Document:

exv4w139

EXHIBIT 4.139

Dr. Bókai
Judit közjegyző

Budapest, II. ker. Kapás u. 31., V. em. 43.

Postacím: 1277 Budapest, Pf. 86.

Tel: 201-5083, 212-4265, Fax: 212-4275

Honlap: www.bokai.hu

English licence No. 2/2008.

Deed Number: 11015/Ü/94/2010.

Certified Office Copy

NOTARIAL DEED

Before me,
Dr. Vető Péter Notary substitute, acting for Dr. Judit Bókai, a Notary of Budapest, the
following Parties appeared at the Notary’s office (1027 Budapest, Kapás utca 31. V/43.) at the date
below:

	 	(1)	 	Closure Systems International B.V., a private company with limited liability
incorporated under the laws of The Nederlands, having its seat as at the date of this
Agreement at Teleportboulevard 140, 1043 EJ Amsterdam, The Netherlands, registered with the
Chamber of Commerce in Amsterdam, The Netherlands, under registration number 34291082, as
owner of the Quota (as defined below) and charger under this Agreement (hereinafter
referred to as the “Chargor”); represented by
	 
	 	 	 	Dr. Horvai-Hillenbrand Péter (born: Budapest, 17. August 1979., mother’s maiden name: Fekete
Gabriella), residing at 1124 Budapest, Vércse u. 6. II/2., who established his identity by
his identity card number 940137CA and his attorney’s certificate number A/8158, lot number
17883 who established by a power of attorney that he is legally entitled to execute this
document alone and to undertake the obligations contained in this Agreement, and
	 
	 	(2)	 	Wilmington Trust (London) Limited, registered seat at 6 Broad Street Place, London EC2M
7JH United Kingdom, registration number: 05650152, acting as chargee under this Agreement,
in its capacity as collateral agent, acting on behalf and for the benefit of the Secured
Parties (as defined below), as appointed under the First Lien Intercreditor Agreement (as
defined below) and authorised to represent their joint and several rights in connection
with this Agreement (hereinafter, with its successors, permitted transferees and permitted
assigns in such capacity, referred to as the “Collateral Agent” or the “Chargee”;
represented by

	 
	 	 	 	Dr. Pelikán Melinda (born in: Budapest, 21. December 1976, mother’s maiden name: Németh
Erzsébet), residing at 1077 Budapest, Rejtő Jenő u. 6., who established her identity by her
identity card number 330193 DA and who established by a power of attorney that she is
legally entitled to execute this document alone and to undertake the obligations contained
in this Agreement,
	 
	 	 	 	This Agreement is hereby acknowledged and accepted by:
	 
	 	(3)	 	CSI Hungary Gyártó és Kereskedelmi Korlátolt Felelősségű Társaság a limited liability
company (korlátolt felelősségű társaság) incorporated under the laws of Hungary, having its
registered seat as at the date of this Agreement at H-8000 Székesfehérvár, Berényi út
72-100., Hungary, registered under registration number:

 

 

	 	 	 	Cb.07-09-013757, with tax identification
number 14122952-2-07 (hereinafter referred to as the “Company”); represented by
	 
	 	 	 	Dr. Horvai-Hillenbrand Péter (born: Budapest, 17. August 1979., mother’s maiden name: Fekete
Gabriella), residing at 1124 Budapest, Vércse u. 6. II/2., who established his identity by
his identity card number 940137CA and his attorney’s certificate number A/8158, lot number
17883 who established by a power of attorney that he is legally entitled to execute this
document alone and to undertake the obligations contained in this Agreement, and
	 
	 	(4)	 	Closure Systems International Holdings (Hungary)
Vagyonkezelő Korlátolt Felelősségű
Társaság, a limited liability company incorporated under the laws of Hungary, having its
registered seat as at the date of this Agreement at Berényi út 72-100., 8000
Székesfehérvár, Hungary, registered under registration number: Cg.07-09-015084, as chargor
under this Agreement (hereinafter referred to as the “Chargor”);
represented by
	 
	 	 	 	Dr. Horvai-Hillenbrand Péter (born in: Budapest, 17. August 1979., mother’s maiden name:
Fekete Gabriella), residing at 1124 Budapest, Vércse u. 6. II/2., who established his
identity by his identity card number 940137 CA and his attorney’s certificate number A/8158,
lot number 17883 who established by a power of attorney that he is legally entitled to
execute this document alone and to undertake the obligations contained in this Agreement,
and
	 
	 	 	 	The representatives of the Parties declared, with full knowledge of their potential criminal
responsibility and liability, that the Party represented by them has been properly
established and is currently existing and that they, as representatives with signing
authority pursuant to the above, are authorised to make the declarations necessary for
inclusion in the present notarial deed in the name of the Party which they represent.
	 
	 	 	 	Following and on the basis of the above, the representatives of the Parties have requested
the conclusion of the following:

I./ QUOTA CHARGE AGREEMENT

(ÜZLETRÉSZEN ALAPÍTOTT ZÁLOGSZERZŐDÉS)

in
respect of its Quota in CSI Hungary Gyártó és
Kereskedelmi Korlátolt Felelősségű Társaság

WHEREAS

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

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NOW IT IS HEREBY AGREED AS FOLLOWS:

	1.	 	INTERPRETATION
	 
	1.1	 	Definitions
	 
	 	 	Unless defined in this Agreement or the context otherwise requires, a term defined in the
First Lien Intercreditor Agreement has the same meaning in this Agreement and in any notice
given under this Agreement.
	 
	 	 	In this Agreement:
	 
	 	 	“Agreed Security Principles” has the meaning it is given in the Credit Agreement and the
Senior Secured Note Indenture and, to the extent of any inconsistency, the meaning it is
given in the Credit Agreement shall prevail.
	 
	 	 	“Applicable Representative” has the meaning given to that term in the First Lien
Intercreditor Agreement.
	 
	 	 	“Articles of Association” means the articles of association of the Company as it exists and
is in full force and effect since their date as of 30 June 2009.
	 
	 	 	“Business Day” means a day (other than Saturday or Sunday) on which banks are open for
business in New York, London and Budapest.
	 
	 	 	“Charge” means the charge created by, and pursuant to, this Agreement over the Quota.
	 
	 	 	“Civil Code” means Act IV of 1959 (as amended) on the Civil Code of the Republic of Hungary.
	 
	 	 	“Companies Act” means Act IV of 2006 on Business Associations.
	 
	 	 	“Company Register” means the Hungarian authentic registry of the company data, kept and
maintained by the Court of Registration.
	 
	 	 	“Court Enforcement Act” means Act LIII of 1994 on Judicial Execution.
	 
	 	 	“Court of Registration” means the relevant Hungarian court of registration having
jurisdiction over the Company (currently being “Fejér Megyei Bíróság mint Cégbíróság”).
	 
	 	 	“Credit Agreement” means the Credit Agreement dated as of 5 November 2009, among Closure
Systems International B.V., Reynolds Group Holdings Inc., Reynolds Consumer Products Holdings
Inc., SIG Euro Holding AG & Co. KGaA, Closure Systems International Holdings Inc. and SIG
Austria Holding GmbH as borrowers, Reynolds Group Holdings Limited, the lenders from time to
time party thereto and Credit Suisse AG (formerly known as Credit Suisse), as administrative
agent, as amended, extended, restructured, renewed, novated, supplemented, restated,
refunded, replaced or modified from time to time, attached as Part I of Schedule 3 (Credit
Agreement) to this Agreement.
	 
	 	 	“Declaration” means a written declaration (in Hungarian: “ténytanúsítvány”/“ténytanúsító
okirat” to be incorporated into a notarial deed) of the

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	 	 	Chargee issued in accordance with
Section 21(2) of
the Court Enforcement Act (i) declaring the failure of the Chargor and/or the Loan Parties to
pay the relevant amounts on the due date set forth in the Demand and (ii) stipulating the
amount of principal, interest and default interest due as at the date of such declaration as
well as the applicable rate of interest and default interest applicable from such date until
the date of receipt by the Chargee of the proceeds of the enforcement hereunder.

	 	 	“Demand” means a written demand made by the Chargee and delivered in accordance with this
Agreement to the Chargor with a copy to the Loan Parties’ Agent if an Event of Default has
occurred and is continuing unremedied and unwaived (i) declaring the occurrence of an Event
of Default which is continuing unremedied and unwaived; and (ii) setting (at the Chargee’s
total discretion) a payment date for the payment of all amounts outstanding under or in
connection with the Credit Agreement and/or the other Loan Documents and stipulating that if
such payment is not made when due, the Chargee becomes authorised to enforce the Charge.
	 
	 	 	“Dispute” has the meaning given to that term in clause 15 (Jurisdiction) of this Agreement.
	 
	 	 	“Enforcement Events” means collectively Enforcement Event I and Enforcement Event II and
“Enforcement Event” means any one of them.
	 
	 	 	“Enforcement Event I” means the issuance of a Declaration by the relevant public notary after
the non-payment of the full amounts set forth in the Demand on the due date thereof.
	 
	 	 	“Enforcement Event II” means the occurrence of an Event of Default which is continuing
unremedied and unwaived and in respect of which a notice has been served in accordance with
Article VII of the Credit Agreement or the equivalent provisions of the other Principal
Finance Documents except that any rights of the Chargee in respect of the preservation of the
assets or the security may be exercised if the Chargee determines that they are required to
be exercised if an Event of Default has occurred and is continuing (i.e. without any notice).
	 
	 	 	“Event of Default” means an “Event of Default” under, and as defined in, the First Lien
Intercreditor Agreement.
	 
	 	 	“Existing Quota Charge ” means the first priority charge created by the Existing Quota Charge
Agreement and registered in the Company Register.
	 
	 	 	“Existing Quota Charge Agreement” means the quota charge agreement entered into between
Credit Suisse, Sydney Branch and the Chargor in the form of a notarial deed (notarial deed
number: 11015/Ü/1273/2009) dated 1 October 2009.
	 
	 	 	“Expert” has the meaning given to such term in clause 6.5 (Enforcement) of this Agreement.
	 
	 	 	“First Lien Intercreditor Agreement” means the First Lien Intercreditor Agreement dated as of
5 November 2009, among the Collateral Agent, The Bank of New York Mellon, as trustee under
the Senior Secured Note Indenture, Credit Suisse AG (formerly

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	 	 	known as Credit Suisse), as
administrative agent under the Credit Agreement, and the Loan Parties, as amended, novated,
supplemented, restated or modified from time to time, (including by the Joinder Agreement
which
added the Collateral Agent as a collateral agent under the First Lien Intercreditor
Agreement) attached as Part III of Schedule 3 (First Lien Intercreditor Agreement) to this
Agreement.

	 	 	“Founder’s Resolution” (“alapítói határozat”) means any resolution passed by the Chargor in
respect of the Company.
	 
	 	 	“Intercreditor Arrangements” means the First Lien Intercreditor Agreement and any other
document that is designated by the Loan Parties’ Agent and the Collateral Agent as an
intercreditor agreement, in each case as amended, novated, supplemented, restated, replaced
or modified from time to time.
	 
	 	 	“Issuers” means the “Issuers” under, and as defined in, the Senior Secured Note Indenture,
including their successors in interest.
	 
	 	 	“Joinder Agreement” means the joinder agreement dated on 21 January 2010 made among (amongst
others) the Collateral Agent, The Bank of New York Mellon, Credit Suisse AG and Reynolds
Group Holdings Limited pursuant to which the Collateral Agent is appointed an additional
collateral agent and becomes a party to the First Lien Intercreditor Agreement.
	 
	 	 	“Lien” has the meaning it is given in the First Lien Intercreditor Agreement.
	 
	 	 	“Loan Documents” means the “Credit Documents” under, and as defined in, the First Lien
Intercreditor Agreement and any other document designated by the Loan Parties’ Agent and the
Collateral Agent as a Loan Document.
	 
	 	 	“Loan Parties” means the “Grantors” under, and as defined in, the First Lien Intercreditor
Agreement.
	 
	 	 	“Loan Parties’ Agent” means Reynolds Group Holdings Limited (formerly known as Rank Group
Holdings Limited).
	 
	 	 	“Obligations” means all present and future obligations and liabilities including Parallel
Debt (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.
	 
	 	 	“Parallel Debt” means the independent obligations of any of the Loan Parties arising pursuant
to the First Lien Intercreditor Agreement to pay to the Collateral Agent sums equal to and in
the currency of each amount payable by such Loan Party to each of the Secured Parties under
each of the Loan Documents.
	 
	 	 	“Principal Finance Document” means the Credit Agreement, the Senior Secured Note Indenture,
the Intercreditor Arrangements and any Additional Agreement.

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	 	 	“Prohibition” has the meaning given to such term in clause 1.3 (Unlawful Financial
Assistance) of this Agreement.
	 
	 	 	“Quota” means the quota owned by the Chargor in the Company representing its ownership
interest in the Company from time to time.
	 
	 	 	“Secured Parties” means the “Secured Parties” under, and as defined in, the First Lien
Intercreditor Agreement.
	 
	 	 	“Secured Principal” has the meaning given to such term in Clause 2.1 of this Agreement.
	 
	 	 	“Senior Secured Note Indenture” means the Indenture dated as of 5 November 2009, among the
Issuers, the Note Guarantors (as defined therein) and The Bank of New York Mellon, as
trustee, principal paying agent, transfer agent and registrar, as amended, extended,
restructured, renewed, refunded, novated, supplemented, restated, replaced or modified from
time to time, attached as Part II of Schedule 3 (Senior Secured Note Indenture) to this
Agreement.
	 
	 	 	“Value” has the meaning given to such term in Clause 6.5 of this Agreement.
	 
	1.2	 	Construction

	 	1.2.1	 	Headings are for convenience of reference only.
	 
	 	1.2.2	 	Where the context so permits, the singular includes the plural and vice versa.
	 
	 	1.2.3	 	Save where the contrary is indicated, any reference in this Agreement to the
“Chargee”, the “Chargor”, “Secured Party”, a “Loan Party” or a “Lender” shall be
construed so as to include its (or their) respective successors, transferees and
assignees from time to time and any successor of such a successor, transferee or
assignee in accordance with its (or their) respective interests.
	 
	 	1.2.4	 	The Parties agree and confirm that any person becoming a transferee of any
rights and obligations of the Collateral Agent under the First Lien Intercreditor
Agreement shall thereupon become entitled to the benefit of the provisions contained
herein as if it had originally been and had been named as a party hereto.
	 
	 	1.2.5	 	References to Clause and Schedule shall, subject to any indication to the
contrary, mean the respective Clause and Schedule of this Agreement.
	 
	 	1.2.6	 	References to the Credit Agreement, the First Lien Intercreditor Agreement,
the other Loan Documents, this Agreement or any other agreement or document shall, where
applicable, be deemed to be references to such Credit Agreement, the First Lien
Intercreditor Agreement, the other Loan Documents, this Agreement or such other
agreement or document as the same may have been, or may from time to time be, amended,
extended, restructured, renewed, novated, supplemented, restated, refunded, replaced or
modified from time to time, as persons may accede thereto as a party or
withdraw therefrom as a party in part or in whole or be released thereunder in part
or in whole, and as facilities and

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	 	 	 	financial services are or may from time to time
be granted, extended, prolonged, increased, reduced, cancelled, withdrawn, amended,
restated, supplemented, restructured, refunded, replaced, modified, renewed or
novated thereunder.

	 	1.2.7	 	Any amount will be deemed irrevocably paid in full if it has been paid in full
and there is no evidence such as to give a reasonable belief that any claim will be
brought to revoke such payment.
	 
	 	1.2.8	 	Reference to any element of the legislation, statute, law, act, regulation, or
any provision thereof shall, where applicable, be deemed to be reference to that element
of the legislation, as amended or re-enacted.
	 
	 	1.2.9	 	This Agreement is subject to the terms of the Intercreditor Arrangements. In
the event of a conflict between the terms of this Agreement and the Intercreditor
Arrangements, the terms of the Intercreditor Arrangements will prevail.

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

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

	 	 	the Chargor hereby grants to the Chargee, subject to the deletion of the Existing Quota
Charge from the Company Register as contemplated under Clause 2.3 (Existing Quota Charge and
Priority), a first priority Charge over the Quota owned by it in the Company and over any
rights
and/or benefits arising out of, or in connection with its Quota, including, without
limitation all cash dividends or distributions payable at any time hereafter on the Quota.
The Chargee hereby accepts such Charge.

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	2.2	 	The Charge constituted by this Agreement will come into existence upon the execution
of this Agreement in the form of a notarial deed subject to its registration of the extract
referred to in Clause 2.6 below at the Court of Registration.
	 
	2.3	 	Existing Quota Charge and Priority

	 	2.3.1	 	The Parties represent and acknowledge that they are aware of the registration
of the Existing Quota Charge with the Company Register.
	 
	 	2.3.2	 	The Chargee will request the deregistration of the Existing Quota Charge
registered with the Company Register within fifteen (15) Business Days of the date of
this Agreement.

	2.4	 	Nature of the Charge
	 
	 	 	The Charge constituted by, and pursuant to, this Agreement shall:

	 	(a)	 	subject to the deletion of the Existing Quota Charge from the Company Register
as contemplated under Clause 2.3 (Existing Quota Charge and Priority) and subject to any
Lien permitted by the Loan Documents be a first priority security over the Quota;
	 
	 	(b)	 	to the extent permitted by Hungarian law, be of the nature of “framework
security” (“keretbiztosítéki jellegű”), the maximum amount of which is the sum set out
under Clause 2.1. If the framework security nature of the Charge constituted by this
Agreement is not recognised by a court for any reason, then the Charge shall be deemed
to secure the Obligations;
	 
	 	(c)	 	be a continuing security for the payment, satisfaction and discharge in full of
the Obligations and shall not be considered as satisfied or discharged or prejudiced by
any intermediate payment, satisfaction or settlement of any part of the Obligations
unless and until discharged by the Chargor;
	 
	 	(d)	 	be in addition to and shall not operate so as in any way to prejudice or affect
or be prejudiced or affected by any security, encumbrance, guarantee, suretyship,
indemnity or other right or remedy which the Chargee or any other Secured Party (or any
person on their behalf) may now or at any time hereafter hold for or in respect of the
Obligations or any part thereof; and
	 
	 	(e)	 	not be prejudiced by any time or indulgence granted to any person, or any
abstention or delay by the Chargee or any other Secured Party (or any person on their
behalf) in perfecting or enforcing any security, encumbrance, guarantee, suretyship,
right or remedy that the Chargee or any other Secured Party (or any person on their
behalf) may now or at any time hereafter have from or against the Loan Parties.

	2.5	 	By signing this Agreement:

	 	2.5.1	 	the Chargor and the Company acknowledge the Charge over the Quota; and

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	 	2.5.2	 	the Chargor expressly and irrevocably consents (“bejegyzési engedély”) to the
registration of the Charge in the Company Register created by this Agreement over the
Quota.

	2.6	 	The Parties hereby agree to sign the extract of this Agreement — for filing purposes
to be submitted with the Court of Registration — substantially in the form and substance set
out in Schedule 1 (Form of the extract of this Quota Charge Agreement) promptly upon the
execution of this Agreement.
	 
