Document:

exv4w68

EXHIBIT 4.68

REYNOLDS GROUP HOLDINGS LIMITED

Chargor

THE BANK OF NEW YORK MELLON

Collateral Agent

 

SPECIFIC SECURITY DEED

 

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

RUSSELL MCVEAGH

 

 

CONTENTS

	 	 	 	 	 

	INTERPRETATION
	 	 	2	 
	2. SECURITY
	 	 	5	 
	3. SHAREHOLDER RIGHTS AND OBLIGATIONS
	 	 	7	 
	4. UNDERTAKINGS
	 	 	8	 
	5. REPRESENTATIONS AND WARRANTIES
	 	 	8	 
	6. ENFORCEMENT EVENTS
	 	 	9	 
	7. COLLATERAL AGENT MAY REMEDY BREACH
	 	 	9	 
	8. ENFORCEMENT BY COLLATERAL AGENT
	 	 	9	 
	9. APPLICATION OF PROCEEDS
	 	 	9	 
	10. PROTECTION OF PERSONS DEALING WITH COLLATERAL AGENT
	 	 	9	 
	11. PROTECTION OF COLLATERAL AGENT AND OTHER PERSONS
	 	 	10	 
	12. ATTORNEY
	 	 	10	 
	13. DELEGATION
	 	 	12	 
	14. ASSIGNMENT
	 	 	12	 
	15. NOTICES
	 	 	12	 
	16. RELEASE AND REINSTATEMENT
	 	 	12	 
	17. PPSA RIGHTS
	 	 	13	 
	18. INDEMNITY
	 	 	14	 
	19. MISCELLANEOUS
	 	 	14	 
	20. GOVERNING LAW AND JURISDICTION
	 	 	15	 
	21. COUNTERPARTS
	 	 	15	 
	SIGNED AND DELIVERED AS A DEED
	 	 	16	 

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DEED dated 5 November 2009

PARTIES

	 	 	REYNOLDS GROUP HOLDINGS LIMITED, incorporated under the laws of New Zealand and having its
registered office at C/- Bell Gully, Level 22, Vero Centre, 48 Shortland Street, Auckland
(“Chargor”)

	 	 	THE BANK OF NEW YORK MELLON, 101 Barclay Street, 4E, New York, N.Y. 10286 as Collateral
Agent (defined below)

INTERPRETATION

	1.1	 	Definitions in First Lien Intercreditor Agreement: Words and expressions defined in the
First Lien Intercreditor Agreement and used in this deed shall, unless otherwise defined
herein or the context otherwise requires, have the meanings given to them in the First Lien
Intercreditor Agreement.
	 
	1.2	 	Definitions: In this deed, unless the context otherwise requires:
	 
	 	 	“Agreed Security Principles” has the meaning it is given in the Credit Agreement and the
Senior Secured Note Indenture and to the extent of any inconsistency the meaning it is
given in the Credit Agreement shall prevail.
	 
	 	 	“Charged Securities” means all Securities in the Company held by the Chargor from time to
time, and a reference to Charged Securities includes any of them.
	 
	 	 	“Collateral Agent” means The Bank of New York Mellon in its capacity as collateral agent
under the First Lien Intercreditor Agreement, and includes its successors and assigns in
such capacity.
	 
	 	 	“Companies Act” means the Companies Act 1993.
	 
	 	 	“Company” means Beverage Packaging Holdings (Luxembourg) I S.A. and its successors and
assigns.
	 
	 	 	“Credit Agreement” means the Credit Agreement dated on or about the date of this deed,
among Reynolds Consumer Products Holdings Inc., Reynolds Group Holdings Inc., SIG Euro
Holding AG & Co. KGaA, Closure Systems International Holdings Inc., Closure Systems
International B.V. and SIG Austria Holding GmbH as borrowers, Reynolds Group Holdings
Limited, the lenders from time to time party thereto and Credit Suisse, as administrative
agent, as amended, extended, restructured, renewed, novated, supplemented, restated,
refunded, replaced or modified from time to time.
	 
	 	 	“Delegate” means any delegate, agent, attorney or co-trustee appointed by the Collateral
Agent.
	 
	 	 	“Distribution” has the meaning given to it in section 2 of the Companies Act (and on the
basis that references in that definition to “company” shall be deemed to include a body
corporate incorporated or formed outside New Zealand).
	 
	 	 	“Enforcement Event” means any “Event of Default” under, and as defined in, the First Lien
Intercreditor Agreement.
	 
	 	 	“Existing Intercreditor Agreement” means the Intercreditor Agreement dated 11 May 2007, as
amended by a letter as of 21 June 2007 and a further letter dated as of 

 

 

	 	 	29 June 2007, among Reynolds Holdings Limited (formerly known as Rank Group Holdings
Limited), Beverage Packaging Holdings (Luxembourg) I S.A. (formerly known as Rank Holdings
I S.A), the senior lenders party thereto, the senior issuing banks party thereto, the
subordinated bridging lenders party thereto and Credit Suisse, as security agent,
subordinated bridging agent and security trustee.
	 
	 	 	“First Lien Intercreditor Agreement” means the First Lien Intercreditor Agreement dated on
or about the date of this deed, among the Collateral Agent, The Bank of New York Mellon,
as trustee under the Senior Secured Note Indenture, Credit Suisse, as administrative agent
under the Credit Agreement, and the Loan Parties, as amended, novated, supplemented,
restated or modified from time to time.
	 
	 	 	“Intercreditor Arrangements” means the First Lien Intercreditor Agreement, the Existing
Intercreditor Agreement and any other document that is designated by the Loan Parties’
Agent and the Collateral Agent as an intercreditor agreement, in each case, as amended,
novated, supplemented, restated, replaced or modified from time to time.
	 
	 	 	“Issuers” means the “Issuers” under, and as defined in, the Senior Secured Note Indenture,
including their successors in interest.
	 
	 	 	“Lien” has the meaning it is given in the First Lien Intercreditor Agreement.
	 
	 	 	“Loan Documents” means the “Credit Documents” under, and as defined in, the First Lien
Intercreditor Agreement and any other document designated by the Loan Parties’ Agent and
the Collateral Agent as a Loan Document.
	 
	 	 	“Loan Parties” means the “Grantors” under, and as defined in, the First Lien Intercreditor
Agreement.
	 
	 	 	“Loan Parties’ Agent” means Reynolds Group Holdings Limited (formerly known as Rank Group
Holdings Limited).
	 
	 	 	“PPSA” means the Personal Property Securities Act 1999.
	 
	 	 	“Principal Finance Documents” means the Credit Agreement, the Senior Secured Note
Indenture, the Intercreditor Arrangements and any Additional Agreement.
	 
	 	 	“Receiver” means a receiver, or receiver and manager, appointed by the Collateral Agent
under the New Zealand law general security deed dated on or about the date of this deed
between the Chargor and the Collateral Agent.
	 
	 	 	“Rights” means:

	 	(a)	 	Distributions;
	 
	 	(b)	 	bonus shares, debentures or other securities;
	 
	 	(c)	 	options or rights to take up shares, debentures, options or other
securities; and
	 
	 	(d)	 	other rights, money or securities of any nature.

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

3

 

	 	 	“Secured Parties” means the “Secured Parties” under, and as defined in, the First Lien
Intercreditor Agreement.
	 
	 	 	“Secured Property” has the meaning given to
that term in clause 2.1, and a reference to
Secured Property includes any of it.
	 
	 	 	“Securities” means shares, stock units or membership interests in the capital of a person
including all shares, debentures, options and other securities arising under an
entitlement to, or exercise of, any Right.
	 
	 	 	“Senior Secured Note Indenture” means the Indenture dated on or about the date of this
deed, among the Issuers, the Note Guarantors (as defined therein) and The Bank of New York
Mellon, as trustee, principal paying agent, transfer agent and registrar, as amended,
extended, restructured, renewed, refunded, novated, supplemented, restated, replaced or
modified from time to time.
	 
	 	 	“Transfer” means, with respect to the Charged Securities or Rights, a transfer thereof
duly signed by the Chargor or, in the case of any Charged Securities or Rights legally
held by some other person but beneficially owned by the Chargor, duly signed by that other
person, with the name of the transferee, date and consideration left blank, but otherwise,
if appropriate, in proper form for registration by the Company.

	1.3	 	References: Except to the extent that the context otherwise requires, any reference in this
deed to:
	 
	 	 	“disposal” includes any sale, assignment, exchange, transfer, concession, loan, lease,
surrender, licence, reservation, waiver, compromise, release, dealing or parting with
possession, or the granting of any option, security, right or interest whatever, or any
agreement for any of the same, and “dispose” means to make a disposal, and “acquisition”
and “acquire” shall be construed accordingly.
	 
	 	 	a “government agency” includes any government or any governmental, semi-governmental or
judicial entity or authority.
	 
	 	 	a “law” includes common or customary law and any constitution, decree, judgment,
legislation, order, ordinance, regulation, by-law, statute, treaty or other legislative
measure.
	 
	 	 	a “person” includes an individual, firm, company, corporation, unincorporated body of
persons, organisation or trust, and any government agency, in each case whether or not
having separate legal personality.
	 
	 	 	a “share” includes a share in any company, whether incorporated in New Zealand or
elsewhere.
	 
