Document:

exv4w347

EXHIBIT
4.347

AMENDMENT AGREEMENT NO. 3

dated 1 February 2011

for

CLOSURE SYSTEMS INTERNATIONAL B.V.

as Chargor

and

WILMINGTON TRUST (LONDON) LIMITED

as Chargee

 

RELATING TO A

QUOTA CHARGE AGREEMENT

DATED 29 JANUARY 2010 AS AMENDED ON 4 MAY 2010

AND ON 16 NOVEMBER 2010

 

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

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

 

 

THIS AMENDMENT AGREEMENT (the “Agreement”) is made on 1 February 2011

BETWEEN:

	(1)	 	Closure Systems International B.V., a private company with limited liability incorporated
under the laws of The Netherlands, having its seat as at the date of this Agreement at
Teleportboulevard 140, 1043 EJ Amsterdam, The Netherlands, registered with the Chamber of
Commerce in Amsterdam, The Netherlands, under registration number 34291082, as owner of the
Quota (as defined below) and chargor under this Agreement (hereinafter referred to as the
“Chargor”);
	 
	 	 	and
	 
	(2)	 	Wilmington Trust (London) Limited, acting as chargee under this Agreement, in its capacity as
collateral agent acting on behalf and for the benefit of the Secured Parties (as defined
below), as appointed under the First Lien Intercreditor Agreement and authorised to represent
their joint and several rights in connection with this Agreement (hereinafter, with its
successors, permitted transferees and permitted assign in such capacity, referred to as the
“Collateral Agent” or the “Chargee”);
	 
		 	(1) and (2) are together hereinafter referred to as the “Parties” and “Party” means any of
them, as the context may require.
	 
	This Agreement is hereby acknowledged and accepted by:
	 
	(3)	 	Closure Systems International Holdings (Hungary) Vagyonkezelo Korlátolt Felelosségu Társaság,
a limited liability company incorporated under the laws of Hungary, having its registered
office as at the date of this Agreement at Berényi út 72-100., 8000 Székesfehérvár, Hungary,
registered with the Fejér County Court acting as court of registration under registration
number Cg. 07-09-015084, (hereinafter referred to as the “Company”).

RECITALS:

	(A)	 	The Parties hereby declare that the Quota Charge Agreement (as defined below) was
originally concluded on 29 January 2010 between the Chargee and the Chargor, pursuant to both
(i) a credit agreement dated 5 November 2009 (as subsequently amended) between among others
Reynolds Group Holdings Inc., Reynolds Consumer Products Holdings Inc., Closure Systems
International Holdings Inc., SIG Euro Holding AG & Co KGaA, SIG Austria Holding GmbH, Pactiv
Corporation, Closure Systems International BV, the other borrowers party thereto, the lenders
from time to time parties thereto, and Credit Suisse AG (formerly known as Credit Suisse) as
administrative agent (the “Credit Agreement”) and (ii) an indenture dated 5 November 2009
between, among others, Reynolds Group Escrow LLC, Reynolds Group DL Escrow Inc. and The Bank
of New York Mellon, as trustee, principal paying agent, transfer agent and registrar, as
modified, amended or supplemented from time to time (the “2009 Indenture”), and the Quota
Charge Agreement was amended pursuant to an indenture dated 15 October 2010 between, among
others, RGHL US Escrow I Inc., RGHL US Escrow I LLC and RGHL

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	 	 	Escrow Issuer (Luxembourg) I S.A.
and The Bank of New York Mellon, as trustee,
principal paying agent, transfer agent, registrar and collateral agent and Wilmington Trust
(London) Limited as additional collateral agent (the “2010 Indenture”).
	 
	(B)	 	In connection with the Credit Agreement, the 2009 Indenture and the 2010 Indenture
certain parties have entered into a first lien intercreditor agreement dated 5 November 2009
between, among others, The Bank of New York Mellon as trustee under the 2009 Indenture, Credit
Suisse AG as representative under the Credit Agreement and each grantor that are parties
thereto, as subsequently amended by Amendment No. 1 and Joinder Agreement dated 21 January
2010, which added the Collateral Agent as a collateral agent under the First Lien
Intercreditor Agreement (the “First Lien Intercreditor Agreement”).
	 
	(C)	 	Pursuant to an indenture (the “February 2011 Secured Notes Indenture”) dated on or
about the date of this Agreement and entered into between, among others the Issuers (as
defined below), The Bank of New York Mellon, as trustee, principal paying agent, transfer
agent, registrar and collateral agent and Wilmington Trust (London) Limited as additional
collateral agent, certain secured notes (the “February 2011 Secured Notes”) were issued by the
Issuers.
	 
