Document:

exv4w355

EXHIBIT 4.355

SIG COMBIBLOC GROUP 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

	 	-12-
	3. Purpose of the Pledges

	 	-13-
	4. Notice of Pledge

	 	-13-
	5. Pledgor’s Right of Disposal

	 	-14-
	6. Enforcement of the Pledges

	 	-14-
	7. Swiss Limitations

	 	-16-
	8. Undertakings of the Pledgor

	 	-18-
	9. Delegation

	 	-20-
	10. Indemnity

	 	-20-
	11. No liability

	 	-20-
	12. Duration and Independence

	 	-20-
	13. Release (Pfandfreigabe)

	 	-21-
	14. Partial Invalidity; Waiver

	 	-21-
	15. Amendments

	 	-22-
	16. Notices and their Language

	 	-22-
	17. Applicable Law, Jurisdiction

	 	-24-
	18. Conclusion of this Agreement (Vertragsschluss)

	 	-24-
	Schedule 1

	 	-26-
	Part 1 List of Current Borrowers

	 	-26-
	Part 2 List of Current Guarantors

	 	-26-
	Part 3 List of Current Senior Secured Notes Guarantors

	 	-30-
	Part 4 List of Current October 2010 Secured Notes Guarantors

	 	-35-
	Part 5 List of Original New Secured Notes Guarantors

	 	-39-
	Schedule 2 List of Accounts

	 	-43-
	Schedule 3 Form of Notice of Pledge

	 	-44-
	Schedule 4 Form of Notification of Future Accounts

	 	-49-

 

 

     This ACCOUNT PLEDGE AGREEMENT (the “Agreement”) is made on
1 February 2011

BETWEEN:

	(1)	 	SIG Combibloc Group AG, a company limited by shares incorporated under the laws of
Switzerland, having its registered office at Laufengasse 18, CH-8212 Neuhausen am Rheinfall,
Switzerland and registered in the Commercial Register of the Canton of Schaffhausen with the
federal register number CH-290.3.004.149-2 (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 a currently USD 3,975,000,000 and EUR 330,000,000 multi-currency term and
revolving credit agreement dated 5 November 2009 (as amended and/or restated by the Amendment
No.1 (as defined below), by the Amendment No. 2 and Incremental Term Loan Assumption Agreement
(as defined below) and by the Amendment No. 3 and Incremental Term Loan Assumption Agreement
(as defined below)) between, inter alia, the parties listed in Part 1 of Schedule 1 hereto as
current borrowers (the “Current Borrowers”), the parties listed in Part 2 of Schedule 1 hereto
as current guarantors (the “Current Guarantors”), Credit Suisse AG, Cayman Islands Branch
(formerly Credit Suisse, Cayman Islands Branch) as administrative agent and others (as further
amended, varied, novated, restated, supplemented, superseded or extended from time to time,
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 issuers (the “Issuers”), certain affiliates of the Issuers listed in Part 3 of Schedule
1 as current senior secured notes guarantors (the “Current 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 “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 together with the US Secured Notes the “Senior 

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	 	 	Secured Notes”) to certain noteholders.
	 
	(C)	 	Pursuant to a senior secured notes indenture dated 15 October 2010 between, inter alia, RGHL
Issuer I LLC, RGHL Issuer I Inc., and RGHL 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 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 Part 4 of Schedule 1Part 1 have acceded to the October 2010 Secured Notes Indenture as
guarantors (the “Current October 2010 Secured Notes Guarantors”).
	 
	(D)	 	The Pledgor has entered into the Existing Account Pledge Agreements (as defined below).
	 
	(E)	 	SIG Finanz AG has entered into the SIG Finanz Existing Account Pledge Agreements (as defined
below).
	 
	(F)	 	Pursuant to a Swiss merger agreement dated 4 June 2010 between SIG Finanz AG and the
Pledgor, SIG Finanz AG was merged into the pledgor and ceased to exist as of 15 June 2010. As
a consequence of the merger, all assets and liabilities of SIG Finanz AG transferred and
assumed by operation of Swiss law to the Pledgor (including the SIG Finanz Existing Account
Pledge Agreement and the SIG Finanz Accounts (as defined below)).
	 
	(G)	 	Pursuant to a 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 collateral agent (as amended, varied, novated, supplemented,
superseded or extended from time to time, the “New Secured Notes Indenture”), the Issuers have
issued secured notes due 2021 in the aggregate principal amount of USD 1,000,000,000 (the “New
Secured Notes”)
which are guaranteed by certain affiliates of the Issuers listed in Schedule 1Part 5 as

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		 	original new secured notes guarantors (the “Original New Secured Notes Guarantors”).
	 
	(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)) and the SIG Finanz Existing Account Pledge Agreements
over its Accounts (as defined below) as security for the Pledgee’s (as defined below)
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”).
	 
	 	 	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. For the avoidance of doubt, the Accounts formerly held by SIG Finanz AG became, after
Merger between SIG Finanz AG and the Pledgor, Accounts of the Pledgor.
	 
	 	 	“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.

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	 	 	“Amendment No. 1” means the amendment agreement dated 21 January 2010 relating to the
Credit Agreement between, inter alia, the borrowers and the guarantors under the Credit
Agreement as of such date, the Administrative Agent and others.
	 
	 	 	“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.
	 
