Document:

exv4w159

EXHIBIT 4.159

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

Interest Pledge Agreement

between

1. SIG Combibloc GmbH

as Pledgor

and

2. Wilmington Trust (London) Limited

as Pledgee and Collateral Agent

 

 

Contents

	 	 	 	 	 

	Whereas:
	 	 	3	 
	1. Definitions
	 	 	3	 
	2. Construction
	 	 	7	 
	3. Secured Obligations
	 	 	8	 
	4. Pledges
	 	 	8	 
	5. Dividends
	 	 	8	 
	6. Exercise of Voting Rights
	 	 	9	 
	7. Perfection of Security and Further Security
	 	 	10	 
	8. Enforcement of Pledges
	 	 	11	 
	9. Undertakings of the Pledgor
	 	 	14	 
	10. Acknowledgment by Pledgor
	 	 	15	 
	11. Representations and Warranties of the Pledgor
	 	 	15	 
	12. Duration and Independence
	 	 	16	 
	13. Partial Invalidity; Waiver
	 	 	16	 
	14. Further Assurance
	 	 	17	 
	15. Amendments; Waiver
	 	 	17	 
	16. Miscellaneous
	 	 	17	 
	17. Execution in Counterparts
	 	 	19	 
	18. Stamp Duty
	 	 	19	 
	19. Capital maintenance
	 	 	19	 
	20. Choice of Law
	 	 	20	 
	21. Settlement of Disputes
	 	 	20	 

Schedules

	 	 	 

	Schedule A

	 	Power of Attorney for interest transfer (Clause 8.1.4)
	Schedule B

	 	Voting Power (Clause 8.1.5)
	Schedule C

	 	Notification Letter (Clause 7.1.1)

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Whereas:

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

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

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

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

Now, it is agreed as follows:

1. Definitions

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

	 	 	 

	Additional Collateral
Agent’s Fee Letter

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

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

	 	means this interest pledge agreement, as the same
may from time to time be varied, amended, extended,
restructured, renewed, novated, supplemented,
restated, replaced or modified from time to time.
	 
	 	 
	Amendment No.1 and
Joinder Agreement

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

 - 3 - 

 

	 	 	 

	Borrowers

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

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

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

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

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

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

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

	 	means the general partner’s interest
(Komplementäranteil) in the Company held by the
Pledgor on the date of this

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	 	Agreement, together
with all ancillary rights and claims associated
with the Existing Interest, in particular the
Related Assets.
	 
	 	 
	First Lien Intercreditor 

Agreement

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

	 	means all additional or increased interest with
limited or unlimited liability that the Pledgor may
(subject to the terms of the Loan Documents)
acquire or exchange for the Existing Interest in
the future in the Company in case of an increase of
the paid-in capital of the Company (Einlage), in
the event of a merger of the Company with another
company, in the event of the contribution of the
Existing Interest to another company (Einbringung)
or otherwise based on and/or related to the
Existing Interest, together with all ancillary
rights and claims associated with the Future
Interest, in particular the Related Assets.
	 
	 	 
	Intercreditor Arrangements

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

	 	means the Existing Interest and the Future Interest.
	 
	 	 
	Issuers

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

	 	has the meaning given to it in the First Lien
Intercreditor Agreement.
	 
	 	 
	Loan Documents

	 	means the “Credit Documents” under, and as defined
in, the First Lien Intercreditor Agreement and any
other document designated by the Loan Parties’
Agent and the Collateral Agent as a Loan Document.

 - 5 - 

 

	 	 	 

	Loan Parties

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

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

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

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

	 	has the meaning given to it in Clause 4.1.
	 
	 	 
	Pledgee

	 	means the Collateral Agent.
	 
	 	 
	Pledgor

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

Documents

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

	 	has the meaning given to it in Clause 8.1.
	 
	 	 
	Public Auction

	 	has the meaning given to it in Clause 8.1.
	 
	 	 
	Related Assets

	 	means all dividends, interest and other monies
payable in respect of the Interest and all other
rights, benefits and proceeds in respect of or
derived from the Interest (whether by way of
redemption, bonus, preference, option,
substitution, conversion or otherwise) held by or
to the order of the Pledgor at any time.
	 
	 	 
	Secured Obligations

	 	means all present and future obligations and
liabilities (whether actual or contingent and
whether owed jointly or severally or in any other
capacity whatsoever) of each Loan Party and each
grantor of a security interest to the Secured
Parties (or any of them) under each or any of the
Loan

 - 6 - 

 

	 	 	 

	 

	 	Documents, including in particular, but not
limited to, the Parallel Obligations, together with
all costs, charges and expenses incurred by any
Secured Party in connection with the protection,
preservation or enforcement of its respective
rights under the Loan Documents or any other
document evidencing or securing any such
liabilities.
	 
	 	 
	Secured Parties

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

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

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

2. Construction

In this Agreement, unless the context otherwise requires:

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

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3. Secured Obligations

3.1 The Pledges hereunder are constituted in order to secure the prompt and complete satisfaction
of any and all Secured Obligations. The security created hereunder shall remain in full force and
effect as a continuing security for the Secured Obligations unless and until the earlier of the
following occurs: (i) discharge by the Collateral Agent, (ii) complete satisfaction or explicit
waiver of any and all Secured Obligations or (iii) discharge in accordance with Clauses 16.1 or
16.2.

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

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

4. Pledges

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

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

4.3 The Collateral Agent hereby accepts the Pledges.

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

5. Dividends

5.1 Subject to Clause 5.2 below, the Pledges constituted by this Agreement include the present and
future rights to:

	 	(a)	 	receive dividends payable in relation to the Interest, if any; and

- 8 -

 

	 	(b)	 	receive drawings (Entnahmen), liquidation proceeds, repaid capital in case of a
decrease of the paid-in capital, any compensation in case of termination (Kündigung) and/or
withdrawal (Austritt) of a partner of the Company, and all other pecuniary claims
associated with the Interest.

5.2 Notwithstanding the rights pledged hereunder, including those rights set out in Clause 5.1, the
Pledgor shall (subject to the terms of the Principal Finance Documents) be entitled to receive and
retain all dividend or profit share payments whether in cash, by the issue of any loan note or debt
instrument in respect of the Interest or otherwise and hold and exercise the benefit of all rights
set out in Clause 5.1 (i) unless an Enforcement Event has occurred and is continuing or (ii) unless
the exercise of such rights is prohibited by the Principal Finance Documents.

5.3 Notwithstanding Clause 5.2 above, if an Enforcement Event has occurred and is continuing:

	 	(a)	 	all payments described in Clause 5.1 paid or payable by way of cash or otherwise
distributed in exchange for the Interest; and

	 	(b)	 	dividends, profit shares, drawings or other distributions paid or payable in cash in
respect of the Interest in connection with the partial or total liquidation or dissolution
of the Company or in connection with the reduction of paid-in capital (Herabsetzung der
Einlage); and

	 	(c)	 	all cash or other property or instrument paid, payable or otherwise distributed in
respect of principal of or on termination of the Interest,

shall be and shall forthwith be delivered to the Collateral Agent to be held as security and shall,
if received by the Pledgor, be received as trustee of the Collateral Agent and kept segregated from
the other property or funds of the Pledgor and be forthwith delivered to the Collateral Agent as
security in the same form as so received (with any necessary endorsement). The terms of this
Agreement shall apply mutatis mutandis to such security.

5.4 Throughout the existence of this Agreement, during such time as the Pledgor shall record any
claims set out in Clause 5.2 hereof in its books and accounts, it shall keep an annotation
(Buchvermerk) of such pledge in such books and accounts specifying the signing date of this
Agreement, as well as the Collateral Agent as pledgee. Subject to the Agreed Security Principles,
the Pledgor shall maintain and, if appropriate, modify such annotation (and take such other steps
and actions from time to time) as may be necessary in order to ensure the validity and perfection
of the pledge under the applicable law.

6. Exercise of Voting Rights

6.1 Unless an Enforcement Event has occurred and is continuing, the voting rights and all other
rights and powers not otherwise prohibited by the Principal Finance Documents resulting from and
relating to the Interest remain with the Pledgor, provided that the Pledgor shall

- 9 -

 

not exercise such voting or other rights in any manner in respect of, or otherwise permit or agree
to (i) any variation of the rights attaching to or conferred by all or any of the Interest or (ii)
any increase in the paid-in capital of the Company, in each case, to the extent such action would
adversely affect the validity or enforceability of the security created by this Agreement. The
Pledgor undertakes to exercise its voting rights from time to time so that no resolutions are
passed which adversely affect the validity or enforceability of the security created by this
Agreement, in particular but not limited to, any resolution in respect of the reduction or increase
of the paid-in capital, any merger or split-off of the Company or its liquidation, dissolution or
the termination of its existence or the cessation of its business activities, in each case unless
otherwise permitted by the Principal Finance Documents or with the prior written consent of the
Collateral Agent.

6.2 The Pledgor shall not take, or participate in, any action which results or would result in the
Pledgor’s loss of ownership of the Interest or pursue any other transaction which would have the
same result as a sale, transfer, encumbrance or other disposal of the Interest or which would for
any other reason be inconsistent with the security interest of the Collateral Agent or the security
purpose (as described in Clause 3 hereof) or defeat, materially impair or circumvent the rights of
the Secured Parties, except pursuant to a transaction foreseen or permitted by the Loan Documents
or with the prior written consent of the Collateral Agent.

6.3 The Pledgor shall inform the Collateral Agent without delay of all matters concerning the
Company of which the Pledgor is or becomes aware, which would materially adversely affect the
validity or enforceability of the security created by this Agreement. The Pledgor shall allow,
following the occurrence of an Enforcement Event and subsequent enforcement of the Pledges pursuant
to Clause 8.1 the Collateral Agent or, as the case may be, its proxy or any other person designated
by the Collateral Agent in accordance with this Agreement to participate in all such partners’
meetings of the Company. The Collateral Agent’s right to attend all partners’ meetings shall lapse
immediately once the earlier of the following occurs: (i) discharge by the Collateral Agent, (ii)
complete satisfaction of any and all Secured Obligations or (iii) discharge in accordance with
Clause 16.1.

