Document:

exv4w177

			
	
	 	EXHIBIT 4.177

EVERGREEN PACKAGING (HONG KONG) LIMITED

as Chargor

in favour of

WILMINGTON TRUST (LONDON) LIMITED

as Collateral Agent

 

DEBENTURE

 

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

 

 

CONTENTS

	 	 	 	 	 
	Clause	 	Page
	1. Definitions and Interpretation

	 	 	1	 
	2. Payment of Secured Liabilities

	 	 	6	 
	3. Fixed Charges, Assignments and Floating Charge

	 	 	6	 
	4. Crystallisation of Floating Charge

	 	 	8	 
	5. Perfection of Lien

	 	 	9	 
	6. Further Assurance

	 	 	12	 
	7. Negative Pledge and Disposals

	 	 	13	 
	8. Shares and Investments

	 	 	13	 
	9. Accounts

	 	 	15	 
	10. Monetary Claims

	 	 	16	 
	11. Insurances

	 	 	17	 
	12. Undertakings

	 	 	18	 
	13. Enforcement of Lien

	 	 	18	 
	14. Appointment of Receiver or Administrator

	 	 	19	 
	15. Powers of Receiver

	 	 	20	 
	16. Application of Monies

	 	 	23	 
	17. Protection of purchasers

	 	 	23	 
	18. Power of Attorney

	 	 	23	 
	19. Effectiveness of Lien

	 	 	24	 
	20. Release of Lien

	 	 	27	 
	21. Subsequent and Prior Lien

	 	 	27	 
	22. Assignment

	 	 	28	 
	23. Indemnity

	 	 	28	 
	24. Payments Free of Deduction

	 	 	28	 
	25. Currency Indemnity

	 	 	29	 
	26. Discretion and Delegation

	 	 	29	 
	27. Perpetuity Period

	 	 	30	 
	28. Notices

	 	 	30	 
	29. Governing Law

	 	 	30	 
	30. Jurisdiction

	 	 	30	 
	31. Counterparts

	 	 	30	 
	Schedule 1 Details of Accounts

	 	 	31	 
	Schedule 2 Form of Notice of Assignment of Insurance

	 	 	32	 
	Schedule 3 Form of Notice of Assignment of Account

	 	 	34	 
	Schedule 4 Form of Acknowledgement from Nominee

	 	 	36	 
	Schedule 5 form of letter of resignation

	 	 	38	 
	Schedule 6 Form of Written Resolutions

	 	 	39	 
	Schedule 7 Form of Letter of Undertaking and Authorisation

	 	 	40	 

i

 

THIS DEBENTURE is made by way of deed on May 4, 2010

BY

	(1)	 	EVERGREEN PACKAGING (HONG KONG) LIMITED registered in Hong Kong with company number 1112285
(the “Chargor”) in favour of
	 
	(2)	 	WILMINGTON TRUST (LONDON) LIMITED in its capacity as collateral agent for the Secured Parties
as appointed under the First Lien Intercreditor Agreement (the “Collateral Agent”).

IT IS AGREED as follows:

	1.	 	DEFINITIONS AND INTERPRETATION
	 
	1.1	 	Definitions
	 
	 	 	In this Debenture:
	 
	 	 	“Account” means any account opened or maintained in Hong Kong by the Chargor with the
Collateral Agent or any other person (and any replacement account or subdivision or
subaccount of that account), the debt or debts represented thereby and all Related Rights.
	 
	 	 	“Additional Agreement” has the meaning given to such term in the First Lien Intercreditor
Agreement.
	 
	 	 	“Additional Collateral Agent’s Fee Letter” means the fee letter dated 20 January 2010 among
the Collateral Agent and Reynolds Group Holdings Limited as amended, novated, supplemented,
restated or modified from time to time.
	 
	 	 	“Agreed Security Principles” has the meaning given to such term in the Credit Agreement and
the Senior Secured Note Indenture and, to the extent of any inconsistency, the meaning in
the Credit Agreement prevails.
	 
	 	 	“Amendment No. 1 and Joinder Agreement” means the joinder agreement dated 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
as an additional collateral agent and becomes party to the First Lien Intercreditor
Agreement.
	 
	 	 	“Applicable Representative” has the meaning given to that term in the First Lien
Intercreditor Agreement.
	 
	 	 	“Assigned Account” means any Account that may from time to time be identified in writing as
an Assigned Account by the Collateral Agent.
	 
	 	 	“Business Day” means a day (other than Saturday or Sunday) on which banks are open for
business in New York, London and Hong Kong.

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	 	 	“Charged Property” means all the assets and undertaking of the Chargor which from time to
time are the subject of the security created or expressed to be created in favour of the
Collateral Agent by or pursuant to this Debenture.
	 
	 	 	“Claims Account” means each Account specified in Schedule 1 (Details of Accounts) and any
other account in Hong Kong that may from time to time be identified in writing by the
Collateral Agent as an account into which the proceeds of the getting in or realisation of
the Monetary Claims are to be paid and in respect of which the relevant bank or financial
institution has agreed to operate such account in accordance with any procedures stipulated
by the Collateral Agent.
	 
	 	 	“Collateral Agent” means Wilmington Trust (London) Limited in its capacity as collateral
agent for the Secured Parties as appointed under the First Lien Intercreditor Agreement, and
its successors, permitted transferees and permitted assigns in such capacity.
	 
	 	 	“Collateral Rights” means all rights, powers and remedies of the Collateral Agent provided
by or pursuant to this Debenture or by law.
	 
	 	 	“Credit Agreement” means the Credit Agreement dated 5 November, 2009, among Reynolds Group
Holdings Inc., Reynolds Consumer Products Holdings Inc., SIG Euro Holding AG & Co. KG aA,
SIG Austria Holding GmbH, Closure Systems International Holdings Inc. and Closure Systems
International B.V. as borrowers, Reynolds Group Holdings Limited, the lenders from time to
time party thereto and Credit Suisse AG (formerly known as Credit Suisse), as administrative
agent, as amended, extended, restructured, renewed, novated, supplemented, restated,
refunded, replaced or modified from time to time.
	 
	 	 	“Delegate” means a delegate or sub-delegate appointed pursuant to Clause 26.2 (Delegation)
of this Debenture.
	 
	 	 	“Enforcement Event” means an “Event of Default” under, and as defined in, the First Lien
Intercreditor Agreement.
	 
	 	 	“First Lien Intercreditor Agreement” means the First Lien Intercreditor Agreement dated 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 Amendment No. 1 and
Joinder Agreement which added the Collateral Agent as a collateral agent under the First
Lien Intercreditor Agreement).
	 
	 	 	“Group” means Reynolds Group Holdings Limited and each of its subsidiaries from time to
time.
	 
	 	 	“Hong Kong” means the Hong Kong Special Administrative Region of the People’s Republic of
China.
	 
	 	 	“Insurance Policy” means, subject to the Agreed Security Principles, any policy of insurance
in which the Chargor may from time to time have an interest.

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	 	 	“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.
	 
	 	 	“Intellectual Property” means any patents, trade marks, service marks, designs, business
names, copyrights, database rights, design rights, moral rights, inventions, confidential
information, knowhow and other intellectual property rights and interests, whether
registered or unregistered, the benefit of all applications and rights to use such assets
and all Related Rights, in each case whether currently existing, or arising or acquired at
any time in the future.
	 
	 	 	“Investments” means:

	 	(a)	 	any stocks, shares, debentures, securities and certificates of deposit (but not
including the Shares);
	 
	 	(b)	 	all interests in collective investment schemes; and
	 
	 	(c)	 	all warrants, options and other rights to subscribe or acquire any of the
investments described in (a) and (b),

	 	 	in each case whether held directly by or to the order of the Chargor or by any trustee,
nominee, fiduciary or clearance system on its behalf and all Related Rights (including all
rights against any such trustee, nominee, fiduciary or clearance system).
	 
	 	 	“Issuers” means the “Issuers” under, and as defined in, the Senior Secured Note Indenture,
including their successors in interest.
	 
	 	 	“Lien” has the meaning given to such term 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).
	 
	 	 	“Monetary Claims” means any book and other debts and monetary claims owing to the Chargor
and any proceeds of such debts and claims (including any claims or sums of money deriving
from or in relation to any Intellectual Property, any Investment, the proceeds of any
Insurance Policy, any court order or judgment, any contract or agreement to which the
Chargor is a party and any other assets, property, rights or undertaking of the Chargor).
	 
	 	 	“Notice of Assignment” means a notice of assignment in substantially the form set out
Schedule 2 (Form of notice of assignment of insurance) or Schedule 3 (Form of notice of
assignment of Account), or in such form as may be specified by the Collateral Agent.

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	 	 	“Principal Finance Documents” means the Credit Agreement, the Senior Secured Note Indenture,
the Intercreditor Arrangements and any Additional Agreement.
	 
	 	 	“Receiver” means a receiver or receiver and manager or, where permitted by law, an
administrative receiver of the whole or any part of the Charged Property and that term will
include any appointee made under a joint and/or several appointment.
	 
	 	 	“Related Rights” means, in relation to any asset:

	 	(a)	 	the proceeds of sale of any part of that asset;
	 
	 	(b)	 	all rights under any licence, agreement for sale or agreement for lease in
respect of that asset;
	 
	 	(c)	 	all rights, powers, benefits, claims, contracts, goodwill, warranties,
remedies, security, guarantees, indemnities or covenants for title in respect of that
asset; and
	 
	 	(d)	 	any monies and proceeds paid or payable in respect of that asset.

	 	 	“Secured Liabilities” means all present and future obligations and liabilities (whether
actual or contingent and whether owed jointly or severally or in any other capacity
whatsoever) of each Loan Party and each grantor of a security interest to the Secured
Parties (or any of them) under each or any of the Loan Documents, together with all costs,
charges and expenses incurred by any Secured Party in connection with the protection,
preservation or enforcement of its respective rights under the Loan Documents or any other
document evidencing or securing any such liabilities (other than any present or future
obligation, liability, cost, charge or expense to the extent it would result in this
Debenture constituting unlawful financial assistance within the meaning of section 47A of
the Companies Ordinance).
	 
	 	 	“Secured Parties” means the “Secured Parties” under, and as defined in, the First Lien
Intercreditor Agreement.
	 
	 	 	“Security Documents” means the “Security Documents” under, and as defined in, the First Lien
Intercreditor Agreement.
	 
	 	 	“Senior Secured Note Indenture” means the Indenture dated 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.
	 
	 	 	“Shares” means all of the shares in the capital of each Specified Company held by, to the
order or on behalf of the Chargor at any time.
	 
	 	 	“Specified Company” means each Subsidiary of the Company incorporated under the laws of Hong
Kong (including any Specified Company incorporated, or the shares of which are acquired,
after the date of this Debenture).

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	 	 	“Tangible Moveable Property” means any plant, machinery, office equipment, computers,
vehicles and other chattels (excluding any for the time being forming part of the Chargor’s
stock in trade or work in progress) and all Related Rights.
	 
	1.2	 	Construction

	 	1.2.1	 	In this Debenture:

	 	(a)	 	the rules of interpretation contained in the First Lien
Intercreditor Agreement shall apply to the construction of this Debenture;
	 
	 	(b)	 	any reference to the “Collateral Agent”, the “Chargor” or the
“Secured Parties” shall be construed so as to include its or their (and any
subsequent) successors and any permitted transferees in accordance with their
respective interests; and
	 
	 	(c)	 	references in this Debenture to any Clause or Schedule shall be
to a clause or schedule contained in this Debenture unless a contrary intention
appears;

	 	1.2.2	 	This Debenture is subject to the terms of the Intercreditor Arrangements.
In the event of a conflict between the terms of this Debenture and the Intercreditor
Arrangements, the terms of the Intercreditor Arrangements will prevail.

	1.3	 	Terms defined in the First Lien Intercreditor Agreement
	 
	 	 	Unless defined in this Debenture or the context otherwise requires, a term defined in the
First Lien Intercreditor Agreement has the same meaning in this Debenture or any notice
given under or in connection with this Debenture.
	 
	1.4	 	Acknowledgement by Chargor
	 
	 	 	The Chargor acknowledges and agrees that the Collateral Agent’s actions under this Debenture
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, subject to the terms of the Principal Finance
Documents, the protections, immunities, rights, indemnities and benefits conferred on the
collateral agent under the Principal Finance Documents.
	 
	 	 	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 section 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 Debenture 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.	 	PAYMENT OF SECURED LIABILITIES
	 
	2.1	 	Covenant to Pay
	 
	 	 	The Chargor covenants with the Collateral Agent as security trustee for the Secured Parties
that it shall on demand of the Collateral Agent pay its Secured Liabilities (whether for its
own account or as security trustee for the Secured Parties) including any liability to pay
Secured Liabilities in respect of any further advances made under the Loan Documents,
whether present or future, actual or contingent (and whether incurred solely or jointly and
whether as principal or as surety or in some other capacity) and the Chargor shall pay to
the Collateral Agent when due and payable every sum of its Secured Liabilities at any time
owing, due or incurred by the Chargor to the Collateral Agent (whether for its own account
or as security trustee for the Secured Parties) or any of the other Secured Parties in
respect of any such liabilities, provided that neither such covenant nor the security
constituted by this Debenture shall extend to or include any liability or sum which would,
but for this proviso, cause such covenant or security to be unlawful or prohibited by any
applicable law (including, without limitation, section 47A of the Companies Ordinance).
	 
	2.2	 	Interest on Demands
	 
	 	 	Section 2.07 (Default Interest) of the Credit Agreement applies to amounts which the Chargor
fails to pay under this Debenture.
	 
	3.	 	FIXED CHARGES, ASSIGNMENTS AND FLOATING CHARGE
	 
	3.1	 	Fixed Charges

	 	3.1.1	 	The Chargor charges as beneficial owner in favour of the Collateral Agent as
security trustee for the Secured Parties as security for the payment and discharge of
the Secured Liabilities, by way of first fixed charge all the Chargor’s right, title
and interest from time to time in and to (subject to obtaining any necessary consent to
such fixed charge from any third party and subject to any Liens permitted pursuant to
Section 6.02(u) of the Credit Agreement or any similar Liens) the Accounts.
	 
	 	3.1.2	 	The Chargor charges as beneficial owner in favour of the Collateral Agent as
security trustee for the Secured Parties as security for the payment and discharge of
the Secured Liabilities, by way of first fixed charge all the Chargor’s right, title
and interest from time to time in and to (subject to obtaining any necessary consent to
such fixed charge from any third party) the Tangible Moveable Property.
	 
	 	3.1.3	 	The Chargor charges as beneficial owner in favour of the Collateral Agent as
security trustee for the Secured Parties as security for the payment and discharge of
the Secured Liabilities, by way of first fixed charge all the Chargor’s right, title
and interest from time to time in and to (subject to obtaining any necessary consent to
such fixed charge from any third party) the Intellectual Property.

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	 	3.1.4	 	The Chargor charges as beneficial owner in favour of the Collateral Agent as
security trustee for the Secured Parties as security for the payment and discharge of
the Secured Liabilities, by way of first fixed charge all the Chargor’s right, title
and interest from time to time in and to (subject to obtaining any necessary consent to
such fixed charge from any third party) any goodwill and rights in relation to the
uncalled capital of the Chargor.
	 
	 	3.1.5	 	The Chargor charges as beneficial owner in favour of the Collateral Agent as
security trustee for the Secured Parties as security for the payment and discharge of
the Secured Liabilities, by way of first fixed charge all the Chargor’s right, title
and interest from time to time in and to (subject to obtaining any necessary consent to
such fixed charge from any third party) the Investments.
	 
	 	3.1.6	 	The Chargor charges as beneficial owner in favour of the Collateral Agent as
security trustee for the Secured Parties as security for the payment and discharge of
the Secured Liabilities, by way of first fixed charge all the Chargor’s right, title
and interest from time to time in and to (subject to obtaining any necessary consent to
such fixed charge from any third party) the Shares, all dividends, interest and other
monies payable in respect of the Shares and all other Related Rights (whether derived
by way of redemption, bonus, preference, option, substitution, conversion or
otherwise).
	 
	 	3.1.7	 	The Chargor charges as beneficial owner in favour of the Collateral Agent as
security trustee for the Secured Parties as security for the payment and discharge of
the Secured Liabilities, by way of first fixed charge all the Chargor’s right, title
and interest from time to time in and to (subject to obtaining any necessary consent to
such fixed charge from any third party) all Monetary Claims and all Related Rights
other than any claims which are otherwise subject to a fixed charge or assignment (at
law or in equity) pursuant to this Debenture.

	3.2	 	Assignments
	 
	 	 	The Chargor assigns and agrees to assign absolutely as legal and beneficial owner to the
Collateral Agent as security trustee for the Secured Parties as security for the payment and
discharge of the Secured Liabilities all the Chargor’s right, title and interest from time
to time in and to each of the following assets (subject to obtaining any necessary consent
to that assignment from any third party):

	 	3.2.1	 	the proceeds of any Insurance Policy and all Related Rights; and
	 
	 	3.2.2	 	all rights and claims in relation to any Assigned Account.

	3.3	 	Floating Charge

	 	3.3.1	 	The Chargor as beneficial owner charges in favour of the Collateral Agent as
security trustee for the Secured Parties as security for the payment and discharge of
the Secured Liabilities by way of first floating charge (subject to any Liens permitted
under the Principal Loan Documents) all present and future assets and undertaking of
the Chargor.

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	 	3.3.2	 	The floating charge created by paragraph 3.3.1 above shall be deferred in
point of priority to all fixed Lien validly and effectively created by the Chargor
under the Loan Documents in favour of the Collateral Agent as security trustee for the
Secured Parties as security for the Secured Liabilities.

	4.	 	CRYSTALLISATION OF FLOATING CHARGE
	 
	4.1	 	Crystallisation: By Notice
	 
	 	 	Upon receipt of instructions of the Applicable Representative, the Collateral Agent may at
any time by notice in writing to the Chargor convert the floating charge created by Clause
3.3 (Floating Charge) with immediate effect into a fixed charge as regards any property or
assets specified in the notice if:

	 	4.1.1	 	an Enforcement Event has occurred and is continuing; or
	 
	 	4.1.2	 	the Collateral Agent considers (acting on the reasonable instructions of the
Applicable Representative) that any of the Charged Property may be in jeopardy or in
danger of being seized or sold pursuant to any form of legal process; or
	 
	 	4.1.3	 	the Collateral Agent considers (acting on the reasonable instructions of the
Applicable Representative) that it is desirable in order to protect the priority of the
Lien created by this Debenture.