	 	 	“Amendment No. 2 and Incremental Term Loan Assumption Agreement” means the amendment
and incremental term loan assumption agreement dated 4 May 2010 relating to the Credit
Agreement between, inter alia, the borrowers and the guarantors under the Credit Agreement
as of such date, the Administrative Agent and others.
	 
	 	 	“Amendment No. 3 and Incremental Term Loan Assumption Agreement” means the amendment
and incremental term loan assumption agreement dated 30 September 2010 relating to the
Credit Agreement between, inter alia, the borrowers and the guarantors under the Credit
Agreement as of such date, the Administrative Agent and others.
	 
	 	 	“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 Senior Secured Notes Documents,
the October 2010 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 Senior Secured Notes Indenture and/or the October 2010 Secured Notes
Indenture and/or the New Secured Notes Indenture.
	 
	 	 	“Existing Account Pledge Agreements” means

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	 	(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 Combibloc Group 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 Combibloc Group 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 Combibloc Group AG
as pledgor and Wilmington (Trust) Limited as collateral agent and other as
pledgees; and
	 
	 	(c)	 	the account pledge agreement dated 16 November 2010 and entered
into between SIG Combibloc Group AG as pledgor and The Bank of New York Mellon
as Collateral Agent and as pledgee and others as pledgees.

	 	 	“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.
	 
	 	 	“Grantors” means the Loan Parties, the Issuers, the Senior Secured Notes Guarantors,
the October 2010 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 Senior
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

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	 	 	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 among, and in form and substance reasonably satisfactory
to, one or more Borrowers, the Administrative Agent, one or more Incremental Term Lenders
and/or one or more Incremental Revolving Credit Lenders pursuant to which one or more
Incremental Term Lenders make available Incremental Term Loan Commitments and/or one or more
Incremental Revolving Credit Lenders make available Incremental Revolving Credit Commitments
respectively.
	 
	 	 	“Incremental Revolving Credit Lender” shall mean a Lender with an Incremental Revolving
Credit Commitment or an outstanding revolving loan under the Credit Agreement of any class
as a result of an Incremental Revolving Credit Commitment.
	 
	 	 	“Incremental Revolving Credit Commitment” shall mean the commitment of any Lender,
established pursuant to the Credit Agreement, to make available certain revolving credit
loans to one or more Borrowers.
	 
	 	 	“Incremental Term Lender” shall mean a Lender with an Incremental Term Loan Commitment.
	 
	 	 	“Incremental Term Loan Commitment” shall mean the commitment of any Lender, established
pursuant to the Credit Agreement, to make available certain term loans to one or more
Borrowers.
	 
	 	 	“Indenture Trustee” shall mean The Bank of New York Mellon, in its capacity as
indenture trustee under the Senior Secured Notes Indenture and any successor appointed as
indenture trustee under the Senior Secured Notes Indenture.
	 
	 	 	“Intercreditor Arrangements” means the First Lien Intercreditor Agreement and the
Existing Intercreditor Agreement, in each case as amended, novated, supplemented, restated,
or modified from time to time.
	 
	 	 	“Issuing Bank” means Credit Suisse 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 Amendment No. 1, the Amendment No. 2 and Incremental Term Loan Assumption
Agreement, the Amendment No. 3 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,

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	 	 	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 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
Issuers under the New Secured Notes and the New Secured Notes Indenture by the New Secured
Notes Guarantors.
	 
	 	 	“New Secured Notes Guarantors” means the Original 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 

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	 	 	Documents (including, but not
limited to, the Parallel Obligations), including 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 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 Senior Secured Notes
Indenture, the October 2010 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 Senior
Secured Notes Holders, the October 2010 Secured Notes Holders, the New Secured Notes
Holders, the Indenture Trustee, the October 2010 Indenture Trustee, the

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	 	 	New Secured Notes
Indenture Trustee, the Collateral Agent, the Local Facility Providers and the Cash
Management Banks.

	 	 	“Senior Secured Notes Documents” shall mean the Senior Secured Notes Indenture, the
Senior Secured Notes Guarantees, the Senior Secured Notes, the Intercreditor Arrangements,
any supplemental indenture, any security document relating to the Senior Secured Notes
and/or the Senior Secured Notes Indenture and any other document that may be entered into
pursuant to any of the foregoing.
	 
	 	 	“Senior Secured Notes Guarantees” shall mean the guarantees of the obligations of the
Issuers under the Senior Secured Notes and the Senior Secured Notes Indenture by the Senior
Secured Notes Guarantors.
	 
	 	 	“Senior Secured Notes Guarantors” means the Current Senior Secured Notes Guarantors and
any entity which may accede to the Senior Secured Notes Indenture as additional guarantor.
	 
	 	 	“Senior Secured Notes Holders” shall mean the holders from time to time of the Senior
Secured Notes.
	 
	 	 	“SIG Finanz Existing Account Pledge Agreements” means the account pledge agreement
dated 5 November 2009 (as amended by a confirmation and amendment agreement dated 4 May
2010) entered into between SIG Finanz AG as pledgor and The Bank of New York Mellon as
Collateral Agent and as pledgee and others as pledgees.
	 
	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.

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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”).
	 