	3.	 	VOTING RIGHTS AND DIVIDENDS
	 
	3.1	 	The Chargee confirms that provided no Event of Default has occurred and is continuing
unremedied and unwaived, the Chargor shall be entitled to:

	 	3.1.1	 	receive, retain and utilise all dividends, interest and other monies arising
on the Quota to the extent permitted under the Loan Documents; and
	 
	 	3.1.2	 	to retain and to exercise all voting rights in respect of the Quota and all
other rights and powers relating to the Quota in a manner which does not adversely
affect the validity or enforceability of the security constituted by this Agreement or
cause an Event of Default to occur; however the Chargor (a) shall be entitled to vote
upon the decrease of registered capital to be made in accordance with a mandatory
statutory requirement set out in the relevant provisions of the Companies Act and (b)
shall be entitled to exercise any voting rights otherwise prohibited by this clause with
the consent of the Chargee.

	3.2	 	The Company shall, to the extent permitted by the Loan Documents, be authorised to
pay cash dividends directly to the Chargor. By signing this Agreement, the Company confirms
that a written notice from the Chargee to the Company if, and stating that, an Event of
Default has occurred and is continuing unremedied and unwaived, shall be sufficient for the
Company to accept the Chargee as being exclusively entitled to such rights and other powers
which it is entitled to exercise if an Event of Default has occurred and is continuing
unremedied and unwaived.
	 
	3.3	 	If an Event of Default has occurred and is continuing unremedied and unwaived, the
Chargee may, at its discretion (in the name of the Chargor or otherwise and without any
further consent or authority from the Chargor), but subject to the provisions of this
Agreement:

	 	3.3.1	 	exercise (or refrain from exercising) any voting rights in respect of the
Quota that is necessary and/or desirable in order to preserve the value, the status, the
legal title and any relevant rights with respect to the Quota and to preserve the
validity and enforceability of the Charge over the Quota;
	 
	 	3.3.2	 	apply all dividends, interest and other monies arising on the Quota as though
they were the proceeds of sale under this Agreement in accordance with Clause 6
(Enforcement).

	4.	 	REPRESENTATIONS, WARRANTIES AND COVENANTS

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	4.1	 	Representations and Warranties
	 
	 	 	In addition and without prejudice to those representations and warranties made by or in
respect of the Chargor herein or in any other Principal Finance Document, the Chargor hereby
represents and warrants that on the date of this Agreement with reference to the facts and
circumstances then existing, and subject to the provisions of the Principal Finance
Documents:

	 	(a)	 	the representations and warranties made by the Chargor as Loan Party in Section
3.01 (Organization; Powers), 3.02 (Authorization), 3.03 (Enforceability), 3.06 (No
Material Adverse Change), 3.09 (Litigation, Compliance with Laws), 3.10 (Agreements),
3.19 (Security Documents) and 3.22 (Solvency) of the Credit Agreement are true and
accurate as regards the Chargor and this Agreement;
	 
	 	(b)	 	it has not sold or otherwise disposed of (or agreed to sell or otherwise
dispose of) any of its rights to the Quota or any part thereof, other than as permitted
by the Principal Finance Documents;
	 
	 	(c)	 	upon de-registration of the Existing Quota Charge, this Agreement will, as at
the date that the Charge is registered with the Court of Registration, establish a first
priority Charge over the Quota, subject to Liens permitted by the Principal Finance
Documents and subject to the Legal Reservations (as defined in the Credit Agreement);
	 
	 	(d)	 	it has not granted any Lien that would have an adverse effect on the validity
and enforceability of security constituted by this Agreement, other than as permitted by
the Principal Finance Documents;
	 
	 	(e)	 	it has not taken any action, and has used reasonable endeavours to prevent any
of its authorised signatories or the Company from taking any action, that would have an
adverse effect on the validity and enforceability of security constituted by this
Agreement, other than as permitted by the Principal Finance Documents;
	 
	 	(f)	 	except as disclosed in Schedule 3.08 of the Credit Agreement or otherwise
permitted by the Principal Finance Documents, its Quota is fully paid up and there are
no liabilities outstanding in respect thereof.

	 	 	The representations and warranties set out in this Clause 4.1 shall be deemed to be repeated
as true and correct in all material respects on the date of a Credit Event (as defined in
the Credit Agreement) during the continuance of this Agreement.

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

	 	(a)	 	not take or omit to take any action the taking or omission of which would
result in the alteration or impairment of any rights of the Chargee under the Charge

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	 	 	 	which would have an adverse effect on the validity and enforceability of security
hereunder except if such actions or omissions are permitted by the Principal Finance
Documents;

	 	(b)	 	in each case subject to the Agreed Security Principles, from time to time
execute such documents and do all such acts and things as the Chargee may require
(acting on the reasonable instructions of the Applicable Representative) from time to
time to create, perfect or protect the Charge or any part thereof or to facilitate the
realisation of the Charge or any part thereof and as are required (acting on the
reasonable instructions of the Applicable Representative) in the exercise of all powers,
authorities and discretions vested in the Chargee pursuant to this Agreement in respect
of the Charge or any part thereof;
	 
	 	(c)	 	promptly notify the Chargee of any event or circumstance of which the Chargor
is aware which would (i) materially and adversely affect, alter or impair the Chargee’s
rights relating to the validity and enforceability of the security created under or
pursuant to this Agreement, (ii) materially and adversely affect, alter or impair the
Chargee’s rights under or pursuant to this Agreement in relation to the filing of a
petition for the bankruptcy (“csődeljárás”) or insolvency (“felszámolási eljárás”) of
the Chargor and/or the Company, the initiation of an execution in respect of the Quota
in accordance with the Court Enforcement Act or similar laws applicable in other
jurisdictions, the termination of the Chargor’s and/or the Company’s commercial
activities or the winding up of the Chargor and/or the Company (unless the termination
of the Chargor’s and/or the Company ‘s commercial activities or the winding up of the
Chargor and/or the Company is permitted by the Principal Finance Documents);
	 
	 	(d)	 	(i) except in respect of any Liens permitted by the Principal Finance Documents
and subject to the Legal Reservations (as defined in the Credit Agreement) and the
Agreed Security Principles, ensure that, after release and de-registration of the
Existing Quota Charge, the Charge created hereunder shall be at all times a first
ranking Charge over the Quota; (ii) not grant any further Lien over the Quota; and (iii)
not sell, transfer or otherwise dispose of any or all of its rights in the Quota
(whether with or without consideration), in each case other than as permitted by the
Principal Finance Documents or this Agreement;
	 
	 	(e)	 	unless otherwise permitted by the Loan Documents, not pass any Founder’s
Resolution without the prior written consent of the Chargee (i) to amend the Articles of
Association of the Company in a manner that would adversely effect the validity and
enforceability of the security hereunder or (ii) to dissolve and liquidate the Company
or to authorise an application for the bankruptcy (“csődeljárás”) or insolvency
(“felszámolási eljárás”) of the Company or (iii) to reduce the registered capital
(“törzstőke”) of the Company save for a decrease of registered capital to be made in
accordance with a mandatory statutory requirement set out in the relevant provisions of
the Companies Act;

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	 	(f)	 	if an Event of Default has occurred and is continuing unremedied and unwaived,
only pass Founder’s Resolutions with the prior written consent of the Chargee; and
	 
	 	(g)	 	procure that the Company files the extract of this Agreement (as stipulated in
Clause 2.6 above) with the relevant Court of Registration within twenty (20) Business
Days commencing on the date of the execution of this Agreement and the Chargor or the
Company shall deliver to the Chargee a copy of such filing promptly thereafter.

	5.	 	CHARGEE’S RIGHTS
	 
	5.1	 	For the avoidance of doubt, it is acknowledged that the Collateral Agent is permitted to
act on the instructions of the Applicable Representative in accordance with clause 2.02(a)(i)
of the First Lien Intercreditor Agreement. It is further acknowledged that the Collateral
Agent may assume that any and all instructions received by it from the Applicable
Representative under this Agreement are reasonable, and that any question as to the
reasonableness or otherwise of such instructions shall be determined as between the Applicable
Representative and the Chargor.
	 
	5.2	 	The Chargor acknowledges and agrees that the Collateral Agent’s actions under this
Agreement are on the basis of authority conferred under the Principal Finance Documents to
which the Collateral Agent is a party, and on directions of the Applicable Representative. In
so acting, the Collateral Agent shall have the protections, immunities, rights, indemnities
and benefits conferred on a collateral agent under the Principal Finance Documents.
	 
	5.3	 	The powers conferred by this Agreement on the Chargee in relation to the Quota or any
part thereof shall be in addition to and not in substitution for the rights conferred on the
Chargee by applicable law except insofar as they are excluded by this Agreement and, where
there is any ambiguity or conflict between the rights contained in any such applicable law and
those conferred by this Agreement, then the terms of this Agreement shall prevail to the
extent permitted by such law.
	 
	5.4	 	The Chargee shall be entitled, subject to the Agreed Security Principles, the terms
of the Principal Finance Documents and this Agreement and the reasonable instructions of the
Applicable Representative, at any time to take any such action permitted under the relevant
laws as it in its discretion thinks fit for the purpose of protecting the Charge. For the
avoidance of doubt, enforcement action shall be governed by Clause 6 of this Agreement.
	 
	5.5	 	Subject to Section 4.05 of the First Lien Intercreditor Agreement, the Chargee may,
at any time and from time to time, delegate by power of attorney to any person all or any of
the rights conferred on it by this Agreement which are for the time being exercisable by the
Chargee hereunder in relation to the Quota or any part thereof and the Chargee shall inform
the Chargor of such a delegation or appointment of a delegate.
	 
	5.6	 	The Chargee does not need, before it exercises any of the rights conferred upon it by
this Agreement or by law, to (i) initiate proceedings or obtain a judgement against the

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	 	 	Chargor or any other person in any court; (ii) make or file a claim in a bankruptcy or
liquidation with respect to
the Chargor or any other person; or (iii) enforce any of its rights in respect of any part of
the Obligations, except as expressly required by Hungarian law from time to time.

	6.	 	ENFORCEMENT
	 
	6.1	 	The Chargor hereby acknowledges that if an Enforcement Event has occurred the Chargee
becomes immediately entitled to enforce the Charge, by way of:

	 	(a)	 	court enforcement proceedings (as set out in Section 255 (1) of the Civil
Code); or
	 
	 	(b)	 	simplified court enforcement proceedings (as set out in Section 257 (4) of the
Civil Code); or
	 
	 	(c)	 	selling the Quota by the Chargee (pursuant to the provisions of Section 257 (2)
of the Civil Code); or
	 
	 	(d)	 	if the Chargee so elects, instructing a Hungarian institution engaged in
granting charge-backed loans or arranging auctions as its main business (as set out in
Section 257 (3) of the Civil Code) to sell the Quota, which sale shall be affected by a
public auction to the highest bidder; or
	 
	 	(e)	 	joint sale of the Quota by the Chargee and the Chargor.

	6.2	 	If the Chargee elects to conduct the enforcement pursuant to Clause 6.1 (a) in
accordance with Articles 10(b), 20 and 21 of Court Enforcement Act, then it shall become
immediately entitled to enforce the Charge upon the occurrence of an Enforcement Event I.
	 
	6.3	 	If the Chargee elects to conduct the enforcement in accordance with any other method
available under Clause 6.1, then it shall become immediately entitled to enforce the Charge
if an Enforcement Event has occurred.
	 
	6.4	 	The Parties hereby agree that without prejudice to the provisions of Clause 6.1, if
an Enforcement Event has occurred, at the request of the Chargee, the Parties will enter into
negotiations in good faith regarding the possible acquisition of the Quota by the Chargee.
	 
	6.5	 	If the enforcement is conducted in accordance with Clause 6.1 (c), (d) or (e), then
the sale of the Quota shall be subject to the following conditions: (i) the bidder must offer
a minimum purchase price of the Quota being at least at 65% of the fair market value (the
“Value”) as determined by an independent expert of international repute (the “Expert”), which
Expert is to be selected in accordance with Clause 6.11 below; and (ii) the sale must be
completed within twelve (12) months of the Chargor receiving a written notice from the Chargee
of its intention to proceed with the sale of the Quota in accordance with Clause 6.1 (c) to
(e). If no offers are made at such rate during the period of twelve (12) months, then the
Charged Assets shall be sold at least at the highest bid offered but at least at 50% of the
Value (as determined by the Expert) within twelve (12) months. For the avoidance of doubt the
Chargee shall be considered to have acted reasonably

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	 	 	when it accepts the highest bid offered
during the sale for the Quota in accordance with the terms above.

	6.6	 	If the Charge is enforced by simplified court enforcement proceedings, in accordance
with Sections 204/B to 204/H of Court Enforcement Act, and with Clause 6.1 (b) above, then the
minimum purchase price of the Quota shall be at least 65% of the Value.
	 
	6.7	 	The Chargor shall, upon the request of the Chargee, if an Enforcement Event has
occurred, as soon as practicable, but in any event within ten (10) Business Days, deliver any
document relating to the Company which is required by the Chargee for the purposes of
exercising its rights under this Agreement. The Chargor may request to receive a copy of the
valuation report obtained from the Expert by the Chargee in respect of the Quota and the
Chargee shall provide the same to the Chargor where the Chargee requests it (acting on the
reasonable instructions of the Applicable Representative). The appointed Hungarian institution
under Clause 6.1 (d) above is entitled to request all necessary documents for the sale from
the Chargor and the Chargor must, as soon as practicable, but in any event within ten (10)
Business Days, deliver such documents to that institution accordingly.
	 
	6.8	 	The Chargee shall within fifteen (15) days before the sale notify the Chargor in
writing of (i) the method, (ii) the place and (iii) the date of such sale. The Chargee hereby
confirms that it will comply with the provisions of Government Decree 12/2003 (I. 30.),
including but not limited to notifying the Chargor of its intention to sell the Quota, at
least thirty (30) days before the intended sale.
	 
	6.9	 	After deducting the documented costs incurred by it in connection with the sale of
the Quota the Chargee shall utilise the proceeds of any sale under this Clause 6 and shall
return the surplus amounts, if any, in accordance with the provisions of the First Lien
Intercreditor Agreement.
	 
	6.10	 	No purchaser or other person shall be bound or concerned to see or enquire whether
the right of the Chargee to exercise any of the powers hereby conferred has arisen, nor be
concerned with notice to the contrary or with the propriety of the exercise or purported
exercise of such powers.
	 
	6.11	 	The procedure of the appointment of the Expert is the following: the Chargee may
propose three (3) internationally recognised, independent experts and the Chargor may, in its
own discretion, elect one of these experts at the cost of the Chargor. If the Chargor fails to
appoint the Expert within five (5) Business Days from the proposal of the Chargee, the Chargee
may appoint the Expert in its sole discretion.
	 
	7.	 	GENERAL PROVISIONS
	 
	7.1	 	Separate Agreements
	 
	 	 	This Agreement shall be construed so as to constitute a separate security agreement between
the Chargor on the one hand and the Chargee on the other hand and if such separate agreement
between the Chargor and the Chargee becomes invalid or unenforceable, is terminated,
rescinded, released, void, voidable, amended, restated, renewed, novated, supplemented or
otherwise affected, the obligations of the Chargor is

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	 	 	satisfied or any of the rights of
Chargee created thereby is ineffective, the foregoing shall, to the fullest extent permitted
by law, not affect the validity or
enforceability of any of the other agreements between the Chargor on the one hand and the
Chargee on the other hand.

	7.2	 	Immediate Recourse
	 
	 	 	To the fullest extent allowed by applicable law, the Chargor waives any right it may have of
first requiring the Chargee to proceed against or claim payment from any other person or
entity or enforce any guarantee, suretyship or security granted by any other person or entity
before enforcing this Agreement and/or its rights hereunder or pursuant hereto.
	 
	7.3	 	Certificates

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

	7.4	 	Discharge
	 
	 	 	Where any discharge (whether in respect of this Agreement, or other Security Document for the
Obligations or otherwise) is made in whole or in part or any arrangement is made on the faith
of any payment, security or other disposition which is subsequently avoided or must be
restored on bankruptcy (“csődeljárás”), insolvency (“felszámolási eljárás”) or otherwise
without limitation, the liability of the Chargor under this Agreement and the rights of the
Chargee created hereby and pursuant hereto shall continue as if there had been no discharge
or arrangement. The Chargee shall be under no obligation to challenge, contest or otherwise
take any steps to remedy any avoidance of any payment, security or other disposition or the
restoration thereof by any liquidator, receiver or similar officer on bankruptcy, insolvency
or otherwise.
	 
	8.	 	REMEDIES AND WAIVERS
	 
	 	 	No failure on the part of the Chargee to exercise, and no delay on its part in
exercising, any right or remedy under this Agreement will operate as a waiver thereof, nor
will any single or partial exercise of any right or remedy preclude any other or further
exercise thereof or the exercise of any other right or remedy. The rights and remedies
provided in

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	 	 	this Agreement are cumulative and
not exclusive of any rights or remedies provided by applicable law, the Credit Agreement or
any other Loan Documents.

	9.	 	SEVERABILITY
	 
	 	 	If any of the terms hereof is or becomes invalid or unenforceable (or the security
purported to be created hereunder or pursuant hereto are ineffective) for any reason under
the laws of any jurisdiction or in relation to the Chargor, such invalidity or
unenforceability shall, to the fullest extent possible under applicable law, not affect its
validity or enforceability in any other jurisdiction or invalidate or make unenforceable any
other term hereof. The Parties hereto agree that they will negotiate in good faith to replace
any provision hereof held invalid, illegal or unenforceable with a valid, legal and
enforceable provision which is as similar as possible in substance to the invalid, illegal or
unenforceable provision.
	 
	10.	 	ATTORNEY
	 
	 	 	To the fullest extent permitted by applicable law, the Chargor hereby appoints the
Chargee, such appointment being made for the benefit of the Chargee and the other Secured
Parties represented by the Chargee and shall be effective if an Enforcement Event has
occurred to be its true and lawful attorney (with full power of substitution and delegation)
for and on behalf of the Chargor and in its name or in the name of the Chargee and as the
Chargor’s attorney in act and deed to sign, execute, seal, deliver, acknowledge, file,
register and perfect any and all such assurances, documents, instruments, agreements
(including any agreements to which the Chargee itself is a party) certificates and consents
and to do any and all such acts and things as the Chargor itself could do in relation to the
Charged Assets or in relation to any matters dealt with in this Agreement and which the
Chargee may, (upon the reasonable instruction of the Applicable Representative), deem to be
necessary in order to give full effect to the purposes of this Agreement. The Chargor will
ratify and confirm whatever the Chargee shall do or cause to be done in pursuance of the
powers conferred to it hereunder. For the avoidance of any doubt, this Clause constitutes the
express consent of the Chargor to the appointment of the Collateral Agent as its
representative for the purposes of Article 221 (3) of the Civil Code except that the
Collateral Agent shall not be entitled to conclude or amend any agreement between the Chargor
and any of the Secured Parties or to waive any rights of the Chargor against any of the
Secured Parties.
	 
	 	 	In order to facilitate the Chargee to give effect to the provisions under Clause 10, the
Chargor has granted a power of attorney on the date of this Agreement substantially in the
form set out in Schedule 2 (Power of Attorney) of this Agreement. If an Enforcement Event has
occurred the Chargee may under its sole discretion utilise such power of attorney to
effectuate all or any necessary changes in accordance with this Agreement.
	 
	11.	 	TERMINATION
	 
	11.1	 	The security constituted by this Agreement shall be released, re-assigned,
re-transferred and cancelled (as applicable):

	 	(a)	 	by the Collateral Agent (acting on the instructions of the Applicable
Representative) at the request and cost of the Chargor, upon the Obligations

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	 	 	 	being
irrevocably paid or discharged in full and none of the Secured Parties being under any
further actual or contingent obligation to make advances or provide other financial
accommodation to the Chargor or any other person under any of the Loan Documents; or
	 
	 	(b)	 	in accordance with, and to the extent required by, the Intercreditor
Arrangements.