	 	 	“written” and “in writing” include all means of reproducing words in a tangible and
permanently visible form.

	1.4	 	PPSA references: The expressions “account receivable” “financing statement”, “financing
change statement”, “security interest” and “verification statement” have the respective
meanings given to them under, or in the context of, the PPSA.

	1.5	 	Miscellaneous:

	 	(a)	 	Headings are inserted for convenience only and do not affect interpretation
of this deed.

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	 	(b)	 	Unless the context otherwise requires, the singular includes the plural and
vice versa and words denoting individuals include other persons and vice versa.
	 
	 	(c)	 	A reference to any legislation includes any statutory regulations, rules,
orders or instruments made or issued pursuant to that legislation and any amendment
to, re-enactment of, or replacement of, that legislation.
	 
	 	(d)	 	Except where inconsistent with the context, the expression “at any time”
also means from time to time.
	 
	 	(e)	 	A reference to any document includes reference to that document as amended,
extended, restructured, renewed, restated, refunded, modified, novated, supplemented,
varied or replaced from time to time.
	 
	 	(f)	 	Reference to a party to any Loan Document or any other document includes
its successors and permitted assigns.
	 
	 	(g)	 	Unless otherwise stated, reference to a clause, section or schedule is a
reference to a clause or section of, or schedule to, this deed.

	1.6	 	Capacity: The Collateral Agent enters into this deed in its capacity as collateral agent for
the Secured Parties.

	2.	 	SECURITY

	2.1	 	Charging clause: As security for the payment or delivery, performance and observation of the
Secured Liabilities, the Chargor grants to the Collateral Agent a security interest in its
right, title and interest in:

	 	(a)	 	the Charged Securities;
	 
	 	(b)	 	the Rights attributable to, or arising from, any Charged Securities;
	 
	 	(c)	 	all proceeds of any Charged Securities or Rights; and
	 
	 	(d)	 	all documents of title relating to any Charged Securities or Rights,

	 	 	and all the Chargor’s present and future rights in relation to those Charged Securities,
Rights, proceeds and documents of title (“Secured Property”). So far as it concerns each
security interest over or in respect of any present or future account receivable and
present and future rights in relation to any account receivable, the security interest
granted shall take effect as a transfer (as “transfer” is used in the context of and for
the purposes of the PPSA).

	2.2	 	Notice to Company: The Collateral Agent may at any time and shall if so instructed by the
Applicable Representative give notice to the Company of the Security created by this deed.

	2.3	 	Collateral Agent may register: If an Enforcement Event has occurred and is continuing, the
Collateral Agent may and shall if so instructed by the Applicable Representative and without
prejudice to any of its other rights, powers or remedies, cause itself or a nominee (provided
such nominee is appointed with reasonable care and diligence) to be registered as the holder
of the Charged Securities, or as the person entitled to any Rights, in order to hold those
Charged Securities or Rights as mortgagee in terms of this deed, and for that purpose may
complete and present any Transfer to the Company for registration.

5

 

	2.4	 	Continuing security: This deed is a continuing security and shall operate irrespective of
any intervening payment, settlement of account or other matter or thing whatever, until a
final release has been signed by the Collateral Agent and delivered to the Chargor in
accordance with section 16.

	2.5	 	Other securities:

	 	(a)	 	This deed is collateral to each other Lien (whenever executed or given)
which is at any time held by a Secured Party in respect of the Secured Liabilities.
	 
	 	(b)	 	The Collateral Agent or any other Secured Party may exercise any of its
rights, powers and remedies under this deed or any such other Lien separately or
concurrently.
	 
	 	(c)	 	Nothing in this deed shall discharge, abate or prejudice any other Lien at
any time held by any person.

	2.6	 	Further assurance: Subject to the Agreed Security Principles, the Chargor shall deliver to
the Collateral Agent any transfer, assignment, instrument, or other deed or document, and
shall do any other thing which the Collateral Agent reasonably requires to enable it to:

	 	(a)	 	ensure the Secured Property is subject to an effective security; or
	 
	 	(b)	 	perfect the Chargor’s title to the Secured Property; or
	 
	 	(c)	 	perfect the security interest intended to be created by this deed
including, without limitation, in accordance with the provisions of the PPSA; or
	 
	 	(d)	 	more satisfactorily secure to the Collateral Agent the Secured Liabilities,
including the granting of fixed or specific security; or
	 
	 	(e)	 	if an Enforcement Event has occurred and is continuing, transfer to, or
vest in, the Collateral Agent (or any purchaser from the Collateral Agent), the
Secured Property; or
	 
	 	(f)	 	if an Enforcement Event has occurred and is continuing, facilitate the
realisation of any of the Secured Property; or
	 
	 	(g)	 	exercise all or any of the rights, powers and remedies conferred on the
Collateral Agent by this deed or by law; or
	 
	 	(h)	 	secure to the Collateral Agent the full benefit of the provisions of this
deed,

	 	 	subject always to clause 2.3.

	2.7	 	Completion of documents: Subject to clause 2.3, if an Enforcement Event has occurred and is
continuing, the Collateral Agent may and shall if so instructed by the Applicable
Representative fill in any blanks in any Transfer and may complete in favour of the Collateral
Agent, or any person purchasing under the powers given by this deed or by law, any Transfer or
any other document signed by or on behalf of the Chargor.

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	3.	 	SHAREHOLDER RIGHTS AND OBLIGATIONS

	3.1	 	Liability for calls etc: If any call or other amount (a “call”) becomes payable in respect
of any Charged Securities:

	 	(a)	 	while the Chargor is the holder of those shares, the Chargor shall pay that
call or other amount to the Company on or before the due date for payment and
promptly confirm to the Collateral Agent that such payment has been made; and
	 
	 	(b)	 	while the Collateral Agent or its nominee is the holder of those shares,
the Chargor shall, upon demand by the Collateral Agent, pay an amount equal to that
call to the Collateral Agent or, if so agreed with, or required by, the Collateral
Agent, to the Company and, if paid to the Collateral Agent, the Collateral Agent
shall pay the call to the Company.

	3.2	 	Voting rights: Unless an Enforcement Event has occurred and is continuing, the Chargor shall
be entitled to exercise all voting rights in respect of the Charged Securities provided that
the Chargor shall not at any time exercise, or refrain from exercising, such rights in a
manner which would affect adversely the validity and enforceability of the security created by
this deed.
	 
	3.3	 	Distributions before enforcement: Unless an Enforcement Event has occurred and is
continuing, the Chargor shall be entitled to receive and retain all Distributions in respect
of the Charged Securities that the Company is permitted to make under the Principal Finance
Documents.
	 
	3.4	 	Distributions after enforcement: If an Enforcement Event has occurred and is continuing, all
Distributions received by the Collateral Agent in respect of the Charged Securities shall be
applied by the Collateral Agent in or towards payment of the Secured Liabilities in accordance
with clause 9, and if any such Distribution is received by the Chargor, the Chargor shall
promptly pay or transfer it to the Collateral Agent.
	 
	3.5	 	Exercise of Rights:

	 	(a)	 	If any Rights to acquire shares, debentures, options or other securities
(an “entitlement”) become exercisable at any time while the Chargor is the holder of
any Charged Securities, it shall promptly provide full details of that entitlement to
the Collateral Agent and advise the Collateral Agent whether or not it intends to
exercise all or any part of that entitlement.
	 
	 	(b)	 	If, in the opinion of the Collateral Agent, it is reasonably necessary, in
order to avoid any prejudice to the Lien created by this deed or to the interests of
the Secured Parties hereunder, that all or any part of any entitlement be taken up,
the Collateral Agent may require the Chargor to exercise, or, if the Collateral Agent
or its nominee is the holder of the relevant Charged Securities, may itself exercise,
at the Chargor’s expense, that entitlement, or the relevant part thereof, as the case
may be, provided that the Collateral Agent shall not be obliged to require the
Chargor to exercise, or be obliged itself to exercise, such entitlement unless and
until the Collateral Agent has been indemnified and/or secured and/or prefunded to
its satisfaction.
	 
	 	(c)	 	If the Chargor wishes any entitlement to be exercised, the Chargor shall
pay to the Company or the Collateral Agent, as the case may require, such amount, and
shall do all such other things, as are necessary to exercise that entitlement or part
thereof, as the context requires, and if payment is made to the Company the Chargor
shall promptly confirm to the Collateral Agent that such payment has been made.

