Document:

exv4w169

EXHIBIT 4.169

The taking of this document or any certified copy of it or any other 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.

Receivables Pledge Agreement

between

1. SIG Combibloc GmbH & Co KG

as Pledgor

and

2. Wilmington Trust (London) Limited

as Pledgee and Collateral Agent

 

 

	 	 	 	 	 
	Contents 	 	 	 	 
	Whereas:
	 	 	3	 
	1. Definitions
	 	 	3	 
	2. Construction
	 	 	7	 
	3. Secured Obligations
	 	 	7	 
	4. Pledges
	 	 	8	 
	5. Perfection of Security and Further Security
	 	 	8	 
	6. Enforcement of Pledges
	 	 	9	 
	7. Undertakings of the Pledgor
	 	 	10	 
	8. Acknowledgment by Pledgor
	 	 	10	 
	9. Representations and Warranties of the Pledgor
	 	 	11	 
	10. Duration and Independence
	 	 	11	 
	11. Partial Invalidity; Waiver
	 	 	12	 
	12. Further Assurance
	 	 	12	 
	13. Amendments; Waiver
	 	 	13	 
	14. Miscellaneous
	 	 	13	 
	15. Execution in Counterparts
	 	 	15	 
	16. Stamp Duty
	 	 	15	 
	17. Capital maintenance
	 	 	15	 
	18. Choice of Law
	 	 	15	 
	19. Settlement of Disputes
	 	 	15	 

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Whereas:

A. Pursuant to the Credit Agreement (as defined below) the Lenders (as defined therein) under this
agreement granted to the Borrowers (as defined below) facilities as provided therein.

B. Pursuant to the Senior Secured Note Indenture (as defined below) the Issuers (as defined
therein) have issued certain notes.

C. The Pledgor is foreseen to grant a pledge over its Receivables (as defined below) as security
for the Secured Parties’ (as defined below) respective claims against the Borrowers under the Loan
Documents (as defined below).

D. The security created by or pursuant to this Agreement (as defined below) is to be administered
by the Collateral Agent (as defined below) for and on behalf of the Secured Parties pursuant to the
relevant provisions of the First Lien Intercreditor Agreement (as defined below).

Now, it is agreed as follows:

1. Definitions

A term defined in the First Lien Intercreditor Agreement shall, unless otherwise defined in this
Agreement, have the same meaning when used in this Agreement or any notice given under or in
connection with this Agreement and in addition:

	 	 	 

	Account Pledge Agreement

	 	means the account pledge agreement entered into on or
about the date of this Agreement between the Pledgor and
the Collateral Agent, as varied, amended, extended,
restructured, renewed, novated, restated, replaced,
modified or supplemented from time to time.
	 
	 	 
	Additional Collateral 

Agent’s Fee Letter

	 	means the fee letter dated 20 January 2010 among the
Collateral Agent and Reynolds Group Holdings Limited as
amended, novated, supplemented, restated or modified from
time to time.
	 
	 	 
	Agreed Security Principles

	 	has the meaning it is given in the Credit Agreement and
the Senior Secured Note Indenture and to the extent of
any inconsistency the meaning it is given in the Credit
Agreement shall prevail.
	 
	 	 
	Agreement

	 	means this receivables pledge agreement, as the same may
from time to time be varied, amended, extended,
restructured, renewed, novated, supplemented, restated,
replaced or modified from time to time.

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	Amendment No.1 and

Joinder Agreement

	 	means the joinder agreement dated 21 January 2010 made
among (amongst others) the Collateral Agent, The Bank of
New York Mellon, Credit Suisse AG and Reynolds Group
Holdings Limited pursuant to which the Collateral Agent
is appointed an additional collateral agent and becomes
party to the First Lien Intercreditor Agreement.
	 
	 	 
	Borrowers

	 	has the meaning given to it under the Credit Agreement
from time to time.
	 
	 	 
	Business Days

	 	has the meaning given to it under the Credit Agreement
from time to time.
	 
	 	 
	Collateral Agent

	 	means Wilmington Trust (London) Limited, as joint and
several creditor for and on behalf of itself and each of
the Secured Parties on the terms and conditions set out
in the First Lien Intercreditor Agreement. The term
“Collateral Agent” shall include any person for the time
being appointed as collateral agent, or as an additional
collateral agent, for the purpose of, and in accordance
with, the First Lien Intercreditor Agreement and shall
include successors, transferees and permitted assigns.
	 
	 	 
	Collateral Rights

	 	means all rights, powers and remedies of the Collateral
Agent provided by this Agreement or by law.
	 
	 	 
	Credit Agreement

	 	means a credit agreement dated as of 5 November 2009,
among Reynolds Group Holdings Inc., Reynolds Consumer
Products Holdings Inc., SIG Euro Holding AG & Co. KG aA,
Closure Systems International Holdings Inc., Closure
Systems International B.V. and the SIG Austria Holding
GmbH as borrowers, Reynolds Group Holdings Limited, the
lenders from time to time party thereto and Credit Suisse
AG (formerly known as Credit Suisse), as administrative
agent, as amended, extended, restructured, renewed,
novated, supplemented, restated, refunded, replaced or
modified from time to time.
	 
	 	 
	Enforcement Event

	 	means an “Event of Default” under, and as defined in, the
First Lien Intercreditor Agreement.
	 
	 	 
	Existing Receivables

	 	means any and all claims and receivables of the Pledgor
against the following third parties resulting out of the
following legal grounds existing at the time of this
Agreement: in particular (but not limited to) claims from
the sale of goods

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	 	and assets and/or the providing of
services (Lieferungen und Leistungen), leasing licence
and rental claims, damage claims, enrichment claims,
warranty claims, tax refund claims, and all other claims
and receivables of whatever nature, in each case together
with all ancillary rights and claims associated
therewith, in each case except for the Accounts (as
defined in the Account Pledge Agreement).
	 
	 	 
	First Lien Intercreditor

Agreement

	 	means the first lien intercreditor agreement dated 5
November 2009 among (amongst others) The Bank of New York
Mellon as collateral agent and as trustee under the
Senior Secured Note Indenture, Credit Suisse AG (formerly
known as Credit Suisse) as administrative agent under the
Credit Agreement and the Loan Parties, as amended,
novated, supplemented, restated or modified from time to
time (including by the Amendment No.1 and Joinder
Agreement which added the Collateral Agent as a
collateral agent under the First Lien Intercreditor
Agreement).
	 
	 	 
	Future Receivables

	 	means any and all claims and receivables of the Pledgor
against the following third parties resulting out of the
following legal grounds which the Pledgor may acquire in
the future: in particular (but not limited to) claims
from the sale of goods and assets and/or the providing of
services (Lieferungen und Leistungen), leasing licence
and rental claims, damage claims, enrichment claims,
warranty claims, tax refund claims, and all other claims
and receivables of whatever nature, in each case together
with all ancillary rights and claims associated
therewith, in each case except for the Accounts (as
defined in the Account Pledge Agreement).
	 
	 	 
	Intercreditor Arrangements

	 	means the First Lien Intercreditor Agreement and any
other document that is designated by the Loan Parties’
Agent and the Collateral Agent as an intercreditor
agreement, in each case as amended, novated,
supplemented, restated, replaced or modified from time to
time.
	 
	 	 
	Issuers

	 	has the meaning given to it in the Senior Secured Note
Indenture, including their successors in interest.
	 
	 	 
	Lien

	 	has the meaning given to it 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

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	 	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 (previously known
as Rank Group Holdings Limited).
	 
