Document:

exv4w515

EXHIBIT 4.515

The taking of this document or any certified copy of it or any other document which constitutes

substitute documentation for it, or any document which includes written confirmations or references

to it, into Austria as well as printing out any e-mail communication which refers to 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 this 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

e-mail communication which refers to 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 this document to an

Austrian addressee.

 

FOURTH AMENDMENT TO THE QUOTA PLEDGE AGREEMENT 

Among

The Bank of New York Mellon

as Collateral Agent for the benefit of the Secured Parties under the First Lien Intercreditor Agreement

and

SIG Austria Holding GmbH

as Grantor

and

SIG Combibloc do Brasil Ltda.

as the Company

 

Dated as of

Oct 14, 2011

 

 

 

FOURTH AMENDMENT TO THE QUOTA PLEDGE AGREEMENT

 

 

This Fourth Amendment to the Quota Pledge Agreement (the “Amendment”) is made as of
      October 14          , 2011 by and among:

     (a) SIG Austria Holding GmbH, a limited liability company duly organized and existing
in accordance with the laws of Austria, with its registered office at Industriestrasse 3, 5760
Saalfelden, Austria, registered in the commercial register (Firmenbuch) of the County Court
Salzburg under registration number 236071 p, Austria, herein duly represented in accordance with
its Charter Documents (together with its successors and permitted assignees, “Grantor”);

     (b) The Bank of New York Mellon, a financial institution duly organized and existing
under the laws of the State of New York, with its registered office at One Wall Street, New York,
New York, enrolled with the Brazilian Taxpayers Roll of the Ministry of Finance (CNPJ/MF) under no
09.214.177/0001-65, acting exclusively in the capacity as collateral agent of and for the benefit
of the Secured Parties under the First Lien Intercreditor Agreement (together with its successors
and permitted assignees in such capacity, the “Collateral Agent”); and

     (c) SIG Combibloc do Brasil Ltda., a limited liability company duly organized and
existing in accordance with the laws of Brazil, with its registered office in the City of São
Paulo, State of São Paulo, at Rua Chedid Jafet, no 222, Torre B, conjunto 42, of Edifício Millenium
Office Park, Vila Olímpia, CEP 04551-065, enrolled with the Brazilian Taxpayers Roll of the
Ministry of Finance (CNPJ/MF) under no 01.861.489/0001-59 (the “Company”).

     WHEREAS, on March 30, 2010, the parties hereto entered into the Quota Pledge Agreement (the
“Pledge Agreement”);

     WHEREAS, the Pledge Agreement was amended by (i) the Amendment to the Quota Pledge Agreement
dated May 4, 2010, in respect of an Amendment No. 2 and Incremental Term Loan Assumption Agreement
dated May 4, 2010, (ii) the Second Amendment to the Quota Pledge Agreement dated November 16, 2010,
in respect of an Amendment No. 3 and Incremental Term Loan Assumption Agreement dated September 30,
2010 and a Senior Secured Notes Indenture dated October 15, 2010 and (iii) the Third Amendment to
the Quota Pledge Agreement dated March 2, 2011, in respect of an Amendment No. 4 and Incremental
Term Loan Assumption Agreement dated February 9, 2011 and a Secured Notes Indenture dated February
1, 2011.

     WHEREAS, the following document was entered into on the dates, and by and among the parties,
described below:

     Amendment No. 6 and Incremental Term Loan Assumption Agreement dated August 9, 2011, entered
into by and among, including others, Reynolds Group Holdings Inc., Reynolds Consumer Products
Holdings Inc., Closure Systems International Holdings Inc., SIG Euro

 

 

Holding AG & Co. KGaA, SIG Austria Holding GmbH, Closure Systems International B.V., Pactiv Corporation, Reynolds Group
Holdings Limited, the Guarantors from time to time party thereto, the Lenders from time to time
party thereto and Credit Suisse AG, as administrative agent for the Lenders, related to and
amending and restating the Credit Agreement dated as of November 5, 2009, as further amended,
extended, restructured, renewed, novated, supplemented, restated, refunded, replaced or modified
from time to time (the “Second Amended and Restated Credit Agreement”).

