Document:

exv4w263

EXHIBIT 4.263

SIG EURO HOLDING AG & CO. KG AA

as Pledgor

THE BANK OF NEW YORK MELLON

as Collateral Agent and Pledgee

 

SHARE PLEDGE AGREEMENT RELATING TO THE SHARES IN

SIG BEVERAGES GERMANY GMBH, SIG INTERNATIONAL

SERVICES GMBH, SIG INFORMATION TECHNOLOGY GMBH, SIG

COMBIBLOC GMBH AND SIG COMBIBLOC HOLDING GMBH

(Geschäftsanteilsverpfändung)

 

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

 

 

Contents

	 	 	 	 	 
	Clause	 	Page
	1. Definitions and Language
	 	 	10	 
	 
	2. Pledged Shares
	 	 	16	 
	 
	3. Pledge
	 	 	16	 
	 
	4. Scope of the Pledges
	 	 	17	 
	 
	5. Purpose of the Pledges
	 	 	18	 
	 
	6. Exercise of Membership Rights
	 	 	18	 
	 
	7. Enforcement of the Pledges
	 	 	18	 
	 
	8. Approval and Confirmation
	 	 	20	 
	 
	9. Undertakings of the Pledgor
	 	 	20	 
	 
	10. Delegation
	 	 	21	 
	 
	11. Indemnity
	 	 	21	 
	 
	12. No Liability
	 	 	22	 
	 
	13. Duration and Independence
	 	 	22	 
	 
	14. Release of Pledge (Pfandfreigabe)
	 	 	23	 
	 
	15. Partial Invalidity; Waiver
	 	 	23	 
	 
	16. Amendments
	 	 	24	 
	 
	17. Notices and their Language
	 	 	24	 
	 
	18. Notification
	 	 	26	 
	 
	19. Applicable Law, Jurisdiction
	 	 	26	 
	 
	Schedule 1 List of Current Borrowers, Current Guarantors, The Current
Senior Secured Note Guarantors and the Original New Secured Note
Guarantors
	 	 	28	 
	 
	Part 1 List of Current Borrowers
	 	 	28	 
	 
	Part 2 List of Current Guarantors
	 	 	29	 
	 
	Part 3 List of Current Senior Secured Note Guarantors
	 	 	33	 
	 
	Part 4 List of Original New Secured Note Guarantors
	 	 	37	 

- 1 -

 

	 	 	 	 	 
	Clause	 	Page
	Schedule 2 Copy of Shareholders Lists (Gesellschafterlisten)
	 	 	42	 

- 2 -

 

Deed Register No.     /          .

Notary certificates

R e c o r d e d

in Frankfurt am Main, on this 16th day of November, 2010.

Before me, the undersigning

Dr. Karl-Heinz Schmiegelt,

civil law notary

with offices in Frankfurt/Main

appeared today:

	 	1.	 	Mr. David A. Witzel, born 5 February 1975, with business address at Debevoise & Plimpton
LLP, Taubenstrabe 7-9, 60313 Frankfurt/Main.
	 
	 	 	 	Deponent No. 1 stated that in the following he would not act for himself but in the name and
on behalf of

	 	a)	 	Closure Systems International B.V., with its business address at
Teleportboulevard 140, 1043 EJ Amsterdam, The Netherlands, registered in the Commercial
Register under registration number 34291082,
	 
	 	 	 	acting based upon a power of attorney dated 1 October 2010, a certified copy of which
is attached hereto as appendix A.a;
	 
	 	b)	 	Closure Systems International Holdings (Germany) GmbH, with its business
address at Mainzer Straße 185, 67547 Worms, Germany, registered in the Commercial
Register at the Local Court of Mainz under HRB 41388,
	 
	 	 	 	acting based upon a power of attorney issued in two counterparts each dated 30
September 2010 and 5 October 2010 respectively, a certified copy of which is attached hereto
as appendix A.b;
	 
	 	c)	 	Closure Systems International Deutschland GmbH, with its business address at
Mainzer Straße 185, 67547 Worms, Germany, registered in the Commercial Register at the
Local Court of Mainz under HRB 10054,
	 
	 	 	 	acting based upon a power of attorney dated 30 September 2010, a certified copy of
which is attached hereto as appendix A.c;
	 
	 	d)	 	SIG Combibloc Group AG, with its business address at Laufengasse 18, CH- 8212
Neuhausen am Rheinfall, Switzerland, registered in the Commercial Register of the
canton Schaffhausen under registration number CH-290.3.004.149-2,

- 3 -

 

	 	 	 	acting based upon a power of attorney dated 1 October 2010, a faxed copy of which is
attached hereto as appendix A.d;
	 
	 	e)	 	SIG Euro Holding AG & Co. KG aA, with its business address at Rurstraße 58,
52441 Linnich, Germany, registered in the Commercial Register at the Local Court of
Duren under HRB 5754,
	 
	 	 	 	acting based upon a power of attorney dated 1 October 2010, a certified copy of which
is attached hereto as appendix A.e;
	 
	 	f)	 	SIG Combibloc Systems GmbH, with its business address at Rurstraße 58, 52441
Linnich, Germany, registered in the Commercial Register at the Local Court of Duren
under HRB 3935,
	 
	 	 	 	acting based upon a power of attorney dated 1 October 2010, a certified copy of which
is attached hereto as appendix A.f;
	 
	 	g)	 	SIG Combibloc Holding GmbH, with its business address at Rurstraße 58, 52441
Linnich, Germany, registered in the Commercial Register at the Local Court of Duren
under HRB 5751,
	 
	 	 	 	acting based upon a power of attorney dated 4 October 2010, a certified copy of which
is attached hereto as appendix A.g;
	 
	 	h)	 	SIG Combibloc GmbH, with its business address at Rurstraße 58, 52441 Linnich,
Germany, registered in the Commercial Register at the Local Court of Duren under HRB
5182,
	 
	 	 	 	acting based upon power of attorney dated 4 October 2010, a certified copy of which is
attached hereto as appendix A.h;
	 
	 	i)	 	SIG Beverages Germany GmbH, with its business address at Weilheimer Straße 5,
79761 Waldshut-Tiengen, Germany, registered in the Commercial Register at the Local
Court of Freiburg i.Br. under HRB 702482,
	 
	 	 	 	acting based upon a power of attorney dated 4 October 2010, a certified copy of which
is attached hereto as appendix A.i;
	 
	 	j)	 	SIG Combibloc Zerspanungstechnik GmbH, with its business address at
Walkmuhlen-straße 8-10, 52074 Aachen, Germany, registered in the Commercial Register at
the Local Court of Aachen under HRB 3814,
	 
	 	 	 	acting based upon an undated power of attorney, a certified copy of which is attached
hereto as appendix A.j;

- 4 -

 

	 	k)	 	SIG International Services GmbH, with its business address at Rurstraße 58,
52441 Linnich, Germany, registered in the Commercial Register at the Local Court of
Duren under HRB 3925,
	 
	 	 	 	acting based upon a power of attorney dated 1 October 2010, a certified copy of which
is attached hereto as appendix A.k;
	 
	 	l)	 	SIG Information Technology GmbH, with its business address at Rurstraße 58,
52441 Linnich, Germany, registered in the Commercial Register at the Local Court of
Duren under HRB 4050,
	 
	 	 	 	acting based upon a power of attorney dated 1 October 2010, a certified copy of which
is attached hereto as appendix A.l;
	 
	 	m)	 	SIG Vietnam Beteiligungs GmbH, with its business address at Weilheimer Straße
5, 79761 Waldshut-Tiengen, Germany, registered in the Commercial Register at the Local
Court of Freiburg i.Br. under HRB 621587,
	 
	 	 	 	acting based upon a power of attorney dated 4 October 2010, a certified copy of which
is attached hereto as appendix A.m;

	2.	 	Mr. Chris Strakosch, born 12 October 1951, with business address at The Bank of New York
Mellon, Bockenheimer Landstraße 24, 60323 Frankfurt/Main.
	 
	 	 	Deponent No. 2. stated that in the following he would not act for himself but in the name
and on behalf of

	 	a)	 	The Bank of New York Mellon, a banking corporation incorporated under the laws
of the State of New York, having its registered office at One Wall Street, New York,
N.Y. 10286, United States of America,
	 
	 	 	 	acting based upon a power of attorney dated 23 April 2010, a faxed copy of which is
attached hereto as appendix B.

In the case a certified copy of the power of attorney is attached to this deed, the original was
presented to the notary. In the case only a faxed copy is attached, originals shall be provided to
the notary in due course. Certified copies thereof shall be sealed to the present deed.

The proxies do not assume any liability as to the validity or the scope of the powers of attorney
presented. The notary advised the deponents that he is obliged to verify the powers of
representation of the depo—nents and to examine the documents presented with respect to a proof of
such powers. After a discussion of the documentation presented today and promised to be submitted
in due course, the deponents declared that they did not wish any further proof of their power of
representation. In particular, all parties do not deem it expedient that a copy of the First Lien
Intercreditor Agreement and of the relevant assignment and acceptance or additional bank secured
party acknowledgments be presented and attached to this deed as further evidence for the due
representation of the parties listed in Schedule 1 and asked the notary to continue with the
notarisation.

- 5 -

 

Both deponents are personally known to the notary.

The notary asked the deponents regarding a prior involvement according to sec. 3 para. 1 sent. 1
no. 7 of the German Notarisation Act (Beurkundungsgesetz). After having been instructed by the
notary the deponents and the notary answered this question in the negative.

The deponents requested the notary to notarise this deed in the English language for the
convenience of the parties represented by them and confirmed that they are in adequate command of
the English language. The notary declared that he is in adequate command of the English language
as well.

The deponents, acting as aforesaid, then requested the notary to notarise the following:

- 6 -

 

Share Pledge Agreements

attached to this deed as Attachments 1 to 6 with their respective schedules. These Share
Pledge Agreements with the exclusion of their tables of contents and their respective Schedules 2
and 3 (as the case may be) form an integral part of this deed.

All approvals, consents and similar declarations that may still be required shall take effect for
and against all parties upon receipt by the officiating notary.

The notary advised the deponents

	 	–	 	that the pledge is a security instrument of strictly accessory nature (i.e. that it
comes into legal existence only if, to the extent that, and as long as, the underlying
secured claims do in fact exist, and that the owners of the secured claims and the pledgees
must be identical);
	 
	 	–	 	that if the underlying secured claims are novated this will cause the pledge to lapse by
operation of law in relation to such novated claims;
	 
	 	–	 	that the articles of association may impose restrictions on a transfer or pledge of shares;
	 
	 	–	 	that there is no bona fide creation, acquisition nor ranking of a pledge of shares (i.e.
the pledgees are not protected if the shares purported to be pledged do not exist, have
been previously transferred to a third party or have been previously encumbered for the
benefit of a third party) if not otherwise provided for in sec. 16 para.3 German Limited
Liability Companies Act (Gesetz betreffend die Gesellschaften mit beschrankter Haftung);
and
	 
	 	–	 	that the parties hereto are, by operation of law, jointly and severally liable with
respect to the payment of all notarial fees, irrespective of any internal agreement passed
in that respect.

This deed with Attachments 1 to 6 including their respective Schedules 1 but excluding their table
of contents was read aloud by the notary to the deponents, was approved by the deponents and was
signed by the deponents and the notary in their own hands as follows:

/s/David Witzel

/s/Chris Strakosch

- 7 -

 

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

BETWEEN:

	(1)	 	SIG Euro Holding AG & Co. KG aA, a limited liability company (Gesellschaft mit beschränkter
Haftung) organised under the laws of the Federal Republic of Germany, having its business
address at Rurstraße 58, 52441 Linnich, Germany, which is registered in the commercial
register (Handelsregister) of the local court (Amtsgericht) of Düren under HRB 5754 (the
“Pledgor”);
	 
	(2)	 	SIG Beverages Germany GmbH, a limited liability company (Gesellschaft mit beschränkter
Haftung) organised under the laws of the Federal Republic of Germany having its corporate seat
in Waldshut-Tiengen, Germany and its business address at Weilheimer Straße 5, 79761
Waldshut-Tiegen, Germany, which is registered in the commercial register (Handelsregister) of
the local court (Amtsgericht) of Freiburg i. Br. under HRB 702482 (the “Company 1”);
	 
	(3)	 	SIG International Services GmbH, a limited liability company (Gesellschaft mit beschränkter
Haftung) organised under the laws of the Federal Republic of Germany having its corporate seat
in Linnich, Germany and its business address at Rurstraße 58, 52441 Linnich, Germany, which is
registered in the commercial register (Handelsregister) of the local court (Amtsgericht) of
Düren under HRB 3925 (the “Company 2”);
	 
	(4)	 	SIG Information Technology GmbH, a limited liability company (Gesellschaft mit beschränkter
Haftung) organised under the laws of the Federal Republic of Germany having its corporate seat
in Linnich, Germany and its business address at Rurstraße 58, 52441 Linnich, Germany, which is
registered in the commercial register (Handelsregister) of the local court (Amtsgericht) of
Düren under HRB 4050 (the “Company 3”);
	 
	(5)	 	SIG Combibloc Holding GmbH, a limited liability company (Gesellschaft mit beschränkter
Haftung) organised under the laws of the Federal Republic of Germany having its corporate seat
in Linnich, Germany and its business address at Rurstraße 59, 52441 Linnich, Germany, which is
registered in the commercial register (Handelsregister) of the local court (Amtsgericht) of
Düren under HRB 5751 (the “Company 4”);
	 
	(6)	 	SIG Combibloc GmbH, a limited liability company (Gesellschaft mit beschränkter Haftung)
organised under the laws of the Federal Republic of Germany having its corporate seat in
Linnich, Germany and its business address at Rurstraße 58, 52441 Linnich, Germany, which is
registered in the commercial register (Handelsregister) of the local court (Amtsgericht) of
Düren under HRB 5182 (the “Company 5” and together with Company 1, Company 2, Company 3 and
Company 4 the “Companies”); and

- 8 -

 

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

WHEREAS:

	(A)	 	Pursuant to a USD 1,155,000,000 and EUR 330,000,000 multi-currency term and revolving credit
agreement dated 5 November 2009 (as amended by the Amendment No.1 and Joinder Agreement (as
defined below), by the Amendment No. 2 and Incremental Assumption Agreement (as defined below)
and by the Amendment No. 3 and Incremental Assumption Agreement (as defined below)) between,
inter alia, the parties listed in Part 1 of Schedule 1 hereto as current borrowers (the
“Current Borrowers”), the parties listed in Part 2 of Schedule 1 hereto as current guarantors
(the “Current Guarantors”), Credit Suisse AG, Cayman Islands branch (formerly Credit Suisse
Cayman Islands branch) as administrative agent and others (as further amended, varied,
novated, supplemented, superseded or extended from time to time, the “Credit Agreement”),
certain lenders (together the “Original Lenders”) have granted certain facilities to the
Current Borrowers and certain other entities which may accede or may have acceded to the
Credit Agreement as additional borrowers.
	 
