Document:

exv4w265

EXHIBIT 4.265

CLOSURE SYSTEMS INTERNATIONAL DEUTSCHLAND GMBH

as Pledgor

THE BANK OF NEW YORK MELLON

as Collateral Agent and Pledgee

 

ACCOUNT PLEDGE AGREEMENT

(Kontoverpfändung)

 

The taking of this document or any certified copy of it or any document which constitutes
substitute documentation for it, or any document which includes written confirmations or references
to it, into Austria as well as printing out any e-mail communication which refers to any Credit
Document (as defined in Clause 1 of this document) in Austria or sending any e-mail communication
to which a pdf scan of this document is attached to an Austrian addressee or sending any e-mail
communication carrying an electronic or digital signature which refers to any Credit Document to an
Austrian addressee may cause the imposition of Austrian stamp duty. Accordingly, keep the original
document as well as all certified copies thereof and written and signed references to it outside of
Austria and avoid printing out any email communication which refers to any Credit Document in
Austria or sending any e-mail communication to which a pdf scan of this document is attached to an
Austrian addressee or sending any e-mail communication carrying an electronic or digital signature
which refers to any Credit Document to an Austrian addressee.

 

 

CONTENTS

	 	 	 	 	 
	Clause	 	Page	 
	1. Definitions and Language
	 	 	- 5 -	 
	 
	 	 	 	 
	2. Pledge
	 	 	- 10 -	 
	 
	 	 	 	 
	3. Purpose of the Pledges
	 	 	- 11 -	 
	 
	 	 	 	 
	4. Notice of Pledge
	 	 	- 11 -	 
	 
	 	 	 	 
	5. Pledgor’s Right of Disposal
	 	 	- 12 -	 
	 
	 	 	 	 
	6. Enforcement of the Pledges
	 	 	- 13 -	 
	 
	 	 	 	 
	7. Limitations on Enforcement
	 	 	- 14 -	 
	 
	 	 	 	 
	8. Undertakings of the Pledgor
	 	 	- 16 -	 
	 
	 	 	 	 
	9. Delegation
	 	 	- 18 -	 
	 
	 	 	 	 
	10. Indemnity
	 	 	- 18 -	 
	 
	 	 	 	 
	11. No liability
	 	 	- 19 -	 
	 
	 	 	 	 
	12. Duration and Independence
	 	 	- 19 -	 
	 
	 	 	 	 
	13. Release (Pfandfreigabe)
	 	 	- 19 -	 
	 
	 	 	 	 
	14. Partial Invalidity; Waiver
	 	 	- 20 -	 
	 
	 	 	 	 
	15. Amendments
	 	 	- 20 -	 
	 
	 	 	 	 
	16. Notices and their Language
	 	 	- 21 -	 
	 
	 	 	 	 
	17. Applicable Law, Jurisdiction
	 	 	- 22 -	 
	 
	 	 	 	 
	18. Conclusion of this Agreement (Vertragsschluss)
	 	 	- 23 -	 
	 
	 	 	 	 
	Schedule 1
	 	 	- 25 -	 
	 
	 	 	 	 
	Part 1 List of Current Borrowers
	 	 	- 25 -	 
	 
	 	 	 	 
	Part 2 List of Current Guarantors
	 	 	- 25 -	 
	 
	 	 	 	 
	Part 3 List of Current Senior Secured Note Guarantors
	 	 	- 29 -	 
	 
	 	 	 	 
	Part 4 List of Original New Secured Note Guarantors
	 	 	- 32 -	 
	 
	 	 	 	 
	Schedule 2 List of Accounts
	 	 	- 37 -	 
	 
	 	 	 	 
	PART 1— List of Accounts
	 	 	- 37 -	 

 

 

	 	 	 	 	 
	Clause	 	Page	 
	PART 2 — List of Excluded Accounts
	 	 	- 37 -	 
	 
	 	 	 	 
	Schedule 3 Form of Notice of Pledge
	 	 	- 38 -	 
	 
	 	 	 	 
	Schedule 4 Form of Notification of Future Accounts
	 	 	- 43 -	 

 

 

	 	 	This ACCOUNT PLEDGE AGREEMENT (the “Agreement”) is made on
16 November 2010
	 
	 	 	BETWEEN:

	(1)	 	Closure Systems International Deutschland GmbH, a limited liability company (Gesellschaft mit
beschränkter Haftung) organised under the laws of the Federal Republic of Germany, having its
business address at Mainzer Strasse 185, 67547 Worms, Germany, registered in the commercial
register (Handelsregister) of the local court (Amtsgericht) of Mainz under HRB 10054 (the
“Pledgor”); and

	(2)	 	The Bank of New York Mellon, a public company incorporated under the laws of the state of New
York, having its business address at 1 Wall Street, New York, N.Y. 10286, The United States of
America, in its capacity as collateral agent under the First Lien Intercreditor Agreement (as
defined below) (the “Collateral Agent” or the “Pledgee”).
	 
	 	 	WHEREAS:

	(A)	 	Pursuant to a USD 1,155,000,000 and EUR 330,000,000 multi-currency term and revolving credit
agreement dated 5 November 2009 (as amended by the Amendment No.1 and Joinder Agreement (as
defined below), by the Amendment No. 2 and Incremental Assumption Agreement (as defined below)
and by the Amendment No. 3 and Incremental Assumption Agreement (as defined below)) between,
inter alia, the parties listed in Part 1 of Schedule 1 hereto as current borrowers (the
“Current Borrowers”), the parties listed in Part 2 of Schedule 1 hereto as current guarantors
(the “Current Guarantors”), Credit Suisse AG, Cayman Islands branch (formerly Credit Suisse,
Cayman Islands branch) as administrative agent and others (as further amended, varied,
novated, supplemented, superseded or extended from time to time, the “Credit Agreement”),
certain lenders (together the “Original Lenders”) have granted certain facilities to the
Current Borrowers and certain other entities which may accede or may have acceded to the
Credit Agreement as additional borrowers.

	(B)	 	Pursuant to a senior secured note indenture dated 5 November 2009 between, inter alia,
Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., and Reynolds Group Issuer (Luxembourg)
S.A as issuers (the “Issuers”), certain affiliates of the Issuers listed in Part 3 of Schedule
1 as current senior secured note guarantors (the “Current Senior Secured Note Guarantors”) and
The Bank of New York Mellon, as indenture trustee, principal paying agent, transfer agent and
registrar, (as amended, varied, novated, supplemented, superseded or extended from time to
time, the “Senior Secured Note Indenture”), the Issuers have issued senior secured notes due
2016 in the aggregate principal amount of USD 1,125,000,000 (the “US Secured Notes”) and
senior secured notes due 2016 in the aggregate principal amount of EUR 450,000,000 (the “Euro
Secured Notes” and together with the US Secured Notes the “Senior Secured Notes”) to certain
noteholders.

- 3 -

 

	(C)	 	The Pledgor has entered into the Existing Account Pledge Agreements (as defined below).

	(D)	 	Pursuant to an amendment No. 3 and incremental term loan assumption agreement relating to the
Credit Agreement dated 30 September 2010 between, inter alia, the Current Borrowers, the
Current Guarantors, Credit Suisse AG, Cayman Islands branch (formerly Credit Suisse, Cayman
Islands branch) as administrative agent and others (the “Amendment No. 3 and Incremental
Assumption Agreement”) the Credit Agreement has been amended to, inter alia, increase the
incremental term facilities from an amount of USD 1,550,000,000 to an amount of USD
2,770,000,000.

	(E)	 	Pursuant to a secured note indenture dated 15 October 2010 between, inter alia, RGHL Issuer I
LLC, RGHL Issuer I Inc., and RGHL Issuer (Luxembourg) I S.A. as escrow issuers (the “Escrow
Issuers”), The Bank of New York Mellon as indenture trustee, The Bank of New York Mellon,
London Branch as principal paying agent, The Bank of New York Mellon as collateral agent and
Wilmington Trust (London) Limited as collateral agent (as amended, varied, novated,
supplemented, superseded or extended from time to time, the “New Secured Note Indenture”), the
Escrow Issuers have issued secured notes due 2019 in the aggregate principal amount of USD
1,500,000,000 in escrow (the “New Secured Notes”). In connection with the release from escrow
of the proceeds of the New Secured Notes the Escrow Issuers are merging with and into, or
otherwise transferring all of their assets and liabilities to, the Issuers, with each of the
Issuers surviving the applicable mergers or other transfers and assuming by operation of law
the obligations of the applicable Escrow Issuers with respect to the New Secured Note
Indenture and the New Secured Notes. At this time certain affiliates of the Issuers listed in
Part 4 of Schedule 1 as new secured note guarantors (the “Original New Secured Note
Guarantors”) will accede to the New Secured Note Indenture.

	(F)	 	The Pledgor has agreed to grant an additional pledge (subject to the pledges existing by
operation of the general business conditions (Allgemeine Geschäftsbedingungen) of the
respective Account Bank (as defined below) and the pledges arising under the Existing Account
Pledge Agreements (as defined below)) over its Accounts (as defined below) as security for the
Pledgee’s claims against the Grantors (as defined below) (or any of them) in respect of the
Obligations (as defined below).

	(G)	 	The security created by or pursuant to this Agreement is to be administered by the Collateral
Agent for the Secured Parties (as defined below) pursuant to a first lien intercreditor
agreement dated 5 November 2009 (as amended by the Amendment No. 1 and Joinder Agreement (as
defined below)) between, inter alia, the Collateral Agent, the Indenture Trustee, the
Administrative Agent and the Grantors (each as defined below) and others (as amended, varied,
novated, supplemented, superseded or

- 4 -

 

	 	 	extended from time to time, the “First Lien Intercreditor Agreement”).
	 
	 	 	NOW, IT IS AGREED as follows:
	 
	1.	 	DEFINITIONS AND LANGUAGE
	 
	1.1	 	Definitions

	 	 	In this Agreement:

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

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

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

	 	 	“Amendment No.1 and Joinder Agreement” means the joinder agreement relating to the Credit
Agreement dated 21 January 2010 made among (amongst others) the Collateral Agent, Wilmington
Trust (London) Limited, Credit Suisse AG and Reynolds Group Holdings Limited pursuant to
which Wilmington Trust (London) Limited is appointed as additional collateral agent and
became party to the First Lien Intercreditor Agreement.

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

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

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

- 5 -

 

	 	 	“Cash Management Services” shall mean any agreement or arrangement by a Cash Management Bank
to provide any composite accounting or other cash pooling arrangements and netting,
overdraft protection and other arrangements with any bank arising under standard business
terms of such Cash Management Bank to a Grantor.

	 	 	“Credit Documents” shall mean the Loan Documents, the Senior Secured Note Documents and the
New Secured Note Documents.

	 	 	“Enforcement Event” shall mean an Event of Default.

	 	 	“Event of Default” means any event of default (Kündigungsgrund) under the Credit Agreement
and/or the Senior Secured Note Indenture and/or the New Secured Note Indenture.

	 	 	“Existing Account Pledge Agreements” means

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

	 	(b)	 	confirmation and amendment agreement dated 4 May 2010 and
entered into between, inter alios, Closure Systems International Deutschland
GmbH as pledgor and The Bank of New York Mellon as collateral agent relating to
an account pledge agreement dated 5 November 2009 and entered into between
Closure Systems International Deutschland GmbH as pledgor and Wilmington
(Trust) Limited as collateral agent and other as pledgees.

	 	 	“Existing Intercreditor Agreement” means the existing intercreditor agreement dated 11 May
2007 (as amended by a letter dated 21 June 2007 and a further letter dated 29 June 2007, as
amended and restated on 5 November 2009 and as further amended on 5 November 2010) between,
inter alia, Beverage Packaging Holdings (Luxembourg) I S.A., Rank Group Holdings Limited
(now Reynolds Group Holdings Limited), Beverage Packaging Holdings (Luxembourg) II S.A.,
Beverage Packaging Holdings (Luxembourg) III S.à r.l., Credit Suisse AG (formerly Credit
Suisse) as security trustee and others.

	 	 	“Grantors” means the Loan Parties, the Issuers, the Senior Secured Note Guarantors and the
New Secured Note Guarantors and any person that has granted a security interest to the
Collateral Agent and/or the Secured Parties in respect of the obligations of the Loan
Parties, the Issuers and the Senior Secured Note Guarantors under the Credit Documents and
“Grantor” means any of them.

- 6 -

 

	 	 	“Grantors’ Agent” shall mean Reynolds Group Holdings Limited or any other person appointed
as agent of the Grantors in accordance with the Principal Finance Documents.

	 	 	“Group” means Reynolds Group Holdings Limited and its direct or indirect subsidiaries
(Tochtergesellschaften).

	 	 	“Hedge Counterparty” means a Lender, the Administrative Agent or any of the Lender’s or the
Administrative Agent’s affiliates (at the time a hedging agreement is entered into) who has
entered into a hedging agreement for the purpose of hedging interest rate liabilities and/or
any exchange rate and/or commodity price risks provided it has become a party, or by
execution of an additional bank secured party acknowledgment has agreed to be bound by the
terms of, to the First Lien Intercreditor Agreement in its capacity as hedge counterparty.

	 	 	“Incremental Assumption Agreement” shall mean an incremental assumption agreement relating
to incremental facilities of up to USD 2,770,000,000 among, and in form and substance
reasonably satisfactory to, one or more Borrowers, the Administrative Agent, one or more
Incremental Term Lenders and/or one or more Incremental Revolving Credit Lenders pursuant to
which one or more Incremental Term Lenders make available Incremental Term Loan Commitments
and/or one or more Incremental Revolving Credit Lenders make available Incremental Revolving
Credit Commitments respectively.

	 	 	“Incremental Revolving Credit Lender” shall mean a Lender with an Incremental Revolving
Credit Commitment or an outstanding revolving loan under the Credit Agreement of any class
as a result of an Incremental Revolving Credit Commitment.

	 	 	“Incremental Revolving Credit Commitment” shall mean the commitment of any Lender,
established pursuant to the Credit Agreement, to make available certain revolving credit
loans to one or more Borrowers.

	 	 	“Incremental Term Lender” shall mean a Lender with an Incremental Term Loan Commitment.

	 	 	“Incremental Term Loan Commitment” shall mean the commitment of any Lender, established
pursuant to the Credit Agreement, to make available certain term loans to one or more
Borrowers.

	 	 	“Indenture Trustee” shall mean The Bank of New York Mellon, in its capacity as indenture
trustee under the Senior Secured Note Indenture and any successor appointed as indenture
trustee under the Senior Secured Notes Indenture.

	 	 	“Intercreditor Arrangements” means the First Lien Intercreditor Agreement and the Existing
Intercreditor Agreement, in each case as amended, novated, supplemented, restated, or
modified from time to time.

	 	 	“Issuing Bank” means Credit Suisse AG or any other Lender or any affiliate of Credit Suisse
AG or any other Lender that issues letters of credit or bank guarantees under the Credit
Agreement.

