Document:

Exhibit 4.2.3

	
  

  	
  
LIMITED LIABILITY PARTNERSHIP
   ADVOCATEN BELASTINGADVISEURS SOLICITORS
  

EXECUTION VERSION

VCP OVERSEAS HOLDING LTD. BUDAPEST, BAAR BRANCH

as Pledgor

and

ABN AMRO BANK N.V.

as Pledgee

DISCLOSED
 PLEDGE OF COLLECTION ACCOUNT

CONTENTS

	
  
CLAUSE
  	
  
 
  	
  
PAGE
  
	
  

  	
   
  	
  

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

	
  
THIS DEED is made by:
  
	
  
 
  
	
  
1.
  	
  
VCP OVERSEAS HOLDING LTD. BUDAPEST,   BAAR BRANCH, a branch of VCP Overseas   holding KFT (a company organised under the laws of Hungary), licensed in the   commercial register of canton of Zug, Switzerland, as the Guarantor (the “Pledgor”);   and
  
	
  
 
  	
  
 
  
	
  
2.
  	
  
ABN AMRO BANK N.V., a public company with limited liability (naamloze   vennootschap), incorporated under Netherlands law, having its   corporate seat (statutaire zetel) in Amsterdam, The Netherlands, Chamber of   Commerce registration number 33002587 as the Trustee (the “Pledgee”).
  
	
  
 
  	
  
 
  
	
  
IT IS HEREBY AGREED AS FOLLOWS:
  
	
   
  
	
  
    1.
  	
  
DEFINITIONS AND INTERPRETATION
  
	
  
 
  	
  
 
  
	
  
1.1
  	
  
Definitions
  
	
  
 
  	
  
 
  
	
  
 
  	
  
1.1.1
  	
  
Words and expressions defined in the Restated   Agreement shall have the same meaning when used in this Deed, unless defined   otherwise herein.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
1.1.2
  	
  
In addition the following terms shall have the   following meaning:
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
“Account” means the Collection Account   with number 56.42.26.815 USD maintained by the Pledgor with the Account Bank   in The Netherlands;
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
“Account Bank” means ABN AMRO Bank N.V.   with which the Pledgor maintains the Account;
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
“Deed” means this deed of   pledge;
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
“Enforcement Event” means any default (verzuim) in the proper performance of   the Secured Obligations or any part thereof provided it is also an Event of   Default;
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
“Finance Documents”   has the meaning given thereto in the Restated Agreement;
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
“Obligor”   has the meaning given thereto in the Restated Agreement;
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
“Parallel Debt”   means the covenant to pay to the Trustee and the provisions relating thereto   as described in clause 25.22 (Parallel   Debt (Covenant to pay the Trustee)) of the Restated Agreement;
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
“Principal   Obligations” means all present and future obligations owed by any   Obligor to any Secured Party under or in connection with the Finance   Documents, other than the   obligations pursuant to the Parallel Debt;
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
“Restated   Agreement” means the Syndicated Facility Agreement as restated by   the Restatement Agreement.
  

- 1 -

	
  
 
  	
  
 
  	
  