	(B)	 	Pursuant to a senior secured note indenture dated 5 November 2009 between, inter alia,
Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., and Reynolds Group Issuer (Luxembourg)
S.A as issuers (the “Issuers”), certain affiliates of the Issuers listed in Part 3 of
Schedule 1 as current senior secured note guarantors (the “Current Senior Secured Note
Guarantors”) and The Bank of New York Mellon, as indenture trustee, principal paying agent,
transfer agent and registrar, (as amended, varied, novated, supplemented, superseded or
extended from time to time, the “Senior Secured Note Indenture”), the Issuers have issued
senior secured notes due 2016 in the aggregate principal amount of USD 1,125,000,000 (the “US
Secured Notes”) and senior secured notes due 2016 in the aggregate principal amount of EUR
450,000,000 (the “Euro Secured Notes” and together with the US Secured Notes the “Senior
Secured Notes”) to certain noteholders.
	 
	(C)	 	The Pledgor has entered into the Existing Share Pledge Agreements (as defined below).
	 
	(D)	 	Pursuant to an amendment No. 3 and incremental term loan assumption agreement relating to the
Credit Agreement dated 30 September 2010 between, inter alia, the Current Borrowers, the
Current Guarantors, Credit Suisse AG, Cayman Islands branch (formerly Credit Suisse, Cayman
Islands branch) as administrative agent and others (the “Amendment No. 3 and Incremental
Assumption Agreement”) the Credit Agreement has been amended to, inter alia, increase the
incremental term facilities from an amount of USD 1,550,000,000 to an amount of USD
2,770,000,000.

- 9 -

 

	(E)	 	Pursuant to a secured note indenture dated 15 October 2010 between, inter alia, RGHL Issuer I
LLC, RGHL Issuer I Inc., and RGHL Issuer (Luxembourg) I S.A. as escrow issuers (the “Escrow
Issuers”), The Bank of New York Mellon as indenture trustee, The Bank of New York Mellon,
London Branch as principal paying agent, The Bank of New York Mellon as collateral agent and
Wilmington Trust (London) Limited as collateral agent (as amended, varied, novated,
supplemented, superseded or extended from time to time, the “New Secured Note Indenture”), the
Escrow Issuers have issued secured notes due 2019 in the aggregate principal amount of USD
1,500,000,000 in escrow (the “New Secured Notes”). In connection with the release from escrow
of the proceeds of the New Secured Notes the Escrow Issuers are merging with and into, or
otherwise transferring all of their assets and liabilities to, the Issuers, with each of the
Issuers surviving the applicable mergers or other transfers and assuming by operation of law
the obligations of the applicable Escrow Issuers with respect to the New Secured Note
Indenture and the New Secured Notes. At this time certain affiliates of the Issuers listed in
Schedule 1Part 4as new secured note guarantors (the “Original New Secured Note Guarantors”)
will accede to the New Secured Note Indenture.
	 
	(F)	 	The Pledgor has agreed to grant an additional pledge (subject to the pledges arising under
the Existing Share Pledge Agreements (as defined below)) over its Shares (as defined below) in
the Companies as security for the Pledgee’s respective claims against the Grantors (as defined
below) (or any of them) in respect of the Obligations (as defined below).
	 
	(G)	 	The security created by or pursuant to this Agreement is to be administered by the Collateral
Agent for the Secured Parties (as defined below) pursuant to a first lien intercreditor
agreement dated 5 November 2009 (as amended by the Amendment No. 1 and Joinder Agreement (as
defined below)) between, inter alia, the Collateral Agent, the Indenture Trustee, the
Administrative Agent and the Grantors (each as defined below) and others (as amended, varied,
novated, supplemented, superseded or extended from time to time, the “First Lien Intercreditor
Agreement”).

NOW, IT IS AGREED as follows:

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

- 10 -

 

	 	 	“Amendment No.1 and Joinder Agreement” means the joinder agreement relating to the Credit
Agreement dated 21 January 2010 made among (amongst others) the Collateral Agent, Wilmington
Trust (London) Limited, Credit Suisse AG and Reynolds Group Holdings Limited pursuant to
which Wilmington Trust (London) Limited is appointed as additional collateral agent and
became party to the First Lien Intercreditor Agreement.
	 
	 	 	“Amendment No. 2 and Incremental Assumption Agreement” means the amendment and incremental
assumption agreement dated 4 May 2010 relating to the Credit Agreement between, inter alia,
the borrowers and the guarantors under the Credit Agreement as of such date, the
Administrative Agent and others.
	 
	 	 	“Borrowers” means the Current Borrowers and any entity which may accede to the Credit
Agreement as an additional borrower and “Borrower” means any of them.
	 
	 	 	“Cash Management Bank” shall mean Citibank NA, Banco Nacional De Mexico S.A., Citibank
International PLC, UK, Citibank (China) Co., Limited, Citibank Global Markets Deutschland AG
& Co KGaA, Citibank ZRT, Hungary, a Lender, the Administrative Agent or any of the Lender’s
or the Administrative Agent’s affiliates (at the time the cash management services
arrangement is entered into) provided in each case it has become a party to, or by execution
of an additional bank secured party acknowledgment has agreed to be bound by the terms of,
the First Lien Intercreditor Agreement in its capacity as cash management bank.
	 
	 	 	“Cash Management Services” shall mean any agreement or arrangement by a Cash Management Bank
to provide any composite accounting or other cash pooling arrangements and netting,
overdraft protection and other arrangements with any bank arising under standard business
terms of such Cash Management Bank to a Grantor.
	 
	 	 	“Credit Documents” shall mean the Loan Documents, the Senior Secured Note Documents and the
New Secured Note Documents.
	 
	 	 	“Enforcement Event” shall mean an Event of Default.
	 
	 	 	“Event of Default” means any event of default (Kündigungsgrund) under the Credit Agreement
and/or the Senior Secured Note Indenture and/or the New Secured Note Indenture.
	 
	 	 	“Existing Intercreditor Agreement” means the existing intercreditor agreement dated 11 May
2007 (as amended by a letter dated 21 June 2007 and a further letter dated 29 June 2007, as
amended and restated on 5 November 2009 and as further amended and restated on or about the
date hereof) between, inter alia, Beverage Packaging Holdings (Luxembourg) I S.A., Rank
Group Holdings Limited (now Reynolds Group Holdings Limited), Beverage Packaging Holdings
(Luxembourg) II S.A., Beverage Packaging Holdings (Luxembourg) III S.à r.l., Credit Suisse
AG (formerly Credit Suisse) as security trustee and others.

- 11 -

 

	 	 	“Existing Share Pledge Agreements” means

	 	a)	 	the share pledge agreement dated 5 November 2009 (as amended by a confirmation
and amendment agreement dated 4 May 2010) entered into between SIG Euro Holding AG &
Co. KG aA as pledgor and The Bank of New York Mellon as Collateral Agent and as pledgee
and others as pledgees (the “Existing Share Pledge Agreement”); and
	 
	 	b)	 	a confirmation and amendment agreement dated 4 May 2010 entered into between,
inter alios, SIG Euro Holding AG & Co. KG aA as pledgor and The Bank of New York Mellon
as Collateral Agent and others (the “Confirmation and Amendment Agreement”).

	 	 	“Existing Shares” has the meaning given to such term in sub-Clause 2.1 hereof.
	 
	 	 	“Future Shares” means all additional shares in the capital of the Companies (irrespective of
their nominal value) which the Pledgor may acquire in the future in the event of a share
transfer, a share split, a share combination, an increase of the capital of any of the
Companies (including by way of authorised capital (genehmigtes Kapital)) or otherwise.
	 
	 	 	“Grantors” means the Loan Parties, the Issuers, the Senior Secured Note Guarantors and the
New Secured Note Guarantors and any person that has granted a security interest to the
Collateral Agent and/or the Secured Parties in respect of the obligations of the Loan
Parties, the Issuers and the Senior Secured Note Guarantors under the Credit Documents and
“Grantor” means any of them.
	 
	 	 	“Group” means Reynolds Group Holdings Limited and its direct or indirect subsidiaries
(Tochtergesellschaften).
	 
	 	 	“Hedge Counterparty” means a Lender, the Administrative Agent or any of the Lender’s or the
Administrative Agent’s affiliates (at the time a hedging agreement is entered into) who has
entered into a hedging agreement for the purpose of hedging interest rate liabilities and/or
any exchange rate and/or commodity price risks provided it has become a party, or by
execution of an additional bank secured party acknowledgment has agreed to be bound by the
terms of, to the First Lien Intercreditor Agreement in its capacity as hedge counterparty.
	 
	 	 	“Incremental Assumption Agreement” shall mean an incremental assumption agreement relating
to incremental facilities of up to USD 2,770,000,000 among, and in form and substance
reasonably satisfactory to, one or more Borrowers, the Administrative Agent, one or more
Incremental Term Lenders and/or one or more Incremental Revolving Credit Lenders pursuant to
which one or more Incremental Term Lenders make available Incremental Term Loan Commitments
and/or one or more Incremental Revolving Credit Lenders make available Incremental Revolving
Credit Commitments respectively.

- 12 -

 

	 	 	“Incremental Revolving Credit Lender” shall mean a Lender with an Incremental Revolving
Credit Commitment or an outstanding revolving loan under the Credit Agreement of any class
as a result of an Incremental Revolving Credit Commitment.
	 
	 	 	“Incremental Revolving Credit Commitment” shall mean the commitment of any Lender,
established pursuant to the Credit Agreement, to make available certain revolving credit
loans to one or more Borrowers.
	 
	 	 	“Incremental Term Lender” shall mean a Lender with an Incremental Term Loan Commitment.
	 
	 	 	“Incremental Term Loan Commitment” shall mean the commitment of any Lender, established
pursuant to the Credit Agreement, to make available certain term loans to one or more
Borrowers.
	 
	 	 	“Indenture Trustee” shall mean The Bank of New York Mellon, in its capacity as indenture
trustee under the Senior Secured Note Indenture and any successor appointed as indenture
trustee under the Senior Secured Note Indenture.
	 
	 	 	“Intercreditor Arrangements” means the First Lien Intercreditor Agreement and the Existing
Intercreditor Agreement, in each case as amended, novated, supplemented, restated, or
modified from time to time.
	 
	 	 	“Issuing Bank” means Credit Suisse AG or any other Lender or any affiliate of Credit Suisse
AG or any other Lender that issues letters of credit or bank guarantees under the Credit
Agreement.
	 
	 	 	“Lenders” shall mean the Original Lenders and any entity which may become a lender under the
Credit Agreement in the future and “Lender” means any of them.
	 
	 	 	“Loan Documents” shall mean the Credit Agreement, the Amendment No. 1 and Joinder Agreement,
the Amendment No. 2 and Incremental Assumption Agreement, the Amendment No. 3 and
Incremental Assumption Agreement, any borrowing subsidiary agreement and/or guarantor
joinder agreement relating to the Credit Agreement, any letter of credit or bank guarantee
relating to the Credit Agreement, any security documents relating to the Credit Agreement,
any hedging agreement entered into by a Hedge Counterparty and a Grantor, each Incremental
Assumption Agreement, the Intercreditor Arrangements, each Promissory Note, any agreement
between a Grantor and a Cash Management Bank relating to Cash Management Services, each
Local Facility Agreement and any other document that may be entered into pursuant to any of
the foregoing in relation to the Credit Agreement.
	 
	 	 	“Loan Parties” shall mean the Borrowers, the Current Guarantors and any entity which may
accede to the Credit Agreement as additional guarantor and a “Loan Party” means any of them.

- 13 -

 

	 	 	“Local Facilities” means working capital facilities provided to a Grantor (other than
Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings (Luxembourg) II
S.A. Beverage Packaging Holdings (Luxembourg) III S.à.r.l. and the Borrowers) by a Local
Facility Provider and “Local Facility” means any of them.
	 
	 	 	“Local Facility Agreements” shall mean any agreement under which a Local Facility is made
available.
	 
	 	 	“Local Facility Provider” means each of Bank of America, N.A., Canada Branch, FIA Card
Services, N.A., Citibank N.A., Citibank (China) Co., Ltd., Banco Nacional de Mexico, S.A.,
Integrante del Grupo Financiero Banamex, Bank of America, N.A., provided in each case it has
become a party to, or by execution of an additional bank secured party acknowledgment has
agreed to be bound by the terms of, the First Lien Intercreditor Agreement in its capacity
as local facility provider.
	 
	 	 	“New Secured Note Documents” shall mean the New Secured Note Indenture, the New Secured Note
Guarantees, the New Secured Notes, the Intercreditor Arrangements, any security document
relating to the New Secured Notes and/or the New Secured Note Indenture and any other
document that may be entered into pursuant to any of the foregoing.
	 
	 	 	“New Secured Note Guarantees” shall mean the guarantees of the obligations of the Issuers
under the New Secured Notes and the New Secured Note Indenture by the New Secured Note
Guarantors.
	 
	 	 	“New Secured Note Guarantors” means the Original New Secured Note Guarantors and any entity
which may accede to the New Secured Note Indenture as additional guarantor.
	 
	 	 	“New Secured Note Holders” shall mean the holders from time to time of the New Secured
Notes.
	 
	 	 	“New Secured Notes Indenture Trustee” shall mean The Bank of New York Mellon, in its
capacity as indenture trustee under the New Secured Note Indenture and any successor
appointed as indenture trustee under the New Secured Note Indenture.
	 
	 	 	“Obligations” shall mean all present and future obligations and liabilities (whether actual
or contingent and whether owed jointly or severally or in any other capacity whatsoever) of
each Grantor to the Pledgee under each or any of the Credit Documents (including, but not
limited to, the Parallel Obligations), including with respect to all costs, charges and
expenses incurred by the Pledgee in connection with the protection, preservation or
enforcement of its rights under the Credit Documents or any other document evidencing or
securing any such liabilities. The Obligations shall further include any obligation based on
unjust enrichment (ungerechtfertigte Bereicherung) or tort (Delikt).

- 14 -

 

	 	 	“Parallel Obligations” means the independent obligations of any of the Grantors arising
pursuant to the First Lien Intercreditor Agreement to pay to the Collateral Agent sums equal
to the sums owed by such Grantor to the other Secured Parties (or any of them) under the
Credit Documents.
	 
