Document:

exv4w30

			
	
	 	EXHIBIT 4.30

CLOSURE SYSTEMS INTERNATIONAL DEUTSCHLAND REAL ESTATE GMBH & CO. KG

as Assignor

and

THE BANK OF NEW YORK MELLON

as Collateral Agent

 

GLOBAL ASSIGNMENT AGREEMENT

(Globalabtretung)

 

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
	 	 	4	 
	2. Assignment
	 	 	9	 
	3. Transfer of Ancillary Rights
	 	 	9	 
	4. Purpose of the Assignment
	 	 	9	 
	5. List of Receivables
	 	 	9	 
	6. Notice of Assignment
	 	 	10	 
	7. Receivables under Extended Retention of Title Arrangements
	 	 	10	 
	8. Checks and Bills of Exchange
	 	 	11	 
	9. Collection of Receivables by the Assignor
	 	 	11	 
	10. Enforcement
	 	 	12	 
	11. Limitations on Enforcement
	 	 	13	 
	12. Bookkeeping and Data-Processing
	 	 	15	 
	13. Undertakings of the Assignor
	 	 	16	 
	14. Power of Attorney
	 	 	16	 
	15. Delegation
	 	 	17	 
	16. Indemnity
	 	 	17	 
	17. No liability
	 	 	17	 
	18. Duration and Independence
	 	 	17	 
	19. Release of Security (Sicherheitenfreigabe)
	 	 	18	 
	20. Partial Invalidity; Waiver
	 	 	18	 
	21. Amendments
	 	 	18	 
	22. Notices and Their Language
	 	 	19	 
	23. Applicable Law; Jurisdiction
	 	 	20	 
	24. Conclusion of the Agreement (Vertragsschluss)
	 	 	20	 
	Schedule 1 List of Original Borrowers, Original Guarantors and Original Senior Secured Note Guarantors
	 	 	22	 
	Part 1 The Original Borrowers
	 	 	22	 
	Part 2 The Original Guarantors
	 	 	22	 
	Part 3 The Original Senior Secured Note Guarantors
	 	 	24	 
	Schedule 2 List of Collection Arrangement Receivables
	 	 	26	 
	Schedule 3 List of Current Account Receivables
	 	 	27	 
	Schedule 4 List of Customer Receivables
	 	 	28	 
	Schedule 5 List of Existing Intercompany Loans
	 	 	29	 
	Schedule 6 Form of Blank Notification Letter
	 	 	30	 

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	Clause	 	Page	 
	Schedule 7 Form of Notice for a Disclosed Assignment
	 	 	33	 

- 2 -

 

This GLOBAL ASSIGNMENT AGREEMENT (the “Agreement”) is made on 5 November 2009

BETWEEN:

	(1)	 	Closure Systems International Deutschland Real Estate GmbH & Co. KG, registered in the
commercial register (Handelsregister) of the local court (Amtsgericht) of Mainz under HRA
11441 (the “Assignor”); 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 USD 1,155,000,000 and EUR 330,000,000 multi-currency term and revolving credit
agreement dated on or about 5 November 2009 between, inter alia, the parties listed in Part
1of Schedule 1 hereto as original borrowers (the “Original Borrowers”), the parties listed in
Part 2 of Schedule 1hereto as original guarantors (the “Original Guarantors”), Credit Suisse
Cayman Island branch as administrative agent and The Bank of New York Mellon as collateral
agent and others (as amended, varied, novated, supplemented, superseded or extended from time
to time, the “Credit Agreement”), certain lenders (together the “Original Lenders”) have
agreed to grant certain facilities to the Original Borrowers and certain other entities which
may accede to the Credit Agreement as additional borrowers.
	 
	(B)	 	Pursuant to a senior secured note indenture dated on or about 5 November 2009 between, inter
alia, Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., and Reynolds Group Issuer
(Luxembourg) S.A as issuers (the “Issuers”), certain affiliates of the Issuers listed in
Part 3 of Schedule 1 as original senior secured note guarantors (the “Original Senior
Secured Note Guarantors”) and The Bank of New York Mellon, as indenture trustee, principal
paying agent, transfer agent and registrar, (as amended, varied, novated, supplemented,
superseded or extended from time to time, the “Senior Secured Note Indenture”), the Issuers
will issue senior secured notes due 2016 in the aggregate principal amount of USD
1,125,000,000 (the “US Secured Notes”) and senior secured notes due 2016 in the aggregate
principal amount of EUR 450,000,000 (the “Euro Secured Notes” and together with the US Secured
Notes the “Senior Secured Notes”) to certain noteholders.
	 
	(C)	 	The Assignor has agreed to assign the Receivables (as defined below) to the Collateral Agent
as security for the Secured Parties’ (as defined below) respective claims against the Grantors
(as defined below) (or any of them) in respect of the Obligations (as defined below).
	 
	(D)	 	The security created by or pursuant to this Agreement is to be held and administered by the
Collateral Agent for the Secured Parties (as defined below) pursuant to a first lien
intercreditor agreement dated on or about 5 November 2009 between, inter alia, the Collateral
Agent, the Indenture Trustee, the Administrative Agent and the Grantors (each as defined
below) and others (as amended, varied, novated,

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	 	 	supplemented, superseded or extended from time to time, the “First Lien Intercreditor
Agreement”).

	(E)	 	The Assignor has granted security interests over the Receivables (as defined below) to Credit
Suisse pursuant to existing security documents entered into in connection with certain
existing financing arrangements with Credit Suisse and others (the “Existing Security”). The
Existing Security will be released on or about the date hereof in accordance with the terms of
a release agreement between the Assignor, Credit Suisse and others.
	 
	 	 	NOW IT IS HEREBY AGREED as follows:
	 
	1.	 	DEFINITIONS AND LANGUAGE
	 
	1.1	 	Definitions
	 
	 	 	In this Agreement:
	 
	 	 	“Administrative Agent” means Credit Suisse Cayman Island branch, having its business address
at One Madison Avenue, New York, NY 10010, United States of America in its capacity as
administrative agent under the Credit Agreement and any successor appointed as
administrative agent under the Credit Agreement.
	 
	 	 	“Ancillary Rights” means all present and future, actual and contingent rights and claims
(including monetary claims for damages) arising out of the underlying contractual or other
relationship under which the Receivables are created, including but not limited to,
unilateral rights (Gestaltungsrechte) of the Assignor.
	 
	 	 	“Authorisation” means the authorisation to collect the Receivables (Einziehungsermächtigung)
and to exercise any rights and claims in relation to the Receivables in accordance with the
terms of the Principal Finance Documents granted by the Collateral Agent to the Assignor
pursuant to Clause 9 hereof.
	 
	 	 	“Borrowers” means the Original Borrowers and any entity which may accede to the Credit
Agreement as an additional borrower and “Borrower” means any of them.
	 
	 	 	“Cash Management Bank” shall mean Citibank NA, Banco Nacional De Mexico S.A., Citibank
International PLC, UK, Citibank (China) Co., Limited, Citibank Global Markets Deutschland AG
& Co KGaA, Citibank ZRT, Hungary, a Lender, the Administrative Agent or any of the Lender’s
or the Administrative Agent’s affiliates (at the time the cash management services
arrangement is entered into) provided in each case it has become a party to, or by execution
of an additional bank secured party acknowledgment has agreed to 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.

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	 	 	“Collection Arrangement Receivables” means all present and future, actual and contingent
receivables of the Assignor against any collection agent or factor under or in connection
with any collection arrangement or factoring arrangement (whether with or without recourse)
(echtes und unechtes Factoring) relating to its Customer Receivables including but not
limited to those specified in Schedule 2 (List of Collection Arrangement Receivables) or in
a list provided to the Collateral Agent on or about the date hereof.
	 
	 	 	“Credit Documents” shall mean the Loan Documents and the Senior Secured Note Documents.
	 
	 	 	“Current Account Receivables” means all present and future, actual and contingent
receivables of the Assignor originating from genuine or non-genuine current account
arrangements (echte oder unechte Kontokorrentverhältnisse), including but not limited to the
claim to determine the current account balance (Anspruch auf Feststellung des gegenwärtigen
Saldos) and the current account balance receivable (Kontokorrentsaldoanspruch) (in
particular the current account balance receivable of the final current account statement
(Saldoanspruch der Schlussrechnung)) including but not limited to those specified in
Schedule 3 (List of Current Account Receivables) or in a list provided to the Collateral
Agent on or about the date hereof.
	 
	 	 	“Customer Receivables” means all present and future, actual and contingent receivables of
the Assignor against all clients, purchasers, suppliers or lessees or any of them (including
members of the Group) originating from the leasing or other supply of goods and/or services
(including the renting of properties) by or to the Assignor including but not limited to
those specified in Schedule 4 (List of Customer Receivables) or in a list provided to the
Collateral Agent on or about the date hereof.
	 
	 	 	“Default” means any Event of Default or any event or circumstance specified in Article VII
of the Credit Agreement and/or Section 6.01 of the Senior Secured Note Indenture which upon
notice, lapse of time or both constitute an Event of Default.
	 
	 	 	“Enforcement Event” shall mean an Event of Default.
	 
	 	 	“Event of Default” means any event of default (Kündigungsgrund) under the Credit Agreement
and/or the Senior Secured Note Indenture.
	 
	 	 	“Existing Intercreditor Agreement” means the existing intercreditor agreement dated 11 May
2007 (as amended by a letter dated 21 June 2007 and a further letter dated 29 June 2007 and
as amended and restated on or about the date hereof) between, inter alia, Beverage Packaging
Holdings (Luxembourg) I S.A., Rank Group Holdings Limited (now Reynolds Group Holdings
Limited), Beverage Packaging Holdings (Luxembourg) II S.A., Beverage Packaging Holdings
(Luxembourg) III S.à r.l., Credit Suisse as security trustee and others.
	 
	 	 	“Grantors” means the Loan Parties, the Issuers and the Senior Secured Note Guarantors and
any person that has granted a security interest to the Collateral Agent and/or the Secured
Parties in respect of the obligations of the Loan Parties, the Issuers and the Senior
Secured Note Guarantors under the Credit Documents and “Grantor” means any of them.

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	 	 	“Grantors’ Agent” means Reynolds Group Holdings Limited or any other person appointed as
agent of the Grantors in accordance with the Principal Finance Documents.
	 
	 	 	“Group” means Reynolds Group Holdings Limited and its direct or indirect subsidiaries
(Tochtergesellschaften).
	 
	 	 	“Hedge Counterparty” means a Lender, the Administrative Agent or any of the Lender’s or the
Administrative Agent’s affiliates (at the time a hedging agreement is entered into) who has
entered into a hedging agreement for the purpose of hedging interest rate liabilities and/or
any exchange rate and/or commodity price risks provided it has become a party, or by
execution of an additional bank secured party acknowledgment has agreed to be bound by the
terms of, to the First Lien Intercreditor Agreement in its capacity as hedge counterparty.
	 
	 	 	“Incremental Assumption Agreement” shall mean an incremental assumption agreement relating
to incremental facilities of up to USD 400,000,000 among, and in form and substance
reasonably satisfactory to, one or more Borrowers, the Administrative Agent, one or more
Incremental Term Lenders and/or one or more Incremental Revolving Credit Lenders pursuant to
which one or more Incremental Term Lenders make available Incremental Term Loan Commitments
and/or one or more Incremental Revolving Credit Lenders make available Incremental Revolving
Credit Commitments respectively.
	 
	 	 	“Incremental Revolving Credit Lender” shall mean a Lender with an Incremental Revolving
Credit Commitment or an outstanding revolving loan under the Credit Agreement of any class
as a result of an Incremental Revolving Credit Commitment.
	 
	 	 	“Incremental Revolving Credit Commitment” shall mean the commitment of any Lender,
established pursuant to the Credit Agreement, to make available certain revolving credit
loans to one or more Borrowers.
	 
	 	 	“Incremental Term Lender” shall mean a Lender with an Incremental Term Loan Commitment.
	 
	 	 	“Incremental Term Loan Commitment” shall mean the commitment of any Lender, established
pursuant to the Credit Agreement, to make available certain term loans to one or more
Borrowers.
	 
	 	 	“Indenture Trustee” shall mean The Bank of New York Mellon, in its capacity as indenture
trustee under the Senior Secured Note Indenture and any successor appointed as indenture
trustee under the Senior Secured Notes Indenture.
	 