	11.2	 	Upon termination of this Agreement and subject to Clause 11.1, the Chargee shall
promptly (but in any event within fifteen (15) days), at the cost of the Chargor, issue all
certificates or other documents and sign all other documents and do all such acts as are
required by law or requested reasonably by the Chargor in order that this Agreement will be
terminated and the Charge can be deleted from the Company Register.
	 
	11.3	 	If the Chargor disposes of any of the Quota and that disposal is permitted by the
Principal Finance Documents, that Quota shall, unless an Enforcement Event has occurred, be:
(a) automatically released, re-assigned, re-transferred and cancelled (as applicable) from the
Charge constituted by this Agreement with effect from the day of such disposal or (b)
released, re-assigned, re-transferred and cancelled (as applicable) in accordance with and to
the extent required by, the Intercreditor Arrangements.
	 
	11.4	 	Upon the Chargor disposing of any of the Quota (which disposal is permitted by the
Principal Finance Documents), the Chargee shall promptly (but in any event within fifteen (15)
days) at the cost of the Chargor, issue all certificates or other documents and sign all other
documents and do all such acts as are required by law or requested reasonably by the Chargor
in order to release the relevant Quota from the Charge constituted by this Agreement.
	 
	12.	 	POWER TO ASSIGN
	 
	 	 	To the fullest extent permitted under the laws of Hungary and subject to the terms of
the Loan Documents, only the Chargee (but not, for the avoidance of doubt, the Chargor,
unless otherwise permitted by the Principal Finance Documents) shall be entitled to assign
and/or transfer all or part of its rights and obligations under this Agreement to a
replacement Collateral Agent appointed in accordance with the Principal Finance Documents and
the Chargor hereby in advance gives its irrevocable consent to, within the meaning of
Sections 328-331 of the Civil Code, and hereby in advance irrevocably co-operates with any
such assignment and/or transfer (as the case may be) hereunder.
	 
	13.	 	NOTICES
	 
	 	 	Each notice or other communication to be given or made by a Party under this Agreement
shall be given or made in accordance with the First Lien Intercreditor Agreement.
	 
	14.	 	GOVERNING LAW
	 
	 	 	This Agreement and all non-contractual obligations arising from or connected with it are
governed by, and construed in accordance with, Hungarian law.

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	15.	 	JURISDICTION
	 
	 	 	The Parties agree that any dispute arising out of or in connection with this Agreement
(including a dispute regarding the existence, validity or termination of this Agreement or
the consequences of its nullity) (“Dispute”) shall be referred to a Hungarian court in
accordance with the provisions of Act III of 1952 on the code of civil procedure.
	 
	16.	 	LANGUAGE
	 
	 	 	This Agreement shall be executed in English language only. This Agreement may be
translated into Hungarian but in the event of any ambiguity or conflict between the two
versions, the English version shall prevail to the extent permitted by law.
	 
	17.	 	AMENDMENTS
	 
	17.1	 	This Agreement may be amended only by a written instrument executed by the Parties in
the form of a notarial deed.
	 
	17.2	 	With consideration to the forthcoming potential enactment of a new Hungarian civil
code, the Chargor hereby undertakes that, subject to the Agreed Security Principles, upon the
request of the Collateral Agent:

	 	17.2.1	 	it shall agree to an amendment and restatement of this Agreement following
the entry into force of such a new civil code, in order to reflect the provisions
thereof, to the extent such amendment is necessary to preserve the Charge or to clarify
the security position of the Collateral Agent; and
	 
	 	17.2.2	 	it shall enter into good faith negotiations on the amendment and restatement
terms of this Agreement, in order to reflect the provisions of the new civil code, other
than those which are referred to in Clause 17.2.1 above.

	18.	 	APPLICATION FOR REGISTRATION
	 
	18.1	 	The Chargee and the Chargor hereby jointly request the Court of Registration to register
the Charge created pursuant to this Agreement at the Court of Registration in favour of the
Chargee, in the maximum amount of the Obligations.
	 
	18.2	 	The Parties hereby authorise Oppenheim Ügyvédi Iroda (1053 Budapest, Károlyi Mihály
u. 12., Hungary) to act before the Court of Registration in connection with the registration
(including but not limited to sign any documents in relation thereto) of the Charge with the
Company Register.

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II./ QUOTA CHARGE AGREEMENT

(ÜZLETRÉSZEN ALAPÍTOTT ZÁLOGSZERZŐDÉS)

in respect of its Quota in Closure Systems International Holdings (Hungary)

Vagyonkezelő Korlátolt Felelősségű Társaság

WHEREAS

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

NOW IT IS HEREBY AGREED AS FOLLOWS:

	19.	 	INTERPRETATION
	 
	19.1	 	Definitions
	 
	 	 	Unless defined in this Agreement or the context otherwise requires, a term defined in the
First Lien Intercreditor Agreement has the same meaning in this Agreement and in any notice
given under this Agreement.
	 
	 	 	In this Agreement:
	 
	 	 	“Agreed Security Principles” has the meaning it is given in the Credit Agreement and the
Senior Secured Note Indenture and, to the extent of any inconsistency, the meaning it is
given in the Credit Agreement shall prevail.
	 
	 	 	“Applicable Representative” has the meaning given to that term in the First Lien
Intercreditor Agreement.
	 
	 	 	“Articles of Association” means the articles of association of the Company as it exists and
is in full force and effect since their date as of 30 June 2009.
	 
	 	 	“Business Day” means a day (other than Saturday or Sunday) on which banks are open for
business in New York, London and Budapest.
	 
	 	 	“Charge” means the charge created by, and pursuant to, this Agreement over the Quota.
	 
	 	 	“Civil Code” means Act IV of 1959 (as amended) on the Civil Code of the Republic of Hungary.
	 
	 	 	“Companies Act” means Act IV of 2006 on Business Associations.

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	 	 	“Company Register” means the Hungarian authentic registry of the company data, kept and
maintained by the Court of Registration.
	 
	 	 	“Court Enforcement Act” means Act LIII of 1994 on Judicial Execution.
	 
	 	 	“Court of Registration” means the relevant Hungarian court of registration having
jurisdiction over the Company (currently being “Fejér Megyei Bíróság mint Cégbíróság”).
	 
	 	 	“Credit Agreement” means the Credit Agreement dated as of 5 November 2009, among Closure
Systems International B.V., Reynolds Group Holdings Inc., Reynolds Consumer Products Holdings
Inc., SIG Euro Holding AG & Co. KGaA, Closure Systems International Holdings Inc. and SIG
Austria Holding GmbH as borrowers, Reynolds Group Holdings Limited, the lenders from time to
time party thereto and Credit Suisse AG (formerly known as Credit Suisse), as administrative
agent, as amended, extended, restructured, renewed, novated, supplemented, restated,
refunded, replaced or modified from time to time, attached as Part I of Schedule 3 (Credit
Agreement) to this Agreement.
	 
	 	 	“Declaration” means a written declaration (in Hungarian: “ténytanúsítvány”/“ténytanúsító
okirat” to be incorporated into a notarial deed) of the Chargee issued in accordance with
Section 21(2) of the Court Enforcement Act (i) declaring the failure of the Chargor and/or
the Loan Parties to pay the relevant amounts on the due date set forth in the Demand and (ii)
stipulating the amount of principal, interest and default interest due as at the date of such
declaration as well as the applicable rate of interest and default interest applicable from
such date until the date of receipt by the Chargee of the proceeds of the enforcement
hereunder.
	 
	 	 	“Demand” means a written demand made by the Chargee and delivered in accordance with this
Agreement to the Chargor with a copy to the Loan Parties’ Agent if an Event of Default has
occurred and is continuing unremedied and unwaived (i) declaring the occurrence of an Event
of Default which is continuing unremedied and unwaived; and (ii) setting (at the Chargee’s
total discretion) a payment date for the payment of all amounts outstanding under or in
connection with the Credit Agreement and/or the other Loan Documents and stipulating that if
such payment is not made when due, the Chargee becomes authorised to enforce the Charge.
	 
	 	 	“Dispute” has the meaning given to that term in clause 15 (Jurisdiction) of this Agreement.
	 
	 	 	“Enforcement Events” means collectively Enforcement Event I and Enforcement Event II and
“Enforcement Event” means any one of them.
	 
	 	 	“Enforcement Event I” means the issuance of a Declaration by the relevant public notary after
the non-payment of the full amounts set forth in the Demand on the due date thereof.
	 
	 	 	“Enforcement Event II” means the occurrence of an Event of Default which is continuing
unremedied and unwaived and in respect of which a notice has been served in accordance with
Article VII of the Credit Agreement or the equivalent provisions of the

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	 	 	other Principal
Finance
Documents except that any rights of the Chargee in respect of the preservation of the assets
or the security may be exercised if the Chargee determines that they are required to be
exercised if an Event of Default has occurred and is continuing (i.e. without any notice).

	 	 	“Event of Default” means an “Event of Default” under, and as defined in, the First Lien
Intercreditor Agreement.
	 
	 	 	“Existing Quota Charge ” means the first priority charge created by the Existing Quota Charge
Agreement and registered in the Company Register.
	 
	 	 	“Existing Quota Charge Agreement” means the quota charge agreement entered into between
Credit Suisse, Sydney Branch and the Chargor in the form of a notarial deed (notarial deed
number: K11063-0-5/290/2008/2/0) dated 26 February 2008.
	 
	 	 	“Expert” has the meaning given to such term in clause 6.5 (Enforcement) of this Agreement.
	 
	 	 	“First Lien Intercreditor Agreement” means the First Lien Intercreditor Agreement dated as of
5 November 2009, among the Collateral Agent, The Bank of New York Mellon, as trustee under
the Senior Secured Note Indenture, Credit Suisse AG (formerly known as Credit Suisse), as
administrative agent under the Credit Agreement, and the Loan Parties, as amended, novated,
supplemented, restated or modified from time to time, (including by the Joinder Agreement
which added the Collateral Agent as a collateral agent under the First Lien Intercreditor
Agreement) attached as Part III of Schedule 3 (First Lien Intercreditor Agreement) to this
Agreement.
	 
	 	 	“Founder’s Resolution” (“alapítói határozat”) means any resolution passed by the Chargor in
respect of the Company.
	 
	 	 	“Intercreditor Arrangements” means the First Lien Intercreditor Agreement and any other
document that is designated by the Loan Parties’ Agent and the Collateral Agent as an
intercreditor agreement, in each case as amended, novated, supplemented, restated, replaced
or modified from time to time.
	 
	 	 	“Issuers” means the “Issuers” under, and as defined in, the Senior Secured Note Indenture,
including their successors in interest.
	 
	 	 	“Joinder Agreement” means the joinder agreement dated on 21 January 2010 made among (amongst
others) the Collateral Agent, The Bank of New York Mellon, Credit Suisse AG and Reynolds
Group Holdings Limited pursuant to which the Collateral Agent is appointed an additional
collateral agent and becomes a party to the First Lien Intercreditor Agreement.
	 
	 	 	“Lien” has the meaning it is given in the First Lien Intercreditor Agreement.
	 
	 	 	“Loan Documents” means the “Credit Documents” under, and as defined in, the First Lien
Intercreditor Agreement and any other document designated by the Loan Parties’ Agent and the
Collateral Agent as a Loan Document.

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	 	 	“Loan Parties” means the “Grantors” under, and as defined in, the First Lien Intercreditor
Agreement.
	 
	 	 	“Loan Parties’ Agent” means Reynolds Group Holdings Limited (formerly known as Rank Group
Holdings Limited).
	 
	 	 	“Obligations” means all present and future obligations and liabilities including Parallel
Debt (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.
	 
	 	 	“Parallel Debt” means the independent obligations of any of the Loan Parties arising pursuant
to the First Lien Intercreditor Agreement to pay to the Collateral Agent sums equal to and in
the currency of each amount payable by such Loan Party to each of the Secured Parties under
each of the Loan Documents.
	 
	 	 	“Principal Finance Document” means the Credit Agreement, the Senior Secured Note Indenture,
the Intercreditor Arrangements and any Additional Agreement.
	 
	 	 	“Prohibition” has the meaning given to such term in clause 1.3 (Unlawful Financial
Assistance) of this Agreement.
	 
	 	 	“Quota” means the quota owned by the Chargor in the Company representing its ownership
interest in the Company from time to time.
	 
	 	 	“Secured Parties” means the “Secured Parties” under, and as defined in, the First Lien
Intercreditor Agreement.
	 
	 	 	“Secured Principal” has the meaning given to such term in Clause 2.1 of this Agreement.
	 
	 	 	“Senior Secured Note Indenture” means the Indenture dated as of 5 November 2009, among the
Issuers, the Note Guarantors (as defined therein) and The Bank of New York Mellon, as
trustee, principal paying agent, transfer agent and registrar, as amended, extended,
restructured, renewed, refunded, novated, supplemented, restated, replaced or modified from
time to time, attached as Part II of Schedule 3 (Senior Secured Note Indenture) to this
Agreement.
	 
	 	 	“Value” has the meaning given to such term in Clause 6.5 of this Agreement.
	 
	19.2	 	Construction

	 	19.2.1	 	Headings are for convenience of reference only.
	 
	 	19.2.2	 	Where the context so permits, the singular includes the plural and vice versa.
	 
	 	19.2.3	 	Save where the contrary is indicated, any reference in this Agreement to the
“Chargee”, the “Chargor”, “Secured Party”, a “Loan Party” or a “Lender” shall

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	 	 	 	be
construed so as to include its (or their) respective successors, transferees and
assignees from time to time and any successor of such a successor, transferee or
assignee in accordance with its (or their) respective interests.

	 	19.2.4	 	The Parties agree and confirm that any person becoming a transferee of any
rights and obligations of the Collateral Agent under the First Lien Intercreditor
Agreement shall thereupon become entitled to the benefit of the provisions contained
herein as if it had originally been and had been named as a party hereto.
	 
	 	19.2.5	 	References to Clause and Schedule shall, subject to any indication to the
contrary, mean the respective Clause and Schedule of this Agreement.
	 
	 	19.2.6	 	References to the Credit Agreement, the First Lien Intercreditor Agreement,
the other Loan Documents, this Agreement or any other agreement or document shall, where
applicable, be deemed to be references to such Credit Agreement, the First Lien
Intercreditor Agreement, the other Loan Documents, this Agreement or such other
agreement or document as the same may have been, or may from time to time be, amended,
extended, restructured, renewed, novated, supplemented, restated, refunded, replaced or
modified from time to time, as persons may accede thereto as a party or withdraw
therefrom as a party in part or in whole or be released thereunder in part or in whole,
and as facilities and financial services are or may from time to time be granted,
extended, prolonged, increased, reduced, cancelled, withdrawn, amended, restated,
supplemented, restructured, refunded, replaced, modified, renewed or novated thereunder.
	 
	 	19.2.7	 	Any amount will be deemed irrevocably paid in full if it has been paid in
full and there is no evidence such as to give a reasonable belief that any claim will be
brought to revoke such payment.
	 
	 	19.2.8	 	Reference to any element of the legislation, statute, law, act, regulation,
or any provision thereof shall, where applicable, be deemed to be reference to that
element of the legislation, as amended or re-enacted.
	 
	 	19.2.9	 	This Agreement is subject to the terms of the Intercreditor Arrangements. In
the event of a conflict between the terms of this Agreement and the Intercreditor
Arrangements, the terms of the Intercreditor Arrangements will prevail.

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

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	20.	 	CREATION OF THE CHARGE
	 
	20.1	 	In order to secure the Obligations, up to the maximum amount of:

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

	 	 	the Chargor hereby grants to the Chargee, subject to the deletion of the Existing Quota
Charge from the Company Register as contemplated under Clause 2.3 (Existing Quota Charge and
Priority), a first priority Charge over the Quota owned by it in the Company and over any
rights and/or benefits arising out of, or in connection with its Quota, including, without
limitation all cash dividends or distributions payable at any time hereafter on the Quota.
The Chargee hereby accepts such Charge.
	 
	20.2	 	The Charge constituted by this Agreement will come into existence upon the execution
of this Agreement in the form of a notarial deed subject to registration of the extract
referred to in Clause 2.6 below at the Court of Registration.
	 
	20.3	 	Existing Quota Charge and Priority

	 	20.3.1	 	The Parties represent and acknowledge that they are aware of the registration
of the Existing Quota Charge with the Company Register.
	 
	 	20.3.2	 	The Chargee will request the deregistration of the Existing Quota Charge
registered with the Company Register within fifteen (15) Business Days of the date of
this Agreement.

	20.4	 	Nature of the Charge
	 
	 	 	The Charge constituted by, and pursuant to, this Agreement shall:

	 	(f)	 	subject to the deletion of the Existing Quota Charge from the Company Register
as contemplated under Clause 2.3 (Existing Quota Charge and Priority) and subject to any
Lien permitted by the Loan Documents be a first priority security over the Quota;
	 
	 	(g)	 	to the extent permitted by Hungarian law, be of the nature of “framework
security” (“keretbiztosítéki jellegű”), the maximum amount of which is the sum set out
under
Clause 2.1. If the framework security nature of the Charge constituted by this
Agreement is not recognised by a court for any reason, then the Charge shall be
deemed to secure the Obligations;

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	 	(h)	 	be a continuing security for the payment, satisfaction and discharge in full of
the Obligations and shall not be considered as satisfied or discharged or prejudiced by
any intermediate payment, satisfaction or settlement of any part of the Obligations
unless and until discharged by the Chargor;
	 
	 	(i)	 	be in addition to and shall not operate so as in any way to prejudice or affect
or be prejudiced or affected by any security, encumbrance, guarantee, suretyship,
indemnity or other right or remedy which the Chargee or any other Secured Party (or any
person on their behalf) may now or at any time hereafter hold for or in respect of the
Obligations or any part thereof; and
	 
	 	(j)	 	not be prejudiced by any time or indulgence granted to any person, or any
abstention or delay by the Chargee or any other Secured Party (or any person on their
behalf) in perfecting or enforcing any security, encumbrance, guarantee, suretyship,
right or remedy that the Chargee or any other Secured Party (or any person on their
behalf) may now or at any time hereafter have from or against the Loan Parties.

	20.5	 	By signing this Agreement:

	 	20.5.1	 	the Chargor and the Company acknowledge the Charge over the Quota; and
	 
	 	20.5.2	 	the Chargor expressly and irrevocably consents (“bejegyzési engedély”) to the
registration of the Charge in the Company Register created by this Agreement over the
Quota.

	20.6	 	The Parties hereby agree to sign the extract of this Agreement — for filing purposes
to be submitted with the Court of Registration — substantially in the form and substance set
out in Schedule 1 (Form of the extract of this Quota Charge Agreement) promptly upon the
execution of this Agreement.
	 