	 	 	“Pledge” means each pledge constituted under this Agreement.
	 
	 	 	“Principal Finance Documents” means the Credit Agreement, the Senior Secured Note Indenture,
the New Secured Note Indenture and the First Lien Intercreditor Agreement.
	 
	 	 	“Promissory Note” shall mean any promissory note executed and delivered by a Borrower upon
the request of a Lender evidencing the amount of principal owed by such Borrower to such
Lender under the Credit Agreement.
	 
	 	 	“Secured Parties” shall mean the Lenders (including in their capacity as issuing bank(s),
and/or Hedge Counterparties under the Credit Agreement), the Hedge Counterparties, the
Administrative Agent, any Issuing Bank, the beneficiaries of each indemnification obligation
undertaken by any Grantor under any Credit Document, the Senior Secured Note Holders, the
New Secured Note Holders, the Indenture Trustee, the New Secured Notes Indenture Trustee,
the Collateral Agent, the Local Facility Providers and the Cash Management Banks.
	 
	 	 	“Senior Secured Note Documents” shall mean the Senior Secured Note Indenture, the Senior
Secured Note Guarantees, the Senior Secured Notes, the Intercreditor Arrangements, any
security document relating to the Senior Secured Notes and/or the Senior Secured Note
Indenture and any other document that may be entered into pursuant to any of the foregoing.
	 
	 	 	“Senior Secured Note Guarantees” shall mean the guarantees of the obligations of the Issuers
under the Senior Secured Notes and the Senior Secured Note Indenture by the Senior Secured
Note Guarantors.
	 
	 	 	“Senior Secured Note Guarantors” means the Current Senior Secured Note Guarantors and any
entity which may accede to the Senior Secured Note Indenture as additional guarantor.
	 
	 	 	“Senior Secured Note Holders” shall mean the holders from time to time of the Senior Secured
Notes.
	 
	 	 	“Shares” means the Existing Shares and the Future Shares.

	1.2	 	In this Agreement any reference in this Agreement to a “Clause” or a “sub-Clause” shall,
subject to any contrary indication, be construed as a reference to a Clause or sub-Clause
hereof.

- 15 -

 

	1.3	 	This Agreement is made in the English language. For the avoidance of doubt, the English
language version of this Agreement shall prevail over any translation of this Agreement.
However, where a German translation of a word or phrase appears in the text of this Agreement,
the German translation of such word or phrase shall prevail.
	 
	2.	 	PLEDGED SHARES
	 
	2.1	 	The Company 1 has a nominal share capital (Stammkapital) of EUR 50,000 (in words: Euro fifty
thousand) which consists of one share (the “Existing Shares 1”).
	 
	 	 	The Company 2 has a nominal share capital (Stammkapital) of EUR 1,000,000 (in words: Euro
one million) which consists of one share (the “Existing Shares 2”).
	 
	 	 	The Company 3 has a nominal share capital (Stammkapital) of EUR 5,000,000 (in words: Euro
five million) which is divided into two shares, one share in the nominal amount (Nennbetrag)
of EUR 100,000 (in words: Euro one hundred thousand) and one share in the nominal amount
(Nennbetrag) of EUR 400,000 (in words: Euro four hundred thousand) (the “Existing Shares
2”).
	 
	 	 	The Company 4 has a nominal share capital (Stammkapital) of EUR 5,200,000 (in words: Euro
five million two hundred thousand) which is divided into two shares. The Pledgor is the
owner of one share in Company 4 with a nominal amount (Nennbetrag) of EUR 4,939,480 (in
words: Euro four million nine hundred thirty-nine thousand four hundred eighty) carrying the
serial number (laufende Nummer) 1 (the “Existing Shares 4”)
	 
	 	 	The Company 5 has a nominal share capital (Stammkapital) of EUR 30,700,000 (in words: Euro
thirty million seven hundred thousand) which is divided into three shares. The Pledgor is
the owner of one share in Company 5 with a nominal amount (Nennbetrag) of EUR 307,000 (in
words: Euro three hundred seven thousand) (the “Existing Shares 5” and together with the
Existing Shares 1, the Existing Shares 2, the Existing Shares 3 and the Existing Shares 4
the “Existing Shares”).
	 
	2.2	 	The Pledgor is the owner of the Existing Shares and is registered as such in the relevant
shareholders list (Gesellschafterliste) of the Companies as filed (aufgenommen) with the
commercial register (Handelsregister), a copy of which is attached as Schedule 2 (Copy of
Shareholders Lists).
	 
	3.	 	PLEDGE
	 
	3.1	 	The Pledgor hereby pledges to the Pledgee the Shares together with all ancillary rights and
claims associated with the Shares as more particularly specified in Clause 4 (the “Pledges”).
	 
	3.2	 	The Pledgee hereby accepts the Pledges.

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	3.3	 	The Pledge is in addition, and without prejudice, to any other security the Secured Parties
may now or hereafter hold in respect of the Obligations.
	 
	4.	 	SCOPE OF THE PLEDGES
	 
	4.1	 	The Pledges constituted by this Agreement include:

	 	(a)	 	the present and future rights to receive:

	 	(i)	 	dividends attributable to the Shares, if any; and
	 
	 	(ii)	 	liquidation proceeds, redemption proceeds (Einziehungsentgelt),
repaid capital in case of a capital decrease, any compensation in case of
termination (Kündigung) and/or withdrawal (Austritt) of a shareholder of the
Companies, the surplus in case of surrender (Preisgabe), any repayment claim
for any additional capital contributions (Nachschüsse) and all other pecuniary
claims associated with the Shares;

	 	(b)	 	the right to subscribe for newly issued shares; and
	 
	 	(c)	 	all other rights and benefits attributable to the Shares capable of being
pledged (verpfändbar) (including without limitation all present and future pecuniary
claims of the Pledgor against any of the Companies arising under or in connection with
any domination and/or profit transfer agreement (Beherrschungs- und/oder
Gewinnabführungsvertrag) or partial profit transfer agreement
(Teilgewinnabführungsvertrag) which may be entered into between the Pledgor and any of
the Companies).

	4.2	 	Notwithstanding that the items set out in Clause 4.1 above are pledged hereunder, the Pledgor
shall be entitled to receive and retain the items set out in Clause 4.1 in respect of, and
otherwise deal (in accordance with the agreements between the parties) with all items
described in Clause 4.1 hereof in respect of the Shares at all times other than any time the
Pledgee is entitled to enforce the Pledges constituted hereunder.
	 
	4.3	 	On the date and during the period in which the Pledgee is entitled, in accordance with Clause
7 (Enforcement of the Pledges) hereof, to enforce the Pledges (or any part thereof):

	 	(a)	 	all dividends paid or payable and any other property received, receivable or
otherwise distributed in respect of or in exchange for the Shares;
	 
	 	(b)	 	all dividends or other distributions or payments paid or payable in respect of
the Shares in connection with the partial or total liquidation or dissolution of any
the Companies or in connection with the reduction of the amount of the registered share
capital of any of the Companies; and

- 17 -

 

	 	(c)	 	all cash paid, payable or otherwise distributed in respect of the principal of,
or in redemption of, or in exchange for the Shares,

	 	 	shall be forthwith delivered to the Pledgee and held as security for and on behalf of the
Secured Parties. If such proceeds or property are received by the Pledgor, they shall be
received as trustee for the benefit of the Pledgee and shall be segregated from other
property or funds of the Pledgor and shall be forthwith delivered to the Pledgee as security
in the form so received (with any necessary endorsement).
	 
	5.	 	PURPOSE OF THE PLEDGES
	 
	 	 	The Pledges hereunder are constituted in order to secure the prompt and complete
satisfaction of any and all Obligations. The Pledges shall also cover any future extension
of the Obligations and the Pledgor herewith expressly agrees that the provisions of Section
1210 para 1 sentence 2 of the German Civil Code (Bürgerliches Gesetzbuch) shall not apply to
this Agreement.
	 
	6.	 	EXERCISE OF MEMBERSHIP RIGHTS
	 
	 	 	The membership rights, including the voting rights, attached to the Shares remain with the
Pledgor. The Pledgor may exercise its membership rights in any manner which does not
adversely affect the validity and enforceability of the Pledges, the existence of all or
part of the Shares or cause an Event of Default to occur. The Pledgor undertakes, unless
otherwise agreed between the parties, that no resolutions will be passed which would, if
passed, constitute a breach of its obligations under Clause 0 or any other obligation under
this Agreement.
	 
	7.	 	ENFORCEMENT OF THE PLEDGES
	 
	7.1	 	If (i) an Enforcement Event has occurred and is continuing and (ii) the requirements set
forth in Sections 1273 para 2, 1204 et seq. of the German Civil Code with regard to the
enforcement of any of the Pledges are met (Pfandreife), in particular, if any of the
Obligations has become due and payable, then in order to enforce the Pledges (or any of them),
the Pledgee may at any time thereafter avail itself of all rights and remedies that a pledgee
has against a pledgor under the laws of the Federal Republic of Germany.
	 
	7.2	 	Notwithstanding Section 1277 of the German Civil Code, the Pledgee is entitled to exercise
its rights without obtaining enforceable judgment or other instrument (vollstreckbarer Titel).
The Pledgee shall be entitled to have the Pledges enforced in any manner allowed under the
laws of the Federal Republic of Germany, in particular have the Pledges sold (including at
public auction).
	 
	7.3	 	The Pledgor hereby expressly agrees that 5 (five) business days’ prior written notice to the
Pledgor of the place and time of any such sale shall be sufficient and the Pledgee shall not
be obliged to deliver any further notices (including, but not limited to the

- 18 -

 

	 	 	notices set out under Section 1234 of the German Civil Code) to the Pledgor prior to such
sale. The sale may take place at any place in the Federal Republic of Germany designated by
the Pledgee.
	 
	7.4	 	If the Pledgee should seek to enforce the Pledges under sub-Clause 7.1, the Pledgor shall, at
its own expense, render forthwith all necessary assistance in order to facilitate the prompt
sale of the Shares or any part thereof and/or the exercise by the Pledgee of any other right
it may have as Pledgee.
	 
	7.5	 	Whilst the requirements for enforcement under sub-Clause 7.1 are continuing, all subsequent
dividend payments attributable to the Shares and all payments based on similar ancillary
rights attributed to the Shares may be applied by the Pledgee in satisfaction in whole or in
part of the Obligations or treated as additional collateral.
	 
	7.6	 	Even if the requirements for enforcement referred to under sub-Clause 7.1 above are met, the
Pledgee shall not, whether as proxy or otherwise, be entitled to exercise the voting rights
attached to the Shares. However, the Pledgor shall, during the continuation of an event which
allows the Pledgee to enforce the Pledges, have the obligations and the Pledgee shall have the
rights set forth in sub-Clause 9.6 below regardless of which resolutions are intended to be
adopted.
	 
	7.7	 	The Pledgee may, in its sole discretion, determine which of several security interests, if
applicable, shall be used to satisfy the Obligations. The Pledgor hereby expressly waives its
right pursuant to Section 1230 sentence 2 of the German Civil Code to limit the realisation of
the Pledges and pledges over the shares or partnership interests in one or more other
companies to such number of pledges as are necessary to satisfy the Obligations and agrees
further that the Pledgee may decide to enforce the Pledge over the shares in the Companies
individually in separate proceedings or together with pledges over shares or partnership
interests in one or more other companies at one single proceeding (Gesamtverwertung).
	 
	7.8	 	The Pledgor hereby expressly waives all defences of revocation (Einrede der Anfechtbarkeit)
and set-off (Einrede der Aufrechenbarkeit) pursuant to Sections 770, 1211 of the German Civil
Code.
	 
	7.9	 	The Pledgor hereby expressly waives its defences based on defences any Grantor might have
against any of the Obligations (Einreden des Hauptschuldners) pursuant to Section 1211 para 1
sentence 1 alternative 1 of the German Civil Code.
	 
	7.10	 	If the Pledges are enforced or if the Pledgor has discharged any of the Obligations (or any
part of them), Section 1225 of the German Civil Code (legal subrogation of claims to a pledgor
 — Forderungsübergang auf den Verpfänder) shall not apply and no rights of the Pledgee shall
pass to the Pledgor by subrogation or otherwise. Further, the Pledgor shall at no time before,
on or after an enforcement of the Pledges and as a result of the Pledgor entering into this
Agreement, be entitled to demand

- 19 -

 

	 	 	indemnification or compensation from any of the Companies or any of the Companies’
affiliates or to assign any of these claims.
	 
	8.	 	APPROVAL AND CONFIRMATION
	 
	 	 	The Pledgor as the sole shareholder of the Companies other than Company 4 and Company 5
hereby approves the Pledges over the Shares in Company 1, Company 2 and Company 3 and over
any and all ancillary rights and claims associated with the Shares (as more particularly
specified in Clause 4). Pursuant to the articles of association of each of Companies the
Pledges are not subject to any approval of the relevant Company.
	 
	9.	 	UNDERTAKINGS OF THE PLEDGOR
	 
	 	 	Unless otherwise agreed between the parties, during the term of this Agreement, the Pledgor
undertakes to the Pledgee:
	 
	9.1	 	to promptly effect any contributions in cash (Bareinlage) or kind (Sacheinlage) to be made in
respect of the Shares;
	 
	9.2	 	to inform the Pledgee promptly of any change made in the registered share capital of any of
the Companies, or any changes made to the articles of association of any of the Companies
which would materially adversely affect the security interest of the Pledgee and in each such
case to promptly deliver to the Pledgee a copy of the updated shareholders list
(Gesellschafterliste) and a copy of the amended articles of association (Satzung) both as
filed (aufgenommen) with the commercial register (Handelsregister);
	 
	9.3	 	to promptly notify the Pledgee, by notification in writing of the registration of an
objection (Widerspruch) in relation to the Shares of the Pledgor in the shareholders list
(Gesellschafterliste) as filed (aufgenommen) with the commercial register (Handelsregister).
	 