	 	 	“Intercreditor Arrangements” means the First Lien Intercreditor Agreement and the Existing
Intercreditor Agreement, in each case as amended, novated, supplemented, restated, or
modified from time to time.
	 
	 	 	“Intercompany Loan Receivables” means all present and future, actual and contingent
receivables of the Assignor against any member of the Group arising under or in connection
with intercompany loans (including intercompany loans resulting from any cash pool
arrangements) including but not limited to the receivables arising

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	 	 	under the intercompany loans specified in Schedule 5 (List of Existing Intercompany Loans).
	 
	 	 	“Issuing Bank” means Credit Suisse or any other Lender or any affiliate of Credit Suisse or
any other Lender that issues letters of credit or bank guarantees under the Credit
Agreement.
	 
	 	 	“Lenders” shall mean the Original Lenders and any entity which may become a lender under the
Credit Agreement in the future and “Lender” means any of them.
	 
	 	 	“Loan Documents” shall mean the Credit Agreement, any borrowing subsidiary agreement and/or
guarantor joinder agreement relating to the Credit Agreement, any letter of credit or bank
guarantee relating to the Credit Agreement, any security documents relating to the Credit
Agreement, any hedging agreement entered into by a Hedge Counterparty and a Grantor, each
Incremental Assumption Agreement, the Intercreditor Arrangements, each Promissory Note, any
agreement between a Grantor and a Cash Management Bank relating to Cash Management Services,
each Local Facility Agreement and any other document that may be entered into pursuant to
any of the foregoing in relation to the Credit Agreement.
	 
	 	 	“Loan Parties” shall mean the Borrowers, the Original Guarantors and any entity which may
accede to the Credit Agreement as additional guarantor and a “Loan Party” means any of them.
	 
	 	 	“Local Facilities” means working capital facilities provided to a Grantor (other than
Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings (Luxembourg) II
S.A. Beverage Packaging Holdings (Luxembourg) III S.à.r.l. and the Borrowers) by a Local
Facility Provider and “Local Facility” means any of them.
	 
	 	 	“Local Facility Agreements” shall mean any agreement under which a Local Facility is made
available.
	 
	 	 	“Local Facility Provider” means each of Deutsche Bank AG, Commerzbank Aktiengesellschaft,
Bank of America, N.A., HSBC Trinkaus & Burkhardt AG and Hong Kong and Shanghai Banking
Corporation Ltd., Thailand, provided in each case it has become a party to, or by execution
of an additional bank secured party acknowledgment has agreed to be bound by the terms of,
the First Lien Intercreditor Agreement in its capacity as local facility provider.
	 
	 	 	“Obligations” shall mean all present and future obligations and liabilities (whether actual
or contingent and whether owed jointly or severally or in any other capacity whatsoever) of
each Grantor to the Secured Parties (or any of them) under each or any of the Credit
Documents, together with all costs, charges and expenses incurred by any Secured Party in
connection with the protection, preservation or enforcement of its respective rights under
the Credit Documents or any other document evidencing or securing any such liabilities. The
Obligations shall further include any obligation based on unjust enrichment
(ungerechtfertigte Bereicherung) or tort (Delikt).
	 
	 	 	“Principal Finance Documents” means the Credit Agreement, the Senior Secured Note Indenture
and the First Lien Intercreditor Agreement.

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	 	 	“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.
	 
	 	 	“Receivables” means collectively:

	 	(a)	 	the Collection Arrangement Receivables;
	 
	 	(b)	 	the Current Account Receivables;
	 
	 	(c)	 	the Customer Receivables;
	 
	 	(d)	 	the Intercompany Loan Receivables; and
	 
	 	(e)	 	any Ancillary Rights.

	 
	 	 	“Secured Parties” shall mean the Lenders (including in their capacity as issuing bank(s),
and/or Hedge Counterparties under the Credit Agreement), the Hedge Counterparties, the
Administrative Agent, any Issuing Bank, the beneficiaries of each indemnification obligation
undertaken by any Grantor under any Credit Document, the Senior Secured Note Holders, the
Indenture Trustee, the Collateral Agent, the Local Facility Providers and the Cash
Management Banks.
	 
	 	 	“Senior Secured Note Documents” shall mean the Senior Secured Note Indenture, the Senior
Secured Note Guarantees, the Senior Secured Notes, the Intercreditor Arrangements, any
security document relating to the Senior Secured Notes and/or the Senior Secured Note
Indenture and any other document that may be entered into pursuant to any of the foregoing.
	 
	 	 	“Senior Secured Note Guarantees” shall mean the guarantees of the obligations of the Issuers
under the Senior Secured Notes and the Senior Secured Note Indenture by the Senior Secured
Note Guarantors.
	 
	 	 	“Senior Secured Note Guarantors” means the Original Senior Secured Note Guarantors and any
entity which may accede to the Senior Secured Note Indenture as additional guarantor.
	 
	 	 	“Senior Secured Note Holders” shall mean the holders from time to time of the Senior Secured
Notes.
	 
	1.2	 	Construction
	 
	 	 	In this Agreement:

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

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	1.3	 	This Agreement is made in the English language. For the avoidance of doubt, the English
language version of this Agreement shall prevail over any translation of this Agreement.
However, where a German translation of a word or phrase appears in the text of this Agreement,
the German translation of such word or phrase shall prevail.
	 
	2.	 	ASSIGNMENT
	 
	2.1	 	The Assignor hereby assigns to the Collateral Agent the Receivables.
	 
	2.2	 	The Collateral Agent hereby accepts the assignment of the Receivables.
	 
	2.3	 	The existing Receivables shall pass over to the Collateral Agent on execution of this
Agreement, and any future Receivables shall pass over to the Collateral Agent at the date such
Receivables come into existence.
	 
	3.	 	TRANSFER OF ANCILLARY RIGHTS
	 
	 	 	The Receivables are assigned to the Collateral Agent together with all accessory security
rights (akzessorische Sicherheiten) and ancillary rights (Neben-, Hilfs- und Vorzugsrechte)
pursuant to (including by way of analogy) Section 401 of the German Civil Code (Bürgerliches
Gesetzbuch). In case of security rights and ancillary rights pertaining to the Receivables
and which are not assigned and transferred to the Collateral Agent by operation of law
pursuant to Section 401 of the German Civil Code (the “Independent Ancillary Rights”), the
Collateral Agent may request at any time and at its sole discretion (upon instructions in
accordance with the First Lien Intercreditor Agreement) the assignment and/or transfer (as
the case may be) of such Independent Ancillary Rights.
	 
	4.	 	PURPOSE OF THE ASSIGNMENT
	 
	 	 	The assignment hereunder is constituted in order to secure the prompt and complete
satisfaction of any and all Obligations. The assignment shall also cover any future
extension of the Obligations and the Assignor herewith expressly agrees that the assignment
shall secure the Obligations as extended or increased from time to time.
	 
	5.	 	LIST OF RECEIVABLES
	 
	5.1	 	Within three months after the end of each calendar year (for the first time for the calendar
year 2010) and if an Enforcement Event has occurred and is continuing at any time upon
reasonable request of the Collateral Agent, the Assignor shall deliver to the Collateral Agent
a list of the Receivables as of the end of the relevant calendar year or, as the case may be,
the last day of the month prior to the Collateral Agent’s request following the occurrence of
an Enforcement Event which is continuing. In addition, the Assignor shall, at the reasonable
request of the Collateral Agent following the occurrence of a Default and while it is
continuing, deliver a list of the Customer Receivables, Current Account Receivables and
Collection Arrangement Receivables as at the last day of the month prior to such request by
the Collateral Agent. Each such list of the Receivables shall be on a computer disk or in such
other form as agreed between the Collateral Agent and the Assignor. The Collateral Agent may
in its reasonable discretion request a computer print-out in addition to any other form in
which the list may be delivered.

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	5.2	 	Unless otherwise agreed between the Assignor and the Collateral Agent (acting on the
instructions of the Secured Parties in accordance with the Principal Finance Documents), each
list of the Receivables (or, as the case may be, Customer Receivables, Current Account
Receivables and Collection Arrangement Receivables) referred to in sub-Clause 5.1 shall show
the names and addresses of the relevant debtors as well as any outstanding amounts and the due
dates for payment. In addition, each list shall include all unpaid counter claims, if any,
which arise from contracts between the Assignor and the relevant debtors, and shall state the
exact amount of such unpaid claim, the maturity date and the name of the respective debtor.
	 
	5.3	 	Any list of Receivables referred to in sub-Clauses 5.1 and 5.2 above is provided for
information purposes only and if for any reason whatsoever the relevant Receivables are not,
or are incompletely, contained in the list presented, then the assignment of the Receivables
shall not be affected thereby.
	 
	5.4	 	In case the Assignor is under an obligation to deliver a list of Receivables pursuant to
Clause 5.1 above and if the Assignor employs a third party for its bookkeeping and/or data
processing, the Assignor hereby authorises the Collateral Agent to obtain any list of
Receivables directly from such third party at the Assignor’s expense.
	 
	6.	 	NOTICE OF ASSIGNMENT
	 
	6.1	 	The Assignor shall notify by registered mail (Einschreiben mit Rückschein) the relevant
debtors of the assignment of the Intercompany Loan Receivables constituted hereunder in the
form set out in Schedule 7 (Form of Notice for a Disclosed Assignment), within one month from
the date hereof or, with respect to Intercompany Loan Receivables arising from future
contracts within one month from the date of entry into such contract.
	 
	6.2	 	The Assignor shall use all reasonable endeavours to procure that debtors of the Intercompany
Loan Receivables notified in accordance with Clause 6.1 above acknowledge each notice of
assignment and accept the terms of the assignment as set out in Schedule 7 (Form of Notice for
a Disclosed Assignment) without undue delay. The Assignor shall provide evidence to the
Collateral Agent of any such acknowledgement received.
	 
	6.3	 	The Assignor shall deliver to the Collateral Agent 10 (ten) dated notification letters in the
form of Schedule 6 (Form of Blank Notification Letter) executed in blank within 20 business
days from the date hereof for the purpose of notifying the debtors of the Receivables of this
Agreement. The Collateral Agent will only use such notification letters if it is entitled to
enforce this Agreement in accordance with Clause 10.
	 
	7.	 	RECEIVABLES UNDER EXTENDED RETENTION OF TITLE ARRANGEMENTS
	 
	7.1	 	If Receivables are assigned pursuant to this Agreement which are subject to extended
retention of title arrangements (verlängerter Eigentumsvorbehalt) with any supplier of the
Assignor, the assignment shall only become effective upon the termination (Erlöschen) of such
extended retention of title. As long as any person is only partly entitled to the Receivables
as a result of such person’s retention of title arrangement, the assignment of such
Receivables to the Collateral Agent hereunder shall be limited

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	 	 	to the part of the relevant Receivables to which the Assignor is entitled to, the assignment
of the other part shall be effective upon complete termination of the extended retention of
title.
	 
	7.2	 	If and to the extent that the Receivables assigned pursuant to this Agreement arise from the
sale of receivables of the Assignor pursuant to any factoring arrangement which are subject
to extended retention of title arrangements (verlängerter Eigentumsvorbehalt), the assignment
hereunder shall only become effective upon the complete satisfaction of the receivables which
are secured by the respective extended retention of title.
	 
	7.3	 	The Assignor hereby assigns to the Collateral Agent its right to reassignment of Receivables
assigned to a supplier by reason of an extended retention of title arrangement as well as any
contingent claims to the transfer of all proceeds paid out to the supplier, together with all
rights pertaining thereto. The same applies to any possible inchoate right
(Anwartschaftsrecht) with respect to the assignment of any Receivables which is subject to a
dissolving condition (auflösende Bedingung). The Collateral Agent hereby accepts such
assignments.
	 
	7.4	 	The Collateral Agent may at any time during the period it is entitled to enforce this
Agreement in accordance with sub-Clause 10.1 below terminate any retention of title
arrangement on behalf of the Assignor by discharging the respective liability of the Assignor
towards the relevant supplier. The Assignor will reimburse the Collateral Agent for any
reasonable costs and expenses so incurred.
	 
	8.	 	CHECKS AND BILLS OF EXCHANGE
	 
	 	 	If payments in respect of the Receivables are made by check or bill of exchange, the
ownership in the documents shall pass to the Collateral Agent upon the Assignor acquiring
such ownership, and the Assignor hereby assigns to the Collateral Agent, who accepts the
assignment, in advance any of its rights arising therefrom as security for the Obligations.
Physical delivery of checks and bills of exchange to the Collateral Agent shall be replaced
by an undertaking of the Assignor to hold such checks and bills of exchange in gratuitous
custody (unentgeltliche Verwahrung) for the Collateral Agent or, if the Assignor does not
obtain actual possession of such documents, the Assignor hereby assigns to the Collateral
Agent in advance all of its claims for delivery thereof against third parties as security
for the Obligations. The Collateral Agent accepts such assignment.
	 
