Document:

exv4w54

EXHIBIT 4.54

SIG COMBIBLOC ZERSPANUNGSTECHNIK GMBH

as Transferor

and

THE BANK OF NEW YORK MELLON

as Collateral Agent

SECURITY TRANSFER AGREEMENT

(Sicherungsübereignung)

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

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Contents

	 	 	 	 	 
	Clause	 	Page	 
	1. DEFINITIONS AND LANGUAGE
	 	 	2	 
	2. TRANSFER OF TITLE
	 	 	7	 
	3. PURPOSE OF THE TRANSFER OF TITLE
	 	 	8	 
	4. LIST OF CHARGED ASSETS AND OTHER INFORMATION
	 	 	8	 
	5. CHARGED ASSETS UNDER RETENTION OF TITLE ARRANGEMENTS
	 	 	9	 
	6. STATUTORY LIEN
	 	 	9	 
	7. DISPOSAL, PROCESSING AND REMOVAL OF CHARGED ASSETS
	 	 	10	 
	8. TAKING POSSESSION BY THE COLLATERAL AGENT
	 	 	11	 
	9. ENFORCEMENT
	 	 	11	 
	10. LIMITATIONS ON ENFORCEMENT
	 	 	12	 
	11. BOOKKEEPING AND DATA-PROCESSING
	 	 	15	 
	12. UNDERTAKINGS OF THE TRANSFEROR
	 	 	16	 
	13. POWER OF ATTORNEY
	 	 	17	 
	14. DURATION AND INDEPENDENCE
	 	 	17	 
	15. RELEASE OF SECURITY (SICHERHEITENFREIGABE)
	 	 	18	 
	16.  DELEGATION
	 	 	18	 
	17. INDEMNITY
	 	 	18	 
	18. NO LIABILITY
	 	 	19	 
	19. PARTIAL INVALIDITY, WAIVER
	 	 	19	 
	20. AMENDMENTS
	 	 	19	 
	21. NOTICES AND THEIR LANGUAGE
	 	 	20	 
	22. APPLICABLE LAW; JURISDICTION
	 	 	21	 
	23. CONCLUSION OF THE AGREEMENT (VERTRAGSSCHLUSS)
	 	 	22	 

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	Clause	 	Page	 
	SCHEDULE 1 List of Original Borrowers, Original Guarantors and
Original Senior Secured Note Guarantors
	 	 	23	 
	Part 1 — The Original Borrowers
	 	 	23	 
	Part 2 — The Original Guarantors
	 	 	24	 
	Part 3 — The Original Senior Secured Note Guarantors
	 	 	26	 
	SCHEDULE 2 Asset Information List
	 	 	28	 
	SCHEDULE 3 Site Maps
	 	 	29	 

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This SECURITY TRANSFER AGREEMENT (the “Agreement”) is made on 5 November 2009

BETWEEN:

	(1)	 	SIG Combibloc Systems GmbH, a limited liability company (Gesellschaft mit beschränkter
Haftung) organised under the laws of the Federal Republic of Germany having its business
address at Walkmühlenstrasse 8-10, 52074 Aachen, Germany which is registered in the commercial
register (Handelsregister) of the local court (Amtsgericht) of Aachen under HRB 3814 (the
“Transferor”); and
	 
	(1)	 	The Bank of New York Mellon, having its business address at 1 Wall Street, New York, N.Y.
10286, The United States of America, in its capacity as collateral agent for the Secured
Parties (as defined below) under the First Lien Intercreditor Agreement (as defined below)
(the “Collateral Agent ”).

WHEREAS:

	(A)	 	Pursuant to a USD 1,155,000,000 and EUR 330,000,000 multi-currency term and revolving credit
agreement dated on or about 5 November 2009 between, inter alia, the parties listed in Part 1
of SCHEDULE 1 hereto as original borrowers (the “Original Borrowers”), the parties listed in
Part 2 of SCHEDULE 1 hereto as original guarantors (the “Original Guarantors”), Credit Suisse
Cayman Island branch as administrative agent and The Bank of New York Mellon as collateral
agent and others (as amended, varied, novated, supplemented, superseded or extended from time
to time, the “Credit Agreement”), certain lenders (together the “Original Lenders”) have
agreed to grant certain facilities to the Original Borrowers and certain other entities which
may accede to the Credit Agreement as additional borrowers.
	 
	(B)	 	Pursuant to a senior secured note indenture dated on or about 5 November 2009 between, inter
alia, Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., and Reynolds Group Issuer
(Luxembourg) S.A as issuers (the “Issuers”), certain affiliates of the Issuers listed in
Part 3 of SCHEDULE 1 as original senior secured note guarantors (the “Original Senior Secured
Note Guarantors”) and The Bank of New York Mellon, as indenture trustee, principal paying
agent, transfer agent and registrar, (as amended, varied, novated, supplemented, superseded or
extended from time to time, the “Senior Secured Note Indenture”), the Issuers will issue
senior secured notes due 2016 in the aggregate principal amount of USD 1,125,000,000 (the “US
Secured Notes”) and senior secured notes due 2016 in the aggregate principal amount of EUR
450,000,000 (the “Euro Secured Notes” and together with the US Secured Notes the “Senior
Secured Notes”) to certain noteholders.
	 
	(C)	 	The Transferor has agreed to transfer certain rights in respect of the Charged Assets (as
defined below) to the Collateral Agent as security for the Secured Parties’ (as defined below)

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	 	 	respective claims against the Grantors (as defined below) (or any of them) in respect of the
Obligations (as defined below).
	 
	(D)	 	The security created by or pursuant to this Agreement is to be held and administered by the
Collateral Agent for the Secured Parties (as defined below) pursuant to a first lien
intercreditor agreement dated on or about 5 November 2009 between, inter alia, the Collateral
Agent, the Indenture Trustee, the Administrative Agent and the Grantors (each as defined
below) and others (as amended, varied, novated, supplemented, superseded or extended from time
to time, the “First Lien Intercreditor Agreement”).
	 
	(E)	 	The Transferor has granted security interests over the Charged Assets (as defined below) to
Credit Suisse pursuant to existing security documents entered into in connection with certain
existing financing arrangements with Credit Suisse and others (the “Existing Security”). The
Existing Security will be released on or about the date hereof in accordance with the terms of
a release agreement between the Transferor, Credit Suisse and others.

NOW IT IS HEREBY AGREED as follows:

	1.	 	DEFINITIONS AND LANGUAGE
	 
	1.1	 	Definitions
	 
	 	 	In this Agreement:
	 
	 	 	“Administrative Agent” means Credit Suisse Cayman Island branch, having its business address
at One Madison Avenue, New York, NY 10010, United States of America in its capacity as
administrative agent under the Credit Agreement and any successor appointed as
administrative agent under the Credit Agreement.
	 
	 	 	“Authorisation” means the authorisation to dispose of (Verfügungsermächtigung) and deal with
the Charged Assets to the extent permitted under the Principal Finance Documents granted by
the Collateral Agent to the Transferor pursuant to Clause 7.1 hereof.
	 
	 	 	“Borrowers” means the Original Borrowers and any entity which may accede to the Credit
Agreement as an additional borrower and “Borrower” means any of them.
	 
	 	 	“Cash Management Bank” shall mean Citibank NA, Banco Nacional De Mexico S.A., Citibank
International PLC, UK, Citibank (China) Co., Limited Citibank Global Markets Deutschland AG
& Co KGaA, Citibank ZRT, Hungary, a Lender, the Administrative Agent or any of the Lender’s
or the Administrative Agent’s affiliates (at the time the cash management services
arrangement is entered into) provided in each case it has become a party to, or by execution
of an additional bank secured party acknowledgment has agreed to

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	 	 	be bound by the terms of, the First Lien Intercreditor Agreement in its capacity as cash
management bank.
	 
	 	 	“Cash Management Services” shall mean any agreement or arrangement by a Cash Management Bank
to provide any composite accounting or other cash pooling arrangements and netting,
overdraft protection and other arrangements with any bank arising under standard business
terms of such Cash Management Bank to a Grantor.
	 
	 	 	“Charged Assets” means all movable fixed assets (bewegliches Anlagevermögen) (including
without limitation machinery, equipment, furniture and computers) and all current movable
assets (Umlaufvermögen) (including without limitation all inventories of finished goods and
products (fertige Erzeugnisse und Waren), work in progress (unfertige Erzeugnisse), raw
materials, supplies and operating materials (Roh-, Hilfs- und Betriebsstoffe)) located at
the Security Area at present or from time to time in the future, including without
limitation the assets specified for information purposes in the list attached hereto as
Schedule 2 (Asset Information List) or delivered to the Collateral Agent on or about the
date hereof and “Charged Asset” means any of them.
	 
	 	 	“Credit Documents” shall mean the Loan Documents and the Senior Secured Note Documents.
	 
	 	 	“Enforcement Event” shall mean an Event of Default.
	 
	 	 	“Event of Default” means any event of default (Kündigungsgrund) under the Credit Agreement
and/or the Senior Secured Note Indenture.
	 
	 	 	“Existing Intercreditor Agreement” means the existing intercreditor agreement dated 11 May
2007 (as amended by a letter dated 21 June 2007 and a further letter dated 29 June 2007 and
as amended and restated on or about the date hereof) between, inter alia, Beverage Packaging
Holdings (Luxembourg) I S.A., Rank Group Holdings Limited (now Reynolds Group Holdings
Limited), Beverage Packaging Holdings (Luxembourg) II S.A., Beverage Packaging Holdings
(Luxembourg) III S.à r.l., Credit Suisse as security trustee and others.
	 
	 	 	“Future Charged Assets” means all movable fixed assets (bewegliches Anlagevermögen)
(including without limitation machinery, equipment, furniture and computers) and all current
movable assets (Umlaufvermögen) (including without limitation all inventories of finished
goods and products (fertige Erzeugnisse und Waren), work in progress (unfertige
Erzeugnisse), raw materials, supplies and operating materials (Roh-, Hilfs- und
Betriebsstoffe)) deposited at the Security Area at any time after execution of this
Agreement and “Future Charged Asset” means any of them.

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	 	 	“Grantors” means the Loan Parties, the Issuers and the Senior Secured Note Guarantors and
any person that has granted a security interest to the Collateral Agent and/or the Secured
Parties in respect of the obligations of the Loan Parties, the Issuers and the Senior
Secured Note Guarantors under the Credit Documents and “Grantor” means any of them.
	 
	 	 	“Grantors’ Agent” shall mean Reynolds Group Holdings Limited or any other person appointed
as agent of the Grantors in accordance with the Principal Finance Documents.
	 
	 	 	“Group” means Reynolds Group Holdings Limited and its direct or indirect subsidiaries
(Tochtergesellschaften).
	 
	 	 	“Hedge Counterparty” means a Lender, the Administrative Agent or any of the Lender’s or the
Administrative Agent’s affiliates (at the time a hedging agreement is entered into) who has
entered into a hedging agreement for the purpose of hedging interest rate liabilities and/or
any exchange rate and/or commodity price risks provided it has become a party, or by
execution of an additional bank secured party acknowledgment has agreed to be bound by the
terms of, to the First Lien Intercreditor Agreement in its capacity as hedge counterparty.
	 
	 	 	“Incremental Assumption Agreement” shall mean an incremental assumption agreement relating
to incremental facilities of up to USD 400,000,000 among, and in form and substance
reasonably satisfactory to, one or more Borrowers, the Administrative Agent, one or more
Incremental Term Lenders and/or one or more Incremental Revolving Credit Lenders pursuant to
which one or more Incremental Term Lenders make available Incremental Term Loan Commitments
and/or one or more Incremental Revolving Credit Lenders make available Incremental Revolving
Credit Commitments respectively.
	 
