Document:

exv4w519

Exhibit 4.519

SIG AUSTRIA HOLDING GMBH

as Pledgor

SIG EURO HOLDING AG & CO. KGAA

as Company

THE BANK OF NEW YORK MELLON

as Collateral Agent and Pledgee

      

PLEDGE AGREEMENT

relating to the shares (Verpfändung von Aktien) in SIG EURO

HOLDING AG & CO. KGAA

      

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

 

 

Contents

	 	 	 	 	 
	Clause	 	Page	 
	1. Definitions and Language
	 	 	4	 
	2. Pledged Shares
	 	 	11	 
	3. Pledge
	 	 	11	 
	4. Scope of the Pledges
	 	 	12	 
	5. Purpose of the Pledges
	 	 	14	 
	6. Exercise of Membership Rights
	 	 	14	 
	7. Enforcement of the Pledges
	 	 	14	 
	8. Austrian Limitations on Enforcement
	 	 	16	 
	9. Undertakings of the Pledgor
	 	 	16	 
	10. Delegation
	 	 	18	 
	11. Indemnity
	 	 	18	 
	12. No liability
	 	 	18	 
	13. Duration and Independence
	 	 	18	 
	14. Release (Pfandfreigabe)
	 	 	19	 
	15. Partial Invalidity; Waiver
	 	 	19	 
	16. Amendments
	 	 	20	 
	17. Austrian Stamp Duty
	 	 	20	 
	18. Notices and their Language
	 	 	21	 
	19. Applicable Law, Jurisdiction
	 	 	23	 
	20. Conclusion of this Agreement (Vertragsschluss)
	 	 	23	 
	Schedule 1
	 	 	25	 
	Part I List of Current Borrowers
	 	 	25	 
	Part II List of Current Guarantors, Current 2009 Senior Secured Notes Guarantors, Current October
2010 Secured Notes Guarantors and Current February 2011 Secured Notes Guarantors
	 	 	25	 

 

 

	 	 	 	 	 
	Clause	 	Page	 
	Part III List of Current New Secured Notes Guarantors
	 	 	31	 
	Schedule 2 Copy of Approval and Consent
	 	 	36	 
	Schedule 3 Stamp Duty Guidelines
	 	 	37	 
	Signature Pages
	 	 	39	 

 

 

This Pledge Agreement (this “Agreement”) is made on 14 October 2011

BETWEEN:

	(1)	 	SIG Austria Holding GmbH, having its business address as at the date of this Agreement at
Industriestr. 3, A-5760 Saalfelden, Austria, and registered in the company book (Firmenbuch) of
the Republic of Austria under FN 236071 P (the “Pledgor”) ;
	 
	(2)	 	SIG Euro Holding AG & Co. KGaA, an association limited by shares
(Kommanditgesellschaft auf Aktien) organised under the laws of the Federal Republic of Germany
having its business address at RurstraBe 58, 52441 Linnich, Germany, and registered in the
commercial register (Handelsregister) of the local court (Amtsgericht) of Düren under HRB 5754
(the “Company”); and
	 
	(3)	 	The Bank of New York Mellon, having its business address at 1
Wall Street, New York, N.Y. 10286, The United States of America, 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 201 1 of currently up to USD 4,445,000,000 and EUR
330,000,000 between, inter alia, the parties listed in Schedule I Part 1 hereto as current
borrowers (the “Current Borrowers”), the parties listed in Schedule I 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 I
Part 2 hereto as current 2009 senior secured notes

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	 	 	guarantors (the “Current 2009 Senior Secured Notes Guarantors”) and The Bank of
New York Mellon, as indenture trustee, principal paying agent, transfer agent and
registrar, (as amended, varied, novated, supplemented, superseded or extended from
time to time, the “2009 Senior Secured Notes Indenture”), the Issuers have issued
senior secured notes due 2016 in the aggregate principal amount of USD 1,125,000,000
(the “US Secured Notes”) and senior secured notes due 2016 in the aggregate
principal amount of EUR 450,000,000 (the “Euro Secured Notes” and 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 Share Pledge Agreements (as defined below).