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	4.	 	UNDERTAKINGS

	4.1	 	Positive undertakings: The Chargor shall:

	 	(a)	 	Notices: promptly upon receipt, deliver to the Collateral Agent a copy of
any notice of meeting or other notice sent to shareholder(s) of the Company, and a
copy of any resolution passed by the shareholders of the Company, if, in each case,
such a notice or resolution would materially and adversely affect the interests of
the Secured Parties hereunder;
	 
	 	(b)	 	Documents of title and transfer: promptly deposit with the Collateral
Agent:

	 	(i)	 	all certificates or documents of title (if any) to the
Charged Securities and any Rights or, if required by the Collateral Agent,
other relevant documents if such Charged Securities are uncertificated;
	 
	 	(ii)	 	if required by the Collateral Agent, a Transfer (or such
number of separate Transfers as the Collateral Agent may reasonably require)
in respect of the Charged Securities and any Rights; and
	 
	 	(iii)	 	any certificates or documents of title issued by the
Company in substitution for, or replacement of, any of the certificates or
documents of title referred to in clause 4.1(b)(i); and

	 	(c)	 	Registration of Transfers: if an Enforcement Event has occurred and is
continuing, upon presentation to the Company for registration of a Transfer in
accordance with the provisions of this deed, take all steps available to the Chargor
to procure registration of that Transfer by the Company.

	4.2	 	Negative covenants:

	 	(a)	 	Except to the extent permitted by the Principal Finance Documents, the
Chargor shall not exercise rights to redeem or accept an offer to buy back any
Charged Securities without the Collateral Agent’s consent.
	 
	 	(b)	 	The Chargor shall not change its name without first notifying the
Collateral Agent of the new name not less than 7 business days before the change
takes effect.

	5.	 	REPRESENTATIONS AND WARRANTIES

	5.1	 	Representations and warranties: The Chargor represents and warrants that:

	 	(a)	 	Charged Securities paid up: except as disclosed in schedule 3.08 of the
Credit Agreement, the Charged Securities are fully paid up;
	 
	 	(b)	 	No certificates: unless certificates are issued for the Charged Securities
(in which case clause 4.1(b)(i) shall have been complied with), the Charged Securities are
uncertificated;
	 
	 	(c)	 	No lien: there is no money owing on or in respect of the Charged
Securities by it to the Company in respect of which the Company is entitled to a lien
on any of the Charged Securities; and
	 
	 	(d)	 	Charged Securities properly issued: the Charged Securities have been
properly and validly issued in accordance with the laws under which the Company was
incorporated and the constitutional documents of the Company.

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	5.2	 	Repetition: The representations and warranties
contained in clause 5.1 shall be deemed to be
repeated by the Chargor as true and correct in all material respects on and as of the date of
a Credit Event (as defined in the Credit Agreement) with the same effect as though made on and
as of such date.

	6.	 	ENFORCEMENT EVENTS

	6.1	 	When security enforceable: The Lien created by this deed shall become enforceable if an
Enforcement Event has occurred and is continuing.

	7.	 	COLLATERAL AGENT MAY REMEDY BREACH

	7.1	 	Right to remedy breach: If the Chargor fails to comply with any of its obligations under
this deed, the Collateral Agent may and shall if so instructed by the Applicable
Representative, after giving 14 days’ notice to the Chargor, (without prejudice to the
Collateral Agent’s other rights, powers and remedies) pay all amounts and do all such other
things as it deems necessary or desirable to remedy any such default or otherwise protect the
Lien created by this deed, provided that the Collateral Agent is indemnified and/or secured
and/or prefunded to its satisfaction.

	8.	 	ENFORCEMENT BY COLLATERAL AGENT

	8.1	 	If an Enforcement Event has occurred and is continuing the Collateral Agent may and shall if
so instructed by the Applicable Representative (in either case without it being necessary to
give any prior notice to the Chargor, and without prejudice to any other rights, powers or
remedies it may have under this deed or by law):

	 	(a)	 	declare the Secured Liabilities to be due and payable, whereupon they shall
become due and payable;
	 
	 	(b)	 	take possession of the Secured Property; and
	 
	 	(c)	 	sell or dispose of the Secured Property in such manner and on such terms as
the Collateral Agent thinks fit, with power to buy in, or rescind or vary any
contract for sale or re-sell without being responsible for any loss occasioned and to
transfer the Secured Property free from adverse interests.

	9.	 	APPLICATION OF PROCEEDS

	9.1	 	Application of proceeds: Except to the extent otherwise required by law, all amounts received
by the Collateral Agent under this deed shall be applied in accordance with the provisions of
the First Lien Intercreditor Agreement.

	10.	 	PROTECTION OF PERSONS DEALING WITH COLLATERAL AGENT

	10.1	 	Purchaser or other person: No purchaser or other person dealing with the Collateral Agent,
or with any agent or attorney of the Collateral Agent, shall be concerned:

	 	(a)	 	to enquire:

	 	(i)	 	whether the Lien created by this deed has become
enforceable;

9

 

	 	(ii)	 	whether the powers which the Collateral Agent, agent or
attorney, as the case may be, is exercising or is purporting to exercise
have become exercisable;
	 
	 	(iii)	 	as to the necessity for, or the expediency of, the
stipulations or conditions subject to which any sale or disposal is made or
given; or
	 
	 	(iv)	 	otherwise as to the propriety or regularity of any sale,
disposal, calling in, collection or conversion of any money or assets; or

	 	(b)	 	to see to the application of any amount paid to the Collateral Agent, agent
or attorney, as the case may be.

	10.2	 	Damages the only remedy: The remedy of the Chargor in respect of any actionable impropriety
or irregularity in the exercise, or purported exercise, of any rights, powers or remedies by
the Collateral Agent, agent or attorney, as the case may be, shall be in damages only. This
clause shall not affect the right of the Chargor to take any action to the extent that that
action is permitted by the Principal Finance Documents.

	11.	 	PROTECTION OF COLLATERAL AGENT AND OTHER PERSONS

	11.1	 	Proceeds of sale: If the Collateral Agent sells any Secured Property pursuant to this deed
or otherwise, the Collateral Agent shall be accountable only for any purchase money which it
actually receives.

	11.2	 	Entry into possession: If the Collateral Agent enters into possession of any Secured
Property:

	 	(a)	 	it shall not be liable to account as mortgagee in possession in respect of
that Secured Property or for any loss which a mortgagee in possession might be held
liable; and
	 
	 	(b)	 	the Collateral Agent may at any time give up possession of any Secured
Property.

	11.3	 	No liability: Except to the extent provided in the Principal Finance Documents, none of the
Collateral Agent, its nominee(s) or a Delegate shall be liable by reason of (a) any action
taken or omitted to be taken by it as permitted by this deed or (b) any neglect or default in
connection with the Secured Property or (c) the taking of possession or realisation of all or
any part of the Secured Property.

	11.4	 	Recovery of costs: Except to the extent provided in the Principal Finance Documents, on
enforcement (whether successful or not) of this deed, the Collateral Agent shall be entitled
to deduct from the proceeds of the Secured Property its costs, charges and expenses incurred
in connection with such enforcement.

	12.	 	ATTORNEY

	12.1	 	Appointment: The Chargor irrevocably appoints the Collateral Agent and any Receiver
severally to be its attorney and in its name, on its behalf and as its act and deed to
execute, deliver and perfect all documents and do all things which the attorney may consider
to be required or desirable for:

	 	(a)	 	carrying out any obligation imposed on the Chargor by this deed or any
other agreement or by law binding on the Chargor to which the Collateral Agent is a

10

 

	 	 	 	party (including the execution and delivery of any deeds, charges, assignments or
other security and any transfers of the Secured Property); and

	 	(b)	 	enabling the Collateral Agent to:

	 	(i)	 	receive any Distributions paid or made in respect of the
Charged Securities;
	 
	 	(ii)	 	sign any Transfer, and to transfer, any Secured Property
to any person either on a sale thereof or to hold the same for the
Collateral Agent or otherwise;
	 
	 	(iii)	 	appoint any person nominated by the Collateral Agent as
the proxy or other representative of the Chargor to vote at any meeting of
the Company;
	 
	 	(iv)	 	attend and vote at any meeting of the Company;
	 
	 	(v)	 	sign any written resolution of shareholder(s) of the
Company permitted under the laws of the Company’s jurisdiction of
incorporation and the Company’s constitutional documents in such manner and
for such purpose as the Collateral Agent may from time to time determine;
and
	 
	 	(vi)	 	exercise any other rights, powers or remedies which the
Chargor may have as the holder, owner or beneficiary of any Secured
Property; and

	 	(c)	 	enabling the Collateral Agent or any Receiver to exercise, or delegate the
exercise of, any of the rights, powers and authorities conferred on them by or
pursuant to this deed or by law,

	 	 	provided always that the Collateral Agent may only be entitled to exercise the powers
conferred upon it by the Chargor under this clause 12.9 if:

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

	 	 	provided further that the Collateral Agent shall not be obliged to exercise the powers
conferred upon it by the Chargor under this clause 12.9 unless and until it shall have been
(a) instructed to do so by the Applicable Representative and (b) indemnified and/or
secured and/or prefunded to its satisfaction.

	12.2	 	Authority to Company: The production of this deed by the Collateral Agent shall be
sufficient authority for the Company to recognise the Collateral Agent, or any attorney, as
entitled to exercise all of the powers referred to in clause 12.1, and, as between the Collateral
Agent or any attorney on the one hand, and the Company on the other hand, the Company shall
not be bound or entitled to enquire if any Enforcement Event has occurred and is continuing or
if any of the powers referred to in clause 12.1 have become exercisable.