     WHEREAS, pursuant to an indenture (the “August 2011 Secured Notes Indenture”) dated
August 9, 2011, and entered into between, among others, the August 2011 Escrow Issuers (as defined
below), The Bank of New York Mellon, as trustee, principal paying agent, transfer agent, registrar
and collateral agent and Wilmington Trust (London) Limited, as additional collateral agent, certain
secured notes (the “August 2011 Secured Notes”) were issued by the August 2011 Escrow
Issuers. On September 8, 2011, the August 2011 Secured Notes were released from escrow, RGHL US
Escrow II Inc. and RGHL US Escrow II LLC have merged with and into Reynolds Group Issuer Inc. and
Reynolds Group Issuer LLC (together with Reynolds Group (Luxembourg) S.A., the “August 2011
Ultimate Issuers”), respectively, and the obligations of the August 2011 Escrow Issuers have been
assumed by the August 2011 Ultimate Issuers pursuant to one or more supplemental indentures
between, among others, the August 2011 Escrow Issuers, the August 2011 Ultimate Issuers, The Bank
of New York Mellon, as trustee, principal paying agent, transfer agent, registrar and collateral
agent and Wilmington Trust (London) Limited, as additional collateral agent.

     WHEREAS, the obligations in respect of the August 2011 Secured Notes Indenture and any Senior
Secured Note Documents (as defined therein) have been designated as “Additional Obligations” under,
and in accordance with, section 5.02(c) of the First Lien Intercreditor Agreement (the “Secured
Notes Designation”).

     WHEREAS, the parties recognize and agree that the security interest created under the Pledge
Agreement shall extend to secure, in addition to the obligations currently secured thereby, the
obligations created under the Second Amended and Restated Credit Agreement and the Additional
Documents (as defined under the First Lien Intercreditor Agreement) in respect of the Secured Notes
Designation (“Additional Covered Obligations”).

     NOW, THEREFORE, in consideration of the foregoing premises and mutual covenants contained
herein, the parties hereto agree as follows:

     1. Defined Terms. Capitalized terms used and not otherwise defined in this Amendment
are used herein and in any notice given under this Amendment with the same meanings ascribed to
such terms in the Pledge Agreement, the First Lien Intercreditor Agreement or the Second Amended
and Restated Credit Agreement, as applicable. All terms
defined in this Amendment shall have the defined meanings contained herein when used in any
certificate or other document made or delivered pursuant hereto unless otherwise defined therein.

     2. Amendment. The parties hereto agree to amend the Pledge Agreement as follows, such
amendments to be in force and effect as of the date hereof:

 

 

	 	(a)	 	The following new definitions will be inserted at the appropriate place in
alphabetical order with the following wording:
	 
	 	 	 	“August 2011 Issuers” means the “Issuers” under, and as defined in, the
August 2011 Secured Notes Indenture, including their successors in interest.
	 
	 	 	 	“August 2011 Escrow Issuers” means RGHL US Escrow II Inc. and RGHL US Escrow
II LLC, including their successors in interest.
	 
	 	 	 	“August 2011 Secured Notes Indenture” means the indenture dated August 9,
2011, between the August 2011 Escrow Issuers and The Bank of New York Mellon, as
trustee, principal paying agent, transfer agent, registrar and collateral agent and
Wilmington Trust (London) Limited, as additional collateral agent, as amended,
extended, restructured, renewed, refunded, novated, supplemented, restated, replaced
or modified from time to time and to which Reynolds Group Issuer Inc., Reynolds
Group Issuer LLC and Reynolds Group Issuer (Luxembourg) S.A. have become a party as
issuers by way of RGHL US Escrow II Inc. and RGHL US Escrow II LLC merging with and
into Reynolds Group Issuer Inc. and Reynolds Group Issuer LLC, respectively, and one
or more supplemental indentures being entered into between, among others, the August
2011 Escrow Issuers, Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds
Group Issuer (Luxembourg) S.A., The Bank of New York Mellon, as trustee, principal
paying agent, transfer agent, registrar and collateral agent and Wilmington Trust
(London) Limited, as additional collateral agent.
	 
	 	 	 	“August 2011 Secured Notes Indenture Secured Parties” shall mean such
entities as fall within the definition of “Additional Secured Parties” under the
First Lien Intercreditor Agreement as a result of the designation of the obligations
in respect of the August 2011 Secured Notes Indenture and the Senior Secured Note
Documents (as defined therein) being “Additional Obligations” under the First Lien
Intercreditor Agreement.
	 
	 	 	 	“Credit Agreement” means the second amended and restated credit agreement
dated August 9, 2011 among Reynolds Group Holdings Inc., Reynolds Consumer Products
Holdings Inc., SIG Euro Holding AG & Co. KGaA, Closure Systems International
Holdings Inc., Closure Systems International B.V., Pactiv Corporation and SIG
Austria Holding GmbH, Reynolds Group Holdings Limited, the lenders from time to time
party thereto and Credit Suisse AG as administrative
agent, as further amended, extended, restructured, renewed, novated, supplemented,
restated, refunded, replaced or modified from time to time.