	(D)	 	The obligations in respect of the February 2011 Secured Notes Indenture and any
Senior Secured Note Documents (as defined therein) will or have been designated as “Additional
Obligations” under, and in accordance with, section 5.02(c) of the First Lien Intercreditor
Agreement (the “Secured Notes Designation”).
	 
	(E)	 	As a consequence of the issue of the February 2011 Secured Notes, the Parties agreed
to amend the Quota Charge Agreement and enter into this Agreement.

IT IS AGREED as follows:

	1.	 	DEFINITIONS AND INTERPRETATION
	 
	1.1	 	Definitions
	 
	 	 	In this Agreement:
	 
	 	 	“Issuers” means Reynolds Group Issuer LLC, Reynolds Group Issuer Inc. and Reynolds Group
Issuer (Luxembourg) S.A. and their respective successors in interest and assigns.
	 
	 	 	“Quota Charge Agreement” means the quota charge agreement concluded in the form of a
notarial deed dated 29 January 2010, as amended on 4 May 2010 and on 16 November 2010
between the Chargor and the Chargee.
	 
	1.2	 	Incorporation of defined terms

	 	(a)	 	Unless a contrary indication appears, a term defined in the First Lien
Intercreditor Agreement and in the Quota Charge Agreement has the same meaning in this
Agreement and in any notice given under this Agreement.

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	 	(b)	 	The principles of construction set out in the Quota Charge Agreement shall have
effect as if set out in this Agreement.

	1.3	 	Clauses
	 
	 	 	In this Agreement any reference to a “Clause” or a “Schedule” is, unless the context
otherwise requires, a reference to a Clause or a Schedule to this Agreement.
	 
	2.	 	AMENDMENTS TO THE QUOTA CHARGE AGREEMENT
	 
	 	 	With effect from the date of this Agreement:

	 	(a)	 	The following new definitions shall be inserted in clause 1.1 (Definitions) of
the Quota Charge Agreement in alphabetical order:
	 
	 	 	 	““February 2011 Issuers” means the “Issuers” under, and as defined in, the February
2011 Secured Notes Indenture, including their successors in interest.”
	 
	 	 	 	““February 2011 Secured Notes Indenture” means the indenture dated 1 February 2011,
among the February 2011 Issuers and The Bank of New York Mellon, as trustee,
principal paying agent, transfer agent, registrar and collateral agent and
Wilmington Trust (London) Limited as additional collateral agent, as amended,
extended, restructured, renewed, refunded, novated, supplemented, restated,
replaced or modified from time to time, attached as Part VII of Schedule 3
(February 2011 Secured Notes Indenture) to this Agreement.”
	 
	 	 	 	““May 2010 Incremental Assumption and Amendment Agreement” means
the amendment no. 2 and incremental term loan assumption agreement dated 4 May
2010 entered into between, among others, Reynolds Group Holdings Inc.,
Reynolds Consumer Products Holdings Inc., Closure Systems International
Holdings Inc., SIG Euro Holding AG & Co. KGAA, SIG Austria Holding GmbH and
Closure Systems International B.V. as borrowers, Reynolds Group Holdings
Limited, the Guarantors from time to time party thereto (as defined therein),
the Lenders from time to time party thereto, the Incremental U.S. Term Lenders
(as defined therein), the other Lenders party thereto and the Administrative
Agent (as defined therein), as amended, novated, supplemented, restated or
modified from time to time, the text of which is attached as Part IV of
Schedule 1 (Incremental Assumption and Amendment Agreement) to this
Agreement.”
	 
	 	 	 	““September 2010 Incremental Assumption and Amendment Agreement” means the
amendment no. 3 and incremental term loan assumption agreement dated 30
September 2010 entered into between, among others, Reynolds Group Holdings
Inc., Reynolds Consumer Products Holdings Inc., Closure Systems International
Holdings Inc., SIG Euro Holding AG & Co. KGAA, SIG Austria Holding GmbH and
Closure Systems International B.V. as borrowers, Reynolds Group Holdings
Limited, the Guarantors from time to

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	 	 	 	 time party thereto (as defined therein),
the Lenders from time to time party thereto, the Incremental U.S. Term Lenders
(as defined therein), the other Lenders party thereto and the Administrative
Agent (as defined therein), as amended, novated, supplemented, restated or
modified from time to time, the text of which is attached as Part IV of
Schedule 3 (Incremental Assumption and Amendment Agreement) to this
Agreement.”
	 
	 	(b)	 	The definition of “Incremental Assumption and Amendment Agreement” in clause
1.1 (Definitions) of the Quota Charge Agreement shall be deleted.
	 