11

 

	12.3	 	Delegation and conflict: Each attorney may:

	 	(a)	 	delegate its powers (including this power of delegation) to any person for
any period, and revoke a delegation; or
	 
	 	(b)	 	exercise or concur in exercising the attorney’s powers even if the attorney
has a conflict of duty in doing so, or has a direct or personal interest in the means
or result of that exercise of such powers.

	12.4	 	Ratification: The Chargor hereby ratifies anything done by the attorney or a delegate of the
attorney in accordance with this section 12.

	13.	 	DELEGATION

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

	14.	 	ASSIGNMENT

	14.1	 	Deed binding: This deed is binding on, and is for the benefit of, the parties and their
respective successors, permitted assigns and transferees.

	14.2	 	Chargor may not assign: Unless otherwise permitted under the Principal Finance Documents,
the Chargor may not assign or transfer any of its rights or obligations under this deed.

	14.3	 	Collateral Agent may assign and transfer: The Collateral Agent may assign and/or transfer
all or part of its rights or obligations under this deed to any replacement collateral agent
appointed in accordance with the provisions of the First Lien Intercreditor Agreement.

	15.	 	NOTICES

	15.1	 	Writing: Each notice or other communication to be given or made by a party under this deed
shall be given or made in accordance with the First Lien Intercreditor Agreement.

	16.	 	RELEASE AND REINSTATEMENT

	16.1	 	Release of Lien and Chargor: The Secured Property shall be released, reassigned and/or
cancelled (as applicable) from the Lien under this deed and the Chargor shall be released from
this deed:

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

12

 

	 	(b)	 	by the Collateral Agent (acting on the instructions of the Applicable
Representative) at the request and cost of the Chargor, upon the Chargor ceasing to
be a Loan Party; or
	 
	 	(c)	 	in accordance with, and to the extent required by, the Intercreditor
Arrangements.

	16.2	 	Release of Secured Property: If the Chargor disposes of any Secured Property and that
disposal is permitted by the Principal Finance Documents, the relevant Secured Property shall,
unless an Enforcement Event has occurred and is continuing, be automatically released from the
Lien granted under this deed with effect from the day of such disposal and the Collateral
Agent shall do all such acts which are reasonably requested by the Chargor in order to release
the relevant Secured Property from the Lien under this deed.

	16.3	 	Reinstatement: If any payment received or recovered by any Secured Party, a Receiver, or any
other person on behalf of any of them is or may be avoided by law or required to be repaid to
a liquidator or similar official:

	 	(a)	 	such payment shall be deemed not to have affected or discharged the
liability of the Chargor under this deed or any other Lien given by the Chargor in
favour of the Collateral Agent or, as the case may be, the relevant Secured Party
and, the Collateral Agent, each Secured Party and the Chargor shall, to the maximum
extent permitted by law, be restored to the position in which each would have been if
such payment had not been received or recovered; and
	 
	 	(b)	 	the Collateral Agent and each other Secured Party shall be entitled to
exercise all its rights which it would have been entitled to exercise if such payment
had not been received or recovered,

	 	 	notwithstanding that the Collateral Agent may have signed a
release pursuant to clause 16.1.

	17.	 	PPSA RIGHTS

	17.1	 	No consent or subordination: Nothing in this deed shall be construed as:

	 	(a)	 	an agreement to subordinate the Lien created by this deed in favour of any
person; or
	 
	 	(b)	 	a consent by the Collateral Agent to any other security interest attaching
(as that term is used in the context of the PPSA) to, or any other security interest
subsisting over, any Secured Property.

	17.2	 	Verification statement: The Chargor waives the right to receive a copy of the verification
statement confirming registration of a financing statement or financing change statement
relating to the security interest created by this deed.

	17.3	 	Contracting out of PPSA rights: The Chargor:

	 	(a)	 	agrees that nothing in sections 114(1)(a), 133 and 134 of the PPSA shall
apply to this deed, or the security interest created by this deed;
	 
	 	(b)	 	waives its right to receive notice of the Collateral Agent’s proposal to
retain any Secured Property under section 120(2) of the PPSA; and

13

 

	 	(c)	 	waives its right to object to the Collateral Agent’s proposal to retain any
Secured Property under section 121 of the PPSA.

	18.	 	INDEMNITY

	18.1	 	To the extent set out in section 4.11 of the First Lien Intercreditor Agreement, the Chargor
shall, notwithstanding any release or discharge of all or any part of the security, indemnify
the Collateral Agent, its agents, attorneys, any Delegate and any Receiver against any action,
proceeding, claims, losses, liabilities, expenses, demands, taxes, and costs which it may
sustain as a consequence of any breach by the Chargor of the provisions of this deed, the
exercise or purported exercise of any of the rights and powers conferred on them by this deed
or otherwise relating to the Secured Property.

	19.	 	MISCELLANEOUS

	19.1	 	Partial invalidity: If at any time any provision of this deed or any other document relating
to the Secured Liabilities is or becomes illegal, invalid or unenforceable in any respect
under the law of any relevant jurisdiction, that illegality, invalidity or unenforceability
shall not affect the enforceability of the provisions, or (as the case may be) the remaining
provisions, of this deed, nor shall the legality, validity or enforceability of any of those
provisions under the law of any other jurisdiction in any way be affected or impaired thereby.

	19.2	 	Relationship with other laws:

	 	(a)	 	The rights, powers and remedies of the Collateral Agent provided in this
deed are in addition to, and not exclusive of, any rights, powers or remedies
provided by law.
	 
	 	(b)	 	If any provision in this deed conflicts with the provisions of any law or
any provisions implied by any law (after taking account of the implied rights negated
by clauses 17.2 and 17.3), then:

	 	(i)	 	if the provisions of or implied by that law may be varied
or negatived, the provisions of this deed will take precedence and the
provisions of or implied by that law will be deemed not to apply to this
deed or to apply only as varied by the provisions of this deed; or
	 
	 	(ii)	 	if the provisions of or implied by that law may not be
varied or negatived, then the provisions of this deed must be read subject
to the provisions of or implied by that law.

	19.3	 	No implied waivers: Time shall be of the essence in respect of performance by the Chargor of
the Chargor’s obligations under this deed, but no failure on the part of the Collateral Agent
to exercise, and no delay on its part in exercising, any right, power or remedy under this
deed shall operate as a waiver thereof, nor shall any single or partial exercise of any right,
power or remedy preclude any other or further exercise thereof or the exercise of any other
right, power or remedy.

	19.4	 	Obligations independent: Each of the obligations of
the Chargor under clauses 11.4 and 18.1 shall
constitute a continuing obligation, separate and independent from the Chargor’s other
obligations under this deed and shall survive discharge of the Secured Liabilities and release
of this deed.

	19.5	 	No merger or marshalling: The right of each Secured Party to payment of any Secured
Liabilities (including under any negotiable instrument or Loan Document) shall

14

 

	 	 	not merge in the Chargor’s obligation to pay those Secured Liabilities under this deed.
The Collateral Agent has no duty to marshall in favour of the Chargor or any other person.

	19.6	 	Conflict of provisions: This deed is subject to the terms of the Intercreditor Arrangements.
In the event of a conflict between the terms of this deed and the Intercreditor Arrangements,
the terms of the Intercreditor Arrangements will prevail.

	19.7	 	Consent: Subject to express wording to the contrary contained in this deed, the Collateral
Agent may give or withhold any approval or consent in its absolute discretion, and either
conditionally or unconditionally.

	19.8	 	Delivery: For the purposes of section 9 of the PLA, and without limiting any other mode of
delivery, this deed will be delivered by the Chargor immediately on the earlier of:

	 	(a)	 	physical delivery of an original of this deed, executed by the Chargor,
into the custody of the Collateral Agent or the Collateral Agent’s solicitors; or
	 
	 	(b)	 	transmission by the Chargor or its solicitors (or any other person
authorised in writing by the Chargor) of a facsimile, photocopied or scanned copy of
an original of this deed, executed by the Chargor, to the Collateral Agent or the
Collateral Agent’s solicitors.

	20.	 	GOVERNING LAW AND JURISDICTION

	20.1	 	This deed shall be governed by, and construed in accordance with, the laws of New Zealand,
and the parties hereby submit to the non-exclusive jurisdiction of the courts of New Zealand.

	21.	 	COUNTERPARTS

	21.1	 	This deed may be signed in any number of counterparts, all of which will together constitute
one and the same instrument, and any of the parties may execute this deed by signing any such
counterpart.