	4.2	 	Crystallisation: Automatic
	 
	 	 	Notwithstanding Clause 4.1 (Crystallisation: By Notice) and without prejudice to any law
which may have a similar effect, the floating charge will automatically be converted
(without notice) with immediate effect into a fixed charge as regards all the assets subject
to the floating charge if:

	 	4.2.1	 	the Chargor creates or attempts to create any Lien (other than any Lien
permitted under the Principal Finance Documents), over any of the Charged Property; or
	 
	 	4.2.2	 	any person levies or attempts to levy any distress, execution or other
process against any of the Charged Property;
	 
	 	4.2.3	 	a resolution is passed or an order is made for the winding-up, dissolution,
insolvency or re-organisation of the Chargor or a provisional liquidator is appointed
to the Chargor; or
	 
	 	4.2.4	 	any person (who is entitled to do so) gives notice of its intention to
appoint a provisional liquidator to the Chargor or files such a notice with the court.

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	5.	 	PERFECTION OF LIEN
	 
	5.1	 	Notices of Assignment
	 
	 	 	The Chargor shall deliver to the Collateral Agent (or procure delivery of) Notices of
Assignment duly executed by, or on behalf of, the Chargor:

	 	5.1.1	 	in respect of each Assigned Account, on the date of this Debenture or
promptly upon the designation at any time by the Collateral Agent of any Account as an
Assigned Account; and
	 
	 	5.1.2	 	in respect of any Insurance Policy which is the subject of an assignment
pursuant to Clause 3.2 (Assignments) promptly upon the request of the Collateral Agent
from time to time provided that an Enforcement Event has occurred and is continuing,

	 	 	and in each case, shall use all reasonable endeavours to procure that each notice is
acknowledged by the obligor, debtor or financial institution specified by the Collateral
Agent, provided always that each notice in respect of any Insurance Policy pursuant to sub
clause 5.1.2 shall not be served on the relevant obligor, debtor or financial institution
unless and until an Enforcement Event has occurred and is continuing.
	 
	5.2	 	Notices of Charge

	 	5.2.1	 	The Chargor shall if requested by the Collateral Agent from time to time if
an Enforcement Event has occurred and is continuing promptly deliver to the Collateral
Agent (or procure delivery of) notices of charge duly executed by, or on behalf of, the
Chargor and shall use all reasonable endeavours to procure that such notice of charge
is acknowledged by each of the banks or financial institutions with which any of the
Accounts are opened or maintained.
	 
	 	5.2.2	 	The execution of this Debenture by the Chargor and the Collateral Agent
shall constitute notice to the Collateral Agent of the charge created over any Account
opened or maintained with the Collateral Agent.

	5.3	 	Further Advances

	 	5.3.1	 	Subject to the terms of the Loan Documents, each Lender (as defined in the
Credit Agreement) is under an obligation to make further Loans (as defined in the
Credit Agreement) to the Loan Parties and that obligation will be deemed to be
incorporated into this Debenture as if set out in this Debenture.
	 
	 	5.3.2	 	Subject to the terms of the Loan Documents, each Issuer may issue further
Notes (as defined in the Senior Secured Notes Indenture) to the Loan Parties and that
obligation will be deemed to be incorporated into this Debenture as if set out in this
Debenture.

	5.4	 	Deliverables
	 
	 	 	The Chargor will (to the extent that the Chargor owns any Shares on the date of execution of
this Debenture and subject to the Agreed Security Principles): (i) (in respect of the items
referred to in paragraphs (a) and (b) below) upon the execution of

- 9 -

 

	 	 	this Debenture; and (ii) (in respect of the items referred to in paragraphs (c) to (e)
below) promptly (and no later than 30 days) following the execution of this Debenture,
deposit (or procure there to be deposited) with the Collateral Agent:

	 	(a)	 	all certificates and other documents of title to the Shares;
	 
	 	(b)	 	undated bought and sold notes and instrument of transfer in respect of the
Shares (in each case executed in blank by or on behalf of the Chargor or any person
acting as its nominee);
	 
	 	(c)	 	an undated letter of resignation executed by each director of the Specified
Company in substantially the form set out in Schedule 5 (Form of Letter of
Resignation);
	 
	 	(d)	 	undated written resolutions of the board of directors of each Specified Company
executed by all of the directors of that Specified Company in substantially the form
set out in Schedule 6 (Form of Written Resolutions); and
	 
	 	(e)	 	a letter of undertaking and authorisation executed by each of the directors of
each Specified Company in substantially the form set out in Schedule 7 (Form of Letter
of Undertaking and Authorisation),

	 	 	and the Chargor will, subject to the Agreed Security Principles, promptly (and no later than
ten (10) Business Days) following the acquisition by the Chargor or issue to the Chargor of
any further shares in the capital of any Specified Company, deliver to the Collateral Agent
each of the documents specified in paragraphs (a) and (b) above in respect of such shares
together with (if applicable) an acknowledgement from each person holding any such shares as
the Chargor’s nominee in substantially the form set out in Schedule 4 (Form of
Acknowledgement from Nominee).
	 
	5.5	 	Related Assets
	 
	 	 	The Chargor shall, promptly upon (and no later than ten (10) Business Days following) the
accrual, offer or issue of any stocks, warrants or other securities in respect of or derived
from the Shares, procure the delivery to the Collateral Agent of:

	 	(a)	 	all certificates and other documents of title representing such items;
	 
	 	(b)	 	undated bought and sold notes and instrument of transfer (executed in blank by
or on behalf of the Chargor or any person acting as its nominee) in respect of such
items as the Collateral Agent may request; and
	 
	 	(c)	 	if applicable, an acknowledgement from each person (if any) holding any such
items as the Chargor’s nominee in substantially the form set out in Schedule 4 (Form of
Acknowledgement from Nominee).

	5.6	 	Change of Director
	 
	 	 	The Chargor shall, promptly upon (and no later than ten (10) Business Days following) the
appointment of any director after the date of this Debenture of any Specified Company all
the shares of which are subject to a fixed charge under this Debenture, procure the delivery
to the Collateral Agent of:

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	 	(a)	 	an undated letter of resignation executed by such director of
that Specified Company in substantially the form set out in Schedule 5 (Form of
Letter of Resignation);
	 
	 	(b)	 	undated written resolutions of the board of directors of that
Specified Company executed by all of the directors of that Specified Company in
substantially the form set out in Schedule 6 (Form of Written Resolutions); and
	 
	 	(c)	 	a letter of undertaking and authorisation executed by such
director of that Specified Company in substantially the form set out in
Schedule 7 (Form of Letter of Undertaking and Authorisation).

	5.7	 	Dating of Documents
	 
	 	 	The Collateral Agent shall not be entitled to date and complete the undated documents
delivered pursuant to Clauses 5.4 (Deliverables) to 5.6 (Change of Director) above unless
the security created by or pursuant to this Debenture is enforceable in accordance with
Clause 13.1 (Enforcement).
	 
	5.8	 	Registration of Intellectual Property
	 
	 	 	The Chargor shall, subject to and in accordance with the Agreed Security Principles, if
requested by the Collateral Agent, execute all such documents and do all acts that the
Collateral Agent may require (acting on the reasonable instructions of the Applicable
Representative) to record the interest of the Collateral Agent in any registers relating to
any registered Intellectual Property.
	 
	5.9	 	Investments: Delivery of Documents of Title
	 
	 	 	Subject to the Agreed Security Principles, the Chargor shall, upon the execution of this
Debenture, and upon the acquisition by the Chargor of any interest in any Investment
promptly deliver to the Collateral Agent (or procure delivery of), all of the Investments or
the certificates and other documents of title to or representing the Investments held or
acquired by, or on behalf of, the Chargor together with, in form and substance satisfactory
(acting on the reasonable instructions of the Applicable Representative) to the Collateral
Agent:

	 	5.9.1	 	any document or thing which the Collateral Agent may request with a view to
perfecting or improving its security over the Investments or to registering any
Investment in its name or the name of any nominee(s);
	 
	 	5.9.2	 	a duly executed declaration of trust in respect of any Investment which is
not in the sole name of the Chargor;
	 
	 	5.9.3	 	any instrument(s) of transfer or assignment of any Investments specified by
the Collateral Agent on the instructions of the Applicable Representative (with the
name of the transferee or assignee, the consideration and the date left blank, but
otherwise duly completed and executed); and
	 
	 	5.9.4	 	in the case of any Investments held by or on behalf of a nominee of any
settlement system of any exchange, duly executed stock notes or other

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	 	 	 	documents in the name of the Collateral Agent (or its nominee(s) or agent(s))
representing or evidencing any benefit or entitlement to the Investments held in
such settlement system and the Collateral Agent may from time to time have any of
the Investments registered in its name or in the name of one or more nominees on its
behalf.

	5.10	 	Registration of Debenture in Hong Kong
	 
	 	 	The Chargor shall procure that the relevant particulars of this Debenture shall be duly
delivered to the Hong Kong Companies Registry for registration promptly upon execution of
this Debenture (and in any event, within five weeks of the date of this Debenture).
	 
	6.	 	FURTHER ASSURANCE
	 
	6.1	 	Further Assurance: General
	 
	 	 	Subject to the Agreed Security Principles, the Chargor shall promptly at its own cost
do all such acts or execute all such documents (including assignments, transfers, mortgages,
charges, notices and instructions) as, upon a reasonable instruction of the Applicable
Representative, the Collateral Agent may specify (and in such form as the Collateral Agent,
upon a reasonable instruction of the Applicable Representative, may require in favour of the
Collateral Agent or its nominee(s) or Delegate):

	 	(a)	 	to perfect the security created or intended to be created in respect of the
Charged Property (which may include the execution by the Chargor of a mortgage, charge
or assignment over all or any of the assets constituting, or intended to constitute,
Charged Property) or for the exercise of the Collateral Rights;
	 
	 	(b)	 	to confer on the Collateral Agent security over any property and assets of the
Chargor located in any jurisdiction outside Hong Kong equivalent or similar to the
security intended to be conferred by or pursuant to this Debenture; and/or
	 
	 	(c)	 	to facilitate the realisation of the Charged Property.

	6.2	 	Necessary Action
	 
	 	 	Subject to the Agreed Security Principles, the Chargor shall take all such action as is
available to it (including making all filings and registrations) as may be necessary for the
purpose of the creation, perfection, protection or maintenance of any security conferred or
intended to be conferred on the Collateral Agent by or pursuant to this Debenture.
	 
	6.3	 	Consents
	 
	 	 	Subject to the Agreed Security Principles, the Chargor shall use all reasonable endeavours
to obtain (in form and content satisfactory to the Collateral Agent, acting on the
reasonable instructions of the Applicable Representative) as soon as reasonably practicable
any consents necessary to enable the assets of the Chargor to be the subject of an effective
fixed charge or assignment pursuant to Clause 3 (Fixed Charges, Assignments and Floating
Charge) and, immediately upon obtaining any

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	 	 	such consent, the asset concerned shall become subject to such security and the Chargor
shall promptly deliver a copy of each consent to the Collateral Agent.

	7.	 	NEGATIVE PLEDGE AND DISPOSALS
	 
	7.1	 	Negative Pledge
	 
	 	 	The Chargor undertakes that it shall not create or permit to subsist any Lien over all or
any part of the Charged Property other than any Lien permitted pursuant to the Principal
Finance Documents.
	 
	7.2	 	No Disposal of Interests
	 
	 	 	The Chargor undertakes that it shall not (and shall not agree to), except as permitted
pursuant to this Debenture or the Principal Finance Documents:

	 	7.2.1	 	execute any conveyance, transfer, lease or assignment of, or other right to
use or occupy, all or any part of the Charged Property;
	 
	 	7.2.2	 	create any legal or equitable estate or other interest in, or over, or
otherwise relating to, all or any part of the Charged Property;
	 
	 	7.2.3	 	(a) grant or vary, or accept any surrender, or cancellation or disposal of,
any lease, tenancy, licence, consent or other right to occupy in relation to any of the
Charged Property or (b) allow any person any right to use or occupy or to become
entitled to assert any proprietary interest in, or right over, the Charged Property,
which may, in each case, adversely affect the value of any of the Charged Property or
the ability of the Collateral Agent to exercise any of the Collateral Rights; or
	 
	 	7.2.4	 	assign or otherwise dispose of any interest in any Account and no right,
title or interest in relation to any Account, or the credit balance standing to any
such Account shall be capable of assignment or other disposal.

	8.	 	SHARES AND INVESTMENTS
	 
	8.1	 	Shares: Before an Enforcement Event
	 
	 	 	If an Enforcement Event is not continuing the Chargor shall:

	 	8.1.1	 	be entitled to all dividends, interest and other monies or distributions
arising from the Shares to the extent the same are permitted to be paid under the
Principal Finance Documents; and
	 
	 	8.1.2	 	be entitled to exercise all voting rights in relation to the Shares provided
that the Chargor shall not exercise (and shall procure that any nominee acting on its
behalf does not exercise) such voting rights in any manner, or otherwise permit or
agree to any (a) variation of the rights attaching to or conferred by any of the Shares
or (b) increase in the issued share capital of any company whose Shares are charged
pursuant to this Debenture, which would adversely affect the validity and
enforceability of the security created by this Debenture or cause an Enforcement Event
to occur.

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	8.2	 	Shares: After an Enforcement Event
	 
	 	 	The Collateral Agent may, if an Enforcement Event has occurred and is continuing, at its
discretion and shall if so instructed by the Applicable Representative (in the name of the
Chargor or otherwise and without any further consent or authority from the Chargor):

	 	8.2.1	 	exercise (or refrain from exercising) any voting rights in respect of the
Shares;
	 
	 	8.2.2	 	apply all dividends, interest and other monies arising from the Shares in
accordance with Clause 16 (Application of Monies);
	 
	 	8.2.3	 	transfer the Shares into the name of such nominee(s) of the Collateral Agent
as it shall require; and
	 
	 	8.2.4	 	exercise (or refrain from exercising) the powers and rights conferred on or
exercisable by the legal or beneficial owner of the Shares,

	 	 	in such manner and on such terms as the Collateral Agent may think fit, and the proceeds of
any such action shall form part of the Charged Property.
	 
	8.3	 	Investments and Shares: Payment of Calls
	 
	 	 	The Chargor shall pay when due all calls or other payments which may be or become due in
respect of any of the Investments and Shares, and in any case of default by the Chargor in
such payment (of which the Collateral Agent has actual knowledge), the Collateral Agent may
but shall not be obliged, if it thinks fit, make such payment on behalf of the Chargor in
which case any sums paid by the Collateral Agent shall be reimbursed by the Chargor to the
Collateral Agent promptly following demand and shall carry interest from the date of payment
by the Collateral Agent until reimbursed at the rate and in accordance with Clause 2.2
(Interest on Demands), provided that the Collateral Agent shall not be required to make any
such payment on behalf of the Chargor unless and until it shall have been (a) instructed to
do so by the Applicable Representative and (b) indemnified and/or secured and/or pre-funded
to its satisfaction.
	 
	8.4	 	Investments: Delivery of Documents of Title
	 
	 	 	If an Enforcement Event has occurred and is continuing the Chargor shall promptly on the
request of the Collateral Agent, deliver (or procure delivery) to the Collateral Agent, and
the Collateral Agent shall be entitled to retain, all of the Investments and any
certificates and other documents of title representing the Investments to which the Chargor
(or its nominee(s)) is or becomes entitled together with any other document which the
Collateral Agent may request (acting on the reasonable instructions of the Applicable
Representative) (in such form and executed as the Collateral Agent may require (acting on
the reasonable instructions of the Applicable Representative)) with a view to perfecting or
improving its security over the Investments or to registering any Investment in its name or
the name of any nominee(s).

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	8.5	 	Investments: Exercise of Rights
	 
	 	 	The Chargor shall not exercise any of its rights and powers in relation to any of the
Investments in any manner which would adversely affect the validity and enforceability of
the security created by this Debenture or cause an Enforcement Event to occur.
	 
	9.	 	ACCOUNTS
	 
	9.1	 	Accounts: Notification and Variation
	 
	 	 	The Chargor, during the subsistence of this Debenture:

	 	9.1.1	 	shall promptly deliver to the Collateral Agent details of any material
change made to any Account which is maintained by it with any bank or financial
institution and which is listed in Schedule 1 (Details of Accounts); and
	 
	 	9.1.2	 	shall not unless permitted under the Principal Finance Documents permit or
agree to any variation of the rights attaching to any Account or close any Account
(other than an Account that is no longer used by the Chargor and which has a nil
balance) without the Collateral Agent’s prior written consent.

	9.2	 	Accounts: Operation Before Enforcement Event
	 
	 	 	Subject to the terms of the Principal Finance Documents and Clauses 9 (Accounts) and 10
(Monetary Claims), if an Enforcement Event is not continuing the Chargor shall be entitled
to pay into, receive, withdraw or otherwise transfer any credit balance from time to time on
any Account, unless such withdrawal or transfer would cause an Enforcement Event to occur.
	 
	9.3	 	Accounts: Operation After Enforcement Event
	 
	 	 	If an Enforcement Event has occurred and is continuing the Chargor shall not be entitled to
receive, withdraw or otherwise transfer any credit balance from time to time on any Account
except with the prior consent of the Collateral Agent.
	 
	9.4	 	Assigned Accounts

	 	9.4.1	 	If an Enforcement Event has occurred and is continuing, the Chargor shall
not be entitled to receive, withdraw or otherwise transfer any credit balance from time
to time on any Assigned Account except with the prior consent of the Collateral Agent
or as permitted pursuant to the terms of the Principal Finance Documents and Clause 10
(Monetary Claims).
	 
