Document:

exv4w32

Exhibit 4.32

CLOSURE
SYSTEMS INTERNATIONAL DEUTSCHLAND REAL ESTATE GMBH & CO. KG

and

SIG COMBIBLOC GMBH

as Chargors

and

THE BANK OF NEW YORK MELLON

as Collateral Agent

 

SECURITY PURPOSE AGREEMENT

relating to Land Charges

(Sicherungszweckvereinbarung)

 

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
	 	 	2	 
	2. Obligations
	 	 	6	 
	3. Realisation of Land Charges and Recourse of Personal Liability
	 	 	8	 
	4. Limitation on Application of Enforcement Proceeds
	 	 	9	 
	5. Allocation of Payments
	 	 	12	 
	6. Undertakings
	 	 	12	 
	7. Duration and Independence
	 	 	13	 
	8. Release (Sicherheitenfreigabe)
	 	 	13	 
	9. Power of Attorney
	 	 	14	 
	10. Delegation
	 	 	14	 
	11. Indemnity
	 	 	14	 
	12. No liability
	 	 	14	 
	13. Partial Invalidity; Waiver
	 	 	15	 
	14. Notices and their Language
	 	 	15	 
	15. Applicable Law; Jurisdiction
	 	 	17	 
	16. Amendments
	 	 	17	 
	17. Conclusion of the Agreement (Vertragsschluss)
	 	 	17	 
	Schedule 1 List of Original Borrowers, Original Guarantors and Original Senior
Secured Note Guarantors
	 	 	19	 
	Schedule 2 Copy of Land Register Extracts
	 	 	23	 
	Schedule 3 Existing Land Charges
	 	 	24	 
	Schedule 4 New Land Charge
	 	 	25	 
	Schedule 5 Submission Deed
	 	 	26	 
	Schedule 6 Form of Notice to Building Fire Insurance Provider
	 	 	27	 

 

 

This SECURITY PURPOSE AGREEMENT (the “Agreement”) is made on 5 November 2009

BETWEEN:

	(1)	 	Closure Systems International Deutschland Real Estate GmbH & Co. KG a limited partnership
(Kommanditgesellschaft) organised under the laws of the Federal Republic of Germany having its
business address at Mainzer Straße 185, 67547 Worms, Germany which is registered in the
commercial register (Handelsregister) of the local court (Amtsgericht) of Mainz under HRA
11441 (the “Chargor 1”);

	(2)	 	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 “Chargor 2”); and

	(3)	 	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) for the Secured Parties (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 I
of Schedule 1 hereto as original borrowers (the “Original Borrowers”), the parties listed in
Part 2 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”), certain affiliates of the Issuers listed in
Part 3 of Schedule 1as 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)	 	Chargor 1 has agreed to grant the New Land Charge (as defined below) to the Collateral Agent,
Credit Suisse has agreed to assign Existing Land Charges (as defined below) to the Collateral
Agent and Chargor 2 has agreed to enter into the Deed of Submission (as defined below) in each
case as security for the Secured Parties’ (as

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	 	 	defined below) (or any of them) respective claims against the Grantors (as defined below) 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, supplemented, superseded or extended from time
to time, the “First Lien Intercreditor Agreement”).

	(E)	 	Chargor 2 has entered into a security purpose agreement in relation to the Existing Land
Charges in connection with certain existing financing arrangements with Credit Suisse and
others (such security purpose agreement being 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 Chargor 2, 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.

	 	 	“Assignment of Claims” has the meaning given to such term in sub-Clause 2.4.

	 	 	“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.

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	 	 	“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.

	 	 	“Encumbered Property” means the real property (Grundbesitz) encumbered by the Land Charges.

	 	 	“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.

	 	 	“Existing Land Charges” means the land charges each plus interest and additional benefits
(Nebenleistung) (if any) and including the personal liability (Übernahme der persönlichen
Haftung) assumed under, or in connection with, the notarial deed having created the
respective land charges as set out in Schedule 3 (Existing Land Charges) hereto.

	 	 	“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.

	 	 	“Grantors’ Agent” shall mean 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

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	 	 	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.

	 	 	“Land Charges” means the Existing Land Charges, the New Land Charge and the Submission Deed.

	 	 	“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

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	 	 	(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.

	 	 	“New Land Charge” means the land charge plus interest and additional benefits
(Nebenleistung) (if any) and including the personal liability (Übernahme der persönlichen
Haftung) assumed under, or in connection with, the notarial deed having created the land
charges as set out in Schedule 4 (New Land Charge) hereto.

	 	 	“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.

	 	 	“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.

	 	 	“Qualifying Institution” means a person or institution which is beneficially entitled to
interest payable to it in respect of an advance under a Credit Document or to any fees
payable thereunder and which:

	 	(a)	 	is German resident for German tax purposes; or
	 
	 	(b)	 	has a branch or a permanent establishment in Germany effectively connected with
that person’s or institution’s participation in such advance or fee; or
	 
	 	(c)	 	is (x) treated as resident (for the purposes of the relevant double taxation
agreement) in a jurisdiction having a double taxation agreement with the Federal
Republic of Germany giving exemption from any federal or local tax otherwise imposed by
the Federal Republic of Germany or any political subdivision thereof on all payments
hereunder or under the Credit Documents and is (y) not excluded from the benefit of
such exemption.