“Restatement   Agreement” means the restatement agreement dated as of the date of   this Deed pursuant to which Votorantim Celulose e Papel S.A., the Pledgor,   ABN AMRO Bank N.V., Banco Santander Central Hispano S.A., London Branch as   arrangers, ABN AMRO Bank N.V. as agent, the Pledgee as trustee and the other   parties named therein as existing lenders agreed to restate the terms and   conditions upon which the Syndicated Loan is outstanding upon the terms and   conditions of the Restated Agreement.
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
“Rights” means all present and future   rights (vorderingen)   of the Pledgor vis-à-vis the Account Bank;
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
“Secured Obligations” means all present   and future obligations owed by any Obligor to the Pledgee under or in   connection with the Finance Documents;
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
“Secured Parties”   has the meaning given thereto in the Restated Agreement;
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
“Syndicated   Facility Agreement” means the $102,000,000 Export Prepayment   Agreement dated as of May 12, 2004 between VCP Exportadora e Participações   Ltda. as Borrower (now Votorantim Celulose e Papel S.A.), Votorantim Celulose   e Papel S.A. as Guarantor, VCP Trading N.V. as Paying Agent, the Lenders   named therein, ABN AMRO Bank N.V. and Banco Santander Central Hispano, London   Branch as Lead Arrangers, ABN AMRO Bank N.V. as Administrative Agent and   Lender and Banco Santander Central Hispano, S.A., London Branch as Collateral   Agent; and
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
“Syndicated Loan”   means the $102,000,000 principal amount outstanding from the Borrower to ABN   AMRO Bank, N.V., Banco Santander Central Hispano S.A., London Branch and   Banco Bradesco S.A. with respect to the loans made available to the Borrower   under the Syndicated Facility Agreement and originally registered with ROF   number TA290918.
  

	
  
1.2
  	
  
Interpretation
  
	
   
  	
  
 
  
	
  
 
  	
  
Any references   made in this Deed to any Finance Document or to any agreement or document   (under whatever name), shall, where applicable, be deemed to be references to   such Finance Document or such other agreement or documents as the same may   have been, or may at any time be, extended, prolonged, amended, restated,   supplemented, renewed or novated, as persons may accede thereto as a party or   withdraw therefrom as a party in part or in whole or be released thereunder   in part or in whole, and as facilities and financial services are or may at   any time be granted, extended, prolonged, increased, reduced, cancelled,   withdrawn, amended, restated, supplemented, renewed or novated thereunder   including, without limitation, (i) any increase or reduction in any amount   available thereunder or any alteration of or addition to the purpose for   which any such amount, or increased or reduced amount may be used, (ii) any   facility provided in substitution
of or in addition to the facilities   originally made available thereunder, (iii) any rescheduling of the   indebtedness incurred thereunder whether in isolation or in connection with   any of the foregoing, and (iv) any combination of the foregoing.
  

- 2 -

	
  
    2.
  	
  
UNDERTAKING TO PLEDGE AND PARALLEL   DEBT
  
	
   
  	
  
 
  
	
  
2.1
  	
  
Undertaking to pledge
  
	
  
 
  	
  
 
  
	
  
 
  	
  
The Pledgor hereby agrees with the Pledgee that the   Pledgor shall grant to the Pledgee a right of pledge over the Rights, as   security for the payment of the Secured Obligations.
  
	
  
 
  	
  
 
  
	
  
2.2
  	
  
Parallel Debt
  
	
  
 
  	
  
 
  
	
  
 
  	
  
Pursuant to the Parallel Debt the Pledgee has its   own claim in respect of the payment obligations of the Obligors to the   Secured Parties under the Finance Documents. With respect to this claim the   Pledgee acts in its own name and not as representative (vertegenwoordiger) of the Secured   Parties or any of them and consequently the Pledgee becomes the sole pledgee   under this Deed.
  
	
   
  	
  
 
  
	
  
    3.
  	
  
PLEDGE
  
	
  
 
  	
  
 
  
	
  
3.1
  	
  
Pledge of Rights
  
	
  
 
  	
  
 
  
	
  
 
  	
  
3.1.1
  	
  
To secure the payment of the Secured Obligations the   Pledgor hereby grants to the Pledgee a disclosed right of pledge (openbaar pandrecht) over   the Rights, which right of pledge is hereby accepted by the Pledgee.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
3.1.2
  	
  
If and to the extent that at the time of the   creation of this right of pledge, or at any time hereafter, a Principal   Obligation owed to the Pledgee cannot be validly secured through the Parallel   Debt, such Principal Obligation itself shall be a Secured Obligation.
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
3.1.3
  	