	 	(c)	 	Clause 2.1 (i) of the Quota Charge Agreement shall be replaced with the
following wording:

	 	(i)	 	“USD 7,850,000,000 (that is seven billion eight hundred and fifty
million U.S. $) and EUR 780,000,000 (that is seven hundred and eighty million
euro) (the “Secured Principal”); plus”

	 	(d)	 	Schedule 3 of the Quota Charge Agreement shall be supplemented with Schedule A
(Part VI of Schedule 3 (February 2011 Secured Notes Indenture)) of this Agreement.

	3.	 	REGISTRATION OF CHANGES
	 
	3.1	 	The Chargor shall file with the Court of Registration an extract of this Agreement,
attached as Schedule B (Form of the Extract of this Quota Charge Agreement) (the “Extract”)
within 10 (ten) Business Days of the date of this Agreement, in order to inform the Court of
Registration of the amendment of the Quota Charge Agreement.
	 
	3.2	 	The Parties hereby authorise Oppenheim Ügyvédi Iroda (1053 Budapest, Károlyi Mihály
u. 12., Hungary) to act before the Court of Registration in connection with the filing
(including but not limited to sign any documents in relation thereto) of the Extract with the
Court of Registration.
	 
	4.	 	CONTINUITY AND FURTHER ASSURANCE
	 
	4.1	 	Continuing obligations
	 
	 	 	The provisions of the Quota Charge Agreement shall, save as amended by this Agreement,
continue in full force and effect.
	 
	4.2	 	Further assurance
	 
	 	 	The Chargor shall, at the reasonable request of the Chargee and at its own expense, do
all such acts and things necessary to give effect to the amendments effected or to be
effected pursuant to this Agreement.
	 
	5.	 	INCORPORATION OF TERMS
	 
	 	 	The provisions of clause 8 (Remedies and waivers), clause 9 (Severability), clause 13
(Notices) and clause 15 (Jurisdiction) of the Quota Charge Agreement shall be

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	 	 	incorporated
into this Agreement as if set out in full in this Agreement and as if references in those
clauses to “this Agreement” are references to this Agreement.
	 
	6.	 	GOVERNING LAW
	 
	 	 	This Agreement is governed by Hungarian law.
	 
	7.	 	RIGHTS OF THE COLLATERAL AGENT
	 
	 	 	Notwithstanding anything contained herein, the Parties agree that this Agreement shall
be deemed a “Security Document” for the purposes of and as defined in the First Lien
Intercreditor Agreement (and for no other purpose) and accordingly each of the protections,
immunities, rights, indemnities and benefits conferred on the Collateral Agents under the
Quota Charge Agreement and the First Lien Intercreditor Agreement shall continue in full
force and effect and shall apply to this Agreement as if set out in full herein.

[Certification of the Public Notary and the related powers of attorney inserted]

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SCHEDULE A

“SCHEDULE 3

Part VI

February 2011 Secured Notes Indenture”

(To Be Inserted)

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SCHEDULE B

ÜZLETRÉSZ
ZÁLOGSZERZODÉST MÓDOSÍTÓ SZERZŐDÉS KIVONATA

EXTRACT OF THE AMENDMENT TO THE QUOTA CHARGE AGREEMENT

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

II. 1. ea) pontjának figyelembe vételével

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

Company Registration and Winding-up Proceedings

(a továbbiakban: “Kivonat”) amely az alábbi felek között készült Budapesten, 2011. február 1.
napján létrejött módosító szerzodés (a továbbiakban: “Szerzodős”) alapján:

(hereinafter referred to as the “Extract”), which has been prepared on the basis of the
amendment agreement entered into by and between the parties named below in Budapest on 1
February 2011 (hereinafter referred to as the “Agreement”):

	(1)	 	A Wilmington Trust (London) Limited, amelynek székhelye 6 Broad Street Place, London EC2M
7JH, Egyesült Királyság cím alatt található, képviseli __________________________,
meghatalmazás alapján,
	 
	(1)	 	Wilmington Trust (London) Limited, having its registered office at: 6
Broad Street Place, London EC2M 7JH, Egyesült Királyság, represented by
__________________________, under a power of attorney,
	 
	 	 	mint zálogjogosult (a továbbiakban: “Zálogjogosult”)
	 
	 	 	as chargee (hereinafter referred to as the “Chargee”),

valamint

and

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

Fent nevezett felek a jelen Kivonatban az alábbiakat kívánják rögzíteni:

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

	1.	 	A Zálogkötelezett és a Zálogjogosult a 2010. január 29-én kelt zálogszerzodéssel (a
“Zálogszerzodés”) üzletrész zálogjogot alapítottak a Zálogjogosult javára Zálogkötelezettnek a
Closure Systems International Holdings (Hungary) Vagyonkezelo Korlátolt Felelosségu
Társaságban (székhelye: 8000 Székesfehérvár, Berényi út 72-

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	 	 	100., Magyarország; cégjegyzékszáma a Fejér Megyei Bíróság mint
Cégbíróságnál: Cg.07-09-015084, adószáma: 14216143-1-07, a továbbiakban: “Társaság”) fennálló
25.212.670.000,- Ft, azaz huszonötmilliárd-kettoszáztizenkettomillió-hatszázhetvenezer forint
névértéku, a Társaság jegyzett tokéjének 100%-át megtestesíto üzletrészén. A Zálogszerzodést
a Zálogkötelezett és a Zálogjogosult 2010. május 4. és 2010. november 16. napján módosította.
	 
	 	 	The Chargor and the Chargee created a quota charge in favour of the Chargee over the
quota of the Chargor held in Closure Systems International Holdings (Hungary) Vagyonkezelo
Korlátolt Felelosségu Társaság (registered seat: 8000 Székesfehérvár, Berényi út 72-100.,
Hungary, company registration number: Cg.07-09-015084 with the Fejér County Court as the
Court of Registration, tax number: 14216143-1-07, hereinafter referred to as the “Company”)
with a nominal value of HUF 25,212,670,000 (i.e. twenty-five billion two hundred and twelve
million six hundred and seventy thousand Forint) representing 100% of the Company’s
registered capital by virtue of the quota charge agreement dated 29 January 2010 (the “Quota
Charge Agreement”). The Quota Charge Agreement was amended by the Chargor and the Chargee on
4 May 2010 and on 16 November 2010.
	 
	2.	 	A Zálogkötelezett és a Zálogjogosult a
Szerződés rendelkezései alapján újból módosították a
Zálogszerződés rendelkezéseit, többek között felemelték a Kötelezettségek összegét, melynek
biztosítására az üzletrész zálogjog szolgál.
	 
	 	 	The Chargor and the Chargee have amended again the terms of the Quota Charge Agreement in
accordance with the provisions of the Agreement; and, among others, increased the amount of
the Obligations secured by the quota charge.
	 
	3.	 	Jelen Kivonat a Szerződés rendelkezései alapján — kizárólag a Zálogszerzodés módosításának
cégbírósági bejelentése
céljából — készült, és nem helyettesíti a felek között a Szerződésben
foglaltak szerint létrejött részletes
megállapodást. A Szerződés és jelen Kivonat közötti
esetleges ellentmondás vagy eltérés esetén a
Szerződés rendelkezései az irányadóak.
	 
	 	 	This Extract has been prepared on the basis of the terms and conditions set out in the
Agreement exclusively for the purpose of giving notice to the court of registration on the
amendment to the Quota Charge Agreement, and therefore, it may not substitute the detailed
agreement between the parties contemplated in the Agreement. In case of any discrepancy
between the Agreement and this Extract, the provisions of the Agreement shall prevail.
	 
	4.	 	Jelen Kivonat magyar és angol nyelven készült,
a magyar és az angol nyelvű változat közötti
eltérés esetén a magyar nyelvű verzió az irányadó.
	 
	 	 	This Extract has been prepared in the Hungarian and English language. In the event of any
discrepancy between the Hungarian language and the English language versions, the Hungarian
language version shall prevail.
	 
	5.	 	A Zálogkötelezett és a Zálogjogosult meghatalmazzák az Oppenheim Ügyvédi Irodát (cím: 1053
Budapest, Károlyi Mihály u. 12.) hogy a Fejér Megyei Bíróságnál, mint Cégbíróságnál a Kivonat
benyújtásával kapcsolatban eljárjon (beleértve, de nem kizárólag bármely, ehhez kapcsolódó
dokumentum aláírását).

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

Budapest, 2011. február 1. / 1 February 2011

	 	 	 

	 

	 	 

	 	 	 
	WILMINGTON TRUST (LONDON) 

LIMITED

Zálogjogosult / Chargee
	 	CLOSURE SYSTEMS

INTERNATIONAL B.V.