7. Perfection of Security and Further Security

7.1 The Pledgor hereby undertakes, subject to the Agreed Security Principles, to make all notices,
registrations and filings required by the Collateral Agent (acting on the reasonable instruction of
the Applicable Representative) in relation to this Agreement, in particular with regard to Future
Interest acquired by the Pledgor by whatever means and in whatever way, including the merger with
other companies, the split-off of the Company, the conversion of the Company or the acquisition of
other enterprises.

7.1.1 Upon signing of this Agreement the Pledgor will promptly

	 	(a)	 	notify the Company of this Pledge by letter substantially in the form of Schedule C to
this Agreement. By countersigning Schedule C to this Agreement the Company confirms that it
has been given full notice that its general partner, SIG

- 10 -

 

	 	 	 	Combibloc GmbH, has pledged all Interest to the Collateral Agent as provided for in this
Agreement; and

	 	(b)	 	mark in its books the Existing Interest as being pledged.

7.1.2 With regard to any and all Future Interest acquired by the Pledgor, the Pledgor will promptly
after the acquisition of such Future Interest mark in its books such Future Interest as being
pledged.

7.2 In case of a conversion of the Company, a merger or split-off of the Company or any other form
of reorganisation and/or restructuring relating to the Company, the interest held by the Pledgor in
any successor company to the Company (if such successor company is incorporated in Austria) shall,
subject to obtaining any necessary consents, also be covered by the Pledges established under this
Agreement. The Pledgor shall take, subject to the Agreed Security Principles, all steps to
effectuate and perfect such pledge including the execution and effectuation of a new pledge in the
same rank. To that end the Pledgor will, subject to the Agreed Security Principles, provide the
Collateral Agent with all documents required by the Collateral Agent (acting on the reasonable
instruction of the Applicable Representative) for (i) assessing the actions with respect to and the
effects of conversion, merger, split-off or other form of reorganization and/or restructuring, and
(ii) the creation, enforcement, perfection or registration of any new security interest in favour
of the Collateral Agent including drafts of the merger and/or conversion and/or reorganisation
and/or restructuring documents in advance.

8. Enforcement of Pledges

8.1 The Pledgor herewith grants its express consent that if an Enforcement Event has occurred and
is continuing, the Collateral Agent shall be entitled to realize without writ, judgement or any
other legal court action the Interest by applying in analogy the provisions of sections 466a et
seq. of the Austrian General Civil Code (Allgemeines Bürgerliches Gesetzbuch — ABGB) and § 368
para 1 of the Austrian Business Code (Unternehmensgesetzbuch — UGB) by public auction (“Public
Auction”) or by private sale either with or without the assistance of a court (“Private Sale”). In
such case the Collateral Agent is obliged to request in writing that the party causing the default
and the Pledgor meet their respective obligations within 2 weeks of service of such request and
shall inform the Pledgor and such Party in default in such request that a Public Auction or Private
Sale will take place if the relevant obligations are not performed in full. The Public Auction or
the Private Sale can take place only after the aforementioned term has elapsed without full
performance of the outstanding obligations. The Public Auction or the Private Sale may take place
at any place in Austria or Germany. The Pledgor herewith expressly agrees that the Collateral Agent
is entitled to enforce its rights and remedies under the Pledges in the above manner and it
expressly waives any rights of first refusal, option rights, consent requirements and any other
rights which it might now or in the future have with respect to the Interest, so that any
enforcement of the Pledges may occur freely and without restriction.

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8.1.1 Any Private Sale or Public Auction shall only be made upon prior assessment of the Interest
by an Austrian independent certified public accountant. If the Pledgor and the Collateral Agent do
not reach agreement on the identity of the Austrian independent certified public accountant within
10 days after the lapse of the aforementioned period of 2 weeks, such independent certified public
accountant shall be appointed by the President of the Chamber of Accountants, Vienna (Kammer der
Wirtschaftstreuhänder, Wien). The assessment of the Interest shall be made by such certified public
accountant in accordance with the Rules and Guidelines (KFS BW1) of the Special Committee for
Business Management and Organization of the Institute for Business Management, Tax Law and
Organization of the Chamber of Certified Public Accountants for the Valuation of Enterprises
(Fachgutachten (KFS BW1) des Fachsenats für Betriebswirtschaft und Organisation des Instituts für
Betriebswirtschaft, Steuerrecht und Organisation der Kammer der Wirtschaftstreuhänder über die
Unternehmensbewertung) as may be valid from time to time or in accordance with any appropriate
substitute rules and guidelines. Within a period of at least 4 weeks from the date of service of
the respective letter of demand, the Collateral Agent shall inform the Pledgor and the party
causing the default of the terms and conditions, the place, the time and the Collateral Agent’s
instructions for the Public Auction or the Private Sale. In case of both a Public Auction and a
Private Sale the Interest must not be transferred at a price which is below the value assessed by
the expert. Each Secured Party, any affiliates of each Secured Party, the Pledgor as well as the
Collateral Agent are entitled to participate in a Public Auction or in a Private Sale.

8.1.2 The Pledgor may notify the Collateral Agent of potential bona-fide purchasers willing to
acquire the Interest at the price which is at least equal to the price assessed by the expert. A
bona-fide purchaser shall only be a person that is able to pay the full price of the Interest
immediately in cash. The Private Sale shall be made with the diligence usual for a bank and with
due observance of the Pledgor’s interests.

8.1.3 The Pledgor herewith grants its express consent that if an Enforcement Event has occurred and
is continuing, the Collateral Agent shall be entitled to collect from the Company on behalf of the
Pledgor — without writ, judgement or any other legal court action — payments on account of rights
to dividend by simple notification to the Company that an Enforcement Event has occurred and is
continuing, and the Pledgor shall use all reasonable endeavours to procure that the Company acts in
accordance therewith. As from receipt of the aforementioned notification, provided such Enforcement
Event specified in the notification is continuing, the Pledgor shall use all reasonable endeavours
to procure that the Company does not effect payment of dividends to the Pledgor.

8.1.4 For the purposes of a Public Auction or Private Sale in accordance with Clause 8.1 the
Pledgor hereby irrevocably authorizes and empowers the Collateral Agent by separate power of
attorney to demand and apply for a Public Auction or Private Sale in the name of the Pledgor and to
take all steps necessary to effect such a realization. For the purposes of a Public Auction or a
Private Sale in accordance with Clause 8.1 the Pledgor hereby grants to the Collateral Agent an
irrevocable power of attorney to sign and execute on its behalf a notarial deed on the assignment,
in full or in part, of the Interest to one or several purchaser(s) of such Interest in the Public
Auction or the Private Sale at a price determined on

- 12 -

 

such occasion, to sign all documents and make all legally binding declarations related thereto, in
particular to sign one or more assignment deeds in the form of a notarial deed, also in the form of
an offer and acceptance deed, to receive the transfer price on the Pledgor’s behalf and to
determine all conditions of such agreements. Furthermore, promptly upon signing of this Agreement
the Pledgor grants a power of substitution within the scope of this power of attorney to the
Collateral Agent (Schedule A). For the avoidance of doubt, the Collateral Agent agrees that the
rights and powers under the power of attorney in this Clause 8.1.4 and Schedule A are exercisable,
and it will exercise such rights and powers, only if an Enforcement Event has occurred and is
continuing.

8.1.5 Upon signing of this Agreement, the Pledgor grants by separate deed a power of attorney to
the Collateral Agent to represent the Pledgor as partner of the Company in partners’ meetings of
the Company and when passing resolutions in writing and to exercise the Pledgor’s voting rights
(Schedule B) in each case if an Enforcement Event has occurred and is continuing. The Collateral
Agent may exercise this power of attorney only (i) if an Enforcement Event has occurred and is
continuing or (ii) upon receiving notice from the Applicable Representative, the Loan Parties’
Agent and/or the Pledgor of failure by the Pledgor to comply with a further assurance or perfection
obligation under Clause 14 within 10 Business Days of being notified of that failure (with a copy
of that notice being sent to the Loan Parties’ Agent) and being requested to comply and then only
in respect of such further assurance or perfection obligations.

8.2 In case the Secured Parties acting through the Collateral Agent should seek to enforce the
Pledges pursuant to, and in accordance with Clause 8.1 above, the Pledgor shall, at its own
expense, render forthwith all necessary assistance in order to facilitate the prompt sale of the
Interest or any part thereof and/or the exercise by the Secured Parties acting through the
Collateral Agent of any other right they may have under this Agreement as Secured Parties. The
Pledgor herewith irrevocably consents to the transfer of the Interest or any part thereof to any
third party in accordance with the provisions of this Agreement.

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

8.4 The proceeds from the enforcement of the Pledges shall, after deduction of enforcement costs,
which are to be borne by the Pledgor to the extent set out in the Principal Finance Documents, and
any preferential debts, be paid to the Collateral Agent. Any moneys received by the Collateral
Agent pursuant to this Agreement and/or under the powers hereby conferred shall be applied by the
Collateral Agent in accordance with the terms of the Intercreditor Arrangements, save that any
amount received or recovered in excess of the Secured Obligations shall be returned to the Pledgor.

- 13 -

 

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

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

8.7 The Pledgor grants his express consent and authorization to the enforcement of the Pledges by
the Collateral Agent in accordance with Clauses 8.1 to 8.6.

