Document:

exv4w183

EXHIBIT 4.183

PARTNERSHIP INTEREST PLEDGE AGREEMENT

THE TAKING OF THIS DOCUMENT OR ANY CERTIFIED COPY OF IT OR ANY DOCUMENT WHICH CONSTITUTES
SUBSTITUTE DOCUMENTATION FOR IT, OR ANY DOCUMENT WHICH INCLUDES WRITTEN CONFIRMATIONS OR REFERENCES
TO IT, INTO AUSTRIA AS WELL AS PRINTING OUT ANY E-MAIL COMMUNICATION WHICH REFERS TO ANY LOAN
DOCUMENT IN AUSTRIA OR SENDING ANY E-MAIL COMMUNICATION TO WHICH A PDF SCAN OF THIS DOCUMENT IS
ATTACHED TO AN AUSTRIAN ADDRESSEE OR SENDING ANY E-MAIL COMMUNICATION CARRYING AN ELECTRONIC OR
DIGITAL SIGNATURE WHICH REFERS TO ANY LOAN DOCUMENT TO AN AUSTRIAN ADDRESSEE MAY CAUSE THE
IMPOSITION OF AUSTRIAN STAMP DUTY. ACCORDINGLY, KEEP THE ORIGINAL DOCUMENT AS WELL AS ALL CERTIFIED
COPIES THEREOF AND WRITTEN AND SIGNED REFERENCES TO IT OUTSIDE OF AUSTRIA AND AVOID PRINTING OUT
ANY EMAIL COMMUNICATION WHICH REFERS TO ANY LOAN DOCUMENT IN AUSTRIA OR SENDING ANY E-MAIL
COMMUNICATION TO WHICH A PDF SCAN OF THIS DOCUMENT IS ATTACHED TO AN AUSTRIAN ADDRESSEE OR SENDING
ANY E-MAIL COMMUNICATION CARRYING AN ELECTRONIC OR DIGITAL SIGNATURE WHICH REFERS TO ANY LOAN
DOCUMENT TO AN AUSTRIAN ADDRESSEE.

This Partnership Interest Pledge Agreement (Contrato de Prenda sobre Parte Social) is
entered into on this 4 day of May, 2010 (the “Agreement”), by and between Evergreen
Packaging International B.V., as pledgor (the “Pledgor”), and The Bank of New York Mellon,
acting solely in its capacity as Collateral Agent (as defined below) on behalf and for the benefit
of the Secured Parties (as defined below), as pledgee (in such capacity, together with its
successors and assigns in such capacity, the “Pledgee”), with the acknowledgment of
Evergreen Packaging México, S. de R.L. de C.V. (“Evergreen Mexico”), in accordance with the
following Recitals, Representations and Warranties and Clauses. Capitalized terms used in the
Recitals and Representations and Warranties which are not otherwise defined herein, shall have the
meaning ascribed to such terms in Clause First hereof.

Recitals

     I. Credit Agreement. On November 5, 2009, Reynolds Group Holdings Inc., Reynolds
Consumer Products Holdings Inc., Closure Systems International Holdings Inc., SIG Euro Holding AG
& Co KGaA, SIG Austria Holding Gmbh and Closure Systems International B.V., as borrowers, Reynolds
Group Holdings Limited, the lenders from time to time party thereto, and Credit Suisse AG
(formerly known as Credit Suisse), as administrative agent (in such capacity, together with its
successors and assigns in such capacity, the “Administrative Agent”), entered into a
credit agreement (as amended by the Amendment No. 1 dated as of January 21, 2010 and by the
Amendment No. 2 and Incremental Term Loan Assumption Agreement dated as of May 4, 2010, and as
further amended, extended, restructured, renewed, novated, supplemented, restated, refunded,
replaced or modified from time to time, the “Credit Agreement”).

 

 

     II. Senior Secured Note Indenture. On November 5, 2009, Reynolds Group Escrow LLC,
Reynolds Group DL Escrow Inc. and The Bank of New York Mellon, acting in its capacity as trustee,
principal paying agent, transfer agent and collateral agent, entered into the Senior Secured Note
Indenture (as amended, extended, restructured, renewed, refunded, novated, supplemented, restated,
replaced or modified from time to time, the “Senior Secured Note Indenture”).

Representations and Warranties

	I.	 	The Pledgor hereby represents and warrants, through its legal representative, that on the
date hereof:

	 	(a)	 	it is a private limited liability company (besloten vennootschap met beperkte
aansprakelijkheid) incorporated and duly organized under the laws of The Netherlands,
having its official seat in Amsterdam and its registered office address at
Teleportboulevard 140, 1043 EJ Amsterdam, The Netherlands and registered in the
commercial register of Amsterdam under number 24321403;
	 
	 	(b)	 	it is the sole, legal and beneficial owner of 1 (one) partnership interest,
representing the outstanding capital of Evergreen Mexico, which in the aggregate
represents 99.66% of the total issued and outstanding capital of Evergreen Mexico, on
a fully diluted basis (the “Pledged Partnership Interest”);
	 
	 	(c)	 	the individual executing this Agreement in the name and on behalf of the
Pledgor has sufficient power and authority, as well as the necessary authority
(corporate, organizational or otherwise) to validly execute and deliver this Agreement
on its behalf and to validly bind the Pledgor under the terms herein, and that such
powers, authority and authorizations have not been revoked, modified or limited in any
manner; and
	 
	 	(d)	 	with reference to the facts and circumstances then existing and subject to
the provisions of the Loan Documents and the Intercreditor Arrangements, the
representations and warranties made by the Pledgor as Loan Party in Section 3.01
(Organization; Powers), 3.02 (Authorization), 3.03 (Enforceability), 3.06 (No Material
Adverse Change), 3.07 (Title to Properties; Possession under Leases), 3.08
(Subsidiaries), 3.09 (Litigation, Compliance with Laws), 3.10 (Agreements), 3.19
(Security Documents) and 3.22 (Solvency) of the Credit Agreement, are true and
accurate as regards to the Pledgor and this Agreement.

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	II.	 	Evergreen Mexico hereby represents and warrants, through its legal representative, that on
the date hereof:

	 	(a)	 	it is a sociedad de responsabilidad limitada de capital variable duly
organized and validly existing under the laws of Mexico, as evidenced in public deed
number 24,398, dated January 30, 2007, granted before Mr. José Luis Villavicencio
Castañeda, Notary Public number 218 for the Federal District, Mexico, recorded in the
Public Registry of Commerce of Mexico City under commercial folio number 360731;
	 
	 	(b)	 	the individual executing this Agreement in its name and on its behalf has
sufficient power and authority, as well as the necessary authority (corporate,
organizational or otherwise) to validly execute and deliver this Agreement on its
behalf and to validly bind it under the terms herein, as evidenced in public deed
number 31,735, dated April 27, 2010, granted before Mr. José Luis Villavicencio
Castañeda, Notary Public number 218 for the Federal District, Mexico; and that such
powers, authority and authorizations have not been revoked, modified or limited in any
manner; and
	 
	 	(c)	 	with reference to the facts and circumstances then existing and subject to
the provisions of the Loan Documents and the Intercreditor Arrangements, the
representations and warranties made by Evergreen Mexico as Loan Party in Section 3.01
(Organization; Powers), 3.02 (Authorization), 3.03 (Enforceability), 3.06 (No Material
Adverse Change), 3.07 (Title to Properties; Possession under Leases), 3.08
(Subsidiaries), 3.09 (Litigation, Compliance with Laws), 3.10 (Agreements), 3.19
(Security Documents) and 3.22 (Solvency) of the Credit Agreement, are true and
accurate as regards to Evergreen Mexico and this Agreement.

     NOW, THEREFORE, based on the Recital and Representations and Warranties contained herein, the
parties hereto agree as follows:

First. Certain Defined Terms.

(a) Unless defined in this Agreement or the context otherwise requires, a term defined in
the First Lien Intercreditor Agreement has the same meaning in this Agreement and in any
notice given under this Agreement. As used in this Agreement, the following terms shall
have the following meanings:

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“Additional Agreement” shall have the meaning assigned to the term “Additional
Agreement” under, and as defined in, the First Lien Intercreditor Agreement.

“Administrative Agent” has the meaning specified in Recital I hereof.

“Agreed Security Principles” has the meaning it is given in the Credit Agreement
and the Senior Secured Note Indenture, and to the extent of any inconsistency the meaning
it is given in the Credit Agreement shall prevail.

“Agreement” means this Partnership Interest Pledge Agreement, as the same may be
amended, extended, restructured, renewed, novated, supplemented, restated, refunded,
replaced or modified from time to time.

“Applicable Representative” shall have the meaning assigned to the term “Applicable
Representative” under, and as defined in, the First Lien Intercreditor Agreement.

“Business Day” shall mean a day (other than a Saturday or Sunday) on which banks are
open for business in New York City, New York, United States of America and Mexico.

“Collateral Agent” shall mean the Pledgee, in its capacity as collateral agent as
appointed under the First Lien Intercreditor Agreement, and its successors and permitted
assigns in such capacity.

“Credit Agreement” shall have the meaning assigned to such term in Recital I hereof.

“Distributions” has the meaning specified in paragraph (c) of Clause Fourth of this
Agreement.

“Event of Default” shall have the meaning assigned to the term “Event of Default”
under, and as defined in, the First Lien Intercreditor Agreement.

“Evergreen Mexico” has the meaning specified in the preamble to this Agreement.

“First Lien Intercreditor Agreement” shall mean the First Lien Intercreditor
Agreement dated as of November 5, 2009, among the Collateral Agent, The Bank of New York
Mellon, as trustee under the Senior Secured Note Indenture, Credit Suisse AG (formerly known
as Credit Suisse), as administrative agent

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under the Credit Agreement and the Loan Parties, as amended on January 21, 2010 and as
further amended, novated, supplemented, restated or modified from time to time. A copy of
the First Lien Intercreditor Agreement and of its amendment is attached hereto as
Exhibit “A”.