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	(F)	 	Pursuant to a senior secured notes indenture dated 9 August 2011
between, inter alia, RGHL US Escrow II LLC and RGHL US Escrow II Inc.
as escrow issuers (the “August 2011 Escrow Issuers”), The Bank of New
York Mellon as indenture trustee, The Bank of New York Mellon, London
Branch as principal paying agent, The Bank of New York Mellon as
collateral agent and Wilmington Trust (London) Limited as additional
collateral agent (as amended, varied, novated, supplemented,
superseded or extended from time to time, the “New Secured Notes
Indenture”), the August 2011 Escrow Issuers have issued senior secured
notes due 2019 in the aggregate principal 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 were 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 were assumed by the
August 2011 Ultimate Issuers pursuant to a supplemental indenture
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 acceded as current new secured
notes guarantors (the “Current New Secured Notes Guarantors”) 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 arising under the Existing Share Pledge Agreements (as defined
below)) over its Shares (as defined below) in the Company 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”).

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	(J)	 	SIG Combibloc Group AG is the owner of 501 (in words: five
hundred one) shares in the Company, Nos. 9,500-10,000,
which are represented by a global share certificate (the
“Existing Share Certificate 2”).
	 
	(K)	 	The Pledgor and SIG Combibloc Group AG as sole
shareholders (Aktionäre) of the Company have approved and
consented to the Pledge (as defined below) in a resolution
of the shareholders (Hauptversammlungsbeschluss) a copy of
which is attached hereto as Schedule 2.

NOW, IT IS AGREED as follows:

	1.	 	DEFINITIONS AND LANGUAGE
	 
	1.1	 	Definitions
	 
	 	 	In this Agreement:
	 
	 	 	“Administrative Agent” means Credit Suisse AG, Cayman
Island 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.

- 4 -

 

	 	 	“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 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.
	 
	 	 	“Existing Share Certificate 1” has the meaning given to such term in sub-Clause 2.2 hereof.
	 
	 	 	“Existing Share Certificate 2” has the meaning given to such term in Preamble(J).
	 
	 	 	“Existing Shares” has the meaning given to such term in sub-Clause 2.2 hereof.
	 
	 	 	“Existing Share Pledge Agreements” means

	 	(a)	 	the share pledge agreement dated 4 March 2010 (as amended by a confirmation and
amendment agreement dated 27 August 2010 (the “Share Pledge Confirmation and Amendment
Agreement”) entered into between SIG Austria Holding GmbH as pledgor and The Bank of
New York Mellon as collateral agent and pledgee;
	 
	 	(b)	 	the Share Pledge Confirmation and Amendment Agreement;
	 
	 	(c)	 	the share pledge agreement dated 14 January 2011 entered into between SIG Austria
Holding GmbH as pledgor and The Bank of New York Mellon as collateral agent and
pledgee; and
	 
	 	(d)	 	the share pledge agreement dated 7 June 2011 entered into between SIG Austria
Holding GmbH as pledgor and The Bank of New York Mellon as collateral agent and
pledgee.

	 	 	“February 2011 Secured Notes Documents” shall mean the February 2011 Secured Notes
Indenture, the February 2011 Secured Notes Guarantees, the February 2011

- 5 -

 

	 	 	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
	 
	 	 	“Future Shares” means any and all shares in the Company in whatever nominal
value which the Pledgor may hold in the future other than the Existing Shares
(arising from a split of shares, purchase of shares in the context of the
mandatory public offer or otherwise).
	 
	 	 	“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

- 6 -

 

	 	 	form and substance reasonably satisfactory to, one or more Borrowers, the
Administrative Agent, one or more Incremental Term Lenders and/or one or more
Incremental Revolving Credit Lenders pursuant to which one or more Incremental
Term Lenders make available Incremental Term Loan Commitments and/or one or
more Incremental Revolving Credit Lenders make available Incremental Revolving
Credit Commitments respectively.
	 
	 	 	“Incremental Revolving Credit Lender” shall mean a Lender with an Incremental
Revolving Credit Commitment or an outstanding revolving loan under the Credit
Agreement of any class as a result of an Incremental Revolving Credit
Commitment.
	 
	 	 	“Incremental Revolving Credit Commitment” shall mean the commitment of any
Lender, established pursuant to the Credit Agreement, to make available certain
revolving credit loans to one or more Borrowers.
	 
	 	 	“Incremental Term Lender” shall mean a Lender with an Incremental Term Loan
Commitment.
	 
	 	 	“Incremental Term Loan Commitment” shall mean the commitment of any Lender,
established pursuant to the Credit Agreement, to make available certain term
loans to one or more Borrowers.
	 
	 	 	“Indenture Trustee” shall mean The Bank of New York Mellon, in its capacity as
indenture trustee under the 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.

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	 	 	“Loan Parties” shall mean the Borrowers, the Current Guarantors and any entity
which may accede to the Credit Agreement as additional guarantor and a “Loan
Party” means any of them.
	 