	2.2	 	The Pledgee hereby accepts the Pledge.
	 
	2.3	 	The Pledge is 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 within 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 for and 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 take
instructions in accordance with the First Lien Intercreditor Agreement whether or not to
agree with the Pledgor’s analysis. 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 has
become due and payable, then in order to enforce the Pledge, the Collateral Agent may at any
time thereafter avail itself of all rights and remedies that a pledgee has against a pledgor
under the laws of the Federal Republic of Germany.
	 
	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 Senior 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 Senior 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)

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	 	 	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 Senior 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 Senior 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

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	 	 	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 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 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 Senior
Secured Notes Indenture or the New Secured Notes Indenture have been made available to the
Pledgor, up to

-16-

 

	 	 	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 Senior 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) and subject to any
applicable double taxation treaty and/or agreements entered into with the Swiss Federal Tax
administration (the “Tax Payment Amount”):

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

-17-

 

	 	 	But if such a deduction is made, the Pledgor shall not be obliged to gross-up pursuant to
Clause 2.20 (Taxes) of the Credit Agreement or Clause 4.15 (Witholding taxes) of the Senior
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 same may be) towards
satisfaction of the Obligations and the Tax Payment Amount paid to the Swiss Federal Tax
administration exceeding the maximum amount of its profits available for the distribution of
dividends.
	 
	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;
	 
	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;

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	8.5	 	to deliver to the Pledgee, within three months after the end of each calendar year ending
after January 2010, 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 and while it 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 (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 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, 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 information has been delivered under the Existing Account Pledge

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	 	 	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.
	 
	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.

-20-

 

	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.
	 
	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,

-21-

 

	 	 	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 Pledgees, 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 Combibloc Group AG
	 
	 	 	 	 	 	 
	 

	 	 	 	Address:
	 	Laufengasse 18, CH-8212

Neuhausen am Rheinfall,

Switzerland
	 
	 	 	 	 	 	 
	 

	 	 	 	Telephone	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	Fax:
	 	+41 52 674 65 74
	 
	 	 	 	 	 	 
	 

	 	 	 	Attention:
	 	Head of Legal Corporate
	 
	 	 	 	 	 	 
	 

	 	For the Pledgor with a copy to:
	 	Address:
	 	c/o Rank Group Limited

Level 9

148 Quay Street

PO Box 3515

Auckland 1140

New Zealand

	 
	 	 	 	 	 	 
	 

	 	 	 	Telephone:
	 	+649 3666 259 
	 
	 	 	 	 	 	 
	 

	 	 	 	Fax:
	 	+649 3666 263

	 	 	 	 	 	 	 

	 

	 	 	 	Attention:
	 	Helen Golding

-22-

 

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	For the Collateral Agent:	 	The Bank of New York Mellon
	 
	 	 	 	 	 	 
	 

	 	 	 	Address:

Telephone:
	 	101 Barclay Street, 4E

New York, N.Y. 10286

The United States of
America

+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.
	 
	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.

-23-

 

	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 district court (Landgericht) in Frankfurt am Main. The Pledgees
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 Julia Eggert (isabel.vanbremen@cliffordchance.com or
julia.eggert@cliffordchance.com, fax: +49 69 7199 4000) (each a “Recipient”). The Agreement
will be considered concluded once any of the Recipients has actually received the signed
signature page(s) (Zugang der Unterschriftsseite(n)) from all parties to this Agreement and at
the time of the receipt of the last outstanding signature page(s).
	 
	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.

-24-

 

SIGNATURE PAGE

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

SIG Combibloc Group AG

as Pledgor

	 	 	 	 	 
	 	 	 
	By:  	                          /s/ Karen Mower
 	 	 
	 	Name:  	Karen Mower 	 	 
	 	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 	 	 
	 

-25-

 

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 (formerly Reynolds Acquisition Corporation)

PART 2

LIST OF CURRENT 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

Closure Systems International (Canada) Limited

Evergreen Packaging Canada Limited

Reynolds Food Packaging Canada Inc.

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

-26-

 

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

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

-27-

 

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

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

-28-

 

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

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

-29-

 

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.

798795 Ontario Limited

Pactiv Canada Inc.

Newspring Canada Inc.

The Baldwin Group Limited

J. & W. Baldwin (Holdings) Limited

Omni-Pac U.K. Limited

-30-

 

PART 3

LIST OF CURRENT SENIOR 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

Closure Systems International (Canada) Limited

Evergreen Packaging Canada Limited

Reynolds Food Packaging Canada Inc.

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

-31-

 

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

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.

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.

-32-

 

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.

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.

-33-

 

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

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.

-34-

 

798795 Ontario Limited

Pactiv Canada Inc.

Newspring Canada Inc.

The Baldwin Group Limited

J. & W. Baldwin (Holdings) Limited

Omni-Pac U.K. Limited

PART 4

LIST OF CURRENT OCTOBER 2010 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

Closure Systems International (Canada) Limited

Evergreen Packaging Canada Limited

Reynolds Food Packaging Canada Inc.

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

-35-

 

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

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.

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.

-36-

 

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 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

-37-

 

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

Pactiv Corporation (formerly Reynolds Acquisition Corporation)

Pactiv Factoring LLC

Pactiv RSA LLC

Pactiv Retirement Administration LLC

Pactiv Germany Holdings, Inc.

-38-

 

Pactiv International Holdings Inc.