“Governmental Authority” means any national or federal government, any state,
regional, local or other political subdivision thereof with jurisdiction and any individual
or entity with jurisdiction exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to government or quasi-governmental issues
(including any court).

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

“Law” means the General Law of Negotiable Instruments and Credit Transactions (Ley
General de Títulos y Operaciones de Crédito) of Mexico.

“Lien” shall have the meaning assigned to the term “Lien” under, and as defined in,
the First Lien Intercreditor Agreement.

“Loan Documents” shall have the meaning assigned to the term “Credit Documents”
under, and as defined in, the First Lien Intercreditor Agreement and any other document
designated by the Loan Parties’ Agent and the Collateral Agent as a Loan Document.

“Loan Parties” shall have the meaning assigned to the term “Grantors” under,
and as defined in, the First Lien Intercreditor Agreement.

“Loan Parties’ Agent” shall mean Reynolds Group Holdings Limited (formerly
known as Rank Group Holdings Limited).

“Mexico” means the United Mexican States.

“Person” means any individual or entity, trust, joint venture, partnership,
corporation, Governmental Authority or any other entity of any nature whatsoever.

“Pledged Partnership Interest” has the meaning set forth in Representation I (b) of
this Agreement.

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“Pledgee” has the meaning specified in the preamble to this Agreement.

“Pledgor” has the meaning specified in the preamble to this Agreement.

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

“Prohibition” has the meaning specified in paragraph (b) of Clause First of this
Agreement.

“Secured 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 Loan Party and each grantor of a security interest to the Secured
Parties (or any of them) under each or any of the Loan Documents, together with all costs,
charges and expenses incurred by any Secured Party in connection with the protection,
preservation or enforcement of its respective rights under the Loan Documents or any other
document evidencing or securing any such liabilities.

“Secured Parties” shall have the meaning assigned to the term “Secured Parties”
under, and as defined in, the First Lien Intercreditor Agreement.

“Security Interest” has the meaning specified in paragraph (a) of Clause Second
of this Agreement.

“Senior Secured Note Indenture” has the meaning assigned to such term in Recital II
hereof.

“Termination Notice” has the meaning specified in Clause Eleventh of this Agreement.

(b) The definitions in this Clause First shall apply equally to both the singular and plural forms
of the terms defined. Whenever the context may require, any pronoun shall include the
corresponding masculine, feminine and neutral forms. The words “hereof”, “herein” and “hereunder”
and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole
and not to any particular provision of this Agreement, unless otherwise expressly indicated, and
all references in this Agreement to Clauses, sections, and paragraphs shall be deemed to be
references to Clauses, sections paragraphs of this Agreement, unless the context shall otherwise
require. As used herein and any certificate or other document made or delivered pursuant hereto,
(i) the words “include”, “includes” and “including” shall

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be deemed to be followed by the phrase “without limitation”, unless such phrase, otherwise appears,
(ii) the word “incur” shall be construed to mean incur, create, issue, assume, become liable in
respect of or suffer to exist (and the words “incurred” and “incurrence” shall have correlative
meanings), (iii) the words “asset” and “property” shall be construed to have the same meaning and
effect and to refer to any and all tangible and intangible assets and properties, including cash,
capital stock, securities, revenues, accounts, leasehold interests and contract rights, (iv)
references to agreements shall, unless otherwise specified, be deemed to refer to such agreements
as amended, extended, restructured, renewed, novated, supplemented, restated, refunded, replaced or
modified from time to time, and (v) references to any statute, law or regulation shall be deemed
to include any amendments thereto from time to time or any successor statute, law or regulation
thereof.

No obligations shall be included in the definition of “Secured Obligations” to the extent that, if
included, the security interest granted pursuant to this Agreement or any part thereof would be
void as a result of a violation of the prohibition on financial assistance as contained in Articles
2:98c and 2:207c of the Dutch Civil Code or any other applicable financial assistance rules under
any relevant jurisdiction (the “Prohibition”) and all provisions hereof will be construed
accordingly. For the avoidance of doubt, this Agreement will continue to secure those obligations
which, if included in the definition of “Secured Obligations”, would not constitute a violation of
the Prohibition.

Second. Pledge; Grant of Security Interest.

	(a)	 	The Pledgor hereby grants a first priority pledge and security interest (the “Security
Interest”) to the Pledgee for the benefit of the Secured Parties, in and to its Pledged
Partnership Interest as collateral security for the due and timely payment, performance and
satisfaction when due (whether at stated maturity, by acceleration or otherwise) of any and
all of the Secured Obligations.
	 
	(b)	 	For purposes of perfecting the Security Interest over the Pledged Partnership Interest
pursuant to paragraph III of Article 334 of the Law, the Pledgor hereby delivers to the
Pledgee (i) an executed original of this Agreement, and (ii) a copy of the entry made in the
partners’ registry book of Evergreen Mexico, duly certified by an authorized officer or
attorney-in-fact of Evergreen Mexico, evidencing that, on the date hereof, the Security
Interest in and to the Pledged Partnership Interest has been duly recorded in the partners’
registry book of Evergreen Mexico.

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	(c)	 	Without prejudice to the rights of the Pledgee under the Loan Documents, the Pledgee hereby
irrevocably waives the provisions of, and any rights it might have under, Articles 340, 342
and 343 of the Law.

Third. Continuing Security Interest. The Security Interest shall be continuing and shall
(i) remain in full force and effect until all of the Secured Obligations have been paid pursuant to
the Loan Documents unless otherwise released pursuant to this Clause Third or Clause Eleventh; (ii)
be binding upon the Pledgor, and its successors and permitted assigns; and (iii) inure to the
benefit of and be enforceable by the Pledgee, acting on behalf of the Secured Parties, and their
respective successors and assigns; provided, however, that if the Pledgor disposes
of the Pledged Partnership Interest and that disposal is permitted by the terms of the Loan
Documents, the Pledged Partnership Interest shall, unless an Event of Default has occurred and is
continuing, be automatically released from the Security Interest created under this Agreement with
effect from the day of such disposal, and the Pledgee shall do all such acts which are reasonably
requested by the Pledgor in order to release the relevant Pledged Partnership Interest from the
Security Interest created under this Agreement.

Fourth. Voting and Management of the Pledged Partnership Interest.

	(a)	 	Subject to paragraph (b) of this Clause Fourth, the Pledgor will have the right to exercise
the voting rights and other rights and powers pertaining to the Pledged Partnership Interest
and deal with the Pledged Partnership Interest in any manner permitted by the Loan Documents;
provided, that the Pledgor shall not exercise, or refrain from exercising, at any
time, such rights in a manner which would affect adversely the validity and enforceability of
the security constituted hereby or cause an Event of Default. Subject to the terms of the Loan
Documents, the Pledgee and the Secured Parties shall be free and clear of any liability
arising from or in connection with the exercise or failure to exercise the voting rights
relating to the Pledged Partnership Interest.
	 
	(b)	 	If an Event of Default has occurred and is continuing, all rights of the Pledgor to exercise
the voting and other rights and powers that the Pledgor is entitled to exercise pursuant to
the foregoing provisions of paragraph (a) of this Clause Fourth shall cease, and all such
rights shall thereupon be exercised by the Pledgee, who shall have the sole and exclusive
right and authority to exercise such voting and other rights and powers.
	 
	(c)	 	Unless an Event of Default has occurred and is continuing, the Pledgor shall be entitled,
from time to time, to collect and receive for its own use all dividends, interest and other
distributions paid in respect of the Pledged Partnership Interest as permitted by the Loan
Documents (the “Distributions”); provided,

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	 	 	however, that until actually paid, all rights to such distributions shall remain
subject to the Security Interest created by this Agreement. If an Event of Default has
occurred and is continuing, all Distributions thereafter paid in respect of the Pledged
Partnership Interest shall be applied by the Pledgee towards the payment of the Secured
Obligations in accordance with the Loan Documents.
	(d)	 	All Distributions (other than the Distributions that are permitted to be paid to the Pledgor
in accordance with paragraph (c) of this Clause Fourth), whenever paid or made, shall (i) be
delivered to the Pledgee to hold as part of the Pledged Partnership Interest and shall, if
received by the Pledgor, be received in deposit for the benefit of the Pledgee, be segregated
from the other property or funds of the Pledgor, and be forthwith delivered to the Pledgee as
part of the Pledged Partnership Interest in the same form as so received; and (ii) be
considered for all legal purposes as granted in pledge in accordance with this Agreement, and
shall be subject to the Security Interest and considered as an integral part of the Pledged
Partnership Interest pursuant to this Agreement.
	 
	(e)	 	The rights of the Pledgee hereunder shall not be conditioned or contingent upon the exercise
by the Pledgee of any right or remedy against the Pledgor or any other Person which may be or
become liable in respect of all or any part of the Secured Obligations or against any
collateral security therefor, guarantee therefor or right of offset with respect thereto.
	 
	(f)	 	Subject to the terms of the Loan Documents, the Pledgee, its nominee(s) or any receiver or
delegate appointed pursuant to this Agreement, shall not be liable for any failure to demand,
collect or realize upon all or any part of the rights corresponding to the Pledged Partnership
Interest or for any delay in doing so, nor shall the Pledgee be under any obligation to sell
or otherwise dispose of the Pledged Partnership Interest upon the request of the Pledgor or
any other Person (except for the Secured Parties and in conformity with the Loan Documents),
or to take any other action whatsoever with regard to the Pledged Partnership Interest or any
part thereof.

Fifth. Covenants of the Pledgor. So long as this Agreement is in effect, the Pledgor
covenants and agrees to (a) not create, incur, assume, or permit to exist any Lien in favor of, or
any claim of any Person with respect to, the Pledged Partnership Interest, whether now held or
hereafter subscribed, except for the Security Interest or as permitted under the Loan Documents;
(b) except to the extent permitted by the Loan Documents, not sell, transfer, assign, pledge,
deliver, transfer in trust, grant, usufruct or otherwise dispose of, or grant any option with
respect to, the Pledged Partnership Interest or any interest therein without the prior written
consent of the Pledgee; and (c) subject to the Agreed Security Principles, execute and deliver to
the Pledgee, for the

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benefit of the Secured Parties, such documents in favor of the Pledgee and/or the Secured Parties,
and do such things relating to the Security Interest as the Pledgee may reasonably request in order
to protect and maintain the Security Interest and to protect and preserve the Pledgor’s and or the
Pledgee’s title and interest in and to the Pledged Partnership Interest, and pay all reasonable
costs arising from or in connection therewith.