	 	 
	Parallel Obligations

	 	means the independent obligations of any of the Loan
Parties arising pursuant to the First Lien Intercreditor
Agreement to pay to the Collateral Agent sums equal to
the sums owed by such Loan Party to the other Secured
Parties (or any of them) under the Loan Documents.
	 
	 	 
	Party

	 	means a party to this Agreement. The term “Parties” means
any of them.
	 
	 	 
	Pledge

	 	has the meaning given to it in Clause 4.1.
	 
	 	 
	Pledgee

	 	means the Collateral Agent.
	 
	 	 
	Pledgor

	 	means SIG Combibloc GmbH & Co KG, a limited partnership
organised under the laws of Austria with its seat in
Saalfelden am Steinernen Meer, Austria, and its business
address as at the date of this Agreement at
Industriestraße 3, 5760 Saalfelden, Austria, registered
in the Austrian companies register (Firmenbuch) under
file number FN 240335 i.
	 
	 	 
	Principal Finance
Documents

	 	means the Credit Agreement, the Senior Secured Note
Indenture, the Intercreditor Arrangements and any
Additional Agreement.
	 
	 	 
	Receivables

	 	means the Existing Receivables and the Future Receivables.
	 
	 	 
	Secured Obligations

	 	means all present and future obligations and liabilities
(whether actual or contingent and whether owed jointly or
severally or in any other capacity whatsoever) of each
Loan Party and each grantor of a security interest to the
Secured Parties (or any of them) under each or any of the
Loan Documents, including in particular, but not limited
to, the Parallel Obligations, together with all costs,
charges and expenses incurred by any Secured Party in
connection with the protection, preservation or
enforcement of its respective rights under the Loan
Documents or any other document evidencing or securing
any such liabilities.

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	Secured Parties

	 	means the “Secured Parties” under, and as defined in, the
First Lien Intercreditor Agreement.
	 
	 	 
	Security Documents

	 	has the meaning given to it in the First Lien
Intercreditor Agreement.
	 
	 	 
	Senior Secured Note
Indenture

	 	means the Indenture dated as of 5 November 2009, among
the Issuers, the Note Guarantors (as defined therein) and
The Bank of New York Mellon, as trustee, principal paying
agent, transfer agent and registrar, as amended,
extended, restructured, renewed, refunded, novated,
supplemented, restated, replaced or modified from time to
time.

2. Construction

In this Agreement, unless the context otherwise requires:

	(a)	 	the rules of interpretation contained in the First Lien Intercreditor Agreement apply to the
construction of this Agreement and any notice given under or in connection with this
Agreement.

	(b)	 	unless otherwise stated, a “Clause” is a reference to a Clause of this Agreement;

	(c)	 	unless otherwise stated, a “Schedule” is a reference to a Schedule of this Agreement and
references to this Agreement include its Schedules;

	(d)	 	words importing the plural shall include the singular and vice versa;

	(e)	 	a reference to (or to any specified provision of) any agreement, deed or other instrument
(for the avoidance of doubt including, but not limited to, such agreements, deeds or other
instruments which are entered into prior to or after the conclusion of this Agreement) is to
be construed as a reference to that agreement, deed or other instrument or that provision as
from time to time amended, extended, restructured, renewed, refunded, novated, supplemented,
restated, replaced or modified; and

	(f)	 	this Agreement is subject to the terms of the Intercreditor Arrangements. In the event of a
conflict between the terms of this Agreement and the Intercreditor Arrangements, the terms of
the Intercreditor Arrangements will prevail.

3. Secured Obligations

3.1 The Pledges hereunder are constituted in order to secure the prompt and complete satisfaction
of any and all Secured Obligations. The security created hereunder shall remain in full force and
effect as a continuing security for the Secured Obligations unless and until the earlier of the
following occurs: (i) discharge by the Collateral Agent, (ii) complete satisfac-

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tion or explicit waiver of any and all Secured Obligations or (iii) discharge in accordance with
Clauses 14.1 or 14.2.

3.2 The parties to this Agreement agree that in the case of a transfer or assignment or novation of
any Secured Obligations in accordance with the terms of the Principal Finance Documents, the
Pledges hereunder shall not lapse but shall continue to secure such transferred or assigned or
novated Secured Obligations.

3.3 Furthermore, the parties to this Agreement agree that in case of a substitution of any Loan
Party or the assumption of any of the Secured Obligations from any Loan Party or the transfer of
any of the Secured Obligations from any Loan Party to another person, the Pledges hereunder shall
not lapse but shall continue to secure such Secured Obligations in accordance with section 1407
para 2 of the Austrian General Civil Code (Allgemeines Bürgerliches Gesetzbuch).

4. Pledges

4.1 The Pledgor hereby pledges to the Collateral Agent the Receivables (each a “Pledge” and
together the “Pledges”).

4.2 Subject to any Liens permitted by the Principal Finance Documents and subject to any Legal
Reservations (as defined in the Credit Agreement), the Pledges shall rank ahead of any other Lien
now in existence or created in future in or over any of the Receivables. The validity and effect of
each of the Pledges shall be independent from the validity and effect of any other Pledges created
hereunder.

4.3 The Collateral Agent hereby accepts the Pledges.

4.4 Each of the Pledges is in addition and without prejudice to any other security that a Secured
Party may now or hereafter hold in respect of the Secured Obligations.

4.5 Notwithstanding any other provision of this Agreement, the Pledgor shall be permitted to deal
with the Receivables in any manner and to exercise all of its rights and benefits under and in
respect of the Receivables (including, but not limited to, the sale, disposal, transfer,
assignment, set off or forgiveness of the whole or any part of any Receivables if permitted by the
Principal Finance Documents (which includes, for the avoidance of doubt, the disposal of the
Receivables in connection with any factoring arrangement which is permitted under the Principal
Finance Documents)) freely and without restriction in accordance with the terms and conditions of
the Principal Finance Documents without reference to the Collateral Agent unless an Enforcement
Event has occurred and is continuing.

5. Perfection of Security and Further Security

5.1 The Pledgor shall, subject to the Agreed Security Principles, at all times (while this
Agreement is in existence) take all reasonable actions to ensure that all Receivables are marked as
being pledged in accordance with Austrian law (Buchvermerk).

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5.2 In order to effectuate the Pledges hereunder the Pledgor shall promptly upon signing of this
Agreement record the Pledges in its company books and records, in the relevant individual account
and the open-item list, in each case specifying the date of signing of this Agreement, the date of
the annotation, as well as the Collateral Agent as pledgee, in such
manner so as to ensure that any
person inspecting such books and records becomes aware of the Pledges.

5.3 Upon the instructions of the Collateral Agent (acting on the reasonable instruction of the
Applicable Representative), which may be given at any time after signing this Agreement, the
Pledgor hereby, subject to the Agreed Security Principles, undertakes to take all actions
reasonably required in relation to the perfection of the Pledges created under this Agreement. For
the avoidance of doubt, no notice of this Agreement or the Pledges created hereunder shall be given
to any third party if an Enforcement Event has not occurred and is not continuing.

6. Enforcement of Pledges

6.1 The Pledgor herewith grants its express consent that if an Enforcement Event has occurred and
is continuing, the Pledges shall become enforceable by the Collateral Agent. The Collateral Agent
may at any time thereafter (while the Enforcement Event is still continuing) avail itself of all
rights and remedies that a pledgee has upon default of a pledgor under the laws of Austria. In
particular, but not limited to, the Collateral Agent shall be entitled to set-off (Verrechnung auf
die Schuld) any and all payments received with regard to the Receivables without writ, judgement or
any other legal court action with the Secured Obligations if an Enforcement Event has occurred and
is continuing. The Collateral Agent may also request the transfer of and collect any amounts in
relation to the Receivables without writ, judgement or any other legal court action with the
Secured Obligations if an Enforcement Event has occurred and is continuing. The Pledgor grants its
explicit consent to such set-off and such out-of-court enforcement in accordance with this Clause
6.1.