15

 

SIGNED AND DELIVERED AS A DEED

Executed on behalf of REYNOLDS

GROUP HOLDINGS LIMITED by its duly

appointed attorney / authorised signatory

in the presence of:

	 	 	 	 	 
	 	 	 
	 	                /s/ Philip West
 	 
	 	Signature of attorney / authorised signatory     	 
	 	 	 
	 	               Philip West
 	 
	 	Name of attorney / authorised signatory     	 
	 	 	 
	 

					
	 	
 	 
	 	/s/ Alex Howard
 	 
	 	Signature of witness     	 
	 	 	 
	 	Trainee Solicitor
 	 
	 	Occupation 	 
	 	 	 
	 	London
 	 
	 	City/town of residence 	 

					
	 	

THE BANK OF NEW YORK MELLON by 

its authorised signatory: 

 	 
	 	
 	 
	 	Signature of authorised signatory     	 
	 	 	 
	 	
 	 
	 	Name of authorised signatory 	 
	 	 	 
	 

16exv4w69

EXHIBIT 4.69

REYNOLDS GROUP HOLDINGS LIMITED

Chargor

CREDIT SUISSE

Security Agent

 

SPECIFIC SECURITY DEED

(SECOND RANKING)

 

 

 

CONTENTS

	 	 	 	 	 

	1. INTERPRETATION
	 	 	1	 
	2. SECURITY
	 	 	4	 
	3. SHAREHOLDER RIGHTS AND OBLIGATIONS
	 	 	5	 
	4. UNDERTAKINGS
	 	 	6	 
	5. REPRESENTATIONS AND WARRANTIES
	 	 	7	 
	6. ENFORCEMENT EVENTS
	 	 	7	 
	7. SECURITY AGENT MAY REMEDY BREACH
	 	 	7	 
	8. ENFORCEMENT BY SECURITY AGENT
	 	 	8	 
	9. APPLICATION OF PROCEEDS
	 	 	8	 
	10. PROTECTION OF PERSONS DEALING WITH SECURITY AGENT
	 	 	8	 
	11. PROTECTION OF SECURITY AGENT
	 	 	9	 
	12. ATTORNEY
	 	 	9	 
	13. ASSIGNMENT
	 	 	10	 
	14. NOTICES
	 	 	10	 
	15. COSTS AND EXPENSES
	 	 	10	 
	16. CURRENCY INDEMNITY
	 	 	11	 
	17. RELEASE AND REINSTATEMENT
	 	 	11	 
	18. PPSA RIGHTS
	 	 	12	 
	19. MISCELLANEOUS
	 	 	13	 
	20. GOVERNING LAW AND JURISDICTION
	 	 	14	 
	21. COUNTERPARTS
	 	 	14	 

 

 

	 	 	 	 	 

	DEED dated

	 	 	2009	 

PARTIES

	 	 	REYNOLDS GROUP HOLDINGS LIMITED, incorporated under the laws of New Zealand and having its
registered office at C/- Bell Gully, Level 22, Vero Centre, 48 Shortland Street, Auckland
(“Chargor”)
	 
	 	 	CREDIT SUISSE, of 1 Cabot Square, London, acting for itself and as security agent for and
on behalf of the Secured Parties (as defined below) pursuant to and under the Senior Notes
Indenture (as defined below) (“Security Agent”)

COVENANTS

	1.	 	INTERPRETATION
	 
	1.1	 	Definitions in Senior Notes Indenture: Words and expression defined in the Senior Notes
Indenture and used in this deed shall, unless otherwise defined herein or the context
otherwise requires, have the meanings given to them in the Senior Notes Indenture.
	 
	1.2	 	Definitions: In this deed, unless the context otherwise requires:
	 
	 	 	“Charged Shares” means all Shares in the Company held by the Chargor from time to time,
and a reference to Charged Shares includes any of them.
	 
	 	 	“Companies Act” means the Companies Act 1993.
	 
	 	 	“Company” means Beverage Packaging Holdings (Luxembourg) I S.A. and its successors and
assigns.
	 
	 	 	“Distribution” has the meaning given to it in section 2 of the Companies Act (and on the
basis that references in that definition to “company” shall be deemed to include a body
corporate incorporated or formed outside New Zealand).
	 
	 	 	“Enforcement Event” means an Event of Default in respect of which:

	 	(a)	 	notice has been given under section 6.02 of the Senior Notes Indenture
declaring the principal of, and accrued but unpaid interest on, all the Securities to
be due and payable ; or
	 
	 	(b)	 	the principal of, and accrued but unpaid interest on, all the Securities
has ipso facto become due and payable in accordance with section 6.02 of the Senior
Notes Indenture.

	 	 	“Intercreditor Agreement” means:

	 	(a)	 	the agreement entitled “Intercreditor Agreement” dated 11 May 2007 made
between (among others) (1) Rank Holdings II S.A. (2) Rank Holdings S.A. and (3)
Credit Suisse as senior agent, senior issuing bank, subordinated bridging agent, and
as security trustee, as amended by a letter dated as of 21 June 2007, a further
letter dated as of 29 June 2007 and pursuant to an amendment and restatement
agreement dated on or about the date hereof; and

 

 

	 	(b)	 	any Additional Intercreditor Agreement.

	 	 	“Luxembourg Share Pledge” means the Luxembourg law second ranking pledge over shares
agreement dated on or about the date of this deed made by the Chargor in favour of the
Security Agent, and in the presence of the Company and The Bank of New York Mellon as
first priority security trustee.
	 
	 	 	“PPSA” means the Personal Property Securities Act 1999.
	 
	 	 	“Priority Agreements” means the Senior Notes Indenture and the Intercreditor Agreement.
	 
	 	 	“Rights” means:

	 	(a)	 	Distributions;
	 
	 	(b)	 	bonus shares, debentures or other securities;
	 
	 	(c)	 	options or rights to take up shares, debentures, options or other
securities; and
	 
	 	(d)	 	other rights, money or securities of any nature.

	 	 	“Secured Liabilities” means all present and future obligations and liabilities (whether
actual or contingent and whether owed jointly or severally or in any other capacity
whatsoever) of the Issuer and each Senior Note Guarantor under each or any of the Senior
Notes Indenture, the Intercreditor Agreement and the Securities, together with all costs,
charges and expenses incurred by any Secured Party in connection with the protection,
preservation or enforcement of its respective rights under the Senior Notes Indenture, the
Intercreditor Agreement and the Securities or any other document evidencing or securing
any such liabilities, and a reference to the Secured Liabilities includes any of them.
	 
	 	 	“Secured Parties” means the Security Agent, the Trustee, each Agent and each Holder from
time to time.
	 
	 	 	“Secured Property” has the meaning given to that term in clause 2.1, and a reference to
Secured Property includes any of it.
	 
	 	 	“Senior Notes Indenture” means the senior notes indenture dated as of 29 June 2007 made
between Beverage Packaging Holdings (Luxembourg) II S.A. as Issuer, the Senior Note
Guarantors as defined therein (including the Chargor), The Bank of New York as Trustee,
principal Paying Agent and Transfer Agent, BNY Fund Services (Ireland) Limited as Transfer
Agent and the Paying Agent in Dublin, and the Security Agent.
	 
	 	 	“Senior Security Documents” has the meaning given to it in the Intercreditor Agreement,
and also includes any other security document intended to have the same ranking as the
Senior Security Documents to the extent contemplated by the Senior Notes Indenture.
	 
	 	 	“Shares” means shares, stock units or membership interests in the capital of a person
including all shares, debentures, options and other securities arising under an
entitlement to, or exercise of, any Right.
	 
	 	 	“Transfer” means, with respect to the Charged Shares or Rights, a transfer thereof duly
signed by the Chargor or, in the case of any Charged Shares or Rights legally held by some
other person but beneficially owned by the Chargor, duly signed by that other

2

 

	 	 	person, with the name of the transferee, date and consideration left blank, but otherwise,
if appropriate, in proper form for registration by the Company.
	 
	1.3	 	References: Except to the extent that the context otherwise requires, any reference in this
deed to:
	 
	 	 	“disposal” includes any sale, assignment, exchange, transfer, concession, loan, lease,
surrender, licence, reservation, waiver, compromise, release, dealing or parting with
possession, or the granting of any option, right or interest whatever, or any agreement
for any of the same, and “dispose” means to make a disposal, and “acquisition” and
“acquire” shall be construed accordingly.
	 
	 	 	a “government agency” includes any government or political sub-division thereof, or any
governmental, semi-governmental or judicial entity or authority.
	 
	 	 	a “law” includes common or customary law and any constitution, decree, judgment,
legislation, order, ordinance, regulation, by-law, statute, treaty or other legislative
measure.
	 
	 	 	a “person” includes an individual, firm, company, corporation, partnership, joint venture,
association, unincorporated body of persons, organisation or trust, any government agency,
and any other entity, in each case whether or not having separate legal personality.
	 
	 	 	a “share” includes a share in any company, whether incorporated in New Zealand or
elsewhere.
	 
	 	 	“written” and “in writing” include all means of reproducing words in a tangible and
permanently visible form.
	 
	1.4	 	PPSA references: The expressions “accession”, “account receivable” “financing statement”,
“financing change statement”, “security interest” and “verification statement” have the
respective meanings given to them under, or in the context of, the PPSA.
	 
	1.5	 	Miscellaneous:

	 	(a)	 	Headings are inserted for convenience only and do not affect interpretation
of this deed.
	 
	 	(b)	 	Unless the context otherwise requires, the singular includes the plural and
vice versa and words denoting individuals include other persons and vice versa.
	 
