Document:

exv4w383

Exhibit 4.383

Confirmation and Amendment Agreement

dated 9 February 2011

between

BEVERAGE PACKAGING HOLDINGS (LUXEMBOURG) III S.à r.l.

SIG COMBIBLOC GROUP AG

(collectively the “Confirming Grantors”)

and

THE BANK OF NEW YORK MELLON

acting as Collateral Agent under the First Lien Intercreditor Agreement (as defined below) for
itself and for the benefit and for the account of the Secured Parties

(the “Collateral Agent”)

relating to

the Swiss law security documents as listed and described in Schedule 1 hereto respectively
entered into by the Confirming Grantors and the Collateral Agent acting for itself and for the
benefit and for the account of the Secured Parties in connection with the Loan Documents.

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 Loan
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 Loan 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 Loan 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 Loan
Document to an Austrian addressee.

 

 

			
	 	 	 
	
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THIS CONFIRMATION AND AMENDMENT AGREEMENT is entered into as of the Effective Date (as
defined in Clause 2 below) and entered BETWEEN:

	(1)	 	Beverage Packaging Holdings (Luxembourg) III S.à r.l., a private limited liability company
(société à responsabilité limitée) incorporated under the laws of Luxembourg and having its
registered office at 6C, rue Gabriel Lippmann, L-5365 Munsbach, Grand Duchy of Luxembourg,
registered in the Luxembourg register of commerce and companies under file number B 128135,
having a share capital of EUR 404,969,325;

	(2)	 	SIG Combibloc Group AG, a company limited by shares incorporated under the laws of
Switzerland, having its registered office at Laufengasse 18, 8212 Neuhausen am Rheinfall,
Switzerland and registered in the Commercial Register of the Canton of Schaffhausen with the
federal register number CH-290.3.004.149-2;

	 	 	(the entities under (1) and (2) collectively, the “Confirming Grantors”; the entity under
(2), the “Swiss Confirming Grantor”), on the one part;

	 	 	and

	(3)	 	The Bank of New York Mellon, having its business address at 1, Wall Street, New York, N.Y.
10286, The United States of America, acting under the First Lien Intercreditor Agreement (as
defined below) as Collateral Agent for itself and for the benefit and for the account of the
Secured Parties (as defined in the applicable Security Documents) (the “Collateral Agent”), on
the other part.

RECITALS

	(A)	 	Pursuant to a credit agreement (the “Credit Agreement”) dated November 5, 2009 made
between inter alia Reynolds Group Holdings Inc. (“RGHI”), Reynolds
Consumer Products Holdings Inc., SIG Euro Holding AG & Co. KG aA, Closure Systems
International Holdings Inc., Closure Systems International B.V., Pactiv Corporation and SIG
Austria Holding GmbH as borrowers (“the Borrowers”), Reynolds Group
Holdings Limited, certain Confirming Grantors as current guarantors, the lenders from time to
time party thereto, and Credit Suisse AG, Cayman Islands Branch (formerly known as Credit
Suisse, Cayman Islands Branch), as administrative agent (the “Administrative Agent”), as
amended by Amendment No. 1 dated as of January 21,

 

 

			
	 	 	 
	
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	 	 	2010, as further amended by an Amendment No. 2 and Incremental Term Loan Assumption Agreement
dated as of May 4, 2010 (the “Amendment No. 2”) and as further amended by an Amendment No. 3
and Incremental Term Loan Assumption Agreement dated as of September 30, 2010 (the “Amendment
No. 3”) certain facilities were made available to the Borrowers on the terms and conditions
thereof.

	(B)	 	Pursuant to a senior secured note indenture dated November 5, 2009 (the “2009 Senior Secured
Note Indenture”) as supplemented by various supplemental indentures entered into on or before
the date of this Agreement among inter alia Reynolds Group Issuer (Luxembourg) S.A., Reynolds
Group Issuer LLC and Reynolds Group Issuer Inc. (collectively, the “Issuers”), the Note
Guarantors (as defined therein) and The Bank of New York Mellon, as trustee (the “Trustee”)
certain senior secured notes due 2016 were issued to certain noteholders on the terms and
conditions thereof.