6.2 In case the Secured Parties acting through the Collateral Agent should seek to enforce the
Pledges pursuant to, and in accordance with Clause 6.1 above, the Pledgor shall, at its own
expense, render forthwith all necessary assistance in order to facilitate the prompt realisation of
the Receivables or any part thereof and/or the exercise by the Secured Parties acting through the
Collateral Agent of any other right they may have under this Agreement as Secured Parties.

6.3 In the event of the enforcement of the Pledges, no rights of the Secured Parties shall pass to
the Pledgor by subrogation or otherwise unless and until all of the Secured Obligations have been
satisfied and discharged finally and in full. Until then, the Secured Parties shall be entitled to
treat all enforcement proceeds as additional collateral for the Secured Obligations or to seek
satisfaction from such proceeds at any time.

6.4 The proceeds from the enforcement of the Pledges shall, after deduction of enforcement costs,
which are to be borne by the Pledgor to the extent set out in the Principal Finance Documents, and
any preferential debts, be paid to the Collateral Agent. Any moneys re-

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ceived by the Collateral Agent pursuant to this Agreement and/or under the powers hereby conferred
shall be applied by the Collateral Agent in accordance with the terms of the Intercreditor
Arrangements, save that any amount received or recovered in excess of the Secured Obligations shall
be returned to the Pledgor.

6.5 The Collateral Agent may determine which of the securities granted pursuant to the Security
Documents, if applicable, shall be used to satisfy the Secured Obligations in accordance with the
Intercreditor Arrangements.

6.6 The Pledgor waives its rights of revocation (Anfechtbarkeit) to the extent legally permissible
and its right to set-off (Aufrechenbarkeit).

6.7 The Pledgor grants his express consent and authorization to the enforcement of the Pledges by
the Collateral Agent in accordance with Clauses 6.1 to 6.6.

6.8 Subject to the terms of and to the extent set out in the Principal Finance Documents the
Pledgor agrees that the Collateral Agent, its officers, employees, advisors, agents and delegates
shall not be bound by any applicable banking secrecy obligations, including, but not limited to,
the obligation as stipulated in section 38 of the Austrian Banking Act (Bankwesengesetz), in
connection with the creation and enforcement of the Pledges.

7. Undertakings of the Pledgor

During the term of this Agreement, the Pledgor undertakes to the Secured Parties (unless with the
prior written consent of the Collateral Agent (acting on the reasonable instructions of the
Applicable Representative) or unless otherwise permitted by the terms of the Principal Finance
Documents or this Agreement):

	(a)	 	not to sell, transfer, assign or dispose of the whole or any part of the Receivables; and

	(b)	 	if an Enforcement Event has occurred and is continuing, to provide to the Collateral Agent
upon its request a certificate containing such information on the Receivables (including,
without limitation, information on perfection of the Pledges) as the Collateral Agent may
request (acting on the reasonable instruction of the Applicable Representative).

8. Acknowledgment by Pledgor

The Pledgor acknowledges that:

	(a)	 	to its knowledge it will receive adequate direct or indirect benefits as a result of the
transactions contemplated by the Loan Documents; and

	(b)	 	to its knowledge each Secured Party has acted in good faith in connection with the Pledges
pursuant to this Agreement and the transactions contemplated by the Loan Documents.

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9. Representations and Warranties of the Pledgor

9.1 The Pledgor represents and warrants to the Collateral Agent and the other Secured Parties that
on the date of this Agreement with reference to the facts and circumstances then existing:

	(a)	 	it has good title to the Existing Receivables held by it, subject to any Liens permitted by
the Principal Finance Documents, and it has not sold or otherwise disposed of or agreed to
sell or otherwise dispose of the Existing Receivables or any of its rights or benefits in
respect of the Existing Receivables, in each case except as permitted by the Principal Finance
Documents or this Agreement; and

	(b)	 	it will have good title to the Future Receivables held by it, subject to any Liens permitted
by the Principal Finance Documents, and it will not sell or otherwise dispose of or agree to
sell or otherwise dispose of the Future Receivables or any of its rights or benefits in
respect of the Future Receivables, in each case except as permitted by the Principal Finance
Documents or this Agreement; and

	(c)	 	its rights in relation to the Existing Receivables held by it are not subject to any Liens
and there are no other third party rights whatsoever affecting the Existing Receivables held
by it, in each case except for any Liens or third party rights permitted by the Principal
Finance Documents; and

	(d)	 	its rights in relation to the Future Receivables held by it will not be subject to any Liens
and there will not be other third party rights whatsoever affecting the Future Receivables
held by it, in each case except for any Liens or third party rights permitted by the Principal
Finance Documents.

9.2 All the representations and warranties in Clause 9.1 are made to each Secured Party on the date
of this Agreement and all such representations and warranties are deemed to be repeated as true and
correct in each material respect by the Pledgor to each Secured Party on the date of a Credit Event
(as defined in the Credit Agreement) during the continuance of this Agreement.

10. Duration and Independence

10.1 This Agreement shall remain in full force and effect until the earlier of the following
occurs: (i) discharge by the Collateral Agent, (ii) complete satisfaction or explicit waiver of any
and all Secured Obligations or (iii) discharge in accordance with Clauses 14.1 or 14.2.

10.2 This Agreement shall create a continuing security which means that no change, amendment,
supplement or novation whatsoever of the Secured Obligations and/or in the Loan Documents or in any
document or agreement related to the Secured Obligations and/or any of the Loan Documents shall
affect the validity or the scope of this Agreement nor the obligations which are imposed on the
Pledgor pursuant hereto.

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

11. Partial Invalidity; Waiver

11.1 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 by
such valid, legal or enforceable provision which comes as close as possible to the original intent
of the parties in respect of the invalid, illegal or unenforceable provision.

11.2 In particular, the Pledges shall not be affected and shall in any event extend to any and all
Receivables.

11.3 No failure to exercise, nor any delay in exercising, on the part of the Collateral Agent or
the Secured Parties, 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.

11.4 The security interest constituted by this Agreement and the Collateral Rights shall be
cumulative, in addition to and independent of every other security which the Collateral Agent may
at any time hold for the Secured Obligations or any rights, powers and remedies provided by law. No
prior security held by the Collateral Agent over the whole or any part of the Receivables shall
merge into the security interest constituted by this Agreement.

12. Further Assurance

12.1 Subject to the Agreed Security Principles, the Pledgor shall promptly execute all documents
(including transfers) and do all things (including the delivery, transfer, assignment or payment of
all or part of the Receivables to the Collateral Agent or its nominee(s)) that the Collateral Agent
may specify (upon the reasonable instruction of the Applicable Representative) for the purpose of
(a) (if an Enforcement Event has occurred and is continuing) exercising the Collateral Rights or
(b) securing and perfecting the security intended to be created by this Agreement over all or any
part of the Receivables. For the avoidance of doubt, no notice of this Agreement or the Pledges
created hereunder shall be given to any third party if an Enforcement Event has not occurred and is
not continuing.