  
The Pledgor, to the extent required, notifies the   Pledgee in its capacity of Account Bank of the right of pledge created hereby   and the Pledgee by co-signing this Deed, among others, acknowledges receipt   of notice of this Deed and the pledges envisaged hereby and hereby waives (doet afstand van recht) any right of   pledge and any rights of set-off or suspension it has under its general   banking conditions (algemene   bankvoorwaarden) or otherwise.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
3.1.4
  	
  
The Pledgee is entitled to present this Deed and any   other document pursuant hereto for registration to any office, registrar or   governmental body in any jurisdiction the Pledgee deems necessary or useful   to protect its interests.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
3.2
  	
  
Withdrawal rights
  
	
   
  	
  
 
  
	
  
 
  	
  
Only the Pledgee is entitled to collect and receive   payment of the Rights pledged hereby.    The Pledgee hereby authorises the Pledgor to withdraw and transfer   monies from the Accounts (as envisaged by Article 3:246-4 Dutch Civil Code)   in accordance with clause 20.8 (Payments   from Collection Account on Interest Payment Dates) of the Restated   Agreement. The Pledgee may revoke this authorisation upon the occurrence of a   Default and the authorisation shall automatically cease to exist upon the   occurrence of an Enforcement Event.
  

- 3 -

	
  
    4.
  	
  
REPRESENTATIONS, WARRANTIES AND   COVENANTS
  
	
  
 
  	
  
 
  
	
  
4.1
  	
  
Representations and warranties
  
	
  
 
  	
  
 
  
	
  
 
  	
  
The Pledgor hereby represents and warrants to the   Pledgee that the following is true and correct on the date hereof:
  

	
  
 
  	
  
(a)
  	
  
the Pledgor is entitled to pledge the Rights as   envisaged hereby;
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(b)
  	
  
the right of pledge created hereby over the Rights   is a first ranking right of pledge (pandrecht   eerste in rang), the Rights have not been encumbered with limited   rights (beperkte   rechten) or otherwise and no attachment (beslag) on the Rights has   been made; and
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(c)
  	
  
the Rights have not been transferred, encumbered or   attached in advance, nor has the Pledgor agreed to such transfer or   encumbrance in advance.
  

	
  
4.2
  	
  
Covenants
  
	
  
 
  	
  
 
  
	
  
 
  	
  
The Pledgor hereby covenants that it will:
  

	
  
 
  	
  
(a)
  	
  
other than as explicitly permitted under the terms   of the other Finance Documents, not release, settle or subordinate any Rights   without the Pledgee’s prior written consent;
  
	  
	  
	  

	
  
 
  	
  
(b)
  	
  
at the Pledgee’s first request, promptly submit an   up-to-date overview listing the Rights and the balances of the Account in the   form determined and notified in writing by the Pledgee, which may include a   print-out and/or an electronic data carrier containing the relevant data;
  
	  
	  
	  

	
   
  	
  
(c)
  	
  
at its own expense execute all documents and do all   such acts as the Pledgee may request for creating, perfecting or protecting   the right of pledge envisaged hereby;
  
	  
	  
	  

	
  
 
  	
  
(d)
  	
  
not pledge, otherwise encumber or transfer any   Rights, whether or not in advance, other than as envisaged hereby or as   explicitly permitted under the terms of the other Finance Documents, or   perform any act that may harm the rights of the Pledgee, or permit to subsist   any kind of encumbrance or attachment over the Rights;
  
	  
	  
	  

	
  
 
  	
  
(e)
  	
  
immediately inform the Pledgee of any event or   circumstance which may be of importance to the Pledgee for the preservation   or exercise of the Pledgee’s rights pursuant hereto and provide the Pledgee,   upon the Pledgee’s written request, with any other information in relation to   the (pledge of the) Rights as the Pledgee may from time to time request;
  
	  
	  
	  

	
  
 
  	
  
(f)
  	
  
immediately inform in writing persons such as a   liquidator (curator) in   bankruptcy, an administrator (bewindvoerder)   in a (preliminary) suspension of payment or persons making an attachment, of   the existence of the rights of the Pledgee pursuant hereto; and
  
	  
	  
	  

	
  
 
  	
  
(g)
  	
  
to the extent that under rules of private   international law, the creation of a security interest over the Rights is   governed by any law other than Dutch law, perform all such acts as may be   required to create or perfect such security interest, to the extent requested   to do so by the Pledgee.
  