 

 

     (b) In order to evidence the extension of the security interest created under the Pledge
Agreement to the Additional Covered Obligations, the Parties agree to amend the description of the
Secured Obligations contained in Schedule A-I of the Pledge Agreement to read as follows:

Description of the Secured Obligations under the Loan Documents

A) All obligations owed to the Secured Parties now existing or hereafter arising, direct or
indirect, absolute or contingent, due or to become due, under the Loan Documents, including (and
without limitation): 

	 	(i)	 	a senior secured U.S. Tranche B term loan facility in an aggregate principal
amount not in excess of US$2,325,000,000 with an interest rate equivalent to the
Applicable Margin plus (a) the greater of (i) 1.25% per annum and (ii) the product of
(x) the LIBO Rate in effect for such Interest Period and (y) Statutory Reserves or (b)
the Alternate Base Rate as applicable; which shall be repaid in full on February 9,
2018 (subject to prepayment and acceleration provisions);
	 
	 	(ii)	 	a senior secured U.S. Tranche C term loan facility in an aggregate principal
amount not in excess of US$2,000,000,000 with an interest rate equivalent to the
Applicable Margin plus (a) the greater of (i) 1.25% per annum and (ii) the product of
(x) the LIBO Rate in effect for such Interest Period and (y) Statutory Reserves or (b)
the Alternate Base Rate as applicable; which shall be repaid in full on August 9, 2018
(subject to prepayment and acceleration provisions);
	 
	 	(iii)	 	a European term loan facility in an aggregate principal amount of
approximately €250,000,000 with an interest rate equivalent to the Applicable Margin
plus (a) the greater of (i) 1.50% per annum and (ii) (x) the EURIBO Rate in effect for
such Interest Period plus (y) Mandatory Cost or (b) in the case of loans denominated in
Euro, the Foreign Base Rate as applicable; which shall be repaid in full on February 9,
2018 (subject to prepayment and acceleration provisions);
	 
	 	(iv)	 	a senior secured U.S. revolving loan facility in an aggregate principal amount
of approximately US$120,000,000, which principal amounts include sub-limits for letter
of credit facilities with an interest rate equivalent to the Applicable Margin plus (a)
the greater of (i) 2.00% per annum and (ii) the product of (x) the LIBO Rate in effect
for such Interest Period and (y) Statutory Reserves or (b) the Alternate Base Rate as
applicable; which shall be repaid in full on November 5, 2014 (subject to prepayment
and acceleration provisions);
	 
	 	(v)	 	a European revolving loan facility in an aggregate principal amount of
approximately €80,000,000, which principal amounts include sub-limits for letter
of credit facilities with an interest rate equivalent to the Applicable Margin plus
(a) the greater of (i) 2.00% per annum and (ii) (x) the EURIBO Rate in effect for
such Interest Period plus (y) Mandatory Cost or (b) in the case of loans denominated
in Euro, the Foreign Base Rate as applicable; which shall be repaid

 

 

	 	 	 	in full on
November 5, 2014 (subject to prepayment and acceleration provisions); and
	 
	 	(vi)	 	incremental loan facilities in a principal amount up to US$750,000,000 with an
interest rate equivalent to the rates set forth in clauses (i) through (iv) above, as
applicable to the relevant incremental loan facility; which shall be repaid in full as
set forth in clauses (i) through (iv) above, as applicable to the incremental loan
facility or such other date as set out in the relevant Incremental Assumption
Agreement, which date shall be no earlier than the relevant dates set forth above as
applicable to the incremental loan facility (subject to prepayment and acceleration
provisions).

B) all other obligations, advances, debts and liabilities owed to the Secured Parties under the Credit Agreement, including indemnities, fees and interest incurred under, arising out of or in
connection with the Credit Agreement.

Definitions

For the purpose of this item “I” of this Schedule A all capitalized terms used and not
otherwise defined in this Agreement shall have the meaning ascribed to such terms in the Credit
Agreement.

(c) In order to evidence the extension of the security interest created under the Pledge Agreement
to the Additional Covered Obligations, the Parties also agree to insert Schedule A-V describing the
obligations in respect of the August 2011 Secured Notes:

V — Description of the Obligations Under the Senior Secured Note Documents 

(Relating to the August 2011 Secured Notes Indenture)

All obligations owed to the August 2011 Secured Notes Indenture Secured Parties now existing or
hereafter arising, direct or indirect, absolute or contingent, due or to become due, under the
Senior Secured Note Documents (as such term is defined in the August 2011 Secured Notes Indenture),
including (and without limitation):

	 	(i)	 	the due and punctual payment of:

	 	(a)	 	(A) US$1,500,000,000 aggregate principal amount on the notes
due 2019 and interest, which shall be paid on February 15 and August 15, at the
rate of 7.875% per annum (including interest accruing during the pendency of
any bankruptcy, insolvency, receivership or other similar proceeding,
regardless of whether allowed or allowable in such proceeding) on the

 

 

	 	 	 	notes, when and as due, whether at maturity, by acceleration, upon one or more dates
set for prepayment or otherwise; and
	 
	 	(b)	 	all other monetary obligations of any August 2011 Issuer to
any of the August 2011 Secured Notes Indenture Secured Parties under the
Senior Secured Note Documents (as such term is defined in the August 2011
Secured Notes Indenture), including fees, costs, expenses and indemnities,
whether primary, secondary, direct, contingent, fixed or otherwise (including
monetary obligations incurred during the pendency of any bankruptcy,
insolvency, receivership or other similar proceeding, regardless of whether
allowed or allowable in such proceeding).

	 	(ii)	 	the due and punctual performance of all other obligations of the August 2011 Issuers
under or pursuant to the Senior Secured Note Documents (as such term is defined in the
August 2011 Secured Notes Indenture); and
	 
	 	(iii)	 	the due and punctual payment and performance of all the obligations of each other
obligor under or pursuant to the Senior Secured Note Documents (as such term is defined in
the August 2011 Secured Notes Indenture).

(d) For the avoidance of doubt, the parties agree that, as a result of this amendment: (i) the
obligations created under the Second Amended and Restated Credit Agreement and the August 2011
Secured Notes Indenture and the Senior Secured Note Documents (as defined therein) shall be
considered “Secured Obligations” for the purposes of the Pledge Agreement; and (ii) any August 2011
Secured Notes Indenture Secured Parties (including any holder of the August 2011 Secured Notes)
shall be considered “Secured Parties” for the purposes of the Pledge Agreement.

     2. Registration of this Amendment. The Grantor, at its expense, shall within 20
(twenty) days from the execution date of this Amendment, (i) cause the signature of the parties who
have signed this Amendment outside Brazil to be notarized by a public notary and consularized at
the local Brazil consulate, (ii) cause this Amendment to be translated into Portuguese by a sworn
translator (tradutor público juramentado), and (iii) have this Amendment, together with its sworn
translation (tradução juramentada) into Portuguese, annotated at the margin of the registration of
the Pledge Agreement with the competent Registry of Deeds and Documents (Cartório de Registro de
Títulos e Documentos) in Brazil pursuant to Article 128 of Law No. 6,015 of December 31, 1973. The
Grantor shall, promptly after such registration deliver to the Collateral Agent evidence of such
registration in form and substance satisfactory to the Collateral Agent. All expenses incurred in
connection with such registrations shall be borne by the Grantor.

Notwithstanding the foregoing, the Collateral Agent, at its sole discretion, may decide to
undertake any of the registrations, translations, filings and other formalities described herein if
Grantor fails to do so, whereupon the Grantor shall reimburse the Collateral Agent promptly of

 

 

any
and all costs and expenses incurred by it related to such registrations, translations, filings and
other formalities in accordance with the provisions of the Principal Finance Documents.

     3. Effectiveness of the Pledge Agreement. All the provisions of the Pledge Agreement
not expressly amended as a result of this Amendment shall remain in full force and effect.

     4. Security Document. The Parties agree that this Amendment shall be deemed a
“Security Document” for the purposes of and as defined in the First Lien Intercreditor Agreement
(and for no other purpose) and that, accordingly, all rights, duties, privileges, protections and
benefits of the Collateral Agent set forth in the First Lien Intercreditor Agreement are hereby
incorporated by reference.

     5. Governing Law; Jurisdiction. This Amendment shall be governed by and construed and
interpreted in accordance with the laws of Brazil. The parties irrevocably submit to the
jurisdiction of the courts sitting in the City of São Paulo, State of São Paulo, Brazil, any action
or proceeding to resolve any dispute or controversy related to or arising from this Amendment and
the parties irrevocably agree that all claims in respect of such action or proceeding may be heard
and determined in such courts, with the express waiver of the jurisdiction of any other court,
however privileged it may be.

 

 

IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed in the presence of
the undersigned witnesses.

	 	 	 	 	 
	SIG Austria Holding GmbH

 	 
	By:  	/s/ Edimara Iansen Wieczorek
 	 
	 	Edimara Iansen Wieczorek 	 
	 	Title:  	attorney-in-fact 	 
	 
	SIG Combibloc do Brasil Ltda.