	 	 	“Secured Parties” shall mean the Lenders (in their capacity as lenders), the Local Facility
Providers, and the Cash Management Banks, the Hedge Counterparties, the Administrative
Agent, any Issuing Bank, the beneficiaries of each indemnification

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	 	 	obligation undertaken by any Grantor under any Credit Document, the Senior Secured Note
Holders, the Indenture Trustee and the Collateral Agent, provided that in all cases with
respect to the relevant party’s capacity as a lender and creditor of claims for repayments
of principal or interest or any other claim arising under any loan (Darlehen) in each case
the relevant party is a Qualifying Institution.

	 	 	“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.

	 	 	“Submission Deed” means the notarial deed for the submission to immediate enforcement
(Zwangsvollstreckungsunterwerfung) as set out in Schedule 5 (Submission Deed) hereto.

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.

	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.	 	OBLIGATIONS

	2.1	 	The Land Charges plus interest and additional benefits (Nebenleistung) and the Assignment of
Claims are constituted in order to secure the prompt and complete satisfaction of the
Obligations.

	2.2	 	The Land Charges and the Assignment of Claims shall secure any future extension of the
Obligations and the Chargors herewith explicitly consent to any such extension or increase of
the Obligations.

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	2.3	 	If there are other land charges or mortgages (Grundschulden, Hypotheken) on the Encumbered
Property ranking in priority or equal to the Land Charges each Chargor hereby assigns to the
Collateral Agent all claims it has to reassignment of such prior and/or equal ranking land
charges or mortgages, including any part thereof, together with interest and ancillary rights,
the right to be issued a consent of deletion (Löschungsbewilligung), a declaration of waiver
(Verzichtserklärung) and/or a declaration of non-valuation (Nicht-Valutierungserklärung) as
well as all claims to payment of any excess proceeds (Übererlöse) in the event such land
charge or mortgage is realized (including all claims to current account balances
(Saldoforderungen) arising from inclusion of such excess proceeds in a current account
arrangement (Kontokorrentvereinbarung)). If the right to the reassignment of the prior and/or
equal ranking land charges or mortgages have already been assigned to another person, the
right to the reassignment of these rights is hereby assigned. If any return claim
(Rückgewährungsanspruch) of a prior or equal ranking land charge and/or mortgage has been
assigned to a third party, each Chargor hereby assigns the claim of reassignment to the
Collateral Agent. Each Chargor shall promptly notify the Collateral Agent after claims
specified in this Clause 2.3 have arisen and the Collateral Agent shall be entitled to
notify the debtors of the rights under this Clause 2.3.

	2.4	 	In relation to certificated land charges and mortgages (Briefgrundschulden, Hypotheken), the
right to be provided with the certificate and the right to present such certificate at the
land registry in order to create part certificates (Teilgrund-schuldbriefe) shall also be
assigned to the Collateral Agent.

	 	 	(the assignments mentioned in sub-Clause 2.3 and sub-Clause 2.4 above are together referred
to as the “Assignment of Claims”.)

	2.5	 	The Collateral Agent hereby accepts the Assignment of Claims.

	2.6	 	The Assignment of Claims is made with the proviso that each prior or pari passu ranking land
charge transferred or to be transferred to the Collateral Agent upon maturity of any
restitution claim assigned to the Collateral Agent shall serve as security for, and may be
enforced to satisfy, the Obligations in addition to and without limitation to the amount
(Grundschuldbetrag) of the Land Charges. In respect of such additional land charges, the
provisions of this Agreement shall apply correspondingly.

	2.7	 	The Collateral Agent is entitled to give notice of the Assignment of Claims to the relevant
third party obligors in any way it deems appropriate, including by sending a copy of this
Agreement. The Collateral Agent is also entitled to obtain information from the beneficiaries
of any prior or pari passu ranking land charges with respect to the claims secured by such
land charges.

	2.8	 	Upon the reasonable request of the Collateral Agent, each Chargor shall make all declarations
which are necessary in order to enforce the Assignment of Claims. The Collateral Agent shall
be entitled to obtain information from the beneficiaries of the prior ranking and equal
ranking land charges and mortgages with respect to the claims that such beneficiaries have
secured against these land charges and mortgages.

	2.9	 	All amounts from time to time received by the Collateral Agent from the Chargors (if any)
shall be applied towards the Obligations in accordance with the First Lien

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	 	 	Intercreditor Agreement and the Credit Documents and shall not reduce the nominal amount of
the Land Charges unless any of the Chargors in an individual case legitimately makes payment
on the relevant Land Charges.

	3.	 	REALISATION OF LAND CHARGES AND RECOURSE OF PERSONAL LIABILITY

	3.1	 	In addition to any termination right arising under the laws of the Federal Republic of
Germany, the Collateral Agent is entitled to terminate (kündigen) the Land Charges (or any of
them) (in particular any land charge that is not already due for payment) upon the occurrence
of a Default. For the avoidance of doubt, if the Collateral Agent after terminating the Land
Charges refrains from enforcing such Land Charges (e.g. because the respective Default has
been remedied or waived at any time after the declaration of termination), the Collateral
Agent is entitled to enforce such Land Charge without any further declaration of termination
provided that the Land Charges can only be enforced if the requirements set out in sub-Clause
3.2 below are met.

	3.2	 	If (i) an Enforcement Event has occurred and is continuing and (ii) any of the Obligations is
due and payable and unpaid, the Collateral Agent may realise any or all of the Land Charges by
way of public auction (Zwangsversteigerung) or forced administration (Zwangsverwaltung).