	(C)	 	Pursuant to a first lien intercreditor agreement dated November 5, 2009 among The Bank of New
York Mellon as collateral agent and as trustee, the Administrative Agent and, among others,
the Confirming Grantors, as amended by Amendment No. 1 dated as of January 21, 2010 (which
added Wilmington Trust (London) Limited as a collateral agent under the first lien
intercreditor agreement) (the “First Lien Intercreditor Agreement”), The Bank of New York
Mellon and, later, Wilmington Trust (London) Limited were appointed each as a Collateral Agent
(as defined therein) with regard to, among other things, the acquisition, holding and
enforcement of Liens on Collateral (both as defined in therein).

	(D)	 	Pursuant to a senior secured note indenture dated October 15, 2010 (the “2010 Senior Secured
Note Indenture”) as supplemented by various supplemental indentures entered into on or before
the date of this Agreement among, inter alia, RGHL US Escrow I Inc., RGHL US Escrow I LLC and
RGHL Escrow Issuer (Luxembourg) I S.A., the Note Guarantors (as defined therein) and The Bank
of New York Mellon, as trustee, principal paying agent, transfer agent, registrar and
collateral agent and Wilmington Trust (London) Limited as additional collateral agent, certain
senior secured notes due 2019 were issued to certain noteholders on the terms and conditions
thereof.

	(E)	 	Pursuant to a senior secured notes indenture dated February 1, 2011 (the “February 2011
Senior Secured Notes Indenture”) entered into among, inter alia, the Issuers and the Trustee,
as trustee, principal paying agent, registrar and collateral agent and

 

 

			
	 	 	 
	
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	 	 	Wilmington Trust (London) Limited as additional collateral agent, certain senior secured
notes due 2021 (the “February 2011 Senior Secured Notes”) were issued by the Issuers to
certain noteholders on the terms and conditions thereof.

	(F)	 	The Credit Agreement, the 2009 Senior Secured Note Indenture, the 2010 Senior Secured Note
Indenture and the First Lien Intercreditor Agreement were supplemented several times by means
of guarantor joinders to the Credit Agreement (which also provide for the accession to the
First Lien Intercreditor Agreement) and supplemental indentures (see also recital (B)) to the
2009 Senior Secured Note Indenture and supplemental indentures (see also recital (D)) to the
2010 Senior Secured Note Indenture.

	(G)	 	Pursuant to the Principal Finance Documents, the Parties (as defined below) hereto (and, as
applicable, SIG Finanz AG (see recital (K) below)) respectively have entered into the Swiss
law security documents as listed and described in Schedule 1 hereto (the “Security Documents”)
over certain assets respectively owned by the Confirming Grantors in order to secure the
performance of the Secured Obligations.

	(H)	 	RGHI, the Borrowers, the Guarantors from time to time party thereto (as defined therein), the
Lenders from time to time party thereto, the Incremental U.S. Term Lenders (as defined
therein), the other Lenders party thereto and the Administrative Agent, among others, have
entered into the Amendment No. 2 relating to the Credit Agreement and pursuant to which (i)
the Credit Agreement has been amended to inter alia increase the incremental term facilities
from an amount of USD 400,000,000 to an amount of USD 1,550,000,000 and (ii) certain
incremental term lenders have agreed to make available incremental term loans in an amount of
USD 800,000,000 to the Borrowers.

	(I)	 	RGHI, the Borrowers, the Guarantors from time to time party thereto (as defined therein), the
Lenders from time to time party thereto and the Administrative Agent, among others, have
entered into the Amendment No. 3 relating to the Credit Agreement and pursuant to which the
Credit Agreement has been amended to, inter alia, add an incremental tranche A facility of up
to USD 500,000,000 and an incremental tranche D facility of up to USD 1,520,000,000.