 	 
	By:  	/s/ Ricardo Rodriquez
 	 
	 	Ricardo Rodriquez 	 
	 	Title:  	Manager 	 
	 
	By:  	/s/ [ILLEGIBLE]
 	 
	 	[ILLEGIBLE] 	 
	 	Title:  	Manager 	 
	 
	The Bank of New York Mellon as Collateral Agent acting as agent of and for the benefit of

the Secured Parties

 
	By:  	/s/ Marcos Canecchio Ribeiro
 	 
	 	Marcos Canecchio Ribeiro 	 
	 	Title:  	attorney-in-fact 
	 

	 	 	 

	WITNESSES:
	 	 
	 
	 	 
	/s/ [ILLEGIBLE]

	 	/s/ [ILLEGIBLE]
	 

	 	 
	Name: [ILLEGIBLE]

	 	Name: [ILLEGIBLE]
	ID: 19.144.022

	 	ID: 43523560-6exv4w516

Exhibit 4.516

The taking of this Agreement 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 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 e-mail communication which refers to any Credit
Document in Austria or sending any e-mail communication to which a pdf scan of this
Agreement 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

CONFIRMATION AGREEMENT

dated 14 October 2011

between

1. SIG Austria Holding GmbH

2. SIG Combibloc GmbH

3. SIG Combibloc GmbH & Co KG

each as pledgor

and

4. Wilmington Trust (London) Limited

as pledgee and Collateral Agent

 

 

TABLE OF CONTENTS

	 	 	 	 	 

	1. Definitions

	 	 	4	 
	2. Construction

	 	 	7	 
	3. Confirmation

	 	 	7	 
	4. Representations and Warranties

	 	 	9	 
	5. Notices

	 	 	9	 
	6. Execution in Counterparts

	 	 	9	 
	7. Stamp duty

	 	 	10	 
	8. Miscellaneous

	 	 	10	 
	9. Capital maintenance

	 	 	11	 
	10. Choice of Law

	 	 	11	 
	11. Settlement of disputes

	 	 	11	 
	 
	 	 	 	 
	Schedules
	 	 	 	 
	SCHEDULE 1 List of the Security Documents

	 	 	13	 

 

 

Recitals

(A) Under the Security Documents (as defined below), each Confirming Party (as
defined below) granted a pledge over certain of its property as a security for the
Secured Obligations (as defined in each Security Document), in connection with the
Credit Agreement (as defined below).

(B) The Confirming Parties and the Collateral Agent (as defined below) are also,
among others, parties to the First Lien Intercreditor Agreement (as defined below).

(C) The security granted by or pursuant to the Security Documents is administered by
the Collateral Agent for and on behalf of the Secured Parties (as defined in the
First Lien Intercreditor Agreement) pursuant to the relevant provisions of the First
Lien Intercreditor Agreement.

(D) Among others, Reynolds Group Holdings Limited and the Administrative Agent (as
defined in the First Lien Intercreditor Agreement) have entered into the Assumption
Agreement (as defined below), by which, inter alia, the Tranche C Term Loans (as
defined therein) were made available to the U.S. Term Borrowers (as defined therein)
for the purposes set out therein.

(E) Pursuant to the indentures dated 9 August 2011, the Issuers (as defined therein)
have issued certain secured debt securities.

(F) Each Confirming Party expects to realise, or has realised, direct or indirect
benefits as a result of the Assumption Agreement (as defined below) becoming
effective and the consummation of the transactions contemplated thereby.

It is agreed as follows:

 

 

1. DEFINITIONS

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

	 	 	 

	Agreement

	 	means this confirmation agreement, as
may be from time to time modified,
amended or supplemented.
	 
	 	 
	Assumption Agreement

	 	means the Amendment No. 6 and Incremental Term Loan Assumption Agreement
dated 9 August 2011 among (amongst
others) Reynolds Group Holdings Inc.,
Pactiv Corporation, Reynolds Consumer
Products Holdings Inc., Closure Systems
International Holdings Inc., SIG Euro Holding AG & Co. KGaA, SIG Austria Holding
GmbH, Closure Systems International
B.V., Reynolds Group Holdings Limited,
the Guarantors (as defined therein) from
time to time party thereto, the Lenders (as
defined therein) from time to time party
thereto and Credit Suisse AG as the administrative agent, pursuant to which the
Credit Agreement was amended and restated.
	 
	 	 
	Collateral Agent

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

	 	means each of SIG Austria Holding GmbH,
SIG Combibloc GmbH and SIG Combibloc

 

 

	 	 	 

	 

	 	GmbH & Co KG.
	 