	 	 	“Incremental Revolving Credit Lender” shall mean a Lender with an Incremental Revolving
Credit Commitment or an outstanding revolving loan under the Credit Agreement of any class
as a result of an Incremental Revolving Credit Commitment.
	 
	 	 	“Incremental Revolving Credit Commitment” shall mean the commitment of any Lender,
established pursuant to the Credit Agreement, to make available certain revolving credit
loans to one or more Borrowers.
	 
	 	 	“Incremental Term Lender” shall mean a Lender with an Incremental Term Loan Commitment.
	 
	 	 	“Incremental Term Loan Commitment” shall mean the commitment of any Lender, established
pursuant to the Credit Agreement, to make available certain term loans to one or more
Borrowers.

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	 	 	“Indenture Trustee” shall mean The Bank of New York Mellon, in its capacity as indenture
trustee under the Senior Secured Note Indenture and any successor appointed as indenture
trustee under the Senior Secured Notes Indenture.
	 
	 	 	“Intercreditor Arrangements” means the First Lien Intercreditor Agreement and the Existing
Intercreditor Agreement, in each case as amended, novated, supplemented, restated, or
modified from time to time.
	 
	 	 	“Issuing Bank” means Credit Suisse or any other Lender or any affiliate of Credit Suisse or
any other Lender that issues letters of credit or bank guarantees under the Credit
Agreement.
	 
	 	 	“Lenders” shall mean the Original Lenders and any entity which may become a lender under the
Credit Agreement in the future and “Lender” means any of them.
	 
	 	 	“Loan Documents” shall mean the Credit Agreement, any borrowing subsidiary agreement and/or
guarantor joinder agreement relating to the Credit Agreement, any letter of credit or bank
guarantee relating to the Credit Agreement, any security documents relating to the Credit
Agreement, any hedging agreement entered into by a Hedge Counterparty and a Grantor, each
Incremental Assumption Agreement, the Intercreditor Arrangements, each Promissory Note, any
agreement between a Grantor and a Cash Management Bank relating to Cash Management Services,
each Local Facility Agreement and any other document that may be entered into pursuant to
any of the foregoing in relation to the Credit Agreement.
	 
	 	 	“Loan Parties” shall mean the Borrowers, the Original Guarantors and any entity which may
accede to the Credit Agreement as additional guarantor and a “Loan Party” means any of them.
	 
	 	 	“Local Facilities” means working capital facilities provided to a Grantor (other than
Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings (Luxembourg) II
S.A. Beverage Packaging Holdings (Luxembourg) III S.à.r.l. and the Borrowers) by a Local
Facility Provider and “Local Facility” means any of them.
	 
	 	 	“Local Facility Agreements” shall mean any agreement under which a Local Facility is made
available.
	 
	 	 	“Local Facility Provider” means each of Deutsche Bank AG, Commerzbank Aktiengesellschaft,
Bank of America, N.A., HSBC Trinkaus & Burkhardt AG and Hong Kong and Shanghai Banking
Corporation Ltd., Thailand, provided in each case it has become a party to, or by execution
of an additional bank secured party acknowledgment has agreed to be bound by the terms of,
the First Lien Intercreditor Agreement in its capacity as local facility provider.

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	 	 	“Obligations” shall mean all present and future obligations and liabilities (whether actual
or contingent and whether owed jointly or severally or in any other capacity whatsoever) of
each Grantor to the Secured Parties (or any of them) under each or any of the Credit
Documents, 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 Credit Documents or any other document evidencing or securing any such liabilities. The
Obligations shall further include any obligation based on unjust enrichment
(ungerechtfertigte Bereicherung) or tort (Delikt).
	 
	 	 	“Principal Finance Documents” means the Credit Agreement, the Senior Secured Note Indenture
and the First Lien Intercreditor Agreement.
	 
	 	 	“Promissory Note” shall mean any promissory note executed and delivered by a Borrower upon
the request of a Lender evidencing the amount of principal owed by such Borrower to such
Lender under the Credit Agreement.
	 
	 	 	“Secured Parties” shall mean the Lenders (including in their capacity as issuing bank(s),
and/or Hedge Counterparties under the Credit Agreement), the Hedge Counterparties, the
Administrative Agent, any Issuing Bank, the beneficiaries of each indemnification obligation
undertaken by any Grantor under any Credit Document , the Senior Secured Note Holders, the
Indenture Trustee, the Collateral Agent, the Local Facility Providers and the Cash
Management Banks.
	 
	 	 	“Security Area” means any and all of the premises framed in red on the site map of the
premises in Aachen, Walkmühlenstraße 8-10, 52074, Aachen, Germany attached hereto in
SCHEDULE 3 (Site Maps) which forms an integral part of this Agreement and any additional
premises set out on any list or information delivered to the Collateral Agent from time to
time in accordance with paragraph (b)(b) of Clause 4.1.
	 
	 	 	“Senior Secured Note Documents” shall mean the Senior Secured Note Indenture, the Senior
Secured Note Guarantees, the Senior Secured Notes, the Intercreditor Arrangements, any
security document relating to the Senior Secured Notes and/or the Senior Secured Note
Indenture and any other document that may be entered into pursuant to any of the foregoing.
	 
	 	 	“Senior Secured Note Guarantees” shall mean the guarantees of the obligations of the Issuers
under the Senior Secured Notes and the Senior Secured Note Indenture by the Senior Secured
Note Guarantors.
	 
	 	 	“Senior Secured Note Guarantors” means the Original Senior Secured Note Guarantors and any
entity which may accede to the Senior Secured Note Indenture as additional guarantor.

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	 	 	“Senior Secured Note Holders” shall mean the holders from time to time of the Senior Secured
Notes.
	 
	 	 	“Valuable Equipment” means all movable fixed assets (bewegliches Anlagevermögen) (including
without limitation machinery, equipment, furniture and computers) with the lower of (i)
purchase price (Anschaffungswert) or (ii) book value (Buchwert) of EUR 250,000 or more per
item.
	 
	1.2	 	Construction
	 
	 	 	In this Agreement:

	 	(a)	 	Capitalised terms used in this Agreement (or in any notice given under this
Agreement) but not defined therein shall have the meanings ascribed thereto in the
First Lien Intercreditor Agreement; and
	 
	 	(b)	 	any reference in this Agreement to a “Clause”, a “sub-Clause” or a “Schedule”
shall, subject to any contrary indication, be construed as a reference to a Clause, a
sub-Clause or a Schedule in this Agreement.

	1.3	 	This Agreement is made in the English language. For the avoidance of doubt, the English
language version of this Agreement shall prevail over any translation of this Agreement.
However, where a German translation of a word or phrase appears in the text of this Agreement,
the German translation of such word or phrase shall prevail.
	 
	2.	 	TRANSFER OF TITLE
	 
	2.1	 	The Transferor hereby transfers all title to the Charged Assets to the Collateral Agent .
	 
	2.2	 	To the extent that the Transferor has only part ownership (Miteigentum) of the Charged Assets
or the Transferor has only inchoate rights (Anwartschaftsrechte) in respect of the Charged
Assets, the Transferor hereby transfers to the Collateral Agent such part ownership or
inchoate rights.
	 
	2.3	 	The Collateral Agent hereby accepts such transfers.
	 
	2.4	 	Title in form of ownership, part ownership and/or inchoate rights to the Charged Assets
(except Future Charged Assets) shall pass over to the Collateral Agent on execution of this
Agreement or, where the Transferor at such time has no such rights, at the time when it
obtains such ownership, part ownership and/or inchoate rights. Title in the form of ownership,
part ownership and/or inchoate rights to the Future Charged Assets shall pass over to the
Collateral Agent when the respective Charged Asset is deposited at the Security Area, or, if
later, at the time the Transferor acquires ownership, part ownership and/or inchoate rights in
respect of such Charged Asset.

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	2.5	 	In lieu of delivering the Charged Assets to the Collateral Agent, the Transferor and the
Collateral Agent hereby agree that the Transferor will hold the Charged Assets in gratuitous
custody (unentgeltliche Verwahrung) for the Collateral Agent. To the extent that any third
party holds or will in future hold actual possession (unmittelbarer Besitz) of the Charged
Assets, the Transferor hereby assigns to the Collateral Agent all its present and future
claims to surrender (Herausgabeansprüche) of the Charged Assets and the Collateral Agent
accepts such assignment.
	 
	2.6	 	The transfer of title to the Collateral Agent shall not be affected by any relocation of any
of the Charged Assets to premises other than the Security Area.
	 
	3.	 	PURPOSE OF THE TRANSFER OF TITLE
	 
	 	 	The transfer of title hereunder is constituted in order to secure the prompt and complete
satisfaction of any and all Obligations. The transfer of title shall also cover any future
extension of the Obligations and the Transferor herewith expressly agrees that the transfer
of title shall secure the Obligations as extended or increased from time to time.
	 
	4.	 	LIST OF CHARGED ASSETS AND OTHER INFORMATION
	 
	4.1	 	Within 3 months after the end of each calendar year beginning with the year 2010 and, in
addition, following the occurrence of an Enforcement Event and while it is continuing at any
time upon reasonable request of the Collateral Agent, the Transferor shall deliver to the
Collateral Agent

	 	(a)	 	an updated list of the Charged Assets, provided that in relation to movable
fixed assets (bewegliches Anlagevermögen) the list may include only such assets which
constitute Valuable Equipment;
	 
	 	(b)	 	if there are any changes since the later of (i) the date of this Agreement or
(ii) the latest information delivered to the Collateral Agent in accordance with this
paragraph (b) of Clause 4.1, an updated list of the addresses of all premises in
Germany which are owned or leased and operated by the Transferor to store movable fixed
assets or movable current assets other than the Security Area (the “New Premises”)
together with a site map of such premises marked to show the location of the Charged
Assets on such premises to ensure that the Charged Assets located on the New Premises
are subject to a security interest under the terms of this Agreement. Such New Premises
shall forthwith be considered to be a Security Area.

	4.2	 	Each list may be delivered to the Collateral Agent in the form of a computer disc or in such
other form as from time to time agreed between the Collateral Agent and the Transferor. If the
list is delivered in the form of an electronic file (including a computer disc), the

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	 	 	Collateral Agent may in its reasonable discretion request a printout in addition to any
other form.
	 
	4.3	 	If the Transferor employs a third party for its bookkeeping and/or data processing, the
Collateral Agent is hereby authorised following the occurrence of an Enforcement Event and
while it is continuing to obtain the information on the Charged Assets directly from such
third party at the Transferor’s expense at the same times and under the same conditions as set
out in sub-Clause 4.1 above. For the avoidance of doubt, such authorisation does not release
the Transferor from its obligation to provide lists of the Charged Assets to the Collateral
Agent under this Clause 4.
	 
	4.4	 	The list attached hereto as Schedule 2 (Asset Information List) or delivered to the
Collateral Agent on or about the date hereof and each list delivered pursuant to paragraph (a)
of sub-Clause 4.1 is for information purposes only and if for any reason whatsoever the
Charged Assets are not, or are incompletely contained in any such list, then the transfer of
the Charged Assets actually deposited at the Security Area shall not be affected thereby.
	 