	 	 	“Local Facilities” means working capital facilities provided to a Grantor
(other than Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging
Holdings (Luxembourg) II S.A., Beverage Packaging Holdings (Luxembourg) III S.à
r.l. and the Borrowers) by a Local Facility Provider and “Local Facility” means
any of them.
	 
	 	 	“Local Facility Agreements” shall mean any agreement under which a Local
Facility is made available.
	 
	 	 	“Local Facility Provider” means HSBC Trinkaus & Burkhardt AG, Deutsche Bank AG,
Commerzbank Aktiengesellschaft and Hong Kong and Shanghai Banking Corporation
Ltd., Thailand, Bank of America, N.A., Canada Branch, FIA Card Services, N.A.,
Citibank N.A., Citibank (China) Co., Ltd., Banco Nacional de Mexico, S.A.,
Integrante del Grupo Financiero Banamex, Bank of America, N.A., provided in
each case it has become a party to, or by execution of an additional bank
secured party acknowledgment has agreed to be bound by the terms of, the First
Lien Intercreditor Agreement in its capacity as local facility provider.
	 
	 	 	“New Secured Notes Documents” shall mean the New Secured Notes Indenture, the
New Secured Notes Guarantees, the New Secured Notes, the Intercreditor
Arrangements, any supplemental indenture, any security document relating to the
New Secured Notes and/or the New Secured Notes Indenture and any other document
that may be entered into pursuant to any of the foregoing.
	 
	 	 	“New Secured Notes Guarantees” shall mean the guarantees of the obligations of
the 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).

- 8 -

 

	 	 	“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.
	 
	 	 	“Pledges” means each pledge constituted under this Agreement and “Pledge” means
any of them.
	 
	 	 	“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.

- 9 -

 

	 	 	“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.
	 
	 	 	“Share Certificates” means the Existing Share Certificate 1 (as
defined in Clause 2.2 below), and any other certificate or
securities representing any of the Future Shares or any rights in
relation thereto, including interest and dividend coupons, annuity
bands, renewal coupons and all related certificates.
	 
	 	 	“Shares” means the Existing Shares and the Future Shares.
	 
	 	 	“Stamp Duty Sensitive Document” shall mean (a) any original of any Credit Document and (b)
any signed document (including email, PDF, TIF and other comparable
formats) that constitutes a deed (Urkunde) within the meaning of
section 15 of the Austrian Stamp Duty Act (as interpreted by the
Austrian tax authorities), whether documenting or confirming the
entering into of the relevant transaction (rechtserzeugende Urkunde) or documenting that the relevant transaction has been entered into
(rechtsbezeugende Urkunde), or a substitute deed (Ersatzurkunde)
within the meaning of section 15 of the Austrian Stamp Duty Act (as
interpreted by the Austrian tax authorities), including, without
limitation, any notarized copy, any certified copy and any written
minutes recording the transactions (Rechtsgeschäfte) contemplated
by, or referenced in, any Credit Document.
	 
	 	 	“Stamp Duty Guidelines” means the stamp duty guidelines set out in
Schedule 3 (Stamp Duty Guidelines).
	 
	1.2	 	Construction
	 
	 	 	In this Agreement:
	 
	1.2.1	 	Terms used in this Agreement or in any notice relating hereto but
not defined have the meanings ascribed thereto in the First Lien
Intercreditor Agreement; and
	 
	1.2.2	 	any reference to a “Clause”, a “sub-Clause” or a “Schedule” shall,
subject to any contrary indication, be construed as a reference to a
Clause, a sub-Clause or a Schedule hereof.

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	1.3	 	This Agreement is made in the English language. For the avoidance of
doubt, the English language version of this Agreement shall prevail
over any translation of this Agreement. However, where a German
translation of a word or phrase appears in the text of this
Agreement, the German translation of such word or phrase shall
prevail.
	 
	1.4	 	Solely for the purposes of Clause 17 (Austrian Stamp Duty) and
Schedule 3 (Stamp Duty Guidelines), “written” shall mean that what
is “written” was translated into letters (Buchstaben) that are or can be made visible on a
physical or electronic device of whatever type and format, including
paper and screen, and, accordingly, communication, documents or
notices being “in writing” shall include not only paper- form
(letter or fax) communication, documents or notices but also
electronic communication, documents or notices, including by way of
e-mail; and “signed” communication, documents or notices refers to
written communication, documents or notices that carry a manuscript,
digital or electronic or other technically reproduced signature, and
“signature” shall be construed accordingly.
	 
