Document:

exv4w425

			
	 	 	EXHIBIT 4.425

CLOSURE SYSTEMS INTERNATIONAL DEUTSCHLAND GMBH

as Pledgor

THE BANK OF NEW YORK MELLON

as Collateral Agent and Pledgee

 

ACCOUNT PLEDGE AGREEMENT

(Kontoverpfändung)

 

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

	 	- 5 -
	2. Pledge

	 	- 12 -
	3. Purpose of the Pledges

	 	- 12 -
	4. Notice of Pledge

	 	- 13 -
	5. Pledgor’s Right of Disposal

	 	- 14 -
	6. Enforcement of the Pledges

	 	- 14 -
	7. Limitations on Enforcement

	 	- 15 -
	8. Undertakings of the Pledgor

	 	- 18 -
	9. Delegation

	 	- 20 -
	10. Indemnity

	 	- 20 -
	11. No liability

	 	- 20 -
	12. Duration and Independence

	 	- 20 -
	13. Release (Pfandfreigabe)

	 	- 21 -
	14. Partial Invalidity; Waiver

	 	- 21 -
	15. Amendments

	 	- 22 -
	16. Notices and their Language

	 	- 22 -
	17. Applicable Law, Jurisdiction

	 	- 23 -
	18. Conclusion of this Agreement (Vertragsschluss)

	 	- 24 -
	Schedule 1

	 	- 26 -
	Part 1 List of Current Borrowers

	 	- 26 -
	Part 2 List of Current Guarantors

	 	- 26 -
	Part 3 List of Current Senior Secured Notes Guarantors

	 	- 31 -
	Part 4 List of Current October 2010 Secured Notes Guarantors

	 	- 35 -
	Part 5 List of Original February 2011 Secured Notes Guarantors

	 	- 40 -
	Schedule 2 List of Accounts

	 	- 44 -

 

 

	 	 	 
	Clause	 	Page
	PART 1– List of Accounts

	 	- 44 -
	PART 2 – List of Excluded Accounts

	 	- 44 -
	Schedule 3 Form of Notice of Pledge

	 	- 45 -
	Schedule 4 Form of Notification of Future Accounts

	 	 50 

 

 

     This ACCOUNT PLEDGE AGREEMENT (the “Agreement”) is made on
2 March 2011

	 	 	BETWEEN:
	 
	(1)	 	Closure Systems International Deutschland GmbH, a limited liability company (Gesellschaft mit
beschränkter Haftung) organised under the laws of the Federal Republic of Germany, having its
business address at Mainzer Strasse 185, 67547 Worms, Germany, registered in the commercial
register (Handelsregister) of the local court (Amtsgericht) of Mainz under HRB 10054 (the
“Pledgor”); and
	 
	(2)	 	The Bank of New York Mellon, a public company incorporated under the laws of the state of New
York, having its business address at 1 Wall Street, New York, N.Y. 10286, The United States of
America, in its capacity as collateral agent under the First Lien Intercreditor Agreement (as
defined below) (the “Collateral Agent” or the “Pledgee”).
	 
	 	 	WHEREAS:
	 
	(A)	 	Pursuant to a multi-currency term and revolving credit agreement dated 5 November 2009 (as
amended and/or restated by the Amendment No.1 (as defined below), by the Amendment No. 2 and
Incremental Term Loan Assumption Agreement (as defined below), by the Amendment No. 3 and
Incremental Term Loan Assumption Agreement (as defined below) and by the Amendment No. 4 and
Incremental Term Loan Assumption Agreement (as defined below)) between, inter alia, the
parties listed in Part 1 of Schedule 1 hereto as current borrowers (the “Current Borrowers”),
the parties listed in Part 2 of Schedule 1 hereto as current guarantors (the “Current
Guarantors”), Credit Suisse AG, Cayman Islands Branch (formerly Credit Suisse, Cayman Islands
Branch) as administrative agent and others (as further amended, varied, novated, restated,
supplemented, superseded or extended from time to time, the “Credit Agreement”), certain
lenders (together the “Original Lenders”) have granted certain facilities to the Current
Borrowers and certain other entities which may accede or may have acceded to the Credit
Agreement as additional borrowers.
	 
	(B)	 	Pursuant to a senior secured notes indenture dated 5 November 2009 between, inter alia,
Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., and Reynolds Group Issuer (Luxembourg)
S.A as issuers (the “Issuers”), certain affiliates of the Issuers listed in Part 3 of Schedule
1 as current senior secured notes guarantors (the “Current Senior Secured Notes 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 Notes Indenture”), the Issuers have issued senior secured notes due
2016 in the aggregate principal amount of USD 1,125,000,000 (the “US Secured Notes”) and
senior secured notes due 2016 in the aggregate principal amount of EUR 450,000,000 (the “Euro
Secured Notes” and together with the US Secured Notes the “Senior

- 3 -

 

	 	 	Secured Notes”) to certain noteholders.
	 
	(C)	 	Pursuant to a senior secured notes indenture dated 15 October 2010 between, inter alia, RGHL
Issuer I LLC, RGHL Issuer I Inc., and RGHL Issuer (Luxembourg) I S.A. as escrow issuers (the
“Escrow Issuers”), The Bank of New York Mellon as indenture trustee, The Bank of New York
Mellon, London Branch as principal paying agent, The Bank of New York Mellon as Collateral
Agent and Wilmington Trust (London) Limited as collateral agent (as amended, varied, novated,
supplemented, superseded or extended from time to time, the “October 2010 Secured Notes
Indenture”), the Escrow Issuers have issued secured notes due 2019 in the aggregate principal
amount of USD 1,500,000,000 in escrow (the “October 2010 Secured Notes”). In connection with
the release from escrow of the proceeds of the October 2010 Secured Notes, which occurred on
16 November 2010, the Escrow Issuers were merged with and into the Issuers, with each of the
Issuers surviving the applicable mergers or other transfers and assuming by operation of law
the obligations of the applicable Escrow Issuers with respect to the October 2010 Secured
Notes Indenture and the October 2010 Secured Notes. Certain affiliates of the Issuers listed
in Schedule 1Part 4 have acceded to the October 2010 Secured Notes Indenture as guarantors
(the “Current October 2010 Secured Notes Guarantors”).
	 
	(D)	 	Pursuant to a senior secured notes indenture dated 1 February 2011 between, inter alia, the
Issuers, The Bank of New York Mellon as indenture trustee, The Bank of New York Mellon, London
Branch as principal paying agent, The Bank of New York Mellon as Collateral Agent and
Wilmington Trust (London) Limited as collateral agent (as amended, varied, novated,
supplemented, superseded or extended from time to time, the “February 2011 Secured Notes
Indenture”), the Issuers have issued secured notes due 2021 in the aggregate principal amount
of USD 1,000,000,000 (the “February 2011 Secured Notes”) which are guaranteed by certain
affiliates of the Issuers listed in Error! Reference source not found. of 0 as original
February 2011 secured notes guarantors (the “Original February 2011 Secured Notes
Guarantors”).
	 
	(E)	 	The Pledgor has entered into the Existing Account Pledge Agreements (as defined below).
	 
	(F)	 	As a result of the amendment No. 4 and incremental term loan assumption agreement dated 9
February 2011 relating to the Credit Agreement between, inter alia, the Current Borrowers, the
Current Guarantors, Credit Suisse AG, Cayman Islands Branch (formerly Credit Suisse, Cayman
Islands Branch) as administrative agent and others (the “Amendment No. 4 and Incremental Term
Loan Assumption Agreement”) the Credit Agreement inter alia includes new incremental term
facilities.

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	(G)	 	The Pledgor has agreed to grant an additional pledge (subject to the pledges existing by
operation of the general business conditions (Allgemeine Geschäftsbedingungen) of the
respective Account Bank (as defined below) and the pledges arising under the Existing Account
Pledge Agreements (as defined below)) over its Accounts (as defined below) as security for the
Pledgee’s claims against the Grantors (as defined below) (or any of them) in respect of the
Obligations (as defined below).
	 
	(H)	 	The security created by or pursuant to this Agreement is to be administered by the Collateral
Agent for the Secured Parties (as defined below) pursuant to a first lien intercreditor
agreement dated 5 November 2009 (as amended by the Amendment No. 1 and Joinder Agreement (as
defined below)) between, inter alia, the Collateral Agent, the Indenture Trustee, the
Administrative Agent and the Grantors (each as defined below) and others (as amended, varied,
novated, supplemented, superseded or extended from time to time, the “First Lien Intercreditor
Agreement”).

	 	 	NOW, IT IS AGREED as follows:
	 
	1.	 	DEFINITIONS AND LANGUAGE
	 
	1.1	 	Definitions

	 	 	In this Agreement:

	 	 	“Account Banks” means the credit institutions administering the Accounts and “Account Bank”
means any of them.

	 	 	“Accounts” means all bank accounts (including without limitation giro accounts and accounts
for saving deposits (Spareinlagen), time deposits (Termineinlagen) or call money deposits
(Tagesgeldeinlagen)) which the Pledgor holds at present or may at any time hereafter open
with any credit institution in the Federal Republic of Germany (including without limitation
the accounts listed in Part I of Schedule 2 (List of Accounts) but excluding any Social
Security Bank Account as listed in Part II of Schedule 2 (List of Excluded Accounts)) and
any sub-account (Unterkonto), renewal, redesignation or replacement thereof, and “Account”
means any of them.

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

	 	 	“Amendment No. 1” means the amendment agreement dated 21 January 2010 relating to the Credit
Agreement between, inter alia, the borrowers and the guarantors under the Credit Agreement
as of such date, the Administrative Agent and others.

	 	 	“Amendment No.1 and Joinder Agreement” means the joinder agreement dated 21 January 2010
relating to the First Lien Intercreditor Agreement made among (amongst others) the
Collateral Agent, Wilmington Trust (London) Limited, Credit Suisse AG

- 5 -

 

	 	 	and Reynolds Group
Holdings Limited pursuant to which Wilmington Trust (London) Limited is appointed as
additional collateral agent and became party to the First Lien Intercreditor Agreement.

	 	 	“Amendment No. 2 and Incremental Term Loan Assumption Agreement” means the amendment and
incremental term loan assumption agreement dated 4 May 2010 relating to the Credit Agreement
between, inter alia, the borrowers and the guarantors under the Credit Agreement as of such
date, the Administrative Agent and others.

	 	 	“Amendment No. 3 and Incremental Term Loan Assumption Agreement” means the amendment and
incremental term loan assumption agreement dated 30 September 2010 relating to the Credit
Agreement between, inter alia, the borrowers and the guarantors under the Credit Agreement
as of such date, the Administrative Agent and others.

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

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

	 	 	“Cash Management Services” shall mean any agreement or arrangement by a Cash Management Bank
to provide any composite accounting or other cash pooling arrangements and netting,
overdraft protection and other arrangements with any bank arising under standard business
terms of such Cash Management Bank to a Grantor.
	 
	 	 	“Credit Documents” shall mean the Loan Documents, the Senior Secured Notes Documents, the
October 2010 Secured Notes Documents and the February 2011 Secured Notes 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 Notes Indenture and/or the October 2010 Secured Notes Indenture
and/or the February 2011 Secured Notes Indenture.
	 
	 	 	“Existing Account Pledge Agreements” means

	 	(a)	 	the account pledge agreement dated 5 November 2009 (as amended
by a confirmation and amendment agreement dated 4 May 2010) entered into
between Closure Systems International Deutschland GmbH as pledgor and The Bank
of New York Mellon as Collateral Agent and as pledgee and others as pledgees;

- 6 -

 

	 	(b)	 	confirmation and amendment agreement dated 4 May 2010 and
entered into between, inter alios, Closure Systems International Deutschland
GmbH as pledgor and The Bank of New York Mellon as Collateral Agent relating to
an account pledge agreement dated 5 November 2009 and entered into between
Closure Systems International Deutschland GmbH as pledgor and The Bank of New
York Mellon as Collateral Agent and as pledgee and others as pledgees;

	 	(c)	 	the account pledge agreement dated 16 November 2010 entered
into between Closure Systems International Deutschland GmbH as pledgor and The
Bank of New York Mellon as Collateral Agent and as pledgee.

	 	 	 	“Existing Intercreditor Agreement” means the existing intercreditor agreement dated 11 May
2007 (as amended by a letter dated 21 June 2007 and a further letter dated 29 June 2007, as
amended and restated on 5 November 2009 and as further amended on 5 November 2010) between,
inter alia, Beverage Packaging Holdings (Luxembourg) I S.A., Rank Group Holdings Limited
(now Reynolds Group Holdings Limited), Beverage Packaging Holdings (Luxembourg) II S.A.,
Beverage Packaging Holdings (Luxembourg) III S.à r.l., Credit Suisse AG (formerly Credit
Suisse) as security trustee and others.
	 
	 	 	 	“February 2011 Secured Notes Documents” shall mean the February 2011 Secured Notes
Indenture, the February 2011 Secured Notes Guarantees, the February 2011 Secured Notes, the
Intercreditor Arrangements, any supplemental indenture, any security document relating to
the February 2011 Secured Notes and/or the February 2011 Secured Notes Indenture and any
other document that may be entered into pursuant to any of the foregoing.
	 
	 	 	 	“February 2011 Secured Notes Guarantees” shall mean the guarantees of the obligations of the
Issuers under the February 2011 Secured Notes and the February 2011 Secured Notes Indenture
by the February 2011 Secured Notes Guarantors.
	 
	 	 	 	“February 2011 Secured Notes Guarantors” means the Original February 2011 Secured Notes
Guarantors and any entity which may accede to the February 2011 Secured Notes Indenture as
additional guarantor.
	 
	 	 	 	“February 2011 Secured Notes Holders” shall mean the holders from time to time of the
February 2011 Secured Notes.
	 
	 	 	 	“February 2011 Secured Notes Indenture Trustee” shall mean The Bank of New York Mellon, in
its capacity as indenture trustee under the February 2011 Secured Notes Indenture and any
successor appointed as indenture trustee under the February 2011 Secured Notes Indenture.
	 
	 	 	 	“Grantors” means the Loan Parties, the Issuers, the Senior Secured Notes Guarantors, the
October 2010 Secured Notes Guarantors and the February 2011 Secured Notes 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

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	 	 	 	and the Senior
Secured Notes 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 750,000,000 among, and in form and substance
reasonably satisfactory to, one or more Borrowers, the Administrative Agent, one or more
Incremental Term Lenders and/or one or more Incremental Revolving Credit Lenders pursuant to
which one or more Incremental Term Lenders make available Incremental Term Loan Commitments
and/or one or more Incremental Revolving Credit Lenders make available Incremental Revolving
Credit Commitments respectively.
	 