	5.	 	CHARGED ASSETS UNDER RETENTION OF TITLE ARRANGEMENTS
	 
	 	 	Subject to the terms of the Principal Finance Documents the Transferor shall upon request of
the Collateral Agent following the occurrence of an Enforcement Event and while it is
continuing, terminate any person’s retention of title arrangements (Eigentumsvorbehalt)
arising in respect of any Charged Asset by paying the purchase price therefore. The
Collateral Agent is entitled, but not obliged, at any time following the occurrence of an
Enforcement Event and while it is continuing to terminate such retention of title
arrangements in respect of any Charged Asset by paying the purchase price therefore, or any
part thereof, on behalf and at the expense of the Transferor.
	 
	6.	 	STATUTORY LIEN
	 
	6.1	 	If the Charged Assets or any part thereof are or become subject to a statutory lien
(gesetzliches Pfandrecht) in favour of any third party, the Transferor shall, following the
occurrence of an Enforcement Event and while it is continuing inform the Collateral Agent
without undue delay upon the Collateral Agent’s reasonable request.
	 
	6.2	 	If following the occurrence of an Enforcement Event and while it is continuing the Collateral
Agent so requests, the Transferor shall provide evidence to the Collateral Agent of the
punctual payment of the sums secured by any statutory lien (including any landlord’s or
lessor’s lien) within 5 (five) business days after the due date for payment. Upon request of
the Collateral Agent, the Transferor shall use all reasonable efforts to provide the
Collateral Agent with a written confirmation of such third party confirming it has no right to
hold back

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	 	 	or enforce its rights in respect of any of the Charged Assets and will inform the Collateral
Agent by fax without undue delay if the Transferor fails to pay any of the obligations
secured under the relevant statutory lien.
	 
	6.3	 	If the Transferor does not comply with its obligations under this Clause 6, the Collateral
Agent is entitled, but not obliged, to pay the sums secured under any statutory lien on behalf
and at the expense of the Transferor in order to ward off any statutory lien.
	 
	7.	 	DISPOSAL, PROCESSING AND REMOVAL OF CHARGED ASSETS
	 
	7.1	 	Disposal
	 
	 	 	At all times unless an Enforcement Event is continuing, the Transferor is authorised by the
Collateral Agent to hold, dispose of (verfügen), process (verarbeiten), remodel (umbilden)
and use the Charged Assets to the extent permitted by the Principal Finance Documents.
	 
	7.2	 	Processing

	 	7.2.1	 	Unless otherwise permitted under the Principal Finance Documents, if the Transferor
processes (verarbeiten) or remodels (umbilden) the Charged Assets, such processing or
remodelling is effected free of charge for and on behalf of the Collateral Agent in such a
way that the Collateral Agent shall be regarded as producer within the meaning of Section
950 of the German Civil Code (Bürgerliches Gesetzbuch) and shall retain or acquire title in
the form of ownership, part ownership or inchoate rights in the produced or remodelled goods
(such goods being hereinafter referred to as “New Products” and each as a “New Product”) at
any time during each stage of processing or remodelling.
	 
	 	7.2.2	 	If as a result of any production process carried on by the Transferor (whether or not by
incorporation of any Charged Assets into a New Product), the Collateral Agent is not the
owner, part-owner or holder of an inchoate right in respect of the New Product, then as soon
as the Transferor gains such rights such rights shall automatically be transferred to the
Collateral Agent. Subject to sub-Clause 7.2.1, if as a result of any production process
carried on by the Transferor the Transferor co-mingles (vermischen, vermengen) goods or
materials that constitute Charged Assets with goods or materials owned by third parties and
the Transferor becomes the owner, part-owner or holder of an inchoate right in respect of
the co-mingled product, then as soon as the Transferor gains such rights such rights shall
automatically be transferred to the Collateral Agent. Sub-Clause 2.5 shall apply mutatis
mutandis.
	 
	 	7.2.3	 	To the extent the Transferor holds or will in future hold any claims entitling it to
demand from any third party the transfer or assignment of ownership, part ownership or
inchoate

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	 	 	 	rights in respect of any New Product, the Transferor hereby assigns such claims to the
Collateral Agent who accepts such assignment.
	 
	 	7.2.4	 	As far as ownership, part ownership or inchoate rights in respect of any New Products
pass over to the Collateral Agent in accordance with this Clause 7, the Transferor shall
hold the respective assets in gratuitous custody for, instead of delivering them to, the
Collateral Agent. To the extent that any third party holds or will in future hold actual
possession of such assets, the Transferor hereby assigns to the Collateral Agent all its
present and future claims to surrender and the Collateral Agent accepts such assignment.
	 
	 	7.2.5	 	The Transferor hereby assigns to the Collateral Agent all its present and future claims
it may have against a third party with respect to the processing or remodelling of the
Charged Assets or the New Products resulting therefrom and the Collateral Agent accepts
such assignment.

	8.	 	TAKING POSSESSION BY THE COLLATERAL AGENT
	 
	 	 	At any time after the occurrence of an Enforcement Event and while it is continuing, the
Collateral Agent may revoke the Authorisation and take possession of the Charged Assets. To
the extent that the Authorisation is revoked, the Collateral Agent may request that all
documents relating to the Charged Assets be handed over to it and the Transferor hereby
agrees to promptly comply with any such request.
	 
	9.	 	ENFORCEMENT
	 
	9.1	 	If (i) an Enforcement Event has occurred and is continuing and (ii) any of the Obligations
has become due and payable, then the Collateral Agent is entitled to enforce its rights under
this Agreement and realise the Charged Assets.
	 
	9.2	 	The Collateral Agent will notify the Transferor in writing at least 5 (five) business days
prior to the enforcement of any transfer of title pursuant hereto. No such notice shall be
required if (i) the Transferor has generally ceased to make payments, (ii) an application for
the institution of insolvency proceedings is filed by or against the Transferor or (iii) the
Collateral Agent has reasonable grounds to believe that observance of the notice period would
adversely affect the legitimate interests (berechtigte Interessen) of the Collateral Agent.
	 
	9.3	 	While being entitled to enforce the security interest created hereunder in accordance with
sub-Clause 9.1, the Collateral Agent may, in particular, but without limitation, sell the
Charged Assets by way of private sale in total or in part to the extent necessary to satisfy
any outstanding Obligations, it being understood that the Collateral Agent shall apply the

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	 	 	proceeds of such realisation towards the Obligations in accordance with the First Lien
Intercreditor Agreement.
	 
	9.4	 	While being entitled to enforce the security interest created hereunder in accordance with
sub-Clause 9.1, the Collateral Agent may request the Transferor to sell the Charged Assets for
and on behalf of the Collateral Agent and in accordance with the Collateral Agent’s
instruction. The Transferor shall promptly comply with such request.
	 
	9.5	 	If the Collateral Agent sells any Charged Assets pursuant to sub-Clause 9.3 hereof, it may
take all measures and enter into all agreements which it considers to be expedient.
	 
	9.6	 	Notwithstanding sub-Clause 9.3, the Collateral Agent may, in its sole discretion, determine
which of several security interests (created under this or other security agreements) shall be
used to satisfy the Obligations.
	 
	9.7	 	Given the non-accessory nature of this security, the Transferor has no defences of revocation
and set-off and no defences based on defences any Grantor might have against the Obligations.
The Collateral Agent is not required to proceed against or enforce any other rights or
security before enforcing the security created hereunder.
	 
	9.8	 	The Transferor shall not at any time before, on or after an enforcement of the security
created hereunder and as a result of the Transferor entering into this Agreement, be entitled
to demand indemnification or compensation from any other Grantor or to assign any of these
claims.
	 
	10.	 	LIMITATIONS ON ENFORCEMENT
	 
	10.1	 	The Collateral Agent shall be entitled to enforce the rights created under this Agreement
without limitation in respect of:

	 	(a)	 	all and any amounts which are owed under the Credit Documents by the Transferor
itself or by any of its subsidiaries; and
	 
	 	(b)	 	all and any amounts which correspond to funds that have been borrowed or
otherwise raised under the Credit Documents, in each case to the extent borrowed,
on-lent or otherwise passed on to, or issued for the benefit of, the Transferor or any
of its subsidiaries, or for the benefit of any of their creditors and in each case not
repaid and outstanding from time to time

	 	 	(in aggregate, the “Unlimited Enforcement Amount”).

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	10.2	 	Besides an enforcement in respect of the Unlimited Enforcement Amount applicable to the
Transferor pursuant to Clause 10.1 above, the Collateral Agent shall not be entitled to
enforce the rights created under this Agreement against the Transferor if and to the extent
that:

	 	10.2.1	 	the rights created under this Agreement secure the obligations of a Grantor which is (x) a
shareholder of the Transferor or (y) an affiliated company (verbundenes Unternehmen) within
the meaning of section 15 of the German Stock Corporation Act (Aktiengesetz) of a
shareholder of the Transferor (other than the Transferor and its subsidiaries); and
	 
	 	10.2.2	 	the enforcement would have the effect of (x) reducing the Transferor’s net assets
(Reinvermögen) (the “Net Assets”) to an amount of less than its stated share capital
(Stammkapital) or, if the Net Assets are already an amount of less than its stated share
capital, of causing such amount to be further reduced and (y) would thereby affect the
assets required for the obligatory preservation of the Transferor’s stated share capital
(Stammkapital) according to section 30, 31 German Limited Liability Companies Act (Gesetz
betreffend die Gesellschaften mit beschränkter Haftung) provided that the amount of the
stated share capital to be taken into consideration shall be the amount registered in the
commercial register at the date hereof, and any increase of the stated share capital
registered after the date of this Agreement shall only be taken into account if such
increase has been effected with the prior written consent of the Agent.

	10.3	 	The Net Assets shall be calculated as an amount equal to the sum of the values of the
Transferor’s assets (consisting of all assets which correspond to the items set forth in
section 266 sub-section(2) A, B and C of the German Commercial Code (Handelsgesetzbuch) less
the aggregate amount of the Transferor’s liabilities (consisting of all liabilities and
liability reserves which correspond to the items set forth in section 266 sub-section(3) B, C
and D of the German Commercial Code), save that:

	 	10.3.1	 	any asset that is shown in the balance sheet with a book value (Buchwert) that is
significantly lower than the market value of such asset and that is not necessary for the
Transferor’s business (nicht betriebsnotwendig) shall be taken into account with its market
value;
	 
	 	10.3.2	 	obligations under loans provided to the Transferor by any member of the Group or any other
affiliated company shall not be taken into account as liabilities as far as such loans are
subordinated by law or by contract at least to the claims of the unsubordinated creditors of
the Transferor; and

- 13 -

 

	 	10.3.3	 	obligations under loans or other contractual liabilities incurred by the Transferor in
violation of the provisions of the Credit Documents shall not be taken into account as
liabilities.

	 	 	The Net Assets shall be determined in accordance with the generally accepted accounting
principles applicable from time to time in Germany (Grundsätze ordnungsmäßiger Buchführung)
and be based on the same principles that were applied by the Transferor in the preparation
of its most recent annual balance sheet (Jahresbilanz).
	 
	 	 	It being understood that the assets of the Transferor will be assessed at liquidation values
(Liquidationswerte) if the managing directors of the Transferor at the time they prepare the
Management Determination (as defined below) are, due to factual or legal circumstances at
that time, in their opinion not able to make a positive prognosis as to whether the business
of the Transferor can carry on as a going concern (positive Fortführungsprognose), in
particular when the security created under this Agreement is enforced.
	 