	 	9.4.2	 	The Collateral Agent shall, if an Enforcement Event has occurred and is
continuing, be entitled without notice to exercise from time to time all rights, powers
and remedies held by it as assignee of the Assigned Accounts and to:

	 	(a)	 	demand and receive all and any monies due under or arising out
of each Assigned Account; and

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	 	(b)	 	exercise all such rights as the Chargor was then entitled to
exercise in relation to such Assigned Account or might, but for the terms of
this Debenture, exercise.

	9.5	 	Accounts: Application of Monies
	 
	 	 	The Collateral Agent shall, if an Enforcement Event has occurred and is continuing, be
entitled without notice to apply, transfer or set-off any or all of the credit balances from
time to time on any Account in or towards the payment or other satisfaction of all or part
of the Secured Liabilities in accordance with Clause 16 (Application of Monies).
	 
	10.	 	MONETARY CLAIMS
	 
	10.1	 	Dealing with Monetary Claims
	 
	 	 	Save as permitted under the Principal Finance Documents and subject to sub-clauses 10.2
(Release of Monetary Claims: Before Enforcement Event) and 10.3 (Release of Monetary Claims:
After Enforcement Event), the Chargor shall not, without the prior written consent of the
Collateral Agent:

	 	10.1.1	 	deal with the Monetary Claims except by getting in and realising them in a
prudent manner (on behalf of the Collateral Agent); or
	 
	 	10.1.2	 	factor or discount any of the Monetary Claims or enter into any agreement
for such factoring or discounting,

	 	 	provided always that the proceeds of all Monetary Claims shall continue to be subject to the
floating charge created pursuant to Clause 3.3 (Floating Charge) and the terms of this
Debenture.
	 
	10.2	 	Release of Monetary Claims: Before Enforcement Event
	 
	 	 	If an Enforcement Event is not continuing, the proceeds of the realisation of the Monetary
Claims shall, subject to any restriction on the application of such proceeds contained in
this Debenture or in the Principal Finance Documents, be dealt with freely by the Chargor.
	 
	10.3	 	Release of Monetary Claims: After Enforcement Event
	 
	 	 	If an Enforcement Event has occurred and is continuing, the Chargor:

	 	10.3.1	 	shall pay the proceeds of those Monetary Claims into the Claims Accounts or
as the Collateral Agent may require (and such proceeds shall be held upon trust by the
Chargor for the Collateral Agent on behalf of the Secured Parties prior to such payment
in); and
	 
	 	10.3.2	 	shall not, except with the prior written consent of the Collateral Agent
(acting on the reasonable instructions of the Applicable Representative), be entitled
to withdraw or otherwise transfer the proceeds of the realisation of any Monetary
Claims standing to the credit of any Claims Account.

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	11.	 	INSURANCES
	 
	11.1	 	Insurance: Undertakings
	 
	 	 	The Chargor shall:

	 	11.1.1	 	keep the Charged Property insured in accordance with the terms of the
Principal Finance Documents;
	 
	 	11.1.2	 	if required by the Collateral Agent after the occurrence of an Enforcement
Event and while it is continuing, subject to the Agreed Security Principles, cause each
insurance policy or policies relating to the Charged Property other than any Insurance
Policy which has been the subject of a Notice of Assignment pursuant to Clause 5
(Perfection of Lien) to contain (in form and substance satisfactory to the Collateral
Agent (acting on the reasonable instructions of the Applicable Representative)) an
endorsement naming the Collateral Agent as sole loss payee in respect of all claims
until such time as the Collateral Agent notifies the insurer(s) to the contrary;
	 
	 	11.1.3	 	promptly pay all premiums and other monies payable under all its Insurance
Policies to the extent required under Section 5.02 of the Credit Agreement and any
other terms of the Principal Finance Documents, if an Enforcement Event has occurred
and is continuing, promptly upon the request of the Collateral Agent produce to the
Collateral Agent a copy of each policy and evidence (acceptable to the Collateral Agent
(acting on the reasonable instructions of the Applicable Representative)) of the
payment of such sums; and
	 
	 	11.1.4	 	if an Enforcement Event has occurred and is continuing, if required by the
Collateral Agent (but subject to the provisions of any lease of the Charged Property),
deposit all Insurance Policies relating to the Charged Property with the Collateral
Agent.

	11.2	 	Insurance: Default
	 
	 	 	If the Chargor defaults in complying with Clause 11.1 (Insurance: Undertakings) within 10
Business Days of being notified of such failure to comply with Clause 11.1, the Collateral
Agent may (to the extent the Collateral Agent is aware of such occurrence or default) and
shall, if so instructed by the Applicable Representative, effect or renew any such insurance
on such terms, in such name(s) and in such amount(s) as it considers appropriate (acting on
the reasonable instructions of the Applicable Representative), and all monies expended by
the Collateral Agent in doing so shall be reimbursed by the Chargor to the Collateral Agent
promptly following demand and shall carry interest from the date of payment by the
Collateral Agent until reimbursed at the rate specified in Clause 2.2 (Interest on Demands),
provided that the Collateral Agent shall not be required to effect or renew any such
insurance unless and until it shall have been (a) instructed by the Applicable
Representative and (b) indemnified and/or secured and/or pre-funded to its satisfaction.

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	11.3	 	Application of Insurance Proceeds

	 	11.3.1	 	All monies received under any Insurance Policies relating to the Charged
Property shall (subject to the rights and claims of any person having prior rights to
such monies), if an Enforcement Event is not continuing, be applied in accordance with
the terms of the Principal Finance Documents or, if not provided for in the Principal
Finance Documents, at the Chargor’s discretion.
	 
	 	11.3.2	 	If an Enforcement Event has occurred and is continuing, the Chargor shall
hold such monies upon trust for the Collateral Agent pending payment to the Collateral
Agent for application in accordance with Clause 16 (Application of Monies) and the
Chargor waives any right it may have to require that any such monies are applied in
reinstatement of any part of the Charged Property.

	12.	 	UNDERTAKINGS
	 
	12.1	 	Intellectual Property
	 
	 	 	In accordance with the Agreed Security Principles, the Chargor shall, in respect of any
Intellectual Property which is material to or required in connection with its businesses:

	 	12.1.1	 	take all such steps and do all such acts as may be reasonably necessary to
preserve and maintain the subsistence and the validity of any such Intellectual
Property; and
	 
	 	12.1.2	 	not, except as permitted under the Principal Finance Documents, use or
permit any such Intellectual Property to be used in any way which may materially and
adversely affect its value.

	13.	 	ENFORCEMENT OF LIEN
	 
	13.1	 	Enforcement
	 
	 	 	If an Enforcement Event has occurred and is continuing, or if a petition or application is
presented for the making of a winding up order in relation to the Chargor, or if any person
who is entitled to do so gives written notice of its intention to appoint a provisional
liquidator of the Chargor or files such a notice with the court or is requested to do so by
the Chargor, save to the extent that such petition, application, notice or filing is not
made by a member of the Group or any director of any member of the Group and is frivolous or
vexatious and is stayed, dismissed or withdrawn within 4 Business Days of such petition,
application, notice or filing being made the security created by or pursuant to this
Debenture is immediately enforceable and the Collateral Agent may, without notice to the
Chargor or prior authorisation from any court, in its absolute discretion and shall if so
instructed by the Applicable Representative and if indemnified and/or secured and/or
prefunded to its satisfaction:

	 	13.1.1	 	enforce all or any part of that security (at the times, in the manner and
on the terms it thinks fit) and take possession of and hold or dispose of all or any
part of the Charged Property; and

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	 	13.1.2	 	whether or not it has appointed a Receiver, exercise all or any of the
powers, authorities and discretions conferred by Conveyancing and Property Ordinance
(Cap. 219) (as varied or extended by this Debenture) on mortgagees or receivers and by
this Debenture on any Receiver or otherwise conferred by law on mortgagees or
receivers.

	13.2	 	No Liability as Mortgagee in Possession
	 
	 	 	Neither the Collateral Agent nor any Receiver shall be liable to account as a mortgagee in
possession in respect of all or any part of the Charged Property or be liable for any loss
upon realisation or for any neglect, default or omission in connection with the Charged
Property to which a mortgagee or mortgagee in possession might otherwise be liable.
	 
	14.	 	APPOINTMENT OF RECEIVER OR ADMINISTRATOR
	 
	14.1	 	Appointment and Removal
	 
	 	 	If an Enforcement Event has occurred and is continuing or if a petition or application is
presented for the making of a winding up order in relation to the Chargor, or if any person
who is entitled to do so gives written notice of its intention to appoint a provisional
liquidator of the Chargor or files such a notice with the court or is requested to do so by
the Chargor, save to the extent that such petition, application, notice or filing is not
made by a member of the Group or any director of any member of the Group and is frivolous or
vexatious and is stayed, dismissed or withdrawn within 4 Business Days of such petition,
application, notice or filing being made the Collateral Agent may by deed or otherwise
(acting through an authorised officer of the Collateral Agent), without prior notice to the
Chargor:

	 	14.1.1	 	appoint one or more persons to be a Receiver of the whole or any part of
the Charged Property;
	 
	 	14.1.2	 	remove (so far as it is lawfully able) any Receiver so appointed;
	 
	 	14.1.3	 	appoint another person(s) as an additional or replacement Receiver(s); or
	 
	 	14.1.4	 	appoint one or more persons to be an administrator of the Chargor.

	14.2	 	Capacity of Receivers
	 
	 	 	Each person appointed to be a Receiver pursuant to Clause 14.1 (Appointment and Removal)
shall be:

	 	14.2.1	 	entitled to act individually or together with any other person appointed or
substituted as Receiver;
	 
	 	14.2.2	 	for all purposes shall be deemed to be the agent of the Chargor which shall
be solely responsible for his acts, defaults and liabilities and for the payment of his
remuneration and no Receiver shall at any time act as agent for the Collateral Agent;
and

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	 	14.2.3	 	entitled to remuneration for his services at a rate to be fixed by the
Collateral Agent (in its sole discretion) from time to time.

	15.	 	POWERS OF RECEIVER
	 
	15.1	 	Powers of Receiver
	 
	 	 	Every Receiver shall (subject to any restrictions in the instrument appointing him but
notwithstanding any winding-up, insolvency or dissolution of the Chargor) have and be
entitled to exercise, in relation to the Charged Property (and any assets of the Chargor
which, when got in, would be Charged Property) in respect of which he was appointed, and as
varied and extended by the provisions of this Debenture (in the name of or on behalf of the
Chargor or in his own name and, in each case, at the cost of the Chargor):

	 	15.1.1	 	all the powers conferred by the Conveyancing and Property Ordinance (Cap.
219) on mortgagors and on mortgagees in possession and on receivers appointed under
that Ordinance;
	 
	 	15.1.2	 	all the powers and rights of an absolute owner and power to do or omit to
do anything which the Chargor itself could do or omit to do; and
	 
	 	15.1.3	 	the power to do all things (including bringing or defending proceedings in
the name or on behalf of the Chargor) which seem to the Receiver to be incidental or
conducive to (a) any of the functions, powers, authorities or discretions conferred on
or vested in him or (b) the exercise of the Collateral Rights (including realisation of
all or any part of the Charged Property) or (c) bringing to his hands any assets of the
Chargor forming part of, or which when got in would be, Charged Property.

	15.2	 	Additional Powers of Receiver
	 
	 	 	In addition to and without prejudice to the generality of the foregoing, every Receiver
shall (subject to any limitations or restrictions expressed in the instrument appointing him
but notwithstanding any winding-up, insolvency or dissolution of the Chargor) have the
following powers in relation to the Charged Property (and any assets of the Chargor which,
when got in, would be part of the Charged Property), in respect of which he was appointed
(and every reference in this Clause 15.2 to the “Charged Property” shall be read as a
reference to that part of the Charged Property in respect of which such Receiver was
appointed):

	 	15.2.1	 	Take Possession: power to enter upon, take immediate possession of, collect
and get in the Charged Property including without limitation rents and other income
whether accrued before or after the date of his appointment and for that purpose to
make, or to require the directors of the Chargor to make, calls conditionally or
unconditionally upon the holders of the Chargor’s share capital in respect of any such
capital of the Chargor which remains uncalled and to enforce payment of calls so made
and any previous unpaid calls by taking proceedings in the name of the Chargor or in
his own name, in each case, provided such action is made for the purposes of (directly
or indirectly) satisfaction of all or part of the Secured Liabilities;

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	 	15.2.2	 	Proceedings and Claims: power to bring, prosecute, enforce, defend and
abandon applications, claims, disputes, actions, suits and proceedings in connection
with the business of the Chargor or all or any part of the Charged Property or this
Debenture in the name of the Chargor or in his own name and to submit to arbitration,
negotiate, compromise and settle any such applications, claims, disputes, actions,
suits or proceedings and in addition to take or defend proceedings for the compulsory
winding up of the Chargor and proceedings for directions under Section 255 of the
Companies Ordinance (Cap. 32);
	 
	 	15.2.3	 	Carry on Business: power to carry on and manage, or concur in the carrying
on and management of or to appoint a manager of, the whole or any part of the Chargor’s
business in such manner as he shall in his absolute discretion think fit including
without limitation the power to enter into any contract or arrangement and to perform,
repudiate, rescind or vary any contract to which the Chargor is a party and power to
supervise, control and finance any subsidiary of the Chargor or any other body
corporate (including without limitation any referred to in Clause 15.2.6 below) and
its business and the conduct thereof and to change the situation of the registered
office of the Chargor or any such subsidiary or other body corporate;
	 
	 	15.2.4	 	Deal with Charged Property: without the need to observe the restrictions
imposed by paragraph 11 of the Fourth Schedule to the Conveyancing and Property
Ordinance (Cap. 219), power, in relation to the Charged Property and each and every
part thereof, to sell, transfer, convey, grant or accept surrenders of leases, vary,
terminate or surrender leases, grant, vary or terminate licences or rights of user (in
each case with or without consideration) or concur in any of the foregoing by the
Chargor or any other receiver or manager of the Chargor (including without limitation
to or in relation to the Collateral Agent) in such manner and generally on such terms
as he thinks fit including without limitation, without the consent of the Chargor, the
severing and separate disposal from the premises to which they were affixed of fixtures
and plant and machinery, in each case, provided such action is made for the purposes of
(directly or indirectly) satisfaction of all or part of the Secured Liabilities;
	 
	 	15.2.5	 	Acquisitions: power to purchase, lease, hire or otherwise acquire any
assets or rights of any description which he shall in his absolute discretion consider
necessary or desirable for the carrying on, improvement or realisation of the whole or
any part of the Charged Property or the business of the Chargor or otherwise for the
benefit of the whole or any part of the Charged Property;
	 
	 	15.2.6	 	New Subsidiary: power to promote, procure the formation or otherwise
acquire the share capital of, any body corporate with a view to such body corporate
becoming a subsidiary of the Chargor or otherwise and purchasing, leasing or otherwise
acquiring an interest in the whole or any part of the Charged Property or carrying on
any business in succession to the Chargor or any subsidiary of the Chargor;
	 
	 	15.2.7	 	Landlord and Tenant: power to make allowances to and re-arrangements with
any lessees, tenants or other persons from whom any rents and profits may be receivable
(including granting any licences and operating any rent reviews)

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	 	 	 	and to exercise any powers and discretions conferred on a landlord or a tenant by
any statutory provision or by general law from time to time in force in relation to
all or any part of the Charged Property;

	 	15.2.8	 	Repairs etc.: power to undertake, effect or complete any work of repair,
refurbishment, decoration, modification, building, improvement or development of all or
any part of the Charged Property as he may think expedient and to apply for and obtain
any planning permissions, building regulation approvals and any other permissions,
consents or licences in each case as he may in his absolute discretion think fit and to
acquire (or acquire an interest in) any such property as he may think expedient;
	 
	 	15.2.9	 	Insurance: power to effect, maintain or renew indemnity and other
insurances and to obtain bonds and performance guarantees;
	 
	 	15.2.10	 	Employment: power to employ, engage, dismiss or vary the terms of
employment or engagement of such employees, workmen, servants, officers, managers,
agents and advisers on such terms as to remuneration and otherwise as he shall think
fit including without limitation power to engage his own firm in the conduct of the
receivership;
	 
	 	15.2.11	 	Borrowing: power to raise or borrow money from the Collateral Agent or any
other person to rank either in priority to the security constituted by this Debenture
or any part of it or otherwise and with or without a mortgage or charge on the Charged
Property or any part of it on such terms as he shall in his absolute discretion think
fit (and no person lending such money shall be concerned to see or enquire as to the
propriety or purpose of the exercise of such power or the application of money so
raised or borrowed);
	 
	 	15.2.12	 	Redemption of Security: power to redeem, discharge or compromise any
security, guarantee or rights of subrogation whether or not having priority to the
security constituted by this Debenture or any part of it;
	 
	 	15.2.13	 	Covenants, Guarantees and Indemnities: power to enter into bonds,
covenants, guarantees, commitments, indemnities and other obligations or liabilities as
it shall think fit, to make all payments needed to effect, maintain or satisfy such
obligations or liabilities and to use the company seal(s) of the Chargor; and
	 
	 	15.2.14	 	Exercise of Powers in Chargor’s Name: power to exercise any or all of the
above powers on behalf of and in the name of the Chargor (notwithstanding any
winding-up, insolvency or dissolution of the Chargor) or on his own behalf.

	15.3	 	Manner of Exercising Powers
	 
	 	 	In making any sale or other disposal of all or any part of the Charged Property or any
acquisition in the exercise of their respective powers (including without limitation a
disposal by a Receiver to any subsidiary of the Chargor or other body corporate as is
referred to in Clause 15.2.5 or 15.2.6), a Receiver or the Collateral Agent may accept or
dispose of as, and by way of consideration for, such sale or other disposal or acquisition,
cash, shares, loan capital or other obligations in such amount as he or it

- 22 -

 

	 	 	shall (in its sole discretion) deem appropriate, including without limitation consideration
fluctuating according to or dependent upon profit or turnover and consideration the amount
whereof is to be determined by a third party. Any such consideration may, if thought
expedient by the Receiver or the Collateral Agent, be nil or be payable or receivable in a
lump sum or by instalments. Any contract for any such sale, disposal or acquisition by the
Receiver or the Collateral Agent may contain conditions excluding or restricting the
personal liability of the Receiver or the Collateral Agent.

