Document:

exv4w467

Exhibit 4.467

 

SIG SCHWEIZERISCHE INDUSTRIE-GESELLSCHAFT AG

as Pledgor

THE BANK OF NEW YORK MELLON

as Collateral Agent and Pledgee

 

ACCOUNT PLEDGE AGREEMENT

(Kontoverpfändung)

 

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
	 	- 5 -
	2. Pledge
	 	- 11 -
	3. Purpose of the Pledges
	 	- 12 -
	4. Notice of Pledge
	 	- 12 -
	5. Pledgor’s Right of Disposal
	 	- 13 -
	6. Enforcement of the Pledges
	 	- 13 -
	7. Swiss Limitations
	 	- 16 -
	8. Undertakings of the Pledgor
	 	- 17 -
	9. Delegation
	 	- 19 -
	10. Indemnity
	 	- 19 -
	11. No liability
	 	- 19 -
	12. Duration and Independence
	 	- 20 -
	13. Release (Pfandfreigabe)
	 	- 20 -
	14. Partial Invalidity; Waiver
	 	- 21 -
	15. Amendments
	 	- 21 -
	16. Notices and their Language
	 	- 21 -
	17. Applicable Law, Jurisdiction
	 	- 23 -
	18. Conclusion of this Agreement (Vertragsschluss)
	 	- 23 -
	Schedule 1
	 	- 25 -
	Part 1 List of Current Borrowers
	 	- 25 -
	Part 2 List of Current Guarantors, Current 2009
Senior Secured Notes Guarantors, Current
October 2010 Secured Notes Guarantors and
Current February 2011 Secured Notes
Guarantors
	 	- 25 -
	Part 3 List of Current New Secured Notes Guarantors
	 	- 30 -
	Schedule 2 List of Accounts
	 	- 35 -
	Schedule 3 Form of Notice of Pledge
	 	- 36 -
	Schedule 4 Form of Notification of Future Accounts
	 	- 41 -

 

 

This ACCOUNT PLEDGE AGREEMENT (the “Agreement”) is made on
8 September 2011

BETWEEN:

	(l)	 	SIG Schweizerische Industrie-Gesellschaft AG, a company limited by shares
incorporated under the laws of Switzerland, having its registered office at Industrieplatz,
CH-8212 Neuhausen am Rheinfall, Switzerland and registered in the Commercial Register of the
Canton of Schaffhausen with the federal register number CH-290.3.004.148-4 (the “Pledgor”); and
	 
	(2)	 	The Bank of New York Mellon, a public company incorporated under the laws of
the state of New York, 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 lntercreditor Agreement (as defined below) (the “Collateral Agent” or the
“Pledgee”).

WHEREAS:

	(A)	 	Pursuant to the second amended and restated senior secured multi-currency term and
revolving credit agreement dated 9 August 2011 of currently up to USD 4,445 ,000,000 and EUR
330,000,000 between, inter alia, the parties listed in Schedule 1 Part 1 hereto as current
borrowers (the “Current Borrowers”), the parties listed in Schedule 1 Part 2 hereto as current
guarantors (the “Current Guarantors”), Credit Suisse AG as administrative agent and others (as
amended, varied, novated, restated, supplemented, superseded or extended from time to time, the
“Second Amended and Restated Credit Agreement”), which amends and restates the multi-currency
term and revolving credit agreement dated 5 November 2009 between, inter alia, the Current
Borrowers and the Current Guarantors, Credit Suisse AG as administrative agent and others (as
amended and restated pursuant to the Second Amended and Restated Credit Agreement and as
further amended, varied, novated, restated, supplemented, superseded or extended from time to
time, hereinafter the “Credit Agreement”), certain lenders (together the “Original Lenders”)
have granted certain facilities to the Current Borrowers and certain other entities which may
accede or may have acceded to the Credit Agreement as additional borrowers,
	 
	(B)	 	Pursuant to a senior secured notes indenture dated 5 November 2009 between, inter
alia, Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., and Reynolds Group
Issuer (Luxembourg) S.A as ultimate issuers (the “Issuers”), certain affiliates of the Issuers
listed in Schedule 1 Part 2 hereto as current 2009 senior secured notes guarantors (the
“Current 2009 Senior Secured Notes 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 “2009 Senior Secured Notes
Indenture”), the Issuers have issued 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

- 2 -

 

	 	 	together with the US Secured Notes the “2009 Senior Secured Notes”) to certain
noteholders.
	 
	(C)	 	Pursuant to a senior secured notes indenture dated 15 October 2010 between, inter alia, RGHL US
Escrow I LLC, RGHL US Escrow I Inc., and RGHL Escrow Issuer
(Luxembourg) I S.A. as escrow issuers (the “Escrow Issuers”), The Bank of New York Mellon
as indenture trustee, The Bank of New York Mellon, London Branch as principal paying agent,
The Bank of New York Mellon as collateral agent and Wilmington Trust (London) Limited as
additional collateral agent (as amended, varied, novated, supplemented, superseded or
extended from time to time, the “October 2010 Secured Notes Indenture”), the Escrow Issuers
have issued secured notes due 2019 in the aggregate principal amount of USD 1,500,000,000
in escrow (the “October 2010 Secured Notes”). In connection with the release from escrow of
the proceeds of the October 2010 Secured Notes, which occurred on 16 November 2010, the
Escrow Issuers were merged with and into the Issuers, with each of the Issuers surviving
the applicable mergers or other transfers and assuming by operation of law the obligations
of the applicable Escrow Issuers with respect to the October 2010 Secured Notes Indenture
and the October 2010 Secured Notes. Certain affiliates of the Issuers listed in Schedule 1
Part 2 hereto have acceded to the October 2010 Secured Notes Indenture as current October
2010 secured notes guarantors (the “Current October 2010 Secured Notes Guarantors”).
	 
	(D)	 	Pursuant to a senior secured notes indenture dated 1 February 2011 between, inter alia, the
Issuers, The Bank of New York Mellon as indenture trustee, The Bank of New York Mellon, London
Branch as principal paying agent, The Bank of New York Mellon as collateral agent and Wilmington
Trust (London) Limited as additional collateral agent (as amended, varied, novated, supplemented,
superseded or extended from time to time, the “February 2011 Secured Notes Indenture”), the Issuers
have issued secured notes due 2021 in the aggregate principal amount of USD 1,000,000,000 (the
“February 2011 Secured Notes”) which are guaranteed by certain affiliates of the Issuers listed in
Schedule 1 Part 2 hereto as current February 2011 secured notes guarantors (the “Current February
2011 Secured Notes Guarantors”).
	 
	(E)	 	The Pledgor has entered into the Existing Account Pledge Agreements (as defined below).
	 
	(F)	 	Pursuant to a senior secured notes indenture dated 9 August 2011 between, inter alia, the RGHL
US Escrow II LLC and RGHL US Escrow II Inc. as escrow issuers (the “August 2011 Escrow Issuers”),
The Bank of New York Mellon as indenture trustee, The Bank of New York Mellon, London Branch as
principal paying agent, The Bank of New York Mellon as collateral agent and Wilmington Trust
(London) Limited as additional collateral agent (as amended, varied, novated, supplemented,
superseded or extended from time to time, the “New Secured Notes Indenture”), the August 2011
Escrow Issuers have issued senior secured notes due 2019 in the aggregate principal

- 3 -

 

	 	 	amount of USD 1,500,000,000 (the “New Secured Notes”). In connection with the release from
escrow of the proceeds of the New Secured Notes, RGHL US Escrow II Inc. and RGHL US Escrow
II LLC shall be merged with and into Reynolds Group Issuer
Inc. and Reynolds Group Issuer
LLC (together with Reynolds Group Issuer (Luxembourg) S.A. the August“ 2011 Ultimate
Issuers”), respectively, and the  obligations of the August 2011 Escrow Issuers shall be 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. At such time
certain affiliates of the August 2011 Ultimate Issuers listed in Schedule 1 Part 3 hereto
as current new secured notes guarantors (the “Current New Secured Notes Guarantors”) will
accede to the New Secured Notes Indenture).
	 
	(G)	 	As a result of the Second Amended and Restated Credit Agreement and the amendment No. 6 and
incremental term loan assumption agreement dated 9 August 2011 between, inter alia, the Current
Borrowers, the Current Guarantors, Credit Suisse AG, Cayman Islands Branch as administrative agent
and others (the “Amendment No. 6 and Incremental Term Loan Assumption Agreement”) certain lenders
have agreed to grant incremental term loans in an aggregate amount of up to USD 2,000,000,000.
	 
	(H)	 	The Pledgor has agreed to grant an additional pledge (subject to the pledges existing by
operation of the general business conditions (Allgemeine Geschäftsbedingungen) of the respective
Account Bank (as defined below) and the pledges arising under the Existing Account Pledge
Agreements (as defined below)) over its Accounts (as defined below) as security for the Pledgee’s
respective claims against the Grantors (as defined below) (or any of them) in respect of the
Obligations (as defined below).
	 
	(I)	 	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 5 November 2009 (as amended by the Amendment No.
1 and Joinder Agreement (as defined below)) 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”).

- 4 -

 

NOW, IT IS AGREED as follows:

	1.	 	DEFINITIONS AND LANGUAGE
	 
	1.1	 	Definitions
	 
	 	 	In this Agreement:
	 
	 	 	“Account Banks” means the credit institutions administering the Accounts and “Account Bank”
means any of them.
	 
	 	 	“Accounts” means all bank accounts (including without limitation giro accounts and accounts
for saving deposits (Spareinlagen), time deposits (Termineinlagen) or call money deposits
(Tagesgeldeinlagen)) which the Pledgor holds at present or may at any time hereafter open
with any credit institution in the Federal Republic of Germany (including without
limitation the accounts listed in Schedule 2 (List of Accounts)) and any sub-account
(Unterkonto), renewal, redesignation or replacement thereof, and “Account” means any of
them.
	 
	 	 	“Administrative Agent” means Credit Suisse AG, Cayman Islands Branch, having its business
address at Eleven 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.
	 
	 	 	“Amendment No.1 and Joinder Agreement” means the joinder agreement dated 21 January 2010
relating to the First Lien Intercreditor Agreement made among (amongst others) the
Collateral Agent, Wilmington Trust (London) Limited, Credit Suisse AG and Reynolds Group
Holdings Limited pursuant to which Wilmington Trust (London) Limited was appointed as
additional collateral agent and became party to the First Lien Intercreditor Agreement.
	 
	 	 	“Borrowers” means the Current 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 N.A., 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 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.
	 
	 	 	“Credit Documents” shall mean the Loan Documents, the 2009 Senior Secured Notes Documents,
the October 2010 Secured Notes Documents, the February 2011 Secured Notes Documents and the
New Secured Notes Documents.

- 5 -

 

	 	 	“Enforcement Event” shall mean an Event of
Default.

	 	 	“Event of Default” means any event of default (Kündigungsgrund) under the Credit Agreement
and/or the 2009 Senior Secured Notes Indenture and/or the October 2010 Secured Notes Indenture
and/or the February 2011 Secured Notes Indenture and/or the New Secured Notes Indenture.
	 
	 	 	“Existing Account Pledge Agreements” means

	 	(a)	 	the account pledge agreement dated 5 November 2009 (as amended by a confirmation and
amendment agreement dated 4 May 2010) entered into between SIG Schweizerische
Industrie-Gesellschaft AG as pledgor and The Bank of New York Mellon as collateral agent
and as pledgee and others as pledgees;
	 
	 	(b)	 	confirmation and amendment agreement dated 4 May 2010 and entered into between,
inter alios, SIG Schweizerische Industrie-Gesellschaft AG as pledgor and The Bank of New
York Mellon as collateral agent relating to an account pledge agreement dated 5 November
2009 and entered into between SIG Schweizerische Industrie-Gesellschaft AG as pledgor
and The Bank of New York Mellon as collateral agent and pledgee and others as pledgees;
	 
	 	(c)	 	the account pledge agreement dated 16 November 2010 entered into between SIG
Schweizerische Industrie-Gesellschaft AG as pledgor and The Bank of New York Mellon as
collateral agent and as pledgee; and
	 
	 	(d)	 	the account pledge agreement dated 2 March 2011 entered into between SIG
Schweizerische Industrie-Gesellschaft AG as pledgor and The
Bank of New York Mellon as collateral agent and as pledgee.

	 	 	“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, as amended
and restated on 5 November 2009 and as further amended on 5 November 2010) 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 AG (formerly Credit Suisse) as security trustee and
others.
	 
	 	 	“February 2011 Secured Notes Documents” shall mean the February 2011 Secured Notes Indenture,
the February 2011 Secured Notes Guarantees, the February 2011 Secured Notes, the Intercreditor
Arrangements, any supplemental indenture, any security document relating to the February 2011
Secured Notes and/or the February 2011 Secured Notes Indenture and any other document that may
be entered into pursuant to any of the foregoing.

- 6 -

 

	 	 	“February 2011 Secured Notes Guarantees” shall mean the guarantees of the obligations of the
Issuers under the February 2011 Secured Notes and the February 2011 Secured Notes Indenture by
the February 2011 Secured Notes Guarantors.
	 
	 	 	“February 2011 Secured Notes Guarantors” means the Current February 2011 Secured Notes
Guarantors and any entity which may accede to the February 2011 Secured Notes Indenture as
additional guarantor.
	 
	 	 	“February 2011 Secured Notes Holders” shall mean the holders from time to time of the February
2011 Secured Notes.
	 
	 	 	“February 2011 Secured Notes Indenture Trustee” shall mean The Bank of New York Mellon, in its
capacity as indenture trustee under the February 2011 Secured Notes Indenture and any successor
appointed as indenture trustee under the February 2011 Secured Notes Indenture.
	 
	 	 	“Grantors” means the Loan Parties, the Issuers, the 2009 Senior Secured Notes Guarantors, the
October 2010 Secured Notes Guarantors, the February 2011 Secured Notes Guarantors and the New
Secured Notes 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 2009 Senior Secured Notes Guarantors, the October 2010 Secured Notes Guarantors, the
February 2011 Secured Notes Guarantors and the New Secured Notes 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 2,000,000,000 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.

- 7 -

 

	 	 	“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 2009 Senior Secured Notes Indenture and any successor appointed as indenture trustee
under the 2009 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 AG or any other Lender or any affiliate of Credit Suisse AG
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, the Amendment No.1 and Joinder Agreement, the
Second Amended and Restated Credit Agreement and the Amendment No. 6 and Incremental Term Loan
Assumption 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 Current 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 and Hong Kong and Shanghai Banking

- 8 -

 

	 	 	Corporation Ltd., Thailand, Bank of America, N.A., Canada Branch, FIA Card Services, N.A.,
Citibank N.A., Citibank (China) Co., Ltd., Banco Nacional de Mexico, S.A., Integrante del Grupo
Financiero Banamex, Bank of America, N.A., 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.
	 
	 	 	“New Secured Notes Documents” shall mean the New Secured Notes Indenture, the New Secured Notes
Guarantees, the New Secured Notes, the Intercreditor Arrangements, any supplemental indenture,
any security document relating to the New Secured Notes and/or the New Secured Notes Indenture
and any other document that may be entered into pursuant to any of the foregoing.
	 
	 	 	“New Secured Notes Guarantees” shall mean the guarantees of the obligations of the August 2011
Escrow Issuers and/or of the August 2011 Ultimate Issuers under the New Secured Notes and the
New Secured Notes Indenture by the New Secured Notes Guarantors.
	 
	 	 	“New Secured Notes Guarantors” means the Current New Secured Notes Guarantors and any entity
which may accede to the New Secured Notes Indenture as additional guarantor.
	 
	 	 	“New Secured Notes Holders” shall mean the holders from time to time of the New Secured Notes.

	 
	 	 	

“New Secured Notes Indenture Trustee” shall mean The Bank of New York Mellon, in its capacity as
indenture trustee under the New Secured Notes Indenture and any successor appointed as indenture
trustee under the New Secured Notes Indenture.
	 