	9.	 	COLLECTION OF RECEIVABLES BY THE ASSIGNOR
	 
	 	 	At all times while no Enforcement Event is continuing, the Assignor is authorised by the
Collateral Agent to collect the Receivables (ermächtigt zur Einziehung) in its own name and
for its own account and to dispose of, and exercise any rights and claims in relation to,
the Receivables in accordance with the terms of the Principal Finance Documents (including,
for the avoidance of doubt, the disposal of the Receivables in connection with any factoring
arrangement which is permitted under the Principal Finance Documents). The Collateral Agent
may revoke the Authorisation at any time if an Enforcement Event has occurred and is
continuing, except with respect to the disposal of Receivables that are subject to any
factoring arrangements that are permitted at that time pursuant to the Principal Finance
Documents.

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	10.	 	ENFORCEMENT
	 
	10.1	 	If (i) an Enforcement Event has occurred and is continuing and (ii) any of the Obligations
has become due and payable, then the Collateral Agent is entitled to revoke the Authorisation,
notify the debtors, enforce its rights under this Agreement and arrange for the collection of
the Receivables in its own name and for its own account or for the sale of the Receivables.
	 
	10.2	 	The Collateral Agent will notify the Assignor in writing at least 5 (five) business days
prior to the enforcement of any assignment pursuant hereto. No such notice shall be required
if (i) the Assignor has generally ceased to make payments, (ii) an application for the
institution of insolvency proceedings is filed by or against the Assignor or (iii) the
Collateral Agent has reasonable grounds to believe that observance of the notice period would
adversely affect the legitimate interests (berechtigte Interessen) of the Collateral Agent.
	 
	10.3	 	To the extent that the Authorisation is revoked, the Collateral Agent may request that all
documents relating to the Receivables be handed over to it and the Assignor hereby agrees to
promptly comply with any such request. In the case of checks and bills of exchange, the
Assignor hereby further agrees to endorse such documents in blank and to deliver them to the
Collateral Agent as soon as reasonably practicable and in any event upon request by the
Collateral Agent.
	 
	10.4	 	While being entitled to enforce the security interest created hereunder in accordance with
sub-Clause 10.1 the Collateral Agent may collect the Receivables in total or in part to the
extent necessary to satisfy any outstanding Obligations, it being understood that the
Collateral Agent shall apply the proceeds of such realisation towards the Obligations in
accordance with the First Lien Intercreditor Agreement.
	 
	10.5	 	While being entitled to enforce the security interest created hereunder in accordance with
sub-Clause 10.1 the Collateral Agent may request the Assignor to collect the Receivables for
and on behalf of the Collateral Agent and in accordance with the Collateral Agent’s
instruction. The Assignor shall promptly comply with such request.
	 
	10.6	 	If the Collateral Agent collects any Receivables pursuant to sub-Clause 10.4 hereof, it may
take all measures and enter into all agreements with such debtors which it considers to be
expedient. In particular, the Collateral Agent may grant discounts or indulgence to any
debtors and/or enter into settlement agreements in relation to existing Receivables at any
time.
	 
	10.7	 	Notwithstanding sub-Clause 10.4, the Collateral Agent may, in its sole discretion, determine
which of several security interests (created under this or other security agreements) shall be
used to satisfy the Obligations.
	 
	10.8	 	Given the non-accessory nature of this security, the Assignor has no defences of revocation
and set-off and no defences based on defences any Grantor might have against the Obligations.
The Collateral Agent is not required to proceed against or enforce any other rights or
security before enforcing the security created hereunder.
	 
	10.9	 	The Assignor shall not at any time before, on or after an enforcement of the security created
hereunder and as a result of the Assignor entering into this Agreement, be

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	 	 	entitled to demand indemnification or compensation from any other Grantor or to assign any
of these claims.
	 
	11.	 	LIMITATIONS ON ENFORCEMENT
	 
	11.1	 	The Collateral Agent shall be entitled to enforce the rights created under this Agreement
without limitation in respect of:

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

	 	 	(in aggregate, the “Unlimited Enforcement Amount”).
	 
	11.2	 	Besides an enforcement in respect of the Unlimited Enforcement Amount applicable to the
Assignor pursuant to Clause 11.1 above, the Collateral Agent shall not be entitled to enforce
the rights created under this Agreement against the Assignor if and to the extent that:

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

	11.3	 	The Net Assets shall be calculated as an amount equal to the sum of the values of the assets
of the Assignor’s general partner (Komplementär) (consisting of all assets which correspond to
the items set forth in section 266 sub-section(2) A, B and C of the German Commercial Code
(Handelsgesetzbuch) less the aggregate amount of the liabilities of the Assignor’s general
partner (Komplementär) (consisting of all

- 13 -

 

	 	 	liabilities and liability reserves which correspond to the items set forth in section 266
sub-section(3) B, C and D of the German Commercial Code), save that:

	 	(a)	 	any asset that is shown in the balance sheet with a book value (Buchwert) that
is significantly lower than the market value of such asset and that is not necessary
for the Assignor’s business (nicht betriebsnotwendig) shall be taken into account with
its market value;
	 
	 	(b)	 	obligations under loans provided to the Assignor and/or its general partner
(Komplementär) by any member of the Group or any other affiliated company shall not be
taken into account as liabilities as far as such loans are subordinated by law or by
contract at least to the claims of the unsubordinated creditors of the Assignor; and
	 
	 	(c)	 	obligations under loans or other contractual liabilities incurred by the
Assignor and/or its general partner (Komplementär) in violation of the provisions of
the Credit Documents shall not be taken into account as liabilities.

	 	 	The Net Assets shall be determined in accordance with the generally accepted accounting
principles applicable from time to time in Germany (Grundsätze ordnungsmäßiger Buchführung)
and be based on the same principles that were applied by the Assignor in the preparation of
its most recent annual balance sheet (Jahresbilanz).
	 
	 	 	It being understood that the assets of the Assignor’s general partner (Komplementär) will be
assessed at liquidation values (Liquidationswerte) if the managing directors of the
Assignor’s general partner (Komplementär) at the time they prepare the Management
Determination (as defined below) are, due to factual or legal circumstances at that time, in
their opinion not able to make a positive prognosis as to whether the business of the
Assignor’s general partner (Komplementär) can carry on as a going concern (positive
Fortführungsprognose), in particular when the security created under this Agreement is
enforced.
	 
	11.4	 	The limitations set out in Clause 11.2 above shall only apply if and to the extent that:

	 	(a)	 	without undue delay, but not later than within 5 business days, after receipt
of a notification by the Collateral Agent of its intention to enforce any of the rights
created under this Agreement (the “Notice”), the Assignor has confirmed in writing to
the Collateral Agent (x) to what extent such rights are up-stream or cross-stream
security as described in Clause 11.2 above and (y) which amount of such up-stream or
cross-stream security cannot be enforced as it would cause the Net Assets of the
Assignor to fall below its stated share capital (taking into account the adjustments
set out in Clause 11.3 above) and such confirmation is supported by evidence reasonably
satisfactory to the Collateral Agent (the “Management Determination”) and the
Collateral Agent has not contested this and argued that no or a lesser amount would be
necessary to maintain the Assignor’s stated share capital; or
	 
	 	(b)	 	within 20 business days from the date the Collateral Agent has contested the
Management Determination, the Collateral Agent receives from the Assignor an up to date
balance sheet prepared by a firm of auditors of international

- 14 -

 

	 	 	 	standard and reputation (the “Determining Auditors”) which shows the value of the
Net Assets of the Assignor’s general partner (Komplementär) (the “Balance Sheet”).
The Balance Sheet shall be prepared in accordance with the principles set out in
Clause 11.3 above, provided that the final sentence of Clause 11.3 above shall not
apply unless the Determining Auditors have in an independent assessment determined
that the assets of the Assignor’s general partner (Komplementär) should be evaluated
at liquidation values (Liquidationswerte) in accordance with generally accepted
accounting principles applicable from time to time in Germany (Grundsätze
ordnungsgemäßer Buchführung) and shall contain further information (in reasonable
detail) relating to items to be adjusted pursuant to Clause 11.3 above. If the
Assignor fails to deliver a Balance Sheet within the aforementioned time period, the
Collateral Agent shall be entitled to enforce the rights created under this
Agreement irrespective of the limitations set out in Clause 11.2 above.

	11.5	 	If the Collateral Agent disagrees with the Balance Sheet, it shall be entitled to enforce the
rights created under this Agreement up to the amount which, according to the Balance Sheet,
can be enforced in compliance with the limitations set out in Clause 11.2 above. In relation
to any additional amounts for which the Assignor is liable under this Agreement, the
Collateral Agent shall be entitled to further pursue their claims (if any) and the Assignor
shall be entitled to prove that this amount is necessary for maintaining the stated share
capital of the Assignor’s general partner (Komplementär) (calculated as of the date the
Collateral Agent has given notice of its intention to enforce the security created under this
Agreement).
	 
	11.6	 	No reduction of the amount enforceable under this Clause 11 will prejudice the right of the
Collateral Agent to continue enforcing the rights created under this Agreement (subject always
to the operation of the limitations set out above at the time of such enforcement) until full
satisfaction to the claims secured.
	 
	12.	 	BOOKKEEPING AND DATA-PROCESSING
	 
	12.1	 	The Assignor hereby assigns to the Collateral Agent, who accepts such assignment, any right
it has against any third party (in particular any bookkeeping firm or tax consultant) in
respect of the return of any proof or documents which the Assignor has handed over to such
third party and which are necessary to identify the Receivables. The Collateral Agent will
only make use of such right if an Enforcement Event has occurred and is continuing or if the
Assignor has not complied with a request of the Collateral Agent to provide lists of
Receivables following the occurrence of a Default which is continuing, or, as the case may be,
an Enforcement Event which is continuing in accordance with Clause 5.1. The Assignor
undertakes to instruct such third party to provide the Collateral Agent upon demand in
accordance with the preceding sentence with such information, proof and documents which are
necessary to check, assess or enforce the Receivables.
	 
	12.2	 	If an Enforcement Event has occurred and is continuing, the Assignor shall allow the
Collateral Agent access to any electronic data-processing system, including peripheral
equipment, in which data concerning the Receivables or any part thereof have been stored.
Moreover, the Assignor shall provide any assistance required to the Collateral Agent
(including by making software operators available). The Assignor hereby

- 15 -

 

	 	 	assigns to the Collateral Agent, who accepts such assignment, all its rights against any
third party which handles the electronic processing of data concerning the Receivables and
undertakes to instruct such third party, upon a respective demand of the Collateral Agent if
an Enforcement Event has occurred and is continuing, to handle the processing of data for
the Collateral Agent as it did for the Assignor provided that the Assignor shall continue to
be given access to any data it requires in its ordinary course of business.
	 
	12.3	 	The Collateral Agent authorises the Assignor to exercise the rights assigned to the
Collateral Agent pursuant to sub-Clause 12.1 and 12.2 above at all times if an Enforcement
Event is not continuing.
	 