	10.4	 	The limitations set out in Clause 10.2 above shall only apply if and to the extent that:

	 	(a)	 	without undue delay, but not later than within 5 business days, after receipt
of a notification by the Collateral Agent of its intention to enforce any of the
rights created under this Agreement (the “Notice”), the Transferor has confirmed in
writing to the Collateral Agent (x) to what extent such rights are up-stream or
cross-stream security as described in Clause 10.2 above and (y) which amount of such
up-stream or cross-stream security cannot be enforced as it would cause the Net Assets
of the Transferor to fall below its stated share capital (taking into account the
adjustments set out in Clause 10.3 above) and such confirmation is supported by
evidence reasonably satisfactory to the Collateral Agent (the “Management
Determination”) and the Collateral Agent has not contested this and argued that no or a
lesser amount would be necessary to maintain the Transferor’s stated share capital; or
	 
	 	(b)	 	within 20 business days from the date the Collateral Agent has contested the
Management Determination, the Collateral Agent receives from the Transferor an up to
date balance sheet prepared by a firm of auditors of international standard and
reputation (the “Determining Auditors”) which shows the value of the Transferor’s Net
Assets (the “Balance Sheet”). The Balance Sheet shall be prepared in accordance with
the principles set out in Clause 10.3 above, provided that the final sentence of Clause
10.3 above shall not apply unless the Determining Auditors have in an independent
assessment determined that the assets of the Transferor should be evaluated at
liquidation values (Liquidationswerte) in accordance with generally accepted accounting
principles applicable from time to time in Germany (Grundsätze

- 14 -

 

	 	 	 	ordnungsgemäßer Buchführung) and shall contain further information (in reasonable
detail) relating to items to be adjusted pursuant to Clause 10.3 above. If the
Transferor fails to deliver a Balance Sheet within the aforementioned time period,
the Collateral Agent shall be entitled to enforce the rights created under this
Agreement irrespective of the limitations set out in Clause 10.2 above.

	10.5	 	If the Collateral Agent disagrees with the Balance Sheet, it shall be entitled to enforce
the rights created under this Agreement up to the amount which, according to the Balance
Sheet, can be enforced in compliance with the limitations set out in Clause 10.2 above. In
relation to any additional amounts for which the Transferor is liable under this Agreement,
the Collateral Agent shall be entitled to further pursue their claims (if any) and the
Transferor shall be entitled to prove that this amount is necessary for maintaining its stated
share capital (calculated as of the date the Collateral Agent has given notice of its
intention to enforce the security created under this Agreement).
	 
	10.6	 	No reduction of the amount enforceable under this Clause 10 will prejudice the right of the
Collateral Agent to continue enforcing the rights created under this Agreement (subject always
to the operation of the limitations set out above at the time of such enforcement) until full
satisfaction to the claims secured.
	 
	11.	 	BOOKKEEPING AND DATA-PROCESSING
	 
	11.1	 	The Transferor hereby assigns to the Collateral Agent, who accepts such assignment, any right
it has against any third party (in particular any bookkeeping firm or tax consultant) in
respect of the return of any proof or documents which the Transferor has handed over to such
third party and which are necessary to identify the Charged Assets. The Transferor undertakes
to instruct such third party, upon the occurrence of an Enforcement Event and while it is
continuing, to provide the Collateral Agent upon demand with such information, proof and
documents which are necessary to check, assess or enforce the Charged Assets.
	 
	11.2	 	Upon the occurrence of an Enforcement Event and while it is continuing, the Transferor shall
allow the Collateral Agent access to any electronic data-processing system, including
peripheral equipment, in which data concerning the Charged Assets or any part thereof have
been stored. Moreover, the Transferor shall provide any assistance required to the Collateral
Agent (including by making software operators available). The Transferor hereby assigns to the
Collateral Agent, who accepts such assignment, all its rights against any third party which
handles the electronic processing of data concerning the Charged Assets and undertakes to
instruct such third party, upon a respective demand of the Collateral Agent following the
occurrence of an Enforcement Event and while it is continuing, to handle the processing of
data for the Collateral Agent as it did for the Transferor provided that the

- 15 -

 

	 	 	Transferor shall continue to be given access to any data it requires in its ordinary course
of business.
	 
	11.3	 	The Collateral Agent authorises the Transferor to exercise the rights assigned to the
Collateral Agent pursuant to sub-Clause 11.1 and 11.2 above at all times prior to the
occurrence of an Enforcement Event and while it is continuing.
	 
	12.	 	UNDERTAKINGS OF THE TRANSFEROR
	 
	 	 	Unless otherwise permitted by this Agreement or the Principal Finance Documents, during the
term of this Agreement, the Transferor undertakes to the Collateral Agent :
	 
	12.1	 	not to defeat, impair or circumvent in any way the rights of the Collateral Agent created
hereunder;
	 
	12.2	 	subject to sub-Clause 7.1 not to take, or participate in, any action which results or might
result in a sale, transfer, encumbrance or other disposal of the Charged Assets or permit to
subsist, create or agree to create any security interest or third party right in or over the
Charged Assets except with the prior consent of the Collateral Agent (acting in accordance
with the First Lien Intercreditor Agreement);
	 
	12.3	 	subject to sub-Clause 7.1 to refrain from any acts or omissions, the purpose or effect of
which is or would be the material dilution of the value of the Charged Assets or the Charged
Assets ceasing to be transferable;
	 
	12.4	 	to inform the Collateral Agent without undue delay in writing of any attachment (Pfändung)
over any of the Charged Assets and any third parties bringing claims in respect of any of the
Charged Assets or any other measures which would impair or jeopardize the Collateral Agent ’s
rights to any of the Charged Assets or materially impair their value, such notice to be
accompanied by any documents the Collateral Agent might need to defend itself against any
claim by a third party. In the event of an attachment, the Transferor undertakes to forward to
the Collateral Agent without undue delay a copy of the attachment order (Pfändungsbeschluß)
and all other documents necessary or expedient for a defence against such attachment. The
Transferor shall inform the attaching creditor of the Collateral Agent ’s security interests
without undue delay;
	 
	12.5	 	unless otherwise agreed pursuant to this Agreement or the Principal Finance Documents to
take, at its own cost and expense, all such action as is available to it as may be necessary
for the purpose of the creation, perfection, protection or maintenance of the security rights
created or intended to be created by or pursuant to this Agreement or to facilitate the
realisation of the Charged Assets;

- 16 -

 

	12.6	 	upon the Collateral Agent ’s request following the occurrence of an Enforcement Event and
while it is continuing, to allow the Collateral Agent (and/or accountants and/or other
professional advisors and contractors of the Collateral Agent) to inspect the Charged Assets
and the Security Area and to examine, audit and inspect its books, accounts and other
documents wherever located at all times and on reasonable notice at the risk and cost of the
Transferor during normal business hours, and to make and take away copies of any and all of
such books, accounts and other documents;
	 
	12.7	 	following the occurrence of an Enforcement Event and while it is continuing to provide the
Collateral Agent promptly at its request with all information and documents which are
necessary or desirable in relation to the Charged Assets to protect the legitimate interests
of the Collateral Agent and/or the Secured Parties or to enforce any claim assigned hereunder;
and
	 
	13.	 	POWER OF ATTORNEY
	 
	 	 	The Transferor, by way of security for its obligations under this Agreement, irrevocably
appoints the Collateral Agent to be its attorney (Stellvertreter) to do anything which the
Transferor is required to do under this Agreement but has failed to do (and the Collateral
Agent may delegate that power on such terms as it sees fit). For this purpose the Transferor
relieves the Collateral Agent from the restrictions set out in Section 181 of the German
Civil Code. The Collateral Agent shall only make use of this authorisation in respect of any
obligation of the Transferor under this Agreement which is required for the creation,
perfection and enforcement of the security interest to be created hereunder, if the
Transferor has not complied with such obligations imposed on the Transferor within 10
business days of being notified of such failure to comply (with a copy of such notice being
sent to the Grantors’ Agent) and being requested to comply or if an Enforcement Event has
occurred and is continuing. The Collateral Agent shall not be obliged to exercise the powers
conferred upon it by the Transferor under this Clause 13 unless and until it shall have been
(i) instructed to do so in accordance with the Principal Finance Documents and (ii)
indemnified and/or secured and/or prefunded to its satisfaction.
	 
	14.	 	DURATION AND INDEPENDENCE
	 
	14.1	 	This Agreement shall create a continuing security and no change, amendment, or supplement
whatsoever in the Credit Documents or in any document or agreement relating to any of the
Credit Documents shall affect the validity or the scope of this Agreement nor the obligations
which are imposed on the Transferor pursuant to it.
	 
	14.2	 	This Agreement is independent from any other security or guarantee which may have been or
will be given to the Secured Parties or the Collateral Agent. None of such other security

- 17 -

 

	 	 	shall prejudice, or shall be prejudiced by, or shall be merged in any way with this
Agreement.
	 
	14.3	 	Waiving Section 418 of the German Civil Code (applied by analogy), the Transferor hereby
agrees that the security created hereunder shall not be affected by any transfer or assumption
of the Obligations to, or by, any third party.
	 
	15.	 	RELEASE OF SECURITY (SICHERHEITENFREIGABE)
	 
	15.1	 	Upon complete and irrevocable satisfaction of the Obligations, the Collateral Agent (as
instructed in accordance with the First Lien Intercreditor Agreement) will as soon as
reasonably practicable, at the cost and expense of the Transferor, retransfer to the
Transferor the Charged Assets and surrender the excess proceeds, if any, resulting from any
realisation thereof. The Collateral Agent will, however, transfer any Charged Assets or excess
proceeds to a third person if so required by law.
	 
	15.2	 	At any time when the total value of the aggregate security granted by the Transferor and the
other Grantor to secure the Obligations (the “Security”), which can be expected to be realised
in the event of an enforcement of the Security (realisierbarer Wert), more than temporarily
exceeds 110% of the Obligations (the “Limit”), the Collateral Agent shall on demand of the
Transferor release such part of the Security (Sicherheitenfreigabe) as the Collateral Agent
may in its reasonable discretion (as instructed in accordance with the First Lien
Intercreditor Agreement) determine so as to reduce the realisable value of the Security to the
Limit.
	 
	15.3	 	The Collateral Agent (as instructed in accordance with the First Lien Intercreditor
Agreement) will as soon as reasonably practicable declare in writing the release and
retransfer of any or all of the Charged Assets to the Transferor in accordance with, and to
the extent required by, the Intercreditor Arrangements.
	 
	16.	 	DELEGATION
	 
	 	 	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 in Clause 13) on such terms and conditions as it shall see fit. The
Collateral Agent shall only remain liable for diligently selecting and providing initial
instructions to such delegate.
	 
	17.	 	INDEMNITY
	 
	 	 	To the extent set out in the First Lien Intercreditor Credit Agreement, the Transferor
shall, notwithstanding any release or discharge of all or any part of the security,
indemnify the

- 18 -

 

	 	 	Collateral Agent, its agents its attorneys and any delegate against any action, proceeding,
claims, losses, liabilities, damages, expenses, demands, taxes, losses and costs which it
may sustain as a consequence of any breach by the Transferor 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 Charged Assets.
	 
	18.	 	NO LIABILITY
	 
	 	 	Except to the extent provided in the Principal Finance Documents, none of the Collateral
Agent, its nominee(s) or agent(s) or delegate(s) shall be liable by reason of (a) taking any
action permitted by this Agreement or (b) any neglect or default in connection with the
assets and rights subject to the security interest created hereunder, save in respect of any
loss or damage which is suffered as a result of wilful misconduct (Vorsatz) or gross
negligence (grobe Fahrlässigkeit) by the Collateral Agent, its nominee(s) or agent(s) or
delegate(s), or (c) the enforcement or realisation of all or any part of the security
interest created hereunder.
	 