	 	 	“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), including with respect to all costs, charges and expenses incurred by
the Pledgee in connection with the protection, preservation or enforcement of its 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).
	 
	 	 	“October 2010 Secured Notes Documents” shall mean the October 2010 Secured Notes Indenture, the
October 2010 Secured Notes Guarantees, the October 2010 Secured Notes, the Intercreditor
Arrangements, any supplemental indenture relating to the October 2010 Secured Notes Indenture,
any security document relating to the October 2010 Secured Notes and/or the October 2010 Secured
Notes Indenture and any other document that may be entered into pursuant to any of the
foregoing.
	 
	 	 	“October 2010 Secured Notes Guarantees” shall mean the guarantees of the obligations of the
Issuers under the October 2010 Secured Notes and the October 2010 Secured Notes Indenture by the
October 2010 Secured Notes Guarantors.

- 9 -

 

	 	 	“October 2010 Secured Notes Guarantors” means the Current October 2010 Secured Notes Guarantors
and any entity which may accede to the October 2010 Secured Notes Indenture as additional
guarantor.
	 
	 	 	“October 2010 Secured Notes Holders” shall mean the holders from time to time of the October
2010 Secured Notes.
	 
	 	 	“October 2010 Secured Notes Indenture Trustee” shall mean The Bank of New York Mellon, in its
capacity as indenture trustee under the October 2010 Secured Notes Indenture and any successor
appointed as indenture trustee under the October 2010 Secured Notes Indenture.
	 
	 	 	“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.
	 
	 	 	“Pledge” and “Pledges” have the meanings given to such terms in Clause 2.1.

	 
	 	 	
“Principal Finance Documents” means the Credit Agreement, the 2009 Senior Secured Notes
Indenture, the October 2010 Secured Notes Indenture, the February 2011 Secured Notes Indenture,
the New Secured Notes 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 2009 Senior Secured Notes Holders, the October 2010
Secured Notes Holders, the February 2011 Secured Notes Holders and the New Secured Notes
Holders, the Indenture Trustee, the October 2010 Secured Notes Indenture Trustee, the February
2011 Secured Notes Indenture Trustee and the New Secured Notes Indenture Trustee, the Collateral
Agent, the Local Facility Providers and the Cash Management Banks.
	 
	 	 	“2009 Senior Secured Notes Documents” shall mean the 2009 Senior Secured Notes Indenture, the
2009 Senior Secured Notes Guarantees, the 2009 Senior Secured Notes, the Intercreditor
Arrangements, any supplemental indenture, any security document relating to the 2009 Senior
Secured Notes and/or the 2009 Senior Secured Notes Indenture and any other document that may be
entered into pursuant to any of the foregoing.
	 
	 	 	“2009 Senior Secured Notes Guarantees” shall mean the guarantees of the obligations of the
Issuers under the 2009 Senior Secured Notes and the 2009 Senior Secured Notes Indenture by the
2009 Senior Secured Notes Guarantors.
	 
	 	 	“2009 Senior Secured Notes Guarantors” means the Current 2009 Senior Secured Notes Guarantors
and any entity which may accede to the 2009 Senior Secured Notes Indenture as additional
guarantor.

- 10 -

 

	 	 	“2009 Senior Secured Notes Holders” shall mean the holders from time to time of the 2009
Senior Secured Notes.
	 
	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;
	 
	 	(b)	 	any reference in this Agreement to a “Clause” or a “Schedule” shall, subject to any
contrary indication, be construed as a reference to a Clause or a Schedule hereof; and
	 
	 	(c)	 	to the extent the word “note” or “Note” is used in any other documents in relation to
this Agreement, it shall be construed as if it were a reference to the word “notes” or
“Notes” as defined and used 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.	 	PLEDGE
	 
	2.1	 	The Pledgor hereby pledges to the Pledgee all its present and future rights and claims (whether
conditional or unconditional) arising against any Account Bank from or in relation to any of the
Accounts, including without limitation:

	 	(a)	 	all rights and claims in respect of present and future cash deposits (Guthaben)
(including without limitation saving deposits (Spareinlagen), time deposits
(Termineinlagen) (including fixed deposits (Festgeldguthaben) and termination monies
(Kündigungsgelder)) and call money deposits (Tagesgeldeinlagen) (including deposits for
overnight money, tom/next money, spot/next money and money until further notice (Geld b .a.
w.)) standing from time to time to the credit of the Accounts, including all claims to
interest payable;
	 
	 	(b)	 	in respect of each Account maintained as a giro account (Girokonto) at present or in
the future, (i) all claims in respect of present and future credit balances (positive
Salden), (ii) all claims in respect of present and future credit entries (gutgeschriebene
Beträge), (iii) all claims to interest payable and (iv) all other present and future
monetary rights and claims arising under or in connection with the respective giro
agreement (Girovertrag) (including without limitation all claims to the grant of a credit
entry (Gutschriftanspruch); and

- 11 -

 

	 	(c)	 	in respect of each Account maintained as a current account (Kontokorrentkonto) at
present or in the future, all present and future rights and claims arising under or in
connection with the respective current account agreement (Kontokorrentabrede) (including
without limitation all claims to determination and acknowledgement of the current account
balance (Anspruch auf Saldofeststellung und -anerkennung), all claims to present and future
current account balances (Saldoforderungen) including the causal final balance (kausaler
Schlusssaldo) and the right to terminate the current account relationship (Kündigung des
Kontokorrents)).

	 	 	(the “Pledge” and/or the “Pledges”).
	 
	2.2	 	The Pledgee hereby accepts the Pledges.

	 
	2.3	 	
 The Pledges are in addition, and without prejudice, to any other security the Secured Parties
may now or hereafter hold in respect of the Obligations.
	 
	3.	 	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.
	 
	4.	 	NOTICE OF PLEDGE
	 
	4.1	 	Subject to Clause 4.3 below the Pledgor undertakes that it will without undue delay, but not
later than twenty business days after the date of this Agreement, and, in relation to any Account
opened after the date of this Agreement, within ten business days after such new Account has been
opened, notify each Account Bank and any other relevant third party of the Pledges by delivering a
notification substantially in the form set out in Schedule 3 (Form of Notice of Pledge) by
registered mail (Einschreiben mit Rückschein). The Pledgor shall provide the Collateral Agent with
a copy of each such notification and of the corresponding return receipt (Rückschein). In addition,
the Pledgor shall use all reasonable efforts to procure that each Account Bank promptly
acknowledges receipt of the respective notification, and acceptance of the terms thereof, to the
Collateral Agent and to the Pledgor.
	 
	4.2	 	Without prejudice to the obligations imposed on the Pledgor in Clause 4.1 and, in the case of
future Accounts, Clause 8.3, the Pledgor hereby authorises the Collateral Agent and releases it for
this purpose from the restrictions of self-dealing under Section 181 of the German Civil Code to
notify each Account Bank and any other relevant third party on its behalf of this Agreement and the
Pledges constituted hereunder by delivering a notification substantially in the form set out in
Schedule 3

- 12 -

 

	 	 	(Form of Notice of Pledge), or in such substantially similar form as the Collateral Agent
(acting on behalf of the Secured Parties) deems appropriate, provided that the Collateral
Agent may only make use of this authorisation if the Pledgor has not complied with the
obligations imposed on the Pledgor in Clause 4.1 within 10 business days of being notified
of such failure (with a copy of such notice being sent to Reynolds Group Holdings Limited)
and being requested to comply or if an Enforcement Event has occurred and is continuing.
	 
	4.3	 	The Pledgor shall not be under an obligation to comply with its obligation under Clause 4.1
above whilst an Enforcement Event is not continuing if the Pledgor can prove to the Collateral
Agent (acting on behalf of the Secured Parties) that notifying the relevant Account Bank of the
Pledges created hereunder would not be consistent with, whilst an Enforcement Event is not
continuing, the Pledgor retaining control over and the ability to freely use the balance of any
such Account. The Collateral Agent will not be required to use its discretion but will take
instructions in accordance with the First Lien Intercreditor Agreement whether or not to agree with
the Pledgor’s analysis under this Clause 4.3. For the avoidance of doubt, at the date of this
Agreement the Pledgor agrees that notifying the Account Banks of the Pledge created hereunder is
not inconsistent with the Pledgor retaining control over and the ability to freely use the balance
of any Account existing at the date of this Agreement.
	 
	5.	 	PLEDGOR’S RIGHT OF DISPOSAL
	 
	 	 	The Pledgor may exercise all rights and powers in respect of each Account until the
Collateral Agent gives notice to the contrary to the Account Bank with a copy to the
Pledgor. The Pledgee may give such notice only if an Enforcement Event has occurred and is
continuing.
	 
	6.	 	ENFORCEMENT OF THE PLEDGES
	 
	6.1	 	If (i) an Enforcement Event has occurred and is continuing and (ii) the requirements set forth
in Sections 1273 para 2, 1204 et seq. of the German Civil Code with regard to the enforcement of
the Pledge are met (Pfandreife), in particular, if any of the Obligations have become due and
payable, then in order to enforce the Pledge the Collateral Agent (acting on the instructions of
the Secured Parties) 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.
	 
	6.2	 	The Collateral Agent may only enforce the Pledges in accordance with Clause 6.1 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 a Hedge Counterparty, (y) owed as cash management obligations to a Cash
Management Bank for Cash

- 13 -

 

	 	 	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 2009 Senior Secured
Notes Indenture, the October 2010 Secured Notes Indenture, the February 2011 Secured Notes
Indenture or the New 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 2009
Senior Secured Notes Indenture, the October 2010 Secured Notes Indenture, the February 2011 Secured
Notes Indenture or the New 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 a 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 2009
Senior Secured Notes Indenture, the October 2010 Secured Notes Indenture, the February 2011
Secured Notes Indenture or the New 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 a 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 2009 Senior Secured
Notes Indenture, the October 2010 Secured Notes Indenture, the February

- 14 -

 

	 	 	2011 Secured Notes Indenture or the New 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 7 (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 Clause 6.2 and
Clause 7 (Swiss Limitations) at any time thereafter.
	 
	6.3	 	Notwithstanding Section 1277 of the German Civil Code, the Pledgee is entitled to exercise its
rights without obtaining an enforceable judgment or other instrument (vollstreckbarer Titel). The
Pledgee shall be entitled to have the Pledges enforced in any manner allowed under the laws of the
Federal Republic of Germany.
	 
	6.4	 	The Pledgee will notify the Pledgor five business days prior to the enforcement of the Pledge
according to Clause 6. No such notification shall be required if (i) the Pledgor has generally
ceased to make payments (Zahlungseinstellung), (ii) an application for the institution of
insolvency proceedings is filed by or against the Pledgor or (iii) the Pledgee has reasonable
grounds to believe that observance of the notice period will adversely affect the legitimate
interests (berechtigte Interessen) of the Pledgee.
	 
	6.5	 	If the Pledgee (acting on the instructions of the Secured Parties) should seek to enforce the
Pledge pursuant to Clause 6.1 hereof, the Pledgor shall, at its own expense, render forthwith all
necessary assistance in order to facilitate the prompt realisation of the Pledge and/or the
exercise by the Pledgee of any other right it may have as Pledgee.
	 
	6.6	 	The Pledgee 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.
	 
	6.7	 	The Pledgor hereby expressly waives all defences of revocation (Einrede der Anfechtbarkeit) and
set-off (Einrede der Aufrechenbarkeit) pursuant to Sections 770, 1211 of the German Civil Code.
	 
	6.8	 	The Pledgor hereby expressly waives its defences based on defences 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.
	 
	6.9	 	If the Pledge is 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 Pledgee shall pass to
the Pledgor by subrogation or otherwise. Further, the Pledgor shall at no time before, on or after
an enforcement of the Pledge, and as a result of the Pledgor entering into this Agreement, be
entitled to demand

- 15 -

 

	 	 	indemnification or compensation from a Grantor or any affiliate of a Grantor or assign any
of these claims.
	 
	7.	 	SWISS LIMITATIONS
	 
	7.1	 	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 a 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 2009 Senior Secured Notes Indenture, the October 2010 Secured Notes Indenture, the
February 2011 Secured Notes Indenture or the New 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 a 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 2009 Senior Secured Notes
Indenture, the October 2010 Secured Notes Indenture, the February 2011 Secured Notes Indenture or
the New 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”). From the proceeds of an enforcement an amount equal to the sum of (i) the excess, if
any, of the enforcement proceeds over the Available Enforcement Proceeds plus (ii) the Tax Payment
Amount (as defined below) shall be returned to the Pledgor;
	 
	7.2	 	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

- 16 -

 

	 	 	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
	 
	7.3	 	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 case 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 (Withholding Taxes) of the 2009 Senior Secured Notes
Indenture, the October 2010 Secured Notes Indenture, the February 2011 Secured Notes
Indenture or the New Secured Notes 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 (Withholding Taxes) of the 2009
Senior Secured Notes Indenture, the October 2010 Secured Notes Indenture, the February 2011
Secured Notes Indenture or the New 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 case 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.
	 
	8.	 	UNDERTAKINGS OF THE PLEDGOR
	 
	 	 	Unless otherwise permitted by the Principal Finance Documents, during the term of this
Agreement, the Pledgor undertakes to the Pledgee:
	 
	8.1	 	subject to Clause 4.3 to use all reasonable efforts to procure that each Account Bank releases
any existing lien, including without limitation any pledge existing by operation of its general
business conditions (Allgemeine Geschäftsbedingungen), and waives any right of set-off and right of
retention in respect of the Accounts by countersigning and returning an acknowledgement of notice
of pledge substantially in the form set out in Schedule 3 (Form of Notice of Pledge) to the Pledgor
and the Pledgee.
	 
	8.2	 	to instruct each Account Bank to provide the Pledgee following receipt by the relevant Account
Bank of a notice pursuant to Clause 5 with all information requested by it in respect of the
Accounts and to that extent to release each Account Bank from its obligation to maintain
confidentiality (Bankgeheimnis) by delivering a notice of pledge to the respective Account Bank in
accordance with the requirements set out in Clause 4.1 or, in the case of any future Account,
Clause 8.3. The Pledgor undertakes

- 17 -

 

	 	 	not to revoke such instruction during the term of this Agreement, other than in respect of
an Account which is closed or disposed of in accordance with the terms of the Credit
Documents;
	 
	8.3	 	to notify the Pledgee without undue delay substantially in the form set out in Schedule 4 (Form
of Notification of Future Accounts) of each new bank account opened by the Pledgor with a credit
institution in the Federal Republic of Germany in accordance with Clause 4 above. For the avoidance
of doubt, the Pledgor is aware that any new bank account opened within the Federal Republic of
Germany will become an Account in the meaning of this Agreement upon notice to the Account Bank and
will be subject to the Pledge and the obligations assumed by the Pledgor hereunder without any
further agreement;
	 
	8.4	 	to close any of the Accounts only upon giving 5 business days prior notice to the Pledgee and
provided that the Pledgee has not given a notice pursuant to Clause 5;
	 
	8.5	 	to deliver to the Pledgee, within three months after the end of each calendar year ending after
January 2012, and at any time upon reasonable request of the Pledgee, up-to date account statement
sheets (Kontoauszüge) showing the balance on each of the Accounts, provided that the Pledgee shall
not request such information more than one additional time in any one year prior to the occurrence
of an Enforcement Event that is continuing;
	 
	8.6	 	with regard to any account books (Sparbücher) and any other documents which are necessary to
dispose over (verfügen) any of the Accounts, the Pledgor undertakes to deliver the originals of
such documents to the Pledgee without undue delay if the Pledgee has given a notice pursuant to
Clause 5 and to deliver to the Pledgee upon its reasonable request following such event without
undue delay any documents or other information concerning the Accounts, in particular (but not
limited to) the account opening documents and any agreements between the Account Bank and the
Pledgor in relation to the Accounts;
	 
	8.7	 	not to grant to any third party any rights in respect of the Accounts (keine Und-Konten oder
Oder-Konten oder sonstige Rechte Dritter) (other than those arising under the relevant Account
Bank’s general business conditions (Allgemeine Geschäftsbedingungen) and under the Existing Account
Pledge Agreements) without the prior written consent of the Collateral Agent (as instructed in
accordance with the Principal Finance Documents (such consent not to be unreasonably withheld);
	 
	8.8	 	to inform the Pledgee without undue delay of any attachment (Pfändung) and any third parties
bringing claims in respect of any of the Accounts, such notice to be accompanied by any documents
the Pledgee might need to defend itself against any claim by a third party. In the case of any
attachment (Pfändung) in respect of any of the Accounts, the Pledgor undertakes to forward to the
Pledgee without undue delay a

- 18 -

 

	 	 	copy of the attachment order (Pfändungsbeschluss), any transfer order
(Überweisungsbeschluss) and all other documents necessary for a defence against the
attachment. The Pledgor shall inform the attaching creditor of the Pledge without undue
delay;
	 
	8.9	 	except as otherwise agreed pursuant to the Principal Finance Documents, insofar as additional
declarations or actions are necessary for the creation of the Pledge, the Pledgor shall, at the
Collateral Agent’s reasonable request (acting on the reasonable instructions of the Secured
Parties), make such declarations and undertake such actions at the Pledgor’s costs and expenses;
and
	 
	8.10	 	for the avoidance of doubt, notification and delivery requirements as set out in subClauses
8.3, 8.4, 8.5, 8.6 and 8.8 of this Agreement are deemed to be satisfied if and to the extent such
information has been delivered under the Existing Account Pledge Agreements provided that such
notification or delivery to the Pledgee makes reference to this Agreement and each Existing Account
Pledge Agreement.
	 
