	 	International Corporate Trust

- 19 -

 

	22.2	 	Any party hereto may change its address or fax number for notices and other communications
hereunder by notice to the other parties hereto. As agreed to in writing in accordance with
the First Lien Intercreditor Agreement, notices and other communications hereunder may also be
delivered by e-mail to the e-mail address of a representative of the applicable party to this
Agreement provided from time to time by such party.
	 
	22.3	 	All notices and other communications given to any party in connection with this Agreement in
accordance with the provisions of this Agreement shall be deemed (widerlegbare Vermutung)
received on the date sent (if a business day) and on the next business day thereafter (in all
other cases) if delivered by hand or overnight courier service or sent by fax or on the date
five business days after dispatch by certified or registered mail if mailed, in each case
delivered, sent or mailed (properly addressed) to such party as provided in this Clause 22 or
in accordance with the latest unrevoked direction from such party given in accordance with
this Clause 22.
	 
	22.4	 	Any notice or other communication under or in connection with this Agreement shall be in the
English language or, if in any other language, accompanied by a translation into English. In
the event of any conflict between the English text and the text in any other language, the
English text shall prevail.
	 
	23.	 	APPLICABLE LAW; JURISDICTION
	 
	23.1	 	This Agreement is governed by the laws of the Federal Republic of Germany.
	 
	23.2	 	The place of jurisdiction for any and all disputes arising under or in connection with this
Agreement shall be the district court (Landgericht) in Frankfurt am Main. The Collateral
Agent, however, shall also be entitled to take action against the Assignor in any other court
of competent jurisdiction. Further, the taking of proceedings against the Assignor in any one
or more jurisdictions shall not preclude the taking of proceedings in any other jurisdiction
(whether concurrently or not) if and to the extent permitted by applicable law.
	 
	24.	 	CONCLUSION OF THE AGREEMENT (VERTRAGSSCHLUSS)
	 
	24.1	 	The parties to this Agreement may choose to conclude this Agreement by an exchange of signed
signature page(s), transmitted by means of telecommunication (telekommunikative Übermittlung)
by fax or attached as an electronic photocopy (pdf, tif, etc.) to an e-mail.
	 
	24.2	 	If the parties to this Agreement choose to conclude this Agreement pursuant to sub-Clause
24.1 above, they will transmit the signed signature page(s) of this Agreement to attention
Mr. Philipp Kropatscheck or Ms Corinna May (Philipp.Kropatscheck@cliffordchance.com or
Corinna.May@cliffordchance.com, fax: +49 69 7199 4000) (each a “Recipient”). The Agreement
will be considered concluded once any of the Recipients has actually received the signed
signature

- 20 -

 

	 	 	page(s) (Zugang der Unterschriftsseite(n)) from all parties to this Agreement and at the
time of the receipt of the last outstanding signature page(s).
	 
	24.3	 	For the purposes of this Clause 24 only, the parties to this Agreement appoint each
Recipient individually as their attorney (Empfangsvertreter) and expressly allow (gestatten)
each Recipient to collect the signed signature page(s) from all and for all parties to this
Agreement. For the avoidance of doubt, the Recipients will have no further duties connected
with their position as Recipient. In particular, the Recipients may assume the conformity to
the authentic original(s) of the signature page(s) transmitted to it by means of
telecommunication, the genuineness of all signatures on the original signature page(s) and the
signing authority of the signatories.

- 21 -

 

SCHEDULE 1

LIST OF ORIGINAL BORROWERS, ORIGINAL GUARANTORS AND ORIGINAL SENIOR SECURED NOTE GUARANTORS

PART 1

THE ORIGINAL BORROWERS

SIG Euro Holding AG & Co. KGaA

Closure Systems International Holding Inc.

Closure Systems International B.V.

SIG Austria Holding GmbH

Reynolds Consumer Products Holdings Inc.