	19.	 	PARTIAL INVALIDITY, WAIVER
	 
	19.1	 	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
replaced with a valid, legal or enforceable provision which comes as close as possible to the
original intent of the parties and the invalid, illegal or unenforceable provision. Should a
gap (Regelungslücke) become evident in this Agreement, such gap shall, without affecting or
impairing the validity, legality and enforceability of the remaining provisions hereof, be
deemed to be filled with such provision as comes as close as possible to the original intent
of the parties.
	 
	19.2	 	No failure to exercise, nor any delay in exercising, on the part of the Collateral Agent, any
right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any right or remedy prevent any further or other exercise thereof or the exercise
of any other right or remedy. The rights and remedies provided hereunder are cumulative and
not exclusive of any rights or remedies provided by law.
	 
	20.	 	AMENDMENTS
	 
	 	 	Changes and amendments to this Agreement including this Clause 20 shall be made in writing.

- 19 -

 

	21.	 	NOTICES AND THEIR LANGUAGE
	 
	21.1	 	All notices and other communications provided for herein shall be in writing and shall be
delivered by hand or overnight courier service, mailed by certified or registered mail or sent
by fax, as follows:

	 	 	 	 	 	 	 	 	 	 	 

	 	 	For the Transferor:	 	SIG Combibloc Zerspanungstechnik GmbH
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	Address:
	 	Walkmühlenstrasse 8-10	 	 	 	 
	 

	 	 	 	 	 	52074 Aachen, Germany	 	 	 	 
	 

	 	 	 	Telephone:
	 	+49 241 93 05 040	 	 	 	 
	 

	 	 	 	Fax:
	 	+49 241 130 64	 	 	 	 
	 

	 	 	 	Attention:
	 	Managing directors

(Geschäftsführung)	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	For the Transferor with a copy to:	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	Address:
	 	c/o Rank Group Limited	 	 	 	 
	 

	 	 	 	 	 	Level 9	 	 	 	 
	 

	 	 	 	 	 	148 Quay Street	 	 	 	 
	 

	 	 	 	 	 	PO Box 3515	 	 	 	 
	 

	 	 	 	 	 	Auckland 1140	 	 	 	 
	 

	 	 	 	 	 	New Zealand	 	 	 	 
	 

	 	 	 	Telephone:
	 	+649 3666 259	 	 	 	 
	 

	 	 	 	Fax:
	 	+649 3666 263	 	 	 	 
	 

	 	 	 	Attention:
	 	Helen Golding	 	 	 	 

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	 	 	For the Collateral Agent:	 	The Bank of New York Mellon
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	Address:
	 	101 Barclay Street, 4E	 	 	 	 
	 

	 	 	 	 	 	New York, N.Y. 10286	 	 	 	 
	 

	 	 	 	 	 	The United States of America	 	 	 	 
	 

	 	 	 	Telephone:
	 	+212 298 1528	 	 	 	 
	 

	 	 	 	Fax:
	 	+212 815 5366	 	 	 	 
	 

	 	 	 	Attention:
	 	International Corporate Trust	 	 	 	 

	21.2	 	Any party hereto may change its address or fax number for notices and other communications
hereunder by notice to the other parties hereto. As agreed to in writing in accordance with
the First Lien Intercreditor Agreement, notices and other communications hereunder may also be
delivered by e-mail to the e-mail address of a representative of the applicable party to this
Agreement provided from time to time by such party.
	 
	21.3	 	All notices and other communications given to any party in connection with this Agreement in
accordance with the provisions of this Agreement shall be deemed (widerlegbare Vermutung)
received on the date sent (if a business day) and on the next business day thereafter (in all
other cases) if delivered by hand or overnight courier service or sent by fax or on the date
five business days after dispatch by certified or registered mail if mailed, in each case
delivered, sent or mailed (properly addressed) to such party as provided in this Clause 21 or
in accordance with the latest unrevoked direction from such party given in accordance with
this Clause 21.
	 
	21.4	 	Any notice or other communication under or connection with this Agreement shall be in the
English language or, if in any other language, accompanied by a translation into English. In
the event of any conflict between the English text and the text in any other language, the
English text shall prevail.
	 
	22.	 	APPLICABLE LAW; JURISDICTION
	 
	22.1	 	This Agreement is governed by the laws of the Federal Republic of Germany.
	 
	22.2	 	The place of jurisdiction for any and all disputes arising under or in connection with this
Agreement shall be the district court (Landgericht) in Frankfurt am Main. The Collateral

- 21 -

 

	 	 	Agent, however, shall also be entitled to take action against the Transferor in any other
court of competent jurisdiction. Further, the taking of proceedings against the Transferor
in any one or more jurisdictions shall not preclude the taking of proceedings in any other
jurisdiction (whether concurrently or not) if and to the extent permitted by applicable law.
	 
	23.	 	CONCLUSION OF THE AGREEMENT (VERTRAGSSCHLUSS)
	 
	23.1	 	The parties to this Agreement may choose to conclude this Agreement by an exchange of signed
signature page(s), transmitted by means of telecommunication (telekommunikative Übermittlung)
by fax or attached as an electronic photocopy (pdf., tif., etc.) to an e-mail.
	 
	23.2	 	If the parties to this Agreement choose to conclude this Agreement pursuant to sub-Clause
23.1 above, they will transmit the signed signature page(s) of this Agreement to attention
Mr. Philipp Kropatscheck or Ms Corinna May (Philipp.Kropatscheck@cliffordchance.com or
Corinna.May@cliffordchance.com, fax: +49 69 7199 4000) (each a “Recipient”). The Agreement
will be considered concluded once any of the Recipients has actually received the signed
signature page(s) (Zugang der Unterschriftsseite(n)) from all parties to this Agreement and at
the time of the receipt of the last outstanding signature page(s).
	 
	23.3	 	For the purposes of this Clause 23 only, the parties to this Agreement appoint each Recipient
individually as their attorney (Empfangsvertreter) and expressly allow (gestatten) each
Recipient to collect the signed signature page(s) from all and for all parties to this
Agreement. For the avoidance of doubt, the Recipients will have no further duties connected
with their position as Recipient. In particular, the Recipients may assume the conformity to
the authentic original(s) of the signature page(s) transmitted to it by means of
telecommunication, the genuineness of all signatures on the original signature page(s) and the
signing authority of the signatories.

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SCHEDULE 1

List of Original Borrowers, Original Guarantors and Original Senior Secured Note

Guarantors

Part 1 — The Original Borrowers

SIG Euro Holding AG & Co. KGaA

Closure Systems International Holding Inc.

Closure Systems International B.V.

SIG Austria Holding GmbH

Reynolds Consumer Products Holdings Inc.

Reynolds Group Holdings Inc.

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Part 2 — The Original Guarantors

SIG Euro Holding AG & Co. KGaA (Germany)

SIG Beverages Germany GmbH (Germany)

SIG Combibloc Holding GmbH (Germany)

SIG Vietnam Beteiligungs GmbH (Germany)

SIG Combibloc GmbH (Germany)

SIG Combibloc Systems GmbH (Germany)

SIG Combibloc Zerspanungstechnik GmbH (Germany)

SIG Information Technology GmbH (Germany)

SIG International Services GmbH (Germany)

Beverage Packaging Holdings (Luxembourg) I S.A. (Luxembourg)

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

SIG Finance (Luxembourg) S.à.r.l. (Luxembourg)

Reynolds Group Holdings Limited (New Zealand)

SIG Combibloc Group AG (Switzerland)

SIG Finanz AG (Switzerland)

SIG Technology AG (Switzerland)

SIG allCap AG (Switzerland)

SIG Combibloc (Schweiz) AG (Switzerland)

SIG Schweizerische Industrie-Gesellschaft AG (Switzerland)

SIG Holding USA Inc. (USA)

SIG Combibloc Inc. (USA)

Reynolds Group Holdings Inc. (USA)

- 24 -

 

Reynolds Group Issuer Inc. (USA)

Reynolds Group Issuer LLC (USA)

Closure Systems International Holdings (Germany) GmbH (Germany)

Closure Systems International Deutschland GmbH (Germany)

Closure Systems International Deutschland Real Estate GmbH & Co KG (Germany)

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

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

Reynolds Group Issuer (Luxembourg) S.A. (Luxembourg)

Closure Systems International B.V. (The Netherlands)

Reynolds Consumer Products International B.V. (The Netherlands)

Closure Systems International Holdings Inc. (Delaware, USA)

Closure Systems International Inc. (Delaware, USA)

Reynolds Packaging Machinery Inc. (Delaware, USA)

Closure Systems Mexico Holdings LLC (Delaware, USA)

CSI Mexico LLC (Delaware, USA)

Southern Plastics, Inc. (Louisiana, USA)

CSI Sales & Technical Services Inc. (Delaware, USA)

Reynolds Consumer Products Holdings Inc. (Delaware, USA)

Bakers Choice Products, Inc. (Delaware, USA)

Reynolds Consumer Products Inc. (Delaware, USA)

Reynolds Foil Inc. (Delaware, USA)

Reynolds Services Inc. (Delaware, USA)

- 25 -

 

Part 3— The Original Senior Secured Note Guarantors

SIG Euro Holding AG & Co. KGaA (Germany)

SIG Beverages Germany GmbH (Germany)

SIG Combibloc Holding GmbH (Germany)

SIG Vietnam Beteiligungs GmbH (Germany)

SIG Combibloc GmbH (Germany)

SIG Combibloc Systems GmbH (Germany)

SIG Combibloc Zerspanungstechnik GmbH (Germany)

SIG Information Technology GmbH (Germany)

SIG International Services GmbH (Germany)

Beverage Packaging Holdings (Luxembourg) I S.A. (Luxembourg)

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

SIG Finance (Luxembourg) S.à.r.l. (Luxembourg)

Reynolds Group Holdings Limited (New Zealand)

SIG Combibloc Group AG (Switzerland)

SIG Finanz AG (Switzerland)

SIG Technology AG (Switzerland)

SIG allCap AG (Switzerland)

SIG Combibloc (Schweiz) AG (Switzerland)

SIG Schweizerische Industrie-Gesellschaft AG (Switzerland)

SIG Holding USA Inc. (USA)

SIG Combibloc Inc. (USA)

Reynolds Group Holdings Inc. (USA)

- 26 -

 

Closure Systems International Holdings (Germany) GmbH (Germany)

Closure Systems International Deutschland GmbH (Germany)

Closure Systems International Deutschland Real Estate GmbH & Co KG (Germany)

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

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

Closure Systems International B.V. (The Netherlands)

Reynolds Consumer Products International B.V. (The Netherlands)

Closure Systems International Holdings Inc. (Delaware, USA)

Closure Systems International Inc. (Delaware, USA)

Reynolds Packaging Machinery Inc. (Delaware, USA)

Closure Systems Mexico Holdings LLC (Delaware, USA)

CSI Mexico LLC (Delaware, USA)

Southern Plastics, Inc. (Louisiana, USA)

CSI Sales & Technical Services Inc. (Delaware, USA)

Reynolds Consumer Products Holdings Inc. (Delaware, USA)

Bakers Choice Products, Inc. (Delaware, USA)

Reynolds Consumer Products Inc. (Delaware, USA)

Reynolds Foil Inc. (Delaware, USA)

Reynolds Services Inc. (Delaware, USA)

- 27 -

 

SCHEDULE 2

Asset Information List

- 28 -

 

SCHEDULE 3

Site Maps

Security Area Aachen

- 29 -

 

- 30 -

 

SIGNATURE PAGE

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

SIG COMBIBLOC ZERSPANUNGSTECHNIK GMBH

as Transferor

	 	 	 	 	 	 	 

