Document:

Exhibit 4.4.3

	
  

  	
  
 
  	
  
LIMITED LIABILITY PARTNERSHIP
   
ADVOCATEN   BELASTINGADVISEURS SOLICITORS
  
	
  
 
  	
  
 
  	
  
 
  

EXECUTION VERSION

VCP OVERSEAS HOLDING LTD. BUDAPEST, BAAR BRANCH
 
 as Pledgor
 
 and
 
 ABN AMRO BANK N.V.
 
 as Pledgee

DISCLOSED
 PLEDGE OF COLLECTION ACCOUNT

CONTENTS

	
  CLAUSE
  	
   
 	
   
 	
  
PAGE
  
	
  

  	
   
 	
  

  
	
  
1.
  	
  
DEFINITIONS AND   INTERPRETATION
  	
  
 
  	
  
1
  
	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  
2.
  	
  
UNDERTAKING TO PLEDGE
  	
  
 
  	
  
3
  
	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  3.
  	
  
PLEDGE
  	
  
 
  	
  
3
  
	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  
4.
  	
  
REPRESENTATIONS,   WARRANTIES AND COVENANTS
  	
  
 
  	
  
4
  
	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  
5.
  	
  
ENFORCEMENT
  	
  
 
  	
  
5
  
	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  6.
  	
  
MISCELLANEOUS PROVISIONS
  	
  
 
  	
  
5
  
	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  
7.
  	
  
POWER TO TRANSFER;   REPLEDGE
  	
  
 
  	
  
6
  
	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  
8.
  	
  
TERMINATION
  	
  
 
  	
  
7
  
	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  9.
  	
  
GOVERNING LAW JURISDICTION
  	
  
 
  	
  
7
  

THIS DEED is made by:

	
  
1.
  	
  
VCP OVERSEAS HOLDING LTD. BUDAPEST, BAAR BRANCH, a   branch of VCP Overseas holding KFT (a company organised under the laws of   Hungary), licensed in the commercial register of canton of Zug, Switzerland,   as the Guarantor (the “Pledgor”);   and
  
	
  
 
  	
  
 
  
	
  
2.
  	
  
ABN AMRO BANK N.V., a public company with limited liability (naamloze vennootschap), incorporated   under Netherlands law, having its corporate seat (statutaire zetel) in Amsterdam, The Netherlands, Chamber of   Commerce registration number 33002587 as the Trustee (the “Pledgee”).
  

IT IS HEREBY AGREED AS FOLLOWS:

	
  
1.
  	
  
DEFINITIONS AND INTERPRETATION
  
	
  
 
  	
  
 
  	
  
 
  
	
  
1.1
  	
  
Definitions
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
1.1.1
  	
  
Words   and expressions defined in the Restated Agreement shall have the same meaning   when used in this Deed, unless defined otherwise herein.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
1.1.2
  	
  
In   addition the following terms shall have the following meaning:
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
“ABN Facility Agreement No. 1” means the   $50,000,000 Export Prepayment Agreement No. G-3605/03 dated December 3, 2003   between VCP Exportadora e Participações S.A. (now Votorantim Celulose e Papel   S.A.), as Borrower and ABN AMRO Bank N.V. as Bank.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
“ABN Facility Agreement No. 2” means the   $50,000,000 Export Prepayment Agreement No. G-0852/05 dated March 29, 2005   between Votorantim Celulose e Papel S.A. as Borrower and ABN AMRO Bank N.V.   as Bank.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
“ABN Facility Agreements” means the ABN   Facility Agreement No.1 and the ABN Facility Agreement No. 2.
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
“ABN Loans” means the ABN Loan No.1, the   ABN Loan No. 2 and the ABN Loan No. 3.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
“ABN Loan No. 1” means the $50,000,000   principal amount outstanding from the Borrower to ABN AMRO Bank N.V. with   respect to the loan made available to the Borrower under the ABN Facility   Agreement No. 1 and originally registered with ROF number TA300227.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
“ABN Loan No. 2” means the $50,000,000   principal amount outstanding from the Borrower to ABN AMRO Bank N.V. with   respect to the loan made available to the Borrower under the ABN Facility   Agreement No. 2 and originally registered with ROF number TA331696.
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
“ABN Loan No. 3” means the $123,000,000   principal amount outstanding from the Borrower to ABN AMRO Bank N.V. with   respect to the loan made available by ABN AMRO Bank N.V to the Borrower on 27   June 2006 and registered with ROF numbers TA383445, TA383447 and TA383450.
  

- 1 -

	
  
 
  	
  
 
  	
  
“Account” means the Collection Account   with number 56.42.26.475 USD maintained by the Pledgor with the Account Bank   in The Netherlands;
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
“Account Bank” means ABN AMRO Bank N.V.   with which the Pledgor maintains the Account;
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
“Deed”   means this deed of pledge;
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
“Enforcement Event” means any default (verzuim) in the proper performance of   the Secured Obligations or any part thereof provided it is also an Event of   Default;
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
“Finance Documents” has the meaning given   thereto in the Restated Agreement;
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
“Obligor” has the meaning given thereto in   the Restated Agreement;
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
“Parallel Debt” means the covenant to pay   to the Trustee and the provisions relating thereto as described in clause   25.22 (Parallel Debt (Covenant to pay the   Trustee)) of the Restated Agreement;
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
“Principal Obligations” means all present   and future obligations owed by any Obligor to any Secured Party under or in   connection with the Finance Documents, other   than the obligations pursuant to the Parallel Debt;
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
“Restated Agreement” means the ABN   Facility Agreements and the agreement pursuant to which the ABN Loan No. 3   was advanced as restated by the Restatement Agreement.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
“Restatement Agreement” means the   restatement agreement dated as of the date of this Deed pursuant to which   Votorantim Celulose e Papel S.A., the Pledgor, ABN AMRO Bank N.V. as   arranger, ABN AMRO Bank N.V. as agent, the Pledgee as trustee and the other   parties named therein agreed to restate the terms and conditions upon which   the ABN Loans are outstanding upon the terms and conditions of the Restated   Agreement.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
“Rights” means all present and future   rights (vorderingen) of the   Pledgor vis-à-vis the Account Bank;
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
“Secured Obligations” means all present   and future obligations owed by any Obligor to the Pledgee under or in   connection with the Finance Documents; and
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
“Secured Parties” has the meaning given   thereto in the Restated Agreement.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
1.2
  	