	3.3	 	If the requirements for enforcement referred to under Clause 3.2 have been met, the
Collateral Agent may also realise the Land Charges by way of a private sale (freihändiger
Verkauf). For the avoidance of doubt, the Collateral Agent may only enforce any land charge
granted after 19 August 2008 (or any part thereof) by way of public auction or forced
administration in accordance with the mandatory requirements of Section 1193 of the German
Civil Code (Bürgerliches Gesetzbuch). If the Collateral Agent decides in its free discretion
to enforce the Land Charges by way of private sale, it may only sell the relevant Land Charge
together with and in an amount which is adequate in proportion to the claims secured thereby.

	3.4	 	The Collateral Agent will notify the relevant Chargor at least five (5) business days prior
to the commencement of any enforcement measures (Zwangsvollstreckungsmaßnahmen). The same
applies in case of a private sale in relation to the Land Charges as referred to in Clause
3.3 above. No such notice shall be required if (i) the relevant Chargor has generally ceased
to make payments, or (ii) an application for the institution of insolvency proceedings is
filed by or against the relevant Chargor 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.

	3.5	 	If the Collateral Agent should seek to realise the Land Charges (or any part thereof) in
accordance with the provisions of this Agreement, each Chargor shall, at its own expense,
render forthwith all necessary assistance in order to facilitate the prompt realisation of the
Land Charges (or any part thereof) and/or the exercise by the Collateral Agent of any other
right it may have in relation to the Land Charges.

	3.6	 	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.

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	3.7	 	Given the non-accessory nature of this security, the Chargors have 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.

	3.8	 	No Chargor shall at any time before, on or after an enforcement of the security created
hereunder and as a result of the relevant Chargor entering into this Agreement, be entitled to
demand indemnification or compensation from any other Grantor or to assign any of these
claims.

	4.	 	LIMITATION ON APPLICATION OF ENFORCEMENT PROCEEDS

	4.1	 	The Collateral Agent shall be entitled to apply proceeds of an enforcement of the Land
Charges towards satisfaction of the Obligations without limitation in respect of:

	 	(a)	 	all and any amounts which are owed under the Credit Documents by the relevant
Chargor 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 borrowed,
on-lent or otherwise passed on to, or issued for the benefit of, the relevant Chargor
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”).

	4.2	 	Besides an application of proceeds from an enforcement of the Land Charges towards
satisfaction of the Obligations in respect of the Unlimited Enforcement Amount applicable to
the relevant Chargor pursuant to Clause 4.1 above, the Collateral Agent shall not be
entitled to apply proceeds of an enforcement of the Land Charges towards satisfaction of the
Obligations but shall return to the relevant Chargor proceeds of an enforcement of the Land
Charges if and to the extent that:

	 	(a)	 	the relevant Land Charges secures the obligations of a Grantor which is (x) a
shareholder of the relevant Chargor 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 relevant Chargor (other than the relevant
Chargor and its subsidiaries); and
	 
	 	(b)	 	the application of proceeds of an enforcement of the relevant Land Charges
towards the Obligations would have the effect of (x) reducing the relevant Chargor’s
(or, in case of Chargor 1 its general partner’s (Komplementär)) net assets
(Reinvermögen) (the “Net Assets”) to an amount of less than the relevant Chargor’s (or,
in case of Chargor 1, its general partner’s (Komplementär)) stated share capital
(Stammkapital) or, if the Net Assets are already an amount of less than the relevant
Chargor’s (or, in case of Chargor 1, its general partner’s (Komplementär)) 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 relevant Chargor’s (or, in case
of Chargor 1 its general partner’s (Komplementär)) stated share capital (Stammkapital)
according to section 30, 31 German Limited Liability Companies Act (Gesetz betreffend
die Gesellschaften mit beschränkter Haftung) provided that the

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	 	 	 	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 Administrative Agent.

	4.3	 	The Net Assets shall be calculated as an amount equal to the sum of the values of the
relevant Chargor’s (or, in case of Chargor 1 its general partner’s (Komplementär)) 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 relevant Chargor’s (or, in case of Chargor 1 its general partner’s
(Komplementär)) 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:

	 	(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 relevant Chargor’s (or, in case of Chargor 1 its general partner’s
(Komplementär)) business (nicht betriebsnotwendig) shall be taken into account with its
market value;
	 
	 	(b)	 	obligations under loans provided to the relevant Chargor (or, in case of
Chargor 1 its general partner (Komplementär)) 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 relevant Chargor (or, in case of Chargor 1 its general partner
(Komplementär)); and
	 
	 	(c)	 	obligations under loans or other contractual liabilities incurred by the
relevant Chargor and/or in case of Chargor 1 its general partner (Komplementär) 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 relevant Chargor (or, in case
of Chargor 1 its general partner (Komplementär)) in the preparation of its most recent
annual balance sheet (Jahresbilanz).

	 	 	It being understood that the assets of the relevant Chargor (or, in case of Chargor 1 its
general partner (Komplementär)) will be assessed at liquidation values (Liquidationswerte)
if the managing directors of the relevant Chargor (or, in case of Chargor 1 its general
partner (Komplementär)) 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 relevant Chargor (or, in case of
Chargor 1 its general partner (Komplementär)) can carry on as a going concern (positive
Fortführungsprognose), in particular when the security created under this Agreement is
enforced.