	 	 
	Credit Agreement

	 	means the second amended and restated
credit agreement dated 9 August 2011
among Reynolds Group Holdings Inc.,
Reynolds Consumer Products Holdings
Inc., SIG Euro Holding AG & Co. KGaA,
Closure Systems International Holdings
Inc., Closure Systems International B.V.,
Pactiv Corporation and SIG Austria Holding GmbH as borrowers, Reynolds Group
Holdings Limited, the guarantors from time
to time party thereto, the lenders from time
to time party thereto and Credit Suisse AG
as administrative agent, as further amended, extended, restructured, renewed, novated, supplemented, restated, refunded,
replaced or modified from time to time.
	 
	 	 
	First Lien Intercreditor Agreement

	 	means the first lien intercreditor agreement dated as of 5 November 2009 among
(amongst others) The Bank of New York
Mellon as collateral agent and as trustee
under the Senior Secured Note Indenture,
Credit Suisse AG (formerly known as
Credit Suisse) as administrative agent
under the Credit Agreement and the Loan
Parties, as amended, novated, supplemented, restated or modified from time to
time (including by the Amendment No.1
and Joinder Agreement dated as of 21
January 2010, which added the Collateral
Agent as a collateral agent under the First
Lien Intercreditor Agreement).
	 
	 	 
	Party

	 	means a party to this Agreement. The term
“Parties” means any of them.
	 
	 	 
	Senior Secured Notes Indenture

	 	means the senior secured notes indenture
entered into, between, among others,
RGHL US Escrow II Inc. and RGHL US
Escrow II LLC as escrow issuers, The
Bank of New York Mellon as trustee, principal paying agent, transfer agent, collateral agent and registrar, Wilmington Trust
(London) Limited as additional collateral

 

 

	 	 	 

	 

	 	agent and The Bank of New York Mellon,
London Branch as paying agent dated as
of 9 August 2011, as amended or modified
from time to time and to which Reynolds
Group Issuer Inc., Reynolds Group Issuer
LLC and Reynolds Group Issuer (Luxembourg) S.A. have become a party as issuers by way of RGHL US Escrow II Inc. and
RGHL US Escrow II LLC merging with and
into Reynolds Group Issuer Inc. and Reynolds Group Issuer LLC respectively, and
one or more supplemental indentures being entered into between, among others,
Reynolds Group Issuer Inc., Reynolds
Group Issuer LLC, Reynolds Group Issuer
(Luxembourg) S.A., The Bank of New York
Mellon, as trustee, principal paying agent,
transfer agent, collateral agent and registrar, and Wilmington Trust (London) Lim-
ited, as additional collateral agent.
	 
	 	 
	SIG Austria Holding GmbH

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

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

	 	means SIG Combibloc GmbH & Co KG, a
limited partnership organised under the
laws of Austria with its seat in Saalfelden
am Steinernen Meer, Austria, and its business address as at the date of this

 

 

	 	 	 

	 

	 	Agreement at Industriestraße 3, 5760
Saalfelden, Austria, registered in the Austrian companies register (Firmenbuch)
under file number FN 240335 i.
	 
	 	 
	Security Documents

	 	means the documents listed in Schedule 1.

	2.	 	CONSTRUCTION

	 	 	In this Agreement, unless the context otherwise requires:

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

	3.	 	CONFIRMATION
	 
	3.1	 	Each Confirming Party hereby:

 

 

	 	(a)	 	consents to the Assumption Agreement and the transactions contemplated
thereby; and
	 
	 	(b)	 	agrees that, notwithstanding the effectiveness or otherwise of the
Assumption Agreement and the issuance of the Senior Secured Notes (as
defined in the Senior Secured Notes Indenture), each of the Security
Documents to which it is a party continues, subject to the Legal
Reservations (as defined in the Credit Agreement), to be in full force and
effect; and
	 
	 	(c)	 	confirms the pledges and security interests created by or pursuant to
the Security Documents to which it is a party and that such pledges and
security interests are upheld and remain unaffected; and
	 
	 	(d)	 	acknowledges that the pledges and security interests created by or
pursuant to the Security Documents to which it is a party continue in full
force and effect subject to the Legal Reservations (as defined in the Credit
Agreement) and extend, subject to the limitations therein, to (i) the
Tranche C Term Loans (as defined in the Assumption Agreement), which shall
be considered “Credit Agreement Obligations” under the First Lien
Intercreditor Agreement, and (ii) the “Secured Obligations” as defined in
the Senior Secured Notes Indenture, which have been designated as
“Additional Obligations” under and pursuant to the First Lien Intercreditor
Agreement.

	3.2	 	Each Confirming Party further confirms and agrees that, with respect to the
Security Documents to which it is a party, the obligations under the Tranche C Term
Loans (as defined in the Assumption Agreement) and the Senior Secured Notes (as
defined in the Senior Secured Notes Indenture) constitute “Secured Obligations” under
each Security Document to which it is a party.
	 