	13.	 	UNDERTAKINGS OF THE ASSIGNOR
	 
	 	 	Unless otherwise permitted by the Principal Finance Documents, during the term of this
Agreement, the Assignor undertakes to the Collateral Agent:
	 
	13.1	 	subject to Clause 9 of this Agreement, to refrain from any acts or omissions, the purpose or
effect of which is or would be the material dilution of the value of the Receivables or the
Receivables ceasing to be assignable or subjecting any Receivable to any law other than German
law other than in the Assignor’s ordinary course of business;
	 
	13.2	 	to inform the Collateral Agent without undue delay in writing of any attachment (Pfändung)
over any of the Receivables or part thereof and any third parties bringing claims in respect
of any of the Receivables or part thereof or any other measures which would impair or
jeopardize the Collateral Agent’s rights relating to any Receivable or materially impair its
value, such notice to be accompanied by any documents the Collateral Agent might need to
defend itself against any claim by a third party. In the event of an attachment, the Assignor
undertakes to forward to the Collateral Agent without undue delay a copy of the attachment
order (Pfändungsbeschluß), any transfer order (Überweisungsbeschluß) and all other documents
necessary or expedient for a defence against such attachment. The Assignor shall inform the
attaching creditor of the Collateral Agent’s security interests without undue delay;
	 
	14.	 	POWER OF ATTORNEY
	 
	 	 	The Assignor, by way of security for its obligations under this Agreement, irrevocably
appoints the Collateral Agent to be its attorney (Stellvertreter) (and the Collateral Agent
may delegate that power on such terms as it sees fit) to do anything which the Assignor is
required to do under this Agreement but has failed to do and to notify the debtors of the
Receivables of the assignment of the Receivables in behalf of the Assignor, provided that
the debtors which are not debtors of Intercompany Loan Receivables may only be notified if
an Enforcement Event has occurred and is continuing. For this purpose the Assignor relieves
the Collateral Agent from the restrictions set out in Section 181 of the German Civil Code.
The Collateral Agent shall only make use of this authorisation in respect of any obligation
of the Assignor under this Agreement which is required for the creation, perfection and
enforcement of the security interest to be created hereunder, if the Assignor has not
complied with such obligations imposed on the Assignor within 10 business days of being
notified of

- 16 -

 

	 	 	such failure to comply (with a copy of such notice being sent to the Grantors’ Agent) and
being requested to comply or if an Enforcement Event has occurred and is continuing. The
Collateral Agent shall not be obliged to exercise the powers conferred upon it by the
Assignor under this Clause 14 unless and until it shall have been (i) instructed to do so in
accordance with the Principal Finance Documents and (ii) indemnified and/or secured and/or
prefunded to its satisfaction.
	 
	15.	 	DELEGATION
	 
	 	 	The Collateral Agent shall have full power to delegate (either generally or specifically)
the powers, authorities and discretions conferred on it by this Agreement (including the
power of attorney in Clause 14) on such terms and conditions as it shall see fit. The
Collateral Agent shall only remain liable for diligently selecting and providing initial
instructions to such delegate.
	 
	16.	 	INDEMNITY
	 
	 	 	To the extent set out in the First Lien Intercreditor Credit Agreement, the Assignor shall,
notwithstanding any release or discharge of all or any part of the security, indemnify the
Collateral Agent, its agents its attorneys and any delegate against any action, proceeding,
claims, losses, liabilities, damages, expenses, demands, taxes, losses and costs which it
may sustain as a consequence of any breach by the Assignor 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 Receivables.
	 
	17.	 	NO LIABILITY
	 
	 	 	Except to the extent provided in the Principal Finance Documents, none of the Collateral
Agent, its nominee(s) or agent(s) or delegate(s) shall be liable by reason of (a) taking any
action permitted by this Agreement or (b) any neglect or default in connection with the
assets and rights subject to the security interest created hereunder, save in respect of any
loss or damage which is suffered as a result of wilful misconduct (Vorsatz) or gross
negligence (grobe Fahrlässigkeit) by the Collateral Agent, its nominee(s) or agent(s) or
delegate(s), or (c) the enforcement or realisation of all or any part of the security
interest created hereunder.
	 
	18.	 	DURATION AND INDEPENDENCE
	 
	18.1	 	This Agreement shall create a continuing security and no change, amendment, or supplement
whatsoever in the Credit Documents or in any document or agreement relating to any of the
Credit Documents shall affect the validity or the scope of this Agreement nor the obligations
which are imposed on the Assignor pursuant to it.
	 
	18.2	 	This Agreement is independent from any other security or guarantee which may have been or
will be given to the Secured Parties or the Collateral Agent. None of such other security
shall prejudice, or shall be prejudiced by, or shall be merged in any way with this Agreement.

- 17 -

 

	18.3	 	Waiving Section 418 of the German Civil Code (applied by analogy), the Assignor 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.
	 
	19.	 	RELEASE OF SECURITY (SICHERHEITENFREIGABE)
	 
	19.1	 	Upon complete and irrevocable satisfaction of the Obligations, the Collateral Agent (as
instructed in accordance with the First Lien Intercreditor Agreement) will as soon as
reasonably practicable, at the cost and expense of the Assignor, reassign to the Assignor the
Receivables and surrender the excess proceeds, if any, resulting from any realisation thereof.
The Collateral Agent will, however, transfer any Receivable or excess proceeds to a third
person if so required by law.
	 
	19.2	 	At any time when the total value of the aggregate security granted by the Assignor and the
other Grantor to secure the Obligations (the “Security”) which can be expected to be realised
in the event of an enforcement of the Security (realisierbarer Wert) exceeds 110% of the
Obligations (the “Limit”), the Collateral Agent shall on demand of the Assignor release such
part of the Security (Sicherheitenfreigabe) as the Collateral Agent may in its reasonable
discretion (as instructed in accordance with the First Lien Intercreditor Agreement) determine
so as to reduce the realisable value of the Security to the Limit.
	 
	19.3	 	The Collateral Agent (as instructed in accordance with the First Lien Intercreditor
Agreement) will as soon as reasonably practicable declare in writing the release of the
security created hereunder and reassign the Receivables to the Assignor in accordance with,
and to the extent required by, the Intercreditor Arrangements.
	 
	20.	 	PARTIAL INVALIDITY; WAIVER
	 
	20.1	 	If at any time, any one or more of the provisions hereof is or becomes invalid, illegal or
unenforceable in any respect under the law of any jurisdiction, such provision shall, as to
such jurisdiction, be ineffective to the extent necessary without affecting or impairing the
validity, legality and enforceability of the remaining provisions hereof or of such provisions
in any other jurisdiction. The invalid, illegal, or unenforceable provision shall be deemed
replaced with a valid, legal or enforceable provision which comes as close as possible to the
original intent of the parties and the invalid, illegal or unenforceable provision. Should a
gap (Regelungslücke) become evident in this Agreement, such gap shall, without affecting or
impairing the validity, legality and enforceability of the remaining provisions hereof, be
deemed to be filled with such provision as comes as close as possible to the original intent
of the parties.
	 
	20.2	 	No failure to exercise, nor any delay in exercising, on the part of the Collateral Agent, any
right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any right or remedy prevent any further or other exercise thereof or the exercise
of any other right or remedy. The rights and remedies provided hereunder are cumulative and
not exclusive of any rights or remedies provided by law.
	 
	21.	 	AMENDMENTS
	 
	 	 	Changes and amendments to this Agreement including this Clause 21 shall be made in writing.

- 18 -

 

	22.	 	NOTICES AND THEIR LANGUAGE
	 
	22.1	 	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 Assignor:
	 	Closure Systems International Deutschland Real Estate
GmbH & Co. KG
	 
	 	 	 	 
	 

	 	Address:
	 	Mainzer Straße 185

67547 Worms

Germany
	 
	 	 	 	 
	 

	 	Telephone:
	 	+49 6241 400 10
	 
	 	 	 	 
	 

	 	Fax:
	 	+49 6241 400 187
	 
	 	 	 	 
	 

	 	Attention:
	 	Managing directors (Geschäftsführung)
	 
	 	 	 	 
	For
the Assignor with a copy to:
	 	 
	 
	 	 	 	 
	 

	 	Address:
	 	c/o Rank Group Limited

Level 9

148 Quay Street

PO Box 3515

Auckland 1140

New Zealand
	 
	 	 	 	 
	 

	 	Telephone:
	 	+649 3666259
	 
	 	 	 	 
	 

	 	Fax:
	 	+649 3666 263
	 
	 	 	 	 
	 

	 	Attention:
	 	Helen Golding
	 
	 	 	 	 
	For
the Collateral Agent:
	 	The Bank of New
York Mellon
	 
	 	 	 	 
	 

	 	Address:
	 	101 Barclay Street, 4E

New York, N.Y. 10286

The United States of
America
	 
	 	 	 	 
	 

	 	Telephone:
	 	+212 298 1528
	 
	 	 	 	 
	 

	 	Fax:
	 	+212 815 5366
	 
	 	 	 	 
	 

	 	Attention:
	 	International
Corporate Trust

- 19 -

 

	22.2	 	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.
	 
	22.3	 	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 22 or
in accordance with the latest unrevoked direction from such party given in accordance with
this Clause 22.
	 
	22.4	 	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.	 	APPLICABLE LAW; JURISDICTION
	 
	23.1	 	This Agreement is governed by the laws of the Federal Republic of Germany.
	 
	23.2	 	The place of jurisdiction for any and all disputes arising under or in connection with this
Agreement shall be the district court (Landgericht) in Frankfurt am Main. The Collateral
Agent, however, shall also be entitled to take action against the Assignor in any other court
of competent jurisdiction. Further, the taking of proceedings against the Assignor 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.
	 
	24.	 	CONCLUSION OF THE AGREEMENT (VERTRAGSSCHLUSS)
	 
	24.1	 	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.
	 
	24.2	 	If the parties to this Agreement choose to conclude this Agreement pursuant to sub-Clause
24.1 above, they will transmit the signed signature page(s) of this Agreement to attention
Mr. Philipp Kropatscheck or Ms Corinna May (Philipp.Kropatscheck@cliffordchance.com or
Corinna.May@cliffordchance.com, fax: +49 69 7199 4000) (each a “Recipient”). The Agreement
will be considered

- 20 -

 

	 	 	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).
	 
	24.3	 	For the purposes of this Clause 24 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.

- 21 -

 

SCHEDULE 1

LIST OF ORIGINAL BORROWERS, ORIGINAL GUARANTORS AND ORIGINAL

SENIOR SECURED NOTE GUARANTORS

PART 1

THE ORIGINAL BORROWERS

SIG Euro Holding AG & Co. KGaA

Closure Systems International Holding Inc.

Closure Systems International B.V.

SIG Austria Holding GmbH

Reynolds Consumer Products Holdings Inc.

Reynolds Group Holdings Inc.

PART 2

THE ORIGINAL GUARANTORS

SIG Euro Holding AG & Co. KGaA (Germany)

SIG Beverages Germany GmbH (Germany)

SIG Combibloc Holding GmbH (Germany)

SIG Vietnam Beteiligungs GmbH (Germany)

SIG Combibloc GmbH (Germany)

SIG Combibloc Systems GmbH (Germany)

SIG Combibloc Zerspanungstechnik GmbH (Germany)

SIG Information Technology GmbH (Germany)

SIG International Services GmbH (Germany)

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

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

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

Reynolds Group Holdings Limited (New Zealand)

- 22 -

 

SIG Combibloc Group AG (Switzerland)

SIG Finanz AG (Switzerland)

SIG Technology AG (Switzerland)

SIG allCap AG (Switzerland)

SIG Combibloc (Schweiz) AG (Switzerland)

SIG Schweizerische Industrie-Gesellschaft AG (Switzerland)

SIG Holding USA Inc. (USA)

SIG Combibloc Inc. (USA)

Reynolds Group Holdings Inc. (USA)

Reynolds Group Issuer Inc. (USA)

Reynolds Group Issuer LLC (USA)

Closure Systems International Holdings (Germany) GmbH (Germany)

Closure Systems International Deutschland GmbH (Germany)

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

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

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

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

Closure Systems International B.V. (The Netherlands)

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

Closure Systems International Holdings Inc. (Delaware, USA)

Closure Systems International Inc. (Delaware, USA)

Reynolds Packaging Machinery Inc. (Delaware, USA)

Closure Systems Mexico Holdings LLC (Delaware, USA)

CSI Mexico LLC (Delaware, USA)

Southern Plastics, Inc. (Louisiana, USA)

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

Reynolds Consumer Products Holdings Inc. (Delaware, USA)

- 23 -

 

Bakers Choice Products, Inc. (Delaware, USA)

Reynolds Consumer Products Inc. (Delaware, USA)

Reynolds Foil Inc. (Delaware, USA)

Reynolds Services Inc. (Delaware, USA)

PART 3

THE ORIGINAL SENIOR SECURED NOTE GUARANTORS

SIG Euro Holding AG & Co. KGaA (Germany)

SIG Beverages Germany GmbH (Germany)

SIG Combibloc Holding GmbH (Germany)

SIG Vietnam Beteiligungs GmbH (Germany)

SIG Combibloc GmbH (Germany)

SIG Combibloc Systems GmbH (Germany)

SIG Combibloc Zerspanungstechnik GmbH (Germany)

SIG Information Technology GmbH (Germany)

SIG International Services GmbH (Germany)

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

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

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

Reynolds Group Holdings Limited (New Zealand)

SIG Combibloc Group AG (Switzerland)

SIG Finanz AG (Switzerland)