	16.	 	APPLICATION OF MONIES
	 
	 	 	All monies received or recovered by the Collateral Agent or any Receiver pursuant to this
Debenture or the powers conferred by it shall (subject to the claims of any person having
prior rights thereto and by way of variation of the provisions of the Conveyancing and
Property Ordinance (Cap.219)) be applied in accordance with Section 2.01 of the First Lien
Intercreditor Agreement save that any amount received or recovered in excess of the Secured
Liabilities shall be returned to the Chargor in accordance with the provisions of the First
Lien Intercreditor Agreement.
	 
	17.	 	PROTECTION OF PURCHASERS
	 
	17.1	 	Consideration
	 
	 	 	The receipt of the Collateral Agent or any Receiver shall be conclusive discharge to a
purchaser and, in making any sale or disposal of any of the Charged Property or making any
acquisition, the Collateral Agent or any Receiver may do so for such consideration, in such
manner and on such terms as it (in its sole discretion) thinks fit.
	 
	17.2	 	Protection of Purchasers
	 
	 	 	No purchaser or other person dealing with the Collateral Agent or any Receiver shall be
bound to inquire whether the right of the Collateral Agent or such Receiver to exercise any
of its powers has arisen or become exercisable or be concerned with any propriety or
regularity on the part of the Collateral Agent or such Receiver in such dealings. For such
purposes, the power of sale or other disposal conferred on the Collateral Agent and on any
Receiver shall arise (and the Secured Liabilities shall be deemed due and payable for that
purpose) on execution of this Debenture.
	 
	18.	 	POWER OF ATTORNEY
	 
	18.1	 	Appointment and Powers
	 
	 	 	The Chargor by way of security irrevocably (within the meaning of Section 4 of the Power of
Attorney Ordinance (Cap. 31)) appoints the Collateral Agent and any Receiver severally to be
its attorney and in its name, on its behalf and as its act and deed to execute, deliver and
perfect all documents and do all things which the attorney may consider to be required or
desirable for:

	 	18.1.1	 	carrying out any obligation imposed on the Chargor by this Debenture or any
other agreement binding on the Chargor to which the Collateral Agent is a party
(including the execution and delivery of any deeds, charges, assignments or other
security and any transfers of the Charged Property); and

- 23 -

 

	 	18.1.2	 	enabling the Collateral Agent and any Receiver to exercise, or delegate the
exercise of, any of the rights, powers and authorities conferred on them by or pursuant
to this Debenture or by law (including, if an Enforcement Event has occurred and is
continuing, the exercise of any right of a legal or beneficial owner of the Charged
Property),
	 
	 	 	 	provided always that the Collateral Agent may only be entitled to exercise the
powers conferred upon it by the Chargor under this Clause 18.1 if:

	 	(a)	 	an Enforcement Event has occurred and is continuing; and/or
	 
	 	(b)	 	the Collateral Agent has received notice from the Applicable
Representative, the Loan Parties’ Agent and/or the Chargor that the Chargor has
failed to comply with a further assurance or perfection obligation within 10
Business Days of being notified of that failure (with a copy of that notice
being sent to the Loan Parties’ Agent),

	 	 	 	provided further that the Collateral Agent shall not be obliged to exercise the
powers conferred upon it by the Chargor under this Clause 18.1 unless and until it
shall have been (a) instructed to do so by the Applicable Representative and (b)
indemnified and/or secured and/or prefunded to its satisfaction.

	18.2	 	Ratification
	 
	 	 	The Chargor shall ratify and confirm all things done and all documents executed by any
attorney in the exercise or purported exercise of all or any of his powers.
	 
	19.	 	EFFECTIVENESS OF LIEN
	 
	19.1	 	Continuing Lien

	 	19.1.1	 	The Lien created by or pursuant to this Debenture shall remain in full
force and effect as a continuing security for the Secured Liabilities unless and until
discharged by the Collateral Agent.
	 
	 	19.1.2	 	No part of the security from time to time intended to be constituted by the
Debenture will be considered satisfied or discharged by any intermediate payment,
discharge or satisfaction of the whole or any part of the Secured Liabilities.

	19.2	 	Cumulative Rights
	 
	 	 	The security created by or pursuant to this Debenture and the Collateral Rights shall be
cumulative, in addition to and independent of every other security which the Collateral
Agent or any Secured Party may at any time hold for the Secured Liabilities or any other
obligations or any rights, powers and remedies provided by law. No prior security held by
the Collateral Agent (whether in its capacity as security trustee or otherwise) or any of
the other Secured Parties over the whole or any part of the Charged Property shall merge
into the security constituted by this Debenture.

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	19.3	 	No Prejudice
	 
	 	 	The security created by or pursuant to this Debenture and the Collateral Rights shall not be
prejudiced by any unenforceability or invalidity of any other agreement or document or by
any time or indulgence granted to the Chargor or any other person, or the Collateral Agent
(whether in its capacity as security trustee or otherwise) or any of the other Secured
Parties or by any variation of the terms of the trust upon which the Collateral Agent holds
the security or by any other thing which might otherwise prejudice that security or any
Collateral Right.
	 
	19.4	 	Remedies and Waivers
	 
	 	 	No failure on the part of the Collateral Agent to exercise, or any delay on its part in
exercising, any Collateral Right shall operate as a waiver of that Collateral Right, nor
shall any single or partial exercise of any Collateral Right preclude any further or other
exercise of that or any other Collateral Right.
	 
	19.5	 	No Liability
	 
	 	 	None of the Collateral Agent, its nominee(s) or any Receiver or Delegate shall be liable by
reason of (a) taking any action permitted by this Debenture or (b) any neglect or default in
connection with the Charged Property or (c) taking possession of or realising all or any
part of the Charged Property, except to the extent provided in the Principal Finance
Documents.
	 
	19.6	 	Partial Invalidity
	 
	 	 	If, at any time, any provision of this Debenture is or becomes illegal, invalid or
unenforceable in any respect under the law of any jurisdiction, neither the legality,
validity or enforceability of the remaining provisions of this Debenture nor of such
provision under the laws of any other jurisdiction shall in any way be affected or impaired
thereby and, if any part of the security intended to be created by or pursuant to this
Debenture is invalid, unenforceable or ineffective for any reason, that shall not affect or
impair any other part of the security.
	 
	19.7	 	Variation of Conveyancing and Property Ordinance (Cap. 219)
	 
	 	 	The covenants implied under section 35 of, the powers implied under section 51(1) of, and
the provisions of the Fourth Schedule to, the Conveyancing and Property Ordinance (Cap. 219)
are varied and extended by this Debenture so that such covenants, powers and provisions
shall take effect in relation to:

	 	19.7.1	 	the creation (whether by assignment, charge or otherwise) of each and every
element of any Lien constituted under or pursuant to this Debenture; and
	 
	 	19.7.2	 	each and every item of the Charged Property (whether mortgaged land or
other property of any kind).

	19.8	 	Waiver of defences
	 
	 	 	The obligations of the Chargor under this Debenture and the Collateral Rights will not be
affected by an act, omission, matter or thing which, but for this Clause, would

- 25 -

 

	 	 	reduce, release or prejudice any of its obligations under this Debenture (without limitation
and whether or not known to it or any Secured Party) including:

	 	19.8.1	 	any time, waiver or consent granted to, or composition with, any Loan Party
or other person;
	 
	 	19.8.2	 	the release of any Loan Party or any other person under the terms of any
composition or arrangement with any creditor of any member of the Group;
	 
	 	19.8.3	 	the taking, variation, compromise, exchange, renewal or release of, or
refusal or neglect to perfect, take up or enforce, any rights against, or security over
assets of, any Loan Party or other person or any non-presentation or non-observance of
any formality or other requirement in respect of any instrument or any failure to
realise the full value of any security;
	 
	 	19.8.4	 	any incapacity or lack of power, authority or legal personality of or
dissolution or change in the members or status of any Loan Party or any other person;
	 
	 	19.8.5	 	any amendment, novation, supplement, extension (whether of maturity or
otherwise) or restatement (in each case however fundamental and of whatsoever nature,
and whether or not more onerous) or replacement of a Loan Document or any other
document or security or of the Secured Liabilities;
	 
	 	19.8.6	 	any unenforceability, illegality or invalidity of any obligation of any
person under any Loan Documents or any other document or security or of the Secured
Liabilities; or
	 
	 	19.8.7	 	any insolvency or similar proceedings.

	19.9	 	Immediate recourse
	 
	 	 	The Chargor waives any right it may have of first requiring any Secured Party (or any
trustee or agent on its behalf) to proceed against or enforce any other rights or security
or claim payment from any person before claiming from the Chargor under this Debenture.
This waiver applies irrespective of any law or any provision of this Debenture to the
contrary.
	 
	19.10	 	Deferral of Rights
	 
	 	 	Until such time as the Secured Liabilities have been discharged in full, the Chargor will
not exercise any rights which it may have by reason of performance by it of its obligations
under this Debenture:

	 	19.10.1	 	to be indemnified by any Loan Party;
	 
	 	19.10.2	 	to claim any contribution from any guarantor of any Loan Party’s
obligations under this Debenture; and/or
	 
	 	19.10.3	 	to take the benefit (in whole or in part and whether by way of subrogation
or otherwise) of any rights of the Secured Parties under the Loan Documents or

- 26 -

 

	 	 	 	of any other guarantee or security taken pursuant to, or in connection with, this
Debenture by any Secured Party.

	20.	 	RELEASE OF LIEN
	 
	20.1	 	Redemption of Lien
	 
	 	 	The security constituted by this Debenture shall be released, reassigned, re-transferred and
cancelled (as applicable):

	 	20.1.1	 	by the Collateral Agent (acting on the instructions of the Applicable
Representative) at the request and cost of the Chargor, upon the Secured Liabilities
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
	 
	 	20.1.2	 	in accordance with, and to the extent required by, the Intercreditor
Arrangements (to the extent it is possible to give effect to such arrangements under
Hong Kong law).

	20.2	 	Permitted Disposals
	 
	 	 	If the Chargor disposes of any Charged Property and that disposal is permitted by the
Principal Finance Documents, such Charged Property shall, unless an Enforcement Event has
occurred and is continuing, be automatically released, reassigned, re transferred and
cancelled (as applicable) from the security constituted by this Debenture with effect from
the day of such disposal and the Collateral Agent (at the expense and cost of the Chargor)
shall do all such acts which are reasonably requested by the Chargor in order to release,
re-assign, re-transfer and cancel (as applicable) the relevant Charged Property from the
security constituted by this Debenture. Any or all of the Charged Property shall also be
released, re-assigned, re-transferred and cancelled (as applicable) in accordance with and
to the extent permitted by the Intercreditor Arrangements.
	 
	20.3	 	Avoidance of Payments
	 
	 	 	If the Collateral Agent considers (on the reasonable instructions of the Applicable
Representative) that any amount paid or credited to any Secured Party is capable of being
avoided or reduced by virtue of any bankruptcy, insolvency, liquidation or similar laws the
liability of the Chargor under this Debenture and the security constituted by this Debenture
shall continue and such amount shall not be considered to have been irrevocably paid.
	 
	21.	 	SUBSEQUENT AND PRIOR LIEN
	 
	21.1	 	Subsequent Lien
	 
	 	 	If the Collateral Agent (acting in its capacity as security trustee or otherwise) or any of
the other Secured Parties at any time receives or is deemed to have received notice of any
subsequent Lien affecting all or any part of the Charged Property or any assignment or
transfer of the Charged Property which in either case is prohibited by

- 27 -

 

	 	 	the terms of this Debenture or the Principal Finance Documents, all payments thereafter by
or on behalf of the Chargor to the Collateral Agent (whether in its capacity as security
trustee or otherwise) or any of the other Secured Parties shall be treated as having been
credited to a new account of the Chargor and not as having been applied in reduction of the
Secured Liabilities as at the time when the Collateral Agent received such notice.

	21.2	 	Prior Lien
	 
	 	 	In the event of any action, proceeding or step being taken to exercise any powers or
remedies conferred by any prior ranking Lien or upon the exercise by the Collateral Agent or
any Receiver or any Delegate of any power of sale under this Debenture the Collateral Agent
may redeem that prior Lien or procure the transfer of it to itself. The Collateral Agent
may settle and agree the accounts of the prior Lien and any accounts so settled and agreed
will be conclusive and binding on the Chargor. All principal monies, interest, costs,
charges and expenses of and incidental to any redemption or transfer will be paid by the
Chargor to the Collateral Agent on demand.
	 
	22.	 	ASSIGNMENT
	 
	 	 	The Collateral Agent may assign and transfer all or any of its rights and obligations under
this Debenture to facilitate the performance of its role as Collateral Agent under the Loan
Documents in accordance with the Intercreditor Arrangements. Subject to Section 9.16 of the
Credit Agreement and the terms of the Principal Finance Documents, the Collateral Agent
shall be entitled to disclose such information concerning the Chargor and this Debenture as
the Collateral Agent considers appropriate to any actual or proposed direct or indirect
successor or to any person to whom information may be required to be disclosed by any
applicable law.
	 
	23.	 	INDEMNITY
	 
	 	 	To the extent set out in Section 4.11 of the First Lien Intercreditor Agreement and in the
Additional Collateral Agent’s Fee Letter, the Chargor shall, notwithstanding any release or
discharge of all or any part of the security, indemnify the Collateral Agent, its agents,
attorneys, any Delegate and any Receiver against any action, proceeding, claims, losses,
liabilities, expenses, demands, taxes, and costs which it may sustain as a consequence of
any breach by the Chargor of the provisions of this Debenture, the exercise or purported
exercise of any of the rights and powers conferred on them by this Debenture or otherwise
relating to the Charged Property.
	 
	24.	 	PAYMENTS FREE OF DEDUCTION
	 
	 	 	Section 2.20 (Taxes) of the Credit Agreement applies to this Debenture, save that, for the
purposes of this Debenture only, the references in Section 2.20 (Taxes) of the Credit
Agreement to “a Loan Party”, “that Loan Party” and “each Loan Party” shall be replaced with
“the Chargor”. The exceptions to, and exclusions from, Section 2.20 (Taxes) of the Credit
Agreement contained in the Loan Documents (including, without limitation, Schedule 10.03 of
the Credit Agreement) apply to the incorporation of Section 2.20 (Taxes) of the Credit
Agreement in this Debenture.

- 28 -

 

	25.	 	CURRENCY INDEMNITY
	 
	25.1	 	The Secured Liabilities shall be paid in the currency in which it is denominated at the
relevant time, unless the Loan Documents provide otherwise.
	 
	25.2	 	If any Secured Liabilities is received from the Chargor in a currency (“first currency”)
other than the currency (“second currency”) in which it is payable (whether as a result of
obtaining or enforcing an order or judgment, the dissolution of any person or otherwise), the
amount received shall only satisfy the Chargor’s obligation to pay its Secured Liabilities to
the extent of the amount in the second currency which the relevant Secured Party is able, in
accordance with its usual practice, to purchase with the amount received in the first currency
on the date of that receipt (or, if it is not possible to make that purchase on that date, on
the first date upon which it is possible to do so).
	 
	25.3	 	Subject to Section 9.05 of the Credit Agreement, the Additional Collateral Agent’s Fee Letter
and the terms of the Principal Finance Documents, the Chargor indemnifies each Secured Party
against:

	 	25.3.1	 	any loss sustained by it as a result of the amount purchased by it in the
second currency pursuant to Clause 25.2 above being less than the amount due; and
	 
	 	25.3.2	 	all costs and expenses properly incurred by it in purchasing the second
currency,

	 	 	in respect of any Secured Liabilities received from the Chargor.
	 
	25.4	 	The Chargor shall pay to the relevant Secured Party, promptly upon demand, in the currency
stipulated, all amounts payable pursuant to such indemnity.
	 
	26.	 	DISCRETION AND DELEGATION
	 
	26.1	 	Discretion
	 
	 	 	Any liberty or power which may be exercised or any determination which may be made under
this Debenture by the Collateral Agent or any Receiver may, subject to the terms and
conditions of the Intercreditor Arrangements and to any requirement of reasonableness
required under this Debenture, be exercised or made in its absolute and unfettered
discretion without any obligation to give reasons.
	 
	26.2	 	Delegation
	 
	 	 	Subject to Section 4.05 of the First Lien Intercreditor Agreement (to the extent permitted
by Hong Kong law), each of the Collateral Agent and any Receiver shall have full power to
delegate (either generally or specifically) the powers, authorities and discretions
conferred on it by this Debenture (including the power of attorney) on such terms and
conditions as it shall see fit which delegation shall not preclude either the subsequent
exercise, any subsequent delegation or any revocation of such power, authority or discretion
by the Collateral Agent or the Receiver itself.
	 
	26.3	 	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

- 29 -

 

	 	 	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 Debenture 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.
	 
	27.	 	PERPETUITY PERIOD
	 
	 	 	The perpetuity period under the rule against perpetuities, if applicable to this Debenture,
shall be the period of eighty years from the date of this Debenture.
	 
	28.	 	NOTICES
	 
	 	 	All notices and other communications provided under this Debenture shall be served in
accordance with the provisions of the First Lien Intercreditor Agreement.
	 
	29.	 	GOVERNING LAW
	 
	 	 	This Debenture and any non-contractual obligations arising out of or in connection with it
are governed by Hong Kong law.
	 
	30.	 	JURISDICTION
	 
	30.1	 	Hong Kong Courts
	 
	 	 	The courts of Hong Kong have exclusive jurisdiction to settle any dispute (a “Dispute”)
arising out of, or connected with this Debenture (including a dispute regarding the
existence, validity or termination of this Debenture or the consequences of its nullity) or
any non-contractual obligations arising out of or in connection with this Debenture.
	 
	30.2	 	Convenient Forum
	 
	 	 	The parties agree that the courts of Hong Kong are the most appropriate and convenient
courts to settle Disputes between them and, accordingly, that they will not argue to the
contrary.
	 
	30.3	 	Exclusive Jurisdiction
	 
	 	 	This Clause 30 (Jurisdiction) is for the benefit of the Collateral Agent only. As a result
and notwithstanding Clause 30.1 (Hong Kong Courts), it does not prevent the Collateral Agent
from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the
extent allowed by law the Collateral Agent may take concurrent proceedings in any number of
jurisdictions.
	 