- 7 -

 

	 	 	“Lenders” shall mean the Original Lenders and any entity which may become a lender under the
Credit Agreement in the future and “Lender” means any of them.

	 	 	“Loan Documents” shall mean the Credit Agreement, the Amendment No. 1 and Joinder Agreement,
the Amendment No. 2 and Incremental Assumption Agreement, the Amendment No. 3 and
Incremental Assumption Agreement, any borrowing subsidiary agreement and/or guarantor
joinder agreement relating to the Credit Agreement, any letter of credit or bank guarantee
relating to the Credit Agreement, any security documents relating to the Credit Agreement,
any hedging agreement entered into by a Hedge Counterparty and a Grantor, each Incremental
Assumption Agreement, the Intercreditor Arrangements, each Promissory Note, any agreement
between a Grantor and a Cash Management Bank relating to Cash Management Services, each
Local Facility Agreement and any other document that may be entered into pursuant to any of
the foregoing in relation to the Credit Agreement.

	 	 	“Loan Parties” shall mean the Borrowers, the Current Guarantors and any entity which may
accede to the Credit Agreement as additional guarantor and a “Loan Party” means any of them.

	 	 	“Local Facilities” means working capital facilities provided to a Grantor (other than
Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings (Luxembourg) II
S.A. Beverage Packaging Holdings (Luxembourg) III S.à.r.l. and the Borrowers) by a Local
Facility Provider and “Local Facility” means any of them.

	 	 	“Local Facility Agreements” shall mean any agreement under which a Local Facility is made
available.

	 	 	“Local Facility Provider” means HSBC Trinkaus & Burkhardt AG, Deutsche Bank AG, Commerzbank
Aktiengesellschaft and Hong Kong and Shanghai Banking Corporation Ltd., Thailand, Bank of
America, N.A., Canada Branch, FIA Card Services, N.A., Citibank N.A., Citibank (China) Co.,
Ltd., Banco Nacional de Mexico, S.A., Integrante del Grupo Financiero Banamex, Bank of
America, N.A., provided in each case it has become a party to, or by execution of an
additional bank secured party acknowledgment has agreed to be bound by the terms of, the
First Lien Intercreditor Agreement in its capacity as local facility provider.

	 	 	“New Secured Note Documents” shall mean the New Secured Note Indenture, the New Secured Note
Guarantees, the New Secured Notes, the Intercreditor Arrangements, any security document
relating to the New Secured Notes and/or the New Secured Note Indenture and any other
document that may be entered into pursuant to any of the foregoing.

	 	 	“New Secured Note Guarantees” shall mean the guarantees of the obligations of the Issuers
under the New Secured Notes and the New Secured Note Indenture by the New Secured Note
Guarantors.

	 	 	“New Secured Note Guarantors” means the Original New Secured Note Guarantors and any entity
which may accede to the New Secured Note Indenture as additional guarantor.

- 8 -

 

	 	 	“New Secured Note Holders” shall mean the holders from time to time of the New Secured
Notes.

	 	 	“New Secured Notes Indenture Trustee” shall mean The Bank of New York Mellon, in its
capacity as indenture trustee under the New Secured Note Indenture and any successor
appointed as indenture trustee under the New Secured Notes Indenture.

	 	 	“Obligations” shall mean all present and future obligations and liabilities (whether actual
or contingent and whether owed jointly or severally or in any other capacity whatsoever) of
each Grantor to the Pledgee under each or any of the Credit Documents (including, but not
limited to, the Parallel Obligations), including with respect to all costs, charges and
expenses incurred by the Pledgee in connection with the protection, preservation or
enforcement of its rights under the Credit Documents or any other document evidencing or
securing any such liabilities. The Obligations shall further include any obligation based on
unjust enrichment (ungerechtfertigte Bereicherung) or tort (Delikt).

	 	 	“Parallel Obligations” means the independent obligations of any of the Grantors arising
pursuant to the First Lien Intercreditor Agreement to pay to the Collateral Agent sums equal
to the sums owed by such Grantor to the other Secured Parties (or any of them) under the
Credit Documents.

	 	 	“Pledge” and “Pledges” have the meanings given to such terms in Clause 2.1.

	 	 	“Principal Finance Documents” means the Credit Agreement, the Senior Secured Note Indenture,
the New Secured Note Indenture and the First Lien Intercreditor Agreement.

	 	 	“Promissory Note” shall mean any promissory note executed and delivered by a Borrower upon
the request of a Lender evidencing the amount of principal owed by such Borrower to such
Lender under the Credit Agreement.

	 	 	“Secured Parties” shall mean the Lenders (including in their capacity as issuing bank(s),
and/or Hedge Counterparties under the Credit Agreement), the Hedge Counterparties, the
Administrative Agent, any Issuing Bank, the beneficiaries of each indemnification obligation
undertaken by any Grantor under any Credit Document, the Senior Secured Note Holders, the
New Secured Note Holders, the Indenture Trustee, the New Secured Notes Indenture Trustee,
the Collateral Agent, the Local Facility Providers and the Cash Management Banks.

	 	 	“Senior Secured Note Documents” shall mean the Senior Secured Note Indenture, the Senior
Secured Note Guarantees, the Senior Secured Notes, the Intercreditor Arrangements, any
security document relating to the Senior Secured Notes and/or the Senior Secured Note
Indenture and any other document that may be entered into pursuant to any of the foregoing.

	 	 	“Senior Secured Note Guarantees” shall mean the guarantees of the obligations of the Issuers
under the Senior Secured Notes and the Senior Secured Note Indenture by the Senior Secured
Note Guarantors.

- 9 -

 

	 	 	“Senior Secured Note Guarantors” means the Current Senior Secured Note Guarantors and any
entity which may accede to the Senior Secured Note Indenture as additional guarantor.

	 	 	“Senior Secured Note Holders” shall mean the holders from time to time of the Senior Secured
Notes.

	 	 	“Social Security Bank Accounts” means any and all bank accounts which the Pledgor keeps at
present or may at any time hereafter keep with any institution in the Federal Republic of
Germany for the benefit of employees under or pursuant to applicable workmen’s compensation
schemes, social security laws or regulations, including accounts kept under or pursuant to
partial retirement programs (Blockmodell Altersteilzeit).
	 
	1.2	 	Construction

	 	 	In this Agreement:

	 	(a)	 	Capitalised terms used in this Agreement (or in any notice given under this
Agreement) but not defined therein shall have the meanings ascribed thereto in the
First Lien Intercreditor Agreement; and

	 	(b)	 	any reference in this Agreement to a “Clause” or a “Schedule” shall, subject to
any contrary indication, be construed as a reference to a Clause or a Schedule hereof.

	1.3	 	This Agreement is made in the English language. For the avoidance of doubt, the English
language version of this Agreement shall prevail over any translation of this Agreement.
However, where a German translation of a word or phrase appears in the text of this Agreement,
the German translation of such word or phrase shall prevail.
	 
	2.	 	PLEDGE

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

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

- 10 -

 

	 	 	 	standing from time to time to the credit of the Accounts, including all claims to
interest payable;

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

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

	 	 	(the “Pledge”).

	2.2	 	The Pledgee hereby accepts the Pledge.

	2.3	 	The Pledge is in addition, and without prejudice, to any other security the Secured Parties
may now or hereafter hold in respect of the Obligations.
	 
	3.	 	PURPOSE OF THE PLEDGES

	 	 	The Pledges hereunder are constituted in order to secure the prompt and complete
satisfaction of any and all Obligations. The Pledges shall also cover any future extension
of the Obligations and the Pledgor herewith expressly agrees that the provisions of Section
1210 para 1 sentence 2 of the German Civil Code (Bürgerliches Gesetzbuch) shall not apply to
this Agreement.
	 
	4.	 	NOTICE OF PLEDGE

	4.1	 	Subject to Clause 4.3 below the Pledgor undertakes that it will without undue delay, but
not later than within twenty business days after the date of this Agreement, and, in relation
to any Account opened after the date of this Agreement, within ten business days after such
new Account has been opened, notify each Account Bank and any other relevant third party of
the Pledges by delivering a notification substantially in the

- 11 -

 

	 	 	form set out in Schedule 3 (Form of Notice of Pledge) by registered mail (Einschreiben mit
Rückschein). The Pledgor shall provide the Collateral Agent with a copy of each such
notification and of the corresponding return receipt (Rückschein). In addition, the Pledgor
shall use all reasonable efforts to procure that each Account Bank promptly acknowledges
receipt of the respective notification, and acceptance of the terms thereof, to the
Collateral Agent and to the Pledgor.

	4.2	 	Without prejudice to the obligations imposed on the Pledgor in Clause 4.1 and, in the case
of future Accounts, Clause 8.3, the Pledgor hereby authorises the Collateral Agent and
releases it for this purpose from the restrictions of self-dealing under Section 181 of the
German Civil Code to notify each Account Bank and any other relevant third party on its behalf
of this Agreement and the Pledge constituted hereunder by delivering a notification
substantially in the form set out in Schedule 3 (Form of Notice of Pledge), or in such
substantially similar form as the Collateral Agent (acting for and on behalf of the Secured
Parties) deems appropriate, provided that the Collateral Agent may only make use of this
authorisation if the Pledgor has not complied with the obligations imposed on the Pledgor in
Clause 4.1 within 10 business days of being notified of such failure (with a copy of such
notice being sent to Reynolds Group Holdings Limited) and being requested to comply or if an
Enforcement Event has occurred and is continuing.

	4.3	 	The Pledgor shall not be under an obligation to comply with its obligation under Clause 4.1
above whilst an Enforcement Event is not continuing if the Pledgor can prove to the Collateral
Agent (acting on behalf of the Secured Parties) that notifying the relevant Account Bank of
the Pledge created hereunder would not be consistent with, whilst an Enforcement Event is not
continuing, the Pledgor retaining control over and the ability to freely use the balance of
any such Account. The Collateral Agent will take instructions in accordance with the First
Lien Intercreditor Agreement whether or not to agree with the Pledgor’s analysis. For the
avoidance of doubt, at the date of this Agreement the Pledgor agrees that notifying the
Account Banks of the Pledge created hereunder is not inconsistent with the Pledgor retaining
control over and the ability to freely use the balance of any Account existing at the date of
this Agreement.
	 
	5.	 	PLEDGOR’S RIGHT OF DISPOSAL

	 	 	The Pledgor may exercise all rights and powers in respect of each Account until the
Collateral Agent gives notice to the contrary to the Account Bank with a copy to the
Pledgor. The Pledgee may give such notice only if an Enforcement Event has occurred and is
continuing.

- 12 -

 

	6.	 	ENFORCEMENT OF THE PLEDGES

	6.1	 	If (i) an Enforcement Event has occurred and is continuing and (ii) the requirements set
forth in Sections 1273 para 2, 1204 et seq. of the German Civil Code with regard to the
enforcement of the Pledge are met (Pfandreife), in particular, if any of the Obligations has
become due and payable, then in order to enforce the Pledge, the Collateral Agent may at any
time thereafter avail itself of all rights and remedies that a pledgee has against a pledgor
under the laws of the Federal Republic of Germany.

	6.2	 	Notwithstanding Section 1277 of the German Civil Code, the Pledgee is entitled to exercise
its rights without obtaining an enforceable judgment or other instrument (vollstreckbarer
Titel). The Pledgee shall be entitled to have the Pledges enforced in any manner allowed under
the laws of the Federal Republic of Germany.

	6.3	 	The Pledgee will notify the Pledgor five business days prior to the enforcement of the Pledge
according to Clause 6. No such notification shall be required if (i) the Pledgor has
generally ceased to make payments (Zahlungseinstellung), (ii) an application for the
institution of insolvency proceedings is filed by or against the Pledgor or (iii) the Pledgee
has reasonable grounds to believe that observance of the notice period will adversely affect
the legitimate interests (berechtigte Interessen) of the Pledgee.

	6.4	 	If the Pledgee should seek to enforce the Pledge pursuant to Clause 6.1 hereof, the Pledgor
shall, at its own expense, render forthwith all necessary assistance in order to facilitate
the prompt realisation of the Pledge and/or the exercise by the Pledgee of any other right it
may have as Pledgee.

	6.5	 	The Pledgee may, in its sole discretion, determine which of several security interests
(created under this or other security agreements) shall be used to satisfy the Obligations.

	6.6	 	The Pledgor hereby expressly waives all defences of revocation (Einrede der Anfechtbarkeit)
and set-off (Einrede der Aufrechenbarkeit) pursuant to Sections 770, 1211 of the German Civil
Code.

	6.7	 	The Pledgor hereby expressly waives its defences based on defences any Grantor might have
against any of the Obligations (Einreden des Hauptschuldners) pursuant to Section 1211 para 1
sentence 1 alternative 1 of the German Civil Code.

	6.8	 	If the Pledge is enforced or if the Pledgor has discharged any of the Obligations (or any
part of them), Section 1225 of the German Civil Code (legal subrogation of claims to a pledgor
 — Forderungsübergang auf den Verpfänder) shall not apply and no rights of the Pledgee shall
pass to the Pledgor by subrogation or otherwise. Further, the Pledgor shall at no time before,
on or after an enforcement of the Pledge, and as a

- 13 -

 

	 	 	result of the Pledgor entering into this Agreement, be entitled to demand indemnification or
compensation from a Grantor or any affiliate of a Grantor or assign any of these claims.
	 
	7.	 	LIMITATIONS ON ENFORCEMENT

	7.1	 	The Pledgee shall be entitled to enforce the Pledge without limitation in respect of:

	 	(a)	 	all and any amounts which are owed under the Credit Documents by the Pledgor
itself or by any of its subsidiaries; and

	 	(b)	 	all and any amounts which correspond to funds that have been borrowed or
otherwise raised under the Credit Documents, in each case to the extent borrowed,
on-lent or otherwise passed on to, or issued for the benefit of, the Pledgor or any of
its subsidiaries, or for the benefit of any of their creditors and in each case not
repaid and outstanding from time to time

	 	 	(in aggregate, the “Unlimited Enforcement Amount”).

	7.2	 	Besides an enforcement in respect of the Unlimited Enforcement Amount pursuant to Clause 7.1
above, the Pledgee shall not be entitled to enforce the Pledge against the Pledgor if and to
the extent that:

	 	(a)	 	the Pledge secures the obligations of a Grantor which is (x) a shareholder of
the Pledgor or (y) an affiliated company (verbundenes Unternehmen) within the meaning
of section 15 of the German Stock Corporation Act (Aktiengesetz) of a shareholder of
the Pledgor (other than the Pledgor and its subsidiaries); and

	 	(b)	 	the enforcement would have the effect of (x) reducing the Pledgor’s net assets
(Reinvermögen) (the “Net Assets”) to an amount of less than its stated share capital
(Stammkapital) or, if the Net Assets are already an amount of less than its stated
share capital, of causing such amount to be further reduced and (y) would thereby
affect the assets required for the obligatory preservation of the Pledgor’s stated
share capital (Stammkapital) according to section 30, 31 German Limited Liability
Companies Act (Gesetz betreffend die Gesellschaften mit beschränkter Haftung) provided
that the amount of the stated share capital to be taken into consideration shall be the
amount registered in the commercial register at the date hereof, and any increase of
the stated share capital registered after the date of this Agreement shall only be
taken into account if such increase has been effected with the prior written consent of
the Collateral Agent.