SIG Technology AG (Switzerland)

SIG allCap AG (Switzerland)

SIG Combibloc (Schweiz) AG (Switzerland)

SIG Schweizerische Industrie-Gesellschaft AG (Switzerland)

- 24 -

 

SIG Holding USA Inc. (USA)

SIG Combibloc Inc. (USA)

Reynolds Group Holdings Inc. (USA)

Closure Systems International Holdings (Germany) GmbH (Germany)

Closure Systems International Deutschland GmbH (Germany)

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

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

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

Closure Systems International B.V. (The Netherlands)

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

Closure Systems International Holdings Inc. (Delaware, USA)

Closure Systems International Inc. (Delaware, USA)

Reynolds Packaging Machinery Inc. (Delaware, USA)

Closure Systems Mexico Holdings LLC (Delaware, USA)

CSI Mexico LLC (Delaware, USA)

Southern Plastics, Inc. (Louisiana, USA)

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

Reynolds Consumer Products Holdings Inc. (Delaware, USA)

Bakers Choice Products, Inc. (Delaware, USA)

Reynolds Consumer Products Inc. (Delaware, USA)

Reynolds Foil Inc. (Delaware, USA)

Reynolds Services Inc. (Delaware, USA)

- 25 -

 

SCHEDULE 2

LIST OF COLLECTION ARRANGEMENT RECEIVABLES

- 26 -

 

SCHEDULE 3

LIST OF CURRENT ACCOUNT RECEIVABLES

- 27 -

 

SCHEDULE 4

LIST OF CUSTOMER RECEIVABLES

- 28 -

 

SCHEDULE 5

LIST OF EXISTING INTERCOMPANY LOANS

	 	 	 	 	 	 	 	 	 	 	 
	 	 	Draw down date of	 	 	 	 	 	 
	 	 	Intercompany Loan	 	 	 	 	 	Maturity date of
	No.	 	and drawn amount	 	Borrower	 	Outstanding amount	 	repayment claim
	1

	 	30.06.2009

EUR 4,343,004.89
	 	Closure
Systems
International
Espana SLU
La Masia” Sant
Cugat Sesgarrigues
08798 Barcelona,
Spain
	 	Euro

4,343,004.89
	 	 	17.02.2016	 

-29-

 

SCHEDULE 6

FORM OF BLANK NOTIFICATION LETTER

[To be printed off on letterhead of the Assignor]

[Name and address of debtor to be completed by the

Collateral Agent

Leave this space blank]

	 	 	 
	[insert date and place]	 	[Datum und Ort einfügen]
	Dear Sirs,

	 	Sehr geehrte Damen und Herren,
	 
	 	 
	We hereby give you notice that
pursuant to an assignment
agreement entered into by us in
favour of [insert name and address
of the Collateral Agent] (the
“Collateral Agent”) dated [insert
date of the assignment agreement],
we have assigned by way of a
global assignment (Globalzession)
to the Collateral Agent all our
present and future receivables
against you together with all
ancillary rights pertaining to
them including those set out in
Annex 1 hereto. The Collateral
Agent is solely authorised to
collect and deal with the assigned
receivables, and all payments with
respect to the assigned
receivables have to be made to the
Collateral Agent. Please do not
make any further payments into our
accounts. Please find attached as
Annex 2 hereto a copy of the
assignment agreement.

	 	Wir teilen Ihnen hierdurch mit, dass
wir mit Abtretungsvertrag vom [Datum
des Abtretungsvertrages einfügen]
sämtliche bestehenden und künftigen
Forderungen mit allen dazugehörenden
Rechten gegen Sie an [Name und
Adresse des Sicherheitentreuhänder
einfügen] (der
“Sicherheitentreuhänder”) im Wege der
Globalzession abgetreten haben,
einschließlich der in Anlage 1
genannten. Der Sicherheitentreuhänder
allein ist berechtigt, über die
Forderungen zu verfügen und Zahlungen
entgegenzunehmen. Bitte leisten Sie
keine weiteren Zahlungen an uns. Als
Anlage 2 erhalten Sie eine Kopie des
Abtretungsvertrages.
	 
	 	 
	Yours faithfully,

	 	Mit freundlichen Grüßen
	 
	 	 
	[insert full name of the Assignor]

	 	[Namen des Sicherungsgebers einfügen]

	 	 	 	 	 

	By:
	 	 	 	 
	 

	 	 
	 	 
	 

	 	Name:
	 	Name:
	 

	 	Title:
	 	Titel:

-30-

 

Annex 1 / Anlage 1

Details of assigned receivables / Einzelheiten der abgetretenen Forderungen

-31-

 

Annex 2 / Anlage 2

Copy of the assignment agreement / Kopie des Abtretungsvertrages

-32-

 

SCHEDULE 7

FORM OF NOTICE FOR A DISCLOSED ASSIGNMENT

[To be printed off on letterhead of the Assignor]

[Name and address of debtor]

	 	 	 
	[insert date and place]	 	[Datum und Ort einfügen]
	Dear Sirs,

	 	Sehr geehrte Damen und Herren,
	 
	 	 
	We hereby give you notice that
pursuant to an assignment agreement
entered into by us in favour of
[insert name and address of the
Collateral Agent] (the “Collateral
Agent”) dated [insert date of the
assignment agreement], we have
assigned by way of a global
assignment (Globalzession) to the
Collateral Agent all our present
and future receivables against you
together with all ancillary rights
pertaining to them including those
set out in Annex 1 hereto. We are
authorised by the Collateral Agent
to collect the assigned receivables
in our own name and for our own
account and to exercise any rights
and claims unless you receive a
notification from the Collateral
Agent to the contrary. Please see
attached as Annex 2 a copy of the
assignment agreement.

	 	Wir teilen Ihnen hierdurch mit, dass
wir mit Abtretungsvertrag vom [Datum
des Abtretungsvertrages einfügen]
sämtliche bestehenden und künftigen
Forderungen mit allen dazugehörenden
Rechten gegen Sie an [Name und
Adresse des Sicherheitentreuhänders
einfügen] (der
“Sicherheitentreuhänder”) im Wege der
Globalzession abgetreten haben,
einschließlich der in Anlage 1
genannten. Wir sind vom
Sicherheitentreuhänder ermächtigt,
alle Zahlungen betreffend die
abgetretenen Forderungen im eigenen
Namen und für eigene Rechnung
einzuziehen und entgegenzunehmen und
unsere Rechte, wenn und soweit Sie
keine anderslautende Mitteilung des
Sicherheitentreuhänders erhalten. Als
Anlage 2 erhalten Sie eine Kopie des
Abtretungsvertrages.
	 
	 	 
	Please acknowledge receipt of this
notice and your agreement with the
terms hereof by counter-signing
this letter and returning the same
to us.

	 	Bitte bestätigen Sie den Erhalt
dieser Benachrichtigung und Ihr
Einverständnis mit den hierin
enthaltenen Bestimmungen durch
Gegenzeichnung dieser
Benachrichtigung und Rücksendung an
uns.
	 
	 	 
	Yours faithfully,

	 	Mit freundlichen Grüßen
	 
	 	 
	[insert full name of the Assignor]

	 	[Namen des Sicherungsgebers einfügen]

	 	 	 	 	 

	By:
	 	 	 	 
	 

	 	 
	 	 
	 

	 	Name:
	 	Name:
	 

	 	Title:
	 	Titel:

	 	 	 

	Acknowledgement of the debtor

	 	Bestätigung des Drittschuldners
	 
	 	 
	We acknowledge receipt of this
notification letter and confirm our
agreement with the terms thereof.

	 	Wir bestätigen den Erhalt der
Benachrichtigung und erklären unser
Einverständnis mit den darin
enthaltenen Bestimmungen.

-33-

 

	 	 	 	 	 

	[insert full name of the debtor]	 	[den vollständigen
Namen des
Drittschuldners einfügen]
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 
	 	 
	 

	 	Name:
	 	Name:
	 

	 	Title:
	 	Titel:
	 

	 	Date:
	 	Datum:

-34-

 

SIGNATURE PAGE

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

Closure Systems International Deutschland Real Estate GmbH & Co. KG

as Assignor

acting through its general partner (Komplementär) Closure Systems International Deutschland GmbH

	 	 	 	 	 	 	 
	By:

	 	/s/ Mark Dunkley
	 	By:
	 	/s/ Philip West
	 

	 	 
	 	 	 	 
	 

	 	Name: MARK DUNKLEY
	 	 	 	Name: PHILIP WEST
	 

	 	Title: AUTHORISED SIGNATORY
	 	 	 	Title: AUTHORISED SIGNATORY
	 
	 	 	 	 	 	 
	The Bank of New York Mellon	 	 	 	 
	 
	 	 	 	 	 	 
	as Collateral Agent	 	 	 	 
	 
	 	 	 	 	 	 
	By:

	 	/s/ Michael Lee
	 	By:	 	 
	 

	 	 
	 	 	 	 
	 

	 	Name: MICHAEL LEE
	 	 	 	Name:
	 

	 	Title: SENIOR ASSOCIATE
	 	 	 	Title:

-35-exv4w31

Exhibit 4.31

			
	 

CLOSURE SYSTEMS INTERNATIONAL DEUTSCHLAND REAL ESTATE GMBH

& CO. KG

as Pledgor

THE BANK OF NEW YORK MELLON

as Collateral Agent and Pledgee

THE INSTITUTIONS NAMED HEREIN

as Pledgees

 

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 e9mail 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. Pledge
	 	 	- 8 -	 
	3. Purpose of the Pledges
	 	 	- 9 -	 
	4. Notice of Pledge
	 	 	- 9 -	 
	5. Pledgor’s Right of Disposal
	 	 	- 10 -	 
	6. Enforcement of the Pledges
	 	 	- 11 -	 
	7. Limitations on Enforcement
	 	 	- 12 -	 
	8. Undertakings of the Pledgor
	 	 	- 14 -	 
	9. Delegation
	 	 	- 16 -	 
	10. Indemnity
	 	 	- 16 -	 
	11. No liability
	 	 	- 17 -	 
	12. Duration and Independence
	 	 	- 17 -	 
	13. Release (Pfandfreigabe)
	 	 	- 17 -	 
	14. Partial Invalidity; Waiver
	 	 	- 18 -	 
	15. Amendments
	 	 	- 18 -	 
	16. Notices and their Language
	 	 	- 18 -	 
	17. Applicable Law, Jurisdiction
	 	 	- 20 -	 
	18. Conclusion of this Agreement (Vertragsschluss)
	 	 	- 20 -	 
	Schedule 1
	 	 	- 23 -	 
	Part 1 List of Financial Institutions
	 	 	- 23 -	 
	Part 2 List of Original Borrowers
	 	 	- 23 -	 
	Part 3 List of Original Guarantors
	 	 	- 23 -	 
	Part 4 List of Original Senior Secured Note Guarantors
	 	 	- 25 -	 
	Schedule 2 List of Accounts
	 	 	- 28 -	 
	Schedule 3 Form of Notice of Pledge
	 	 	- 29 -	 
	Schedule 4 Form of Notification of Future Accounts
	 	 	- 33 -	 

 

 

This ACCOUNT PLEDGE AGREEMENT (the “Agreement”) is made on
5 November 2009

BETWEEN:

	(1)	 	Closure Systems International Deutschland Real Estate GmbH & Co. KG, a limited partnership
(Kommanditgesellschaft) organised under the laws of the Federal Republic of Germany having its
business address at Mainzer Straße 185, 67547 Worms, Germany, which is registered in the
commercial register (Handelsregister) of the local court (Amtsgericht) of Mainz under HRA
11441 (the “Pledgor”);
	 
	(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 ”); and
	 
	(3)	 	the institutions, listed in Part 1 of Schedule 1 (List of financial institutions) hereto in
their capacity as lenders, issuing banks, hedge counterparties, administrative agent, local
facility providers, cash management banks under the Credit Agreement (as defined below) and
indenture trustee under the Senior Secured Note Indenture (as defined below);

(the institutions named in (2) and (3) are hereinafter referred to as the “Original Pledgees”).

WHEREAS:

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

- 2 -

 

	 	 	“Senior Secured Notes”) to certain noteholders.
	 
	(C)	 	The Pledgor has agreed to grant a first ranking pledge (subject to the pledges existing by
operation of the general business conditions (Allgemeine Geschäftsbedingungen) of the
respective Account Bank (as defined below)) over its Accounts (as defined below) as security
for the Pledgees’ (as defined below) respective claims against the Grantors (as defined below)
(or any of them) in respect of the Obligations (as defined below).
	 