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

9. Undertakings of the Pledgor

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

	 	(a)	 	not to sell or to dispose of the Interest or any interest therein; and

	 	(b)	 	not to create or agree to create, grant or permit to exist any restriction on the
ability to transfer or realise, all or any part of the Interest; and

	 	(c)	 	to effect promptly any payments to be made in respect of the Interest. If the Pledgor
fails to make any such payment within 10 Business Days of being notified of that failure,
the Collateral Agent may make that payment on behalf of the Pledgor and any sums so paid by
the Collateral Agent shall be reimbursed by the Pledgor promptly on demand, together with
interest on those sums. Such interest shall be calculated from the date on which such
payment is made by the Collateral Agent up to the actual date of payment by the Pledgor to
the Collateral Agent (after, as well as before, judgement) at such commercial rate as the
Collateral Agent may determine (acting on the reasonable instruction of the Applicable
Representative) in accordance with the Principal Finance Documents; and

	 	(d)	 	not to transfer any Interest nor to offer any Future Interest to a third party; and

	 	(e)	 	not to defeat, impair or circumvent in any way the rights of the Collateral Agent and
the Secured Parties created hereunder, if such action, measures or omissions would have a
Material Adverse Effect (as defined in the Credit Agreement or, if the Credit Agreement is
no longer existing, any Additional Agreements); and

- 14 -

 

	 	(f)	 	to ensure that the Future Interest, if any, will be fully paid in and there will not be
any obligation for a partner of the Company to make additional contributions to the Company
in this regard.

10. Acknowledgment by Pledgor

The Pledgor acknowledges that:

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

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

11. Representations and Warranties of the Pledgor

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

	 	(a)	 	the Existing Interest comprise 100% of the general partnership interest in the
Company; and

	 	(b)	 	subject to any rights to dispose of all or any Interest that the Pledgor has under the
terms of the Loan Documents, it is, and will be, the legal and beneficial owner, free from
any encumbrances, including but not limited to pre-emption rights, of all of the Interest
owned by it, other than as permitted by the Principal Finance Documents or arising under
applicable laws; and

	 	(c)	 	the Existing Interest have been duly and validly issued and all contributions by the
Pledgor as general partner have been made and there is not any obligation for the Pledgor
as general partner of the Company to make additional contributions to the Company in
respect of the Existing Interest; and

	 	(d)	 	unless otherwise permitted under the terms of the Loan Documents, it has not sold or
disposed of, the benefit of all or any of its rights, title and interest in the Interest.

11.2 All the representations and warranties in Clauses 11.1(b), (c) and (d) are made to each
Secured Party on the date of this Agreement and all such representations and warranties are deemed
to be repeated as true and correct in each material respect by the Pledgor to each Secured Party on
the date of a Credit Event (as defined in the Credit Agreement) during the continuance of this
Agreement.

- 15 -

 

12. Duration and Independence

12.1 This Agreement shall remain in full force and effect until the earlier of the following
occurs: (i) discharge by the Collateral Agent, (ii) complete satisfaction or explicit waiver of any
and all Secured Obligations or (iii) discharge in accordance with Clauses 16.1 or 16.2.

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

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

13. Partial Invalidity; Waiver

13.1 If at any time, any one or more of the provisions hereof is or becomes invalid, illegal or
unenforceable in any respect under the law of any jurisdiction, such provision shall as to such
jurisdiction, be ineffective to the extent necessary without affecting or impairing the validity,
legality and enforceability of the remaining provisions hereof or of such provisions in any other
jurisdiction. The invalid, illegal or unenforceable provision shall be deemed to be replaced by
such valid, legal or enforceable provision which comes as close as possible to the original intent
of the parties in respect of the invalid, illegal or unenforceable provision.

13.2 In particular, the Pledges shall not be affected and shall in any event extend to any and all
Interest held by the Pledgor in the Company even if the extent or the amount of paid-in capital of
the Existing Interest of the Company as stated in Clause 1 is inaccurate or deviates from the
actual facts.

13.3 No failure to exercise, nor any delay in exercising, on the part of the Collateral Agent or
the Secured Parties, any right or remedy hereunder shall operate as a waiver thereof, nor shall any
single or partial exercise of any right or remedy prevent any further or other exercise thereof or
the exercise of any other right or remedy.

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

- 16 -

 

14. Further Assurance

14.1 Subject to the Agreed Security Principles, the Pledgor shall promptly execute all documents
(including transfers) and do all things (including the delivery, transfer, assignment or payment of
all or part of the Interest to the Collateral Agent or its nominee(s)) that the Collateral Agent
may specify (upon the reasonable instruction of the Applicable Representative) for the purpose of
(a) (if an Enforcement Event has occurred and is continuing) exercising the Collateral Rights or
(b) securing and perfecting the security intended to be created by this Agreement over all or any
part of the Interest.

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

15. Amendments; Waiver

Any amendments, changes, variations or waivers to this Agreement may be made only with the
agreement of the Pledgor and the Collateral Agent in writing and, if required under Austrian
statutory law, in the form of a notarial deed. This applies also to this Clause 15.

16. Miscellaneous

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

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

	 	(b)	 	in accordance with, and to the extent required by, the Intercreditor Arrangements (to
the extent it is possible to give effect to such arrangements under Austrian law.

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

- 17 -

 

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

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

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

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

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

16.8 To the extent set out in Section 4.11 of the First Lien Intercreditor Agreement and in the
Additional Collateral Agent’s Fee Letter, the Pledgor shall, notwithstanding any release or
discharge of all or any part of the security, indemnify the Collateral Agent, its agents, its
attorneys and any delegate against any action, proceeding, claims, losses, liabilities, expenses,
demands, taxes and costs which it may sustain as a consequence of any breach by the Pledgor of the
provisions of this Agreement, the exercise or purported exercise of any of the rights and powers
conferred on them by this Agreement or otherwise relating to the Interest.

16.9 The Pledgor acknowledges and agrees that the Collateral Agent’s actions under this Agreement
are on the basis of authority conferred under the Principal Finance Documents

- 18 -

 

to which the Collateral Agent is a party, and on directions of the Applicable Representative. In so
acting, the Collateral Agent shall have, subject to the terms of the Principal Finance Documents,
the protections, immunities, rights, indemnities and benefits conferred on the collateral agent
under the Principal Finance Documents.

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

17. Execution in Counterparts

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

18. Stamp Duty

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

19. Capital maintenance

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

19.2 Should any obligation under this Agreement violate or contradict Austrian capital maintenance
rules and should therefore be held invalid or unenforceable, such obligation shall be deemed to be
replaced by an obligation of a similar nature which is in compliance with

- 19 -

 

Austrian capital maintenance rules and which provides the best possible security interest in favour
of the Secured Parties. By way of example, should it be held that the security interest created
under the Agreement is contradicting Austrian capital maintenance rules in relation to any amount
of the Secured Obligations, the security interest created under the Agreement shall be reduced to
the maximum amount of the Secured Obligations which is permitted pursuant to Austrian capital
maintenance rules.

20. Choice of Law

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

21. Settlement of Disputes

21.1 Jurisdiction of English Courts

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

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

21.2 Clause 21.1 is for the benefit of the Collateral Agent only. As a result, the Collateral Agent
shall not be prevented from taking proceedings relating to a dispute in any other courts with
jurisdiction. To the extent allowed by law, the Collateral Agent may take concurrent proceedings in
any number of jurisdictions.

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

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

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

- 20 -

 

COLLATERAL AGENT

	 	 	 	 	 

	4
March 2010, London, United Kingdom
 

	  

	 	 	 	 	 
	 	/s/ Elaine Lockhart
 	 
	 	Wilmington Trust (London) Limited 	 
	 	 	 

By: Elaine Lockart

PLEDGOR

	 	 	 	 	 

	4
March 2010, Sydney, Australia
 

	  

	 	 	 	 	 
	 	/s/ Cindi Lefari
 	 
	 	SIG Combibloc GmbH 	 

	 	 	 	 	 
	 	By:  	Cindi Lefari
 	 
	 	 	Attorney 	 

	 	 	 	 	 
	 	/s/ Mark Dunkley
 	 
	 	SIG Combibloc GmbH 	 

	 	 	 	 	 
	 	By:  	Mark Dunkley
 	 
	 	 	Attorney 	 
	 	 	 	 

- 21 -

 

Schedule A

	 	 	 
	SPEZIALVOLLMACHT	 	SPECIAL POWER OF ATTORNEY
	 
	 	 
	SIG Combibloc GmbH, eine nach

österreichischem Recht errichtete 

Gesellschaft, mit dem Sitz in Saalfelden 

am Steinernen Meer, und der 

Geschäftsanschrift zum Zeitpunkt dieser 

Vollmacht Geschäftsanschrift 

Industriestraße 3, 5760 Saalfelden,

Österreich, eingetragen im

österreichischen Firmenbuch unter FN 

237985 d, bevollmächtigt hiermit

	 	SIG Combibloc GmbH, a limited liability
company organised under the laws of Austria
with its seat in Saalfelden am Steinernen
Meer and its business address as at the date
of this power of attorney at Industriestraße
3, 5760 Saalfelden, Austria, registered in
the Austrian companies register (Firmenbuch)
under file number FN 237985 d, herewith
authorizes
	 
	 	 
	Wilmington Trust (London) Limited, l,

	 	Wilmington Trust (London) Limited, l,
	 
	 	 
	1. in ihrem Namen und auf ihre Rechnung
ihren Komplementäranteil an der SIG
Combibloc GmbH & Co KG, eingetragen im
österreichischen Firmenbuch zu FN 240335 i
und mit dem Sitz in Saalfelden am
Steinernen Meer und der Geschäftsanschrift
Industriestraße 3, 5760 Saalfelden,
Österreich, zur Gänze oder in Teilen an
eine oder mehrere andere Personen
abzutreten, sowie alle damit
zusammenhängenden Urkunden zu zeichnen
sowie sämtliche rechtsgeschäftlichen
Erklärungen abzugeben, insbesondere ein
oder mehrere notarielle Abtretungsverträge
- auch in Form von Anbot und Annahme — zu
errichten, den jeweiligen Abtretungspreis
oder einen Berechnungsmodus für den
Abtretungspreis festzusetzen und alle
übrigen Bestimmungen dieser
Abtretungsverträge festzulegen.