	9.4	 	to promptly notify the Pledgee, by notification in writing of any attachment (Pfändung) in
respect of any of the Shares or any ancillary rights set out in sub-Clause 4.1 such notice to
be accompanied by any documents the Pledgee might need to defend itself against any claim of a
third party. In particular, the Pledgor shall promptly forward to the Pledgee a copy of the
attachment order (Pfändungsbeschluss), any transfer order (Überweisungsbeschluss) and all
other documents necessary for a defence against the attachment;
	 
	9.5	 	in the event of any increase in the capital of any of the Companies, not to allow, without
the prior written consent of the Pledgee (such consent not to be unreasonably withheld), any
party other than himself to subscribe for any Future Shares, and not to defeat, impair or
circumvent in any way the rights of the Pledgee created hereunder;

- 20 -

 

	9.6	 	to promptly inform the Pledgee, by notification in writing, of all matters concerning of any
of the Companies of which the Pledgor is aware which would materially adversely affect the
security interest of the Pledgee. In particular, the Pledgor shall notify the Pledgee, by
notification in writing, forthwith of any shareholders’ meeting at which a shareholders’
resolution is intended to be adopted which would have a materially adverse effect upon any of
the Pledges. The Pledgor shall allow, following the occurrence and during the continuance of
any of the circumstances which permit the Pledgee to enforce the Pledges constituted hereunder
in accordance with Clause 7, the Pledgee or, as the case may be, its proxy or any other person
designated by the Pledgee, to participate in all such shareholders’ meetings of any of the
Companies as attendants without power to vote. Subject to the provision contained in
sub-Clause 13.1, the Pledgee’s right to attend a shareholders’ meeting shall lapse immediately
upon complete satisfaction and discharge of the Obligations;
	 
	9.7	 	to refrain from any acts or omissions, subject to the performance of its rights and duties
under the Existing Share Pledge Agreements, the purpose or effect of which is or would be the
dilution of the value of the Shares or the Shares ceasing to exist, unless permitted by the
Pledgee (acting reasonably);
	 
	9.8	 	not to amend the articles of association of any of the Companies to the extent that such
amendment would materially adversely affect the security interest of the Pledgee created
hereunder without the prior written consent of the Pledgee (such consent not to be
unreasonably withheld);
	 
	9.9	 	insofar as additional declarations or actions are necessary for the creation of the Pledges
(or any of them) in favour of the Pledgee and at the Pledgee’s reasonable request, to make
such declarations and undertake such actions at its own costs and expenses; and
	 
	9.10	 	for the avoidance of doubt, notification and consent requirements as set out in sub-Clauses
9.1 through 9.8 of this Agreement are deemed to be satisfied if and to the extent such
notification or consent has been delivered under the Existing Share Pledge Agreements provided
that such notification to the Pledgee or consent of the Pledgee makes reference to this
Agreement and each Existing Share Pledge Agreement.
	 
	10.	 	DELEGATION
	 
	 	 	The Pledgee shall have full power to delegate (either generally or specifically) the powers,
authorities and discretions conferred on it by this Agreement on such terms and conditions
as it shall see fit. The Pledgee shall only remain liable for diligently selecting and
providing initial instructions to such delegate.
	 
	11.	 	INDEMNITY
	 
	 	 	The Pledgor shall reimburse the Pledgee (which, for purposes of this Clause 11, shall
include its officers, directors, employees, agents and counsel) upon request for all

- 21 -

 

	 	 	properly incurred, reasonable and documented out-of-pocket expenses incurred or made by it
in connection with the Credit Documents. Such expenses shall include the properly incurred,
reasonable and documented compensation and expenses, disbursements and advances of the
Pledgee’s agents, counsel, accountants and experts. The Pledgor shall indemnify the Pledgee
against any and all loss, liability, claim, taxes, costs, damage or expense (including
properly incurred, reasonable and documented attorneys’ fees and expenses) incurred by or in
connection with the acceptance or administration of the Pledgee’s performance of its duties
under this Agreement and under German law, including the costs and expenses of enforcing
this Agreement and defending itself against or investigating any claim. The obligation to
pay such amounts shall survive the payment in full or defeasance of the Obligations or the
removal or resignation of the Pledgee. The Pledgee shall notify Reynolds Group Holdings
Limited of any claim for which it may seek indemnity promptly upon obtaining actual
knowledge thereof; provided that any failure so to notify Reynolds Group Holdings Limited
shall not relieve the Pledgor of its indemnity obligations hereunder. The Pledgor may defend
itself against such claim and the Pledgee shall provide reasonable cooperation in such
defense. The Pledgee may have separate counsel and the Pledgor shall pay the properly
incurred, reasonable and documented fees and expenses of such counsel. The Pledgor need not
reimburse any expense or indemnify against any loss, liability or expense incurred by the
Pledgee through the Pledgee’s own wilful misconduct (Vorsatz) or gross negligence (grobe
Fahrlässigkeit). No provision of this Agreement shall require the Pledgee to expend or risk
its own funds or otherwise incur any financial liability in the performance of any of its
duties hereunder, or in the exercise of any of its rights or powers, if repayment of such
funds or adequate indemnity against such risk or liability is not assured to its
satisfaction.
	 
	12.	 	NO LIABILITY
	 
	 	 	Except as otherwise agreed between the parties to this Agreement, none of the Pledgee, its
nominee(s) or agent(s) or delegate(s) shall be liable by reason of (a) taking any action
permitted by this Agreement or (b) any neglect or default in connection with the assets and
rights subject to the security interest created hereunder, save in respect of any loss or
damage which is suffered as a result of wilful misconduct (Vorsatz) or gross negligence
(grobe Fahrlässigkeit) by the Pledgee, its nominee(s) or agent(s) or delegate(s), or (c) the
enforcement or realisation of all or any part of the security interest created hereunder.
	 
	13.	 	DURATION AND INDEPENDENCE
	 
	13.1	 	This Agreement shall remain in full force and effect until complete satisfaction of the
Obligations. The Pledges shall not cease to exist, if any Grantor under the Credit Documents
has only temporarily discharged the Obligations.
	 
	13.2	 	This Agreement shall create a continuing security and no change, amendment, or supplement
whatsoever in the Credit Documents or in any document or agreement

- 22 -

 

	 	 	related to any of the Credit Documents shall affect the validity or the scope of this
Agreement nor the obligations which are imposed on the Pledgor pursuant to it.
	 
	13.3	 	This Agreement is independent from any other security or guarantee which may have been or
will be given to the Collateral Agent. None of such other security shall prejudice, or shall
be prejudiced by, or shall be merged in any way with this Agreement.
	 
	13.4	 	Waiving Section 418 of the German Civil Code, the Pledgor hereby agrees that the security
created hereunder shall not be affected by any transfer or assumption of the Obligations to,
or by, any third party.
	 
	14.	 	RELEASE OF PLEDGE (PFANDFREIGABE)
	 
	14.1	 	Upon complete and irrevocable satisfaction of the Obligations, the Collateral Agent (as
instructed in accordance with the First Lien Intercreditor Agreement) will as soon as
reasonably practicable declare in writing the release of the Pledges (Pfandfreigabe) to the
Pledgor as a matter of record. For the avoidance of doubt, the parties are aware that upon
full and complete satisfaction of the Obligations the Pledges, due to their accessory nature
(Akzessorietät) cease to exist by operation of German mandatory law.
	 
	14.2	 	At any time when the total value of the aggregate security granted by the Pledgor and any of
the other Grantors to secure the Obligations (the “Security”), which can be expected to be
realised in the event of an enforcement of the Security (realisierbarer Wert), exceeds 110% of
the Obligations (the “Limit”) not only temporarily, the Pledgee shall on demand of the Pledgor
release such part of the Security (Sicherheitenfreigabe) as the Pledgee (as instructed in
accordance with the First Lien Intercreditor Agreement) may in its reasonable discretion
determine so as to reduce the realisable value of the Security to the Limit.
	 
	14.3	 	The parties acknowledge that the Pledgee (as instructed in accordance with the First Lien
Intercreditor Agreement) will declare in writing the release of the Pledges (Pfandfreigabe) to
the Pledgor as soon as reasonably practicable in accordance with, and to the extent required
by, the Intercreditor Arrangements.
	 
	15.	 	PARTIAL INVALIDITY; WAIVER
	 
	15.1	 	If at any time, any one or more of the provisions hereof is or becomes invalid, illegal or
unenforceable in any respect under the law of any jurisdiction, such provision shall as to
such jurisdiction, be ineffective to the extent necessary without affecting or impairing the
validity, legality and enforceability of the remaining provisions hereof or of such provisions
in any other jurisdiction. The invalid, illegal or unenforceable provision shall be deemed to
be replaced with such valid, legal or enforceable provision which comes as close as possible
to the original intent of the parties and the invalid, illegal or unenforceable provision.
Should a gap (Regelungslücke) become

- 23 -

 

	 	 	evident in this Agreement, such gap shall, without affecting or impairing the validity,
legality and enforceability of the remaining provisions hereof, be deemed to be filled in
with such provision which comes as close as possible to the original intent of the parties.
	 
	15.2	 	No failure to exercise, nor any delay in exercising, on the part of the Pledgee, any right or
remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise
of any right or remedy prevent any further or other exercise thereof or the exercise of any
other right or remedy. The rights and remedies provided hereunder are cumulative and not
exclusive of any rights or remedies provided by law.
	 
	15.3	 	In particular, the Pledges shall not be affected and shall in any event extend to any and all
shares in each of the Companies even if the number or nominal value of the Existing Shares or
the aggregate share capital of any of the Companies as stated in Clause 2 are inaccurate or
deviate from the actual facts.
	 
	16.	 	AMENDMENTS
	 
	 	 	Changes and amendments to this Agreement including this Clause 16 shall be made in writing
except where notarisation is required.
	 
	17.	 	NOTICES AND THEIR LANGUAGE
	 
	17.1	 	All notices and other communications provided for herein shall be in writing and shall be
delivered by hand or overnight courier service, mailed by certified or registered mail or sent
by fax, as follows:

	 	 	 	 	 

	For the Pledgor:
	 	SIG Euro Holding AG & Co. KG aA
	 
	 	 	 	 
	 

	 	Address:
	 	Rurstraße 58, 
52441 Linnich,
Germany
	 
	 	 	 	 
	 

	 	Telephone:
	 	+49 [•] 
	 
	 	 	 	 
	 

	 	Fax:
	 	+49 [•]1
	 
	 	 	 	 
	 

	 	Attention:
	 	Managing Directors

(Geschäftsführung)

 

			
	1	 	To be updated due to transfer of business
seat

- 24 -

 

	 	 	 	 	 

	for the Pledgor with a copy to: 
	 	 	 	 
	 

	 	Address:
	 	c/o Rank Group Limited
	 
	 	 	 	 
	 

	 	 	 	Level 9
	 
	 	 	 	 
	 

	 	 	 	148 Quay Street
	 
	 	 	 	 
	 

	 	 	 	PO Box 3515
	 
	 	 	 	 
	 

	 	 	 	Auckland 1140
	 
	 	 	 	 
	 

	 	 	 	New Zealand
	 
	 

	 	Telephone:
	 	+649 3666 259
	 
	 	 	 	 
	 

	 	Fax:
	 	+649 3666 263
	 
	 	 	 	 
	 

	 	Attention:
	 	Helen Golding
	 
	 	 	 	 
	For the Pledgee:

	 	The Bank of 
New
York Mellon	 	 
	 
	 	 	 	 
	 

	 	Address:
	 	101 Barclay Street, 4E
	 
	 	 	 	 
	 

	 	 
	 	New York, N.Y. 10286
	 
	 	 	 	 
	 

	 	 	 	The United States of
America
	 
	 	 	 	 
	 

	 	Telephone:	 	+212 298 1528
	 
	 	 	 	 
	 

	 	Fax:
	 	+212 815 5366
	 
	 	 	 	 
	 

	 	Attention:
	 	International Corporate Trust

	17.2	 	Any party hereto may change its address or fax number for notices and other communications
hereunder by notice to the other parties hereto. As agreed to in writing by the parties,
notices and other communications hereunder may also be delivered by e-mail to the e-mail
address of a representative of the applicable party to this Agreement provided from time to
time by such party.

- 25 -

 

	17.3	 	All notices and other communications given to any party in connection with this Agreement in
accordance with the provisions of this Agreement shall be deemed (widerlegbare Vermutung)
received on the date sent (if a business day) and on the next business day thereafter (in all
other cases) if delivered by hand or overnight courier service or sent by fax or on the date
five business days after dispatch by certified or registered mail if mailed, in each case
delivered, sent or mailed (properly addressed) to such party as provided in this Clause 17 or
in accordance with the latest unrevoked direction from such party given in accordance with
this Clause 17.
	 
	17.4	 	Any notice or other communication under or in connection with this Agreement shall be in the
English language or, if in any other language, accompanied by a translation into English. In
the event of any conflict between the English text and the text in any other language, the
English text shall prevail.
	 
	18.	 	NOTIFICATION
	 
	18.1	 	The Pledgor and the Pledgee hereby give notice of this Agreement and the Pledges of the
rights pursuant to Clause 3 and Clause 4 to the Company.
	 
	18.2	 	The Company hereby acknowledges the notification pursuant to Clause 18.1 above.
	 
	19.	 	APPLICABLE LAW, JURISDICTION
	 
	19.1	 	This Agreement is governed by the laws of the Federal Republic of Germany.
	 
	19.2	 	The place of jurisdiction for any and all disputes arising under or in connection with this
Agreement shall be the district court (Landgericht) in Frankfurt am Main. The Pledgee however,
shall also be entitled to take action against the Pledgor in any other court of competent
jurisdiction. Further, the taking of proceedings against the Pledgor in any one or more
jurisdictions shall not preclude the taking of proceedings in any other jurisdiction (whether
concurrently or not) if and to the extent permitted by applicable law.

The Notary advised the persons appearing:

	•	 	that a pledge is a security instrument of strictly accessory nature (which means that it
comes into legal existence only if, to the extent that, and as long as, the underlying secured
claims do in fact exist, and that the owners of the secured claims and the pledgees must be
identical);
	 
	•	 	that notwithstanding Section 16 para 3 German Limited Liability Companies Act (Gesetz
betreffend die Gesellschaften mit beschränkter Haftung) there is no bona fide creation,
acquisition nor ranking of a pledge of shares (in the sense that the pledgees are not
protected if the shares purported to be pledged do not exist or have been previously
encumbered for the benefit of a third party); and

- 26 -

 

	•	 	that the English original version of this Agreement will not be acceptable for enforcement
but will have to be translated, by a certified translator, into German for such purposes.

The above Agreement including the Schedules was read aloud by the Notary to the persons appearing,
approved by them and signed by the persons appearing and by the Notary in their own hand as
follows:

- 27 -

 

SCHEDULE 1

LIST OF CURRENT BORROWERS, CURRENT GUARANTORS, THE CURRENT SENIOR SECURED NOTE

GUARANTORS AND THE ORIGINAL NEW SECURED NOTE GUARANTORS

PART 1

LIST OF CURRENT BORROWERS

SIG Euro Holding AG & Co. KG aA

Closure Systems International Holding Inc.