	21.	 	VOTING RIGHTS AND DIVIDENDS
	 
	21.1	 	The Chargee confirms that provided no Event of Default has occurred and is continuing
unremedied and unwaived, the Chargor shall be entitled to:

	 	21.1.1	 	receive, retain and utilise all dividends, interest and other monies arising
on the Quota to the extent permitted under the Loan Documents; and
	 
	 	21.1.2	 	to retain and to exercise all voting rights in respect of the Quota and all
other rights and powers relating to the Quota in a manner which does not adversely
affect the validity or enforceability of the security constituted by this Agreement or
cause an Enforcement Event to occur; however the Chargor (a) shall be entitled to vote
upon the decrease of registered capital to be made in accordance with a mandatory
statutory requirement set out in the relevant provisions of the Companies Act, (b) shall
be entitled to vote upon any
merger between the Chargor and the Company (and adopt all resolutions required to
effect such merger) permitted by the Principal Finance Documents and (c) shall be
entitled to exercise any voting rights otherwise prohibited by this clause with the
consent of the Chargee.

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	21.2	 	The Company shall, to the extent permitted by the Loan Documents, be authorised to
pay cash dividends directly to the Chargor. By signing this Agreement, the Company confirms
that a written notice from the Chargee to the Company if, and stating that, an Event of
Default has occurred and is continuing unremedied and unwaived, shall be sufficient for the
Company to accept the Chargee as being exclusively entitled to such rights and other powers
which it is entitled to exercise if an Event of Default has occurred and is continuing
unremedied and unwaived.
	 
	21.3	 	If an Event of Default has occurred and is continuing unremedied and unwaived, the
Chargee may, at its discretion (in the name of the Chargor or otherwise and without any
further consent or authority from the Chargor), but subject to the provisions of this
Agreement:

	 	21.3.1	 	exercise (or refrain from exercising) any voting rights in respect of the
Quota that is necessary and/or desirable in order to preserve the value, the status, the
legal title and any relevant rights with respect to the Quota and to preserve the
validity and enforceability of the Charge over the Quota;
	 
	 	21.3.2	 	apply all dividends, interest and other monies arising on the Quota as though
they were the proceeds of sale under this Agreement in accordance with Clause 6
(Enforcement).

	22.	 	REPRESENTATIONS, WARRANTIES AND COVENANTS
	 
	22.1	 	Representations and Warranties
	 
	 	 	In addition and without prejudice to those representations and warranties made by or in
respect of the Chargor herein or in any other Principal Finance Document, the Chargor hereby
represents and warrants that on the date of this Agreement with reference to the facts and
circumstances then existing, and subject to the provisions of the Principal Finance
Documents:

	 	(g)	 	the representations and warranties made by the Chargor as Loan Party in Section
3.01 (Organization; Powers), 3.02 (Authorization), 3.03 (Enforceability), 3.06 (No
Material Adverse Change), 3.09 (Litigation, Compliance with Laws), 3.10 (Agreements),
3.19 (Security Documents) and 3.22 (Solvency) of the Credit Agreement are true and
accurate as regards the Chargor and this Agreement;
	 
	 	(h)	 	it has not sold or otherwise disposed of (or agreed to sell or otherwise
dispose of) any of its rights to the Quota or any part thereof, other than as permitted
by the Principal Finance Documents;
	 
	 	(i)	 	upon de-registration of the Existing Quota Charge, this Agreement will, as at
the date that the Charge is registered with the Court of Registration, establish a first
priority Charge
over the Quota, subject to Liens permitted by the Principal Finance Documents and
subject to the Legal Reservations (as defined in the Credit Agreement);

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	 	(j)	 	it has not granted any Lien that would have an adverse effect on the validity
and enforceability of security constituted by this Agreement, other than as permitted by
the Principal Finance Documents;
	 
	 	(k)	 	it has not taken any action, and has used reasonable endeavours to prevent any
of its authorised signatories or the Company from taking any action, that would have an
adverse effect on the validity and enforceability of security constituted by this
Agreement, other than as permitted by the Principal Finance Documents;
	 
	 	(l)	 	except as disclosed in Schedule 3.08 of the Credit Agreement or otherwise
permitted by the Principal Finance Documents, its Quota is fully paid up and there are
no liabilities outstanding in respect thereof.

	 	 	The representations and warranties set out in this Clause 4.1 shall be deemed to be repeated
as true and correct in all material respects on the date of a Credit Event (as defined in
the Credit Agreement) during the continuance of this Agreement.
	 
	22.2	 	Covenants
	 
	 	 	In addition and without prejudice to those covenants, undertakings, commitments and
obligations made by or in respect of the Chargor herein or in any other Loan Documents, the
Chargor hereby covenants that, so long as this Agreement shall be in force, it shall:

	 	(h)	 	not take or omit to take any action the taking or omission of which would
result in the alteration or impairment of any rights of the Chargee under the Charge
which would have an adverse effect on the validity and enforceability of security
hereunder except if such actions or omissions are permitted by the Principal Finance
Documents;
	 
	 	(i)	 	in each case subject to the Agreed Security Principles, from time to time
execute such documents and do all such acts and things as the Chargee may require
(acting on the reasonable instructions of the Applicable Representative) from time to
time to create, perfect or protect the Charge or any part thereof or to facilitate the
realisation of the Charge or any part thereof and as are required (acting on the
reasonable instructions of the Applicable Representative) in the exercise of all powers,
authorities and discretions vested in the Chargee pursuant to this Agreement in respect
of the Charge or any part thereof;
	 
	 	(j)	 	promptly notify the Chargee of any event or circumstance of which the Chargor
is aware which would (i) materially and adversely affect, alter or impair the Chargee’s
rights relating to the validity and enforceability of the security created under or
pursuant to this Agreement, (ii) materially and adversely affect, alter or impair the
Chargee’s rights under or pursuant to this Agreement in relation to the filing of a
petition for the bankruptcy
(“csődeljárás”) or insolvency (“felszámolási eljárás”) of the Chargor and/or the
Company, the initiation of an execution in respect of the Quota in accordance with
the Court Enforcement Act or similar laws applicable in other jurisdictions, the
termination of the Chargor’s and/or the Company’s commercial activities or the
winding up of the Chargor and/or the
Company (unless the termination of the
Chargor’s and/or the 

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	 	 	 	Company‘s commercial activities or the winding up of the
Chargor and/or the Company is permitted by the Principal Finance Documents);

	 	(k)	 	(i) except in respect of any Liens permitted by the Principal Finance Documents
and subject to the Legal Reservations (as defined in the Credit Agreement) and the
Agreed Security Principles, ensure that, after release and de-registration of the
Existing Quota Charge, the Charge created hereunder shall be at all times a first
ranking Charge over the Quota; (ii) not grant any further Lien over the Quota; and (iii)
not sell, transfer or otherwise dispose of any or all of its rights in the Quota
(whether with or without consideration), in each case other than as permitted by the
Principal Finance Documents or this Agreement;
	 
	 	(l)	 	unless otherwise permitted by the Loan Documents, not pass any Founder’s
Resolution without the prior written consent of the Chargee (i) to amend the Articles of
Association of the Company in a manner that would adversely effect the validity and
enforceability of the security hereunder or (ii) to dissolve and liquidate the Company
or to authorise an application for the bankruptcy (“csődeljárás”) or insolvency
(“felszámolási eljárás”) of the Company or (iii) to reduce the registered capital
(“törzstőke”) of the Company save for a decrease of registered capital to be made in
accordance with a mandatory statutory requirement set out in the relevant provisions of
the Companies Act;
	 
	 	(m)	 	if an Event of Default has occurred and is continuing unremedied and unwaived,
only pass Founder’s Resolutions with the prior written consent of the Chargee; and
	 
	 	(n)	 	procure that the Company files the extract of this Agreement (as stipulated in
Clause 2.6 above) with the relevant Court of Registration within twenty (20) Business
Days commencing on the date of the execution of this Agreement and the Chargor or the
Company shall deliver to the Chargee a copy of such filing promptly thereafter.

	23.	 	CHARGEE’S RIGHTS
	 
	23.1	 	For the avoidance of doubt, it is acknowledged that the Collateral Agent is permitted to
act on the instructions of the Applicable Representative in accordance with clause 2.02(a)(i)
of the First Lien Intercreditor Agreement. It is further acknowledged that the Collateral
Agent may assume that any and all instructions received by it from the Applicable
Representative under this Agreement are reasonable, and that any question as to the
reasonableness or otherwise of such instructions shall be determined as between the Applicable
Representative and the Chargor.
	 
	23.2	 	The Chargor acknowledges and agrees that the Collateral Agent’s actions under this
Agreement are on the basis of authority conferred under the Principal Finance Documents to
which the
Collateral Agent is a party, and on directions of the Applicable Representative. In so
acting, the Collateral Agent shall have the protections, immunities, rights, indemnities and
benefits conferred on a collateral agent under the Principal Finance Documents.

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	23.3	 	The powers conferred by this Agreement on the Chargee in relation to the Quota or
any part thereof shall be in addition to and not in substitution for the rights conferred on
the Chargee by applicable law except insofar as they are excluded by this Agreement and, where
there is any ambiguity or conflict between the rights contained in any such applicable law and
those conferred by this Agreement, then the terms of this Agreement shall prevail to the
extent permitted by such law.
	 
	23.4	 	The Chargee shall be entitled, subject to the Agreed Security Principles, the terms
of the Principal Finance Documents and this Agreement and the reasonable instructions of the
Applicable Representative, at any time to take any such action permitted under the relevant
laws as it in its discretion thinks fit for the purpose of protecting the Charge. For the
avoidance of doubt, enforcement action shall be governed by Clause 6 of this Agreement.
	 
	23.5	 	Subject to Section 4.05 of the First Lien Intercreditor Agreement, the Chargee may,
at any time and from time to time, delegate by power of attorney to any person all or any of
the rights conferred on it by this Agreement which are for the time being exercisable by the
Chargee hereunder in relation to the Quota or any part thereof and the Chargee shall inform
the Chargor of such a delegation or appointment of a delegate.
	 
	23.6	 	The Chargee does not need, before it exercises any of the rights conferred upon it
by this Agreement or by law, to (i) initiate proceedings or obtain a judgement against the
Chargor or any other person in any court; (ii) make or file a claim in a bankruptcy or
liquidation with respect to the Chargor or any other person; or (iii) enforce any of its
rights in respect of any part of the Obligations, except as expressly required by Hungarian
law from time to time.
	 
	24.	 	ENFORCEMENT
	 
	24.1	 	The Chargor hereby acknowledges that if an Enforcement Event has occurred the Chargee
becomes immediately entitled to enforce the Charge, by way of:

	 	(f)	 	court enforcement proceedings (as set out in Section 255 (1) of the Civil
Code); or
	 
	 	(g)	 	simplified court enforcement proceedings (as set out in Section 257 (4) of the
Civil Code); or
	 
	 	(h)	 	selling the Quota by the Chargee (pursuant to the provisions of Section 257 (2)
of the Civil Code); or
	 
	 	(i)	 	if the Chargee so elects, instructing a Hungarian institution engaged in
granting charge-backed loans or arranging auctions as its main business (as set out in
Section 257 (3) of the Civil Code) to sell the Quota, which sale shall be affected by a
public auction to the highest bidder; or
	 
	 	(j)	 	joint sale of the Quota by the Chargee and the Chargor.

	24.2	 	If the Chargee elects to conduct the enforcement pursuant to Clause 6.1 (a) in
accordance with Articles 10(b), 20 and 21 of Court Enforcement Act, then it shall become

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	 	 	immediately entitled to enforce the Charge upon the occurrence of an Enforcement Event I.

	24.3	 	If the Chargee elects to conduct the enforcement in accordance with any other method
available under Clause 6.1, then it shall become immediately entitled to enforce the Charge
if an Enforcement Event has occurred.
	 
	24.4	 	The Parties hereby agree that without prejudice to the provisions of Clause 6.1, if
an Enforcement Event has occurred, at the request of the Chargee, the Parties will enter into
negotiations in good faith regarding the possible acquisition of the Quota by the Chargee.
	 
	24.5	 	If the enforcement is conducted in accordance with Clause 6.1 (c), (d) or (e), then
the sale of the Quota shall be subject to the following conditions: (i) the bidder must offer
a minimum purchase price of the Quota being at least at 65% of the fair market value (the
“Value”) as determined by an independent expert of international repute (the “Expert”), which
Expert is to be selected in accordance with Clause 6.11 below; and (ii) the sale must be
completed within twelve (12) months of the Chargor receiving a written notice from the Chargee
of its intention to proceed with the sale of the Quota in accordance with Clause 6.1 (c) to
(e). If no offers are made at such rate during the period of twelve (12) months, then the
Charged Assets shall be sold at least at the highest bid offered but at least at 50% of the
Value (as determined by the Expert) within twelve (12) months. For the avoidance of doubt the
Chargee shall be considered to have acted reasonably when it accepts the highest bid offered
during the sale for the Quota in accordance with the terms above.
	 
	24.6	 	If the Charge is enforced by simplified court enforcement proceedings, in accordance
with Sections 204/B to 204/H of Court Enforcement Act, and with Clause 6.1 (b) above, then the
minimum purchase price of the Quota shall be at least 65% of the Value.
	 
	24.7	 	The Chargor shall, upon the request of the Chargee, if an Enforcement Event has
occurred, as soon as practicable, but in any event within ten (10) Business Days, deliver any
document relating to the Company which is required by the Chargee for the purposes of
exercising its rights under this Agreement. The Chargor may request to receive a copy of the
valuation report obtained from the Expert by the Chargee in respect of the Quota and the
Chargee shall provide the same to the Chargor where the Chargee requests it (acting on the
reasonable instructions of the Applicable Representative). The appointed Hungarian institution
under Clause 6.1 (d) above is entitled to request all necessary documents for the sale from
the Chargor and the Chargor must, as soon as practicable, but in any event within ten (10)
Business Days, deliver such documents to that institution accordingly.
	 
	24.8	 	The Chargee shall within fifteen (15) days before the sale notify the Chargor in
writing of (i) the method, (ii) the place and (iii) the date of such sale. The Chargee hereby
confirms that it will comply with the provisions of Government Decree 12/2003 (I. 30.),
including but not limited to
notifying the Chargor of its intention to sell the Quota, at least thirty (30) days before
the intended sale.
	 
	24.9	 	After deducting the documented costs incurred by it in connection with the sale of
the Quota the Chargee shall utilise the proceeds of any sale under this Clause 6 and shall

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	 	 	return the surplus amounts, if any, in accordance with the provisions of the First Lien
Intercreditor Agreement.

	24.10	 	No purchaser or other person shall be bound or concerned to see or enquire whether
the right of the Chargee to exercise any of the powers hereby conferred has arisen, nor be
concerned with notice to the contrary or with the propriety of the exercise or purported
exercise of such powers.
	 
	24.11	 	The procedure of the appointment of the Expert is the following: the Chargee may
propose three (3) internationally recognised, independent experts and the Chargor may, in its
own discretion, elect one of these experts at the cost of the Chargor. If the Chargor fails to
appoint the Expert within five (5) Business Days from the proposal of the Chargee, the Chargee
may appoint the Expert in its sole discretion.
	 
	25.	 	GENERAL PROVISIONS
	 
	25.1	 	Separate Agreements
	 
	 	 	This Agreement shall be construed so as to constitute a separate security agreement between
the Chargor on the one hand and the Chargee on the other hand and if such separate agreement
between the Chargor and the Chargee becomes invalid or unenforceable, is terminated,
rescinded, released, void, voidable, amended, restated, renewed, novated, supplemented or
otherwise affected, the obligations of the Chargor is satisfied or any of the rights of
Chargee created thereby is ineffective, the foregoing shall, to the fullest extent permitted
by law, not affect the validity or enforceability of any of the other agreements between the
Chargor on the one hand and the Chargee on the other hand.
	 
	25.2	 	Immediate Recourse
	 
	 	 	To the fullest extent allowed by applicable law, the Chargor waives any right it may have of
first requiring the Chargee to proceed against or claim payment from any other person or
entity or enforce any guarantee, suretyship or security granted by any other person or entity
before enforcing this Agreement and/or its rights hereunder or pursuant hereto.
	 
	25.3	 	Certificates

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

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	 	 	 	accordance with the Principal Finance Documents. The
Chargor accepts any notarial certificate issued according to this Clause as prima facie
evidence except in case of manifest error or fraud on the part of the Chargee.

	25.4	 	Discharge
	 
	 	 	Where any discharge (whether in respect of this Agreement, or other Security Document for the
Obligations or otherwise) is made in whole or in part or any arrangement is made on the faith
of any payment, security or other disposition which is subsequently avoided or must be
restored on bankruptcy (“csődeljárás”), insolvency (“felszámolási eljárás”) or otherwise
without limitation, the liability of the Chargor under this Agreement and the rights of the
Chargee created hereby and pursuant hereto shall continue as if there had been no discharge
or arrangement. The Chargee shall be under no obligation to challenge, contest or otherwise
take any steps to remedy any avoidance of any payment, security or other disposition or the
restoration thereof by any liquidator, receiver or similar officer on bankruptcy, insolvency
or otherwise.
	 
	26.	 	REMEDIES AND WAIVERS
	 
	 	 	No failure on the part of the Chargee to exercise, and no delay on its part in
exercising, any right or remedy under this Agreement will operate as a waiver thereof, nor
will any single or partial exercise of any right or remedy preclude any other or further
exercise thereof or the exercise of any other right or remedy. The rights and remedies
provided in this Agreement are cumulative and not exclusive of any rights or remedies
provided by applicable law, the Credit Agreement or any other Loan Documents.
	 
	27.	 	SEVERABILITY
	 
	 	 	If any of the terms hereof is or becomes invalid or unenforceable (or the security
purported to be created hereunder or pursuant hereto are ineffective) for any reason under
the laws of any jurisdiction or in relation to the Chargor, such invalidity or
unenforceability shall, to the fullest extent possible under applicable law, not affect its
validity or enforceability in any other jurisdiction or invalidate or make unenforceable any
other term hereof. The Parties hereto agree that they will negotiate in good faith to replace
any provision hereof held invalid, illegal or unenforceable with a valid, legal and
enforceable provision which is as similar as possible in substance to the invalid, illegal or
unenforceable provision.
	 
	28.	 	ATTORNEY
	 
	 	 	To the fullest extent permitted by applicable law, the Chargor hereby appoints the
Chargee, such appointment being made for the benefit of the Chargee and the other Secured
Parties represented by the Chargee and shall be effective if an Enforcement Event has
occurred to be its true and lawful attorney (with full power of substitution and delegation)
for and on behalf of the Chargor
and in its name or in the name of the Chargee and as the Chargor’s attorney in act and deed
to sign, execute, seal, deliver, acknowledge, file, register and perfect any and all such
assurances, documents, instruments, agreements (including any agreements to which the Chargee
itself is a party) certificates and consents and to do any and all such acts and things as
the Chargor itself could do in relation to the Charged Assets or in relation to any matters
dealt with in

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	 	 	this Agreement and which the Chargee may, (upon the reasonable instruction of
the Applicable Representative), deem to be necessary in order to give full effect to the
purposes of this Agreement. The Chargor will ratify and confirm whatever the Chargee shall do
or cause to be done in pursuance of the powers conferred to it hereunder. For the avoidance
of any doubt, this Clause constitutes the express consent of the Chargor to the appointment
of the Collateral Agent as its representative for the purposes of Article 221 (3) of the
Civil Code except that the Collateral Agent shall not be entitled to conclude or amend any
agreement between the Chargor and any of the Secured Parties or to waive any rights of the
Chargor against any of the Secured Parties.

	 	 	In order to facilitate the Chargee to give effect to the provisions under Clause 10, the
Chargor has granted a power of attorney on the date of this Agreement substantially in the
form set out in Schedule 2 (Power of Attorney) of this Agreement. If an Enforcement Event has
occurred the Chargee may under its sole discretion utilise such power of attorney to
effectuate all or any necessary changes in accordance with this Agreement.
	 