	 	1. to assign in its name and on its account
its general partnership interest in SIG
Combibloc GmbH & Co KG, a company registered
under FN 240335 i and with the Austrian
companies register, with its corporate seat
in Saalfelden am Steinernen Meer and the
business address Industriestraße 3, 5760
Saalfelden, Austria, in whole or in part to
one or more other persons, as well as to
sign all documents related thereto as well
as to give other expressions and
declarations of will, in particular to draw
up one or more notarized assignment
agreements — also in the form of offer and
acceptance — to fix the respective
assignment price or the method of
calculation for the assignment price, and to
determine all remaining provisions of these
assignment agreements.
	 
	 	 
	2. alle sonstigen mit den in Punkt 1.
bezeichneten Tätigkeiten verbundenen
Handlungen vorzunehmen, Erklärungen
abzugeben und zu empfangen, Unterschriften
beglaubigt und unbeglaubigt zu leisten,
sowie Urkunden in Form eines
Notariatsaktes oder einer notariellen
Beurkundung oder einer ausländischen
Beurkundung (auch in Form eines
ausländischen Notariatsaktes) durch einen
ausländischen Notar zu errichten.

	 	2. to undertake all other actions in
connection with the activities mentioned in
point 1., to issue and receive statements,
to sign with and without notarisation and to
set up documents in the form of a notarial
deed or a notarial recording or another
foreign recording (also in form of a foreign
notarial deed) by a foreign notary public.
	 
	 	 
	3. Die Bevollmächtigte ist von dem Verbot
des Kontrahierens mit sich selbst auf
eigene Rechnung oder als Vertreter eines
Dritten befreit; auch ist die
Doppelvertretung zulässig.

	 	3. The representative is dispensed from the
prohibition of self-contracting with itself
on its own account or acting on behalf of a
third person; double representation is
permissible.
	 
	 	 
	4. Die Bevollmächtigte ist befugt, diese

	 	4. The representative is authorized to delegate

- 22 -

 

	 	 	 
	 
	 	 
	Vollmacht ganz oder zum Teil an Dritte zu
übertragen.

	 	in full or in part this power of
attorney to third persons.
	 
	 	 
	5. Im Zweifel gilt der deutsche Text.

	 	5. In case of doubt the German text prevails.
	 
	 	 
	6. Diese Vollmacht unterliegt
österreichischem Recht.

	 	6. This power of attorney is governed by
Austrian law.

 

Ort/Place, Datum/Date

	 	 	 

	 

l

	 	 
	für/for

	 	 
	SIG Combibloc GmbH
	 	 

[Comment: Since this power of attorney is issued by a legal person (i.e. a company) the power of
attorney must be signed by authorized representatives of such legal person with sufficient power of
representation. The signatures of such representatives must be notarized. Depending on where the
power of attorney is signed and notarized, an apostille is required. If the power of attorney is
signed and notarized in Switzerland an apostille is required.]

- 23 -

 

Schedule B

	 	 	 
	SPEZIALVOLLMACHT	 	SPECIAL POWER OF ATTORNEY
	 
	 	 
	SIG Combibloc GmbH, eine nach
österreichischem Recht errichtete
Gesellschaft, mit dem Sitz in Saalfelden
am Steinernen Meer, und der
Geschäftsanschrift zum Zeitpunkt dieser
Vollmacht Geschäftsanschrift
Industriestraße 3, 5760 Saalfelden,
Österreich, eingetragen im
österreichischen Firmenbuch unter FN
237985 d, bevollmächtigt hiermit

	 	SIG Combibloc GmbH, a limited liability
company organised under the laws of Austria
with its seat in Saalfelden am Steinernen Meer
and its business address as at the date of
this power of attorney at Industriestraße 3,
5760 Saalfelden, Austria, registered in the
Austrian companies register (Firmenbuch) under
file number FN 237985 d, herewith authorizes
	 
	 	 
	Wilmington Trust (London) Limited, l,

	 	Wilmington Trust (London) Limited, l,
	 
	 	 
	1. sie als Komplementärin der SIG
Combibloc GmbH & Co KG, eingetragen im
österreichischen Firmenbuch zu FN 240335
i, mit dem Sitz in Saalfelden am
Steinernen Meer und der Geschäftsanschrift
Industriestraße 3, 5760 Saalfelden,
Österreich, bei
Gesellschafterversammlungen dieser
Gesellschaft und bei Abstimmungen im
schriftlichen Wege zu vertreten und für
sie das Stimmrecht auszuüben, insbesondere
auch bei Beschlussfassungen über die
Zustimmung zur Übertragung und/oder
Belastung von Geschäftsanteilen, und auch
bei Beschlussfassungen über die Änderung
des Gesellschaftsvertrags.

	 	1. to represent it as general partner of SIG
Combibloc GmbH & Co KG, a company registered
under FN 240335 i, with the Austrian companies
register, with its corporate seat in
Saalfelden am Steinernen Meer and the business
address Industriestraße 3, 5760 Saalfelden,
Austria, at partners’ meetings of this company
and when taking written partner resolutions,
and to exercise the voting right on its
behalf, in particular also when resolving upon
the consent to the transfer and/or encumbrance
of the interest, and also including
resolutions upon changes and amendments to the
articles of association.
	 
	 	 
	2. alle sonstigen mit den in Punkt 1.
bezeichneten Tätigkeiten verbundenen
Handlungen vorzunehmen, Erklärungen
abzugeben und zu empfangen, Unterschriften
beglaubigt und unbeglaubigt zu leisten,
sowie Urkunden in Form eines
Notariatsaktes oder einer notariellen
Beurkundung oder einer ausländischen
Beurkundung (auch in Form eines
ausländischen Notariatsaktes) durch einen
ausländischen Notar zu errichten.

	 	2. to undertake all other actions in
connection with the activities mentioned in
point 1., to issue and receive statements, to
sign with and without notarisation and to set
up documents in the form of a notarial deed or
a notarial recording or another foreign
recording (also in form of a foreign notarial
deed) by a foreign notary public.
	 
	 	 
	3. Die Bevollmächtigte ist von dem Verbot
des Kontrahierens mit sich selbst auf
eigene Rechnung oder als Vertreter eines
Dritten befreit; auch ist die
Doppelvertretung zulässig.

	 	3. The representative is dispensed from the
prohibition of self-contracting with itself on
its own account or acting on behalf of a third
person; double representation is permissible.
	 
	 	 
	4. Die Bevollmächtigte ist befugt, diese
Vollmacht ganz oder zum Teil an Dritte zu
übertragen.

	 	4. The representative is authorized to
delegate in full or in part this power of
attorney to third persons.

- 24 -

 

	 	 	 
	 
	 	 
	5. Im Zweifel gilt der deutsche Text.

	 	5. In case of doubt the German text prevails.
	 
	 	 
	6. Diese Vollmacht unterliegt
österreichischem Recht.

	 	6. This power of attorney is governed by
Austrian law.

 

Ort/Place, Datum/Date

	 	 	 

	 	 	 
	l

	 	 
	für/for
	 	 
	SIG Combibloc GmbH
	 	 

[Comment: Since this power of attorney is issued by a legal person (i.e. a company) the power of
attorney must be signed by authorized representatives of such legal person with sufficient power of
representation. The signatures of such representatives must be notarized. Depending on where the
power of attorney is signed and notarized, an apostille is required. If the power of attorney is
signed and notarized in Switzerland an apostille is required.]

- 25 -

 

Schedule C

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

SIG Combibloc GmbH & Co KG

attn. l

c/o l [address outside of Austria.]

____________[outside of Austria], on _________2010

Dear Sir,

Reference: Notification of the pledge of our interest in SIG Combibloc GmbH & Co KG

We herewith inform you that we, SIG Combibloc GmbH, a company organised under the laws of Austria
with its seat in Saalfelden am Steinernen Meer and its business address as at the date of this
notification at Industriestraße 3, 5760 Saalfelden, Austria, registered in the Austrian companies
register (Firmenbuch) under file number FN 237985 d, as general partner of SIG Combibloc GmbH & Co
KG, a company registered under FN 240335 i, with the Austrian companies register, with its
corporate seat in Saalfelden am Steinernen Meer and the business address as at the date of this
notification at Industriestraße 3, 5760 Saalfelden, Austria, have pledged our existing general
partnership interest (Komplementäranteil) in SIG Combibloc GmbH & Co KG and any limited and/or
unlimited interest in SIG Combibloc GmbH & Co KG which we may acquire in the future together with
all ancillary rights and claims to Wilmington Trust (London) Limited, l, under the terms of
the Interest Pledge Agreement dated __________ 2010. An execution version of such Interest Pledge
Agreement is attached to this letter as Annex 1.

We herewith formally notify you of the pledge. Please confirm receipt of this letter by
countersigning this letter.

Sincerely yours,

 

SIG Combibloc GmbH

Annex 1: Execution version of the Interest Pledge Agreement

- 26 -

 

H H H

- 27 -

 

We, l, born on l, and, born on l, as managing directors of SIG Combibloc GmbH, a
company registered under FN 237985 d with the Austrian companies register, with its corporate seat
in Saalfelden am Steinernen Meer and the business address as at the date of this notification at
Industriestraße 3, 5760 Saalfelden, Austria, acting as general partner of SIG Combibloc GmbH & Co
KG, a company registered under FN 240335 i, with the Austrian companies register, with its
corporate seat in Saalfelden am Steinernen Meer and the business address as at the date of this
notification at Industriestraße 3, 5760 Saalfelden, Austria, herewith confirm receipt of this
letter. We further confirm that in our capacity as managing directors of SIG Combibloc GmbH acting
as general partner of SIG Combibloc GmbH & Co KG that we have taken notice of the pledge according
to the provisions of the Interest Pledge Agreement.

l, on l 2010

 

l

as

managing director of

SIG Combibloc GmbH

acting as general partner of SIG Combibloc GmbH & Co KG

 

l

as

managing director of

SIG Combibloc GmbH

acting as general partner of SIG Combibloc GmbH & Co KG

- 28 -exv4w160

EXHIBIT 4.160

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

Interest Pledge Agreement

between

1. SIG Austria Holding GmbH

as Pledgor

and

2. Wilmington Trust (London) Limited

as Pledgee and Collateral Agent

 

 

Contents

	 	 	 	 	 