	31.	 	COUNTERPARTS
	 
	 	 	This Debenture may be executed in any number of counterparts, and this has the same effect
as if the signatures on the counterparts were on a single copy of this Debenture.

THIS DEBENTURE has been signed on behalf of the Collateral Agent and executed as a deed by the
Chargor and is delivered by it on the date specified above.

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SCHEDULE 1

DETAILS OF ACCOUNTS

None

- 31 -

 

SCHEDULE 2

FORM OF NOTICE OF ASSIGNMENT OF INSURANCE

To:      [Insurer]

Date: [•]

Dear Sirs,

We hereby give you notice that we have assigned to Wilmington Trust (London) Limited (the
“Collateral Agent”) pursuant to a debenture (the “Debenture”) entered into by us in favour of the
Collateral Agent dated [•] all our right, title and interest in and to the proceeds of [insert
details of relevant insurance policy] (the “Policy of Insurance”). All references to the
Collateral Agent in this notice include any person or entity appointed as successor to Wilmington
Trust (London) Limited as Collateral Agent.

With effect from your receipt of this notice we instruct you to:

	1.	 	make all payments and claims under or arising from the Policy of Insurance to the Collateral
Agent [insert an account number if required] or to its order as it may specify in writing from
time to time;
	 
	2.	 	note the interest of the Collateral Agent on the Policy of Insurance; and
	 
	3.	 	disclose to the Collateral Agent, without further approval from us, such information
regarding the Policy of Insurance as the Collateral Agent may from time to time request and to
send it copies of all notices issued by you under the Policy of Insurance.

With effect from your receipt of this notice all rights, interests and benefits whatsoever accruing
to or for the benefit of ourselves arising from the Policy of Insurance (including all rights to
compel performance) belong to and are exercisable by the Collateral Agent.

Please acknowledge receipt of this notice by signing the acknowledgement on the enclosed copy
letter and returning the same to the Collateral Agent at 6 Broad Street Place, London EC2M 7JH,
United Kingdom marked for the attention of Elaine Lockhart.

Yours faithfully,

	 	 	 	 
	
 	 
	for and on behalf of 	 
	EVERGREEN PACKAGING (HONG KONG) LIMITED 	 

- 32 -

 

	 	 	 	 	 

[On copy only]

To: [•]

We acknowledge receipt of a notice in the terms set out above and confirm that we have not received
notice of any previous assignments or charges of or over any of the rights, title and interests and
benefits referred to in such notice and that we will comply with the terms of that notice.

We further confirm that no amendment or termination of the Policy of Insurance shall be effective
unless we have given the Collateral Agent thirty days written notice of such amendment or
termination.

For and on behalf of [•]

	 	 	 	 
	 	 
	By:  	 	 
	 

Dated:

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SCHEDULE 3

FORM OF NOTICE OF ASSIGNMENT OF ACCOUNT

To: [Account Bank]

Date: [•]

Dear Sirs,

We hereby give you notice that, pursuant to a Hong Kong law debenture (the “Debenture”) dated [•]
and made between ourselves and Wilmington Trust (London) Limited (the “Collateral Agent”), we have
assigned and charged to the Collateral Agent all of our right, title and interest in and to account
number [•], account name [•] (including any renewal or redesignation of such account) and all
monies standing to the credit of that account from time to time (the “Account”). All references to
the Collateral Agent in this notice include any person or entity appointed as successor to
Wilmington Trust (London) Limited as Collateral Agent.

You are hereby instructed that, following your receipt of any notice from the Collateral Agent that
an Enforcement Event (as defined in the Debenture) has occurred and is continuing:

	(a)	 	any existing payment instructions affecting the Account shall immediately be terminated and
all payments and communications in respect of the Account shall from that time onwards be made
to the Collateral Agent or to its order (with a copy to the Chargor); and
	 
	(b)	 	all rights, interests and benefits whatsoever accruing to or for the benefit of ourselves
arising from the Account shall belong to the Collateral Agent.

For the avoidance of doubt, unless and until you receive notice from the Collateral Agent that an
Enforcement Event has occurred and is continuing, the Account shall be operated as normal in
accordance with the account mandate that currently exists.

Please accept this notice by signing the enclosed acknowledgement and returning it to the
Collateral Agent at 6 Broad Street Place, London EC2M 7JH, United Kingdom marked for the attention
of Elaine Lockhart.

Yours faithfully

	 	 	 	 
	
 	 
	for and on behalf of 	 
	EVERGREEN PACKAGING (HONG KONG) LIMITED 	 

- 34 -

 

	 	 	 	 	 

[on copy only]

To: [•]

Date: [•]

At the request of the Collateral Agent and Evergreen Packaging (Hong Kong) Limited we acknowledge
receipt of the notice of assignment and charge, on the terms attached, in respect of the Account
(as described in those terms). We confirm that:

	(a)	 	the balance standing to the Account at today’s date is [•], no fees or periodic charges are
payable in respect of the Account and there are no restrictions on (a) the payment of the
credit balance on the Account [(except, in the case of a time deposit, the expiry of the
relevant period)] or (b) the assignment of the Account to the Collateral Agent or any third
party;

	(b)	 	we have not received notice of any previous and continuing assignments of, charges over or
trusts in respect of, the Account;

	(c)	 	following receipt by ourselves of notice from the Collateral Agent that an Enforcement Event
(as defined in the Debenture) has occurred and is continuing, we will not without the
Collateral Agent’s consent (a) exercise any right of combination, consolidation or set off
which we may have in respect of the Account or (b) amend or vary any rights attaching to the
Account; and

	(d)	 	following receipt by ourselves of notice from the Collateral Agent that an Enforcement Event
has occurred and is continuing, we will act only in accordance with the instructions given by
persons authorised by the Collateral Agent and we shall send all statements and other notices
given by us relating to the Account to the Collateral Agent.

For and on behalf of [•]

	 	 	 	 
	 	 	 
	By:  	 	 
	 	 	 
	 	 	 

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SCHEDULE 4

FORM OF ACKNOWLEDGEMENT FROM NOMINEE

To: Wilmington Trust (London) Limited, as Collateral Agent

Dear Sirs,

At the request of Evergreen Packaging (Hong Kong) Limited (the “Chargor”), I/we hereby:

	1.	 	warrant and confirm that I am/we are the registered holder(s) of [insert number and
description of relevant Shares and/or Related Assets] in [insert name of Specified Company]
(the “Share[s]”) and am/are holding the Share[s] as nominee for and on behalf of the Chargor;

	2.	 	acknowledge that the Chargor has, pursuant to a debenture (the “Debenture”) dated [ • ]
between the Chargor and you as Collateral Agent, charged the Share[s] in favour of you as
security upon the terms and conditions specified therein;

	3.	 	undertake that I/we shall, upon and at all times after the enforcement of the security
constituted by the Debenture in respect of the Share[s], hold the Share[s] on trust for you
(or any other person whom you may nominate);

	4.	 	undertake that I/we shall, upon being requested by you to do so, upon the enforcement of the
security constituted by the Debenture, transfer the legal title in the Share[s] to you (or any
other person whom you may nominate) and do all acts and execute all documents as may be
necessary and/or as you may require for such purpose; and

	5.	 	irrevocably and unconditionally appoint each of you and any Receiver (as defined in the
Debenture) severally to be my/our attorney on the terms of Clauses 18 (Power of Attorney) and
Clause 26.2 (Delegation) of the Debenture (mutatis mutandis) as if I was/we were the Chargor,
and undertake to execute such further powers of attorney in such form as you may reasonably
require from time to time.

Dated:

[in the case where the relevant nominee is a company incorporated in Hong Kong or a company
incorporated outside Hong Kong which has a company seal]

	 	 	 	 	 	 	 

	THE COMMON SEAL of

	 	 	)	 	 	 
	[name of relevant nominee]

	 	 	)	 	 	 
	was hereunto affixed

	 	 	)	 	 	 
	in the presence of

	 	 	)	 	 	 

[in the case where the relevant nominee is a company outside Hong Kong which does not have any
company seal]

- 36 -

 

	 	 	 	 	 

	SIGNED, SEALED and DELIVERED

as a DEED by

[name of relevant authorised signatory]

for and on behalf of

[name of relevant nominee]

in the presence of

	 	)

)

)

)

)

)
	 	

Witness:

[in the case where the relevant nominee is an individual]

	 	 	 	 	 

	SIGNED, SEALED and DELIVERED

as a DEED by

[name of relevant nominee]

in the presence of

	 	)

)

)

)
	 	

Witness:

- 37 -

 

SCHEDULE 5

FORM OF LETTER OF RESIGNATION

	 	 	 

	To:

	 	The Board of Directors
	 

	 	[insert name of Specified Company] (the “Company”)
	 

	 	[insert address of registered office of the Company]
	 
	 	 
	Date:

	 	[to be left blank]

Dear Sirs,

Debenture dated [ • ] between Evergreen Packaging (Hong Kong) Limited as Chargor and Wilmington
Trust (London) Limited as Collateral Agent in respect of the shares in the Company

Resignation

I hereby tender my unconditional and irrevocable resignation as a director of the Company with
effect from the date of this letter. I confirm that:

	1.	 	I have no claims whatsoever against the Company or any of its subsidiaries or associated
companies (if any) on any account (whether for loss of office or for fees or otherwise
howsoever), provided that this letter is delivered without prejudice to any rights I have for
accrued remuneration owing pursuant to my employment contract with the Company or for any
claim I may have in respect of company pensions; and

	2.	 	there is no outstanding agreement or arrangement with the Company or any of its subsidiaries
or associated companies (if any) under which the Company or any of such subsidiaries or
associated companies has or would have any obligation to me whether now or in the future or
under which I would derive any benefit other than any amounts due pursuant to my contract of
employment with the Company and related employer pension benefits.

	 	 	 	 	 

	SIGNED, SEALED and DELIVERED

as a DEED by

[name of director]

in the presence of

	 	)

)

)

)
	 	

Name, address and signature of witness

Signature:

Name:

Address:

- 38 -

 

SCHEDULE 6

FORM OF WRITTEN RESOLUTIONS

[insert name of Specified Company] (the “Company”)

WRITTEN RESOLUTIONS OF THE BOARD OF DIRECTORS OF THE COMPANY

Dated: [to be left blank]

IT IS RESOLVED THAT:

	1.	 	the following transfer of the shares in the Company be approved and that, upon the delivery
to any director of the Company of a duly completed instrument of transfer in respect of any of
the following transfers, the name of the relevant transferee be entered forthwith in the
register of members of the Company in respect of the relevant shares so transferred and that
new share certificates in respect of such shares be issued forthwith to such transferee in
accordance with the Articles of Association of the Company:

	 	•	 	transfer of [to be left blank] shares in the Company from Evergreen Packaging (Hong
Kong) Limited (or its nominee(s) or successor(s) for the time being) to the Collateral
Agent (as defined in the Debenture) for the time being under the Debenture or any
person(s) nominated by the Collateral Agent in writing;

	 	 	For the purpose of this paragraph 1, the “Debenture” means the debenture dated [ • ] and made
between Evergreen Packaging (Hong Kong) Limited as Chargor and Wilmington Trust (London)
Limited as Collateral Agent (as amended from time to time).
	 
	2.	 	each of the following persons be appointed as an additional director of the Company with
immediate effect:

[to be left blank]

	3.	 	the resignation of the following persons as directors of the Company be accepted with
immediate effect:

[to be left blank]

	4.	 	the above changes in directorships of the Company be notified to the Hong Kong Companies
Registry as soon as shall be practicable and that any director or the secretary of the Company
be authorised to sign and deliver any relevant return in connection therewith.

[all the directors of the Company to state their names and sign]

- 39 -

 

SCHEDULE 7

FORM OF LETTER OF UNDERTAKING AND AUTHORISATION

To: Wilmington Trust (London) Limited

Dear Sirs,

Debenture dated [ • ] between Evergreen Packaging (Hong Kong) Limited as Chargor and Wilmington
Trust (London) Limited as Collateral Agent (the “Debenture”) in respect of the shares in [insert
name of Specified Company] (the “Company”)

I hereby unconditionally and irrevocably:

	1.	 	undertake to procure, to the extent of my powers as a director of the Company, that any or
all of the shares in the Company which are charged to you pursuant to the Debenture shall upon
your request, at any time if the security constituted by the Debenture is enforceable in
accordance with its terms, be promptly registered in the name of yourself or (at your request)
any person(s) whom you may nominate; and
	 
	2.	 	authorise each of you and any other person(s) authorised by you severally to complete, date
and put into effect:

	 	(a)	 	the attached letter of resignation signed by me;
	 
	 	(b)	 	the attached written resolutions of the board of directors of the Company
signed by me; and
	 
	 	(c)	 	any other document signed by me and delivered pursuant to Clauses 5.4, 5.5 or
5.6 of the Debenture,

	 	 	in each case, at any time if the security constituted by the Debenture is enforceable in
accordance with its terms.

Dated:

	 	 	 	 	 

	SIGNED, SEALED and DELIVERED

as a DEED by

[name of relevant director]

in the presence of

	 	)

)

)

)
	 	

Name, address and signature of witness

Signature:

Name:

Address:

- 40 -

 

SIGNATURE PAGE FOR

EVERGREEN PACKAGING (HONG KONG) LIMITED DEBENTURE

The Chargor

	 	 	 	 	 

	SIGNED, SEALED and DELIVERED

by Chiara Brophy 

under power of attorney 

dated 27 April 2010

and thereby executed by

EVERGREEN PACKAGING

(HONG KONG) LIMITED

as its Deed in the presence of:

	 	)

)

)

)

)

)

)

)

)
	 	 

/s/ Chiara Brophy

	 	 	 	 
	 	 
	/s/ Julia Keppe
 	 
	Name of witness: Julia Keppe 	 
	Address of witness: [               ]

Occupation of witness: Solicitor 	 

- 41 -

 

	 	 	 	 	 

The Collateral Agent

	 	 	 	 	 	 	 

	Signed by

	 	 	)	 	 	 
	WILMINGTON TRUST (LONDON)

	 	 	)	 	 	 
	LIMITED

	 	 	)	 	 	 

	 	 	 	 
	 	 
	By:  	 	 
	 	Name:  	 	 
	 	Address: 6 Broad Street Place, London EC2M 7JH, United Kingdom

Fax:  +44 (0)207 614 1122

Attention:  Elaine Lockhart 	 
	 

- 42 -exv4w178

EXHIBIT 4.178

DATED MAY 4, 2010

EVERGREEN PACKAGING INTERNATIONAL B.V.

as the Chargor

in favour of

WILMINGTON TRUST (LONDON) LIMITED

as the Collateral Agent

 

SECURITY OVER SHARES AGREEMENT

 

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

 

CONTENTS

	 	 	 	 	 
	Clause	 	Page	 
	1. Definitions and Interpretation
	 	 	1	 
	2. Covenant to Pay and Charge
	 	 	5	 
	3. Deliverables, Related Assets and release
	 	 	5	 
	4. Voting Rights and Dividends
	 	 	7	 
	5. Chargor’s representations
	 	 	8	 
	6. Chargor’s Undertakings
	 	 	8	 
	7. Further Assurance
	 	 	9	 
	8. Power of Attorney
	 	 	10	 
	9. Security Enforcement
	 	 	11	 
	10. Receivers and Administrators
	 	 	12	 
	11. Effectiveness of Collateral
	 	 	16	 
	12. Delegation
	 	 	18	 
	13. Indemnity and Interest
	 	 	18	 
	14. Application of Proceeds
	 	 	19	 
	15. other Lien
	 	 	19	 
	16. Suspense Accounts and Currency Indemnity
	 	 	19	 
	17. Assignment
	 	 	20	 
	18. Waivers and Counterparts
	 	 	21	 
	19. Notices
	 	 	21	 
	20. Law
	 	 	21	 
	21. Enforcement
	 	 	21	 
	Schedule 1 Form of Acknowledgement from Nominee
	 	 	23	 
	Schedule 2 form of letter of resignation
	 	 	25	 
	Schedule 3 Form of Written Resolutions
	 	 	26	 
	Schedule 4 Form of Letter of Undertaking and Authorisation
	 	 	27	 

- i -

 

THIS AGREEMENT is made by way of deed on May 4, 2010

BETWEEN

	(1)	 	EVERGREEN PACKAGING INTERNATIONAL B.V. a private company with limited liability (besloten
vennootschap met beperkte aansprakelijkheid), incorporated under the laws of The Netherlands,
having its corporate seat (statutaire zetel) in Amsterdam, The Netherlands and its registered
address at Teleportboulevard 140, 1043EJ, Amsterdam, The Netherlands, Chamber of Commerce
registration number 24321403 (the “Chargor”); and
	 
	(2)	 	WILMINGTON TRUST (LONDON) LIMITED in its capacity as collateral agent for the Secured Parties
as appointed under the First Lien Intercreditor Agreement (the “Collateral Agent”).

RECITALS:

	(A)	 	Further to the Credit Agreement (as defined below) certain lenders and financial institutions
have agreed to make available to the borrowers therein certain facilities (the “Facilities”)
on the terms set out in the Credit Agreement.
	 
	(B)	 	Further to the Senior Secured Note Indenture (as defined below), the Issuers (as defined
below) have issued certain notes (the “Notes”).
	 
	(C)	 	The Chargor intends to provide security in respect of the Facilities and the Notes.
	 
	(D)	 	It is intended by the parties to this Agreement that this document will take effect as a deed
despite the fact that a party may only execute this Agreement under hand.
	 
	(E)	 	The Collateral Agent is acting under and holds the benefit of the rights conferred upon it in
this Agreement on trust for the Secured Parties.

IT IS AGREED as follows:

	1.	 	DEFINITIONS AND INTERPRETATION

	1.1	 	Definitions
	 
	 	 	In this Agreement:
	 
	 	 	“Additional Agreement” has the meaning given to that term in the First Lien Intercreditor
Agreement.
	 