Pactiv Management Company LLC

PCA West Inc.

Prairie Packaging, Inc.

PWP Holdings, Inc.

PWP Industries, Inc.

Newspring Industrial Corp.

798795 Ontario Limited

Pactiv Canada Inc.

Newspring Canada Inc.

The Baldwin Group Limited

J. & W. Baldwin (Holdings) Limited

Omni-Pac U.K. Limited

PART 5

LIST OF ORIGINAL NEW SECURED NOTES GUARANTORS

Whakatane Mill Australia Pty Limited

CSI Latin American Holdings Corporation

Closure Systems International (Canada) Limited

Evergreen Packaging Canada Limited

Reynolds Food Packaging Canada Inc.

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

-39-

 

Kama Europe Limited

Ivex Holdings, Ltd.

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.

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.

-40-

 

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

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.

-41-

 

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics Inc.

Ultra Pac, Inc.

BRPP, 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.

798795 Ontario Limited

Pactiv Canada Inc.

Newspring Canada Inc.

The Baldwin Group Limited

J. & W. Baldwin (Holdings) Limited

Omni-Pac U.K. Limited

-42-

 

SCHEDULE 2

LIST OF ACCOUNTS

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

	 	BLZ

69270038

IBAN

DE636927003800[     ]SWIFT 

DEUTDE6F692
	 	Deutsche Bank

AG, August Ruf

Strasse 8, 78224

Singen, Germany
	 	Giro
	 	EURO
	[                    ]

	 	BLZ 

69270038

IBAN 

DE616927003800[     ]SWIFT

DEUTDE6F692
	 	Deutsche Bank

AG, August Ruf

Strasse 8, 78224

Singen, Germany
	 	Giro
	 	CHF
	[                    ]

	 	BLZ

69270038

IBAN

DE616927003800[     ]

SWIFT 

DEUTDE6F692
	 	Deutsche Bank

AG, August Ruf

Strasse 8, 78224

Singen, Germany
	 	Giro
	 	EURO
	[                    ]

	 	BLZ

69270038 

IBAN 

DE6169270038[     ]

SWIFT

DEUTDE6F692
	 	Deutsche Bank

AG, August Ruf

Strasse 8, 78224

Singen, Germany
	 	Giro
	 	GBP
	[                    ]

	 	BLZ 

69270038

IBAN 

DE6169270038[     ]

SWIFT

DEUTDE6F692
	 	Deutsche Bank

AG, August Ruf

Strasse 8, 78224

Singen, Germany
	 	Giro
	 	USD

-43-

 

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 — sowie SIG Finanz AG,
welche per 15. Juni 2010 mit uns fusioniert hat und deren
Konto sowie der entsprechende Verpfändungsvertrag (der “SIG
Finanz AG Kontoverpfändungsvertrag”) wir bei der Fusion
übernommen haben — gemäß eines Kontenverpfändungsvertrags
vom 5. November 2009 (der “Kontenverpfändungsvertrag 1”)
und gemäß eines Kontenverpfändungsvertrags vom 16. November
2010 (der “Kontenverpfändungsvertrag 2”) 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 und des
Kontenverpfändungsvertrages 2 hatten wir unseren jeweiligen
Schreiben beigefügt.

	 	As you are aware, by an
account pledge agreement dated
5 November 2009 (the “Account
Pledge Agreement 1”) and an
account pledge agreement dated
16 November 2010 (the “Account
Pledge Agreement 2”) we — and
SIG Finanz AG, which was
merged into us as of 15 June
2010 and whose account and
account pledge agreement
including the SIG Finanz AG
account pledge agreement (the
“SIG Finanz AG Account Pledge
Agreement”) we have taken over
— 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 and the Account
Pledge Agreement 2 was
attached to our relevant
letters.

-44-

 

	 	 	 

	Gemäß einen Bestätigungs- und Ergänzungsvertrag zum
Kontenverpfändungsvertrag 1 sowie zum SIG Finanz AG
Kontoverpfändungsvertrag vom 4. Mai 2010 (der
“Bestätigungs- und Ergänzungsvertrag”) wurde der
Kontenverpfändungsvertrag 1 sowie der SIG Finanz AG
Kontoverpfändungsvertrag dahingehend bestätigt und ergänzt,
dass, unter anderem, auch die Erhöhung bestehender
Kreditlinien umfasst wird, die bereits durch den
Kontenverpfändungsvertrag 1 sowie den SIG Finanz AG
Kontoverpfändungsvertrag besichert sind. Eine Kopie des
Bestätigungs- und Ergänzungsvertrags hatten wir unseren
Schreiben beigefügt.

	 	Pursuant to a confirmation and
amendment agreement relating
to the Account Pledge
Agreement 1 and to the SIG
Finanz AG Account Pledge
Agreement dated 4 May 2010
(the “Confirmation and
Amendment Agreement”), the
Account Pledge Agreement 1 and
the SIG Finanz AG Account
Pledge Agreement have 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 and by the
SIG Finanz AG Account Pledge
Agreement. A copy of the
Confirmation and Amendment
Agreement was attached to our
letters.
	 
	     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

	 	     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

-45-

 

	 	 	 

	kontoführende Bank gehalten,
keinerlei Verfügungen unsererseits über die
Konten und die Kontenguthaben mehr
zuzulassen.