	Whereas:
	 	 	3	 
	1. Definitions
	 	 	3	 
	2. Construction
	 	 	7	 
	3. Secured Obligations
	 	 	8	 
	4. Pledges
	 	 	8	 
	5. Dividends
	 	 	9	 
	6. Exercise of Voting Rights
	 	 	10	 
	7. Perfection of Security and Further Security
	 	 	10	 
	8. Enforcement of Pledges
	 	 	11	 
	9. Undertakings of the Pledgor
	 	 	14	 
	10. Acknowledgment by Pledgor
	 	 	15	 
	11. Representations and Warranties of the Pledgor
	 	 	15	 
	12. Duration and Independence
	 	 	16	 
	13. Partial Invalidity; Waiver
	 	 	16	 
	14. Further Assurance
	 	 	17	 
	15. Amendments; Waiver
	 	 	17	 
	16. Miscellaneous
	 	 	17	 
	17. Execution in Counterparts
	 	 	19	 
	18. Stamp Duty
	 	 	19	 
	19. Capital maintenance
	 	 	19	 
	20. Choice of Law
	 	 	20	 
	21. Settlement of Disputes
	 	 	20	 

Schedules

	 	 	 

	Schedule A

	 	Power of Attorney for interest transfer (Clause 8.1.4)
	 
	 	 
	Schedule B

	 	Voting Power (Clause 8.1.5)
	 
	 	 
	Schedule C

	 	Notification Letter (Clause 7.1.1)

- 2 -

 

Whereas:

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

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

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

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

Now, it is agreed as follows:

1. Definitions

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

	 	 	 

	Additional Collateral
Agent’s Fee Letter

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

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

	 	means this interest pledge agreement, as the same
may from time to time be varied, amended, extended,
restructured, renewed, novated, supplemented,
restated, replaced or modified from time to time.
	 
	 	 
	Amendment No.1 and
Joinder Agreement

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

- 3 -

 

	 	 	 

	 

	 	to the First
Lien Intercreditor Agreement.
	 
	 	 
	Borrowers

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

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

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

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

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

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

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

	 	means 100% of the limited partner’s interest
(Kommanditanteil) with a registered paid-in capital
(Vermögenseinlage) of EUR 4,499,273.27 (Euro four
million four-hundred ninety-

- 4 -

 

	 	 	 

	 

	 	nine-thousand
two-hundred seventy-three and 27 cent) in the
Company held by the Pledgor on the date of this
Agreement, together with all ancillary rights and
claims associated with the Existing Interest, in
particular the Related Assets.
	 
	 	 
	First Lien Intercreditor
Agreement

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

	 	means all additional or increased interest with
limited or unlimited liability that the Pledgor may
(subject to the terms of the Loan Documents)
acquire or exchange for the Existing Interest in
the future in the Company in case of an increase of
the paid-in capital of the Company (Einlage), in
the event of a merger of the Company with another
company, in the event of the contribution of the
Existing Interest to another company (Einbringung)
or otherwise based on and/or related to the
Existing Interest, together with all ancillary
rights and claims associated with the Future
Interest, in particular the Related Assets.
	 
	 	 
	Intercreditor Arrangements

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

	 	means the Existing Interest and the Future Interest.
	 
	 	 
	Issuers

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

	 	has the meaning given to it in the First Lien
Intercreditor Agreement.
	 
	 	 
	Loan Documents

	 	means the “Credit Documents” under, and as defined
in, the First Lien Intercreditor Agreement and any
other document designated by the Loan Parties’
Agent and the Collat-

- 5 -

 

	 	 	 

	 

	 	eral Agent as a Loan Document.
	 
	 	 
	Loan Parties

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

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

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

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

	 	has the meaning given to it in Clause 4.1.
	 
	 	 
	Pledgee

	 	means the Collateral Agent.
	 
	 	 
	Pledgor

	 	means SIG Austria Holding GmbH, a limited liability
company organised under the laws of Austria with
its seat in Saalfelden am Steinernen Meer, Austria,
and its business address as at the date of this
Agreement at Industriestraße 3, 5760 Saalfelden,
Austria, registered in the Austrian companies
register (Firmenbuch) under file number FN 236071
p.
	 
	 	 
	Principal Finance
Documents

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

	 	has the meaning given to it in Clause 8.1.
	 
	 	 
	Public Auction

	 	has the meaning given to it in Clause 8.1.
	 
	 	 
	Related Assets

	 	means all dividends, interest and other monies
payable in respect of the Interest and all other
rights, benefits and proceeds in respect of or
derived from the Interest (whether by way of
redemption, bonus, preference, option,
substitution, conversion or otherwise) held by or
to the order of the Pledgor at any time.
	 
	 	 
	Secured Obligations

	 	means all present and future obligations and
liabilities (whether actual or contingent and
whether owed jointly or severally or in any other
capacity whatsoever) of each Loan

- 6 -

 

	 	 	 

	 

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

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

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

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

2. Construction

In this Agreement, unless the context otherwise requires:

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

- 7 -

 

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

3. Secured Obligations

3.1 The Pledges hereunder are constituted in order to secure the prompt and complete satisfaction
of any and all Secured Obligations. The security created hereunder shall remain in full force and
effect as a continuing security for the Secured Obligations unless and until the earlier of the
following occurs: (i) discharge by the Collateral Agent, (ii) complete satisfaction or explicit
waiver of any and all Secured Obligations or (iii) discharge in accordance with Clauses 16.1 or
16.2.

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

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

4. Pledges

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

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

4.3 The Collateral Agent hereby accepts the Pledges.

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

- 8 -

 

5. Dividends

5.1 Subject to Clause 5.2 below, the Pledges constituted by this Agreement include the present and
future rights to:

	 	(a)	 	receive dividends payable in relation to the Interest, if any; and
	 
	 	(b)	 	receive drawings (Entnahmen), liquidation proceeds, repaid capital in case of a
decrease of the paid-in capital, any compensation in case of termination (Kündigung) and/or
withdrawal (Austritt) of a partner of the Company, and all other pecuniary claims
associated with the Interest.

5.2 Notwithstanding the rights pledged hereunder, including those rights set out in Clause 5.1, the
Pledgor shall (subject to the terms of the Principal Finance Documents) be entitled to receive and
retain all dividend or profit share payments whether in cash, by the issue of any loan note or debt
instrument in respect of the Interest or otherwise and hold and exercise the benefit of all rights
set out in Clause 5.1 (i) unless an Enforcement Event has occurred and is continuing or (ii) unless
the exercise of such rights is prohibited by the Principal Finance Documents.

5.3 Notwithstanding Clause 5.2 above, if an Enforcement Event has occurred and is continuing:

	 	(a)	 	all payments described in Clause 5.1 paid or payable by way of cash or otherwise
distributed in exchange for the Interest; and
	 
	 	(b)	 	dividends, profit shares, drawings or other distributions paid or payable in cash in
respect of the Interest in connection with the partial or total liquidation or dissolution
of the Company or in connection with the reduction of paid-in capital (Herabsetzung der
Einlage); and
	 
	 	(c)	 	all cash or other property or instrument paid, payable or otherwise distributed in
respect of principal of or on termination of the Interest,

shall be and shall forthwith be delivered to the Collateral Agent to be held as security and shall,
if received by the Pledgor, be received as trustee of the Collateral Agent and kept segregated from
the other property or funds of the Pledgor and be forthwith delivered to the Collateral Agent as
security in the same form as so received (with any necessary endorsement). The terms of this
Agreement shall apply mutatis mutandis to such security.

5.4 Throughout the existence of this Agreement, during such time as the Pledgor shall record any
claims set out in Clause 5.2 hereof in its books and accounts, it shall keep an annotation
(Buchvermerk) of such pledge in such books and accounts specifying the signing date of this
Agreement, as well as the Collateral Agent as pledgee. Subject to the Agreed Security Principles,
the Pledgor shall maintain and, if appropriate, modify such annotation (and take such other steps
and actions from time to time) as may be necessary in order to ensure the validity and perfection
of the pledge under the applicable law.

- 9 -

 

6. Exercise of Voting Rights

6.1 Unless an Enforcement Event has occurred and is continuing, the voting rights and all other
rights and powers not otherwise prohibited by the Principal Finance Documents resulting from and
relating to the Interest remain with the Pledgor, provided that the Pledgor shall not exercise such
voting or other rights in any manner in respect of, or otherwise permit or agree to (i) any
variation of the rights attaching to or conferred by all or any of the Interest or (ii) any
increase in the paid-in capital of the Company, in each case, to the extent such action would
adversely affect the validity or enforceability of the security created by this Agreement. The
Pledgor undertakes to exercise its voting rights from time to time so that no resolutions are
passed which adversely affect the validity or enforceability of the security created by this
Agreement, in particular but not limited to, any resolution in respect of the reduction or increase
of the paid-in capital, any merger or split-off of the Company or its liquidation, dissolution or
the termination of its existence or the cessation of its business activities, in each case unless
otherwise permitted by the Principal Finance Documents or with the prior written consent of the
Collateral Agent.

6.2 The Pledgor shall not take, or participate in, any action which results or would result in the
Pledgor’s loss of ownership of the Interest or pursue any other transaction which would have the
same result as a sale, transfer, encumbrance or other disposal of the Interest or which would for
any other reason be inconsistent with the security interest of the Collateral Agent or the security
purpose (as described in Clause 3 hereof) or defeat, materially impair or circumvent the rights of
the Secured Parties, except pursuant to a transaction foreseen or permitted by the Loan Documents
or with the prior written consent of the Collateral Agent.

6.3 The Pledgor shall inform the Collateral Agent without delay of all matters concerning the
Company of which the Pledgor is or becomes aware, which would materially adversely affect the
validity or enforceability of the security created by this Agreement. The Pledgor shall allow,
following the occurrence of an Enforcement Event and subsequent enforcement of the Pledges pursuant
to Clause 8.1 the Collateral Agent or, as the case may be, its proxy or any other person designated
by the Collateral Agent in accordance with this Agreement to participate in all such partners’
meetings of the Company. The Collateral Agent’s right to attend all partners’ meetings shall lapse
immediately once the earlier of the following occurs: (i) discharge by the Collateral Agent, (ii)
complete satisfaction of any and all Secured Obligations or (iii) discharge in accordance with
Clause 16.1.