- 10 -

 

	4.4	 	The limitations set out in Clause 4.2 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 the Land Charges
by the relevant Chargor (the “Notice”), the relevant Chargor has confirmed in writing
to the Collateral Agent (x) to what extent the Land Charges are up-stream or
cross-stream security as described in Clause 4.2 above and (y) which amount of
proceeds of an enforcement of the Land Charges attributable to the enforcement of such
up-stream or cross-stream security cannot be applied towards satisfaction of the
Obligations but would have to be returned to the relevant Chargor as it would otherwise
cause the Net Assets of the relevant Chargor (or, in case of Chargor 1 its general
partner (Komplementär)) to fall below its (or, in case of Chargor 1 its general
partner’s (Komplementär)) stated share capital (taking into account the adjustments set
out in Clause 4.3 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 relevant Chargor’s (or, in case of Chargor 1 its general
partner’s (Komplementär)) 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 relevant Chargor 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 relevant Chargor’s
(or, in case of Chargor 1 its general partner’s (Komplementär)) Net Assets (the
“Balance Sheet”). The Balance Sheet shall be prepared in accordance with the principles
set out in Clause 4.3 above, provided that the final sentence of Clause 4.3 above
shall not apply unless the Determining Auditors have in an independent assessment
determined that the assets of the relevant Chargor (or, in case of Chargor 1 its
general partner (Komplementär)) 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 4.3 above. If the relevant Chargor fails to deliver a
Balance Sheet within the aforementioned time period, the Collateral Agent shall be
entitled to apply the proceeds of an enforcement of the Land Charges towards
satisfaction of the Obligations irrespective of the limitations set out in Clause 4.2
above.

	4.5	 	If the Collateral Agent disagrees with the Balance Sheet it shall be entitled to apply
proceeds of an enforcement of the Land Charges in satisfaction of the Obligations up to an
amount which, according to the Balance Sheet, can be applied in satisfaction of the
Obligations in compliance with the limitations set out in Clause 4.2 above. In relation to
any additional amounts for which the relevant Chargor is liable under this Agreement, the
Collateral Agent shall be entitled to further pursue the claims of the Secured Parties (if
any) and the relevant Chargor shall be entitled to prove that this amount is necessary for
maintaining its (or, in case of Chargor 1 its general partner’s (Komplementär)) stated share
capital (calculated as of the date the Collateral Agent has given notice that they intend to
enforce the security created under this Agreement).

- 11 -

 

	4.6	 	No reduction of the amount enforceable or applicable towards satisfaction of the Obligations
under this Clause 4 will prejudice the right of the Collateral Agent to continue enforcing
the Land Charges (subject always to the operation of the limitations set out above at the time
of such enforcement) until full satisfaction to the claims secured.

	5.	 	ALLOCATION OF PAYMENTS

	 	 	The proceeds of the foreclosure or any other way of realisation of the Land Charges and any
payments made by the Chargors shall be applied by the Collateral Agent in accordance with
the First Lien Intercreditor Agreement in order to satisfy any outstanding Obligations.

	6.	 	UNDERTAKINGS

	6.1	 	Unless otherwise permitted by or agreed under the Principal Finance Documents, during the
term of this Agreement, each Chargor undertakes to the Collateral Agent:

	 	(a)	 	to promptly notify the Collateral Agent of (i) any change in the Encumbered
Property of which it is or becomes aware which may reasonably be expected to affect the
legality, validity or binding effect of this Agreement or the relevant Land Charges,
(ii) any encumbrance on or attachment of the Encumbered Property or (iii) of any other
action which would materially adversely affect or jeopardise the rights of the
Collateral Agent under this Agreement;
	 
	 	(b)	 	to furnish the Collateral Agent promptly upon request with such other
information as the Collateral Agent considers, in its reasonable judgment as necessary
for the assessment, perfection and/or enforcement of the Land Charges and the other
security rights created thereunder;
	 
	 	(c)	 	to cancel or cause to be cancelled each hereditary building right in favour of
the owner (Eigentümererbbaurecht) or land charge in favour of the owner
(Eigentümergrundschuld) or other right in rem in favour of the owner registered in
Section 2 or Section 3 (Abteilung II oder Abteilung III) of the relevant land registers
(Grundbücher) pertaining to the Encumbered Property, such rights existing or coming
into existence during the term of this Agreement;

	6.2	 	to inform the Collateral Agent without undue delay of all existing building fire insurances
(Gebäudefeuerversicherung) and of any new building fire insurances taken out in the future for
the Encumbered Property; the Collateral Agent is hereby authorised to notify the respective
insurers of the Land Charges substantially in the form set out in Schedule 6 (Form of Notice
to Building Fire Insurance Provider).

	6.3	 	to inform the Collateral Agent without undue delay in writing of any attachment
(Beschlagnahme) in respect of any of the Encumbered Properties or part thereof and any third
parties bringing claims in respect of any of the Encumbered Properties or part thereof or any
other measures, in each case which would impair or jeopardize the Collateral Agent’s rights
relating to any of the Encumbered Properties or materially impair their value, such notice to
be accompanied by any documents the Collateral Agent might need to preserve its rights in
relation to the Encumbered Properties. In the event of an attachment, the Chargors undertake
to forward to the Collateral Agent without undue delay a copy of the public auction or forced
administration order

- 12 -

 

	 	 	(Beschluss über die Anordnung der Zwangsversteigerung oder Zwangsverwaltung) and all other
documents necessary or expedient to enable the Security Trustee to preserve its rights in
relation to the Encumbered Properties. The Chargors shall inform the attaching creditor of
the Collateral Agent’s security interests without undue delay; and

	6.4	 	upon request of the Collateral Agent (acting reasonably), to assist with and consent to any
legally permitted divisions of any of the Land Charges, any rank which the Collateral Agent
may assign to the resulting Land Charges and to the allocation of any Land Charge to certain
Encumbered Properties, any transformation of a registered Land Charge (Buchgrundschuld) into a
certificated Land Charge (Briefgrundschuld) (and vice versa) or any transformation of a Land
Charge into a mortgage (Hypothek) (and vice versa) and to do all acts and make all
declarations related thereto provided that the Collateral Agent has a legitimate interest to
require such actions.