	(J)	 	The Confirming Grantors (and SIG Finanz AG), among others, have entered into Swiss
law-governed confirmation and amendment agreements dated May 4, 2010, November

 

 

			
	 	 	 
	
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	 	 	16, 2010 and February 1, 2011 respectively pursuant to which, among other provisions, each of
the Confirming Grantors has confirmed that the obligations of the Credit Agreement as amended
under the Amendment No. 2 and the Amendment No. 3 respectively and the obligations of the
2010 Senior Secured Note Indenture and February 2011 Senior Secured Notes Indenture are also
secured by the security interest created by the Security Documents to which it is a party.

	(K)	 	Pursuant to a Swiss statutory merger between SIG Combibloc Group AG and SIG Finanz AG which
became effective as of June 15, 2010 (the “Swiss Merger”), all of the rights and obligations
of SIG Finanz AG have been assumed by, and transferred to, SIG Combibloc Group AG by operation
of law. Therefore, all confirmations and amendments under this Agreement in respect of
Security Documents originally entered into by SIG Finanz AG shall be given by SIG Combibloc
Group AG, but for (i) the non-accessory Swiss receivables assignment agreement and Swiss bank
account assignment agreement to which SIG Finanz AG was a party and which terminated due to
the combination of the receivables / bank accounts of SIG Combibloc Group AG with the
receivables / bank accounts of the former SIG Finanz AG and (ii) the accessory Swiss share
pledge over the shares of SIG Finanz AG to which SIG Combibloc Group AG was a party and which
terminated due to the cancellation of the shares of SIG Finanz AG, all as detailed, inter
alia, in Schedule 1 hereto.

	(L)	 	RGHI, the Borrowers, the Guarantors from time to time party thereto, the Lenders from time to
time party thereto and the Administrative Agent (all as defined therein), among others, have
entered into an amendment No. 4 and incremental term loan assumption agreement (the “Amendment
No. 4”) dated February 9, 2011, relating to the Credit Agreement and pursuant to which the
Credit Agreement has been amended and restated to, inter alia, add new incremental term loans
of up to USD 2,325,000,000 and EUR 250,000,000 (the “Amended and Restated Credit Agreement”).

	(M)	 	Concurrently with this Agreement, the Confirming Grantors, among others, have entered into a
New York law governed reaffirmation agreement dated as of the date hereof in respect of the
non-Swiss law security to which each Confirming Grantor is a party and the guarantee of the
Credit Agreement by each Confirming Grantor and pursuant to which, among other provisions,
each of the Confirming Grantors has (i) ratified and affirmed the Amendment No. 4 and the
transactions contemplated thereby, (ii) confirmed and re-affirmed its respective
guarantee of the obligations as provided in the Amended and Restated Credit Agreement and
(iii) confirmed and reaffirmed that its

 

 

			
	 	 	 
	
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	 	 	respective non-Swiss law security extends to the Amended and Restated Credit Agreement.

	(N)	 	The Confirming Grantors and the Collateral Agent (acting for itself and for the benefit and
for the account of the Credit Agreement Secured Parties (as defined in the First Lien
Intercreditor Agreement)) (collectively, the “Parties” and each a “Party”) have agreed to
enter into this Agreement in order to ensure that the Security Documents continue to secure
the Secured Obligations and extend to all obligations of the Confirming Grantors in connection
with the Amendment No. 4 and the Amended and Restated Credit Agreement.

	NOW IT IS HEREBY AGREED as follows:

1. DEFINITIONS AND CONSTRUCTION

	(a)	 	Unless defined otherwise herein, capitalized terms and expressions used herein shall have
the meaning ascribed to them in the Security Documents.

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

2. EFFECTIVE DATE

	 	 	This Agreement is effective as of the date set forth on its front page (the “Effective
Date”).

3. CONFIRMATION — AMENDMENT

	 	 	Each Party hereby confirms and agrees that any and all Obligations (as defined in the First
Lien Intercreditor Agreement and thus including any and all obligations under or in
connection with the Amendment No. 4 and the Amended and Restated Credit

 

 

			
	 	 	 
	
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	 	 	Agreement) constitute “Secured Obligations” as set forth and defined in the Security
Documents to which it is a party and that, therefore, any and all obligations under or in
connection with the Amendment No. 4 and the Amended and Restated Credit Agreement shall also
be secured by the security interest created by and pursuant to the Security Documents to
which it is a party.