	9.	 	DELEGATION
	 
	 	 	The Pledgee 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 Pledgee shall only remain liable for diligently
selecting and providing initial instructions to such delegate.
	 
	10.	 	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, indemnify the
Pledgee, 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 Pledge.
	 
	11.	 	NO LIABILITY
	 
	 	 	Except to the extent provided in the Principal Finance Documents, none of the Pledgee, 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 Pledgee, 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 -

 

	12.	 	DURATION AND INDEPENDENCE
	 
	12.1	 	This Agreement shall remain in full force and effect until complete satisfaction of the
Obligations. The Pledges shall not cease to exist, if the Grantors
under the Credit Documents have only temporarily discharged the Obligations.
	 
	12.2	 	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.
	 
	12.3	 	This Agreement is independent from any other security or guarantee which may have been or will
be given to the Pledgee. None of such other security shall prejudice, or shall be prejudiced by, or
shall be merged in any way with this Agreement.
	 
	12.4	 	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.
	 
	13.	 	RELEASE (PFANDFREIGABE)
	 
	13.1	 	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 Pledge (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 Pledge, due to its accessory nature (Akzessorietät), ceases to
exist by operation of German mandatory law.
	 
	13.2	 	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 Pledgee shall on demand of the Pledgor release
such part of the Security (Sicherheitenfreigabe) as the Pledgee (as instructed in accordance with
the First Lien Intercreditor Agreement) may in its reasonable discretion determine so as to reduce
the realisable value of the Security to the Limit.
	 
	13.3	 	The Pledgee (as instructed in accordance with the First Lien Intercreditor Agreement) will as
soon as reasonably practicable declare in writing the release of the Pledge (Pfandfreigabe) to the
Pledgor in accordance with, and to the extent required by, the Intercreditor Arrangements.

- 20 -

 

	14.	 	PARTIAL INVALIDITY; WAIVER
	 
	14.1	 	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.
	 
	14.2	 	No failure to exercise, nor any delay in exercising, on the part of the Pledgee, 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.	 	AMENDMENTS
	 
	 	 	Changes and amendments to this Agreement including this Clause 15 shall be made in writing.
	 
	16.	 	NOTICES AND THEIR LANGUAGE
	 
	16.1	 	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 Schweizerische Industrie-Gesellschaft AG
	 
	 	 	 	 	 	 
	 

	 	 	 	Address:
	 	Industrieplatz, CH-8212

Neuhausen am Rheinfall,

Switzerland
	 
	 	 	 	 	 	 
	 

	 	 	 	Telephone	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	Fax:
	 	+41 52 674 65 74
	 
	 	 	 	 	 	 
	 

	 	 	 	Attention:
	 	Head of Legal Corporate

- 21 -

 

	 	 	 	 	 	 	 

	 

	 	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

	16.2	 	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.
	 
	16.3	 	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 16 or in accordance with the latest
unrevoked direction from such party given in accordance with this Clause 16.

- 22 -

 

	16.4	 	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.
	 
	17.	 	APPLICABLE LAW, JURISDICTION
	 
	17.1	 	This Agreement is governed by the laws of the Federal Republic of Germany.
	 
	17.2	 	The place of jurisdiction for any and all disputes arising under or in connection with this
Agreement shall be the courts in Frankfurt am Main. The Pledgee 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.
	 
	18.	 	CONCLUSION OF THIS AGREEMENT (VERTRAGSSCHLUSS)
	 
	18.1	 	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.
	 
	18.2	 	If the parties to this Agreement choose to conclude this
Agreement pursuant to sub-Clause 18.1
above, they will transmit the signed signature page(s) of this Agreement to attention of Isabel van
Bremen or Axel Schlieter (isabel.vanbremen@cliffordchance.com or axel.schlieter@cliffordchance.com,
fax: +49 211 4355 5600) (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).
	 
	18.3	 	For the purposes of this Clause 18 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.

- 23 -

 

SIGNATURE PAGE

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

	 	 	 	 	 
	 	SIG Schweizerische Industrie-Gesellschaft AG

as Pledgor

 	 
	 	By:  	/s/ Cindi Lefari	 
	 	 	Name:  	Cindi Lefari 	 
	 	 	Title:  	Attorney 	 
	 
	 	The Bank of New York Mellon

as Collateral Agent and Pledgee

 	 
	 	By:  	/s/ Catherine F. Donohue
 	 
	 	 	Name:  	Catherine F. Donohue 	 
	 	 	Title:  	Vice President 	 

- 24 -

 

SCHEDULE 1

PART 1

LIST OF CURRENT BORROWERS

     SIG Euro Holding AG & Co. KGaA

     Closure Systems International Holdings Inc.

     Closure Systems International B.V.

     SIG Austria Holding GmbH

     Reynolds Consumer Products Holdings Inc.

     Reynolds Group Holdings Inc.

     Pactiv Corporation

PART 2

LIST OF CURRENT GUARANTORS, CURRENT 2009 SENIOR SECURED NOTES

 GUARANTORS, CURRENT OCTOBER 2010
SECURED NOTES GUARANTORS

AND CURRENT FEBRUARY 2011 SECURED NOTES GUARANTORS

     Whakatane Mill Australia Pty Limited

     SIG Austria Holding GmbH

     SIG Combibloc GmbH & Co KG

     SIG Combibloc GmbH

     SIG Beverages Brasil Ltda

     SIG Combibloc do Brasil Ltda.

     Closure Systems International (Brazil) Sistemas de Vedação Ltda

     CSI Latin American Holdings Corporation

     Evergreen Packaging Canada Limited

     CSI Closure Systems Manufacturing de Centro America, S.R.L.

     SIG Holdings (UK) Limited

     SIG Combibloc Limited

     Closure Systems International (UK) Limited

- 25 -

 

     Reynolds Consumer Products (UK) Limited

     Reynolds Subco (UK) Limited

     Kama Europe Limited

     Ivex Holdings, Ltd.

     SIG Euro Holding AG & Co. KGaA

     SIG Beverages Germany GmbH

     SIG Combibloc Holding GmbH

     SIG Vietnam Beteiligungs GmbH

     SIG Combibloc GmbH

     SIG Combibloc Systems GmbH

     SIG Combibloc Zerspanungstechnik GmbH

     SIG Information Technology GmbH

     SIG International Services GmbH

     Closure Systems International Holdings (Germany) GmbH

     Closure Systems International Deutschland GmbH

     Pactiv Hamburg Holdings GmbH

     Pactiv Deutschland Holdinggesellschaft mbH

     Omni-Pac Ekco GmbH Verpackungsmittel

     Omni-Pac GmbH Verpackungsmittel

     SIG Asset Holdings Limited

     Closure Systems International (Hong Kong) Limited

     SIG Combibloc Limited

     Evergreen Packaging (Hong Kong) Limited

     Closure Systems International Holdings (Hungary) Kft.

     CSI Hungary Gyártó és Kereskedelmi Kft. (aka CSI Hungary)

     Closure Systems International Holdings (Japan) KK

     Closure Systems International Japan, Limited

     Beverage Packaging Holdings (Luxembourg) I S.A.

- 26 -

 

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

     Evergreen Packaging (Luxembourg) S.à r.l.

     Reynolds Group Issuer (Luxembourg) S.A.

     Bienes Industriales del Norte S.A. de C.V.

     CSI en Ensenada, S. de R.L. de C.V.

     CSI en Saltillo, S. de R.L. de C.V.

     CSI Tecniservicio, S. de R.L. de C.V.

     Grupo CSI de Mexico, S. de R.L. de C.V.

     Técnicos de Tapas Innovativas S.A. de C.V.

     Evergreen Packaging Mexico, S. de R.L. de C.V.

     Reynolds Metals Company de Mexico, S. de R.L. de C.V.

     Maxpack, S. de R.L. de C.V.

     Closure Systems International B.V.

     Reynolds Consumer Products International B.V.

     Evergreen Packaging International B.V.

     Reynolds Packaging International B.V.

     Reynolds Group Holdings Limited

     Whakatane Mill Limited

     SIG
Combibloc Group AG

     SIG Technology AG

     SIG allCap AG

     SIG Combibloc (Schweiz) AG

     SIG Schweizerische Industrie-Gesellschaft AG

     SIG Combibloc Procurement AG

     SIG Reinag AG

     SIG Combibloc Ltd.

     SIG Holding USA Inc.

     SIG Combibloc Inc.

- 27 -

 

     Closure Systems International Americas, Inc.

     Closure Systems International Holdings Inc.

     Closure Systems International Inc.

     Reynolds Packaging Machinery Inc.

     Closure Systems Mexico Holdings LLC

     CSI Mexico LLC

     CSI Sales & Technical Services Inc.

     Bakers Choice Products, Inc.

     Reynolds Consumer Products Holdings Inc.

     Reynolds Consumer Products Inc.

     Reynolds Foil Inc.

     Reynolds Group Holdings Inc.

     Reynolds Services Inc.

     Blue Ridge Holding Corp.

     Blue Ridge Paper Products Inc.

     Evergreen Packaging International (US) Inc.

     Evergreen Packaging Inc.

     Evergreen Packaging USA Inc.

     Reynolds Packaging, Inc.

     Reynolds Packaging LLC

     Reynolds Packaging Kama Inc.

     Reynolds Food Packaging LLC

     Reynolds Flexible Packaging Inc.

     Southern Plastics Inc.

     Ultra Pac, Inc.

     BRPP, LLC

     Reynolds Group Issuer Inc.

     Reynolds Group Issuer LLC

- 28 -

 

     Pactiv Corporation (formerly Reynolds Acquisition Corporation)

     Pactiv Factoring LLC

     Pactiv RSA LLC

     Pactiv Retirement Administration LLC

     Pactiv Germany Holdings, Inc.

     Pactiv International Holdings Inc.

     Pactiv Management Company LLC

     PCA West Inc.

     Prairie Packaging, Inc.

     PWP Holdings, Inc.

     PWP Industries, Inc.

     Newspring Industrial Corp.

     Pactiv Canada Inc.

     The Baldwin Group Limited

     J. & W. Baldwin (Holdings) Limited

     Omni-Pac U.K. Limited

     Conference Cup Ltd.

     Dopaco Canada, Inc.

     Dopaco, Inc.

     Garven Incorporated

     Central de Bolsas, S. de R.L. de C.V.

     Servicios Industriales Jaguar, S. de C.V.

     Servicio Terrestre Jaguar, S. de C.V.

     Grupo Corporativo Jaguar, S. de C.V.

     Pactiv México, S. de R.L. de C.V.

- 29 -

 

PART 3

LIST OF CURRENT NEW SECURED NOTES
GUARANTORS1

     Whakatane Mill Australia Pty Limited

     SIG Beverages Brasil Ltda

     SIG Combibloc do Brasil Ltda.

     Closure Systems International (Brazil) Sistemas de Vedação Ltda

     CSI Latin American Holdings Corporation

     Evergreen Packaging Canada Limited

     CSI Closure Systems Manufacturing de Centro America, S.R.L.

     SIG Holdings (UK) Limited

     SIG Combibloc Limited

     Closure Systems International (UK) Limited

     Reynolds
Consumer Products (UK) Limited

      Reynolds Subco (UK) Limited

     Kama Europe Limited

      Ivex Holdings, Ltd.

     SIG Euro Holding AG & Co. KGaA

     SIG Beverages Germany GmbH

     SIG Combibloc Holding GmbH

     SIG
Vietnam Beteiligungs GmbH

     SIG Combibloc GmbH

     SIG Combibloc Systems GmbH

     SIG Combibloc Zerspanungstechnik GmbH

     SIG Information Technology GmbH

     SIG International Services GmbH

     Closure Systems International Holdings (Germany) GmbH

     Closure Systems International Deutschland GmbH

 

			
	1	 	Post closing Austrian guarantors excluded.

- 30 -

 

     Pactiv Hamburg Holdings GmbH

     Pactiv Deutschland Holdinggesellschaft mbH

     Omni-Pac Ekco GmbH Verpackungsmittel

     Omni-Pac GmbH Verpackungsmittel

     SIG
Asset Holdings Limited

     Closure Systems International (Hong Kong) Limited

     SIG
Combibloc Limited

     
 Evergreen Packaging (Hong Kong) Limited

     Closure Systems International Holdings (Hungary) Kft.

     CSI Hungary Gyártó és Kereskedelmi Kft. (aka CSI
Hungary)

     Closure Systems International Holdings (Japan) KK

     Closure Systems International Japan, Limited

     Beverage
Packaging Holdings (Luxembourg) I S.A.

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

     Evergreen Packaging (Luxembourg) S.à r.l.

     Reynolds Group Issuer (Luxembourg) S.A.

     Bienes Industriales del Norte S.A. de C.V.

     CSI en Ensenada, S. de R.L. de C.V.

     CSI en Saltillo, S. de R.L. de C.V.

     CSI Tecniservicio, S. de R.L. de C.V.

     Grupo CSI de Mexico, S. de R.L. de C.V.

     Técnicos de Tapas Innovativas S.A. de C.V.

     Evergreen Packaging Mexico, S. de R.L. de C.V.

     Reynolds Metals Company de Mexico, S.de R.L. de C.V.

     Maxpack, S. de R.L. de C.V.

     Closure Systems International B.V.

     Reynolds Consumer Products International B.V.

     Evergreen Packaging International B.V.

- 31 -

 

     Reynolds Packaging International B.V.

     Reynolds Group Holdings Limited

     Whakatane Mill Limited

     SIG Combibloc Group AG

     SIG Technology AG

     SIG allCap AG

     SIG Combibloc (Schweiz) AG

     SIG Schweizerische Industrie-Gesellschaft AG

     SIG Combibloc Procurement AG

     SIG Reinag AG

     SIG Combibloc Ltd.

     SIG Holding USA Inc.

     SIG Combibloc Inc.

     Closure Systems International Americas, Inc.

     Closure Systems International Holdings Inc.

     Closure Systems International Inc.

     Reynolds Packaging Machinery Inc.

     Closure Systems Mexico Holdings LLC

     CSI Mexico LLC

     CSI Sales & Technical Services Inc.