	7.	 	DURATION AND INDEPENDENCE

	7.1	 	This Agreement shall remain in full force and effect until complete and irrevocable
satisfaction of the Obligations. The security created hereunder shall not cease to exist, if
the Chargors have only temporarily discharged the Obligations.

	7.2	 	This Agreement shall create a continuing security and no change, amendment, or supplement
whatsoever in the Credit Documents or in any document or agreement 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 Chargors pursuant to it.

	7.3	 	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.

	7.4	 	Waiving Section 418 of the German Civil Code (applied by analogy), each Chargor 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.

	8.	 	RELEASE (SICHERHEITENFREIGABE)

	8.1	 	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 Chargors release the Land Charges, plus
interest and additional benefits (Nebenleistungen) (if any), as well as any other rights
transferred under the Assignment of Claims (as relevant) and surrender the excess proceeds, if
any, resulting from any enforcement or realisation of any Land Charge. The Collateral Agent
will, however, transfer any Land Charge and the other rights referred to in the sentence above
to a third person if so required by law.

	8.2	 	At any time when the total value of the aggregate security granted by the Chargors and 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 Collateral Agent shall on demand of the
Chargors release such part of the Security (Sicherheitenfreigabe) as the Collateral Agent may
in its reasonable discretion (as

- 13 -

 

	 	 	instructed in accordance with the First Lien Intercreditor Agreement) determine so as to
reduce the realisable value of the Security to the Limit.

	8.3	 	The Collateral Agent (as instructed in accordance with the First Lien Intercreditor
Agreement) will as soon as reasonably practicable declare in writing the release and
assignment of the Land Charges to the Chargors in accordance with, and to the extent required
by, the Intercreditor Arrangements.

	9.	 	POWER OF ATTORNEY

	 	 	Each Chargor, by way of security for its obligations under this Agreement, irrevocably
appoints the Collateral Agent to be its attorney (Stellvertreter) to do anything which the
relevant Chargor is required to do under this Agreement but has failed to do (and the
Collateral Agent may delegate that power on such terms as it sees fit). For this purpose
each Chargor 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 relevant Chargor under this Agreement which is required for
the creation, perfection and enforcement of the security interest created hereunder and
under the Land Charges, if the relevant Chargor has not complied with the obligations
imposed on that Chargor within 10 business days of being notified of such failure to comply
(with a copy of such notice being sent to Reynolds Group Holdings Limited) 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
Chargors under this Clause 9 unless and until it shall have been (i) instructed to do so
in accordance with the Principal Finance Documents and (ii) indemnified and/or secured
and/or prefunded to its satisfaction.

	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 (including the
power of attorney in Clause 9) 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

	 	 	To the extent set out in the First Lien Intercreditor Credit Agreement, the Chargors 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 Chargors 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 Land Charges.

	12.	 	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

- 14 -

 

	 	 	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.	 	PARTIAL INVALIDITY; WAIVER

	13.1	 	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.

	13.2	 	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.

	14.	 	NOTICES AND THEIR LANGUAGE

	14.1	 	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 Chargor 1:

	 	Closure Systems
International
Deutschland Real
Estate GmbH & Co.
KG
	 
	 	 	 	 
	 

	 	Address:
	 	Mainzer Straße 185
	 

	 	 	 	67547 Worms
	 

	 	 	 	Germany
	 
	 	 	 	 
	 

	 	Telephone:
	 	+49 6241 400 10
	 
	 	 	 	 
	 

	 	Fax:
	 	+49 6241 400 187
	 
	 	 	 	 
	 

	 	Attention:
	 	Managing directors

(Geschäftsführung)

- 15 -

 

	 	 	 	 	 
	For Chargor 2:

	 	SIG Combibloc GmbH
	 
	 	 	 	 
	 

	 	Address:
	 	Rurstraße 58,
	 

	 	 	 	52441 Linnich
	 

	 	 	 	Germany
	 
	 	 	 	 
	 

	 	Telephone:
	 	+49 2462 79 0
	 
	 	 	 	 
	 

	 	Fax:
	 	+49 2462 79 2519
	 
	 	 	 	 
	 

	 	Attention:
	 	Managing directors

(Geschäftsführung)
	 
	 	 	 	 
	With a copy of each
notice to the Chargors:
	 	 	 	 
	 
	 	 	 	 
	 

	 	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
	 
	 	 	 	 
	For the Collateral Agent:

	 	The Bank of New
York Mellon
	 
	 	 	 	 
	 

	 	Address:
	 	101 Barclay Street, 4E
	 

	 	 	 	New York, N.Y. 10286
	 

	 	 	 	United States of America
	 
	 	 	 	 
	 

	 	Telephone:
	 	+212 298 1528
	 
	 	 	 	 
	 

	 	Fax:
	 	+212 8155366
	 
	 	 	 	 
	 

	 	Attention:
	 	International Corporate Trust

- 16 -

 

	14.2	 	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.
	 
	14.3	 	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 14 or
in accordance with the latest unrevoked direction from such party given in accordance with
this Clause 14.
	 
	14.4	 	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.
	 
	15.	 	APPLICABLE LAW; JURISDICTION
	 
	15.1	 	This Agreement is governed by the laws of the Federal Republic of Germany.
	 
	15.2	 	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 Chargors in any other court of
competent jurisdiction. Further, the taking of proceedings against the Chargors 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.
	 