- 14 -

 

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

	 	(a)	 	any asset that is shown in the balance sheet with a book value (Buchwert) that
is significantly lower than the market value of such asset and that is not necessary
for the Pledgor’s business (nicht betriebsnotwendig) shall be taken into account with
its market value;

	 	(b)	 	obligations under loans provided to the Pledgor by any member of the Group or
any other affiliated company shall not be taken into account as liabilities as far as
such loans are subordinated by law or by contract at least to the claims of the
unsubordinated creditors of the Pledgor; and

	 	(c)	 	obligations under loans or other contractual liabilities incurred by the
Pledgor in violation of the provisions of the Credit Documents shall not be taken into
account as liabilities.

	 	 	The Net Assets shall be determined in accordance with the generally accepted accounting
principles applicable from time to time in Germany (Grundsätze ordnungsmäßiger Buchführung)
and be based on the same principles that were applied by the Pledgor in the preparation of
its most recent annual balance sheet (Jahresbilanz).

	 	 	It being understood that the assets of the Pledgor will be assessed at liquidation values
(Liquidationswerte) if the managing directors of the Pledgor, at the time they prepare the
Management Determination (as defined below) are, due to factual or legal circumstances at
that time, in their opinion not able to make a positive prognosis as to whether the business
of the Pledgor can carry on as a going concern (positive Fortführungsprognose), in
particular when the Pledge is enforced.

	7.4	 	The limitations set out in Clause 7.2 above shall only apply if and to the extent that:

	 	(a)	 	without undue delay, but not later than within 5 business days, after receipt
of a notification by the Collateral Agent of its intention to enforce the Pledge (the
“Notice”), the Pledgor has confirmed in writing to the Collateral Agent (x) to what
extent such Pledge is up-stream or cross-stream security as described in Clause 7.2
above and (y) which amount of such up-stream or cross-stream security cannot be
enforced as it would cause the net assets of the Pledgor to fall below its stated share
capital (taking into account the adjustments set out in

- 15 -

 

	 	 	 	Clause 7.3 above) and such confirmation is supported by evidence reasonably
satisfactory to the Collateral Agent (the “Management Determination”) and the
Collateral Agent has not contested this and argued that no or a lesser amount would
be necessary to maintain the Pledgor’s stated share capital; or

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

	7.5	 	If the Pledgee disagrees with the Balance Sheet, it shall be entitled to enforce the Pledge
up to the amount which, according to the Balance Sheet, can be enforced in compliance with the
limitations set out in Clause 7.2 above. In relation to any additional amounts for which the
Pledgor is liable under this Agreement, the Pledgee shall be entitled to further pursue their
claims (if any) and the Pledgor shall be entitled to prove that this amount is necessary for
maintaining its stated share capital (calculated as of the date the Pledgee has given notice
of its intention to enforce the security created under this Agreement).

	7.6	 	No reduction of the amount enforceable under this Clause 7 will prejudice the right of the
Pledgee to continue enforcing the Pledge (subject always to the operation of the limitations
set out above at the time of such enforcement) until full satisfaction to the claims secured.
	 
	8.	 	UNDERTAKINGS OF THE PLEDGOR

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

	8.1	 	subject to Clause 4.3 to use all reasonable efforts to procure that each Account Bank
releases any existing lien, including without limitation any pledge existing by

- 16 -

 

	 	 	operation of its general business conditions (Allgemeine Geschäftsbedingungen), and waives
any right of set-off and right of retention in respect of the Accounts by countersigning and
returning an acknowledgement of notice of pledge substantially in the form set out in
Schedule 3 (Form of Notice of Pledge) to the Pledgor and the Pledgee.

	8.2	 	to instruct each Account Bank to provide the Pledgee following receipt by the relevant
Account Bank of a notice pursuant to Clause 5 with all information requested by it in
respect of the Accounts and to that extent to release each Account Bank from its obligation to
maintain confidentiality (Bankgeheimnis) by delivering a notice of pledge to the respective
Account Bank in accordance with the requirements set out in Clause 4.1 or, in the case of
any future Account, Clause 8.3. The Pledgor undertakes not to revoke such instruction during
the term of this Agreement, other than in respect of an Account which is closed or disposed of
in accordance with the terms of the Credit Documents;

	8.3	 	to notify the Pledgee without undue delay substantially in the form set out in Schedule 4
(Form of Notification of Future Accounts) of each new bank account opened by the Pledgor with
a credit institution in the Federal Republic of Germany in accordance with Clause 4 above
including a designation, as applicable, whether such new bank account is a Social Security
Bank Account . For the avoidance of doubt, the Pledgor is aware that any new bank account
opened within the Federal Republic of Germany (except in case of a Social Security Bank
Account) will become an Account in the meaning of this Agreement upon notice to the Account
Bank and will be subject to the Pledge and the obligations assumed by the Pledgor hereunder
without any further agreement;

	8.4	 	to close any of the Accounts only upon giving 5 business days prior notice to the Pledgee and
provided that the Pledgee has not given a notice pursuant to Clause 5;

	8.5	 	to deliver to the Pledgee, within three months after the end of each calendar year ending
after January 2010, and at any time upon reasonable request of the Pledgee, up-to date account
statement sheets (Kontoauszüge) showing the balance on each of the Accounts, provided that the
Pledgee shall not request such information more than one additional time in any one year prior
to the occurrence of an Enforcement Event and while it is continuing;

	8.6	 	with regard to any account books (Sparbücher) and any other documents which are necessary to
dispose over (verfügen) any of the Accounts, the Pledgor undertakes to deliver the originals
of such documents to the Pledgee without undue delay if the Pledgee has given a notice
pursuant to Clause 5 and to deliver to the Pledgee upon its reasonable request following
such event without undue delay any documents or other

- 17 -

 

	 	 	information concerning the Accounts, in particular (but not limited to) the account opening
documents and any agreements between the Account Bank and the Pledgor in relation to the
Accounts;

	8.7	 	not to grant to any third party any rights in respect of the Accounts (keine Und-Konten oder
Oder-Konten oder sonstige Rechte Dritter) (other than those arising under the relevant Account
Bank’s general business conditions (Allgemeine Geschäftsbedingungen) and under the Existing
Account Pledge Agreements) without the prior written consent of the Collateral Agent (such
consent not to be unreasonably withheld);

	8.8	 	to inform the Pledgee without undue delay of any attachment (Pfändung) and any third parties
bringing claims in respect of any of the Accounts, such notice to be accompanied by any
documents the Pledgee might need to defend itself against any claim by a third party. In the
case of any attachment (Pfändung) in respect of any of the Accounts, the Pledgor undertakes to
forward to the Pledgee without undue delay a copy of the attachment order
(Pfändungsbeschluss), any transfer order (Überweisungsbeschluss) and all other documents
necessary for a defence against the attachment. The Pledgor shall inform the attaching
creditor of the Pledge without undue delay;

	8.9	 	except as otherwise agreed pursuant to the Principal Finance Documents, insofar as additional
declarations or actions are necessary for the creation of the Pledge, the Pledgor shall, at
the Collateral Agent’s reasonable request, make such declarations and undertake such actions
at the Pledgor’s costs and expenses; and

	8.10	 	for the avoidance of doubt, notification and delivery requirements as set out in sub-Clauses
8.3, 8.4, 8.5, 8.6 and 8.8 of this Agreement are deemed to be satisfied if and to the
extent such information has been delivered under the Existing Account Pledge Agreements
provided that such notification or delivery to the Pledgee makes reference to this Agreement
and each Existing Account Pledge Agreement.
	 
	9.	 	DELEGATION

	 	 	The Pledgee shall have full power to delegate (either generally or specifically) the powers,
authorities and discretions conferred on it by this Agreement on such terms and conditions
as it shall see fit. The Pledgee shall only remain liable for diligently selecting and
providing initial instructions to such delegate.
	 
	10.	 	INDEMNITY

	 	 	To the extent set out in the First Lien Intercreditor Credit Agreement, the Pledgor shall,
notwithstanding any release or discharge of all or any part of the security,

- 18 -

 

	 	 	indemnify the Pledgee, its agents its attorneys and any delegate against any action,
proceeding, claims, losses, liabilities, damages, expenses, demands, taxes, losses and costs
which it may sustain as a consequence of any breach by the Pledgor of the provisions of this
Agreement, the exercise or purported exercise of any of the rights and powers conferred on
them by this Agreement or otherwise relating to the Pledge.
	 
	11.	 	NO LIABILITY

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

	12.1	 	This Agreement shall remain in full force and effect until complete satisfaction of the
Obligations. The Pledge shall not cease to exist, if the Grantors under the Credit Documents
have only temporarily discharged the Obligations.

	12.2	 	This Agreement shall create a continuing security and no change, amendment, or supplement
whatsoever in the Credit Documents or in any document or agreement related to any of the
Credit Documents shall affect the validity or the scope of this Agreement nor the obligations
which are imposed on the Pledgor pursuant to it.

	12.3	 	This Agreement is independent from any other security or guarantee which may have been or
will be given to the Pledgee. None of such other security shall prejudice, or shall be
prejudiced by, or shall be merged in any way with this Agreement.

	12.4	 	Waiving Section 418 of the German Civil Code, the Pledgor hereby agrees that the security
created hereunder shall not be affected by any transfer or assumption of the Obligations to,
or by, any third party.

	13.	 	RELEASE (PFANDFREIGABE)

	13.1	 	Upon complete and irrevocable satisfaction of the Obligations, the Collateral Agent (as
instructed in accordance with the First Lien Intercreditor Agreement) will as soon as
reasonably practical declare in writing the release of the Pledge (Pfandfreigabe) to the
Pledgor as a matter of record. For the avoidance of doubt, the parties are aware that upon
full and complete satisfaction of the Obligations the Pledge, due to its

- 19 -

 

	 	 	accessory nature (Akzessorietät), ceases to exist by operation of German mandatory law.

	13.2	 	At any time when the total value of the aggregate security granted by the Pledgor and any of
the other Grantors to secure the Obligations (the “Security”), which can be expected to be
realised in the event of an enforcement of the Security (realisierbarer Wert), exceeds 110% of
the Obligations (the “Limit”) not only temporarily, the Pledgee shall on demand of the Pledgor
release such part of the Security (Sicherheitenfreigabe) as the Pledgee (as instructed in
accordance with the First Lien Intercreditor Agreement) may in its reasonable discretion
determine so as to reduce the realisable value of the Security to the Limit.

	13.3	 	The Pledgee (as instructed in accordance with the First Lien Intercreditor Agreement) will as
soon as reasonably practicable declare in writing the release of the Pledge (Pfandfreigabe) to
the Pledgor in accordance with, and to the extent required by, the Intercreditor Arrangements.
	 
	14.	 	PARTIAL INVALIDITY; WAIVER

	14.1	 	If at any time, any one or more of the provisions hereof is or becomes invalid, illegal or
unenforceable in any respect under the law of any jurisdiction, such provision shall as to
such jurisdiction, be ineffective to the extent necessary without affecting or impairing the
validity, legality and enforceability of the remaining provisions hereof or of such provisions
in any other jurisdiction. The invalid, illegal or unenforceable provision shall be deemed to
be replaced with such valid, legal or enforceable provision which comes as close as possible
to the original intent of the parties and the invalid, illegal or unenforceable provision.
Should a gap (Regelungslücke) become evident in this Agreement, such gap shall, without
affecting or impairing the validity, legality and enforceability of the remaining provisions
hereof, be deemed to be filled in with such provision which comes as close as possible to the
original intent of the parties.

	14.2	 	No failure to exercise, nor any delay in exercising, on the part of the Pledgees, any right
or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any right or remedy prevent any further or other exercise thereof or the exercise
of any other right or remedy. The rights and remedies provided hereunder are cumulative and
not exclusive of any rights or remedies provided by law.
	 
	15.	 	AMENDMENTS

	 	 	Changes and amendments to this Agreement including this Clause 15 shall be made in
writing.

- 20 -

 

	16.	 	NOTICES AND THEIR LANGUAGE

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

	 	 	 	 	 

	For the Pledgor:
	 	Closure Systems International Deutschland GmbH
	 
	 	 	 	 
	 

	 	Address:
	 	Mainzer Strasse 185,
	 

	 	 	 	67547 Worms, Germany
	 
	 	 	 	 
	 

	 	Telephone
	 	+49 6241 400 10 
	 
	 	 	 	 
	 

	 	Fax:
	 	+49 6241 400 187 
	 
	 	 	 	 
	 

	 	Attention:
	 	Managing Directors
	 

	 	 	 	(Geschäftsführung)
	 
	 	 	 	 
	For the Pledgor with a copy to:
	 	 	 	 
	 
	 	 	 	 
	 

	 	Address:
	 	c/o Rank Group Limited
	 

	 	 	 	Level 9
	 

	 	 	 	148 Quay Street
	 

	 	 	 	PO Box 3515
	 

	 	 	 	Auckland 1140
	 

	 	 	 	New Zealand
	 
	 	 	 	 
	 

	 	Telephone:
	 	+649 3666 259
	 
	 	 	 	 
	 

	 	Fax:
	 	+649 3666 263
	 
	 	 	 	 
	 

	 	Attention:
	 	Helen Golding

- 21 -

 

	 	 	 	 	 

	For the Collateral Agent:
	 	The Bank of New York Mellon
	 
	 	 	 	 
	 

	 	Address:
	 	101 Barclay Street, 4E
	 
	 	 	 	 
	 

	 	 	 	New York, N.Y. 10286
	 
	 	 	 	 
	 

	 	 	 	The United States of America
	 
	 	 	 	 
	 

	 	Telephone:
	 	+212 298 1528
	 
	 	 	 	 
	 

	 	Fax:
	 	+212 815 5366
	 
	 	 	 	 
	 

	 	Attention:
	 	International Corporate Trust

	16.2	 	Any party hereto may change its address or fax number for notices and other communications
hereunder by notice to the other parties hereto. As agreed to in writing in accordance with
the First Lien Intercreditor Agreement, notices and other communications hereunder may also be
delivered by e-mail to the e-mail address of a representative of the applicable party to this
Agreement provided from time to time by such party.
	 