	29.	 	TERMINATION
	 
	29.1	 	The security constituted by this Agreement shall be released, re-assigned,
re-transferred and cancelled (as applicable):

	 	(c)	 	by the Collateral Agent (acting on the instructions of the Applicable
Representative) at the request and cost of the Chargor, upon the Obligations being
irrevocably paid or discharged in full and none of the Secured Parties being under any
further actual or contingent obligation to make advances or provide other financial
accommodation to the Chargor or any other person under any of the Loan Documents; or
	 
	 	(d)	 	in accordance with, and to the extent required by, the Intercreditor
Arrangements.

	29.2	 	Upon termination of this Agreement and subject to Clause 11.1, the Chargee shall
promptly (but in any event within fifteen (15) days), at the cost of the Chargor, issue all
certificates or other documents and sign all other documents and do all such acts as are
required by law or requested reasonably by the Chargor in order that this Agreement will be
terminated and the Charge can be deleted from the Company Register.
	 
	29.3	 	If the Chargor disposes of any of the Quota and that disposal is permitted by the
Principal Finance Documents, that Quota shall, unless an Enforcement Event has occurred, be:
(a) automatically released, re-assigned, re-transferred and cancelled (as applicable) from the
Charge constituted by this Agreement with effect from the day of such disposal or (b)
released, re-assigned, re-transferred and cancelled (as applicable) in accordance with and to
the extent required by, the Intercreditor Arrangements.
	 
	29.4	 	Upon the Chargor disposing of any of the Quota (which disposal is permitted by the
Principal Finance Documents), the Chargee shall promptly (but in any event within fifteen (15)
days) at the cost of the Chargor, issue all certificates or other documents and sign all other
documents and do all such acts as are required by law or requested

-32-

 

	 	 	reasonably by the Chargor
in order to release the relevant Quota from the Charge constituted by this Agreement.

	30.	 	POWER TO ASSIGN
	 
	 	 	To the fullest extent permitted under the laws of Hungary and subject to the terms of
the Loan Documents, only the Chargee (but not, for the avoidance of doubt, the Chargor,
unless otherwise permitted by the Principal Finance Documents) shall be entitled to assign
and/or transfer all or part of its rights and obligations under this Agreement to a
replacement Collateral Agent appointed in accordance with the Principal Finance Documents and
the Chargor hereby in advance gives its irrevocable consent to, within the meaning of
Sections 328-331 of the Civil Code, and hereby in advance irrevocably co-operates with any
such assignment and/or transfer (as the case may be) hereunder.
	 
	31.	 	NOTICES
	 
	 	 	Each notice or other communication to be given or made by a Party under this Agreement
shall be given or made in accordance with the First Lien Intercreditor Agreement.
	 
	32.	 	GOVERNING LAW
	 
	 	 	This Agreement and all non-contractual obligations arising from or connected with it are
governed by, and construed in accordance with, Hungarian law.
	 
	33.	 	JURISDICTION
	 
	 	 	The Parties agree that any dispute arising out of or in connection with this Agreement
(including a dispute regarding the existence, validity or termination of this Agreement or
the consequences of its nullity) (“Dispute”) shall be referred to a Hungarian court in
accordance with the provisions of Act III of 1952 on the code of civil procedure.
	 
	34.	 	LANGUAGE
	 
	 	 	This Agreement shall be executed in English language only. This Agreement may be
translated into Hungarian but in the event of any ambiguity or conflict between the two
versions, the English version shall prevail to the extent permitted by law.
	 
	35.	 	AMENDMENTS
	 
	35.1	 	This Agreement may be amended only by a written instrument executed by the Parties in
the form of a notarial deed.
	 
	35.2	 	With consideration to the forthcoming potential enactment of a new Hungarian civil
code, the Chargor hereby undertakes that, subject to the Agreed Security Principles, upon the
request of the Collateral Agent:

	 	35.2.1	 	it shall agree to an amendment and restatement of this Agreement following
the entry into force of such a new civil code, in order to reflect the provisions
thereof, to the extent such amendment is necessary to preserve the Charge or to clarify
the security position of the Collateral Agent; and

-33-

 

	 	35.2.2	 	it shall enter into good faith negotiations on the amendment and restatement
terms of this Agreement, in order to reflect the provisions of the new civil code, other
than those which are referred to in Clause 17.2.1 above.

	36.	 	APPLICATION FOR REGISTRATION

	36.1	 	The Chargee and the Chargor hereby jointly request the Court of Registration to register
the Charge created pursuant to this Agreement at the Court of Registration in favour of the
Chargee, in the maximum amount of the Obligations.
	 
	36.2	 	The Parties hereby authorise Oppenheim Ügyvédi Iroda (1053 Budapest, Károlyi Mihály
u. 12., Hungary) to act before the Court of Registration in connection with the registration
(including but not limited to sign any documents in relation thereto) of the Charge with the
Company Register.

I, the undersigned, Notary substitute having verified the identity, authorisation and contractual
intentions of the Parties and their representatives to enter into this deed, have prepared the
present deed on the basis of the written draft put at my disposal. I have informed the legal
representatives of the parties of the substance of the transaction contemplated hereby and of its
legal consequences. The legal representatives of the parties declared before me that they are fully
aware of the content of the present deed’s draft and confirmed that the content of the present deed
is in full compliance with the contractual intentions of the Parties represented by them and
therefore they requested me not to read the deed out in their presence. Now therefore, the Parties
have executed this deed in my presence through the signatures of their duly authorised legal
representatives.

Executed at the City of Budapest, on the 29th (twentyninth) day of January 2010 (Two
Thousand Ten).

Dr. Horvai-Hillenbrand Péter s.m. Closure Systems International B.V. Vagyonkezelő Korlátolt
Felelősségű Társaság, Dr. Pelikán Melinda s.m. Wilmington Trust (London) Limited, Dr.
Horvai-Hillenbrand Péter s.m. CSI Hungary Gyártó és Kereskedelmi Korlátolt Felelősségű Társaság,
Dr. Horvai-Hillenbrand Péter s.m. Closure Systems International Holdings (Hungary) Vagyonkezelő
Korlátolt Felelősségű Társaság, Dr. Vető Péter s.m. Notary Substitute, Countersigned: Dr. Stagel
Judit s.m. Notary, as permanent substitute for Dr. Bókai Judit Notary

-34-

 

SCHEDULE 1

Form of the Extract of this Quota Charge Agreement

ÜZLETRÉSZ ZÁLOGSZERZŐDÉS KIVONATA

EXTRACT OF QUOTA CHARGE AGREEMENT

a cégnyilvántartásról, a bírósági cégeljárásról és a végelszámolásról szóló 2006. évi V.
törvény 2. számú melléklete

II. 1. ea) pontjának figyelembe vételével

with regard to the Clause II.1.ea) of Schedule No. 2 of the Act V of 2006 on Public Company Information, Company

Registration and Winding-up Proceedings

(a továbbiakban: “Kivonat”) amely az alábbi felek között készŰlt Budapesten, 2010. ___. napján
létrejött zálogszerződés (a továbbiakban: “Zálogszerződés”) alapján:

(hereinafter referred to as the “Extract”), which has been prepared on the basis of the quota
charge agreement entered into by and between the parties named below in Budapest on ________ 2010
(hereinafter referred to as the “Quota Charge Agreement”):

	(1)	 	A Wilmington Trust (London) Limited, amelynek
székhelye ([• ]) cím alatt található,
képviseli [• ], meghatalmazás alapján,
	 
	(1)	 	Wilmington Trust (London) Limited, having its registered office at:
[• ], represented by [• ], under a power of attorney.
	 
	 	 	mint zálogjogosult (a továbbiakban: “Zálogjogosult”)
	 
	 	 	as chargee (hereinafter referred to as the “Chargee”),

valamint

and

	(2)	 	CLOSURE SYSTEMS INTERNATIONAL B.V., egy, Hollandia jogszabályai alapján bejegyzett
korlátolt felelősségű társaság, amelynek székhelye a Zálogszerződés aláírásakor,
Teleportboulevard 140, 1043 EJ Amszterdam, Hollandia cím alatt található, és amelyet az
amszterdami Kereskedelmi Kamaránál a 34291082-es számon tartanak nyilván, képviseli dr.
Horvai-Hillenbrand Péter, meghatalmazás alapján,
	 
	(2)	 	CLOSURE SYSTEMS INTERNATIONAL B.V., a private company with limited liability incorporated
under the laws of The Netherlands, having its registered seat as at the date of the
Quota Charge Agreement at Teleportboulevard 140, 1043 EJ Amsterdam, The Netherlands,
registered with the Chamber of Commerce in Amsterdam with registration number 34291082,
represented by dr. Péter Horvai-Hillenbrand, under a power of attorney,
	 
	 	 	mint zálogkötelezett (a továbbiakban: “Zálogkötelezett”)
	 
	 	 	as chargor (hereinafter referred to as the “Chargor”).

-35-

 

Fent nevezett felek a jelen Kivonatban az alábbiakat kívánják rögzíteni:

The parties named above wish to declare the following in the present Extract:

	1.	 	A Zálogkötelezett és a Zálogjogosult a Zálogszerződéssel üzletrész zálogjogot alapítottak a
Zálogjogosult javára Zálogkötelezettnek a CSI Hungary Gyártó és Kereskedelmi Korlátolt
Felelősségű Társaságban (székhelye: 8000 Székesfehérvár, Berényi út 72-100., Magyarország;
cégjegyzékszáma a Fejér Megyei Bíróság mint Cégbíróságnál: Cg. 07-09-013757, adószáma:
14122952-2-07, a továbbiakban: “Társaság”) fennálló 11.335.780.000,- Ft, azaz
tizenegymilliárd-háromszázharmincötmillió-hétszáznyolcvanezer forint névértékű, a Társaság
jegyzett tőkéjének 100%-át megtestesítő üzletrészén (a továbbiakban: “Üzletrész”).
	 
	 	 	The Chargor and the Chargee created a quota charge in favour of the Chargee over the quota
of the Chargor held in CSI Hungary Gyártó és Kereskedelmi Korlátolt Felelősségű
Társaság (having its registered seat as at the date of the Quota Charge Agreement: 8000
Székesfehérvár, Berényi út 72-100., Hungary, company registration number: Cg. 07-09-013757
with the Fejér County Court as the Court of Registration, tax number: 14122952-2-07,
hereinafter referred to as the “Company”) with a nominal value of HUF 11,335,780,000.00 (i.e.
eleven billion three hundred thirty five million seven hundred and eighty thousand Forint)
representing 100% of the Company’s registered capital (hereinafter referred to as the “Quota”)
by virtue of the Quota Charge Agreement.
	 
	2.	 	A Zálogkötelezett a jelen Kivonat aláírásával visszavonhatatlan hozzájárulását adja ahhoz,
hogy a Zálogjogosult javára az Üzletrészen alapított zálogjog ténye a cégjegyzékben
feltüntetésre/bejegyzésre kerüljön (bejegyzési engedély).
	 
	 	 	Upon signing this Extract the Chargor hereby irrevocably consents that the charge created
over the Quota in favour of the Chargee be registered in the company register (consent to
registration).
	 
	3.	 	Jelen Kivonat a Zálogszerződés rendelkezései alapján — kizárólag a zálogjog tényének
cégjegyzékben történő feltüntetése céljából — készült, és nem helyettesíti a felek között a
Zálogszerződésben foglaltak szerint létrejött részletes megállapodást. A Zálogszerződés és
jelen Kivonat közötti esetleges ellentmondás vagy eltérés esetén a Zálogszerződés
rendelkezései az irányadóak.
	 
	 	 	This Extract has been prepared on the basis of the terms and conditions set out in the
Quota Charge Agreement exclusively for the purpose of registering the charge in the company
register, and therefore, it may not substitute the detailed agreement between the parties
contemplated in the Quota Charge Agreement. In case of any discrepancy between the Quota
Charge Agreement and this Extract, the provisions of the Quota Charge Agreement shall prevail.
	 
	4.	 	Jelen Kivonat magyar nyelven készült.
	 
	 	 	This Extract has been prepared in the Hungarian language.
	 
	5.	 	A Zálogkötelezett és a Zálogjogosult meghatalmazzák az Oppenheim Ügyvédi Irodát (cím: 1053
Budapest, Károlyi Mihály u. 12.) hogy a Fejér Megyei Bíróságnál, mint Cégbíróságnál a jelen
Zálogszerződéssel létrehozott, az Üzletrészen alapított zálogjog

-36-

 

	 	 	bejegyzésével kapcsolatban
eljárjon (beleértve, de nem kizárólag bármely, ehhez kapcsolódó dokumentum aláírását).

	 	 	The Chargor and the Chargee hereby authorise Oppenheim Law Firm (address: 1053 Budapest,
Károlyi Mihály u. 12.) to act before the Fejér County Court as the Court of Registration in
connection with the registration (including but not limited to sign any documents relating
thereto) of the charge over the Quota.

Budapest,
2010 [• ].

	 	 	 

	 
	 	 
	WILMINGTON TRUST (LONDON) 

LIMITED
	 	CLOSURE SYSTEMS

INTERNATIONAL B.V.
	 	 	 
	Zálogjogosult / Chargee
	 	Zálogkötelezett / Chargor

-37-

 

SCHEDULE 2

Power of Attorney

	 	 	 
	POWER OF ATTORNEY	 	MEGHATALMAZÁS
	 
	 	 
	Power of Attorney of Closure Systems
International B.V. a private company
with limited liability, duly
incorporated under the laws of The
Netherlands, having its seat as at
the date of the Quota Charge
Agreement (as defined below), at
Teleportboulevard 140, 1043 EJ
Amsterdam, The Netherlands,
registered with the Chamber of
Commerce in Amsterdam, The
Netherlands, under registration
number 34291082 (hereinafter the
“Chargor”) hereby
	 	A Closure Systems International
B.V., egy, Hollandia jogszabályai
alapján bejegyzett korlátolt
felelősségű társaság, amelynek
székhelye (az alábbiakban
meghatározott) Zálogszerződés
aláírásakor, Teleportboulevard 140,
1043 EJ Amszterdam, Hollandia,
nyilvántartási száma az amszterdami
Kereskedelmi Kamaránál 34291082 (a
továbbiakban a “Zálogkötelezett”)
által adott meghatalmazás:
	 
	 	 
	With reference to:

	 	Hivatkozással
	 
	 	 
	the quota charge agreement concluded
on                      2010 between the Chargor
and Wilmington Trust (London)
Limited (registered office at: [•]
as chargee (hereinafter the
“Chargee”), acknowledged by CSI
Hungary Gyártó és Kereskedelmi
Korlátolt Felelősségű Társaság
(registered office: 8000
Székesfehérvár, Berényi út 72-100.,

	 	a Zálogkötelezett mint
zálogkőtelezett és Wilmington Trust
(London) Limited (székhely: [•]),
mint zálogjogosult (a továbbiakban a
“Zálogjogosult”) kőzőtt 2010.
                     -én megkőtőtt, és a CSI
Hungary Gyártó és Kereskedelmi
Korlátolt Felelősségű Társaság
(székhely: 8000 Székesfehérvár,
Berényi út 72-100., cégjegyzékszám:
	Hungary, registration no.: Cg.
07-09-013757) on creation of the
charge in order to secure the
Obligations specified in the
agreement (the “Quota Charge
Agreement”)

	 	Cg. 07-09-013757) által jóváhagyott,
üzletrészen alapított
zálogszerződésre, amelyben az abban
megjelőlt Kőtelezettségek
biztosítására zálogjogot alapítottak
(az “Üzletrészen Alapított
Zálogszerződés”)
	 
	 	 
	to the fullest extent permitted by
applicable law, the Chargor hereby

	 	a Zálogkőtelezett az alkalmazandó
jogszabályok által megengedett
legteljesebb mértékben ezennel
	 
	 	 
	appoints	 	meghatalmazza
	 
	 	 
	the Chargee, such appointment being
made for the benefit of the Chargee
and the other Secured Parties
represented by the Chargee, if an
Enforcement Event (as defined in the
Quota Charge Agreement) has
occurred, to:

	 	a Zálogjogosultat, amely
Zálogjogosult és az általa képviselt
többi Kedvezményezett javára, a
Kikényszerítési Esemény
bekövetkezését kővetöen (az
Üzletrészen Alapított
Zálogszerződésben definiálva
angolul: “Enforcement Event”), hogy:
	 
	 	 
	exercise (or refrain from
exercising) any voting rights in
respect of the Quota

	 	gyakorolja az Üzletrészhez fűződő

szavazati jogokat (vagy azok

gyakorlásától tartózkodjon)

-38-

 

	 	 	 
	at the discretion of the Chargee (in
the name of the Chargor or otherwise
and without any further consent or
authority from the Chargor).

	 	a Zálogjogosult saját belátása
szerint (a Zálogkötelezett nevében,
vagy egyébként a Zálogjogosult
további hozzájárulása vagy
felhatalmazása nélkül).
	 
	 	 
	The Chargor will ratify and confirm
whatever the Chargee together its
successors and permitted assigns
shall (upon the reasonable
instructions of the Applicable
Representative) do or cause to be
done in pursuance of the powers
conferred to it hereunder.

	 	A Zálogkötelezett hozzájárul és
jóváhagy minden, a Zálogjogosult és
a Zálogjogosult meghatalmazott
képviselője által a jelen
Meghatalmazás szerint a
Zálogjogosultra ruházott jogok
alapján ésszerűen végrehajtott
cselekményt.
	 
	 	 
	This Power of Attorney shall be
valid until it is withdrawn by
written notification thereof to the
Chargee.

	 	A jelen meghatalmazás annak a
Zálogjogosultnak küldött írásbeli
értesítéssel történő visszavonásáig
érvényes.
	 
	 	 
	This Power of Attorney has been
drafted in the Hungarian and English
language. In case of any discrepancy
the Hungarian version will prevail.

	 	Jelen meghatalmazás magyar és angol
nyelven került kiállításra. Eltérés
esetén a magyar nyelvű változat
irányadó.

Date/dátum:
                                        

For and on behalf of Closure Systems International B.V.

	 	 	 	 	 
	 	 	 
	 	 	  
	Name:  	 	 	 	 
	Title:  	 	 	 	 
	 

	 	 	 

	A Closure Systems International B.V.
által adott meghatalmazást
elfogadom.

	 	I hereby accept the Power of
Attorney granted by Closure Systems
International B.V.