7. Perfection of Security and Further Security

7.1 The Pledgor hereby undertakes, subject to the Agreed Security Principles, to make all notices,
registrations and filings required by the Collateral Agent (acting on the reasonable instruction of
the Applicable Representative) in relation to this Agreement, in particular with regard to Future
Interest acquired by the Pledgor by whatever means and in whatever way, including the merger with
other companies, the split-off of the Company, the conversion of the Company or the acquisition of
other enterprises.

- 10 -

 

7.1.1 Upon signing of this Agreement the Pledgor will promptly

	 	(a)	 	notify the Company of this Pledge by letter substantially in the form of Schedule C to
this Agreement. By countersigning Schedule C to this Agreement the Company confirms that it
has been given full notice that its limited partner, SIG Austria Holding GmbH, has pledged
all Interest to the Collateral Agent as provided for in this Agreement; and
	 
	 	(b)	 	mark in its books the Existing Interest as being pledged.

7.1.2 With regard to any and all Future Interest acquired by the Pledgor, the Pledgor will promptly
after the acquisition of such Future Interest mark in its books such Future Interest as being
pledged.

7.2 In case of a conversion of the Company, a merger or split-off of the Company or any other form
of reorganisation and/or restructuring relating to the Company, the interest held by the Pledgor in
any successor company to the Company (if such successor company is incorporated in Austria) shall,
subject to obtaining any necessary consents, also be covered by the Pledges established under this
Agreement. The Pledgor shall take, subject to the Agreed Security Principles, all steps to
effectuate and perfect such pledge including the execution and effectuation of a new pledge in the
same rank. To that end the Pledgor will, subject to the Agreed Security Principles, provide the
Collateral Agent with all documents required by the Collateral Agent (acting on the reasonable
instruction of the Applicable Representative) for (i) assessing the actions with respect to and the
effects of conversion, merger, split-off or other form of reorganization and/or restructuring, and
(ii) the creation, enforcement, perfection or registration of any new security interest in favour
of the Collateral Agent including drafts of the merger and/or conversion and/or reorganisation
and/or restructuring documents in advance.

8. Enforcement of Pledges

8.1 The Pledgor herewith grants its express consent that if an Enforcement Event has occurred and
is continuing, the Collateral Agent shall be entitled to realize without writ, judgement or any
other legal court action the Interest by applying in analogy the provisions of sections 466a et
seq. of the Austrian General Civil Code (Allgemeines Bürgerliches Gesetzbuch — ABGB) and § 368
para 1 of the Austrian Business Code (Unternehmensgesetzbuch — UGB) by public auction (“Public
Auction”) or by private sale either with or without the assistance of a court (“Private Sale”). In
such case the Collateral Agent is obliged to request in writing that the party causing the default
and the Pledgor meet their respective obligations within 2 weeks of service of such request and
shall inform the Pledgor and such Party in default in such request that a Public Auction or Private
Sale will take place if the relevant obligations are not performed in full. The Public Auction or
the Private Sale can take place only after the aforementioned term has elapsed without full
performance of the outstanding obligations. The Public Auction or the Private Sale may take place
at any place in Austria or Germany. The Pledgor herewith expressly agrees that the Collateral Agent
is entitled to enforce its rights and remedies under the Pledges in the above manner and it

- 11 -

 

expressly waives any rights of first refusal, option rights, consent requirements and any other
rights which it might now or in the future have with respect to the Interest, so that any
enforcement of the Pledges may occur freely and without restriction.

8.1.1 Any Private Sale or Public Auction shall only be made upon prior assessment of the Interest
by an Austrian independent certified public accountant. If the Pledgor and the Collateral Agent do
not reach agreement on the identity of the Austrian independent certified public accountant within
10 days after the lapse of the aforementioned period of 2 weeks, such independent certified public
accountant shall be appointed by the President of the Chamber of Accountants, Vienna (Kammer der
Wirtschaftstreuhänder, Wien). The assessment of the Interest shall be made by such certified public
accountant in accordance with the Rules and Guidelines (KFS BW1) of the Special Committee for
Business Management and Organization of the Institute for Business Management, Tax Law and
Organization of the Chamber of Certified Public Accountants for the Valuation of Enterprises
(Fachgutachten (KFS BW1) des Fachsenats für Betriebswirtschaft und Organisation des Instituts für
Betriebswirtschaft, Steuerrecht und Organisation der Kammer der Wirtschaftstreuhänder über die
Unternehmensbewertung) as may be valid from time to time or in accordance with any appropriate
substitute rules and guidelines. Within a period of at least 4 weeks from the date of service of
the respective letter of demand, the Collateral Agent shall inform the Pledgor and the party
causing the default of the terms and conditions, the place, the time and the Collateral Agent’s
instructions for the Public Auction or the Private Sale. In case of both a Public Auction and a
Private Sale the Interest must not be transferred at a price which is below the value assessed by
the expert. Each Secured Party, any affiliates of each Secured Party, the Pledgor as well as the
Collateral Agent are entitled to participate in a Public Auction or in a Private Sale.

8.1.2 The Pledgor may notify the Collateral Agent of potential bona-fide purchasers willing to
acquire the Interest at the price which is at least equal to the price assessed by the expert. A
bona-fide purchaser shall only be a person that is able to pay the full price of the Interest
immediately in cash. The Private Sale shall be made with the diligence usual for a bank and with
due observance of the Pledgor’s interests.

8.1.3 The Pledgor herewith grants its express consent that if an Enforcement Event has occurred and
is continuing, the Collateral Agent shall be entitled to collect from the Company on behalf of the
Pledgor — without writ, judgement or any other legal court action — payments on account of rights
to dividend by simple notification to the Company that an Enforcement Event has occurred and is
continuing, and the Pledgor shall use all reasonable endeavours to procure that the Company acts in
accordance therewith. As from receipt of the aforementioned notification, provided such Enforcement
Event specified in the notification is continuing, the Pledgor shall use all reasonable endeavours
to procure that the Company does not effect payment of dividends to the Pledgor.

8.1.4 For the purposes of a Public Auction or Private Sale in accordance with Clause 8.1 the
Pledgor hereby irrevocably authorizes and empowers the Collateral Agent by separate power of
attorney to demand and apply for a Public Auction or Private Sale in the name of the Pledgor and to
take all steps necessary to effect such a realization. For the purposes of

- 12 -

 

a Public Auction or a Private Sale in accordance with Clause 8.1 the Pledgor hereby grants to the
Collateral Agent an irrevocable power of attorney to sign and execute on its behalf a notarial deed
on the assignment, in full or in part, of the Interest to one or several purchaser(s) of such
Interest in the Public Auction or the Private Sale at a price determined on such occasion, to sign
all documents and make all legally binding declarations related thereto, in particular to sign one
or more assignment deeds in the form of a notarial deed, also in the form of an offer and
acceptance deed, to receive the transfer price on the Pledgor’s behalf and to determine all
conditions of such agreements. Furthermore, promptly upon signing of this Agreement the Pledgor
grants a power of substitution within the scope of this power of attorney to the Collateral Agent
(Schedule A). For the avoidance of doubt, the Collateral Agent agrees that the rights and powers
under the power of attorney in this Clause 8.1.4 and Schedule A are exercisable, and it will
exercise such rights and powers, only if an Enforcement Event has occurred and is continuing.

8.1.5 Upon signing of this Agreement, the Pledgor grants by separate deed a power of attorney to
the Collateral Agent to represent the Pledgor as partner of the Company in partners’ meetings of
the Company and when passing resolutions in writing and to exercise the Pledgor’s voting rights
(Schedule B) in each case if an Enforcement Event has occurred and is continuing. The Collateral
Agent may exercise this power of attorney only (i) if an Enforcement Event has occurred and is
continuing or (ii) upon receiving notice from the Applicable Representative, the Loan Parties’
Agent and/or the Pledgor of failure by the Pledgor to comply with a further assurance or perfection
obligation under Clause 14 within 10 Business Days of being notified of that failure (with a copy
of that notice being sent to the Loan Parties’ Agent) and being requested to comply and then only
in respect of such further assurance or perfection obligations.

8.2 In case the Secured Parties acting through the Collateral Agent should seek to enforce the
Pledges pursuant to, and in accordance with Clause 8.1 above, the Pledgor shall, at its own
expense, render forthwith all necessary assistance in order to facilitate the prompt sale of the
Interest or any part thereof and/or the exercise by the Secured Parties acting through the
Collateral Agent of any other right they may have under this Agreement as Secured Parties. The
Pledgor herewith irrevocably consents to the transfer of the Interest or any part thereof to any
third party in accordance with the provisions of this Agreement.

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

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

- 13 -

 

creditor Arrangements, save that any amount received or recovered in excess of the Secured
Obligations shall be returned to the Pledgor.

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

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

8.7 The Pledgor grants his express consent and authorization to the enforcement of the Pledges by
the Collateral Agent in accordance with Clauses 8.1 to 8.6.

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

9. Undertakings of the Pledgor

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

	 	(a)	 	not to sell or to dispose of the Interest or any interest therein; and
	 
	 	(b)	 	not to create or agree to create, grant or permit to exist any restriction on the
ability to transfer or realise, all or any part of the Interest; and
	 
	 	(c)	 	to effect promptly any payments to be made in respect of the Interest. If the Pledgor
fails to make any such payment within 10 Business Days of being notified of that failure,
the Collateral Agent may make that payment on behalf of the Pledgor and any sums so paid by
the Collateral Agent shall be reimbursed by the Pledgor promptly on demand, together with
interest on those sums. Such interest shall be calculated from the date on which such
payment is made by the Collateral Agent up to the actual date of payment by the Pledgor to
the Collateral Agent (after, as well as before, judgement) at such commercial rate as the
Collateral Agent may determine (acting on the reasonable instruction of the Applicable
Representative) in accordance with the Principal Finance Documents; and
	 
	 	(d)	 	not to transfer any Interest nor to offer any Future Interest to a third party; and
	 
	 	(e)	 	not to defeat, impair or circumvent in any way the rights of the Collateral Agent and
the Secured Parties created hereunder, if such action, measures or omissions

- 14 -

 

	 	 	 	would have a Material Adverse Effect (as defined in the Credit Agreement or, if the
Credit Agreement is no longer existing, any Additional Agreements); and
	 
	 	(f)	 	to ensure that the Future Interest, if any, will be fully paid in and there will not be
any obligation for a partner of the Company to make additional contributions to the Company
in this regard.