	16.3	 	All notices and other communications given to any party in connection with this Agreement in
accordance with the provisions of this Agreement shall be deemed (widerlegbare Vermutung)
received on the date sent (if a business day) and on the next business day thereafter (in all
other cases) if delivered by hand or overnight courier service or sent by fax or on the date
five business days after dispatch by certified or registered mail if mailed, in each case
delivered, sent or mailed (properly addressed) to such party as provided in this Clause 16 or
in accordance with the latest unrevoked direction from such party given in accordance with
this Clause 16.
	 
	16.4	 	Any notice or other communication under or in connection with this Agreement shall be in the
English language or, if in any other language, accompanied by a translation into English. In
the event of any conflict between the English text and the text in any other language, the
English text shall prevail.
	 
	17.	 	APPLICABLE LAW, JURISDICTION
	 
	17.1	 	This Agreement is governed by the laws of the Federal Republic of Germany.

- 22 -

 

	17.2	 	The place of jurisdiction for any and all disputes arising under or in connection
with this Agreement shall be the district court (Landgericht) in Frankfurt am Main. The
Pledgees however, shall also be entitled to take action against the Pledgor in any other court
of competent jurisdiction. Further, the taking of proceedings against the Pledgor in any one
or more jurisdictions shall not preclude the taking of proceedings in any other jurisdiction
(whether concurrently or not) if and to the extent permitted by applicable law.
	 
	18.	 	CONCLUSION OF THIS AGREEMENT (VERTRAGSSCHLUSS)
	 
	18.1	 	The parties to this Agreement may choose to conclude this Agreement by an exchange of
signed signature page(s), transmitted by means of telecommunication (telekommunikative
Übermittlung) by fax or attached as an electronic photocopy (pdf., tif., etc.) to an e-mail.
	 
	18.2	 	If the parties to this Agreement choose to conclude this Agreement pursuant to
sub-Clause 18.1 above, they will transmit the signed signature page(s) of this Agreement to
attention of Mr. Philipp Kropatscheck or Mr. Ivan Zlatanov
(Philipp.Kropatscheck@cliffordchance.com or Ivan.Zlatanov@cliffordchance.com, fax: +49 69 7199
4000) (each a “Recipient”). The Agreement will be considered concluded once any of the
Recipients has actually received the signed signature page(s) (Zugang der
Unterschriftsseite(n)) from all parties to this Agreement and at the time of the receipt of
the last outstanding signature page(s).
	 
	18.3	 	For the purposes of this Clause 18 only, the parties to this Agreement appoint each
Recipient individually as their attorney (Empfangsvertreter) and expressly allow (gestatten)
each Recipient to collect the signed signature page(s) from all and for all parties to this
Agreement. For the avoidance of doubt, the Recipients will have no further duties connected
with their position as Recipient. In particular, the Recipients may assume the conformity to
the authentic original(s) of the signature page(s) transmitted to it by means of
telecommunication, the genuineness of all signatures on the original signature page(s) and the
signing authority of the signatories.

- 23 -

 

SIGNATURE PAGE

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

	 	 	 	 	 	 	 

	 	 	Closure Systems International Deutschland GmbH	 	 
	 
	 	 	 	 	 	 
	 	 	as Pledgor	 	 
	 
	 	 	 	 	 	 
	 

	 	     By:
	 	/s/Mark Dunkley	 	 
	 

	 	Name:
	 	Mark Dunkley	 	 
	 

	 	Title:
	 	Authorised Signatory	 	 
	 
	 	 	 	 	 	 
	 	 	The Bank of New York Mellon	 	 
	 
	 	 	 	 	 	 
	 	 	as Collateral Agent and Pledgee	 	 
	 
	 	 	 	 	 	 
	 

	 	     By:
	 	/s/Catherine F. Donohue	 	 
	 

	 	Name:
	 	Catherine F. Donohue	 	 
	 

	 	Title:
	 	Vice President	 	 

- 24 -

 

SCHEDULE 1

PART 1

LIST OF CURRENT BORROWERS

SIG Euro Holding AG & Co. KGaA

Closure Systems International Holdings Inc.

Closure Systems International B.V.

SIG Austria Holding GmbH

Reynolds Consumer Products Holdings Inc.

Reynolds Group Holdings Inc.

PART 2

LIST OF CURRENT GUARANTORS

Whakatane Mill Australia Pty Limited

SIG Combibloc GmbH & Co KG

SIG Combibloc GmbH

SIG Beverages Brasil Ltda

SIG Combibloc do Brasil Ltda

Closure Systems International (Brazil) Sistemas de Vedação Ltda

CSI Latin American Holdings Corporation

Closure Systems International (Canada) Limited

Evergreen Packaging Canada Limited

Reynolds Food Packaging Canada Inc.

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

SIG Holdings (UK) Limited

SIG Combibloc Limited

- 25 -

 

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Ltd

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft.

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

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

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

SIG Finance (Luxembourg) S.à r.l.

- 26 -

 

Closure Systems International (Luxembourg) S.à r.l.

Reynolds Consumer Products (Luxembourg) S.à r.l.

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

Reynolds Group Issuer (Luxembourg) S.A.

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

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

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

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

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

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

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

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

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

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG

SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Combibloc Ltd.

- 27 -

 

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas Inc.

Closure Systems International Inc.

Reynolds Packaging Machinery Inc.

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc.

Bakers Choice Products, Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics, Inc.

Ultra Pac, Inc.

BRPP, LLC

Reynolds Group Issuer Inc.

- 28 -

 

Reynolds Group Issuer LLC

PART 3

LIST OF CURRENT SENIOR SECURED NOTE GUARANTORS

Whakatane Mill Australia Pty Limited

SIG Austria Holding GmbH

SIG Combibloc GmbH & Co KG

SIG Combibloc GmbH

SIG Beverages Brasil Ltda

SIG Combibloc do Brasil Ltda

Closure Systems International (Brazil) Sistemas de Vedação Ltda

CSI Latin American Holdings Corporation

Closure Systems International (Canada) Limited

Evergreen Packaging Canada Limited

Reynolds Food Packaging Canada Inc.

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

SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

- 29 -

 

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Ltd

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft.

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

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

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

SIG Finance (Luxembourg) S.à r.l.

Closure Systems International (Luxembourg) S.à r.l.

Reynolds Consumer Products (Luxembourg) S.à r.l.

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

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

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

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

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

- 30 -

 

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

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

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

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

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

Closure Systems International B.V.

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG

SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Combibloc Ltd.

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas Inc.

Closure Systems International Inc.

Reynolds Group Holdings Inc.

Reynolds Packaging Machinery Inc.

Closure Systems International Holdings Inc.

- 31 -

 

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc.

Bakers Choice Products, Inc.

Reynolds Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics, Inc.

Ultra Pac, Inc.

BRPP, LLC

Reynolds Acquisition Corporation

PART 4

LIST OF ORIGINAL NEW SECURED NOTE GUARANTORS

Whakatane Mill Australia Pty Limited

- 32 -

 

SIG Beverages Brasil Ltda

SIG Combibloc do Brasil Ltda

Closure Systems International (Brazil) Sistemas de Vedação Ltda

CSI Latin American Holdings Corporation

Closure Systems International (Canada) Limited

Evergreen Packaging Canada Limited

Reynolds Food Packaging Canada Inc.

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

SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

- 33 -

 

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Ltd

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft.

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

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

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

SIG Finance (Luxembourg) S.à r.l.

Closure Systems International (Luxembourg) S.à r.l.

Reynolds Consumer Products (Luxembourg) S.à r.l.

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

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

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

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

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

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

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

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

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

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

Closure Systems International B.V.

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

- 34 -

 

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG

SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas Inc.

Closure Systems International Inc.

Reynolds Group Holdings Inc.

Reynolds Packaging Machinery Inc.

Closure Systems International Holdings Inc.

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc.

Bakers Choice Products, Inc.

Reynolds Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

- 35 -

 

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics, Inc.

Ultra Pac, Inc.

BRPP, LLC

Reynolds Acquisition Corporation

- 36 -

 

SCHEDULE 2

LIST OF ACCOUNTS

PART 1— LIST OF ACCOUNTS

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

	 	IBAN
 DE[                    ]

BLZ 50040000
	 	Commerzbank AG, Kaiserstraße

30, 60311 Frankfurt am Main
	 	Giro
	 	EURO
	 
	 	 	 	 	 	 	 	 
	[                    ]

	 	IBAN
 DE[                    ]

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

PART 2 — LIST OF EXCLUDED ACCOUNTS

Currently none

- 37 -

 

SCHEDULE 3

FORM OF NOTICE OF PLEDGE

[Letterhead of Pledgor]

	 	 	 	 	 	 	 

	 

	 	Absender/From:
	 	[Pledgor]	 	 
	 
	 	 	 	 	 	 
	 

	 	An/To:
	 	[Account Bank]	 	 
	 
	 	 	 	 	 	 
	 

	 	Datum/Date:
	 	[•]	 	 
	 
	 	 	 	 	 	 
	 

	 	Verpfändungsanzeige
	 	 	 	Notice of Pledge
	 
	 	 	 	 	 	 
	 

	 	Betrifft: Konto Nr. [•]
	 	 	 	Re: Account No. [•]
	 
	 	 	 	 	 	 
	 

	 	Sehr geehrte Damen und Herren,
	 	 	 	Dear Sirs,

	 	 	 

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

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

	 	Pursuant to a confirmation and
amendment agreement relating
to the Account Pledge
Agreement 1 dated 4 May 2010
(the “Confirmation and
Amendment Agreement”), the Account Pledge Agreement 1 has
been confirmed and amended to
the effect that, inter alia,
it also secures the increase
of existing facilities which
are already secured by the
Account
	 

	 	 

- 38 -

 

	 	 	 

	Kontenverpfändungsvertrag 1 besichert sind. Eine Kopie des
Bestätigungs- und Ergänzungsvertrags hatten wir unseren
Schreiben beigefügt.

	 	Pledge Agreement 1. A
copy of the Confirmation and
Amendment Agreement was
attached to our letters.
	 
	 	 
	     Hiermit zeigen wir Ihnen an, dass wir gemäß Ziffer
2.1 des hier in Kopie beigefügten
Kontenverpfändungsvertrags vom [•] (der
“Kontenverpfändungsvertrag 2”) alle
Rechte und Ansprüche bezüglich des o. g. Kontos
und aller sonstigen bei Ihnen geführten Konten
(die “Konten”) (inklusive aller
Unterkonten, etwaiger Neueröffnungen,
Verlängerungen, Umbenennung und Festgeldkonten) zu
Gunsten des Sicherheitentreuhänders verpfändet
haben.

	 	     We hereby give you notice that
pursuant to Clause 2.1 of an
account pledge agreement dated
[•] (the “Account Pledge
Agreement 2”), a copy of which
is attached hereto, we have
pledged in favour of the
Collateral Agent all of our
rights and claims in respect
of the above account and all
other accounts maintained with
you from time to time (the
“Accounts”) (including all
sub-accounts thereof,
renewals, replacements,
redesignations and related
fixed deposit accounts
thereof).
	 
	 	 
	     Die Verpfändung umfasst insbesondere alle
Ansprüche auf gegenwärtige und zukünftige Guthaben
(einschließlich Spareinlagen, Termineinlagen,
Festgeldeinlagen und Tagesgeldeinlagen) und
positive Salden sowie alle darauf anfallenden
Zinsen.

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

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

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

- 39 -

 

	 	 	 

	     Diese Verpfändungsanzeige unterliegt deutschem
Recht.

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

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

	 	     Please sign the enclosed
Acknowledgement of Notice of
Pledge in order to acknowledge
receipt of this notice and
your agreement to the terms
set out herein and in the
enclosed Acknowledgement and
return the same to us and to
the Collateral Agent. The
address of the Collateral
Agent is the following:

[name and address of Collateral Agent].

			
	 	 	 
	Mit freundlichen Grüßen
	 	Yours faithfully

[Pledgor]

 

(Geschäftsführer/Managing Director)

- 40 -

 

[Letterhead of Account Bank]

	 	 	 	 	 

	 

	 	Absender/From:
	 	[Account Bank]
	 
	 	 	 	 
	 

	 	An/ To:
	 	[Collateral Agent]

und/and

[Pledgor]
	 
	 	 	 	 
	 

	 	Datum/ Date:
	 	[•]

	 	 	 

	     Bestätigung des Empfangs einer Verpfändungsanzeige

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

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

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

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

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

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

- 41 -

 

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

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

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

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

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

	 	     Yours faithfully
	 
	 	 
	     [Account Bank]
	 	 
	
 

	 	 
	([Name des Unterzeichners/name of signatory])
	 	 

- 42 -

 

SCHEDULE 4

FORM OF NOTIFICATION OF FUTURE ACCOUNTS

	 	 	 

	From:

	 	[Pledgor]
	 
	 	 
	To:

	 	[Collateral Agent]
	 
	 	 
	Date:

	 	[Date of Notification]
	 
	 	 
	Re:

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

Dear Sirs,

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

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

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

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

- 43 -

 

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

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

- 44 -

 

	 	 	 	 	 	 	 

	 	 	Yours faithfully	 	 
	 
	 	 	 	 	 	 
	 

	 	[Pledgor]	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	Managing Director (Geschäftsführer)	 	 

- 45 -exv4w266

EXHIBIT 4.266

CLOSURE SYSTEMS INTERNATIONAL HOLDINGS (GERMANY) GMBH

as Pledgor

THE BANK OF NEW YORK MELLON

as Collateral Agent and Pledgee

 

ACCOUNT PLEDGE AGREEMENT

(Kontoverpfändung)

 

The taking of this document or any certified copy of it or any document which constitutes
substitute documentation for it, or any document which includes written confirmations or references
to it, into Austria as well as printing out any e-mail communication which refers to any Credit
Document (as defined in Clause 1 of this document) in Austria or sending any e-mail communication
to which a pdf scan of this document is attached to an Austrian addressee or sending any e-mail
communication carrying an electronic or digital signature which refers to any Credit Document to an
Austrian addressee may cause the imposition of Austrian stamp duty. Accordingly, keep the original
document as well as all certified copies thereof and written and signed references to it outside of
Austria and avoid printing out any email communication which refers to any Credit Document in
Austria or sending any e-mail communication to which a pdf scan of this document is attached to an
Austrian addressee or sending any e-mail communication carrying an electronic or digital signature
which refers to any Credit Document to an Austrian addressee.