	 	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 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)

-46-

 

[Letterhead of Account Bank]

	 	 	 	 	 

	 

	 	Absender/From:
	 	[Account Bank]
	 
	 	 	 	 
	 

	 	An/ To:
	 	[Collateral Agent]

und/and

[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.

-47-

 

	 	 	 

	     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])
	 	 

-48-

 

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

50

 

	 	 	 	 	 
	Yours faithfully

[Pledgor]

 	 	 
	By:  	
 	 	 
	 	Name:  	 	 	 
	 	Title:  	Managing Director (Geschäftsführer) 	 	 
	 

51exv4w356

EXHIBIT 4.356

SIG COMBIBLOC GROUP AG

as Security Grantor

and

THE BANK OF NEW YORK MELLON

as Collateral Agent

 

CONFIRMATION AND AMENDMENT AGREEMENT

(Bestätigungs- und Änderungsvertrag)

relating to a security agreement entered
in connection with a 
currently USD
3,975,000,000 and EUR 330,000,000
multi-currency 
term and revolving credit
agreement dated 5 November 2009, a 
senior
secured notes indenture in respect of
senior secured notes due
 2016 in the
aggregate principal amount of USD
1,125,000,000 dated 
5 November 2009, a
senior secured notes indenture in respect
of 
secured notes due 2019 in the
aggregate principal amount of USD

1,500,000,000 dated 15 October 2010 and a
new secured notes 
indenture in respect of
secured notes due 2021 in the aggregate

principal amount of USD 1,000,000,000
dated 1 February 2011

 

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
	 	 	3	 
	2. Confirmation and Amendments
	 	 	4	 
	3. Continuity and further Assurance
	 	 	7	 
	4. Partial Invalidity
	 	 	8	 
	5. Amendments
	 	 	8	 
	6. Applicable law; Jurisdiction
	 	 	8	 
	7. Conclusion of the Agreement (Vertragsschluss)
	 	 	9	 
	Schedule 1 List of Current Borrowers, Current Guarantors, Current
   Senior Secured Notes Guarantors, Current October 2010 Secured Notes
Guarantors and Original New Secured Notes Guarantors
	 	 	10	 
	Part 1 The Current Borrowers
	 	 	10	 
	Part 2 The Current Guarantors
	 	 	10	 
	Part 3 The Current Senior Secured Notes Guarantors
	 	 	15	 
	Part IV List of Current October 2010 Secured Notes Guarantors
	 	 	19	 
	Part V List of Original New Secured Notes Guarantors
	 	 	24	 

 

 

This
CONFIRMATION AND AMENDMENT AGREEMENT (the “Agreement”) is made on 1 February 2011

BETWEEN:

	(1)	 	SIG COMBIBLOC GROUP AG, registered in the Commercial Register of the Canton of Schaffhausen
with the federal register number CH-290.3.004.149-2 (which, by operation of Swiss law, took
over all assets and liabilities of SIG Finanz AG due to the merger between SIG Combibloc Group
AG and SIG Finanz AG, such merger being effective as of June 15, 2010) (the “Security
Grantor”); and
	 
	(2)	 	THE BANK OF NEW YORK MELLON, having its business address at 1 Wall Street, New York, N.Y.
10286, The United States of America in its capacity as collateral agent for the Secured
Parties (as defined below) under the First Lien Intercreditor Agreement (as defined below)
(the “Collateral Agent”),

WHEREAS:

	(A)	 	Pursuant to a currently USD 3,975,000,000 and EUR 330,000,000 multi-currency term and
revolving credit agreement dated 5 November 2009 (as amended and/or restated by the Amendment
No.1, by the Amendment No. 2 and Incremental Term Loan Assumption Agreement and by the
Amendment No. 3 and Incremental Term Loan Assumption Agreement) between, inter alia, the
parties listed in Part 1 of Schedule 1 hereto as current borrowers (the “Current Borrowers”),
the parties listed in Part 2 of Schedule 1 hereto as current guarantors (the
“Current Guarantors”), Credit Suisse AG, Cayman Islands Branch (formerly Credit Suisse, Cayman
Islands Branch) as administrative agent and others (the “Original Credit Agreement”), certain
lenders (together the “Original Lenders”) have granted certain facilities to the Current
Borrowers and certain other entities which may accede to the Original 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 issuers (the “Issuers”), certain affiliates of the Issuers listed in Part 3 of Schedule
1 as current senior secured note guarantors (the “Current Senior Secured Notes Guarantors”)
and The Bank of New York Mellon, as indenture trustee, principal paying agent, transfer agent,
collateral agent and registrar, (as amended, varied, novated, supplemented, superseded or
extended from time to time, the “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

-1-

 

	 	 	Notes” and together with the US Secured Notes the “Senior Secured Notes”) to certain
noteholders.
	 
	(C)	 	Pursuant to a senior secured notes indenture dated 15 October 2010 between, inter alia, RGHL
Issuer I LLC, RGHL Issuer I Inc., and RGHL 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 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 1Part IV have acceded to the October 2010 Secured Notes Indenture as guarantors
(the “Current October 2010 Secured Notes Guarantors”.
	 
	(D)	 	Pursuant to the Original Credit Agreement, the Senior Secured Notes Indenture and the October
2010 Secured Notes Indenture the Security Grantor has entered into the Security Agreement (as
defined below).
	 