- 4 -

	
  
    5.
  	
  
ENFORCEMENT
  
	
  
 
  	
  
 
  
	
  
5.1
  	
  
Any failure by the Pledgor to satisfy the Secured   Obligations when due shall constitute a default (verzuim)in   the performance of the Secured Obligations, without any reminder letter (sommatie) or notice of default (ingebrekestelling) being required.
  
	
  
 
  	
  
 
  
	
  
5.2
  	
  
Upon the occurrence of an Enforcement Event, the   Pledgee may enforce its right of pledge and take recourse against the   proceeds thereof.
  
	
  
 
  	
  
 
  
	
  
5.3
  	
  
The Pledgor shall not be entitled to request the   court to determine that the Rights pledged pursuant hereto shall be sold in a   manner deviating from the provisions of Article 3:250 Dutch Civil Code.
  
	
   
  	
  
 
  
	
  
5.4
  	
  
The Pledgee shall not be obliged to give notice to   the Pledgor of any intention to sell the pledged Rights (as provided in   Article 3:249 Dutch Civil Code) or, if applicable, of the fact that it has   sold such Rights (as provide in Article 3:252 Dutch Civil Code).
  
	
  
 
  	
  
 
  
	
  
5.5
  	
  
All monies received or realised by the Pledgee in   connection with the Rights shall be applied by the Pledgee in accordance with   the relevant provisions of the Finance Documents, subject to the mandatory   provisions of Dutch law on enforcement (uitwinning).
  
	
  
 
  	
  
 
  
	
  
    6.
  	
  
MISCELLANEOUS PROVISIONS
  
	
  
 
  	
  
 
  
	
  
6.1
  	
  
Waiver
  
	
  
 
  	
  
 
  
	
   
  	
  
To the fullest extent allowed by applicable law, the   Pledgor waives any right it may have of first requiring the Pledgee to   proceed against or claim payment from any other Person or enforce any   guarantee or security granted by any other person before exercising its   rights pursuant hereto.
  
	
  
 
  	
  
 
  
	
  
6.2
  	
  
Evidence of indebtedness
  
	
  
 
  	
  
 
  
	
  
 
  	
  
An excerpt from the Pledgee’s records shall serve as   conclusive evidence (dwingend bewijs)   of the existence and the amounts of the Secured Obligations, subject to proof   to the contrary.
  
	
  
 
  	
  
 
  
	
  
6.3
  	
  
Unenforceability
  
	
  
 
  	
  
 
  
	
  
 
  	
  
The Pledgor and the Pledgee hereby agree that they   will negotiate in good faith to replace any provision hereof which may be   held unenforceable with a provision which is enforceable and which is as   similar as possible in substance to the unenforceable provision.
  
	
   
  	
  
 
  
	
  
6.4
  	
  
Power of attorney
  
	
  
 
  	
  
 
  
	
  
 
  	
  
The Pledgor hereby grants an irrevocable power of   attorney to the Pledgee authorising the Pledgee to execute all documents and   to perform all such acts as the Pledgee may deem necessary in order to have   the full benefit of the rights (to be) granted pursuant hereto, including the   exercise of any ancillary rights (nevenrechten)   as well as any other rights of the Pledgor in relation to the Rights, which   authorisation permits the Pledgee to (also) act as the Pledgor’s counterparty   within the meaning of Article 3:68 Dutch Civil Code.
  