	 	 	 	“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 Notes 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.

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	 	 	 	“Issuing Bank” means Credit Suisse AG or any other Lender or any affiliate of Credit Suisse
AG or any other Lender that issues letters of credit or bank guarantees under the Credit
Agreement.
	 
	 	 	 	“Lenders” shall mean the Original Lenders and any entity which may become a lender under the
Credit Agreement in the future and “Lender” means any of them.
	 
	 	 	 	“Loan Documents” shall mean the Credit Agreement, the Amendment No. 1 and Joinder Agreement,
the Amendment No.1, the Amendment No. 2 and Incremental Term Loan Assumption Agreement, the
Amendment No. 3 and Incremental Term Loan Assumption Agreement, the Amendment No. 4 and
Incremental Term Loan Assumption Agreement, any borrowing subsidiary agreement and/or
guarantor joinder agreement relating to the Credit Agreement, any letter of credit or bank
guarantee relating to the Credit Agreement, any security documents relating to the Credit
Agreement, any hedging agreement entered into by a Hedge Counterparty and a Grantor, each
Incremental Assumption Agreement, the Intercreditor Arrangements, each Promissory Note, any
agreement between a Grantor and a Cash Management Bank relating to Cash Management Services,
each Local Facility Agreement and any other document that may be entered into pursuant to
any of the foregoing in relation to the Credit Agreement.
	 
	 	 	 	“Loan Parties” shall mean the Borrowers, the Current Guarantors and any entity which may
accede to the Credit Agreement as additional guarantor and a “Loan Party” means any of them.
	 
	 	 	 	“Local Facilities” means working capital facilities provided to a Grantor (other than
Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings (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 and Hong Kong and Shanghai Banking Corporation Ltd., Thailand, Bank of
America, N.A., Canada Branch, FIA Card Services, N.A., Citibank N.A., Citibank (China) Co.,
Ltd., Banco Nacional de Mexico, S.A., Integrante del Grupo Financiero Banamex, Bank of
America, N.A., provided in each case it has become a party to, or by execution of an
additional bank secured party acknowledgment has agreed to be bound by the terms of, the
First Lien Intercreditor Agreement in its capacity as local facility provider.
	 
	 	 	 	“Obligations” shall mean all present and future obligations and liabilities (whether actual
or contingent and whether owed jointly or severally or in any other capacity whatsoever) of
each Grantor to the Pledgee under each or any of the Credit Documents (including, but not
limited to, the Parallel Obligations), including with respect to all costs, charges and
expenses incurred by the Pledgee in connection with the protection, preservation or
enforcement of its rights under the Credit Documents or any other document evidencing or
securing any such liabilities. The Obligations shall

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	 	 	 	further include any obligation based on
unjust enrichment (ungerechtfertigte Bereicherung) or tort (Delikt).
	 
	 	 	 	“October 2010 Secured Notes Documents” shall mean the October 2010 Secured Notes Indenture,
the October 2010 Secured Notes Guarantees, the October 2010 Secured Notes, the Intercreditor
Arrangements, any security document relating to the October 2010 Secured Notes and/or the
October 2010 Secured Notes Indenture and any other document that may be entered into
pursuant to any of the foregoing.
	 
	 	 	 	“October 2010 Secured Notes Guarantees” shall mean the guarantees of the obligations of the
Issuers under the October 2010 Secured Notes and the October 2010 Secured Notes Indenture by
the October 2010 Secured Notes Guarantors.
	 
	 	 	 	“October 2010 Secured Notes Guarantors” means the Current October 2010 Secured Notes
Guarantors and any entity which may accede to the October 2010 Secured Notes Indenture as
additional guarantor.

	 	 	 	“October 2010 Secured Notes Holders” shall mean the holders from time to time of the October
2010 Secured Notes.
	 
	 	 	 	“October 2010 Secured Notes Indenture Trustee” shall mean The Bank of New York Mellon, in
its capacity as indenture trustee under the October 2010 Secured Notes Indenture and any
successor appointed as indenture trustee under the October 2010 Secured Notes Indenture.
	 
	 	 	 	“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” and “Pledges” have the meanings given to such terms in Clause 2.1.
	 
	 	 	 	“Principal Finance Documents” means the Credit Agreement, the Senior Secured Notes
Indenture, the October 2010 Secured Notes Indenture, the February 2011 Secured Notes
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 Notes Holders, the
October 2010 Secured Notes Holders, the February 2011 Secured Notes Holders, the Indenture
Trustee, the October 2010 Secued Notes Indenture Trustee, the February 2011 Secured Notes
Indenture Trustee, the Collateral Agent, the Local Facility Providers and the Cash
Management Banks.
	 
	 	 	 	“Senior Secured Notes Documents” shall mean the Senior Secured Notes Indenture,

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	 	 	the Senior
Secured Notes Guarantees, the Senior Secured Notes, the Intercreditor Arrangements, any
supplemental indenture, any security document relating to the Senior Secured Notes and/or
the Senior Secured Notes Indenture and any other document that may be entered into pursuant
to any of the foregoing.
	 
	 	 	“Senior Secured Notes Guarantees” shall mean the guarantees of the obligations of the
Issuers under the Senior Secured Notes and the Senior Secured Notes Indenture by the Senior
Secured Notes Guarantors.
	 
	 	 	“Senior Secured Notes Guarantors” means the Current Senior Secured Notes Guarantors and any
entity which may accede to the Senior Secured Notes Indenture as additional guarantor.
	 
	 	 	“Senior Secured Notes Holders” shall mean the holders from time to time of the Senior
Secured Notes.
	 
	 	 	“Social Security Bank Accounts” means any and all bank accounts which the Pledgor keeps at
present or may at any time hereafter keep with any institution in the Federal Republic of
Germany for the benefit of employees under or pursuant to applicable workmen’s compensation
schemes, social security laws or regulations, including accounts kept under or pursuant to
partial retirement programs (Blockmodell Altersteilzeit).

	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” or a “Schedule” shall, subject to
any contrary indication, be construed as a reference to a Clause or a Schedule 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.

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	2.	 	PLEDGE
	 
	2.1	 	The Pledgor hereby pledges to the Pledgee all its present and future rights and claims
(whether conditional or unconditional) arising against any Account Bank from or in relation to
any of the Accounts, including without limitation:

	 	(a)	 	all rights and claims in respect of present and future cash deposits (Guthaben)
(including without limitation saving deposits (Spareinlagen), time deposits
(Termineinlagen) (including fixed deposits (Festgeldguthaben) and termination monies
(Kündigungsgelder)) and call money deposits (Tagesgeldeinlagen) (including deposits for
overnight money, tom/next money, spot/next money and money until further notice
(Geld b. a. w.)) standing from time to time to the credit of the Accounts, including
all claims to interest payable;

	 	(b)	 	in respect of each Account maintained as a giro account (Girokonto) at present
or in the future, (i) all claims in respect of present and future credit balances
(positive Salden), (ii) all claims in respect of present and future credit entries
(gutgeschriebene Beträge), (iii) all claims to interest payable and (iv) all other
present and future monetary rights and claims arising under or in connection with the
respective giro agreement (Girovertrag) (including without limitation all claims to the
grant of a credit entry (Gutschriftanspruch); and

	 	(c)	 	in respect of each Account maintained as a current account (Kontokorrentkonto)
at present or in the future, all present and future rights and claims arising under or
in connection with the respective current account agreement (Kontokorrentabrede)
(including without limitation all claims to determination and acknowledgement of the
current account balance (Anspruch auf Saldofeststellung und -anerkennung), all claims
to present and future current account balances (Saldoforderungen) including the causal
final balance (kausaler Schlusssaldo) and the right to terminate the current account
relationship (Kündigung des Kontokorrents)).

	 	 	(the “Pledge”).
	 
	2.2	 	The Pledgee hereby accepts the Pledge.
	 
	2.3	 	The Pledge is in addition, and without prejudice, to any other security the Secured Parties
may now or hereafter hold in respect of the Obligations.
	 
	3.	 	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

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	 	 	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.
	 
	4.	 	NOTICE OF PLEDGE
	 
	4.1	 	Subject to Clause 4.3 below the Pledgor undertakes that it will without undue delay, but not
later than twenty business days after the date of this Agreement, and, in relation to any
Account opened after the date of this Agreement, within ten business days after such new
Account has been opened, notify each Account Bank and any other relevant third party of the
Pledges by delivering a notification substantially in the form set out in Schedule 3 (Form of
Notice of Pledge) by registered mail (Einschreiben mit Rückschein). The Pledgor shall provide
the Collateral Agent with a copy of each such notification and of the corresponding return
receipt (Rückschein). In addition, the Pledgor shall use all reasonable efforts to procure
that each Account Bank promptly acknowledges receipt of the respective notification, and
acceptance of the terms thereof, to the Collateral Agent and to the Pledgor.
	 
	4.2	 	Without prejudice to the obligations imposed on the Pledgor in Clause 4.1 and, in the case
of future Accounts, Clause 8.3, the Pledgor hereby authorises the Collateral Agent and
releases it for this purpose from the restrictions of self-dealing under Section 181 of the
German Civil Code to notify each Account Bank and any other relevant third party on its behalf
of this Agreement and the Pledge constituted hereunder by delivering a notification
substantially in the form set out in Schedule 3 (Form of Notice of Pledge), or in such
substantially similar form as the Collateral Agent (acting on behalf of the Secured Parties)
deems appropriate, provided that the Collateral Agent may only make use of this authorisation
if the Pledgor has not complied with the obligations imposed on the Pledgor in Clause 4.1
within 10 business days of being notified of such failure (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.
	 
	4.3	 	The Pledgor shall not be under an obligation to comply with its obligation under Clause 4.1
above whilst an Enforcement Event is not continuing if the Pledgor can prove to the Collateral
Agent (acting on behalf of the Secured Parties) that notifying the relevant Account Bank of
the Pledge created hereunder would not be consistent with, whilst an Enforcement Event is not
continuing, the Pledgor retaining control over and the ability to freely use the balance of
any such Account. The Collateral Agent will take instructions in accordance with the First
Lien Intercreditor Agreement whether or not to agree with the Pledgor’s analysis. For the
avoidance of doubt, at the date of this Agreement the Pledgor agrees that notifying the
Account Banks of the Pledge created hereunder is not inconsistent with the Pledgor retaining
control over

- 13 -

 

	 	 	and the ability to freely use the balance of any Account existing at the date of
this Agreement.
	 
	5.	 	PLEDGOR’S RIGHT OF DISPOSAL
	 
	 	 	The Pledgor may exercise all rights and powers in respect of each Account until the
Collateral Agent gives notice to the contrary to the Account Bank with a copy to the
Pledgor. The Pledgee may give such notice only if an Enforcement Event has occurred and is
continuing.
	 
	6.	 	ENFORCEMENT OF THE PLEDGES
	 
	6.1	 	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 the Pledge are met (Pfandreife), in particular, if any of the Obligations has
become due and payable, then in order to enforce the Pledge, the Collateral Agent may at any
time thereafter avail itself of all rights and remedies that a pledgee has against a pledgor
under the laws of the Federal Republic of Germany.
	 
	6.2	 	Notwithstanding Section 1277 of the German Civil Code, the Pledgee is entitled to exercise
its rights without obtaining an enforceable judgment or other instrument (vollstreckbarer
Titel). The Pledgee shall be entitled to have the Pledges enforced in any manner allowed under
the laws of the Federal Republic of Germany.
	 
	6.3	 	The Pledgee will notify the Pledgor five business days prior to the enforcement of the Pledge
according to Clause 6. No such notification shall be required if (i) the Pledgor has
generally ceased to make payments (Zahlungseinstellung), (ii) an application for the
institution of insolvency proceedings is filed by or against the Pledgor or (iii) the Pledgee
has reasonable grounds to believe that observance of the notice period will adversely affect
the legitimate interests (berechtigte Interessen) of the Pledgee.
	 
	6.4	 	If the Pledgee should seek to enforce the Pledge pursuant to Clause 6.1 hereof, the Pledgor
shall, at its own expense, render forthwith all necessary assistance in order to facilitate
the prompt realisation of the Pledge and/or the exercise by the Pledgee of any other right it
may have as Pledgee.
	 
	6.5	 	The Pledgee 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.
	 
	6.6	 	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.

- 14 -

 

	6.7	 	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.
	 
	6.8	 	If the Pledge is enforced or if the Pledgor has discharged any of the Obligations (or any
part of them), Section 1225 of the German Civil Code (legal subrogation of claims to a pledgor
 — Forderungsübergang auf den Verpfänder) shall not apply and no rights of the Pledgee shall
pass to the Pledgor by subrogation or otherwise. Further, the Pledgor shall at no time before,
on or after an enforcement of the Pledge, and as a result of the Pledgor entering into this
Agreement, be entitled to demand indemnification or compensation from a Grantor or any
affiliate of a Grantor or assign any of these claims.
	 
	7.	 	LIMITATIONS ON ENFORCEMENT
	 
	7.1	 	The Pledgee shall be entitled to enforce the Pledge without limitation in respect of:

	 	(a)	 	all and any amounts which are owed under the Credit Documents by the Pledgor
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 Pledgor 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”).
	 
	7.2	 	Besides an enforcement in respect of the Unlimited Enforcement Amount pursuant to Clause 7.1
above, the Pledgee shall not be entitled to enforce the Pledge against the Pledgor if and to
the extent that:

	 	(a)	 	the Pledge secures the obligations of a Grantor which is (x) a shareholder of
the Pledgor 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 Pledgor (other than the Pledgor and its subsidiaries); and

	 	(b)	 	the enforcement would have the effect of (x) reducing the Pledgor’s net assets
(Reinvermögen) (the “Net Assets”) to an amount of less than its stated share capital
(Stammkapital) or, if the Net Assets are already an amount of less than its stated
share capital, of causing such amount to be further reduced and (y) would thereby
affect the assets required for the obligatory preservation of the Pledgor’s stated
share capital (Stammkapital) according to section 30, 31

- 15 -

 

	 	 	 	German Limited Liability
Companies Act (Gesetz betreffend die Gesellschaften mit beschränkter Haftung) provided
that the amount of the stated share capital to be taken into consideration shall be the
amount registered in the commercial register at the date hereof, and any increase of
the stated share capital registered after the date of this Agreement shall only be
taken into account if such increase has been effected with the prior written consent of
the Collateral Agent.

