Document:

exv4w459

			
	 
	 	EXHIBIT 4.459
	 

SIG INTERNATIONAL SERVICES GMBH

as Pledgor

THE BANK OF NEW YORK MELLON

as Collateral Agent and Pledgee

 

ACCOUNT PLEDGE AGREEMENT

(Kontoverpfändung)

 

The taking of this document or any certified copy of it or any document which constitutes
substitute documentation for it, or any document which includes written confirmations or references
to it, into Austria as well as printing out any e-mail communication which refers to any Credit
Document (as defined in Clause 1 of this document) in Austria or sending any e-mail communication
to which a pdf scan of this document is attached to an Austrian addressee or sending any e-mail
communication carrying an electronic or digital signature which refers to any Credit Document to an
Austrian addressee may cause the imposition of Austrian stamp duty. Accordingly, keep the original
document as well as all certified copies thereof and written and signed references to it outside of
Austria and avoid printing out any email communication which refers to any Credit Document in
Austria or sending any e-mail communication to which a pdf scan of this document is attached to an
Austrian addressee or sending any e-mail communication carrying an electronic or digital signature
which refers to any Credit Document to an Austrian addressee.

 

 

CONTENTS

	 	 	 	 	 
	Clause	 	Page	 
	1. Definitions and Language
	 	 	- 6 -	 
	 
	 	 	 	 
	2. Pledge
	 	 	- 13 -	 
	 
	 	 	 	 
	3. Purpose of the Pledges
	 	 	- 14 -	 
	 
	 	 	 	 
	4. Notice of Pledge
	 	 	- 14 -	 
	 
	 	 	 	 
	5. Pledgor’s Right of Disposal
	 	 	- 15 -	 
	 
	 	 	 	 
	6. Enforcement of the Pledges
	 	 	- 15 -	 
	 
	 	 	 	 
	7. Limitations on Enforcement
	 	 	- 16 -	 
	 
	 	 	 	 
	8. Undertakings of the Pledgor
	 	 	- 19 -	 
	 
	 	 	 	 
	9.  Delegation
	 	 	- 21 -	 
	 
	 	 	 	 
	10. Indemnity
	 	 	- 21 -	 
	 
	 	 	 	 
	11. No liability
	 	 	- 21 -	 
	 
	 	 	 	 
	12. Duration and Independence
	 	 	- 22 -	 
	 
	 	 	 	 
	13. Release (Pfandfreigabe)
	 	 	- 22 -	 
	 
	 	 	 	 
	14. Partial Invalidity; Waiver
	 	 	- 23 -	 
	 
	 	 	 	 
	15.Amendments
	 	 	- 23 -	 
	 
	 	 	 	 
	16. Notices and their Language
	 	 	- 23 -	 
	 
	 	 	 	 
	17. Applicable Law, Jurisdiction
	 	 	- 25 -	 
	 
	 	 	 	 
	18. Conclusion of this Agreement (Vertragsschluss)
	 	 	- 25 -	 
	 
	 	 	 	 
	Schedule 1
	 	 	- 28 -	 
	 
	 	 	 	 
	Part 1 List of Current Borrowers
	 	 	- 28 -	 
	 
	 	 	 	 
	Part 2 List of Current Guarantors, Current
2009 Senior Secured Notes Guarantors,
Current October 2010 Secured Notes Guarantors
and Current February 2011 Secured Notes
Guarantors
	 	 	- 28 -	 
	 
	 	 	 	 
	Part 3 List of Current New Secured Notes Guarantors
	 	 	- 33 -	 
	 
	 	 	 	 
	Schedule 2 List of Accounts
	 	 	- 39 -	 
	 
	 	 	 	 
	Part 1 — List of Accounts
	 	 	- 39 -	 
	 
	Part 2 — List of Excluded Accounts
	 	 	- 39 -	 
	 
	 	 	 	 
	Schedule 3 Form of Notice of Pledge
	 	 	- 40 -	 
	 
	 	 	 	 
	Schedule 4 Form of Notification of Future Accounts
	 	 	- 45 -	 

 

 

	 	 	This ACCOUNT PLEDGE AGREEMENT (the “Agreement”) is made on 8 September 2011
	 
	 	 	BETWEEN:
	 
	(1)	 	SIG International Services GmbH, a limited liability company (Gesellschaft mit beschränkter
Haftung) organised under the laws of the Federal Republic of Germany, having its business
address at Rurstrasse 58, 52441 Linnich, Germany registered in the commercial register
(Handelsregister) of the local court (Amtsgericht) of Düren under HRB 3925 (the “Pledgor”);
and
	 
	(2)	 	The Bank of New York Mellon, a public company incorporated under the laws of the state of New
York, having its business address at 1 Wall Street, New York, N.Y. 10286, The United States of
America, in its capacity as collateral agent under the First Lien Intercreditor Agreement (as
defined below) (the “Collateral Agent” or the “Pledgee”).
	 
	 	 	WHEREAS:
	 
	(A)	 	Pursuant to the second amended and restated senior secured multi-currency term and revolving
credit agreement dated 9 August 2011 of currently up to USD 4,445,000,000 and EUR 330,000,000
between, inter alia, the parties listed in Schedule 1 Part 1 hereto as current borrowers (the
“Current Borrowers”), the parties listed in Schedule 1 Part 2 hereto as current guarantors
(the “Current Guarantors”), Credit Suisse AG as administrative agent and others (as amended,
varied, novated, restated, supplemented, superseded or extended from time to time, the “Second
Amended and Restated Credit Agreement”), which amends and restates the multi-currency term and
revolving credit agreement dated 5 November 2009 between, inter alia, the Current Borrowers
and the Current Guarantors, Credit Suisse AG as administrative agent and others (as amended
and restated pursuant to the Second Amended and Restated Credit Agreement and as further
amended, varied, novated, restated, supplemented, superseded or extended from time to time,
hereinafter the “Credit Agreement”), certain lenders (together the “Original Lenders”) have
granted certain facilities to the Current Borrowers and certain other entities which may
accede or may have acceded to the Credit Agreement as additional borrowers.
	 
	(B)	 	Pursuant to a senior secured notes indenture dated 5 November 2009 between, inter alia,
Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., and Reynolds Group Issuer (Luxembourg)
S.A as ultimate issuers (the “Issuers”), certain affiliates of the Issuers listed in Schedule
1 Part 2 hereto as current 2009 senior secured notes guarantors (the “Current 2009 Senior
Secured Notes Guarantors”) and The Bank of New York Mellon, as indenture trustee, principal
paying agent, transfer agent and registrar, (as amended, varied, novated, supplemented,
superseded or extended from time to time, the “2009 Senior Secured Notes Indenture”), the
Issuers have issued senior secured notes due 2016 in the aggregate principal amount of USD

- 3 -

 

	 	 	1,125,000,000 (the “US Secured Notes”) and senior secured notes due 2016 in the aggregate
principal amount of EUR 450,000,000 (the “Euro Secured Notes” and together with the US
Secured Notes the “2009 Senior Secured Notes”) to certain noteholders.
	 
	(C)	 	Pursuant to a senior secured notes indenture dated 15 October 2010 between, inter alia, RGHL
US Escrow I LLC, RGHL US Escrow I Inc., and RGHL Escrow Issuer (Luxembourg) I S.A. as escrow
issuers (the “Escrow Issuers”), The Bank of New York Mellon as indenture trustee, The Bank of
New York Mellon, London Branch as principal paying agent, The Bank of New York Mellon as
collateral agent and Wilmington Trust (London) Limited as additional collateral agent (as
amended, varied, novated, supplemented, superseded or extended from time to time, the “October
2010 Secured Notes Indenture”), the Escrow Issuers have issued secured notes due 2019 in the
aggregate principal amount of USD 1,500,000,000 in escrow (the “October 2010 Secured Notes”).
In connection with the release from escrow of the proceeds of the October 2010 Secured Notes,
which occurred on 16 November 2010, the Escrow Issuers were merged with and into the Issuers,
with each of the Issuers surviving the applicable mergers or other transfers and assuming by
operation of law the obligations of the applicable Escrow Issuers with respect to the October
2010 Secured Notes Indenture and the October 2010 Secured Notes. Certain affiliates of the
Issuers listed in Schedule 1 Part 2 hereto have acceded to the October 2010 Secured Notes
Indenture as current October 2010 secured notes guarantors (the “Current October 2010 Secured
Notes Guarantors”).
	 
	(D)	 	Pursuant to a senior secured notes indenture dated 1 February 2011 between, inter alia, the
Issuers, The Bank of New York Mellon as indenture trustee, The Bank of New York Mellon, London
Branch as principal paying agent, The Bank of New York Mellon as collateral agent and
Wilmington Trust (London) Limited as additional collateral agent (as amended, varied, novated,
supplemented, superseded or extended from time to time, the “February 2011 Secured Notes
Indenture”), the Issuers have issued secured notes due 2021 in the aggregate principal amount
of USD 1,000,000,000 (the “February 2011 Secured Notes”) which are guaranteed by certain
affiliates of the Issuers listed in Schedule 1 Part 2 hereto as current February 2011 secured
notes guarantors (the “Current February 2011 Secured Notes Guarantors”).
	 
	(E)	 	The Pledgor has entered into the Existing Account Pledge Agreements (as defined below).
	 
	(F)	 	Pursuant to a senior secured notes indenture dated 9 August 2011 between, inter alia, the
RGHL US Escrow II LLC and RGHL US Escrow II Inc. as escrow issuers (the “August 2011 Escrow
Issuers”), The Bank of New York Mellon as indenture trustee,

- 4 -

 

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

- 5 -

 

	 	 	NOW, IT IS AGREED as follows:
	 
	1.	 	DEFINITIONS AND LANGUAGE
	 
	1.1	 	Definitions
	 
	 	 	In this Agreement:
	 
	 	 	“Account Banks” means the credit institutions administering the Accounts and “Account Bank”
means any of them.
	 
	 	 	“Accounts” means all bank accounts (including without limitation giro accounts and accounts
for saving deposits (Spareinlagen), time deposits (Termineinlagen) or call money deposits
(Tagesgeldeinlagen)) which the Pledgor holds at present or may at any time hereafter open
with any credit institution in the Federal Republic of Germany (including without limitation
the accounts listed in 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 AG, Cayman Islands Branch, having its business
address at Eleven Madison Avenue, New York, NY 10010, United States of America in its
capacity as administrative agent under the Credit Agreement and any successor appointed as
administrative agent under the Credit Agreement.
	 
	 	 	“Amendment No.1 and Joinder Agreement” means the joinder agreement dated 21 January 2010
relating to the First Lien Intercreditor Agreement made among (amongst others) the
Collateral Agent, Wilmington Trust (London) Limited, Credit Suisse AG and Reynolds Group
Holdings Limited pursuant to which Wilmington Trust (London) Limited was appointed as
additional collateral agent and became party to the First Lien Intercreditor Agreement.
	 
	 	 	“Borrowers” means the Current Borrowers and any entity which may accede to the Credit
Agreement as an additional borrower and “Borrower” means any of them.
	 
	 	 	“Cash Management Bank” shall mean Citibank N.A., Banco Nacional De Mexico S.A., Citibank
International PLC, UK, Citibank (China) Co., Limited, Citibank Global Markets Deutschland AG
& Co KGaA, Citibank ZRT, Hungary, a Lender, the Administrative Agent or any of the Lender’s
or the Administrative Agent’s affiliates (at the time the cash management services
arrangement is entered into) provided in each case it has become a party to, or by execution
of an additional bank secured party acknowledgment has agreed to be bound by the terms of,
the First Lien Intercreditor Agreement in its capacity as cash management bank.
	 
	 	 	“Cash Management Services” shall mean any agreement or arrangement by a Cash Management Bank
to provide any composite accounting or other cash pooling arrangements and netting,
overdraft protection and other arrangements with any bank arising under standard business
terms of such Cash Management Bank to a Grantor.

- 6 -

 

	 	 	“Credit Documents” shall mean the Loan Documents, the 2009 Senior Secured Notes Documents,
the October 2010 Secured Notes Documents, the February 2011 Secured Notes Documents and the
New Secured Notes Documents.

	 	 	“Enforcement Event” shall mean an Event of Default.

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

	 	 	“Existing Account Pledge Agreements” means

	 	(a)	 	the account pledge agreement dated 5 November 2009 (as amended
by a confirmation and amendment agreement dated 4 May 2010) entered into
between SIG International Services GmbH as pledgor and The Bank of New York
Mellon as collateral agent and as pledgee and others as pledgees;

	 	(b)	 	confirmation and amendment agreement dated 4 May 2010 and
entered into between, inter alios, SIG International Services GmbH as pledgor
and The Bank of New York Mellon as collateral agent relating to an account
pledge agreement dated 5 November 2009 and entered into between SIG
International Services GmbH as pledgor and The Bank of New York Mellon as
collateral agent and others as pledgees;

	 	(c)	 	the account pledge agreement dated 16 November 2010 and entered
into between SIG International Services GmbH as pledgor and The Bank of New
York Mellon as collateral agent and as pledgee; and

	 	(d)	 	the account pledge agreement dated 2 March 2011 and entered
into between SIG International Services GmbH as pledgor and The Bank of New
York Mellon as collateral agent and as pledgee.

	 	 	“Existing Intercreditor Agreement” means the existing intercreditor agreement dated 11 May
2007 (as amended by a letter dated 21 June 2007 and a further letter dated 29 June 2007, as
amended and restated on 5 November 2009 and as further amended on 5 November 2010) between,
inter alia, Beverage Packaging Holdings (Luxembourg) I S.A., Rank Group Holdings Limited
(now Reynolds Group Holdings Limited), Beverage Packaging Holdings (Luxembourg) II S.A.,
Beverage Packaging Holdings (Luxembourg) III S.à r.l., Credit Suisse AG (formerly Credit
Suisse) as security trustee and others.
	 