	(E)	 	Pursuant to a 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 collateral agent (as amended, varied, novated, supplemented,
superseded or extended from time to time, the “New Secured Notes Indenture”), the Issuers have
issued secured notes due 2021 in the aggregate principal amount of USD 1,000,000,000 (the “New
Secured Notes”) which are guaranteed by certain affiliates of the Issuers listed in Schedule
1Part V as original new secured notes guarantors (the “Original New Secured Notes
Guarantors”).
	 
	(F)	 	It has been agreed in the Security Agreement (as defined below) that any reference to the
“Credit Agreement” is a reference to the Original Credit Agreement as amended, varied,
novated, supplemented, superseded or extended from time to time, and that any reference to the
Senior Secured Notes Documents is a reference to the Senior Secured Notes Documents as
amended, varied, novated, supplemented, superseded or extended from time to time, including
the New Secured Notes Indenture. The Security Grantor has agreed to enter into

-2-

 

	 	 	this Agreement and to confirm as a matter of utmost precaution (höchst vorsorglich) the
security created pursuant to the Security Agreement (as defined below) in order to ensure
that the Security Agreement continues to secure the Obligations (as defined in the Security
Agreement) and extend to all Obligations (as defined in the Amended Security Agreement) of
the Grantors (as defined in the Amended Security Agreement).

NOW IT IS HEREBY AGREED as follows:

	1.	 	DEFINITIONS AND LANGUAGE
	 
	1.1	 	Definitions
	 
	 	 	In this Agreement:
	 
	 	 	“Amended Security Agreement” means the Security Agreement as amended by this Agreement.
	 
	 	 	“IP Assignment Agreement” and/or “Security Agreement” means:

the IP assignment agreement under German law dated 2 December 2009 and entered into
between SIG Finanz AG (now assumed by SIG Combibloc Group AG due to the merger with
SIG Finanz AG effective June 15, 2010) as assignor and The Bank of New York Mellon as
Collateral Agent (as confirmed and amended pursuant to amendment and confirmation
agreements dated 4 May 2010 and 16 November 2010).

	1.2	 	Construction
	 
	1.2.1	 	Any reference in this Agreement to a “Clause”, a “sub-Clause” or a “Schedule” shall, subject
to any contrary indication, be construed as a reference to a Clause, a sub-Clause or a
Schedule in this Agreement.
	 
	1.2.2	 	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.
	 
	1.2.3	 	Any reference in this Agreement to a “Clause”, a “sub-Clause” or a “Schedule” shall, subject
to any contrary indication, be construed as a reference to a Clause, a sub-Clause or a
Schedule in this Agreement.
	 
	1.3	 	This Agreement is made in the English language. For the avoidance of doubt, the English
language version of this Agreement shall prevail over any translation of this Agreement.

-3-

 

	 	 	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.
	 
	1.4	 	This Agreement amends the Security Agreement on the terms set forth herein, and, for the
purposes of interpretation, is hereby incorporated into the Security Agreement as of the date
hereof and shall form a part thereof.
	 
	1.5	 	In this Agreement capitalised terms not otherwise defined herein shall have the meaning
attributed thereto (including in the recitals) in the Security Agreement.
	 
	2.	 	CONFIRMATION AND AMENDMENTS
	 
	2.1	 	The Collateral Agent and the Security Grantor hereby agree that

	 	(a)	 	The current wording of recital (D) of the Security Agreement entered into
between the Collateral Agent and the Security Grantor shall be deleted and replaced by
the following wording:
	 
	 	 	 	“(D) Pursuant to a senior secured notes indenture dated 15 October 2010 between,
inter alia, RGHL Issuer I LLC, RGHL Issuer I Inc., and RGHL 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 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 Part 4 of Schedule 1 have acceded to the October
2010 Secured Notes Indenture as guarantors (the “Current October 2010 Secured Notes
Guarantors”).”
	 
	 	(b)	 	The current wording of recital (E) of the Security Agreement entered into
between the Collateral Agent and the Security Grantor shall be deleted and replaced by
the following wording:

-4-

 

	 	 	 	“(E) Pursuant to a 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 collateral agent (as
amended, varied, novated, supplemented, superseded or extended from time to time, the
“New Secured Notes Indenture”), the Issuers have issued secured notes due 2021 in the
aggregate principal amount of USD 1,000,000,000 (the “New Secured Notes”) which are
guaranteed by certain affiliates of the Issuers listed in Part 5 of Schedule 1 as
original new secured notes guarantors (the “Original New Secured Notes Guarantors”).”
	 
	 	(c)	 	The following wording shall be inserted as recital (F) of the Security
Agreement entered into between the Collateral Agent and the Security Grantor:
	 
	 	 	 	“(F) The security created by or pursuant to this Agreement is to be held and
administered by the Collateral Agent for the Secured Parties (as defined below)
pursuant to a first lien intercreditor agreement dated 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”).”
	 
	 	(d)	 	Clause 1.1 of the Security Agreement entered into between the Collateral Agent
and the Security Grantor shall be amended by:

	 	(i)	 	inserting the following new definitions at the appropriate place
within the alphabetical order with the following wording:
	 
	 	 	 	““Amendment No. 1” means the amendment agreement dated 21 January 2010
relating to the Credit Agreement between, inter alia, the borrowers and the
guarantors under the Credit Agreement as of such date, the Administrative
Agent and others.”
	 