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

	 	(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 Pledgor’s business (nicht betriebsnotwendig) shall be taken into account with
its market value;

	 	(b)	 	obligations under loans provided to the Pledgor 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 Pledgor; and

	 	(c)	 	obligations under loans or other contractual liabilities incurred by the
Pledgor 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 Pledgor in the preparation of
its most recent annual balance sheet (Jahresbilanz).

	 	 	It being understood that the assets of the Pledgor will be assessed at liquidation values
(Liquidationswerte) if the managing directors of the Pledgor, 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 Pledgor can carry on as a going concern (positive Fortführungsprognose), in
particular when the Pledge is enforced.

- 16 -

 

	7.4	 	The limitations set out in Clause 7.2 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 Pledge (the
“Notice”), the Pledgor has confirmed in writing to the Collateral Agent (x) to what
extent such Pledge is up-stream or cross-stream security as described in Clause 7.2
above and (y) which amount of such up-stream or cross-stream security cannot be
enforced as it would cause the net assets of the Pledgor to fall below its stated share
capital (taking into account the adjustments set out in Clause 7.3 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 Pledgor’s stated
share capital; or

	 	(b)	 	within 20 business days from the date the Collateral Agent has contested the
Management Determination, the Collateral Agent receives from the Pledgor 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 Pledgor’s Net Assets (the
“Balance Sheet”). The Balance Sheet shall be prepared in accordance with the principles
set out in Clause 7.3 above, provided that the final sentence of Clause 7.3 above shall
not apply unless the Determining Auditors have in an independent assessment determined
that the assets of the Pledgor should be evaluated at liquidation values
(Liquidationswerte) in accordance with the generally accepted accounting principles
applicable from time to time in Germany (Grundsätze ordnungsmäßiger Buchführung) and
shall contain further information (in reasonable detail) relating to items to be
adjusted pursuant to Clause 7.3 above. If the Pledgor fails to deliver a Balance Sheet
within the aforementioned time period, the Pledgee shall be entitled to enforce the
Pledge irrespective of the limitations set out in Clause 7.2 above.

	7.5	 	If the Pledgee disagrees with the Balance Sheet, it shall be entitled to enforce the Pledge
up to the amount which, according to the Balance Sheet, can be enforced in compliance with the
limitations set out in Clause 7.2 above. In relation to any additional amounts for which the
Pledgor is liable under this Agreement, the Pledgee shall be entitled to further pursue their
claims (if any) and the Pledgor shall be entitled to prove that this amount is necessary for
maintaining its stated share capital (calculated as of the date the Pledgee has given notice
of its intention to enforce the security created under this Agreement).
	 
	7.6	 	No reduction of the amount enforceable under this Clause 7 will prejudice the right of the
Pledgee to continue enforcing the Pledge (subject always to the operation of the

- 17 -

 

	 	 	limitations
set out above at the time of such enforcement) until full satisfaction to the claims secured.
	 
	8.	 	UNDERTAKINGS OF THE PLEDGOR

	 	 	Unless otherwise permitted by the Principal Finance Documents, during the term of this
Agreement, the Pledgor undertakes to the Pledgee:

	8.1	 	subject to Clause 4.3 to use all reasonable efforts to procure that each Account Bank
releases any existing lien, including without limitation any pledge existing by operation of
its general business conditions (Allgemeine Geschäftsbedingungen), and waives any right of
set-off and right of retention in respect of the Accounts by countersigning and returning an
acknowledgement of notice of pledge substantially in the form set out in Schedule 3 (Form of
Notice of Pledge) to the Pledgor and the Pledgee.
	 
	8.2	 	to instruct each Account Bank to provide the Pledgee following receipt by the relevant
Account Bank of a notice pursuant to Clause 5 with all information requested by it in respect
of the Accounts and to that extent to release each Account Bank from its obligation to
maintain confidentiality (Bankgeheimnis) by delivering a notice of pledge to the respective
Account Bank in accordance with the requirements set out in Clause 4.1 or, in the case of any
future Account, Clause 8.3. The Pledgor undertakes not to revoke such instruction during the
term of this Agreement, other than in respect of an Account which is closed or disposed of in
accordance with the terms of the Credit Documents;
	 
	8.3	 	to notify the Pledgee without undue delay substantially in the form set out in Schedule 4
(Form of Notification of Future Accounts) of each new bank account opened by the Pledgor with
a credit institution in the Federal Republic of Germany in accordance with Clause 4 above
including a designation, as applicable, whether such new bank account is a Social Security
Bank Account. For the avoidance of doubt, the Pledgor is aware that any new bank account
opened within the Federal Republic of Germany (except in case of a Social Security Bank
Account) will become an Account in the meaning of this Agreement upon notice to the Account
Bank and will be subject to the Pledge and the obligations assumed by the Pledgor hereunder
without any further agreement;
	 
	8.4	 	to close any of the Accounts only upon giving 5 business days prior notice to the Pledgee and
provided that the Pledgee has not given a notice pursuant to Clause 5;
	 
	8.5	 	to deliver to the Pledgee, within three months after the end of each calendar year ending
after January 2011, and at any time upon reasonable request of the Pledgee, up-to date account
statement sheets (Kontoauszüge) showing the balance on each of the

- 18 -

 

	 	 	Accounts, provided that the
Pledgee shall not request such information more than one additional time in any one year prior
to the occurrence of an Enforcement Event and while it is continuing;
	 
	8.6	 	with regard to any account books (Sparbücher) and any other documents which are necessary to
dispose over (verfügen) any of the Accounts, the Pledgor undertakes to deliver the originals
of such documents to the Pledgee without undue delay if the Pledgee has given a notice
pursuant to Clause 5 and to deliver to the Pledgee upon its reasonable request following such
event without undue delay any documents or other information concerning the Accounts, in
particular (but not limited to) the account opening documents and any agreements between the
Account Bank and the Pledgor in relation to the Accounts;
	 
	8.7	 	not to grant to any third party any rights in respect of the Accounts (keine Und-Konten oder
Oder-Konten oder sonstige Rechte Dritter) (other than those arising under the relevant Account
Bank’s general business conditions (Allgemeine Geschäftsbedingungen) and under the Existing
Account Pledge Agreements) without the prior written consent of the Collateral Agent (such
consent not to be unreasonably withheld);
	 
	8.8	 	to inform the Pledgee without undue delay of any attachment (Pfändung) and any third parties
bringing claims in respect of any of the Accounts, such notice to be accompanied by any
documents the Pledgee might need to defend itself against any claim by a third party. In the
case of any attachment (Pfändung) in respect of any of the Accounts, the Pledgor undertakes to
forward to the Pledgee without undue delay a copy of the attachment order
(Pfändungsbeschluss), any transfer order (Überweisungsbeschluss) and all other documents
necessary for a defence against the attachment. The Pledgor shall inform the attaching
creditor of the Pledge without undue delay;
	 
	8.9	 	except as otherwise agreed pursuant to the Principal Finance Documents, insofar as additional
declarations or actions are necessary for the creation of the Pledge, the Pledgor shall, at
the Collateral Agent’s reasonable request, make such declarations and undertake such actions
at the Pledgor’s costs and expenses; and
	 
	8.10	 	for the avoidance of doubt, notification and delivery requirements as set out in sub-Clauses
8.3, 8.4, 8.5, 8.6 and 8.8 of this Agreement are deemed to be satisfied if and to the extent
such information has been delivered under the Existing Account Pledge Agreements provided that
such notification or delivery to the Pledgee makes reference to this Agreement and each
Existing Account Pledge Agreement.

- 19 -

 

	9.	 	DELEGATION
	 
	 	 	The Pledgee shall have full power to delegate (either generally or specifically) the powers,
authorities and discretions conferred on it by this Agreement on such terms and conditions
as it shall see fit. The Pledgee shall only remain liable for diligently selecting and
providing initial instructions to such delegate.
	 
	10.	 	INDEMNITY
	 
	 	 	To the extent set out in the First Lien Intercreditor Credit Agreement, the Pledgor shall,
notwithstanding any release or discharge of all or any part of the security, indemnify the
Pledgee, its agents its attorneys and any delegate against any action, proceeding, claims,
losses, liabilities, damages, expenses, demands, taxes, losses and costs which it may
sustain as a consequence of any breach by the Pledgor of the provisions of this Agreement,
the exercise or purported exercise of any of the rights and powers conferred on them by this
Agreement or otherwise relating to the Pledge.
	 
	11.	 	NO LIABILITY

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

	12.	 	DURATION AND INDEPENDENCE
	 
	12.1	 	This Agreement shall remain in full force and effect until complete satisfaction of the
Obligations. The Pledge shall not cease to exist, if the Grantors under the Credit Documents
have only temporarily discharged the Obligations.
	 
	12.2	 	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.
	 
	12.3	 	This Agreement is independent from any other security or guarantee which may have been or
will be given to the Pledgee. None of such other security shall prejudice, or shall be
prejudiced by, or shall be merged in any way with this Agreement.

- 20 -

 

	12.4	 	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.
	 
	13.	 	RELEASE (PFANDFREIGABE)
	 
	13.1	 	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 practical declare in writing the release of the Pledge (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 Pledge, due to its accessory nature
(Akzessorietät), ceases to exist by operation of German mandatory law.
	 
	13.2	 	At any time when the total value of the aggregate security granted by the Pledgor and any of
the other Grantors to secure the Obligations (the “Security”), which can be expected to be
realised in the event of an enforcement of the Security (realisierbarer Wert), exceeds 110% of
the Obligations (the “Limit”) not only temporarily, the Pledgee shall on demand of the Pledgor
release such part of the Security (Sicherheitenfreigabe) as the Pledgee (as instructed in
accordance with the First Lien Intercreditor Agreement) may in its reasonable discretion
determine so as to reduce the realisable value of the Security to the Limit.
	 
	13.3	 	The Pledgee (as instructed in accordance with the First Lien Intercreditor Agreement) will as
soon as reasonably practicable declare in writing the release of the Pledge (Pfandfreigabe) to
the Pledgor in accordance with, and to the extent required by, the Intercreditor Arrangements.
	 
	14.	 	PARTIAL INVALIDITY; WAIVER
	 
	14.1	 	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.

- 21 -

 

	14.2	 	No failure to exercise, nor any delay in exercising, on the part of the Pledgee, any right or
remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise
of any right or remedy prevent any further or other exercise thereof or the exercise of any
other right or remedy. The rights and remedies provided hereunder are cumulative and not
exclusive of any rights or remedies provided by law.
	 
	15.	 	AMENDMENTS
	 
	 	 	Changes and amendments to this Agreement including this Clause 15 shall be made in writing.
	 
	16.	 	NOTICES AND THEIR LANGUAGE
	 
	16.1	 	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 Deutschland GmbH
	 

	 	Address:
	 	Mainzer Strasse 185, 67547
	 

	 	 	 	Worms, Germany
	 
	 	 	 	 
	 

	 	Telephone
	 	+49 6241 400 10
	 
	 	 	 	 
	 

	 	Fax:
	 	+49 6241 400 187
	 
	 	 	 	 
	 

	 	Attention:
	 	Managing Directors
	 

	 	 	 	(Geschäftsführung)
	 
	 	 	 	 
	For the Pledgor with a copy to:
	 	 	 	 
	 
	 	 	 	 
	 

	 	Address:
	 	c/o Rank Group Limited
	 

	 	 	 	Level 9
	 

	 	 	 	148 Quay Street
	 

	 	 	 	PO Box 3515
	 

	 	 	 	Auckland 1140
	 

	 	 	 	New Zealand
	 
	 	 	 	 
	 

	 	Telephone:
	 	+649 3666 259
	 
	 	 	 	 
	 

	 	Fax:
	 	+649 3666 263
	 
	 	 	 	 
	 

	 	Attention:
	 	Helen Golding

- 22 -

 

	 	 	 	 	 

	For the Collateral Agent:	 	The Bank of New York Mellon
	 
	 	 	 	 
	 

	 	Address:
	 	101 Barclay Street, 4E
	 

	 	 	 	New York, NY 10286
	 

	 	 	 	The United States of
	 

	 	 	 	America
	 
	 	 	 	 
	 

	 	Telephone:
	 	+212 298 1528
	 
	 	 	 	 
	 

	 	Fax:
	 	+212 815 5366
	 
	 	 	 	 
	 

	 	Attention:
	 	International Corporate Trust

	16.2	 	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.
	 
	16.3	 	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 16 or
in accordance with the latest unrevoked direction from such party given in accordance with
this Clause 16.
	 
	16.4	 	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.
	 
	17.	 	APPLICABLE LAW, JURISDICTION
	 
	17.1	 	This Agreement is governed by the laws of the Federal Republic of Germany.
	 
	17.2	 	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

- 23 -

 

	 	 	Pledgee however,
shall also be entitled to take action against the Pledgor in any other court of competent
jurisdiction. Further, the taking of proceedings against the Pledgor in any one or more
jurisdictions shall not preclude the taking of proceedings in any other jurisdiction (whether
concurrently or not) if and to the extent permitted by applicable law.
	 
	18.	 	CONCLUSION OF THIS AGREEMENT (VERTRAGSSCHLUSS)
	 
	18.1	 	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.
	 
	18.2	 	If the parties to this Agreement choose to conclude this Agreement pursuant to
sub-Clause 18.1 above, they will transmit the signed signature page(s) of this Agreement to
attention of Isabel van Bremen or Julia Eggert (isabel.vanbremen@cliffordchance.com or
julia.eggert@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) (Zugang der Unterschriftsseite(n)) from all parties to this Agreement and at
the time of the receipt of the last outstanding signature page(s).
	 
	18.3	 	For the purposes of this Clause 18 only, the parties to this Agreement appoint each
Recipient individually as their attorney (Empfangsvertreter) and expressly allow (gestatten)
each Recipient to collect the signed signature page(s) from all and for all parties to this
Agreement. For the avoidance of doubt, the Recipients will have no further duties connected
with their position as Recipient. In particular, the Recipients may assume the conformity to
the authentic original(s) of the signature page(s) transmitted to it by means of
telecommunication, the genuineness of all signatures on the original signature page(s) and the
signing authority of the signatories.

- 24 -

 

SIGNATURE PAGE

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

	 	 	 	 	 
	 	
Closure Systems International Deutschland GmbH

as Pledgor

 	 
	 	By: 	/s/ Karen Mower
 	 
	 	 	Name: 	Karen Mower 	 
	 	 	Title: 	Authorised Signatory 	 
	 
	 	The Bank of New York Mellon

as Collateral Agent and Pledgee

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

- 25 -

 

SCHEDULE 1

PART 1

LIST OF CURRENT BORROWERS

     SIG Euro Holding AG & Co. KGaA

     Closure Systems International Holdings Inc.