 

CONTENTS

	 	 	 
	Clause	 	Page
	1. Definitions and Language

	 	- 5 -
	2. Pledge

	 	- 10 -
	3. Purpose of the Pledges

	 	- 11 -
	4. Notice of Pledge

	 	- 11 -
	5. Pledgor’s Right of Disposal

	 	- 12 -
	6. Enforcement of the Pledges

	 	- 13 -
	7. Limitations on Enforcement

	 	- 14 -
	8. Undertakings of the Pledgor

	 	- 16 -
	9. Delegation

	 	- 18 -
	10. Indemnity

	 	- 18 -
	11. No liability

	 	- 19 -
	12. Duration and Independence

	 	- 19 -
	13. Release (Pfandfreigabe)

	 	- 19 -
	14. Partial Invalidity; Waiver

	 	- 20 -
	15. Amendments

	 	- 20 -
	16. Notices and their Language

	 	- 21 -
	17. Applicable Law, Jurisdiction

	 	- 22 -
	18. Conclusion of this Agreement (Vertragsschluss)

	 	- 23 -
	Schedule 1

	 	- 25 -
	Part 1 List of Current Borrowers

	 	- 25 -
	Part 2 List of Current Guarantors

	 	- 25 -
	Part 3 List of Current Senior Secured Note Guarantors

	 	- 29 -
	Part 4 List of Original New Secured Note Guarantors

	 	- 32 -
	Schedule 2 List of Accounts

	 	- 37 -
	PART 1— List of Accounts

	 	- 37 -

 

 

	 	 	 
	Clause	 	Page
	PART 2 — List of Excluded Accounts

	 	- 37 -
	Schedule 3 Form of Notice of Pledge

	 	- 38 -
	Schedule 4 Form of Notification of Future Accounts

	 	 43 

 

 

       This ACCOUNT PLEDGE AGREEMENT (the “Agreement”) is made on
16 November 2010

	 	 	BETWEEN:
	 
	(1)	 	Closure Systems International Holdings (Germany) GmbH, a limited liability company
(Gesellschaft mit beschränkter Haftung) organised under the laws of the Federal Republic of
Germany, having its business address at Mainzer Strasse 185, 67547 Worms, Germany registered
in the commercial register (Handelsregister) of the local court (Amtsgericht) of Mainz under
HRB 41388 (the “Pledgor”); and
	 
	(2)	 	The Bank of New York Mellon, a public company incorporated under the laws of the state of New
York, having its business address at 1 Wall Street, New York, N.Y. 10286, The United States of
America, in its capacity as collateral agent under the First Lien Intercreditor Agreement (as
defined below) (the “Collateral Agent” or the “Pledgee”).
	 
	 	 	WHEREAS:
	 
	(A)	 	Pursuant to a USD 1,155,000,000 and EUR 330,000,000 multi-currency term and revolving credit
agreement dated 5 November 2009 (as amended by the Amendment No. 1 and Joinder Agreement (as
defined below), by the Amendment No. 2 and Incremental Assumption Agreement (as defined below)
and by the Amendment No. 3 and Incremental Assumption Agreement (as defined below)) between,
inter alia, the parties listed in Part 1 of Schedule 1 hereto as current borrowers (the
“Current Borrowers”), the parties listed in Part 2 of Schedule 1 hereto as current guarantors
(the “Current Guarantors”), Credit Suisse AG, Cayman Islands branch (formerly Credit Suisse,
Cayman Islands branch) as administrative agent and others (as further amended, varied,
novated, supplemented, superseded or extended from time to time, the “Credit Agreement”),
certain lenders (together the “Original Lenders”) have granted certain facilities to the
Current Borrowers and certain other entities which may accede or may have acceded to the
Credit Agreement as additional borrowers.
	 
	(B)	 	Pursuant to a senior secured note indenture dated 5 November 2009 between, inter alia,
Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., and Reynolds Group Issuer (Luxembourg)
S.A as issuers (the “Issuers”), certain affiliates of the Issuers listed in Part 3 of Schedule
1 as current senior secured note guarantors (the “Current Senior Secured Note Guarantors”) and
The Bank of New York Mellon, as indenture trustee, principal paying agent, transfer agent and
registrar, (as amended, varied, novated, supplemented, superseded or extended from time to
time, the “Senior Secured Note Indenture”), the Issuers have issued senior secured notes due
2016 in the aggregate principal amount of USD 1,125,000,000 (the “US Secured Notes”) and
senior secured notes due 2016 in the aggregate principal amount of EUR 450,000,000 (the “Euro
Secured Notes” and together with the US Secured Notes the “Senior
Secured Notes”) to certain noteholders.

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	(C)	 	The Pledgor has entered into the Existing Account Pledge Agreements (as defined below).
	 
	(D)	 	Pursuant to an amendment No. 3 and incremental term loan assumption agreement relating to the
Credit Agreement dated 30 September 2010 between, inter alia, the Current Borrowers, the
Current Guarantors, Credit Suisse AG, Cayman Islands branch (formerly Credit Suisse, Cayman
Islands branch) as administrative agent and others (the “Amendment No. 3 and Incremental
Assumption Agreement”) the Credit Agreement has been amended to, inter alia, increase the
incremental term facilities from an amount of USD 1,550,000,000 to an amount of USD
2,770,000,000.
	 
	(E)	 	Pursuant to a secured note indenture dated 15 October 2010 between, inter alia, RGHL Issuer I
LLC, RGHL Issuer I Inc., and RGHL Issuer (Luxembourg) I S.A. as escrow issuers (the “Escrow
Issuers”), The Bank of New York Mellon as indenture trustee, The Bank of New York Mellon,
London Branch as principal paying agent, The Bank of New York Mellon as collateral agent and
Wilmington Trust (London) Limited as collateral agent (as amended, varied, novated,
supplemented, superseded or extended from time to time, the “New Secured Note Indenture”), the
Escrow Issuers have issued secured notes due 2019 in the aggregate principal amount of USD
1,500,000,000 in escrow (the “New Secured Notes”). In connection with the release from escrow
of the proceeds of the New Secured Notes the Escrow Issuers are merging with and into, or
otherwise transferring all of their assets and liabilities to, the Issuers, with each of the
Issuers surviving the applicable mergers or other transfers and assuming by operation of law
the obligations of the applicable Escrow Issuers with respect to the New Secured Note
Indenture and the New Secured Notes. At this time certain affiliates of the Issuers listed in
Part 4 of Schedule 1 as new secured note guarantors (the “Original New Secured Note
Guarantors”) will accede to the New Secured Note Indenture.
	 
	(F)	 	The Pledgor has agreed to grant an additional pledge (subject to the pledges existing by
operation of the general business conditions (Allgemeine Geschäftsbedingungen) of the
respective Account Bank (as defined below) and the pledges arising under the Existing Account
Pledge Agreements (as defined below)) over its Accounts (as defined below) as security for the
Pledgee’s claims against the Grantors (as defined below) (or any of them) in respect of the
Obligations (as defined below).
	 
	(G)	 	The security created by or pursuant to this Agreement is to be administered by the Collateral
Agent for the Secured Parties (as defined below) pursuant to a first lien intercreditor
agreement dated 5 November 2009 (as amended by the Amendment No. 1 and Joinder Agreement (as defined below)) between, inter alia, the Collateral Agent, the
Indenture Trustee, the Administrative Agent and the Grantors (each as defined below) and
others (as amended, varied, novated, supplemented, superseded or

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	 	 	extended from time to time, the “First Lien Intercreditor Agreement”).
	 
	 	 	NOW, IT IS AGREED as follows:
	 
	1.	 	DEFINITIONS AND LANGUAGE
	 
	1.1	 	Definitions
	 
	 	 	In this Agreement:
	 
	 	 	“Account Banks” means the credit institutions administering the Accounts and “Account Bank”
means any of them.
	 
	 	 	“Accounts” means all bank accounts (including without limitation giro accounts and accounts
for saving deposits (Spareinlagen), time deposits (Termineinlagen) or call money deposits
(Tagesgeldeinlagen)) which the Pledgor holds at present or may at any time hereafter open
with any credit institution in the Federal Republic of Germany (including without limitation
the accounts listed in Part I of Schedule 2 (List of Accounts) but excluding any Social
Security Bank Account as listed in Part II of Schedule 2 (List of Excluded Accounts)) and
any sub-account (Unterkonto), renewal, redesignation or replacement thereof, and “Account”
means any of them.
	 
	 	 	“Administrative Agent” means Credit Suisse AG, Cayman Islands branch, having its business
address at One Madison Avenue, New York, NY 10010, United States of America in its capacity
as administrative agent under the Credit Agreement and any successor appointed as
administrative agent under the Credit Agreement.
	 
	 	 	“Amendment No. 1 and Joinder Agreement” means the joinder agreement relating to the Credit
Agreement dated 21 January 2010 made among (amongst others) the Collateral Agent, Wilmington
Trust (London) Limited, Credit Suisse AG and Reynolds Group Holdings Limited pursuant to
which Wilmington Trust (London) Limited is appointed as additional collateral agent and
became party to the First Lien Intercreditor Agreement.
	 
	 	 	“Amendment No. 2 and Incremental Assumption Agreement” means the amendment and incremental
assumption agreement dated 4 May 2010 relating to the Credit Agreement between, inter alia,
the borrowers and the guarantors under the Credit Agreement as of such date, the
Administrative Agent and others.
	 
	 	 	“Borrowers” means the Current Borrowers and any entity which may accede to the Credit
Agreement as an additional borrower and “Borrower” means any of them.
	 
	 	 	“Cash Management Bank” shall mean Citibank NA, Banco Nacional De Mexico S.A., Citibank
International PLC, UK, Citibank (China) Co., Limited, Citibank Global Markets Deutschland AG
& Co KGaA, Citibank ZRT, Hungary, a Lender, the Administrative Agent or any of the Lender’s or the Administrative Agent’s affiliates (at the
time the cash management services arrangement is entered into) provided in each case it has
become a party to, or by execution of an additional bank secured party acknowledgment has
agreed to be bound by the terms of, the First Lien Intercreditor Agreement in its capacity
as cash management bank.

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	 	 	“Cash Management Services” shall mean any agreement or arrangement by a Cash Management Bank
to provide any composite accounting or other cash pooling arrangements and netting,
overdraft protection and other arrangements with any bank arising under standard business
terms of such Cash Management Bank to a Grantor.
	 
	 	 	“Credit Documents” shall mean the Loan Documents, the Senior Secured Note Documents and the
New Secured Note Documents.
	 
	 	 	“Enforcement Event” shall mean an Event of Default.
	 
	 	 	“Event of Default” means any event of default (Kündigungsgrund) under the Credit Agreement
and/or the Senior Secured Note Indenture and/or the New Secured Note Indenture.
	 
	 	 	“Existing Account Pledge Agreements” means

	 	(a)	 	the account pledge agreement dated 5 November 2009 (as amended
by a confirmation and amendment agreement dated 4 May 2010) entered into
between Closure Systems International Holdings (Germany) GmbH as pledgor and
The Bank of New York Mellon as Collateral Agent and as pledgee and others as
pledgees (the “Existing Account Pledge Agreement”); and
	 
	 	(b)	 	confirmation and amendment agreement dated 4 May 2010 and
entered into between, inter alios, Closure Systems International Holdings
(Germany) GmbH as pledgor and The Bank of New York Mellon as collateral agent
relating to an account pledge agreement dated 5 November 2009 and entered into
between Closure Systems International Holdings (Germany) GmbH as pledgor and
Wilmington (Trust) Limited as collateral agent and other as pledgees.

	 	 	“Existing Intercreditor Agreement” means the existing intercreditor agreement dated 11 May
2007 (as amended by a letter dated 21 June 2007 and a further letter dated 29 June 2007, as
amended and restated on 5 November 2009 and as further amended on 5 November 2010) between,
inter alia, Beverage Packaging Holdings (Luxembourg) I S.A., Rank Group Holdings Limited
(now Reynolds Group Holdings Limited), Beverage Packaging Holdings (Luxembourg) II S.A.,
Beverage Packaging Holdings (Luxembourg) III S.à r.l., Credit Suisse AG (formerly Credit
Suisse) as security trustee and others.
	 
	 	 	“Grantors” means the Loan Parties, the Issuers, the Senior Secured Note Guarantors and the
New Secured Note Guarantors and any person that has granted a security interest to the
Collateral Agent and/or the Secured Parties in respect of the obligations of the Loan
Parties, the Issuers and the Senior Secured Note Guarantors under the Credit Documents and
“Grantor” means any of them.

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	 	 	“Grantors’ Agent” shall mean Reynolds Group Holdings Limited or any other person appointed
as agent of the Grantors in accordance with the Principal Finance Documents.
	 
	 	 	“Group” means Reynolds Group Holdings Limited and its direct or indirect subsidiaries
(Tochtergesellschaften).
	 
	 	 	“Hedge Counterparty” means a Lender, the Administrative Agent or any of the Lender’s or the
Administrative Agent’s affiliates (at the time a hedging agreement is entered into) who has
entered into a hedging agreement for the purpose of hedging interest rate liabilities and/or
any exchange rate and/or commodity price risks provided it has become a party, or by
execution of an additional bank secured party acknowledgment has agreed to be bound by the
terms of, to the First Lien Intercreditor Agreement in its capacity as hedge counterparty.
	 
	 	 	“Incremental Assumption Agreement” shall mean an incremental assumption agreement relating
to incremental facilities of up to USD 2,770,000,000 among, and in form and substance
reasonably satisfactory to, one or more Borrowers, the Administrative Agent, one or more
Incremental Term Lenders and/or one or more Incremental Revolving Credit Lenders pursuant to
which one or more Incremental Term Lenders make available Incremental Term Loan Commitments
and/or one or more Incremental Revolving Credit Lenders make available Incremental Revolving
Credit Commitments respectively.
	 
	 	 	“Incremental Revolving Credit Lender” shall mean a Lender with an Incremental Revolving
Credit Commitment or an outstanding revolving loan under the Credit Agreement of any class
as a result of an Incremental Revolving Credit Commitment.
	 
	 	 	“Incremental Revolving Credit Commitment” shall mean the commitment of any Lender,
established pursuant to the Credit Agreement, to make available certain revolving credit
loans to one or more Borrowers.
	 
	 	 	“Incremental Term Lender” shall mean a Lender with an Incremental Term Loan Commitment.
	 
	 	 	“Incremental Term Loan Commitment” shall mean the commitment of any Lender, established
pursuant to the Credit Agreement, to make available certain term loans to one or more
Borrowers.
	 
	 	 	“Indenture Trustee” shall mean The Bank of New York Mellon, in its capacity as indenture
trustee under the Senior Secured Note Indenture and any successor appointed as indenture
trustee under the Senior Secured Notes Indenture.
	 
	 	 	“Intercreditor Arrangements” means the First Lien Intercreditor Agreement and the Existing
Intercreditor Agreement, in each case as amended, novated, supplemented, restated, or
modified from time to time.
	 
	 	 	“Issuing Bank” means Credit Suisse AG or any other Lender or any affiliate of Credit Suisse
AG or any other Lender that issues letters of credit or bank guarantees under the Credit
Agreement.

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	 	 	“Lenders” shall mean the Original Lenders and any entity which may become a lender under the
Credit Agreement in the future and “Lender” means any of them.
	 