Reynolds Group Holdings Inc

PART 2

THE ORIGINAL GUARANTORS

SIG Euro Holding AG & Co. KGaA (Germany)

SIG Beverages Germany GmbH (Germany)

SIG Combibloc Holding GmbH (Germany)

SIG Vietnam Beteiligungs GmbH (Germany)

SIG Combibloc GmbH (Germany)

SIG Combibloc Systems GmbH (Germany)

SIG Combibloc Zerspanungstechnik GmbH (Germany)

SIG Information Technology GmbH (Germany)

SIG International Services GmbH (Germany)

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

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

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

Reynolds Group Holdings Limited (New Zealand)

- 22 -

 

SIG Combibloc Group AG (Switzerland)

SIG Finanz AG (Switzerland)

SIG Technology AG (Switzerland)

SIG allCap AG (Switzerland)

SIG Combibloc (Schweiz) AG (Switzerland)

SIG Schweizerische Industrie-Gesellschaft AG (Switzerland)

SIG Holding USA Inc. (USA)

SIG Combibloc Inc. (USA)

Reynolds Group Holdings Inc. (USA)

Reynolds Group Issuer Inc. (USA)

Reynolds Group Issuer LLC (USA)

Closure Systems International Holdings (Germany) GmbH (Germany)

Closure Systems International Deutschland GmbH (Germany)

Closure Systems International Deutschland Real Estate GmbH & Co KG (Germany)

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

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

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

Closure Systems International B.V. (The Netherlands)

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

Closure Systems International Holdings Inc. (Delaware, USA)

Closure Systems International Inc. (Delaware, USA)

Reynolds Packaging Machinery Inc. (Delaware, USA)

Closure Systems Mexico Holdings LLC (Delaware, USA)

CSI Mexico LLC (Delaware, USA)

Southern Plastics, Inc. (Louisiana, USA)

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

Reynolds Consumer Products Holdings Inc. (Delaware, USA)

- 23 -

 

Bakers Choice Products, Inc. (Delaware, USA)

Reynolds Consumer Products Inc. (Delaware, USA)

Reynolds Foil Inc. (Delaware, USA)

Reynolds Services Inc. (Delaware, USA)

PART 3

THE ORIGINAL SENIOR SECURED NOTE GUARANTORS

SIG Euro Holding AG & Co. KGaA (Germany)

SIG Beverages Germany GmbH (Germany)

SIG Combibloc Holding GmbH (Germany)

SIG Vietnam Beteiligungs GmbH (Germany)

SIG Combibloc GmbH (Germany)

SIG Combibloc Systems GmbH (Germany)

SIG Combibloc Zerspanungstechnik GmbH (Germany)

SIG Information Technology GmbH (Germany)

SIG International Services GmbH (Germany)

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

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

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

Reynolds Group Holdings Limited (New Zealand)

SIG Combibloc Group AG (Switzerland)

SIG Finanz AG (Switzerland)

SIG Technology AG (Switzerland)

SIG allCap AG (Switzerland)

SIG Combibloc (Schweiz) AG (Switzerland)

SIG Schweizerische Industrie-Gesellschaft AG (Switzerland)

- 24 -

 

SIG Holding USA Inc. (USA)

SIG Combibloc Inc. (USA)

Reynolds Group Holdings Inc. (USA)

Closure Systems International Holdings (Germany) GmbH (Germany)

Closure Systems International Deutschland GmbH (Germany)

Closure Systems International Deutschland Real Estate GmbH & Co KG (Germany)

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

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

Closure Systems International B.V. (The Netherlands)

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

Closure Systems International Holdings Inc. (Delaware, USA)

Closure Systems International Inc. (Delaware, USA)

Reynolds Packaging Machinery Inc. (Delaware, USA)

Closure Systems Mexico Holdings LLC (Delaware, USA)

CSI Mexico LLC (Delaware, USA)

Southern Plastics, Inc. (Louisiana, USA)

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

Reynolds Consumer Products Holdings Inc. (Delaware, USA)

Bakers Choice Products, Inc. (Delaware, USA)

Reynolds Consumer Products Inc. (Delaware, USA)

Reynolds Foil Inc. (Delaware, USA)

Reynolds Services Inc. (Delaware, USA)

- 25 -

 

SCHEDULE 2

LIST OF COLLECTION ARRANGEMENT RECEIVABLES

- 26 -

 

SCHEDULE 3

LIST OF CURRENT ACCOUNT RECEIVABLES

- 27 -

 

SCHEDULE 4

LIST OF CUSTOMER RECEIVABLES

SIG Beverages Germany GmbH 30.09.2009

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ifd Nr.	 	Name	 	Street	 	Postcode	 	 	City	 	Kind of receivable	 	Currency	 	EUR	 	 	due date
	 