     Closure Systems International B.V.

     SIG Austria Holding GmbH

     Reynolds Consumer Products Holdings Inc.

     Reynolds Group Holdings Inc.

     Pactiv Corporation (formerly Reynolds Acquisition Corporation)

PART 2

LIST OF CURRENT GUARANTORS

     Whakatane Mill Australia Pty Limited

     SIG Austria Holding GmbH

     SIG Combibloc GmbH & Co KG

     SIG Combibloc GmbH

     SIG Beverages Brasil Ltda

     SIG Combibloc do Brasil Ltda

     Closure Systems International (Brazil) Sistemas de Vedação Ltda

     CSI Latin American Holdings Corporation

     Closure Systems International (Canada) Limited

     Evergreen Packaging Canada Limited

     Reynolds Food Packaging Canada Inc.

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

- 26 -

 

     SIG Holdings (UK) Limited

     SIG Combibloc Limited

     Closure Systems International (UK) Limited

     Reynolds Consumer Products (UK) Limited

     Reynolds Subco (UK) Limited

     Kama Europe Limited

     Ivex Holdings, Ltd.

     SIG Euro Holding AG & Co. KGaA

     SIG Beverages Germany GmbH

     SIG Combibloc Holding GmbH

     SIG Vietnam Beteiligungs GmbH

     SIG Combibloc GmbH

     SIG Combibloc Systems GmbH

     SIG Combibloc Zerspanungstechnik GmbH

     SIG Information Technology GmbH

     SIG International Services GmbH

     Closure Systems International Holdings (Germany) GmbH

     Closure Systems International Deutschland GmbH

     Pactiv Hamburg Holdings GmbH

     Pactiv Deutschland Holdinggesellschaft mbH

     Omni-Pac Ekco GmbH Verpackungsmittel

     Omni-Pac GmbH Verpackungsmittel

     SIG Asset Holdings Limited

     Closure Systems International (Hong Kong) Limited

     SIG Combibloc Limited

     Evergreen Packaging (Hong Kong) Limited

- 27 -

 

     Closure Systems International Holdings (Hungary) Kft.

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

     Closure Systems International Holdings (Japan) KK

     Closure Systems International Japan, Limited

     Beverage Packaging Holdings (Luxembourg) I S.A.

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

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

     Reynolds Group Issuer (Luxembourg) S.A.

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

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

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

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

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

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

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

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

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

     Closure Systems International B.V.

     Reynolds Consumer Products International B.V.

     Evergreen Packaging International B.V.

     Reynolds Packaging International B.V.

     Reynolds Group Holdings Limited

     Whakatane Mill Limited

     SIG Combibloc Group AG

     SIG Technology AG

     SIG allCap AG

- 28 -

 

     SIG Combibloc (Schweiz) AG

     SIG Schweizerische Industrie-Gesellschaft AG

     SIG Combibloc Procurement AG

     SIG Reinag AG

     SIG Combibloc Ltd.

     SIG Holding USA Inc.

     SIG Combibloc Inc.

     Closure Systems International Americas, Inc.

     Closure Systems International Holdings Inc.

     Closure Systems International Inc.

     Reynolds Packaging Machinery Inc.

     Closure Systems Mexico Holdings LLC

     CSI Mexico LLC

     CSI Sales & Technical Services Inc.

     Bakers Choice Products, Inc.

     Reynolds Consumer Products Holdings Inc.

     Reynolds Consumer Products Inc.

     Reynolds Foil Inc.

     Reynolds Group Holdings Inc.

     Reynolds Services Inc.

     Blue Ridge Holding Corp.

     Blue Ridge Paper Products Inc.

     Evergreen Packaging International (US) Inc.

     Evergreen Packaging Inc.

     Evergreen Packaging USA Inc.

     Reynolds Packaging, Inc.

- 29 -

 

     Reynolds Packaging LLC

     Reynolds Packaging Kama Inc.

     Reynolds Food Packaging LLC

     Reynolds Flexible Packaging Inc.

     Southern Plastics Inc.

     Ultra Pac, Inc.

     BRPP, LLC

     Reynolds Group Issuer Inc.

     Reynolds Group Issuer LLC

     Pactiv Corporation (formerly Reynolds Acquisition Corporation)

     Pactiv Factoring LLC

     Pactiv RSA LLC

     Pactiv Retirement Administration LLC

     Pactiv Germany Holdings, Inc.

     Pactiv International Holdings Inc.

     Pactiv Management Company LLC

     PCA West Inc.

     Prairie Packaging, Inc.

     PWP Holdings, Inc.

     PWP Industries, Inc.

     Newspring Industrial Corp.

     798795 Ontario Limited

     Pactiv Canada Inc.

     Newspring Canada Inc.

     The Baldwin Group Limited

     J. & W. Baldwin (Holdings) Limited

- 30 -

 

     Omni-Pac U.K. Limited

PART 3

LIST OF CURRENT SENIOR SECURED NOTES GUARANTORS

     Whakatane Mill Australia Pty Limited

     SIG Austria Holding GmbH

     SIG Combibloc GmbH & Co KG

     SIG Combibloc GmbH

     SIG Beverages Brasil Ltda

     SIG Combibloc do Brasil Ltda

     Closure Systems International (Brazil) Sistemas de Vedação Ltda

     CSI Latin American Holdings Corporation

     Closure Systems International (Canada) Limited

     Evergreen Packaging Canada Limited

     Reynolds Food Packaging Canada Inc.

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

     SIG Holdings (UK) Limited

     SIG Combibloc Limited

     Closure Systems International (UK) Limited

     Reynolds Consumer Products (UK) Limited

     Reynolds Subco (UK) Limited

     Kama Europe Limited

     Ivex Holdings, Ltd.

     SIG Euro Holding AG & Co. KGaA

     SIG Beverages Germany GmbH

     SIG Combibloc Holding GmbH

- 31 -

 

     SIG Vietnam Beteiligungs GmbH

     SIG Combibloc GmbH

     SIG Combibloc Systems GmbH

     SIG Combibloc Zerspanungstechnik GmbH

     SIG Information Technology GmbH

     SIG International Services GmbH

     Closure Systems International Holdings (Germany) GmbH

     Closure Systems International Deutschland GmbH

     Pactiv Hamburg Holdings GmbH

     Pactiv Deutschland Holdinggesellschaft mbH

     Omni-Pac Ekco GmbH Verpackungsmittel

     Omni-Pac GmbH Verpackungsmittel

     SIG Asset Holdings Limited

     Closure Systems International (Hong Kong) Limited

     SIG Combibloc Limited

     Evergreen Packaging (Hong Kong) Limited

     Closure Systems International Holdings (Hungary) Kft.

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

     Closure Systems International Holdings (Japan) KK

     Closure Systems International Japan, Limited

     Beverage Packaging Holdings (Luxembourg) I S.A.

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

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

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

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

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

- 32 -

 

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

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

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

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

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

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

     Closure Systems International B.V.

     Reynolds Consumer Products International B.V.

     Evergreen Packaging International B.V.

     Reynolds Packaging International B.V.

     Reynolds Group Holdings Limited

     Whakatane Mill Limited

     SIG Combibloc Group AG

     SIG Technology AG

     SIG allCap AG

     SIG Combibloc (Schweiz) AG

     SIG Schweizerische Industrie-Gesellschaft AG

     SIG Combibloc Procurement AG

     SIG Reinag AG

     SIG Combibloc Ltd.

     SIG Holding USA Inc.

     SIG Combibloc Inc.

     Closure Systems International Americas, Inc.

     Closure Systems International Holdings Inc.

     Closure Systems International Inc.

     Reynolds Packaging Machinery Inc.

- 33 -

 

     Closure Systems Mexico Holdings LLC

     CSI Mexico LLC

     CSI Sales & Technical Services Inc.

     Bakers Choice Products, Inc.

     Reynolds Consumer Products Holdings Inc.

     Reynolds Consumer Products Inc.

     Reynolds Foil Inc.

     Reynolds Group Holdings Inc.

     Reynolds Services Inc.

     Blue Ridge Holding Corp.

     Blue Ridge Paper Products Inc.

     Evergreen Packaging International (US) Inc.

     Evergreen Packaging Inc.

     Evergreen Packaging USA Inc.

     Reynolds Packaging, Inc.

     Reynolds Packaging LLC

     Reynolds Packaging Kama Inc.

     Reynolds Food Packaging LLC

     Reynolds Flexible Packaging Inc.

     Southern Plastics Inc.

     Ultra Pac, Inc.

     BRPP, LLC

     Pactiv Corporation (formerly Reynolds Acquisition Corporation)

     Pactiv Factoring LLC

     Pactiv RSA LLC

     Pactiv Retirement Administration LLC

- 34 -

 

     Pactiv Germany Holdings, Inc.

     Pactiv International Holdings Inc.

     Pactiv Management Company LLC

     PCA West Inc.

     Prairie Packaging, Inc.

     PWP Holdings, Inc.

     PWP Industries, Inc.

     Newspring Industrial Corp.

     798795 Ontario Limited

     Pactiv Canada Inc.

     Newspring Canada Inc.

     The Baldwin Group Limited

     J. & W. Baldwin (Holdings) Limited

     Omni-Pac U.K. Limited

PART 4

LIST OF CURRENT OCTOBER 2010 SECURED NOTES GUARANTORS

Whakatane Mill Australia Pty Limited

     SIG Austria Holding GmbH

     SIG Combibloc GmbH & Co KG

     SIG Combibloc GmbH

     SIG Beverages Brasil Ltda

     SIG Combibloc do Brasil Ltda

     Closure Systems International (Brazil) Sistemas de Vedação Ltda

     CSI Latin American Holdings Corporation

     Closure Systems International (Canada) Limited

     Evergreen Packaging Canada Limited

- 35 -

 

     Reynolds Food Packaging Canada Inc.

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

     SIG Holdings (UK) Limited

     SIG Combibloc Limited

     Closure Systems International (UK) Limited

     Reynolds Consumer Products (UK) Limited

     Reynolds Subco (UK) Limited

     Kama Europe Limited

     Ivex Holdings, Ltd.

     SIG Euro Holding AG & Co. KGaA

     SIG Beverages Germany GmbH

     SIG Combibloc Holding GmbH

     SIG Vietnam Beteiligungs GmbH

     SIG Combibloc GmbH

     SIG Combibloc Systems GmbH

     SIG Combibloc Zerspanungstechnik GmbH

     SIG Information Technology GmbH

     SIG International Services GmbH

     Closure Systems International Holdings (Germany) GmbH

     Closure Systems International Deutschland GmbH

     Pactiv Hamburg Holdings GmbH

     Pactiv Deutschland Holdinggesellschaft mbH

     Omni-Pac Ekco GmbH Verpackungsmittel

     Omni-Pac GmbH Verpackungsmittel

     SIG Asset Holdings Limited

     Closure Systems International (Hong Kong) Limited

- 36 -

 

     SIG Combibloc Limited

     Evergreen Packaging (Hong Kong) Limited

     Closure Systems International Holdings (Hungary) Kft.

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

     Closure Systems International Holdings (Japan) KK

     Closure Systems International Japan, Limited

     Beverage Packaging Holdings (Luxembourg) I S.A.

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

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

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

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

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

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

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

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

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

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

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

     Closure Systems International B.V.

     Reynolds Consumer Products International B.V.

     Evergreen Packaging International B.V.

     Reynolds Packaging International B.V.

     Reynolds Group Holdings Limited

     Whakatane Mill Limited

     SIG Combibloc Group AG

     SIG Technology AG

- 37 -

 

     SIG allCap AG

     SIG Combibloc (Schweiz) AG

     SIG Schweizerische Industrie-Gesellschaft AG

     SIG Combibloc Procurement AG

     SIG Reinag AG

     SIG Holding USA Inc.

     SIG Combibloc Inc.

     Closure Systems International Americas, Inc.

     Closure Systems International Holdings Inc.

     Closure Systems International Inc.

     Reynolds Packaging Machinery Inc.

     Closure Systems Mexico Holdings LLC

     CSI Mexico LLC

     CSI Sales & Technical Services Inc.

     Bakers Choice Products, Inc.

     Reynolds Consumer Products Holdings Inc.

     Reynolds Consumer Products Inc.

     Reynolds Foil Inc.

     Reynolds Group Holdings Inc.

     Reynolds Services Inc.

     Blue Ridge Holding Corp.

     Blue Ridge Paper Products Inc.

     Evergreen Packaging International (US) Inc.

     Evergreen Packaging Inc.

     Evergreen Packaging USA Inc.

     Reynolds Packaging, Inc.

- 38 -

 

     Reynolds Packaging LLC

     Reynolds Packaging Kama Inc.

     Reynolds Food Packaging LLC

     Reynolds Flexible Packaging Inc.

     Southern Plastics Inc.

     Ultra Pac, Inc.

     BRPP, LLC

     Pactiv Corporation (formerly Reynolds Acquisition Corporation)

     Pactiv Factoring LLC

     Pactiv RSA LLC

     Pactiv Retirement Administration LLC

     Pactiv Germany Holdings, Inc.

     Pactiv International Holdings Inc.

     Pactiv Management Company LLC

     PCA West Inc.

     Prairie Packaging, Inc.

     PWP Holdings, Inc.

     PWP Industries, Inc.

     Newspring Industrial Corp.

     798795 Ontario Limited

     Pactiv Canada Inc.

     Newspring Canada Inc.

     The Baldwin Group Limited

     J. & W. Baldwin (Holdings) Limited

     Omni-Pac U.K. Limited

- 39 -

 

PART 5

LIST OF ORIGINAL FEBRUARY 2011 SECURED NOTES GUARANTORS

     Whakatane Mill Australia Pty Limited

     CSI Latin American Holdings Corporation

     Closure Systems International (Canada) Limited

     Evergreen Packaging Canada Limited

     Reynolds Food Packaging Canada Inc.

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

     SIG Holdings (UK) Limited

     SIG Combibloc Limited

     Closure Systems International (UK) Limited

     Reynolds Consumer Products (UK) Limited

     Reynolds Subco (UK) Limited

     Kama Europe Limited

     Ivex Holdings, Ltd.

     SIG Asset Holdings Limited

     Closure Systems International (Hong Kong) Limited

     SIG Combibloc Limited

     Evergreen Packaging (Hong Kong) Limited

     Closure Systems International Holdings (Hungary) Kft.