	 	 	 	““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.”

-5-

 

	 	 	 	““Amendment No. 3 and Incremental Term Loan Assumption Agreement” means the
amendment and incremental term loan assumption agreement dated 30 September
2010 relating to the Credit Agreement between, inter alia, the borrowers and
the guarantors under the Credit Agreement as of such date, the Administrative
Agent and others.”
	 
	 	 	 	““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 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.”
	 
	 	(ii)	 	adding the words “the October 2010 Secured Notes Documents” after
the words “Senior Secured Notes Documents,” in the definition of “Credit
Documents”.
	 
	 	(iii)	 	adding the words “and/or the October 2010 Secured Notes
Indenture” after the words “Senior Secured Notes Indenture” in the definition of
“Event of Default”.
	 
	 	(iv)	 	adding the words “and the October 2010 Secured Notes Guarantors”
after the words “Senior Secured Notes Guarantors,” in the definition of
“Grantors”.

-6-

 

	 	(v)	 	deleting the number “2,770,000,000” from the definition of
“Incremental Assumption Agreement” in the Security Agreement.
	 
	 	(vi)	 	adding the words “the October 2010 Secured Notes Indenture,”
after the words “Senior Secured Notes Indenture,” in the definition of
“Principal Finance Documents”.
	 
	 	(vii)	 	adding the words “the October 2010 Secured Notes Holders,” after
the words “Senior Secured Notes Holders,” and the words “the October 2010
Indenture Trustee,” after the words “Indenture Trustee,” in the definition of
“Secured Parties”.

	 	(e)	 	The heading of the list set out in Part 4 of Schedule 1 of the Security
Agreement shall be replaced by the words “List of Current October 2010 Secured Notes
Guarantors”.
	 
	 	(f)	 	The list set out in Part 5 of Schedule 1 of this Agreement shall be inserted as
Part 5 of Schedule 1 “List of Original New Secured Notes Guarantors” in the Security
Agreement entered into between the Collateral Agent and the Security Grantor.

	2.2	 	The Collateral Agent and the Security Grantor hereby agree that any reference in the Security
Agreement to which they are a party to the term “Obligations” shall be read and construed as
reference to the Obligations as amended by this Agreement.
	 
	2.3	 	The Collateral Agent and the Security Grantor hereby agree that the Security Agreement shall
continue to secure the Obligations as amended by this Agreement.
	 
	2.4	 	The Collateral Agent and the Security Grantor confirm that the obligations secured under the
Security Agreement shall include the prompt and complete satisfaction of any and all
Obligations (as defined in the Amended Security Agreement) (present and future, actual and
contingent) which are (or are expressed to be) or become owing by the Grantors (or any of
them) to the Secured Parties (or any of them) under or in connection with the Amended Credit
Agreement, and the other Credit Documents (as such term is defined in the Amended Security
Agreement in accordance with Clause 2.1 above) (including, but not limited to, the
Amendments).
	 
	3.	 	CONTINUITY AND FURTHER ASSURANCE
	 
	3.1	 	The Collateral Agent and the Security Grantor confirm and agree that (i) save as amended by
this Agreement, all provisions of the Security Agreement shall remain unchanged, (ii) the
validity and effectiveness of the provisions of the Security Agreement shall remain unaffected
by this Agreement, to the extent not amended by this Agreement (iii) the validity

-7-

 

	 	 	and effectiveness of the security interests created under the Security Agreement shall not
be affected by this Agreement; and (iv) such security interests shall continue to secure the
Obligations (as defined in the Amended Security Agreement). For the avoidance of doubt, the
provisions in the IP Assignment Agreement relating to the limitations on enforcement of the
security granted thereunder and the application of proceeds of an enforcement of such
security shall not be affected by the amendments pursuant to this Agreement.
	 
	3.2	 	The Security Grantor shall, at the reasonable request of the Security Agent and at the
Security Grantors’ expense, do all such acts and things necessary or desirable to give effect
to the amendments effected or to be effected pursuant to this Agreement.
	 
	3.3	 	The Collateral Agent and the Security Grantor agree that this Agreement shall constitute a
“Security Document” for the purposes of the First Lien Intercreditor Agreement (and for no
other purpose) and that, all rights, duties, privileges, protections and benefits of the
Collateral Agent set forth in the Amended Security Agreement are hereby incorporated by
reference.
	 
	4.	 	PARTIAL INVALIDITY
	 
	 	 	If at any time, any one or more of the provisions hereof is or becomes invalid, illegal or
unenforceable in any respect under the law of any jurisdiction, such provision shall, as to
such jurisdiction, be ineffective to the extent necessary without affecting or impairing the
validity, legality and enforceability of the remaining provisions hereof or of such
provisions in any other jurisdiction. The invalid, illegal, or unenforceable provision shall
be deemed replaced with a valid, legal or enforceable provision which comes as close as
possible to the original intent of the parties and the invalid, illegal or unenforceable
provision. Should a gap (Regelungslücke) become evident in this Agreement, such gap shall,
without affecting or impairing the validity, legality and enforceability of the remaining
provisions hereof, be deemed to be filled with such provision as comes as close as possible
to the original intent of the parties.
	 