	 	Intercompany	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.)
	 	SIG Euro Holding	 	Weiheimer Str. 5	 	 	79761	 	 	Waldshut-Tiengen	 	VAT Aug	 	EUR  5.994,18	 	 	 	 	 	Oct 20, 09
	 
	 	 	 	 	 	 	 	 	 	 	 	VAT Sept	 	EUR  3.263,19	 	 	 	 	 	Nov 20, 09
	 
	 	 	 	 	 	 	 	 	 	 	 	others	 	EUR  17.802,67	 	 	 	 	 	Oct 20, 09
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	27.060,04	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2.)
	 	SIG Combibloc Group AG	 	Laufengasse 18	 	CH-8212	 	Neuhausen am Rheinfall	 	Security/guarantee fee income	 	EUR 865,00	 	 	865,00	 	 	Oct 20, 09
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Dritte (third party)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	none	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

- 28 -

 

SCHEDULE 5

LIST OF EXISTING INTERCOMPANY LOANS

	 	 	 	 	 	 	 	 	 
	 	 	Draw down date of	 	 	 	 	 	 
	 	 	Intercompany Loan	 	 	 	 	 	Maturity date of
	No.	 	and drawn amount	 	Borrower	 	Outstanding amount	 	repayment claim
	1
	 	10.05.2007	 	SIG Euro Holdings	 	EUR	 	Until further notice
	 
	 	EUR 223,590.34	 	AG & Co. KGaA	 	223,590.34	 	 
	 
	 	 	 	Weilheimer Str. 5	 	 	 	 
	 
	 	 	 	D-79761	 	 	 	 
	 
	 	 	 	Waldshut-Tiengen	 	 	 	 

- 29 -

 

SCHEDULE 6

FORM OF BLANK NOTIFICATION LETTER

[To be printed off on letterhead of the Assignor]

[Name and address of debtor to be completed by the

Collateral Agent

Leave this space blank]

	 	 	 
	[insert date and place]	 	[Datum und Ort einfügen]
	 
	Dear Sirs,

	 	Sehr geehrte Damen und Herren,
	 
	 	 
	We hereby give you notice that
pursuant to an assignment
agreement entered into by us in
favour of [insert name and address
of the Collateral Agent] (the
“Collateral Agent”) dated [insert
date of the assignment agreement],
we have assigned by way of a
global assignment (Globalzession)
to the Collateral Agent all our
present and future receivables
against you together with all
ancillary rights pertaining to
them including those set out in
Annex 1 hereto. The Collateral
Agent is solely authorised to
collect and deal with the assigned
receivables, and all payments with
respect to the assigned
receivables have to be made to the
Collateral Agent. Please do not
make any further payments into our
accounts. Please find attached as
Annex 2 hereto a copy of the
assignment agreement.

	 	Wir teilen Ihnen hierdurch mit, dass
wir mit Abtretungsvertrag vom [Datum
des Abtretungsvertrages einfügen]
sämtliche bestehenden und künftigen
Forderungen mit allen dazugehörenden
Rechten gegen Sie an [Name und
Adresse des Sicherheitentreuhänder
einfügen] (der
“Sicherheitentreuhänder”) im Wege der
Globalzession abgetreten haben,
einschließlich der in Anlage 1
genannten. Der Sicherheitentreuhänder
allein ist berechtigt, über die
Forderungen zu verfügen und Zahlungen
entgegenzunehmen. Bitte leisten Sie
keine weiteren Zahlungen an uns. Als
Anlage 2 erhalten Sie eine Kopie des
Abtretungsvertrages.
	 
	 	 
	Yours faithfully,

	 	Mit freundlichen Grüßen

	 	 	 	 	 
	[insert full name of the Assignor]	 	[Namen des Sicherungsgebers einfügen]
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 
	 	 
	 

	 	Name:
	 	Name:
	 

	 	Title:
	 	Titel:

- 30 -

 

Annex 1 / Anlage 1

Details of assigned receivables / Einzelheiten der abgetretenen Forderungen

- 31 -

 

Annex 2 / Anlage 2

Copy of the assignment agreement / Kopie des Abtretungsvertrages

- 32 -

 

SCHEDULE 7

FORM OF NOTICE FOR A DISCLOSED ASSIGNMENT

[To be printed off on letterhead of the Assignor]