  
Interpretation
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
Any references made in   this Deed to any Finance Document or to any agreement or document (under   whatever name), shall, where applicable, be deemed to be references to such   Finance Document or such other agreement or documents as the same may have   been, or may at any time be, extended, prolonged, amended, restated,   supplemented,
  

- 2 -

	
  
 
  	
  
renewed   or novated, as persons may accede thereto as a party or withdraw therefrom as   a party in part or in whole or be released thereunder in part or in whole,   and as facilities and financial services are or may at any time be granted,   extended, prolonged, increased, reduced, cancelled, withdrawn, amended,   restated, supplemented, renewed or novated thereunder including, without   limitation, (i) any increase or reduction in any amount available thereunder   or any alteration of or addition to the purpose for which any such amount, or   increased or reduced amount may be used, (ii) any facility provided in   substitution of or in addition to the facilities originally made available   thereunder, (iii) any rescheduling of the indebtedness incurred thereunder   whether in isolation or in connection with any of the foregoing, and (iv) any   combination of the foregoing.
  
	
  
 
  	
  
 
  
	
  
2.
  	
  
UNDERTAKING TO PLEDGE AND PARALLEL   DEBT
  
	
  
 
  	
  
 
  
	
  
2.1
  	
  
Undertaking to pledge
  
	
   
  	
  
 
  
	
  
 
  	
  
The   Pledgor hereby agrees with the Pledgee that the Pledgor shall grant to the   Pledgee a right of pledge over the Rights, as security for the payment of the   Secured Obligations.
  
	
  
 
  	
  
 
  
	
  
2.2
  	
  
Parallel Debt
  
	
  
 
  	
  
 
  
	
  
 
  	
  
Pursuant to the Parallel Debt the Pledgee
has its own claim in respect of the payment obligations of the Obligors to the
Secured Parties under the Finance Documents. With respect to this claim the
Pledgee acts in its own name and not as representative
(vertegenwoordiger) of the Secured Parties or any of them and
consequently the Pledgee becomes the sole pledgee under this Deed.

	
  
 
  	
  
 
  
	
  
3.
  	
  
PLEDGE
  
	
  
 
  	
  
 
  
	
  3.1
  	
  
Pledge of Rights
  

	
  
 
  	
  
3.1.1
  	
  
To secure the payment of the Secured
Obligations the Pledgor hereby grants to the Pledgee a disclosed right of
pledge (openbaar pandrecht) over the Rights, which right of pledge is
hereby accepted by the Pledgee.
 
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
3.1.2
  	
  
If   and to the extent that at the time of the creation of this right of pledge,   or at any time hereafter, a Principal Obligation owed to the Pledgee cannot   be validly secured through the Parallel Debt, such Principal Obligation   itself shall be a Secured Obligation.
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
3.1.3
  	
  
The   Pledgor, to the extent required, notifies the Pledgee in its capacity of   Account Bank of the right of pledge created hereby and the Pledgee by   co-signing this Deed, among others, acknowledges receipt of notice of this   Deed and the pledges envisaged hereby and hereby waives (doet afstand van recht) any right of   pledge and any rights of set-off or suspension it has under its general   banking conditions (algemene   bankvoorwaarden) or otherwise.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
3.1.4
  	
  
The   Pledgee is entitled to present this Deed and any other document pursuant   hereto for registration to any office, registrar or governmental body in any   jurisdiction the Pledgee deems necessary or useful to protect its interests.
  

- 3 -

	
  
3.2
  	
  
Withdrawal rights
  
	
  
 
  	
  
 
  
	
   
  	
  
Only   the Pledgee is entitled to collect and receive payment of the Rights pledged   hereby.  The Pledgee hereby authorises   the Pledgor to withdraw and transfer monies from the Accounts (as envisaged   by Article 3:246-4 Dutch Civil Code) in accordance with clause 20.8 (Payments from Collection Account on Interest   Payment Dates) of the Restated Agreement. The Pledgee may revoke   this authorisation upon the occurrence of a Default and the authorisation   shall automatically cease to exist upon the occurrence of an Enforcement   Event.
  
	
  
 
  	
  
 
  
	
  
4.
  	
  
REPRESENTATIONS, WARRANTIES AND   COVENANTS
  
	
  
 
  	
  
 
  
	
  
4.1
  	
  
Representations and warranties
  
	
  
 
  	
  
 
  
	
  
 
  	
  
The   Pledgor hereby represents and warrants to the Pledgee that the following is   true and correct on the date hereof:
  

	
  
 
  	
  
 
  	
  
(a)
  	
  
the   Pledgor is entitled to pledge the Rights as envisaged hereby;
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
(b)
  	
  
the   right of pledge created hereby over the Rights is a first ranking right of   pledge (pandrecht eerste in rang),   the Rights have not been encumbered with limited rights (beperkte rechten) or otherwise and no   attachment (beslag) on the   Rights has been made; and
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
(c)
  	
  
the   Rights have not been transferred, encumbered or attached in advance, nor has   the Pledgor agreed to such transfer or encumbrance in advance.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
4.2
  	