10. Acknowledgment by Pledgor

The Pledgor acknowledges that:

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

11. Representations and Warranties of the Pledgor

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

	 	(a)	 	the Existing Interest comprise 100% of the limited partnership interest in the Company
with a paid-in capital of EUR 4,499,273.27 (Euro four million four-hundred
ninety-nine-thousand two-hundred seventy-three and 27 cent); and
	 
	 	(b)	 	subject to any rights to dispose of all or any Interest that the Pledgor has under the
terms of the Loan Documents, it is, and will be, the legal and beneficial owner, free from
any encumbrances, including but not limited to pre-emption rights, of all of the Interest
owned by it, other than as permitted by the Principal Finance Documents or arising under
applicable laws; and
	 
	 	(c)	 	the Existing Interest have been duly and validly issued and all contributions by the
Pledgor as limited partner have been made and there is not any obligation for the Pledgor
as limited partner of the Company to make additional contributions to the Company in
respect of the Existing Interest; and
	 
	 	(d)	 	unless otherwise permitted under the terms of the Loan Documents, it has not sold or
disposed of, the benefit of all or any of its rights, title and interest in the Interest.

11.2 All the representations and warranties in Clauses 11.1(b), (c) and (d) are made to each
Secured Party on the date of this Agreement and all such representations and warranties are deemed
to be repeated as true and correct in each material respect by the Pledgor to

- 15 -

 

each Secured Party on the date of a Credit Event (as defined in the Credit Agreement) during the
continuance of this Agreement.

12. Duration and Independence

12.1 This Agreement shall remain in full force and effect until the earlier of the following
occurs: (i) discharge by the Collateral Agent, (ii) complete satisfaction or explicit waiver of any
and all Secured Obligations or (iii) discharge in accordance with Clauses 16.1 or 16.2.

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

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

13. Partial Invalidity; Waiver

13.1 If at any time, any one or more of the provisions hereof is or becomes invalid, illegal or
unenforceable in any respect under the law of any jurisdiction, such provision shall as to such
jurisdiction, be ineffective to the extent necessary without affecting or impairing the validity,
legality and enforceability of the remaining provisions hereof or of such provisions in any other
jurisdiction. The invalid, illegal or unenforceable provision shall be deemed to be replaced by
such valid, legal or enforceable provision which comes as close as possible to the original intent
of the parties in respect of the invalid, illegal or unenforceable provision.

13.2 In particular, the Pledges shall not be affected and shall in any event extend to any and all
Interest held by the Pledgor in the Company even if the extent or the amount of paid-in capital of
the Existing Interest of the Company as stated in Clause 1 is inaccurate or deviates from the
actual facts.

13.3 No failure to exercise, nor any delay in exercising, on the part of the Collateral Agent or
the Secured Parties, any right or remedy hereunder shall operate as a waiver thereof, nor shall any
single or partial exercise of any right or remedy prevent any further or other exercise thereof or
the exercise of any other right or remedy.

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

- 16 -

 

14. Further Assurance

14.1 Subject to the Agreed Security Principles, the Pledgor shall promptly execute all documents
(including transfers) and do all things (including the delivery, transfer, assignment or payment of
all or part of the Interest to the Collateral Agent or its nominee(s)) that the Collateral Agent
may specify (upon the reasonable instruction of the Applicable Representative) for the purpose of
(a) (if an Enforcement Event has occurred and is continuing) exercising the Collateral Rights or
(b) securing and perfecting the security intended to be created by this Agreement over all or any
part of the Interest.

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

15. Amendments; Waiver

Any amendments, changes, variations or waivers to this Agreement may be made only with the
agreement of the Pledgor and the Collateral Agent in writing and, if required under Austrian
statutory law, in the form of a notarial deed. This applies also to this Clause 15.

16. Miscellaneous

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

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

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

- 17 -

 

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

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

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

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

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

16.8 To the extent set out in Section 4.11 of the First Lien Intercreditor Agreement and in the
Additional Collateral Agent’s Fee Letter, the Pledgor shall, notwithstanding any release or
discharge of all or any part of the security, indemnify the Collateral Agent, its agents, its
attorneys and any delegate against any action, proceeding, claims, losses, liabilities, expenses,
demands, taxes and costs which it may sustain as a consequence of any breach by the Pledgor of the
provisions of this Agreement, the exercise or purported exercise of any of the rights and powers
conferred on them by this Agreement or otherwise relating to the Interest.

16.9 The Pledgor acknowledges and agrees that the Collateral Agent’s actions under this Agreement
are on the basis of authority conferred under the Principal Finance Documents

- 18 -

 

to which the Collateral Agent is a party, and on directions of the Applicable Representative. In so
acting, the Collateral Agent shall have, subject to the terms of the Principal Finance Documents,
the protections, immunities, rights, indemnities and benefits conferred on the collateral agent
under the Principal Finance Documents.

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

17. Execution in Counterparts

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

18. Stamp Duty

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

19. Capital maintenance

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

19.2 Should any obligation under this Agreement violate or contradict Austrian capital maintenance
rules and should therefore be held invalid or unenforceable, such obligation shall be deemed to be
replaced by an obligation of a similar nature which is in compliance with

- 19 -

 

Austrian capital maintenance rules and which provides the best possible security interest in favour
of the Secured Parties. By way of example, should it be held that the security interest created
under the Agreement is contradicting Austrian capital maintenance rules in relation to any amount
of the Secured Obligations, the security interest created under the Agreement shall be reduced to
the maximum amount of the Secured Obligations which is permitted pursuant to Austrian capital
maintenance rules.

20. Choice of Law

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

21. Settlement of Disputes

21.1 Jurisdiction of English Courts

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

21.2 Clause 21.1 is for the benefit of the Collateral Agent only. As a result, the Collateral Agent
shall not be prevented from taking proceedings relating to a dispute in any other courts with
jurisdiction. To the extent allowed by law, the Collateral Agent may take concurrent proceedings in
any number of jurisdictions.

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

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

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

- 20 -

 

COLLATERAL AGENT

	 	 	 	 	 

	4
March 2010, London, United Kingdom
 

	  

	 	 	 	 	 
	 	/s/ Elaine Lockhart
 	 
	 	Wilmington Trust (London) Limited 	 
	 	 	 

By: Elaine Lockart

PLEDGOR

	 	 	 	 	 

	4
March 2010, Sydney, Australia
 

	  

	 	 	 	 	 
	 	/s/ Cindi Lefari
 	 
	 	SIG Austria Holding GmbH 	 

	 	 	 	 	 
	 	By:  	Cindi Lefari
 	 
	 	 	Attorney 	 

	 	 	 	 	 
	 	/s/ Mark Dunkley
 	 
	 	SIG Austria Holding GmbH 	 

	 	 	 	 	 
	 	By:  	Mark Dunkley
 	 
	 	 	Attorney 	 
	 	 	 	 

- 21 -

 

Schedule A

	 	 	 
	SPEZIALVOLLMACHT	 	SPECIAL POWER OF ATTORNEY
	 
	SIG Austria Holding GmbH, eine nach österreichischem Recht errichtete
Gesellschaft, mit dem Sitz in Saalfelden am Steinernen Meer, und der
Geschäftsanschrift zum Zeitpunkt dieser Vollmacht Geschäftsanschrift
Industriestraße 3, 5760 Saalfelden, Österreich, eingetragen im
österreichischen Firmenbuch unter FN 236071 p, bevollmächtigt hiermit

	 	SIG Austria Holding GmbH, a limited
liability company organised under the laws
of Austria with its seat in Saalfelden am
Steinernen Meer and its business address as
at the date of this power of attorney at
Industriestraße 3, 5760 Saalfelden, Austria,
registered in the Austrian companies
register (Firmenbuch) under file number FN
236071 p, herewith authorizes
	 
	 	 
	Wilmington Trust (London) Limited, l,

	 	Wilmington Trust (London) Limited, l,
	 
	 	 
	1. in ihrem Namen und auf ihre Rechnung ihren Kommanditanteil an der
SIG Combibloc GmbH & Co KG, eingetragen im österreichischen Firmenbuch
zu FN 240335 i und mit dem Sitz in Saalfelden am Steinernen Meer und
der Geschäftsanschrift Industriestraße 3, 5760 Saalfelden, Österreich,
mit einer Vermögenseinlage von EUR 4.499.273,27 (in Worten Euro
viermillionenvierhundertneunundneunzigtausendzweihundertdreiundsiebzig
Komma siebenundzwanzig), die vollständig geleistet worden ist, zur
Gänze oder in Teilen an eine oder mehrere andere Personen abzutreten,
sowie alle damit zusammenhängenden Urkunden zu zeichnen sowie
sämtliche rechtsgeschäftlichen Erklärungen abzugeben, insbesondere ein
oder mehrere notarielle Abtretungsverträge — auch in Form von Anbot
und Annahme — zu errichten, den jeweiligen Abtretungspreis oder einen
Berechnungsmodus für den Abtretungspreis festzusetzen und alle übrigen
Bestimmungen dieser Abtretungsverträge festzulegen.