Sixth. Safekeeping of the Pledged Partnership Interest; Indemnity. The obligations of the
Pledgee with respect to the safekeeping and preservation of the Pledged Partnership Interest shall
be limited to the obligations imposed by the Law. Unless otherwise expressly provided for in the
Loan Documents, any actions carried out by the Pledgee for the safekeeping and preservation of the
Pledged Partnership Interest shall be at the sole expense and risk of the Pledgor.

Seventh. Events of Default. If an Event of Default has occurred and is continuing
(a) all rights of the Pledgor to exercise or refrain from exercising any voting and other rights
which it would otherwise be entitled to exercise pursuant to Clause Fourth hereof shall cease and
be exercised thereafter by the Pledgee, (b) the Pledgee shall have the right to keep any and all
Distributions in respect of the Pledged Partnership Interest received or thereafter paid in respect
of the Pledged Partnership Interest and apply them to the payment of the Secured Obligations; and
(c) the Pledgee shall have the right to foreclose upon the Pledged Partnership Interest pursuant to
the provisions of Clause Eighth of this Agreement, and to exercise its rights in any other manner
as set forth in the Law.

Eighth. Foreclosure. If an Event of Default has occurred and is continuing:

	(a)	 	the Pledgee may foreclose upon the Security Interest and request the sale of the Pledged
Partnership Interest, if any, pursuant to Article 341 of the Law, or exercise its rights in
any other manner as set forth in the Law, in order to seek payment of the Secured Obligations;
and
	 
	(b)	 	the Pledgor shall take or shall cause Evergreen Mexico to take any and all actions and/or
initiate any and all proceedings that may be necessary or convenient, in the Pledgee’s sole
discretion (acting reasonably), to facilitate the execution and transfer of the Pledged
Partnership Interest. The Pledgor further agrees to do or cause to be done all such other acts
as may be necessary or convenient to expedite such sale or sales of all or any portion of the
Pledged Partnership Interest, and to execute and deliver such documents and take such other
action as the Pledgee (acting reasonably) deems necessary or advisable so that such sale may
be in compliance with applicable law. The Pledgee shall apply all amounts received under this
Agreement in accordance with the First

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	 	 	 	Lien Intercreditor Agreement. In the event of foreclosure and sale of the Pledged
Partnership Interest in accordance with this Clause Eighth, the Pledgor hereby expressly and
irrevocably waives any rights of first offer, rights of first refusal, and any other
preemptive rights of any kind to which it may be entitled under the by-laws of Evergreen
Mexico and the Mexican General Law of Commercial Companies (Ley General de Sociedades
Mercantiles).

Ninth.- Capacity of Collateral Agent. The Pledgor hereby (i) expressly acknowledges that
the Pledgee has all necessary appointments, legal capacity and authority to act on behalf of the
Secured Parties for all matters arising from or relating to this Agreement; and (ii) expressly
waives its rights to carry out any action challenging the legal existence, appointments, legal or
other capacity and authority of the Pledgee to act on behalf of the Secured Parties. The rights,
duties, privileges, protections and benefits of the Pledgee as Collateral Agent set forth in the
First Lien Intercreditor Agreement are hereby incorporated herein by reference and made a part
hereof. The Pledgor agrees that all acts to be executed by the Pledgor under this Agreement shall
be in accordance with the terms and conditions of the Intercreditor Arrangements.

Tenth. Power of Attorney. The Pledgor, by way of security irrevocably appoints the Pledgee
and any receiver appointed by the Pledgee to be its attorney in fact, and in its name, on its
behalf and as its act and deed to execute, deliver and perfect all documents and do all things
which the attorney in fact may consider to be required or desirable for:

	 	(a)	 	carrying out any obligation imposed on the Pledgor by this Agreement or any
other agreement binding on the Pledgor to which the Pledgee is a party (including the
execution and delivery of any deeds, charges, assignments or other security and any
transfers of the Pledged Partnership Interest);
	 
	 	(b)	 	enabling the Pledgee to exercise, or delegate the exercise of, all or any of
its rights over the Pledged Partnership Interest; and
	 
	 	(c)	 	enabling any receiver appointed by Pledgee to exercise, or delegate the
exercise of, any of the rights, powers and authorities conferred on them by or pursuant
to this Agreement or by law,

provided always that the Pledgee may only be entitled to exercise the powers conferred upon
it by the Pledgor under this Clause Tenth if:

	 	(i)	 	an Event of Default has occurred and is continuing; and/or
	 
	 	(ii)	 	the Pledgee has received notice from the Applicable Representative, the
Loan Parties’ Agent and/or the Pledgor that the Pledgor has failed to comply with a
further assurance or perfection obligation within 10

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	 	 	 	(ten) Business Days of being notified of that failure (with a copy of that notice
being sent to the Loan Parties’ Agent),

provided further that the Pledgee shall not be obliged to exercise the powers conferred upon
it by the Pledgor under this Clause Tenth unless and until it shall have been (a) instructed
to do so by the Applicable Representative and (b) indemnified and/or secured and/or prefunded
to its satisfaction.

For purposes of this Clause, the Pledgor shall grant a notarized irrevocable special power of
attorney, substantially in form of Exhibit “B” hereto, pursuant to the terms of article
2,596 of the Federal Civil Code and its correlatives for the other States of Mexico and the Federal
District, in order to allow the Pledgee to perform any and all acts referred to in this Clause
Tenth, with the authorities referred to in the first, second and third paragraph of article 2,554
of the Federal Civil Code and its correlative Articles of the Civil Codes of the States of the
United Mexican States and the Federal District and that includes the authority to delegate such
special power of attorney.

Eleventh.- Release and Termination. The Security Interest constituted by this Agreement
shall be released and cancelled:

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

As soon as is reasonably practicable and (i) in respect of paragraph (a) above, following a written
request from the Pledgor, or (ii) in respect of paragraph (b) above, following receipt of a written
instruction from the Applicable Representative, the Pledgee shall deliver to the Pledgor a
termination notice (the “Termination Notice”) substantially in the form attached hereto as
Exhibit “C”. Only upon delivery of the Termination Notice by the Pledgee to the Pledgor as
herein contemplated, this Agreement shall terminate and the Security Interest shall cease,
terminate and be released.

Twelfth.- Delegation. The Pledgee, and any receiver appointed by Pledgee, shall have full
power to delegate (either generally or specifically) the powers, authorities and

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discretions conferred on it by this Agreement (including the power of attorney referred to in
Clause Tenth hereto) on such terms and conditions as it shall see fit which delegation shall not
preclude either the subsequent exercise, any subsequent delegation or any revocation of such power,
authority or discretion by the Pledgee or any receiver hereto.

Thirteenth.- No Liability. None of the Pledgee, its nominee(s) or any receiver or delegate
appointed pursuant to this Agreement shall be liable by reason of (a) taking any action permitted
under this Agreement, (b) any neglect or default in connection with the Security Interest, or (c)
taking possession or realization of all or any part of the Pledged Partnership Interest, except to
the extent provided in the Principal Finance Documents.

Fourteenth.- Indemnity. To the extent set out in Section 4.11 of the First Lien
Intercreditor Agreement, the Pledgor shall, notwithstanding any release or discharge of all or any
part of the Security Interest, indemnify the Pledgee, its agents, its attorneys, any delegate and
any receiver against any action, proceeding, claims, losses, liabilities, expenses, demands, taxes
and costs which it may sustain as a consequence of any breach by the Pledgor of the provisions of
this Agreement, the exercise or purported exercise of any of the rights and powers conferred on it
by this Agreement or otherwise relating to the Security Interest.

Fifteenth.- Assignments. Unless otherwise permitted under the Loan Documents, the rights
and obligations arising from this Agreement may not be assigned or transferred by the Pledgor to
any third party without the prior written consent of the Pledgee. The Pledgee may assign, in whole
or in part, its rights hereunder by written notice to the Pledgor, without requiring the consent of
the Pledgor to perform such assignment or transfer, in accordance with the Loan Documents.

Sixteenth.- Amendments. This Agreement may only be amended or modified with the prior
written consent of the Pledgor and the Pledgee.

Seventeenth.- Notices. Each notice or other communication to be given or made by a party in
connection with this Agreement shall be given or made in accordance with the provisions of the
First Lien Intercreditor Agreement, provided that with respect to any notice to be given or made
pursuant to or under a Mexican judicial procedure, the Pledgor designates the following address:

Evergreen Packaging International B.V.

Bosque de Ciruelos 186, Piso 4

Col. Bosques de las Lomas

11700, México, D.F.

13

 

Tel: (+52-55) 5251-8373

Fax: (+52-55) 5251-6617

with a copy (which shall not constitute notice) to:

Rank Group Limited

Suite 2502

Level 25, Citgroup Centre

2 Park Street

Sydney 2000

Australia

Attention: Helen Golding

Eighteenth.- Exhibits and Captions. All documents attached hereto or to which reference is
made herein are hereby incorporated by reference into, and shall be deemed a part of, this
Agreement. The captions and headings contained in this Agreement are for convenience only and shall
not affect the interpretation of this Agreement.

Nineteenth.- Further Assurances. Subject to the Agreed Security Principles, the Pledgor, at
the Pledgee’s request, agrees to promptly execute or cause to be executed and deliver to the
Pledgee any and all documents, instruments and agreements, in connection with this Agreement,
deemed necessary by the Pledgee (acting on the instructions of the Applicable Representative) to
give effect to or carry out the terms or intent of this Agreement.