12.2 At any time if an Enforcement Event has occurred and is continuing, the Pledgor shall upon
demand from the Collateral Agent execute all documents and do all other things that the Collateral
Agent may require (upon the reasonable instruction of the Applicable Representative) to facilitate
the realisation of the Receivables.

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13. Amendments; Waiver

Any amendments, changes, variations or waivers to this Agreement may be made only with the
agreement of the Pledgor and the Collateral Agent in writing and, if required under Austrian
statutory law, in the form of a notarial deed. This applies also to this Clause 13.

14. Miscellaneous

14.1 The security constituted by this Agreement shall be released, reassigned, re-transferred and
cancelled:

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

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

14.3 Any settlement or discharge between the Pledgor and the Collateral Agent shall be conditional
upon no security or payment to the Collateral Agent by the Pledgor or any Loan Party being avoided,
set aside, ordered to be refunded or reduced by virtue of any provision or enactment relating to
insolvency, and accordingly the Collateral Agent shall be entitled to recover from the Pledgor that
security or the amount of any such payment as if that settlement or discharge had not occurred.

14.4 None of the Collateral Agent, its nominee(s) or any receiver appointed pursuant to this
Agreement shall be liable by reason of (a) taking any action permitted by this Agreement or (b) any
neglect or default in connection with the Receivables or (c) the taking possession or realisation
of all or any part of the Receivables, except to the extent provided in the Principal Finance
Documents.

- 13 -

 

14.5 For the purpose of or pending the discharge of any of the Secured Obligations, the Collateral
Agent may convert any money received, recovered or realised or subject to application by it under
this Agreement from one currency to another, which the Collateral Agent considers necessary (acting
on the reasonable instruction of the Applicable Representative) to cover the obligations and
liabilities comprised in the Secured Obligations and any such conversion shall be effected at the
Collateral Agent’s spot rate of exchange for the time being for obtaining such other currency with
the first currency.

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

14.7 Subject to Section 4.05 of the First Lien Intercreditor Agreement (to the extent permitted by
Austrian law), the Collateral Agent shall have full power to delegate (either generally or
specifically) the powers, authorities and discretions conferred on it by this Agreement (including
the power of attorney) on such terms and conditions as it 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.

14.8 To the extent set out in Section 4.11 of the First Lien Intercreditor Agreement and in the
Additional Collateral Agent’s Fee Letter, the Pledgor shall, notwithstanding any release or
discharge of all or any part of the security, indemnify the Collateral Agent, its agents, its
attorneys and any delegate against any action, proceeding, claims, losses, liabilities, expenses,
demands, taxes 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 Receivables.

14.9 The Pledgor acknowledges and agrees that the Collateral Agent’s actions under this Agreement
are on the basis of authority conferred under the Principal Finance Documents to which the
Collateral Agent is a party, and on directions of the Applicable Representative. In so acting, the
Collateral Agent shall have, subject to the terms of the Principal Finance Documents, the
protections, immunities, rights, indemnities and benefits conferred on the collateral agent under
the Principal Finance Documents.

14.10 For the avoidance of doubt, it is acknowledged that the Collateral Agent is permitted to act
on the instructions of the Applicable Representative in accordance with Clause 2.02(a)(i) of the
First Lien Intercreditor Agreement. It is further acknowledged that the Collateral Agent may assume
that any and all instructions received by it from the Applicable Representative under this
Agreement are reasonable, and that any question as to the reasonableness or otherwise of such
instructions shall be determined as between the Applicable Representative and the Pledgor.

- 14 -

 

15. Execution in Counterparts

This Agreement may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an original and all of
which taken together shall constitute one and the same Agreement. In this respect the Collateral
Agent and the Pledgor agree not to contest the validity of an uncertified copy of this Agreement in
any court or enforcement proceedings in the Republic of Austria.

16. Stamp Duty

The Parties agree that the provisions of sections 9.19 (Place of Performance) and 9.20 (Austria
Stamp Duty) of the Credit Agreement (and, if the Credit Agreement is no longer in existence, an
equivalent clause in any Additional Agreement) and the provisions of sections 5.15 (Place of
Performance) and 5.16 (Austrian Stamp Duty) of the First Lien Intercreditor Agreement (and, if the
First Lien Intercreditor Agreement is no longer in existence, an equivalent clause in any
Intercreditor Arrangements) shall apply to this Agreement as if incorporated herein mutatis
mutandis, to the extent relating to the Pledgor and the Collateral Agent.

17. Capital maintenance

17.1 The liability of the Pledgor under this Agreement shall at all times be limited so that at no
time the granting of security under this Agreement be required if this would violate mandatory
Austrian capital maintenance rules (Kapitalerhaltungsvorschriften) pursuant to Austrian company
law, in particular Sections 82 et seq of the Austrian Act on Limited Liability Companies (Gesetz
über Gesellschaften mit beschränkter Haftung) and/or Sections 52 and 65 et seq of the Austrian
Stock Corporation Act (Aktiengesetz).

17.2 Should any obligation under this Agreement violate or contradict Austrian capital maintenance
rules and should therefore be held invalid or unenforceable, such obligation shall be deemed to be
replaced by an obligation of a similar nature which is in compliance with Austrian capital
maintenance rules and which provides the best possible security interest in favour of the Secured
Parties. By way of example, should it be held that the security interest created under the
Agreement is contradicting Austrian capital maintenance rules in relation to any amount of the
Secured Obligations, the security interest created under the Agreement shall be reduced to the
maximum amount of the Secured Obligations which is permitted pursuant to Austrian capital
maintenance rules.

18. Choice of Law

This Agreement shall be governed in all respects by the laws of Austria.

19. Settlement of Disputes

19.1 Jurisdiction of English Courts

- 15 -

 

	(a)	 	The courts of England, shall have exclusive jurisdiction to settle any dispute arising out of
or in connection with this Agreement (including a dispute regarding the existence, validity or
termination of this Agreement).

	(b)	 	The Parties agree that the courts of England are the most appropriate and convenient courts
to settle Disputes and accordingly no Party will argue to the contrary.

19.2 Clause 19.1 is for the benefit of the Collateral Agent only. As a result, the Collateral Agent
shall not be prevented from taking proceedings relating to a dispute in any other
courts with jurisdiction. To the extent allowed by law, the Collateral Agent may take concurrent proceedings in
any number of jurisdictions.

19.3 Without prejudice to any other mode of service allowed under any relevant law, the Pledgor:

	(a)	 	irrevocably appoints Law Debenture Corporate Services Limited as its agent for service of
process in relation to any proceedings before the English courts in connection with this
Agreement; and

	(b)	 	agrees that failure by an agent for service of process to notify the Pledgor of the process
will not invalidate the proceedings concerned.

- 16 -

 

COLLATERAL AGENT

_________________, _________________

	 	 	 	 	 
	 	
 	 
	 	Wilmington Trust (London) Limited 	 
	 	 	 
	 	By:  	 	 

PLEDGOR

_________________, _________________

	 	 	 	 	 
	 	
 	 
	 	SIG Combibloc GmbH & Co KG 	 
	 	represented by its general partner SIG Combibloc GmbH 	 
	 	 	 
	 	
 	 
	 	SIG Combibloc GmbH & Co KG 	 
	 	represented by its general partner SIG Combibloc GmbH 	 
	 

- 17 -exv4w170

EXHIBIT 4.170

The taking of this document or any certified copy of it or any other 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.