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

     Closure Systems International Holdings (Japan) KK

     Closure Systems International Japan, Limited

     Beverage Packaging Holdings (Luxembourg) I S.A.

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

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

- 40 -

 

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

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

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

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

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

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

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

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

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

     Closure Systems International B.V.

     Reynolds Consumer Products International B.V.

     Evergreen Packaging International B.V.

     Reynolds Packaging International B.V.

     Reynolds Group Holdings Limited

     Whakatane Mill Limited

     SIG Combibloc Group AG

     SIG Holding USA Inc.

     SIG Combibloc Inc.

     Closure Systems International Americas, Inc.

     Closure Systems International Holdings Inc.

     Closure Systems International Inc.

     Reynolds Packaging Machinery Inc.

     Closure Systems Mexico Holdings LLC

     CSI Mexico LLC

     CSI Sales & Technical Services Inc.

     Bakers Choice Products, Inc.

- 41 -

 

     Reynolds Consumer Products Holdings Inc.

     Reynolds Consumer Products Inc.

     Reynolds Foil Inc.

     Reynolds Group Holdings Inc.

     Reynolds Services Inc.

     Blue Ridge Holding Corp.

     Blue Ridge Paper Products Inc.

     Evergreen Packaging International (US) Inc.

     Evergreen Packaging Inc.

     Evergreen Packaging USA Inc.

     Reynolds Packaging, Inc.

     Reynolds Packaging LLC

     Reynolds Packaging Kama Inc.

     Reynolds Food Packaging LLC

     Reynolds Flexible Packaging Inc.

     Southern Plastics Inc.

     Ultra Pac, Inc.

     BRPP, LLC

     Pactiv Corporation (formerly Reynolds Acquisition Corporation)

     Pactiv Factoring LLC

     Pactiv RSA LLC

     Pactiv Retirement Administration LLC

     Pactiv Germany Holdings, Inc.

     Pactiv International Holdings Inc.

     Pactiv Management Company LLC

     PCA West Inc.

- 42 -

 

     Prairie Packaging, Inc.

     PWP Holdings, Inc.

     PWP Industries, Inc.

     Newspring Industrial Corp.

     798795 Ontario Limited

     Pactiv Canada Inc.

     Newspring Canada Inc.

     The Baldwin Group Limited

     J. & W. Baldwin (Holdings) Limited

     Omni-Pac U.K. Limited

- 43 -

 

SCHEDULE 2

LIST OF ACCOUNTS

PART 1— LIST OF ACCOUNTS

	 	 	 	 	 	 	 	 	 
	 	 	Bank Sort Code	 	Name and address of	 	 	 	 
	(Sub-) Account No.	 	(Bankleitzahl)	 	Account Bank	 	Type of account	 	Currency
	[__________]

	 	IBAN DE14 5004 0000
00[__________]

BLZ 50040000
	 	Commerzbank AG,

Kaiserstraße 30,

60311 Frankfurt am

Main
	 	Giro
	 	EURO
	 
	 	 	 	 	 	 	 	 
	[__________]

	 	IBAN DE88 5021 0900
00[__________]

BLZ 50210900
	 	Citigroup Global
markets Deutschland
AG & Co. KGaA
Reuterweg 16, 60323
Frankfurt
	 	Giro
	 	EURO

PART 2 — LIST OF EXCLUDED ACCOUNTS

Currently none

- 44 -

 

SCHEDULE 3

FORM OF NOTICE OF PLEDGE

[Letterhead of Pledgor]

	 	 	 

	     Absender/From:

	 	[Pledgor]
	 
	 	 
	     An/To:

	 	[Account Bank]
	 
	 	 
	     Datum/Date:

	 	[•]

	 	 	 

	     Verpfändungsanzeige

	 	     Notice of Pledge
	 
	 	 
	     Betrifft: Konto Nr. [•]

	 	     Re: Account No. [•]
	 
	 	 
	     Sehr geehrte Damen und Herren,

	 	     Dear Sirs,
	 
	 	 
	wie Ihnen bekannt ist, haben wir gemäß
eines Kontenverpfändungsvertrags vom 5.
November 2009 (der
“Kontenverpfändungsvertrag 1”) und eines
Kontenverpfändungsvertrags vom 16.
November 2010 (der
“Kontenverpfändungsvertrag 2”) alle
Ansprüche einschließlich Zinsen aus dem
o.g. Konto (inklusive aller Unterkonten,
etwaigen Neueröffnungen, Verlängerungen,
Umbenennungen und Festgeldkonten davon)
zu Gunsten von The Bank of New York
Mellon (“Sicherheitentreuhänder”). Die
Verpfändung umfasst alle Arten von
Kontoguthaben sowie alle daraus
zeitanteilig anfallenden Zinsen. Eine
Kopie des Kontenverpfändungsvertrages 1
und des Kontenverpfändungsvertrages 2
hatten wir unseren jeweiligen Schreiben
beigefügt.

	 	As you are aware, by an
account pledge agreement dated
5 November 2009 (the “Account
Pledge Agreement 1”) and an
account pledge agreement dated
16 November 2010 (the “Account
Pledge Agreement 2”) we have
pledged in favour of The Bank
of New York Mellon (the
“Collateral Agent”) all of our
right, title and interest in
and to the above account
(which shall include all
sub-accounts, renewals,
replacements, redesignations
and related fixed deposit
accounts thereof) and all
monies and interest from time
to time standing or accruing
to the credit thereof. A copy
of the Account Pledge
Agreement 1 and the Account
Pledge Agreement 2 was
attached to our relevant
letters.
	 
	 	 
	Gemäß einen Bestätigungs- und
Ergänzungsvertrag zum
Kontenverpfändungsvertrag 1 vom 4. Mai
2010 (der “Bestätigungs- und
Ergänzungsvertrag”) wurde der
Kontenverpfändungsvertrag 1 dahingehend

	 	Pursuant to a confirmation and
amendment agreement relating
to the Account Pledge
Agreement 1 dated 4 May 2010
(the “Confirmation and
Amendment Agreement”), the
Account Pledge Agreement 1 has
been confirmed and

- 45 -

 

	 	 	 

	bestätigt und ergänzt, dass, unter
anderem, auch die Erhöhung
bestehender Kreditlinien umfasst
wird, die bereits durch den
Kontenverpfändungsvertrag 1
besichert sind. Eine Kopie des
Bestätigungs- und Ergänzungsvertrags
hatten wir unseren Schreiben
beigefügt.

	 	amended to the effect that, inter
alia, it also secures the increase
of existing facilities which are
already secured by the Account
Pledge Agreement 1. A copy of the
Confirmation and Amendment Agreement
was attached to our letters.
	 
	 	 
	     Hiermit zeigen wir Ihnen
an, dass wir gemäß
Ziffer 2.1 des hier in
Kopie beigefügten
Kontenverpfändungsvertrag
s vom [•] alle Rechte
und Ansprüche bezüglich
des o. g. Kontos und
aller sonstigen bei
Ihnen geführten Konten
(die “Konten”)
(inklusive aller
Unterkonten, etwaiger
Neueröffnungen,
Verlängerungen,
Umbenennung und
Festgeldkonten) zu
Gunsten des
Sicherheitentreuhänders
verpfändet haben.

	 	     We hereby give you notice that
pursuant to Clause 2.1 of an
account pledge agreement dated [•],
a copy of which is attached hereto,
we have pledged in favour of the
Collateral Agent all of our rights
and claims in respect of the above
account and all other accounts
maintained with you from time to
time (the “Accounts”) (including all
sub-accounts thereof, renewals,
replacements, redesignations and
related fixed deposit accounts
thereof).
	 
	 	 
	     Die Verpfändung umfasst
insbesondere alle
Ansprüche auf
gegenwärtige und
zukünftige Guthaben
(einschließlich
Spareinlagen,
Termineinlagen,
Festgeldeinlagen und
Tagesgeldeinlagen) und
positive Salden sowie
alle darauf anfallenden
Zinsen.

	 	     The pledge comprises in particular
all claims to present and future
cash deposits (including saving
deposits, time deposits, fixed
deposits and call money deposits)
and credit balances and all claims
to interest payable in relation
thereto.
	 
	 	 
	     Solange Sie als
kontoführende Bank keine
gegenteilige Nachricht
vom
Sicherheitentreuhänder
erhalten, sind wir
ermächtigt, über die
Konten und
insbesondere die
Kontenguthaben zu
verfügen. Im Fall des
Erhalts einer
entsprechenden Nachricht
sind Sie als
kontoführende Bank
gehalten, keinerlei
Verfügungen unsererseits
über die Konten
und die Kontenguthaben
mehr zuzulassen.

	 	     Until notice to the contrary from
the Collateral Agent to be served on
you as account bank, we may continue
to operate the Accounts and in
particular may dispose over the
amounts standing to the credit
thereof. Upon receipt of such
aforesaid notice to the contrary,
you as account bank shall not allow
any dispositions by us of the
Accounts and of the amounts standing
to the credit thereof.
	 
	 	 
	     Wir verzichten hiermit
in bezug auf alle bei
Ihnen geführten
Konten zu
Gunsten des
Sicherheitentreuhänders
auf unser Recht auf
Vertraulichkeit
(Bankgeheimnis) und
beauftragen und
ermächtigen Sie hiermit,
nachdem Sie die o.g
Nachricht vom

Sicherheitentreuhänder
erhalten haben,

	 	     We herewith waive all rights of
confidentiality (Bankgeheimnis) in
relation to all accounts held with
you for the benefit of the
Collateral Agent. If you have
received the above notice from the
Collateral Agent we hereby instruct
and authorise you to provide the
Collateral Agent with any
information

- 46 -

 

	 	 	 

	dem Sicherheitentreuhänder auf sein
Verlangen jede gewünschte Information im
Hinblick auf solche Konten zu geben.

	 	requested by it in respect of
such accounts.
	 
	 	 
	     Diese Verpfändungsanzeige
unterliegt deutschem Recht.

	 	     This notice of pledge shall be
construed in accordance with
German law.
	 
	 	 
	     In Zweifelsfällen gilt die
deutsche Fassung dieser
Verpfändungsanzeige.

	 	     In cases of doubt the German
version of this notice of
pledge shall prevail.
	 
	 	 
	     Wir bitten Sie, die dieser
Verpfändungsanzeige beigefügte
Empfangsbestätigung als Zeichen
Ihres Einverständnisses mit den
hierin und in der
Empfangsbestätigung genannten
Bestimmungen unterzeichnet sowohl
an uns als auch an den
Sicherheitentreuhänder
zu senden. Die Adresse des
Sicherheitentreuhänders

	 	     Please sign the enclosed
Acknowledgement of Notice of
Pledge in order to acknowledge
receipt of this notice and your
agreement to the terms set out
herein and in the enclosed
Acknowledgement and return the
same to us and to the
Collateral Agent. The address
of the Collateral Agent is the
following:
	ist die folgende:
	 	 
	 
	 	 
	[name and address of Collateral Agent].
	 
	 	 
	Mit freundlichen Grüßen

	 	Yours faithfully

[Pledgor]

 

(Geschäftsführer/Managing Director)

- 47 -

 

[Letterhead of Account Bank]

	 	 	 

	Absender/From:

	 	[Account Bank]
	 
	 	 
	An/ To:

	 	[Collateral Agent] 
und/and

[Pledgor]
	 
	 	 
	Datum/ Date:

	 	[•]

	 	 	 

	     Bestätigung des Empfangs einer 

Verpfändungsanzeige

	 	     Acknowledgement of Notice of Pledge
	 
	 	 
	     Betrifft: Konto Nr. [•]

	 	     Re: Account No. [•]
	 
	 	 
	     Sehr geehrte Damen und Herren,

	 	     Dear Sirs,
	 
	 	 
	     Wir bestätigen hiermit den Erhalt
der Verpfändungsanzeige vom [Datum]
sowie der Kopie des
Kontoverpfändungsvertrags vom [•]
und unser Einverständnis mit den
darin enthaltenen Bestimmungen.

	 	     We hereby acknowledge receipt of the
notice of pledge dated [date] and of
a copy of the account pledge
agreement dated [•] and confirm our
agreement with the terms set out
therein.
	 
	 	 
	     Wir versichern, dass wir keine
Verpfändungsanzeige bzgl. der
verpfändeten Konten erhalten haben,
außer Ihrer Anzeigen vom [•]
und vom [•], und uns mit
Ausnahme unseres AGB-Pfandrechts
keine Rechte Dritter an den
verpfändeten Konten bekannt sind.

	 	     We confirm that we have neither
received any previous notice of
pledge relating to the pledged
accounts nor are we aware of any
third party rights in relation to
the accounts other than your notice
dated [•] and [•] and
except for the right of pledge
arising pursuant to our general
business conditions.
	 
	 	 
	     Wir verpflichten uns hiermit, sowohl
im eigenen Namen als auch für unsere
jeweiligen Rechtsnachfolger, die in
der obengenannten
Verpfändungsanzeige enthaltenen
Bestimmungen und Anweisungen zu
befolgen.

	 	     We hereby confirm on behalf of
ourselves and our legal successors
in title that we will act in
accordance with the terms and
instructions set out in the notice
of pledge referred to above.
	 
	 	 
	     Wir verzichten hiermit unwiderruflich

	 	     We hereby irrevocably and

- 48 -

 

	 	 	 

	und bedingungslos auf jegliche
Aufrechnungs- und
Zurückbehaltungsrechte bzgl. der
Konten, wobei es unser Verständnis ist,
dass Saldierungen bei
Kontokorrentkonten weiterhin
vorgenommen und Kontoführungsgebühren
und retournierte Schecks den Konten
weiterhin ohne Einschränkung belastet
werden dürfen.

	 	unconditionally waive our rights
in respect of and agree not to
make any set-off from the
Accounts or invoke any rights of
retention in relation to the
Accounts; it being understood
that the balancing of current
accounts shall be permitted and
that account-keeping fees and
returned cheques may furthermore
be debited without restriction.
	 
	 	 
	     Des Weiteren erklären wir
hiermit, dass wir das
aufgrund unserer
Allgemeinen
Geschäftsbedingungen an den
Konten bestehende
Pfandrecht aufgeben.

	 	     We hereby release the pledge
granted in our favour in respect
of the Accounts pursuant to our
General Business Conditions.
	 
	 	 
	     Dieses Schreiben unterliegt
deutschem Recht.

	 	     This letter shall be construed
in accordance with German law.
	 