Twentieth.- Jurisdiction, Governing Law. For all matters relating to the interpretation and
fulfillment of this Agreement, the parties hereto expressly and irrevocably submit to the
applicable laws of Mexico, and to the jurisdiction of the competent courts sitting in Mexico,
Federal District, Mexico, with respect to any action or proceeding arising out of or relating
hereto, and the parties hereby expressly and irrevocably waive all rights to any other jurisdiction
to which they may be entitled to by reason of their present or future domiciles, or by any other
reason.

Twenty First.- Language. This Agreement is entered into in both the Spanish and English
languages; provided that, in the case of any judicial procedure before a Mexican court, the Spanish
version shall govern for all purposes.

Twenty Second.- Counterparts. This Agreement may be executed in any number of counterparts
and by different parties hereto in separate counterparts, each of which

14

 

when so executed shall be deemed to be an original and all of which taken together shall constitute
one and the same Agreement.

[Signature pages continue]

15

 

IN WITNESS WHEREOF, the parties hereto execute this Agreement, on this 4 day of May, 2010.

The Pledgor:

Evergreen Packaging International B.V.

	 	 	 	 	 	 	 	 	 

	By: 

	 	/s/ Chiara Brophy
 

	 	By: 
	 	/s/ Pru Wyllie
 

	 	 
	 

	 	Name: Chiara Brophy
	 	 	 	Name: Pru Wyllie	 	 
	 

	 	Title: Attorney
	 	 	 	Title: Attorney	 	 

The Pledgee:

The Bank of New York Mellon, acting solely in its capacity as Collateral Agent on behalf and for
the benefit of the Secured Parties.

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Catherine F. Donohue
 	 
	 	 	Name:  	Catherine F. Donohue 	 
	 	 	Title:  	Vice President 	 
	 

With the acknowledgment of:

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

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Chiara Brophy
 	 
	 	 	Name:  	Chiara Brophy 	 
	 	 	Title:  	Attorney 	 

16

 

	 	 	 	 	 

Exhibit “A”

Partnership Interest Pledge Agreement

Copy of First Lien Intercreditor Agreement

and Amendment

17

 

Exhibit “B”

Partnership Interest Pledge Agreement

Form of Power of Attorney

	 	 	 
	PODER ESPECIAL	 	SPECIAL POWER OF ATTORNEY
	 
	 	 
	En la Ciudad de                    , el                     de                    
de 2010, ante
mi                    ,
Notario Público, compareció
                     en su carácter
de                     de
Evergreen Packaging
International B.V., (la
“Sociedad”) una sociedad
debidamente constituida y
existente de conformidad
con las leyes de
                    , con su
domicilio en
                    ,
y expuso:

	 	In the City of                     , on                     , 2010,
before me                      Notary Public,
appeared                     , in his capacity as                     
of Evergreen Packaging
International B.V. (the “Corporation”) a
corporation organized and existing pursuant to
the laws of                     , and having its
principal offices in                      and
declared:
	 
	 	 
	Que en nombre y
representación de la Sociedad y de conformidad con los poderes que le confiere la Sociedad, por
medio del presente otorga
como garantía:
	 	That in the name and on behalf of the
Corporation and in accordance with the powers
conferred by the Corporation, hereby grants by
way of security:
	
	 	 
	 
	 	 
	1. Un PODER ESPECIAL en
cuanto a su objeto pero
general en cuanto a las
facultades otorgadas, con
facultades de delegación,
a favor de The Bank of
New York Mellon (el
“Acreedor Prendario”),
actuando únicamente en su
carácter de Agente de
Garantías (Collateral
Agent), en representación
y para el beneficio de
las Partes Garantizadas
(Secured Parties) y
cualquier delegado
designado por el Acreedor
Prendario, para que, en
nombre y representación
de la Sociedad, puedan,
individualmente,
celebrar, firmar y
perfeccionar cualquier
documento y llevar a cabo
cualesquiera actuaciones
que el apoderado
considere necesarias o
deseables, en relación
con el Contrato de Prenda
sobre Parte Social
celebrado entre la
Sociedad, como deudor
prendario, y el Acreedor
Prendario, actuando
únicamente

	 	1. A SPECIAL POWER-OF-ATTORNEY deemed as
special in regards to its purpose but as
general in regards to the powers granted, with
authority to delegate such power, in favor of
The Bank of New York Mellon (the “Pledgee”),
acting solely in its capacity as Collateral
Agent, on behalf and for the benefit of the
Secured Parties and any receiver appointed by
the Pledgee, so that in the name and on behalf
of the Corporation they may, severally,
execute, deliver and perfect all documents and
do all things which the attorney in fact may
consider to be required or desirable, in
connection with the Partnership Interest
Pledge Agreement (Contrato de Prenda sobre
Parte Social) entered into, by and between the
Corporation, as pledgor, and the Pledgee,
acting solely in its capacity as Collateral
Agent on behalf and for the

18

 

	 	 	 

	en su carácter de Agente
de Garantías (Collateral
Agent), en representación
y para el beneficio de
las Partes Garantizadas
(Secured Parties), como
acreedor prendario, con
el reconocimiento de
Evergreen Packaging
México, S. de R.L. de
C.V., (según dicho
Contrato de Prenda sobre
Parte Social haya sido o
sea modificado,
suplementado o modificado
y reexpresado de tiempo
en tiempo, en lo
sucesivo, el “Contrato de Prenda”), para:

	 	benefit of the Secured Parties, as pledgee,
with the acknowledgment of Evergreen Packaging
México, S. de R.L. de C.V. (as such
Partnership Interest Pledge Agreement may be
amended, supplemented, modified or amended and
restated from time to time, hereinafter, the
“Pledge Agreement”), for:
	 
	 	 
	(a) llevar a cabo
cualquier acto para
cumplir con cualquier
obligación impuesta a la
Sociedad mediante el
Contrato de Prenda o
cualquier otro contrato
que obligue a la Sociedad
y del cual sea parte el
Acreedor Prendario
(incluyendo la
celebración y entrega de
cualesquier actos,
gravámenes, cesiones u
otra garantía y
cualesquier transmisiones
de la Parte Social
Pignorada (según dicho
término se define en el
Contrato de Prenda));

	 	(a) carrying out any obligation imposed on the
Corporation by the Pledge Agreement or any
other agreement binding on the Corporation to
which the Pledgee is a party (including the
execution and delivery of any deeds, charges,
assignments or other security and any
transfers of the Pledged Partnership Interest
(as such term is defined in the Pledge
Agreement));
	 
	 	 
	(b) permitir al Acreedor
Prendario para que
ejerza, o delegue el
ejercicio de, todos y o
cualquiera de sus
derechos sobre la Parte
Social Pignorada; y

	 	(b) enabling the Pledgee to exercise, or
delegate the exercise of, all or any of its
rights over the Pledged Partnership Interest;
and
	 
	 	 
	(c) permitir a cualquier
delegado designado por el
Acreedor Prendario para
que ejerza, o delegue el
ejercicio de, cualquier
de los derechos, poderes
y facultades conferidos
sobre los mismos por o
conforme al Contrato de
Prenda o por ley;

	 	(c) enabling any receiver appointed by Pledgee
to exercise, or delegate the exercise of, any
of the rights, powers and authorities
conferred on them by or pursuant to the Pledge
Agreement or by law;
	 
	 	 
	en el entendido en todo
momento que el Acreedor
Prendario únicamente
tendrá el derecho de
ejercer los poderes que
le han sido conferidos
por este poder
(incluyendo los
mencionados abajo) si: un
Caso de

	 	provided always that the Pledgee may only be
entitled to exercise the powers conferred upon
it by this Power of Attorney (including those
below) if: an Event of Default has occurred
and is

19

 

	 	 	 
	Incumplimiento ha
ocurrido y continúa; y/o
el Acreedor Prendario ha
recibido una notificación
del Representante
Aplicable, el Agente de
las Partes del Crédito
y/o de la Sociedad de que
la Sociedad ha incumplido
con cualquier obligación
(incluyendo obligaciones
de perfeccionamiento)
dentro de los 10 (diez)
Días Hábiles de que se le
haya notificado de dicho
incumplimiento (con copia
de dicha notificación
entregada al Agente de
las Partes del Crédito),
en el entendido además
que el Acreedor Prendario
no tendrá la obligación
de ejercer los poderes
que le han sido
conferidos por la
Sociedad conforme al
presente poder
(incluyendo los
mencionados abajo), salvo
y hasta que se le haya
(i) instruido a
ejercerlos por el
Representante Aplicable,
e (ii) indemnizado y/o
garantizado y/o
pre-fondeado a su
satisfacción.

	 	continuing; and/or the Pledgee has received
notice from the Applicable Representative, the
Loan Parties’ Agent and/or the Corporation
that the Corporation has failed to comply with
a further assurance or perfection obligation
within ten Business Days of being notified of
that failure (with a copy of that notice being
sent to the Loan Party’s Agent), provided
further that the Pledgee shall not be obliged
to exercise the powers conferred upon it by
the Corporation under this Power (including
those below) unless and until it shall have
been (a) instructed to do so by the Applicable
Representative and (b) indemnified and/or
secured and/or prefunded to its satisfaction.
	 
	 	 
	Para poder llevar a cabo
los actos mencionados en
los incisos anteriores, y
sin perjuicio de la especialidad de los
facultades otorgadas, los
apoderados contarán con:

	 	In order to carry out the acts referred to in
the preceding sections, and notwithstanding
the special nature of the powers granted, the
attorneys-in-fact are hereby granted with:
	
	 	 
	(i) Poder para pleitos y
cobranzas, actos de
administración y actos de
dominio en los términos
del primer, segundo y
tercer párrafos del
artículo dos mil
quinientos cincuenta y
cuatro del Código Civil
Federal y sus
correlativos contenidos
en los Códigos Civiles de
los demás estados de los
Estados Unidos Mexicanos
y el Distrito Federal; y

	 	(i) A power of attorney for lawsuits and
collections, acts of administration and acts
of ownership in terms of the first, second and
third paragraphs of Article two thousand five
hundred and fifty four of the Federal Civil
Code and its correlative Articles of the Civil
Codes of the remaining States of the United
Mexican States and the Federal District; and
	 
	 	 
	(ii) poder especial para
suscribir y endosar
títulos de crédito en los
términos del artículo 9o
de la Ley General de
Títulos y Operaciones de
Crédito.