	5.	 	AMENDMENTS
	 
	 	 	Changes and amendments to this Agreement including this Clause 5 shall be made in writing.
	 
	6.	 	APPLICABLE LAW; JURISDICTION
	 
	6.1	 	This Agreement is governed by the laws of the Federal Republic of Germany.
	 
	6.2	 	The place of jurisdiction for any and all disputes arising under or in connection with this
Agreement shall be the district court (Landgericht) in Frankfurt am Main. The Collateral

-8-

 

	 	 	Agent, however, shall also be entitled to take action against the Security Grantor in any
other court of competent jurisdiction. Further, the taking of proceedings against the
Security Grantor 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.
	 
	7.	 	CONCLUSION OF THE AGREEMENT (VERTRAGSSCHLUSS)
	 
	7.1	 	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.
	 
	7.2	 	If the parties to this Agreement choose to conclude this
Agreement pursuant to sub-Clause 7.1 above, they will transmit the signed signature page(s) of this Agreement to
the attention of Isabel van Bremen or Julia Eggert
(Isabel.vanbremen@cliffordchance.com or
Julia.Eggert@cliffordchance.com, fax: +49 69 7199 4000) (each a “Recipient”). The Agreement
will be considered concluded once any of the Recipients has actually received the signed
signature page(s) (Zugang der Unterschriftsseite(n)) from all parties to this Agreement and at
the time of the receipt of the last outstanding signature page(s).
	 
	7.3	 	For the purposes of this Clause 7 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.

-9-

 

SCHEDULE 1

LIST OF CURRENT BORROWERS, CURRENT GUARANTORS, CURRENT 
SENIOR SECURED NOTES GUARANTORS,
CURRENT OCTOBER 2010 
SECURED NOTES GUARANTORS AND ORIGINAL NEW SECURED NOTES

GUARANTORS

PART 1

THE 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 (formerly Reynolds Acquisition Corporation)

PART 2

THE CURRENT 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

Closure Systems International (Canada) Limited

-10-

 

Evergreen Packaging Canada Limited

Reynolds Food Packaging Canada Inc.

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

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Limited

Evergreen Packaging (Hong Kong) Limited

-11-

 

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.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG

-12-

 

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.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

-13-

 

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.

798795 Ontario Limited

Pactiv Canada Inc.

-14-

 

Newspring Canada Inc.

The Baldwin Group Limited

J. & W. Baldwin (Holdings) Limited

Omni-Pac U.K. Limited

PART 3

THE CURRENT SENIOR 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

Closure Systems International (Canada) Limited

Evergreen Packaging Canada Limited

Reynolds Food Packaging Canada Inc.

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

-15-

 

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

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.

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

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

-16-

 

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.

Closure Systems International Americas, Inc.

Closure Systems International Holdings Inc.

-17-

 

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

Pactiv Corporation (formerly Reynolds Acquisition Corporation)

-18-

 

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.

798795 Ontario Limited

Pactiv Canada Inc.

Newspring Canada Inc.

The Baldwin Group Limited

J. & W. Baldwin (Holdings) Limited

Omni-Pac U.K. Limited

PART IV

LIST OF CURRENT OCTOBER 2010 SECURED NOTES GUARANTORS

Whakatane Mill Australia Pty Limited

SIG Austria Holding GmbH

SIG Combibloc GmbH & Co. KG

SIG Combibloc GmbH

-19-

 

SIG Beverages Brasil Ltda

SIG Combibloc do Brasil Ltda

Closure Systems International (Brazil) Sistemas de Vedação Ltda

CSI Latin American Holdings Corporation

Closure Systems International (Canada) Limited

Evergreen Packaging Canada Limited

Reynolds Food Packaging Canada Inc.

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

-20-

 

Closure Systems International Deutschland GmbH

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.

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.

-21-

 

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 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.

-22-

 

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

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.

798795 Ontario Limited

-23-

 

Pactiv Canada Inc.

Newspring Canada Inc.

The Baldwin Group Limited

J. & W. Baldwin (Holdings) Limited

Omni-Pac U.K. Limited

PART V

LIST OF ORIGINAL NEW SECURED NOTES GUARANTORS

Whakatane Mill Australia Pty Limited

CSI Latin American Holdings Corporation

Closure Systems International (Canada) Limited

Evergreen Packaging Canada Limited

Reynolds Food Packaging Canada Inc.

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 Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Limited

-24-

 

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.

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 Holding USA Inc.

-25-

 

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.

-26-

 

Ultra Pac, Inc.

BRPP, 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.

798795 Ontario Limited

Pactiv Canada Inc.

Newspring Canada Inc.

The Baldwin Group Limited

J. & W. Baldwin (Holdings) Limited

Omni-Pac U.K. Limited

-27-

 

SIGNATURE PAGE

THIS AGREEMENT has been entered into on the date stated at the beginning by:

The Security Grantor

SIG COMBIBLOC GROUP AG

	 	 	 	 	 
	 	 	 
	By:  	/s/ Karen Mower
 	 	 
	 	Name:  	Karen Mower 	 	 
	 	Title:  	Attorney 	 	 
	 

	 	 	 	 	 
	The Collateral Agent

THE BANK OF NEW YORK MELLON

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

-28-

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