	 	 	“Additional Collateral Agent’s Fee Letter” means the fee letter dated 20 January 2010 among
the Collateral Agent and Reynolds Group Holdings Limited as amended, novated, supplemented,
restated or modified from time to time.
	 
	 	 	“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 in the
Credit Agreement prevails.

- 1 -

 

	 	 	“Amendment No. 1 and Joinder Agreement” means the joinder agreement dated 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
as an additional collateral agent and becomes party to the First Lien Intercreditor
Agreement.
	 
	 	 	“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 Hong Kong.
	 
	 	 	“Charged Portfolio” means the Shares and the Related Assets.
	 
	 	 	“Collateral Agent” means Wilmington Trust (London) Limited in its capacity as collateral
agent for the Secured Parties as appointed under the First Lien Intercreditor Agreement, and
its successors, permitted transferees and permitted assigns in such capacity.
	 
	 	 	“Collateral Rights” means all rights, powers and remedies of the Collateral Agent provided
by or pursuant to this Agreement or by law.
	 
	 	 	“Company” means Evergreen Packaging (Hong Kong) Limited, a company incorporated under the
laws of Hong Kong with company number 1112285.
	 
	 	 	“Credit Agreement” means the Credit Agreement dated as of 5 November 2009 among Reynolds
Group Holdings Inc., Reynolds Consumer Products Holdings Inc., SIG Euro Holding AG & Co. KG
aA, Closure Systems International Holdings Inc., Closure Systems International B.V. and SIG
Austria Holding GmbH as borrowers, Reynolds Group Holdings Limited, the lenders from time to
time party thereto and Credit Suisse AG (formerly known as Credit Suisse), as administrative
agent, as amended, extended, restructured, renewed, novated, supplemented, restated,
refunded, replaced or modified from time to time.
	 
	 	 	“Delegate” means a delegate or sub-delegate appointed pursuant to Clause 12 (Delegation) of
this Agreement.
	 
	 	 	“Enforcement Event” means an “Event of Default” under, and as defined in, the First Lien
Intercreditor Agreement.
	 
	 	 	“First Lien Intercreditor Agreement” means the First Lien Intercreditor Agreement dated 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 Amendment
No. 1 and Joinder Agreement which added the Collateral Agent as a collateral agent under the
First Lien Intercreditor Agreement).
	 
	 	 	“Group” means Reynolds Group Holdings Limited and each of its subsidiaries from time to
time.

- 2 -

 

	 	 	“Hong Kong” means the Hong Kong Special Administrative Region of the People’s Republic of
China.
	 
	 	 	“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.
	 
	 	 	“Lien” has the meaning given to such term 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).
	 
	 	 	“Parallel Obligations” 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 the sums owed by such Loan Party to the other Secured Parties (or any of them) under the
Loan Documents.
	 
	 	 	“Principal Finance Documents” means the Credit Agreement, the Senior Secured Note Indenture,
the Intercreditor Arrangements and any Additional Agreement.
	 
	 	 	“Receiver” means a receiver or receiver and manager or, where permitted by law, an
administrative receiver of the whole or any part of the Charged Portfolio and that term will
include any appointee made under a joint and/or several appointment.
	 
	 	 	“Related Assets” means all dividends, interest and other monies payable at any time in
respect of the Shares and all other rights, benefits and proceeds in respect of or derived
from the Shares (whether by way of redemption, bonus, preference, option, substitution,
conversion or otherwise) held by, to the order or on behalf of the Chargor at any time.
	 
	 	 	“Secured Liabilities” means all present and future obligations and liabilities (whether
actual or contingent and whether owed jointly or severally or in any other capacity
whatsoever) of each Loan Party and each grantor of a security interest to the Secured
Parties (or any of them) under each or any of the Loan Documents including in particular,
but not limited to, the Parallel Obligations 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 documents evidencing or
securing any such liabilities provided always that no obligations shall be included in the
definition of “Secured Liabilities” 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

- 3 -

 

	 	 	assistance as contained in Articles 2:98c and 2:207c of the Dutch Civil Code or any other
applicable financial assistance rules under any relevant jurisdiction (the “Prohibition”)
and all provisions hereof will be construed accordingly. For the avoidance of doubt, this
Agreement will continue to secure those obligations which, if included in the definition of
“Secured Liabilities”, would not constitute a violation of the Prohibition.
	 
	 	 	“Secured Parties” means the “Secured Parties” under, and as defined in, the First Lien
Intercreditor Agreement.
	 
	 	 	“Security Documents” means the “Security Documents” under, and as defined in, the First Lien
Intercreditor 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.
	 
	 	 	“Shares” means all of the shares in the Company held by, to the order or on behalf of the
Chargor at any time.

	1.2	 	Terms defined in the First Lien Intercreditor Agreement
	 
	 	 	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 or any notice
given under or in connection with this Agreement.

	1.3	 	Construction

	 	(a)	 	The rules of interpretation contained in the First Lien Intercreditor Agreement
will apply as if incorporated in this Agreement or in any notice given under or in
connection with this Agreement, as if all references in such Clauses to the First Lien
Intercreditor Agreement were a reference to this Agreement or such notice; and
	 
	 	(b)	 	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.
	 
	 	(c)	 	Any reference to the “Collateral Agent”, the “Chargor” or the “Secured Parties”
shall be construed so as to include its or their (and any subsequent) successors and
any permitted transferees or assignees in accordance with their respective interests.

	1.4	 	Acknowledgement by Chargor
	 
	 	 	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, subject to the

- 4 -

 

	 	 	terms of the Principal Finance Documents, the protections, immunities, rights, indemnities
and benefits conferred on the collateral agent under the Principal Finance Documents.
	 
	 	 	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 section 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.

	2.	 	COVENANT TO PAY AND CHARGE

	2.1	 	Covenant to Pay
	 
	 	 	The Chargor covenants with the Collateral Agent that it shall discharge each of the Secured
Liabilities on their due date in accordance with their respective terms.

	2.2	 	Further advances

	 	(a)	 	Subject to the terms of the Loan Documents, each Lender (as defined in the
Credit Agreement) is under an obligation to make further Loans (as defined in the
Credit Agreement) to the Loan Parties and that obligation will be deemed to be
incorporated into this Agreement as if set out in this Agreement.
	 
	 	(b)	 	Subject to the terms of the Loan Documents, each Issuer may issue further Notes
(as defined in the Senior Secured Notes Indenture) to the Loan Parties and that
obligation will be deemed to be incorporated into this Agreement as if set out in this
Agreement.

	2.3	 	Charge
	 
	 	 	The Chargor charges the Charged Portfolio as beneficial owner and by way of first fixed
charge, in favour of the Collateral Agent, as continuing security for the payment and
discharge of the Secured Liabilities.

	3.	 	DELIVERABLES, RELATED ASSETS AND RELEASE

	3.1	 	Deliverables
	 
	 	 	The Chargor will: (i) (in respect of the items referred to in paragraphs (a) and (b) below)
upon the execution of this Agreement; and (ii) (in respect of the items referred to in
paragraphs (c) to (e) below) promptly (and no later than 30 days) following the execution of
this Agreement, deposit (or procure there to be deposited) with the Collateral Agent:

	 	(a)	 	all certificates and other documents of title to the Shares;
	 
	 	(b)	 	undated bought and sold notes and instrument of transfer in respect of the
Shares (in each case executed in blank by or on behalf of the Chargor or any person
acting as its nominee);

- 5 -

 

	 	(c)	 	an undated letter of resignation executed by each director of the Company in
substantially the form set out in Schedule 2 (Form of Letter of Resignation);
	 
	 	(d)	 	undated written resolutions of the board of directors of the Company executed
by all of the directors of the Company in substantially the form set out in Schedule 3
(Form of Written Resolutions); and
	 
	 	(e)	 	a letter of undertaking and authorisation executed by each of the directors of
the Company in substantially the form set out in Schedule 4 (Form of Letter of
Undertaking and Authorisation),

	 	 	and the Chargor will promptly (and no later than ten (10) Business Days) following the issue
of any further shares in the capital of the Company to the Chargor, deliver to the
Collateral Agent each of the documents specified in paragraphs (a) and (b) above in respect
of such additional shares together with (if applicable) an acknowledgement from each person
holding any such shares as the Chargor’s nominee in substantially the form set out in
Schedule 1 (Form of Acknowledgement from Nominee).

	3.2	 	Related Assets
	 
	 	 	The Chargor shall, promptly (and no later than ten (10) Business Days) upon the accrual,
offer or issue of any stocks, warrants or other securities in respect of or derived from the
Shares, procure the delivery to the Collateral Agent of:

	 	(a)	 	all certificates and other documents of title representing such items;
	 
	 	(b)	 	undated bought and sold notes and any instrument of transfer (executed in blank
by or on behalf of the Chargor or any person acting as its nominee) in respect of such
items as the Chargee may request; and
	 
	 	(c)	 	if applicable, an acknowledgement from each person (if any) holding any such
items as the Chargor’s nominee in substantially the form set out in Schedule 1 (Form of
Acknowledgement from Nominee).

	3.3	 	Change of Director
	 
	 	 	The Chargor shall, promptly (and no later than ten (10) Business Days) upon the appointment
of any director of the Company after the date of this Agreement, procure the delivery to the
Collateral Agent of:

	 	(a)	 	an undated letter of resignation executed by such director of the Company in
substantially the form set out in Schedule 2 (Form of Letter of Resignation);
	 
	 	(b)	 	undated written resolutions of the board of directors of the Company executed
by all of the directors of the Company in substantially the form set out in Schedule 3
(Form of Written Resolutions); and
	 
	 	(c)	 	a letter of undertaking and authorisation executed by such director of the
Company in substantially the form set out in Schedule 4 (Form of Letter of Undertaking
and Authorisation).

- 6 -

 

	3.4	 	Dating of Documents
	 
	 	 	The Collateral Agent shall not be entitled to date and complete the undated documents
delivered pursuant to Clauses 3.1 (Deliverables) to 3.3 (Change of Director) above unless
the security created by or pursuant to this Agreement is enforceable in accordance with
Clause 9 (Security Enforcement).

	3.5	 	Release

	 	(a)	 	The security constituted by this Agreement shall be released, reassigned,
re-transferred and cancelled (as applicable):

	 	(i)	 	by the Collateral Agent (acting on the instructions of the
Applicable Representative) at the request and cost of the Chargor, upon the
Secured Liabilities 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
	 
	 	(ii)	 	in accordance with, and to the extent required by, the
Intercreditor Arrangements (to the extent it is possible to give effect to such
arrangements under Hong Kong law).

	 	(b)	 	If the Chargor disposes of any Shares and that disposal is permitted by the
Principal Finance Documents, such Shares shall, unless an Enforcement Event has
occurred and is continuing, be automatically released, reassigned, re-transferred and
cancelled (as applicable) from the security constituted by this Agreement with effect
from the day of such disposal and the Collateral Agent (at the expense and cost of the
Chargor) shall do all such acts which are reasonably requested by the Chargor in order
to release, re-assign, re-transfer and cancel (as applicable) the relevant Shares from
the security constituted by this Agreement. Any or all of the Shares shall also be
released, re-assigned, re-transferred and cancelled (as applicable) in accordance with
and to the extent permitted by the Intercreditor Arrangements.

	4.	 	VOTING RIGHTS AND DIVIDENDS

	4.1	 	Voting rights and dividends before an Enforcement Event
	 
	 	 	If an Enforcement Event is not continuing, the Chargor shall:

	 	(a)	 	be entitled to all dividends, interest and other monies or distributions
arising from the Charged Portfolio to the extent the same are permitted to be paid
under the Principal Finance Documents; and
	 
	 	(b)	 	be entitled to exercise all voting rights in relation to the Charged Portfolio
provided that the Chargor shall not exercise (and shall procure that any nominee acting
on its behalf does not exercise) such voting rights in any manner, or otherwise permit
or agree to any (a) variation of the rights attaching to or conferred by any of the
Shares or (b) increase in the issued share capital of the Company, which would
adversely affect the validity or

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	 	 	 	enforceability of the security created by this Agreement or which would cause the
occurrence of an Enforcement Event.

	4.2	 	Voting rights and dividends after an Enforcement Event
	 
	 	 	If an Enforcement Event has occurred and is continuing, the Collateral Agent may, at its
discretion, (in the name of the Chargor or otherwise and without any further consent or
authority from the Chargor):

	 	(a)	 	exercise (or refrain from exercising) any voting rights in respect of the
Charged Portfolio;
	 
	 	(b)	 	apply all dividends, interest and other monies arising from the Charged
Portfolio in accordance with Clause 14 (Application of Proceeds);
	 
	 	(c)	 	transfer the Charged Portfolio into the name of the Collateral Agent or such
nominee(s) of the Collateral Agent as it shall require; and
	 
	 	(d)	 	exercise (or refrain from exercising) the powers and rights conferred on or
exercisable by the legal or beneficial owner of the Charged Portfolio, including the
right, in relation to the Company, to concur or participate in:

	 	(i)	 	the reconstruction, amalgamation, sale or other disposal of
such company or any of its assets or undertaking (including the exchange,
conversion or reissue of any shares or securities as a consequence thereof),
	 
	 	(ii)	 	the release, modification or variation of any rights or
liabilities attaching to such shares or securities, and
	 
	 	(iii)	 	the exercise, renunciation or assignment of any right to
subscribe for any shares or securities,

	 	 	in each case in the manner and on the terms the Collateral Agent thinks fit, and the
proceeds of any such action shall form part of the Charged Portfolio.

	5.	 	CHARGOR’S REPRESENTATIONS
	 
	 	 	The Chargor represents and warrants that, on the date of this Agreement, with reference to
the facts and circumstances then existing, it is not registered as a non-Hong Kong company
under Part XI of the Companies Ordinance (Cap. 32) of Hong Kong nor has it made any
application to be so registered.

	6.	 	CHARGOR’S UNDERTAKINGS 

	6.1	 	Undertakings

	 	(a)	 	Disposals and Negative pledge
	 
	 	 	 	Unless permitted by this Agreement or the Principal Finance Documents, the Chargor
shall not enter into a single transaction or a series of transactions (whether
related or not) and whether voluntarily or involuntarily, to sell, lease,

- 8 -

 

	 	 	 	transfer or otherwise dispose of the whole or any part of the Charged Portfolio and
will not create or permit to subsist any security interest on any part of the
Charged Portfolio or otherwise deal with any part of the Charged Portfolio, in each
case without the consent of the Collateral Agent (acting on the reasonable
instructions of the Applicable Representative).

	 	(b)	 	Calls on Shares
	 
	 	 	 	The Chargor undertakes to pay all calls or other payments when due in respect of any
part of the Charged Portfolio. If the Chargor fails to make any such payment (of
which the Collateral Agent has actual knowledge) the Collateral Agent may (but shall
not be obliged to) make that payment on behalf of the Chargor and any sums so paid
by the Collateral Agent shall be reimbursed by the Chargor promptly following demand
together with interest on those sums. Such interest shall be calculated from the
date of payment by the Collateral Agent until reimbursed (after, as well as before,
judgment) in accordance with Clause 13.2 (Interest on Demands), provided that the
Collateral Agent shall not be required to make any such payment on behalf of the
Chargor unless and until it shall have been (a) instructed to do so by the
Applicable Representative and (b) indemnified and/or secured and/or pre-funded to
its satisfaction.

	 	(c)	 	Non-Hong Kong company
	 
	 	 	 	If at any time after the date of this Agreement, the Chargor applies to have itself
registered as a non-Hong Kong company under Part XI of the Companies Ordinance (Cap.
32) of Hong Kong, it shall forthwith notify the Collateral Agent. Without prejudice
to the foregoing, upon its being registered as a non-Hong Kong company under Part XI
of the Companies Ordinance (Cap. 32) of Hong Kong, it shall:

	 	(i)	 	forthwith notify the Collateral Agent and provide it with the
details of such registration; and
	 
	 	(ii)	 	promptly (and in any case within five weeks after the date of
such registration) take all steps to comply with the requirements under section
91(5) of the Companies Ordinance (Cap. 32) of Hong Kong in respect of this
Agreement and the security created hereby.

	7.	 	FURTHER ASSURANCE
	 
	7.1	 	Covenant for Further Assurance
	 
	 	 	Subject to the Agreed Security Principles, the Chargor will promptly at its own cost do all
such acts or execute all such documents (including assignments, transfers, mortgages,
charges, notices and instructions) as, upon a reasonable instruction of the Applicable
Representative, the Collateral Agent may specify (and in such form as the Collateral Agent,
upon a reasonable instruction of the Applicable Representative, may require in favour of the
Collateral Agent or its nominee(s) or Delegate) for the purposes of (a) exercising the
Collateral Rights or perfecting the Lien created or intended to be created in respect of the
Charged Portfolio (which may include the execution by the Chargor of a mortgage, charge or
assignment over all or any of the

- 9 -

 

	 	 	assets constituting, or intended to constitute, the Charged Portfolio or the procurement of
an acknowledgement from any nominee holder of any part of the Charged Portfolio
substantially in the form of Schedule 1 (Form of Acknowledgement from Nominee)) or for the
exercise of the rights, powers and remedies of the Collateral Agent provided by or pursuant
to this Agreement or by law; and/or (b) to facilitate the realisation of the Charged
Portfolio in each case in accordance with the rights vested in it under this Agreement. In
addition, the Company shall procure that the relevant particulars of this Agreement are duly
delivered to the Hong Kong Companies Registry for registration promptly upon execution
hereof (and in any event, within five weeks of the date of execution hereof).

	7.2	 	Prescribed Wording
	 
	 	 	The following covenants shall be implied in respect of any action taken by the Chargor to
comply with its obligations under Clause 7.1 (Covenant for Further Assurance):

	 	(a)	 	the Chargor has the right to take such action in respect of the Charged
Portfolio; and
	 
	 	(b)	 	subject to the Agreed Security Principles, the Chargor will at its own cost do
all that it reasonably can to give the Collateral Agent or its nominee or Delegate the
title and/or rights that it purports to give.