	 	 	“February 2011 Secured Notes Documents” shall mean the February 2011 Secured Notes
Indenture, the February 2011 Secured Notes Guarantees, the February 2011 Secured Notes, the
Intercreditor Arrangements, any supplemental indenture, any security document relating to
the February 2011 Secured Notes and/or the February

- 7 -

 

		 	2011 Secured Notes Indenture and any other document that may be entered into pursuant to any
of the foregoing.
	 
	 	 	“February 2011 Secured Notes Guarantees” shall mean the guarantees of the obligations of the
Issuers under the February 2011 Secured Notes and the February 2011 Secured Notes Indenture
by the February 2011 Secured Notes Guarantors.
	 
	 	 	“February 2011 Secured Notes Guarantors” means the Current February 2011 Secured Notes
Guarantors and any entity which may accede to the February 2011 Secured Notes Indenture as
additional guarantor.
	 
	 	 	“February 2011 Secured Notes Holders” shall mean the holders from time to time of the
February 2011 Secured Notes.
	 
	 	 	“February 2011 Secured Notes Indenture Trustee” shall mean The Bank of New York Mellon, in
its capacity as indenture trustee under the February 2011 Secured Notes Indenture and any
successor appointed as indenture trustee under the February 2011 Secured Notes Indenture.
	 
	 	 	“Grantors” means the Loan Parties, the Issuers, the 2009 Senior Secured Notes Guarantors,
the October 2010 Secured Notes Guarantors, the February 2011 Secured Notes Guarantors and
the New Secured Notes Guarantors and any person that has granted a security interest to the
Collateral Agent and/or the Secured Parties in respect of the obligations of the Loan
Parties, the Issuers and the 2009 Senior Secured Notes Guarantors, the October 2010 Secured
Notes Guarantors, the February 2011 Secured Notes Guarantors and the New Secured Notes
Guarantors under the Credit Documents and “Grantor” means any of them.
	 
	 	 	“Grantors’ Agent” shall mean Reynolds Group Holdings Limited or any other person appointed
as agent of the Grantors in accordance with the Principal Finance Documents.
	 
	 	 	“Group” means Reynolds Group Holdings Limited and its direct or indirect subsidiaries
(Tochtergesellschaften).
	 
	 	 	“Hedge Counterparty” means a Lender, the Administrative Agent or any of the Lender’s or the
Administrative Agent’s affiliates (at the time a hedging agreement is entered into) who has
entered into a hedging agreement for the purpose of hedging interest rate liabilities and/or
any exchange rate and/or commodity price risks provided it has become a party, or by
execution of an additional bank secured party acknowledgment has agreed to be bound by the
terms of, to the First Lien Intercreditor Agreement in its capacity as hedge counterparty.
	 
	 	 	“Incremental Assumption Agreement” shall mean an incremental assumption agreement relating
to incremental facilities of up to USD 2,000,000,000 among, and in form and substance
reasonably satisfactory to, one or more Borrowers, the Administrative Agent, one or more
Incremental Term Lenders and/or one or more Incremental Revolving Credit Lenders pursuant to
which one or more Incremental Term Lenders make available Incremental Term Loan Commitments
and/or one or

- 8 -

 

	 	 	more Incremental Revolving Credit Lenders make available Incremental Revolving Credit
Commitments respectively.
	 
	 	 	“Incremental Revolving Credit Lender” shall mean a Lender with an Incremental Revolving
Credit Commitment or an outstanding revolving loan under the Credit Agreement of any class
as a result of an Incremental Revolving Credit Commitment.
	 
	 	 	“Incremental Revolving Credit Commitment” shall mean the commitment of any Lender,
established pursuant to the Credit Agreement, to make available certain revolving credit
loans to one or more Borrowers.
	 
	 	 	“Incremental Term Lender” shall mean a Lender with an Incremental Term Loan Commitment.
	 
	 	 	“Incremental Term Loan Commitment” shall mean the commitment of any Lender, established
pursuant to the Credit Agreement, to make available certain term loans to one or more
Borrowers.
	 
	 	 	“Indenture Trustee” shall mean The Bank of New York Mellon, in its capacity as indenture
trustee under the 2009 Senior Secured Notes Indenture and any successor appointed as
indenture trustee under the 2009 Senior Secured Notes Indenture.
	 
	 	 	“Intercreditor Arrangements” means the First Lien Intercreditor Agreement and the Existing
Intercreditor Agreement, in each case as amended, novated, supplemented, restated, or
modified from time to time.
	 
	 	 	“Issuing Bank” means Credit Suisse AG or any other Lender or any affiliate of Credit Suisse
AG or any other Lender that issues letters of credit or bank guarantees under the Credit
Agreement.
	 
	 	 	“Lenders” shall mean the Original Lenders and any entity which may become a lender under the
Credit Agreement in the future and “Lender” means any of them.
	 
	 	 	“Loan Documents” shall mean the Credit Agreement, the Amendment No.1 and Joinder Agreement,
the Second Amended and Restated Credit Agreement and the Amendment No. 6 and Incremental
Term Loan Assumption Agreement, any borrowing subsidiary agreement and/or guarantor joinder
agreement relating to the Credit Agreement, any letter of credit or bank guarantee relating
to the Credit Agreement, any security documents relating to the Credit Agreement, any
hedging agreement entered into by a Hedge Counterparty and a Grantor, each Incremental
Assumption Agreement, the Intercreditor Arrangements, each Promissory Note, any agreement
between a Grantor and a Cash Management Bank relating to Cash Management Services, each
Local Facility Agreement and any other document that may be entered into pursuant to any of
the foregoing in relation to the Credit Agreement.
	 
	 	 	“Loan Parties” shall mean the Borrowers, the Current Guarantors and any entity which may
accede to the Credit Agreement as additional guarantor and a “Loan Party” means any of them.

- 9 -

 

	 	 	“Local Facilities” means working capital facilities provided to a Grantor (other than
Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings (Luxembourg) II
S.A. Beverage Packaging Holdings (Luxembourg) III S.à.r.l. and the Borrowers) by a Local
Facility Provider and “Local Facility” means any of them.
	 
	 	 	“Local Facility Agreements” shall mean any agreement under which a Local Facility is made
available.
	 
	 	 	“Local Facility Provider” means HSBC Trinkaus & Burkhardt AG, Deutsche Bank AG, Commerzbank
Aktiengesellschaft and Hong Kong and Shanghai Banking Corporation Ltd., Thailand, Bank of
America, N.A., Canada Branch, FIA Card Services, N.A., Citibank N.A., Citibank (China) Co.,
Ltd., Banco Nacional de Mexico, S.A., Integrante del Grupo Financiero Banamex, Bank of
America, N.A., provided in each case it has become a party to, or by execution of an
additional bank secured party acknowledgment has agreed to be bound by the terms of, the
First Lien Intercreditor Agreement in its capacity as local facility provider.
	 
	 	 	“New Secured Notes Documents” shall mean the New Secured Notes Indenture, the New Secured
Notes Guarantees, the New Secured Notes, the Intercreditor Arrangements, any supplemental
indenture, any security document relating to the New Secured Notes and/or the New Secured
Notes Indenture and any other document that may be entered into pursuant to any of the
foregoing.
	 
	 	 	“New Secured Notes Guarantees” shall mean the guarantees of the obligations of the August
2011 Escrow Issuers and/or of the August 2011 Ultimate Issuers under the New Secured Notes
and the New Secured Notes Indenture by the New Secured Notes Guarantors.
	 
	 	 	“New Secured Notes Guarantors” means the Current New Secured Notes Guarantors and any entity
which may accede to the New Secured Notes Indenture as additional guarantor.
	 
	 	 	“New Secured Notes Holders” shall mean the holders from time to time of the New Secured
Notes.
	 
	 	 	“New Secured Notes Indenture Trustee” shall mean The Bank of New York Mellon, in its
capacity as indenture trustee under the New Secured Notes Indenture and any successor
appointed as indenture trustee under the New Secured Notes Indenture.
	 
	 	 	“Obligations” shall mean all present and future obligations and liabilities (whether actual
or contingent and whether owed jointly or severally or in any other capacity whatsoever) of
each Grantor to the Pledgee under each or any of the Credit Documents (including, but not
limited to, the Parallel Obligations), including with respect to all costs, charges and
expenses incurred by the Pledgee in connection with the protection, preservation or
enforcement of its rights under the Credit Documents or any other document evidencing or
securing any such liabilities. The Obligations shall further include any obligation based on
unjust enrichment (ungerechtfertigte Bereicherung) or tort (Delikt).

- 10 -

 

	 	 	“October 2010 Secured Notes Documents” shall mean the October 2010 Secured Notes Indenture,
the October 2010 Secured Notes Guarantees, the October 2010 Secured Notes, the Intercreditor
Arrangements, any supplemental indenture relating to the October 2010 Secured Notes
Indenture, any security document relating to the October 2010 Secured Notes and/or the
October 2010 Secured Notes Indenture and any other document that may be entered into
pursuant to any of the foregoing.
	 
	 	 	“October 2010 Secured Notes Guarantees” shall mean the guarantees of the obligations of the
Issuers under the October 2010 Secured Notes and the October 2010 Secured Notes Indenture by
the October 2010 Secured Notes Guarantors.
	 
	 	 	“October 2010 Secured Notes Guarantors” means the Current October 2010 Secured Notes
Guarantors and any entity which may accede to the October 2010 Secured Notes Indenture as
additional guarantor.
	 
	 	 	“October 2010 Secured Notes Holders” shall mean the holders from time to time of the October
2010 Secured Notes.
	 
	 	 	“October 2010 Secured Notes Indenture Trustee” shall mean The Bank of New York Mellon, in
its capacity as indenture trustee under the October 2010 Secured Notes Indenture and any
successor appointed as indenture trustee under the October 2010 Secured Notes Indenture.
	 
	 	 	“Parallel Obligations” means the independent obligations of any of the Grantors arising
pursuant to the First Lien Intercreditor Agreement to pay to the Collateral Agent sums equal
to the sums owed by such Grantor to the other Secured Parties (or any of them) under the
Credit Documents.
	 
	 	 	“Pledge” and “Pledges” have the meanings given to such terms in Clause 2.1.
	 
	 	 	“Principal Finance Documents” means the Credit Agreement, the 2009 Senior Secured Notes
Indenture, the October 2010 Secured Notes Indenture, the February 2011 Secured Notes
Indenture, the New Secured Notes Indenture and the First Lien Intercreditor Agreement.
	 
	 	 	“Promissory Note” shall mean any promissory note executed and delivered by a Borrower upon
the request of a Lender evidencing the amount of principal owed by such Borrower to such
Lender under the Credit Agreement.
	 
	 	 	“Secured Parties” shall mean the Lenders (including in their capacity as issuing bank(s),
and/or Hedge Counterparties under the Credit Agreement), the Hedge Counterparties, the
Administrative Agent, any Issuing Bank, the beneficiaries of each indemnification obligation
undertaken by any Grantor under any Credit Document, the 2009 Senior Secured Notes Holders,
the October 2010 Secured Notes Holders, the February 2011 Secured Notes Holders and the New
Secured Notes Holders, the Indenture Trustee, the October 2010 Secured Notes Indenture
Trustee, the February 2011 Secured Notes Indenture Trustee and the New Secured Notes
Indenture Trustee, the Collateral Agent, the Local Facility Providers and the Cash
Management Banks.

- 11 -

 

	 	 	“2009 Senior Secured Notes Documents” shall mean the 2009 Senior Secured Notes Indenture,
the 2009 Senior Secured Notes Guarantees, the 2009 Senior Secured Notes, the Intercreditor
Arrangements, any supplemental indenture, any security document relating to the 2009 Senior
Secured Notes and/or the 2009 Senior Secured Notes Indenture and any other document that may
be entered into pursuant to any of the foregoing.
	 
	 	 	“2009 Senior Secured Notes Guarantees” shall mean the guarantees of the obligations of the
Issuers under the 2009 Senior Secured Notes and the 2009 Senior Secured Notes Indenture by
the 2009 Senior Secured Notes Guarantors.
	 
	 	 	“2009 Senior Secured Notes Guarantors” means the Current 2009 Senior Secured Notes
Guarantors and any entity which may accede to the 2009 Senior Secured Notes Indenture as
additional guarantor.
	 
	 	 	“2009 Senior Secured Notes Holders” shall mean the holders from time to time of the 2009
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;

	 	(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,
sub-Clause or a Schedule hereof; and

	 	(c)	 	to the extent the word “note” or “Note” is used in any other documents in
relation to this Agreement, it shall be construed as if it were a reference to the word
“notes” or “Notes” as defined and used in this Agreement.

	1.3	 	This Agreement is made in the English language. For the avoidance of doubt, the English
language version of this Agreement shall prevail over any translation of this Agreement.
However, where a German translation of a word or phrase appears in the text of this Agreement,
the German translation of such word or phrase shall prevail.

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

	 	(a)	 	all rights and claims in respect of present and future cash deposits (Guthaben)
(including without limitation saving deposits (Spareinlagen), time deposits
(Termineinlagen) (including fixed deposits (Festgeldguthaben) and termination monies
(Kündigungsgelder)) and call money deposits (Tagesgeldeinlagen) (including deposits for
overnight money, tom/next money, spot/next money and money until further notice (Geld b
..a. w.)) standing from time to time to the credit of the Accounts, including all claims
to interest payable;

	 	(b)	 	in respect of each Account maintained as a giro account (Girokonto) at present
or in the future, (i) all claims in respect of present and future credit balances
(positive Salden), (ii) all claims in respect of present and future credit entries
(gutgeschriebene Beträge), (iii) all claims to interest payable and (iv) all other
present and future monetary rights and claims arising under or in connection with the
respective giro agreement (Girovertrag) (including without limitation all claims to the
grant of a credit entry (Gutschriftanspruch); and

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

	 	 	(the “Pledge” and/or the “Pledges”).

	2.2	 	The Pledgee hereby accepts the Pledges.

	2.3	 	The Pledges are in addition, and without prejudice, to any other security the Secured Parties
may now or hereafter hold in respect of the Obligations.

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	3.	 	PURPOSE OF THE PLEDGES

	 	 	The Pledges hereunder are constituted in order to secure the prompt and complete
satisfaction of any and all Obligations. The Pledges shall also cover any future extension
of the Obligations and the Pledgor herewith expressly agrees that the provisions of Section
1210 para 1 sentence 2 of the German Civil Code (Bürgerliches Gesetzbuch) shall not apply to
this Agreement.