- 5 -

	
  
6.5
  	
  
Costs
  
	
  
 
  	
  
 
  
	
   
  	
  
6.5.1
  	
  
All risks, taxes, fees, costs, charges and other   expenses due or incurred in respect of or in connection with (the pledge of)   any Rights, shall be exclusively for the account of the Pledgor.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
6.5.2
  	
  
All costs, charges and expenses incurred by the   Pledgee in the lawful exercise of the powers conferred upon it pursuant   hereto (including any enforcement measure), or in relation to the   negotiation, preparation and administration of this Deed, as well as in   connection with any variation, amendment or supplement to the terms of this   Deed, and any costs, charges and expenses incurred by the Pledgee in   connection with any consent or waiver, shall be payable by the Pledgor to the   Pledgee on first demand.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
    7.
  	
  
POWER TO TRANSFER; REPLEDGE
  
	
  
 
  	
  
 
  
	
  7.1
  	
  
The Pledgee is entitled to transfer all or part of   its rights and/or obligations pursuant hereto to any successor Trustee in   accordance with clause 25.19 (Resignation   of Trustee) of the Restated Agreement and the Pledgor hereby in   advance gives its irrevocable consent to and hereby in advance irrevocably   co-operates with any such transfer (within the meaning of Articles 6:156 and   6:159 Dutch Civil Code).
  
	
  
 
  	
  
 
  
	
  
7.2
  	
  
The Pledgor hereby grants power to the Pledgee to   repledge (herverpanden) any   Rights pledged pursuant hereto, as envisaged by Article 3:242 Dutch Civil   Code in favour of any New Lender in accordance with clause 22 (Changes to the lenders) of the Restated   Agreement (herpandhouder) to   secure the payment of the Secured Obligations.
  
	
  
 
  	
  
 
  
	
  
7.3
  	
  
The Pledgee is entitled to impart any information   concerning the Pledgor or the Rights to any (proposed) transferee or any   (proposed) repledgee.
  
	
  
 
  	
  
 
  
	
  
    8.
  	
  
TERMINATION
  
	
   
  	
  
 
  
	
  
8.1
  	
  
Unless terminated by operation of law, the Pledgee’s   right of pledge created pursuant hereto shall be in full force and effect   vis-à-vis the Pledgor until it shall have terminated, in part or in whole, as   described in clause 8.2 below.
  
	
  
 
  	
  
 
  
	
  
8.2
  	
  
The Pledgee will be entitled to terminate by notice   the right of pledge created pursuant hereto, in part or in whole, in respect   of all or part of the Rights and/or all or part of the Secured Obligations.   If and insofar as the purported effect of any such termination would require   a waiver (afstand   van recht) by the Pledgee, such termination shall be construed   accordingly and the Pledgor hereby in advance agrees to such waiver.
  
	
  
 
  	
  
 
  
	
  
    9.
  	
  
GOVERNING LAW AND JURISDICTION
  
	
  
 
  	
  
 
  
	
  
9.1
  	
  
Governing law
  
	
   
  	
  
 
  
	
  
 
  	
  
This Deed is governed by and shall be interpreted in   accordance with Dutch law.
  

- 6 -

	
  
9.2
  	
  
Jurisdiction
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
All disputes arising from or in connection with this   Deed (including a dispute regarding the existence, validity or termination of   this Deed or the consequences of its nullity) (a “Dispute”) shall be   submitted to the competent court (rechtbank)   in Amsterdam, without prejudice to the Pledgee’s right to submit any Disputes   to any other competent court in The Netherlands or in any other jurisdiction.
  
	
  
 
  	
  
 
  
	
  9.3
  	
  
Attorneys
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
If a party to this Deed is represented by (an)   attorney(s) in connection with the execution of this Deed or any agreement or   document pursuant hereto, and the relevant power of attorney is expressed to   be governed by Dutch law, such choice of law is hereby accepted by the other   party, in accordance with Article 14 of the Hague Convention on the Law   Applicable to Agency of 14 March 1978.
  