Date/dátum:
                                        

For and on behalf of Wilmington Trust (London) Limited

	 	 	 	 	 
	 	 	 
	 	 	  
	Name:  	 	 	 	 
	Title:  	 	 	 	 
	 

-39-

 

SCHEDULE 3

Part I

Credit Agreement

(TO BE INSERTED)

-40-

 

Part II

Senior Secured Note Indenture

(TO BE INSERTED)

-41-

 

Part III

First Lien Intercreditor Agreement

(TO BE INSERTED)

-42-

 

SCHEDULE 1

Form of the Extract of this Quota Charge Agreement

ÜZLETRÉSZ
ZÁLOGSZERZŐDÉS KIVONATA

EXTRACT OF QUOTA CHARGE AGREEMENT

a cégnyilvántartásról, a bírósági cégeljárásról és a végelszámolásról szóló 2006. évi V.
törvény 2. számú melléklete

II. 1. ea) pontjának figyelembe vételével

with regard to the Clause II.1.ea) of Schedule No. 2 of the Act V of 2006 on Public Company Information, Company

Registration and Winding-up Proceedings

(a továbbiakban: “Kivonat”) amely az alábbi felek között készült Budapesten, 2010.
                    .
napján létrejött zálogszerződés (a továbbiakban: “Zálogszerződés”) alapján:

(hereinafter referred to as the “Extract”), which has been prepared on the basis of the quota
charge agreement entered into by and between the parties named below in Budapest on                      2010
(hereinafter referred to as the “Quota Charge Agreement”):

	(1)	 	A Wilmington Trust (London) Limited, amelynek székhelye ([•]) cím alatt található,
képviseli [•], meghatalmazás alapján,
	 
	(1)	 	Wilmington Trust (London) Limited, having its registered office at:
[•], represented by [•], under a power of attorney.
	 
	 	 	mint zálogjogosult (a továbbiakban: “Zálogjogosult”)
	 
	 	 	as chargee (hereinafter referred to as the “Chargee”),

valamint

and

	(2)	 	CLOSURE SYSTEMS INTERNATIONAL B.V., amelynek székhelye a Zálogszerződés aláírásakor,
Teleportboulevard 140, 1043 EJ Amszterdam, Hollandia cím alatt található, és amelyet az
amszterdami Kereskedelmi Kamaránál a 34291082-es számon tartanak nyilván, képviseli dr.
Horvai-Hillenbrand Péter, meghatalmazás alapján,
	 
	(2)	 	CLOSURE SYSTEMS INTERNATIONAL B.V., a private company with limited liability incorporated
under the laws of The Netherlands, having its registered seat as at the date of the
Quota Charge Agreement, at Teleportboulevard 140, 1043 EJ Amsterdam, The Netherlands,
registered with the Chamber of Commerce in Amsterdam with registration number 34291082,
represented by dr. Péter Horvai-Hillenbrand, under a power of attorney,
	 
	 	 	mint zálogkötelezett (a továbbiakban: “Zálogkötelezett”)
	 
	 	 	as chargor (hereinafter referred to as the “Chargor”).

-43-

 

Fent nevezett felek a jelen Kivonatban az alábbiakat kívánják rögzíteni:

The parties named above wish to declare the following in the present Extract:

	6.	 	A Zálogkötelezett és a Zálogjogosult a Zálogszerződéssel üzletrész zálogjogot alapítottak a
Zálogjogosult javára a Closure Systems International Holdings (Hungary) Vagyonkezelő Korlátolt
Felelősségű Társaságban (amelynek szeékhely a Zálogszerződés aláírásakor: 8000 Székesfehérvár,
Berényi út 72-100., Magyarország; cégjegyzékszáma a Fejér Megyei Bíróság mint Cégbíróságnál:
Cg.07-09-015084, adószáma: 14216143-1-07, a továbbiakban: “Társaság”) fennálló
                    ,- Ft, azaz
                     forint névértékű, a Társaság jegyzett tőkéjének
100%-át megtestesítő üzletrészén (a továbbiakban: “Üzletrész”).
	 
	 	 	The Chargor and the Chargee created a quota charge in favour of the Chargee over the
quota of the Chargor held in the Closure Systems International Holdings (Hungary)
Vagyonkezelő Korlátolt Felelősségű Társaság (having its registered seat as at the date of
the Quota Charge Agreement, at 8000 Székesfehérvár, Berényi út 72-100., Hungary, company
registration number: Cg.07-09-015084 with the Fejér County Court as the Court of
Registration, tax number: 14216143-1-07, hereinafter referred to as the “Company”)
with a nominal value of HUF                      (i.e.
                                        
 Forint) representing
100% of the Company’s registered capital (hereinafter referred to as the “Quota”) by virtue
of the Quota Charge Agreement.
	 
	7.	 	A Zálogkötelezett a jelen Kivonat aláírásával visszavonhatatlan hozzájárulását adja ahhoz,
hogy a Zálogjogosult javára az Üzletrészen alapított zálogjog ténye a cégjegyzékben
feltüntetésre/bejegyzésre kerüljön (bejegyzési engedély).
	 
	 	 	Upon signing this Extract the Chargor hereby irrevocably consents that the charge created
over the Quota in favour of the Chargee be registered in the company register (consent to
registration).
	 
	8.	 	Jelen Kivonat a Zálogszerződés rendelkezései alapján — kizárólag a zálogjog tényének
cégjegyzékben történő feltüntetése céljából — készült, és nem helyettesíti a felek között a
Zálogszerződésben foglaltak szerint létrejött részletes megállapodást. A Zálogszerződés és
jelen Kivonat közötti esetleges ellentmondás vagy eltérés esetén a Zálogszerződés
rendelkezései az irányadóak.
	 
	 	 	This Extract has been prepared on the basis of the terms and conditions set out in the
Quota Charge Agreement exclusively for the purpose of registering the charge in the company
register, and therefore, it may not substitute the detailed agreement between the parties
contemplated in the Quota Charge Agreement. In case of any discrepancy between the Quota
Charge Agreement and this Extract, the provisions of the Quota Charge Agreement shall
prevail.
	 
	9.	 	Jelen Kivonat magyar nyelven készült.
	 
	 	 	This Extract has been prepared in the Hungarian language.
	 
	10.	 	A Zálogkötelezett és a Zálogjogosult meghatalmazzák az Oppenheim Ügyvédi Irodát (cím: 1053
Budapest, Károlyi Mihály u. 12.) hogy a Fejér Megyei Bíróságnál, mint Cégbíróságnál a jelen
Zálogszerződéssel létrehozott, az Üzletrészen alapított zálogjog bejegyzésével kapcsolatban
eljárjon (beleértve, de nem kizárólag bármely, ehhez kapcsolódó dokumentum aláírását).

-44-

 

	 	 	The Chargor and the Chargee hereby authorise Oppenheim Law Firm (address: 1053 Budapest,
Károlyi Mihály u. 12.) to act before the Fejér County Court as the Court of Registration in
connection with the registration (including but not limited to sign any documents relating
thereto) of the charge over the Quota.

Budapest, 2010 [•].

	 	 	 	 
	 	 	 	 
	WILMINGTON TRUST (LONDON) 
LIMITED	 	CLOSURE SYSTEMS
INTERNATIONAL B.V.	 
	 	 	 	 
	Zálogjogosult / Chargee	 	Zálogkötelezett / Chargor	 

-45-

 

SCHEDULE 2

Power of Attorney

	 	 	 
	POWER OF ATTORNEY	 	MEGHATALMAZÁS
	 
	 	 
	Power of Attorney of Closure Systems
International B.V. a private company
with limited liability, duly
incorporated under the laws of The
Netherlands, having its seat as at
the date of the Quota Charge
Agreement (as defined below) at
Teleportboulevard 140, 1043 EJ
Amsterdam, The Netherlands,
registered with the Chamber of
Commerce in Amsterdam, The
Netherlands, under registration
number 34291082 (hereinafter the
“Chargor”) hereby
	 	A Closure Systems International
B.V., egy, Hollandia jogszabályai
alapján bejegyzett korlátolt
felelősségű társaság, amelynek
székhelye (az alábbiakban
meghatározott) Zálogszerződés
aláírásakor, Teleportboulevard 140,
1043 EJ Amszterdam, Hollandia,
nyilvántartási száma az amszterdami
Kereskedelmi Kamaránál 34291082 (a
továbbiakban a “Zálogkötelezett”)
által adott meghatalmazás:
	 
	 	 
	With reference to:

	 	Hivatkozással
	 
	 	 
	the quota charge agreement concluded
on                      2010 between the Chargor
and Wilmington Trust (London)
Limited (registered office at: [•]
as chargee (hereinafter the
“Chargee”), acknowledged by Closure
Systems International Holdings
(Hungary) Vagyonkezelő Korlátolt
Felelősségű Társaság
(registered office: 8000
Székesfehérvár, Berényi út 72-100.,
Hungary, registration no.: Cg.
07-09-015084) on creation of the
charge in order to secure the
Obligations specified in the
agreement (the “Quota Charge
Agreement”)	 	a Zálogkötelezett mint
zálogkötelezett és a Wilmington
Trust (London) Limited (székhely:
	 	[•]), mint zálogjogosult (a
továbbiakban a “Zálogjogosult”)
között 2010.                      -én
megkötött, és a Closure Systems
International Holdings (Hungary)
Vagyonkezelő Korlátolt Felelősségű
Társaság (székhely: 8000
Székesfehérvár, Berényi út 72-100.,
cégjegyzékszám: Cg. 07-09-015084)
által jóváhagyott, üzletrészen
alapított zálogszerződésre, amelyben
az abban megjelölt Kötelezettségek
biztosítására zálogjogot alapítottak
(az “Üzletrészen Alapított
Zálogszerződés”)
	 
	 	 
	to the fullest extent permitted by applicable law, the Chargor hereby	 	a Zálogkötelezett az alkalmazandó
jogszabályok által megengedett
legteljesebb mértékben ezennel
	 
	 	 
	Appoints	 	meghatalmazza
	 
	 	 
	the Chargee, such appointment being
made for the benefit of the Chargee
and the other Secured Parties
represented by the Chargee, if an
Enforcement Event (as defined in the
Quota Charge Agreement) has occurred
and is continuing, to:

	 	a Zálogjogosultat, amely
Zálogjogosult és az általa képviselt
többi Kedvezményezett javára, a
Kikényszerítési Esemény
bekövetkezését követően (az
Üzletrészen Alapított
Zálogszerződésben definiálva
angolul: “Enforcement Event”), hogy:
	 
	 	 
	exercise (or refrain from
exercising) any voting rights in
respect of the Quota

	 	gyakorolja az
Üzletrészhez fűződő
szavazati jogokat (vagy azok
gyakorlásától tartózkodjon)

-46-

 

	 	 	 
	at the discretion of the Chargee (in
the name of the Chargor or otherwise
and without any further consent or
authority from the Chargor).

	 	a Zálogjogosult saját belátása
szerint (a Zálogkötelezett nevében,
vagy egyébként a Zálogjogosult
további hozzájárulása vagy
felhatalmazása nélkül).
	 
	 	 
	The Chargor will ratify and confirm
whatever the Chargee together its
successors and permitted assigns
shall (upon the reasonable
instructions of the Applicable
Representative) do or cause to be
done in pursuance of the powers
conferred to it hereunder.

	 	A Zálogkötelezett hozzájárul és
jóváhagy minden, a Zálogjogosult és
a Zálogjogosult meghatalmazott
képviselője által a jelen
Meghatalmazás szerint a
Zálogjogosultra ruházott jogok
alapján ésszerűen végrehajtott
cselekményt.
	 
	 	 
	This Power of Attorney shall be
valid until it is withdrawn by
written notification thereof to the
Chargee.

	 	A jelen meghatalmazás annak a
Zálogjogosultnak küldött írásbeli
értesítéssel történő visszavonásáig
érvényes.
	 
	 	 
	This Power of Attorney has been
drafted in the Hungarian and English
language. In case of any discrepancy
the Hungarian version will prevail.

	 	Jelen meghatalmazás magyar és angol
nyelven került kiállításra. Eltérés
esetén a magyar nyelvű változat
irányadó.

Date/dátum:
                                        

For and on behalf of Closure Systems International B.V.

	 	 	 	 	 
	 	 	 
	 	 	 
	Name:  	 	 	 	 
	Title:  	 	 	 	 

	 	 	 

	A Closure Systems International B.V.
által adott meghatalmazást
elfogadom.

	 	I hereby accept the Power of
Attorney granted by Closure Systems
International B.V.

Date/dátum:
                                        

For and on behalf of Wilmington Trust (London) Limited

	 	 	 	 	 
	 	 	 
	 	 	 
	Name:  	 	 	 	 
	Title:  	 	 	 	 

-47-

 

SCHEDULE 3

Part I

Credit Agreement

(TO BE INSERTED)

-48-

 

Part II

Senior Secured Note Indenture

(TO BE INSERTED)

-49-

 

Part III

First Lien Intercreditor Agreement

(TO BE INSERTED)

[ADDITIONAL NOTARIAL CERTIFICATION INSERTED]

-50-exv4w140

EXHIBIT 4.140

Dr. Bókai
Judit közjegyző

Budapest, II. ker. Kapás u. 31., V. em. 43.

Postacím: 1277 Budapest, Pf. 86.

Tel: 201-5083, 212-4265, Fax: 212-4275

Honlap: www.bokai.hu

English licence No. 2/2008.

Deed Number: 11015/Ü/94/2010.

Certified Office Copy

NOTARIAL DEED

Before me,
Dr. Vető Péter Notary substitute, acting for Dr. Judit Bókai, a Notary of Budapest, the
following Parties appeared at the Notary’s office (1027 Budapest, Kapás utca 31. V/43.) at the date
below:

	 	(1)	 	Closure Systems International Holdings (Hungary)
Vagyonkezelő Korlátolt Felelősségű
Társaság, a limited liability company incorporated under the laws of Hungary, having its
registered seat as at the date of this Agreement at Berényi út 72-100., 8000
Székesfehérvár, Hungary, registered under registration number: Cg.07-09-015084, as chargor
under this Agreement (hereinafter referred to as the “Chargor”);

represented by

Dr. Horvai-Hillenbrand Péter (born in: Budapest, 17. August 1979., mother’s maiden name:
Fekete Gabriella), residing at 1124 Budapest, Vércse u. 6. II/2., who established his
identity by his identity card number 940137 CA and his attorney’s certificate number
A/8158, lot number 17883 who established by a power of attorney that he is legally entitled
to execute this document alone and to undertake the obligations contained in this
Agreement, and
	 
	 	(2)	 	Wilmington Trust (London) Limited, registered seat at 6 Broad Street Place, London
EC2M 7JH United Kingdom, registration number: 05650152, acting as chargee under this
Agreement, in its capacity as collateral agent, acting on behalf and for the benefit of
the Secured Parties (as defined below), as appointed under the First Lien Intercreditor
Agreement (as defined below) and authorised to represent their joint and several rights in
connection with this Agreement (hereinafter, with its successors, permitted transferees
and permitted assigns in such capacity, referred to as the “Collateral Agent” or the
“Chargee”;

represented by

Dr. Pelikán Melinda (born in: Budapest, 21. December 1976, mother’s maiden name: Németh
Erzsébet), residing at 1077 Budapest, Rejtő Jenő u. 6., who established her identity by her
identity card number 330193 DA and who established by a power of attorney that she is
legally entitled to execute this document alone and to undertake the obligations contained
in this Agreement,

(1) and (2) are together hereinafter referred to as the “Parties” and “Party”
means any of them, as the context may require.

	 	 	 	 The representatives of the Parties declared, with full knowledge of their potential
criminal responsibility and liability, that the Party represented by them has been properly
established and is currently existing and that they, as representatives with

 

 

	 	 	signing
authority pursuant to the above, are authorised to make the declarations necessary for
inclusion in the present notarial deed in the name of the Party which they represent.
	 
	 	 	The Notary substitute in advance informed the concerned Parties of the purpose and method
of, and the personal data affected by the procedure of identity-control; the obligation of
the Notary to refuse notarial involvement, and the duty of notification thereof prescribed
in Section 122 (8) of Act XLI. of 1991. on public notaries; and furthermore, about the
procedure of handling the personal data thus obtained.
	 
	 	 	who requested that I incorporate into a notarial deed the following:

AGREEMENT CONSTITUTING FLOATING CHARGE

(VAGYONT
TERHELŐ ZÁLOGSZERZŐDÉS)

WHEREAS

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

NOW IT IS HEREBY AGREED AS FOLLOWS:

	1.	 	INTERPRETATION
	 
	1.1	 	Definitions
	 
	 	 	Unless defined in this Agreement or the context otherwise requires, a term defined in the
First Lien Intercreditor Agreement has the same meaning in this Agreement and in any notice
given under this Agreement.
	 
	 	 	In this Agreement:
	 
	 	 	“Agreed Security Principles” has the meaning it is given in the Credit Agreement and the
Senior Secured Note Indenture and, to the extent of any inconsistency, the meaning it is
given in the Credit Agreement shall prevail.
	 
	 	 	“Applicable Representative” has the meaning given to that term in the First Lien
Intercreditor Agreement.
	 
	 	 	“Business Day” means a day (other than Saturday or Sunday) on which banks are open for
business in New York, London and Budapest.

-1-

 

	 	 	“Charged Assets” means all assets (including the Trade Receivables and Goodwill) owned by
the Chargor at the date on which this Agreement comes into effect and from time to time in
the future, including assets purchased and acquired by the Chargor, but excluding assets
disposed or sold by the Chargor to the extent permitted by the Loan Documents or this
Agreement.
	 
	 	 	“Civil Code” means Act IV of 1959 (as amended) on the Civil Code of the Republic of Hungary.
	 
	 	 	“Court Enforcement Act” means Act LIII of 1994 on Judicial Execution.
	 
	 	 	“Credit Agreement” means the Credit Agreement dated as of 5 November 2009, among the Closure
Systems International B.V., Reynolds Group Holdings Inc., Reynolds Consumer Products
Holdings Inc., SIG Euro Holding AG & Co. KGaA, Closure Systems International Holdings Inc.
and SIG Austria Holding GmbH as borrowers, Reynolds Group Holdings Limited, the lenders from
time to time party thereto and Credit Suisse AG (formerly known as Credit Suisse), as
administrative agent, as amended, extended, restructured, renewed, novated, supplemented,
restated, refunded, replaced or modified from time to time, attached as Part I of Schedule 1
(Credit Agreement) to this Agreement.
	 
	 	 	“Crystallisation” means the procedure of transforming, with a Crystallisation Notice,
the Floating Charge into a mortgage over real estates, a fixed charge over moveable assets,
pledge over moveable assets or charge over rights and/or claims of the Chargor.
	 
	 	 	“Crystallisation Notice” means a written notification (in the form of a notarial deed) from
the Chargee to the Chargor about the initiation of the Crystallisation, substantially in the
form set out in Schedule 2.
	 
	 	 	“Declaration” means a written declaration (in Hungarian: “ténytanúsítvány“/”ténytanúsító
okirat” to be incorporated into a notarial deed) of the Chargee issued in accordance with
Section 21(2) of the Court Enforcement Act (i) declaring the failure of the Chargor and/or
the Loan Parties to pay the relevant amounts on the due date set forth in the Demand and
(ii) stipulating the amount of principal, interest and default interest due as at the date
of such declaration as well as the applicable rate of interest and default interest
applicable from such date until the date of receipt by the Chargee of the proceeds of the
enforcement hereunder.
	 
	 	 	“Demand” means a written demand made by the Chargee and delivered in accordance with this
Agreement to the Chargor with a copy to the Loan Parties’ Agent if an Event of Default has
occurred and is continuing unremedied and unwaived (i) declaring the occurrence of an Event
of Default which is continuing unremedied and unwaived; and (ii) setting (at the Chargee’s
total discretion) a payment date for the payment of all amounts outstanding under or in
connection with the Credit Agreement and/or the other Loan Documents and stipulating that if
such payment is not made when due, the Chargee becomes authorised to enforce the Charge.
	 
	 	 	“Dispute” has the meaning given to that term in Clause 14 (Jurisdiction) of this Agreement.

-2-

 

	 	 	“Enforcement Events” means collectively Enforcement Event I and Enforcement Event II and
“Enforcement Event” means any one of them.
	 
	 	 	“Enforcement Event I” means the issuance of a Declaration by the relevant public notary
after the non-payment of the full amounts set forth in the Demand on the due date thereof.
	 