	4.	 	NOTICE OF PLEDGE

	4.1	 	Subject to Clause 4.3 below the Pledgor undertakes that it will without undue delay, but
not later than twenty business days after the date of this Agreement, and, in relation to any
Account opened after the date of this Agreement, within ten business days after such new
Account has been opened, notify each Account Bank and any other relevant third party of the
Pledges by delivering a notification substantially in the form set out in Schedule 3 (Form of
Notice of Pledge) by registered mail (Einschreiben mit Rückschein). The Pledgor shall provide
the Collateral Agent with a copy of each such notification and of the corresponding return
receipt (Rückschein). In addition, the Pledgor shall use all reasonable efforts to procure
that each Account Bank promptly acknowledges receipt of the respective notification, and
acceptance of the terms thereof, to the Collateral Agent and to the Pledgor.

	4.2	 	Without prejudice to the obligations imposed on the Pledgor in Clause 4.1 and, in the case
of future Accounts, Clause 8.3, the Pledgor hereby authorises the Collateral Agent and
releases it for this purpose from the restrictions of self-dealing under Section 181 of the
German Civil Code to notify each Account Bank and any other relevant third party on its behalf
of this Agreement and the Pledge constituted hereunder by delivering a notification
substantially in the form set out in Schedule 3 (Form of Notice of Pledge), or in such
substantially similar form as the Collateral Agent (acting on behalf of the Secured Parties)
deems appropriate, provided that the Collateral Agent may only make use of this authorisation
if the Pledgor has not complied with the obligations imposed on the Pledgor in Clause 4.1
within 10 business days of being notified of such failure (with a copy of such notice being
sent to Reynolds Group Holdings Limited) and being requested to comply or if an Enforcement
Event has occurred and is continuing.

	4.3	 	The Pledgor shall not be under an obligation to comply with its obligation under Clause 4.1
above whilst an Enforcement Event is not continuing if the Pledgor can prove to the Collateral
Agent (acting on behalf of the Secured Parties) that notifying the relevant Account Bank of
the Pledge created hereunder would not be consistent with, whilst an Enforcement Event is not
continuing, the Pledgor retaining control over and the ability to freely use the balance of
any such Account. The Collateral

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	 	 	Agent will not be required to use its discretion, but will take instructions in accordance
with the First Lien Intercreditor Agreement whether or not to agree with the Pledgor’s
analysis under this Clause 4.3. For the avoidance of doubt, at the date of this Agreement
the Pledgor agrees that notifying the Account Banks of the Pledge created hereunder is not
inconsistent with the Pledgor retaining control over and the ability to freely use the
balance of any Account existing at the date of this Agreement.
	 
	5.	 	PLEDGOR’S RIGHT OF DISPOSAL
	 
	 	 	The Pledgor may exercise all rights and powers in respect of each Account until the
Collateral Agent gives notice to the contrary to the Account Bank with a copy to the
Pledgor. The Pledgee may give such notice only if an Enforcement Event has occurred and is
continuing.
	 
	6.	 	ENFORCEMENT OF THE PLEDGES
	 
	6.1	 	If (i) an Enforcement Event has occurred and is continuing and (ii) the requirements set
forth in Sections 1273 para 2, 1204 et seq. of the German Civil Code with regard to the
enforcement of the Pledges are met (Pfandreife), in particular, if any of the Obligations have
become due and payable, then in order to enforce the Pledges, the Collateral Agent (acting on
the instructions of the Secured Parties) may at any time thereafter avail itself of all rights
and remedies that a pledgee has against a pledgor under the laws of the Federal Republic of
Germany.
	 
	6.2	 	Notwithstanding Section 1277 of the German Civil Code, the Pledgee is entitled to exercise
its rights without obtaining an enforceable judgment or other instrument (vollstreckbarer
Titel). The Pledgee shall be entitled to have the Pledges enforced in any manner allowed under
the laws of the Federal Republic of Germany.
	 
	6.3	 	The Pledgee will notify the Pledgor five business days prior to the enforcement of the Pledge
according to Clause 6. No such notification shall be required if (i) the Pledgor has
generally ceased to make payments (Zahlungseinstellung), (ii) an application for the
institution of insolvency proceedings is filed by or against the Pledgor or (iii) the Pledgee
has reasonable grounds to believe that observance of the notice period will adversely affect
the legitimate interests (berechtigte Interessen) of the Pledgee.
	 
	6.4	 	If the Pledgee (acting on the instructions of the Secured Parties) should seek to enforce the
Pledge pursuant to Clause 6.1 hereof, the Pledgor shall, at its own expense, render
forthwith all necessary assistance in order to facilitate the prompt realisation of the Pledge
and/or the exercise by the Pledgee of any other right it may have as Pledgee.

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	6.5	 	The Pledgee may, in its sole discretion, determine which of several security interests
(created under this or other security agreements) shall be used to satisfy the Obligations.
	 
	6.6	 	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 Pledge is enforced or if the Pledgor has discharged any of the Obligations (or any
part of them), Section 1225 of the German Civil Code (legal subrogation of claims to a pledgor
 — Forderungsübergang auf den Verpfänder) shall not apply and no rights of the Pledgee shall
pass to the Pledgor by subrogation or otherwise. Further, the Pledgor shall at no time before,
on or after an enforcement of the Pledge, and as a result of the Pledgor entering into this
Agreement, be entitled to demand indemnification or compensation from a Grantor or any
affiliate of a Grantor or assign any of these claims.
	 
	7.	 	LIMITATIONS ON ENFORCEMENT
	 
	7.1	 	The Pledgee shall be entitled to enforce the Pledge 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 Pledgee shall not be entitled to enforce the Pledge against the Pledgor if and to
the extent that:

	 	(a)	 	the Pledge secures 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)

- 16 -

 

	 		 	of a shareholder of the Pledgor (other than the Pledgor and its subsidiaries); and

	 	(b)	 	the enforcement would have the effect of (x) reducing the Pledgor’s net assets
(Reinvermögen) (the “Net Assets”) to an amount of less than its stated share capital
(Stammkapital) or, if the Net Assets are already an amount of less than its 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 Pledgor’s stated
share capital (Stammkapital) 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.

	7.3	 	The Net Assets shall be calculated as an amount equal to the sum of the values of the
Pledgor’s assets (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 Pledgor’s liabilities (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 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 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

- 17 -

 

	 	 	by the Pledgor in the preparation of its most recent annual balance sheet (Jahresbilanz).
	 
	 	 	It being understood that the assets of the Pledgor will be assessed at liquidation values
(Liquidationswerte) if the managing directors of the Pledgor, 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 can carry on as a going concern (positive Fortführungsprognose), in
particular when the Pledge is 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 the Pledge (the
“Notice”), the Pledgor has confirmed in writing to the Collateral Agent (x) to what
extent such Pledge is 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 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 Pledgor’s Net Assets (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 Pledgee shall be entitled to enforce the
Pledge irrespective of the limitations set out in Clause 7.2 above.

- 18 -

 

	7.5	 	If the Pledgee disagrees with the Balance Sheet, it shall be entitled to enforce the Pledge
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 Pledgee 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 its stated share capital (calculated as of the date the Pledgee has given notice
of its 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
Pledgee to continue enforcing the Pledge (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 the Pledgee:
	 
	8.1	 	subject to Clause 4.3 to use all reasonable efforts to procure that each Account Bank
releases any existing lien, including without limitation any pledge existing by operation of
its general business conditions (Allgemeine Geschäftsbedingungen), and waives any right of
set-off and right of retention in respect of the Accounts by countersigning and returning an
acknowledgement of notice of pledge substantially in the form set out in Schedule 3 (Form of
Notice of Pledge) to the Pledgor and the Pledgee.
	 
	8.2	 	to instruct each Account Bank to provide the Pledgee following receipt by the relevant
Account Bank of a notice pursuant to Clause 5 with all information requested by it in
respect of the Accounts and to that extent to release each Account Bank from its obligation to
maintain confidentiality (Bankgeheimnis) by delivering a notice of pledge to the respective
Account Bank in accordance with the requirements set out in Clause 4.1 or, in the case of
any future Account, Clause 8.3. The Pledgor undertakes not to revoke such instruction during
the term of this Agreement, other than in respect of an Account which is closed or disposed of
in accordance with the terms of the Credit Documents;
	 
	8.3	 	to notify the Pledgee without undue delay substantially in the form set out in Schedule 4
(Form of Notification of Future Accounts) of each new bank account opened by the Pledgor with
a credit institution in the Federal Republic of Germany in accordance with Clause 4 above
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

- 19 -

 

	 	 	(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 Pledgee and
provided that the Pledgee has not given a notice pursuant to Clause 5;
	 
	8.5	 	to deliver to the Pledgee, within three months after the end of each calendar year ending
after January 2012, and at any time upon reasonable request of the Pledgee, up-to date account
statement sheets (Kontoauszüge) showing the balance on each of the Accounts, provided that the
Pledgee shall not request such information more than one additional time in any one year prior
to the occurrence of an Enforcement Event that is continuing;
	 
	8.6	 	with regard to any account books (Sparbücher) and any other documents which are necessary to
dispose over (verfügen) any of the Accounts, the Pledgor undertakes to deliver the originals
of such documents to the Pledgee without undue delay if the Pledgee has given a notice
pursuant to Clause 5 and to deliver to the Pledgee upon its reasonable request following
such event without undue delay any documents or other information concerning the Accounts, in
particular (but not limited to) the account opening documents and any agreements between the
Account Bank and the Pledgor in relation to the Accounts;
	 
	8.7	 	not to grant to any third party any rights in respect of the Accounts (keine Und-Konten oder
Oder-Konten oder sonstige Rechte Dritter) (other than those arising under the relevant Account
Bank’s general business conditions (Allgemeine Geschäftsbedingungen) and under the Existing
Account Pledge Agreements) without the prior written consent of the Collateral Agent (as
instructed in accordance with the Principal Finance Documents) (such consent not to be
unreasonably withheld);
	 
	8.8	 	to inform the Pledgee without undue delay of any attachment (Pfändung) and any third parties
bringing claims in respect of any of the Accounts, such notice to be accompanied by any
documents the Pledgee might need to defend itself against any claim by a third party. In the
case of any attachment (Pfändung) in respect of any of the Accounts, the Pledgor undertakes to
forward to the Pledgee without undue delay a copy of the attachment order
(Pfändungsbeschluss), any transfer order (Überweisungsbeschluss) and all other documents
necessary for a defence against the attachment. The Pledgor shall inform the attaching
creditor of the Pledge without undue delay;

- 20 -

 

	8.9	 	except as otherwise agreed pursuant to the Principal Finance Documents, insofar as additional
declarations or actions are necessary for the creation of the Pledge, the Pledgor shall, at
the Collateral Agent’s reasonable request (acting on the reasonable instructions of the
Secured Parties), make such declarations and undertake such actions at the Pledgor’s costs and
expenses; and
	 
	8.10	 	for the avoidance of doubt, notification and delivery requirements as set out in sub-Clauses
8.3, 8.4, 8.5, 8.6 and 8.8 of this Agreement are deemed to be satisfied if and to the
extent such notification or information has been delivered under the Existing Account Pledge
Agreements provided that such notification or delivery to the Pledgee makes reference to this
Agreement and each Existing Account Pledge Agreement.
	 
	9.	 	DELEGATION
	 
	 	 	The Pledgee shall have full power to delegate (either generally or specifically) the powers,
authorities and discretions conferred on it by this Agreement on such terms and conditions
as it shall see fit. The Pledgee shall only remain liable for diligently selecting and
providing initial instructions to such delegate.
	 
	10.	 	INDEMNITY
	 
	 	 	To the extent set out in the First Lien Intercreditor Credit Agreement, the Pledgor shall,
notwithstanding any release or discharge of all or any part of the security, indemnify the
Pledgee, its agents its attorneys and any delegate against any action, proceeding, claims,
losses, liabilities, damages, expenses, demands, taxes, losses and costs which it may
sustain as a consequence of any breach by the Pledgor of the provisions of this Agreement,
the exercise or purported exercise of any of the rights and powers conferred on them by this
Agreement or otherwise relating to the Pledge.
	 
	11.	 	NO LIABILITY
	 
	 	 	Except to the extent provided in the Principal Finance Documents, none of the Pledgee, its
nominee(s) or agent(s) or delegate(s) shall be liable by reason of (a) taking any action
permitted by this Agreement or (b) any neglect or default in connection with the assets and
rights subject to the security interest created hereunder, save in respect of any loss or
damage which is suffered as a result of wilful misconduct (Vorsatz) or gross negligence
(grobe Fahrlässigkeit) by the Pledgee, its nominee(s) or agent(s) or delegate(s), or (c) the
enforcement or realisation of all or any part of the security interest created hereunder.

- 21 -

 

	12.	 	DURATION AND INDEPENDENCE
	 
	12.1	 	This Agreement shall remain in full force and effect until complete satisfaction of the
Obligations. The Pledge shall not cease to exist, if the Grantors under the Credit Documents
have only temporarily discharged the Obligations.
	 
	12.2	 	This Agreement shall create a continuing security and no change, amendment, or supplement
whatsoever in the Credit Documents or in any document or agreement related to any of the
Credit Documents shall affect the validity or the scope of this Agreement nor the obligations
which are imposed on the Pledgor pursuant to it.
	 
	12.3	 	This Agreement is independent from any other security or guarantee which may have been or
will be given to the Pledgee. None of such other security shall prejudice, or shall be
prejudiced by, or shall be merged in any way with this Agreement.
	 
	12.4	 	Waiving Section 418 of the German Civil Code, the Pledgor hereby agrees that the security
created hereunder shall not be affected by any transfer or assumption of the Obligations to,
or by, any third party.
	 