	 	(c)	 	A reference to any legislation includes any statutory regulations, rules,
orders or instruments made or issued pursuant to that legislation and any amendment
to, re-enactment of, or replacement of, that legislation.
	 
	 	(d)	 	Except where inconsistent with the context, the expression “at any time”
also means from time to time.
	 
	 	(e)	 	A reference to any document includes reference to that document as
modified, novated, supplemented, varied or replaced from time to time.
	 
	 	(f)	 	Reference to a party to the Senior Notes Indenture, the Securities, the
Intercreditor Agreement or any other document includes its successors and permitted
assigns.

3

 

	 	(g)	 	Unless otherwise stated, reference to a clause, section or schedule is a
reference to a clause or section of, or schedule to, this deed.

	1.6	 	Capacity: The Security Agent enters into this deed in its capacity as security agent for the
Secured Parties.
	 
	2.	 	SECURITY
	 
	2.1	 	Charging clause: As security for the payment or delivery of the Secured Liabilities, the
Chargor grants to the Security Agent a security interest in its right, title and interest in:

	 	(a)	 	the Charged Shares;
	 
	 	(b)	 	the Rights attributable to, or arising from, any Charged Shares;
	 
	 	(c)	 	all proceeds of any Charged Shares or Rights; and
	 
	 	(d)	 	all documents of title relating to any Charged Shares or Rights,

	 	 	and all the Chargor’s present and future rights in relation to those Charged Shares,
Rights, proceeds and documents of title (“Secured Property”). So far as it concerns each
security interest over or in respect of any present or future account receivable and
present and future rights in relation to any account receivable, the security interest
granted shall take effect as a transfer (as “transfer” is used in the context of and for
the purposes of the PPSA).
	 
	2.2	 	Notice to Company: The Security Agent may at any time give notice to the Company of the
security interest created by this deed.
	 
	2.3	 	Security Agent may register: Subject to the Priority Agreements, the Security Agent may at
any time after the occurrence of an Enforcement Event and without prejudice to any of its
other rights, powers or remedies, cause itself to be registered as the holder of the Charged
Shares, or as the person entitled to any Rights, in order to hold those Charged Shares or
Rights as mortgagee in terms of this deed, and for that purpose may complete and present any
Transfer to the Company for registration.
	 
	2.4	 	Continuing security: This deed is a continuing security and shall operate irrespective of
any intervening payment, settlement of account or other matter or thing whatever, until a
final release has been signed by the Security Agent and delivered to the Chargor in accordance
with section 16.
	 
	2.5	 	Other securities:

	 	(a)	 	This deed is collateral to each other security interest (whenever executed
or given) which is at any time held by a Secured Party in respect of the Secured
Liabilities.
	 
	 	(b)	 	The Security Agent or any other Secured Party may exercise any of its
rights, powers and remedies under this deed or any such other security interest
separately or concurrently.
	 
	 	(c)	 	Nothing in this deed shall discharge, abate or prejudice any other security
interest at any time held by any person.

4

 

	2.6	 	Further assurance: The Chargor shall deliver to the Security Agent any transfer, assignment,
instrument, or other deed or document, and shall do any other thing which the Security Agent
reasonably requires to enable it to:

	 	(a)	 	perfect the Chargor’s title to the Secured Property; or
	 
	 	(b)	 	perfect the security interest intended to be created by this deed
including, without limitation, in accordance with the provisions of the PPSA; or
	 
	 	(c)	 	following the occurrence of an Enforcement Event and subject to the
Priority Agreements, transfer to, or vest in, the Security Agent (or any purchaser
from the Security Agent), the Secured Property; or
	 
	 	(d)	 	following the occurrence of an Enforcement Event and subject to the
Priority Agreements, facilitate the realisation of any of the Secured Property; or
	 
	 	(e)	 	exercise all or any of the rights, powers and remedies conferred on the
Security Agent by this deed or by law; or
	 
	 	(f)	 	secure to the Security Agent the full benefit of the provisions of this
deed,

	 	 	subject always to clause 2.3.
	 
	2.7	 	Ranking of security interest: It is intended that the security interest created by this deed
rank second after the security interests created by the Senior Security Documents.
	 
	3.	 	SHAREHOLDER RIGHTS AND OBLIGATIONS
	 
	3.1	 	Liability for calls etc: If any call or other amount (a “call”) becomes payable in respect
of any Charged Shares:

	 	(a)	 	while the Chargor is the holder of those shares, the Chargor shall pay that
call or other amount to the Company on or before the due date for payment and
promptly confirm to the Security Agent that such payment has been made; and
	 
	 	(b)	 	while the Security Agent or its nominee is the holder of those shares, the
Chargor shall, subject to the Priority Agreements, upon demand by the Security Agent,
pay an amount equal to that call to the Security Agent or, if so agreed with, or
required by, the Security Agent, to the Company and, if paid to the Security Agent,
the Security Agent shall pay the call to the Company.

	3.2	 	Voting rights: Unless an Enforcement Event occurs the Chargor shall be entitled to exercise
all voting rights in respect of the Charged Shares provided that the Chargor shall not at any
time exercise, or refrain from exercising, such rights in a manner which could reasonably be
expected to affect adversely the security created by this deed.
	 
	3.3	 	Distributions before enforcement: Unless an Enforcement Event occurs, the Chargor shall be
entitled to receive and retain all Distributions in respect of the Charged Shares that the
Company is expressly permitted to make under the Senior Notes Indenture.
	 
	3.4	 	Distributions after enforcement: After the occurrence of an Enforcement Event all
Distributions in respect of the Charged Shares shall, subject to the Priority Agreements, be
applied by the Security Agent in or towards payment of the Secured Liabilities, and if any
such Distribution is received by the Chargor, the Chargor shall promptly pay or transfer it to
the Security Agent.

5

 

	3.5	 	Exercise of Rights: Subject to the Priority Agreements:

	 	(a)	 	if any Rights to acquire shares, debentures, options or other securities
(an “entitlement”) become exercisable at any time:

	 	(i)	 	while the Chargor is the holder of any Charged Shares, it
shall promptly provide full details of that entitlement to the Security
Agent and advise the Security Agent whether or not it intends to exercise
all or any part of that entitlement; and
	 
	 	(ii)	 	while the Security Agent or its nominee is the holder of
any Charged Shares, it shall promptly provide full details of that
entitlement to the Chargor and request the Chargor to advise it whether or
not it wishes that entitlement or any part of it to be exercised.

	 	(b)	 	if, in the opinion of the Security Agent, it is reasonably necessary, in
order to avoid any prejudice to the security interest created by this deed or to the
interests of the Secured Parties hereunder, that all or any part of any entitlement
be taken up, the Security Agent may require the Chargor to exercise, or, if the
Security Agent or its nominee is the holder of the relevant Charged Shares, may
itself exercise, at the Chargor’s expense, that entitlement, or the relevant part
thereof, as the case may be.
	 
	 	(c)	 	if the Chargor wishes any entitlement to be exercised, the Chargor shall
pay to the Company or the Security Agent, as the case may require, such amount, and
shall do all such other things, as are necessary to exercise that entitlement or part
thereof, as the case may be, and if payment is made to the Company the Chargor shall
promptly confirm to the Security Agent that such payment has been made.

	4.	 	UNDERTAKINGS
	 
	4.1	 	Positive undertakings: Subject to the Priority Agreements, the Chargor shall:

	 	(a)	 	Notices: promptly upon receipt, deliver to the Security Agent a copy of
any notice of meeting or other notice sent to shareholders of the Company, and a copy
of any resolution passed by the shareholders of the Company, if, in each case, such a
notice or resolution could reasonably be expected to materially and adversely affect
the interests of the Secured Parties hereunder;
	 
	 	(b)	 	Documents of title and transfer: promptly deposit with the Security Agent:

	 	(i)	 	all certificates or documents of title (if any) to the
Charged Shares and any Rights or, if required by the Security Agent, other
relevant documents if such Charged Shares are uncertificated;
	 
	 	(ii)	 	if required by the Security Agent, a Transfer (or such
number of separate Transfers as the Security Agent may reasonably require)
in respect of the Charged Shares and any Rights; and
	 
	 	(iii)	 	any certificates or documents of title issued by the
Company in substitution for, or replacement of, any of the certificates or
documents of title referred to in clause 4.1(b)(i); and

	 	(c)	 	Registration of Transfers: after the occurrence of an Enforcement Event,
upon presentation to the Company for registration of a Transfer in accordance

6

 

	 	 	 	with the provisions of this deed, take all steps available to the Chargor to
procure registration of that Transfer by the Company.

	4.2	 	Negative undertakings: Except to the extent the Luxembourg Share Pledge, the Senior Notes
Indenture or the Intercreditor Agreement permit otherwise, the Chargor shall not:

	 	(a)	 	No redemption etc: exercise rights to redeem or accept an offer to buy
back any Charged Shares without the Security Agent’s consent;
	 
	 	(b)	 	Secured Property: do, or omit to do, anything which could prejudicially
affect the security interest created by this deed or render any of the Secured
Property liable to forfeiture or cancellation;
	 
	 	(c)	 	Restrictions on dealings with Secured Property: without the prior written
consent of the Security Agent:

	 	(i)	 	dispose, or permit the disposal, of any of the Secured
Property; or
	 
	 	(ii)	 	create or permit to subsist any Lien over any of the
Secured Property; or

	 	(d)	 	Name change: change its name without first notifying the Security Agent of
the new name not less than 7 Business Days before the change takes effect.