This Deed has been executed on 27 September 2006 by:

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

	  
	  
	  

	
  

  	
  
 
  	
  
 
  
	
  
Name:
  	
  
 
  	
  
 
  
	
  Title:
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
ABN AMRO BANK N.V., as Pledgee
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	  
	  
	  

	
  
 
  	
  
 
  	
  
 
  
	
  

  	
  
 
  	
  
 
  
	
  
Name:
  	
  
 
  	
  
 
  
	
  
Title:
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  

  	
  
 
  	
  
 
  
	
  
Name:
  	
  
 
  	
  
 
  
	
  
Title:
  	
  
 
  	
  
 
  

- 7 -

	
  
FOR ACKNOWLEDGEMENT AND WAIVER PURSUANT TO CLAUSE 3.1.3:
  
	
  
 
  
	
  
ABN AMRO BANK N.V., as Account   Bank
  
	
   
  	
  
 
  	
  
 
  
	  
	  
	  

	
  
 
  	
  
 
  	
  
 
  
	
  

  	
  
 
  	
  
 
  
	
  
Name:
  	
  
 
  	
  
 
  
	
  
Title:
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  

  	
  
 
  	
  
 
  
	
  Name:
  	
   
  	
   
  
	
  Title:
  	
   
  	
   
  

- 8 -Exhibit 4.2.4

	
  

   	
  
 
  	
  
CLIFFORD   CHANCE S/C
   Consultores em Direito Estrangeiro
  

EXECUTION VERSION

VCP OVERSEAS HOLDING LTD. BUDAPEST, BAAR BRANCH
 AS ASSIGNOR
 
 AND
 
 ABN AMRO BANK N.V. 
 AS TRUSTEE

ASSIGNMENT AGREEMENT

CONTENTS

	
  
Clause
  	
   
 	
   
 	
  
Page
  
	
  

  	
  

  	
   
 	
  

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

THIS ASSIGNMENT is made as a deed on 27 September 2006

BETWEEN:

	
  
(1)
  	
  
VCP   OVERSEAS HOLDING LTD. BUDAPEST, BAAR   BRANCH, a branch of VCP Overseas Holding KFT (a company organised   under the laws of Hungary), licensed in the commercial register of the canton   of Zug, Switzerland (the (the “Assignor”);   and
  
	
  
 
  	
  
 
  
	
  
(2)
  	
  
ABN AMRO   BANK N.V. as   trustee for the Secured Parties on the terms and conditions set out in the   Restated Agreement (the “Trustee”   which expression shall include any Person for the time being appointed as   trustee, or as an additional trustee, for the purposes of the Restated   Agreement).
  
	
  
 
  	
  
 
  
	
  
IT IS AGREED as follows:
  
	
  
 
  	
  
 
  
	
  
1.
  	
  
DEFINITIONS   AND INTERPRETATION
  
	
  
 
  	
  
 
  
	
  1.1
  	
  
In   this Assignment:
  
	
  
 
  	
  
 
  
	
  
 
  	
  
“Assigned Property” means the rights and   property expressed to be assigned in Clause 3 (Assignment).
  
	
  
 
  	
  
 
  
	
  
 
  	
  
“Collateral Rights” means all rights,   powers and remedies of the Trustee provided by this Assignment or by law.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
“Irrevocable Payment Instructions” means,   with respect to any Sales Contract, a notice of assignment and irrevocable   payment instructions given or to be given by the Assignor to the relevant   Buyer with respect to that Sales Contract substantially in the form set out   in Schedule 8 (Form of Irrevocable Payment   Instructions) to the Restated Agreement.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
“Restated Agreement” means the Syndicated   Facility Agreement (as defined in the Restated Agreement) as restated by the   Restatement Agreement.
  