	 	 
	     In Zweifelsfällen gilt die
deutsche Fassung dieses
Schreibens.

	 	     In cases of doubt the German
version of this letter shall
prevail.
	 
	 	 
	     Mit freundlichen Grüßen

	 	     Yours faithfully

     [Account Bank]

 

([Name des Unterzeichners/name of signatory])

- 49 -

 

SCHEDULE 4

FORM OF NOTIFICATION OF FUTURE ACCOUNTS

	 	 	 

	From:

	 	[Pledgor]
	 
	 	 
	To:

	 	[Collateral Agent]
	 
	 	 
	Date:

	 	[Date of Notification]
	 
	 	 
	Re:

	 	Account pledge agreement dated [date of this Agreement] between us
as pledgor and you and others as pledgees (the “Account Pledge
Agreement")

Dear Sirs,

     In accordance with Clause 16.3 of the Account Pledge Agreement, we hereby give you notice that
we [will open/have opened] the following bank account (the “New Account”):

	 	 	 	 	 	 	 
	 	 	 	 	Name and address of	 	 
	(Sub-) Account	 	Bank Sort Code	 	Account Bank (the	 	 
	No.	 	(Bankleitzahl)	 	“Account Bank”)	 	Type of Account
	[•]
	 	[•]
	 	[•]
	 	[•]

     Capitalised terms not otherwise defined herein shall have the meaning ascribed thereto in the
Account Pledge Agreement.

     We hereby confirm that all our present and future rights and claims (whether conditional or
unconditional) arising against the Account Bank from or in relation to the New Account (as
specified in Clause 2.1 of the Account Pledge Agreement) are pledged to the Pledgee pursuant to the
Account Pledge Agreement as security for the Obligations. We expressly acknowledge that all
obligations imposed on us in the Account Pledge Agreement in respect of the Accounts also apply for
the New Account.

 

     By way of an independent guarantee (selbstständiges Garantieversprechen), we make the
representations and warranties set out in Clauses 8.2 of the Account Pledge Agreement in respect of
the New Account.

     [In accordance with Clause 16.3 of the Account Pledge Agreement, we enclose a copy of the
notice of pledge we have given to the Account Bank in respect of the New Account as well as an
original copy of the acknowledgement countersigned by the Account Bank.]

 51 

 

Yours faithfully

	 	 	 	 	 
	 	[Pledgor]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	Managing Director (Geschäftsführer) 	 
	 

 52exv4w426

EXHIBIT 4.426

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

This Floating Lien Pledge Agreement (Contrato de Prenda sin Transmisión de Posesión) is
entered into on this 19th day of April, 2011 (the “Agreement”), by and among Central de
Bolsas, S. de R.L. de C.V. (“Central”), Grupo Corporativo Jaguar, S.A. de C.V.
(“Corporativo”), Servicios Industriales Jaguar, S.A. de C.V. (“Servicios
Industriales”), Servicio Terrestre Jaguar, S.A. de C.V. (“Servicio Terrestre”), and
Pactiv México, S. de R.L. de C.V. (“Pactiv” and, together with Central, Corporativo,
Servicios Industriales and Servicio Terrrestre, the “Pledgors”), as pledgors, and The Bank
of New York Mellon, acting solely in its capacity as Collateral Agent (as defined below) on behalf
and for the benefit of the Secured Parties (as defined below) (in such capacity, together with its
successors and assigns in such capacity, the “Pledgee”), as pledgee, in accordance with the
following Recitals, Representations and Warranties and Clauses. Terms used in the Recitals and
Representations and Warranties and not otherwise defined herein shall have the meaning set forth in
Clause First hereto.

Recitals

     I. Credit Agreement. On November 5, 2009, Reynolds Group Holdings Inc., Reynolds
Consumer Products Holdings Inc., Closure Systems International Holdings Inc., SIG Euro Holding AG
& Co KGaA, SIG Austria Holding Gmbh, Closure Systems International B.V. and Pactiv Corporation, as
borrowers, Reynolds Group Holdings Limited, the lenders from time to time party thereto, and
Credit Suisse AG (formerly known as Credit Suisse), as administrative agent (in such capacity,
together with its successors and assigns in such capacity, the “Administrative Agent”),
entered into a credit agreement (as most recently amended and restated by the Amendment No. 4 and
Incremental Term Loan Assumption Agreement dated as of February 9, 2011, and the Amendment No. 5
dated as of March 11, 2011, and as further amended, extended, restructured, renewed, novated,
supplemented, restated, refunded, replaced or modified from time to time, the “Credit
Agreement”).

     II. 2009 Senior Secured Notes Indenture. On November 5, 2009, Reynolds

 

 

Group Escrow LLC, Reynolds Group DL Escrow Inc. (the “2009 Escrow Issuers”) and The Bank
of New York Mellon, acting in its capacity as trustee, principal paying agent, transfer agent and
collateral agent, entered into an indenture (as amended, extended, restructured, renewed,
refunded, novated, supplemented, restated, replaced or modified from time to time, the “2009
Senior Secured Notes Indenture”) pursuant to which certain secured notes (the “2009 Senior
Secured Notes”) were issued by the 2009 Escrow Issuers. On November 5, 2009, the 2009 Senior
Secured Notes were released from escrow and the obligations of the 2009 Escrow Issuers were
assumed by Reynolds Group Issuer LLC, Reynolds Group Issuer Inc. and Reynolds Group Issuer
(Luxembourg) S.A., as applicable (the “Notes Issuers”).

     III. 2010 Secured Notes Indenture. On October 15, 2010, RGHL US Escrow I LLC, RGHL US
Escrow I Inc. and RGHL Escrow Issuer (Luxembourg) I S.A. (the “2010 Escrow Issuers”) and
The Bank of New York Mellon, as trustee, principal paying agent, transfer agent, registrar and
collateral agent and Wilmington Trust (London) Limited, as additional collateral agent, entered
into an indenture (as amended, extended, restructured, renewed, refunded, novated, supplemented,
restated, replaced or modified from time to time, the “2010 Senior Secured Notes
Indenture”) pursuant to which certain secured notes (the “2010 Senior Secured Notes”)
were issued by the 2010 Escrow Issuers. On November 16, 2010, (a) the 2010 Senior Secured Notes
were released from escrow and the obligations of the 2010 Escrow Issuers were assumed by the Notes
Issuers, and (b) the obligations in respect of the 2010 Senior Secured Notes were designated as
“Additional Obligations” under the First Lien Intercreditor Agreement.

     IV. 2011 Senior Secured Notes Indenture. On February 1, 2011, the Notes Issuers and
The Bank of New York Mellon, acting in its capacity as trustee, principal paying agent, transfer
agent and collateral agent and Wilmington Trust (London) Limited, as additional collateral agent,
entered into an indenture (as amended, extended, restructured, renewed, refunded, novated,
supplemented, restated, replaced or modified from time to time, the “2011 Senior Secured Notes
Indenture”) pursuant to which certain secured notes (the “2011 Senior Secured Notes”)
were issued by the Notes Issuers. On the date thereof, the 2011 Senior Secured Notes were
designated as “Additional Obligations” under the First Lien Intercreditor Agreement.

Representations and Warranties

	I.	 	Each of the Pledgors hereby represents and warrants, with respect to itself, through
its legal representative, that on the date hereof:

	 	(a)	 	(i) Central is a sociedad de responsabilidad limitada de capital variable
duly organized and validly existing under the laws of Mexico, as evidenced

- 2 -

 

	 	 	 	in public deed number 15,890, dated October 21, 2010, granted before Mr. Pablo
González Vázquez, Notary Public number 35 for Zapopan, Jalisco, which was recorded
in the Public Registry of Commerce of Guadalajara, Jalisco, under commercial folio
2332; (ii) Corporativo is a sociedad anónima de capital variable duly organized and
validly existing under the laws of Mexico, as evidenced in public deed number
3,084, dated January 1, 1995, granted before Mr. Antonio Garcia Medina, Notary
Public number 34 for Guadalajara, Jalisco, which was recorded in the Public
Registry of Commerce of Guadalajara, Jalisco, under inscription number 52-53,
volume 560, book first, and currently registered at such registry under commercial
folio 202; (iii) Servicios Industriales is a sociedad anónima de capital variable
duly organized and validly existing under the laws of Mexico, as evidenced in
public deed number 3,085, dated January 1, 1995, granted before Mr. Antonio Garcia
Medina, Notary Public number 34 for Guadalajara, Jalisco, which was recorded in the
Public Registry of Commerce of Guadalajara, Jalisco, under inscription number
55-56, volume 560, book first, and currently registered at such registry under
commercial folio 441 (iv) Servicio Terrestre is a sociedad anónima de capital
variable duly organized and validly existing under the laws of Mexico, as evidenced
in public deed number 21,531, dated January 25, 1995, granted before Mr. Miguel
Rabago Preciado, Alternate Notary Public number 42 for Guadalajara, Jalisco, which
was recorded in the Public Registry of Commerce of Guadalajara, Jalisco, under
inscription number 61-62, volume 565, book first, and currently registered at such
registry under commercial folio 51501; and (v) Pactiv is a sociedad de
responsabilidad limitada de capital variable duly organized and validly existing
under the laws of Mexico, as evidenced in public deed number 19, dated February 24,
2004, granted before Ms. Mónica Esnayra Pereyra, Notary Public number 21 for the
Judicial District of Morelos, Chihuahua, which was recorded in the Public Registry
of Commerce of Chihuahua under number 4, page 6, volume 221, book first, and
currently registered at such registry under commercial folio 14785;
	 
	 	(b)	 	the individual executing this Agreement in the name and on behalf of each of
the Pledgors has sufficient power and authority, as well as the necessary authority
(corporate, organizational or otherwise) to validly execute and deliver this Agreement
on their behalf and to validly bind each of the Pledgors under the terms herein, as
evidenced in public deed numbers 33,710, 33,711, 33,713, 33,712 and 33,714, dated
April 4, 2011, granted before Mr. José Luis Villavicencio Castañeda, Notary Public
number 218 for the Federal District, Mexico, and that such powers,

- 3 -

 

	 	 	 	authority and corporate or other authorizations have not been revoked, modified or
limited in any manner; and
	 
	 	(c)	 	with reference to the facts and circumstances then existing and subject to
the provisions of the Loan Documents and the Intercreditor Arrangements, the
representations and warranties made by such Pledgor as Loan Party in Section 3.01
(Organization; Powers), 3.02 (Authorization), 3.03 (Enforceability), 3.06 (No Material
Adverse Change), 3.07 (Title to Properties; Possession under Leases), 3.09
(Litigation, Compliance with Laws), 3.10 (Agreements), 3.19 (Security Documents) and
3.22 (Solvency) of the Credit Agreement, are true and accurate as regards to such
Pledgor and this Agreement.

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

Clauses

First.- Certain Defined Terms.

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

	 	 	“Accounts Receivable” means and includes, with respect to each Pledgor, all accounts
receivable, trade accounts or instruments of such Pledgor, including, without limitation,
all rights of such Pledgor to payment for goods sold or leased, or to be sold or to be
leased, or for services rendered or to be rendered, however evidenced or incurred, and
together with all returned or repossessed goods and all books, records, computer tapes,
programs and ledger books arising therefrom or relating thereto, all whether now owned or
hereafter acquired or arising.

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

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

	 	 	“Agreed Security Principles” has the meaning it is given in the Credit Agreement,
the 2009 Senior Secured Notes Indenture, the 2010 Senior Secured

- 4 -

 

	 	 	Notes Indenture and the 2011 Senior Secured Notes Indenture, and to the extent of any
inconsistency the meaning it is given in the Credit Agreement shall prevail.

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

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

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

	 	 	“Central” has the meaning assigned to such term in the preamble to this Agreement.

	 	 	“Central Pledged Assets” shall mean all of the following generically described
personal property of Central, pledged by Central in favor of the Pledgee for the benefit of
the Secured Parties as provided herein, wherever located, whether now existing or hereafter
acquired or arising from, (a) all Accounts Receivable, (b) all Inventory, (c) all Equipment,
(d) all Intangibles, (e) all Instruments, (f) all Intellectual Property, (g) all cash,
money, cash equivalents and goods, including without limitation, the bank accounts of
Central, and (h) all products and/or proceeds of any and all of the foregoing, including,
without limitation, indemnification in the event of expropriation, revocation of such assets
either by third parties or acts of government and insurance proceeds which, pursuant to
Article 354 of the Law, comprise all of the personal property used by Central to carry out
its main activity.

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

	 	 	“Commercial Code” shall mean the Mexican Commercial Code (Código de Comercio).

	 	 	“Corporativo” has the meaning assigned to such term in the preamble to this
Agreement.

- 5 -

 

	 	 	“Corporativo Pledged Assets” shall mean all of the following generically described
personal property of Corporativo, pledged by Corporativo in favor of the Pledgee for the
benefit of the Secured Parties as provided herein, wherever located, whether now existing or
hereafter acquired or arising from, (a) all Accounts Receivable, (b) all Inventory, (c) all
Equipment, (d) all Intangibles, (e) all Instruments, (f) all Intellectual Property, (g) all
cash, money, cash equivalents and goods, including without limitation, the bank accounts of
Corporativo, and (h) all products and/or proceeds of any and all of the foregoing,
including, without limitation, indemnification in the event of expropriation, revocation of
such assets either by third parties or acts of government and insurance proceeds which,
pursuant to Article 354 of the Law, comprise all of the personal property used by
Corporativo to carry out its main activity.

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

	 	 	“Equipment” shall mean, with respect to each Pledgor, all equipment and
fixtures of such Pledgor, whether now owned or hereafter acquired, wherever located,
including, without limitation, all machinery, furniture, furnishings, spare parts, repair
parts, leasehold improvements, computer equipment, books and records, motor vehicles,
forklifts, rolling stock, dies and tools used or useful in such Pledgor’s business
operations.

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

	 	 	“Excluded Assets” shall mean the shares owned by Pactiv in the capital stock of
Servicios Integrales de Operación, S.A. de C.V.

	 	 	“First Lien Intercreditor Agreement” shall mean the First Lien Intercreditor
Agreement dated as of November 5, 2009, among the Collateral Agent, The Bank of New York
Mellon, as trustee under the 2009 Senior Secured Notes Indenture and 2010 Secured Notes
Indenture, Credit Suisse AG (formerly known as Credit Suisse), as administrative agent under
the Credit Agreement and the Loan Parties, as amended on January 21, 2010 and as further
amended, novated, supplemented, restated or modified from time to time. A copy of the First
Lien Intercreditor Agreement and of its amendment is attached hereto as Exhibit “A”.