Receivables Pledge Agreement

between

1. SIG Combibloc GmbH

as Pledgor

and

2. Wilmington Trust (London) Limited

as Pledgee and Collateral Agent

 

 

	 	 	 	 	 

	Contents

	 	 	 	 
	Whereas:

	 	 	3	 
	1. Definitions

	 	 	3	 
	2. Construction

	 	 	7	 
	3. Secured Obligations

	 	 	7	 
	4. Pledges

	 	 	8	 
	5. Perfection of Security and Further Security

	 	 	8	 
	6. Enforcement of Pledges

	 	 	9	 
	7. Undertakings of the Pledgor

	 	 	10	 
	8. Acknowledgment by Pledgor

	 	 	10	 
	9. Representations and Warranties of the Pledgor

	 	 	10	 
	10. Duration and Independence

	 	 	11	 
	11. Partial Invalidity; Waiver

	 	 	12	 
	12. Further Assurance

	 	 	12	 
	13. Amendments; Waiver

	 	 	12	 
	14. Miscellaneous

	 	 	13	 
	15. Execution in Counterparts

	 	 	14	 
	16. Stamp Duty

	 	 	15	 
	17. Capital maintenance

	 	 	15	 
	18. Choice of Law

	 	 	15	 
	19. Settlement of Disputes

	 	 	15	 

 - 2 - 

 

Whereas:

A. Pursuant to the Credit Agreement (as defined below) the Lenders (as defined therein) under this
agreement granted to the Borrowers (as defined below) facilities as provided therein.

B. Pursuant to the Senior Secured Note Indenture (as defined below) the Issuers (as defined
therein) have issued certain notes.

C. The Pledgor is foreseen to grant a pledge over its Receivables (as defined below) as security
for the Secured Parties’ (as defined below) respective claims against the Borrowers under the Loan
Documents (as defined below).

D. The security created by or pursuant to this Agreement (as defined below) is to be administered
by the Collateral Agent (as defined below) for and on behalf of the Secured Parties pursuant to the
relevant provisions of the First Lien Intercreditor Agreement (as defined below).

Now, it is agreed as follows:

1. Definitions

A term defined in the First Lien Intercreditor Agreement shall, unless otherwise defined in this
Agreement, have the same meaning when used in this Agreement or any notice given under or in
connection with this Agreement and in addition:

	 	 	 

	Account Pledge Agreement

	 	means the account pledge agreement entered into on or
about the date of this Agreement between the Pledgor and
the Collateral Agent, as varied, amended, extended,
restructured, renewed, novated, restated, replaced,
modified or supplemented from time to time.
	 
	 	 
	Additional Collateral
Agent’s Fee Letter

	 	means the fee letter dated 20 January 2010 among the
Collateral Agent and Reynolds Group Holdings Limited as
amended, novated, supplemented, restated or modified from
time to time.
	 
	 	 
	Agreed Security Principles

	 	has the meaning it is given in the Credit Agreement and
the Senior Secured Note Indenture and to the extent of
any inconsistency the meaning it is given in the Credit
Agreement shall prevail.
	 
	 	 
	Agreement

	 	means this receivables pledge agreement, as the same may
from time to time be varied, amended, extended,
restructured, renewed, novated, supplemented, restated,
replaced or modified from time to time.

 - 3 - 

 

	 	 	 

	Amendment No.1 and
Joinder

 Agreement

	 	means the joinder agreement dated 21 January 2010 made
among (amongst others) the Collateral Agent, The Bank of
New York Mellon, Credit Suisse AG and Reynolds Group
Holdings Limited pursuant to which the Collateral Agent
is appointed an additional collateral agent and becomes
party to the First Lien Intercreditor Agreement.
	 
	 	 
	Borrowers

	 	has the meaning given to it under the Credit Agreement
from time to time.
	 
	 	 
	Business Days

	 	has the meaning given to it under the Credit Agreement
from time to time.
	 
	 	 
	Collateral Agent

	 	means Wilmington Trust (London) Limited, as joint and
several creditor for and on behalf of itself and each of
the Secured Parties on the terms and conditions set out
in the First Lien Intercreditor Agreement. The term
“Collateral Agent” shall include any person for the time
being appointed as collateral agent, or as an additional
collateral agent, for the purpose of, and in accordance
with, the First Lien Intercreditor Agreement and shall
include successors, transferees and permitted assigns.
	 
	 	 
	Collateral Rights

	 	means all rights, powers and remedies of the Collateral
Agent provided by this Agreement or by law.
	 
	 	 
	Credit Agreement

	 	means a credit agreement dated as of 5 November 2009,
among Reynolds Group Holdings Inc., Reynolds Consumer
Products Holdings Inc., SIG Euro Holding AG & Co. KG aA,
Closure Systems International Holdings Inc., Closure
Systems International B.V. and the SIG Austria Holding
GmbH as borrowers, Reynolds Group Holdings Limited, the
lenders from time to time party thereto and Credit Suisse
AG (formerly known as Credit Suisse), as administrative
agent, as amended, extended, restructured, renewed,
novated, supplemented, restated, refunded, replaced or
modified from time to time.
	 
	 	 
	Enforcement Event

	 	means an “Event of Default” under, and as defined in, the
First Lien Intercreditor Agreement.
	 
	Existing Receivables

	 	means any and all claims and receivables of the Pledgor
against the following third parties resulting out of the
following legal grounds existing at the time of this
Agreement: in particular (but not limited to) claims from
the sale of goods and assets and/or the providing of
services (Lieferungen

 - 4 - 

 

	 	 	 

	 

	 	und Leistungen), leasing licence
and rental claims, damage claims, enrichment claims,
warranty claims, tax refund claims, and all other claims
and receivables of whatever nature, in each case together
with all ancillary rights and claims associated
therewith, in each case except for the Accounts (as
defined in the Account Pledge Agreement).
	 
	 	 
	First Lien Intercreditor 

Agreement

	 	means the first lien intercreditor agreement dated 5
November 2009 among (amongst others) The Bank of New York
Mellon as collateral agent and as trustee under the
Senior Secured Note Indenture, Credit Suisse AG (formerly
known as Credit Suisse) as administrative agent under the
Credit Agreement and the Loan Parties, as amended,
novated, supplemented, restated or modified from time to
time (including by the Amendment No.1 and Joinder
Agreement which added the Collateral Agent as a
collateral agent under the First Lien Intercreditor
Agreement).
	 
	 	 
	Future Receivables

	 	means any and all claims and receivables of the Pledgor
against the following third parties resulting out of the
following legal grounds which the Pledgor may acquire in
the future: in particular (but not limited to) claims
from the sale of goods and assets and/or the providing of
services (Lieferungen und Leistungen), leasing licence
and rental claims, damage claims, enrichment claims,
warranty claims, tax refund claims, and all other claims
and receivables of whatever nature, in each case together
with all ancillary rights and claims associated
therewith, in each case except for the Accounts (as
defined in the Account Pledge Agreement).
	 
	 	 
	Intercreditor Arrangements

	 	means the First Lien Intercreditor Agreement and any
other document that is designated by the Loan Parties’
Agent and the Collateral Agent as an intercreditor
agreement, in each case as amended, novated,
supplemented, restated, replaced or modified from time to
time.
	 
	 	 
	Issuers

	 	has the meaning given to it in the Senior Secured Note
Indenture, including their successors in interest.
	 
	 	 
	Lien

	 	has the meaning given to it 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.

 - 5 - 

 

	 	 	 

	Loan Parties

	 	means the “Grantors” under, and as defined in, the First
Lien Intercreditor Agreement.
	 
	 	 
	Loan Parties’ Agent

	 	means Reynolds Group Holdings Limited (previously known
as Rank Group Holdings Limited).
	 