     Bakers Choice Products, Inc.

     Reynolds Consumer Products Holdings Inc.

     Reynolds Consumer Products Inc.

     Reynolds Foil Inc.

     Reynolds Group Holdings Inc.

     Reynolds Services Inc.

     Blue Ridge Holding Corp.

     Blue Ridge Paper Products Inc.

- 32 -

 

     Evergreen Packaging International (US) Inc.

     Evergreen Packaging Inc.

     Evergreen Packaging USA Inc.

     Reynolds Packaging, Inc.

     Reynolds Packaging LLC

     Reynolds Packaging Kama Inc.

     Reynolds Food Packaging LLC

     Reynolds Flexible Packaging Inc.

     Southern Plastics Inc.

     Ultra Pac, Inc.

     BRPP, LLC

     Reynolds Group Issuer Inc.

     Reynolds Group Issuer LLC

     Pactiv Corporation (formerly Reynolds Acquisition Corporation)

     Pactiv Factoring LLC

     Pactiv RSA LLC

     Pactiv Retirement Administration LLC

     Pactiv Germany Holdings, Inc.

     Pactiv International Holdings Inc.

     Pactiv Management Company LLC

     PCA West Inc.

     Prairie Packaging, Inc.

     PWP Holdings, Inc.

     PWP Industries, Inc.

     Newspring Industrial Corp.

     Pactiv Canada Inc.

     The Baldwin Group Limited

     J. & W. Baldwin (Holdings) Limited

- 33 -

 

     Omni-Pac U.K. Limited

     Conference Cup Ltd.

     Dopaco Canada, Inc.

     Dopaco, Inc.

     Garven Incorporated

     Central de Bolsas, S. de R.L. de C.V.

     Servicios Industriales Jaguar, S. de C.V.

     Servicio Terrestre Jaguar, S. de C.V.

     Grupo Corporativo Jaguar, S. de C.V.

     Pactiv México, S. de R.L. de C.V.

- 34 -

 

SCHEDULE 2

LIST OF ACCOUNTS

	 	 	 	 	 	 	 	 	 
	(Sub-) Account	 	Bank Sort Code	 	Name and address of	 	Type of	 	 
	No.	 	(Bankleitzahl)	 	Account Bank	 	account	 	Currency
	88234000

	 	BLZ

69270038
	 	Deutsche Bank AG, August

Ruf Strasse 8, 78224

Singen, Germany
	 	Giro
	 	EURO
	 

	 	IBAN

DE586927003800882340

00	 	 	 	 	 	 
	 

	 	SWIFT

DEUTDE6F692	 	 	 	 	 	 

- 35 -

 

SCHEDULE 3

FORM OF NOTICE OF PLEDGE

[Letterhead of Pledgor]

	 	 	 

	Absender/From:

	 	[Pledgor]
	 
	 	 
	An/To:

	 	[Account Bank]
	 
	 	 
	Datum/Date:

	 	[•]

	 	 	 

	Verpfändungsanzeige

	 	Notice of Pledge
	 
	 	 
	Betrifft: Konto Nr. [•]

	 	Re: Account No. [•]
	 
	 	 
	Sehr geehrte Damen und Herren,

	 	Dear Sirs,
	 
	 	 
	wie Ihnen bekannt ist, haben wir gemäß
eines
Kontenverpfändungsvertrags
vom
5.
November
2009
(der
“Kontenverpfändungsvertrag
1”),
eines
Kontenverpfändungsvertrages
vom
16.
November
2010
(der
“Kontenverpfändungsvertrag 2”) und eines
Kontenverpfändungsvertrages
vom 2. März
2011 (der “Kontenverpfändungsvertrag 3”)
alle Ansprüche einschließlich Zinsen aus
dem
o.g. Konto (inklusive aller
Unterkonten,
etwaigen Neueröffnungen, Verlängerungen,
Umbenennungen und Festgeldkonten davon)
zu Gunsten von The Bank of New York
Mellon (“Sicherheitentreuhänder”).
Die
Verpfändung umfasst
alle
Arten
von
Kontoguthaben sowie alle daraus
zeitanteilig
anfallenden Zinsen.
Eine
Kopie
des
Kontenverpfändungsvertrages
1,
des
Kontenverpfändungsvertrages
2 und
des
Kontenverpfändungsvertrages
3 hatten wir
unseren jeweiligen Schreiben beigefügt.

	 	As you are aware, by an account pledge
agreement dated 5 November 2009 (the
“Account Pledge Agreement 1”), an account
pledge agreement dated 16 November 2010
(the “Account Pledge Agreement 2”) and an
account pledge agreement dated 2 March
2011 (the “Account Pledge Agreement 3”)
we have pledged in favour of The Bank of
New York Mellon (the “Collateral Agent”)
all of our right, title and interest in
and to the
above account (which shall include all sub-
accounts,
renewals,
replacements,
redesignations
and related fixed deposit
accounts thereof) and all monies and
interest
from time to time standing or accruing to
the
credit thereof. A copy of the Account
Pledge
Agreement 1, the Account Pledge Agreement
2 and the Account Pledge Agreement 3 was
attached to our relevant letters.
	 
	 	 
	Gemäß einem
Bestätigungs-
und
Ergänzungsvertrag
zum
Kontenverpfändungsvertrag 1 vom 4. Mai
2010 (der “Bestätigungs-
und
Ergänzungsvertrag”)
wurde
der
Kontenverpfändungsvertrag 1 dahingehend
bestätigt und ergänzt, dass, unter anderem,
auch die Erhöhung bestehender Kreditlinien
umfasst wird, die
bereits
durch
den
Kontenverpfändungsvertrag 1 besichert sind.
Eine Kopie des
Bestätigungs-
und
Ergänzungsvertrags
hatten
wir unseren

	 	Pursuant to a confirmation and amendment
agreement relating to the Account Pledge
Agreement 1
dated 4
May 2010 (the
“Confirmation
and
Amendment
Agreement”),
the
Account
Pledge
Agreement 1
has been confirmed and
amended to the effect that, inter alia, it
also
secures the increase of existing facilities
which are already secured by the Account
Pledge Agreement 1.
A copy of the
Confirmation and Amendment Agreement

- 36 -

 

	 	 	 

	Schreiben beigefügt.

	 	was attached to our letters.
	 
	 	 
	Hiermit zeigen wir Ihnen an, dass wir gemäß
Ziffer 2.1 des hier in Kopie beigefügten
Kontenverpfändungsvertrags voma [•] alle
Rechte und Ansprüche bezüglich des o. g.
Kontos und aller sonstigen bei Ihnen
geführten Konten (die “KONTEN”) (inklusive
aller Unterkonten, etwaiger Neueröffnungen,
Verlängerungen, Umbenennung und
Festgeldkonten) zu Gunsten des
SicherheitentreuhÄnders verpfändet
haben.

	 	We hereby give you notice that pursuant to
Clause 2.1 of an account  pledge agreement
dated [•], a copy of which is attached hereto,
we have pledged in favour of the Collateral
Agent all of our rights and claims in respect
of the above account and all other accounts
maintained with you from time to time (the
“Accounts”)
(including
all
sub-accounts
thereof,
renewals,
replacements,
redesignations
and related
fixed deposit
accounts thereof).
	 
	 	 
	Die Verpfändung umfasst insbesondere alle
Ansprüche auf
gegenwärtige und zukünftige
Guthaben (einschließlich
Spareinlagen,
Termineinlagen,
Festgeldeinlagen
und
Tagesgeldeinlagen)
und
positive Salden
sowie alle darauf anfallenden Zinsen.

	 	The pledge comprises in particular all claims
to present and future cash deposits (including
saving deposits, time deposits, fixed deposits
and call money deposits) and credit balances
and all claims to interest payable in relation
thereto.
	 
	 	 
	Solange Sie als kontoführende Bank keine
gegenteilige Nachricht vom SicherheitentreuhÄnder erhalten, sind wir
ermächtigt, über die
Konten und insbesondere die
Kontenguthaben zu verfügen. Im
Fall des Erhalts einer entsprechenden Nachricht sind Sie als kontoführende Bank gehalten,
keinerlei
Verfügungen unsererseits über die
Konten
und die Kontenguthaben mehr zuzulassen.

	 	Until notice
to the contrary from the
Collateral Agent to be served on you as
account bank, we may continue to operate the
Accounts and in particular may dispose over
the amounts standing to the credit thereof.
Upon receipt of such aforesaid notice to the
contrary, you as account bank shall not allow
any dispositions by us of the Accounts and of
the amounts standing to the credit thereof.
	 
	 	 
	Wir
verzichten hiermit in bezug auf alle bei Ihnen geführten
Konten zu Gunsten
des
SicherheitentreuhÄnders auf unser Recht auf Vertraulichkeit (Bankgeheimnis)
und beauftragen und ermächtigen Sie hiermit, nachdem Sie die o.g Nachricht vom
SicherheitentreuhÄnder
erhalten haben, dem
SicherheitentreuhÄnder
auf sein Verlangen jede gewünschte Information im Hinblick auf solche Konten zu
geben.

	 	We herewith waive all rights of
confidentiality (Bankgeheimnis) in relation
to
all accounts held with you for the benefit of
the Collateral Agent. If you have received the
above notice from the Collateral Agent we
hereby instruct and authorise you to provide
the Collateral Agent with any information
requested by it in respect of such accounts.
	 
	 	 
	Diese Verpfändungsanzeige unterliegt deutschem Recht.

	 	This notice of pledge shall be construed in
accordance with German law.
	 
	 	 
	In Zweifelsfällen gilt die deutsche Fassung dieser Verpfändungsanzeige.

	 	In cases of doubt the German version of this
notice of pledge shall prevail.
	 
	 	 
	Wir bitten Sie, die dieser Verpfändungsanzeige beigefügte Empfangsbestätigung als Zeichen
Ihres

	 	Please sign the enclosed Acknowledgement of
Notice of Pledge in order to acknowledge
receipt of this notice and your agreement to

- 37 -

 

	 	 	 

	Einverständnisses mit den hierin und in der
Empfangsbestätigung
genannten
Bestimmungen unterzeichnet sowohl an uns
als
auch an den
SicherheitentreuhÄnder

zu
senden.
Die
Adresse
des 
SicherheitentreuhÄnders ist die
folgende:

	 	the terms set out herein and in the enclosed
Acknowledgement and return the same to us
and to the Collateral Agent. The address of
the Collateral Agent is the following:
	 
	 	 
	
[name and address of Collateral Agent].
	 
	 	 
	Mit freundlichen
Grüßen

	 	Yours faithfully

[Pledgor]

 

(Geschäftsführer/Managing Director)

- 38 -

 

[Letterhead of Account Bank]

	 	 	 

	Absender/From:

	 	[Account Bank]
	 
	 	 
	An/ To:

	 	[Collateral Agent]
	 

	 	und/and
	 

	 	[Pledgor]
	 
	 	 
	Datum/ Date:

	 	[•]

Bestätigung des Empfangs einer Acknowledgement of Notice of Pledge
Verpfändungsanzeige

	 	 	 

	Betrifft: Konto Nr. [•]

	 	Re: Account No. [•]
	 
	 	 
	Sehr geehrte Damen und Herren,

	 	Dear Sirs,
	 
	 	 
	Wir bestätigen hiermit den Erhalt der Verpfändungsanzeige vom
[Datum] sowie der
Kopie des Kontoverpfändungsvertrags vom
[•]
und
unser Einverständnis
mit den darin enthaltenen Bestimmungen.

	 	We hereby acknowledge receipt of the notice
of pledge dated [date] and of a copy of the
account pledge agreement dated [• ] and
confirm our agreement with the terms set out
therein.
	 
	 	 
	Wir
versichern,
dass
wir
keine
Verpfändungsanzeige
bzgl. der verpfändeten
Konten erhalten haben, außer Ihrer Anzeigen
vom [• ] und vom [• ], und uns mit Ausnahme
unseres
AGB-Pfandrechts
keine
Rechte
Dritter an den verpfändeten Konten bekannt
sind.

	 	We confirm that we have neither received
any previous notice of pledge relating to the
pledged accounts nor are we aware of any
third party rights in relation to the accounts
other than your notice dated [• ] and [• ] and
except for the right of pledge arising
pursuant to our general business conditions.
	 
	 	 
	Wir
verpflichten uns hiermit, sowohl im
eigenen Namen als auch für unsere jeweiligen
Rechtsnachfolger, die in der obengenannten
Verpfändungsanzeige
enthaltenen
Bestimmungen
und
Anweisungen zu
befolgen.

	 	We hereby confirm on behalf of ourselves
and our legal successors in title that we will
act in accordance with the terms and
instructions set out in the notice of pledge
referred to above.
	 
	 	 
	Wir verzichten hiermit unwiderruflich und
bedingungslos auf jegliche
Aufrechnungs-
und Zurückbehaltungsrechte bzgl. der Konten,
wobei
es unser
Verständnis
ist, dass
Saldierungen
bei
Kontokorrentkonten
weiterhin
vorgenommen
und
Kontoführungsgebühren
und
retournierte
Schecks den
Konten
weiterhin
ohne
Einschränkung belastet werden dürfen.

	 	We hereby irrevocably and unconditionally
waive our rights in respect of and agree not
to make any set-off from the Accounts or
invoke any rights of retention in relation to
the Accounts; it being understood that the
balancing of current accounts shall be
permitted and that account-keeping fees and
returned cheques may furthermore be debited
without restriction.
	 
	 	 
	Des
Weiteren erklären wir hiermit, dass wir
das
aufgrund
unserer
Allgemeinen
Geschäftsbedingungen
an
den
Konten
bestehende Pfandrecht aufgeben.

	 	We hereby release the pledge granted in our
favour in respect of the Accounts pursuant to
our General Business Conditions.

- 39 -

 

	 	 	 

	Dieses Schreiben unterliegt deutschem
Recht.

	 	This letter shall be construed in accordance
with German law.
	 
	 	 
	In Zweifelsfällen gilt die deutsche Fassung
dieses Schreibens.

	 	In cases of doubt the German version of this
letter shall prevail.
	 
	 	 
	Mit freundlichen Grüßen

	 	Yours faithfully
	 
	 	 
	[Account Bank]
	 	 
	 
	 	 
	 
	 	 
	 

([Name des Unterzeichners/name of signatory])

	 	 

- 40 -

 

SCHEDULE 4

FORM OF NOTIFICATION OF FUTURE ACCOUNTS

	 	 	 

	From:

	 	[Pledgor]
	 
	 	 
	To:

	 	[Collateral Agent]
	 
	 	 
	Date:

	 	[Date of Notification]
	 
	 	 
	Re:

	 	Account pledge agreement dated [date of this Agreement] between us
as pledgor and you and others as pledgees (the “Account Pledge
Agreement”)

Dear Sirs,

In accordance with Clause 16.3 of the Account Pledge Agreement, we hereby give you notice that we
[will open/have opened] the following bank account (the “New Account”):

	 	 	 	 	 	 	 
	(Sub-) Account	 	Bank Sort Code	 	Name and address of Account	 	Type of
	No.	 	(Bankleitzahl)	 	Bank (the “Account Bank”)	 	Account
	[•]

	 	[•]
	 	[•]
	 	[•]

Capitalised terms not otherwise defined herein shall have the meaning ascribed thereto in the
Account Pledge Agreement.

We hereby confirm that all our present and future rights and claims (whether conditional or
unconditional) arising against the Account Bank from or in relation to the New Account (as
specified in Clause 2.1 of the Account Pledge Agreement) are pledged to the Pledgee pursuant to the
Account Pledge Agreement as security for the Obligations. We expressly acknowledge that all
obligations imposed on us in the Account Pledge Agreement in respect of the Accounts also apply for
the New Account.

By way of
an independent guarantee (selbstständiges Garantieversprechen), we make the
representations and warranties set out in Clauses 8.2 of the Account Pledge Agreement in respect of
the New Account.