	 	 	“Governmental Authority” shall mean any national or federal government, any state,
regional, local or other political subdivision thereof with jurisdiction and

- 6 -

 

	 	 	any individual or entity with jurisdiction exercising executive, legislative, judicial,
regulatory or administrative functions of or pertaining to government or quasi-governmental
issues (including any court).

	 	 	“Instruments” shall mean, with respect to each Pledgor, all certificated and
uncertificated instruments, negotiable instruments, securities, all security entitlements,
all securities accounts, commodity contracts and commodity accounts, including without
limitation, instruments and letters of credit evidencing, representing, arising from or
existing in respect of, relating to, securing or otherwise supporting the payment of, any of
the Accounts Receivable, whether now or hereafter owned or acquired by such Pledgor or in
which such Pledgor now or hereafter has or acquires any rights.

	 	 	“Intangibles” shall mean, with respect to each Pledgor, all intangibles of such
Pledgor, whether now existing or hereafter acquired or arising, including, without
limitation, all royalties, tax refunds, rights to tax refunds, and any and all other rights
held by such Pledgor and all goodwill of such Pledgor associated therewith.

	 	 	“Intellectual Property” shall mean, with respect to each Pledgor, all intellectual
and similar property of such Pledgor of every kind and nature hereafter acquired by such
Pledgor, any inventions, designs, drawings, plans, diagrams, schematics and assembly and
display materials relating thereto, patents and proprietary rights, patent licenses,
trademarks, service marks, trademark licenses, trade names, copyrights, copyrights licenses,
royalties, domain names and domain name registrations, trade secrets, confidential or
proprietary technical and business information, know how or other data or information,
programs, software and databases and all embodiments or fixations thereof and related
documentation, registration and franchises, licenses for any of the foregoing and all
license rights, and all additions, improvements and accessions to, and books and records
describing or used in connection with, any of the foregoing.

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

	 	 	“Inventory” shall mean, with respect to each Pledgor, all inventory of such Pledgor,
whether now owned or hereafter acquired, wherever located, including, without limitation,
all goods of such Pledgor held for sale or lease or

- 7 -

 

	 	 	furnished or to be furnished under contracts of service, all goods held for display or
demonstration, goods on lease or consignment, returned and repossessed goods, all raw
materials, work-in-progress, finished goods and supplies used or consumed in such Pledgor’s
businesses together with all documents, documents of title, dock warrants, dock receipts,
warehouse receipts, bills of lading or orders for the delivery of all, or any portion, of
the foregoing.

	 	 	“Law” shall mean the General Law of Negotiable Instruments and Credit Transactions.

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

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

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

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

	 	 	“Mexico” shall mean the United Mexican States.

	 	 	“Notes Issuers” has the meaning assigned to such term in Recital II hereof.

	 	 	“Pactiv” has the meaning assigned to such term in the preamble to this Agreement.

	 	 	“Pactiv Pledged Assets” shall mean all of the following generically described
personal property of Pactiv, pledged by Pactiv in favor of the Pledgee for the benefit of
the Secured Parties as provided herein, wherever located, whether now existing or hereafter
acquired or arising from, except for the Excluded Assets: (a) all Accounts Receivable, (b)
all Inventory, (c) all Equipment, (d) all Intangibles, (e) all Instruments, (f) all
Intellectual Property, (g) all cash, money, cash equivalents and goods, including without
limitation, the bank accounts of Pactiv, and (h) all products and/or proceeds of any and all
of the foregoing, including, without limitation, indemnification in the event of
expropriation, revocation of such assets either by third parties or acts of government and

- 8 -

 

	 	 	insurance proceeds which, pursuant to Article 354 of the Law, comprise all of the personal
property used by Pactiv to carry out its main activity; provided, however, that the Pactiv
Pledged Assets do not comprise the Excluded Assets.

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

	 	 	“Pesos” shall mean the legal currency of Mexico.

	 	 	“Pledged Assets” means the collective reference to the Central Pledged Assets, the
Corporativo Pledged Assets, the Servicios Industriales Pledged Assets, the Servicio
Terrestre Pledged Assets, and the Pactiv Pledged Assets.

	 	 	“Pledgee” has the meaning assigned to such term in the preamble to this Agreement.

	 	 	“Pledgors” has the meaning assigned to such term in the preamble to this
Agreement.

	 	 	“Principal Finance Documents” means the Credit Agreement, the 2009 Senior Secured
Notes Indenture, the 2010 Senior Secured Notes Indenture, the 2011 Senior Secured Notes
Indenture, the Intercreditor Arrangements and any Additional Agreement.

	 	 	“Registry” has the meaning assigned to such term in Clause Second of this Agreement.

	 	 	“Secured Obligations” shall mean all present and future obligations and liabilities
(whether actual or contingent and whether owed jointly or severally or in any other capacity
whatsoever) of each Loan Party and each grantor of a security interest to the Secured
Parties (or any of them) under each or any of the Loan Documents, together with all costs,
charges and expenses incurred by any Secured Party in connection with the protection,
preservation or enforcement of its respective rights under the Loan Documents or any other
document evidencing or securing any such liabilities.

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

	 	 	“Security Interest” has the meaning assigned to such term in Clause Second of this
Agreement.

- 9 -

 

	 	 	“Servicio Terrestre” has the meaning assigned to such term in the preamble to
this Agreement.

	 	 	“Servicio Terrestre Pledged Assets” shall mean all of the following generically
described personal property of Servicio Terrestre, pledged by Servicio Terrestre in favor of
the Pledgee for the benefit of the Secured Parties as provided herein, wherever located,
whether now existing or hereafter acquired or arising from, (a) all Accounts Receivable, (b)
all Inventory, (c) all Equipment, (d) all Intangibles, (e) all Instruments, (f) all
Intellectual Property, (g) all cash, money, cash equivalents and goods, including without
limitation, the bank accounts of Servicio Terrestre, and (h) all products and/or proceeds of
any and all of the foregoing, including, without limitation, indemnification in the event of
expropriation, revocation of such assets either by third parties or acts of government and
insurance proceeds which, pursuant to Article 354 of the Law, comprise all of the personal
property used by Servicio Terrestre to carry out its main activity.

	 	 	“Servicios Industriales” has the meaning assigned to such term in the preamble to
this Agreement.

	 	 	“Servicios Industriales Pledged Assets” shall mean all of the following generically
described personal property of Servicios Industriales, pledged by Servicios Industriales in
favor of the Pledgee for the benefit of the Secured Parties as provided herein, wherever
located, whether now existing or hereafter acquired or arising from, (a) all Accounts
Receivable, (b) all Inventory, (c) all Equipment, (d) all Intangibles, (e) all Instruments,
(f) all Intellectual Property, (g) all cash, money, cash equivalents and goods, including
without limitation, the bank accounts of Servicios Industriales, and (h) all products and/or
proceeds of any and all of the foregoing, including, without limitation, indemnification in
the event of expropriation, revocation of such assets either by third parties or acts of
government and insurance proceeds which, pursuant to Article 354 of the Law, comprise all of
the personal property used by Servicios Industriales to carry out its main activity.

	 	 	“Termination Notice” has the meaning assigned to such term in Clause Tenth of this
Agreement.

	 	 	“Transfer” shall mean, with respect to each Pledgor, any sale, lease or other type
of transfer made by such Pledgor.

- 10 -

 

	 	 	“2009 Escrow Issuers” has the meaning assigned to such term in Recital II hereof.

	 	 	“2009 Senior Secured Notes Indenture” has the meaning assigned to such term in
Recital II hereof.

	 	 	“2009 Senior Secured Notes” has the meaning assigned to such term in Recital II
hereof.

	 	 	“2010 Escrow Issuers” has the meaning assigned to such term in Recital III hereof.

	 	 	“2010 Senior Secured Notes Indenture” has the meaning assigned to such term in
Recital III hereof.

	 	 	“2010 Senior Secured Notes” has the meaning assigned to such term in Recital III
hereof.

	 	 	“2011 Senior Secured Notes Indenture” has the meaning assigned to such term in
Recital IV hereof.

	 	 	“2011 Senior Secured Notes” has the meaning assigned to such term in Recital IV
hereof.

     (b) Usage. The definitions in this Clause First shall apply equally to both the
singular and plural forms of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neutral forms. The words “hereof”,
“herein” and “hereunder” and words of similar import, when used in this Agreement, shall refer to
this Agreement as a whole and not to any particular provision of this Agreement, unless otherwise
expressly indicated, and all references in this Agreement to Clauses, sections, paragraphs and
Exhibits shall be deemed to be references to Clauses, sections, paragraphs and Exhibits of this
Agreement, unless the context shall otherwise require. As used herein and any certificate or other
document made or delivered pursuant hereto, (i) the words “include”, “includes” and “including”
shall be deemed to be followed by the phrase “without limitation”, (ii) the word “incur” shall be
construed to mean incur, create, issue, assume, become liable in respect of or suffer to exist (and
the words “incurred” and “incurrence” shall have correlative meanings), (iii) the words “asset” and
“property” shall be construed to have the same meaning and effect and to refer to any and all
tangible and intangible assets and properties, including cash, capital stock, securities, revenues,
accounts, leasehold interests and contract rights, (iv) references to agreements shall, unless
otherwise specified, be deemed to refer to such agreements as

- 11 -

 

amended, extended, restructured, renewed, novated, supplemented, restated, refunded, replaced
or modified from time to time, and (v) references to any statute, law or regulation shall be
deemed to include any amendments thereto from time to time or any successor statute, law or
regulation thereof.

Second.- Pledge; Grant of Security Interest.

     (a) In accordance with Title II, Chapter IV, Section VII (Título II, Capítulo IV, Sección VII)
of the Law, the Pledgors hereby grant, subject to any Liens permitted by the Loan Documents, a
first priority floating lien pledge (prenda sin transmisión de posesión) and security interest (the
“Security Interest”) to the Pledgee for the benefit of the Secured Parties, in and to the
Pledged Assets now or hereafter owned or acquired by the Pledgors or in which the Pledgors now or
hereafter have or acquire any right or interest, wherever located and with everything that
corresponds thereto by law or in fact, except for the Excluded Assets, as collateral security for
the due and timely payment, performance and satisfaction when due (whether at stated maturity, by
acceleration or otherwise) of the Secured Obligations.

     (b) For purposes of Article 366 of the Law, the Pledgors hereby covenant and agree, that as
soon as reasonably practicable but, in any event, no later than 10 (ten) Business Days following
the execution date of this Agreement or such longer period as the Pledgee may agree, acting on the
instructions of the Applicable Representative, the Pledgors shall file this Agreement, through a
Mexican commercial notary public, for registration with the Sole Registry of Security over Movable
Assets of the Public Registry of Commerce (“Registry”) and to provide written evidence
thereof to the Pledgee, for which purpose the Pledgors shall deliver to the Pledgee an original
letter executed by such Mexican commercial notary public whereby such Mexican notary public
certifies that this Agreement has been presented for registration in the Registry.

     (c) In addition, the Pledgors hereby covenant and agree to deliver to the Pledgee, as soon as
reasonably practicable but, in any event, no later than 45 (forty five) Business Days following the
execution date of this Agreement or such longer period as the Pledgee may agree, acting on the
instructions of the Applicable Representative, an original executed copy of this Agreement along
with the recordal page issued by the Registry evidencing that this Agreement has been properly
registered with such Registry.

     (d) Subject to the Agreed Security Principles, if and when any of the Pledgors own any
Intellectual Property, the relevant Pledgor hereby agrees to file this Agreement for registration
in the corresponding file before the Mexican Institute of Intellectual Property, as soon as
reasonably practicable but, in any event, no later than

- 12 -

 

15 (fifteen) Business Days from the date on which such event occurs or such longer period as the
Pledgee may agree, acting on the instructions of the Applicable Representative.

     (e) Without prejudice to the rights of the Pledgee under the Loan Documents, the Pledgee
hereby irrevocably waives the provisions of, and any rights it might have under Articles 357 final
paragraph and 361 third paragraph of the Law.

     (f) For the purposes of the first paragraph of Article 348 of the Law, the amount of the
Secured Obligations shall be an amount ascertainable at the time of foreclosure.

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

Fourth.- Covenants of the Pledgors.

     (a) So long as this Agreement is in effect, the Pledgors covenant and agree, that the Pledgors
(i) shall not create, incur, assume, or permit to exist any Lien in favor of, or any claim of any
Person with respect to, any of the Pledged Assets, whether now owned or hereafter acquired, except
for the Security Interest or as permitted by the Loan Documents; (ii) except to the extent
permitted by the Loan Documents, shall not sell, transfer, assign, pledge, deliver, transfer in
trust, grant, usufruct or otherwise dispose of, or grant any option with respect to, any such
Pledged Assets or any interest therein without the prior written consent of the Pledgee; and (iii)
subject to the Agreed Security Principles, shall execute and deliver to the Pledgee such documents
in favor of the Pledgee and do such things relating to the Security Interest as the Pledgee may
reasonably request in order to protect and maintain the Security Interest and to protect and
preserve the Pledgors’ and/or the Pledgee’s title and interest in and to the Pledged Assets, and
pay all costs arising from or in connection therewith.

- 13 -

 

     (b) The Pledgors hereby expressly and irrevocably waive the exercise of any and all rights set
forth in Article 358 of the Law without the prior written consent of the Pledgee, and with respect
to such waiver, except as otherwise permitted by the Loan Documents.

Fifth.- Use and Transfer of Pledged Assets. Each of the Pledgors shall be entitled to (i)
use its Pledged Assets as permitted by the Loan Documents; (ii) Transfer or otherwise dispose of
its Pledged Assets as permitted by the Loan Documents; provided, however that the proceeds or
assets received by the Pledgors in consideration of any such Transfer shall become part of the
Pledged Assets; and (iii) collect and receive any and all payments, distributions or any other
consideration arising from or relating to its Pledged Assets and use the proceeds from any Transfer
of its Pledged Assets only as permitted by the Loan Documents. For purposes of Article 374,
paragraph I, of the Law, the Pledgee hereby authorizes the Pledgors to Transfer cash or other
Pledged Assets to their shareholders/partners as permitted by the Loan Documents, regardless of the
equity interest percentage that such transferees may hold in the respective Pledgor.