	 	 	“Loan Documents” shall mean the Credit Agreement, the Amendment No. 1 and Joinder Agreement,
the Amendment No. 2 and Incremental Assumption Agreement, the Amendment No. 3 and
Incremental Assumption Agreement, any borrowing subsidiary agreement and/or guarantor
joinder agreement relating to the Credit Agreement, any letter of credit or bank guarantee
relating to the Credit Agreement, any security documents relating to the Credit Agreement,
any hedging agreement entered into by a Hedge Counterparty and a Grantor, each Incremental
Assumption Agreement, the Intercreditor Arrangements, each Promissory Note, any agreement
between a Grantor and a Cash Management Bank relating to Cash Management Services, each
Local Facility Agreement and any other document that may be entered into pursuant to any of
the foregoing in relation to the Credit Agreement.
	 
	 	 	“Loan Parties” shall mean the Borrowers, the Current Guarantors and any entity which may
accede to the Credit Agreement as additional guarantor and a “Loan Party” means any of them.
	 
	 	 	“Local Facilities” means working capital facilities provided to a Grantor (other than
Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings (Luxembourg) II
S.A. Beverage Packaging Holdings (Luxembourg) III S.à.r.l. and the Borrowers) by a Local
Facility Provider and “Local Facility” means any of them.
	 
	 	 	“Local Facility Agreements” shall mean any agreement under which a Local Facility is made
available.
	 
	 	 	“Local Facility Provider” means HSBC Trinkaus & Burkhardt AG, Deutsche Bank AG, Commerzbank
Aktiengesellschaft and Hong Kong and Shanghai Banking Corporation Ltd., Thailand, Bank of
America, N.A., Canada Branch, FIA Card Services, N.A., Citibank N.A., Citibank (China) Co.,
Ltd., Banco Nacional de Mexico, S.A., Integrante del Grupo Financiero Banamex, Bank of
America, N.A., provided in each case it has become a party to, or by execution of an
additional bank secured party acknowledgment has agreed to be bound by the terms of, the
First Lien Intercreditor Agreement in its capacity as local facility provider.
	 
	 	 	“New Secured Note Documents” shall mean the New Secured Note Indenture, the New Secured Note
Guarantees, the New Secured Notes, the Intercreditor Arrangements, any security document
relating to the New Secured Notes and/or the New Secured Note Indenture and any other
document that may be entered into pursuant to any of the foregoing.
	 
	 	 	“New Secured Note Guarantees” shall mean the guarantees of the obligations of the Issuers
under the New Secured Notes and the New Secured Note Indenture by the New Secured Note
Guarantors.
	 
	 	 	“New Secured Note Guarantors” means the Original New Secured Note Guarantors and any entity
which may accede to the New Secured Note Indenture as additional guarantor.

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	 	 	“New Secured Note Holders” shall mean the holders from time to time of the New Secured
Notes.
	 
	 	 	“New Secured Notes Indenture Trustee” shall mean The Bank of New York Mellon, in its
capacity as indenture trustee under the New Secured Note Indenture and any successor
appointed as indenture trustee under the New Secured Notes Indenture.
	 
	 	 	“Obligations” shall mean all present and future obligations and liabilities (whether actual
or contingent and whether owed jointly or severally or in any other capacity whatsoever) of
each Grantor to the Pledgee under each or any of the Credit Documents (including, but not
limited to, the Parallel Obligations), including with respect to all costs, charges and
expenses incurred by the Pledgee in connection with the protection, preservation or
enforcement of its rights under the Credit Documents or any other document evidencing or
securing any such liabilities. The Obligations shall further include any obligation based on
unjust enrichment (ungerechtfertigte Bereicherung) or tort (Delikt).
	 
	 	 	“Parallel Obligations” means the independent obligations of any of the Grantors arising
pursuant to the First Lien Intercreditor Agreement to pay to the Collateral Agent sums equal
to the sums owed by such Grantor to the other Secured Parties (or any of them) under the
Credit Documents.
	 
	 	 	“Pledge” and “Pledges” have the meanings given to such terms in Clause 2.1.
	 
	 	 	“Principal Finance Documents” means the Credit Agreement, the Senior Secured Note Indenture,
the New Secured Note Indenture and the First Lien Intercreditor Agreement.
	 
	 	 	“Promissory Note” shall mean any promissory note executed and delivered by a Borrower upon
the request of a Lender evidencing the amount of principal owed by such Borrower to such
Lender under the Credit Agreement.
	 
	 	 	“Secured Parties” shall mean the Lenders (including in their capacity as issuing bank(s),
and/or Hedge Counterparties under the Credit Agreement), the Hedge Counterparties, the
Administrative Agent, any Issuing Bank, the beneficiaries of each indemnification obligation
undertaken by any Grantor under any Credit Document, the Senior Secured Note Holders, the
New Secured Note Holders, the Indenture Trustee, the New Secured Notes Indenture Trustee,
the Collateral Agent, the Local Facility Providers and the Cash Management Banks.
	 
	 	 	“Senior Secured Note Documents” shall mean the Senior Secured Note Indenture,
the Senior Secured Note Guarantees, the Senior Secured Notes, the Intercreditor
Arrangements, any security document relating to the Senior Secured Notes and/or the Senior
Secured Note Indenture and any other document that may be entered into pursuant to any of
the foregoing.
	 
	 	 	“Senior Secured Note Guarantees” shall mean the guarantees of the obligations of the Issuers
under the Senior Secured Notes and the Senior Secured Note Indenture by the Senior Secured
Note Guarantors.

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	 	 	“Senior Secured Note Guarantors” means the Current Senior Secured Note Guarantors and any
entity which may accede to the Senior Secured Note Indenture as additional guarantor.
	 
	 	 	“Senior Secured Note Holders” shall mean the holders from time to time of the Senior Secured
Notes.
	 
	 	 	“Social Security Bank Accounts” means any and all bank accounts which the Pledgor keeps at
present or may at any time hereafter keep with any institution in the Federal Republic of
Germany for the benefit of employees under or pursuant to applicable workmen’s compensation
schemes, social security laws or regulations, including accounts kept under or pursuant to
partial retirement programs (Blockmodell Altersteilzeit).
	 
	1.2	 	Construction
	 
	 	 	In this Agreement:

	 	(a)	 	Capitalised terms used in this Agreement (or in any notice given under this
Agreement) but not defined therein shall have the meanings ascribed thereto in the
First Lien Intercreditor Agreement; and
	 
	 	(b)	 	any reference in this Agreement to a “Clause” or a “Schedule” shall, subject to
any contrary indication, be construed as a reference to a Clause or a Schedule hereof.

	1.3	 	This Agreement is made in the English language. For the avoidance of doubt, the English
language version of this Agreement shall prevail over any translation of this Agreement.
However, where a German translation of a word or phrase appears in the text of this Agreement,
the German translation of such word or phrase shall prevail.
	 
	2.	 	PLEDGE
	 
	2.1	 	The Pledgor hereby pledges to the Pledgee all its present and future rights and claims
(whether conditional or unconditional) arising against any Account Bank from or in relation to
any of the Accounts, including without limitation:

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

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	 	 	 	standing from time to time to the credit of the Accounts, including all claims
to interest payable;
	 
	 	(b)	 	in respect of each Account maintained as a giro account (Girokonto) at present
or in the future, (i) all claims in respect of present and future credit balances
(positive Salden), (ii) all claims in respect of present and future credit entries
(gutgeschriebene Beträge), (iii) all claims to interest payable and (iv) all other
present and future monetary rights and claims arising under or in connection with the
respective giro agreement (Girovertrag) (including without limitation all claims to the
grant of a credit entry (Gutschriftanspruch); and
	 
	 	(c)	 	in respect of each Account maintained as a current account (Kontokorrentkonto)
at present or in the future, all present and future rights and claims arising under or
in connection with the respective current account agreement (Kontokorrentabrede)
(including without limitation all claims to determination and acknowledgement of the
current account balance (Anspruch auf Saldofeststellung und -anerkennung), all claims
to present and future current account balances (Saldoforderungen) including the causal
final balance (kausaler Schlusssaldo) and the right to terminate the current account
relationship (Kündigung des Kontokorrents)).

	 	 	(the “Pledge”).
	 
	2.2	 	The Pledgee hereby accepts the Pledge.
	 
	2.3	 	The Pledge is in addition, and without prejudice, to any other security the Secured Parties
may now or hereafter hold in respect of the Obligations.
	 
	3.	 	PURPOSE OF THE PLEDGES
	 
	 	 	The Pledges hereunder are constituted in order to secure the prompt and complete
satisfaction of any and all Obligations. The Pledges shall also cover any future extension
of the Obligations and the Pledgor herewith expressly agrees that the provisions of Section
1210 para 1 sentence 2 of the German Civil Code (Bürgerliches Gesetzbuch) shall not apply to
this Agreement.
	 
	4.	 	NOTICE OF PLEDGE
	 
	4.1	 	Subject to Clause 4.3 below the Pledgor undertakes that it will without undue delay, but
not later than within twenty business days after the date of this Agreement, and, in relation
to any Account opened after the date of this Agreement, within ten business days after such
new Account has been opened, notify each Account Bank and any other relevant third party of
the Pledges by delivering a notification substantially in the

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	 	 	form set out in Schedule 3 (Form
of Notice of Pledge) by registered mail (Einschreiben mit Rückschein). The Pledgor shall
provide the Collateral Agent with a copy of each such notification and of the corresponding
return receipt (Rückschein). In addition, the Pledgor shall use all reasonable efforts to
procure that each Account Bank promptly acknowledges receipt of the respective notification,
and acceptance of the terms thereof, to the Collateral Agent and to the Pledgor.
	 
	4.2	 	Without prejudice to the obligations imposed on the Pledgor in Clause 4.1 and, in the case
of future Accounts, Clause 8.3, the Pledgor hereby authorises the Collateral Agent and
releases it for this purpose from the restrictions of self-dealing under Section 181 of the
German Civil Code to notify each Account Bank and any other relevant third party on its behalf
of this Agreement and the Pledge constituted hereunder by delivering a notification
substantially in the form set out in Schedule 3 (Form of Notice of Pledge), or in such
substantially similar form as the Collateral Agent (acting for and on behalf of the Secured
Parties) deems appropriate, provided that the Collateral Agent may only make use of this
authorisation if the Pledgor has not complied with the obligations imposed on the Pledgor in
Clause 4.1 within 10 business days of being notified of such failure (with a copy of such
notice being sent to Reynolds Group Holdings Limited) and being requested to comply or if an
Enforcement Event has occurred and is continuing.
	 
	4.3	 	The Pledgor shall not be under an obligation to comply with its obligation under Clause 4.1
above whilst an Enforcement Event is not continuing if the Pledgor can prove to the Collateral
Agent (acting on behalf of the Secured Parties) that notifying the relevant Account Bank of
the Pledge created hereunder would not be consistent with, whilst an Enforcement Event is not
continuing, the Pledgor retaining control over and the ability to freely use the balance of any such Account. The Collateral Agent
will take instructions in accordance with the First Lien Intercreditor Agreement whether or
not to agree with the Pledgor’s analysis. For the avoidance of doubt, at the date of this
Agreement the Pledgor agrees that notifying the Account Banks of the Pledge created
hereunder is not inconsistent with the Pledgor retaining control over and the ability to
freely use the balance of any Account existing at the date of this Agreement.
	 
	5.	 	PLEDGOR’S RIGHT OF DISPOSAL
	 
	 	 	The Pledgor may exercise all rights and powers in respect of each Account until the
Collateral Agent gives notice to the contrary to the Account Bank with a copy to the
Pledgor. The Pledgee may give such notice only if an Enforcement Event has occurred and is
continuing.

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	6.	 	ENFORCEMENT OF THE PLEDGES
	 
	6.1	 	If (i) an Enforcement Event has occurred and is continuing and (ii) the requirements set
forth in Sections 1273 para 2, 1204 et seq. of the German Civil Code with regard to the
enforcement of the Pledge are met (Pfandreife), in particular, if any of the Obligations has
become due and payable, then in order to enforce the Pledge, the Collateral Agent may at any
time thereafter avail itself of all rights and remedies that a pledgee has against a pledgor
under the laws of the Federal Republic of Germany.
	 
	6.2	 	Notwithstanding Section 1277 of the German Civil Code, the Pledgee is entitled to exercise
its rights without obtaining an enforceable judgment or other instrument (vollstreckbarer
Titel). The Pledgee shall be entitled to have the Pledges enforced in any manner allowed under
the laws of the Federal Republic of Germany.
	 
	6.3	 	The Pledgee will notify the Pledgor five business days prior to the enforcement of the Pledge
according to Clause 6. No such notification shall be required if (i) the Pledgor has
generally ceased to make payments (Zahlungseinstellung), (ii) an application for the
institution of insolvency proceedings is filed by or against the Pledgor or (iii) the Pledgee
has reasonable grounds to believe that observance of the notice period will adversely affect
the legitimate interests (berechtigte Interessen) of the Pledgee.
	 
	6.4	 	If the Pledgee should seek to enforce the Pledge pursuant to Clause 6.1 hereof, the Pledgor
shall, at its own expense, render forthwith all necessary assistance in order to facilitate
the prompt realisation of the Pledge and/or the exercise by the Pledgee of any other right it
may have as Pledgee.
	 
	6.5	 	The Pledgee may, in its sole discretion, determine which of several security interests
(created under this or other security agreements) shall be used to satisfy the Obligations.
	 
	6.6	 	The Pledgor hereby expressly waives all defences of revocation (Einrede der Anfechtbarkeit)
and set-off (Einrede der Aufrechenbarkeit) pursuant to Sections 770, 1211 of the German Civil
Code.
	 
	6.7	 	The Pledgor hereby expressly waives its defences based on defences any Grantor might have
against any of the Obligations (Einreden des Hauptschuldners) pursuant to Section 1211 para 1
sentence 1 alternative 1 of the German Civil Code.
	 
	6.8	 	If the Pledge is enforced or if the Pledgor has discharged any of the Obligations (or any
part of them), Section 1225 of the German Civil Code (legal subrogation of claims to a pledgor
 — Forderungsübergang auf den Verpfänder) shall not apply and no rights of the Pledgee shall
pass to the Pledgor by subrogation or otherwise. Further, the Pledgor shall at no time before,
on or after an enforcement of the Pledge, and as a

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	 	 	result of the Pledgor entering into this
Agreement, be entitled to demand indemnification or compensation from a Grantor or any
affiliate of a Grantor or assign any of these claims.
	 
	7.	 	LIMITATIONS ON ENFORCEMENT
	 
	7.1	 	The Pledgee shall be entitled to enforce the Pledge without limitation in respect of:

	 	(a)	 	all and any amounts which are owed under the Credit Documents by the Pledgor
itself or by any of its subsidiaries; and
	 
	 	(b)	 	all and any amounts which correspond to funds that have been borrowed or
otherwise raised under the Credit Documents, in each case to the extent borrowed,
on-lent or otherwise passed on to, or issued for the benefit of, the Pledgor or any of
its subsidiaries, or for the benefit of any of their creditors and in each case not
repaid and outstanding from time to time

	 	 	(in aggregate, the “Unlimited Enforcement Amount”).
	 