	2.	 	PLEDGED SHARES
	 
	2.1	 	The Company has a registered share capital (Grundkapital) of EUR
10,000,000 (in words: Euro ten million) which is divided into 10,000
registered shares (Namensaktien) with no nominal value (Stückaktien
ohne Nennwert) which are at the date of this agreement represented
by the Existing Share Certificate 1 (as defined below) and the
Existing Share Certificate 2.
	 
	2.2	 	The Pledgor is the owner of 9,499 (in words nine thousand four
hundred ninety nine) shares in the Company, Nos. 1-9,499 (the
“Existing Shares”), which are represented by a global share
certificate (the “Existing Share Certificate 1”).
	 
	3.	 	PLEDGE
	 
	3.1	 	The Pledgor hereby pledges (verpfändet) to the Pledgee as security
all Shares in the Company together with all ancillary rights and
claims associated with the Shares as more particularly specified in
Clause 4.1 hereof by pledging each Share Certificate representing
any Shares to the Pledgee.
	 
	3.2	 	The Pledgor shall:
	 
	3.2.1	 	duly endorse (indossieren) all Share Certificates (other than the
Existing Share Certificate 1) which are endorsed in its name with a
blank endorsement (Blankoindossament). The Pledgee and the Pledgor
acknowledge that the Existing Share Certificate 1 which is endorsed
in the Pledgor’s name has been duly endorsed (indossieren) by the
Pledgor with a blank endorsement (Blankoindossament); and
	 
	3.2.2	 	deliver (übergeben) all Share Certificates endorsed by the Pledgor
in accordance with Clause 3.2.1 above to an authorised
representative of the Pledgee in Germany for the

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	 	 	purpose of depositing the Share Certificates with the Pledgee. For the avoidance of
doubt, the Existing Share Certificate 1 is already in the possession of the Pledgee.
The Pledgor shall use all reasonable endeavours (including offering delivery of the
relevant Share Certificate to the Pledgee in Germany within normal business hours) to
deliver any other Share Certificate endorsed by the Pledgor in accordance with clause
3.2.1 above to the Pledgee in Germany without undue delay upon the Pledgor becoming
the owner of the Shares to which it relates.
	 
	3.3	 	The Pledgor hereby further assigns to the Pledgee all present and future claims for
the return of any Share Certificate against third parties (other than the Pledgee)
having or obtaining actual possession of a Share Certificate. Such third parties
shall be notified forthwith by the Pledgor of the Pledges (as soon as the Pledgor
becomes aware of such third party having or obtaining actual possession of a Share
Certificate).
	 
	3.4	 	The Pledges shall extend automatically to any newly issued certificates representing,
replacing or supplementing any of the Shares which shall forthwith be duly endorsed
(indossiert) with a blank endorsement (Blankoindossament) and delivered to
(übergeben) to the Pledgee in Germany.
	 
	3.5	 	In addition to the Pledges created in accordance with Clause 3.1 to 3.4 (inclusive)
above, the Pledgor hereby creates a Pledge over all Shares by way of pledging the Pledgor’s rights in the Company (Mitgliedschaftsrechte) arising from such Shares in
accordance with sections 1274, 413, 398 of the German Civil Code (BGB) in favour of
the Pledgee.
	 
	3.6	 	The Pledgee hereby accepts all Pledges and assignments made pursuant to this Clause 3.
	 
	3.7	 	The validity and effect of each of the Pledges shall be independent from the validity
and the effect of the other Pledges created hereunder.
	 
	3.8	 	For the avoidance of doubt, the parties agree that nothing in this Agreement shall
exclude a transfer of all or part of the Pledges created hereunder by operation of
law upon the transfer or assignment (including by way of novation or assumption
(Vertragsübernahme)) of all or part of the Obligations.
	 
	3.9	 	Each of the Pledges is in addition, and without prejudice, to any other security the
Secured Parties may now or hereafter hold in respect of the Obligations.
	 
	4.	 	SCOPE OF THE PLEDGES
	 
	4.1	 	The Pledges constituted by this Agreement include the present and future rights:

	 	(a)	 	to receive and/or withdraw dividends, to receive payments under an interest
coupon (Zinsanteilsschein), dividend coupon (Dividendenschein) or talon

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	 	 	 	(Erneuerungsschein) and any other similar cash payments and
other forms of profit distribution;
	 
	 	(b)	 	to receive all other pecuniary claims associated with the Shares;
	 
	 	(c)	 	to subscribe for newly issued shares of the Company; and
	 
	 	(d)	 	all other rights and benefits attributable to the Shares
(including without limitation all present and future pecuniary
claims of the Pledgor against the Company arising under or in
connection with any domination and/or profit transfer agreement
(Beherrschungs- und/oder Gewinnabführungsvertrag) or partial
profit transfer agreement (Teilgewinnabführungsvertrag) which
may be entered into between the Pledgor and the Company).