	3.3	 	Each of the Confirming Parties hereby agrees that each of the Parallel Debt of
such Confirming Party created under the First Lien Intercreditor Agreement or under
any guarantor joinder to the First Lien Intercreditor Agreement, in effect prior to
the date hereof shall continue to be in full force and effect and shall accrue to the
benefit of the Collateral Agent (for the benefit of the Secured Parties) and shall
continue to apply, as applicable, in relation to all Obligations defined in the First
Lien Intercreditor Agreement following the effectiveness of the Assumption Agreement.
	 
	3.4	 	For the avoidance of doubt, notwithstanding anything contained herein, this
agreement is a Security Document under the First Lien Intercreditor Agreement and
each of the protections, immunities, rights, indemnities and

 

 

	 	 	benefits conferred on the Collateral Agent under the Security Documents and
the First Lien Intercreditor Agreement, respectively, shall continue in full
force and effect and shall apply to this Agreement as if set out in full
herein.
	 
	4.	 	REPRESENTATIONS AND WARRANTIES
	 
	4.1	 	Each Confirming Party hereby represents and warrants to the Collateral Agent as
of the date hereof that such Confirming Party (a) is duly organized and validly
existing under the laws of Austria and (b) has the power and authority to execute,
deliver and perform its obligations under this Agreement.
	 
	4.2	 	Each Confirming Party hereby represents and warrants to the Collateral Agent as
of the date hereof that the entry by such Confirming Party into this Agreement and
the transactions contemplated in the Assumption Agreement have been duly authorized
by all requisite corporate and/or partnership and, if required, stockholder and
partner action.
	 
	4.3	 	Each Confirming Party hereby represents and warrants to the Collateral Agent as
of the date hereof that this Agreement has been duly executed and delivered by each
such Confirming Party and, subject to Legal Reservations (as defined in the Credit
Agreement), constitutes a legal, valid and binding obligation of such Confirming
Party enforceable against such Confirming Party in accordance with its terms.
	 
	5.	 	NOTICES
	 
	 	 	All communications and notices hereunder shall be in writing and given as
provided in Section 5.01 of the First Lien Intercreditor Agreement; provided
that all communications and notices to Wilmington Trust (London) Limited
hereunder shall be given to it at the address set forth below, or to such
other address as Wilmington Trust (London) Limited may hereafter specify.

Wilmington Trust (London) Limited

Third Floor

1 King’s Arms Yard

London EC2R 7AF

Facsimile: +44 (0) 20 7397 3601

Attention: Paul Barton

	6.	 	EXECUTION IN COUNTERPARTS
	 
	 	 	This Agreement may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together
shall constitute one and the same Agreement. In this respect the Collateral
Agent and the Confirming Parties agree not to contest the validity of an
uncertified

 

 

	 	 	copy of this Agreement in any court or enforcement proceedings in the
Republic of Austria.
	 
	7.	 	STAMP DUTY
	 
	 	 	The parties hereto agree that the provisions of sections 9.19 (Place of
Performance) and 9.20 (Austria Stamp Duty) of the Credit Agreement (and, if
the Credit Agreement is no longer in existence, an equivalent clause in any
Additional Agreement) and the provisions of sections 5.15 (Place of
Performance) and 5.16 (Austrian Stamp Duty) of the First Lien Intercreditor
Agreement (and, if the First Lien Intercreditor Agreement is no longer in
existence, an equivalent clause in any other Intercreditor Arrangements)
shall apply to this Agreement as if incorporated herein mutatis mutandis.
	 
	8.	 	MISCELLANEOUS
	 
	8.1	 	This Agreement is a Loan Document (as defined in the Credit Agreement) executed
pursuant to the Credit Agreement and shall (unless otherwise expressly indicated
herein) be construed, administered and applied in accordance with the terms of the
Credit Agreement.
	 
	8.2	 	This Agreement shall not extinguish the obligations for the payment of money
outstanding under any Credit Document or discharge or release the priority of any
Credit Document or any other security therefore. Nothing herein shall be construed as
a substitution or novation of the obligations outstanding under any Credit Document
or instruments securing the same, which shall remain in full force and effect.
Nothing in or implied by this Agreement or in any other document contemplated hereby
shall be construed as a release or other discharge of any obligations or liabilities
of any party under any Credit Document. Each of the Credit Documents shall remain in
full force and effect notwithstanding the execution and delivery of this Agreement.
	 
	8.3	 	Except as expressly set forth herein, this Agreement shall not by implication or
otherwise limit, impair, constitute a waiver of or otherwise affect the rights and
remedies of the Secured Parties under any Credit Document, and shall not alter,
modify, amend or in any way affect any of the terms, conditions, obligations,
covenants or agreements contained in any Credit Document, all of which are ratified
and affirmed in all respects and shall continue in full force and effect.
	 