	 	 	“Enforcement Event II” means the occurrence of an Event of Default which is continuing
unremedied and unwaived and in respect of which a notice has been served in accordance with
Article VII of the Credit Agreement or the equivalent provisions of the other Principal
Finance Documents except that any rights of the Chargee in respect of the preservation of
the assets or the security may be exercised if the Chargee determines that they are required
to be exercised if an Event of Default has occurred and is continuing (i.e. without any
notice).
	 
	 	 	“Event of Default” means an “Event of Default” under, and as defined in, the First Lien
Intercreditor Agreement.
	 
	 	 	“Expert” has the meaning given to such term in Clause 5.14 (Enforcement) of this Agreement.
	 
	 	 	“First Lien Intercreditor Agreement” means the First Lien Intercreditor Agreement dated as
of 5 November 2009, among the Collateral Agent, The Bank of New York Mellon, as trustee
under the Senior Secured Note Indenture, Credit Suisse AG (formerly known as Credit Suisse),
as administrative agent under the Credit Agreement, and the Loan Parties, as amended,
novated, supplemented, restated or modified from time to time, (including by the Joinder
Agreement which added the Collateral Agent as a collateral agent under the First Lien
Intercreditor Agreement) attached as Part III of Schedule 1 (First Lien Intercreditor
Agreement) to this Agreement.
	 
	 	 	“Floating Charge” means the floating charge created by, and pursuant to, this Agreement.
	 
	 	 	“Goodwill” means the intangible asset (including the value of the Chargor’s name and
reputation and its customer relations) of the Chargor as shown in its then actual balance
sheet.
	 
	 	 	“Group” means Reynolds Group Holdings Limited and each of its subsidiaries from time to
time.
	 
	 	 	“Individual Encumbrances” has the meaning given to such term in Clause 5.5 (Enforcement) of
this Agreement.
	 
	 	 	“Intercreditor Arrangements” means the First Lien Intercreditor Agreement and any other
document that is designated by the Loan Parties’ Agent and the Collateral Agent as an
intercreditor agreement, in each case as amended, novated, supplemented, restated, replaced
or modified from time to time.
	 
	 	 	“Issuers” means the “Issuers” under, and as defined in, the Senior Secured Note Indenture,
including their successors in interest.

-3-

 

	 	 	“Joinder Agreement” means the joinder agreement dated on 21 January 2010 made among (amongst
others) the Collateral Agent, The Bank of New York Mellon, Credit Suisse AG and Reynolds
Group Holdings Limited pursuant to which the Collateral Agent is appointed an additional
collateral agent and becomes a party to the First Lien Intercreditor Agreement.
	 
	 	 	“Land Registry” means the relevant land registry office which pursuant to Act CXLI of 1997
on Real Property Registration is entitled to keep the real property registers including the
registry of mortgages.
	 
	 	 	“Lien” has the meaning it is given in the First Lien Intercreditor Agreement.
	 
	 	 	“Loan Documents” means the “Credit Documents” under, and as defined in, the First Lien
Intercreditor Agreement and any other document designated by the Loan Parties’ Agent and the
Collateral Agent as a Loan Document.
	 
	 	 	“Loan Parties” means the “Grantors” under, and as defined in, the First Lien Intercreditor
Agreement.
	 
	 	 	“Loan Parties’ Agent” means Reynolds Group Holdings Limited (formerly known as Rank Group
Holdings Limited).
	 
	 	 	“Material Deterioration” means the value of the Charged Assets at any time being less than
50% (excluding any ordinary wear and tear or depreciation) of (a) the value of the Charged
Assets as at the date of this Agreement (determined in accordance with the most recent
balance sheet of the Chargor) minus (b) the value of any asset as at the date of this
Agreement that is disposed of, sold or otherwise transferred as permitted under the Loan
Documents and this Agreement.
	 
	 	 	“Obligations” means all present and future obligations and liabilities including Parallel
Debt (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.
	 
	 	 	“Parallel Debt” means the independent obligations of any of the Loan Parties arising
pursuant to the First Lien Intercreditor Agreement to pay to the Collateral Agent sums equal
to and in the currency of each amount payable by such Loan Party to each of the Secured
Parties under each of the Loan Documents.
	 
	 	 	“Principal Finance Document” means the Credit Agreement, the Senior Secured Note Indenture,
the Intercreditor Arrangements and any Additional Agreement.
	 
	 	 	“Registry of Charges” means the central registry of charges, fixed charges and floating
charges kept and maintained by the Chamber of Hungarian Public Notaries.
	 
	 	 	“Secured Parties” means the “Secured Parties” under, and as defined in, the First Lien
Intercreditor Agreement.

-4-

 

	 	 	“Secured Principal” has the meaning given to such term in Clause 2.1 (The Floating Charge)
of this Agreement.
	 
	 	 	“Senior Secured Note Indenture” means the Indenture dated as of 5 November 2009, among the
Issuers, the Note Guarantors (as defined therein) and The Bank of New York Mellon, as
trustee, principal paying agent, transfer agent and registrar, as amended, extended,
restructured, renewed, refunded, novated, supplemented, restated, replaced or modified from
time to, attached as Part II of Schedule 1 (Senior Secured Note Indenture) to this
Agreement.
	 
	 	 	“Trade Receivables” means all monetary claims and claims capable of being expressed in
monetary terms, which now or at any time hereafter may be or become due or owing to the
Chargor arising from any contract concluded, or to be concluded at any time after the date
of this Agreement, between the Chargor and any other person in connection with the Chargor’s
commercial activities.

	1.2	 	Construction

	 	1.2.1	 	Headings are for convenience of reference only.

1.2.2 Where the context so permits, the singular includes the plural and vice versa.
	 
	 	1.2.3	 	Save where the contrary is indicated, any reference in this Agreement to the
“Chargee”, the “Chargor”, the “Secured Party”, a “Loan Party” or a “Lender” shall be
construed so as to include its (or their) respective successors, transferees and
assignees from time to time and any successor of such a successor, transferee or
assignee in accordance with its (or their) respective interests.
	 
	 	1.2.4	 	The Parties agree and confirm that any person becoming a transferee of any
rights and obligations of the Collateral Agent under the First Lien Intercreditor
Agreement shall thereupon become entitled to the benefit of the provisions contained
herein as if it had originally been and had been named as a party hereto.
	 
	 	1.2.5	 	References to Clause and Schedule shall, subject to any indication to the
contrary, mean the respective Clause and Schedule of this Agreement.
	 
	 	1.2.6	 	References to the Credit Agreement, the First Lien Intercreditor Agreement,
the other Loan Documents, this Agreement or any other agreement or document shall,
where applicable, be deemed to be references to such Credit Agreement, the First Lien
Intercreditor Agreement, other Loan Documents, this Agreement or such other agreement
or document as the same may have been, or may from time to time be, amended, extended,
restructured, renewed, novated, supplemented, restated, refunded, replaced or otherwise
modified from time to time, as persons may accede thereto as a party or withdraw
therefrom as a party in part or in whole or be released thereunder in part or in whole,
and as facilities
and financial services are or may from time to time be granted, extended,
prolonged, increased, reduced, cancelled, withdrawn, amended, restated,

-5-

 

	 	 	 	supplemented, restructured, refunded, replaced, modified, renewed or novated
thereunder.

	 	1.2.7	 	Any amount will be deemed irrevocably paid in full if it has been paid in
full and there is no evidence such as to give a reasonable belief that any claim will
be brought to revoke such payment.
	 
	 	1.2.8	 	References to any element of the legislation, statute, act, law, regulation
or any provision thereof shall, where applicable, be deemed to be references to that
element of the legislation, as amended or re-enacted.
	 
	 	1.2.9	 	This Agreement is subject to the terms of the Intercreditor Arrangements. In
the event of a conflict between the terms of this Agreement and the Intercreditor
Arrangements, the terms of the Intercreditor Arrangements will prevail.

	2.	 	CREATION OF THE FLOATING CHARGE
	 
	2.1	 	The Floating Charge
	 
	 	 	In order to secure the Obligations, up to the maximum amount of:

	 	(i)	 	USD 2,280,000,000 (that is two billion two hundred and eighty million U.S.$ and
EUR 780,000,000 (that is seven hundred and eighty million euro) (the “Secured
Principal”); plus
	 
	 	(ii)	 	all accrued interest (as calculated in accordance with Loan Documents); plus
all accrued default interest (as calculated in accordance with Loan Documents); plus
any other amounts, monetary obligations, indemnities, fees, commissions, costs and
expenses arising under and payable in accordance with the terms of the Loan Documents,
which amounts, monetary obligations, indemnities, fees, commissions, costs, expenses,
and the costs of the enforcement of this Agreement shall not exceed an aggregate amount
representing 40% of the aggregate amount of Secured Principal,
	 
	 	 	 	the Chargor hereby grants to the Chargee a first ranking (“első ranghelyű”) floating charge
over its Charged Assets.
	 
	 	 	 	The Chargee hereby accepts such Floating Charge.

	2.2	 	Registration

	 	2.2.1	 	The Floating Charge constituted by this Agreement enters into full force and
effect as of the date of its execution by the Parties in the form of a notarial deed
and its registration in the Registry of Charges, therefore the Parties hereby request
the registration of the Floating Charge in the Registry of Charges.
	 
	 	2.2.2	 	Subject to the terms of the Loan Documents and the Agreed Security
Principles, the Chargor undertakes to meet all costs incurred in connection with the
notarial deed and the registration procedure set out in Clause 2.2.1 above and consents
to the entry of the Floating Charge established herein in the Registry of Charges
for the benefit of the Chargee.

-6-

 

	 	2.2.3	 	The Parties request that the existence and registration of the Floating
Charge shall be certified by a certification (“tanúsítvány”) to be issued by the
relevant public notary following the execution and registration of the Floating Charge
created hereunder.

	2.3	 	Nature of the Floating Charge
	 
	 	 	The Floating Charge constituted by, and pursuant to, this Agreement shall:

	 	(a)	 	subject to any Lien permitted by the Loan Documents, be a first ranking
security over the Charged Assets;
	 
	 	(b)	 	to the extent permitted by Hungarian law, be of the nature of “framework
security” (“keretbiztosítéki jellegű”), the maximum amount of which is the sum set out
under Clause 2.1 (The Floating Charge);
	 
	 	(c)	 	be a continuing security for the payment, satisfaction and discharge in full
of the Obligations and shall not be considered as satisfied or discharged or prejudiced
by any intermediate payment, satisfaction or settlement of any part of the Obligations
unless and until discharged by the Chargee;
	 
	 	(d)	 	be in addition to and shall not operate so as in any way to prejudice or
affect or be prejudiced or affected by any security, encumbrance, guarantee,
suretyship, indemnity or other right or remedy which the Chargee or any other Secured
Party (or any person on their behalf) may now or at any time hereafter hold for or in
respect of the Obligations or any part thereof; and
	 
	 	(e)	 	not be prejudiced by any time or indulgence granted to any person, or any
abstention or delay by the Chargee or any other Secured Party (or any person on their
behalf) in perfecting or enforcing any security, encumbrance, guarantee, suretyship,
right or remedy that the Chargee or any other Secured Party (or any person on their
behalf) may now or at any time hereafter have from or against the Loan Parties.

	3.	 	REPRESENTATIONS, WARRANTIES AND COVENANTS
	 
	3.1	 	Representations and Warranties
	 
	 	 	In addition and without prejudice to those representations and warranties made by or in
respect of the Chargor herein or in any other Principal Finance Document, the Chargor hereby
represents and warrants that on the date of this Agreement with reference to the facts and
circumstances then existing, and subject to the provisions of the Principal Finance
Documents.

	 	(a)	 	it is the sole owner of the Charged Assets, subject to any Liens permitted by
the Principal Finance Documents and it has not sold, transferred or otherwise disposed
of, nor has it agreed to sell, transfer or otherwise dispose of, any or all
of its rights in the Charged Assets to any third person, in each case other than as
permitted by the Principal Finance Documents or this Agreement;

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	 	(b)	 	the representations and warranties made by the Chargor as Loan Party in
Section 3.01 (Organization; Powers), 3.02 (Authorization), 3.03 (Enforceability), 3.06
(No Material Adverse Change), 3.09 (Litigation, Compliance with Laws), 3.10
(Agreements), 3.19 (Security Documents) and 3.22 (Solvency) of the Credit Agreement are
true and accurate as regards the Chargor and this Agreement;
	 
	 	(c)	 	except in respect of Liens permitted by the Principal Finance Documents, it
has not reserved a ranking position in respect of any of the Charged Assets (as
regulated by sections 262 (4), 262 (5) and 264 (2) of the Civil Code);
	 
	 	(d)	 	subject to any Liens permitted by the Principal Finance Documents and subject
to the Legal Reservations (as defined in the Credit Agreement), this Agreement,
together with the act of registration in the Registry of Charges, as set out in Clause
2.2 (Registration) above constitutes a valid first ranking Floating Charge over the
Charged Assets in favour of the Chargee;
	 
	 	(e)	 	it has not granted any Lien that would have an adverse effect on the validity
and enforceability of security constituted by this Agreement, other than as permitted
by the Principal Finance Documents; and
	 
	 	(f)	 	it has not taken any action and has used reasonable endeavours to prevent any
of its authorised signatories from taking any action that would have an adverse effect
on the validity and enforceability of security constituted by this Agreement, other
than as permitted by the Principal Finance Documents.
	 

	 	 	The representations and warranties set out in this Clause 3.1 shall be deemed to be repeated
as true and correct in all material respects on the date of a Credit Event (as defined in
the Credit Agreement) during the continuance of this Agreement.
	 
	3.2	 	Covenants
	 
	 	 	In addition and without prejudice to those covenants, undertakings, commitments and
obligations made by or in respect of the Chargor herein or in any other Loan Document, the
Chargor hereby covenants that, so long as this Agreement shall be in force, it shall:

	 	(a)	 	not take or omit to take any action the taking or omission of which would
result in the alteration or impairment of any rights of the Chargee under the Floating
Charge which would have an adverse effect on the validity and enforceability of the
security hereunder except if such actions or omissions are permitted by the Principal
Finance Documents;
	 
	 	(b)	 	in each case subject to the Agreed Security Principles, from time to time
execute such documents and do all such acts and things as the Chargee may require
(acting on the reasonable instruction of the Applicable Representative) from time to
time to create, perfect or protect the Floating Charge or any part thereof or to
facilitate the realisation of the Floating Charge or any part thereof
and as are required (acting on the reasonable instruction of the Applicable
Representative) in the exercise of all powers, authorities and discretions vested

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	 	 	 	in the Chargee pursuant to this Agreement in respect of the Floating Charge or any
part thereof;

	 	(c)	 	promptly notify the Chargee of any event or circumstance of which the Chargor
is aware which would (i) materially and adversely affect, alter or impair the Chargee’s
rights relating to the validity and enforceability of the security created under or
pursuant to this Agreement, (ii) materially and adversely affect, alter or impair the
Chargee’s rights under or pursuant to this Agreement in relation to the filing of a
petition for the bankruptcy (“csődeljárás”) or insolvency (“felszámolási eljárás”) of
the Chargor, the initiation of an execution in respect of the Charged Assets in
accordance with the Court Enforcement Act or similar laws applicable in other
jurisdictions, the termination of the Chargor’s commercial activities or the winding up
of the Chargor (unless the termination of the Chargor’s commercial activities or the
winding up of the Chargor is permitted by the Principal Finance Documents);
	 
	 	(d)	 	except in respect of Liens permitted by the Principal Finance Documents, not
reserve a priority ranking or position (as applicable) in respect of any of the Charged
Assets under section 264 (2) of the Civil Code; and
	 
	 	(e)	 	except in respect of any Liens permitted by the Principal Finance Documents
and subject to the Legal Reservations (as defined in the Credit Agreement) and the
Agreed Security Principles, ensure that the Floating Charge created hereunder shall be
at all times a first ranking Floating Charge over the Charged Assets and that it shall
not grant any further Lien over the Charged Assets, shall not sell, transfer or
otherwise dispose of any or all of its rights in the Charged Assets (whether with or
without consideration) and shall not lease the Charged Assets, other than as permitted
under the Principal Finance Documents.

	4.	 	CHARGEE’S RIGHTS
	 
	4.1	 	For the avoidance of doubt, it is acknowledged that the Collateral Agent is permitted to
act on the instructions of the Applicable Representative in accordance with clause 2.02(a)(i)
of the First Lien Intercreditor Agreement. It is further acknowledged that the Collateral
Agent may assume that any and all instructions received by it from the Applicable
Representative under this Agreement are reasonable, and that any question as to the
reasonableness or otherwise of such instructions shall be determined as between the Applicable
Representative and the Chargor.
	 
	4.2	 	The Chargor acknowledges and agrees that the Collateral Agent’s actions under this
Agreement are on the basis of authority conferred under the Principal Finance Documents to
which the Collateral Agent is a party, and on directions of the Applicable Representative. In
so acting, the Collateral Agent shall have the protections, immunities, rights, indemnities
and benefits conferred on a collateral agent under the Principal Finance Documents.
	 
	4.3	 	The powers conferred by this Agreement on the Chargee in relation to the Charged
Assets or any part thereof shall be in addition to and not in substitution for the rights
conferred on the Chargee by applicable law except insofar as they are excluded by this

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	 	 	Agreement and, where there is any ambiguity or conflict between the rights contained in any
such applicable law and those conferred by this Agreement, then the terms of this Agreement
shall prevail to the extent permitted by such law.

	4.4	 	The Chargee shall be entitled, subject to the Agreed Security Principles, the terms
of the Principal Finance Documents and this Agreement (and the reasonable instruction of the
Applicable Representative), at any time to take any such action permitted under the relevant
laws as it in its discretion thinks fit for the purpose of protecting the Floating Charge. For
the avoidance of doubt, enforcement action shall be governed by Clause 5 of this Agreement.
	 
	4.5	 	Subject to Section 4.05 of the First Lien Intercreditor Agreement, the Chargee may,
at any time and from time to time, delegate by power of attorney to any person all or any of
the rights conferred on it by this Agreement which are for the time being exercisable by the
Chargee hereunder in relation to the Charged Assets or any part thereof and the Chargee shall
inform the Chargor of such delegation or appointment of a delegate.
	 
	4.6	 	The Chargee does not need, before it exercises any of the rights conferred upon it by
this Agreement or by law, to (i) initiate proceedings or obtain a judgement against the
Chargor or any other person in any court; (ii) make or file a claim in a bankruptcy or
liquidation with respect to the Chargor or any other person; or (iii) enforce any of its
rights in respect of any part of the Obligations, except as expressly required by Hungarian
law from time to time.
	 
	4.7	 	If a Material Deterioration occurs, the Chargee is entitled to initiate the
Crystallisation of the Floating Charge provided that: (a) it has requested in writing for the
Chargor (i) to repair the Charged Assets or (ii) provide additional security, in either case
to the extent that the value of the Charged Assets after such repair or provision of
additional security will not constitute a Material Deterioration, within reasonable timeframe
and the Chargor has failed to cure the Material Deterioration in such manner and within such
timeframe, however, such a Crystallisation shall not constitute a “Crystallisation” for the
purposes of Clause 5; (b) with respect to movable assets only fixed charges and no possessory
pledges may be created; and (c) with respect to a charge over rights and/or claims of the
Chargor, the Crystallisation may only be notified to debtors of the relevant rights or claims
within the Group (other debtors shall be notified only upon the occurrence of an Enforcement
Event).
	 