4. CONTINUITY

	 	 	Each Party hereby confirms that, notwithstanding the effectiveness of the Amendment No 4. and
the Amended and Restated Credit Agreement, and subject to Legal Reservations (as defined in
the Credit Agreement), the Security Documents continue to be in full force and effect, save
as amended by this Agreement, and acknowledges that the security constituted by the Security
Documents continues to be in full force and effect so as to secure, on a pari passu basis,
any and all Secured Obligations (as amended by this Agreement) under or in connection with
the Amendment No. 4 and the Amended and Restated Credit Agreement and the other Loan
Documents.

	 	 	For the avoidance of doubt, for Swiss law purposes, the Collateral Agent shall act and shall
be deemed to act for the benefit and for the account of each of the Credit Agreement Secured
Parties (as defined in the First Lien Intercreditor Agreement) as a result of the Amendment
No. 4 and the Amended and Restated Credit Agreement, for the purposes of this Agreement,
without any prejudice to the rights and duties laid upon the Collateral Agent under the laws
applicable to the Loan Documents.

5. MISCELLANEOUS

	(a)	 	To the extent permitted under the Principal Finance Documents, this Agreement may not be
modified, amended, altered or supplemented, in whole or in part, except by a written agreement
signed by all the Parties.

	(b)	 	If any provision of this Agreement is found by any competent authority to be void, invalid or
unenforceable, such provision shall be deemed to be deleted from this Agreement and the
remaining provisions of this Agreement shall continue in full force. In this event, the
Agreement shall be construed, and, if necessary, amended in a way to give effect to, or to
approximate, or to achieve a result which is as close as legally possible to the result
intended by the provision hereof determined to be void, illegal or unenforceable.

 

 

			
	 	 	 
	
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	(c)	 	The rights of a Party to this Agreement shall not be prejudiced or restricted by any
indulgence or forbearance extended to the other Party. A waiver to pursue any breach of
contract by a Party shall not operate as a waiver of the respective right or as a waiver to
claim any subsequent breach. Any provision of this Agreement may be waived only by a written
statement of the waiving Party.

6. NOTICES

	(a)	 	Each notice or other communication to be given under this Agreement shall be given in writing
in English and, unless otherwise provided, shall be made by fax, hand delivery or mail.

	(b)	 	Without prejudice to any other method of service of notices and communications provided by
law, any notice or other communication to be given by one Party to another under this
Agreement shall (unless one Party has by 5 days’ notice to the other Party specified another
address) be given to that other Party, in the case of the Confirming Grantors and the
Collateral Agent, at the respective addresses given in section (c) below and shall be
effective only when received.

	(c)	 	The addresses are the ones respectively listed in the relevant “Notices” provisions of the
applicable Security Documents.

7. FURTHER ASSURANCE

	 	 	Subject to the Agreed Security Principles, the Confirming Grantors shall, at their own
expense, promptly, do all acts and execute all documents that are reasonably required or
requested by the Collateral Agent in connection with and for the purpose of the exercise of
the rights of the Collateral Agent hereunder or under any of the Security Documents.

8. GOVERNING LAW AND JURISDICTION

	(a)	 	This Agreement shall be governed by and construed in accordance with the substantive laws of
Switzerland (without regard to the International Private Law provisions thereof).

 

 

			
	 	 	 
	
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	(b)	 	Any and all litigation to which this Agreement may give rise shall be subject to the
exclusive jurisdiction of the competent authorities and the Commercial Court of the Canton of
Zurich (“Handelsgericht”), with reservation of the right of appeal to the Swiss Federal Court
in Lausanne. The Parties submit to the jurisdiction of said authorities and Courts.

9. COUNTERPARTS

	 	 	This Agreement may be executed in any number of counterparts and all of such counterparts
taken together shall be deemed to constitute one and the same instrument.

THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK

THE FOLLOWING PAGES ARE THE SIGNATURE PAGES

 

 

			
	 	 	 
	
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SIGNATURE PAGE

THE BANK OF NEW YORK MELLON, by

as Collateral Agent for itself and for the benefit and for the account of the Secured Parties

	 	 	 	 	 

	By: 

Name:

	 	/s/ Catherine F. Donohue
 

Catherine F. Donohue
	 	 
	Title:

	 	Vice President	 	 

BEVERAGE PACKAGING HOLDINGS (LUXEMBOURG) III S.à r.l.

	 	 	 	 	 

	By: 

Name:

	 	/s/ Karen Mower
 

Karen Mower
	 	 
	Title:

	 	Authorised Signatory	 	 

SIG COMBIBLOC GROUP AG

	 	 	 	 	 

	By: 

Name:

	 	/s/ Karen Mower
 

Karen Mower
	 	 
	Title:

	 	Authorised Signatory	 	 

 

 

			
	 	 	 
	
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SCHEDULE 1

Security Documents

“Security Documents” means the following Swiss law governed agreements (each of the Security
Documents individually a “Security Document”) between the Confirming Grantors and the Collateral
Agent and each as amended and/or confirmed prior to the Effective Date:

Pledge of registered shares dated November 5, 2009 and entered into between Beverage Packaging
Holdings (Luxembourg) III S.à r.l. as pledgor and The Bank of New York Mellon acting as collateral
agent for itself and for the benefit and for the account of the secured parties and as pledgee and
relating to the pledge of shares of SIG Combibloc Group AG.

Assignment of bank accounts dated November 5, 2009 and entered into between SIG Combibloc Group AG
as assignor and The Bank of New York Mellon acting as collateral agent for itself and for the
benefit and for the account of the secured parties and as assignee.

Receivables assignment dated November 5, 2009 and entered into between SIG Combibloc Group AG as
assignor and The Bank of New York Mellon acting as collateral agent for itself and for the benefit
and for the account of the secured parties and as assignee.

Pledge of registered shares dated December 2, 2009 and entered into between SIG Combibloc Group AG
as pledgor and The Bank of New York Mellon acting as collateral agent for itself and for the
benefit and for the account of the secured parties and as pledgee and relating to the pledge of
shares of SIG Combibloc Procurement AG.

Pledge of registered shares dated November 5, 2009 and entered into between SIG Finanz AG as
pledgor and The Bank of New York Mellon acting as collateral agent for itself and for the benefit
and for the account of the secured parties and as pledgor and relating to the pledge of shares of
SIG Schweizerische Industrie-Gesellschaft AG, to which, due to the Swiss Merger, SIG Combibloc
Group AG is now a party.

Pledge of registered shares dated November 5, 2009 and entered into between SIG Finanz AG as
pledgor and The Bank of New York Mellon acting as collateral agent for itself and for the benefit
and for the account of the secured parties and as pledgee and relating to the pledge of shares of
SIG Combibloc (Schweiz) AG, to which, due to the Swiss Merger, SIG Combibloc Group AG is now a
party.

Pledge of registered shares dated November 5, 2009 and entered into between SIG Finanz AG as
pledgor and The Bank of New York Mellon acting as collateral agent for itself and for the benefit
and for the account of the secured parties and as pledgee and relating to the pledge of shares of
SIG allCap AG, to which, due to the Swiss Merger, SIG Combibloc Group AG is now a party.

 

 

			
	 	 	 
	
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Pledge of registered shares dated November 5, 2009 and entered into between SIG Finanz AG as
pledgor and The Bank of New York Mellon acting as collateral agent for itself and for the benefit
and for the account of the secured parties and as pledgee and relating to the pledge of shares of
SIG Technology AG, to which, due to the Swiss Merger, SIG Combibloc Group AG is now a party.

Pledge of intellectual property rights dated November 5, 2009 and entered into between SIG Finanz
AG as pledgor and The Bank of New York Mellon acting as collateral agent for itself and for the
benefit and for the account of the secured parties and as pledge, to which, due to the Swiss
Merger, SIG Combibloc Group AG is now a party.