	(D)	 	The security created by or pursuant to this Agreement is to be administered by the Collateral
Agent for the Secured Parties (as defined below) pursuant to a first lien intercreditor
agreement dated on or about 5 November 2009 between, inter alia, the Collateral Agent, the
Indenture Trustee, the Administrative Agent and the Grantors (each as defined below) and
others (as amended, varied, novated, supplemented, superseded or extended from time to time,
the “First Lien Intercreditor Agreement”).
	 
	(E)	 	The Pledgor has granted security interests over the Accounts (as defined below) to Credit
Suisse and others pursuant to existing security documents entered into in connection with
certain existing financing arrangements with Credit Suisse and others (the “Existing
Security”). The Existing Security will be released on or about the date hereof in accordance
with the terms of a release agreement between the Pledgor, Credit Suisse and others.

NOW, IT IS AGREED as follows:

	1.	 	DEFINITIONS AND LANGUAGE
	 
	1.1	 	Definitions
	 
	 	 	In this Agreement:
	 
	 	 	“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 Part 1 of Schedule 2 (List of Accounts) but
excluding any Social Security Bank Account as listed in Part 2 of Schedule 2 (List of
Excluded Accounts)) and any sub-account (Unterkonto), renewal, redesignation or replacement
thereof, and “Account” means any of them.
	 
	 	 	“Administrative Agent” means Credit Suisse Cayman Island branch, having its business
address at One Madison Avenue, New York, NY 10010, United States of

- 3 -

 

	 	 	America in its capacity as administrative agent under the Credit Agreement and any successor
appointed as administrative agent under the Credit Agreement.
	 
	 	 	“Borrowers” means the Original Borrowers and any entity which may accede to the Credit
Agreement as an additional borrower and “Borrower” means any of them.
	 
	 	 	“Cash Management Bank” shall mean Citibank NA, Banco Nacional De Mexico S.A., Citibank
International PLC, UK, Citibank (China) Co., Limited, Citibank Global Markets Deutschland AG
& Co KGaA, Citibank ZRT, Hungary, a Lender, the 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 and the Senior Secured Note Documents.
	 
	 	 	“Enforcement Event” shall mean an Event of Default.
	 
	 	 	“Event of Default” means any event of default (Kündigungsgrund) under the Credit
Agreement and/or the Senior Secured Note Indenture.
	 
	 	 	“Existing Intercreditor Agreement” means the existing intercreditor agreement dated 11
May 2007 (as amended by a letter dated 21 June 2007 and a further letter dated 29 June 2007
and as amended and restated on or about the date hereof) between, inter alia, Beverage
Packaging Holdings (Luxembourg) I S.A., Rank Group Holdings Limited (now Reynolds Group
Holdings Limited), Beverage Packaging Holdings (Luxembourg) II S.A., Beverage Packaging
Holdings (Luxembourg) III S.à r.l., Credit Suisse as security trustee and others.
	 
	 	 	“Future Pledgee” means any entity which may become a pledgee hereunder by way of (i)
transfer of the Pledges by operation of law following the transfer or assignment (including
by way of novation or assumption (Vertragsübernahme)) of any part of the Obligations from
any Original Pledgee or Future Pledgee to such future pledgee and/or (ii) accession to this
Agreement pursuant to sub-Clause 2.3 hereof as pledgee.
	 
	 	 	“Grantors” means the Loan Parties, the Issuers and the Senior Secured Note Guarantors and
any person that has granted a security interest to the Collateral Agent and/or the Secured
Parties in respect of the obligations of the Loan Parties, the Issuers and the Senior
Secured Note Guarantors under the Credit Documents and “Grantor” means any of them.
	 
	 	 	“Grantors’ Agent” shall mean Reynolds Group Holdings Limited or any other person
appointed as agent of the Grantors in accordance with the Principal Finance Documents.
	 
	 	 	“Group” means Reynolds Group Holdings Limited and its direct or indirect

- 4 -

 

	 	 	subsidiaries (Tochtergesellschaften).
	 
	 	 	“Hedge Counterparty” means a Lender, the Administrative Agent or any of the Lender’s or
the Administrative Agent’s affiliates (at the time a hedging agreement is entered into) who
has entered into a hedging agreement for the purpose of hedging interest rate liabilities
and/or any exchange rate and/or commodity price risks provided it has become a party, or by
execution of an additional bank secured party acknowledgment has agreed to be bound by the
terms of, to the First Lien Intercreditor Agreement in its capacity as hedge counterparty.
	 
	 	 	“Incremental Assumption Agreement” shall mean an incremental assumption agreement
relating to incremental facilities of up to USD 400,000,000 among, and in form and substance
reasonably satisfactory to, one or more Borrowers, the Administrative Agent, one or more
Incremental Term Lenders and/or one or more Incremental Revolving Credit Lenders pursuant to
which one or more Incremental Term Lenders make available Incremental Term Loan Commitments
and/or one or more Incremental Revolving Credit Lenders make available Incremental Revolving
Credit Commitments respectively.
	 
	 	 	“Incremental Revolving Credit Lender” shall mean a Lender with an Incremental Revolving
Credit Commitment or an outstanding revolving loan under the Credit Agreement of any class
as a result of an Incremental Revolving Credit Commitment.
	 
	 	 	“Incremental Revolving Credit Commitment” shall mean the commitment of any Lender,
established pursuant to the Credit Agreement, to make available certain revolving credit
loans to one or more Borrowers.
	 
	 	 	“Incremental Term Lender” shall mean a Lender with an Incremental Term Loan Commitment.
	 
	 	 	“Incremental Term Loan Commitment” shall mean the commitment of any Lender, established
pursuant to the Credit Agreement, to make available certain term loans to one or more
Borrowers.
	 
	 	 	“Indenture Trustee” shall mean The Bank of New York Mellon, in its capacity as
indenture trustee under the Senior Secured Note Indenture and any successor appointed as
indenture trustee under the Senior Secured Notes Indenture.
	 
	 	 	“Intercreditor Arrangements” means the First Lien Intercreditor Agreement and the
Existing Intercreditor Agreement, in each case as amended, novated, supplemented, restated,
or modified from time to time.
	 
	 	 	“Issuing Bank” means Credit Suisse or any other Lender or any affiliate of Credit Suisse or
any other Lender that issues letters of credit or bank guarantees under the Credit
Agreement.
	 
	 	 	“Lenders” shall mean the Original Lenders and any entity which may become a lender
under the Credit Agreement in the future and “Lender” means any of them.
	 
	 	 	“Loan Documents” shall mean the Credit Agreement, any borrowing subsidiary agreement
and/or guarantor joinder agreement relating to the Credit Agreement, any letter of credit or
bank guarantee relating to the Credit Agreement, any security documents relating to the
Credit Agreement, any hedging agreement entered into by a

- 5 -

 

	 	 	Hedge Counterparty and a Grantor, each Incremental Assumption Agreement, the Intercreditor
Arrangements, each Promissory Note, any agreement between a Grantor and a Cash Management
Bank relating to Cash Management Services, each Local Facility Agreement and any other
document that may be entered into pursuant to any of the foregoing in relation to the Credit
Agreement.
	 
	 	 	“Loan Parties” shall mean the Borrowers, the Original Guarantors and any entity which
may accede to the Credit Agreement as additional guarantor and a “Loan Party” means any of
them.
	 
	 	 	“Local Facilities” means working capital facilities provided to a Grantor (other than
Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings (Luxembourg) II
S.A. Beverage Packaging Holdings (Luxembourg) III S.à.r.l. and the Borrowers) by a Local
Facility Provider and “Local Facility” means any of them.
	 
	 	 	“Local Facility Agreements” shall mean any agreement under which a Local Facility is made
available.
	 
	 	 	“Local Facility Provider” means HSBC Trinkaus & Burkhardt AG, Deutsche Bank AG, Commerzbank
Aktiengesellschaft, Bank of America, N.A. and Hong Kong and Shanghai Banking Corporation
Ltd., Thailand, provided in each case it has become a party to, or by execution of an
additional bank secured party acknowledgment has agreed to be bound by the terms of, the
First Lien Intercreditor Agreement in its capacity as local facility provider.
	 
	 	 	“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 Pledgees (or any of them) under each or any of the Credit Documents
(including, but not limited to, the Parallel Obligations), together with all costs, charges
and expenses incurred by any Pledgee in connection with the protection, preservation or
enforcement of its respective rights under the Credit Documents or any other document
evidencing or securing any such liabilities. The Obligations shall further include any
obligation based on unjust enrichment (ungerechtfertigte Bereicherung) or tort (Delikt).
	 
	 	 	“Parallel Obligations” means the independent obligations of any of the Grantors arising
pursuant to the First Lien Intercreditor Agreement to pay to the Collateral Agent sums equal
to the sums owed by such Grantor to the other Secured Parties (or any of them) under the
Credit Documents.
	 
	 	 	“Pledge” and “Pledges” have the meanings given to such terms in Clause 2.1.
	 
	 	 	“Pledgees” means the Original Pledgees and the Future Pledgees, and “Pledgee” means any
of them.
	 
	 	 	“Principal Finance Documents” means the Credit Agreement, the Senior Secured Note Indenture
and the First Lien Intercreditor Agreement.
	 
	 	 	“Promissory Note” shall mean any promissory note executed and delivered by a Borrower
upon the request of a Lender evidencing the amount of principal owed by such Borrower to
such Lender under the Credit Agreement.

- 6 -

 

	 	 	“Secured Parties” shall mean the Lenders (including in their capacity as issuing bank(s)
and/or Hedge Counterparties under the Credit Agreement), the Hedge Counterparties, the
Administrative Agent, any Issuing Bank, the beneficiaries of each indemnification obligation
undertaken by any Grantor under any Credit Document, the Senior Secured Note Holders, the
Indenture Trustee, the Collateral Agent, the Local Facility Providers and the Cash
Management Banks.
	 
	 	 	“Senior Secured Note Documents” shall mean the Senior Secured Note Indenture, the
Senior Secured Note Guarantees, the Senior Secured Notes, the Intercreditor Arrangements,
any security document relating to the Senior Secured Notes and/or the Senior Secured Note
Indenture and any other document that may be entered into pursuant to any of the foregoing.
	 
	 	 	“Senior Secured Note Guarantees” shall mean the guarantees of the obligations of the Issuers
under the Senior Secured Notes and the Senior Secured Note Indenture by the Senior Secured
Note Guarantors.
	 
	 	 	“Senior Secured Note Guarantors” means the Original Senior Secured Note Guarantors and
any entity which may accede to the Senior Secured Note Indenture as additional guarantor.
	 
	 	 	“Senior Secured Note Holders” shall mean the holders from time to time of the Senior
Secured Notes.
	 
	 	 	“Social Security Bank Accounts” means any and all bank accounts which the Pledgor keeps at
present or may at any time hereafter keep with any institution in the Federal Republic of
Germany for the benefit of employees under or pursuant to applicable workmen’s compensation
schemes, social security laws or regulations, including accounts kept under or pursuant to
partial retirement programs (Blockmodell Altersteilzeit).
	 
	1.2	 	Construction
	 
	 	 	In this Agreement:

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

	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 each of the Pledgees 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)).

	 	 	  (each a “Pledge” and together the “Pledges”).

	2.2	 	Each of the Original Pledgees hereby accepts its Pledge for itself.

	2.3	 	The Collateral Agent accepts, as representative without power of attorney (Vertreter ohne
Vertretungsmacht), the respective Pledges for and on behalf of each Future Pledgee. Each
Future Pledgee ratifies and confirms the declarations and acts so made by the Collateral Agent
on its behalf by accepting the transfer or assignment (including by way of novation or
assumption (Vertragsübernahme)) of the Obligations under the Loan Documents (or part of them)
from a Pledgee or the appointment to become a successor as administrative agent under the
Credit Agreement or as indenture trustee under the Senior Secured Note Indenture. Upon such
ratification

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	 	 	(Genehmigung) such Future Pledgee becomes a party to this Agreement, it being understood
that any future or conditional claim (zukünftiger oder bedingter Anspruch) of such Future
Pledgee arising under the Loan Documents, or, in case of a successor indenture trustee
arising under the Senior Secured Note Documents shall be secured by the Pledges constituted
hereunder.

	2.4	 	All parties hereby confirm that the validity of the Pledges granted hereunder shall not be
affected by the Collateral Agent acting as representative without power of attorney for each
Future Pledgee.