Closure Systems International B.V.

SIG Austria Holding GmbH

Reynolds Consumer Products Holdings Inc.

Reynolds Group Holdings Inc.

Reynolds Acquisition Corporation

- 28 -

 

PART 2

LIST OF CURRENT GUARANTORS

Whakatane Mill Australia Pty Limited

SIG Combibloc GmbH & Co KG

SIG Combibloc GmbH

SIG Beverages Brasil Ltda

SIG Combibloc do Brasil Ltda

Closure Systems International (Brazil) Sistemas de Vedação Ltda

CSI Latin American Holdings Corporation

Closure Systems International (Canada) Limited

Evergreen Packaging Canada Limited

Reynolds Food Packaging Canada Inc.

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

SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

- 29 -

 

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Ltd

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft.

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

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

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

SIG Finance (Luxembourg) S.à r.l.

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

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

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

Reynolds Group Issuer (Luxembourg) S.A.

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

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

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

- 30 -

 

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

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

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

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

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

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

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG

SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Combibloc Ltd.

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas Inc.

Closure Systems International Inc.

Reynolds Packaging Machinery Inc.

- 31 -

 

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc.

Bakers Choice Products, Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics, Inc.

Ultra Pac, Inc.

BRPP, LLC

Reynolds Group Issuer Inc.

Reynolds Group Issuer LLC

- 32 -

 

PART 3

LIST OF CURRENT SENIOR SECURED NOTE GUARANTORS

Whakatane Mill Australia Pty Limited

SIG Austria Holding GmbH

SIG Combibloc GmbH & Co KG

SIG Combibloc GmbH

SIG Beverages Brasil Ltda

SIG Combibloc do Brasil Ltda

Closure Systems International (Brazil) Sistemas de Vedação Ltda

CSI Latin American Holdings Corporation

Closure Systems International (Canada) Limited

Evergreen Packaging Canada Limited

Reynolds Food Packaging Canada Inc.

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

SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

- 33 -

 

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Ltd

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft.

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

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

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

SIG Finance (Luxembourg) S.à r.l.

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

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

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

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

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

- 34 -

 

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

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

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

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

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

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

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

Closure Systems International B.V.

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG

SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Combibloc Ltd.

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas Inc.

- 35 -

 

Closure Systems International Inc.

Reynolds Group Holdings Inc.

Reynolds Packaging Machinery Inc.

Closure Systems International Holdings Inc.

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc.

Bakers Choice Products, Inc.

Reynolds Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics, Inc.

Ultra Pac, Inc.

- 36 -

 

BRPP, LLC

Reynolds Acquisition Corporation

PART 4

LIST OF ORIGINAL NEW SECURED NOTE GUARANTORS

Whakatane Mill Australia Pty Limited

SIG Beverages Brasil Ltda

SIG Combibloc do Brasil Ltda

Closure Systems International (Brazil) Sistemas de Vedação Ltda

CSI Latin American Holdings Corporation

Closure Systems International (Canada) Limited

Evergreen Packaging Canada Limited

Reynolds Food Packaging Canada Inc.

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

SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

SIG Beverages Germany GmbH

- 37 -

 

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Ltd

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft.

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

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

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

SIG Finance (Luxembourg) S.à r.l.

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

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

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

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

- 38 -

 

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

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

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

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

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

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

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

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

Closure Systems International B.V.

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG

SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas Inc.

- 39 -

 

Closure Systems International Inc.

Reynolds Group Holdings Inc.

Reynolds Packaging Machinery Inc.

Closure Systems International Holdings Inc.

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc.

Bakers Choice Products, Inc.

Reynolds Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics, Inc.

Ultra Pac, Inc.

- 40 -

 

BRPP, LLC

Reynolds Acquisition Corporation

- 41 -

 

SCHEDULE 2

COPY OF SHAREHOLDERS LISTS (GESELLSCHAFTERLISTEN)

- 42 -exv4w264

	 	 	 

	 

	 	EXHIBIT 4.264

SIG COMBIBLOC GROUP AG

SIG REINAG AG

as Pledgors

and

THE BANK OF NEW YORK MELLON

as Collateral Agent and Pledgee

 

JUNIOR SHARE AND PARTNERSHIP INTEREST PLEDGE AGREEMENT

relating to the shares (Verpfändung von Aktien) and interests (Verpfändung

Komplementäranteile) in SIG EURO HOLDING AG & CO. KGAA

 

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

 

 

Contents

	 	 	 	 	 
	Clause	 	Page
	1. Definitions and Language

	 	 	3	 
	 
	 	 	 	 
	2. Pledged Shares

	 	 	10	 
	 
	 	 	 	 
	3. Pledge

	 	 	10	 
	 
	 	 	 	 
	4. Scope of the Pledges

	 	 	11	 
	 
	 	 	 	 
	5. Purpose of the Pledges

	 	 	13	 
	 
	 	 	 	 
	6. Exercise of Membership Rights

	 	 	14	 
	 
	 	 	 	 
	7. Enforcement of the Pledges

	 	 	14	 
	 
	 	 	 	 
	8. Swiss Limitations

	 	 	18	 
	 
	 	 	 	 
	9. Undertakings of the Pledgors

	 	 	20	 
	 
	 	 	 	 
	10. Delegation

	 	 	23	 
	 
	 	 	 	 
	11. Indemnity

	 	 	23	 
	 
	 	 	 	 
	12. No liability

	 	 	23	 
	 
	 	 	 	 
	13. Duration and Independence

	 	 	24	 
	 
	 	 	 	 
	14. Release (Pfandfreigabe)

	 	 	24	 
	 
	 	 	 	 
	15. Partial Invalidity; Waiver

	 	 	25	 
	 
	 	 	 	 
	16. Amendments

	 	 	25	 
	 
	 	 	 	 
	17. Notices and their Language

	 	 	25	 
	 
	 	 	 	 
	18. Applicable Law, Jurisdiction

	 	 	27	 
	 
	 	 	 	 
	19. Conclusion of this Agreement (Vertragsschluss)

	 	 	27	 
	 
	 	 	 	 
	Schedule 1 The Current Borrowers, the Current Guarantors, the
Current Senior Secured Note Guarantors and the Original New
Secured Note Guarantors

	 	 	28	 
	 
	 	 	 	 
	Part I — The Current Borrowers

	 	 	28	 
	 
	 	 	 	 
	Part II — The Current Guarantors

	 	 	28	 
	 
	 	 	 	 
	Part III — The Current Senior Secured Note Guarantors

	 	 	33	 
	 
	 	 	 	 

 

 

	 	 	 	 	 
	Clause	 	Page
	Part IV — The Original New Secured Note Guarantors

	 	 	37	 
	 
	 	 	 	 
	Schedule 2 Copy of Approval and Consent

	 	 	41	 
	 
	 	 	 	 
	Signature Pages

	 	 	42	 

 

 

This Junior Share and Partnership Interest Pledge Agreement (this “Agreement”) is made on 16
November 2010

BETWEEN:

	(1)	 	SIG Reinag AG, a company limited by shares (Aktiengesellschaft) incorporated under the laws
of Switzerland, having its registered office at Laufengasse 18, CH-8212 Neuhausen am
Rheinfall, Switzerland and registered in the Commercial Register of the Canton of Schaffhausen
with the federal register number CH-290.3.003.796-7 (“Pledgor 1”);

	(2)	 	SIG Combibloc Group AG, a stock corporation (Aktiengesellschaft) organised under the laws of
Switzerland having its business address at Laufengasse 18, CH-8212 Neuhausen am Rheinfall,
Switzerland, and registered in the commercial register (Handelsregister) of the Canton of
Schaffhausen under the federal register number CH-290.3.004.149-2 (“Pledgor 2” and together
with Pledgor 1 the “Pledgors” and each a “Pledgor”); and

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

WHEREAS:

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

	(B)	 	Pursuant to a senior secured note indenture dated 5 November 2009 between, inter alia,
Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., and Reynolds Group Issuer (Luxembourg)
S.A as issuers (the “Issuers”), certain affiliates of the Issuers listed in Part III of
Schedule 1 as current senior secured note guarantors (the “Current

- 1 -

 

	 	 	Senior Secured Note Guarantors”) and The Bank of New York Mellon, as indenture trustee,
principal paying agent, transfer agent and registrar, (as amended, varied, novated,
supplemented, superseded or extended from time to time, the “Senior Secured Note
Indenture”), the Issuers have issued senior secured notes due 2016 in the aggregate
principal amount of USD 1,125,000,000 (the “US Secured Notes”) and senior secured notes due
2016 in the aggregate principal amount of EUR 450,000,000 (the “Euro Secured Notes” and
together with the US Secured Notes the “Senior Secured Notes”) to certain noteholders.

	(C)	 	Pledgor 1 has entered into the Existing Interest Pledge Agreement (as defined below) and
Pledgor 2 has entered into the Existing Share Pledge Agreement (as defined below).

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

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

	(F)	 	Each Pledgor has agreed to grant an additional pledge (subject to the pledges arising under
the Existing Pledge Agreements (as defined below) to which it is a party) over its GP
Interests (as defined below) or, as the case may be, Shares (as defined below) in the Company
(as defined below) as security for the Pledgee’s claims against the

- 2 -

 

	 	 	Grantors (as defined below) (or any of them) in respect of the Obligations (as defined
below).

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

	(H)	 	SIG Austria Holding GmbH is the owner of 9,499 (in words: nine thousand four hundred ninety
nine) shares in the Company, Nos. 1-9,499, which are represented by a global share certificate
(the “Existing Share Certificate 2”).

	(I)	 	Pledgor 2 and SIG Austria Holding GmbH as sole shareholders (Aktionäre) of the Company have
approved and consented to the Pledge 2 (as defined below) in a resolution of the shareholders
(Hauptversammlungsbeschluss) a copy of which is attached hereto as Schedule 2.

NOW, IT IS AGREED as follows:

	1.	 	DEFINITIONS AND LANGUAGE

	1.1	 	Definitions

	 	 	In this Agreement:

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

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

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

- 3 -

 

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

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

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

	 	 	“Company” means SIG Euro Holding AG & Co. KGaA, an association limited by shares
(Kommanditgesellschaft auf Aktien) organised under the laws of the Federal Republic of
Germany having its business address at Weilheimer Str. 5, 79761 Waldshut-Tiengen, Germany,
and registered in the commercial register (Handelsregister) of the local court (Amtsgericht)
of Freiburg i.Br. under HRB 621259.

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

	 	 	“Enforcement Event” shall mean an Event of Default.

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

	 	 	“Existing GP Interests” has the meaning given to such term in sub-Clause 2.1 hereof.

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

	 	 	“Existing Interest Pledge Agreement” means:

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	 	(a)	 	the interest pledge agreement dated 29 January 2010 (as amended by a
confirmation and amendment agreement dated 4 May 2010 (the “Interest Pledge
Confirmation and Amendment Agreement”)) entered into between SIG Reinag AG as Pledgor,
The Bank of New York Mellon as collateral agent and pledgee and others as pledgees; and

	 	(b)	 	the Interest Pledge Confirmation and Amendment Agreement;

	 	 	“Existing Pledge Agreements” means the Existing Interest Pledge Agreement and the Existing
Share Pledge Agreement.

	 	 	“Existing Share Certificate 1” has the meaning given to such term in sub-Clause 2.4 hereof.

	 	 	“Existing Share Certificate 2” has the meaning given to such term in Preamble (H).

	 	 	“Existing Share Certificates” means the Existing Share Certificate 1 and the Existing Share
Certificate 2.

	 	 	“Existing Share Pledge Agreement” means:

	 	(a)	 	the share pledge agreement dated 5 November 2009 (as amended by a confirmation
and amendment agreement dated 4 May 2010 (the “Share Pledge Confirmation and Amendment
Agreement”)) entered into between SIG Combibloc Group AG as pledgor and The Bank of New
York Mellon as collateral agent and pledgee; and

	 	(b)	 	the Share Pledge Confirmation and Amendment Agreement;

	 	 	“Existing Shares” has the meaning given to such term in sub-Clause 2.4 hereof.

	 	 	“Future Shares” means any and all shares in the Company in whatever nominal value which
Pledgor 2 may hold in the future other than the Existing Shares (arising from a split of
shares, purchase of shares in the context of the mandatory public offer or otherwise).

	 	 	“Future GP Interests” means the Existing GP Interests of Pledgor 1 in existence from time to
time (including following a further contribution (Einlage) or an increase of the special
contribution (Sondereinlage) in the capital of the Company (if any)).

	 	 	“GP Interests” means the Existing GP Interests and the Future GP Interests.

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

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	 	 	of the Loan Parties, the Issuers and the Senior Secured Note Guarantors under the Credit
Documents and “Grantor” means any of them.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

	 	 	“Pledges” means Pledge 1 and Pledge 2, and “Pledge” means any of them.

	 	 	“Pledge 1” has the meaning given to such term in sub-Clause 3.1 hereof.

	 	 	“Pledges 2” means the pledges constituted under this Agreement in relation to the Shares (or
any rights arising therefrom), and “Pledge 2” means any of them.

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

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

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	 	 	“Relevant Pledgor’s Subsidiary” has the meaning given to such term in sub-Clause 7.1 hereof.

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

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

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

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

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

	 	 	“Share Certificates” means the Existing Share Certificate 1 and any other certificate or
securities representing any of the Future Shares or any rights in relation thereto,
including interest and dividend coupons, annuity bands, renewal coupons and all related
certificates, and “Share Certificate” means any of them.
	 
	 	 	“Shares” means the Existing Shares and the Future Shares.

	1.2	 	Construction

	 	 	In this Agreement:

	1.2.1	 	Terms used in this Agreement or in any notice relating hereto but not defined have the
meanings ascribed thereto in the First Lien Intercreditor Agreement; and

	1.2.2	 	any reference in this Agreement to a “Clause” or a “sub-Clause” or a “Schedule” shall,
subject to any contrary indication, be construed as a reference to a Clause or sub-Clause or a
Schedule in this Agreement.

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

	2.	 	PLEDGED SHARES

	2.1	 	Pledgor 1 is the sole general partner of the Company. Pledgor 1’s general partner’s interests
(Komplementäranteile) in the Company in form and substance at the date hereof correspond to a
special contribution (Sondereinlage) in the amount of EUR 1,307,000 (in words: Euro one
million three hundred and seven thousand) (the “Existing GP Interests”).