     Pursuant to Article 357 of the Law, the parties hereby agree that (i) the Pledged Assets shall
be located where the Pledgors carry out their main activities in the ordinary course of business;
(ii) the Pledgors may only make Transfers within the ordinary course of business pursuant to the
terms of this Agreement or as permitted by the Loan Documents; and (iii) the proceeds or assets
received by the Pledgors in consideration of such Transfer shall become part of the Pledged Assets,
in each case, except as otherwise permitted by the Loan Documents.

Sixth.- Events of Default. If an Event of Default has occurred and is continuing, (i) each
and every right of the Pledgors under Clause Fifth will automatically cease; (ii) any and all
rights relating to or in connection with the Pledged Assets may be exercised exclusively by the
Pledgee; and (iii) the Pledgee shall have the right to foreclose upon the Pledged Assets pursuant
to the provisions of Clause Seventh of this Agreement, and to exercise its rights in any other
manner as set forth in the Law and the Commercial Code.

Seventh.- Foreclosure Procedure.

     (a) If an Event of Default has occurred and is continuing, the Pledgee shall be entitled to
initiate the foreclosure of the Pledged Assets and commence an extra-judicial or judicial
foreclosure procedure, as the case may be, pursuant to Book V, Title III Bis, Chapters I and/or II,
as the case may be, of the Commercial Code, in order to

- 14 -

 

seek payment of the Secured Obligations and to pursue the delivery and physical possession of
the Pledged Assets through any such procedure.

     (b) Pursuant to Article 1414 bis and 1414 bis 17 of the Commercial Code, the parties hereby
agree that for purposes of appraising the Pledged Assets, the Pledgors hereby expressly authorize
the Pledgee, at the sole expense of the Pledgors, to obtain an appraisal of the Pledged Assets from
an authorized Mexican banking institution (institución de crédito) designated by the Pledgee.

     (c) The Pledgors shall take any and all actions and/or initiate any and all proceedings that
may be necessary or convenient, in the Pledgee’s sole discretion, to facilitate the foreclosure and
transfer of the Pledged Assets. The Pledgors further agree to do or cause to be done all such other
acts as may be necessary or convenient to expedite such sale or sales of all or any portion of the
Pledged Assets, and to execute and deliver such documents and take such other action as the Pledgee
deems necessary or advisable in order that any such sale may be in compliance with applicable law.

     (d) The Pledgee shall apply all amounts received under this Agreement pursuant to the
provisions of the First Lien Intercreditor Agreement.

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

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

	 	(a)	 	carrying out any obligation imposed on such Pledgor by this Agreement or any
other agreement binding on such Pledgor to which the Pledgee is a

- 15 -

 

	 	 	 	party (including the execution and delivery of any deeds, charges, assignments or
other security and any transfers of the Pledged Assets);
	 	(b)	 	enabling the Pledgee to exercise, or delegate the exercise of, all or any of
its rights over the Pledged Assets; and
	 
	 	(c)	 	enabling any receiver appointed by Pledgee to exercise, or delegate the
exercise of, any of the rights, powers and authorities conferred on it by or pursuant to
this Agreement or by law,

	 	 	provided always that the Pledgee may only be entitled to exercise the powers conferred upon
it by each of the Pledgors under this Clause Ninth if:

	 	(i)	 	an Event of Default has occurred and is continuing; and/or
	 
	 	(ii)	 	the Pledgee has received notice from the Applicable Representative, the
Loan Parties’ Agent and/or any of the Pledgors that any of the Pledgors has failed to
comply with a further assurance or perfection obligation within 10 (ten) Business
Days of being notified of that failure (with a copy of that notice being sent to the
Loan Party’s Agent),

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

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

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

	 	(a)	 	by the Pledgee (acting on the instruction of the Applicable Representative)
at the request and cost of the Pledgors, upon the Secured Obligations being irrevocably
paid or discharged in full and none of the Secured

- 16 -

 

	 	 	 	Parties being under further actual or contingent obligation to make advances or
provide other financial accommodation to the Pledgors or any other person under any
of the Loan Documents; or
	 
	 	(b)	 	in accordance with, and to the extent required by, the Intercreditor
Arrangements (to the extent it is possible to give effect to such arrangements under
Mexican law).

As soon as is reasonably practicable and (i) in respect of paragraph (a) above, following a written
request from the Pledgors, or (ii) in respect of paragraph (b) above, following receipt of a
written instruction from the Applicable Representative, the Pledgee shall deliver to the Pledgors a
termination notice (the “Termination Notice”), ratified before a Mexican notary public, who
shall be instructed to present such Termination Notice to the Registry for the cancellation of the
Security Interest. Upon delivery of the Termination Notice by the Pledgee to the Pledgors as herein
contemplated, this Agreement shall terminate and the Security Interest shall cease, terminate and
be released. The Pledgors shall be responsible, jointly and without limitation, for the payment of
any and all costs, expenses or fees, related to the cancellation of the Security Interest
contemplated in this Agreement.

Eleventh.- Delegation. The Pledgee, and any receiver appointed by Pledgee, 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 referred to in Clause Ninth
hereto) on such terms and conditions as it shall see fit which delegation shall not preclude either
the subsequent exercise, any subsequent delegation or any revocation of such power, authority or
discretion by the Pledgee or any receiver hereto.

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

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

- 17 -

 

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

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

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

Central de Bolsas, S. de R.L. de C.V.

Carretera a Base Aérea 555

Col. San Juan Ocotán

45019, Zapopan, Jal.

México

Grupo Corporativo Jaguar, S.A. de C.V.

Carretera a Base Aérea 555

Col. San Juan Ocotán

45019, Zapopan, Jal.

México

Servicios Industriales Jaguar, S.A. de C.V.

Carretera a Base Aérea 555

Col. San Juan Ocotán

45019, Zapopan, Jal.

México

Servicio Terrestre Jaguar, S.A. de C.V.

Carretera a Base Aérea 555

Col. San Juan Ocotán

45019, Zapopan, Jal.

México

Pactiv México, S. de R.L. de C.V.

Av. Nicolás Gogol 11342

- 18 -

 

Col. Complejo Industrial Chihuahua

31109, Chihuahua, Chih.

México

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

Rank Group Limited

Suite 2502

Level 25, Citgroup Centre

2 Park Street

Sydney 2000

Australia

Attention: Cindi Lefari

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

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

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

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

[Signature page continues]

- 19 -

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the date
first above written.

	 	 	 	 	 
	The Pledgors:

Central de Bolsas, S. de R.L. de C.V.

 	 
	/s/ Silvia Ema Roldan Gregory
 	 
	Name:  	Silvia Ema Roldan Gregory 	 
	Title:  	Attorney-in-Fact 	 
	 
	Grupo Corporativo Jaguar, S.A. de C.V.

 	 
	/s/ Silvia Ema Roldan Gregory
 	 
	Name:  	Silvia Ema Roldan Gregory 	 
	Title:  	Attorney-in-Fact 	 
	 
	Servicios Industriales Jaguar, S.A. de C.V.

 	 
	/s/ Silvia Ema Roldan Gregory
 	 
	Name:  	Silvia Ema Roldan Gregory 	 
	Title:  	Attorney-in-Fact 	 
	 
	Servicio Terrestre Jaguar, S.A. de C.V.

 	 
	/s/ Silvia Ema Roldan Gregory
 	 
	Name:  	Silvia Ema Roldan Gregory 	 
	Title:  	Attorney-in-Fact 	 
	 
	Pactiv México, S. de R.L. de C.V.

 	 
	/s/ Silvia Ema Roldan Gregory
 	 
	Name:  	Silvia Ema Roldan Gregory 	 
	Title:  	Attorney-in-Fact 	 

- 20 -

 

The Pledgee:

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

	 	 	 	 	 
	 	 
	                  /s/ Tatiana Michan Hoyos
 	 
	Name:  	Tatiana Michan Hoyos 	 
	Title:  	Attorney-in-Fact 	 

- 21 -

 

	 	 	 	 	 

Exhibit “A”

Floating Lien Pledge Agreement

Copy of First Lien Intercreditor Agreement

and Amendment

[Attached hereto]

 

 

Exhibit “B”

Floating Lien Pledge Agreement

Form of Power of Attorney

	 	 	 
	PODER ESPECIAL	 	SPECIAL POWER OF ATTORNEY
	En la Ciudad de                     , el
                     de 2011, ante mi
__________, Notario Público,
compareció __________ en su
carácter de ______________ de
______________, (la “Sociedad”)
una sociedad debidamente
constituida y existente de
conformidad con las leyes los
Estados Unidos Mexicanos, con su
domicilio en ____________
___________, y
expuso:

	 	In the City of __________, on
_________, 2011, before me
______________ Notary Public, appeared
__________, in his capacity as
______________ of
_______________________ (the
“Corporation”) a corporation organized
and existing pursuant to the laws of
the United Mexican States, and having
its principal offices in
_________________ and declared:

	 	 	 

	Que en nombre y representación de
la Sociedad y de conformidad con
los poderes que le confiere la
Sociedad, por medio del presente otorga como garantía:

	 	That in the name and on behalf of the
Corporation and in accordance with the
powers conferred by the Corporation,
hereby grants by way of security:
	 
	 	 
	1. Un PODER ESPECIAL en cuanto a
su objeto pero general en cuanto
a las facultades otorgadas, con
facultades de delegación, a favor
de The Bank of New York Mellon
(el “Acreedor Prendario”),
actuando únicamente en su
carácter de Agente de Garantías
(Collateral Agent), en
representación y para el
beneficio de las Partes
Garantizadas (Secured Parties) y
cualquier delegado designado por
el Acreedor Prendario, para que,
en nombre y representación de la
Sociedad, puedan,
individualmente, celebrar, firmar
y perfeccionar cualquier
documento y llevar a cabo
cualesquiera actuaciones que el
apoderado considere necesarias o
deseables, en relación con el
Contrato de Prenda sin
Transmisión de Posesión celebrado
entre Central de Bolsas, S. de

	 	1. A SPECIAL POWER-OF-ATTORNEY deemed
as special in regards to its purpose
but as general in regards to the
powers granted, with authority to
delegate such power, in favor of The
Bank of New York Mellon (the
“Pledgee”), acting solely in its
capacity as Collateral Agent, on
behalf and for the benefit of the
Secured Parties and any receiver
appointed by the Pledgee, so that in
the name and on behalf of the
Corporation they may, severally,
execute, deliver and perfect all
documents and do all things which the
attorney in fact may consider to be
required or desirable, in connection
with the Floating Lien Pledge
Agreement (Contrato de Prenda sin
Transmisión de Posesión) entered into,
by and among Central de Bolsas, S. de
R.L. de C.V., Grupo Corporativo
Jaguar, S.A. de

- 23 -

 

	 	 	 

	R.L. de C.V., Grupo Corporativo
Jaguar, S.A. de C.V., Servicios
Industriales Jaguar, S.A. de
C.V., Servicio Terrestre Jaguar,
S.A. de C.V., y Pactiv México, S.
de R.L. de C.V., como deudores
prendarios, y el Acreedor
Prendario, actuando únicamente en
su carácter de Agente de
Garantías (Collateral Agent), en
representación y para el
beneficio de las Partes
Garantizadas (Secured Parties), como acreedor prendario, (según
dicho Contrato de Prenda sin
Transmisión de Posesión haya sido
o sea modificado, suplementado o
modificado y reexpresado de
tiempo en tiempo, en lo sucesivo,
el “Contrato de Prenda”), para:

	 	C.V., Servicios Industriales Jaguar,
S.A. de C.V., Servicio Terrestre
Jaguar, S.A. de C.V., and Pactiv
México, S. de R.L. de C.V., as
pledgors, and the Pledgee, acting
solely in its capacity as Collateral
Agent on behalf and for the benefit of
the Secured Parties, as pledgee (as
such Floating Lien Pledge Agreement
may be amended, supplemented, modified
or amended and restated from time to
time, hereinafter, the “Pledge
Agreement”), for:
	 
	 	 
	(a) llevar a cabo cualquier acto
para cumplir con cualquier
obligación impuesta a la Sociedad
mediante el Contrato de Prenda o
cualquier otro contrato que
obligue a la Sociedad y del cual
sea parte el Acreedor Prendario
(incluyendo la celebración y
entrega de cualesquier actos,
gravámenes, cesiones u otra
garantía y cualesquier
transmisiones de los Bienes
Pignorados (según dicho término
se define en el Contrato de
Prenda));

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

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

	 	(c) enabling any receiver appointed by
Pledgee to exercise, or delegate the
exercise of, any of the rights, powers
and authorities conferred on them by
or pursuant to the Pledge Agreement or
by law;
	 
	 	 
	en el entendido en todo momento
que el Acreedor Prendario
únicamente tendrá el

	 	provided always that the Pledgee may
only be entitled to exercise the
powers

- 24 -

 

	 	 	 

	derecho de ejercer los poderes
que le han sido conferidos por

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

	 	an Event of Default has occurred and
is continuing; and/or the Pledgee has
received notice from the Applicable
Representative, the Loan Parties’
Agent and/or the Corporation that the
Corporation has failed to comply with
a further assurance or perfection
obligation within 10 ten Business Days
of being notified of that failure
(with a copy of that notice being sent
to the Loan Party’s Agent), provided
further that the Pledgee shall not be
obliged to exercise the powers
conferred upon it by the Corporation
under this Power (including those
below) unless and until it shall have
been (a) instructed to do so by the
Applicable Representative and (b)
indemnified and/or secured and/or
prefunded to its satisfaction.
	 
	 	 
	Para poder llevar a cabo los
actos mencionados en los incisos
anteriores, y sin perjuicio de la
especialidad de los facultades
otorgadas, los apoderados
contarán con:

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

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

	 	(ii) a special power of attorney to
subscribe and endorse negotiable
instruments in

- 25 -

 

	 	 	 

	artículo 9o de la Ley General de
Títulos y Operaciones de Crédito.

	 	accordance with article 9 of the
General Law of Negotiable Instruments
and Credit Operations.
	 
	 	 
	El presente poder es irrevocable
en los términos de artículo 2596
(dos mil quinientos noventa y
seis) del Código Civil Federal y
sus artículos correlativos en los
Códigos Civiles de los demás
Estados de la República, por
haberse otorgado como una
condición en un contrato
bilateral y como un medio para el
cumplimiento de sus obligaciones
conforme al Contrato de Prenda.

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

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

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

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

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

- 26 -

 

	 	 	 

	Cuando se quisieren limitar, en
los tres casos antes mencionados,
las facultades de los apoderados,
se consignarán las limitaciones,
o los poderes serán especiales.

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

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

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

	 	 
	Nombre: [                    ]

	 	Name: [__________]
	Cargo:

	 	Title:

- 27 -

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