  
Covenants
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
The   Pledgor hereby covenants that it will:
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
(a)
  	
  
other   than as explicitly permitted under the terms of the other Finance Documents,   not release, settle or subordinate any Rights without the Pledgee’s prior   written consent;
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
(b)
  	
  
at   the Pledgee’s first request, promptly submit an up-to-date overview listing   the Rights and the balances of the Account in the form determined and   notified in writing by the Pledgee, which may include a print-out and/or an   electronic data carrier containing the relevant data;
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
(c)
  	
  
at   its own expense execute all documents and do all such acts as the Pledgee may   request for creating, perfecting or protecting the right of pledge envisaged   hereby;
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
(d)
  	
  
not   pledge, otherwise encumber or transfer any Rights, whether or not in advance,   other than as envisaged hereby or as explicitly permitted under the terms of   the other Finance Documents, or perform any act that may harm the rights of   the Pledgee, or permit to subsist any kind of encumbrance or attachment over   the Rights;
  

- 4 -

	
  
 
  	
  
 
  	
  
(e)
  	
  
immediately   inform the Pledgee of any event or circumstance which may be of importance to   the Pledgee for the preservation or exercise of the Pledgee’s rights pursuant   hereto and provide the Pledgee, upon the Pledgee’s written request, with any   other information in relation to the (pledge of the) Rights as the Pledgee   may from time to time request;
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
(f)
  	
  
immediately   inform in writing persons such as a liquidator (curator) in bankruptcy, an administrator (bewindvoerder) in a (preliminary)   suspension of payment or persons making an attachment, of the existence of   the rights of the Pledgee pursuant hereto; and
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
(g)
  	
  
to   the extent that under rules of private international law, the creation of a   security interest over the Rights is governed by any law other than Dutch   law, perform all such acts as may be required to create or perfect such   security interest, to the extent requested to do so by the Pledgee.
  

	
  
5.
  	
  
ENFORCEMENT
  
	
   
  	
  
 
  
	
  
5.1
  	
  
Any failure by the Pledgor to satisfy the Secured   Obligations when due shall constitute a default (verzuim)in   the performance of the Secured Obligations, without any reminder letter (sommatie) or notice of default (ingebrekestelling) being required.
  
	
  
 
  	
  
 
  
	
  
5.2
  	
  
Upon the occurrence of an Enforcement Event, the   Pledgee may enforce its right of pledge and take recourse against the   proceeds thereof.
  
	
  
 
  	
  
 
  
	
  
5.3
  	
  
The Pledgor shall not be entitled to request the   court to determine that the Rights pledged pursuant hereto shall be sold in a   manner deviating from the provisions of Article 3:250 Dutch Civil Code.
  
	
  
 
  	
  
 
  
	
  
5.4
  	
  
The Pledgee shall not be obliged to give notice to   the Pledgor of any intention to sell the pledged Rights (as provided in   Article 3:249 Dutch Civil Code) or, if applicable, of the fact that it has   sold such Rights (as provide in Article 3:252 Dutch Civil Code).
  
	
   
  	
  
 
  
	
  
5.5
  	
  
All monies received or realised by the Pledgee in   connection with the Rights shall be applied by the Pledgee in accordance with   the relevant provisions of the Finance Documents, subject to the mandatory   provisions of Dutch law on enforcement (uitwinning).
  
	
  
 
  	
  
 
  
	
  
6.
  	
  
MISCELLANEOUS PROVISIONS
  
	
  
 
  	
  
 
  
	
  
6.1
  	
  
Waiver
  
	
  
 
  	
  
 
  
	
  
 
  	
  
To   the fullest extent allowed by applicable law, the Pledgor waives any right it   may have of first requiring the Pledgee to proceed against or claim payment   from any other Person or enforce any guarantee or security granted by any   other person before exercising its rights pursuant hereto.
  
	
  
 
  	
  
 
  
	
  6.2
  	
  
Evidence of indebtedness
  
	
  
 
  	
  
 
  
	
  
 
  	
  
An   excerpt from the Pledgee’s records shall serve as conclusive evidence (dwingend bewijs) of the existence and   the amounts of the Secured Obligations, subject to proof to the contrary.
  

- 5 -

	
  
6.3
  	
  
Unenforceability
  
	
  
 
  	
  
 
  
	
  
 
  	
  
The   Pledgor and the Pledgee hereby agree that they will negotiate in good faith   to replace any provision hereof which may be held unenforceable with a   provision which is enforceable and which is as similar as possible in   substance to the unenforceable provision.
  
	
  
 
  	
  
 
  
	
  6.4
  	
  
Power of attorney
  
	
  
 
  	
  
 
  
	
  
 
  	
  
The   Pledgor hereby grants an irrevocable power of attorney to the Pledgee   authorising the Pledgee to execute all documents and to perform all such acts   as the Pledgee may deem necessary in order to have the full benefit of the   rights (to be) granted pursuant hereto, including the exercise of any   ancillary rights (nevenrechten)   as well as any other rights of the Pledgor in relation to the Rights, which   authorisation permits the Pledgee to (also) act as the Pledgor’s counterparty   within the meaning of Article 3:68 Dutch Civil Code.
  
	
  
 
  	
  
 
  
	
  
6.5
  	
  
Costs
  

	
  
 
  	
  
6.5.1
  	
  
All   risks, taxes, fees, costs, charges and other expenses due or incurred in   respect of or in connection with (the pledge of) any Rights, shall be   exclusively for the account of the Pledgor.
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
6.5.2
  	
  
All costs, charges and expenses incurred
by the Pledgee in the lawful exercise of the powers conferred upon it pursuant
hereto (including any enforcement measure), or in relation to the negotiation,
preparation and administration of this Deed, as well as in connection with any
variation, amendment or supplement to the terms of this Deed, and any costs,
charges and expenses incurred by the Pledgee in connection with any consent or
waiver, shall be payable by the Pledgor to the Pledgee on first
demand.
 

	
  
7.
  	
  
POWER TO TRANSFER; REPLEDGE
  
	
  
 
  	
  
 
  
	
  
7.1
  	
  
The Pledgee is entitled to transfer all or part of   its rights and/or obligations pursuant hereto to any successor Trustee in   accordance with clause 25.19 (Resignation   of Trustee) of the Restated Agreement and the Pledgor hereby in   advance gives its irrevocable consent to and hereby in advance irrevocably   co-operates with any such transfer (within the meaning of Articles 6:156 and   6:159 Dutch Civil Code).
  