	 	(ii) a special power of attorney to subscribe
and endorse negotiable instruments in
accordance with article 9 of the General Law
of Negotiable Instruments and Credit Operations.

20

 

	 	 	 
	El presente poder es
irrevocable en los
términos de artículo 2596
(dos mil quinientos
noventa y seis) del
Código Civil Federal y
sus artículos
correlativos en los
Códigos Civiles de los
demás Estados de la
República, por haberse
otorgado como una
condición en un contrato
bilateral y como un medio
para el cumplimiento de
sus obligaciones conforme
al Contrato de Prenda.

	 	The special power of attorney granted hereby
is irrevocable pursuant to the terms of
article 2,596 of the Federal Civil Code its
correlative Articles of the Civil Codes of the
States of the United Mexican States and the
Federal District, it being a condition of a
bilateral agreement and a mean to comply with
its obligations under the Pledge Agreement.
	 
	 	 
	Para efectos del párrafo
quinto del Artículo 2554
del Código Civil Federal, el mismo se transcribe a
continuación:

	 	For purposes of paragraph fifth of Article
2554 of the Federal Civil Code, a
transcription thereof follows:
	
	 	 
	 
	 	 
	“Artículo 2554. En todos
los poderes generales
para pleitos y cobranzas
bastará que se diga que
se otorga con todas las
facultades generales y
las especiales que
requieran cláusula
especial conforme a la
ley para que se entiendan
conferidos sin limitación
alguna.

	 	“Article 2554. In all general powers of
attorney for lawsuits and collections it shall
be sufficient to say that they are granted
with all the general powers and with the
special powers requiring special clause in
accordance with the law in order that they may
be considered as granted without any
limitation.
	 
	 	 
	En los poderes generales
para administrar bienes,
bastará expresar que se
dan con este carácter
para que el apoderado
tenga toda clase de
facultades
administrativas.

	 	In general powers of attorney to administer
property, it shall be sufficient to state that
they are given with that character, in order
that the attorneys-in-fact may have all kinds
of administrative powers.
	 
	 	 
	En los poderes generales,
para ejercer actos de
dominio, bastará que se
den con ese carácter para
que el apoderado tenga
todas las facultades de
dueño, tanto en lo
relativo a los bienes,
como para hacer toda
clase de gestiones, a fin
de defenderlos.

	 	In general powers of attorney to exercise acts
of ownership, it shall be sufficient that they
be given with that character, in order that
the attorneys-in-fact may have all the powers
of an owner, both with respect to the
property, and to take all actions to defend
it.
	 
	 	 
	Cuando se quisieren
limitar, en los tres
casos

	 	If in any of the aforesaid three cases it

21

 

	 	 	 
	antes mencionados, las
facultades de los
apoderados, se
consignarán las
limitaciones, o los
poderes serán especiales.

	 	should be desired to limit the authority of
the attorneys-in-fact, the limitation shall be
set out, or the powers of the
attorneys-in-fact shall be special powers of
attorney.
	 
	 	 
	Los Notarios insertarán
este Artículo en los
testimonios de los
poderes que otorguen.”

	 	Notaries shall insert this Article in the
instruments of powers of attorney which they
execute.”
	 
	 	 
	Salvo que un término se
encuentre definido en
este poder o el contexto
lo requiera de otra
forma, un término
definido en el Contrato
de Prenda y/o el Convenio
entre Acreedores (como
dicho término se define
en el Contrato de Prenda)
tiene el mismo
significado en este
poder.

	 	Unless defined in this power of attorney or
the context otherwise requires, a term defined
in the Pledge Agreement and/or the First Lien
Intercreditor Agreement (as defined in the
Pledge Agreement) has the same meaning in this
Power of Attorney.

	 	 	 

	__________________

	 	__________________
	Nombre: [__________]

	 	Name: [__________]
	Cargo:

	 	Title:

(NOTE: The signature of the Notary Public must be certified by the relevant officer of; the
power of attorney must bear an apostille issued in accordance with The Hague Convention of 1961.)

22

 

Exhibit “C”

Partnership Interest Pledge Agreement

Form of Termination Notice

[Date]

Evergreen Packaging International B.V.

[_______________]

[_______________]

[_______________]

     This Termination Notice is delivered pursuant to Clause Eleventh of the Partnership Interest
Pledge Agreement dated May 4, 2010 (the “Pledge Agreement”), entered into by and between
Evergreen Packaging International B.V., as pledgor, and The Bank of New York Mellon, on behalf and
for the benefit of the Secured Parties, as pledgee, with the acknowledgment of Evergreen Packaging
México, S. de R.L. de C.V. Capitalized terms used and not otherwise defined herein, shall have the
meaning ascribed to such terms in the Pledge Agreement.

     By means of this Termination Notice the undersigned, acting as Pledgee under the Pledge
Agreement, hereby certifies that the Pledge Agreement is terminated and the Security Interest
created thereby is hereby released.

Sincerely,

The Bank of New York Mellon

By:______________________

Name: [_____________]

Title: Attorney-in-Fact

23exv4w184

EXHIBIT 4.184

DEED OF PLEDGE OF REGISTERED SHARES

On the fourth day of May two thousand ten appeared before me, Gijsbertus Cornelis Kikkert,
kandidaat-notaris, hereinafter: “civil law notary”, deputising for dr. Thomas Pieter van Duuren,
civil law notary (notaris) in Amsterdam, The Netherlands:

Mr Albert Willem Lok, in this matter with residence at the offices of Clifford Chance LLP, Droogbak
1a, 1013 GE Amsterdam, The Netherlands, born in Zaanstad, The Netherlands, on the fifteenth day of
December nineteen hundred eighty-one, in this respect acting as attorney-in-fact, duly authorised
in writing of:

	1.	 	EVERGREEN PACKAGING (LUXEMBOURG) S.À R.L., a private limited liability company (société à
responsabilité limitée) incorporated under the laws of Luxembourg, having its registered
address at 6C, Parc d’Activités Syrdall, L-5365 Munsbach, Grand-Duchy of Luxembourg, in the
process of registration with the Luxembourg register of commerce and companies and having a
share capital of EUR 12,500 (the “Pledgor”);
	 
	2.	 	THE BANK OF NEW YORK MELLON, a company, incorporated under the laws of the State of New York,
with registered office at One Wall Street, New York, New York, registered with the Internal
Revenue Service under number 13-5160382 in its capacity as collateral agent for the Secured
Parties as appointed under the First Lien Intercreditor Agreement, and its successors,
permitted transferees and permitted assigns in such capacity (the “Collateral Agent”); and
	 
	3.	 	EVERGREEN PACKAGING INTERNATIONAL B.V., a private company with limited liability (besloten
vennootschap met beperkte aansprakelijkheid), incorporated under the laws of The Netherlands,
having its seat (statutaire zetel) in Amsterdam, The Netherlands and its registered office at
Teleportboulevard 140, 1043 EJ Amsterdam, The Netherlands, and registered with the Dutch
Commercial Register (Handelsregister) under number 24321403 (the “Company”).

The authorisation of the person appearing before me appears from three (3) written powers of
attorney, which shall be attached to this Deed.

The person appearing before me, acting as stated, declared that:

IT IS HEREBY AGREED AS FOLLOWS:

	1.	 	DEFINITIONS AND INTERPRETATION
	 
	1.1	 	Definitions

	 	1.1.1	 	Unless defined in this Deed or the context otherwise requires, a term
defined in the First Lien Intercreditor Agreement has the same meaning in this Deed or
any notice given under or in connection with this Deed.

	 	1.1.2	 	In addition the following terms shall have the following meaning:

	 	 	 	“Additional Agreement” has the meaning given to that term in the First Lien
Intercreditor Agreement;

- 1 -

 

	 	 	 	“Agreed Security Principles” has the meaning given to such term in the Credit
Agreement and the Senior Secured Note Indenture and, to the extent of any
inconsistency, the meaning in the Credit Agreement prevails;

	 	 	 	“Applicable Representative” has the meaning given to that term in the First Lien
Intercreditor Agreement;

	 	 	 	“Articles of Association” means the articles of association (statuten) of the
Company as they currently stand and as amended at any time;

	 	 	 	“Business Day” means a day (other than Saturday or Sunday) on which banks are open
for business in New York, London and Amsterdam;

	 	 	 	“Credit Agreement” means the Credit Agreement dated the fifth day of November two
thousand nine among Reynolds Group Holdings Inc., Reynolds Consumer Products
Holdings Inc., SIG Euro Holding AG & Co. KGaA, Closure Systems International
Holdings Inc., Closure Systems International B.V. and SIG Austria Holding GmbH as
borrowers, Reynolds Group Holdings Limited, the lenders from time to time party
thereto and Credit Suisse AG (formerly known as Credit Suisse), as administrative
agent, as amended, extended, restructured, renewed, novated, supplemented,
restated, refunded, replaced or modified from time to time;

	 	 	 	“Deed” means this deed of pledge of registered shares;

	 	 	 	“Depository Receipts” means depository receipts of shares in the capital of the
Company issued with the co-operation of the Company (met medewerking van de
vennootschap uitgegeven certificaten van aandelen);

	 	 	 	“Dividends” means cash dividends, distribution of reserves, repayments of capital
and all other distributions and payments in any form which at any time during the
existence of the right of pledge created hereby, become payable in respect of any
one of the Shares;

	 	 	 	“Enforcement Event” means an “Event of Default” under, and as defined in, the First
Lien Intercreditor Agreement;