	8.	 	POWER OF ATTORNEY
	 
	8.1	 	Appointment and powers
	 
	 	 	The Chargor by way of security irrevocably (within the meaning of Section 4 of the Powers of
Attorney Ordinance (Cap. 31)) appoints the Collateral Agent and any Receiver severally to be
its attorney and in its name, on its behalf and as its act and deed to execute, deliver and
perfect all documents (including, without limitation, any sold notes, any stock transfer
forms and other instruments of transfer in respect of the Shares) and do all things which the
attorney may consider to be required or desirable for:

	 	(a)	 	carrying out any obligation imposed on the Chargor by this Agreement or any
other agreement binding on the Chargor to which the Collateral Agent is a party
(including the execution and delivery of any deeds, charges, assignments or other
security and any transfers of the Charged Portfolio);
	 
	 	(b)	 	enabling the Collateral Agent to exercise, or delegate the exercise of, all or
any of the Collateral Rights; and
	 
	 	(c)	 	enabling any Receiver to exercise, or delegate the exercise of, any of the
rights, powers and authorities conferred on them by or pursuant to this Agreement or by
law,

	 	 	provided always that the Collateral Agent may only be entitled to exercise the powers
conferred upon it by the Chargor under this Clause 8.1 if:

	 	(i)	 	an Enforcement Event has occurred and is continuing; and/or

- 10 -

 

	 	(ii)	 	the Collateral Agent has received notice from the Applicable Representative,
the Loan Parties’ Agent and/or the Chargor that the Chargor has failed to comply with a
further assurance or perfection obligation within 10 Business Days of being notified of
that failure (with a copy of that notice being sent to the Loan Party’s Agent),

	 	 	provided further that the Collateral Agent shall not be obliged to exercise the powers
conferred upon it by the Chargor under this Clause 8.1 unless and until it shall have been
(a) instructed to do so by the Applicable Representative and (b) indemnified and/or secured
and/or prefunded to its satisfaction.

	8.2	 	Ratification
	 
	 	 	The Chargor shall ratify and confirm all things done and all documents executed by any
attorney in the exercise or purported exercise of all or any of his powers.

	9.	 	SECURITY ENFORCEMENT
	 
	9.1	 	Time for Enforcement
	 
	 	 	If an Enforcement Event has occurred and is continuing or if a petition or application is
presented for the making of a winding-up order in relation to the Chargor or if any person
who is entitled to do so gives written notice of its intention to appoint an administrator
of the Chargor or files such a notice with the court or is requested to do so by the
Chargor, save to the extent that such petition, application, notice or filing is not made by
a member of the Group or any director of any member of the Group and is frivolous or
vexatious and is stayed, dismissed or withdrawn within 4 Business Days of such petition,
application, notice or filing being made the security created by or pursuant to this
Agreement is immediately enforceable and the Collateral Agent may, without notice to the
Chargor or prior authorisation from any court, subject to applicable laws, in its absolute
discretion or shall, if so instructed by the Applicable Representative and if indemnified
and/or secured and/or prefunded to its satisfaction:

	 	(a)	 	secure and perfect its title to all or any part of the Charged Portfolio
(including transferring the Charged Portfolio into the name of the Collateral Agent or
its nominees);
	 
	 	(b)	 	enforce all or any part of the Lien created by this Agreement (at the times, in
the manner and on the terms it in its sole discretion thinks fit) and take possession
of and hold, sell, or otherwise dispose of all or any part of the Charged Portfolio (at
the time, in the manner and on the terms it in its sole discretion thinks fit); and
	 
	 	(c)	 	whether or not it has appointed a Receiver, exercise all or any of the powers,
authorisations and discretions conferred by this Agreement on any Receiver or otherwise
conferred by law on chargees or Receivers.

	9.2	 	Power of sale

	 	(a)	 	If an Enforcement Event has occurred and is continuing, the Collateral Agent
shall be entitled, without prior notice to the Chargor or prior authorisation from any
court but subject to applicable laws, to sell or otherwise dispose of

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	 	 	 	all or any part of the Charged Portfolio at the times, in the manner and on the
terms it thinks fit. The Collateral Agent shall in its sole discretion apply the
proceeds of that sale or other disposal in accordance with Clause 14 (Application of
Proceeds).

	 	(b)	 	Any restrictions on the consolidation of security interests constituted by this
Agreement shall be excluded to the fullest extent permitted by law and the Collateral
Agent shall, so far as it shall be lawful, be entitled to consolidate all or any of the
security interests constituted by this Agreement and/or its powers hereunder with any
other security whether in existence at the date of this Agreement or created
thereafter.
	 
	 	(c)	 	A certificate in writing by an officer or agent of the Collateral Agent that
any power of sale or other disposal has arisen and is exercisable shall be conclusive
evidence (in the absence of manifest error) of that fact, in favour of a purchaser of
all or any part of the Charged Portfolio.

	9.3	 	Chargee’s liability
	 
	 	 	Neither the Collateral Agent nor any Receiver will be liable to account as mortgagee or
mortgagee in possession in respect of the Charged Portfolio or be liable for any loss upon
realisation or for any neglect, default or omission of any nature whatsoever in connection
with the Charged Portfolio for which a mortgagee or mortgagee in possession might as such be
liable.

	10.	 	RECEIVERS AND ADMINISTRATORS
	 
	10.1	 	Appointment and removal
	 
	 	 	Subject to applicable laws, at any time after having been requested to do so by the Chargor
or if the security created by this Agreement is enforceable in accordance with Clause 9
(Security Enforcement), the Collateral Agent may by deed or otherwise (acting through an
authorised officer of the Collateral Agent), without prior notice to the Chargor:

	 	(a)	 	appoint one or more persons to be a Receiver of the whole or any part of the
Charged Portfolio;
	 
	 	(b)	 	remove (so far as it is lawfully able) any Receiver so appointed;
	 
	 	(c)	 	appoint another person(s) as an additional or replacement Receiver(s); and
	 
	 	(d)	 	appoint one or more persons to be an administrator of the Chargor.

	10.2	 	Capacity of Receivers
	 
	 	 	Each person appointed to be a Receiver pursuant to Clause 10.1 (Appointment and removal)
will be:

	 	(a)	 	entitled to act individually or together with any other person appointed or
substituted as Receiver;

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	 	(b)	 	for all purposes shall be deemed to be the agent of the Chargor which shall be
solely responsible for his acts, defaults and liabilities and for the payment of his
remuneration and no Receiver shall at any time act as agent for the Collateral Agent;
and
	 
	 	(c)	 	entitled to remuneration for his services at a rate to be fixed by the
Collateral Agent in its sole discretion from time to time.

	10.3	 	Powers of Receivers
	 
	 	 	Every Receiver shall (subject to any restrictions in the instrument appointing him but
notwithstanding any winding-up, bankruptcy, insolvency or dissolution of the Chargor) have
and be entitled to exercise, in relation to the Charged Portfolio in respect of which he was
appointed, and as varied and extended by the provisions of this Agreement and subject to
applicable laws (in the name of or on behalf of the Chargor or in his own name and, in each
case, at the cost of the Chargor):

	 	(a)	 	all the powers and rights of an absolute owner and power to do or omit to do
anything which the Chargor itself could do or omit to do (including without limitation
the right, in relation to the Company, to concur or participate in any of the matters
specified in Clause 4.2(d), in each case in such manner and on such terms as such
Receiver may think fit, and the proceeds of any such action shall form part of such
Charged Portfolio);
	 
	 	(b)	 	the power to delegate (either generally or specifically) the powers,
authorities and discretions conferred on it by this Agreement or any of the Principal
Finance Documents (including the power of attorney) on such terms and conditions as it
shall see fit which delegation shall not preclude either the subsequent exercise any
subsequent delegation or any revocation of such power, authority or discretion by the
Receiver itself; and
	 
	 	(c)	 	the power to do all things (including bringing or defending proceedings in the
name or on behalf of the Chargor) which seem to the Receiver to be incidental or
conducive to:

	 	(i)	 	any of the functions, powers, authorities or discretions
conferred on or vested in him;
	 
	 	(ii)	 	the exercise of any rights, powers and remedies of the
Collateral Agent provided by or pursuant to this Agreement or by law (including
realisation of all or any part of the Charged Portfolio); or
	 
	 	(iii)	 	bringing to his hands any assets of the Chargor forming part
of, or which when got in would be, Charged Portfolio.

	10.4	 	Specific Powers of Receivers
	 
	 	 	Without prejudice to the generality of the foregoing, each Receiver shall (subject to any
restrictions in the instrument appointing him but notwithstanding any winding-up,
bankruptcy, insolvency or dissolution of the Chargor) have the following powers (subject to
applicable laws) in relation to the part of the Charged Portfolio (and any assets which,
when got in, would be part of such Charged Portfolio) in respect of

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	 	 	which he was appointed (and every reference in this Clause 10.4 to the “Charged Portfolio”
shall be read as a reference to that part of the Charged Portfolio in respect of which such
Receiver was appointed):

	 	(a)	 	Take Possession
	 
	 	 	 	power to take immediate possession of, collect and get in all or any part of the
Charged Portfolio including without limitation all dividends, interests and other
monies arising therefrom or accruing thereto (whether before or after the date of
his appointment) and without prejudice to the foregoing, to cause to be registered
all or any part of the Charged Portfolio in its own name or in the name of its
nominee(s) or in the name of any purchaser(s) thereof in each case, provided such
action is (directly or indirectly) in satisfaction of all or part of the Secured
Liabilities;

	 	(b)	 	Proceedings and Claims
	 
	 	 	 	power to bring, prosecute, enforce, defend and abandon applications, claims,
disputes, actions, suits and proceedings in connection with all or any part of the
Charged Portfolio or this Agreement in the name of the Chargor or in his own name
and to submit to arbitration, negotiate, compromise and settle any such
applications, claims, disputes, actions, suits or proceedings and in addition to
take or defend proceedings for the compulsory winding-up of the Chargor and
proceedings for directions under Section 255 of the Companies Ordinance (Cap. 32);

	 	(c)	 	Deal with Charged Portfolio
	 
	 	 	 	power to sell, transfer, convey and/or dispose of all or any part of the Charged
Portfolio (in each case with or without consideration provided such action is
(directly or indirectly) in satisfaction of all or part of the Secured Liabilities)
in such manner and on such terms as he thinks fit;

	 	(d)	 	Voting Rights
	 
	 	 	 	exercise (or refrain from exercising) any or all of the voting rights in respect of
the Charged Portfolio or any part thereof in such manner and on such terms as he
thinks fit;

	 	(e)	 	Appointment and Removal of Directors
	 
	 	 	 	complete, date and put into effect any sold note, instrument of transfer, any letter
of resignation, any undated resolution(s) of the board of directors of the Company
and/or any other document(s) delivered pursuant to Clause 3 (Deliverables, Related
Assets and Release) and to exercise all powers of appointment and/or removal of the
directors of the Company attaching to the Charged Portfolio or any part thereof;

	 	(f)	 	Acquisitions
	 
	 	 	 	power to purchase, lease, hire or otherwise acquire any assets or rights of any
description which he shall in his absolute discretion consider necessary or

- 14 -

 

	 	 	 	desirable for the improvement or realisation of the whole or any part of the Charged
Portfolio or otherwise for the benefit of the whole or any part of the Charged
Portfolio;

	 	(g)	 	Redemption of Security
	 
	 	 	 	power to redeem, discharge or compromise any security on the Charged Portfolio
whether or not having priority to the security constituted by this Agreement or any
part of it;

	 	(h)	 	Covenants, Guarantees and Indemnities
	 
	 	 	 	power to enter into bonds, covenants, guarantees, commitments, indemnities and other
obligations or liabilities as he shall think fit for the purposes of exercising any
rights or powers conferred upon it by this Agreement, to make all payments needed to
effect, maintain or satisfy such obligations or liabilities and to use the company
seal(s) (if any) of the Chargor; and

	 	(i)	 	Exercise of Powers in Chargor’s Name
	 
	 	 	 	power to exercise any of the above powers on behalf of and in the name of the
Chargor (notwithstanding any winding-up, bankruptcy, insolvency or dissolution of
the Chargor) or on his own behalf.

	10.5	 	Consideration
	 
	 	 	The receipt of the Collateral Agent or any Receiver shall be a conclusive discharge to a
purchaser and, in making any sale or disposal of any of the Charged Portfolio or making any
acquisition, the Collateral Agent or any Receiver may do so for such consideration, in such
manner and on such terms as it in its sole discretion thinks fit.

	10.6	 	Protection of purchasers
	 
	 	 	No purchaser or other person dealing with the Collateral Agent or any Receiver shall be
bound to inquire whether the right of the Collateral Agent or such Receiver to exercise any
of its powers has arisen or become exercisable or be concerned with any propriety or
regularity on the part of the Collateral Agent or such Receiver in such dealings.

	10.7	 	Discretions

	 	(a)	 	Any liberty or power which may be exercised or any determination which may be
made under this Agreement by the Collateral Agent or any Receiver may, subject to the
terms and conditions of the Intercreditor Arrangements and to any requirement of
reasonableness required under this Agreement, be exercised or made in its absolute and
unfettered discretion without any obligation to give reasons.
	 
	 	(b)	 	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

- 15 -

 

	 	 	 	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.

	11.	 	EFFECTIVENESS OF COLLATERAL
	 
	11.1	 	Collateral Cumulative
	 
	 	 	The collateral constituted by this Agreement and the Collateral Rights shall be cumulative,
in addition to and independent of every other security which the Collateral Agent or any
other Secured Party may at any time hold for the Secured Liabilities or any rights, powers
and remedies provided by law. No prior security held by the Collateral Agent or any other
Secured Party over the whole or any part of the Charged Portfolio shall merge into the
collateral constituted by this Agreement.

	11.2	 	No Waiver
	 
	 	 	No failure to exercise, nor any delay in exercising, on the part of the Collateral Agent,
any right, power or remedy of the Collateral Agent provided by this Agreement or by law
shall operate as a waiver, nor shall any single or partial exercise of that right, power or
remedy prevent any further or other exercise of that or any other right, power or remedy of
the Collateral Agent provided by this Agreement or by law.

	11.3	 	Illegality, Invalidity, Unenforceability
	 
	 	 	If, at any time, any provision of this Agreement is or becomes illegal, invalid or
unenforceable in any respect under the law of any jurisdiction, neither the legality,
validity or enforceability of the remaining provisions of this Agreement nor the legality,
validity or enforceability of such provision under the law of any other jurisdiction will in
any way be affected or impaired and if any part of the security intended to be created by or
pursuant to this Agreement is invalid, unenforceable or ineffective for any reason, that
shall not affect or impair any other part of the security.

	11.4	 	No liability
	 
	 	 	None of the Collateral Agent, its nominee(s) or any receiver or Delegate appointed pursuant
to this Agreement shall be liable by reason of (a) taking any action permitted by this
Agreement or (b) any neglect or default in connection with the Charged Portfolio or (c) the
taking possession or realisation of all or any part of the Charged Portfolio, except to the
extent provided in the Principal Finance Documents.

	11.5	 	Implied Covenants for Title
	 
	 	 	It shall be implied in respect of Clause 2.3 (Charge) that the Chargor is charging the
Charged Portfolio free from all charges and encumbrances (whether monetary or not) and from
all other rights exercisable by third parties (including liabilities imposed and rights
conferred by or under any enactment).

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	11.6	 	Continuing Lien

	 	(a)	 	The Lien from time to time constituted by this Agreement is a continuing
security and will remain in full force and effect as a continuing security until
released or discharged by the Collateral Agent.
	 
	 	(b)	 	No part of the security from time to time constituted by this Agreement will be
considered satisfied or discharged by any intermediate payment, discharge or
satisfaction of the whole or any part of the Secured Liabilities.

	11.7	 	Immediate recourse
	 
	 	 	The Chargor waives any right it may have of first requiring the Collateral Agent or a
Secured Party to proceed against or enforce any other rights or Lien or claim payment from
any person before claiming from the Chargor under this Agreement. This waiver applies
irrespective of any law or any provision of this Agreement to the contrary.

	11.8	 	Avoidance of Payments
	 
	 	 	Notwithstanding Clause 3.5 (Release) if the Collateral Agent considers that any amount paid
or credited to it is capable of being avoided or reduced by virtue of any bankruptcy,
insolvency, liquidation or similar laws the liability of the Chargor under this Agreement
and the security constituted by this Agreement shall continue and that amount shall not be
considered to have been irrevocably paid.

	11.9	 	Waiver of defences
	 
	 	 	The obligations of the Chargor under this Agreement and the Collateral Rights will not be
affected by any act, omission, matter or thing which, but for this Clause 11.9 (Waiver of
defences), would reduce, release or prejudice any of its obligations under this Agreement
and this Lien and whether or not known to the Chargor or the Collateral Agent or any Secured
Party including:

	 	(a)	 	any time, waiver or consent granted to, or composition with, any Loan Party or
other person;
	 
	 	(b)	 	the release of any other Loan Party or any other person under the terms of any
composition or arrangement with any creditor of any Loan Party;
	 
	 	(c)	 	the taking, variation, compromise, exchange, renewal or release of, or refusal
or neglect to perfect, take up or enforce, any rights against, or Lien over assets of,
any Loan Party or other person or any non-presentment or non-observance of any
formality or other requirement in respect of any instruments or any failure to realise
the full value of any other Lien;
	 
	 	(d)	 	any incapacity or lack of powers, authority or legal personality of or
dissolution or change in the members or status of, any Loan Party or any other person;
	 
	 	(e)	 	any amendment, novation, supplement, extension (whether of maturity or
otherwise) or restatement (in each case however fundamental and of

- 17 -

 

	 	 	 	whatsoever nature, and whether or not more onerous) or replacement of Loan Document
or any document or security or of the Secured Liabilities;

	 	(f)	 	any unenforceability, illegality or invalidity of any obligation of any person
under any Loan Document or any other document or security or of the Secured
Liabilities; or
	 
	 	(g)	 	any insolvency or similar proceedings.

	12.	 	DELEGATION
	 
	 	 	Subject to Section 4.05 of the First Lien Intercreditor Agreement (to the extent permitted
by Hong Kong law), each of the Collateral Agent and any Receiver shall have full power to
delegate (either generally or specifically) the powers, authorities and discretions
conferred on it by this Agreement (including the power of attorney) on such terms and
conditions as it in its sole discretion shall see fit which delegation shall not preclude
either the subsequent exercise, any subsequent delegation or any revocation of such power,
authority or discretion by the Collateral Agent or the Receiver itself.