	5.	 	REPRESENTATIONS AND WARRANTIES

	5.1	 	Representations and warranties: The Chargor represents and warrants that:

	 	(a)	 	Charged Shares paid up: the Charged Shares are fully paid up;
	 
	 	(b)	 	No lien: there is no money owing on or in respect of the Charged Shares by
it to the Company in respect of which the Company is entitled to a lien on any of the
Charged Shares; and
	 
	 	(c)	 	Shares properly issued: the Charged Shares have been properly and validly
issued in accordance with the laws under which the Company was incorporated and the
constitutional documents of the Company.

	5.2	 	Repetition: The representations and warranties contained in clause 5.1 are given on the date
of this deed and are deemed to be repeated by the Chargor whenever representations and
warranties are deemed to be repeated in the Luxembourg Share Pledge (if at all).
	 
	6.	 	ENFORCEMENT EVENTS
	 
	6.1	 	Subject to the Priority Agreements, the security created by this deed shall become
enforceable if an Enforcement Event occurs.
	 
	7.	 	SECURITY AGENT MAY REMEDY BREACH
	 
	7.1	 	Subject to the Priority Agreements, if the Chargor fails to comply with any of its
obligations under this deed, the Security Agent may, after giving 14 days’ notice to the
Chargor, (without prejudice to the Security Agent’s other rights, powers and remedies)

7

 

	 	 	pay all amounts and do all such other things as it deems necessary or desirable to remedy
any such default or otherwise protect the Security created by this deed.
	 
	8.	 	ENFORCEMENT BY SECURITY AGENT
	 
	8.1	 	At any time after the occurrence of an Enforcement Event the Security Agent may (without it
being necessary to give any prior notice to the Chargor, and without prejudice to any other
rights, powers or remedies it may have under this deed or by law), subject to the Priority
Agreements:

	 	(a)	 	declare the Secured Liabilities to be due and payable, whereupon they shall
become due and payable;
	 
	 	(b)	 	take possession of the Secured Property; and
	 
	 	(c)	 	sell or dispose of the Secured Property in such manner and on such terms as
the Security Agent thinks fit, with power to buy in, or rescind or vary any contract
for sale or re-sale without being responsible for any loss occasioned and to transfer
the Secured Property free from adverse interests.

	9.	 	APPLICATION OF PROCEEDS
	 
	9.1	 	Except to the extent otherwise required by law, all amounts received by the Security Agent
under this deed shall be applied, subject to the Intercreditor Agreement, in accordance with
section 6.10 of the Senior Notes Indenture.
	 
	10.	 	PROTECTION OF PERSONS DEALING WITH SECURITY AGENT
	 
	10.1	 	Purchaser or other person: No purchaser or other person dealing with the Security Agent, or
with any agent or attorney of the Security Agent, shall be concerned:

	 	(a)	 	to enquire:

	 	(i)	 	whether the Security created by this deed has become
enforceable;
	 
	 	(ii)	 	whether the powers which the Security Agent, agent or
attorney, as the case may be, is purporting to exercise have become
exercisable;
	 
	 	(iii)	 	as to the necessity for, or the expediency of, the
stipulations or conditions subject to which any sale or disposal is made or
given; or
	 
	 	(iv)	 	otherwise as to the propriety or regularity of any sale,
disposal, calling in, collection or conversion of any money or assets; or

	 	(b)	 	to see to the application of any amount paid to the Security Agent, agent
or attorney, as the case may be.

	10.2	 	Damages the only remedy: The remedy of the Chargor in respect of any actionable impropriety
or irregularity in the exercise, or purported exercise, of any rights, powers or remedies by
the Security Agent, agent or attorney, as the case may be, shall be in damages only.

8

 

	11.	 	PROTECTION OF SECURITY AGENT
	 
	11.1	 	Proceeds of sale: If the Security Agent sells any Secured Property pursuant to this deed or
otherwise, the Security Agent shall be accountable only for any purchase money which it
actually receives.
	 
	11.2	 	Entry into possession: If the Security Agent enters into possession of any Secured Property:

	 	(a)	 	it shall not be liable to account as mortgagee in possession in respect of
that Secured Property or for any loss which a mortgagee in possession might be held
liable; and
	 
	 	(b)	 	the Security Agent may at any time give up possession of any Secured
Property.

	11.3	 	Indemnity: The Security Agent shall be entitled to be indemnified out of the revenue from,
or proceeds of sale of, the Secured Property of the Chargor against all reasonable costs,
losses, expenses or liabilities sustained or incurred in the exercise, purported exercise or
non-exercise of any of its rights, powers or remedies, including any cost, loss, expense or
liability consequent upon any mistake or error of judgment by the Security Agent.
	 
	12.	 	ATTORNEY
	 
	12.1	 	Appointment: Subject to the Priority Agreements, for the purpose of enabling the Security
Agent to obtain the full benefit of this deed the Chargor irrevocably appoints the Security
Agent and every officer of the Security Agent, individually, to be the attorney of the Chargor
(“Attorney”) for the following purposes:

	 	(a)	 	at any time (whether before or after the occurrence of an Enforcement
Event) to do anything which the Chargor is obliged to do under the provisions of this
deed or which, in the Attorney’s opinion, is necessary or expedient to give effect to
any right, power or remedy conferred upon the Security Agent by this deed or by law
or otherwise (including executing deeds) and which has not been done by the Chargor
within 10 Business Days of being requested to do so by the Security Agent; and
	 
	 	(b)	 	at any time after the occurrence of an Enforcement Event:

	 	(i)	 	to receive any Distributions paid or made in respect of
the Charged Shares;
	 
	 	(ii)	 	to sign any Transfer, and to transfer, any Secured
Property to any person either on a sale thereof or to hold the same for the
Security Agent or otherwise;
	 
	 	(iii)	 	to appoint any person nominated by the Security Agent as
the proxy or other representative of the Chargor to vote at any meeting of
the Company;
	 
	 	(iv)	 	to attend and vote at any meeting of the Company;
	 
	 	(v)	 	to sign any written resolution of the Company permitted
under the Companies Act and the Company’s constitutional documents in such

9

 

	 	 	 	manner and for such purpose as the Security Agent may from time to time
determine;
	 
	 	(vi)	 	to commence, prosecute, settle and compromise actions or
proceedings relating to any Secured Property; and
	 
	 	(vii)	 	to exercise any other rights, powers or remedies which
the Chargor may have as the holder, owner or beneficiary of any Secured
Property.

	12.2	 	Authority to Company: The production of this deed by the Security Agent shall be sufficient
authority for the Company to recognise the Security Agent, or any Attorney, as entitled to
exercise all of the powers referred to in clause 12.1, and, as between the Security Agent or
any Attorney on the one hand, and the Company on the other hand, the Company shall not be
bound or entitled to enquire if any Enforcement Event has occurred or if any of the powers
referred to in clause 12.1 have become exercisable.

	12.3	 	Delegation and conflict: Each Attorney may:

	 	(a)	 	delegate its powers (including this power of delegation) to any person for
any period, and revoke a delegation; or
	 
	 	(b)	 	exercise or concur in exercising the Attorney’s powers even if the Attorney
has a conflict of duty in doing so, or has a direct or personal interest in the means
or result of that exercise of such powers.

	12.4	 	Ratification: The Chargor hereby ratifies anything done by the Attorney or a delegate of the
Attorney in accordance with this section 12.
	 
	13.	 	ASSIGNMENT
	 
	13.1	 	Agreement binding: This deed is binding on, and is for the benefit of, the parties and their
respective successors, permitted assigns and transferees.
	 
	13.2	 	Chargor may not assign: The Chargor may not assign or transfer any of its rights or
obligations under this deed.
	 
	14.	 	NOTICES
	 
	14.1	 	Writing: Each notice or other communication to be given or made by a party under this deed
shall be given or made in accordance with section 13.02 of the Senior Notes Indenture.
	 
	15.	 	COSTS AND EXPENSES
	 
	15.1	 	Costs and expenses: The Chargor shall pay to the Security Agent upon demand an amount equal
to all reasonable costs, losses, expenses and other liabilities on a full indemnity basis
(including legal expenses on a full indemnity basis and goods and services and similar taxes
thereon) incurred or sustained by the Security Agent or any other Secured Party in connection
with:

	 	(a)	 	the negotiation, preparation, signing, delivery, administration and release
of this deed;

10

 

	 	(b)	 	the exercise, enforcement or preservation, or attempted exercise,
enforcement or preservation, of any right under this deed; and
	 
	 	(c)	 	the granting of any waiver or consent under, or the giving of any variation
or release of this deed.