Zálogkötelezett / Chargor

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SIGNATURES

Closure Systems International B.V. — as Chargor

By:

Wilmington Trust (London) Limited — as Chargee

By:

Closure Systems International Holdings (Hungary) Vagyonkezelo Korlátolt Felelosségu Társaság — as Company

By:

-10-exv4w348

EXHIBIT 4.348

AMENDMENT AGREEMENT NO. 3

dated 1 February 2011

for

CLOSURE SYSTEMS INTERNATIONAL B.V.

as Chargor

and

WILMINGTON TRUST (LONDON) LIMITED

as Chargee

 

RELATING TO A

QUOTA CHARGE AGREEMENT

DATED 29 JANUARY 2010 AS AMENDED ON 4 MAY 2010

AND ON 16 NOVEMBER 2010

 

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

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

 

 

THIS AMENDMENT AGREEMENT (the “Agreement”) is made on 1 February 2011

BETWEEN:

	(1)	 	Closure Systems International B.V., a private company with limited liability incorporated
under the laws of The Netherlands, having its seat as at the date of this Agreement at
Teleportboulevard 140, 1043 EJ Amsterdam, The Netherlands, registered with the Chamber of
Commerce in Amsterdam, The Netherlands, under registration number 34291082, as owner of the
Quota (as defined below) and chargor under this Agreement (hereinafter referred to as the
“Chargor”);
	 
	 	 	and
	 
	(2)	 	Wilmington Trust (London) Limited, acting as chargee under this Agreement, in its capacity as
collateral agent acting on behalf and for the benefit of the Secured Parties (as defined
below), as appointed under the First Lien Intercreditor Agreement and authorised to represent
their joint and several rights in connection with this Agreement (hereinafter, with its
successors, permitted transferees and permitted assign in such capacity, referred to as the
“Collateral Agent” or the “Chargee”);
	 
	 	 	(1) and (2) are together hereinafter referred to as the “Parties” and “Party” means any of
them, as the context may require.

This Agreement is hereby acknowledged and accepted by:

	(3)	 	CSI Hungary Gyártó és Kereskedelmi Korlátolt Felelosségu Társaság a limited liability company
(korlátolt felelosségu társaság) incorporated under the laws of Hungary, having its registered
seat as at the date of this Agreement at Berényi út 72-100., 8000 Székesfehérvár, Hungary,
registered with the Fejér County Court in Székesfehérvár, Hungary, under registration number:
Cg.07-09-013757, with tax identification number: 14122952-2-07 (hereinafter referred to as the
“Company”).

RECITALS:

	(A)	 	The Parties hereby declare that the Quota Charge Agreement (as defined below) was
originally concluded on 29 January 2010 between the Chargee and the Chargor, pursuant to both
(i) a credit agreement dated 5 November 2009 (as subsequently amended) between among others
Reynolds Group Holdings Inc., Reynolds Consumer Products Holdings Inc., Closure Systems
International Holdings Inc., SIG Euro Holding AG & Co KGaA, SIG Austria Holding GmbH, Pactiv
Corporation, Closure Systems International BV, the other borrowers party thereto, the lenders
from time to time parties thereto, and Credit Suisse AG (formerly known as Credit Suisse) as
administrative agent (the “Credit Agreement”) and (ii) an indenture dated 5 November 2009
between, among others, Reynolds Group Escrow LLC, Reynolds Group DL Escrow Inc. and The Bank
of New York Mellon, as trustee, principal paying agent, transfer agent and registrar, as
modified, amended or supplemented from time to time (the “2009 Indenture”), and the Quota
Charge Agreement was amended pursuant to an indenture dated 15 October 2010 between, among
others, RGHL US Escrow I Inc., RGHL US Escrow I LLC and RGHL

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	 	 	Escrow Issuer (Luxembourg) I S.A.
and The Bank of New York Mellon, as trustee,
principal paying agent, transfer agent, registrar and collateral agent and Wilmington Trust
(London) Limited as additional collateral agent (the “2010 Indenture”).

	(B)	 	In connection with the Credit Agreement, the 2009 Indenture and the 2010 Indenture
certain parties have entered into a first lien intercreditor agreement dated 5 November 2009
between, among others, The Bank of New York Mellon as trustee under the 2009 Indenture, Credit
Suisse AG as representative under the Credit Agreement and each grantor that are parties
thereto, as subsequently amended by Amendment No. 1 and Joinder Agreement dated 21 January
2010, which added the Collateral Agent as a collateral agent under the First Lien
Intercreditor Agreement (the “First Lien Intercreditor Agreement”).
	 
	(C)	 	Pursuant to an indenture (the “February 2011 Secured Notes Indenture”) dated on or
about the date of this Agreement and entered into between, among others the Issuers (as
defined below), The Bank of New York Mellon, as trustee, principal paying agent, transfer
agent, registrar and collateral agent and Wilmington Trust (London) Limited as additional
collateral agent, certain secured notes (the “ February 2011 Secured Notes”) were issued by
the Issuers.
	 