	2.2	 	Pledgor 1 is the owner of the Existing GP Interests.

	2.3	 	The Company has a registered share capital (Grundkapital) of EUR 10,000,000 (in words: Euro
ten million) which is divided into 10,000 registered shares (Namensaktien) with no nominal
value (Stückaktien ohne Nennwert) which are at the date of this agreement represented by the
Existing Share Certificates.

	2.4	 	Pledgor 2 is the owner of 501 (in words: five hundred one) shares in the Company, Nos.
9,500-10,000 (the “Existing Shares”), which are represented by a global share certificate (the
“Existing Share Certificate 1”).

	3.	 	PLEDGE

	3.1	 	Pledgor 1 hereby pledges to the Pledgee its GP Interests together with all ancillary rights
and claims associated with the GP Interests as more particularly specified in Clause 4.1 (the
“Pledge 1”).

	3.2	 	Pledgor 2 hereby pledges (verpfändet) to the Pledgee as security all Shares in the Company
together with all ancillary rights and claims associated with the Shares as more particularly
specified in sub-Clause 4.1 hereof by pledging each Share Certificate representing any Shares
or rights in relation thereto to the Pledgee.

	3.3	 	Pledgor 2 shall:

	3.3.1	 	duly endorse (indossieren) all Share Certificates (other than the Existing Share Certificate
1) which are endorsed in its name with a blank endorsement (Blankoindossament). The Pledgee
and Pledgor 2 acknowledge that the Existing Share Certificate 1 which is endorsed in Pledgor
2’s name has been duly endorsed (indossieren) by Pledgor 2 with a blank endorsement
(Blankoindossament); and

	3.3.2	 	deliver (übergeben) all Share Certificates endorsed by the Pledgor 2 in accordance with
Clause 3.3.1 above to an authorised representative of the Pledgee in Germany for the purpose
of depositing the Share Certificates with the Pledgee. For the avoidance of

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	 	 	doubt, the Existing Share Certificate 1 is already in the possession of the Pledgee. Pledgor
2 shall use all reasonable endeavours (including offering delivery of the relevant Share
Certificate to the Pledgee in Germany within normal business hours) to deliver any other
Share Certificate endorsed by Pledgor 2 in accordance with clause 3.3.1. above to the
Pledgee in Germany without undue delay upon becoming the owner of the Shares to which it
relates.

	3.4	 	Pledgor 2 hereby further assigns to the Pledgee all present and future claims for the return
of any Share Certificate against third parties (other than the Pledgee) having or obtaining
actual possession of a Share Certificate. Such third parties shall be notified forthwith by
Pledgor 2 of the relevant Pledges (as soon as Pledgor 2 becomes aware of such third party
having or obtaining actual possession of a Share Certificate).

	3.5	 	The Pledges 2 shall extend automatically to any newly issued certificates representing,
replacing or supplementing any of the Shares which shall forthwith be duly endorsed
(indossiert) with a blank endorsement (Blankoindossament) and delivered to (übergeben) to the
Pledgee in Germany.

	3.6	 	In addition to the pledges created in accordance with Clause 3.2 to 3.5 (inclusive) above,
Pledgor 2 hereby creates a pledge over all Shares by way of pledging its rights in the Company
(Mitgliedschaftsrechte) arising from such Shares in accordance with sections 1274, 413, 398 of
the German Civil Code (BGB) in favour of the Pledgee.

	3.7	 	The Pledgee hereby accepts all Pledges and assignments made pursuant to this Clause 3.

	3.8	 	The validity and effect of each of the Pledges shall be independent from the validity and the
effect of the other Pledges created hereunder.

	3.9	 	For the avoidance of doubt, the parties agree that nothing in this Agreement shall exclude a
transfer of all or part of the Pledges created hereunder by operation of law upon the transfer
or assignment (including by way of novation or assumption (Vertragsübernahme)) of all or part
of the Obligations.

	3.10	 	Each of the Pledges is in addition, and without prejudice, to any other security the Secured
Parties may now or hereafter hold in respect of the Obligations.

	4.	 	SCOPE OF THE PLEDGES

	4.1	 	The Pledge 1 constituted by this Agreement include:

	4.1.1	 	the present and future rights to receive:

	 	(a)	 	profits payable in relation to the GP Interests (Gewinnanspruch), if any and,
in particular but not limited to, any and all rights and claims arising in connection
with the capital accounts (Kapitalkonten) and the private account (Privatkonto)

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	 	 	 	of the Pledgor, if any (including, but not limited to, interest payable on any of
these accounts);

	 	(b)	 	liquidation proceeds (Liquidationserlöse), consideration for redemption
(Abfindungsansprüche), repaid capital in case of a decrease of the special contribution
(Sondereinlage), any compensation in case of termination (Kündigung) and/or withdrawal
(Ausscheiden) of a partner of the Company, any claim to a distribution-quote
(Auseinandersetzungsanspruch) and all other pecuniary claims (geldwerte Forderungen)
associated with the GP Interests; and

	 	(c)	 	compensation for the management (Geschäftsführungstätigkeit) of the Company,
for the assumption of liability (Haftungsübernahme) and for the contribution
(Vermögenseinlage); and

	4.1.2	 	all other rights and benefits attributable to the GP Interests.
	 
	4.2	 	The Pledges 2 constituted by this Agreement include:
	 
	4.2.1	 	the present and future rights:

	 	(a)	 	to receive and/or withdraw dividends, to receive payments under an interest
coupon (Zinsanteilsschein), dividend coupon (Dividendenschein) or talon
(Erneuerungsschein) and any other similar cash payments and other forms of profit
distribution;
	 
	 	(b)	 	to receive all other pecuniary claims associated with the relevant Shares;
	 
	 	(c)	 	to subscribe for newly issued shares of the Company; and

	4.2.2	 	all other rights and benefits attributable to the Shares (including without limitation all
present and future pecuniary claims of Pledgor 2 against the Company arising under or in
connection with any domination and/or profit transfer agreement (Beherrschungs- und/oder
Gewinnabführungsvertrag) or partial profit transfer agreement (Teilgewinnabführungsvertrag)
which may be entered into between Pledgor 2 and the Company).
	 
	4.3	 	Notwithstanding that the items set out in sub-Clause 4.1 and sub-Clause 4.2 above are
pledged hereunder, each Pledgor shall be entitled to receive and retain the items set out in
sub-Clause 4.1 and sub-Clause 4.2 (respectively) above in respect of, and otherwise deal (in
accordance with the provisions of this Agreement and any other Principal Finance Document)
with all items described in sub-Clause 4.1 and sub-Clause 4.2 (respectively) above in respect
of the GP Interests or, as the case may be, Shares at all times other than any time the
Pledgee is entitled to enforce the relevant Pledges constituted hereunder.

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	4.4	 	On the date and during the period in which the Pledgee is entitled, in accordance with Clause
7 (Enforcement of the Pledges) hereof, to enforce the Pledges 1 (or any part thereof):

	 	(a)	 	all profits paid or payable and any other property received, receivable or
otherwise distributed in respect of or in exchange for the GP Interests;
	 
	 	(b)	 	all profits or other distributions or payments paid or payable in respect of
the GP Interests in connection with the partial or total liquidation or dissolution of
the Company; and
	 
	 	(c)	 	all cash paid, payable or otherwise distributed in respect of the principal of,
or in redemption of, or in exchange for the GP Interests,

	 	 	shall be forthwith delivered to the Pledgee and held as security for the benefit of the
Secured Parties. If such proceeds or property are received by Pledgor 1, they shall be
received as trustee for the benefit of the Pledgee and shall be segregated from other
property or funds of Pledgor 1 and shall be forthwith delivered to the Pledgee for and on
behalf of the Secured Parties as security in the form so received (with any necessary
endorsement).

	4.5	 	On the date and during the period in which the Pledgee is entitled, in accordance with Clause
7 (Enforcement of the Pledges) hereof, to enforce the Pledges 2 (or any part thereof):

	 	(a)	 	all dividends paid or payable and any other property received, receivable or
otherwise distributed in respect of or in exchange for the Shares;

	 	(b)	 	all dividends or other distributions or payments paid or payable in respect of
the Shares in connection with the partial or total liquidation or dissolution of the
Company or in connection with the reduction of the amount of the registered share
capital of the Company; and

	 	(c)	 	all cash paid, payable or otherwise distributed in respect of the principal of,
or in redemption of, or in exchange for the Shares,

	 	 	shall be forthwith delivered to the Pledgee and held as security for the benefit of the
Secured Parties. If such proceeds or property are received by Pledgor 2, they shall be
received as trustee for the benefit of the Secured Parties and shall be segregated from
other property or funds of Pledgor 2 and shall be forthwith delivered to the Pledgee for the
benefit of the Secured Parties as security in the form so received (with any necessary
endorsement).

	5.	 	PURPOSE OF THE PLEDGES

	 	 	The Pledges hereunder are constituted in order to secure the prompt and complete
satisfaction of any and all Obligations. The Pledges shall also cover any future

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	 	 	extension of the Obligations and each Pledgor herewith expressly agrees that the provisions
of Section 1210 para 1 sentence 2 of the German Civil Code (Bürgerliches Gesetzbuch) shall
not apply to this Agreement.

	6.	 	EXERCISE OF MEMBERSHIP RIGHTS

	6.1	 	The membership rights, including the management (Geschäftsführung) of the Company and the
voting rights, attached to the GP Interests remain with Pledgor 1. Pledgor 1 may exercise its
membership rights in any manner which does not adversely affect the validity or enforceability
of the Pledges 1 or the existence of all or part of the GP Interests other than through profit
payments pursuant to sub-Clause 4.3 above, or cause an Event of Default to occur. The Pledgor
undertakes, unless otherwise permitted by the Principal Finance Documents, that no resolutions
will be passed which would, if passed, constitute a breach of its obligations under Clause 9
or any other obligation under this Agreement.

	6.2	 	The membership rights, including the voting rights, attached to the Shares remain with
Pledgor 2. Pledgor 2 may exercise its membership rights in any manner which does not adversely
affect the validity and enforceability of the Pledges 2, the existence of all or part of the
Shares or cause an Event of Default to occur. Pledgor 2 undertakes, unless otherwise permitted
by the Principal Finance Documents, not to support any resolutions which if passed would
constitute a breach of its obligations under Clause 9 or any other obligation under this
Agreement.

	7.	 	ENFORCEMENT OF THE PLEDGES

7.1

	 	(a)	 	Subject to paragraphs (b) and (c) of this Clause 7.1 below, if:

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

	 	(ii)	 	the requirements set forth in Sections 1273 para 2, 1204 et
seq. of the German Civil Code with regard to the enforcement of any of the
Pledges are met (Pfandreife), in particular, if any of the Obligations has
become due and payable,

	 	then in order to enforce the Pledges (or any of them), the Pledgee, may at any time
thereafter avail itself of all rights and remedies that a pledgee has against a
pledgor under the laws of the Federal Republic of Germany.

	 	(b)	 	The Pledgee may only enforce the Pledges in accordance with paragraph (a) of
this Clause 7.1 above in relation to obligations of any Grantor (other than
obligations under the Credit Documents of:

	 	(i)	 	the relevant Pledgor:

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	 	(1)	 	incurred as Borrower under the Credit
Agreement;
	 
	 	(2)	 	incurred as borrower under a Local Facility
Agreement;
	 
	 	(3)	 	incurred as a party to and beneficiary under
any hedging agreement entered into with an Hedge Counterparty;
	 
	 	(4)	 	owed as cash management obligations to a Cash
Management Bank for Cash Management Services, provided the relevant
Pledgor is a beneficiary of the Cash Management Services causing such
cash management obligations; or
	 
	 	(5)	 	to the extent certain proceeds of the Senior
Secured Notes Indenture or New Secured Notes Indenture have been made
available to the relevant Pledgor, up to such proceeds; or

	 	(ii)	 	a direct or indirect subsidiary of the relevant Pledgor (the
“Relevant Pledgor’s Subsidiary”):

	 	(1)	 	incurred as Borrower under the Credit
Agreement;
	 
	 	(2)	 	incurred as borrower under a Local Facility
Agreement;
	 
	 	(3)	 	incurred as a party to and beneficiary under
any hedging agreement entered into with an Hedge Counterparty;
	 
	 	(4)	 	owed as cash management obligations to a Cash
Management Bank for Cash Management Services, provided the Relevant
Pledgor’s Subsidiary is a beneficiary of the Cash Management Services
causing such cash management obligations; or
	 
	 	(5)	 	to the extent certain proceeds of the Senior
Secured Notes Indenture or New Secured Notes Indenture have been made
available to the Relevant Pledgor’s Subsidiary, up to such proceeds),

	 	 	after:

	 	(i)	 	the relevant Pledgor’s auditors have:

	 	(1)	 	delivered an audited interim balance sheet of
the relevant Pledgor (valuating the GP Interests or, as the case may
be, Shares at their realisation value) to the Pledgee; and

	 	(2)	 	determined the existence and extent of the
profits available for the payment of a dividend by the relevant Pledgor
in accordance

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	 	 	 	with the relevant provisions of the Swiss Code of Obligations (the
“Auditor’s Determination”); and

	 	(ii)	 	the relevant Pledgor’s shareholders have passed for such
dividend payment resolutions for the distribution of dividends (“Dividend
Resolution”) in accordance with the relevant provisions of the Swiss Federal
Code of Obligations being in force at that time.

	 	 	The relevant Pledgor shall deliver the Auditor’s Determination and the Dividend
Resolution within 30 business days after the Pledgee has given notice to the
relevant Pledgor of its intention to enforce the relevant Pledges.

	(c)	 	The Pledgee shall only enforce the Pledges in relation to obligations of any
Grantor (other than obligations under the Credit Documents of:

	 	(i)	 	the relevant Pledgor:

	 	(1)	 	incurred as Borrower under the Credit
Agreement;
	 
	 	(2)	 	incurred as borrower under a Local Facility
Agreement;
	 
	 	(3)	 	incurred as a party to and beneficiary under
any hedging agreement entered into with an Hedge Counterparty;
	 
	 	(4)	 	owed as cash management obligations to a Cash
Management Bank for Cash Management Services, provided the relevant
Pledgor is a beneficiary of the Cash Management Services causing such
cash management obligations; or
	 
	 	(5)	 	to the extent certain proceeds of the Senior
Secured Notes Indenture or New Secured Notes Indenture have been made
available to the relevant Pledgor, up to such proceeds; or

	 	(ii)	 	a Relevant Pledgor’s Subsidiary:

	 	(1)	 	incurred as Borrower under the Credit
Agreement;
	 
	 	(2)	 	incurred as borrower under a Local Facility
Agreement;
	 
	 	(3)	 	incurred as a party to and beneficiary under
any hedging agreement entered into with an Hedge Counterparty;
	 
	 	(4)	 	owed as cash management obligations to a Cash
Management Bank for Cash Management Services, provided the Relevant
Pledgor’s Subsidiary is a beneficiary of the Cash Management Services
causing such cash management obligations; or

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	 	(5)	 	to the extent certain proceeds of the Senior
Secured Notes Indenture or New Secured Notes Indenture have been made
available to the Relevant Pledgor’s Subsidiary, up to such proceeds)

	 	 	 	if according to the Auditor’s Determination and the Dividend Resolution the relevant
Pledgor has validly resolved to distribute the profits available for payment of a
dividend, subject to Clause 8 (Swiss Limitations) below, provided that if the
relevant Pledges are not enforced and/or enforceable, the Pledgee may subsequently
again seek to enforce the relevant Pledges in accordance with this paragraph (c) of
this Clause 7.1 and Clause 8 (Swiss Limitations) at any time thereafter.