	
   
  	
  
 
  
	
  
7.2
  	
  
The Pledgor hereby grants power to the Pledgee to   repledge (herverpanden) any   Rights pledged pursuant hereto, as envisaged by Article 3:242 Dutch Civil   Code in favour of any New Lender in accordance with clause 22 (Changes to the lenders) of the Restated   Agreement (herpandhouder) to   secure the payment of the Secured Obligations.
  
	
  
 
  	
  
 
  
	
  
7.3
  	
  
The Pledgee is entitled to impart any information   concerning the Pledgor or the Rights to any (proposed) transferee or any   (proposed) repledgee.
  

- 6 -

	
  
8.
  	
  
TERMINATION
  
	
  
 
  	
  
 
  
	
  
8.1
  	
  
Unless terminated by operation of law, the Pledgee’s   right of pledge created pursuant hereto shall be in full force and effect   vis-à-vis the Pledgor until it shall have terminated, in part or in whole, as   described in clause 8.2 below.
  
	
   
  	
  
 
  
	
  
8.2
  	
  
The Pledgee will be entitled to terminate by notice   the right of pledge created pursuant hereto, in part or in whole, in respect   of all or part of the Rights and/or all or part of the Secured Obligations.   If and insofar as the purported effect of any such termination would require   a waiver (afstand van recht) by   the Pledgee, such termination shall be construed accordingly and the Pledgor   hereby in advance agrees to such waiver.
  
	
  
 
  	
  
 
  
	
  
9.
  	
  
GOVERNING LAW AND JURISDICTION
  
	
  
 
  	
  
 
  
	
  
9.1
  	
  
Governing law
  
	
  
 
  	
  
 
  
	
  
 
  	
  
This   Deed is governed by and shall be interpreted in accordance with Dutch law.
  
	
  
 
  	
  
 
  
	
  9.2
  	
  
Jurisdiction
  
	
  
 
  	
  
 
  
	
  
 
  	
  
All   disputes arising from or in connection with this Deed (including a dispute   regarding the existence, validity or termination of this Deed or the   consequences of its nullity) (a “Dispute”)   shall be submitted to the competent court (rechtbank)   in Amsterdam, without prejudice to the Pledgee’s right to submit any Disputes   to any other competent court in The Netherlands or in any other jurisdiction.
  
	
  
 
  	
  
 
  
	
  
9.3
  	
  
Attorneys
  
	
  
 
  	
  
 
  
	
  
 
  	
  
If   a party to this Deed is represented by (an) attorney(s) in connection with   the execution of this Deed or any agreement or document pursuant hereto, and   the relevant power of attorney is expressed to be governed by Dutch law, such   choice of law is hereby accepted by the other party, in accordance with   Article 14 of the Hague Convention on the Law Applicable to Agency of 14   March 1978.
  

This Deed has been executed on 27 September 2006 by:

VCP OVERSEAS HOLDING LTD. BUDAPEST, BAAR BRANCH, as Pledgor 

	
  
 
  	
  
 
  	
  
 
  
	
  

  	
  
 
  	
  
 
  
	
  
Name:
  	
  
 
  	
  
 
  
	
  
Title:
  	
  
 
  	
  
 
  

- 7 -

ABN AMRO BANK N.V., as Pledgee

	
   
  	
  
 
  	
  
 
  
	
  

  	
  
 
  	
  
 
  
	
  
Name:
  	
  
 
  	
  
 
  
	
  
Title:
  	
  
 
  	
  
 
  

	
  
 
  	
  
 
  	
  
 
  
	
  

  	
  
 
  	
  
 
  
	
  
Name:
  	
  
 
  	
  
 
  
	
  Title:
  	
  
 
  	
  
 
  

 

FOR ACKNOWLEDGEMENT AND WAIVER PURSUANT TO CLAUSE 3.1.3:

ABN AMRO BANK N.V., as Account Bank

	
  
 
  	
  
 
  	
  
 
  
	
  

  	
  
 
  	
  
 
  
	
  
Name:
  	
  
 
  	
  
 
  
	
  
Title:
  	
  
 
  	
  
 
  

	
   
  	
   
  	
   
  
	
  

  	
   
  	
   
  
	
  Name:
  	
   
  	
   
  
	
  Title:
  	
   
  	
   
  

- 8 -Exhibit 4.4.4

	
  

  	
  
CLIFFORD CHANCE S/C
   Consultores em Direito Estrangeiro
  

EXECUTION VERSION

VCP OVERSEAS HOLDING LTD. BUDAPEST, BAAR BRANCH
 AS ASSIGNOR

AND

ABN AMRO BANK N.V
 AS TRUSTEE

ASSIGNMENT AGREEMENT

CONTENTS

	
  
Clause
  	 	
   
 	
   
 	
  
Page
  
	
  

  	
	

  
	
   
 	
  

  
	
  1.
  	 	
  
Definitions And   Interpretation
  	
   
 	
  
1
  
	
  
2.
  	 	
  
Covenant To Pay
  	
   
 	
  
2
  
	
  
3.
  	 	
  
Assignment
  	
   
 	
  
2
  
	
  
4.
  	 	
  
Notice Of Assignment
  	
   
 	
  
3
  
	
  
5.
  	 	
  
Assignor’s Representations
  	
   
 	
  
3
  
	
  6.
  	 	
  
Assignor’s Undertakings
  	
   
 	
  
4
  
	
  
7.
  	 	
  
Enforcement
  	
   
 	
  
5
  
	
  
8.
  	 	
  
Exercise Of Rights
  	
   
 	
  
5
  
	
  
9.
  	 	
  
Further Assurance
  	
   
 	
  
5
  
	
  
10.
  	 	
  
Power Of Attorney
  	
   
 	
  
6
  
	
  
11.
  	 	