[In accordance with Clause 16.3 of the Account Pledge Agreement, we enclose a copy of the notice of
pledge we have given to the Account Bank in respect of the New Account as well as an original copy
of the acknowledgement countersigned by the Account Bank.]

- 41 -

 

Yours faithfully

	 	 	 	 	 
	[Pledgor]

 	 
	By:  	 	 
	 	Name:  	 	 
	 	Title:  	Managing Director (Geschäftsführer) 	 
	 

- 42 -exv4w468

			
	 
	 	EXHIBIT 4.468

SIG ALLCAP AG

as Pledgor

THE BANK OF NEW YORK MELLON

as Collateral Agent and Pledgee

 

ACCOUNT PLEDGE AGREEMENT

(Kontoverpfändung)

 

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
	 	 	- 6 -	 
	 
	 	 	 	 
	2. Pledge
	 	 	- 13 -	 
	 
	 	 	 	 
	3. Purpose of the Pledges
	 	 	- 14 -	 
	 
	 	 	 	 
	4. Notice of Pledge
	 	 	- 14 -	 
	 
	 	 	 	 
	5. Pledgor’s Right of Disposal
	 	 	- 15 -	 
	 
	 	 	 	 
	6. Enforcement of the Pledges
	 	 	- 15 -	 
	 
	 	 	 	 
	7. Swiss Limitations
	 	 	- 17 -	 
	 
	 	 	 	 
	8. Undertakings of the Pledgor
	 	 	- 19 -	 
	 
	 	 	 	 
	9. Delegation
	 	 	- 21 -	 
	 
	 	 	 	 
	10. Indemnity
	 	 	- 21 -	 
	 
	 	 	 	 
	11. No liability
	 	 	- 21 -	 
	 
	 	 	 	 
	12. Duration and Independence
	 	 	- 22 -	 
	 
	 	 	 	 
	13. Release (Pfandfreigabe)
	 	 	- 22 -	 
	 
	 	 	 	 
	14. Partial Invalidity; Waiver
	 	 	- 23 -	 
	 
	 	 	 	 
	15. Amendments
	 	 	- 23 -	 
	 
	 	 	 	 
	16. Notices and their Language
	 	 	- 23 -	 
	 
	 	 	 	 
	17. Applicable Law, Jurisdiction
	 	 	- 25 -	 
	 
	 	 	 	 
	18. Conclusion of this Agreement (Vertragsschluss)
	 	 	- 25 -	 
	 
	 	 	 	 
	Schedule 1
	 	 	- 27 -	 
	 
	 	 	 	 
	Part 1 List of Current Borrowers
	 	 	- 27 -	 
	 
	 	 	 	 
	Part 2 List of Current Guarantors, Current 2009 Senior Secured Notes Guarantors,
Current October 2010 Secured Notes Guarantors and Current February 2011 Secured Notes Guarantors
	 	 	- 27 -	 
	 
	 	 	 	 
	Part 3 List of Current New Secured Notes Guarantors
	 	 	- 32 -	 
	 
	 	 	 	 
	Schedule 2 List of Accounts
	 	 	- 38 -	 
	 
	 	 	 	 
	Schedule 3 Form of Notice of Pledge
	 	 	- 39 -	 
	 
	 	 	 	 
	Schedule 4 Form of Notification of Future Accounts
	 	 	44	 

 

 

     This ACCOUNT PLEDGE AGREEMENT (the “Agreement”) is made on
8 September 2011

	 	 	BETWEEN:
	 
	(1)	 	SIG allCap AG, a company limited by shares incorporated under the laws of Switzerland, having
its registered office at Industrieplatz, CH-8212 Neuhausen am Rheinfall, Switzerland and
registered in the Commercial Register of the Canton of Schaffhausen with the federal register
number CH-290.3.013.656-7 (the “Pledgor”); and
	 
	(2)	 	The Bank of New York Mellon, a public company incorporated under the laws of the state of New
York, 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 the second amended and restated senior secured multi-currency term and revolving
credit agreement dated 9 August 2011 of currently up to USD 4,445,000,000 and EUR 330,000,000
between, inter alia, the parties listed in Schedule 1 Part 1 hereto as current borrowers (the
“Current Borrowers”), the parties listed in Schedule 1 Part 2 hereto as current guarantors
(the “Current Guarantors”), Credit Suisse AG as administrative agent and others (as amended,
varied, novated, restated, supplemented, superseded or extended from time to time, the “Second
Amended and Restated Credit Agreement”), which amends and restates the multi-currency term and
revolving credit agreement dated 5 November 2009 between, inter alia, the Current Borrowers
and the Current Guarantors, Credit Suisse AG as administrative agent and others (as amended
and restated pursuant to the Second Amended and Restated Credit Agreement and as further
amended, varied, novated, restated, supplemented, superseded or extended from time to time,
hereinafter the “Credit Agreement”), certain lenders (together the “Original Lenders”) have
granted certain facilities to the Current Borrowers and certain other entities which may
accede or may have acceded to the Credit Agreement as additional borrowers.
	 
	(B)	 	Pursuant to a senior secured notes indenture dated 5 November 2009 between, inter alia,
Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., and Reynolds Group Issuer (Luxembourg)
S.A as ultimate issuers (the “Issuers”), certain affiliates of the Issuers listed in Schedule
1 Part 2 hereto as current 2009 senior secured notes guarantors (the “Current 2009 Senior
Secured Notes 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 “2009 Senior Secured Notes Indenture”), the
Issuers have issued senior secured notes due 2016 in the aggregate principal amount of USD

- 3 -

 

	 	 	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 “2009 Senior Secured Notes”) to certain noteholders.
	 
	(C)	 	Pursuant to a senior secured notes indenture dated 15 October 2010 between, inter alia, RGHL
US Escrow I LLC, RGHL US Escrow I Inc., and RGHL Escrow Issuer (Luxembourg) I S.A. as escrow
issuers (the “Escrow Issuers”), The Bank of New York Mellon as indenture trustee, The Bank of
New York Mellon, London Branch as principal paying agent, The Bank of New York Mellon as
collateral agent and Wilmington Trust (London) Limited as additional collateral agent (as
amended, varied, novated, supplemented, superseded or extended from time to time, the “October
2010 Secured Notes Indenture”), the Escrow Issuers have issued secured notes due 2019 in the
aggregate principal amount of USD 1,500,000,000 in escrow (the “October 2010 Secured Notes”).
In connection with the release from escrow of the proceeds of the October 2010 Secured Notes,
which occurred on 16 November 2010, the Escrow Issuers were merged with and into the Issuers,
with each of the Issuers surviving the applicable mergers or other transfers and assuming by
operation of law the obligations of the applicable Escrow Issuers with respect to the October
2010 Secured Notes Indenture and the October 2010 Secured Notes. Certain affiliates of the
Issuers listed in Schedule 1 Part 2 hereto have acceded to the October 2010 Secured Notes
Indenture as current October 2010 secured notes guarantors (the “Current October 2010 Secured
Notes Guarantors”).
	 
	(D)	 	Pursuant to a senior secured notes indenture dated 1 February 2011 between, inter alia, the
Issuers, The Bank of New York Mellon as indenture trustee, The Bank of New York Mellon, London
Branch as principal paying agent, The Bank of New York Mellon as collateral agent and
Wilmington Trust (London) Limited as additional collateral agent (as amended, varied, novated,
supplemented, superseded or extended from time to time, the “February 2011 Secured Notes
Indenture”), the Issuers have issued secured notes due 2021 in the aggregate principal amount
of USD 1,000,000,000 (the “February 2011 Secured Notes”) which are guaranteed by certain
affiliates of the Issuers listed in Schedule 1 Part 2 hereto as current February 2011 secured
notes guarantors (the “Current February 2011 Secured Notes Guarantors”).
	 
	(E)	 	The Pledgor has entered into the Existing Account Pledge Agreements (as defined below).
	 
	(F)	 	Pursuant to a senior secured notes indenture dated 9 August 2011 between, inter alia, the
RGHL US Escrow II LLC and RGHL US Escrow II Inc. as escrow issuers (the “August 2011 Escrow
Issuers”), The Bank of New York Mellon as indenture trustee,

- 4 -

 

	 	 	The Bank of New York Mellon, London Branch as principal paying agent, The Bank of New York
Mellon as collateral agent and Wilmington Trust (London) Limited as additional collateral
agent (as amended, varied, novated, supplemented, superseded or extended from time to time,
the “New Secured Notes Indenture”), the August 2011 Escrow Issuers have issued senior
secured notes due 2019 in the aggregate principal amount of USD 1,500,000,000 (the “New
Secured Notes”). In connection with the release from escrow of the proceeds of the New
Secured Notes, RGHL US Escrow II Inc. and RGHL US Escrow II LLC shall be merged with and
into Reynolds Group Issuer Inc. and Reynolds Group Issuer LLC (together with Reynolds Group
Issuer (Luxembourg) S.A., the “August 2011 Ultimate Issuers”), respectively, and the
obligations of the August 2011 Escrow Issuers shall be 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. At such time certain
affiliates of the August 2011 Ultimate Issuers listed in Schedule 1 Part 3 hereto as current
new secured notes guarantors (the “Current New Secured Notes Guarantors”) will accede to the
New Secured Notes Indenture.
	 
	(G)	 	As a result of the Second Amended and Restated Credit Agreement and the amendment No. 6 and
incremental term loan assumption agreement dated 9 August 2011 between, inter alia, the
Current Borrowers, the Current Guarantors, Credit Suisse AG as administrative agent and others
(the “Amendment No. 6 and Incremental Term Loan Assumption Agreement”) certain lenders have
agreed to grant incremental term loans in an aggregate amount of up to USD 2,000,000,000.
	 
	(H)	 	The Pledgor has agreed to grant an additional pledge (subject to the pledges existing by
operation of the general business conditions (Allgemeine Geschäftsbedingungen) of the
respective Account Bank (as defined below) and the pledges arising under the Existing Account
Pledge Agreements (as defined below)) over its Accounts (as defined below) as security for the
Pledgee’s respective claims against the Grantors (as defined below) (or any of them) in
respect of the Obligations (as defined below).
	 
	(I)	 	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 5 November 2009 (as amended by the Amendment No. 1 and Joinder Agreement (as
defined below)) 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”).

- 5 -

 

	 	 	NOW, IT IS AGREED as follows:
	 
	1.	 	DEFINITIONS AND LANGUAGE
	 
	1.1	 	Definitions
	 
	 	 	In this Agreement:
	 
	 	 	“Account Banks” means the credit institutions administering the Accounts and “Account Bank”
means any of them.
	 
	 	 	“Accounts” means all bank accounts (including without limitation giro accounts and accounts
for saving deposits (Spareinlagen), time deposits (Termineinlagen) or call money deposits
(Tagesgeldeinlagen)) which the Pledgor holds at present or may at any time hereafter open
with any credit institution in the Federal Republic of Germany (including without limitation
the accounts listed in Schedule 2 (List of Accounts)) and any sub-account (Unterkonto),
renewal, redesignation or replacement thereof, and “Account” means any of them.
	 
	 	 	“Administrative Agent” means Credit Suisse AG, Cayman Islands Branch, having its business
address at Eleven 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.
	 
	 	 	“Amendment No.1 and Joinder Agreement” means the joinder agreement dated 21 January 2010
relating to the First Lien Intercreditor Agreement made among (amongst others) the
Collateral Agent, Wilmington Trust (London) Limited, Credit Suisse AG and Reynolds Group
Holdings Limited pursuant to which Wilmington Trust (London) Limited is appointed as
additional collateral agent and became party to the First Lien Intercreditor Agreement.
	 
	 	 	“Borrowers” means the Current 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 N.A., 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 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.

- 6 -

 

	 	 	“Credit Documents” shall mean the Loan Documents, the 2009 Senior Secured Notes Documents,
the October 2010 Secured Notes Documents, the February 2011 Secured Notes Documents and the
New Secured Notes 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 2009 Senior Secured Notes Indenture and/or the October 2010 Secured Notes
Indenture and/or the February 2011 Secured Notes Indenture and/or the New Secured Notes
Indenture.
	 
	 	 	“Existing Account Pledge Agreements” means

	 	(a)	 	the account pledge agreement dated 5 November 2009 (as amended
by a confirmation and amendment agreement dated 4 May 2010) entered into
between SIG allCap AG as pledgor and The Bank of New York Mellon as collateral
agent and as pledgee and others as pledgees;
	 
	 	(b)	 	confirmation and amendment agreement dated 4 May 2010 and
entered into between, inter alios, SIG allCap AG as pledgor and The Bank of New
York Mellon as collateral agent relating to an account pledge agreement dated 5
November 2009 and entered into between SIG allCap AG as pledgor and The Bank of
New York Mellon as collateral agent and as pledgee and others as pledgees;
	 
	 	(c)	 	the account pledge agreement dated 16 November 2010 entered
into between SIG allCap AG as pledgor and The Bank of New York Mellon as
collateral agent and pledgee; and
	 
	 	(d)	 	the account pledge agreement dated 02 March 2011 and entered
into between SIG allCap AG as pledgor and The Bank of New York Mellon as
collateral agent and pledgee.

	 	 	“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, as
amended and restated on 5 November 2009 and as further amended on 5 November 2010) 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 AG (formerly Credit
Suisse) as security trustee and others.
	 
	 	 	“February 2011 Secured Notes Documents” shall mean the February 2011 Secured Notes
Indenture, the February 2011 Secured Notes Guarantees, the February 2011 Secured Notes, the
Intercreditor Arrangements, any supplemental indenture, any security document relating to
the February 2011 Secured Notes and/or the February

- 7 -

 

	 	 	2011 Secured Notes Indenture and any other document that may be entered into pursuant to any
of the foregoing.
	 
	 	 	“February 2011 Secured Notes Guarantees” shall mean the guarantees of the obligations of the
Issuers under the February 2011 Secured Notes and the February 2011 Secured Notes Indenture
by the February 2011 Secured Notes Guarantors.
	 
	 	 	“February 2011 Secured Notes Guarantors” means the Current February 2011 Secured Notes
Guarantors and any entity which may accede to the February 2011 Secured Notes Indenture as
additional guarantor.
	 
	 	 	“February 2011 Secured Notes Holders” shall mean the holders from time to time of the
February 2011 Secured Notes.
	 
	 	 	“February 2011 Secured Notes Indenture Trustee” shall mean The Bank of New York Mellon, in
its capacity as indenture trustee under the February 2011 Secured Notes Indenture and any
successor appointed as indenture trustee under the February 2011 Secured Notes Indenture.
	 
	 	 	“Grantors” means the Loan Parties, the Issuers, the 2009 Senior Secured Notes Guarantors,
the October 2010 Secured Notes Guarantors, the February 2011 Secured Notes Guarantors and
the New Secured Notes 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 2009 Senior Secured Notes Guarantors, the October 2010 Secured
Notes Guarantors, the February 2011 Secured Notes Guarantors and the New Secured Notes
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 2,000,000,000 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

- 8 -

 

	 	 	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 2009 Senior Secured Notes Indenture and any successor appointed as
indenture trustee under the 2009 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 AG or any other Lender or any affiliate of Credit Suisse
AG 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, the Amendment No.1 and Joinder Agreement,
the Second Amended and Restated Credit Agreement and the Amendment No. 6 and Incremental
Term Loan Assumption 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 Current Guarantors and any entity which may
accede to the Credit Agreement as additional guarantor and a “Loan Party” means any of them.

- 9 -

 

	 	 	“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 and Hong Kong and Shanghai Banking Corporation Ltd., Thailand, Bank of
America, N.A., Canada Branch, FIA Card Services, N.A., Citibank N.A., Citibank (China) Co.,
Ltd., Banco Nacional de Mexico, S.A., Integrante del Grupo Financiero Banamex, Bank of
America, N.A., 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.
	 