	 	 
	Parallel Obligations

	 	means the independent obligations of any of the Loan
Parties arising pursuant to the First Lien Intercreditor
Agreement to pay to the Collateral Agent sums equal to
the sums owed by such Loan Party to the other Secured
Parties (or any of them) under the Loan Documents.
	 
	 	 
	Party

	 	means a party to this Agreement. The term “Parties” means
any of them.
	 
	 	 
	Pledge

	 	has the meaning given to it in Clause 4.1.
	 
	 	 
	Pledgee

	 	means the Collateral Agent.
	 
	 	 
	Pledgor

	 	means SIG Combibloc GmbH, a limited liability company
organised under the laws of Austria with its seat in
Saalfelden am Steinernen Meer, Austria, and its business
address as at the date of this Agreement at
Industriestraße 3, 5760 Saalfelden, Austria, registered
in the Austrian companies register (Firmenbuch) under
file number FN 237985 d.
	 
	 	 
	Principal Finance 

Documents

	 	means the Credit Agreement, the Senior Secured Note
Indenture, the Intercreditor Arrangements and any
Additional Agreement.
	 
	 	 
	Receivables

	 	means the Existing Receivables and the Future Receivables.
	 
	 	 
	Secured Obligations

	 	means all present and future obligations and liabilities
(whether actual or contingent and whether owed jointly or
severally or in any other capacity whatsoever) of each
Loan Party and each grantor of a security interest to the
Secured Parties (or any of them) under each or any of the
Loan Documents, including in particular, but not limited
to, the Parallel Obligations, together with all costs,
charges and expenses incurred by any Secured Party in
connection with the protection, preservation or
enforcement of its respective rights under the Loan
Documents or any other document evidencing or securing
any such liabilities.
	 
	 	 
	Secured Parties

	 	means the “Secured Parties” under, and as defined in, the
First Lien Intercreditor Agreement.

 - 6 - 

 

	 	 	 

	Security Documents

	 	has the meaning given to it in the First Lien
Intercreditor Agreement.
	 
	 	 
	Senior Secured Note 

Indenture

	 	means the Indenture dated as of 5 November 2009, among
the Issuers, the Note Guarantors (as defined therein) and
The Bank of New York Mellon, as trustee, principal paying
agent, transfer agent and registrar, as amended,
extended, restructured, renewed, refunded, novated,
supplemented, restated, replaced or modified from time to
time.

2. Construction

In this Agreement, unless the context otherwise requires:

	(a)	 	the rules of interpretation contained in the First Lien Intercreditor Agreement apply to the
construction of this Agreement and any notice given under or in connection with this
Agreement.
	 
	(b)	 	unless otherwise stated, a “Clause” is a reference to a Clause of this Agreement;
	 
	(c)	 	unless otherwise stated, a “Schedule” is a reference to a Schedule of this Agreement and
references to this Agreement include its Schedules;
	 
	(d)	 	words importing the plural shall include the singular and vice versa;
	 
	(e)	 	a reference to (or to any specified provision of) any agreement, deed or other instrument
(for the avoidance of doubt including, but not limited to, such agreements, deeds or other
instruments which are entered into prior to or after the conclusion of this Agreement) is to
be construed as a reference to that agreement, deed or other instrument or that provision as
from time to time amended, extended, restructured, renewed, refunded, novated, supplemented,
restated, replaced or modified; and
	 
	(f)	 	this Agreement is subject to the terms of the Intercreditor Arrangements. In the event of a
conflict between the terms of this Agreement and the Intercreditor Arrangements, the terms of
the Intercreditor Arrangements will prevail.

3. Secured Obligations

3.1 The Pledges hereunder are constituted in order to secure the prompt and complete satisfaction
of any and all Secured Obligations. The security created hereunder shall remain in full force and
effect as a continuing security for the Secured Obligations unless and until the earlier of the
following occurs: (i) discharge by the Collateral Agent, (ii) complete satisfaction or explicit
waiver of any and all Secured Obligations or (iii) discharge in accordance with Clauses 14.1 or
14.2.

3.2 The parties to this Agreement agree that in the case of a transfer or assignment or novation of
any Secured Obligations in accordance with the terms of the Principal Finance

 - 7 - 

 

Documents, the Pledges hereunder shall not lapse but shall continue to secure such transferred or
assigned or novated Secured Obligations.

3.3 Furthermore, the parties to this Agreement agree that in case of a substitution of any Loan
Party or the assumption of any of the Secured Obligations from any Loan Party or the transfer of
any of the Secured Obligations from any Loan Party to another person, the Pledges hereunder shall
not lapse but shall continue to secure such Secured Obligations in accordance with section 1407
para 2 of the Austrian General Civil Code (Allgemeines Bürgerliches Gesetzbuch).

4. Pledges

4.1 The Pledgor hereby pledges to the Collateral Agent the Receivables (each a “Pledge” and
together the “Pledges”).

4.2 Subject to any Liens permitted by the Principal Finance Documents and subject to any Legal
Reservations (as defined in the Credit Agreement), the Pledges shall rank ahead of any other Lien
now in existence or created in future in or over any of the Receivables. The validity and effect of
each of the Pledges shall be independent from the validity and effect of any other Pledges created
hereunder.

4.3 The Collateral Agent hereby accepts the Pledges.

4.4 Each of the Pledges is in addition and without prejudice to any other security that a Secured
Party may now or hereafter hold in respect of the Secured Obligations.

4.5 Notwithstanding any other provision of this Agreement, the Pledgor shall be permitted to deal
with the Receivables in any manner and to exercise all of its rights and benefits under and in
respect of the Receivables (including, but not limited to, the sale, disposal, transfer,
assignment, set off or forgiveness of the whole or any part of any Receivables if permitted by the
Principal Finance Documents (which includes, for the avoidance of doubt, the disposal of the
Receivables in connection with any factoring arrangement which is permitted under the Principal
Finance Documents)) freely and without restriction in accordance with the terms and conditions of
the Principal Finance Documents without reference to the Collateral Agent unless an Enforcement
Event has occurred and is continuing.

5. Perfection of Security and Further Security

5.1 The Pledgor shall, subject to the Agreed Security Principles, at all times (while this
Agreement is in existence) take all reasonable actions to ensure that all Receivables are marked as
being pledged in accordance with Austrian law (Buchvermerk).

 - 8 - 

 

5.2 In order to effectuate the Pledges hereunder the Pledgor shall promptly upon signing of this
Agreement record the Pledges in its company books and records, in the relevant individual account
and the open-item list, in each case specifying the date of signing of this Agreement, the date of
the annotation, as well as the Collateral Agent as pledgee, in such manner so as to ensure that any
person inspecting such books and records becomes aware of the Pledges.

5.3 Upon the instructions of the Collateral Agent (acting on the reasonable instruction of the
Applicable Representative), which may be given at any time after signing this Agreement, the
Pledgor hereby, subject to the Agreed Security Principles, undertakes to take all actions
reasonably required in relation to the perfection of the Pledges created under this Agreement. For
the avoidance of doubt, no notice of this Agreement or the Pledges created hereunder shall be given
to any third party if an Enforcement Event has not occurred and is not continuing.