  
Receiver
  	
   
 	
  
6
  
	
  12.
  	 	
  
Effectiveness Of Security
  	
   
 	
  
6
  
	
  
13.
  	 	
  
Subsequent Interests And Accounts
  	
   
 	
  
7
  
	
  
14.
  	 	
  
Currency Conversion
  	
   
 	
  
7
  
	
  
15.
  	 	
  
Application Of Proceeds
  	
   
 	
  
7
  
	
  
16.
  	 	
  
Assignment
  	
   
 	
  
7
  
	
  
17.
  	 	
  
Successors
  	
   
 	
  
8
  
	
  18.
  	 	
  
Notices
  	
   
 	
  
8
  
	
  
19.
  	 	
  
Counterparts
  	
   
 	
  
8
  
	
  
20.
  	 	
  
Governing Law
  	
   
 	
  
8
  
	
  
21.
  	 	
  
Jurisdiction
  	
   
 	
  
8
  

THIS ASSIGNMENT is made as a deed on 27 September 2006

BETWEEN:

	
  
(1)
  	
  
VCP OVERSEAS HOLDING LTD. BUDAPEST, BAAR BRANCH, a   branch of VCP Overseas Holding KFT (a company organised under the laws of   Hungary), licensed in the commercial register of the canton of Zug,   Switzerland (the (the “Assignor”); and
  
	
   
  	
  
 
  
	
  
(2)
  	
  
ABN AMRO BANK N.V. as trustee for the Secured Parties on the terms and conditions set   out in the Restated Agreement (the “Trustee”   which expression shall include any Person for the time being appointed as   trustee, or as an additional trustee, for the purposes of the Restated   Agreement).
  

IT IS AGREED as follows:

	
  
1.
  	
  
DEFINITIONS AND INTERPRETATION
  
	
  
 
  	
  
 
  
	
  
1.1
  	
  
In this Assignment:
  
	
  
 
  	
  
 
  
	
  
 
  	
  
“Assigned Property” means the rights and   property expressed to be assigned in Clause 3 (Assignment).
  
	
  
 
  	
  
 
  
	
   
  	
  
“Collateral Rights” means all rights,   powers and remedies of the Trustee provided by this Assignment or by law.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
“Irrevocable   Payment Instructions” means, with respect to any Sales Contract, a   notice of assignment and irrevocable payment instructions given or to be   given by the Assignor to the relevant Buyer with respect to that Sales   Contract substantially in the form set out in Schedule 8 (Form of Irrevocable Payment Instructions)   to the Restated Agreement.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
“Restated   Agreement” means the ABN Facility Agreements (as defined in the   Restated Agreement) and the agreement pursuant to which the ABN Loan No. 3   (as defined in the Restated Agreement) was advanced as restated by the   Restatement Agreement.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
“Restatement   Agreement” means the restatement agreement dated as of the date of   this Assignment pursuant to which the parties thereto agreed to restate the   terms and conditions upon which the ABN Loans (as defined therein) are   outstanding upon the terms and conditions of the Restated Agreement.
  
	
   
  	
  
 
  
	
  
 
  	
  
“Sales Contract”   means each agreement (which may be formed or confirmed by delivery of an   invoice, exchange of letters and/or other correspondence) for the sale of   Products by the Assignor to a Buyer which has been designated a “Sales   Contract” for the purpose of the Finance Documents by the Assignor by   delivery to the Trustee of a duly executed Sales Contract Designation Notice   together with the documentation referred to in such Sales Contract   Designation Notice.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
“Sales Contract   Designation Notice” means a notice given by the Assignor to the   Agent substantially in the form of Schedule 7 (Form of Sales Contract Designation Notice) to the Restated   Agreement.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
“Secured Obligations” means all   obligations at any time due, owing or incurred by any Obligor to any Secured   Party under the Finance Documents, whether present or future, actual or   contingent (and whether incurred solely or jointly and whether as principal   or surety or in some other capacity).
  

- 1 -

	
  
1.2
  	
  
In this Assignment:
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(a)
  	
  
Unless a contrary indication appears, (i) a   reference to “this Assignment” is a reference to this Assignment as amended   or novated; (ii) a reference to the “Restated Agreement” is a reference to   the Restated Agreement as amended or novated; and (iii) a term defined in the   Restated Agreement has the same meaning when used in this Assignment.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(b)
  	
  
The rules of interpretation and construction   contained in the Restated Agreement apply to the construction of this   Assignment.
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
(c)
  	
  
Unless otherwise stated herein, a “Clause”,   “Section” or “Schedule” is a reference to a Clause, Section or Schedule of   this Assignment.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
1.3
  	
  
A Person who is not a party to this Assignment has   no right under the Contracts (Rights of Third Parties) Act 1999 to enforce   any term of this Assignment.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
2.
  	
  
COVENANT TO PAY
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
The Assignor shall on demand of the Trustee   discharge each of the Secured Obligations and pay to the Trustee when due and   payable each sum now or hereafter owing, due or incurred by any Obligor in   respect of the Secured Obligations.
  
	
   
  	
  
 
  	
  
 
  
	
  
3.
  	
  
ASSIGNMENT
  
	
  
 
  	
  
 
  	
  
 
  
	
  
3.1
  	
  
The Assignor assigns absolutely and with full title   guarantee to the Trustee all of its right, title and interest, present and   future, in, under and to each Sales Contract including, without limitation,   all present and future claims, causes of action, payments and proceeds in   respect thereof and the rights:
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(a)
  	
  
to receive payment from any Buyer of any amounts payable   to the Assignor under any Sales Contract and to make demand for payment   thereunder;
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
(b)
  	
  
to receive payment of any amounts payable under any   letter or letters of credit or any insurance policy or policies supporting   any Buyer’s payment obligations under any Sales Contract;
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(c)
  	
  
to serve any demand or notice under or in connection   with any Sales Contract;
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(d)
  	
  
to make, or consent to, any amendment, modification,   termination or waiver of any Sales Contract;
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(e)
  	
  
to compel performance by any Buyer and/or any Person   issuing a letter or letters of credit or any insurance policy or policies   supporting any Buyer’s payment obligations under any Sales Contract of   its/their obligations under any Sales Contract; and
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
(f)
  	
  
to sue for and receive relief and/or damages for any   breach of any Sales Contract by any Buyer and/or any Person issuing a letter   or letters of credit or any insurance policy or policies supporting any   Buyer’s payment obligations under any Sales Contract.
  