	 	 	“New Secured Notes Documents” shall mean the New Secured Notes Indenture, the New Secured
Notes Guarantees, the New Secured Notes, the Intercreditor Arrangements, any supplemental
indenture, any security document relating to the New Secured Notes and/or the New Secured
Notes Indenture and any other document that may be entered into pursuant to any of the
foregoing.
	 
	 	 	“New Secured Notes Guarantees” shall mean the guarantees of the obligations of the August
2011 Escrow Issuers and/or of the August 2011 Ultimate Issuers under the New Secured Notes
and the New Secured Notes Indenture by the New Secured Notes Guarantors.
	 
	 	 	“New Secured Notes Guarantors” means the Current New Secured Notes Guarantors and any entity
which may accede to the New Secured Notes Indenture as additional guarantor.
	 
	 	 	“New Secured Notes Holders” shall mean the holders from time to time of the New Secured
Notes.
	 
	 	 	“New Secured Notes Indenture Trustee” shall mean The Bank of New York Mellon, in its
capacity as indenture trustee under the New Secured Notes Indenture and any successor
appointed as indenture trustee under the New Secured Notes Indenture.
	 
	 	 	“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), including with respect to all costs, charges and
expenses incurred by the Pledgee in connection with the protection, preservation or
enforcement of its 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).

- 10 -

 

	 	 	“October 2010 Secured Notes Documents” shall mean the October 2010 Secured Notes Indenture,
the October 2010 Secured Notes Guarantees, the October 2010 Secured Notes, the Intercreditor
Arrangements, any supplemental indenture relating to the October 2010 Secured Notes
Indenture, any security document relating to the October 2010 Secured Notes and/or the
October 2010 Secured Notes Indenture and any other document that may be entered into
pursuant to any of the foregoing.
	 
	 	 	“October 2010 Secured Notes Guarantees” shall mean the guarantees of the obligations of the
Issuers under the October 2010 Secured Notes and the October 2010 Secured Notes Indenture by
the October 2010 Secured Notes Guarantors.
	 
	 	 	“October 2010 Secured Notes Guarantors” means the Current October 2010 Secured Notes
Guarantors and any entity which may accede to the October 2010 Secured Notes Indenture as
additional guarantor.
	 
	 	 	“October 2010 Secured Notes Holders” shall mean the holders from time to time of the October
2010 Secured Notes.
	 
	 	 	“October 2010 Secured Notes Indenture Trustee” shall mean The Bank of New York Mellon, in
its capacity as indenture trustee under the October 2010 Secured Notes Indenture and any
successor appointed as indenture trustee under the October 2010 Secured Notes Indenture.
	 
	 	 	“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.
	 
	 	 	“Pledge” and “Pledges” have the meanings given to such terms in Clause 2.1.
	 
	 	 	“Principal Finance Documents” means the Credit Agreement, the 2009 Senior Secured Notes
Indenture, the October 2010 Secured Notes Indenture, the February 2011 Secured Notes
Indenture, the New Secured Notes 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 2009 Senior Secured Notes Holders,
the October 2010 Secured Notes Holders, the February 2011 Secured Notes Holders and the New
Secured Notes Holders, the Indenture Trustee, the October 2010 Secured Notes Indenture
Trustee, the February 2011 Secured Notes Indenture Trustee and the New Secured Notes
Indenture Trustee, the Collateral Agent, the Local Facility Providers and the Cash
Management Banks.
	 
	 	 	“2009 Senior Secured Notes Documents” shall mean the 2009 Senior Secured Notes

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	 	 	Indenture, the 2009 Senior Secured Notes Guarantees, the 2009 Senior Secured Notes, the
Intercreditor Arrangements, any supplemental indenture, any security document relating to
the 2009 Senior Secured Notes and/or the 2009 Senior Secured Notes Indenture and any other
document that may be entered into pursuant to any of the foregoing.
	 
	 	 	“2009 Senior Secured Notes Guarantees” shall mean the guarantees of the obligations of the
Issuers under the 2009 Senior Secured Notes and the 2009 Senior Secured Notes Indenture by
the 2009 Senior Secured Notes Guarantors.
	 
	 	 	“2009 Senior Secured Notes Guarantors” means the Current 2009 Senior Secured Notes
Guarantors and any entity which may accede to the 2009 Senior Secured Notes Indenture as
additional guarantor.
	 
	 	 	“2009 Senior Secured Notes Holders” shall mean the holders from time to time of the 2009
Senior Secured Notes.
	 
	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;
	 
	 	(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 hereof; and
	 
	 	(c)	 	to the extent the word “note” or “Note” is used in any other documents in
relation to this Agreement, it shall be construed as if it were a reference to the word
“notes” or “Notes” as defined and used 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.

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	2.	 	PLEDGE
	 
	2.1	 	The Pledgor hereby pledges to the Pledgee all its present and future rights and claims
(whether conditional or unconditional) arising against any Account Bank from or in relation to
any of the Accounts, including without limitation:

	 	(a)	 	all rights and claims in respect of present and future cash deposits (Guthaben)
(including without limitation saving deposits (Spareinlagen), time deposits
(Termineinlagen) (including fixed deposits (Festgeldguthaben) and termination monies
(Kündigungsgelder)) and call money deposits (Tagesgeldeinlagen) (including deposits for
overnight money, tom/next money, spot/next money and money until further notice (Geld b
..a. w.)) standing from time to time to the credit of the Accounts, including all claims
to interest payable;
	 
	 	(b)	 	in respect of each Account maintained as a giro account (Girokonto) at present
or in the future, (i) all claims in respect of present and future credit balances
(positive Salden), (ii) all claims in respect of present and future credit entries
(gutgeschriebene Beträge), (iii) all claims to interest payable and (iv) all other
present and future monetary rights and claims arising under or in connection with the
respective giro agreement (Girovertrag) (including without limitation all claims to the
grant of a credit entry (Gutschriftanspruch); and
	 
	 	(c)	 	in respect of each Account maintained as a current account (Kontokorrentkonto)
at present or in the future, all present and future rights and claims arising under or
in connection with the respective current account agreement (Kontokorrentabrede)
(including without limitation all claims to determination and acknowledgement of the
current account balance (Anspruch auf Saldofeststellung und -anerkennung), all claims
to present and future current account balances (Saldoforderungen) including the causal
final balance (kausaler Schlusssaldo) and the right to terminate the current account
relationship (Kündigung des Kontokorrents)).

	 	 	(the “Pledge” and/or the “Pledges”).
	 
	2.2	 	The Pledgee hereby accepts the Pledges.
	 
	2.3	 	The Pledges are in addition, and without prejudice, to any other security the Secured Parties
may now or hereafter hold in respect of the Obligations.

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	3.	 	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.
	 
	4.	 	NOTICE OF PLEDGE
	 
	4.1	 	Subject to Clause 4.3 below the Pledgor undertakes that it will without undue delay, but
not later than twenty business days after the date of this Agreement, and, in relation to any
Account opened after the date of this Agreement, within ten business days after such new
Account has been opened, notify each Account Bank and any other relevant third party of the
Pledges by delivering a notification substantially in the form set out in Schedule 3 (Form of
Notice of Pledge) by registered mail (Einschreiben mit Rückschein). The Pledgor shall provide
the Collateral Agent with a copy of each such notification and of the corresponding return
receipt (Rückschein). In addition, the Pledgor shall use all reasonable efforts to procure
that each Account Bank promptly acknowledges receipt of the respective notification, and
acceptance of the terms thereof, to the Collateral Agent and to the Pledgor.
	 
	4.2	 	Without prejudice to the obligations imposed on the Pledgor in Clause 4.1 and, in the case
of future Accounts, Clause 8.3, the Pledgor hereby authorises the Collateral Agent and
releases it for this purpose from the restrictions of self-dealing under Section 181 of the
German Civil Code to notify each Account Bank and any other relevant third party on its behalf
of this Agreement and the Pledge constituted hereunder by delivering a notification
substantially in the form set out in Schedule 3 (Form of Notice of Pledge), or in such
substantially similar form as the Collateral Agent (acting on behalf of the Secured Parties)
deems appropriate, provided that the Collateral Agent may only make use of this authorisation
if the Pledgor has not complied with the obligations imposed on the Pledgor in Clause 4.1
within 10 business days of being notified of such failure (with a copy of such notice being
sent to Reynolds Group Holdings Limited) and being requested to comply or if an Enforcement
Event has occurred and is continuing.
	 
	4.3	 	The Pledgor shall not be under an obligation to comply with its obligation under Clause 4.1
above whilst an Enforcement Event is not continuing if the Pledgor can prove to the Collateral
Agent (acting on behalf of the Secured Parties) that notifying the relevant Account Bank of
the Pledge created hereunder would not be consistent with, whilst an Enforcement Event is not
continuing, the Pledgor retaining control over and the ability to freely use the balance of
any such Account. The Collateral

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	 	 	Agent will not be required to use its discretion, but will take instructions in accordance
with the First Lien Intercreditor Agreement whether or not to agree with the Pledgor’s
analysis under this Clause 4.3. For the avoidance of doubt, at the date of this Agreement
the Pledgor agrees that notifying the Account Banks of the Pledge created hereunder is not
inconsistent with the Pledgor retaining control over and the ability to freely use the
balance of any Account existing at the date of this Agreement.
	 
	5.	 	PLEDGOR’S RIGHT OF DISPOSAL
	 
	 	 	The Pledgor may exercise all rights and powers in respect of each Account until the
Collateral Agent gives notice to the contrary to the Account Bank with a copy to the
Pledgor. The Pledgee may give such notice only if an Enforcement Event has occurred and is
continuing.
	 
	6.	 	ENFORCEMENT OF THE PLEDGES
	 
	6.1	 	If (i) an Enforcement Event has occurred and is continuing and (ii) the requirements set
forth in Sections 1273 para 2, 1204 et seq. of the German Civil Code with regard to the
enforcement of the Pledge are met (Pfandreife), in particular, if any of the Obligations have
become due and payable, then in order to enforce the Pledge, the Collateral Agent (acting on
the instructions of the Secured Parties) 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.
	 
	6.2	 	The Collateral Agent may only enforce the Pledges in accordance with Clause 6.1 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 a 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 2009 Senior Secured Notes Indenture, the October 2010 Secured Notes
Indenture, the February 2011 Secured Notes Indenture or the New 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 a 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 2009
Senior

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	 	 	Secured Notes Indenture, the October 2010 Secured Notes Indenture, the February 2011 Secured
Notes Indenture or the New 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 a 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 2009 Senior Secured Notes Indenture, the October 2010 Secured Notes
Indenture, the February 2011 Secured Notes Indenture or the New 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 a 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 2009 Senior Secured Notes Indenture, the October 2010
Secured Notes Indenture, the February 2011 Secured Notes Indenture or the New 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 7
(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 Clause 6.2 and Clause 7 (Swiss Limitations) at any time thereafter.

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	6.3	 	Notwithstanding Section 1277 of the German Civil Code, the Pledgee is entitled to exercise
its rights without obtaining an enforceable judgment or other instrument (vollstreckbarer
Titel). The Pledgee shall be entitled to have the Pledges enforced in any manner allowed under
the laws of the Federal Republic of Germany.
	 
	6.4	 	The Pledgee will notify the Pledgor five business days prior to the enforcement of the Pledge
according to Clause 6. No such notification shall be required if (i) the Pledgor has
generally ceased to make payments (Zahlungseinstellung), (ii) an application for the
institution of insolvency proceedings is filed by or against the Pledgor or (iii) the Pledgee
has reasonable grounds to believe that observance of the notice period will adversely affect
the legitimate interests (berechtigte Interessen) of the Pledgee.
	 
	6.5	 	If the Pledgee (acting on the instructions of the Secured Parties) should seek to enforce the
Pledge pursuant to Clause 6.1 hereof, the Pledgor shall, at its own expense, render
forthwith all necessary assistance in order to facilitate the prompt realisation of the Pledge
and/or the exercise by the Pledgee of any other right it may have as Pledgee.
	 
	6.6	 	The Pledgee 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.
	 
	6.7	 	The Pledgor hereby expressly waives all defences of revocation (Einrede der Anfechtbarkeit)
and set-off (Einrede der Aufrechenbarkeit) pursuant to Sections 770, 1211 of the German Civil
Code.
	 
	6.8	 	The Pledgor hereby expressly waives its defences based on defences 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.
	 
	6.9	 	If the Pledge is 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 Pledgee shall
pass to the Pledgor by subrogation or otherwise. Further, the Pledgor shall at no time before,
on or after an enforcement of the Pledge, and as a result of the Pledgor entering into this
Agreement, be entitled to demand indemnification or compensation from a Grantor or any
affiliate of a Grantor or assign any of these claims.
	 
	7.	 	SWISS LIMITATIONS
	 
	7.1	 	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

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	 	 	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 a 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 2009
Senior Secured Notes Indenture, the October 2010 Secured Notes Indenture, the February 2011
Secured Notes Indenture or the New 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 a 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 2009 Senior Secured Notes Indenture, the October 2010 Secured Notes
Indenture, the February 2011 Secured Notes Indenture or the New 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”). From the proceeds of an enforcement an amount equal to
the sum of (i) the excess, if any, of the enforcement proceeds over the Available
Enforcement Proceeds plus (ii) the Tax Payment Amount (as defined below) shall be returned
to the Pledgor;
	 
	7.2	 	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
	 
	7.3	 	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)

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	 	 	 	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 case 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 (Withholding Taxes) of the 2009 Senior Secured Notes
Indenture, the October 2010 Secured Notes Indenture, the February 2011 Secured Notes
Indenture or the New Secured Notes 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 (Withholding Taxes) of the 2009
Senior Secured Notes Indenture, the October 2010 Secured Notes Indenture, the February 2011
Secured Notes Indenture or the New 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 case 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.
	 
	8.	 	UNDERTAKINGS OF THE PLEDGOR
	 
	 	 	Unless otherwise permitted by the Principal Finance Documents, during the term of this
Agreement, the Pledgor undertakes to the Pledgee:
	 
	8.1	 	subject to Clause 4.3 to use all reasonable efforts to procure that each Account Bank
releases any existing lien, including without limitation any pledge existing by operation of
its general business conditions (Allgemeine Geschäftsbedingungen), and waives any right of
set-off and right of retention in respect of the Accounts by countersigning and returning an
acknowledgement of notice of pledge substantially in the form set out in Schedule 3 (Form of
Notice of Pledge) to the Pledgor and the Pledgee.
	 