	 	1. to assign in its name and on its account
its partnership interest with limited
liability in SIG Combibloc GmbH & Co KG, a
company registered under FN 240335 i and
with the Austrian companies register, with
its corporate seat in Saalfelden am
Steinernen Meer and the business address
Industriestraße 3, 5760 Saalfelden, Austria,
with a registered paid-in capital of EUR
4,499,273.27 (in words Euro four million
four-hundred ninety-nine-thousand
two-hundred seventy-three and 27 cent) which
has been fully paid in, in whole or in part
to one or more other persons, as well as to
sign all documents related thereto as well
as to give other expressions and
declarations of will, in particular to draw
up one or more notarized assignment
agreements — also in the form of offer and
acceptance — to fix the respective
assignment price or the method of
calculation for the assignment price, and to
determine all remaining provisions of these
assignment agreements.
	 
	 	 
	2. alle sonstigen mit den in Punkt 1. bezeichneten Tätigkeiten
verbundenen Handlungen vorzunehmen, Erklärungen abzugeben und zu
empfangen, Unterschriften beglaubigt und unbeglaubigt zu leisten,
sowie Urkunden in Form eines Notariatsaktes oder einer notariellen
Beurkundung oder einer ausländischen Beurkundung (auch in Form eines
ausländischen Notariatsaktes) durch einen ausländischen Notar zu
errichten.

	 	2. to undertake all other actions in
connection with the activities mentioned in
point 1., to issue and receive statements,
to sign with and without notarisation and to
set up documents in the form of a notarial
deed or a notarial recording or another
foreign recording (also in form of a foreign
notarial deed) by a foreign notary public.

- 22 -

 

	 	 	 
	3. Die Bevollmächtigte ist von dem Verbot des Kontrahierens mit sich
selbst auf eigene Rechnung oder als Vertreter eines Dritten befreit;
auch ist die Doppelvertretung zulässig.

	 	3. The representative is dispensed from the
prohibition of self-contracting with itself
on its own account or acting on behalf of a
third person; double representation is
permissible.
	 
	 	 
	4. Die Bevollmächtigte ist befugt, diese Vollmacht ganz oder zum Teil
an Dritte zu übertragen.

	 	4. The representative is authorized to
delegate in full or in part this power of
attorney to third persons.
	 
	 	 
	5. Im Zweifel gilt der deutsche Text.

	 	5. In case of doubt the German text prevails.
	 
	 	 
	6. Diese Vollmacht unterliegt österreichischem Recht.

	 	6. This power of attorney is governed by
Austrian law.

 

Ort/Place, Datum/Date

	 	 	 

	 

l

	 	 
	für/for
	 	 
	SIG Austria Holding GmbH
	 	 

[Comment: Since this power of attorney is issued by a legal person (i.e. a company) the power of
attorney must be signed by authorized representatives of such legal person with sufficient power of
representation. The signatures of such representatives must be notarized. Depending on where the
power of attorney is signed and notarized, an apostille is required. If the power of attorney is
signed and notarized in Switzerland an apostille is required.]

- 23 -

 

Schedule B

	 	 	 
	SPEZIALVOLLMACHT	 	SPECIAL POWER OF ATTORNEY
	 
	SIG Austria Holding GmbH, eine nach
österreichischem Recht errichtete
Gesellschaft, mit dem Sitz in Saalfelden
am Steinernen Meer, und der
Geschäftsanschrift zum Zeitpunkt dieser
Vollmacht Geschäftsanschrift
Industriestraße 3, 5760 Saalfelden,
Österreich, eingetragen im
österreichischen Firmenbuch unter FN
236071 p, bevollmächtigt hiermit

	 	SIG Austria Holding GmbH, a limited liability
company organised under the laws of Austria
with its seat in Saalfelden am Steinernen Meer
and its business address as at the date of
this power of attorney at Industriestraße 3,
5760 Saalfelden, Austria, registered in the
Austrian companies register (Firmenbuch) under
file number FN 236071 p, herewith authorizes
	 
	 	 
	Wilmington Trust (London) Limited, l,

	 	Wilmington Trust (London) Limited, l,
	 
	 	 
	1. sie als Kommanditistin der SIG
Combibloc GmbH & Co KG, eingetragen im
österreichischen Firmenbuch zu FN 240335
i, mit dem Sitz in Saalfelden am
Steinernen Meer und der Geschäftsanschrift
Industriestraße 3, 5760 Saalfelden,
Österreich, bei
Gesellschafterversammlungen dieser
Gesellschaft und bei Abstimmungen im
schriftlichen Wege zu vertreten und für
sie das Stimmrecht auszuüben, insbesondere
auch bei Beschlussfassungen über die
Zustimmung zur Übertragung und/oder
Belastung von Geschäftsanteilen, und auch
bei Beschlussfassungen über die Änderung
des Gesellschaftsvertrags.

	 	1. to represent it as limited partner of SIG
Combibloc GmbH & Co KG, a company registered
under FN 240335 i, with the Austrian companies
register, with its corporate seat in
Saalfelden am Steinernen Meer and the business
address Industriestraße 3, 5760 Saalfelden,
Austria, at partners’ meetings of this company
and when taking written partner resolutions,
and to exercise the voting right on its
behalf, in particular also when resolving upon
the consent to the transfer and/or encumbrance
of the interest, and also including
resolutions upon changes and amendments to the
articles of association.
	 
	 	 
	2. alle sonstigen mit den in Punkt 1.
bezeichneten Tätigkeiten verbundenen
Handlungen vorzunehmen, Erklärungen
abzugeben und zu empfangen, Unterschriften
beglaubigt und unbeglaubigt zu leisten,
sowie Urkunden in Form eines
Notariatsaktes oder einer notariellen
Beurkundung oder einer ausländischen
Beurkundung (auch in Form eines
ausländischen Notariatsaktes) durch einen
ausländischen Notar zu errichten.

	 	2. to undertake all other actions in
connection with the activities mentioned in
point 1., to issue and receive statements, to
sign with and without notarisation and to set
up documents in the form of a notarial deed or
a notarial recording or another foreign
recording (also in form of a foreign notarial
deed) by a foreign notary public.
	 
	 	 
	3. Die Bevollmächtigte ist von dem Verbot
des Kontrahierens mit sich selbst auf
eigene Rechnung oder als Vertreter eines
Dritten befreit; auch ist die
Doppelvertretung zulässig.

	 	3. The representative is dispensed from the
prohibition of self-contracting with itself on
its own account or acting on behalf of a third
person; double representation is permissible.
	 
	4. Die Bevollmächtigte ist befugt, diese
Vollmacht ganz oder zum Teil an Dritte zu
übertragen.

	 	4. The representative is authorized to
delegate in full or in part this power of
attorney to third persons.

- 24 -

 

	 	 	 
	5. Im Zweifel gilt der deutsche Text.

	 	5. In case of doubt the German text prevails.
	 
	 	 
	6.  Diese Vollmacht unterliegt
österreichischem Recht.

	 	6. This power of attorney is governed by
Austrian law.

 

Ort/Place, Datum/Date

	 	 	 

	 

l

	 	 
	für/for
	 	 
	SIG Austria Holding GmbH
	 	 

[Comment: Since this power of attorney is issued by a legal person (i.e. a company) the power of
attorney must be signed by authorized representatives of such legal person with sufficient power of
representation. The signatures of such representatives must be notarized. Depending on where the
power of attorney is signed and notarized, an apostille is required. If the power of attorney is
signed and notarized in Switzerland an apostille is required.]

- 25 -

 

Schedule C

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

SIG Combibloc GmbH & Co KG

attn. l

c/o l [address outside of Austria.]

____________[outside of Austria], on _________2010

Dear Sir,

Reference: Notification of the pledge of our interest in SIG Combibloc GmbH & Co KG

We herewith inform you that we, SIG Austria Holding GmbH, a company organised under the laws of
Austria with its seat in Saalfelden am Steinernen Meer and its business address as at the date of
this notification at Industriestraße 3, 5760 Saalfelden, Austria, registered in the Austrian
companies register (Firmenbuch) under file number FN 236071 p, as limited partner of SIG Combibloc
GmbH & Co KG, a company registered under FN 240335 i, with the Austrian companies register, with
its corporate seat in Saalfelden am Steinernen Meer and the business address as at the date of this
notification at Industriestraße 3, 5760 Saalfelden, Austria, with a registered paid-in capital of
EUR 4,499,273.27 (in words Euro four million four-hundred ninety-nine-thousand two-hundred
seventy-three and 27 cent) which has been fully paid in, have pledged our existing limited
partnership interest (Kommanditanteil) in SIG Combibloc GmbH & Co KG and any limited and/or
unlimited interest in SIG Combibloc GmbH & Co KG which we may acquire in the future together with
all ancillary rights and claims to Wilmington Trust (London) Limited, l, under the terms of
the Interest Pledge Agreement dated __________ 2010. An execution version of such Interest Pledge
Agreement is attached to this letter as Annex 1.

We herewith formally notify you of the pledge. Please confirm receipt of this letter by
countersigning this letter.

Sincerely yours,

 

SIG Austria Holding GmbH

Annex 1: Execution version of the Interest Pledge Agreement

- 26 -

 

H H H

- 27 -

 

We, l, born on l, and, born on l, as managing directors of SIG Combibloc GmbH, a
company registered under FN 237985 d with the Austrian companies register, with its corporate seat
in Saalfelden am Steinernen Meer and the business address as at the date of this notification at
Industriestraße 3, 5760 Saalfelden, Austria, acting as general partner of SIG Combibloc GmbH & Co
KG, a company registered under FN 240335 i, with the Austrian companies register, with its
corporate seat in Saalfelden am Steinernen Meer and the business address as at the date of this
notification at Industriestraße 3, 5760 Saalfelden, Austria, herewith confirm receipt of this
letter. We further confirm that in our capacity as managing directors of SIG Combibloc GmbH acting
as general partner of SIG Combibloc GmbH & Co KG that we have taken notice of the pledge according
to the provisions of the Interest Pledge Agreement.

l, on l 2010

_________________________

l

as

managing director of

SIG Combibloc GmbH

acting as general partner of SIG Combibloc GmbH & Co KG

_________________________

l

as

managing director of

SIG Combibloc GmbH

acting as general partner of SIG Combibloc GmbH & Co KG

- 28 -

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