	13.	 	RELEASE (PFANDFREIGABE)
	 
	13.1	 	Upon complete and irrevocable satisfaction of the Obligations, the Collateral Agent (as
instructed in accordance with the First Lien Intercreditor Agreement) will as soon as
reasonably practical declare in writing the release of the Pledge (Pfandfreigabe) to the
Pledgor as a matter of record. For the avoidance of doubt, the parties are aware that upon
full and complete satisfaction of the Obligations the Pledge, due to its accessory nature
(Akzessorietät), ceases to exist by operation of German mandatory law.
	 
	13.2	 	At any time when the total value of the aggregate security granted by the Pledgor and any of
the other Grantors to secure the Obligations (the “Security”), which can be expected to be
realised in the event of an enforcement of the Security (realisierbarer Wert), exceeds 110% of
the Obligations (the “Limit”) not only temporarily, the Pledgee shall on demand of the Pledgor
release such part of the Security (Sicherheitenfreigabe) as the Pledgee (as instructed in
accordance with the First Lien Intercreditor Agreement) may in its reasonable discretion
determine so as to reduce the realisable value of the Security to the Limit.
	 
	13.3	 	The Pledgee (as instructed in accordance with the First Lien Intercreditor Agreement) will as
soon as reasonably practicable declare in writing the release of the Pledge (Pfandfreigabe) to
the Pledgor in accordance with, and to the extent required by, the Intercreditor Arrangements.

- 22 -

 

	14.	 	PARTIAL INVALIDITY; WAIVER
	 
	14.1	 	If at any time, any one or more of the provisions hereof is or becomes invalid, illegal or
unenforceable in any respect under the law of any jurisdiction, such provision shall as to
such jurisdiction, be ineffective to the extent necessary without affecting or impairing the
validity, legality and enforceability of the remaining provisions hereof or of such provisions
in any other jurisdiction. The invalid, illegal or unenforceable provision shall be deemed to
be replaced with such valid, legal or enforceable provision which comes as close as possible
to the original intent of the parties and the invalid, illegal or unenforceable provision.
Should a gap (Regelungslücke) become evident in this Agreement, such gap shall, without
affecting or impairing the validity, legality and enforceability of the remaining provisions
hereof, be deemed to be filled in with such provision which comes as close as possible to the
original intent of the parties.
	 
	14.2	 	No failure to exercise, nor any delay in exercising, on the part of the Pledgee, any right or
remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise
of any right or remedy prevent any further or other exercise thereof or the exercise of any
other right or remedy. The rights and remedies provided hereunder are cumulative and not
exclusive of any rights or remedies provided by law.
	 
	15.	 	AMENDMENTS
	 
	 	 	Changes and amendments to this Agreement including this Clause 15 shall be made in
writing.
	 
	16.	 	NOTICES AND THEIR LANGUAGE
	 
	16.1	 	All notices and other communications provided for herein shall be in writing and shall be
delivered by hand or overnight courier service, mailed by certified or registered mail or sent
by fax, as follows:

	 	 	 	 	 
	For the Pledgor:	 	SIG International Services GmbH	 	 
	 
	 

	 	Address:
	 	Rurstrasse 58
	 

	 	 	 	52441 Linnich, Germany
	 

	 	Telephone	 	 
	 

	 	Fax:
	 	+49 2462 79 2519
	 

	 	Attention:
	 	Managing Directors
	 

	 	 	 	(Geschäftsführung)

- 23 -

 

	 	 	 	 	 
	For the Pledgor with a copy to:

	 	Address:
	 	c/o Rank Group Limited
	 

	 	 	 	Level 9
	 

	 	 	 	148 Quay Street
	 

	 	 	 	PO Box 3515
	 

	 	 	 	Auckland 1140
	 

	 	 	 	New Zealand
	 
	 

	 	Telephone:
	 	+649 3666 259
	 
	 

	 	Fax:
	 	+649 3666 263
	 
	 

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

	 	Address:
	 	101 Barclay Street, 4E
	 

	 	 	 	New York, N.Y. 10286
	 

	 	 	 	The United States of
	 

	 	 	 	America
	 
	 

	 	Telephone:
	 	+212 298 1528
	 
	 

	 	Fax:
	 	+212 815 5366
	 
	 

	 	Attention:
	 	International Corporate Trust

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

	16.3	 	All notices and other communications given to any party in connection with this Agreement in
accordance with the provisions of this Agreement shall be deemed (widerlegbare Vermutung)
received on the date sent (if a business day) and on the next business day thereafter (in all
other cases) if delivered by hand or overnight courier

- 24 -

 

	 	 	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 courts in Frankfurt am Main. The Pledgee however, shall also be
entitled to take action against the Pledgor in any other court of competent jurisdiction.
Further, the taking of proceedings against the Pledgor in any one or more jurisdictions shall
not preclude the taking of proceedings in any other jurisdiction (whether concurrently or not)
if and to the extent permitted by applicable law.
	 
	18.	 	CONCLUSION OF THIS AGREEMENT (VERTRAGSSCHLUSS)
	 
	18.1	 	The parties to this Agreement may choose to conclude this Agreement by an exchange of signed
signature page(s), transmitted by means of telecommunication (telekommunikative Übermittlung)
by fax or attached as an electronic photocopy (pdf., tif., etc.) to an e-mail.
	 
	18.2	 	If the parties to this Agreement choose to conclude this Agreement pursuant to sub-Clause
18.1 above, they will transmit the signed signature page(s) of this Agreement to attention
of Isabel van Bremen or Axel Schlieter (isabel.vanbremen@cliffordchance.com or
axel.schlieter@cliffordchance.com, fax: +49 211 43 55 5600) (each a “Recipient”). The
Agreement will be considered concluded once any of the Recipients has actually received the
signed signature page(s) (Zugang der Unterschriftsseite(n)) from all parties to this Agreement
and at the time of the receipt of the last outstanding signature page(s).
	 
	18.3	 	For the purposes of this Clause 18 only, the parties to this Agreement appoint each
Recipient individually as their attorney (Empfangsvertreter) and expressly allow (gestatten)
each Recipient to collect the signed signature page(s) from all and for all parties to this
Agreement. For the avoidance of doubt, the Recipients will have no further duties connected
with their position as Recipient. In particular, the Recipients may assume the conformity to
the authentic original(s) of the signature page(s)

- 25 -

 

	 	 	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.

- 26 -

 

SIGNATURE PAGE

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

	 	 	 	 	 
	 	SIG International Services GmbH

as Pledgor

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

as Collateral Agent and Pledgee

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

- 27 -

 

	 	 	 	 	 

SCHEDULE 1

PART 1

LIST OF CURRENT BORROWERS

SIG Euro Holding AG & Co. KGaA

Closure Systems International Holdings Inc.

Closure Systems International B.V.

SIG Austria Holding GmbH

Reynolds Consumer Products Holdings Inc.

Reynolds Group Holdings Inc.

Pactiv Corporation

PART 2

LIST OF CURRENT GUARANTORS, CURRENT 2009 SENIOR SECURED NOTES

GUARANTORS, CURRENT OCTOBER 2010 SECURED NOTES GUARANTORS

AND CURRENT FEBRUARY 2011 SECURED NOTES GUARANTORS

Whakatane Mill Australia Pty Limited

SIG Austria Holding GmbH

SIG Combibloc GmbH & Co KG

SIG Combibloc GmbH

SIG Beverages Brasil Ltda.

SIG Combibloc do Brasil Ltda.

Closure Systems International (Brazil) Sistemas de Vedação Ltda.

CSI Latin American Holdings Corporation

Evergreen Packaging Canada Limited

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

- 28 -

 

SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

Pactiv Hamburg Holdings GmbH

Pactiv Deutschland Holdinggesellschaft mbH

Omni-Pac Ekco GmbH Verpackungsmittel

Omni-Pac GmbH Verpackungsmittel

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Limited

Evergreen Packaging (Hong Kong) Limited

- 29 -

 

Closure Systems International Holdings (Hungary) Kft.

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

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

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

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

Reynolds Group Issuer (Luxembourg) S.A.

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

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

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

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

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

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

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

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

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

Closure Systems International B.V.

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG

SIG allCap AG

- 30 -

 

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Combibloc Ltd.

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas, Inc.

Closure Systems International Holdings Inc.

Closure Systems International Inc.

Reynolds Packaging Machinery Inc.

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc.

Bakers Choice Products, Inc.

Reynolds Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Group Holdings Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

- 31 -

 

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics Inc.

Ultra Pac, Inc.

BRPP, LLC

Reynolds Group Issuer Inc.

Reynolds Group Issuer LLC

Pactiv Corporation (formerly Reynolds Acquisition Corporation)

Pactiv Factoring LLC

Pactiv RSA LLC

Pactiv Retirement Administration LLC

Pactiv Germany Holdings, Inc.

Pactiv International Holdings Inc.

Pactiv Management Company LLC

PCA West Inc.

Prairie Packaging, Inc.

PWP Holdings, Inc.

PWP Industries, Inc.

Newspring Industrial Corp.

Pactiv Canada Inc.

The Baldwin Group Limited

J. & W. Baldwin (Holdings) Limited

Omni-Pac U.K. Limited

Conference Cup Ltd.

- 32 -

 

Dopaco Canada, Inc.

Dopaco, Inc.

Garven Incorporated

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

Servicios Industriales Jaguar, S. de C.V.

Servicio Terrestre Jaguar, S. de C.V.

Grupo Corporativo Jaguar, S. de C.V.

Pactiv México, S. de R.L. de C.V.

PART 3

LIST OF CURRENT NEW SECURED NOTES GUARANTORS1

Whakatane Mill Australia Pty Limited

SIG Beverages Brasil Ltda.

SIG Combibloc do Brasil Ltda.

Closure Systems International (Brazil) Sistemas de Vedação Ltda.

CSI Latin American Holdings Corporation

Evergreen Packaging Canada Limited

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

SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

 

			
	1	 	Post-closing Austrian guarantors excluded.

- 33 -

 

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

Pactiv Hamburg Holdings GmbH

Pactiv Deutschland Holdinggesellschaft mbH

Omni-Pac Ekco GmbH Verpackungsmittel

Omni-Pac GmbH Verpackungsmittel

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Limited

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft.

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

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

- 34 -

 

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

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

Reynolds Group Issuer (Luxembourg) S.A.

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

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

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

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

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

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

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

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

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

Closure Systems International B.V.

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG

SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Combibloc Ltd.

- 35 -

 

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas, Inc.

Closure Systems International Holdings Inc.

Closure Systems International Inc.

Reynolds Packaging Machinery Inc.

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc.

Bakers Choice Products, Inc.

Reynolds Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Group Holdings Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics Inc.

- 36 -

 

Ultra Pac, Inc.

BRPP, LLC

Reynolds Group Issuer Inc.

Reynolds Group Issuer LLC

Pactiv Corporation (formerly Reynolds Acquisition Corporation)

Pactiv Factoring LLC

Pactiv RSA LLC

Pactiv Retirement Administration LLC

Pactiv Germany Holdings, Inc.

Pactiv International Holdings Inc.

Pactiv Management Company LLC

PCA West Inc.

Prairie Packaging, Inc.

PWP Holdings, Inc.

PWP Industries, Inc.

Newspring Industrial Corp.

Pactiv Canada Inc.

The Baldwin Group Limited

J. & W. Baldwin (Holdings) Limited

Omni-Pac U.K. Limited

Conference Cup Ltd.

Dopaco Canada, Inc.

Dopaco, Inc.

Garven Incorporated

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

Servicios Industriales Jaguar, S. de C.V.

- 37 -

 

Servicio Terrestre Jaguar, S. de C.V.

Grupo Corporativo Jaguar, S. de C.V.

Pactiv México, S. de R.L. de C.V.

- 38 -

 

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
	[________________]

	 	300 700 10

IBAN

[________________]

SWIFT

DEUTDEDDXXX
	 	Deutsche Bank AG

Königsallee 45/47

40189 Düsseldorf
	 	current account
	 	EUR
	 
	 	 	 	 	 	 	 	 
	[________________]

	 	IBAN

[________________]
	 	HSBC Trinkaus &

Burkhardt KGaA

Königsallee 21/23

40212 Düsseldorf
	 	current account
	 	EUR

PART 2 — LIST OF EXCLUDED ACCOUNTS

[currently none]

- 39 -

 

SCHEDULE 3

FORM OF NOTICE OF PLEDGE

[Letterhead of Pledgor]

	 	 	 

	     Absender/From:
[Pledgor]
	 	 
	 
	     An/To:
[Account Bank]
	 	 
	 
	 	 
	     Datum/Date:
[•]
	 	 
	 
	 	 
	     Verpfändungsanzeige

	 	     Notice of Pledge
	 
	 	 
	     Betrifft: Konto Nr. [•]

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

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

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

- 40 -

 

	 	 	 

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

	 	Pursuant to a confirmation and
amendment agreement relating
to the Account Pledge
Agreement 1 dated 4 May 2010
(the “Confirmation and
Amendment Agreement”), the
Account Pledge Agreement 1 has
been confirmed and amended to
the effect that, inter alia,
it also secures the increase
of existing facilities which
are already secured by the
Account Pledge Agreement 1. A
copy of the Confirmation and
Amendment Agreement was
attached to our letters.
	 
	 	 
	     Hiermit zeigen wir Ihnen an, dass wir gemäß Ziffer
2.1 des hier in Kopie beigefügten
Kontenverpfändungsvertrags vom [•] alle Rechte und
Ansprüche bezüglich des o. g. Kontos und aller
sonstigen bei Ihnen geführten Konten (die
“Konten”) (inklusive aller Unterkonten,
etwaiger Neueröffnungen, Verlängerungen,
Umbenennung und Festgeldkonten) zu Gunsten des
Sicherheitentreuhänders verpfändet haben.

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

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

- 41 -

 

	 	 	 

	     Wir verzichten hiermit in bezug auf alle bei Ihnen
geführten Konten zu Gunsten des
Sicherheitentreuhänders auf unser Recht
auf Vertraulichkeit (Bankgeheimnis) und
beauftragen und ermächtigen Sie hiermit, nachdem
Sie die o.g Nachricht vom
Sicherheitentreuhänder erhalten haben,
dem Sicherheitentreuhänder auf sein
Verlangen jede gewünschte Information im Hinblick
auf solche Konten zu geben.

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

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

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

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

[name and address of Collateral Agent].