Pledge of registered shares dated January 29, 2010 and entered into between SIG Finanz AG as
pledgor and The Bank of New York Mellon acting as collateral agent for itself and for the benefit
and for the account of the secured parties and as pledgee and relating to the pledge of shares of
SIG Reinag AG, to which, due to the Swiss Merger, SIG Combibloc Group AG is now a party.exv4w384

EXHIBIT 4.384

Confirmation Letter

Date 9 February 2011

TO :

	(i)	 	Credit Suisse AG (formerly known as Credit Suisse), as administrative agent under the Credit
Agreement (as defined below)
	 
	(ii)	 	Wilmington Trust (London) Limited as collateral agent under the First Lien Intercreditor
Agreement and the Existing Security Documents (each as defined below)

WHEREAS:

	A.	 	SIG Combibloc Ltd. (the “Company”) has provided security in respect of obligations under the
Credit Agreement and the 2009 Secured Notes (each as defined below) under the following
security documents:

	 	(a)	 	the conditional assignment of bank accounts agreement dated 29 January 2010
between the Company as assignor, Wilmington Trust (London) Limited as collateral agent
and the Secured Parties (as defined therein) (the “Conditional Assignment of Bank
Accounts”); and
	 
	 	(b)	 	the conditional assignment of receivables agreement dated 29 January 2010
between the Company as assignor, Wilmington Trust (London) Limited as collateral agent
and the Secured Parties (as defined therein) (the “Conditional Assignment of
Receivables”).

	B.	 	Reynolds Group Holdings Inc., the Borrowers, the Guarantors, the Lenders, the New Incremental
Term Lenders and the Administrative Agent (each as defined therein) have entered into the
amendment no. 4 and incremental term loan assumption agreement dated on or about the date of
this Confirmation Letter relating to, and amending and restating, the Credit Agreement (as
defined below) (the “Amendment Agreement”).

	C.	 	The Issuers, the Collateral Agent and Trustee and the Additional Collateral Agent (each as
defined therein) have entered into the new secured notes indenture (and related documentation)
dated 1 February 2011 in respect of the New Secured Notes (as defined below) (the “New Secured
Notes Indenture”).

The Company executes this Confirmation Letter in order to confirm the security granted by it in
accordance with the Existing Security Documents (as defined below) and the guarantee granted by it
under the Credit Agreement (as defined below).

- 1 -

 

	1.	 	Definitions
	 
	 	 	In this Confirmation Letter:
	 
	 	 	“2009 Secured Notes” means the senior lien notes in an aggregate amount of approximately
US$1,125,000,000 aggregate principal amount of senior secured notes due 2016 and
approximately €450,000,000 aggregate principal amount of senior secured notes due 2016 of
Reynolds Group Issuer (Luxembourg) S.A., Reynolds Group Issuer LLC and Reynolds Group Issuer
Inc.;
	 
	 	 	“Amendment No. 2” means the amendment no. 2 and incremental term loan assumption agreement
dated 4 May 2010 relating to the Credit Agreement;
	 
	 	 	“Amendment No. 3” means the amendment no. 3 and incremental term loan assumption agreement
dated 30 September 2010 relating to the Credit Agreement;
	 
	 	 	“Credit Agreement” means the credit agreement dated 5 November 2009 by and among Reynolds
Group Holdings Inc., Reynolds Consumer Products Holdings Inc., Closure Systems International
Holdings Inc., SIG Euro Holding AG & Co. KGaA, SIG Austria Holding GmbH, Closure Systems
International B.V., Pactiv Corporation, Reynolds Group Holdings Limited, the Guarantors from
time to time party thereto, the Lenders from time to time party thereto and Credit Suisse AG
(formerly known as Credit Suisse), as administrative agent for the Lenders as amended,
restated or otherwise modified from time to time;
	 
	 	 	“Credit Documents” has the meaning given to it in the First Lien Intercreditor Agreement;
	 
	 	 	“Existing Incremental Term Loans” has the meaning given to the term (i) “Incremental U.S.
Term Loans” in the Amendment No. 2 and (ii) “New Incremental Term Loans” in the Amendment
No. 3;
	 
	 	 	“Existing Security Documents” means the Conditional Assignment of Bank Accounts and the
Conditional Assignment of Receivables;
	 