	(D)	 	The obligations in respect of the February 2011 Secured Notes Indenture and any
Senior Secured Note Documents (as defined therein) will or have been designated as “Additional
Obligations” under, and in accordance with, section 5.02(c) of the First Lien Intercreditor
Agreement (the “Secured Notes Designation”).
	 
	(E)	 	As a consequence of the issue of the February 2011 Secured Notes, the Parties agreed
to amend the Quota Charge Agreement and enter into this Agreement.

IT IS AGREED as follows:

	1.	 	DEFINITIONS AND INTERPRETATION
	 
	1.1	 	Definitions
	 
	 	 	In this Agreement:
	 
	 	 	“Issuers” means Reynolds Group Issuer LLC, Reynolds Group Issuer Inc. and Reynolds Group
Issuer (Luxembourg) S.A. and their respective successors in interest and assigns.
	 
	 	 	“Quota Charge Agreement” means the quota charge agreement concluded in the form of a
notarial deed dated 29 January 2010, as amended on 4 May 2010 and on 16 November 2010
between the Chargor and the Chargee.
	 
	1.2	 	Incorporation of defined terms

	 	(a)	 	Unless a contrary indication appears, a term defined in the First Lien
Intercreditor Agreement and in the Quota Charge Agreement has the same meaning in this
Agreement and in any notice given under this Agreement.

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	 	(b)	 	The principles of construction set out in the Quota Charge Agreement shall have
effect as if set out in this Agreement.

	1.3	 	Clauses
	 
	 	 	In this Agreement any reference to a “Clause” or a “Schedule” is, unless the context
otherwise requires, a reference to a Clause or a Schedule to this Agreement.

	2.	 	AMENDMENTS TO THE QUOTA CHARGE AGREEMENT
	 
	 	 	With effect from the date of this Agreement:

	 	(a)	 	The following new definitions shall be inserted in clause 1.1 (Definitions) of
the Quota Charge Agreement in alphabetical order:
	 
	 	 	 	““February 2011 Issuers” means the “Issuers” under, and as defined in, the February
2011 Secured Notes Indenture, including their successors in interest.”
	 
	 	 	 	““February 2011 Secured Notes Indenture” means the indenture dated 1 February 2011,
among the February 2011 Issuers and The Bank of New York Mellon, as trustee,
principal paying agent, transfer agent, registrar and collateral agent and
Wilmington Trust (London) Limited as additional collateral agent, as amended,
extended, restructured, renewed, refunded, novated, supplemented, restated,
replaced or modified from time to time, attached as Part VII of Schedule 3
(February 2011 Secured Notes Indenture) to this Agreement.”
	 
	 	 	 	““May 2010 Incremental Assumption and Amendment Agreement” means
the amendment no. 2 and incremental term loan assumption agreement dated 4 May
2010 entered into between, among others, Reynolds Group Holdings Inc.,
Reynolds Consumer Products Holdings Inc., Closure Systems International
Holdings Inc., SIG Euro Holding AG & Co. KGAA, SIG Austria Holding GmbH and
Closure Systems International B.V. as borrowers, Reynolds Group Holdings
Limited, the Guarantors from time to time party thereto (as defined therein),
the Lenders from time to time party thereto, the Incremental U.S. Term Lenders
(as defined therein), the other Lenders party thereto and the Administrative
Agent (as defined therein), as amended, novated, supplemented, restated or
modified from time to time, the text of which is attached as Part IV of
Schedule 1 (Incremental Assumption and Amendment Agreement) to this
Agreement.”
	 
	 	 	 	““September 2010 Incremental Assumption and Amendment Agreement” means the
amendment no. 3 and incremental term loan assumption agreement dated 30
September 2010 entered into between, among others, Reynolds Group Holdings
Inc., Reynolds Consumer Products Holdings Inc., Closure Systems International
Holdings Inc., SIG Euro Holding AG & Co. KGAA, SIG Austria Holding GmbH and
Closure Systems International B.V. as borrowers, Reynolds Group Holdings
Limited, the Guarantors from time to

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	 	 	 	time party thereto (as defined therein),
the Lenders from time to time party thereto, the Incremental U.S. Term Lenders
(as defined therein), the other Lenders party thereto and the Administrative
Agent (as defined therein), as amended, novated, supplemented, restated or
modified from time to time, the text of which is attached as Part IV of
Schedule 3 (Incremental Assumption and Amendment Agreement) to this
Agreement.”

	 	(b)	 	The definition of “Incremental Assumption and Amendment Agreement” in clause
1.1 (Definitions) of the Quota Charge Agreement shall be deleted.
	 