	 	 	 

	Mit freundlichen Grüßen

	 	Yours faithfully

[Pledgor]

(Geschäftsführer/Managing Director)

- 42 -

 

[Letterhead of Account Bank]

	 	 	 

	     Absender/From:
[Account Bank]
	 	 
	 
	     An/ To:
[Collateral Agent]

und/and

[Pledgor]
	 	 
	 
	      Datum/ Date:
[•]
	 	 
	 
	 	 
	     Bestätigung des Empfangs einer 

Verpfändungsanzeige

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

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

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

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

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

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

- 43 -

 

	 	 	 

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

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

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

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

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

	 	     Yours faithfully

[Account Bank]

([Name des Unterzeichners/name of signatory])

- 44 -

 

SCHEDULE 4

FORM OF NOTIFICATION OF FUTURE ACCOUNTS

	 	 	 
	From:

	 	[Pledgor]
	 
	To:

	 	[Collateral Agent]
	 
	Date:

	 	[Date of Notification]
	 
	Re:

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

Dear Sirs,

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

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

	 	[•]
	 	[•]
	 	[•]

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

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

 

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

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

46

 

     Yours faithfully

	 	 	 	 	 
	 	[Pledgor]

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	Managing Director (Geschäftsführer) 	 
	 

47exv4w460

			
	
	 	EXHIBIT 4.460

SIG COMBIBLOC SYSTEMS GMBH

as Pledgor

THE BANK OF NEW YORK MELLON

as Collateral Agent and Pledgee

 

ACCOUNT PLEDGE AGREEMENT

(Kontoverpfändung)

 

The taking of this document or any certified copy of it or any document which constitutes
substitute documentation for it, or any document which includes written confirmations or references
to it, into Austria as well as printing out any e-mail communication which refers to any Credit
Document (as defined in Clause 1 of this document) in Austria or sending any e-mail communication
to which a pdf scan of this document is attached to an Austrian addressee or sending any e-mail
communication carrying an electronic or digital signature which refers to any Credit Document to an
Austrian addressee may cause the imposition of Austrian stamp duty. Accordingly, keep the original
document as well as all certified copies thereof and written and signed references to it outside of
Austria and avoid printing out any email communication which refers to any Credit Document in
Austria or sending any e-mail communication to which a pdf scan of this document is attached to an
Austrian addressee or sending any e-mail communication carrying an electronic or digital signature
which refers to any Credit Document to an Austrian addressee.

 

 

CONTENTS

	 	 	 	 	 
	Clause	 	Page	 
	1.Definitions and Language
	 	 	- 6 -	 
	 
	 	 	 	 
	2.Pledge
	 	 	- 13 -	 
	 
	 	 	 	 
	3.Purpose of the Pledges
	 	 	- 14 -	 
	 
	 	 	 	 
	4.Notice of Pledge
	 	 	- 14 -	 
	 
	 	 	 	 
	5.Pledgor’s Right of Disposal
	 	 	- 15 -	 
	 
	 	 	 	 
	6.Enforcement of the Pledges
	 	 	- 15 -	 
	 
	 	 	 	 
	7.Limitations on Enforcement
	 	 	- 16 -	 
	 
	 	 	 	 
	8.Undertakings of the Pledgor
	 	 	- 19 -	 
	 
	 	 	 	 
	9.Delegation
	 	 	- 21 -	 
	 
	 	 	 	 
	10.Indemnity
	 	 	- 21 -	 
	 
	 	 	 	 
	11.No liability
	 	 	- 21 -	 
	 
	 	 	 	 
	12.Duration and Independence
	 	 	- 22 -	 
	 
	 	 	 	 
	13.Release (Pfandfreigabe)
	 	 	- 22 -	 
	 
	 	 	 	 
	14.Partial Invalidity; Waiver
	 	 	- 23 -	 
	 
	 	 	 	 
	15.Amendments
	 	 	- 23 -	 
	 
	 	 	 	 
	16.Notices and their Language
	 	 	- 23 -	 
	 
	 	 	 	 
	17.Applicable Law, Jurisdiction
	 	 	- 25 -	 
	 
	 	 	 	 
	18.Conclusion of this Agreement (Vertragsschluss)
	 	 	- 25 -	 
	 
	 	 	 	 
	Schedule 1
	 	 	- 28 -	 
	 
	 	 	 	 
	Part 1 List of Current Borrowers
	 	 	- 28 -	 
	 
	 	 	 	 
	Part 2 List of Current Guarantors, Current 2009 Senior Secured
Notes Guarantors, Current October 2010 Secured Notes Guarantors and
Current February 2011 Secured Notes Guarantors
	 	 	- 28 -	 
	 
	 	 	 	 
	Part 3 List of Current New Secured Notes Guarantors
	 	 	- 33 -	 
	 
	 	 	 	 
	Schedule 2 List of Accounts
	 	 	- 39 -	 
	 
	 	 	 	 
	Part 1 — List of Accounts
	 	 	- 39 -	 
	 
	Part 2 — List of Excluded Accounts
	 	 	- 40 -	 
	 
	 	 	 	 
	Schedule 3 Form of Notice of Pledge
	 	 	- 41 -	 
	 
	 	 	 	 
	Schedule 4 Form of Notification of Future Accounts
	 	 	- 46 -	 

 

 

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

     BETWEEN:

	(1)	 	SIG Combibloc Systems GmbH, a limited liability company (Gesellschaft mit beschränkter
Haftung) organised under the laws of the Federal Republic of Germany, having its business
address at Rurstrasse 58, 52441 Linnich, Germany registered in the commercial register
(Handelsregister) of the local court (Amtsgericht) of Düren under HRB 3935 (the “Pledgor”);
and
	 
	(2)	 	The Bank of New York Mellon, a public company incorporated under the laws of the state of New
York, having its business address at 1 Wall Street, New York, N.Y. 10286, The United States of
America, in its capacity as collateral agent under the First Lien Intercreditor Agreement (as
defined below) (the “Collateral Agent” or the “Pledgee”).
	 
	 	 	WHEREAS:
	 
	(A)	 	Pursuant to the second amended and restated senior secured multi-currency term and revolving
credit agreement dated 9 August 2011 of currently up to USD 4,445,000,000 and EUR 330,000,000
between, inter alia, the parties listed in Schedule 1 Part 1 hereto as current borrowers (the
“Current Borrowers”), the parties listed in Schedule 1 Part 2 hereto as current guarantors
(the “Current Guarantors”), Credit Suisse AG as administrative agent and others (as amended,
varied, novated, restated, supplemented, superseded or extended from time to time, the “Second
Amended and Restated Credit Agreement”), which amends and restates the multi-currency term and
revolving credit agreement dated 5 November 2009 between, inter alia, the Current Borrowers
and the Current Guarantors, Credit Suisse AG as administrative agent and others (as amended
and restated pursuant to the Second Amended and Restated Credit Agreement and as further
amended, varied, novated, restated, supplemented, superseded or extended from time to time,
hereinafter the “Credit Agreement”), certain lenders (together the “Original Lenders”) have
granted certain facilities to the Current Borrowers and certain other entities which may
accede or may have acceded to the Credit Agreement as additional borrowers.
	 
	(B)	 	Pursuant to a senior secured notes indenture dated 5 November 2009 between, inter alia,
Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., and Reynolds Group Issuer (Luxembourg)
S.A as ultimate issuers (the “Issuers”),
certain affiliates of the Issuers listed in Schedule 1 Part 2 hereto as current 2009 senior
secured notes guarantors (the “Current 2009 Senior Secured Notes Guarantors”) and The Bank
of New York Mellon, as indenture trustee, principal paying agent, transfer agent and
registrar, (as amended, varied, novated, supplemented, superseded or extended from time to
time, the “2009 Senior Secured Notes Indenture”), the Issuers have issued senior secured
notes due 2016 in the aggregate principal amount of USD

- 3 -

 

	 	 	1,125,000,000 (the “US Secured
Notes”) and senior secured notes due 2016 in the aggregate principal amount of EUR
450,000,000 (the “Euro Secured Notes” and together with the US Secured Notes the “2009
Senior Secured Notes”) to certain noteholders.
	 
	(C)	 	Pursuant to a senior secured notes indenture dated 15 October 2010 between, inter alia, RGHL
US Escrow I LLC, RGHL US Escrow I Inc., and RGHL Escrow Issuer (Luxembourg) I S.A. as escrow
issuers (the “Escrow Issuers”), The Bank of New York Mellon as indenture trustee, The Bank of
New York Mellon, London Branch as principal paying agent, The Bank of New York Mellon as
collateral agent and Wilmington Trust (London) Limited as additional collateral agent (as
amended, varied, novated, supplemented, superseded or extended from time to time, the “October
2010 Secured Notes Indenture”), the Escrow Issuers have issued secured notes due 2019 in the
aggregate principal amount of USD 1,500,000,000 in escrow (the “October 2010 Secured Notes”).
In connection with the release from escrow of the proceeds of the October 2010 Secured Notes,
which occurred on 16 November 2010, the Escrow Issuers were merged with and into the Issuers,
with each of the Issuers surviving the applicable mergers or other transfers and assuming by
operation of law the obligations of the applicable Escrow Issuers with respect to the October
2010 Secured Notes Indenture and the October 2010 Secured Notes. Certain affiliates of the
Issuers listed in Schedule 1 Part 2 hereto have acceded to the October 2010 Secured Notes
Indenture as current October 2010 secured notes guarantors (the “Current October 2010 Secured
Notes Guarantors”).
	 
	(D)	 	Pursuant to a senior secured notes indenture dated 1 February 2011 between, inter alia, the
Issuers, The Bank of New York Mellon as indenture trustee, The Bank of New York Mellon, London
Branch as principal paying agent, The Bank of New York Mellon as collateral agent and
Wilmington Trust (London) Limited as additional collateral agent (as amended, varied, novated,
supplemented, superseded or extended from time to time, the “February 2011 Secured Notes
Indenture”), the Issuers have issued secured notes due 2021 in the aggregate principal
amount of USD 1,000,000,000 (the “February 2011 Secured Notes”) which are guaranteed by
certain affiliates of the Issuers listed in Schedule 1 Part 2 hereto as current February
2011 secured notes guarantors (the “Current February 2011 Secured Notes Guarantors”).
	 
	(E)	 	The Pledgor has entered into the Existing Account Pledge Agreements (as defined below).
	 
	(F)	 	Pursuant to a senior secured notes indenture dated 9 August 2011 between, inter alia, the
RGHL US Escrow II LLC and RGHL US Escrow II Inc. as escrow issuers (the “August 2011 Escrow
Issuers”), The Bank of New York Mellon as indenture trustee,

- 4 -

 

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

- 5 -

 

	 	 	NOW, IT IS AGREED as follows:
	 
	1.	 	DEFINITIONS AND LANGUAGE
	 
	1.1	 	Definitions
	 
	 	 	In this Agreement:
	 
	 	 	“Account Banks” means the credit institutions administering the Accounts and “Account
Bank” means any of them.
	 
	 	 	“Accounts” means all bank accounts (including without limitation giro accounts and
accounts for saving deposits (Spareinlagen), time deposits (Termineinlagen) or call money
deposits (Tagesgeldeinlagen)) which the Pledgor holds at present or may at any time
hereafter open with any credit institution in the Federal Republic of Germany (including
without limitation the accounts listed in 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 AG, Cayman Islands Branch, having its
business address at Eleven Madison Avenue, New York, NY 10010, United States of America in
its capacity as administrative agent under the Credit Agreement and any successor appointed
as administrative agent under the Credit Agreement.
	 
	 	 	“Amendment No.1 and Joinder Agreement” means the joinder agreement dated 21 January
2010 relating to the First Lien Intercreditor Agreement made among (amongst others) the
Collateral Agent, Wilmington Trust (London) Limited, Credit Suisse AG and Reynolds Group
Holdings Limited pursuant to which Wilmington Trust (London) Limited is appointed as
additional collateral agent and became party to the First Lien Intercreditor Agreement.
	 
	 	 	“Borrowers” means the Current Borrowers and any entity which may accede to the Credit
Agreement as an additional borrower and “Borrower” means any of them.
	 
	 	 	“Cash Management Bank” shall mean Citibank N.A., Banco Nacional De Mexico S.A.,
Citibank International PLC, UK, Citibank (China) Co., Limited, Citibank Global Markets
Deutschland AG & Co KGaA, Citibank ZRT, Hungary, a Lender, the Administrative Agent or any
of the Lender’s or the Administrative Agent’s affiliates (at the time the cash management
services arrangement is entered into) provided in each case it has become a party to, or by
execution of an additional bank secured party acknowledgment has agreed to be bound by the
terms of, the First Lien Intercreditor Agreement in its capacity as cash management bank.
	 
	 	 	“Cash Management Services” shall mean any agreement or arrangement by a Cash
Management Bank to provide any composite accounting or other cash pooling arrangements and
netting, overdraft protection and other arrangements with any bank arising under standard
business terms of such Cash Management Bank to a Grantor.

- 6 -

 

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

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

	 	 	“Existing Intercreditor Agreement” means the existing intercreditor agreement dated 11
May 2007 (as amended by a letter dated 21 June 2007 and a further letter dated 29 June
2007, as amended and restated on 5 November 2009 and as further amended on 5 November 2010)
between, inter alia, Beverage Packaging Holdings (Luxembourg) I S.A., Rank Group Holdings
Limited (now Reynolds Group Holdings Limited), Beverage Packaging Holdings (Luxembourg) II
S.A., Beverage Packaging Holdings (Luxembourg) III S.à r.l., Credit Suisse AG (formerly
Credit Suisse) as security trustee and others.
	 
	 	 	“February 2011 Secured Notes Documents” shall mean the February 2011 Secured Notes
Indenture, the February 2011 Secured Notes Guarantees, the February 2011

- 7 -

 

	 	 	Secured Notes, the
Intercreditor Arrangements, any supplemental indenture, any security document relating to
the February 2011 Secured Notes
and/or the February 2011 Secured Notes Indenture and any other document that may be entered
into pursuant to any of the foregoing.
	 