6. Enforcement of Pledges

6.1 The Pledgor herewith grants its express consent that if an Enforcement Event has occurred and
is continuing, the Pledges shall become enforceable by the Collateral Agent. The Collateral Agent
may at any time thereafter (while the Enforcement Event is still continuing) avail itself of all
rights and remedies that a pledgee has upon default of a pledgor under the laws of Austria. In
particular, but not limited to, the Collateral Agent shall be entitled to set-off (Verrechnung auf
die Schuld) any and all payments received with regard to the Receivables without writ, judgement or
any other legal court action with the Secured Obligations if an Enforcement Event has occurred and
is continuing. The Collateral Agent may also request the transfer of and collect any amounts in
relation to the Receivables without writ, judgement or any other legal court action with the
Secured Obligations if an Enforcement Event has occurred and is continuing. The Pledgor grants its
explicit consent to such set-off and such out-of-court enforcement in accordance with this Clause
6.1.

6.2 In case the Secured Parties acting through the Collateral Agent should seek to enforce the
Pledges pursuant to, and in accordance with Clause 6.1 above, the Pledgor shall, at its own
expense, render forthwith all necessary assistance in order to facilitate the prompt realisation of
the Receivables or any part thereof and/or the exercise by the Secured Parties acting through the
Collateral Agent of any other right they may have under this Agreement as Secured Parties.

6.3 In the event of the enforcement of the Pledges, no rights of the Secured Parties shall pass to
the Pledgor by subrogation or otherwise unless and until all of the Secured Obligations have been
satisfied and discharged finally and in full. Until then, the Secured Parties shall be entitled to
treat all enforcement proceeds as additional collateral for the Secured Obligations or to seek
satisfaction from such proceeds at any time.

6.4 The proceeds from the enforcement of the Pledges shall, after deduction of enforcement costs,
which are to be borne by the Pledgor to the extent set out in the Principal Finance Documents, and
any preferential debts, be paid to the Collateral Agent. Any moneys received by the Collateral
Agent pursuant to this Agreement and/or under the powers hereby

 - 9 - 

 

conferred shall be applied by the Collateral Agent in accordance with the terms of the
Intercreditor Arrangements, save that any amount received or recovered in excess of the Secured
Obligations shall be returned to the Pledgor.

6.5 The Collateral Agent may determine which of the securities granted pursuant to the Security
Documents, if applicable, shall be used to satisfy the Secured Obligations in accordance with the
Intercreditor Arrangements.

6.6 The Pledgor waives its rights of revocation (Anfechtbarkeit) to the extent legally permissible
and its right to set-off (Aufrechenbarkeit).

6.7 The Pledgor grants his express consent and authorization to the enforcement of the Pledges by
the Collateral Agent in accordance with Clauses 6.1 to 6.6.

6.8 Subject to the terms of and to the extent set out in the Principal Finance Documents the
Pledgor agrees that the Collateral Agent, its officers, employees, advisors, agents and delegates
shall not be bound by any applicable banking secrecy obligations, including, but not limited to,
the obligation as stipulated in section 38 of the Austrian Banking Act (Bankwesengesetz), in
connection with the creation and enforcement of the Pledges.

7. Undertakings of the Pledgor

During the term of this Agreement, the Pledgor undertakes to the Secured Parties (unless with the
prior written consent of the Collateral Agent (acting on the reasonable instructions of the
Applicable Representative) or unless otherwise permitted by the terms of the Principal Finance
Documents or this Agreement):

	(a)	 	not to sell, transfer, assign or dispose of the whole or any part of the Receivables; and
	 
	(b)	 	if an Enforcement Event has occurred and is continuing, to provide to the Collateral Agent
upon its request a certificate containing such information on the Receivables (including,
without limitation, information on perfection of the Pledges) as the Collateral Agent may
request (acting on the reasonable instruction of the Applicable Representative).

8. Acknowledgment by Pledgor

The Pledgor acknowledges that:

	(a)	 	to its knowledge it will receive adequate direct or indirect benefits as a result of the
transactions contemplated by the Loan Documents; and
	 
	(b)	 	to its knowledge each Secured Party has acted in good faith in connection with the Pledges
pursuant to this Agreement and the transactions contemplated by the Loan Documents.

 - 10 - 

 

9. Representations and Warranties of the Pledgor

9.1 The Pledgor represents and warrants to the Collateral Agent and the other Secured Parties that
on the date of this Agreement with reference to the facts and circumstances then existing:

	(a)	 	it has good title to the Existing Receivables held by it, subject to any Liens permitted by
the Principal Finance Documents, and it has not sold or otherwise disposed of or agreed to
sell or otherwise dispose of the Existing Receivables or any of its rights or benefits in
respect of the Existing Receivables, in each case except as permitted by the Principal Finance
Documents or this Agreement; and
	 
	(b)	 	it will have good title to the Future Receivables held by it, subject to any Liens permitted
by the Principal Finance Documents, and it will not sell or otherwise dispose of or agree to
sell or otherwise dispose of the Future Receivables or any of its rights or benefits in
respect of the Future Receivables, in each case except as permitted by the Principal Finance
Documents or this Agreement; and
	 
	(c)	 	its rights in relation to the Existing Receivables held by it are not subject to any Liens
and there are no other third party rights whatsoever affecting the Existing Receivables held
by it, in each case except for any Liens or third party rights permitted by the Principal
Finance Documents; and
	 
	(d)	 	its rights in relation to the Future Receivables held by it will not be subject to any Liens
and there will not be other third party rights whatsoever affecting the Future Receivables
held by it, in each case except for any Liens or third party rights permitted by the Principal
Finance Documents.

9.2 All the representations and warranties in Clause 9.1 are made to each Secured Party on the date
of this Agreement and all such representations and warranties are deemed to be repeated as true and
correct in each material respect by the Pledgor to each Secured Party on the date of a Credit Event
(as defined in the Credit Agreement) during the continuance of this Agreement.

10. Duration and Independence

10.1 This Agreement shall remain in full force and effect until the earlier of the following
occurs: (i) discharge by the Collateral Agent, (ii) complete satisfaction or explicit waiver of any
and all Secured Obligations or (iii) discharge in accordance with Clauses 14.1 or 14.2.

10.2 This Agreement shall create a continuing security which means that no change, amendment,
supplement or novation whatsoever of the Secured Obligations and/or in the Loan Documents or in any
document or agreement related to the Secured Obligations and/or any of the Loan Documents shall
affect the validity or the scope of this Agreement nor the obligations which are imposed on the
Pledgor pursuant hereto.

10.3 This Agreement is independent from any other security or guarantee which may have been or will
be given in favour of the Secured Parties. None of such other security or guar

 - 11 - 

 

antee shall prejudice, or shall be prejudiced by, or shall be merged in any way with this
Agreement.

11. Partial Invalidity; Waiver

11.1 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 by
such valid, legal or enforceable provision which comes as close as possible to the original intent
of the parties in respect of the invalid, illegal or unenforceable provision.

11.2 In particular, the Pledges shall not be affected and shall in any event extend to any and all
Receivables.

11.3 No failure to exercise, nor any delay in exercising, on the part of the Collateral Agent or
the Secured Parties, 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.

11.4 The security interest constituted by this Agreement and the Collateral Rights shall be
cumulative, in addition to and independent of every other security which the Collateral Agent may
at any time hold for the Secured Obligations or any rights, powers and remedies provided by law. No
prior security held by the Collateral Agent over the whole or any part of the Receivables shall
merge into the security interest constituted by this Agreement.