	4.2	 	Notwithstanding that the items set out in Clause 4.1 above are pledged
hereunder, the Pledgor shall be entitled to receive and retain the items set out
in Clause 4.1 in respect of, and otherwise deal (in accordance with the
provisions of this Agreement and any other Principal Finance Document) with all
items described in Clause 4.1 in respect of the Shares at all times other than
any time the Pledgee is entitled to enforce the Pledges constituted hereunder.
	 
	4.3	 	On the date and during the period in which the Pledgee is entitled, in
accordance with Clause 7 (Enforcement of the Pledges) hereof, to enforce the
Pledges (or any part thereof):

	 	(a)	 	all dividends paid or payable and any other property received,
receivable or otherwise distributed in respect of or in exchange
for the Shares;
	 
	 	(b)	 	all dividends or other distributions or payments paid or payable
in respect of the Shares in connection with the partial or total
liquidation or dissolution of the Company or in connection with
the reduction of the amount of the registered share capital of
the Company; and
	 
	 	(c)	 	all cash paid, payable or otherwise distributed in respect of
the principal of, or in redemption of, or in exchange for the
Shares

	 	 	shall be forthwith delivered to the Pledgee and held as security for the benefit
of the Secured Parties. If such proceeds or property are received by the
Pledgor, they shall be received as trustee for the benefit of the Secured
Parties and shall be segregated from other property or funds of the Pledgor and
shall be forthwith delivered to the Pledgee for the benefit of the Secured
Parties as security in the form so received (with any necessary endorsement).

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	5.	 	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.
	 
	6.	 	EXERCISE OF MEMBERSHIP RIGHTS
	 
	 	 	The membership rights, including the voting rights, attached to the
Shares remain with the Pledgor. The Pledgor may exercise its
membership rights in any manner which does not adversely affect the
validity and enforceability of the Pledges, the existence of all or
part of the Shares or cause an Event of Default to occur. The Pledgor
undertakes, unless otherwise permitted by the Principal Finance
Documents, not to support any resolutions which if passed would
constitute a breach of its obligations under Clause 9 or any other
obligation under this Agreement.
	 
	7.	 	ENFORCEMENT OF THE PLEDGES
	 
	7.1	 	If (i) an Enforcement Event has occurred and is continuing and (ii)
the requirements set forth in Sections 1273 para 2, 1204 et seq. of
the German Civil Code with regard to the enforcement of any of the
Pledges are met (Pfandreife), in particular, if any of the Obligations
has become due and payable, then in order to enforce the Pledges (or
any of them), the Pledgee (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.
	 
	7.2	 	Notwithstanding Section 1277 of the German Civil Code, the Pledgee is
entitled to exercise its rights without obtaining 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, in particular have the
Pledges sold (including at public auction).
	 
	7.3	 	The Pledgor hereby expressly agrees that five business days’ prior
written notice to the Pledgor of the place and time of any such sale
shall be sufficient and the Pledgee shall not be obliged to deliver
any further notices (including, but not limited to the notices set out
under Section 1234 of the German Civil Code) to the Pledgor prior to
such sale. The sale may take place at any place in the Federal
Republic of Germany designated by the Pledgee.
	 
	7.4	 	If the Pledgee (acting on the instructions of the Secured Parties)
should seek to enforce the Pledges under sub-Clause 7.1, the Pledgor
shall, at its own expense, render forthwith all necessary assistance
in order to facilitate the prompt sale of the Shares or

- 14 -

 

	 	 	any part thereof and/or the exercise by the Pledgee of any other
right it may have as a Pledgee.
	 
	7.5	 	Whilst the requirements for enforcement under sub-Clause 7.1 are
continuing all subsequent payments attributable to the Shares and all
payments based on similar ancillary rights attributed to the Shares
may be applied by the Pledgee in satisfaction in whole or in part of
the Obligations or treated as additional collateral.
	 