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

	7.3	 	Each Pledgor hereby expressly agrees that five business days’ prior written notice to it of
the place and time of any such sale shall be sufficient and the Pledgee shall not be obliged
to deliver any further notices (including, but not limited to the notices set out under
Section 1234 of the German Civil Code) to it prior to such sale. The sale may take place at
any place in the Federal Republic of Germany designated by the Pledgee.

	7.4	 	If the Pledgee should seek to enforce any Pledges under sub-Clause 7.1, each Pledgor shall,
at its own expense, render forthwith all necessary assistance in order to facilitate the
prompt sale of the GP Interests or, as the case may be, Shares or any part thereof and/or the
exercise by the Pledgee of any other right it may have as a Pledgee.

	7.5	 	Whilst the requirements for enforcement under sub-Clause 7.1 are continuing all subsequent
payments attributable to the GP Interests or, as the case may be, Shares and all payments
based on similar ancillary rights attributed to the GP Interests or, as the case may be,
Shares may be applied by the Pledgee in satisfaction in whole or in part of the Obligations or
treated as additional collateral.

	7.6	 	Even if the requirements for enforcement referred to under sub-Clause 7.1 above are met, the
Pledgee shall not, whether as proxy or otherwise, be entitled to exercise the voting rights
attached to the GP Interests or Shares. During the continuation of an event which allows the
Pledgee to enforce the Pledges, each Pledgor shall have the obligations and the Pledgee shall
have the rights set forth in sub-Clause 9.2.8 below regardless of which resolutions are
intended to be adopted.

	7.7	 	The Pledgee may, in its sole discretion, determine which of several security interests, if
applicable, shall be used to satisfy the Obligations. Pledgor 1 and Pledgor 2 hereby

- 17 -

 

	 	 	expressly waive their respective right pursuant to Section 1230 sentence 2 of the German
Civil Code to limit the realisation of the Pledges 1 and Pledges 2 (respectively) and
pledges over partnership interests or shares in one or more other companies to such number
of pledges as are necessary to satisfy the Obligations and agrees further that the Pledgee
may decide to enforce the Pledges 1 and Pledges 2 (respectively) individually at separate
proceedings or together with pledges over partnership interests or shares in one or more
other companies at one single proceeding (Gesamtverwertung).

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

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

	7.10	 	If the Pledges are enforced or if any Pledgor has discharged any of the Obligations (or any
part of them), Section 1225 of the German Civil Code (legal subrogation of claims to a pledgor
 — Forderungsübergang auf den Verpfänder) shall not apply and no rights of the Pledgee shall
pass to that Pledgor by subrogation or otherwise. Further, no Pledgor shall at any time
before, on or after an enforcement of the Pledges and as a result of it entering into this
Agreement, be entitled to demand indemnification or compensation from the Company or any of
the Company’s affiliates or to assign any of these claims.

	8.	 	SWISS LIMITATIONS

	8.1	 	Proceeds of an enforcement of the Pledges shall only be applied towards satisfaction of the
Obligations in relation to obligations of any Grantor (other than obligations under the Credit
Documents of:

	8.1.1	 	the relevant Pledgor:

	 	(a)	 	incurred as Borrower under the Credit Agreement;
	 
	 	(b)	 	incurred as borrower under a Local Facility Agreement;
	 
	 	(c)	 	incurred as a party to and beneficiary under any hedging agreement entered into
with an Hedge Counterparty;
	 
	 	(d)	 	owed as cash management obligations to a Cash Management Bank for Cash
Management Services, provided the relevant Pledgor is a beneficiary of the Cash
Management Services causing such cash management obligations; or

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	 	(e)	 	to the extent certain proceeds of the Senior Secured Notes Indenture or the New
Secured Notes Indenture have been made available to the relevant Pledgor, up to such
proceeds; or

	8.1.2	 	a Relevant Pledgor’s Subsidiary:

	 	(a)	 	incurred as Borrower under the Credit Agreement;
	 
	 	(b)	 	incurred as borrower under a Local Facility Agreement;
	 
	 	(c)	 	incurred as a party to and beneficiary under any hedging agreement entered into
with an Hedge Counterparty;
	 
	 	(d)	 	owed as cash management obligations to a Cash Management Bank for Cash
Management Services, provided the Relevant Pledgor’s Subsidiary is a beneficiary of the
Cash Management Services causing such cash management obligations; or
	 
	 	(e)	 	to the extent certain proceeds of the Senior Secured Notes Indenture or New
Secured Notes Indenture have been made available to the Relevant Pledgor’s Subsidiary,
up to such proceeds)

	 	 	to the extent application of the proceeds of an enforcement of the relevant Pledges towards
such obligations does not constitute a repayment of capital (Einlagerueckgewaehr), a
violation of the legally protected reserves (gesetzlich geschuetzte Reserven) or a payment
of a (constructive) dividend prohibited by the Swiss Federal Code of Obligations by the
relevant Pledgor and in the maximum amount of the relevant Pledgor’s profits available for
the distribution of dividends at the point in time the relevant Pledges are enforced (being
the balance sheet profits and any free reserves made for this purpose, in each case in
accordance with the relevant Swiss law) (the “Available Enforcement Proceeds”). From the
proceeds of an enforcement an amount equal to the sum of (i) the excess, if any, of the
enforcement proceeds over the Available Enforcement Proceeds plus (ii) the Tax Payment
Amount (as defined below) shall be returned to the relevant Pledgor;

	8.2	 	For such application of the Available Enforcement Proceeds towards satisfaction of the
Obligations the relevant Pledgor shall:

	8.2.1	 	procure to pass a shareholders’ resolutions for the distribution of dividends in accordance
with the relevant provisions of the Swiss Federal Code of Obligations being in force at that
time (currently the profits available for the distribution of dividends as described above
must be determined based on an audited balance sheet and such shareholders’ resolution must be
based on the report from the relevant Pledgor’s auditors approving the proposed distribution
of dividends); and

- 19 -

 

	8.2.2	 	deduct from the Available Enforcement Proceeds Swiss Anticipatory Tax (withholding tax) at
the rate of 35% (or such other rate as in force from time to time) and subject to any
applicable double taxation treaty and/or agreements entered into with the Swiss Federal Tax
administration (the “Tax Payment Amount”):

	 	(a)	 	pay the Tax Payment Amount to the Swiss Federal Tax Administration; and

	 	(b)	 	give evidence to the respective beneficiary or beneficiaries (as the same may
be) of such deduction of the Tax Payment Amount in accordance with Clause 2.20 (Taxes)
of the Credit Agreement and Clause 4.15 (Withholding Taxes) of the Senior Secured Note
Indenture.

	 	 	But if such a deduction is made, the relevant Pledgor shall not be obliged to gross-up
pursuant to Clause 2.20 (Taxes) of the Credit Agreement or Clause 4.15 (Withholding taxes)
of the Senior Secured Notes Indenture to the extent that such gross-up would result in the
aggregate of the amounts of the proceeds of an enforcement of the relevant Pledges applied
by the beneficiary or beneficiaries (as the same may be) towards satisfaction of the
Obligations and the Tax Payment Amount paid to the Swiss Federal Tax administration
exceeding the maximum amount of its profits available for the distribution of dividends.

	9.	 	UNDERTAKINGS OF THE PLEDGORS

	9.1	 	Unless otherwise permitted by the Principal Finance Documents, during the term of this
Agreement, Pledgor 1 undertakes to the Pledgee:

	9.1.1	 	to promptly effect any contributions in cash (Bareinlage) or kind (Sacheinlage) to be made
in respect of the GP Interests;

	9.1.2	 	to promptly notify the Pledgee in writing of any change in the partners, the special
contribution (Sondereinlage) of the Company or any encumbrance over the GP Interests (or part
of them). In the case of any attachment (Pfändung) in respect of any of the GP Interests or
any ancillary rights set out in sub-Clause 4.1, Pledgor 1 shall promptly notify the Pledgee in
writing, such notice to be accompanied by any documents the Pledgee might need to defend
itself against any claim of a third party. In particular, Pledgor 1 shall promptly forward to
the Pledgee a copy of the attachment order (Pfändungsbeschluss), any transfer order
(Überweisungsbeschluss) and all other documents necessary for a defence against the
attachment;

	9.1.3	 	to promptly inform the Pledgee in writing of all matters concerning the Company of which
Pledgor 1 is aware which would materially adversely affect the security interest of the
Pledgee. In particular, Pledgor 1 shall notify the Pledgee in writing forthwith of any
shareholders’ meeting at which a shareholders’ resolution is intended to be adopted which
would have a materially adverse effect upon any of the Pledges 1. Pledgor 1 shall allow,
during the continuance of any of the circumstances which permit the

- 20 -

 

	 	 	Pledgee to enforce the Pledges 1 in accordance with Clause 7, the Pledgee or, as the case
may be, their proxy or any other person designated by the Pledgee, to participate in all
such shareholders’ meetings of the Company as attendants without power to vote. Subject to
the provision contained in sub-Clause 13.1, the Pledgee’s right to attend the shareholders’
meeting shall lapse immediately upon complete satisfaction and discharge of the Obligations
or following the discontinuance of an Enforcement Event;

	9.1.4	 	not to allow, without the prior written consent of the Pledgee (such consent not to be
unreasonably withheld), any other party to become a general partner (Komplementär) of the
Company and not to defeat, impair or circumvent in any way the rights of the Pledgee created
hereunder;

	9.1.5	 	to refrain from any acts or omissions, subject to the performance of its rights and duties
under the Existing Interest Pledge Agreement, the purpose or effect of which is or would be
the dilution of the value of the GP Interests or the GP Interests ceasing to exist, unless
permitted by the Pledgee;

	9.1.6	 	not to change the articles of association with a view to stipulating certain requirements
for the effective transfer of the GP Interests in addition to the general legal requirements
pursuant to German corporate law;

	9.1.7	 	not to amend, or vote for any amendment of, the articles of association of the Company to
the extent that such amendment would materially adversely affect the security interest of the
Pledgee created hereunder and, in particular but without limitation, not to amend, or vote of
any amendment of, the relevant provisions of the articles of association relating to the
distribution of profits and other pecuniary claims attributed to the GP Interests, the capital
accounts and private accounts (Kapitalkonten und Privatkonten) without the prior written
consent of the Pledgee (such consent not to be unreasonably withheld); and

	9.1.8	 	insofar as additional declarations or actions are necessary for the creation of the Pledges
1 (or any of them) in favour of the Pledgee and at the Pledgee’s reasonable request to make
such declarations and undertake such actions at the Pledgor 1’s costs and expenses.

	9.2	 	Unless otherwise permitted by the Principal Finance Documents, during the term of this
Agreement, Pledgor 2 undertakes to the Pledgee:

	9.2.1	 	not to take, or participate in, any action which results or might result in its loss of
ownership of all or part of the Shares or any other transaction which would have the same
result as a sale, transfer or other disposal of the Shares or which would for any other reason
be inconsistent with the security interest of the Pledgee or the security purpose (as
described in Clause 5) or defeat, impair or circumvent the rights of the Pledgee except as
permitted by the Pledgee (acting reasonably);

- 21 -

 

	9.2.2	 	to procure that all Share Certificates representing the Shares acquired by the Pledgor will,
promptly following the acquisition of the relevant Shares, be delivered (übergeben) to the
Pledgee;

	9.2.3	 	not to encumber, permit to subsist, create or agree to create any other security interest or
third party right in or over the Shares or other rights subject to the Pledges 2 and the
Existing Share Pledge Agreement;

	9.2.4	 	to inform the Pledgee promptly of any change made in the registered share capital of the
Company, or of any changes to the Company’s articles of association which would materially
adversely affect the security interest of the Pledgee;

	9.2.5	 	to promptly notify the Pledgee of any attachment (Pfändung) in respect of any of the Shares
or any ancillary rights set out in sub-Clause 4.2, such notice to be accompanied by any
documents the Pledgee might need to defend itself against any claim of a third party. In
particular, Pledgor 2 shall promptly forward to the Pledgee a copy of the attachment order
(Pfändungsbeschluss), any transfer order (Überweisungsbeschluss) and all other documents
necessary for a defence against the attachment;

	9.2.6	 	in the event of any increase in the capital of the Company, not to allow, without the prior
written consent of the Pledgee (such consent not to be unreasonably withheld), any party other
than itself or SIG Austria Holding GmbH to subscribe for any Future Shares, and not to defeat,
impair or circumvent in any way the rights of the Pledgee created hereunder;

	9.2.7	 	to pledge in favour of the Pledgee on terms identical to the terms of this Agreement any
Future Shares which it acquires upon an increase of the capital of the Company by way of
capital contribution (Kapitalerhöhung gegen Einlage) or out of authorised capital
(Kapitalerhöhung aus genehmigtem Kapital) promptly after the registration of such increase of
the capital of the Company in the competent commercial register (Handelsregister) and the
acquisition of such Future Shares;

	9.2.8	 	to promptly inform the Pledgee in writing of all matters concerning the Company of which it
is aware which would materially adversely affect the security interest of the Pledgee. In
particular, Pledgor 2 shall notify the Pledgee, forthwith of any shareholders’ meeting at
which a shareholders’ resolution is intended to be adopted which would have a materially
adverse effect upon any of the Pledges 2. Pledgor 2 shall allow, following the occurrence and
during the continuance of an Enforcement Event, the Pledgee or, as the case may be, its proxy
or any other person designated by the Pledgee, to participate in all such shareholders’
meetings of the Company as attendants without power to vote. Subject to the provision
contained in sub-Clause 13.1, the Pledgee’s right to attend the shareholders’ meeting shall
lapse immediately upon complete satisfaction and discharge of the Obligations;

- 22 -

 

	9.2.9	 	to refrain from any acts or omissions, subject to the performance of its rights and duties
under the Existing Share Pledge Agreement, the purpose or effect of which is or would be the
dilution of the value of the Shares or the Shares ceasing to exist except if permitted by the
Pledgee (acting reasonably);

	9.2.10	 	not to amend the articles of association of the Company to the extent that such amendment
would materially adversely affect the security interest of the Pledgee created hereunder
without the prior written consent of the Pledgee (such consent not to be unreasonably
withheld); and

	9.2.11	 	insofar as additional declarations or actions are necessary for the creation of the Pledges
(or any of them) in favour of the Pledgee and at the Pledgee’s reasonable request, to make
such declarations and undertake such actions at Pledgor 2’s costs and expenses.