[Name and address of debtor]

	 	 	 
	[insert date and place]	 	[Datum und Ort einfügen]
	 
	Dear Sirs,

	 	Sehr geehrte Damen und Herren,
	 
	 	 
	We hereby give you notice that
pursuant to an assignment agreement
entered into by us in favour of
[insert name and address of the
Collateral Agent] (the “Collateral
Agent”) dated [insert date of the
assignment agreement], we have
assigned by way of a global
assignment (Globalzession) to the
Collateral Agent all our present
and future receivables against you
together with all ancillary rights
pertaining to them including those
set out in Annex 1 hereto. We are
authorised by the Collateral Agent
to collect the assigned receivables
in our own name and for our own
account and to exercise any rights
and claims unless you receive a
notification from the Collateral
Agent to the contrary. Please see
attached as Annex 2 a copy of the
assignment agreement.

	 	Wir teilen Ihnen hierdurch mit, dass
wir mit Abtretungsvertrag vom [Datum
des Abtretungsvertrages einfügen]
sämtliche bestehenden und künftigen
Forderungen mit allen dazugehörenden
Rechten gegen Sie an [Name und
Adresse des Sicherheitentreuhänders
einfügen] (der
“Sicherheitentreuhänder”) im Wege der
Globalzession abgetreten haben,
einschließlich der in Anlage 1
genannten. Wir sind vom
Sicherheitentreuhänder ermächtigt,
alle Zahlungen betreffend die
abgetretenen Forderungen im eigenen
Namen und für eigene Rechnung
einzuziehen und entgegenzunehmen und
unsere Rechte, wenn und soweit Sie
keine anderslautende Mitteilung des
Sicherheitentreuhänders erhalten. Als
Anlage 2 erhalten Sie eine Kopie des
Abtretungsvertrages.
	 
	 	 
	Please acknowledge receipt of this
notice and your agreement with the
terms hereof by counter-signing
this letter and returning the same
to us.

	 	Bitte bestätigen Sie den Erhalt
dieser Benachrichtigung und Ihr
Einverständnis mit den hierin
enthaltenen Bestimmungen durch
Gegenzeichnung dieser
Benachrichtigung und Rücksendung an
uns.
	 
	 	 
	Yours faithfully,

	 	Mit freundlichen Grüßen

	 	 	 	 	 
	[insert full name of the Assignor]	 	[Namen des Sicherungsgebers einfügen]
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 
	 	 
	 

	 	Name:
	 	Name:
	 

	 	Title:
	 	Titel:
	 
	 	 	 	 
	Acknowledgement of the debtor	 	Bestätigung des Drittschuldners
	 
	 	 	 	 
	We acknowledge receipt of this
notification letter and confirm our
agreement with the terms thereof.	 	Wir bestätigen den Erhalt der
Benachrichtigung und erklären unser
Einverständnis mit den darin
enthaltenen Bestimmungen.

- 33 -

 

	 	 	 	 	 
	[insert full name of the debtor]	 	[den vollständigen Namen
des Drittschuldners einfügen]
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 
	 	 
	 

	 	Name:
	 	Name:
	 

	 	Title:
	 	Titel:
	 

	 	Date:
	 	Datum:

- 34 -

 

SIGNATURE PAGE

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

SIG Beverages Germany GmbH

as Assignor

	 	 	 	 	 	 	 

	By:

	 	/s/ Mark Dunkley
	 	By:
	 	/s/ Philip West
	 

	 	 
	 	 	 	 
	 

	 	Name: MARK DUNKLEY
	 	 	 	Name: PHILIP WEST
	 

	 	Title: AUTHORISED SIGNATORY
	 	 	 	Title: AUTHORISED SIGNATORY
	 
	 	 	 	 	 	 
	The Bank of New York Mellon	 	 	 	 
	as Collateral Agent	 	 	 	 
	 
	 	 	 	 	 	 
	By:

	 	/s/ Michael Lee
	 	By:	 	 
	 

	 	 
	 	 	 	 
	 

	 	Name: MICHAEL LEE
	 	 	 	Name:
	 

	 	Title: SENIOR ASSOCIATE
	 	 	 	Title:

- 35 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00198-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00198-of-00352.parquet"}]]