	 	 	 	“First Lien Intercreditor Agreement” means the First Lien Intercreditor Agreement
dated the fifth day of November two thousand nine, among the Collateral Agent, The
Bank of New York Mellon, as trustee under the Senior Secured Note Indenture, Credit
Suisse AG (formerly known as Credit Suisse), as administrative agent under the
Credit Agreement, and the Loan Parties, as amended, novated, supplemented, restated
or modified from time to time (including by the Amendment No. 1 and
Joinder Agreement which added Wilmington Trust (London) Limited as a

- 2 -

 

	 	 	 	collateral agent under the First Lien Intercreditor Agreement);
	 
	 	 	 	“Future Shares” means all shares in the capital of the Company, which are acquired
by the Pledgor after the date of this Deed;
	 
	 	 	 	“Intercreditor Arrangements” means the First Lien Intercreditor Agreement and any
other document that is designated by the Loan Parties’ Agent and the Collateral
Agent as an intercreditor agreement, in each case as amended, novated,
supplemented, restated, replaced or modified from time to time;
	 
	 	 	 	“Issuers” means the “Issuers” under, and as defined in, the Senior Secured Note
Indenture, including their successors in interest;
	 
	 	 	 	“Loan Documents” means the “Credit Documents” under, and as defined in, the First
Lien Intercreditor Agreement and any other document designated by the Loan Parties’
Agent and the Collateral Agent as a Loan Document;
	 
	 	 	 	“Loan Parties” means the “Grantors” under, and as defined in, the First Lien
Intercreditor Agreement;
	 
	 	 	 	“Loan Parties’ Agent” means Reynolds Group Holdings Limited (formerly known as Rank
Group Holdings Limited);
	 
	 	 	 	“Parallel Debt” has the meaning ascribed thereto in Section 4.10 (Parallel Debt) of
the First Lien Intercreditor Agreement;
	 
	 	 	 	“Present Shares” means one hundred eighty-six (186) registered ordinary shares
(aandelen op naam) numbered 1 through 186 with a nominal value of one hundred euro
(EUR 100.00) in the capital of the Company, registered in the name of the Pledgor;
	 
	 	 	 	“Principal Finance Documents” means the Credit Agreement, the Senior Secured Note
Indenture, the Intercreditor Arrangements and any Additional Agreement;
	 
	 	 	 	“Principal Obligations” means all present and future obligations and liabilities
(whether actual or contingent and whether owed jointly or severally or in any other
capacity whatsoever) of each Loan Party and each grantor of a security interest to
the Secured Parties (or any of them) under each or any of the Loan Documents,
together with all costs, charges and expenses incurred by any Secured Party in
connection with the protection, preservation or enforcement of its respective
rights under the Loan Documents or any other document evidencing or securing any
such liabilities other than the obligations pursuant to the Parallel Debt;
	 
	 	 	 	“Related Rights” means the Dividends, all present and future rights of the Pledgor
to acquire shares in the capital of the Company and all other
present and future rights arising out of or in connection with the Shares

- 3 -

 

	 	 	 	other than the Voting Rights;
	 
	 	 	 	“Secured Obligations” means all present and future obligations and liabilities
(whether actual or contingent and whether owed jointly or severally or in any other
capacity whatsoever) of each Loan Party and each grantor of a security interest to
the Collateral Agent under each or any of the Loan Documents, together with all
costs, charges and expenses incurred by the Collateral Agent in connection with the
protection, preservation or enforcement of its respective rights under the Loan
Documents or any other document evidencing or securing any such liabilities, in
each case, pursuant to the Parallel Debt and all Principal Obligations that are
secured obligations pursuant to Clause 3.1.3;
	 
	 	 	 	“Secured Parties” means the “Secured Parties” under, and as defined in, the First
Lien Intercreditor Agreement;
	 
	 	 	 	“Security Assets” means the Shares and the Related Rights;
	 
	 	 	 	“Security Documents” means the “Security Documents” under, and as defined in, the
First Lien Intercreditor Agreement;
	 
	 	 	 	“Senior Secured Note Indenture” means the Indenture dated the fifth day of November
two thousand nine, among the Issuers, the Note Guarantors (as defined therein) and
The Bank of New York Mellon, as trustee, principal paying agent, transfer agent and
registrar, as amended, extended, restructured, renewed, refunded, novated,
supplemented, restated, replaced or modified from time to time;
	 
	 	 	 	“Shares” means the Present Shares and the Future Shares; and
	 
	 	 	 	“Voting Rights” means the voting rights in respect of any of the Shares.

	1.2	 	Interpretation

	 	1.2.1	 	Continuing security
	 
	 	 	 	Any references made in this Deed to any Loan Document or to any agreement or
document (under whatever name), shall, where applicable, be deemed to be references
to (i) such Loan Document or such other agreement or documents as the same may have
been, or may at any time be, extended, prolonged, amended, restated, supplemented,
restructured, replaced, modified, renewed or novated, as persons may accede thereto
as a party or withdraw therefrom as a party in part or in whole or be released
thereunder in part or in whole, and as facilities and financial services are or may
at any time be granted, extended, prolonged, increased, reduced, cancelled,
withdrawn, amended, restated, supplemented, restructured, replaced, modified,
renewed or novated thereunder including, without limitation, (a) any increase or
reduction in any amount available
thereunder or any alteration of or addition to the purpose for which any

- 4 -

 

	 	 	 	such
amount, or increased or reduced amount may be used, (b) any facility provided in
substitution of or in addition to the facilities originally made available
thereunder, (c) any rescheduling of the indebtedness incurred thereunder whether in
isolation or in connection with any of the foregoing, and (d) any combination of
the foregoing and/or (ii) any document designated as Loan Document in accordance
with the Loan Documents, and consequently, the rights of pledge created under and
pursuant to this Deed and any supplemental deed of pledge will secure any
additional amounts which are or may be made available or become payable under the
Loan Documents from time to time.

	 	1.2.2	 	Annex; Clause

	 	 	 	Except as otherwise specified, a reference in this Deed to an Annex or a Clause
shall be construed as a reference to such Annex to or Clause of this Deed.

	 	1.2.3	 	Construction

	 	(a)	 	This Deed is subject to the terms of the Intercreditor
Arrangements. In the event of a conflict between the terms of this Deed and
the Intercreditor Arrangements, the terms of the Intercreditor Arrangements
will prevail, subject to the mandatory provisions of Dutch law. This does not
apply to the extent that the inconsistency between the Intercreditor
Arrangements and any term of this Deed that relates to creation or perfection
of the security, to applicable law or to choice of court, in which case this
Deed will prevail.

	 	(b)	 	Any reference to the “Collateral Agent”, the “Pledgor” or the
“Secured Parties” shall be construed so as to include its or their (and any
subsequent) successors and any permitted transferees or assignees in
accordance with their respective interests.

	 	(c)	 	To the extent set out in Section 4.11 of the First Lien
Intercreditor Agreement, the Pledgor shall, notwithstanding any release or
discharge of all or any part of the security, indemnify the Collateral Agent,
its agents, its attorneys, any delegate and any trustee in bankruptcy
(curator) or administrator (bewindvoerder) against any action, proceeding,
claims, losses, liabilities, expenses, demands, taxes, and costs which it may
sustain as a consequence of any breach by the Pledgor of the provisions of
this Deed, the exercise or purported exercise of any of the rights and powers
conferred on them by this Deed or otherwise relating to the Security Assets.

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	1.3	 	Unlawful financial assistance

	 	 	The right of pledge granted by the Pledgor under this Deed shall not constitute a financial
assistance pursuant to Article 49-6 of the Luxembourg law dated the tenth day of August
nineteen hundred fifteen on commercial companies (a “Financial Assistance”), to the extent
applicable as at the date of execution of this Deed, to a private limited liability company
incorporated under the laws of Luxembourg, and none of the obligations under or pursuant to
the Loan Documents shall be included in the definition of “Secured Obligations” to the
extent that, if they were included, the security interest granted pursuant to this Deed or
any part thereof would be void as a result of violation of the prohibition on Financial
Assistance (the “Prohibition”) and all provisions hereof will be interpreted accordingly.
For the avoidance of doubt, this Deed shall continue to secure those obligations which, if
included in the definition of “Secured Obligations”, do not constitute a violation of the
Prohibition.
	 
	2.	 	UNDERTAKING TO PLEDGE AND PARALLEL DEBT
	 
	2.1	 	Undertaking to pledge
	 
	 	 	The Pledgor has agreed, or, as the case may be, hereby agrees with the Collateral Agent
that the Pledgor shall grant to the Collateral Agent a right of pledge (pandrecht) over the
Security Assets, as security for the payment of the Secured Obligations.
	 
	2.2	 	Parallel Debt
	 
	 	 	Pursuant to the Parallel Debt the Collateral Agent has its own claim in respect of the
payment obligations of the Loan Parties to the Secured Parties. With respect to this claim
the Collateral Agent acts in its own name and not as representative (vertegenwoordiger) of
the Secured Parties or any of them and consequently the Collateral Agent becomes the sole
pledgee (pandhouder) under this Deed.
	 
	3.	 	PLEDGE
	 
	3.1	 	Pledge of Security Assets

	 	3.1.1	 	To secure the payment of the Secured Obligations the Pledgor hereby grants
to the Collateral Agent a first ranking right of pledge (pandrecht eerste in rang)
over the Present Shares and the Related Rights pertaining thereto and grants in
advance (bij voorbaat) to the Collateral Agent a right of pledge over the Future
Shares and the Related Rights pertaining thereto, which rights of pledge are hereby
accepted by the Collateral Agent.

	 	3.1.2	 	To the extent the pledge in advance referred to in Clause 3.1.1 is not
effective under Dutch law the Pledgor will forthwith execute a supplemental pledge in
the form of this Deed or such other form as the
Collateral Agent may, acting reasonably, agree in consultation with the

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	 	 	 	Pledgor in
order to perfect the pledge over such Future Shares and the Related Rights
pertaining thereto.

	 	3.1.3	 	If and to the extent that at the time of the creation of this right of
pledge, or at any time hereafter, a Principal Obligation owed to the Collateral Agent
cannot be validly secured through the Parallel Debt, such Principal Obligation itself
shall be a Secured Obligation.