	16.	 	AMENDMENTS
	 
	 	 	Changes and amendments to this Agreement including this Clause 16 shall be made in
writing, unless notarial form by operation of law is required.
	 
	17.	 	CONCLUSION OF THE AGREEMENT (VERTRAGSSCHLUSS)
	 
	17.1	 	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.
	 
	17.2	 	If the parties to this Agreement choose to conclude this Agreement pursuant to sub-Clause
17.1 above, they will transmit the signed signature page(s) of this Agreement to the
attention of Corinna May or Philipp Kropatscheck (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 page(s)

- 17 -

 

	 	 	(Zugang der Unterschriftsseite(n)) from all parties to this Agreement and at the time of the
receipt of the last outstanding signature page(s).

	17.3	 	For the purposes of this Clause 17 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, each Recipient will have no further duties connected
with its position as Recipient. In particular, each Recipient 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.

- 18 -

 

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)

SIG Combibloc Group AG (Switzerland)

SIG Finanz AG (Switzerland)

SIG Technology AG (Switzerland)

- 19 -

 

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)

Bakers Choice Products, Inc. (Delaware, USA)

Reynolds Consumer Products Inc. (Delaware, USA)

Reynolds Foil Inc. (Delaware, USA)

Reynolds Services Inc. (Delaware, USA)

- 20 -

 

PART 3 — ORIGINAL NOTES 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)

Closure Systems International Deutschland GmbH (Germany)

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

- 21 -

 

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)

- 22 -

 

SCHEDULE 2

COPY OF LAND REGISTER EXTRACTS

- 23 -

 

SCHEDULE 3

EXISTING LAND CHARGES

- 24 -

 

SCHEDULE 4

NEW LAND CHARGE

- 25 -

 

SCHEDULE 5

SUBMISSION DEED

- 26 -

 

SCHEDULE 6

FORM OF NOTICE TO BUILDING FIRE INSURANCE PROVIDER

	 	 	 	 	 	 	 

	 	 	Interne Angabe der Bank/Ablagehinweise
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 
 	 	 
	Grundstücksbelastung
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Anmeldung und Versicherungsbestätigung
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	     Versicherer (Name und Anschrift)	 	Versicherungsnehmer (Name und Anschrift)
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	 
	 	 	Versicherungsgrundstück (nur angeben, wenn abweichend von o.a. Anschrift)
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	 
	 	 	eingetragen beim Amtsgericht in
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	 
	 

	 	von
	 	Band
	 	Blatt
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 	Versicherungsschein-Nummer der Feuerversicherung
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	 
	 	 	Grundstückseigentümer (wenn abweichend vom Versicherungs-nehmer)
	 
	 
	 	 	 	 	 	 
	 	 	 
	 
	 	 	 	 	 	 
	Anmeldung des Kreditinstituts

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 
	Das oben benannte Grundstück ist zu unseren Gunsten mit einem Grundpfandrecht belastet. Wir melden dieses Grundpfandrecht hier-mit an und bitten um
Bestätigung unserer Anmeldung sowie um Auskunft über Art und Höhe der Feuerversicherung.
	 
	 	 	 	 	 	 
	 	 	Datum und Unterschrift des Kreditinstituts
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	 

- 27 -

 

Bestätigung des Versicherers

Wir haben zur Kenntnis genommen, dass das oben benannte Grundstück mit einem Grundpfandrecht für Sie belastet ist. Die auf dem Grundstück befindlichen
Gebäude sind bei uns auf Grund des bestehenden Versicherungsverhältnisses mit folgenden Versicherungs-summen gegen Feuerschäden versichert:

Gleitender Neuwert

	 	 	 	 	 	 	 
	VS 1914 Mark	 	Neuwert (€)1	 	Zeitwert (€)1	 	Versicherungsbeginn
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 
	 	 
	 	 
	Selbstbeteiligung (in Prozent)
	 	Selbstbeteiligung (€)1	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

 

	 	 

 

	 	 	 	 
	Eine Erhöhung der dinglichen Belastung ist nicht meldepflichtig.

Ist über die Versicherung ein Sammelversicherungsschein ausgestellt, so wird diese Bestätigung zugleich im Namen der beteiligten Versicherer erteilt.
Maßgebend für die anteilige Haftung ist der am Schadentag gültige Verteilungsplan laut Versicherungsvertrag.

Blatt 2 bitte zurücksenden an:

	 	 	 	 	 

	BLZ

	 	Für interne Angaben des Kreditinstituts	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 
 

	 	 
 

	 	 
	Kreditinstitut (Name und Anschrift	 	Datum und Unterschrift des Versicherers
	 
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	1    Bitte unbedingt Betrag und Währungsbezeichnung eintragen.

- 28 -

 

SIGNATURE PAGE

This Senior Security Purpose Agreement has been entered into on the date stated at the beginning
by:

Closure Systems International Deutschland Real Estate GmbH & Co. KG

as Chargor 1 acting through its general partner (Komplementär) Closure Systems International
Deutschland GmbH

	 	 	 	 	 	 	 

	By:
	 	 	 	By:	 	 
	 
	 	 	 	 
	 
	Name:	 	 	 	Name:	 
	 
	Title:	 	 	 	Title:	 
	 
	 	 	 	 	 	 
	SIG Combibloc GmbH	 	 	 	 
	as Chargor 2	 	 	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	By:	 	 
	 
	 	 	 	 
	 
	Name:	 	 	 	Name:	 
	 
	Title:	 	 	 	Title:	 
	 
	 	 	 	 	 	 
	The Bank of New York Mellon	 	 	 	 
	as Collateral Agent	 	 	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	By:	 	 
	 
	 	 	 	 
	 
	Name:	 	 	 	Name:	 
	 
	Title:	 	 	 	Title:	 

- 29 -exv4w33

			
	
	 	EXHIBIT 4.33

CLOSURE SYSTEMS INTERNATIONAL B.V.