	13.	 	INDEMNITY AND INTEREST
	 
	13.1	 	Indemnity
	 
	 	 	To the extent set out in Section 4.11 of the First Lien Intercreditor Agreement and in the
Additional Collateral Agent’s Fee Letter, the Chargor shall, notwithstanding any release or
discharge of all or any part of the security constituted by this Agreement, indemnify the
Collateral Agent, its agents, attorneys, any Delegate and any Receiver against any action,
proceeding, claims, losses, liabilities, expenses, demands, taxes, and costs which it may
sustain as a consequence of any breach by the Chargor of the provisions of this Agreement,
the exercise or purported exercise of any of the rights and powers conferred on them by this
Agreement or otherwise relating to the Charged Portfolio.

	13.2	 	Interest on Demands
	 
	 	 	Section 2.07 (Default Interest) of the Credit Agreement applies to amounts which the Chargor
fails to pay under this Agreement provided that such rate shall not exceed 2 per cent. per
annum.

	13.3	 	Payments Free Of Deduction
	 
	 	 	Section 2.20 (Taxes) of the Credit Agreement applies to this Agreement, save that, for the
purposes of this Agreement only, the references in Section 2.20 (Taxes) of the Credit
Agreement to “a Loan Party”, “that Loan Party” and “Each Loan Party” shall be replaced with
“the Chargor”. The exceptions to, and exclusions from, Section 2.20 (Taxes) of the Credit
Agreement contained in the Loan Documents (including, without limitation Schedule 10.03 of
the Credit Agreement) apply to the incorporation of Section 2.20 (Taxes) of the Credit
Agreement in this Agreement.

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	14.	 	APPLICATION OF PROCEEDS
	 
	 	 	All moneys received or recovered by the Collateral Agent or any Receiver pursuant to this
Agreement or the powers conferred by it shall (subject to the claims of any person having
prior rights thereto) be applied in accordance with Section 2.01 of the First Lien
Intercreditor Agreement save that any amount received or recovered in excess of the Secured
Liabilities shall be returned to the Chargor.

	15.	 	OTHER LIEN
	 
	15.1	 	Redemption or transfer
	 
	 	 	In the event of any action, proceeding or step being taken to exercise any powers or
remedies conferred by any prior ranking Lien in case of exercise by the Collateral Agent or
any Receiver or any Delegate of any power of sale under this Agreement the Collateral Agent
may redeem such prior Lien or procure the transfer thereof to itself.

	15.2	 	Accounts
	 
	 	 	The Collateral Agent may settle and pass the accounts of the prior Lien and any accounts so
settled and passed will be conclusive and binding on the Chargor.

	15.3	 	Costs of redemption or transfer
	 
	 	 	All principal monies, interest, costs, charges and expenses of and incidental to any
redemption or transfer will be paid by the Chargor to the Collateral Agent on demand
together with accrued interest thereon as well as before judgment at the rate from time to
time applicable to unpaid sums specified in the Credit Agreement from the time or respective
times of the same having been paid or incurred until payment thereof (after as well as
before judgment).

	15.4	 	Subsequent Interests
	 
	 	 	If the Collateral Agent (acting in its capacity as security trustee or otherwise) or any of
the Secured Parties at any time receives notice or is deemed to have received notice of any
subsequent Lien affecting all or any part of the Charged Portfolio or any assignment or
transfer of the Charged Portfolio which in either case is prohibited by the terms of this
Agreement or the Principal Finance Documents, all payments made by the Chargor to the
Collateral Agent or any of the Secured Parties after that time shall be treated as having
been credited to a new account of the Chargor and not as having been applied in reduction of
the Secured Liabilities as at the time when the Collateral Agent received notice.

	16.	 	SUSPENSE ACCOUNTS AND CURRENCY INDEMNITY
	 
	16.1	 	Suspense Accounts
	 
	 	 	All monies received, recovered or realised by the Collateral Agent under this Agreement
(including the proceeds of any conversion of currency) may in the discretion of the
Collateral Agent be credited to any interest bearing suspense or impersonal account
maintained with the Collateral Agent or any bank, building society or financial institution
as it considers appropriate and may be held in such

- 19 -

 

	 	 	account for so long as the Collateral Agent may think fit (acting on the instructions of the
Applicable Representative) pending their application from time to time (as the Collateral
Agent is entitled to do in its discretion) in or towards the discharge of any of the Secured
Liabilities and save as provided herein no party will be entitled to withdraw any amount at
any time standing to the credit of any suspense or impersonal account referred to above.

	16.2	 	Currency Indemnity

	 	(a)	 	The Secured Liabilities shall be paid in the currency in which it is
denominated at the relevant time, unless the Loan Documents provide otherwise.
	 
	 	(b)	 	If any Secured Liabilities is received from the Chargor in a currency (“first
currency”) other than the currency (“second currency”) in which it is payable (whether
as a result of obtaining or enforcing an order or judgment, the dissolution of any
person or otherwise), the amount received shall only satisfy the Chargor’s obligation
to pay its Secured Liabilities to the extent of the amount in the second currency which
the relevant Secured Party is able, in accordance with its usual practice, to purchase
with the amount received in the first currency on the date of that receipt (or, if it
is not possible to make that purchase on that date, on the first date upon which it is
possible to do so).
	 
	 	(c)	 	Subject to Section 9.05 of the Credit Agreement, the Additional Collateral
Agent’s Fee Letter and the terms of the Principal Finance Documents, the Chargor
indemnifies each Secured Party against:

	 	(i)	 	any loss sustained by it as a result of the amount purchased by
it in the second currency pursuant to 16.2(b) above being less than the amount
due; and
	 
	 	(ii)	 	all costs and expenses properly incurred by it in purchasing
the second currency,

	 	 	 	in respect of any Secured Liabilities received from the Chargor.

	 	(d)	 	The Chargor shall pay to the relevant Secured Party, promptly upon demand, in
the currency stipulated, all amounts payable pursuant to such indemnity.

	17.	 	ASSIGNMENT
	 
	17.1	 	Permitted Successors
	 
	 	 	The Collateral Agent may assign and transfer all or any of its rights and obligations under
this Agreement to facilitate the performance of its role as Collateral Agent under the Loan
Documents in accordance with the Intercreditor Arrangements. This Agreement shall be binding
upon and shall inure to the benefit of each party and its direct or subsequent legal
successors, permitted transferees and assigns.

- 20 -

 

	17.2	 	Collateral Agent Successors
	 
	 	 	This Agreement shall remain in effect despite any amalgamation or merger (however effected)
relating to the Collateral Agent; and references to the Collateral Agent shall include any
assignee or successor in title of the Collateral Agent and any person who, under the laws of
its jurisdiction of incorporation or domicile, has assumed the rights and obligations of the
Collateral Agent under this Agreement or to which, under such laws, those rights and
obligations have been transferred.

	17.3	 	Disclosure
	 
	 	 	Subject to Section 9.16 of the Credit Agreement and the terms of the Principal Finance
Documents, the Collateral Agent shall be entitled to disclose such information concerning
the Chargor or any other person and this Agreement as the Collateral Agent considers
appropriate to any actual or proposed direct or indirect successor or to any person to whom
information may be required to be disclosed by applicable law.

	18.	 	WAIVERS AND COUNTERPARTS
	 
	18.1	 	Waivers
	 
	 	 	No waiver by the Collateral Agent of any of its rights under this Agreement shall be
effective unless given in writing.

	18.2	 	Counterparts
	 
	 	 	This Agreement may be executed in any number of counterparts, and this has the same effect
as if the signatures on the counterparts were on a single copy of this Agreement.

	19.	 	NOTICES
	 
	 	 	All notices and other communications provided under this Agreement shall be served in
accordance with the provisions of the First Lien Intercreditor Agreement.

	20.	 	LAW
	 
	 	 	This Agreement and any non-contractual obligations arising out of or in connection with it
are governed by Hong Kong law.

	21.	 	ENFORCEMENT
	 
	21.1	 	Jurisdiction of Hong Kong Courts

	 	(a)	 	The courts of Hong Kong have exclusive jurisdiction to settle any dispute (a
“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) or any non-contractual obligations arising out of or in connection with
this Agreement.

- 21 -

 

	 	(b)	 	The parties agree that the courts of Hong Kong are the most appropriate and
convenient courts to settle Disputes and accordingly no party will argue to the
contrary.
	 
	 	(c)	 	This Clause 21 (Enforcement) is for the benefit of the Collateral Agent only.
As a result and notwithstanding Clause 21.1(a), it does not prevent the Collateral
Agent from taking proceedings relating to a Dispute in any other courts with
jurisdiction. To the extent allowed by law, the Collateral Agent may take concurrent
proceedings in any number of jurisdictions.

	21.2	 	Service of process
	 
	 	 	Without prejudice to any other mode of service allowed under any relevant law, the Chargor:

	 	(a)	 	irrevocably appoints the Company as its agent for service of process in
relation to any proceedings before the Hong Kong courts in connection with this
Agreement; and
	 
	 	(b)	 	agrees that failure by an agent for service of process to notify the Chargor of
the process will not invalidate the proceedings concerned.

THIS AGREEMENT has been signed on behalf of the Collateral Agent and has been executed and is
intended to be and is hereby delivered by the Chargor as a deed on the date specified above.

- 22 -

 

SCHEDULE 1

FORM OF ACKNOWLEDGEMENT FROM NOMINEE

	To:  	 	Wilmington Trust (London) Limited, as Collateral Agent

Dear Sirs,

At the request of Evergreen Packaging International B.V. (the “Chargor”), I/we hereby:

	1.	 	warrant and confirm that I am/we are the registered holder(s) of [insert number and
description of relevant Shares and/or Related Assets] in Evergreen Packaging (Hong Kong)
Limited (the “Share[s]”) and am/are holding the Share[s] as nominee for and on behalf of the
Chargor;
	 
	2.	 	acknowledge that the Chargor has, pursuant to a security over shares agreement (the “Share
Charge”) dated [ • ] between the Chargor and you as Collateral Agent, charged the Share[s] in
favour of you as security upon the terms and conditions specified therein;
	 
	3.	 	undertake that I/we shall, upon and at all times after the enforcement of the security
constituted by the Share Charge in respect of the Share[s], hold the Share[s] on trust for you
(or any other person whom you may nominate);
	 
	4.	 	undertake that I/we shall, upon being requested by you to do so, upon the enforcement of the
security constituted by the Share Charge, transfer the legal title in the Share[s] to you (or
any other person whom you may nominate) and do all acts and execute all documents as may be
necessary and/or as you may require for such purpose; and
	 
	5.	 	irrevocably and unconditionally appoint each of you and any Receiver (as defined in the Share
Charge) severally to be my/our attorney on the terms of Clauses 8 (Power of Attorney) and
Clause 12 (Delegation) of the Share Charge (mutatis mutandis) as if I was/we were the Chargor,
and undertake to execute such further powers of attorney in such form as you may require
(acting on the reasonable instructions of the Applicable Representative) from time to time.

Dated:

[in the case where the relevant nominee is a company incorporated in Hong Kong or a company
incorporated outside Hong Kong which has a company seal]

	 	 	 	 	 
	THE COMMON SEAL of

	 	 	)	 
	[name of relevant nominee]

	 	 	)	 
	was hereunto affixed

	 	 	)	 
	in the presence of

	 	 	)	 

- 23 -

 

[in the case where the relevant nominee is a company outside Hong Kong which does not have any
company seal]

	 	 	 	 	 	 	 
	SIGNED, SEALED and DELIVERED

	 	 	)	 	 	 
	as a DEED by

	 	 	)	 	 	 
	[name of relevant authorised signatory]

	 	 	)	 		 
	for and on behalf of

	 	 	)	 	 	 
	[name of relevant nominee]

	 	 	)	 	 	 
	in the presence of

	 	 	)	 	 	 

Witness:

[in the case where the relevant nominee is an individual]

	 	 	 	 	 	 	 
	SIGNED, SEALED and DELIVERED

	 	 	)	 	 	 
	as a DEED by

	 	 	)	 	 	 
	[name of relevant nominee]

in the presence of

	 	 	)
)	 		 
	

	 	 	 	 	 	 

Witness:

- 24 -

 

SCHEDULE 2

FORM OF LETTER OF RESIGNATION

To: The Board of Directors

      Evergreen Packaging (Hong Kong) Limited (the “Company”)

      [insert address of registered office of the Company]

Date: [to be left blank]

Dear Sirs,

Security over Shares Agreement dated [ • ] between Evergreen Packaging International B.V. as
Chargor and Wilmington Trust (London) Limited as Collateral Agent in respect of the shares in the
Company Resignation

I hereby tender my unconditional and irrevocable resignation as a director of the Company with
effect from the date of this letter. I confirm that:

	1.	 	I have no claims whatsoever against the Company or any of its subsidiaries or associated
companies (if any) on any account (whether for loss of office or for fees or otherwise
howsoever), provided that this letter is delivered without prejudice to any rights I have for
accrued remuneration owing pursuant to my employment contract with the Company or for any
claim I may have in respect of company pensions; and
	 
	2.	 	there is no outstanding agreement or arrangement with the Company or any of its subsidiaries
or associated companies (if any) under which the Company or any of such subsidiaries or
associated companies has or would have any obligation to me whether now or in the future or
under which I would derive any benefit other than any amounts due pursuant to my contract of
employment with the Company and related employer pension benefits.

	 	 	 	 	 	 	 
	SIGNED, SEALED and DELIVERED

	 	 	)	 	 	 
	as a DEED by

	 	 	)	 	 	 
	[name of director]

in the presence of

	 	 	)

)	 		 

Name, address and signature of witness

Signature:

Name:

Address:

- 25 -

 

SCHEDULE 3

FORM OF WRITTEN RESOLUTIONS

EVERGREEN PACKAGING (HONG KONG) LIMITED (the “Company”)

WRITTEN RESOLUTIONS OF THE BOARD OF DIRECTORS OF THE COMPANY

Dated: [to be left blank]

IT IS RESOLVED THAT:

	1.	 	the following transfer of the shares in the Company be approved and that, upon the delivery
to any director of the Company of a duly completed instrument of transfer in respect of any of
the following transfers, the name of the relevant transferee be entered forthwith in the
register of members of the Company in respect of the relevant shares so transferred and that
new share certificates in respect of such shares be issued forthwith to such transferee in
accordance with the Articles of Association of the Company:

	 	•	 	transfer of [to be left blank] shares in the Company from Evergreen Packaging
International B.V. (or its nominee(s) or successor(s) for the time being) to the
Collateral Agent (as defined in the Share Charge) for the time being under the Share
Charge or any person(s) nominated by the Collateral Agent in writing;

	 	 	For the purpose of this paragraph 1, the “Share Charge” means the security over shares
agreement dated [ • ] and made between Evergreen Packaging International B.V. as Chargor and
Wilmington Trust (London) Limited as Collateral Agent (as amended from time to time).

	2.	 	each of the following persons be appointed as an additional director of the Company with
immediate effect:
	 
	 	 	[to be left blank]

	3.	 	the resignation of the following persons as directors of the Company be accepted with
immediate effect:
	 
	 	 	[to be left blank]

	4.	 	the above changes in directorships of the Company be notified to the Hong Kong Companies
Registry as soon as shall be practicable and that any director or the secretary of the Company
be authorised to sign and deliver any relevant return in connection therewith.

[all the directors of the Company to state their names and sign]

- 26 -

 

SCHEDULE 4

FORM OF LETTER OF UNDERTAKING AND AUTHORISATION

	To: [the Collateral Agent]

Dear Sirs,

Security over Shares Agreement dated [ • ] between Evergreen Packaging International B.V. as
Chargor and Wilmington Trust (London) Limited as Collateral Agent (the “Share Charge”) in respect
of the shares in Evergreen Packaging (Hong Kong) Limited (the “Company”)

I hereby unconditionally and irrevocably:

	1.	 	undertake to procure, to the extent of my powers as a director of the Company, that any or
all of the shares in the Company which are charged to you pursuant to the Share Charge shall
upon your request, at any time if the security constituted by the Share Charge is enforceable
in accordance with its terms, be promptly registered in the name of yourself or (at your
request) any person(s) whom you may nominate; and
	 
	2.	 	authorise each of you and any other person(s) authorised by you severally to complete, date
and put into effect:

	 	(a)	 	the attached letter of resignation signed by me;
	 
	 	(b)	 	the attached written resolutions of the board of directors of the Company
signed by me; and
	 
	 	(c)	 	any other document signed by me and delivered pursuant to Clause 3
(Deliverables, Related Assets and Release) of the Share Charge,

	 	 	in each case, at any time if the security constituted by the Share Charge is enforceable in
accordance with its terms.

Dated:

	 	 	 	 	 	 	 
	SIGNED, SEALED and DELIVERED

	 	 	)	 	 	 
	as a DEED by

	 	 	)	 	 	 
	[name of relevant director]

in the presence of

	 	 	)

)	 		 

Name, address and signature of witness

Signature:

Name:

Address:

- 27 -

 

EXECUTION PAGE FOR

EVERGREEN PACKAGING INTERNATIONAL B.V. SECURITY OVER SHARES AGREEMENT

Chargor

	 	 	 	 	 	 	 
	SIGNED, SEALED and DELIVERED as a DEED

	 	 	)	 	 	 
	by
	 	 	 	 	 	 
	EVERGREEN PACKAGING INTERNATIONAL

	 	 	)	 	 	 
	B.V.

	 	 	)	 		 
	acting by Chiara Brophy

	 	 	)	 	 	 
	 

	 	 	)	 	 	 

/s/ Chiara Brophy

Collateral Agent

WILMINGTON TRUST (LONDON) LIMITED

	 	 	 	 	 
	 	 
	By:  	/s/ Elaine Lockhart	 
	 	Name:  	Elaine Lockhart 	 
	 
	 	Address:	        6 Broad Street Place

London EC2M 7JH

United Kingdom
	 
	 	Fax:  	+44 (0)207 614 1122	 
	 
	 	Attention:  	 Elaine Lockhart	 
	 

- 28 -

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