	 	3.1.4	 	The Collateral Agent is entitled to present this Deed and any other
document pursuant hereto for registration to any office, registrar or governmental
body in any jurisdiction the Collateral Agent deems necessary or useful to protect its
interests.

	3.2	 	Related Rights

	 	 	Only the Collateral Agent is entitled to receive and exercise the Related Rights pledged
pursuant hereto. The Collateral Agent hereby authorizes the Pledgor to receive Dividends
(as envisaged by Article 3:246 paragraph 4 Dutch Civil Code). The Collateral Agent is
entitled to revoke this authorisation if an Enforcement Event has occurred and is
continuing.
	 
	3.3	 	Voting Rights

	 	3.3.1	 	Pursuant to the provision of article 15 paragraph 4 of the Articles of
Association, the Pledgor in its capacity of sole shareholder of the Company, hereby
approves, by means of a written resolution, the pledge of the Shares with the
conditional transfer to the Collateral Agent of the Voting Rights and other rights and
powers attached to the Shares, in respect of which resolution the members of the
management board (bestuur) of the Company have been given the opportunity to cast
their advisory votes.

	 	3.3.2	 	The Voting Rights are hereby transferred to the Collateral Agent under the
conditions precedent (opschortende voorwaarden) of (i) the occurrence of an
Enforcement Event and while it is continuing and (ii) the occurrence of an Enforcement
Event and while it is continuing, written notice by the Collateral Agent to the
Pledgor and the Company that it, the Collateral Agent, will be entitled to exercise
the Voting Rights.

	 	3.3.3	 	Prior to receipt by the Company of a notice as referred to in Clause 3.3.2:

	 	(a)	 	the Pledgor shall have the right to exercise the Voting
Rights and other rights and powers attached to the Shares provided it shall
not at any time exercise, or refrain from exercising, such rights in a manner
which would adversely affect the validity or enforceability of the security
created hereby or cause an Event of Default to occur; and
	 
	 	(b)	 	the Collateral Agent shall not have the rights attributed by law to

- 7 -

 

	 	 	 	the holders of depository receipts issued with the company’s
co-operation (rechten die door de wet zijn toegekend aan de houders van met
medewerking ener vennootschap uitgegeven certificaten van aandelen) (i.e. such
rights will remain vested in the Pledgor until receipt by the Company of a
notice as referred to in Clause 3.3.2).

	 	3.3.4	 	Forthwith upon a notification pursuant to Clause 3.3.2 the Pledgor shall no
longer be entitled to exercise the Voting Rights.

	 	3.3.5	 	After the Collateral Agent has notified the Pledgor and the Company
pursuant to Clause 3.3.2 that it will exercise any or all of the rights attributed by
law to the holders of depository receipts issued with the company’s co-operation
(rechten die door de wet zijn toegekend aan de houders van met medewerking ener
vennootschap uitgegeven certificaten van aandelen) and/or any or all of the Voting
Rights, the Collateral Agent shall have the right to convene a general meeting of
shareholders regardless of the number of Voting Rights it can exercise pursuant to
Clause 3.3.2.

	4.	 	REPRESENTATIONS, WARRANTIES AND COVENANTS
	 
	4.1	 	Representations and warranties

	 	4.1.1	 	The Pledgor hereby represents and warrants to the Collateral Agent that the
following is true and correct at the date hereof:

	 	(a)	 	it is entitled to pledge the Security Assets as envisaged
hereby;

	 	(b)	 	the right of pledge created hereby over the Security Assets
is a first ranking right of pledge (pandrecht eerste in rang), the Security
Assets have not been encumbered with limited rights (beperkte rechten) or
otherwise and no attachment (beslag) on the Security Assets has been made, in
each case, except as permitted by the Principal Finance Documents; and

	 	(c)	 	the Security Assets have not been transferred, encumbered or
attached in advance, nor has it agreed to such transfer or encumbrance in
advance, in each case, except as permitted by the Principal Finance Documents.

	 	4.1.2	 	Furthermore, the Pledgor hereby represents and warrants to the Collateral
Agent that the following is true and correct at the date hereof:

	 	(a)	 	except as disclosed under the Credit Agreement or otherwise
permitted by the Principal Finance Documents, the Present Shares have been
validly issued and fully paid up and constitute one hundred per cent (100%) of
the share capital of the Company at
the time of this Deed;

- 8 -

 

	 	(b)	 	it has acquired the Present Shares by means of a notarial
deed of transfer of shares in the capital of the Company, executed before Mr.
T.P. Flokstra, civil law notary (notaris) in Amsterdam, The Netherlands, on
the third day of May two thousand ten; and

	 	(c)	 	no Depository Receipts have been issued with respect to the
Present Shares.

	4.2	 	Covenants

	 	 	The Pledgor hereby covenants that, subject to the Agreed Security Principles, it will:

	 	(a)	 	other than as permitted under the terms of the Principal Finance Documents
not release, settle or subordinate any Related Rights without the Collateral Agent’s
prior written consent (such consent not to be unreasonably withheld or delayed);

	 	(b)	 	at its own expense execute all documents and do all such acts as the
Collateral Agent may reasonably request for creating, perfecting or protecting the
right of pledge envisaged hereby;

	 	(c)	 	other than envisaged hereby or as permitted under the terms of the Principal
Finance Documents, not pledge, otherwise encumber or transfer any Security Assets,
whether or not in advance, or permit to subsist any kind of encumbrance or attachment
over the Security Assets;

	 	(d)	 	other than as permitted under the terms of the Principal Finance Documents,
not perform any act that would affect the validity or enforceability of the security
under this Deed or cause an Event of Default to occur;

	 	(e)	 	as soon as practicable inform the Collateral Agent of any event or
circumstance which may be of importance to the Collateral Agent for the preservation
or exercise of the Collateral Agent’s rights pursuant hereto and provide the
Collateral Agent, upon its written request, with any other information in relation to
the (pledge of the) Security Assets as the Collateral Agent may from time to time
request acting reasonably, provided that no more than one request shall be made in any
12 month period unless an Enforcement Event has occurred and is continuing;

	 	(f)	 	as soon as reasonable practicable inform in writing persons such as a
liquidator (curator) in bankruptcy, an administrator (bewindvoerder) in a
(preliminary) suspension of payment or persons making an attachment, of the existence
of the rights of the Collateral Agent pursuant hereto;

	 	(g)	 	not procure the issue of any (rights to acquire) shares in the capital of the
Company or any Depositary Receipts, except to the extent permitted
under the terms of the other Principal Finance Documents; and

- 9 -

 

	 	(h)	 	except to the extent permitted under the terms of the Principal Finance
Documents, not vote on any of the Shares without the consent of the Collateral Agent,
in favour of a proposal to (i) an amendment of the Articles of Association, (ii) a
dissolution of the Company, (iii) an application for the bankruptcy or a (preliminary)
suspension of payment of the Company, (iv) a conversion (omzetting), merger (fusie) or
division (splitsing) of the Company or (v) a distribution of Related Rights.

	5.	 	ENFORCEMENT
	 
	5.1	 	Any failure by the Pledgor to satisfy the Secured Obligations when due shall constitute a
default (verzuim) in the performance of the Secured Obligations, without any reminder letter
(sommatie) or notice of default (ingebrekestelling) being required.
	 
	5.2	 	If an Enforcement Event has occurred and is continuing, the Collateral Agent may enforce its
right of pledge and take recourse against the proceeds thereof.
	 
	5.3	 	The Pledgor shall not be entitled to request the court to determine that the Security Assets
pledged pursuant hereto shall be sold in a manner deviating from the provisions of Article
3:250 Dutch Civil Code.
	 
	5.4	 	The Collateral Agent shall not be obliged to give notice to the Pledgor of any intention to
sell the pledged Security Assets (as provided in Article 3:249 Dutch Civil Code) or, if
applicable, of the fact that it has sold the same Security Assets (as provided in Article
3:252 Dutch Civil Code).
	 
	5.5	 	All monies received or realised by the Collateral Agent in connection with the Security
Assets shall be applied by the Collateral Agent in accordance with the Intercreditor
Arrangements, subject to the mandatory provisions of Dutch law on enforcement (uitwinning).
	 
	6.	 	MISCELLANEOUS PROVISIONS
	 
	6.1	 	Waiver

	 	6.1.1	 	To the fullest extent allowed by applicable law, the Pledgor waives (doet
afstand van) any right it may have of first requiring the Collateral Agent to proceed
against or claim payment from any other person or enforce any guarantee or security
granted by any other person before exercising its rights pursuant hereto, which waiver
is hereby accepted by the Collateral Agent.

	 	6.1.2	 	The Pledgor hereby irrevocably and unconditionally waives (doet afstand
van) any rights it has under or pursuant to any Dutch law provisions for the
protection of grantors of security for the debts of third parties, including, to the
extent relevant, any rights it may have pursuant to Articles 3:233, 3:234 and 6:139
Dutch Civil Code, which waiver is hereby
accepted by the Collateral Agent.

- 10 -

 

	 	6.1.3	 	The Pledgor hereby irrevocably and unconditionally waives (doet afstand
van), to the extent necessary in advance, any and all rights of recourse (regres) or
subrogation (subrogatie) vis-à-vis any Loan Party that it has or may obtain or acquire
after the date of this Deed as a result of any enforcement action in respect of the
rights of pledge granted under or in connection with this Deed (and, to the extent
such waiver is not enforceable in whole or in part, any rights of recourse or
subrogation to which the Pledgor is or may become entitled under or pursuant to
enforcement of any rights of pledge created under or pursuant to this Deed are hereby
pledged to the Collateral Agent by way of a non disclosed pledge governed by the terms
of this Deed), which waiver is hereby accepted by the Collateral Agent.

	6.2	 	Evidence of indebtedness

	 	 	An excerpt from the Collateral Agent’s records shall serve as conclusive evidence (dwingend
bewijs) of the existence and the amounts of the Secured Obligations, subject to proof to
the contrary.
	 