	 	 	“February 2011 Secured Notes Guarantees” shall mean the guarantees of the obligations
of the Issuers under the February 2011 Secured Notes and the February 2011 Secured Notes
Indenture by the February 2011 Secured Notes Guarantors.
	 
	 	 	“February 2011 Secured Notes Guarantors” means the Current February 2011 Secured Notes
Guarantors and any entity which may accede to the February 2011 Secured Notes Indenture as
additional guarantor.
	 
	 	 	“February 2011 Secured Notes Holders” shall mean the holders from time to time of the
February 2011 Secured Notes.
	 
	 	 	“February 2011 Secured Notes Indenture Trustee” shall mean The Bank of New York
Mellon, in its capacity as indenture trustee under the February 2011 Secured Notes
Indenture and any successor appointed as indenture trustee under the February 2011 Secured
Notes Indenture.
	 
	 	 	“Grantors” means the Loan Parties, the Issuers, the 2009 Senior Secured Notes
Guarantors, the October 2010 Secured Notes Guarantors, the February 2011 Secured Notes
Guarantors and the New Secured Notes Guarantors and any person that has granted a security
interest to the Collateral Agent and/or the Secured Parties in respect of the obligations
of the Loan Parties, the Issuers and the 2009 Senior Secured Notes Guarantors, the October
2010 Secured Notes Guarantors, the February 2011 Secured Notes Guarantors and the New
Secured Notes Guarantors under the Credit Documents and “Grantor” means any of them.
	 
	 	 	“Grantors’ Agent” shall mean Reynolds Group Holdings Limited or any other person
appointed as agent of the Grantors in accordance with the Principal Finance Documents.
	 
	 	 	“Group” means Reynolds Group Holdings Limited and its direct or indirect subsidiaries
(Tochtergesellschaften).
	 
	 	 	“Hedge Counterparty” means a Lender, the Administrative Agent or any of the Lender’s
or the Administrative Agent’s affiliates (at the time a hedging agreement is entered into)
who has entered into a hedging agreement for the purpose of hedging interest rate
liabilities and/or any exchange rate and/or commodity price risks provided it has become a
party, or by execution of an additional bank secured party acknowledgment has agreed to be
bound by the terms of, to the First Lien Intercreditor Agreement in its capacity as hedge
counterparty.
	 
	 	 	“Incremental Assumption Agreement” shall mean an incremental assumption agreement
relating to incremental facilities of up to USD 2,000,000,000 among, and in form and
substance reasonably satisfactory to, one or more Borrowers, the Administrative Agent, one
or more Incremental Term Lenders and/or one or more Incremental Revolving Credit Lenders
pursuant to which one or more Incremental

- 8 -

 

	 	 	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 2009 Senior Secured Notes Indenture and any successor appointed
as indenture trustee under the 2009 Senior Secured Notes Indenture.
	 
	 	 	“Intercreditor Arrangements” means the First Lien Intercreditor Agreement and the
Existing Intercreditor Agreement, in each case as amended, novated, supplemented, restated,
or modified from time to time.
	 
	 	 	“Issuing Bank” means Credit Suisse AG or any other Lender or any affiliate of Credit Suisse
AG or any other Lender that issues letters of credit or bank guarantees under the Credit
Agreement.
	 
	 	 	“Lenders” shall mean the Original Lenders and any entity which may become a lender
under the Credit Agreement in the future and “Lender” means any of them.
	 
	 	 	“Loan Documents” shall mean the Credit Agreement, the Amendment No.1 and Joinder
Agreement, the Second Amended and Restated Credit Agreement and the
Amendment No. 6 and Incremental Term Loan Assumption Agreement, any borrowing subsidiary
agreement and/or guarantor joinder agreement relating to the Credit Agreement, any letter
of credit or bank guarantee relating to the Credit Agreement, any security documents
relating to the Credit Agreement, any hedging agreement entered into by a Hedge
Counterparty and a Grantor, each Incremental Assumption Agreement, the Intercreditor
Arrangements, each Promissory Note, any agreement between a Grantor and a Cash Management
Bank relating to Cash Management Services, each Local Facility Agreement and any other
document that may be entered into pursuant to any of the foregoing in relation to the
Credit Agreement.
	 
	 	 	“Loan Parties” shall mean the Borrowers, the Current Guarantors and any entity which
may accede to the Credit Agreement as additional guarantor and a “Loan Party” means any of
them.

- 9 -

 

	 	 	“Local Facilities” means working capital facilities provided to a Grantor (other than
Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings (Luxembourg)
II S.A. Beverage Packaging Holdings (Luxembourg) III S.à r.l. and the Borrowers) by a Local
Facility Provider and “Local Facility” means any of them.
	 
	 	 	“Local Facility Agreements” shall mean any agreement under which a Local Facility is made
available.
	 
	 	 	“Local Facility Provider” means HSBC Trinkaus & Burkhardt AG, Deutsche Bank AG, Commerzbank
Aktiengesellschaft and Hong Kong and Shanghai Banking Corporation Ltd., Thailand, Bank of
America, N.A., Canada Branch, FIA Card Services, N.A., Citibank N.A., Citibank (China) Co.,
Ltd., Banco Nacional de Mexico, S.A., Integrante del Grupo Financiero Banamex, Bank of
America, N.A., provided in each case it has become a party to, or by execution of an
additional bank secured party acknowledgment has agreed to be bound by the terms of, the
First Lien Intercreditor Agreement in its capacity as local facility provider.
	 
	 	 	“New Secured Notes Documents” shall mean the New Secured Notes Indenture, the New
Secured Notes Guarantees, the New Secured Notes, the Intercreditor Arrangements, any
supplemental indenture, any security document relating to the New Secured Notes and/or the
New Secured Notes Indenture and any other document that may be entered into pursuant to any
of the foregoing.
	 
	 	 	“New Secured Notes Guarantees” shall mean the guarantees of the obligations of the
August 2011 Escrow Issuers and/or of the August 2011 Ultimate Issuers under the New Secured
Notes and the New Secured Notes Indenture by the New Secured Notes Guarantors.
	 
	 	 	“New Secured Notes Guarantors” means the Current New Secured Notes Guarantors and any
entity which may accede to the New Secured Notes Indenture as additional guarantor.
	 
	 	 	“New Secured Notes Holders” shall mean the holders from time to time of the New Secured
Notes.
	 
	 	 	“New Secured Notes Indenture Trustee” shall mean The Bank of New York Mellon, in its
capacity as indenture trustee under the New Secured Notes Indenture and any successor
appointed as indenture trustee under the New Secured Notes Indenture.
	 
	 	 	“Obligations” shall mean all present and future obligations and liabilities (whether actual
or contingent and whether owed jointly or severally or in any other capacity whatsoever) of
each Grantor to the Pledgee under each or any of the Credit Documents (including, but not
limited to, the Parallel Obligations), including with respect to all costs, charges and
expenses incurred by the Pledgee in connection with the protection, preservation or
enforcement of its rights under the Credit Documents or any other document evidencing or
securing any such liabilities. The Obligations shall further include any obligation based
on unjust enrichment (ungerechtfertigte Bereicherung) or tort (Delikt).

- 10 -

 

	 	 	“October 2010 Secured Notes Documents” shall mean the October 2010 Secured Notes
Indenture, the October 2010 Secured Notes Guarantees, the October 2010 Secured Notes, the
Intercreditor Arrangements, any supplemental indenture relating to the October 2010 Secured
Notes Indenture, any security document relating to the October 2010 Secured Notes and/or
the October 2010 Secured Notes Indenture and any other document that may be entered into
pursuant to any of the foregoing.
	 
	 	 	“October 2010 Secured Notes Guarantees” shall mean the guarantees of the obligations
of the Issuers under the October 2010 Secured Notes and the October 2010 Secured Notes
Indenture by the October 2010 Secured Notes Guarantors.
	 
	 	 	“October 2010 Secured Notes Guarantors” means the Current October 2010 Secured Notes
Guarantors and any entity which may accede to the October 2010 Secured Notes Indenture as
additional guarantor.
	 
	 	 	“October 2010 Secured Notes Holders” shall mean the holders from time to time of the
October 2010 Secured Notes.
	 
	 	 	“October 2010 Secured Notes Indenture Trustee” shall mean The Bank of New York Mellon,
in its capacity as indenture trustee under the October 2010 Secured
Notes Indenture and any successor appointed as indenture trustee under the October 2010
Secured Notes Indenture.
	 
	 	 	“Parallel Obligations” means the independent obligations of any of the Grantors
arising pursuant to the First Lien Intercreditor Agreement to pay to the Collateral Agent
sums equal to the sums owed by such Grantor to the other Secured Parties (or any of them)
under the Credit Documents.
	 
	 	 	“Pledge” and “Pledges” have the meanings given to such terms in Clause 2.1.
	 
	 	 	“Principal Finance Documents” means the Credit Agreement, the 2009 Senior Secured Notes
Indenture, the October 2010 Secured Notes Indenture, the February 2011 Secured Notes
Indenture, the New Secured Notes Indenture and the First Lien Intercreditor Agreement.
	 
	 	 	“Promissory Note” shall mean any promissory note executed and delivered by a Borrower
upon the request of a Lender evidencing the amount of principal owed by such Borrower to
such Lender under the Credit Agreement.
	 
	 	 	“Secured Parties” shall mean the Lenders (including in their capacity as issuing
bank(s), and/or Hedge Counterparties under the Credit Agreement), the Hedge Counterparties,
the Administrative Agent, any Issuing Bank, the beneficiaries of each indemnification
obligation undertaken by any Grantor under any Credit Document, the 2009 Senior Secured
Notes Holders, the October 2010 Secured Notes Holders, the February 2011 Secured Notes
Holders and the New Secured Notes Holders, the Indenture Trustee, the October 2010 Secured
Notes Indenture Trustee, the February 2011 Secured Notes Indenture Trustee and the New
Secured Notes Indenture Trustee, the Collateral Agent, the Local Facility Providers and the
Cash Management Banks.

- 11 -

 

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

	1.3	 	This Agreement is made in the English language. For the avoidance of doubt, the English
language version of this Agreement shall prevail over any translation of this Agreement.
However, where a German translation of a word or phrase appears in the text of this Agreement,
the German translation of such word or phrase shall prevail.

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

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

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

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	3.	 	PURPOSE OF THE PLEDGES
	 
	 	 	The Pledges hereunder are constituted in order to secure the prompt and complete
satisfaction of any and all Obligations. The Pledges shall also cover any future extension
of the Obligations and the Pledgor herewith expressly agrees that the
provisions of Section 1210 para 1 sentence 2 of the German Civil Code (Bürgerliches
Gesetzbuch) shall not apply to this Agreement.
	 
	4.	 	NOTICE OF PLEDGE
	 
	4.1	 	Subject to Clause 4.3 below the Pledgor undertakes that it will without undue delay, but
not later than twenty business days after the date of this Agreement, and, in relation to any
Account opened after the date of this Agreement, within ten business days after such new
Account has been opened, notify each Account Bank and any other relevant third party of the
Pledges by delivering a notification substantially in the form set out in Schedule 3 (Form of
Notice of Pledge) by registered mail (Einschreiben mit Rückschein). The Pledgor shall provide
the Collateral Agent with a copy of each such notification and of the corresponding return
receipt (Rückschein). In addition, the Pledgor shall use all reasonable efforts to procure
that each Account Bank promptly acknowledges receipt of the respective notification, and
acceptance of the terms thereof, to the Collateral Agent and to the Pledgor.
	 
	4.2	 	Without prejudice to the obligations imposed on the Pledgor in Clause 4.1 and, in the case
of future Accounts, Clause 8.3, the Pledgor hereby authorises the Collateral Agent and
releases it for this purpose from the restrictions of self-dealing under Section 181 of the
German Civil Code to notify each Account Bank and any other relevant third party on its behalf
of this Agreement and the Pledge constituted hereunder by delivering a notification
substantially in the form set out in Schedule 3 (Form of Notice of Pledge), or in such
substantially similar form as the Collateral Agent (acting on behalf of the Secured Parties)
deems appropriate, provided that the Collateral Agent may only make use of this authorisation
if the Pledgor has not complied with the obligations imposed on the Pledgor in Clause 4.1
within 10 business days of being notified of such failure (with a copy of such notice being
sent to Reynolds Group Holdings Limited) and being requested to comply or if an Enforcement
Event has occurred and is continuing.
	 
	4.3	 	The Pledgor shall not be under an obligation to comply with its obligation under Clause 4.1
above whilst an Enforcement Event is not continuing if the Pledgor can prove to the Collateral
Agent (acting on behalf of the Secured Parties) that notifying the relevant Account Bank of
the Pledge created hereunder would not be consistent with, whilst an Enforcement Event is not
continuing, the Pledgor
retaining control over and the ability to freely use the balance of any such Account. The
Collateral

- 14 -

 

	 	 	Agent will not be required to use its discretion, but will take instructions in
accordance with the First Lien Intercreditor Agreement whether or not to agree with the
Pledgor’s analysis under this Clause 4.3. For the avoidance of doubt, at the date of this
Agreement the Pledgor agrees that notifying the Account Banks of the Pledge created
hereunder is not inconsistent with the Pledgor retaining control over and the ability to
freely use the balance of any Account existing at the date of this Agreement.
	 
	5.	 	PLEDGOR’S RIGHT OF DISPOSAL
	 
	 	 	The Pledgor may exercise all rights and powers in respect of each Account until the
Collateral Agent gives notice to the contrary to the Account Bank with a copy to the
Pledgor. The Pledgee may give such notice only if an Enforcement Event has occurred and is
continuing.
	 
	6.	 	ENFORCEMENT OF THE PLEDGES
	 
	6.1	 	If (i) an Enforcement Event has occurred and is continuing and (ii) the requirements set
forth in Sections 1273 para 2, 1204 et seq. of the German Civil Code with regard to the
enforcement of the Pledge are met (Pfandreife), in particular, if any of the Obligations have
become due and payable, then in order to enforce the Pledge, the Collateral Agent (acting on
the instructions of the Secured Parties) may at any time thereafter avail itself of all rights
and remedies that a pledgee has against a pledgor under the laws of the Federal Republic of
Germany.
	 