	2.5	 	The Pledgor herewith authorises the Collateral Agent to notify on its behalf the Pledges
and/or the identity of any Future Pledgee and the new pledges created pursuant to Clause 2.3
above to each Account Bank. Upon request of the Collateral Agent, the Pledgor shall without
undue delay (unverzüglich) give such notice and provide the Collateral Agent with a copy
thereof.

	2.6	 	The validity and effect of each of the Pledges shall be independent from the validity and the
effect of the other Pledges created hereunder. The Pledges to each of the Pledgees shall be
separate and individual pledges ranking pari passu with the other Pledges created hereunder.

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

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

	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

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	 	 	(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 (acting for and on behalf of the Pledgees) and to the Pledgor.

	4.2	 	Without prejudice to the obligations imposed on the Pledgor in Clause 4.1 and, in the case
of future Accounts, Clause 8.3, the Pledgor hereby authorises the Collateral Agent and
releases it for this purpose from the restrictions of self-dealing under Section 181 of the
German Civil Code to notify each Account Bank and any other relevant third party on its behalf
of this Agreement and the Pledges constituted hereunder by delivering a notification
substantially in the form set out in Schedule 3 (Form of Notice of Pledge), or in such
substantially similar form as the Collateral Agent (acting for and on behalf of the Pledgees)
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 Pledgees) that notifying the relevant Account Bank of the
Pledges created hereunder would not be consistent with, whilst an Enforcement Event is not
continuing, the Pledgor retaining control over and the ability to freely use the balance of
any such Account. The Collateral Agent will 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 Pledges 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 Pledgees
(acting through the Collateral Agent) give notice to the contrary to the Account Bank with a
copy to the Pledgor. The Pledgees (acting through the Collateral Agent) may give such notice
only if an Enforcement Event has occurred and is continuing.

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	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 any of the Pledges are met (Pfandreife), in particular, if any of the
Obligations has become due and payable, then in order to enforce the Pledges (or any of them),
the Collateral Agent may on its own behalf and on behalf of the other Pledgees 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	 	Notwithstanding Section 1277 of the German Civil Code, the Pledgees are entitled to exercise
their rights without obtaining an enforceable judgment or other instrument (vollstreckbarer
Titel). The Pledgees shall be entitled to have the Pledges enforced in any manner allowed
under the laws of the Federal Republic of Germany.

	6.3	 	The Collateral Agent will notify the Pledgor five business days prior to the enforcement of
the Pledges (or any of them) according to Clause 6. No such notification shall be required
if (i) the Pledgor has generally ceased to make payments (Zahlungseinstellung), (ii) an
application for the institution of insolvency proceedings is filed by or against the Pledgor
or (iii) the Pledgees have reasonable grounds to believe that observance of the notice period
will adversely affect the legitimate interests (berechtigte Interessen) of the Pledgees.

	6.4	 	If the Pledgees acting through the Collateral Agent should seek to enforce the Pledges
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 Pledges (or any of
them) and/or the exercise by the Pledgees, acting through the Collateral Agent, of any other
right they may have as Pledgee.

	6.5	 	The Pledgees (acting through the Collateral Agent) may, in their sole discretion, determine
which of several security interests (created under this or other security agreements) shall be
used to satisfy the Obligations.

	6.6	 	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.

	6.7	 	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.

	6.8	 	If the Pledges are enforced or if the Pledgor has discharged any of the Obligations (or any
part of them), Section 1225 of the German Civil Code (legal subrogation of claims to a pledgor
 — Forderungsübergang auf den Verpfänder) shall not apply and no rights of the Pledgees shall
pass to the Pledgor by subrogation or otherwise. Further, the

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	 	 	Pledgor shall at no time before, on or after an enforcement of the Pledges, and as a result
of the Pledgor entering into this Agreement, be entitled to demand indemnification or
compensation from a Grantor or any affiliate of a Grantor or assign any of these claims.

	7.	 	LIMITATIONS ON ENFORCEMENT

	7.1	 	The Pledgees shall be entitled to enforce the Pledges without limitation in respect of:

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

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

	7.2	 	Besides an enforcement in respect of the Unlimited Enforcement Amount pursuant to Clause 7.1
above, the Pledgees shall not be entitled to enforce the Pledge against the Pledgor if and to
the extent that:

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

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

	 	(a)	 	any asset that is shown in the balance sheet with a book value (Buchwert) that
is significantly lower than the market value of such asset and that is not necessary
for the Pledgor’s business (nicht betriebsnotwendig) shall be taken into account with
its market value;
	 
	 	(b)	 	obligations under loans provided to the Pledgor and/or its general partner
(Komplementär) by any member of the Group or any other affiliated company shall not be
taken into account as liabilities as far as such loans are subordinated by law or by
contract at least to the claims of the unsubordinated creditors of the Pledgor; and
	 
	 	(c)	 	obligations under loans or other contractual liabilities incurred by the
Pledgor and/or its general partner (Komplementär) in violation of the provisions of the
Credit Documents shall not be taken into account as liabilities.

	 	 	The Net Assets shall be determined in accordance with the generally accepted accounting
principles applicable from time to time in Germany (Grundsätze ordnungsmäßiger Buchführung)
and be based on the same principles that were applied by the Pledgor in the preparation of
its most recent annual balance sheet (Jahresbilanz).

	 	 	It being understood that the assets of the Pledgor’s general partner (Komplementär) will be
assessed at liquidation values (Liquidationswerte) if the managing directors of the
Pledgor’s general partner (Komplementär), at the time they prepare the Management
Determination (as defined below) are, due to factual or legal circumstances at that time, in
their opinion not able to make a positive prognosis as to whether the business of the
Pledgor’s general partner (Komplementär) can carry on as a going concern (positive
Fortführungsprognose), in particular when the Pledges are enforced.

	7.4	 	The limitations set out in Clause 7.2 above shall only apply if and to the extent that:

	 	(a)	 	without undue delay, but not later than within 5 business days, after receipt
of a notification by the Collateral Agent of its intention to enforce any of the
Pledges (the “Notice”), the Pledgor has confirmed in writing to the Collateral Agent
(x) to what extent such Pledges are up-stream or cross-stream security as described in
Clause 7.2 above and (y) which amount of such up-stream or cross-stream security
cannot be enforced as it would cause the net assets of the Pledgor to fall below its
stated share capital (taking into account the

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	 	 	 	adjustments set out in Clause 7.3 above) and such confirmation is supported by
evidence reasonably satisfactory to the Collateral Agent (the “Management
Determination”) and the Collateral Agent has not contested this and argued that no
or a lesser amount would be necessary to maintain the Pledgor’s stated share
capital; or

	 	(b)	 	within 20 business days from the date the Collateral Agent has contested the
Management Determination, the Collateral Agent receives from the Pledgor an up to date
balance sheet prepared by a firm of auditors of international standard and reputation
(the “Determining Auditors”) which shows the value of the Net Assets of the Pledgor’s
general partner (Komplementär) (the “Balance Sheet”). The Balance Sheet shall be
prepared in accordance with the principles set out in Clause 7.3 above, provided that
the final sentence of Clause 7.3 above shall not apply unless the Determining Auditors
have in an independent assessment determined that the assets of the Pledgor should be
evaluated at liquidation values (Liquidationswerte) in accordance with the generally
accepted accounting principles applicable from time to time in Germany (Grundsätze
ordnungsmäßiger Buchführung) and shall contain further information (in reasonable
detail) relating to items to be adjusted pursuant to Clause 7.3 above. If the Pledgor
fails to deliver a Balance Sheet within the aforementioned time period, the Pledgees
shall be entitled to enforce the Pledges irrespective of the limitations set out in
Clause 7.2 above.

	7.5	 	If the Pledgees (acting through the Collateral Agent) disagree with the Balance Sheet, the
Collateral Agent and the Pledgees shall be entitled to enforce the Pledges up to the amount
which, according to the Balance Sheet, can be enforced in compliance with the limitations set
out in Clause 7.2 above. In relation to any additional amounts for which the Pledgor is
liable under this Agreement, the Collateral Agent and the Pledgees shall be entitled to
further pursue their claims (if any) and the Pledgor shall be entitled to prove that this
amount is necessary for maintaining the stated share capital of the Pledgor’s general partner
(Komplementär) (calculated as of the date the Pledgees have given notice of their intention to
enforce the security created under this Agreement).

	7.6	 	No reduction of the amount enforceable under this Clause 7 will prejudice the right of the
Collateral Agent and the Pledgees to continue enforcing the Pledges (subject always to the
operation of the limitations set out above at the time of such enforcement) until full
satisfaction to the claims secured.

	8.	 	UNDERTAKINGS OF THE PLEDGOR

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

	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

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	 	 	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 Collateral Agent.

	8.2	 	to instruct each Account Bank to provide the Collateral Agent 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 Collateral Agent (for and on behalf of the Pledgees) 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 including a designation, as applicable, whether
such new bank account is a Social Security Bank Account . For the avoidance of doubt, the
Pledgor is aware that any new bank account opened within the Federal Republic of Germany
(except in case of a Social Security Bank Account) 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 Collateral
Agent and provided that the Pledgees (acting through the Collateral Agent) have not given a
notice pursuant to Clause 5;

	8.5	 	to deliver to the Collateral Agent, within three months after the end of each calendar year
ending after January 2010, and at any time upon reasonable request of the Collateral Agent,
up-to date account statement sheets (Kontoauszüge) showing the balance on each of the
Accounts, provided that the Collateral Agent 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 Collateral Agent without undue delay if the Pledgees (acting through
the Collateral Agent) have given a notice pursuant to Clause 5 and to deliver to the
Collateral Agent upon its reasonable request following such event without undue delay any
documents or other information concerning the

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	 	 	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)) without the prior
written consent of the Collateral Agent (such consent not to be unreasonably withheld);

	8.8	 	to inform the Collateral Agent 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 Pledgees (or any of them) might need to defend themselves 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 Collateral Agent 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 Pledges 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 Pledges (or any of them), 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	 	except as otherwise agreed pursuant to the Principal Finance Documents, to confirm or
re-execute, upon reasonable request of the Collateral Agent, on the same terms as contained
herein, the Pledges created hereunder in order to ensure that any Future Pledgee shall receive
the benefit of such Pledges.

	9.	 	DELEGATION

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

	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
Collateral Agent, its agents its attorneys and any delegate against any action, proceeding,
claims, losses, liabilities, damages, expenses, demands, taxes, losses and costs which it
may sustain as a consequence of any breach by the Pledgor of the provisions of this
Agreement, the exercise or purported exercise of any of the rights and powers conferred on
them by this Agreement or otherwise relating to the Pledges.

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	11.	 	NO LIABILITY

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

	12.	 	DURATION AND INDEPENDENCE

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

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

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

	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) and the other Pledgees
will as soon as reasonably practical declare in writing the release of the Pledges
(Pfandfreigabe) to the Pledgor as a matter of record. For the avoidance of doubt, the parties
are aware that upon full and complete satisfaction of the Obligations the Pledges, due to
their accessory nature (Akzessorietät), cease 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

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	 	 	Pledgees shall on demand of the Pledgor release such part of the Security
(Sicherheitenfreigabe) as the Collateral Agent (as instructed in accordance with the First
Lien Intercreditor Agreement) and the other Pledgees may in their reasonable discretion
determine so as to reduce the realisable value of the Security to the Limit.