	5.	 	ENFORCEMENT
	 
	5.1	 	The Chargor hereby acknowledges that if an Enforcement Event has occurred the Chargee
becomes immediately entitled to enforce the Floating Charge as set out in this Clause 5.
	 
	5.2	 	The Chargee confirms that unless the Chargee is exercising its rights under Clause
5.1 above, the Chargor shall be entitled to exercise all or any of its rights in the Charged
Assets in its normal course of business, or as permitted by the Principal Finance Documents,
provided that an Event of Default has not occurred and is continuing.

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	5.3	 	The Chargee can enforce the Floating Charge (i) via Crystallisation or (ii) without
Crystallisation.
	 
	5.4	 	The Chargor:

	 	(a)	 	acknowledges that if the Floating Charge is being crystallised into a real
estate mortgage, upon receipt by the Chargor of the Crystallisation Notice, the Chargee
is entitled to apply for the registration of the real estate mortgage in the relevant
Land Registry. The Chargor undertakes to provide the Chargee, upon its request, as soon
as practicable, but in any event within ten (10) Business Days, with all documents
necessary for the registration of the real estate mortgage;
	 
	 	(b)	 	acknowledges that if the Floating Charge is being crystallised into a fixed
charge over moveable assets, upon receipt by the Chargor of the Crystallisation Notice,
the Chargee is entitled to apply for the registration of the fixed charge over moveable
assets in the Registry of Charges. The Chargor undertakes to provide the Chargee, upon
its request, as soon as practicable, but in any event within ten (10) Business Days,
with all documents necessary for the registration of the fixed charge over moveable
assets;
	 
	 	(c)	 	shall, if the Floating Charge is being crystallised into a possessory pledge
over moveable assets, deliver to the Chargee as soon as practicable, but in any event
within ten (10) Business Days, the moveable assets on which a possessory pledge is
created upon the Crystallisation;
	 
	 	(d)	 	acknowledges that if the Floating Charge is being crystallised into a charge
over rights and/or claims, after the Crystallisation the Chargee is entitled to notify
the debtors of the relevant right(s) and/or claim(s) of the Crystallisation (by sending
a copy of the Crystallisation Notice). The Chargor undertakes, upon request, to provide
the Chargee as soon as practicable, but in any event within ten (10) Business Days,
with all documents necessary or desirable to enforce the charge, including a
comprehensive list of its then existing debtors.

	5.5	 	The Crystallisation of the Floating Charge into a real estate mortgage, a fixed
charge over moveable assets, a possessory pledge over moveable assets or charge over rights
and/or claims shall be effective against third parties at the time when:

	 	(a)	 	such a real estate mortgage has been registered at the relevant Land Registry;
	 
	 	(b)	 	such a fixed charge over moveable assets has been registered at the Registry
of Charges;
	 
	 	(c)	 	the Chargor delivers to the Chargee the moveable assets upon the request of
the Chargee; or
	 
	 	(d)	 	where required by law, such a charge over rights and/or claims has been
registered at the appropriate registry, the debtors of such rights and/or claims of the
Chargor have been notified on the creation of such charge, or, in any other case, upon
Crystallisation

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	 	 	((a)-(d) together are hereinafter referred to as the “Individual Encumbrances” and
“Individual Encumbrance” means any of them.)
	 
	5.6	 	Registration in the relevant registries may only occur upon the attachment of the
following documents to the application for registration:

	 	(a)	 	a certified office copy of the original notarial deed of this Agreement;
	 
	 	(b)	 	a notarial certification (tanúsítvány) of the registration of the Floating
Charge;
	 
	 	(c)	 	the Crystallisation Notice which has been made in the form of a notarial deed;
and
	 
	 	(d)	 	original evidence (or notarised copy thereof) of the delivery of the
Crystallisation Notice to the Chargor.

	5.7	 	After Crystallisation the Chargee shall become immediately entitled to enforce any or
all of the Individual Encumbrances. The Chargee is entitled to choose, in any order, those
assets against which it wishes to take satisfaction.
	 
	5.8	 	The Chargee reserves the right to request that the Charged Assets be placed in its
possession once its right to satisfaction has become available. The Chargor shall tolerate
satisfaction being taken from the Charged Assets and in order to do this, it shall provide the
Chargee with unrestricted access to its premises to allow the Chargee to select assets.
The Chargor undertakes that if so requested by the Chargee, the Chargor will deliver,
within a reasonable period, the Charged Assets to the person and within the period specified
in such a request and that it shall not consider such seizure proceedings as undue
interference with its possession of the assets.
	 
	5.9	 	The Chargee can enforce the Floating Charge or the Individual Encumbrances created
pursuant to the Crystallisation (as set out above), by way of:

	 	(a)	 	court enforcement proceedings (as set out in Section 255 (1) of the Civil
Code); or
	 
	 	(b)	 	simplified court enforcement proceedings (as set out in Section 257 (4) of the
Civil Code); or
	 
	 	(c)	 	selling the Charged Assets by the Chargee (pursuant to the provisions of
Section 257 (2) of the Civil Code); or
	 
	 	(d)	 	if the Chargee so elects, instructing a Hungarian institution engaged in
granting charge-backed loans or arranging auctions as its main business (as set out in
Section 257 (3) of the Civil Code), to sell the Charged Assets, which sale shall be
affected by a public auction to the highest bidder; or
	 
	 	(e)	 	joint sale by the Chargee and the Chargor.

	5.10	 	If the Chargee elects to conduct the enforcement pursuant to Clause 5.9 (a) in
accordance with Sections 10(b), 20 and 21 of the Court Enforcement Act, then it shall become

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	 	 	immediately entitled to enforce the Floating Charge upon the occurrence of an Enforcement
Event I.

	5.11	 	If the Chargee elects to conduct the enforcement in accordance with any other
enforcement method available under Clause 5.9, then it shall become immediately entitled to
enforce the Floating Charge if an Enforcement Event has occurred.
	 
	5.12	 	For the avoidance of any doubt, the Chargee is entitled to switch from any
enforcement method available under Clause 5.9 to another method thereunder if it (acting on
the reasonable instruction of the Applicable Representative) determines that the selected
mechanism is or likely to be unsuccessful or inefficient.
	 
	5.13	 	The Parties hereby agree that without prejudice to the provisions of Clause 5.9
above, if an Enforcement Event has occurred, at the request of the Chargee, the Parties will
enter into negotiations in good faith regarding the possible acquisition of any or all of the
Charged Assets by the Chargee.
	 
	5.14	 	If the enforcement is conducted in accordance with Clause 5.9 (c), (d) or (e), then
the sale of any of the Charged Assets is subject to the following conditions: (i) the bidder
must offer a minimum purchase price representing at least 65% of the fair market value (the
“Value”) (as determined by an independent expert of international repute (the “Expert”), which
Expert is to be selected in accordance with Clause 5.20 below) of each of the crystallised
assets (in case the Chargee elected to enforce the Floating Charge via Crystallisation), or
65% of the Value (as determined by the Expert) of all of its assets (in case the Chargee
elected to enforce the Floating Charge without Crystallisation) and (ii) the sale must be
completed within twelve (12) months of the Chargor receiving a written notice from the Chargee
of its intention to proceed with the sale of any of the Charged Assets. If no offers are made
at such rate during the period of twelve (12) months, then the Charged Assets shall be sold at
least at the highest bid offered but at least at 50% of the Value (as determined by the
Expert) within twelve (12) months. For the avoidance of doubt the Chargee shall be considered
to have acted reasonably when it accepts the highest bid offered during the sale for the
Charged Assets in accordance with the terms above.
	 
	5.15	 	If the Floating Charge or any Individual Encumbrance is enforced by simplified court
enforcement proceedings, in accordance with Section 204/B to 204/H of Court Enforcement Act,
and with Clause 5.9 (b) above, then the minimum purchase price of the Charged Assets shall be
at least 65% of the Value.
	 
	5.16	 	The Chargor shall, upon the request of the Chargee, if an Enforcement Event has
occurred, as soon as practicable, but in any event within ten (10) Business Days, deliver any
document relating to the Charged Assets, which is required by the Chargee for the purposes of
exercising its rights under this Agreement. The Chargor may request to receive a copy of the
valuation report obtained from the Expert by the Chargee in respect of the Charged Assets and
the Chargee shall provide the same to the Chargor where the
Chargee requests it (acting on the reasonable instruction of the Applicable Representative).
The appointed Hungarian institution under Clause 5.9 (d) above is entitled to request all
necessary documents for the sale from the Chargor and the Chargor

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	 	 	must, as soon as
practicable, but in any event within ten (10) Business Days, deliver such documents to that
institution accordingly.

	5.17	 	The Chargee shall within fifteen (15) days before the sale notify the Chargor in
writing of (i) the method, (ii) the place and (iii) the date of such sale. The Chargee hereby
confirms that it will comply with the provisions of Government Decree No. 12/2003 (I. 30.),
including but not limited to notifying the Chargor of its intention to sell the Charged
Assets, at least thirty (30) days before the intended sale.
	 
	5.18	 	The Chargee shall utilise the proceeds of any sale of the Charged Assets under this
Clause 5 and shall return the surplus amounts, if any, in accordance with the provisions of
the First Lien Intercreditor Agreement.
	 
	5.19	 	No purchaser or other person shall be bound or concerned to see or enquire whether
the right of the Chargee to exercise any of the powers hereby conferred has arisen, nor be
concerned with notice to the contrary or with the propriety of the exercise or purported
exercise of such powers.
	 
	5.20	 	The procedure of the appointment of the Expert is the following: the Chargee may
propose three (3) internationally recognised, independent experts and the Chargor may, in its
own discretion, elect one of these Experts at the cost of the Chargor. If the Chargor fails to
appoint the Expert within five (5) Business Days from the proposal of the Chargee, the Chargee
may appoint the Expert in its sole discretion.
	 
	6.	 	GENERAL PROVISIONS
	 
	6.1	 	Separate Agreements
	 
	 	 	This Agreement shall be construed so as to constitute a separate security agreement between
the Chargor on the one hand and the Chargee on the other hand and if such separate agreement
between the Chargor and the Chargee becomes invalid or unenforceable, is terminated,
rescinded, released, void, voidable, amended, restated, renewed, novated, supplemented or
otherwise affected, the obligations of the Chargor is satisfied or any of the rights of
Chargee created thereby is ineffective, the foregoing shall, to the fullest extent permitted
by law, not affect the validity or enforceability of any of the other agreements between the
Chargor on the one hand and the Chargee on the other hand.
	 
	6.2	 	Immediate Recourse
	 
	 	 	To the fullest extent allowed by applicable law, the Chargor waives any right it may have of
first requiring the Chargee to proceed against or claim payment from any other person or
entity or enforce any guarantee, suretyship or security granted by any other person or
entity before enforcing this Agreement and/or its rights hereunder or pursuant hereto.
	 
	6.3	 	Certificates

	 	(a)	 	A certificate (including but not limited to the Declaration) signed by any
duly authorised officer of the Chargee setting forth any amount due to the Secured
Parties from either of the Chargor and/or the Loan Parties in respect of any part

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	 	 	 	of
the Obligations as well as the occurrence of an Event of Default which is continuing
shall be prima facie evidence of such amount against the Loan Parties and the Chargor
except in case of manifest error or fraud on the part of the Chargee.

	 	(b)	 	The Chargor hereby acknowledges that after the occurrence of an Event of
Default which is continuing the Chargee shall be entitled to incorporate such
certificate, setting out the outstanding amount of all or any part of the Obligations
in a notarial certificate (in Hungarian:
“ténytanúsítvány”/“ténytanúsító okirat”), the
costs of which are to be borne in accordance with the Principal Finance Documents. The
Chargor accepts any notarial certificate issued according to this Clause as prima facie
evidence except in case of manifest error or fraud on the part of the Chargee.

	6.4	 	Discharge
	 
	 	 	Where any discharge (whether in respect of this Agreement, or other Security Document for
the Obligations or otherwise) is made in whole or in part or any arrangement is made on the
faith of any payment, security or other disposition which is subsequently avoided or must be
restored on bankruptcy (“csődeljárás”), insolvency (“felszámolási eljárás”) or otherwise
without limitation, the liability of the Chargor under this Agreement and the rights of the
Chargee created hereby and pursuant hereto shall continue as if there had been no discharge
or arrangement. The Chargee shall be under no obligation to challenge, contest or otherwise
take any steps to remedy any avoidance of any payment, security or other disposition or the
restoration thereof by any liquidator, receiver or similar officer on bankruptcy, insolvency
or otherwise.
	 
	7.	 	REMEDIES AND WAIVERS
	 
	 	 	No failure on the part of the Chargee to exercise, and no delay on its part in
exercising, any right or remedy under this Agreement will operate as a waiver thereof, nor
will any single or partial exercise of any right or remedy preclude any other or further
exercise thereof or the exercise of any other right or remedy. The rights and remedies
provided in this Agreement are cumulative and not exclusive of any rights or remedies
provided by applicable law, the Credit Agreement or any other Loan Documents.
	 
	8.	 	SEVERABILITY
	 
	 	 	If any of the terms hereof is or becomes invalid or unenforceable (or the security
purported to be created hereunder or pursuant hereto are ineffective) for any reason under
the laws of any jurisdiction or in relation to the Chargor, such invalidity or
unenforceability shall, to the fullest extent possible under applicable law, not affect its
validity or enforceability in any other jurisdiction or invalidate or make unenforceable any
other term hereof. The Parties hereto agree that they will negotiate in good faith to
replace any provision hereof held invalid, illegal or unenforceable with a valid, legal and
enforceable provision which is as similar as possible in substance to the invalid, illegal
or unenforceable provision.

	9.	 	ATTORNEY

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

	10.	 	TERMINATION
	 
	10.1	 	The security constituted by this Agreement shall be released, re-assigned,
re-transferred and cancelled (as applicable):

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

	10.2	 	Upon termination of this Agreement and subject to Clause 10.1, the Chargee shall
promptly (but in any event within fifteen (15) days), at the cost of the Chargor, issue all
certificates or other documents and sign all other documents and do all such acts as are
required by law or requested reasonably by the Chargor in order that this Agreement will be
terminated and the Floating Charge can be deleted from the Registry of Charges.
	 
	11.	 	POWER TO ASSIGN
	 
	 	 	To the fullest extent permitted under the laws of Hungary and subject to the terms of
the Loan Documents, only the Chargee (but not, for the avoidance of doubt, the Chargor
unless otherwise permitted by the Principal Finance Documents) shall be entitled to assign
and/or transfer all or part of its rights and obligations under this Agreement to a
replacement Collateral Agent appointed in accordance with the Principal Finance Document and
the Chargor hereby in advance gives its irrevocable consent to, within the

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	 	 	meaning of
Sections 328-331 of the Civil Code, and hereby in advance irrevocably co-operates with any
such assignment and/or transfer (as the case may be) hereunder.

	12.	 	NOTICES
	 
	 	 	Each notice or other communication to be given or made by a Party under this Agreement
shall be given or made in accordance with the First Lien Intercreditor Agreement.
	 
	13.	 	GOVERNING LAW
	 
	 	 	This Agreement and all non-contractual obligations arising from or connected with it
are governed by, and construed in accordance with, Hungarian law.
	 
	14.	 	JURISDICTION
	 
	 	 	The Parties agree that any dispute arising out of or in connection with this Agreement
(including a dispute regarding the existence, validity or termination of this Agreement or
the consequences of its nullity) (“Dispute”) shall be referred to a Hungarian court in
accordance with the provisions of Act III of 1952 on the code of civil procedure.
	 
	15.	 	LANGUAGE
	 
	 	 	This Agreement shall be executed in English language only. This Agreement may be
translated into Hungarian but in the event of any ambiguity or conflict between the two
versions, the English version shall prevail to the extent permitted by law.
	 
	16.	 	AMENDMENTS
	 
	16.1	 	This Agreement may be amended only by a written instrument executed by the Parties in
the form of a notarial deed.
	 
	16.2	 	With consideration to the forthcoming potential enactment of a new Hungarian civil
code, the Chargor hereby undertakes that, subject to the Agreed Security Principles, upon the
request of the Collateral Agent:

	 	16.2.1	 	it shall agree to an amendment and restatement of this Agreement following
the entry into force of such a new civil code, in order to reflect the provisions
thereof, to the extent such amendment is necessary to preserve the Charge or to clarify
the security position of the Collateral Agent; and
	 
	 	16.2.2	 	it shall enter into good faith negotiations on the amendment and restatement
terms of this Agreement, in order to reflect the provisions of the new civil code,
other than those which are referred to in Clause 16.2.1 above.

	17.	 	APPLICATION FOR REGISTRATION
	 
	 	 	The Chargee and the Chargor hereby jointly request the notary public to register the
Floating Charge created pursuant to this Agreement in the Registry of Charges in favour of
the Chargee, in the maximum amount of the Obligations.

I, the undersigned, Notary substitute having verified the identity, authorisation and contractual
intentions of the Parties and their representatives to enter into this deed, have prepared the

-17-

 

present deed on the basis of the written draft put at my disposal. I have informed the legal
representatives of the parties of the substance of the transaction contemplated hereby and of its
legal consequences. The legal representatives of the parties declared before me that they are fully
aware of the content of the present deed’s draft and confirmed that the content of the present deed
is in full compliance with the contractual intentions of the Parties represented by them and
therefore they requested me not to read the deed out in their presence. Now therefore, the Parties
have executed this deed in my presence through the signatures of their duly authorised legal
representatives.

Executed at the City of Budapest, on the 29th (twentyninth) day of January 2010 (Two
Thousand Ten).

Dr. Horvai-Hillenbrand
Péter s.m. Closure Systems International Holdings (Hungary)
Vagyonkezelő
Korlátolt Felelősségű Társaság, Dr. Pelikán Melinda s.m. Wilmington Trust (London) Limited, Dr.
Vető Péter s.m. Notary Substitute, Countersigned: Dr. Stagel Judit s.m. Notary, as permanent
substitute for Dr. Bókai Judit Notary

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SCHEDULE 1

Part I

Credit Agreement

(TO BE INSERTED)

-19-

 

Part II

Senior Secured Note Indenture

(TO BE INSERTED)

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Part III

First Lien Intercreditor Agreement

(TO BE INSERTED)

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SCHEDULE 2

Form of Crystallisation Notice

[to be incorporated in a notarial deed]

	To:	 	CLOSURE SYSTEMS INTERNATIONAL HOLDINGS
(HUNGARY) VAGYONKEZELŐ
KORLÁTOLT FELELŐSSÉGŰ TÁRSASÁG as Chargor
	 
	 	 	Notary Public

We, the undersigned duly authorised representatives of Wilmington Trust (London) Limited as
Chargee, hereby irrevocably issue this Crystallisation Notice pursuant to the Agreement
Constituting Floating Charge dated            entered into between the Chargee and the Chargor, to
request the creation of fixed charge over moveable assets, pledge over moveable assets and/or
charge over rights and/or claims of the items constituting the Charged Assets (as those are listed
in the attachment to our present letter) in favour of the Chargee and furthermore hereby
irrevocably request the registration of such charge in the Registry of Charges.

Except as otherwise defined herein, all terms defined in and rules of interpretation set out in the
Agreement constituting Floating Charge made on            shall have the same respective meanings when
used herein.

Wilmington Trust (London) Limited

[       
                    ]

for and on behalf of

the Chargee

[ADDITIONAL NOTARIAL CERTIFICATION INSERTED]

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