	8.4	 	If at any time, any one or more of the provisions hereof is or becomes invalid,
illegal or unenforceable in any respect under the law of any jurisdiction, such
provision shall as to such jurisdiction, be ineffective to the extent necessary
without affecting or impairing the validity, legality and enforceability of the
remaining provisions hereof or of such provisions in any

 

 

	 	 	other jurisdiction. The invalid, illegal or unenforceable provision shall be
deemed to be replaced by such valid, legal or enforceable provision which
comes as close as possible to the original intent of the parties in respect
of the invalid, illegal or unenforceable provision.
	 
	8.5	 	Any amendments, changes, variations or waivers to this Agreement may be made only
with the agreement of the Confirming Parties and the Collateral Agent in writing and,
if required under Austrian statutory law, in the form of a notarial deed. This
applies also to this Clause 8.5.
	 
	9.	 	CAPITAL MAINTENANCE
	 
	9.1	 	The liability of the Confirming Parties under this Agreement shall at all times
be limited so that no assumption of an obligation under this Agreement be required if
this would violate mandatory Austrian capital maintenance rules
(Kapitalerhaltungsvorschriften) pursuant to Austrian company law, in particular
Sections 82 et seq of the Austrian Act on Limited Liability Companies (Gesetz über
Gesellschaften mit beschränkter Haftung) and/or Sections 52 and 65 et seq of the
Austrian Stock Corporation Act (Aktiengesetz).
	 
	9.2	 	Should any obligation under this Agreement violate or contradict Austrian capital
maintenance rules and should therefore be held invalid or unenforceable, such
obligation shall be deemed to be replaced by an obligation of a similar nature which
is in compliance with Austrian capital maintenance rules and which provides the best
possible security interest in favour of the Secured Parties. By way of example,
should it be held that the security interest created under a Security Document as
amended by this Agreement is contradicting Austrian capital maintenance rules in
relation to any amount of the Secured Obligations (as defined in such Security
Document), the security interest created under such Security Document as amended by
this Agreement shall be reduced to the maximum amount of the Secured Obligations (as
defined in such Security Document), which is permitted pursuant to Austrian capital
maintenance rules.
	 
	10.	 	CHOICE OF LAW
	 
	 	 	This Agreement shall be governed and construed in accordance with the laws
of Austria.
	 
	11.	 	SETTLEMENT OF DISPUTES
	 
	11.1	 	Jurisdiction of English Courts

	 	(a)	 	The courts of England, shall have exclusive jurisdiction to settle any
dispute arising out of or in connection with this Agreement

 

 

	 	 	 	(including a dispute regarding the existence, validity or
termination of this Agreement).
	 
	 	(b)	 	The Parties agree that the courts of England are the most appropriate
and convenient courts to settle disputes and accordingly no Party will argue
to the contrary.

	11.2	 	Clause 11.1 is for the benefit of the Collateral Agent only. As a result, the
Collateral Agent shall not be prevented from taking proceedings relating to a dispute
in any other courts with jurisdiction. To the extent allowed by law, the Collateral
Agent may take concurrent proceedings in any number of jurisdictions.
	 
	11.3	 	Without prejudice to any other mode of service allowed under any relevant law,
the Pledgor:

	 	(a)	 	irrevocably appoints Law Debenture Corporate Services Limited as its
agent for service of process in relation to any proceedings before the
English courts in connection with this Agreement; and
	 
	 	(b)	 	agrees that failure by an agent for service of process to notify the
Pledgor of the process will not invalidate the proceedings concerned.

 

 

EXECUTION PAGE

	 	 	 	 	 
	 	SIG Austria Holding GmbH as pledgor

 	 
	 	/s/ Jennie Blizard
 	 
	 	signed by: Jennie Blizard 	 
	 	Date 14 October 2011	 
	 

	 	 	 	 	 
	 	SIG Combibloc GmbH as pledgor

 	 
	 	/s/ Jennie Blizard
 	 
	 	signed by: Jennie Blizard 	 
	 	Date 14 October 2011	 
	 

	 	 	 	 	 
	 	SIG Combibloc GmbH & Co KG as pledgor

 	 
	 	/s/ Jennie Blizard
 	 
	 	signed by: Jennie Blizard 	 
	 	Date 14 October 2011	 
	 

	 	 	 	 	 
	 	Wilmington Trust (London) Limited as pledgee and Collateral Agent

 	 
	 	/s/ Paul Barton

 	 
	 	signed by Paul Barton

                   Relationship Manager 	 
	 	Date 14 October 2011

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