	By:

	 	Philip West 	 	By:
	 	Mark Dunkley
	 

	 	 
	 	 	 	 
	 

	 	Name: PHILIP WEST
	 	 	 	Name: MARK DUNKLEY
	 

	 	Title: AUTHORISED SIGNATORY
	 	 	 	Title: AUTHORISED SIGNATORY

THE BANK OF NEW YORK MELLON

as Collateral Agent

	 	 	 	 	 	 	 

	By:

	 	Michael Lee 	 	By:	 	 
	 

	 	 
	 	 	 	 
	 

	 	Name: MICHAEL LEE
	 	 	 	Name:
	 

	 	Title: SENIOR ASSOCIATE
	 	 	 	Title:

- 31 -exv4w55

			
	 	 	EXHIBIT 4.55

SIG COMBIBLOC GROUP AG

as Pledgor

and

THE BANK OF NEW YORK MELLON

as Collateral Agent

and

as Pledgee

 

PLEDGE
AGREEMENT

relating to the shares (Verpfändung von Aktien) in SIG EURO

HOLDING AG & CO. KGAA

 

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

 

 

Contents

	 	 	 	 	 
	Clause	 	Page	 
	1. Definitions and Language
	 	 	2	 
	2. Pledged Shares
	 	 	7	 
	3. Pledge
	 	 	7	 
	4. Scope of the Pledges
	 	 	8	 
	5. Purpose of the Pledges
	 	 	9	 
	6. Exercise of Membership Rights
	 	 	9	 
	7. Enforcement of the Pledges
	 	 	9	 
	8. Swiss Limitations
	 	 	12	 
	9. Undertakings of the Pledgor
	 	 	14	 
	10. Delegation
	 	 	15	 
	11. Indemnity
	 	 	15	 
	12. No liability
	 	 	16	 
	13. Duration and Independence
	 	 	16	 
	14. Release (Pfandfreigabe)
	 	 	16	 
	15. Partial Invalidity; Waiver
	 	 	17	 
	16. Amendments
	 	 	18	 
	17. Notices and their Language
	 	 	18	 
	18. Applicable Law, Jurisdiction
	 	 	19	 
	19. Conclusion of this Agreement (Vertragsschluss)
	 	 	19	 
	Schedule 1 The Original Borrowers, the Original Guarantors and the Original Senior Secured Note Guarantors
	 	 	21	 
	Part I — The Original Borrowers
	 	 	21	 
	Part II — The Original Guarantors
	 	 	21	 
	Part III — The Original Senior Secured Note Guarantors
	 	 	24	 
	Schedule 2 Copy of Approval and Consent
	 	 	26	 
	Signature Pages
	 	 	27	 

 

 

	This Share Pledge Agreement (this “Agreement”) is made on 5 November 2009

BETWEEN:

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

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

WHEREAS:

	(A)	 	Pursuant to a USD 1,155,000,000 and EUR 330,000,000 multi-currency term and revolving credit
agreement dated on or about 5 November 2009 between, inter alia, the parties listed in Part I
of Schedule 1 hereto as original borrowers (the “Original Borrowers”), the parties listed in
Part II of Schedule 1 hereto as original guarantors (the “Original Guarantors”), Credit
Suisse Cayman Island branch as administrative agent and The Bank of New York Mellon as
collateral agent and others (as amended, varied, novated, supplemented, superseded or extended
from time to time, the “Credit Agreement”), certain lenders (together the “Original Lenders”)
have agreed to grant certain facilities to the Original Borrowers and certain other entities
which may accede to the Credit Agreement as additional borrowers.

	(B)	 	Pursuant to a senior secured note indenture dated on or about 5 November 2009 between, inter
alia, Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., and Reynolds Group Issuer
(Luxembourg) S.A as issuers (the “Issuers”), certain affiliates of the Issuers listed in
Part III of Schedule 1 as original senior secured note guarantors (the “Original Senior
Secured Note Guarantors”) and The Bank of New York Mellon, as indenture trustee, principal
paying agent, transfer agent and registrar, (as amended, varied, novated, supplemented,
superseded or extended from time to time, the “Senior Secured Note Indenture”), the Issuers
will issue senior secured notes due 2016 in the aggregate principal amount of USD
1,125,000,000 (the “US Secured Notes”) and senior secured notes due 2016 in the aggregate
principal amount of EUR 450,000,000 (the “Euro Secured Notes” and together with the US Secured
Notes the “Senior Secured Notes”) to certain noteholders.

	(C)	 	The Pledgor has agreed to grant a first ranking pledge over its Shares (as defined below) in
the Company (as defined below) as security for the Pledgee’s claims against

- 1 -

 

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

	(D)	 	The security created by or pursuant to this Agreement is to be administered by the Collateral
Agent for the Secured Parties (as defined below) pursuant to a first lien intercreditor
agreement dated on or about 5 November 2009 between, inter alia, the Collateral Agent, the
Indenture Trustee, the Administrative Agent and the Grantors (each as defined below) and
others (as amended, varied, novated, supplemented, superseded or extended from time to time,
the “First Lien Intercreditor Agreement”).

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

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

	(G)	 	The Pledgor has granted security interests over the Shares (as defined below) to Credit
Suisse and others pursuant to existing security documents entered into in connection with
certain existing financing arrangements with Credit Suisse and others (the “Existing
Security”). The Existing Security will be released on or about the date hereof in accordance
with the terms of a release agreement between the Pledgor, Credit Suisse and others.

NOW, IT IS AGREED as follows:

	1.	 	DEFINITIONS AND LANGUAGE

	1.1	 	Definitions

	 	 	In this Agreement:

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

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

	 	 	“Cash Management Bank” shall mean Citibank NA, Banco Nacional De Mexico S.A., Citibank
International PLC, UK, Citibank (China) Co., Limited, Citibank Global Markets Deutschland AG
& Co KGaA, Citibank ZRT, Hungary, a Lender, the

- 2 -

 

	 	 	Administrative Agent or any of the Lender’s or the Administrative Agent’s affiliates (at the
time the cash management services arrangement is entered into) provided in each case it has
become a party to, or by execution of an additional bank secured party acknowledgment has
agreed to be bound by the terms of, the First Lien Intercreditor Agreement in its capacity
as cash management bank.

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

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

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

	 	 	“Enforcement Event” shall mean an Event of Default.

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

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

	 	 	“Existing Share Certificate 1” has the meaning given to such term in sub-Clause 2.2 hereof.

	 	 	“Existing Shares” has the meaning given to such term in sub-Clause 2.2 hereof.

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

	 	 	“Grantors” means the Loan Parties, the Issuers and the Senior Secured Note Guarantors and
any person that has granted a security interest to the Collateral Agent

- 3 -

 

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

	 	 	“Grantors’ Agent” shall mean Reynolds Group Holdings Limited (formerly known as Rank Group
Holdings Limited) or any other person appointed as agent of the Grantors in accordance with
the Principal Finance Documents.

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

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

	 	 	“Incremental Assumption Agreement” shall mean an incremental assumption agreement
relating to incremental facilities of up to USD 400,000,000 among, and in form and substance
reasonably satisfactory to, one or more Borrowers, the Administrative Agent, one or more
Incremental Term Lenders and/or one or more Incremental Revolving Credit Lenders pursuant to
which one or more Incremental Term Lenders make available Incremental Term Loan Commitments
and/or one or more Incremental Revolving Credit Lenders make available Incremental Revolving
Credit Commitments respectively.

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

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

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

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

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

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

- 4 -

 

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

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

	 	 	“Loan Documents” shall mean the Credit Agreement, any borrowing subsidiary agreement
and/or guarantor joinder agreement relating to the Credit Agreement, any letter of credit or
bank guarantee relating to the Credit Agreement, any security documents relating to the
Credit Agreement, any hedging agreement entered into by a Hedge Counterparty and a Grantor,
each Incremental Assumption Agreement, the Intercreditor Arrangements, each Promissory Note,
any agreement between a Grantor and a Cash Management Bank relating to Cash Management
Services, each Local Facility Agreement and any other document that may be entered into
pursuant to any of the foregoing in relation to the Credit Agreement.

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

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

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

	 	 	“Local Facility Provider” means HSBC Trinkaus & Burkhardt AG, Deutsche Bank AG, Commerzbank
Aktiengesellschaft, Bank of America, N.A., Hong Kong and Shanghai Banking Corporation Ltd.,
Thailand, provided in each case it has become a party to, or by execution of an additional
bank secured party acknowledgment has agreed to be bound by the terms of, the First Lien
Intercreditor Agreement in its capacity as local facility provider.

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

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

- 5 -

 

	 	 	“Pledges” means each pledge constituted under this Agreement and “Pledge” means any of them.

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

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

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

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

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

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

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

	 	 	“Share Certificates” means the Existing Share Certificate 1 (as defined in Clause 2.2
below), and any other certificate or securities representing any of the Future Shares or any
rights in relation thereto, including interest and dividend coupons, annuity bands, renewal
coupons and all related certificates.

	 	 	“Shares” means the Existing Shares and the Future Shares.

	1.2	 	Construction

	 	 	In this Agreement:

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

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

- 6 -

 

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

	2.  	 	PLEDGED SHARES

	2.1 	 	The Company has a registered share capital (Grundkapital) of EUR 10,000,000 (in words: Euro
ten million) which is divided into 10,000 registered shares (Namensaktien) with no nominal
value (Stückaktien ohne Nennwert) which are at the date of this agreement represented by the
Existing Share Certificate 1 (as defined below) and the Existing Share Certificate 2.

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

	3. 	 	PLEDGE

	3.1 	 	The Pledgor hereby pledges (verpfändet) to the Collateral Agent as security all Shares in the
Company together with all ancillary rights and claims associated with the Shares as more
particularly specified in Clause 4.1 hereof.

	3.2 	 	The Pledgor shall:

	3.2.1	 	duly endorse (indossieren) all Share Certificates which are endorsed in its name with a
blank endorsement (Blankoindossament); and

	3.2.2	 	deliver (übergeben) or cause to be delivered all Share Certificates endorsed in accordance
with Clause 3.2.1 above to an authorised representative of the Pledgee for the purpose of
depositing the Share Certificates with the Pledgee.

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

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

	3.5 	 	In addition to the Pledges created in accordance with Clause 3.1 to 3.4 (inclusive) above,
the Pledgor hereby creates a Pledge over all Shares by way of pledging the Pledgor’s rights
in the Company (Mitgliedschaftsrechte) arising from such Shares in

- 7 -

 

	 	 	accordance with sections 1274, 413, 398 of the German Civil Code (BGB) (also a “Pledge”).

	3.6	 	The Collateral Agent hereby accepts all Pledges and assignments made pursuant to this Clause
3.

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

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

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

	4.	 	SCOPE OF THE PLEDGES

	4.1	 	The Pledges constituted by this Agreement include the present and future rights:

	 	(a)	 	to receive and/or withdraw dividends, to receive payments under an interest
coupon (Zinsanteilsschein), dividend coupon (Dividendenschein) or talon
(Erneuerungsschein) and any other similar cash payments and other forms of profit
distribution;
	 
	 	(b)	 	to receive all other pecuniary claims associated with the Shares;
	 
	 	(c)	 	to subscribe for newly issued shares of the Company; and
	 
	 	(d)	 	all other rights and benefits attributable to the Shares (including without
limitation all present and future pecuniary claims of the Pledgor against the Company
arising under or in connection with any domination and/or profit transfer agreement
(Beherrschungs- und/oder Gewinnabführungsvertrag) or partial profit transfer agreement
(Teilgewinnabführungsvertrag) which may be entered into between the Pledgor and the
Company).