	7.2	 	Besides an enforcement in respect of the Unlimited Enforcement Amount pursuant to Clause 7.1
above, the Pledgee shall not be entitled to enforce the Pledge against the Pledgor if and to
the extent that:

	 	(a)	 	the Pledge secures the obligations of a Grantor which is (x) a shareholder of
the Pledgor or (y) an affiliated company (verbundenes Unternehmen) within the meaning
of section 15 of the German Stock Corporation Act (Aktiengesetz)
of a shareholder of the Pledgor (other than the Pledgor and its subsidiaries); and
	 
	 	(b)	 	the enforcement would have the effect of (x) reducing the Pledgor’s net assets
(Reinvermögen) (the “Net Assets”) to an amount of less than its stated share capital
(Stammkapital) or, if the Net Assets are already an amount of less than its stated
share capital, of causing such amount to be further reduced and (y) would thereby
affect the assets required for the obligatory preservation of the Pledgor’s stated
share capital (Stammkapital) according to section 30, 31 German Limited Liability
Companies Act (Gesetz betreffend die Gesellschaften mit beschränkter Haftung) provided
that the amount of the stated share capital to be taken into consideration shall be the
amount registered in the commercial register at the date hereof, and any increase of
the stated share capital registered after the date of this Agreement shall only be
taken into account if such increase has been effected with the prior written consent of
the Collateral Agent.

- 14 -

 

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

	 	(a)	 	any asset that is shown in the balance sheet with a book value (Buchwert) that
is significantly lower than the market value of such asset and that is not necessary
for the Pledgor’s business (nicht betriebsnotwendig) shall be taken into account with
its market value;
	 
	 	(b)	 	obligations under loans provided to the Pledgor by any member of the Group or
any other affiliated company shall not be taken into account as liabilities as far as
such loans are subordinated by law or by contract at least to the claims of the
unsubordinated creditors of the Pledgor; and
	 
	 	(c)	 	obligations under loans or other contractual liabilities incurred by the
Pledgor in violation of the provisions of the Credit Documents shall not be taken into
account as liabilities.

	 	 	The Net Assets shall be determined in accordance with the generally accepted accounting
principles applicable from time to time in Germany (Grundsätze ordnungsmäßiger Buchführung)
and be based on the same principles that were applied
by the Pledgor in the preparation of its most recent annual balance sheet (Jahresbilanz).
	 
	 	 	It being understood that the assets of the Pledgor will be assessed at liquidation values
(Liquidationswerte) if the managing directors of the Pledgor, at the time they prepare the
Management Determination (as defined below) are, due to factual or legal circumstances at
that time, in their opinion not able to make a positive prognosis as to whether the business
of the Pledgor can carry on as a going concern (positive Fortführungsprognose), in
particular when the Pledge is enforced.
	 
	7.4	 	The limitations set out in Clause 7.2 above shall only apply if and to the extent that:

	 	(a)	 	without undue delay, but not later than within 5 business days, after receipt
of a notification by the Collateral Agent of its intention to enforce the Pledge (the
“Notice”), the Pledgor has confirmed in writing to the Collateral Agent (x) to what
extent such Pledge is up-stream or cross-stream security as described in Clause 7.2
above and (y) which amount of such up-stream or cross-stream security cannot be
enforced as it would cause the net assets of the Pledgor to fall below its stated share
capital (taking into account the adjustments set out in

- 15 -

 

	 	 	 	Clause 7.3 above) and such
confirmation is supported by evidence reasonably satisfactory to the Collateral Agent
(the “Management Determination”) and the Collateral Agent has not contested this and
argued that no or a lesser amount would be necessary to maintain the Pledgor’s stated
share capital; or
	 
	 	(b)	 	within 20 business days from the date the Collateral Agent has contested the
Management Determination, the Collateral Agent receives from the Pledgor an up to date
balance sheet prepared by a firm of auditors of international standard and reputation
(the “Determining Auditors”) which shows the value of the Pledgor’s Net Assets (the
“Balance Sheet”). The Balance Sheet shall be prepared in accordance with the principles
set out in Clause 7.3 above, provided that the final sentence of Clause 7.3 above
shall not apply unless the Determining Auditors have in an independent assessment
determined that the assets of the Pledgor should be evaluated at liquidation values
(Liquidationswerte) in accordance with the generally accepted accounting principles
applicable from time to time in Germany (Grundsätze ordnungsmäßiger Buchführung) and
shall contain further information (in reasonable detail) relating to items to be
adjusted pursuant to Clause 7.3 above. If the Pledgor fails to deliver a Balance Sheet
within the aforementioned time period, the Pledgee shall be entitled to enforce the
Pledge irrespective of the limitations set out in Clause 7.2 above.

	7.5	 	If the Pledgee disagrees with the Balance Sheet, it shall be entitled to enforce the Pledge
up to the amount which, according to the Balance Sheet, can be enforced in compliance with the
limitations set out in Clause 7.2 above. In relation to any additional amounts for which the
Pledgor is liable under this Agreement, the Pledgee shall be entitled to further pursue their
claims (if any) and the Pledgor shall be entitled to prove that this amount is necessary for
maintaining its stated share capital (calculated as of the date the Pledgee has given notice
of its intention to enforce the security created under this Agreement).
	 
	7.6	 	No reduction of the amount enforceable under this Clause 7 will prejudice the right of the
Pledgee to continue enforcing the Pledge (subject always to the operation of the limitations
set out above at the time of such enforcement) until full satisfaction to the claims secured.
	 
	8.	 	UNDERTAKINGS OF THE PLEDGOR
	 
	 	 	Unless otherwise permitted by the Principal Finance Documents, during the term of this
Agreement, the Pledgor undertakes to the Pledgee:
	 
	8.1	 	subject to Clause 4.3 to use all reasonable efforts to procure that each Account Bank
releases any existing lien, including without limitation any pledge existing by

- 16 -

 

		 	operation of its general business conditions (Allgemeine Geschäftsbedingungen), and waives any right of
set-off and right of retention in respect of the Accounts by countersigning and returning an
acknowledgement of notice of pledge substantially in the form set out in Schedule 3 (Form of
Notice of Pledge) to the Pledgor and the Pledgee.
	 
	8.2	 	to instruct each Account Bank to provide the Pledgee following receipt by the relevant
Account Bank of a notice pursuant to Clause 5 with all information requested by it in
respect of the Accounts and to that extent to release each Account Bank from its obligation to
maintain confidentiality (Bankgeheimnis) by delivering a notice of pledge to the respective
Account Bank in accordance with the requirements set out in Clause 4.1 or, in the case of
any future Account, Clause 8.3. The Pledgor undertakes not to revoke such instruction during
the term of this Agreement, other than in respect of an Account which is closed or disposed of
in accordance with the terms of the Credit Documents;
	 
	8.3	 	to notify the Pledgee without undue delay substantially in the form set out in Schedule 4
(Form of Notification of Future Accounts) of each new bank account opened by the Pledgor with
a credit institution in the Federal Republic of Germany in accordance with Clause 4 above
including a designation, as applicable, whether such new bank account is a Social Security
Bank Account . For the avoidance of doubt, the Pledgor is
aware that any new bank account opened within the Federal Republic of Germany (except in
case of a Social Security Bank Account) will become an Account in the meaning of this
Agreement upon notice to the Account Bank and will be subject to the Pledge and the
obligations assumed by the Pledgor hereunder without any further agreement;
	 
	8.4	 	to close any of the Accounts only upon giving 5 business days prior notice to the Pledgee and
provided that the Pledgee has not given a notice pursuant to Clause 5;
	 
	8.5	 	to deliver to the Pledgee, within three months after the end of each calendar year ending
after January 2010, and at any time upon reasonable request of the Pledgee, up-to date account
statement sheets (Kontoauszüge) showing the balance on each of the Accounts, provided that the
Pledgee shall not request such information more than one additional time in any one year prior
to the occurrence of an Enforcement Event and while it is continuing;
	 
	8.6	 	with regard to any account books (Sparbücher) and any other documents which are necessary to
dispose over (verfügen) any of the Accounts, the Pledgor undertakes to deliver the originals
of such documents to the Pledgee without undue delay if the Pledgee has given a notice
pursuant to Clause 5 and to deliver to the Pledgee upon its reasonable request following
such event without undue delay any documents or other

- 17 -

 

	 	 	information concerning the Accounts, in
particular (but not limited to) the account opening documents and any agreements between the
Account Bank and the Pledgor in relation to the Accounts;
	 
	8.7	 	not to grant to any third party any rights in respect of the Accounts (keine Und-Konten oder
Oder-Konten oder sonstige Rechte Dritter) (other than those arising under the relevant Account
Bank’s general business conditions (Allgemeine Geschäftsbedingungen) and under the Existing
Account Pledge Agreements) without the prior written consent of the Collateral Agent (such
consent not to be unreasonably withheld);
	 
	8.8	 	to inform the Pledgee without undue delay of any attachment (Pfändung) and any third parties
bringing claims in respect of any of the Accounts, such notice to be accompanied by any
documents the Pledgee might need to defend itself against any claim by a third party. In the
case of any attachment (Pfändung) in respect of any of the Accounts, the Pledgor undertakes to
forward to the Pledgee without undue delay a copy of the attachment order
(Pfändungsbeschluss), any transfer order (Überweisungsbeschluss) and all other documents
necessary for a defence against the attachment. The Pledgor shall inform the attaching
creditor of the Pledge without undue delay;
	 
	8.9	 	except as otherwise agreed pursuant to the Principal Finance Documents, insofar as additional
declarations or actions are necessary for the creation of the Pledge, the Pledgor shall, at
the Collateral Agent’s reasonable request, make such declarations and undertake such actions
at the Pledgor’s costs and expenses; and
	 
	8.10	 	for the avoidance of doubt, notification and delivery requirements as set out in sub-Clauses
8.3, 8.4, 8.5, 8.6 and 8.8 of this Agreement are deemed to be satisfied if and to the
extent such information has been delivered under the Existing Account Pledge Agreements
provided that such notification or delivery to the Pledgee makes reference to this Agreement
and each Existing Account Pledge Agreement.
	 
	9.	 	DELEGATION
	 
	 	 	The Pledgee shall have full power to delegate (either generally or specifically) the powers,
authorities and discretions conferred on it by this Agreement on such terms and conditions
as it shall see fit. The Pledgee shall only remain liable for diligently selecting and
providing initial instructions to such delegate.
	 
	10.	 	INDEMNITY
	 
	 	 	To the extent set out in the First Lien Intercreditor Credit Agreement, the Pledgor shall,
notwithstanding any release or discharge of all or any part of the security,

- 18 -

 

	 	 	indemnify the Pledgee, its agents its attorneys and any delegate against any action, proceeding, claims,
losses, liabilities, damages, expenses, demands, taxes, losses and costs which it may
sustain as a consequence of any breach by the Pledgor of the provisions of this Agreement,
the exercise or purported exercise of any of the rights and powers conferred on them by this
Agreement or otherwise relating to the Pledge.
	 
	11.	 	NO LIABILITY
	 
	 	 	Except to the extent provided in the Principal Finance Documents, none of the Pledgee, its
nominee(s) or agent(s) or delegate(s) shall be liable by reason of (a) taking any action
permitted by this Agreement or (b) any neglect or default in connection with the assets and
rights subject to the security interest created hereunder, save in respect of any loss or
damage which is suffered as a result of wilful misconduct (Vorsatz) or gross negligence
(grobe Fahrlässigkeit) by the Pledgee, its nominee(s) or agent(s) or delegate(s), or (c) the
enforcement or realisation of all or any part of the security interest created hereunder.
	 
	12.	 	DURATION AND INDEPENDENCE
	 
	12.1	 	This Agreement shall remain in full force and effect until complete satisfaction of the
Obligations. The Pledge shall not cease to exist, if the Grantors under the Credit Documents
have only temporarily discharged the Obligations.
	 
	12.2	 	This Agreement shall create a continuing security and no change, amendment, or supplement
whatsoever in the Credit Documents or in any document or agreement related to any of the
Credit Documents shall affect the validity or the scope of this Agreement nor the obligations
which are imposed on the Pledgor pursuant to it.
	 
	12.3	 	This Agreement is independent from any other security or guarantee which may have been or
will be given to the Pledgee. None of such other security shall prejudice, or shall be
prejudiced by, or shall be merged in any way with this Agreement.
	 
	12.4	 	Waiving Section 418 of the German Civil Code, the Pledgor hereby agrees that the security
created hereunder shall not be affected by any transfer or assumption of the Obligations to,
or by, any third party.
	 
	13.	 	RELEASE (PFANDFREIGABE)
	 
	13.1	 	Upon complete and irrevocable satisfaction of the Obligations, the Collateral Agent (as
instructed in accordance with the First Lien Intercreditor Agreement) will as soon as
reasonably practical declare in writing the release of the Pledge (Pfandfreigabe) to the
Pledgor as a matter of record. For the avoidance of doubt, the parties are aware that upon
full and complete satisfaction of the Obligations the Pledge, due to its

- 19 -

 

	 	 	accessory nature
(Akzessorietät), ceases to exist by operation of German mandatory law.
	 
	13.2	 	At any time when the total value of the aggregate security granted by the Pledgor and any of
the other Grantors to secure the Obligations (the “Security”), which can be expected to be
realised in the event of an enforcement of the Security (realisierbarer Wert), exceeds 110% of
the Obligations (the “Limit”) not only temporarily, the Pledgee shall on demand of the Pledgor
release such part of the Security (Sicherheitenfreigabe) as the Pledgee (as instructed in
accordance with the First Lien Intercreditor Agreement) may in its reasonable discretion
determine so as to reduce the realisable value of the Security to the Limit.
	 
	13.3	 	The Pledgee (as instructed in accordance with the First Lien Intercreditor Agreement) will as
soon as reasonably practicable declare in writing the release of the Pledge (Pfandfreigabe) to
the Pledgor in accordance with, and to the extent required by, the Intercreditor Arrangements.
	 
	14.	 	PARTIAL INVALIDITY; WAIVER
	 
	14.1	 	If at any time, any one or more of the provisions hereof is or becomes invalid, illegal or
unenforceable in any respect under the law of any jurisdiction, such provision shall as to
such jurisdiction, be ineffective to the extent necessary without affecting or impairing the
validity, legality and enforceability of the remaining provisions hereof or of such provisions
in any other jurisdiction. The invalid, illegal or unenforceable provision shall be deemed to
be replaced with such valid, legal or enforceable provision which comes as close as possible
to the original intent of the parties and the invalid, illegal or unenforceable provision.
Should a gap (Regelungslücke) become evident in this Agreement, such gap shall, without
affecting or impairing the validity, legality and enforceability of the remaining provisions
hereof, be deemed to be filled in with such provision which comes as close as possible to the
original intent of the parties.
	 