	 	(c)	 	Clause 2.1 (i) of the Quota Charge Agreement shall be replaced with the
following wording:

	 	(i)	 	“USD 7,850,000,000 (that is seven billion eight hundred and fifty
million U.S. $) and EUR 780,000,000 (that is seven hundred and eighty million
euro) (the “Secured Principal”); plus”

	 	(d)	 	Schedule 3 of the Quota Charge Agreement shall be supplemented with Schedule A
(Part VI of Schedule 3 (February 2011 Secured Notes Indenture)) of this Agreement.

	3.	 	REGISTRATION OF CHANGES

	3.1	 	The Chargor shall file with the Court of Registration an extract of this Agreement,
attached as Schedule B (Form of the Extract of this Quota Charge Agreement) (the “Extract”)
within 10 (ten) Business Days of the date of this Agreement, in order to inform the Court of
Registration of the amendment of the Quota Charge Agreement.
	 
	3.2	 	The Parties hereby authorise Oppenheim Ügyvédi Iroda (1053 Budapest, Károlyi Mihály
u. 12., Hungary) to act before the Court of Registration in connection with the filing
(including but not limited to sign any documents in relation thereto) of the Extract with the
Court of Registration.
	 
	4.	 	CONTINUITY AND FURTHER ASSURANCE
	 
	4.1	 	Continuing obligations
	 
	 	 	The provisions of the Quota Charge Agreement shall, save as amended by this Agreement,
continue in full force and effect.
	 
	4.2	 	Further assurance
	 
	 	 	The Chargor shall, at the reasonable request of the Chargee and at its own expense, do
all such acts and things necessary to give effect to the amendments effected or to be
effected pursuant to this Agreement.
	 
	5.	 	INCORPORATION OF TERMS
	 
	 	 	The provisions of clause 8 (Remedies and waivers), clause 9 (Severability), clause 13
(Notices) and clause 15 (Jurisdiction) of the Quota Charge Agreement shall be

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	 	 	incorporated
into this Agreement as if set out in full in this Agreement and as if references in those
clauses to “this Agreement” are references to this Agreement.

	6.	 	GOVERNING LAW
	 
	 	 	This Agreement is governed by Hungarian law.
	 
	7.	 	RIGHTS OF THE COLLATERAL AGENT
	 
	 	 	Notwithstanding anything contained herein, the Parties agree that this Agreement shall
be deemed a “Security Document” for the purposes of and as defined in the First Lien
Intercreditor Agreement (and for no other purpose) and accordingly each of the protections,
immunities, rights, indemnities and benefits conferred on the Collateral Agents under the
Quota Charge Agreement and the First Lien Intercreditor Agreement shall continue in full
force and effect and shall apply to this Agreement as if set out in full herein.

[Certification of the Public Notary and the related powers of attorney inserted]

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SCHEDULE A

“SCHEDULE 3

Part VI

February 2011 Secured Notes Indenture”

(To Be Inserted)

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SCHEDULE B

ÜZLETRÉSZ
ZÁLOGSZERZODÉST MÓDOSÍTÓ SZERZŐDÉS KIVONATA

EXTRACT OF THE AMENDMENT TO THE QUOTA CHARGE AGREEMENT

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

II. 1. ea) pontjának figyelembe vételével

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

Company Information, Company Registration and Winding-up Proceedings

(a továbbiakban: “Kivonat”) amely az alábbi felek között készült Budapesten, 2011. február 1.
napján létrejött módosító szerzodés (a továbbiakban: “Szerzodős”) alapján:

(hereinafter referred to as the “Extract”), which has been prepared on the basis of the
amendment agreement entered into by and between the parties named below in Budapest on 1 February
2011 (hereinafter referred to as the “Agreement”):

	(1)	 	A Wilmington Trust (London) Limited, amelynek székhelye 6 Broad Street Place, London EC2M
7JH, Egyesült Királyság cím alatt található, képviseli __________________________,
meghatalmazás alapján,
	 
	(1)	 	Wilmington Trust (London) Limited, having its registered office at: 6
Broad Street Place, London EC2M 7JH, Egyesült Királyság, represented by
__________________________, under a power of attorney,
	 
	 	 	mint zálogjogosult (a továbbiakban: “Zálogjogosult”)
	 
	 	 	as chargee (hereinafter referred to as the “Chargee”),

valamint

and

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

Fent nevezett felek a jelen Kivonatban az alábbiakat kívánják rögzíteni:

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

	1.	 	A Zálogkötelezett és a Zálogjogosult a 2010. január 29-én kelt zálogszerzodéssel (a
“Zálogszerzodés”) üzletrész zálogjogot alapítottak a Zálogjogosult javára Zálogkötelezettnek a
CSI Hungary Gyártó és Kereskedelmi Korlátolt Felelosségu Társaságban (székhelye: 8000
Székesfehérvár, Berényi út 72-100., Magyarország;