	15.2	 	Stamp duty and taxes: The Chargor shall pay all stamp, documentary, transaction,
registration and other like duties and taxes (including fines, interest and penalties), if
any, which may be payable or determined to be payable in connection with the signing,
delivery, registration, performance, exercise of any right under, or enforcement or variation
of, this deed, and shall indemnify each Secured Party against all liabilities with respect to,
or resulting from, any delay or omission to pay any such duties or taxes.
	 
	15.3	 	GST exclusive: If any supply by any Secured Party to the Chargor shall, at the time of
supply, be subject to goods and services tax, the Chargor shall pay to the relevant Secured
Party an amount equal to the applicable goods and services tax in addition to the
consideration for that supply.
	 
	16.	 	CURRENCY INDEMNITY
	 
	16.1	 	Currency Conversion: If any Secured Liabilities are received or recovered under this deed in
a currency (“first currency”) other than the currency (“second currency”) in which they are
payable (whether as a result of obtaining or enforcing an order or judgment, the dissolution
of any person or otherwise), the amount received shall only satisfy the Chargor’s obligation
to pay the Secured Liabilities to the extent of the amount in the second currency which the
Security Agent is able, in accordance with its usual practice, to purchase with the amount
received in the first currency on the date of that receipt (or, if it is not practicable to
make that purchase on that date, on the first date upon which it is practicable to do so).
	 
	16.2	 	Currency Indemnity:

	 	(a)	 	The Chargor indemnifies the Security Agent against:

	 	(i)	 	any loss sustained by it as a result of the amount
purchased by it in the second currency pursuant to clause 16.1 being less
than the amount due; and
	 
	 	(ii)	 	all costs and expenses properly incurred by it in
purchasing the second currency,

	 	 	 	in respect of any Secured Liabilities received or recovered under this deed.
	 
	 	(b)	 	The Chargor shall pay to the Security Agent, upon demand, in the currency
stipulated, all amounts payable pursuant to such indemnity.

	17.	 	RELEASE AND REINSTATEMENT
	 
	17.1	 	Release of Security: Upon any of the conditions in section 12.06 of the Senior Notes
Indenture being satisfied, the Security Agent shall, at the request and cost of the Chargor,
release the Chargor from this deed and release the Secured Property from the security interest
created by this deed.

11

 

	17.2	 	Reinstatement: If any payment received or recovered by any Secured Party, a Receiver, or any
other person on behalf of any of them is or may be avoided by law or required to be repaid to
a liquidator or similar official:

	 	(a)	 	such payment shall be deemed not to have affected or discharged the
liability of the Chargor under this deed or any other security interest given by the
Chargor in favour of the Security Agent or, as the case may be, the relevant Secured
Party and, the Security Agent, each Secured Party and the Chargor shall, to the
maximum extent permitted by law, be restored to the position in which each would have
been if such payment had not been received or recovered; and
	 
	 	(b)	 	the Security Agent and each other Secured Party shall be entitled to
exercise all its rights which it would have been entitled to exercise if such payment
had not been received or recovered,

	 	 	notwithstanding that the Security Agent may have signed a release pursuant to clause 17.1.
	 
	18.	 	PPSA RIGHTS
	 
	18.1	 	No consent or subordination: Nothing in this deed shall be construed as, but without
prejudice to clause 2.7 of this deed:

	 	(a)	 	an agreement to subordinate the security interest created by this deed in
favour of any person; or
	 
	 	(b)	 	a consent by the Security Agent to any other security interest attaching
(as that term is used in the context of the PPSA) to, or any other security interest
subsisting over, any Secured Property.

	18.2	 	Verification statement: The Chargor waives the right to receive a copy of the verification
statement confirming registration of a financing statement or financing change statement
relating to the security interest created by this deed.

	18.3	 	Contracting out of PPSA rights: The Chargor:

	 	(a)	 	agrees that if, at any relevant time, the Security Agent does not at that
time have priority over all other secured parties in respect of any Secured Property
then the Chargor and the Security Agent will, for the purposes of section 109(1) of
the PPSA, be deemed, in accordance with the entitlement to do so under section 107(1)
of the PPSA, to have contracted out of that section but specifically on the basis
that, as between them and for purposes of this deed and the operation and application
of the PPSA, that section 109(1) (but amended only by the deletion of the words “with
priority over all other secured parties”) is reinstated and contracted back into;
	 
	 	(b)	 	agrees that nothing in sections 114(1)(a), 133 and 134 of the PPSA shall
apply to this deed, or the security interest created by this deed; and
	 
	 	(c)	 	waives its right to:

	 	(i)	 	object to the Security Agent’s proposal to retain any
Secured Property under section 121 of the PPSA; and

12

 

	 	(ii)	 	redeem any Secured Property under section 132 of the
PPSA, provided that, at any time after the occurrence of an Enforcement
Event, but before the Security Agent sells any Secured Property, or is
deemed to have taken any Secured Property in satisfaction of the Chargor’s
obligations, the Chargor may (unless it has otherwise agreed in writing
after the Enforcement Event) redeem the Secured Property by tendering to the
Security Agent, in cleared funds, an amount certified by the Security Agent
as being equal to all the Secured Liabilities as at the date such amount is
tendered.

	19.	 	MISCELLANEOUS
	 
	19.1	 	Partial invalidity: If at any time any provision of this deed is or becomes illegal, invalid
or unenforceable in any respect under the law of any relevant jurisdiction, that illegality,
invalidity or unenforceability shall not affect the enforceability of the provisions, or (as
the case may be) the remaining provisions, of this deed, nor shall the legality, validity or
enforceability of any of those provisions under the law of any other jurisdiction in any way
be affected or impaired thereby.
	 
	19.2	 	No implied waivers: No failure on the part of the Security Agent to exercise, and no delay
on its part in exercising, any right, power or remedy under this deed shall operate as a
waiver thereof, nor shall any single or partial exercise of any right, power or remedy
preclude any other or further exercise thereof or the exercise of any other right, power or
remedy.
	 
	19.3	 	Remedies not exclusive: The rights, powers and remedies provided in this deed are in
addition to, and not exclusive of, any rights, powers or remedies provided by law.
	 
	19.4	 	Obligations independent: The obligations of the Chargor under clauses 11.3, 15 and 16.2
shall constitute continuing obligations, separate and independent from its other obligations
under this deed and shall survive payment of the Secured Liabilities and release of this deed.
	 
	19.5	 	Enforcement: It shall not be necessary for the Security Agent to incur any expense or make
any payment before enforcing any of its rights in respect of any obligation of the Chargor
referred to in clause 19.4.
	 
	19.6	 	No merger or marshalling: The right of each Secured Party to payment of any Secured
Liabilities (including under any negotiable instrument or the Senior Notes Indenture or the
Intercreditor Agreement) shall not merge in the Chargor’s obligation to pay those Secured
Liabilities under this deed. The Security Agent has no duty to marshall in favour of the
Chargor or any other person.
	 
	19.7	 	Consent: The Security Agent may give or withhold any approval or consent in its absolute
discretion, and either conditionally or unconditionally.
	 
	19.8	 	Delivery: For the purposes of section 9 of the Property Law Act 2007, and without limiting
any other mode of delivery, this deed will be delivered by the Chargor immediately on the
earlier of:

	 	(i)	 	physical delivery of an original of this deed, executed
by the Chargor, into the custody of the Secured Party or the Secured Party’s
solicitors; or
	 
	 	(ii)	 	transmission by the Chargor or its solicitors (or any
other person authorised in writing by the Chargor) of a facsimile,
photocopied or

13

 

	 	 	 	scanned copy of an original of this deed, executed by the Chargor, to
the Secured Party or the Secured Party’s solicitors.

	20.	 	GOVERNING LAW AND JURISDICTION
	 
	20.1	 	This deed shall be governed by, and construed in accordance with, the laws of New Zealand,
and the parties hereby submit to the non-exclusive jurisdiction of the courts of New Zealand.
	 
	21.	 	COUNTERPARTS
	 
	21.1	 	This deed may be signed in any number of counterparts, all of which will together constitute
one and the same instrument, and any of the parties may execute this deed by signing any such
counterpart.

14

 

SIGNED AS A DEED

REYNOLDS GROUP HOLDINGS

LIMITED by its duly appointed

attorney in the presence of:

	 	 	 	 	 
	 	 	 
	 	                                                       /s/ Philip West
 	 
	 	Signature of attorney     	 
	 	 	 
	 
	 	                                                        Philip West
 	 
	 	Name of attorney     	 

	 	 	 	 	 
	 	 
	/s/ ILLEGIBLE
 	 
	Signature of witness     	 
	 	 
	 	 
	 Trainee Solicitor
 	 
	Occupation 	 
	 	 
	 	 
	 London
 	 
	City/town of residence 	 
	 	 

CREDIT SUISSE by its authorised

signatories:

	 	 	 	 	 

	/s/ Steve Martin

	 	/s/ Ian Croft
	 

	 	 
	Signature of authorised signatory

	 	Signature of authorised signatory
	 
	 	 
	Steve Martin

	 	Ian Croft
	 

	 	 
	Name of authorised signatory

	 	Name of authorised signatory

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00198-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00198-of-00352.parquet"}]]