	 	 	“First Lien Intercreditor Agreement” means the first lien intercreditor agreement dated 5
November 2009, between, among others, the Administrative Agent, the Trustee, the Collateral
Agent and the Grantors (as defined therein) as amended, restated or otherwise modified from
time to time;
	 
	 	 	“New Secured Notes” means the senior secured notes in an aggregate principal amount of US$
1,000,000,000 due 2021 issued under the New Secured Notes Indenture;

- 2 -

 

	 	 	“Previous Confirmation Letters” means (i) the Confirmation Letter dated 4 May 2010, executed
by the Company in connection with the Amendment No. 2 and (ii) the Confirmation Letter dated
16 November 2010, executed by the Company in connection with the Amendment No. 3; and
	 
	 	 	“Thai Business Permit” means the requisite permit under the Alien Business Act B.E. 2542
from the Director-General of the Department of Business Development, Ministry of Commerce of
Thailand permitting the Company to provide a guarantee of the Amended and Restated Credit
Agreement (as defined in the Amendment Agreement) or a guarantee for payment of the New
Secured Notes (as the case may be).
	 
	 	 	Save as otherwise defined in this Confirmation Letter, words and expressions defined in the
First Lien Intercreditor Agreement (whether directly or by incorporation therein) shall have
the same meanings when used herein.
	 
	2.	 	Effectiveness of the Existing Security Documents and its guarantee
	 
	2.1	 	Subject to Clause 2.2 below, the Company hereby:

	 	(i)	 	with respect to the Existing Security Documents, (a) confirms that,
notwithstanding the effectiveness of the Amendment Agreement and the New Secured Notes
Indenture, the borrowing of the New Incremental Term Loans (as defined in the Amendment
Agreement), the issuance of the New Secured Notes and the transactions contemplated
thereby, each of the Existing Security Documents shall not be affected and shall
continue to be in full force and effect, and (b) confirms its grant of security
interests in the Collateral to the extent provided in the respective Existing Security
Documents; and
	 
	 	(ii)	 	with respect to the guarantee granted by the Company under the Credit
Agreement, subject to the limitations set out in Schedule II of the Amendment
Agreement, Schedule IV of Amendment No. 2 and Schedule 3 of Amendment No. 3, (a) agrees
that, notwithstanding the effectiveness of the Amendment Agreement, Article X of the
Credit Agreement continues to be in full force and effect subject to any limitations
set out in Schedule 10 to the Credit Agreement and (b) confirms its guarantee of the
Bank Obligations (with respect to itself), all as provided in the Loan Documents (as
defined in the Credit Agreement) as originally executed (including any limitations
expressly set forth therein).

	2.2	 	Notwithstanding any provisions of the Existing Security Documents to the contrary and without
prejudice to the last paragraph of this clause below:

- 3 -

 

	 	(i)	 	the obligations and liabilities of the Company with respect to the Credit
Documents are limited to such obligations and liabilities existing immediately prior to
the date hereof and do not extend to:

	 	(a)	 	any obligations in respect of the New Incremental Term Loans
(as defined in the Amendment Agreement); or
	 
	 	(b)	 	any obligations in respect of the New Secured Notes or any
guarantee thereof or supplemental indenture thereto notwithstanding the
designation of such as ‘Additional Obligations’ under the First Lien
Intercreditor Agreement; and

	 	(ii)	 	the Company is not consenting to, confirming or otherwise acknowledging any
extension whatsoever in excess of, or in addition to, such obligations and liabilities
as they existed immediately prior to the date hereof.

	 	 	For the avoidance of doubt, the limitations set out in this Clause 2.2 shall not prejudice
or affect the Company’s obligations and undertakings with respect to the Bank of Thailand
in-principle approval and the Thai Business Permit including the entering into any relevant
documents or agreements thereafter as required under the Amendment Agreement or the New
Secured Notes Indenture (the “Documents”) and any action or obtaining any authorisation
required or in relation to the Company’s execution and delivery of, and performance under,
the Documents, the Bank of Thailand in-principle approval or the Thai Business Permit.
	 