	6.2	 	Notwithstanding Section 1277 of the German Civil Code, the Pledgee is entitled to exercise
its rights without obtaining an enforceable judgment or other instrument (vollstreckbarer
Titel). The Pledgee shall be entitled to have the Pledges enforced in any manner allowed under
the laws of the Federal Republic of Germany.
	 
	6.3	 	The Pledgee will notify the Pledgor five business days prior to the enforcement of the Pledge
according to Clause 6. No such notification shall be required if (i) the Pledgor has
generally ceased to make payments (Zahlungseinstellung), (ii) an application for the
institution of insolvency proceedings is filed by or against the Pledgor or (iii) the Pledgee
has reasonable grounds to believe that observance of
the notice period will adversely affect the legitimate interests (berechtigte Interessen)
of the Pledgee.
	 
	6.4	 	If the Pledgee (acting on the instructions of the Secured Parties) should seek to enforce the
Pledge pursuant to Clause 6.1 hereof, the Pledgor shall, at its own expense, render
forthwith all necessary assistance in order to facilitate the prompt realisation of the Pledge
and/or the exercise by the Pledgee of any other right it may have as Pledgee.

- 15 -

 

	6.5	 	The Pledgee may, in its sole discretion, determine which of several security interests
(created under this or other security agreements) shall be used to satisfy the Obligations.
	 
	6.6	 	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 Pledge is enforced or if the Pledgor has discharged any of the Obligations (or any
part of them), Section 1225 of the German Civil Code (legal subrogation of claims to a pledgor
 — Forderungsübergang auf den Verpfänder) shall not apply and no rights of the Pledgee shall
pass to the Pledgor by subrogation or otherwise. Further, the Pledgor shall at no time before,
on or after an enforcement of the Pledge, and as a result of the Pledgor entering into this
Agreement, be entitled to demand indemnification or compensation from a Grantor or any
affiliate of a Grantor or assign any of these claims.
	 
	7.	 	LIMITATIONS ON ENFORCEMENT
	 
	7.1	 	The Pledgee shall be entitled to enforce the Pledge 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 Pledgee shall not be entitled to enforce the Pledge against the Pledgor if and to
the extent that:

	 	 	 
	 
	(a)	 	the Pledge secures 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)

- 16 -

 

	 	 	of a shareholder of
the Pledgor (other than the Pledgor and its subsidiaries); and
	 
	(b)	 	the enforcement would have the effect of (x) reducing the Pledgor’s net
assets (Reinvermögen) (the “Net Assets”) to an amount of less than its stated share
capital (Stammkapital) or, if the Net Assets are already an amount of less than its
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 Pledgor’s
stated share capital (Stammkapital) 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.

	7.3	 	The Net Assets shall be calculated as an amount equal to the sum of the values of the
Pledgor’s assets (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 Pledgor’s liabilities (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 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 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

- 17 -

 

	 	 	by the Pledgor in the preparation of
its most recent annual balance sheet (Jahresbilanz).
	 
	 	 	It being understood that the assets of the Pledgor will be assessed at liquidation values
(Liquidationswerte) if the managing directors of the Pledgor, 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 can carry on as a going concern (positive Fortführungsprognose), in
particular when the Pledge is 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 the Pledge (the
“Notice”), the Pledgor has confirmed in writing to the Collateral Agent (x) to what
extent such Pledge is 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 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 Pledgor’s Net Assets (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 Pledgee
shall be entitled to enforce the Pledge irrespective of the limitations set out in
Clause 7.2 above.

- 18 -

 

	7.5	 	If the Pledgee disagrees with the Balance Sheet, it shall be entitled to enforce the Pledge
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 Pledgee 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 its stated share capital (calculated as of the date the Pledgee has given notice
of its 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
Pledgee to continue enforcing the Pledge (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 the Pledgee:
	 
	8.1	 	subject to Clause 4.3 to use all reasonable efforts to procure that each Account Bank
releases any existing lien, including without limitation any pledge existing by operation of
its general business conditions (Allgemeine Geschäftsbedingungen), and waives any right of
set-off and right of retention in respect of the Accounts by countersigning and returning an
acknowledgement of notice of pledge substantially in the form set out in Schedule 3 (Form of
Notice of Pledge) to the Pledgor and the Pledgee.
	 
	8.2	 	to instruct each Account Bank to provide the Pledgee following receipt by the relevant
Account Bank of a notice pursuant to Clause 5 with all information requested by it in
respect of the Accounts and to that extent to release each Account Bank from its obligation to
maintain confidentiality (Bankgeheimnis) by delivering a notice of pledge to the respective
Account Bank in accordance with the requirements set out in Clause 4.1 or, in the case of
any future Account, Clause 8.3. The Pledgor undertakes not to revoke such instruction during
the term of this Agreement, other than in respect of an Account which is closed or disposed of
in accordance with the terms of the Credit Documents;
	 
	8.3	 	to notify the Pledgee without undue delay substantially in the form set out in Schedule 4
(Form of Notification of Future Accounts) of each new bank account opened by the Pledgor with
a credit institution in the Federal Republic of Germany in accordance with Clause 4 above
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

- 19 -

 

	 	 	(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 Pledgee and
provided that the Pledgee has not given a notice pursuant to Clause 5;
	 
	8.5	 	to deliver to the Pledgee, within three months after the end of each calendar year ending
after January 2012, and at any time upon reasonable request of the Pledgee, up-to date account
statement sheets (Kontoauszüge) showing the balance on each of the Accounts, provided that the
Pledgee shall not request such information more than one additional time in any one year prior
to the occurrence of an Enforcement Event that is continuing;
	 
	8.6	 	with regard to any account books (Sparbücher) and any other documents which are necessary to
dispose over (verfügen) any of the Accounts, the Pledgor undertakes to deliver the originals
of such documents to the Pledgee without undue delay if the Pledgee has given a notice
pursuant to Clause 5 and to deliver to the Pledgee upon its reasonable request following
such event without undue delay any documents or other information concerning the Accounts, in
particular (but not limited to) the account opening documents and any agreements between the
Account Bank and the Pledgor in relation to the Accounts;
	 
	8.7	 	not to grant to any third party any rights in respect of the Accounts (keine Und-Konten oder
Oder-Konten oder sonstige Rechte Dritter) (other than those arising under the relevant Account
Bank’s general business conditions (Allgemeine Geschäftsbedingungen) and under the Existing
Account Pledge Agreements) without the prior written consent of the Collateral Agent (as
instructed in accordance with the Principal Finance Documents) (such consent not to be
unreasonably withheld);
	 
	8.8	 	to inform the Pledgee without undue delay of any attachment (Pfändung) and any third parties
bringing claims in respect of any of the Accounts, such notice to be accompanied by any
documents the Pledgee might need to defend itself against any claim by a third party. In the
case of any attachment (Pfändung) in respect of any of the Accounts, the Pledgor undertakes to
forward to the Pledgee without undue delay a copy of the attachment order
(Pfändungsbeschluss), any transfer order (Überweisungsbeschluss) and all other documents
necessary for a defence against the attachment. The Pledgor shall inform the attaching
creditor of the Pledge without undue delay;

- 20 -

 

	8.9	 	except as otherwise agreed pursuant to the Principal Finance Documents, insofar as additional
declarations or actions are necessary for the creation of the Pledge, the Pledgor shall, at
the Collateral Agent’s reasonable request (acting on the reasonable instructions of the
Secured Parties), make such declarations and undertake such actions at the Pledgor’s costs and
expenses; and
	 
	8.10	 	for the avoidance of doubt, notification and delivery requirements as set out in sub-Clauses
8.3, 8.4, 8.5, 8.6 and 8.8 of this Agreement are deemed to be satisfied if and to the
extent such notification or information has been delivered under the Existing Account Pledge
Agreements provided that such notification or delivery to the Pledgee makes reference to this
Agreement and each Existing Account Pledge Agreement.
	 
	9.	 	DELEGATION
	 
	 	 	The Pledgee shall have full power to delegate (either generally or specifically) the
powers, authorities and discretions conferred on it by this Agreement on such terms and
conditions as it shall see fit. The Pledgee shall only remain liable for diligently
selecting and providing initial instructions to such delegate.
	 
	10.	 	INDEMNITY
	 
	 	 	To the extent set out in the First Lien Intercreditor Credit Agreement, the Pledgor shall,
notwithstanding any release or discharge of all or any part of the security, indemnify the
Pledgee, its agents its attorneys and any delegate against any action, proceeding, claims,
losses, liabilities, damages, expenses, demands, taxes, losses and costs which it may
sustain as a consequence of any breach by the Pledgor of the provisions of this Agreement,
the exercise or purported exercise of any of the rights and powers conferred on them by
this Agreement or otherwise relating to the Pledge.
	 
	11.	 	NO LIABILITY
	 
	 	 	Except to the extent provided in the Principal Finance Documents, none of the Pledgee, its
nominee(s) or agent(s) or delegate(s) shall be liable by reason of (a) taking any action
permitted by this Agreement or (b) any neglect or default in connection with the assets and
rights subject to the security interest created hereunder, save in respect of any loss or
damage which is suffered as a result of
wilful misconduct (Vorsatz) or gross negligence (grobe Fahrlässigkeit) by the Pledgee, its
nominee(s) or agent(s) or delegate(s), or (c) the enforcement or realisation of all or any
part of the security interest created hereunder.

- 21 -

 

	12.	 	DURATION AND INDEPENDENCE
	 
	12.1	 	This Agreement shall remain in full force and effect until complete satisfaction of the
Obligations. The Pledge shall not cease to exist, if the Grantors under the Credit Documents
have only temporarily discharged the Obligations.
	 
	12.2	 	This Agreement shall create a continuing security and no change, amendment, or supplement
whatsoever in the Credit Documents or in any document or agreement related to any of the
Credit Documents shall affect the validity or the scope of this Agreement nor the obligations
which are imposed on the Pledgor pursuant to it.
	 
	12.3	 	This Agreement is independent from any other security or guarantee which may have been or
will be given to the Pledgee. None of such other security shall prejudice, or shall be
prejudiced by, or shall be merged in any way with this Agreement.
	 
	12.4	 	Waiving Section 418 of the German Civil Code, the Pledgor hereby agrees that the security
created hereunder shall not be affected by any transfer or assumption of the Obligations to,
or by, any third party.
	 
	13.	 	RELEASE (PFANDFREIGABE)
	 
	13.1	 	Upon complete and irrevocable satisfaction of the Obligations, the Collateral Agent (as
instructed in accordance with the First Lien Intercreditor Agreement) will as soon as
reasonably practical declare in writing the release of the Pledge (Pfandfreigabe) to the
Pledgor as a matter of record. For the avoidance of doubt, the parties are aware that upon
full and complete satisfaction of the Obligations the Pledge, due to its accessory nature
(Akzessorietät), ceases to exist by operation of German mandatory law.
	 
	13.2	 	At any time when the total value of the aggregate security granted by the Pledgor and any of
the other Grantors to secure the Obligations (the “Security”), which can be expected to be
realised in the event of an enforcement of the Security (realisierbarer Wert), exceeds 110% of
the Obligations (the “Limit”) not only
temporarily, the Pledgee shall on demand of the Pledgor release such part of the Security
(Sicherheitenfreigabe) as the Pledgee (as instructed in accordance with the First Lien
Intercreditor Agreement) may in its reasonable discretion determine so as to reduce the
realisable value of the Security to the Limit.
	 
	13.3	 	The Pledgee (as instructed in accordance with the First Lien Intercreditor Agreement) will as
soon as reasonably practicable declare in writing the release of the Pledge (Pfandfreigabe) to
the Pledgor in accordance with, and to the extent required by, the Intercreditor Arrangements.

- 22 -

 

	14.	 	PARTIAL INVALIDITY; WAIVER
	 
	14.1	 	If at any time, any one or more of the provisions hereof is or becomes invalid, illegal or
unenforceable in any respect under the law of any jurisdiction, such provision shall as to
such jurisdiction, be ineffective to the extent necessary without affecting or impairing the
validity, legality and enforceability of the remaining provisions hereof or of such provisions
in any other jurisdiction. The invalid, illegal or unenforceable provision shall be deemed to
be replaced with such valid, legal or enforceable provision which comes as close as possible
to the original intent of the parties and the invalid, illegal or unenforceable provision.
Should a gap (Regelungslücke) become evident in this Agreement, such gap shall, without
affecting or impairing the validity, legality and enforceability of the remaining provisions
hereof, be deemed to be filled in with such provision which comes as close as possible to the
original intent of the parties.
	 
	14.2	 	No failure to exercise, nor any delay in exercising, on the part of the Pledgee, any right or
remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise
of any right or remedy prevent any further or other exercise thereof or the exercise of any
other right or remedy. The rights and remedies provided hereunder are cumulative and not
exclusive of any rights or remedies provided by law.
	 
	15.	 	AMENDMENTS
	 
	 	 	Changes and amendments to this Agreement including this Clause 15 shall be made in
writing.
	 
	16.	 	NOTICES AND THEIR LANGUAGE
	 
	16.1	 	All notices and other communications provided for herein shall be in writing and shall be
delivered by hand or overnight courier service, mailed by certified or registered mail or sent
by fax, as follows:

	 	 	 	 	 

	For the Pledgor:	 	SIG Combibloc Systems GmbH
	 
	 	 	 	 
	 

	 	Address:
	 	Rurstrasse 58
	 

	 	Telephone
	 	52441 Linnich, Germany
	 
	 	 	 	 
	 

	 	 	 	+49 2462 79 0
	 
	 	 	 	 
	 

	 	Fax:
	 	+49 2462 79 2519
	 
	 	 	 	 
	 

	 	Attention:
	 	Managing Directors
	 

	 	 	 	(Geschäftsführung)

- 23 -

 

	 	 	 	 	 

	For the Pledgor with a copy to:

	 	Address:
	 	c/o Rank Group Limited
	 

	 	 
	 	Level 9
	 

	 	 	 	148 Quay Street
	 

	 	 	 	PO Box 3515
	 

	 	 	 	Auckland 1140
	 

	 	 	 	New Zealand
	 

	 	Telephone:	 	+649 3666 259
	 
	 	 	 	 
	 

	 	Fax:
	 	+649 3666 263
	 
	 	 	 	 
	 

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

	 	Address:
	 	101 Barclay Street, 4E
	 

	 	 
	 	New York, N.Y. 10286
	 

	 	 	 	The United States of
	 

	 	 	 	America
	 

	 	Telephone:	 	+212 298 1528
	 
	 	 	 	 
	 

	 	Fax:
	 	+212 815 5366
	 
	 	 	 	 
	 

	 	Attention:
	 	International Corporate Trust

	16.2	 	Any party hereto may change its address or fax number for notices and other communications
hereunder by notice to the other parties hereto. As agreed to in
writing in accordance with the First Lien Intercreditor Agreement, notices and other
communications hereunder may also be delivered by e-mail to the e-mail address of a
representative of the applicable party to this Agreement provided from time to time by such
party.
	 