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 CLOSURE SYSTEMS INTERNATIONAL HOLDINGS

(GERMANY) 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
	 	 	6	 
	2. Pledged Shares
	 	 	11	 
	3. Pledge
	 	 	11	 
	4. Scope of the Pledges
	 	 	12	 
	5. Purpose of the Pledges
	 	 	13	 
	6. Exercise of Membership Rights
	 	 	13	 
	7. Enforcement of the Pledges
	 	 	13	 
	8. Unlawful financial assistance
	 	 	15	 
	9. Approval and Confirmation
	 	 	15	 
	10. Undertakings of the Pledgor
	 	 	15	 
	11. Delegation
	 	 	17	 
	12. Indemnity
	 	 	17	 
	13. No Liability
	 	 	17	 
	14. Duration and Independence
	 	 	18	 
	15. Release of Pledge (Pfandfreigabe)
	 	 	18	 
	16. Partial Invalidity; Waiver
	 	 	19	 
	17. Amendments
	 	 	19	 
	18. Notices and their Language
	 	 	19	 
	19. Notification
	 	 	21	 
	20. Applicable Law, Jurisdiction
	 	 	21	 
	Schedule 1 List of Financial Institutions, Original Borrowers and Original Guarantors
	 	 	23	 
	Part 1 List of Financial Institutions
	 	 	23	 
	Part 2 List of Original Borrowers
	 	 	24	 
	Part 3 List of Original Guarantors
	 	 	25	 
	Part 4 List of Original Senior Secured Note Guarantors
	 	 	27	 

- 1 -

 

	 	 	 	 	 
	Clause	 	Page	 
	Schedule 2 Copy of Shareholders List (Gesellschafterliste)
	 	 	29	 

- 2 -

 

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

	 	 	Closure Systems International B.V., having its business address at Teleportboulevard 140,
1043 EJ Amsterdam, The Netherlands,

	 	 	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

	 	 	Closure Systems International Holdings (Germany) GmbH, having its business address at
Mainzer Straße 185, 67547 Worms, 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

- 3 -

 

	 	 	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.

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:

- 4 -

 

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

BETWEEN:

	(1)	 	Closure Systems International B.V., a private company with limited liability (besloten
vennootschap met beperkte aansprakelijkheid), incorporated under the laws of The Netherlands,
having its corporate seat (statutaire zetel) in Amsterdam, The Netherlands and its registered
address at Teleportboulevard 140, 1043 EJ Amsterdam, The Netherlands, which is registered
under registration number 34291082 with the Chamber of Commerce (the “Pledgor”);

	(2)	 	Closure Systems International Holdings (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 Worms, Germany and its business address at Mainzer Straße
185, 67547 Worms, Germany, which is registered in the commercial register (Handelsregister) of
the local court (Amtsgericht) of Mainz under HRB 41388 (the “Company”);

	(3)	 	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

	(4)	 	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 3 and 4 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”), certain affiliates of the Issuers listed in Part
4 of Schedule 1 as original senior secured note guarantors

- 5 -

 

	 	 	(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 Company
(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 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

- 6 -

 

	 	 	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.

	 	 	“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 Company (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 the Company
(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.

- 7 -

 

	 	 	“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.

	 	 	“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

- 8 -

 

	 	 	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 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.

- 9 -

 

	 	 	“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 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.

- 10 -

 

	2.	 	PLEDGED SHARES

	2.1	 	The Company has a nominal share capital (Stammkapital) of EUR 25,000 (in words: Euro
twenty-five thousand) which consists of one share with the serial number (laufende Nummer)
1(the “Existing Shares”).

	2.2	 	The Pledgor is the owner of the Existing Shares and is registered as such in the shareholders
list (Gesellschafterliste) of the Company as filed (aufgenommen) with the commercial register
(Handelsregister), a copy of which is attached as Schedule 2 (Copy of Shareholders List).
	 
	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.

	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 the Company. 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.

- 11 -

 

	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
Company, 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 the Company arising under or in connection with any
domination and/or profit transfer agreement (Beherrschungs- und/oder
Gewinnabführungsvertrag) or partial profit transfer agreement
(Teilgewinnabführungsvertrag) which may be entered into between the Pledgor and the
Company).

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

- 12 -

 

	 	 	 	the Company or in connection with the reduction of the amount of the registered
share capital of the Company; and
	 
	 	(c)	 	all cash paid, payable or otherwise distributed in respect of the principal of,
or in redemption of, or in exchange for the Shares,

	 	 	shall be forthwith delivered to the 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 10 or any other obligation under
this Agreement.
	 
	7.	 	ENFORCEMENT OF THE PLEDGES

	7.1	 	If (i) an Enforcement Event has occurred and is continuing and (ii) the requirements set
forth in Sections 1273 para 2, 1204 et seq. of the German Civil Code with regard to the
enforcement of any of the Pledges are met (Pfandreife), in particular, if any of the
Obligations has become due and payable, then in order to enforce the Pledges (or any of them),
the 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).

- 13 -

 

	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 10.6 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 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 Company 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

- 14 -

 

	 	 	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 the Company or the Company’s affiliates or to assign any of these claims.
	 