	3.	 	No Novation
	 
	 	 	Subject to Clause 2.2 above, the Company confirms that this Confirmation Letter, the
Amendment Agreement, the New Secured Notes Indenture and the transactions contemplated
thereby shall not extinguish the obligations for the payment of money outstanding under any
Credit Document or discharge or release the priority of any Credit Document or any other
security therefor. Nothing herein and in the Amendment Agreement or the New Secured Notes
Indenture shall be construed as a substitution or novation of the obligations outstanding
under any Credit Document or instruments securing the same, which shall remain in full force
and effect. Nothing in or implied by this Confirmation Letter, the Amendment Agreement, the
New Secured Notes Indenture or in any other document contemplated thereby shall be construed
as a release or other discharge of the Company under any Credit Document from any of its
obligations and liabilities thereunder. Each of the Credit Documents shall remain in full
force and effect notwithstanding the execution and delivery of this Confirmation Letter, the
Amendment Agreement and the New Secured Notes Indenture.

- 4 -

 

	4.	 	Parallel Debt Provision
	 
	 	 	Subject to Clause 2.2 above and (subject to the guarantee and security in respect of the
Existing Incremental Term Loans not having been confirmed and acknowledged by the Company)
to the limitations contained in the Previous Confirmation Letters, the Company hereby agrees
that its Parallel Debt created under the First Lien Intercreditor Agreement, or under any
guarantor joinder to the First Lien Intercreditor Agreement, in effect prior to the date
hereof shall, subject to the Legal Reservation, continue to be in full force and effect and
shall accrue to the benefit of each Collateral Agent (for the benefit of the Secured
Parties) and shall continue to apply, as applicable, in relation to all amounts owing from
time to time by the Company under or pursuant to the Obligations (as defined in the First
Lien Intercreditor Agreement) notwithstanding the effectiveness of the Amendment Agreement
and the New Secured Notes Indenture.
	 
	5.	 	Rights of the Collateral Agent
	 
	 	 	For the avoidance of doubt, notwithstanding anything contained herein, each of the
protections, immunities, rights, indemnities and benefits conferred on Wilmington Trust
(London) Limited as collateral agent under the Existing Security Documents and the First
Lien Intercreditor Agreement shall continue in full force and effect and shall apply to this
Confirmation Letter as if set out in full herein.
	 
	6.	 	Governing Law
	 
	 	 	This Confirmation Letter shall be governed by, and construed in accordance with, the law of
the Kingdom of Thailand.

IN WITNESS WHEREOF, the Company has caused this Confirmation Letter to be duly executed by its
authorized signatory as of the day and year first above written.

	 	 	 	 	 	 	 

	 	 	SIG COMBIBLOC LTD.
	 	 
	 

	 	By:	 	/s/ Cindi Lefari	 	 
	 

	 	Name:
	 	 
Cindi Lefari
	 	 
	 

	 	Title:
	 	Attorney
	 	 
	 

	 	 	 	 
	 	 

- 5 -

 

We, Wilmington Trust (London) Limited, as collateral agent under the Existing Security Documents,
and the Secured Parties (acting through Wilmington Trust (London) Limited, the collateral agent
under the Existing Security Documents) hereby confirm that we agree to the terms of this
Confirmation Letter, including but not limited to Clause 2.2 hereof.

COLLATERAL AGENT

EXECUTED for and on behalf of

WILMINGTON TRUST (LONDON) LIMITED

	 	 	 	 	 

	By:
	 	/s/ Elaine Lockhart	 	 
	Name:

	 	 
Elaine Lockhart
	 	 
	Title:

	 	Director
	 	 
	 

	 	 
	 	 

SECURED PARTIES

EXECUTED for and on behalf of the Secured Parties by the Collateral Agent

WILMINGTON TRUST (LONDON) LIMITED

	 	 	 	 	 

	By:
	 	/s/ Elaine Lockhart	 	 
	Name:

	 	 
Elaine Lockhart
	 	 
	Title:

	 	Director
	 	 
	 

	 	 
	 	 

- 6 -

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