	4.2	 	Notwithstanding that the items set out in Clause 4.1 above are pledged hereunder, the Pledgor
shall be entitled to receive and retain the items set out in Clause 4.1 in respect of, and
otherwise deal (in accordance with the provisions of this Agreement and any other Principal
Finance Document) with all items described in Clause 4.1 in respect of the Shares at all times
other than any time the Pledgee is entitled to enforce the Pledges constituted hereunder.

- 8 -

 

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

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

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

	5.	 	PURPOSE OF THE PLEDGES

	 	 	The Pledges hereunder are constituted in order to secure the prompt and complete
satisfaction of any and all Obligations. The Pledges shall also cover any future extension
of the Obligations and the Pledgor herewith expressly agrees that the provisions of Section
1210 para 1 sentence 2 of the German Civil Code (Bürgerliches Gesetzbuch) shall not apply to
this Agreement.

	6.	 	EXERCISE OF MEMBERSHIP RIGHTS

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

	7.	 	ENFORCEMENT OF THE PLEDGES

	7.1	 	 

	 	(a)	 	Subject to paragraph (b) of this Clause 7.1 below, if (i) an Enforcement Event
has occurred and is continuing and (ii) the requirements set forth in 

- 9 -

 

	 	 	 	Sections 1273 para 2, 1204 et seq. of the German Civil Code with regard to the enforcement of
any of the Pledges are met (Pfandreife), in particular, if any of the Obligations
has become due and payable, then in order to enforce the Pledges (or any of them),
the Collateral Agent, may at any time thereafter avail itself of all rights and
remedies that a pledgee has against a pledgor under the laws of the Federal Republic
of Germany.
	 
	 	(b)	 	The Collateral Agent may only enforce the Pledges in accordance with paragraph
(a) of this Clause 7.1 above in relation to obligations of any Grantor (other than
obligations under the Credit Documents of (i) the Pledgor (v) incurred as Borrower
under the Credit Agreement, (w) incurred as borrower under a Local Facility Agreement,
(x) incurred as a party to and beneficiary under any hedging agreement entered into
with an Hedge Counterparty, (y) owed as cash management obligations to a Cash
Management Bank for Cash Management Services, provided the Pledgor is a beneficiary of
the Cash Management Services causing such cash management obligations or (z) to the
extent certain proceeds of the Senior Secured Notes Indenture have been made available
to the Pledgor, up to such proceeds and (ii) a direct or indirect subsidiary of the
Pledgor (the “Pledgor’s Subsidiary”) (v) incurred as Borrower under the Credit
Agreement, (w) incurred as borrower under a Local Facility Agreement, (x) incurred as a
party to and beneficiary under any hedging agreement entered into with an Hedge
Counterparty (y) owed as cash management obligations to a Cash Management Bank for Cash
Management Services, provided the Pledgor’s Subsidiary is a beneficiary of the Cash
Management Services causing such cash management obligations or (z) to the extent
certain proceeds of the Senior Secured Notes Indenture have been made available to the
Pledgor’s Subsidiary, up to such proceeds) after (i) the Pledgor’s auditors have (y)
delivered an audited interim balance sheet of the Pledgor (valuating the Shares at
their realisation value) to the Collateral Agent and (z) determined the existence and
extent of the profits available for the payment of a dividend by the Pledgor in
accordance with the relevant provisions of the Swiss Code of Obligations (the
“Auditor’s Determination”) and (ii) the Pledgor’s shareholders have passed for such
dividend payment resolutions for the distribution of dividends (“Dividend Resolution”)
in accordance with the relevant provisions of the Swiss Federal Code of Obligations
being in force at that time. The Pledgor shall deliver the Auditor’s Determination and
the Dividend Resolution within 30 business days after the Collateral Agent has given
notice to the Pledgor of its intention to enforce the Pledges. The Collateral Agent
shall only enforce the Pledges in relation to obligations of any Grantor (other than
obligations under the Credit Documents of (i) the Pledgor (v) incurred as Borrower
under the Credit Agreement, (w) incurred as borrower under a Local Facility Agreement,
(x) incurred as a party to and beneficiary under any hedging agreement entered into
with an Hedge

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	 	 	 	Counterparty, (y) owed as cash management obligations to a Cash Management Bank for
Cash Management Services, provided the Pledgor is a beneficiary of the Cash
Management Services causing such cash management obligations or (z) to the extent
certain proceeds of the Senior Secured Notes Indenture have been made available to
the Pledgor, up to such proceeds and (ii) a Pledgor’s Subsidiary (v) incurred as
Borrower under the Credit Agreement, (w) incurred as borrower under a Local Facility
Agreement, (x) incurred as a party to and beneficiary under any hedging agreement
entered into with an Hedge Counterparty (y) owed as cash management obligations to a
Cash Management Bank for Cash Management Services, provided the Pledgor’s Subsidiary
is a beneficiary of the Cash Management Services causing such cash management
obligations or (z) to the extent certain proceeds of the Senior Secured Notes
Indenture have been made available to the Pledgor’s Subsidiary, up to such proceeds)
if according to the Auditor’s Determination and the Dividend Resolution the Pledgor
has validly resolved to distribute the profits available for payment of a dividend,
subject to Clause 8 (Swiss Limitations) below, provided that if the Pledges are not
enforced and/or enforceable, the Collateral Agent may subsequently again seek to
enforce the Pledges in accordance with this paragraph (b) of this Clause 7.1 and
Clause 8 (Swiss Limitations) at any time thereafter.

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

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

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

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

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	7.6	 	Even if the requirements for enforcement referred to under sub-Clause 7.1 above are met, the
Collateral Agent shall not, whether as proxy or otherwise, be entitled to exercise the voting
rights attached to the Shares. During the continuation of an event which allows the Collateral
Agent to enforce the Pledges, the Pledgor shall have the obligations and the Collateral Agent
shall have the rights set forth in sub-Clause 9.8 below regardless of which resolutions are
intended to be adopted.

	7.7	 	The Collateral Agent may, in its sole discretion, determine which of several security
interests, if applicable, shall be used to satisfy the Obligations. The Pledgor hereby
expressly waives its right pursuant to Section 1230 sentence 2 of the German Civil Code to
limit the realisation of the Pledges and pledges over partnership interests or shares in one
or more other companies to such number of pledges as are necessary to satisfy the Obligations
and agrees further that the Collateral Agent may decide to enforce the Pledges in the Company
individually at separate proceedings or together with pledges over partnership interests or
            shares in one or more other companies at one single proceeding (Gesamtverwertung).

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

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

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

	8.	 	SWISS LIMITATIONS

	8.1	 	Proceeds of an enforcement of the Pledges shall only be applied towards satisfaction of the
Obligations in relation to obligations of any Grantor (other than obligations under the Credit
Documents of (i) the Pledgor (v) incurred as Borrower under the Credit Agreement, (w) incurred
as borrower under a Local Facility Agreement, (x) incurred as a party to and beneficiary under
any hedging agreement entered into with an Hedge Counterparty, (y) owed as cash management
obligations to a Cash Management Bank for Cash Management Services, provided the Pledgor is a
beneficiary of the Cash Management Services causing such cash management

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	 	 	obligations or (z) to the extent certain proceeds of the Senior Secured Notes Indenture have
been made available to the Pledgor, up to such proceeds and (ii) a Pledgor’s Subsidiary (v)
incurred as Borrower under the Credit Agreement, (w) incurred as borrower under a Local
Facility Agreement, (x) incurred as a party to and beneficiary under any hedging agreement
entered into with an Hedge Counterparty (y) owed as cash management obligations to a Cash
Management Bank for Cash Management Services, provided the Pledgor’s Subsidiary is a
beneficiary of the Cash Management Services causing such cash management obligations or (z)
to the extent certain proceeds of the Senior Secured Notes Indenture have been made
available to the Pledgor’s Subsidiary, up to such proceeds) to the extent application of the
proceeds of an enforcement of the Pledges towards such obligations does not constitute a
repayment of capital (Einlagerueckgewaehr), a violation of the legally protected reserves
(gesetzlich geschuetzte Reserven) or a payment of a (constructive) dividend prohibited by
the Swiss Federal Code of Obligations by the Pledgor and in the maximum amount of the
Pledgor’s profits available for the distribution of dividends at the point in time the
Pledges are enforced (being the balance sheet profits and any free reserves made for this
purpose, in each case in accordance with the relevant Swiss law) (the “Available Enforcement
Proceeds”). Any proceeds of an enforcement in excess of the Available Enforcement Proceeds
as well as the Tax Payment Amount (as defined below) which shall be deducted from the
Available Enforcement Proceeds shall be returned to the Pledgor;

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

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

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

	 	 	But if such a deduction is made, the Pledgor shall not be obliged to gross-up pursuant to
Clause 2.20 (Taxes) of the Credit Agreement or Clause 4.15 (Witholding taxes) of

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	 	 	the Senior Secured Notes Indenture to the extent that such gross-up would result in the
aggregate of the amounts of the proceeds of an enforcement of the Pledges applied by the
beneficiary or beneficiaries (as the same may be) towards satisfaction of the Obligations
and the Tax Payment Amount paid to the Swiss Federal Tax administration exceeding the
maximum amount of its profits available for the distribution of dividends.

	9.	 	UNDERTAKINGS OF THE PLEDGOR

	 	 	Unless otherwise permitted by the Principal Finance Documents, during the term of this
Agreement, the Pledgor undertakes to the Collateral Agent:

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

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

	9.3	 	not to encumber, permit to subsist, create or agree to create any other security interest or
third party right in or over the Shares or other rights subject to the Pledges;

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

	9.5	 	to promptly notify the Collateral Agent of any attachment (Pfändung) in respect of any of the
Shares or any ancillary rights set out in sub-Clause 4.1, such notice to be accompanied by any
documents the Collateral Agent might need to defend itself against any claim of a third party.
In particular, the Pledgor shall promptly forward to the Collateral Agent a copy of the
attachment order (Pfändungsbeschluss), any transfer order (Überweisungsbeschluss) and all
other documents necessary for a defence against the attachment;

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

- 14 -

 

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

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

	9.9	 	to refrain from any acts or omissions, the purpose or effect of which is or would be the
dilution of the value of the Shares or the Shares ceasing to exist except if permitted by the
Collateral Agent (acting reasonably);

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

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

	10.	 	DELEGATION

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

	11.	 	INDEMNITY

	 	 	To the extent set out in the First Lien Intercreditor Credit Agreement, the Pledgor shall,
notwithstanding any release or discharge of all or any part of the security,

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	 	 	indemnify the Collateral Agent, its agents its attorneys and any delegate against any
action, proceeding, claims, losses, liabilities, damages, expenses, demands, taxes, losses
and costs which it may sustain as a consequence of any breach by 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 Pledges.

	12.	 	NO LIABILITY

	 	 	Except to the extent provided in the Principal Finance Documents, none of the Collateral
Agent, its nominee(s) or agent(s) or delegate(s) shall be liable by reason of (a) taking any
action permitted by this Agreement or (b) any neglect or default in connection with the
assets and rights subject to the security interest created hereunder, save in respect of any
loss or damage which is suffered as a result of wilful misconduct (Vorsatz) or gross
negligence (grobe Fahrlässigkeit) by the Collateral Agent, its nominee(s) or agent(s) or
delegate(s), or (c) the enforcement or realisation of all or any part of the security
interest created hereunder.