	14.2	 	No failure to exercise, nor any delay in exercising, on the part of the Pledgees, any right
or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any right or remedy prevent any further or other exercise thereof or the exercise
of any other right or remedy. The rights and remedies provided hereunder are cumulative and
not exclusive of any rights or remedies provided by law.
	 
	15.	 	AMENDMENTS
	 
	 	 	Changes and amendments to this Agreement including this Clause 15 shall be made in
writing.

- 20 -

 

	16.	 	NOTICES AND THEIR LANGUAGE
	 
	16.1	 	All notices and other communications provided for herein shall be in writing and shall be
delivered by hand or overnight courier service, mailed by certified or registered mail or sent
by fax, as follows:

	 	 	 	 	 
	For the Pledgor:	 	Closure Systems International Holdings (Germany) GmbH
	 	 	 	 	
	 

	 	Address:

Telephone
	 	Mainzer Strasse 185,67547

Worms, Germany

+49 6241 400 10
	 

	 	Fax:
	 	+49 6241 400 187
	 

	 	Attention:
	 	Managing Directors

(Geschäftsführung)
	 
	 	 	 	 
	For the Pledgor with a copy to:
	 	 	 	 
	 
	 	 	 	 
	 

	 	Address:
	 	c/o Rank Group Limited

Level 9

148 Quay Street

PO Box 3515

Auckland 1140

New Zealand
	 

	 	Telephone:
	 	+649 3666 259
	 

	 	Fax:
	 	+649 3666 263
	 

	 	Attention:
	 	Helen Golding

 - 21 - 

 

	 	 	 	 
	For the Collateral Agent:	 	The Bank of New York Mellon
	 
	 

	 	Address: 101 Barclay Street, 4E

New York, N.Y. 10286

The United States of
America
	 

	 	Telephone: +212 298 1528
	 

	 	Fax: +212 815 5366
	 

	 	Attention: International Corporate Trust

	16.2	 	Any party hereto may change its address or fax number for notices and other communications
hereunder by notice to the other parties hereto. As agreed to in writing in accordance with
the First Lien Intercreditor Agreement, notices and other communications hereunder may also be
delivered by e-mail to the e-mail address of a representative of the applicable party to this
Agreement provided from time to time by such party.
	 
	16.3	 	All notices and other communications given to any party in connection with this Agreement in
accordance with the provisions of this Agreement shall be deemed (widerlegbare Vermutung)
received on the date sent (if a business day) and on the next business day thereafter (in all
other cases) if delivered by hand or overnight courier service or sent by fax or on the date
five business days after dispatch by certified or registered mail if mailed, in each case
delivered, sent or mailed (properly addressed) to such party as provided in this Clause 16 or
in accordance with the latest unrevoked direction from such party given in accordance with
this Clause 16.
	 
	16.4	 	Any notice or other communication under or in connection with this Agreement shall be in the
English language or, if in any other language, accompanied by a translation into English. In
the event of any conflict between the English text and the text in any other language, the
English text shall prevail.
	 
	17.	 	APPLICABLE LAW, JURISDICTION
	 
	17.1	 	This Agreement is governed by the laws of the Federal Republic of Germany.

 - 22 - 

 

	17.2	 	The place of jurisdiction for any and all disputes arising under or in connection with this
Agreement shall be the district court (Landgericht) in
Frankfurt am Main. The Pledgees however, shall also be entitled to take action against the Pledgor in any other
court of competent jurisdiction. Further, the taking of proceedings against the Pledgor in
any one or more jurisdictions shall not preclude the taking of proceedings in any other
jurisdiction (whether concurrently or not) if and to the extent permitted by applicable law.
	 
	18.	 	CONCLUSION OF THIS AGREEMENT (VERTRAGSSCHLUSS)
	 
	18.1	 	The parties to this Agreement may choose to conclude this Agreement by an exchange of signed
signature page(s), transmitted by means of telecommunication (telekommunikative Übermittlung)
by fax or attached as an electronic photocopy (pdf., tif., etc.) to an e-mail.
	 
	18.2	 	If the parties to this Agreement choose to conclude this Agreement pursuant to sub-Clause
18.1 above, they will transmit the signed signature page(s) of this Agreement to attention
of Mr. Philipp Kropatscheck or Mr. Ivan Zlatanov
(Philipp.Kropatscheck@cliffordchance.com or
Ivan.Zlatanov@cliffordchance.com, fax: +49 69 7199 4000) (each a “Recipient”). The Agreement
will be considered concluded once any of the Recipients has actually received the signed
signature page(s) (Zugang der Unterschriftsseite(n)) from all parties to this Agreement and at
the time of the receipt of the last outstanding signature page(s).
	 
	18.3	 	For the purposes of this Clause 18 only, the parties to this Agreement appoint each
Recipient individually as their attorney (Empfangsvertreter) and expressly allow (gestatten)
each Recipient to collect the signed signature page(s) from all and for all parties to this
Agreement. For the avoidance of doubt, the Recipients will have no further duties connected
with their position as Recipient. In particular, the Recipients may assume the conformity to
the authentic original(s) of the signature page(s) transmitted to it by means of
telecommunication, the genuineness of all signatures on the original signature page(s) and the
signing authority of the signatories.

 - 23 - 

 

SIGNATURE PAGE

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

	 	 	 	 	 
	Closure Systems International Holdings (Germany) GmbH

as Pledgor

 	 
	By:  	/s/ Mark Dunkley
 	 
	 	Name:  	Mark Dunkley 	 
	 	Title:  	Authorised Signatory 	 
	 

	 	 	 	 	 
	The Bank of New York Mellon

as Collateral Agent and Pledgee

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

 - 24 - 

 

	 	 	 	 	 

SCHEDULE 1

PART 1

LIST OF CURRENT BORROWERS

SIG Euro Holding AG & Co. KGaA

Closure Systems International Holdings Inc.

Closure Systems International B.V.

SIG Austria Holding GmbH

Reynolds Consumer Products Holdings Inc.

Reynolds Group Holdings Inc.

PART 2

LIST OF CURRENT GUARANTORS

Whakatane Mill Australia Pty Limited

SIG Combibloc GmbH & Co KG

SIG Combibloc GmbH

SIG Beverages Brasil Ltda

SIG Combibloc do Brasil Ltda

Closure Systems International (Brazil) Sistemas de Vedação Ltda

CSI Latin American Holdings Corporation

Closure Systems International (Canada) Limited

Evergreen Packaging Canada Limited

Reynolds Food Packaging Canada Inc.

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

SIG Holdings (UK) Limited

SIG Combibloc Limited

 - 25 - 

 

 Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Ltd

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft.

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

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

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

SIG Finance (Luxembourg) S.à r.l.

 - 26 - 

 

Closure Systems International (Luxembourg) S.à r.l.

Reynolds Consumer Products (Luxembourg) S.à r.l.

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

Reynolds Group Issuer (Luxembourg) S.A.

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

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

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

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

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

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

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

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

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

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG

SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Combibloc Ltd.

 - 27 - 

 

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas Inc.

Closure Systems International Inc.

Reynolds Packaging Machinery Inc.

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc.

Bakers Choice Products, Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics, Inc.

Ultra Pac, Inc.

BRPP, LLC

Reynolds Group Issuer Inc.

 - 28 - 

 

Reynolds Group Issuer LLC

PART 3

LIST OF CURRENT SENIOR SECURED NOTE GUARANTORS

Whakatane Mill Australia Pty Limited

SIG Austria Holding GmbH

SIG Combibloc GmbH & Co KG

SIG Combibloc GmbH

SIG Beverages Brasil Ltda

SIG Combibloc do Brasil Ltda

Closure Systems International (Brazil) Sistemas de Vedação Ltda

CSI Latin American Holdings Corporation

Closure Systems International (Canada) Limited

Evergreen Packaging Canada Limited

Reynolds Food Packaging Canada Inc.

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

SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

 - 29 - 

 

 SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Ltd

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft.

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

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

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

SIG Finance (Luxembourg) S.à r.l.

Closure Systems International (Luxembourg) S.à r.l.

Reynolds Consumer Products (Luxembourg) S.à r.l.

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

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

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

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

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

 - 30 - 

 

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

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

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

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

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

Closure Systems International B.V.

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG

SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Combibloc Ltd.

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas Inc.

Closure Systems International Inc.

Reynolds Group Holdings Inc.

Reynolds Packaging Machinery Inc.

Closure Systems International Holdings Inc.

 - 31 - 

 

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc.

Bakers Choice Products, Inc.

Reynolds Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics, Inc.

Ultra Pac, Inc.

BRPP, LLC

Reynolds Acquisition Corporation

PART 4

LIST OF ORIGINAL NEW SECURED NOTE GUARANTORS

Whakatane Mill Australia Pty Limited

 - 32 - 

 

SIG Beverages Brasil Ltda

SIG Combibloc do Brasil Ltda

Closure Systems International (Brazil) Sistemas de Vedação Ltda

CSI Latin American Holdings Corporation

Closure Systems International (Canada) Limited

Evergreen Packaging Canada Limited

Reynolds Food Packaging Canada Inc.

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

SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

 - 33 - 

 

 SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Ltd

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft.

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

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

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

SIG Finance (Luxembourg) S.à r.l.

Closure Systems International (Luxembourg) S.à r.l.

Reynolds Consumer Products (Luxembourg) S.à r.l.

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

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

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

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

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

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

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

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

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

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

Closure Systems International B.V.

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

 - 34 - 

 

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG

SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas Inc.

Closure Systems International Inc.

Reynolds Group Holdings Inc.

Reynolds Packaging Machinery Inc.

Closure Systems International Holdings Inc.

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc.

Bakers Choice Products, Inc.

Reynolds Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

 - 35 - 

 

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics, Inc.

Ultra Pac, Inc.

BRPP, LLC

Reynolds Acquisition Corporation

 - 36 - 

 

SCHEDULE 2

LIST OF ACCOUNTS

PART 1— LIST OF ACCOUNTS

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

	 	BLZ

[                    ]

IBAN

DE[                    ]
	 	Commerzbank AG

Großkundencenter

Mitte

60261 Frankfurt

Germany
	 	Giro
	 	EURO

PART 2 — LIST OF EXCLUDED ACCOUNTS

Currently none

 - 37 - 

 

SCHEDULE 3

FORM OF NOTICE OF PLEDGE

[Letterhead of Pledgor]

	 	 	 

	Absender/From:

	 	[Pledgor]
	 
	 	 
	An/To:

	 	[Account Bank]
	 
	 	 
	Datum/Date:

	 	[•]

	 	 	 

	Verpfändungsanzeige

	 	      Notice of Pledge
	 
	 	 
	Betrifft: Konto Nr. [•]

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

	 	      Dear Sirs,

	 	 	 

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

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

	 	Pursuant to a confirmation and
amendment agreement relating
to the Account Pledge
Agreement 1 dated 4 May 2010
(the “Confirmation and
Amendment Agreement”), the
Account Pledge Agreement 1 has been confirmed and amended to
the effect that, inter alia, it also secures the increase of existing facilities which are already secured by the Account

 - 38 - 

 

	 	 	 

	Kontenverpfändungsvertrag 1 besichert sind. Eine Kopie des
Bestätigungs- und Ergänzungsvertrags hatten wir unseren
Schreiben beigefügt.

	 	Pledge Agreement 1. A
copy of the Confirmation and
Amendment Agreement was
attached to our letters.
	 
	 	 
	     Hiermit zeigen wir Ihnen an, dass wir gemäß Ziffer
2.1 des hier in Kopie beigefügten
Kontenverpfändungsvertrags vom [•] (der
“Kontenverpfändungsvertrag 2”) alle
Rechte und Ansprüche bezüglich des o. g. Kontos
und aller sonstigen bei Ihnen geführten Konten
(die “Konten”) (inklusive aller
Unterkonten, etwaiger Neueröffnungen,
Verlängerungen, Umbenennung und Festgeldkonten) zu
Gunsten des Sicherheitentreuhänders
verpfändet haben.

	 	     We hereby give you notice that
pursuant to Clause 2.1 of an
account pledge agreement dated
[•] (the “Account Pledge
Agreement 2”), a copy of which
is attached hereto, we have
pledged in favour of the
Collateral Agent all of our
rights and claims in respect
of the above account and all
other accounts maintained with
you from time to time (the
“Accounts”) (including all
sub-accounts thereof,
renewals, replacements,
redesignations and related
fixed deposit accounts
thereof).
	 
	 	 
	     Die Verpfändung umfasst insbesondere alle
Ansprüche auf gegenwärtige und zukünftige Guthaben
(einschließlich Spareinlagen, Termineinlagen,
Festgeldeinlagen und Tagesgeldeinlagen) und
positive Salden sowie alle darauf anfallenden
Zinsen.

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

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

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

 - 39 - 

 

	 	 	 

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

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

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

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

	 	      Please sign the enclosed
Acknowledgement of Notice of
Pledge in order to acknowledge
receipt of this notice and
your agreement to the terms
set out herein and in the
enclosed Acknowledgement and
return the same to us and to
the Collateral Agent. The
address of the Collateral
Agent is the following:

[name and address of Collateral Agent].

	 	 	 

	Mit freundlichen Grüßen

	 	Yours faithfully

[Pledgor]

_______________________________

(Geschäftsführer/Managing Director)

 

 - 40 - 

 

	 	 	 	 	 

[Letterhead of Account Bank]

	 	 	 

	Absender/From:

	 	[Account Bank]
	 
	 	 
	An/ To:

	 	[Collateral Agent]

und/and

[Pledgor]
	 
	 	 
	Datum/ Date:

	 	[•]

	 	 	 

	     Bestätigung des Empfangs einer
Verpfändungsanzeige

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

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

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

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

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

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

 - 41 - 

 

	 	 	 

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

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

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

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

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

	 	Yours faithfully

	 	 	 	 	 
	[Account Bank]

([Name des Unterzeichners/name of signatory])

 	 

 - 42 - 

 

	 	 	 	 	 

SCHEDULE 4

FORM OF NOTIFICATION OF FUTURE ACCOUNTS

	 	 	 

	From:

	 	[Pledgor]
	 	 	 
	To:

	 	[Collateral Agent]
	 	 	 
	Date:

	 	[Date of Notification]
	 	 	 
	Re:

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

Dear Sirs,

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

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

	 	[•]
	 	[•]
	 	[•]

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

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

 - 43 - 

 

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

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

 - 44 - 

 

	 	 	 	 	 
	Yours faithfully

[Pledgor]

 	 
	By:  	
 	 
	 	Name:  	 	 
	 	Title:  	Managing Director (Geschäftsführer) 	 
	 

 - 45 -

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