	16.3	 	All notices and other communications given to any party in connection with this Agreement in
accordance with the provisions of this Agreement shall be deemed (widerlegbare Vermutung)
received on the date sent (if a business day) and on the next business day thereafter (in all
other cases) if delivered by hand or overnight courier

- 24 -

 

	 	 	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 courts in Frankfurt am Main. The Pledgee however, shall also be
entitled to take action against the Pledgor in any other court of competent jurisdiction.
Further, the taking of proceedings against the Pledgor in any one or more jurisdictions shall
not preclude the taking of proceedings in any other jurisdiction (whether concurrently or not)
if and to the extent permitted by applicable law.
	 
	18.	 	CONCLUSION OF THIS AGREEMENT (VERTRAGSSCHLUSS)
	 
	18.1	 	The parties to this Agreement may choose to conclude this Agreement by an exchange of signed
signature page(s), transmitted by means of telecommunication (telekommunikative Übermittlung)
by fax or attached as an electronic photocopy (pdf., tif., etc.) to an e-mail.
	 
	18.2	 	If the parties to this Agreement choose to conclude this Agreement pursuant to sub-Clause
18.1 above, they will transmit the signed signature page(s) of this Agreement to attention
of Isabel van Bremen or Axel Schlieter
(isabel.vanbremen@cliffordchance.com or
axel.schlieter@cliffordchance.com, fax: +49 211 43 55 5600) (each a “Recipient”). The
Agreement will be considered concluded once any of the Recipients has actually received the
signed signature page(s) (Zugang der Unterschriftsseite(n)) from all parties to this Agreement
and at the time of the receipt of the last outstanding signature page(s).
	 
	18.3	 	For the purposes of this Clause 18 only, the parties to this Agreement appoint each
Recipient individually as their attorney (Empfangsvertreter) and expressly allow (gestatten)
each Recipient to collect the signed signature page(s) from all and for all parties to this
Agreement. For the avoidance of doubt, the Recipients will have no further duties connected
with their position as Recipient. In particular, the Recipients may assume the conformity to
the authentic original(s) of the signature page(s)

- 25 -

 

	 	 	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.

- 26 -

 

SIGNATURE PAGE

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

	 	 	 	 	 
	

SIG Combibloc Systems GmbH

as Pledgor

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

as Collateral Agent and Pledgee

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

- 27 -

 

	 	 	 	 	 

SCHEDULE 1

PART 1

LIST OF CURRENT BORROWERS

SIG Euro Holding AG & Co. KGaA

Closure Systems International Holdings Inc.

Closure Systems International B.V.

SIG Austria Holding GmbH

Reynolds Consumer Products Holdings Inc.

Reynolds Group Holdings Inc.

Pactiv Corporation

PART 2

LIST OF CURRENT GUARANTORS, CURRENT 2009 SENIOR SECURED NOTES GUARANTORS, CURRENT OCTOBER 2010

SECURED NOTES GUARANTORS AND CURRENT FEBRUARY 2011 SECURED NOTES GUARANTORS

Whakatane Mill Australia Pty Limited

SIG Austria Holding GmbH

SIG Combibloc GmbH & Co KG

SIG Combibloc GmbH

SIG Beverages Brasil Ltda.

SIG Combibloc do Brasil Ltda.

Closure Systems International (Brazil) Sistemas de Vedação Ltda.

CSI Latin American Holdings Corporation

Evergreen Packaging Canada Limited

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

- 28 -

 

SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

Pactiv Hamburg Holdings GmbH

Pactiv Deutschland Holdinggesellschaft mbH

Omni-Pac Ekco GmbH Verpackungsmittel

Omni-Pac GmbH Verpackungsmittel

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Limited

Evergreen Packaging (Hong Kong) Limited

- 29 -

 

Closure Systems International Holdings (Hungary) Kft

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

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

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

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

Reynolds Group Issuer (Luxembourg) S.A.

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

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

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

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

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

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

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

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

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

Closure Systems International B.V.

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG

SIG allCap AG

- 30 -

 

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Combibloc Ltd.

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas, Inc.

Closure Systems International Holdings Inc.

Closure Systems International Inc.

Reynolds Packaging Machinery Inc.

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc.

Bakers Choice Products, Inc.

Reynolds Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Group Holdings Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

- 31 -

 

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics Inc.

Ultra Pac, Inc.

BRPP, LLC

Reynolds Group Issuer Inc.

Reynolds Group Issuer LLC

Pactiv Corporation (formerly Reynolds Acquisition Corporation)

Pactiv Factoring LLC

Pactiv RSA LLC

Pactiv Retirement Administration LLC

Pactiv Germany Holdings, Inc.

Pactiv International Holdings Inc.

Pactiv Management Company LLC

PCA West Inc.

Prairie Packaging, Inc.

PWP Holdings, Inc.

PWP Industries, Inc.

Newspring Industrial Corp.

Pactiv Canada Inc.

The Baldwin Group Limited

J. & W. Baldwin (Holdings) Limited

Omni-Pac U.K. Limited

Conference Cup Ltd.

- 32 -

 

Dopaco Canada, Inc.

Dopaco, Inc.

Garven Incorporated

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

Servicios Industriales Jaguar, S. de C.V.

Servicio Terrestre Jaguar, S. de C.V.

Grupo Corporativo Jaguar, S. de C.V.

Pactiv México, S. de R.L. de C.V.

PART 3

LIST OF CURRENT NEW SECURED NOTES GUARANTORS1

Whakatane Mill Australia Pty Limited

SIG Beverages Brasil Ltda.

SIG Combibloc do Brasil Ltda.

Closure Systems International (Brazil) Sistemas de Vedação Ltda.

CSI Latin American Holdings Corporation

Evergreen Packaging Canada Limited

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

SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

 

			
	1	 	Post-closing Austrian guarantors excluded.

- 33 -

 

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

Pactiv Hamburg Holdings GmbH

Pactiv Deutschland Holdinggesellschaft mbH

Omni-Pac Ekco GmbH Verpackungsmittel

Omni-Pac GmbH Verpackungsmittel

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Limited

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft.

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

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

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

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

- 34 -

 

Reynolds Group Issuer (Luxembourg) S.A.

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

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

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

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

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

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

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

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

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

Closure Systems International B.V.

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG

SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

- 35 -

 

SIG Combibloc Ltd.

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas, Inc.

Closure Systems International Holdings Inc.

Closure Systems International Inc.

Reynolds Packaging Machinery Inc.

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc.

Bakers Choice Products, Inc.

Reynolds Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Group Holdings Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics Inc.

Ultra Pac, Inc.

- 36 -

 

BRPP, LLC

Reynolds Group Issuer Inc.

Reynolds Group Issuer LLC

Pactiv Corporation (formerly Reynolds Acquisition Corporation)

Pactiv Factoring LLC

Pactiv RSA LLC

Pactiv Retirement Administration LLC

Pactiv Germany Holdings, Inc.

Pactiv International Holdings Inc.

Pactiv Management Company LLC

PCA West Inc.

Prairie Packaging, Inc.

PWP Holdings, Inc.

PWP Industries, Inc.

Newspring Industrial Corp.

Pactiv Canada Inc.

The Baldwin Group Limited

J. & W. Baldwin (Holdings) Limited

Omni-Pac U.K. Limited

Conference Cup Ltd.

Dopaco Canada, Inc.

Dopaco, Inc.

Garven Incorporated

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

Servicios Industriales Jaguar, S. de C.V.

Servicio Terrestre Jaguar, S. de C.V.

- 37 -

 

Grupo Corporativo Jaguar, S. de C.V.

Pactiv México, S. de R.L. de C.V.

- 38 -

 

SCHEDULE 2

LIST OF ACCOUNTS

PART 1 — LIST OF ACCOUNTS

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

	 	300 700 10
	 	Deutsche Bank AG
	 	current account
	 	EUR
	 

	 	IBAN
	 	Königsallee 45/47	 	 	 	 
	 

	 	[                                    ]
	 	40189 Düsseldorf	 	 	 	 
	 

	 	SWIFT	 	 	 	 	 	 
	 

	 	DEUTDEDDXXX	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	[            ]

	 	300 700 10
	 	Deutsche Bank AG
	 	current account
	 	USD
	 

	 	IBAN
	 	Königsallee 45/47	 	 	 	 
	 

	 	[                                    ]
	 	40189 Düsseldorf	 	 	 	 
	 

	 	SWIFT	 	 	 	 	 	 
	 

	 	DEUTDEDDXXX	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	[            ]

	 	300 308 80
	 	HSBC Trinkaus & Burkhardt AG
	 	current account
	 	EUR
	 

	 	IBAN
	 	Königsallee 21/23	 	 	 	 
	 

	 	[                                    ]
	 	40212 Düsseldorf	 	 	 	 
	 

	 	SWIFT	 	 	 	 	 	 
	 

	 	TUBDDEDD	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	[            ]

	 	300 308 80
	 	HSBC Trinkaus & Burkhardt AG
	 	current account
	 	CHF
	 

	 	IBAN
	 	Königsallee 21/23	 	 	 	 
	 

	 	[                                    ]
	 	40212 Düsseldorf	 	 	 	 
	 

	 	SWIFT	 	 	 	 	 	 
	 

	 	TUBDDEDD	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	[            ]

	 	IBAN
	 	HSBC Trinkaus & Burkhardt AG
	 	current account
	 	USD
	 

	 	[                                    ]
	 	Königsallee 21/23

40212 Düsseldorf	 	 	 	 

- 39 -

 

PART 2 — LIST OF EXCLUDED ACCOUNTS

[currently none]

- 40 -

 

SCHEDULE 3

FORM OF NOTICE OF PLEDGE

[Letterhead of Pledgor]

	 	 	 	 
	 	Absender/From:

 	 	[Pledgor]
	 	An/To:

 	 	[Account Bank]
	 	Datum/Date:

 	 	[•]

	 	 	 	 
	 	Verpfändungsanzeige

 	 	Notice of Pledge 
	 	Betrifft: Konto Nr. [•]

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

 	 	Dear Sirs,

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

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

- 41 -

 

	 	 	 

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

	 	Pursuant to a confirmation and
amendment agreement relating to the
Account Pledge Agreement 1 dated 4
May 2010 (the “Confirmation and
Amendment Agreement”), the Account
Pledge Agreement 1 has been
confirmed and amended to the effect
that, inter alia, it also secures
the increase of existing facilities
which are already secured by the
Account Pledge Agreement 1. A copy
of the Confirmation and Amendment
Agreement was attached to our
letters.
	 
	 	 
	     Hiermit zeigen wir Ihnen an, dass wir gemäß
Ziffer 2.1 des hier in Kopie beigefügten
Kontenverpfändungsvertrags vom [•] alle Rechte
und Ansprüche bezüglich des o. g. Kontos und
aller sonstigen bei Ihnen geführten Konten (die
“Konten”) (inklusive aller
Unterkonten, etwaiger Neueröffnungen,
Verlängerungen, Umbenennung und Festgeldkonten)
zu Gunsten des Sicherheitentreuhänders
verpfändet haben.

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

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

- 42 -

 

	 	 	 

	     Wir verzichten hiermit in bezug auf
alle bei Ihnen geführten
Konten zu Gunsten des
Sicherheitentreuhänders
auf unser Recht auf Vertraulichkeit
(Bankgeheimnis) und beauftragen und
ermächtigen Sie hiermit, nachdem
Sie die o.g Nachricht vom
Sicherheitentreuhänder
erhalten haben, dem
Sicherheitentreuhänder auf
sein Verlangen jede gewünschte
Information im Hinblick auf solche
Konten zu geben.

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

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

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

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

	 	Yours faithfully

	 	 	 	 	
	 
	 	[Pledgor]	 	 
	 	 	 	 	 
	 
	 	 

(Geschäftsführer/Managing Director)
	 	 

- 43 -

 

[Letterhead of Account Bank]

	 	 	 	 
	 	Absender/From:

	 	[Account Bank]
	 	 
	 	 
	 	An/ To:

	 	[Collateral Agent]
	 	 

	 	und/and
	 	 

	 	[Pledgor]
	 	 
	 	 
	 	Datum/ Date:

	 	[•]

	 	 	 	 
	 	Bestätigung des Empfangs 

einer Verpfändungsanzeige

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

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

	 	Dear Sirs,

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

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

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

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

- 44 -

 

	 	 	 

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

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

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

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

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

	 	Yours faithfully

					
	 
	 
	 	[Account Bank]	 	 
	 	 	 	 	 
	 
	 	 

([Name des Unterzeichners/name of signatory])
	 	 

- 45 -

 

SCHEDULE 4

FORM OF NOTIFICATION OF FUTURE ACCOUNTS

	 	 	 

	From:

	 	[Pledgor]
	 
	 	 
	To:

	 	[Collateral Agent]
	 
	 	 
	Date:

	 	[Date of Notification]
	 
	 	 
	Re:

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

Dear Sirs,

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

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

	 	[•]
	 	[•]
	 	[•]

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

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

 

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

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

 47 

 

	 	 	 	 	 
	Yours faithfully

[Pledgor]

 	 
	By:  	 	 
	 	Name:  	 	 
	 	Title:  	Managing Director (Geschäftsführer) 	 
	 

 48

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