	8.2	 	to instruct each Account Bank to provide the Pledgee following receipt by the relevant
Account Bank of a notice pursuant to Clause 5 with all information requested by it in
respect of the Accounts and to that extent to release each Account Bank from its obligation to
maintain confidentiality (Bankgeheimnis) by delivering a notice of pledge to the respective
Account Bank in accordance with the requirements set out in Clause 4.1 or, in the case of
any future Account, Clause 8.3. The Pledgor undertakes not to revoke such instruction during
the term of this Agreement, other than in respect of an Account which is closed or disposed of
in accordance with the terms of the Credit Documents;

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	8.3	 	to notify the Pledgee without undue delay substantially in the form set out in Schedule 4
(Form of Notification of Future Accounts) of each new bank account opened by the Pledgor with
a credit institution in the Federal Republic of Germany in accordance with Clause 4 above.
For the avoidance of doubt, the Pledgor is aware that any new bank account opened within the
Federal Republic of Germany will become an Account in the meaning of this Agreement upon
notice to the Account Bank and will be subject to the Pledge and the obligations assumed by
the Pledgor hereunder without any further agreement;
	 
	8.4	 	to close any of the Accounts only upon giving 5 business days prior notice to the Pledgee and
provided that the Pledgee has not given a notice pursuant to Clause 5;
	 
	8.5	 	to deliver to the Pledgee, within three months after the end of each calendar year ending
after January 2012, and at any time upon reasonable request of the Pledgee, up-to date account
statement sheets (Kontoauszüge) showing the balance on each of the Accounts, provided that the
Pledgee shall not request such information more than one additional time in any one year prior
to the occurrence of an Enforcement Event that is continuing;
	 
	8.6	 	with regard to any account books (Sparbücher) and any other documents which are necessary to
dispose over (verfügen) any of the Accounts, the Pledgor undertakes to deliver the originals
of such documents to the Pledgee without undue delay if the Pledgee has given a notice
pursuant to Clause 5 and to deliver to the Pledgee upon its reasonable request following
such event without undue delay any documents or other information concerning the Accounts, in
particular (but not limited to) the account opening documents and any agreements between the
Account Bank and the Pledgor in relation to the Accounts;
	 
	8.7	 	not to grant to any third party any rights in respect of the Accounts (keine Und-Konten oder
Oder-Konten oder sonstige Rechte Dritter) (other than those arising under the relevant Account
Bank’s general business conditions (Allgemeine Geschäftsbedingungen) and under the Existing
Account Pledge Agreements) without the prior written consent of the Collateral Agent (as
instructed in accordance with the Principal Finance Documents) (such consent not to be
unreasonably withheld);
	 
	8.8	 	to inform the Pledgee without undue delay of any attachment (Pfändung) and any third parties
bringing claims in respect of any of the Accounts, such notice to be accompanied by any
documents the Pledgee might need to defend itself against any claim by a third party. In the
case of any attachment (Pfändung) in respect of any of the Accounts, the Pledgor undertakes to
forward to the Pledgee without undue delay a copy of the attachment order
(Pfändungsbeschluss), any transfer order (Überweisungsbeschluss) and all other documents
necessary for a defence against the

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	 	 	attachment. The Pledgor shall inform the attaching creditor of the Pledge without undue
delay;
	 
	8.9	 	except as otherwise agreed pursuant to the Principal Finance Documents, insofar as additional
declarations or actions are necessary for the creation of the Pledge, the Pledgor shall, at
the Collateral Agent’s reasonable request (acting on the reasonable instructions of the
Secured Parties), make such declarations and undertake such actions at the Pledgor’s costs and
expenses; and
	 
	8.10	 	for the avoidance of doubt, notification and delivery requirements as set out in sub-Clauses
8.3, 8.4, 8.5, 8.6 and 8.8 of this Agreement are deemed to be satisfied if and to the
extent such notification or information has been delivered under the Existing Account Pledge
Agreements provided that such notification or delivery to the Pledgee makes reference to this
Agreement and each Existing Account Pledge Agreement.
	 
	9.	 	DELEGATION
	 
	 	 	The Pledgee 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 Pledgee shall only remain liable for diligently selecting and
providing initial instructions to such delegate.
	 
	10.	 	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, indemnify the
Pledgee, 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 Pledge.
	 
	11.	 	NO LIABILITY
	 
	 	 	Except to the extent provided in the Principal Finance Documents, none of the Pledgee, 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 Pledgee, 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.

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	12.	 	DURATION AND INDEPENDENCE
	 
	12.1	 	This Agreement shall remain in full force and effect until complete satisfaction of the
Obligations. The Pledge shall not cease to exist, if the Grantors under the Credit Documents
have only temporarily discharged the Obligations.
	 
	12.2	 	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.
	 
	12.3	 	This Agreement is independent from any other security or guarantee which may have been or
will be given to the Pledgee. None of such other security shall prejudice, or shall be
prejudiced by, or shall be merged in any way with this Agreement.
	 
	12.4	 	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.
	 
	13.	 	RELEASE (PFANDFREIGABE)
	 
	13.1	 	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 Pledge (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 Pledge, due to its accessory nature
(Akzessorietät), ceases to exist by operation of German mandatory law.
	 
	13.2	 	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 Pledgee shall on demand of the Pledgor
release such part of the Security (Sicherheitenfreigabe) as the Pledgee (as instructed in
accordance with the First Lien Intercreditor Agreement) may in its reasonable discretion
determine so as to reduce the realisable value of the Security to the Limit.
	 
	13.3	 	The Pledgee (as instructed in accordance with the First Lien Intercreditor Agreement) will as
soon as reasonably practicable declare in writing the release of the Pledge (Pfandfreigabe) to
the Pledgor in accordance with, and to the extent required by, the Intercreditor Arrangements.

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	14.	 	PARTIAL INVALIDITY; WAIVER
	 
	14.1	 	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.
	 
	14.2	 	No failure to exercise, nor any delay in exercising, on the part of the Pledgee, 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.	 	AMENDMENTS
	 
	 	 	Changes and amendments to this Agreement including this Clause 15 shall be made in
writing.
	 
	16.	 	NOTICES AND THEIR LANGUAGE
	 
	16.1	 	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 allCap AG
	 

	 	Address:
	 	Industrieplatz, CH-8212

Neuhausen am Rheinfall,

Switzerland
	 
	 	 	 	 
	 

	 	Telephone	 	 
	 
	 	 	 	 
	 

	 	Fax:
	 	+41 52 674 65 74
	 
	 	 	 	 
	 

	 	Attention:
	 	Head of Legal Corporate

- 23 -

 

	 	 	 	 	 

	        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

	16.2	 	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.
	 
	16.3	 	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

- 24 -

 

	 	 	such party as provided in this Clause 16 or in accordance with the latest unrevoked
direction from such party given in accordance with this Clause 16.
	 
	16.4	 	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.
	 
	17.	 	APPLICABLE LAW, JURISDICTION
	 
	17.1	 	This Agreement is governed by the laws of the Federal Republic of Germany.
	 
	17.2	 	The place of jurisdiction for any and all disputes arising under or in connection with this
Agreement shall be the courts in Frankfurt am Main. The Pledgee 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.
	 
	18.	 	CONCLUSION OF THIS AGREEMENT (VERTRAGSSCHLUSS)
	 
	18.1	 	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.
	 
	18.2	 	If the parties to this Agreement choose to conclude this Agreement pursuant to sub-Clause
18.1 above, they will transmit the signed signature page(s) of this Agreement to attention
of Isabel van Bremen or Axel Schlieter (isabel.vanbremen@cliffordchance.com or
axel.schlieter@cliffordchance.com, fax: +49 211 43 55 5600) (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).
	 
	18.3	 	For the purposes of this Clause 18 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.

- 25 -

 

SIGNATURE PAGE

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

	 	 	 	 	 
	 	SIG allCap AG

as Pledgor

 	 
	 	By:  	/s/ Cindi Lefari
 	 
	 	 	Name:  	Cindi Lefari 	 
	 	 	Title:  	Attorney 	 
	 
	 	The Bank of New York Mellon

as Collateral Agent and Pledgee

 	 
	 	By:  	/s/ Catherine F. Donohue
 	 
	 	 	Name:  	Catherine F. Donohue 	 
	 	 	Title:  	Vice President 	 

- 26 -

 

	 	 	 	 	 

SCHEDULE 1

PART 1

LIST OF CURRENT BORROWERS

     SIG Euro Holding AG & Co. KGaA

     Closure Systems International Holdings Inc.

     Closure Systems International B.V.

     SIG Austria Holding GmbH

     Reynolds Consumer Products Holdings Inc.

     Reynolds Group Holdings Inc.

     Pactiv Corporation

PART 2

LIST OF CURRENT GUARANTORS, CURRENT 2009 SENIOR SECURED NOTES

GUARANTORS, CURRENT OCTOBER 2010 SECURED NOTES GUARANTORS

AND CURRENT FEBRUARY 2011 SECURED NOTES GUARANTORS

     Whakatane Mill Australia Pty Limited

     SIG Austria Holding GmbH

     SIG Combibloc GmbH & Co KG

     SIG Combibloc GmbH

     SIG Beverages Brasil Ltda.

     SIG Combibloc do Brasil Ltda.

     Closure Systems International (Brazil) Sistemas de Vedação Ltda.

     CSI Latin American Holdings Corporation

     Evergreen Packaging Canada Limited

     CSI Closure Systems Manufacturing de Centro America, S.R.L.

     SIG Holdings (UK) Limited

- 27 -

 

     SIG Combibloc Limited

     Closure Systems International (UK) Limited

     Reynolds Consumer Products (UK) Limited

     Reynolds Subco (UK) Limited

     Kama Europe Limited

     Ivex Holdings, Ltd.

     SIG Euro Holding AG & Co. KGaA

     SIG Beverages Germany GmbH

     SIG Combibloc Holding GmbH

     SIG Vietnam Beteiligungs GmbH

     SIG Combibloc GmbH

     SIG Combibloc Systems GmbH

     SIG Combibloc Zerspanungstechnik GmbH

     SIG Information Technology GmbH

     SIG International Services GmbH

     Closure Systems International Holdings (Germany) GmbH

     Closure Systems International Deutschland GmbH

     Pactiv Hamburg Holdings GmbH

     Pactiv Deutschland Holdinggesellschaft mbH

     Omni-Pac Ekco GmbH Verpackungsmittel

     Omni-Pac GmbH Verpackungsmittel

     SIG Asset Holdings Limited

     Closure Systems International (Hong Kong) Limited

     SIG Combibloc Limited

     Evergreen Packaging (Hong Kong) Limited

     Closure Systems International Holdings (Hungary) Kft.

- 28 -

 

     CSI Hungary Gyártó és Kereskedelmi Kft. (aka CSI Hungary)

     Closure Systems International Holdings (Japan) KK

     Closure Systems International Japan, Limited

     Beverage Packaging Holdings (Luxembourg) I S.A.

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

     Evergreen Packaging (Luxembourg) S.à r.l.

     Reynolds Group Issuer (Luxembourg) S.A.

     Bienes Industriales del Norte S.A. de C.V.

     CSI en Ensenada, S. de R.L. de C.V.

     CSI en Saltillo, S. de R.L. de C.V.

     CSI Tecniservicio, S. de R.L. de C.V.

     Grupo CSI de Mexico, S. de R.L. de C.V.

     Técnicos de Tapas Innovativas S.A. de C.V.

     Evergreen Packaging Mexico, S. de R.L. de C.V.

     Reynolds Metals Company de Mexico, S. de R.L. de C.V.

     Maxpack, S. de R.L. de C.V.

     Closure Systems International B.V.

     Reynolds Consumer Products International B.V.

     Evergreen Packaging International B.V.

     Reynolds Packaging International B.V.

     Reynolds Group Holdings Limited

     Whakatane Mill Limited

     SIG Combibloc Group AG

     SIG Technology AG

     SIG allCap AG

     SIG Combibloc (Schweiz) AG

- 29 -

 

     SIG Schweizerische Industrie-Gesellschaft AG

     SIG Combibloc Procurement AG

     SIG Reinag AG

     SIG Combibloc Ltd.

     SIG Holding USA Inc.

     SIG Combibloc Inc.

     Closure Systems International Americas, Inc.

     Closure Systems International Holdings Inc.

     Closure Systems International Inc.

     Reynolds Packaging Machinery Inc.

     Closure Systems Mexico Holdings LLC

     CSI Mexico LLC

     CSI Sales & Technical Services Inc.

     Bakers Choice Products, Inc.

     Reynolds Consumer Products Holdings Inc.

     Reynolds Consumer Products Inc.

     Reynolds Foil Inc.

     Reynolds Group Holdings Inc.

     Reynolds Services Inc.

     Blue Ridge Holding Corp.

     Blue Ridge Paper Products Inc.

     Evergreen Packaging International (US) Inc.

     Evergreen Packaging Inc.

     Evergreen Packaging USA Inc.

     Reynolds Packaging, Inc.

     Reynolds Packaging LLC

- 30 -

 

     Reynolds Packaging Kama Inc.

     Reynolds Food Packaging LLC

     Reynolds Flexible Packaging Inc.

     Southern Plastics Inc.

     Ultra Pac, Inc.

     BRPP, LLC

     Reynolds Group Issuer Inc.

     Reynolds Group Issuer LLC

     Pactiv Corporation (formerly Reynolds Acquisition Corporation)

     Pactiv Factoring LLC

     Pactiv RSA LLC

     Pactiv Retirement Administration LLC

     Pactiv Germany Holdings, Inc.

     Pactiv International Holdings Inc.

     Pactiv Management Company LLC

     PCA West Inc.

     Prairie Packaging, Inc.

     PWP Holdings, Inc.

     PWP Industries, Inc.

     Newspring Industrial Corp.

     Pactiv Canada Inc.

     The Baldwin Group Limited

     J. & W. Baldwin (Holdings) Limited

     Omni-Pac U.K. Limited

     Conference Cup Ltd.

     Dopaco Canada, Inc.

- 31 -

 

     Dopaco, Inc.

     Garven Incorporated

     Central de Bolsas, S. de R.L. de C.V.

     Servicios Industriales Jaguar, S. de C.V.

     Servicio Terrestre Jaguar, S. de C.V.

     Grupo Corporativo Jaguar, S. de C.V.

     Pactiv México, S. de R.L. de C.V.

PART 3

LIST OF CURRENT NEW SECURED NOTES GUARANTORS1

     Whakatane Mill Australia Pty Limited

     SIG Beverages Brasil Ltda.

     SIG Combibloc do Brasil Ltda.

     Closure Systems International (Brazil) Sistemas de Vedação Ltda.

     CSI Latin American Holdings Corporation

     Evergreen Packaging Canada Limited

     CSI Closure Systems Manufacturing de Centro America, S.R.L.

     SIG Holdings (UK) Limited

     SIG Combibloc Limited

     Closure Systems International (UK) Limited

     Reynolds Consumer Products (UK) Limited

     Reynolds Subco (UK) Limited

 

			
	1	 	Post-closing Austrian Guarantors excluded.

- 32 -

 

     Kama Europe Limited

     Ivex Holdings, Ltd.

     SIG Euro Holding AG & Co. KGaA

     SIG Beverages Germany GmbH

     SIG Combibloc Holding GmbH

     SIG Vietnam Beteiligungs GmbH

     SIG Combibloc GmbH

     SIG Combibloc Systems GmbH

     SIG Combibloc Zerspanungstechnik GmbH

     SIG Information Technology GmbH

     SIG International Services GmbH

     Closure Systems International Holdings (Germany) GmbH

     Closure Systems International Deutschland GmbH

     Pactiv Hamburg Holdings GmbH

     Pactiv Deutschland Holdinggesellschaft mbH

     Omni-Pac Ekco GmbH Verpackungsmittel

     Omni-Pac GmbH Verpackungsmittel

     SIG Asset Holdings Limited

     Closure Systems International (Hong Kong) Limited

     SIG Combibloc Limited

     Evergreen Packaging (Hong Kong) Limited

     Closure Systems International Holdings (Hungary) Kft.

     CSI Hungary Gyártó és Kereskedelmi Kft. (aka CSI Hungary)

     Closure Systems International Holdings (Japan) KK

     Closure Systems International Japan, Limited

     Beverage Packaging Holdings (Luxembourg) I S.A.

- 33 -

 

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

     Evergreen Packaging (Luxembourg) S.à r.l.

     Reynolds Group Issuer (Luxembourg) S.A.

     Bienes Industriales del Norte S.A. de C.V.

     CSI en Ensenada, S. de R.L. de C.V.

     CSI en Saltillo, S. de R.L. de C.V.

     CSI Tecniservicio, S. de R.L. de C.V.

     Grupo CSI de Mexico, S. de R.L. de C.V.

     Técnicos de Tapas Innovativas S.A. de C.V.

     Evergreen Packaging Mexico, S. de R.L. de C.V.

     Reynolds Metals Company de Mexico, S. de R.L. de C.V.

     Maxpack, S. de R.L. de C.V.

     Closure Systems International B.V.

     Reynolds Consumer Products International B.V.

     Evergreen Packaging International B.V.

     Reynolds Packaging International B.V.