- 2 -

	
  
3.2
  	
  
The Trustee shall not be under any obligation in   relation to the Assigned Property or any Sales Contract as a consequence of   this Assignment and the Assignor shall at all times remain liable to perform   all obligations expressed to be assumed by it in respect of the Assigned   Property and any Sales Contract.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  4.
  	
  
NOTICE OF ASSIGNMENT
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
Forthwith upon delivery of any Sales Contract   Designation Notice with respect to any Sales Contract, the Assignor shall   deliver duly executed Irrevocable Payment Instructions with respect to that   Sales Contract to the relevant Buyer and, in the case of a Covered Buyer, the   Permitted Covering Institution issuing the letter or letters of credit or   insurance policy or policies supporting the relevant Buyer’s payment   obligations under that Sales Contract (with, in each case, a copy to the   Trustee).
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
5.
  	
  
ASSIGNOR’S REPRESENTATIONS
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
The Assignor represents and warrants to the Trustee:
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(a)
  	
  
on the date specified above:
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
(i)
  	
  
it has the necessary power and authority to enable   it to enter into and perform its obligations under this Assignment;
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
(ii)
  	
  
this Assignment constitutes its legal, valid and   binding obligation and creates an effective security over the Assigned   Property; and
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
(iii)
  	
  
all necessary authorisations and consents to enable   it to enter into and perform its obligations under this Assignment have been   obtained and are in full force and effect; and
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(b)
  	
  
on each day on which it delivers a Sales Contract   Designation Notice to the Trustee that:
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
(i)
  	
  
the Sales Contract to which that Sales Contract   Designation Notice relates is in full force and effect, enforceable in   accordance with its terms and it is not in breach of any term or condition of   the Sales Contract;
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
(ii)
  	
  
there are no restrictions on the Assignor’s ability   to assign all or any of its rights under the Sales Contract to which that   Sales Contract Designation Notice relates, whether contained in that Sales   Contract or in any other document;
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
(iii)
  	
  
it is the sole legal and beneficial owner of its   right, title and interest in the Sales Contract to which that Sales Contract   Designation Notice relates (subject to the rights of the Trustee under this   Assignment);
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
(iv)
  	
  
it has not sold or otherwise disposed of, or   created, granted or permitted to subsist any security interest over, all or   any of its right, title and interest in the Sales Contract to which that   Sales Contract Designation Notice relates (other than pursuant to this   Assignment);
  

- 3 -

	
  
 
  	
  
 
  	
  
(v)
  	
  
it has the necessary power and authority to enable   it to enter into and perform its obligations under this Assignment;
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
(vi)
  	
  
this Assignment constitutes its legal, valid and   binding obligation and creates an effective security over the Assigned   Property; and
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
(vii)
  	
  
all necessary authorisations and consents to enable   it to enter into and perform its obligations under this Assignment have been   obtained and are in full force and effect.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
6.
  	
  
ASSIGNOR’S UNDERTAKINGS
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
The Assignor undertakes to the Trustee for the   duration of this Assignment that it shall:
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
(a)
  	
  
not sell, assign, transfer or otherwise dispose of   all or any part of the Assigned Property (other than pursuant to this   Assignment);
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(b)
  	
  
not create, grant or permit to subsist any security   interest over all or any of its right, title and interest in the Assigned   Property (other than pursuant to this Assignment);
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(c)
  	
  
not do or permit to be done any act or thing which   might jeopardise the rights of the Trustee in the Assigned Property or which   might adversely affect or diminish the value of the Assigned Property or   prejudice the security created by this Assignment;
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
(d)
  	
  
promptly notify the Trustee of any circumstances   which give rise, or may reasonably be expected to give rise, to a claim on or   under the Assigned Property;
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(e)
  	
  
permit or suffer to occur   any alteration or waiver of or amendment to or departure from the terms of   any Sales Contract (other than as permitted under clause 19.15 (No amendment to Sales Contracts) of the   Restated Agreement); or
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(f)
  	
  
avoid, release, rescind,   terminate or otherwise cancel in whole or in part (or agree to any of the   foregoing or acquiesce in any of the foregoing) any Sales Contract (other   than as permitted under clause 19.15 (No   amendment to Sales Contracts) of the Restated Agreement);
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(g)
  	
  
promptly comply with its obligations under each   Sales Contract; and
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(h)
  	
  
not take or omit to take any action which might   result in (i) the alteration or impairment of any rights in the Assigned   Property; (ii) any default of any of its obligations under any Sales   Contract; (iii) any right to terminate any Sales Contract becoming   exercisable by any Person; or (iv) any counterclaims or rights of set-off   arising under any Sales Contract.
  

- 4 -

	
  
7.
  	