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

	14.	 	PARTIAL INVALIDITY; WAIVER

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

	14.2	 	No failure to exercise, nor any delay in exercising, on the part of the 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:

- 18 -

 

	 	 	 	 	 	 	 

	For the Pledgor:

	 	Closure Systems International	 	 
	 	 	Deutschland Real Estate GmbH & Co.
KG
	 
	 	 	 	 	 	 
	 

	 	Address:
	 	Mainzer Strasse 185,	 	 
	 

	 	 	 	67547 Worms, Germany	 	 
	 

	 	Telephone:
	 	+49 6241 400 10	 	 
	 
	 	 	 	 	 	 
	 

	 	Fax:
	 	+49 6241 400 187	 	 
	 
	 	 	 	 	 	 
	 

	 	Attention:
	 	Managing Directors	 	 
	 

	 	 	 	(Geschäftsführung)	 	 
	For the Pledgor with a copy to:
	 	 	 	 	 	 
	 

	 	Address:
	 	c/o Rank Group Limited

Level 9	 	 
	 

	 	 	 	148 Quay Street	 	 
	 

	 	 	 	PO Box 3515	 	 
	 

	 	 	 	Auckland 1140	 	 
	 

	 	 	 	New Zealand	 	 
	 

	 	Telephone:
	 	+649 3666 259	 	 
	 
	 	 	 	 	 	 
	 

	 	Fax:
	 	+649 3666 263	 	 
	 
	 	 	 	 	 	 
	 

	 	Attention:
	 	Helen Golding	 	 

	 	 	 	 	 	 	 

	For the Pledgees to the Collateral Agent:	 	The Bank of New York Mellon
	 
	 	 	 	 	 	 
	 

	 	Address:
	 	101 Barclay Street, 4E	 	 
	 

	 		 	New York, N.Y. 10286	 	 
	 

	 	 	 	The United States of	 	 
	 

	 	 	 	America	 	 
	 

	 	Telephone:
	 	+212 298 1528	 	 
	 
	 	 	 	 	 	 
	 

	 	Fax:
	 	+212 815 5366	 	 
	 
	 	 	 	 	 	 
	 

	 	Attention:
	 	International Corporate

Trust	 	 

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

- 19 -

 

	 	 	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.

	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 Mr. Philipp Kropatscheck or Ms Corinna May
(Philipp.Kropatscheck@cliffordchance.com or
Corinna.May@cliffordchance.com, fax: +49 69 7199 4000) (each a “Recipient”). The Agreement
will be considered concluded once any of the Recipients has actually received the signed
signature page(s) (Zugang der Unterschriftsseite(n)) from all parties to this Agreement and at
the time of the receipt of the last outstanding signature page(s).

- 20 -

 

	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.

- 21 -

 

SIGNATURE PAGE

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

Closure Systems International Deutschland Real Estate GmbH & Co. KG

as Pledgor

acting through its general partner (Komplementär) Closure Systems International Deutschland GmbH

	 	 	 	 	 	 	 

	By:

	 	/s/ Mark Dunkley
	 	By:
	 	/s/ Philip West
	 

	 	 
	 	 	 	 
	 

	 	Name: MARK DUNKLEY
	 	 	 	Name: PHILIP WEST
	 

	 	Title: AUTHORISED SIGNATORY
	 	 	 	Title: AUTHORISED SIGNATORY

The Bank of New York Mellon

On its own behalf and on behalf of the parties listed in Part 1 of Schedule 1 hereto under a power
of attorney

	 	 	 	 	 	 	 

	By:

	 	/s/ Michael Lee
	 	By:	 	 
	 

	 	 
	 	 	 	 
	 

	 	Name: MICHAEL LEE
	 	 	 	Name:
	 

	 	Title: SENIOR ASSOCIATE
	 	 	 	Title:

- 22 -

 

SCHEDULE 1

PART 1

LIST OF FINANCIAL INSTITUTIONS

	 	 	 
	Name	 	Domicile
	Australia and New Zealand Banking Group
Limited

	 	Melbourne, Australia
	 
	 	 
	BOS International (Australia) Limited

	 	Sydney, Australia
	 
	 	 
	Coöperatieve Centrale Raiffeisen —

Boerenleenbank B.A. (“Rabobank”),

Frankfurt Branch

	 	Frankfurt, Germany
	 
	 	 
	Credit Suisse, Cayman Island branch

	 	Cayman Islands
	 
	 	 
	DZ Bank AG Deutsche
Zentral —
 Genossenschaftsbank Frankfurt
am Main,
 London Branch

	 	London, United Kingdom
	 
	 	 
	Mizuho Corporate Bank, Ltd., Sydney
Branch

	 	Sydney, Australia
	 
	 	 
	Sumitomo Mitsui Banking Corporation, 

Singapore Branch

	 	Singapore
	 
	 	 
	The Bank of New York Mellon

	 	New York, United States of America
	 
	 	 
	Westpac Banking Corporation

	 	Australia

PART 2

LIST OF ORIGINAL BORROWERS

SIG Euro Holding AG & Co. KGaA

Closure Systems International Holding Inc.

Closure Systems International B.V.

SIG Austria Holding GmbH

Reynolds Consumer Products Holdings Inc.

Reynolds Group Holdings Inc.

- 23 -

 

PART 3

LIST OF ORIGINAL GUARANTORS

SIG Euro Holding AG & Co. KGaA (Germany)

SIG Beverages Germany GmbH (Germany)

SIG Combibloc Holding GmbH (Germany)

SIG Vietnam Beteiligungs GmbH (Germany)

SIG Combibloc GmbH (Germany)

SIG Combibloc Systems GmbH (Germany)

SIG Combibloc Zerspanungstechnik GmbH (Germany)

SIG Information Technology GmbH (Germany)

SIG International Services GmbH (Germany)

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

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

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

Reynolds Group Holdings Limited (New Zealand)

SIG Combibloc Group AG (Switzerland)

SIG Finanz AG (Switzerland)

SIG Technology AG (Switzerland)

SIG allCap AG (Switzerland)

SIG Combibloc (Schweiz) AG (Switzerland)

SIG Schweizerische Industrie-Gesellschaft AG (Switzerland)

SIG Holding USA Inc. (USA)

SIG Combibloc Inc. (USA)

Reynolds Group Holdings Inc. (USA)

Reynolds Group Issuer Inc. (USA)

Reynolds Group Issuer LLC (USA)

Closure Systems International Holdings (Germany) GmbH (Germany)

Closure Systems International Deutschland GmbH (Germany)

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

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

- 24 -

 

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

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

Closure Systems International B.V. (The Netherlands)

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

Closure Systems International Holdings Inc. (Delaware, USA)

Closure Systems International Inc. (Delaware, USA)

Reynolds Packaging Machinery Inc. (Delaware, USA)

Closure Systems Mexico Holdings LLC (Delaware, USA)

CSI Mexico LLC (Delaware, USA)

Southern Plastics, Inc. (Louisiana, USA)

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

Reynolds Consumer Products Holdings Inc. (Delaware, USA)

Bakers Choice Products, Inc. (Delaware, USA)

Reynolds Consumer Products Inc. (Delaware, USA)

Reynolds Foil Inc. (Delaware, USA)

Reynolds Services Inc. (Delaware, USA)

PART 4

LIST OF ORIGINAL SENIOR SECURED NOTE GUARANTORS

SIG Euro Holding AG & Co. KGaA (Germany)

SIG Beverages Germany GmbH (Germany)

SIG Combibloc Holding GmbH (Germany)

SIG Vietnam Beteiligungs GmbH (Germany)

SIG Combibloc GmbH (Germany)

SIG Combibloc Systems GmbH (Germany)

SIG Combibloc Zerspanungstechnik GmbH (Germany)

SIG Information Technology GmbH (Germany)

SIG International Services GmbH (Germany)

- 25 -

 

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

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

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

Reynolds Group Holdings Limited (New Zealand)

SIG Combibloc Group AG (Switzerland)

SIG Finanz AG (Switzerland)

SIG Technology AG (Switzerland)

SIG allCap AG (Switzerland)

SIG Combibloc (Schweiz) AG (Switzerland)

SIG Schweizerische Industrie-Gesellschaft AG (Switzerland)

SIG Holding USA Inc. (USA)

SIG Combibloc Inc. (USA)

Reynolds Group Holdings Inc. (USA)

Closure Systems International Holdings (Germany) GmbH (Germany)

Closure Systems International Deutschland GmbH (Germany)

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

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

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

Closure Systems International B.V. (The Netherlands)

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

Closure Systems International Holdings Inc. (Delaware, USA)

Closure Systems International Inc. (Delaware, USA)

Reynolds Packaging Machinery Inc. (Delaware, USA)

Closure Systems Mexico Holdings LLC (Delaware, USA)

CSI Mexico LLC (Delaware, USA)

Southern Plastics, Inc. (Louisiana, USA)

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

Reynolds Consumer Products Holdings Inc. (Delaware, USA)

- 26 -

 

Bakers Choice Products, Inc. (Delaware, USA)

Reynolds Consumer Products Inc. (Delaware, USA)

Reynolds Foil Inc. (Delaware, USA)

Reynolds Services Inc. (Delaware, USA)

- 27 -

 

SCHEDULE 2

LIST OF ACCOUNTS

PART 1 — LIST OF ACCOUNTS

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

	 	IBAN DE75 5004 0000

0058 30690 00

BLZ 50040000
	 	Commerzbank AG,

Kaiserstraße 30,60311

 Frankfurt am
Main
	 	Giro
	 	EUR

PART 2 — LIST OF EXCLUDED ACCOUNTS

Currently none

- 28 -

 

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,
	 
	 	 
	Hiermit zeigen wir Ihnen an, dass wir gemäß Ziffer
2.1 des hier in Kopie beigefügten
Kontenverpfändungsvertrags vom [•] (der
“Kontenverpfändungsvertrag”) 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 von [Collateral Agent]
(der “Sicherheitentreuhänder”) und anderen
(zusammen die “Pfandgläubiger”) verpfändet
haben.

	 	We hereby give you notice
that pursuant to Clause
 2.1 of a account pledge
agreement dated [•] (the
“Account Pledge
Agreement”), a copy of
which is attached hereto,
we have pledged in favour
of [Collateral Agent]
(the “Collateral Agent”)
and others (together the
“Pledgees”) 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 pledges comprise in
particular all claims to
present and future cash
deposits (including
saving deposits, time
deposits, fixed deposits
and call money deposits)
and credit balances and
all claims to interest
payable in relation
thereto.
	 
	 	 
	Solange Sie als kontoführende Bank keine gegenteilige
Nachricht vom Sicherheitentreuhänder
erhalten, sind wir ermächtigt, über die
Konten und insbesondere die Kontenguthaben
zu verfügen. Im Fall des Erhalts einer entsprechenden
Nachricht sind Sie als kontoführende Bank gehalten,
keinerlei Verfügungen unsererseits über die
Konten und die Kontenguthaben mehr
zuzulassen.

	 	Until notice to the
contrary from the
Collateral Agent to be
served on you as account
bank, we may continue to
operate the Accounts and
in particular may dispose
over the amounts standing
to the credit thereof.
Upon receipt of such
aforesaid notice to the
contrary, you as account
bank shall not allow any
dispositions by us of the
Accounts and of the
amounts standing to the
credit thereof.
	 
	 	 
	Wir verzichten hiermit in bezug auf alle bei Ihnen 

geführten Konten zu Gunsten der

Pfandgläubiger auf unser Recht auf

	 	We herewith waive all
rights of confidentiality
(Bankgeheimnis) in relation to all accounts held with you for the benefit of

- 29 -

 

	 	 	 

	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.

	 	the Pledgees.
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 (für die
Pfandgläubiger) 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 (for and on behalf
of the Pledgees). The
address of the Collateral
Agent is the following:
	 
	 	 
	[name and address of Collateral Agent].
	 
	 	 
	Mit freundlichen Grüßen

	 	Yours faithfully
	 
	 	 
	[Pledgor]
	 
	 	 
	 

	(Geschäftsführer/Managing Director)

- 30 -

 

[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
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 except for the right of
pledge arising pursuant to our
general business conditions.
	 
	 	 
	Wir verpflichten uns hiermit,
sowohl im eigenen Namen als auch
für unsere jeweiligen
Rechtsnachfolger, die in der
obengenannten Verpfändungsanzeige
enthaltenen Bestimmungen und
Anweisungen zu befolgen.

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

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

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

- 31 -

 

	 	 	 

	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])

- 32 -

 

SCHEDULE 4

FORM OF NOTIFICATION OF FUTURE ACCOUNTS

	 	 	 

	From:

	 	[Pledgor]
	 
	 	 
	To:

	 	[Collateral Agent], on its own behalf and for and on behalf of the
Pledgees (as defined in the Account Pledge Agreement, as defined
below)
	 
	 	 
	Date:

	 	[Date of Notification]
	 
	 	 
	Re:

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

Dear Sirs,

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

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

	 	 [•]
	 	 [•]
	 	 [•]

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

We hereby confirm that all our present and future rights and claims (whether conditional or
unconditional) arising against the Account Bank from or in relation to the New Account (as
specified in Clause 2.1 of the Account Pledge Agreement) are pledged to each of the Pledgees
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.]

- 33 -

 

Yours faithfully

					
	 	

[Pledgor]

 	 
	 	By:  	 	 
	 	  	Name: 	 
	 	 	Title: Managing Director (Geschäftsführer) 	 
	 

- 34 -

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