12. Further Assurance

12.1 Subject to the Agreed Security Principles, the Pledgor shall promptly execute all documents
(including transfers) and do all things (including the delivery, transfer, assignment or payment of
all or part of the Receivables to the Collateral Agent or its nominee(s)) that the Collateral Agent
may specify (upon the reasonable instruction of the Applicable Representative) for the purpose of
(a) (if an Enforcement Event has occurred and is continuing) exercising the Collateral Rights or
(b) securing and perfecting the security intended to be created by this Agreement over all or any
part of the Receivables. For the avoidance of doubt, no notice of this Agreement or the Pledges
created hereunder shall be given to any third party if an Enforcement Event has not occurred and is
not continuing.

12.2 At any time if an Enforcement Event has occurred and is continuing, the Pledgor shall upon
demand from the Collateral Agent execute all documents and do all other things that the Collateral
Agent may require (upon the reasonable instruction of the Applicable Representative) to facilitate
the realisation of the Receivables.

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13. Amendments; Waiver

Any amendments, changes, variations or waivers to this Agreement may be made only with the
agreement of the Pledgor and the Collateral Agent in writing and, if required under Austrian
statutory law, in the form of a notarial deed. This applies also to this Clause 13.

14. Miscellaneous

14.1 The security constituted by this Agreement shall be released, reassigned, re-transferred and
cancelled:

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

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

14.3 Any settlement or discharge between the Pledgor and the Collateral Agent shall be conditional
upon no security or payment to the Collateral Agent by the Pledgor or any Loan Party being avoided,
set aside, ordered to be refunded or reduced by virtue of any provision or enactment relating to
insolvency, and accordingly the Collateral Agent shall be entitled to recover from the Pledgor that
security or the amount of any such payment as if that settlement or discharge had not occurred.

14.4 None of the Collateral Agent, its nominee(s) or any receiver appointed pursuant to this
Agreement shall be liable by reason of (a) taking any action permitted by this Agreement or (b) any
neglect or default in connection with the Receivables or (c) the taking possession or realisation
of all or any part of the Receivables, except to the extent provided in the Principal Finance
Documents.

14.5 For the purpose of or pending the discharge of any of the Secured Obligations, the Collateral
Agent may convert any money received, recovered or realised or subject to application by it under
this Agreement from one currency to another, which the Collateral Agent considers necessary (acting
on the reasonable instruction of the Applicable Representative)

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to cover the obligations and liabilities comprised in the Secured Obligations and any such
conversion shall be effected at the Collateral Agent’s spot rate of exchange for the time being for
obtaining such other currency with the first currency.

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

14.7 Subject to Section 4.05 of the First Lien Intercreditor Agreement (to the extent permitted by
Austrian law), the Collateral Agent shall have full power to delegate (either generally or
specifically) the powers, authorities and discretions conferred on it by this Agreement (including
the power of attorney) on such terms and conditions as it 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.

14.8 To the extent set out in Section 4.11 of the First Lien Intercreditor Agreement and in the
Additional Collateral Agent’s Fee Letter, the Pledgor shall, notwithstanding any release or
discharge of all or any part of the security, indemnify the Collateral Agent, its agents, its
attorneys and any delegate against any action, proceeding, claims, losses, liabilities, expenses,
demands, taxes 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 Receivables.

14.9 The Pledgor acknowledges and agrees that the Collateral Agent’s actions under this Agreement
are on the basis of authority conferred under the Principal Finance Documents to which the
Collateral Agent is a party, and on directions of the Applicable Representative. In so acting, the
Collateral Agent shall have, subject to the terms of the Principal Finance Documents, the
protections, immunities, rights, indemnities and benefits conferred on the collateral agent under
the Principal Finance Documents.

14.10 For the avoidance of doubt, it is acknowledged that the Collateral Agent is permitted to act
on the instructions of the Applicable Representative in accordance with Clause 2.02(a)(i) of the
First Lien Intercreditor Agreement. It is further acknowledged that the Collateral Agent may assume
that any and all instructions received by it from the Applicable Representative under this
Agreement are reasonable, and that any question as to the reasonableness or otherwise of such
instructions shall be determined as between the Applicable Representative and the Pledgor.

15. Execution in Counterparts

This Agreement may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an original and all of
which taken together shall constitute one and the same Agreement. In this

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respect the Collateral Agent and the Pledgor agree not to contest the validity of an uncertified
copy of this Agreement in any court or enforcement proceedings in the Republic of Austria.

16. Stamp Duty

The Parties agree that the provisions of sections 9.19 (Place of Performance) and 9.20 (Austria
Stamp Duty) of the Credit Agreement (and, if the Credit Agreement is no longer in existence, an
equivalent clause in any Additional Agreement) and the provisions of sections 5.15 (Place of
Performance) and 5.16 (Austrian Stamp Duty) of the First Lien Intercreditor Agreement (and, if the
First Lien Intercreditor Agreement is no longer in existence, an equivalent clause in any
Intercreditor Arrangements) shall apply to this Agreement as if incorporated herein mutatis
mutandis, to the extent relating to the Pledgor and the Collateral Agent.

17. Capital maintenance

17.1 The liability of the Pledgor under this Agreement shall at all times be limited so that at no
time the granting of security under this Agreement be required if this would violate mandatory
Austrian capital maintenance rules (Kapitalerhaltungsvorschriften) pursuant to Austrian company
law, in particular Sections 82 et seq of the Austrian Act on Limited Liability Companies (Gesetz
über Gesellschaften mit beschränkter Haftung) and/or Sections 52 and 65 et seq of the Austrian
Stock Corporation Act (Aktiengesetz).

17.2 Should any obligation under this Agreement violate or contradict Austrian capital maintenance
rules and should therefore be held invalid or unenforceable, such obligation shall be deemed to be
replaced by an obligation of a similar nature which is in compliance with Austrian capital
maintenance rules and which provides the best possible security interest in favour of the Secured
Parties. By way of example, should it be held that the security interest created under the
Agreement is contradicting Austrian capital maintenance rules in relation to any amount of the
Secured Obligations, the security interest created under the Agreement shall be reduced to the
maximum amount of the Secured Obligations which is permitted pursuant to Austrian capital
maintenance rules.

18. Choice of Law

This Agreement shall be governed in all respects by the laws of Austria.

19. Settlement of Disputes

19.1 Jurisdiction of English Courts

	(a)	 	The courts of England, shall have exclusive jurisdiction to settle any dispute arising out of
or in connection with this Agreement (including a dispute regarding the existence, validity or
termination of this Agreement).
	 
	(b)	 	The Parties agree that the courts of England are the most appropriate and convenient courts
to settle Disputes and accordingly no Party will argue to the contrary.

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19.2 Clause 19.1 is for the benefit of the Collateral Agent only. As a result, the Collateral Agent
shall not be prevented from taking proceedings relating to a dispute in any other courts with
jurisdiction. To the extent allowed by law, the Collateral Agent may take concurrent proceedings in
any number of jurisdictions.

19.3 Without prejudice to any other mode of service allowed under any relevant law, the Pledgor:

	(a)	 	irrevocably appoints Law Debenture Corporate Services Limited as its agent for service of
process in relation to any proceedings before the English courts in connection with this
Agreement; and
	 
	(b)	 	agrees that failure by an agent for service of process to notify the Pledgor of the process
will not invalidate the proceedings concerned.

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COLLATERAL AGENT

                                        ,
                             
           

	 	 	 	 	 
	 	
 	 
	 	Wilmington Trust (London) Limited 	 
	 	 	 
	 	By:  	 	 

PLEDGOR

                                        ,
                             
           

	 	 	 	 	 
	 	
 	 
	 	SIG Combibloc GmbH	 
	 
	 	By:	 
	 
	 	
 	 
	 	SIG Combibloc GmbH	 
	 
	 	By:  	 	 

 - 17 -

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