  
ENFORCEMENT
  
	
  
 
  	
  
 
  	
  
 
  
	
  
7.1
  	
  
Upon the occurrence of an Event of Default, the   Trustee shall be entitled, without prior notice or further demand or prior   authorisation from any court, immediately to enforce all or any part of the   security constituted by this Assignment in any manner it sees fit.  Without limiting any of the powers   conferred on the Trustee by this Clause 7, the Trustee shall be entitled to:
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(a)
  	
  
take possession of the Assigned Property or   otherwise exercise in relation to it all of the rights of an absolute owner;
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
(b)
  	
  
assign any or all of the Assigned Property to any   Person on such terms as the Trustee considers appropriate; and
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(c)
  	
  
collect, recover or compromise, and give a good   discharge for, any moneys paid or payable to the Assignor under or in respect   of the Assigned Property, and enforce (in any way whatsoever including,   without limitation, by way of instituting proceedings in the Assignor's name)   any rights or claims arising under or in respect of the Assigned Property.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
7.2
  	
  
The power of sale or other disposal in Clause 7.1   shall operate as a variation and extension of the statutory power of sale   under Section 101 of the Law of Property Act 1925 and such power shall arise   (and the Secured Obligations shall be deemed due and payable for that   purpose) on execution of this Assignment.    The restrictions contained in Sections 93 and 103 of the Law of   Property Act 1925 shall not apply to this Assignment or to any exercise by   the Trustee of its right to consolidate mortgages or its power of sale.
  
	
   
  	
  
 
  	
  
 
  
	
  
7.3
  	
  
A certificate in writing by an officer or agent of   the Trustee that the power of sale or disposal has arisen and is exercisable   shall be conclusive evidence of that fact in favour of a purchaser of all or   any part of the Assigned Property.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
8.
  	
  
EXERCISE OF RIGHTS
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
Subject always to the terms of this Assignment and   without prejudice to the obligations of the Assignor under Clause 20 (Debt Service Undertakings) of the   Restated Agreement, the Assignor, as agent for and on behalf of the Trustee,   shall be entitled to exercise all rights and powers arising under any Sales   Contract until notified in writing by the Trustee that an Event of Default   has occurred. The Trustee shall be entitled upon the giving of such notice to   exercise all such rights and powers when they arise and the Assignor shall   thereupon cease to be the agent for the Trustee.
  
	
   
  	
   
  	
   
  
	
  9.
  	
  FURTHER ASSURANCE
  
	
   
  	
   
  	
   
  
	
   
  	
  The Assignor shall promptly execute all documents   and do all things (including the execution and delivery of any Irrevocable   Payment Instructions or other notice of assignment) that the Trustee may   reasonably specify for the purpose of (a) exercising the Collateral Rights,   (b) securing and perfecting its security over or title to all or any part of   the Assigned Property or (c) facilitating the realisation of the Assigned   Property or the exercise of any of the rights vested in the Trustee as a   result of this Assignment.
  

- 5 -

	
  
10.
  	
  
POWER OF ATTORNEY
  
	
  
 
  	
  
 
  
	
  
 
  	
  
The Assignor, by way of security, irrevocably   appoints the Trustee to be its attorney and in its name, on its behalf and as   its act and deed to execute, deliver and perfect all documents (including any   Irrevocable Payment Instructions or other notice of assignment) and do all   things that the Trustee may consider to be necessary for (a) carrying out any   obligation imposed upon the Assignor under this Assignment or (b) exercising   any of the Collateral Rights.  The   Assignor shall ratify and confirm, and indemnify the Trustee for, all things   done and all documents executed by the Trustee in the exercise of that power   of attorney.
  
	
   
  	
  
 
  
	
  
11.
  	
  
RECEIVER
  
	
  
 
  	
  
 
  
	
  
11.1
  	
  
Upon the occurrence of an Event of Default or if a   petition or application is presented for the making of an administration   order in relation to the Assignor or if any Person who is entitled to do so   gives written notice of its intention to appoint an administrator of the   Assignor or files such a notice with the court, the Trustee may by writing   (acting through an authorised officer of the Trustee) without notice to the   Assignor appoint one or more Persons to be receiver of the whole or any part   of the Assigned Property (each such Person being (a) entitled to act   individually as well as jointly and (b) for all purposes deemed to be the   agent of the Assignor).
  
	
  
 
  	
  
 
  
	
  
11.2
  	
  
In addition to the powers of the Trustee conferred   by Clause 7, each Person appointed pursuant to Clause 11.1 shall have, in   relation to the part of the Assigned Property in respect of which he was   appointed, all the powers (a) conferred by the Law of Property Act 1925 on a   receiver appointed under that Act, (b) of an administrative receiver set out   in Schedule 1 to the Insolvency Act 1986 (whether or not such Person is an   administrative receiver) and (c) (if such Person is an administrative   receiver) all the other powers exercisable by an administrative receiver in   relation to the Assignor by virtue of the Insolvency Act 1986.
  
	
   
  	
  
 
  
	
  
12.
  	
  
EFFECTIVENESS OF SECURITY
  
	
  
 
  	
  
 
  
	
  
12.1
  	
  
Except with the Trustee’s prior written consent or   as permitted under the Restated Agreement, no right, title or interest in   relation to this Assignment shall be capable of assignment or other disposal   and the Assignor shall not assign or dispose of or create, grant or permit to   exist any security interest over this Assignment.
  
	
  
 
  	
  
 
  
	
  
12.2
  	
  
The security created by this Assignment and the   Collateral Rights shall be cumulative, in addition to and independent of   every other security which the Trustee may at any time hold for the Secured   Obligations or any rights, powers and remedies provided by law.  No prior security held by the Trustee over   the whole or any part of the Assigned Property shall merge into the security   constituted by this Assignment.
  
	
  
 
  	
  
 
  
	
  
12.3
  	
  
This Assignment shall remain in full force and   effect as a continuing security for the Secured Obligations unless and until   the Trustee discharges it.
  
	
   
  	
  
 
  
	
  
12.4
  	
  
Upon the Secured Obligations being discharged in   full and the Trustee and the Secured Parties having no further actual or   contingent obligations under the Finance Documents to make advances or   provide other financial accommodation, the Trustee shall, at the request and   cost of the Assignor, cancel all the security granted by this Assignment and   re-assign to the Assignor all the property assigned by this Assignment   without recourse to, and without any representations or warranties by, the   Trustee.
  

- 6 -

	
  
12.5
  	
  
No failure on the part of the Trustee to exercise, or   delay on its part in exercising, any Collateral Right shall operate as a   waiver, nor shall any single or partial exercise of a Collateral Right   prevent any further or other exercise of that or any other Collateral Right.
  