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	 	 	cégjegyzékszáma a Fejér Megyei Bíróság mint
Cégbíróságnál: Cg. 07-09-013757,
adószáma: 14122952-1-07, a továbbiakban: “Társaság”) fennálló 1.246.180.000,- Ft, azaz
egymilliárd-kétszáznegyvenhatmillió-egyszáznyolcvanezer forint névértéku, a Társaság jegyzett
tokéjének 100%-át megtestesíto üzletrészén. A Zálogszerzodést a Zálogkötelezett és a
Zálogjogosult 2010. május 4. és 2010. november 16. napján módosította.
	 
	 	 	The Chargor and the Chargee created a quota charge in favour of the Chargee over the
quota of the Chargor held in CSI Hungary Gyártó és Kereskedelmi Korlátolt Felelosségu
Társaság (registered seat: 8000 Székesfehérvár, Berényi út 72-100., Hungary, company
registration number: Cg. 07-09-013757 with the Fejér County Court as the Court of
Registration, tax number: 14122952-1-07, hereinafter referred to as the “Company”) with a
nominal value of HUF 1,246,180,000 (i.e. one billion two hundred fourty six million one
hundred and eighty thousand Forint) representing 100% of the Company’s registered capital by
virtue of the quota charge agreement dated 29 January 2010 (the “Quota Charge Agreement”).
The Quota Charge Agreement was amended by the Chargor and the Chargee on 4 May 2010 and on 16
November 2010.
	 
	2.	 	A Zálogkötelezett és a Zálogjogosult a Szerzodés rendelkezései alapján újból módosították a
Zálogszerzodés rendelkezéseit, többek között felemelték a Kötelezettségek összegét, melynek
biztosítására az üzletrész zálogjog szolgál.
	 
	 	 	The Chargor and the Chargee have amended again the terms of the Quota Charge Agreement in
accordance with the provisions of the Agreement; and, among others, increased the amount of
the Obligations secured by the quota charge.
	 
	3.	 	Jelen Kivonat a Szerzodés rendelkezései alapján — kizárólag a Zálogszerzodés módosításának
cégbírósági bejelentése céljából — készült, és nem helyettesíti a felek között a Szerzodésben
foglaltak szerint létrejött részletes megállapodást. A Szerzodés és jelen Kivonat közötti
esetleges ellentmondás vagy eltérés esetén a Szerzodés rendelkezései az irányadóak.
	 
	 	 	This Extract has been prepared on the basis of the terms and conditions set out in the
Agreement exclusively for the purpose of giving notice to the court of registration on the
amendment to the Quota Charge Agreement, and therefore, it may not substitute the detailed
agreement between the parties contemplated in the Agreement. In case of any discrepancy
between the Agreement and this Extract, the provisions of the Agreement shall prevail.
	 
	4.	 	Jelen Kivonat magyar és angol nyelven készült, a magyar és az angol nyelvu változat közötti
eltérés esetén a magyar nyelvu verzió az irányadó.
	 
	 	 	This Extract has been prepared in the Hungarian and English language. In the event of any
discrepancy between the Hungarian language and the English language versions, the Hungarian
language version shall prevail.
	 
	5.	 	A Zálogkötelezett és a Zálogjogosult meghatalmazzák az Oppenheim Ügyvédi Irodát (cím: 1053
Budapest, Károlyi Mihály u. 12.) hogy a Fejér Megyei Bíróságnál, mint Cégbíróságnál a Kivonat
benyújtásával kapcsolatban eljárjon (beleértve, de nem kizárólag bármely, ehhez kapcsolódó
dokumentum aláírását).

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

Budapest, 2011. február 1. / 1 February 2011

	 	 	 

	 
	 	 
	 
	 	 
	 	 	 
	WILMINGTON TRUST (LONDON) 

LIMITED
	 	CLOSURE SYSTEMS

INTERNATIONAL B.V.
	 	 	 
	Zálogjogosult / Chargee
	 	Zálogkötelezett / Chargor

-9-

 

SIGNATURES

	 	 	 	 	 
	Closure Systems International B.V. — as Chargor

 	 	 
	By:  	 	 	 
	 	 	 	 

	 	 	 	 	 
	Wilmington Trust (London) Limited — as Chargee

 	 	 
	By:  	 	 	 
	 	 	 	 

	 	 	 	 	 
	CSI Hungary Gyártó és Kereskedelmi Korlátolt Felelosségu Társaság — as Company

 	 	 
	By:  	 	 	 
	 	 	 	 
	 	 	 	 
	 

-10-

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