	6.3	 	Unenforceability

	 	 	The Pledgor and the Collateral Agent hereby agree that they will negotiate in good faith to
replace any provision hereof which may be held unenforceable with a provision which is
enforceable and which is as similar as possible in substance to the unenforceable
provision.
	 
	6.4	 	Power of attorney

	 	 	The Pledgor hereby grants an irrevocable power of attorney to the Collateral Agent and any
trustee in bankruptcy (curator) or administrator (bewindvoerder) severally provided always
that the Collateral Agent may only be entitled to exercise the power of attorney granted to
it by the Pledgor under this Clause 6.4 if (i) an Enforcement Event has occurred which is
continuing and/or (ii) the Collateral Agent has received notice from the Applicable
Representative, the Loan Parties’ Agent and/or the Pledgor that the Pledgor has failed to
comply with a further assurance or perfection obligation within 10 Business Days of being
notified of that failure (with a copy of that notice being sent to the Loan Party’s Agent)
authorising the Collateral Agent to execute on its behalf all documents and to perform all
such acts on behalf of the Pledgor as the Collateral Agent may deem necessary or useful in
order to have the full benefit of the rights (to be) granted to the Collateral Agent
pursuant hereto, including (i) the exercise of any ancillary rights (nevenrechten) as well
as any other rights it has in relation to the Security Assets and (ii) the performance of
obligations of the Pledgor hereunder, which authorisations permits the Collateral Agent to
(also) act as the Pledgor’s
counterparty within the meaning of Article 3:68 Dutch Civil Code. Provided

- 11 -

 

	 	 	further that the
Collateral Agent shall not be obliged to exercise the power of attorney granted to it by
the Pledgor under this Clause 6.4 unless and until it shall have been (a) instructed to do
so by the Applicable Representative and (b) indemnified and/or secured and/or prefunded to
satisfaction.
	 
	6.5	 	Delegation

	 	 	Subject to Section 4.05 of the First Lien Intercreditor Agreement (to the extent permitted
by Dutch law), each of the Collateral Agent and any trustee in bankruptcy (curator) or
administrator (bewindvoerder) shall have full power to delegate (either generally or
specifically) the powers, authorities and discretions conferred on it by this Deed
(including the power of attorney) on such terms and conditions as it shall see fit which
delegation shall not preclude either the subsequent exercise, any subsequent delegation or
any revocation of such power, authority or discretion by the Collateral Agent or any
trustee in bankruptcy (curator) or administrator (bewindvoerder) itself.
	 
	6.6	 	Costs

	 	 	With respect to costs and expenses, Clause 9.05 (Expenses; Indemnity) of the Credit
Agreement shall apply mutatis mutandis and the provisions thereof are incorporated here by
reference.
	 
	7.	 	POWER TO TRANSFER
	 
	7.1	 	The Collateral Agent is entitled to transfer all or part of its rights and/or obligations
pursuant hereto to any replacement collateral agent appointed in accordance with the First
Lien Intercreditor Agreement, to the extent such transfer is in accordance with the terms of
the First Lien Intercreditor Agreement, and each Pledgor hereby in advance gives its
irrevocable consent to and hereby in advance irrevocably co-operates with any such transfer
(within the meaning of Articles 6:156 and 6:159 Dutch Civil Code).
	 
	7.2	 	Subject to Section 9.16 (Confidentiality) of the Credit Agreement and the terms of the other
Loan Documents the Collateral Agent is entitled to impart any information concerning the
Pledgor or the Security Assets to any (proposed) transferee.
	 
	8.	 	TERMINATION
	 
	8.1	 	Unless terminated by operation of law, the Collateral Agent’s right of pledge created
pursuant hereto shall be in full force and effect vis-à-vis the Pledgor until it shall have
terminated, in part or in whole, as described in Clauses 8.2, 8.3 and 8.4 below.
	 
	8.2	 	The Collateral Agent will be entitled to terminate by notice (opzeggen) the right of pledge
created hereunder and pursuant hereto, in part or in whole, in respect of all or part of the
Security Assets and/or all or part of the Secured Obligations. If
and insofar as the purported effect of any such termination would require a

- 12 -

 

	 	 	waiver
(afstand) by the Collateral Agent, such termination shall be construed accordingly and the
Pledgor hereby in advance agrees to such waiver.
	 
	8.3	 	The security constituted by this Deed shall be released, reassigned, re-transferred and
cancelled (as applicable):

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

	 	8.3.2	 	in accordance with, and to the extent required by, the Intercreditor
Arrangements (to the extent it is possible to give effect to such arrangements under
Dutch law) and the Pledgor hereby in advance gives its irrevocable consent to and
hereby in advance irrevocably co-operates with any such transfer (within the meaning
of Articles 6:156 and 6:159 Dutch Civil Code).

	8.4	 	If the Pledgor disposes of any Security Assets and that disposal is permitted by the
Principal Finance Documents, such Security Assets shall, unless an Enforcement Event has
occurred and is continuing, be automatically released, re-assigned, re-transferred and
cancelled (as applicable) from the security constituted by this Deed with effect from the day
of such disposal and the Collateral Agent (if so instructed by the Applicable Representatives
and at the expense and cost of the Pledgor) shall do all such acts which are reasonably
requested by the Pledgor in order to release, re-assign, re-transfer and cancel (as
applicable) the relevant Security Assets from the security constituted by this Deed. Any or
all of the Security Assets shall also be released, re-assigned, re-transferred and cancelled
(as applicable) in accordance with and to the extent permitted by the Intercreditor
Arrangements.
	 
	9.	 	NO LIABILITY

	 	 	None of the Collateral Agent, its nominee(s) or any trustee in bankruptcy (curator) or
administrator (bewindvoerder) or delegate appointed pursuant to this Deed shall be liable
by reason of (a) taking any action permitted by this Deed or (b) any neglect or default in
connection with the Security Assets or (c) the taking possession or realisation of all or
any part of the Security Assets, except to the extent provided in the Principal Finance
Documents.
	 
	10.	 	GOVERNING LAW AND JURISDICTION
	 
	10.1	 	This Deed is governed by and shall be interpreted in accordance with Dutch law. All disputes
arising from or in connection with this Deed shall be submitted to the
competent court in Amsterdam without prejudice to the Collateral Agent’s right 

- 13 -

 

	 	 	to submit
any disputes to any other competent court in The Netherlands or in any other jurisdiction.
	 
	10.2	 	If a party to this Deed is represented by (an) attorney(s) in connection with the execution
of this Deed or any agreement or document pursuant hereto, and the relevant power of attorney
is expressed to be governed by Dutch law, such choice of law is hereby accepted by the other
party, in accordance with Article 14 of the ‘The Hague Convention on the Law Applicable to
Agency’ of the fourteenth day of March nineteen hundred seventy-eight.
	 
	10.3	 	Pursuant to Article 1:15 Dutch Civil Code the Pledgor hereby designates the offices of the
Company as its domicile (woonplaats) for service of process in any proceedings in connection
with this Deed. This designation shall be without prejudice to any other method of service of
process permitted by law.
	 
	11.	 	THE COMPANY

	 	 	By signing this Deed the Company:

	 	(a)	 	acknowledges the right of pledge created over the Security Assets;

	 	(b)	 	confirms that it has been notified (medegedeeld) of the right of pledge
created over the Related Rights;

	 	(c)	 	undertakes to register in its shareholders’ register:

	 	(i)	 	the right of pledge over the Shares;

	 	(ii)	 	the conditional transfer of Voting Rights to the Collateral
Agent; and

	 	(iii)	 	that, if an Enforcement Event has occurred and is continuing
and notice is given to the Company, as set out in more detail in this Deed,
the Collateral Agent shall have the rights attributed by law to the holders of
depository receipts issued with the company’s co-operation (rechten die door
de wet zijn toegekend aan de houders van met medewerking ener vennootschap
uitgegeven certificaten van aandelen);

	 	(d)	 	confirms that the members of the management board (bestuur) of the Company
have been given the opportunity to cast an advisory vote in respect of the resolution
referred to in paragraph 3.3.1;

	 	(e)	 	represents and warrants that to the best of its knowledge and belief the
representations and warranties of the Pledgor made pursuant to Clauses 4.1.1(a) and
4.1.2(a) of this Deed are true and correct;

	 	(f)	 	represents and warrants that no Depository Receipts have been issued with
respect to the Present Shares;

	 	(g)	 	represents and warrants that no rights to acquire shares in the capital of
the Company have been issued which are still outstanding except to the extent
permitted under the terms of the Loan Documents; and

- 14 -

 

	 	(h)	 	covenants that it shall not co-operate in the issue of any Depository
Receipts or issue any (rights to acquire) shares in the capital of the Company, except
to the extent permitted under the terms of the other Loan Documents.

	12.	 	CIVIL LAW NOTARY

	 	 	Each of the parties to this Deed acknowledges that:

	 	(a)	 	Dr. T.P. van Duuren, civil law notary (notaris) in Amsterdam, The
Netherlands, is a partner of Clifford Chance LLP; and

	 	(b)	 	Clifford Chance LLP acts as the legal adviser to the Administrative Agent,
Linklaters LLP in Amsterdam acts as the Dutch legal adviser to the Collateral Agent
and that Freshfields Bruckhaus Deringer LLP in Amsterdam acts as the Dutch legal
adviser to the Pledgor and the Company in this transaction; and,

	 	 	having consulted its legal advisers, confirms its agreement and accepts that Mr. Van Duuren
aforementioned or one of his deputies (waarnemers or kandidaten) shall execute this Deed
and that this shall not prevent Clifford Chance LLP from continuing to act as legal adviser
to the Collateral Agent.

	 	 	The person appearing before me is known to me, civil law notary.

	 	 	This deed, drawn up to be kept in the civil law notary’s custody was executed in Amsterdam,
The Netherlands, on the date first above written.

	 	 	The contents of this deed were given and explained to the person appearing before me, who
then declared to have noted and approved the contents and not to require a full reading
thereof. Thereupon, after limited reading, this deed/ was signed by the person appearing
before me and by me, civil law notary.

- 15 -

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