	
  
 
  	
  
 
  
	
  
12.6
  	
  
If, at any time, any provision of this Assignment is   or becomes illegal, invalid or unenforceable in any respect under the law of   any jurisdiction, the legality, validity or enforceability of (a) the   remaining provisions of this Assignment and (b) such provision under the law   of any other jurisdiction shall not in any way be affected or impaired   thereby.
  
	
   
  	
  
 
  
	
  
12.7
  	
  
None of the Trustee, or any delegate, agent,   attorney or co-trustee appointed by the Trustee, or any receiver appointed   pursuant to this Assignment shall be liable by reason of (a) taking any   action permitted by this Assignment, (b) any neglect or default in connection   with the Assigned Property or (c) the taking possession or realisation of all   or any part of the Assigned Property, except in the case of gross negligence   or wilful default upon its part.
  
	
  
 
  	
  
 
  
	
  
13.
  	
  
SUBSEQUENT INTERESTS AND ACCOUNTS
  
	
  
 
  	
  
 
  
	
  
 
  	
  
If the Trustee at any time receives notice of any   subsequent mortgage, assignment, charge or other interest affecting all or   any part of the Assigned Property, all payments made by the Assignor to the   Trustee or any of the Secured Parties after that time shall be treated as   having been credited to a new account of the Trustee and not as having been   applied in reduction of the Secured Obligations as at the time when the   Trustee received notice.
  
	
  
 
  	
  
 
  
	
  14.
  	
  
CURRENCY CONVERSION
  
	
  
 
  	
  
 
  
	
  
 
  	
  
For the purpose of or pending the discharge of any   of the Secured Obligations the Trustee may convert any money received,   recovered or realised or subject to application by it under this Assignment   from one currency to another, as the Trustee thinks fit, and any such   conversion shall be effected at the Trustee’s spot rate of exchange for the   time being for obtaining such other currency with the first currency.
  
	
  
 
  	
  
 
  
	
  
15.
  	
  
APPLICATION OF PROCEEDS
  
	
  
 
  	
  
 
  
	
  
 
  	
  
All moneys received or recovered by the Trustee or   any Receiver appointed pursuant to this Assignment or the powers conferred by   it shall (subject to the claims of any Person having prior rights thereto and   by way of variation of the provisions of the Law of Property Act 1925) be   applied in accordance with clause 30 (Application   of Proceeds) of the Restated Agreement.
  
	
  
 
  	
  
 
  
	
  16.
  	
  
ASSIGNMENT
  
	
  
 
  	
  
 
  
	
  
 
  	
  
The Trustee may assign and transfer all or any of   its rights and obligations under this Assignment.  The Trustee shall be entitled to disclose such information   concerning the Assignor and this Assignment as the Trustee considers   appropriate to any actual or proposed direct or indirect successor or to any   Person to whom information may be required to be disclosed by any applicable   law.
  

- 7 -

	
  
17.
  	
  
SUCCESSORS
  
	
  
 
  	
  
 
  
	
  
 
  	
  
This Assignment shall remain in effect despite any   amalgamation or merger (however effected) relating to the Trustee and   references to the Trustee shall be deemed to include any assignee or   successor in title of the Trustee and any Person who, under the laws of its   jurisdiction of incorporation or domicile, has assumed the rights and   obligations of the Trustee under this Assignment or to which, under such   laws, those rights and obligations have been transferred.
  
	
   
  	
  
 
  	
  
 
  
	
  
18.
  	
  
NOTICES
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
Any communication to be made under or in connection   with this Assignment shall be made in accordance with the provisions of   clause 31 (Notices) of the   Restated Agreement.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
19.
  	
  
COUNTERPARTS
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
This Assignment may be executed in any number of   counterparts, all of which taken together shall constitute one and the same   instrument.
  
	
   
  	
  
 
  	
  
 
  
	
  
20.
  	
  
GOVERNING LAW
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
This Assignment is governed by English law.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
21.
  	
  
JURISDICTION
  
	
  
 
  	
  
 
  	
  
 
  
	
  
21.1
  	
  
The courts of England have exclusive jurisdiction to   settle any dispute arising out of or in connection with this Assignment   (including a dispute regarding the existence, validity or termination of this   Assignment) (a “Dispute”).
  
	
   
  	
  
 
  	
  
 
  
	
  
21.2
  	
  
The parties agree that the courts of England are the   most appropriate and convenient courts to settle Disputes and, accordingly,   that they will not argue to the contrary.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
21.3
  	
  
This Clause 21 is for the benefit of the Trustee   only.  As a result the Trustee shall   not be prevented from taking proceedings relating to a Dispute in any other   courts with jurisdiction.  To the   extent allowed by law, the Trustee may take concurrent proceedings in any   number of jurisdictions.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
21.4
  	
  
Without prejudice to any other mode of service   allowed under any relevant law, the Assignor:
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
(a)
  	
  
irrevocably appoints Law Debenture Corporate   Services Limited at 100 Wood Street, Fifth Floor, London, EC2V 7EX, or, if   different, its registered office, as its agent for service of process in   relation to any proceedings before the English courts in connection with this   Assignment; and
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(b)
  	
  
agrees that failure by a process agent to notify the   Assignor of the process will not invalidate the proceedings concerned.
  

IN WITNESS WHEREOF this Assignment has been signed on behalf of the Trustee and executed as a deed by the Assignor and is intended to be and is hereby delivered by it as a deed on the date specified above.

- 8 -

SIGNATURES

	
  
The Assignor
  
	
  
 
  
	
  EXECUTED as a   DEED                                                                                          )
  
	
  by VCP OVERSEAS   HOLDING LTD. BUDAPEST, BAAR   BRANCH         )
  
	
   
  
	
  By:
  

	
  The Trustee
  
	
   
  
	
  ABN AMRO BANK N.V.
  
	
   
  
	
  By:
  

- 9 -

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