	
   
  	
  
 
  
	
  
 
  	
  
“Restatement Agreement” means the   restatement agreement dated as of the date of this Assignment pursuant to   which the parties thereto agreed to restate the terms and conditions upon   which the Syndicated Loan (as defined therein) are outstanding upon the terms   and conditions of the Restated Agreement.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
“Sales Contract” means each agreement   (which may be formed or confirmed by delivery of an invoice, exchange of   letters and/or other correspondence) for the sale of Products by the Assignor   to a Buyer which has been designated a “Sales Contract” for the purpose of   the Finance Documents by the Assignor by delivery to the Trustee of a duly   executed Sales Contract Designation Notice together with the documentation   referred to in such Sales Contract Designation Notice.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
“Sales Contract Designation Notice” means   a notice given by the Assignor to the Agent substantially in the form of   Schedule 7 (Form of Sales Contract   Designation Notice) to the Restated Agreement.
  
	
  
 
  	
  
 
  
	
   
  	
  
“Secured Obligations” means all   obligations at any time due, owing or incurred by any Obligor to any Secured   Party under the Finance Documents, whether present or future, actual or   contingent (and whether incurred solely or jointly and whether as principal   or surety or in some other capacity).
  

- 1 -

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

- 2 -

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

- 3 -

	
  
 
  	
  
 
  	
  
(v)
  	
  
it has the necessary power   and authority to enable it to enter into and perform its obligations under   this Assignment;
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
(vi)
  	
  
this Assignment   constitutes its legal, valid and binding obligation and creates an effective   security over the Assigned Property; and
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
(vii)
  	
  
all necessary   authorisations and consents to enable it to enter into and perform its   obligations under this Assignment have been obtained and are in full force   and effect.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
6.
  	
  
ASSIGNOR’S   UNDERTAKINGS
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
The Assignor undertakes to   the Trustee for the duration of this Assignment that it shall:
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	 (a)
	
  not sell, assign, transfer   or otherwise dispose of all or any part of the Assigned Property (other than   pursuant to this Assignment);

	
  
 
  	  
	
  
 
  	
  
 
  
	
  
 
  	 (b)
	
  
not create, grant or   permit to subsist any security interest over all or any of its right, title   and interest in the Assigned Property (other than pursuant to this   Assignment);

  
	
  
 
  	  
	
  
 
  	
  
 
  
	
   
  	 (c)
	
  
not do or permit to be   done any act or thing which might jeopardise the rights of the Trustee in the   Assigned Property or which might adversely affect or diminish the value of   the Assigned Property or prejudice the security created by this Assignment;

  
	
  
 
  	  
	
  
 
  	
  
 
  
	
  
 
  	 (d)
	
  
promptly notify the   Trustee of any circumstances which give rise, or may reasonably be expected   to give rise, to a claim on or under the Assigned Property;

  
	
  
 
  	  
	
  
 
  	
  
 
  
	
  
 
  	 (e)
	
  
permit   or suffer to occur any alteration or waiver of or amendment to or departure   from the terms of any Sales Contract (other than as permitted under clause   19.15 (No amendment to Sales Contracts)   of the Restated Agreement); or

  
	
   
  	  
	
  
 
  	
  
 
  
	
  
 
  	 (f)
	
  
avoid,   release, rescind, terminate or otherwise cancel in whole or in part (or agree   to any of the foregoing or acquiesce in any of the foregoing) any Sales   Contract (other than as permitted under clause 19.15 (No amendment to Sales Contracts) of the   Restated Agreement);

  
	
  
 
  	  
	
  
 
  	
  
 
  
	
  
 
  	 (g)
	
  
promptly comply with its   obligations under each Sales Contract; and

  
	
  
 
  	  
	
  
 
  	
  
 
  
	
  
 
  	 (h)
	
  
not take or omit to take   any action which might result in (i) the alteration or impairment of any   rights in the Assigned Property; (ii) any default of any of its obligations   under any Sales Contract; (iii) any right to terminate any Sales Contract   becoming exercisable by any Person; or (iv) any counterclaims or rights of   set-off arising under any Sales Contract.

  

- 4 -

	
  
7.
  	