     Reynolds Group Holdings Limited

     Whakatane Mill Limited

     SIG Combibloc Group AG

     SIG Technology AG

     SIG allCap AG

     SIG Combibloc (Schweiz) AG

     SIG Schweizerische Industrie-Gesellschaft AG

     SIG Combibloc Procurement AG

     SIG Reinag AG

     SIG Combibloc Ltd.

- 34 -

 

     SIG Holding USA Inc.

     SIG Combibloc Inc.

     Closure Systems International Americas, Inc.

     Closure Systems International Holdings Inc.

     Closure Systems International Inc.

     Reynolds Packaging Machinery Inc.

     Closure Systems Mexico Holdings LLC

     CSI Mexico LLC

     CSI Sales & Technical Services Inc.

     Bakers Choice Products, Inc.

     Reynolds Consumer Products Holdings Inc.

     Reynolds Consumer Products Inc.

     Reynolds Foil Inc.

     Reynolds Group Holdings Inc.

     Reynolds Services Inc.

     Blue Ridge Holding Corp.

     Blue Ridge Paper Products Inc.

     Evergreen Packaging International (US) Inc.

     Evergreen Packaging Inc.

     Evergreen Packaging USA Inc.

     Reynolds Packaging, Inc.

     Reynolds Packaging LLC

     Reynolds Packaging Kama Inc.

     Reynolds Food Packaging LLC

     Reynolds Flexible Packaging Inc.

     Southern Plastics Inc.

- 35 -

 

     Ultra Pac, Inc.

     BRPP, LLC

     Reynolds Group Issuer Inc.

     Reynolds Group Issuer LLC

     Pactiv Corporation (formerly Reynolds Acquisition Corporation)

     Pactiv Factoring LLC

     Pactiv RSA LLC

     Pactiv Retirement Administration LLC

     Pactiv Germany Holdings, Inc.

     Pactiv International Holdings Inc.

     Pactiv Management Company LLC

     PCA West Inc.

     Prairie Packaging, Inc.

     PWP Holdings, Inc.

     PWP Industries, Inc.

     Newspring Industrial Corp.

     Pactiv Canada Inc.

     The Baldwin Group Limited

     J. & W. Baldwin (Holdings) Limited

     Omni-Pac U.K. Limited

     Conference Cup Ltd.

     Dopaco Canada, Inc.

     Dopaco, Inc.

     Garven Incorporated

     Central de Bolsas, S. de R.L. de C.V.

     Servicios Industriales Jaguar, S. de C.V.

- 36 -

 

     Servicio Terrestre Jaguar, S. de C.V.

     Grupo Corporativo Jaguar, S. de C.V.

     Pactiv México, S. de R.L. de C.V.

- 37 -

 

SCHEDULE 2

LIST OF ACCOUNTS

	 	 	 	 	 	 	 	 	 
	(Sub-)	 	Bank Sort Code	 	Name and address	 	 	 	 
	Account No.	 	(Bankleitzahl)	 	of Account Bank	 	Type of account	 	Currency
	[          ]

	 	BLZ

69270038

IBAN

[                    ]

SWIFT

DEUTDE6F692
	 	Deutsche Bank AG,

August Ruf Strasse 8, 78224

Singen, Germany
	 	Giro
	 	EURO
	 
	 	 	 	 	 	 	 	 
	[          ]

	 	IBAN

[                    ]
	 	HSBC Trinkaus &

Burkhardt AG

Königsallee 21/23

40212 Düsseldorf

Germany
	 	Giro
	 	EURO

- 38 -

 

SCHEDULE 3

FORM OF NOTICE OF PLEDGE

[Letterhead of Pledgor]

	 	 	 

	Absender/From:

	 	[Pledgor]
	 
	 	 
	An/To:

	 	[Account Bank]
	 
	 	 
	Datum/Date:

	 	[•]

	 	 	 

	     Verpfändungsanzeige

	 	     Notice of Pledge
	 
	 	 
	     Betrifft: Konto Nr. [•]

	 	     Re: Account No. [•]
	 
	 	 
	     Sehr geehrte Damen und Herren,

	 	     Dear Sirs,
	 
	 	 
	wie Ihnen bekannt ist, haben wir gemäß eines
Kontenverpfändungsvertrags vom 5. November 2009 (der
“Kontenverpfändungsvertrag 1”), eines
Kontenverpfändungsvertrages vom 16. November 2010 (der
“Kontenverpfändungsvertrag 2”) und eines
Kontenverpfändungsvertrages vom 2. März 2011 (der
“Kontenverpfändungsvertrag 3”) alle Ansprüche einschließlich
Zinsen aus dem o.g. Konto (inklusive aller Unterkonten,
etwaigen Neueröffnungen, Verlängerungen, Umbenennungen und
Festgeldkonten davon) zu Gunsten von The Bank of New York
Mellon (“Sicherheitentreuhänder”) verpfändet. Die Verpfändung
umfasst alle Arten von Kontoguthaben sowie alle daraus
zeitanteilig anfallenden Zinsen. Eine Kopie des
Kontenverpfändungsvertrages 1, des Kontenverpfändungsvertrages
2 und des Kontenverpfändungsvertrages 3 hatten wir unseren
jeweiligen Schreiben beigefügt.

	 	As you are aware, by an
account pledge agreement dated
5 November 2009 (the “Account
Pledge Agreement 1”), an
account pledge agreement dated
16 November 2010 (the “Account
Pledge Agreement 2”) and an
account pledge agreement dated
2 March 2011 (the “Account
Pledge Agreement 3”) we have
pledged in favour of The Bank
of New York Mellon (the
“Collateral Agent”) all of our
right, title and interest in
and to the above account
(which shall include all
sub-accounts, renewals,
replacements, redesignations
and related fixed deposit
accounts thereof) and all
monies and interest from time
to time standing or accruing
to the credit thereof. A copy
of the Account Pledge
Agreement 1, the Account
Pledge Agreement 2 and the
Account Pledge Agreement 3 was
attached to our relevant
letters.
	 
	 	 

- 39 -

 

	 	 	 

	     Hiermit zeigen wir Ihnen an, dass wir gemäß Ziffer 2.1 des hier in Kopie beigefügten
Kontenverpfändungsvertrags vom [•] alle Rechte und
Ansprüche bezüglich des o. g. Kontos und aller
sonstigen bei Ihnen geführten Konten (die
“Konten”) (inklusive aller Unterkonten,
etwaiger Neueröffnungen, Verlängerungen,
Umbenennung und Festgeldkonten) zu Gunsten des
Sicherheitentreuhänders verpfändet haben.

	 	     We hereby give you notice that pursuant to Clause 2.1 of an
account pledge agreement dated
[•], a copy of which is
attached hereto, we have
pledged in favour of the
Collateral Agent all of our
rights and claims in respect
of the above account and all
other accounts maintained with
you from time to time (the
“Accounts”) (including all
sub-accounts thereof,
renewals, replacements,
redesignations and related
fixed deposit accounts
thereof).
	 
	 	 
	     Die Verpfändung umfasst insbesondere alle
Ansprüche auf gegenwärtige und zukünftige Guthaben
(einschließlich Spareinlagen, Termineinlagen,
Festgeldeinlagen und Tagesgeldeinlagen) und
positive Salden sowie alle darauf anfallenden
Zinsen.

	 	     The pledge comprises in
particular all claims to
present and future cash
deposits (including saving
deposits, time deposits, fixed
deposits and call money
deposits) and credit balances
and all claims to interest
payable in relation thereto.
	 
	 	 
	     Solange Sie als kontoführende Bank keine
gegenteilige Nachricht vom
Sicherheitentreuhänder erhalten, sind wir
ermächtigt, über die Konten und
insbesondere die Kontenguthaben zu verfügen. Im
Fall des Erhalts einer entsprechenden Nachricht
sind Sie als kontoführende Bank gehalten,
keinerlei Verfügungen unsererseits über die
Konten und die Kontenguthaben mehr
zuzulassen.

	 	     Until notice to the contrary
from the Collateral Agent to
be served on you as account
bank, we may continue to
operate the Accounts and in
particular may dispose over
the amounts standing to the
credit thereof. Upon receipt
of such aforesaid notice to
the contrary, you as account
bank shall not allow any
dispositions by us of the
Accounts and of the amounts
standing to the credit
thereof.
	 
	 	 
	     Wir verzichten hiermit in bezug auf alle bei Ihnen
geführten Konten zu Gunsten des
Sicherheitentreuhänders auf unser Recht
auf Vertraulichkeit (Bankgeheimnis) und
beauftragen und ermächtigen Sie hiermit, nachdem
Sie die o.g Nachricht vom
Sicherheitentreuhänder erhalten haben,
dem Sicherheitentreuhänder auf sein
Verlangen jede gewünschte Information im Hinblick
auf solche Konten zu geben.

	 	     We herewith waive all rights
of confidentiality
(Bankgeheimnis) in relation to
all accounts held with you for
the benefit of the Collateral
Agent. If you have received
the above notice from the
Collateral Agent we hereby
instruct and authorise you to
provide the Collateral Agent
with any information requested
by it in respect of such
accounts.
	 
	 	 
	     Diese Verpfändungsanzeige unterliegt deutschem
Recht.

	 	     This notice of pledge shall be
construed in accordance with
German law.
	 
	 	 

- 40 -

 

	 	 	 

	     In Zweifelsfällen gilt die deutsche Fassung dieser
Verpfändungsanzeige.

	 	     In cases of doubt the German version of this notice of pledge shall prevail.
	 
	 	 
	     Wir bitten Sie, die dieser Verpfändungsanzeige
beigefügte Empfangsbestätigung als Zeichen Ihres
Einverständnisses mit den hierin und in der
Empfangsbestätigung genannten Bestimmungen
unterzeichnet sowohl an uns als auch an den
Sicherheitentreuhänder zu senden. Die
Adresse des Sicherheitentreuhänders ist
die folgende:

	 	     Please sign the enclosed
Acknowledgement of Notice of
Pledge in order to acknowledge
receipt of this notice and
your agreement to the terms
set out herein and in the
enclosed Acknowledgement and
return the same to us and to
the Collateral Agent. The
address of the Collateral
Agent is the following:

[name and address of Collateral Agent].

	 	 	 

	Mit freundlichen Grüßen

	 	Yours faithfully

[Pledgor]

 

(Geschäftsführer/Managing Director)

- 41 -

 

[Letterhead of Account Bank]

	 	 	 
	Absender/From:

	 	[Account Bank]
	 
	 	 
	An/ To:
und/and

	 	[Collateral Agent]

[Pledgor]
	 
	 	 
	Datum/ Date:

	 	[•]

	 	 	 

	     Bestätigung des Empfangs einer
Verpfändungsanzeige

	 	     Acknowledgement of Notice of
Pledge
	 
	 	 
	     Betrifft: Konto Nr. [•]

	 	     Re: Account No. [•]
	 
	 	 
	     Sehr geehrte Damen und Herren,

	 	     Dear Sirs,
	 
	 	 
	     Wir bestätigen hiermit den Erhalt der
Verpfändungsanzeige vom [Datum] sowie
der Kopie des
Kontoverpfändungsvertrags vom [•] und
unser Einverständnis mit den darin
enthaltenen Bestimmungen.

	 	     We hereby acknowledge receipt
of the notice of pledge dated
[date] and of a copy of the
account pledge agreement dated
[•] and confirm our agreement
with the terms set out
therein.
	 
	 	 
	     Wir versichern, dass wir keine
Verpfändungsanzeige bzgl. der
verpfändeten Konten erhalten haben,
außer Ihrer Anzeigen vom [•] und
vom [•], und uns mit Ausnahme
unseres AGB-Pfandrechts keine Rechte
Dritter an den verpfändeten Konten
bekannt sind.

	 	     We confirm that we have
neither received any previous
notice of pledge relating to
the pledged accounts nor are
we aware of any third party
rights in relation to the
accounts other than your
notice dated [•] and
[•] and except for the
right of pledge arising
pursuant to our general
business conditions.
	 
	 	 
	     Wir verpflichten uns hiermit, sowohl
im eigenen Namen als auch für unsere
jeweiligen Rechtsnachfolger, die in
der obengenannten Verpfändungsanzeige
enthaltenen Bestimmungen und
Anweisungen zu befolgen.

	 	     We hereby confirm on behalf of
ourselves and our legal
successors in title that we
will act in accordance with
the terms and instructions set
out in the notice of pledge
referred to above.

- 42 -

 

	 	 	 

	     Wir verzichten hiermit unwiderruflich
und bedingungslos auf jegliche
Aufrechnungs- und
Zurückbehaltungsrechte bzgl. der
Konten, wobei es unser Verständnis
ist, dass Saldierungen bei
Kontokorrentkonten weiterhin
vorgenommen und Kontoführungsgebühren
und retournierte Schecks den Konten
weiterhin ohne Einschränkung belastet
werden dürfen.

	 	     We hereby irrevocably and
unconditionally waive our
rights in respect of and agree
not to make any set-off from
the Accounts or invoke any
rights of retention in
relation to the Accounts; it
being understood that the
balancing of current accounts
shall be permitted and that
account-keeping fees and
returned cheques may
furthermore be debited without
restriction.
	 
	 	 
	     Des Weiteren erklären wir hiermit,
dass wir das aufgrund unserer
Allgemeinen Geschäftsbedingungen an
den Konten bestehende Pfandrecht
aufgeben.

	 	     We hereby release the pledge
granted in our favour in
respect of the Accounts
pursuant to our General
Business Conditions.
	 
	 	 
	     Dieses Schreiben unterliegt deutschem
Recht.

	 	     This letter shall be construed
in accordance with German law.
	 
	 	 
	     In Zweifelsfällen gilt die deutsche
Fassung dieses Schreibens.

	 	     In cases of doubt the German
version of this letter shall
prevail.
	 
	 	 
	     Mit freundlichen Grüßen

	 	     Yours faithfully

[Account Bank]

 

([Name des Unterzeichners/name of signatory])

- 43 -

 

SCHEDULE 4

FORM OF NOTIFICATION OF FUTURE ACCOUNTS

	 	 	 
	From:

	 	[Pledgor]
	 
	 	 
	To:

	 	[Collateral Agent]
	 
	 	 
	Date:

	 	[Date of Notification]
	 
	 	 
	Re:

	 	Account pledge agreement dated [date of this Agreement] between us
as pledgor and you and others as pledgees (the “Account Pledge
Agreement”)

Dear Sirs,

     In accordance with Clause 16.3 of the Account Pledge Agreement, we hereby give you notice that
we [will open/have opened] the following bank account (the “New Account”):

	 	 	 	 	 	 	 
	 	 	 	 	Name and address of	 	 
	(Sub-)	 	Bank Sort Code	 	Account Bank (the	 	 
	Account No.	 	(Bankleitzahl)	 	“Account Bank”)	 	Type of Account
	[•]

	 	[•]
	 	[•]
	 	[•]

     Capitalised terms not otherwise defined herein shall have the meaning ascribed thereto in the
Account Pledge Agreement.

     We hereby confirm that all our present and future rights and claims (whether conditional or
unconditional) arising against the Account Bank from or in relation to the New Account (as
specified in Clause 2.1 of the Account Pledge Agreement) are pledged to the Pledgee pursuant to the
Account Pledge Agreement as security for the Obligations. We expressly acknowledge that all
obligations imposed on us in the Account Pledge Agreement in respect of the Accounts also apply for
the New Account.

 

 

     By way of an independent guarantee (selbstständiges Garantieversprechen), we make the
representations and warranties set out in Clauses 8.2 of the Account Pledge Agreement in respect of
the New Account.

     [In accordance with Clause 16.3 of the Account Pledge Agreement, we enclose a copy of the
notice of pledge we have given to the Account Bank in respect of the New Account as well as an
original copy of the acknowledgement countersigned by the Account Bank.]

45

 

	 	 	 	 	 
	 	Yours faithfully

[Pledgor]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	Managing Director (Geschäftsführer) 	 
	 

46

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