	 	 	For the avoidance of doubt, notification and consent requirements as set out in sub-Clauses
9.1.1 through 9.1.7 and 9.2.1 through 9.2.10 of this Agreement are deemed to be satisfied by
the relevant Pledgor if and to the extent such notification or consent has been delivered
under the relevant Existing Pledge Agreement provided that such notification to the Pledgee
or consent of the Pledgee makes reference to this Agreement and the relevant Existing
Pledge Agreement.

	10.	 	DELEGATION

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

	11.	 	INDEMNITY

	 	 	To the extent set out in the First Lien Intercreditor Credit Agreement, each Pledgor shall,
notwithstanding any release or discharge of all or any part of the security, indemnify the
Pledgee, its agents its attorneys and any delegate against any action, proceeding, claims,
losses, liabilities, damages, expenses, demands, taxes, losses and costs which it may
sustain as a consequence of any breach by that 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 relevant Pledges.

	12.	 	NO LIABILITY

	 	 	Except to the extent provided in the Principal Finance Documents, none of the Pledgee, its
nominee(s) or agent(s) or delegate(s) shall be liable by reason of (a) taking any action
permitted by this Agreement or (b) any neglect or default in connection

- 23 -

 

	 	 	with the assets and rights subject to the security interest created hereunder, save in
respect of any loss or damage which is suffered as a result of wilful misconduct (Vorsatz)
or gross negligence (grobe Fahrlässigkeit) by the Pledgee, its nominee(s) or agent(s) or
delegate(s), or (c) the enforcement or realisation of all or any part of the security
interest created hereunder.

	13.	 	DURATION AND INDEPENDENCE

	13.1	 	This Agreement shall remain in full force and effect until complete satisfaction of the
Obligations. The Pledges shall not cease to exist, if any Grantor under the Credit Documents
has only temporarily discharged the Obligations.

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

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

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

	14.	 	RELEASE (PFANDFREIGABE)

	14.1	 	Upon complete and irrevocable satisfaction of the Obligations, the Pledgee (as instructed in
accordance with the First Lien Intercreditor Agreement) will as soon as reasonably practical
declare in writing the release of the Pledges (Pfandfreigabe) to the Pledgors as a matter of
record. For the avoidance of doubt, the parties are aware that upon full and complete
satisfaction of the Obligations the Pledges, due to their accessory nature (Akzessorietät),
cease to exist by operation of German mandatory law.

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

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	14.3	 	The Pledgee (as instructed in accordance with the First Lien Intercreditor Agreement) will as
soon as reasonably practicable declare in writing the release of the Pledges (Pfandfreigabe)
to the Pledgors in accordance with, and to the extent required by, the Intercreditor
Arrangements.

	15.	 	PARTIAL INVALIDITY; WAIVER

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

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

	15.3	 	In particular, the Pledges shall not be affected and shall in any event extend to any and all
shares in the Company even if the number or nominal value of the Existing Shares or the
aggregate share capital of the Company as stated in Clause 2 are inaccurate or deviate from
the actual facts.

	16.	 	AMENDMENTS

	 	 	Changes and amendments to this Agreement including this Clause 16 shall be made in writing.

	17.	 	NOTICES AND THEIR LANGUAGE

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

	 	 	 	 	 

	           For Pledgor 1:	 	SIG Reinag AG
	 

	 	Address:
	 	Laufengasse 18
	 

	 	 	 	CH-8212 Neuhausen am

- 25 -

 

	 	 	 	 	 

	 

	 	 	 	Rheinfall
	 

	 	 	 	Switzerland
	 

	 	Telephone:
	 	+41 52 6746111
	 

	 	Fax:
	 	+41 52 674 65 74
	 

	 	Attention:
	 	Head of legal corporate
	 
	 	 	 	 
	           For Pledgor 2:	 	SIG Combibloc Group AG
	 

	 	Adress:
	 	Laufengasse 18
	 

	 	 	 	CH- 8212 Neuhausen am 
	 

	 	 	 	Rheinfall Switzerland
	 

	 	Telephone:
	 	+41 52 6746111
	 

	 	Fax:
	 	+41 52 6746574
	 

	 	Attention:
	 	Head of legal corporate
	 
	 	 	 	 
	           with a copy to:

	 	Address:
	 	c/o Rank Group Limited
	 

	 	 	 	Level 9
	 

	 	 	 	148 Quay Street
	 

	 	 	 	PO Box 3515
	 

	 	 	 	Auckland 1140
	 

	 	 	 	New Zealand
	 

	 	Telephone:
	 	+649 3666 259
	 

	 	Fax:
	 	+649 3666 263
	 

	 	Attention:
	 	Helen Golding
	 
	 	 	 	 
	           For the Pledgee:	 	The Bank of New York Mellon
	 

	 	Address:
	 	101 Barclay Street, 4E
	 	 	New York, N.Y. 10286, The United States of America
	 

	 	Telephone:
	 	+212 298 1528
	 

	 	Fax:
	 	+212 815 5366
	 

	 	Attention:
	 	International Corporate Trust

	17.2	 	Any party hereto may change its address or fax number for notices and other communications
hereunder by notice to the other parties hereto. As agreed to in writing in accordance with
the First Lien Intercreditor Agreement, notices and other communications hereunder may also be
delivered by e-mail to the e-mail address of a representative of the applicable party to this
Agreement provided from time to time by such party.
	 
	17.3	 	All notices and other communications given to any party in connection with this Agreement in
accordance with the provisions of this Agreement shall be deemed (widerlegbare Vermutung)
received on the date sent (if a business day) and on the next business day thereafter (in all
other cases) if delivered by hand or overnight courier service or sent by fax or on the date
five business days after dispatch by certified or

- 26 -

 

	 	 	registered mail if mailed, in each case delivered, sent or mailed (properly addressed) to
such party as provided in this Clause 17 or in accordance with the latest unrevoked
direction from such party given in accordance with this Clause 17.
	 
	17.4	 	Any notice or other communication under or in connection with this Agreement shall be in the
English language or, if in any other language, accompanied by a translation into English. In
the event of any conflict between the English text and the text in any other language, the
English text shall prevail.
	 
	18.	 	APPLICABLE LAW, JURISDICTION
	 
	18.1	 	This Agreement is governed by the laws of the Federal Republic of Germany.
	 
	18.2	 	The place of jurisdiction for any and all disputes arising under or in connection with this
Agreement shall be the district court (Landgericht) in Frankfurt am Main. The Pledgee however,
shall also be entitled to take action against any Pledgor in any other court of competent
jurisdiction. Further, the taking of proceedings against any Pledgor in any one or more
jurisdictions shall not preclude the taking of proceedings in any other jurisdiction (whether
concurrently or not) if and to the extent permitted by applicable law.
	 
	19.	 	CONCLUSION OF THIS AGREEMENT (VERTRAGSSCHLUSS)
	 
	19.1	 	The parties to this Agreement may choose to conclude this Agreement by an exchange of signed
signature page(s), transmitted by means of telecommunication (telekommunikative Übermittlung)
by fax or attached as an electronic photocopy (pdf., tif., etc.) to an e-mail.
	 
	19.2	 	If the parties to this Agreement choose to conclude this Agreement pursuant to sub-Clause
19.1 above, they will transmit the signed signature page(s) of this Agreement to attention of
Mr. Philipp Kropatscheck or Ms Julia Eggert (Philipp.Kropatscheck@cliffordchance.com or
Julia.Eggert@cliffordchance.com, fax: +49 69 7199 4000) (the “Recipients”). The Agreement will
be considered concluded once any of the Recipients has actually received the signed signature
page(s) (Zugang der Unterschriftsseite(n)) from all parties to this Agreement and at the time
of the receipt of the last outstanding signature page(s).
	 
	19.3	 	For the purposes of this Clause 19 only, the parties to this Agreement appoint each Recipient
as their attorney (Empfangsvertreter) and expressly allow (gestatten) the Recipient to collect
the signed signature page(s) from all and for all parties to this Agreement. For the avoidance
of doubt, the Recipients will have no further duties connected with their position as
Recipient. In particular, the Recipients may assume the conformity to the authentic
original(s) of the signature page(s) transmitted to it by means of telecommunication, the
genuineness of all signatures on the original signature page(s) and the signing authority of
the signatories.

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SCHEDULE 1

THE CURRENT BORROWERS, THE CURRENT GUARANTORS, THE CURRENT 
SENIOR SECURED NOTE GUARANTORS AND THE

ORIGINAL NEW SECURED NOTE GUARANTORS

Part I — The Current Borrowers

SIG Euro Holding AG & Co. KG aA

Closure Systems International Holding Inc.

Closure Systems International B.V.

SIG Austria Holding GmbH

Reynolds Consumer Products Holdings Inc.

Reynolds Group Holdings Inc.

Reynolds Acquisition Corporation

Part II — The Current Guarantors

Whakatane Mill Australia Pty Limited

SIG Combibloc GmbH & Co KG

SIG Combibloc GmbH

SIG Beverages Brasil Ltda

SIG Combibloc do Brasil Ltda

Closure Systems International (Brazil) Sistemas de Vedação Ltda

CSI Latin American Holdings Corporation

Closure Systems International (Canada) Limited

Evergreen Packaging Canada Limited

Reynolds Food Packaging Canada Inc.

- 28 -

 

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

SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Ltd

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft.

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

Closure Systems International Holdings (Japan) KK

- 29 -

 

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

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

SIG Finance (Luxembourg) S.à r.l.

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

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

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

Reynolds Group Issuer (Luxembourg) S.A.

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

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

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

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

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

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

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

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

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

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG

SIG allCap AG

- 30 -

 

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Combibloc Ltd.

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas Inc.

Closure Systems International Inc.

Reynolds Packaging Machinery Inc.

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc.

Bakers Choice Products, Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

- 31 -

 

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics, Inc.

Ultra Pac, Inc.

BRPP, LLC

Reynolds Group Issuer Inc.

Reynolds Group Issuer LLC

- 32 -

 

Part III — The Current Senior Secured Note Guarantors

Whakatane Mill Australia Pty Limited

SIG Austria Holding GmbH

SIG Combibloc GmbH & Co KG

SIG Combibloc GmbH

SIG Beverages Brasil Ltda

SIG Combibloc do Brasil Ltda

Closure Systems International (Brazil) Sistemas de Vedação Ltda

CSI Latin American Holdings Corporation

Closure Systems International (Canada) Limited

Evergreen Packaging Canada Limited

Reynolds Food Packaging Canada Inc.

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

SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

- 33 -

 

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Ltd

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft.

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

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

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

SIG Finance (Luxembourg) S.à r.l.

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

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

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

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

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

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

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

- 34 -

 

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

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

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

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

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

Closure Systems International B.V.

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG

SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Combibloc Ltd.

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas Inc.

Closure Systems International Inc.

Reynolds Group Holdings Inc.

Reynolds Packaging Machinery Inc.

- 35 -

 

Closure Systems International Holdings Inc.

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc.

Bakers Choice Products, Inc.

Reynolds Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics, Inc.

Ultra Pac, Inc.

BRPP, LLC

Reynolds Acquisition Corporation

- 36 -

 

Part IV — The Original New Secured Note Guarantors

Whakatane Mill Australia Pty Limited

SIG Beverages Brasil Ltda

SIG Combibloc do Brasil Ltda

Closure Systems International (Brazil) Sistemas de Vedação Ltda

CSI Latin American Holdings Corporation

Closure Systems International (Canada) Limited

Evergreen Packaging Canada Limited

Reynolds Food Packaging Canada Inc.

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

SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

- 37 -

 

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Ltd

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft.

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

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

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

SIG Finance (Luxembourg) S.à r.l.

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

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

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

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

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

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

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

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

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

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

- 38 -

 

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

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

Closure Systems International B.V.

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG

SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas Inc.

Closure Systems International Inc.

Reynolds Group Holdings Inc.

Reynolds Packaging Machinery Inc.

Closure Systems International Holdings Inc.

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc.

- 39 -

 

Bakers Choice Products, Inc.

Reynolds Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics, Inc.

Ultra Pac, Inc.

BRPP, LLC

Reynolds Acquisition Corporation

- 40 -

 

SCHEDULE 2

COPY OF APPROVAL AND CONSENT

- 41 -

 

SIGNATURE PAGES

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

	 	 	 	 	 

	SIG Reinag AG

as Pledgor 1	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	/s/Mark Dunkley
 

	 	 
	 

	 	Name: Mark J. Dunkley	 	 
	 

	 	Title: Attorney	 	 
	 

	 	Date:	 	 
	 
	 	 	 	 
	SIG Combibloc Group AG

as Pledgor 2	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	/s/Mark Dunkley
 

	 	 
	 

	 	Name: Mark J. Dunkley	 	 
	 

	 	Title: Attorney	 	 
	 

	 	Date:	 	 

	 	 	 	 	 	 	 	 	 

	The Bank of New York Mellon

as Pledgee	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	 	 	By:	 	 	 	 
	 

	 	/s/Catherine F. Donohue
 

	 	 	 	 
 

	 	 
	 

	 	Name: Catherine F. Donohue
	 	 	 	Name:	 	 
	 

	 	Title: Vice President
	 	 	 	Title:	 	 
	 

	 	Date:
	 	 	 	Date:	 	 

	 	 	 	 	 	 	 	 	 

	Acknowledged and agreed

SIG Euro Holding AG & Co. KGaA represented by SIG Reinag AG as its general partner (Komplementär)	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	 	 	By:	 	 	 	 
	 

	 	/s/Chiara Brophy
 

	 	 	 	 
 

	 	 
	 

	 	Name: Chiara Brophy
	 	 	 	Name:	 	 
	 

	 	Title: Attorney
	 	 	 	Title:	 	 
	 

	 	Date:
	 	 	 	Date:	 	 

- 42 -

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