  
ENFORCEMENT
  
	
  
 
  	
  
 
  	
  
 
  
	
  
7.1
  	
  
Upon   the occurrence of an Event of Default, the Trustee shall be entitled, without   prior notice or further demand or prior authorisation from any court,   immediately to enforce all or any part of the security constituted by this   Assignment in any manner it sees fit.    Without limiting any of the powers conferred on the Trustee by this   Clause 7, the Trustee shall be entitled to:
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(a)
  	
  
take possession of the   Assigned Property or otherwise exercise in relation to it all of the rights   of an absolute owner;
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
(b)
  	
  
assign any or all of the   Assigned Property to any Person on such terms as the Trustee considers   appropriate; and
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(c)
  	
  
collect, recover or   compromise, and give a good discharge for, any moneys paid or payable to the   Assignor under or in respect of the Assigned Property, and enforce (in any   way whatsoever including, without limitation, by way of instituting   proceedings in the Assignor’s name) any rights or claims arising under or in   respect of the Assigned Property.
  

	
  
7.2
  	
  
The   power of sale or other disposal in Clause 7.1 shall operate as a variation   and extension of the statutory power of sale under Section 101 of the Law of   Property Act 1925 and such power shall arise (and the Secured Obligations   shall be deemed due and payable for that purpose) on execution of this   Assignment.  The restrictions   contained in Sections 93 and 103 of the Law of Property Act 1925 shall not   apply to this Assignment or to any exercise by the Trustee of its right to   consolidate mortgages or its power of sale.
  
	
   
  	
  
 
  
	
  
7.3
  	
  
A   certificate in writing by an officer or agent of the Trustee that the power   of sale or disposal has arisen and is exercisable shall be conclusive   evidence of that fact in favour of a purchaser of all or any part of the   Assigned Property.
  
	
  
 
  	
  
 
  
	
  
8.
  	
  
EXERCISE OF   RIGHTS
  
	
  
 
  	
  
 
  
	
  
 
  	
  
Subject always to the   terms of this Assignment and without prejudice to the obligations of the   Assignor under Clause 20 (Debt Service   Undertakings) of the Restated Agreement, the Assignor, as agent   for and on behalf of the Trustee, shall be entitled to exercise all rights   and powers arising under any Sales Contract until notified in writing by the   Trustee that an Event of Default has occurred. The Trustee shall be entitled   upon the giving of such notice to exercise all such rights and powers when   they arise and the Assignor shall thereupon cease to be the agent for the   Trustee.
  
	
  
 
  	
  
 
  
	
  
9.
  	
  
FURTHER   ASSURANCE
  
	
   
  	
  
 
  
	
  
 
  	
  
The Assignor shall   promptly execute all documents and do all things (including the execution and   delivery of any Irrevocable Payment Instructions or other notice of   assignment) that the Trustee may reasonably specify for the purpose of (a)   exercising the Collateral Rights, (b) securing and perfecting its security   over or title to all or any part of the Assigned Property or (c) facilitating   the realisation of the Assigned Property or the exercise of any of the rights   vested in the Trustee as a result of this Assignment.
  

- 5 -

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

- 6 -

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

- 7 -

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

	
  
 
  	
  
(a)
  	
  
irrevocably appoints Law   Debenture Corporate Services Limited at 100 Wood Street, Fifth Floor, London,   EC2V 7EX, or, if different, its registered office, as its agent for service   of process in relation to any proceedings before the English courts in   connection with this Assignment; and
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
(b)
  	
  
agrees that failure by a   process agent to notify the Assignor of the process will not invalidate the   proceedings concerned.
  

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

- 8 -

SIGNATURES

The Assignor

EXECUTED as a DEED                                                                                           )
 by VCP OVERSEAS HOLDING LTD. BUDAPEST, BAAR BRANCH          )

	
  
By:
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
The   Trustee
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
ABN AMRO   BANK N.V.
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
By:
  	
  
 
  	
  
 
  

- 9 -

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