	13.	 	DURATION AND INDEPENDENCE

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

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

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

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

	14.	 	RELEASE (PFANDFREIGABE)

	14.1	 	Upon complete and irrevocable satisfaction of the Obligations, the Collateral Agent (as
instructed in accordance with the First Lien Intercreditor Agreement) will as soon as
reasonably practical declare in writing the release of the Pledges (Pfandfreigabe) to the
Pledgor as a matter of record. For the avoidance of doubt, the parties are aware that upon
full and complete satisfaction of the Obligations the Pledges, due to their

- 16 -

 

	 	 	accessory nature (Akzessorietät), cease to exist by operation of German mandatory law.

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

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

	15.	 	PARTIAL INVALIDITY; WAIVER

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

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

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

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	16.	 	AMENDMENTS

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

	17.	 	NOTICES AND THEIR LANGUAGE

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

	 	 	 	 	 

	For the Pledgor:	 	SIG Combibloc Group AG
	 	 	Laufengasse 18,
	 	 	CH- 8212 Neuhausen am Rheinfall,
	 

	 	Switzerland	 	 
	 

	 	Telephone:
	 	+41 52 6746111
	 

	 	Fax:
	 	+41 52 6746574
	 

	 	Attention:
	 	Head of legal corporate
	 
	 	 	 	 
	For the Pledgor with a copy to:	 	Address: c/o Rank Group Limited
	 

	 	 	 	Level 9
	 

	 	 	 	148 Quay Street
	 

	 	 	 	PO Box 3515
	 

	 	 	 	Auckland 1140
	 

	 	 	 	New Zealand
	 

	 	Telephone:
	 	+649 3666 259
	 

	 	Fax:
	 	+649 3666 263
	 

	 	Attention:
	 	Helen Golding
	 
	 	 	 	 
	For the Collateral Agent:	 	The Bank of New York Mellon
	 
	 	 	 	 
	 	 	Address: 101 Barclay Street, 4E New
	 	 	York, N.Y. 10286, The United States of America
	 

	 	Telephone:
	 	+212 298 1528
	 

	 	Fax:
	 	+212 815 5366
	 

	 	Attention:
	 	International Corporate Trust

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

- 18 -

 

	17.3	 	All notices and other communications given to any party in connection with this Agreement in
accordance with the provisions of this Agreement shall be deemed (widerlegbare Vermutung)
received on the date sent (if a business day) and on the next business day thereafter (in all
other cases) if delivered by hand or overnight courier service or sent by fax or on the date
five business days after dispatch by certified or registered mail if mailed, in each case
delivered, sent or mailed (properly addressed) to such party as provided in this Clause 17 or in accordance with the latest unrevoked
direction from such party given in accordance with this Clause 17.

	17.4	 	Any notice or other communication under or in connection with this Agreement shall be in the
English language or, if in any other language, accompanied by a translation into English. In
the event of any conflict between the English text and the text in any other language, the
English text shall prevail.

	18.	 	APPLICABLE LAW, JURISDICTION

	18.1	 	This Agreement is governed by the laws of the Federal Republic of Germany.
	 
	18.2	 	The place of jurisdiction for any and all disputes arising under or in connection with this
Agreement shall be the district court (Landgericht) in Frankfurt am Main. The Collateral Agent
however, shall also be entitled to take action against the Pledgor in any other court of
competent jurisdiction. Further, the taking of proceedings against the Pledgor in any one or
more jurisdictions shall not preclude the taking of proceedings in any other jurisdiction
(whether concurrently or not) if and to the extent permitted by applicable law.

	19.	 	CONCLUSION OF THIS AGREEMENT (VERTRAGSSCHLUSS)
	 
	19.1	 	The parties to this Agreement may choose to conclude this Agreement by an exchange of signed
signature page(s), transmitted by means of telecommunication (telekommunikative Übermittlung)
by fax or attached as an electronic photocopy (pdf., tif., etc.) to an e-mail.
	 
	19.2	 	If the parties to this Agreement choose to conclude this Agreement pursuant to sub-Clause
19.1 above, they will transmit the signed signature page(s) of this Agreement to attention of
Mr. Philipp Kropatscheck or Ms Corinna May
(Philipp.kropatscheck@cliffordchance.com or
Corinna.May@cliffordchance.com, fax: +49 69 7199 4000) (the “Recipients”). The Agreement will
be considered concluded once any of the Recipients has actually received the signed signature
page(s) (Zugang der Unterschriftsseite(n)) from all parties to this Agreement and at the time
of the receipt of the last outstanding signature page(s).
	 
	19.3	 	For the purposes of this Clause 19 only, the parties to this Agreement appoint each Recipient
as their attorney (Empfangsvertreter) and expressly allow (gestatten) the Recipient to collect
the signed signature page(s) from all and for all parties to this

- 19 -

 

	 	 	Agreement. For the avoidance
of doubt, the Recipients will have no further duties connected with their position as
Recipient. In particular, the Recipients may assume the conformity to the authentic
original(s) of the signature page(s) transmitted to it by means of telecommunication, the
genuineness of all signatures on the original signature page(s) and the signing authority of
the signatories.

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SCHEDULE 1

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

Part I — The Original Borrowers

SIG Euro Holding AG & Co. KG aA

Closure Systems International Holding Inc.

Closure Systems International B.V.

SIG Austria Holding GmbH

Reynolds Consumer Products Holdings Inc.

Reynolds Group Holdings Inc.

Part II — The Original Guarantors

SIG Euro Holding AG & Co. KGaA (Germany)

SIG Beverages Germany GmbH (Germany)

SIG Combibloc Holding GmbH (Germany)

SIG Vietnam Beteiligungs GmbH (Germany)

SIG Combibloc GmbH (Germany)

SIG Combibloc Systems GmbH (Germany)

SIG Combibloc Zerspanungstechnik GmbH (Germany)

SIG Information Technology GmbH (Germany)

SIG International Services GmbH (Germany)

Beverage Packaging Holdings (Luxembourg) I S.A. (Luxembourg)

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

- 21 -

 

SIG Finance (Luxembourg) S.à.r.l. (Luxembourg)

Reynolds Group Holdings Limited (New Zealand)

SIG Combibloc Group AG (Switzerland)

SIG Finanz AG (Switzerland)

SIG Technology AG (Switzerland)

SIG allCap AG (Switzerland)

SIG Combibloc (Schweiz) AG (Switzerland)

SIG Schweizerische Industrie-Gesellschaft AG (Switzerland)

SIG Holding USA Inc. (USA)

SIG Combibloc Inc. (USA)

Reynolds Group Holdings Inc. (USA)

Reynolds Group Issuer Inc. (USA)

Reynolds Group Issuer LLC (USA)

Closure Systems International Holdings (Germany) GmbH (Germany)

Closure Systems International Deutschland GmbH (Germany)

Closure Systems International Deutschland Real Estate GmbH & Co KG (Germany)

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

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

Reynolds Group Issuer (Luxembourg) S.A. (Luxembourg)

Closure Systems International B.V. (The Netherlands)

Reynolds Consumer Products International B.V. (The Netherlands)

Closure Systems International Holdings Inc. (Delaware, USA)

Closure Systems International Inc. (Delaware, USA)

Reynolds Packaging Machinery Inc. (Delaware, USA)

Closure Systems Mexico Holdings LLC (Delaware, USA)

- 22 -

 

CSI Mexico LLC (Delaware, USA)

Southern Plastics, Inc. (Louisiana, USA)

CSI Sales & Technical Services Inc. (Delaware, USA)

Reynolds Consumer Products Holdings Inc. (Delaware, USA)

Bakers Choice Products, Inc. (Delaware, USA)

Reynolds Consumer Products Inc. (Delaware, USA)

Reynolds Foil Inc. (Delaware, USA)

Reynolds Services Inc. (Delaware, USA)

- 23 -

 

Part III — The Original Senior Secured Note Guarantors

SIG Euro Holding AG & Co. KGaA (Germany)

SIG Beverages Germany GmbH (Germany)

SIG Combibloc Holding GmbH (Germany)

SIG Vietnam Beteiligungs GmbH (Germany)

SIG Combibloc GmbH (Germany)

SIG Combibloc Systems GmbH (Germany)

SIG Combibloc Zerspanungstechnik GmbH (Germany)

SIG Information Technology GmbH (Germany)

SIG International Services GmbH (Germany)

Beverage Packaging Holdings (Luxembourg) I S.A. (Luxembourg)

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

SIG Finance (Luxembourg) S.à.r.l. (Luxembourg)

Reynolds Group Holdings Limited (New Zealand)

SIG Combibloc Group AG (Switzerland)

SIG Finanz AG (Switzerland)

SIG Technology AG (Switzerland)

SIG allCap AG (Switzerland)

SIG Combibloc (Schweiz) AG (Switzerland)

SIG Schweizerische Industrie-Gesellschaft AG (Switzerland)

SIG Holding USA Inc. (USA)

SIG Combibloc Inc. (USA)

Reynolds Group Holdings Inc. (USA)

Closure Systems International Holdings (Germany) GmbH (Germany)

Closure Systems International Deutschland GmbH (Germany)

- 24 -

 

Closure Systems International Deutschland Real Estate GmbH & Co KG (Germany)

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

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

Closure Systems International B.V. (The Netherlands)

Reynolds Consumer Products International B.V. (The Netherlands)

Closure Systems International Holdings Inc. (Delaware, USA)

Closure Systems International Inc. (Delaware, USA)

Reynolds Packaging Machinery Inc. (Delaware, USA)

Closure Systems Mexico Holdings LLC (Delaware, USA)

CSI Mexico LLC (Delaware, USA)

Southern Plastics, Inc. (Louisiana, USA)

CSI Sales & Technical Services Inc. (Delaware, USA)

Reynolds Consumer Products Holdings Inc. (Delaware, USA)

Bakers Choice Products, Inc. (Delaware, USA)

Reynolds Consumer Products Inc. (Delaware, USA)

Reynolds Foil Inc. (Delaware, USA)

Reynolds Services Inc. (Delaware, USA)

- 25 -

 

SCHEDULE 2

COPY OF APPROVAL AND CONSENT

Information was provided in pdf format only

- 26 -

 

SIGNATURE PAGES

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

SIG Combibloc Group AG

as Pledgor

	 	 	 	 	 	 	 	 	 

	By:

	 	 	 	By:	 	 	 	 
	 

	 	Philip West
	 	 	 	Mark Dunkley	 	 
	 

	 	 

Name: PHILIP WEST
	 	 	 	 

Name: MARK DUNKLEY
	 	 
	 

	 	Title: AUTHORISED SIGNATORY
	 	 	 	Title: AUTHORISED SIGNATORY	 	 
	 

	 	Date:
	 	 	 	Date:	 	 
	 
	 	 	 	 	 	 	 	 
	The Bank of New York Mellon	 	 
	as Collateral Agent and Pledgee	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	 	 	By:	 	 	 	 
	 

	 	Michael Lee	 	 	 	 	 	 
	 

	 	 

Name: MICHAEL LEE
	 	 	 	 

Name:
	 	 
	 

	 	Title: SENIOR ASSOCIATE
	 	 	 	Title:	 	 
	 

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

	 	 	 	By:	 	 	 	 
	 

	 	Philip West
	 	 	 	Mark Dunkley	 	 
	 

	 	 

Name: PHILIP WEST
	 	 	 	 

Name: MARK DUNKLEY
	 	 
	 

	 	Title: AUTHORISED SIGNATORY
	 	 	 	Title: AUTHORISED SIGNATORY	 	 
	 

	 	Date:
	 	 	 	Date:	 	 

- 27 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00198-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00198-of-00352.parquet"}]]