	8.	 	UNLAWFUL FINANCIAL ASSISTANCE

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

	 	 	The Pledgor as the sole shareholder of the Company hereby approves the Pledges over the
Shares and over any and all ancillary rights and claims associated with the Shares (as more
particularly specified in Clause 4) and pursuant to the articles of association of the
Company the Pledges are not subject to any approval of the Company.
	 
	10.	 	UNDERTAKINGS OF THE PLEDGOR

	 	 	Unless otherwise agreed between the parties, during the term of this Agreement, the Pledgor
undertakes to each of the Pledgees:

	10.1	 	to promptly effect any contributions in cash (Bareinlage) or kind (Sacheinlage) to be made in
respect of the Shares;

	10.2	 	to inform the Collateral Agent promptly of any change made in the registered share capital of
the Company, or any changes made to the articles of association of the Company which would
materially adversely affect the security interest of the Collateral Agent and in each such
case to promptly deliver to the Pledgees, by 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);

	10.3	 	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).

- 15 -

 

	10.4	 	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;

	10.5	 	in the event of any increase in the capital of the Company, 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;

	10.6	 	to promptly inform the Pledgees, by notification in writing to the Collateral Agent, of all
matters concerning the Company 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 the Company as attendants without power to vote. Subject to the
provision contained in sub-Clause 14.1, the Pledgees’ right to attend a shareholders’ meeting
shall lapse immediately upon complete satisfaction and discharge of the Obligations;

	10.7	 	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;

	10.8	 	not to amend the articles of association of the Company to the extent that such amendment
would materially adversely affect the security interest of the Pledgees created hereunder
without the prior written consent of the Pledgees, acting through the Collateral Agent (such
consent not to be unreasonably withheld);

	10.9	 	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

	10.10	 	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.

- 16 -

 

	11.	 	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.
	 
	12.	 	INDEMNITY

	 	 	The Pledgor shall reimburse the Collateral Agent (which, for purposes of this Clause 12,
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 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.
	 
	13.	 	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

- 17 -

 

	 	 	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.
	 
	14.	 	DURATION AND INDEPENDENCE

	14.1	 	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.

	14.2	 	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.

	14.3	 	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.

	14.4	 	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.

	15.	 	RELEASE OF PLEDGE (PFANDFREIGABE)

	15.1	 	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.

	15.2	 	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.

	15.3	 	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.

- 18 -

 

	16.	 	PARTIAL INVALIDITY; WAIVER

	16.1	 	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.

	16.2	 	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.

	16.3	 	In particular, the Pledges shall not be affected and shall in any event extend to any and all
shares in the Company even if the number or nominal value of the Existing Shares or the
aggregate share capital of the Company as stated in Clause 2 are inaccurate or deviate from
the actual facts.

	17.	 	AMENDMENTS

	 	 	Changes and amendments to this Agreement including this Clause 17 shall be made in writing
except where notarisation is required.

18.     NOTICES AND THEIR LANGUAGE

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

	 	 	 	 	 
	          For the Pledgor:	 	Closure Systems International B.V.
	 
	 	 	 	 
	 

	 	Address:
	 	Teleboulevard 140,
	 

	 	 	 	1043 EJ Amsterdam,
	 

	 	 	 	The Netherlands
	 
	 	 	 	 
	 

	 	Telephone:
	 	+31 20 540 5800
	 
	 	 	 	 
	 

	 	Fax:
	 	+31 20 644 7011
	 
	 	 	 	 
	 

	 	Attention:
	 	Managing      directors

(Geschäftsführung)

- 19 -

 

	 	 	 	 	 

	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
	 
	 	 	 	 
	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:
	 	International

Corporate Trust

	18.2	 	Any party hereto may change its address or fax number for notices and other communications
hereunder by notice to the other parties hereto. As agreed to in writing by the parties,
notices and other communications hereunder may also be

- 20 -

 

	 	 	delivered by e-mail to the e-mail address of a representative of the applicable party to
this Agreement provided from time to time by such party.

	18.3	 	All notices and other communications given to any party in connection with this Agreement in
accordance with the provisions of this Agreement shall be deemed (widerlegbare Vermutung)
received on the date sent (if a business day) and on the next business day thereafter (in all
other cases) if delivered by hand or overnight courier service or sent by fax or on the date
five business days after dispatch by certified or registered mail if mailed, in each case
delivered, sent or mailed (properly addressed) to such party as provided in this Clause 18 or
in accordance with the latest unrevoked direction from such party given in accordance with
this Clause 18.

	18.4	 	Any notice or other communication under or in connection with this Agreement shall be in the
English language or, if in any other language, accompanied by a translation into English. In
the event of any conflict between the English text and the text in any other language, the
English text shall prevail.

	19.	 	NOTIFICATION
	 
	19.1	 	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.
	 
	19.2	 	The Company hereby acknowledges the notification pursuant to Clause 19.1 above.
	 
	20.	 	APPLICABLE LAW, JURISDICTION
	 
	20.1	 	This Agreement is governed by the laws of the Federal Republic of Germany.
	 
	20.2	 	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

- 21 -

 

	 	 	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:

- 22 -

 

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

 - 23 - 

 

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.

 - 24 - 

 

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)

Reynolds Group Issuer Inc. (USA)

 - 25 - 

 

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)

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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)

Closure Systems International Deutschland GmbH (Germany)

 - 27 - 

 

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)

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SCHEDULE 2

COPY OF SHAREHOLDERS LIST (GESELLSCHAFTERLISTE)

Information was provided in pdf format only.

 - 29 -

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