	7.6	 	Even if the requirements for enforcement referred to under sub-Clause
7.1 above are met, the Pledgee shall not, whether as proxy or
otherwise, be entitled to exercise the voting rights attached to the
Shares. During the continuation of an event which allows the Pledgee
to enforce the Pledges, the Pledgor shall have the obligations and
the Pledgee shall have the rights set forth in sub-Clause 9.8 below
regardless of which resolutions are intended to be adopted.
	 
	7.7	 	The Pledgee may, in its sole discretion, determine which of several
security interests, if applicable, shall be used to satisfy the
Obligations. The Pledgor hereby expressly waives its right pursuant
to Section 1230 sentence 2 of the German Civil Code to limit the
realisation of the Pledges and pledges over partnership interests or shares in one or more other companies to such number of pledges as
are necessary to satisfy the Obligations and agrees further that the
Pledgee may decide to enforce the Pledges in the Company individually
at separate proceedings or together with pledges over partnership
interests or shares in one or more other companies at one single
proceeding (Gesamtverwertung).
	 
	7.8	 	The Pledgor hereby expressly waives all defenses of revocation
(Einrede der Anfechtbarkeit) and set-off (Einrede der
Aufrechenbarkeit) pursuant to Sections 770, 1211 of the German Civil
Code.
	 
	7.9	 	The Pledgor hereby expressly waives its defenses based on defenses
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.
	 
	7.10	 	If the Pledges are enforced or if the Pledgor has discharged any of
the Obligations (or any part of them), Section 1225 of the German
Civil Code (legal subrogation of claims to a pledgor -
Forderungsübergang auf den Verpfänder) shall not apply and no rights
of the 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 Pledges and as a result of the Pledgor entering
into this Agreement, be entitled to demand indemnification or
compensation from the Company or any of the Company’s affiliates or
to assign any of these claims.

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	8.	 	AUSTRIAN LIMITATIONS ON ENFORCEMENT
	 
	 	 	The Pledgor and the Pledgee agree that proceeds from an enforcement of
the Pledges shall not be applied in satisfaction of the obligations
secured by the Pledges but shall be released and turned over to the
Pledgor if and to the extent that such application would violate
mandatory Austrian capital maintenance rules
(Kapitalerhaltungsvorschriften) as amended from time to time and as
interpreted by the Austrian Supreme Court from time to time pursuant
to Austrian company law, in particular Sections 82 et seq of the
Austrian Act on Limited Liability Companies (Gesetz über
Gesellschaften mit beschränkter Haftung) and/or Sections 52 and 65 et
seq of the Austrian Stock Corporation Act (Aktiengesetz). This
limitation on the satisfaction of the obligations secured by the
Pledges applies from the date this Agreement enters into force as well
as on any date until the termination date of this Agreement,
particularly on the date of a possible enforcement of the Pledges and
the payments thereunder.
	 
	9.	 	UNDERTAKINGS OF THE PLEDGOR
	 
	 	 	Unless otherwise permitted by the Principal Finance Documents, during
the term of this Agreement, the Pledgor undertakes to the Pledgee:
	 
	9.1	 	not to take, or participate in, any action which results or might
result in the Pledgor’s loss of ownership of all or part of the Shares
or any other transaction which would have the same result as a sale,
transfer or other disposal of the Shares or which would for any other
reason be inconsistent with the security interest of the Pledgee or
the security purpose (as described in Clause 5) or defeat, impair or
circumvent the rights of the Pledgee except as permitted by the
Pledgee (acting reasonably);
	 
	9.2	 	to procure that all Share Certificates representing the Shares
acquired by the Pledgor will, promptly following the acquisition of
the relevant Shares, be delivered (übergeben) to the Pledgee;
	 
	9.3	 	not to encumber, permit to subsist, create or agree to create any
other security interest or third party right in or over the Shares or
other rights subject to the Pledges and the Existing Share Pledge
Agreements;
	 
	9.4	 	to inform the Pledgee promptly of any change made in the registered
share capital of the Company, or of any changes to the Company’s
articles of association which would materially adversely affect the
security interest of the Pledgee;
	 
	9.5	 	to promptly notify the Pledgee of any attachment (Pfändung) in respect
of any of the Shares or any ancillary rights set out in sub-Clause
4.1, such notice to be accompanied by any documents the Pledgee might
need to defend itself against any claim of a third party. In
particular, the Pledgor shall promptly forward to the Pledgee a copy
of the

- 16 -

 

	 	 	attachment order (Pfändungsbeschluss), any transfer order
(Überweisungsbeschluss) and all other documents necessary for a
defence against the attachment;
	 
	9.6	 	in the event of any increase in the capital of the Company, not to
allow, without the prior written consent of the Pledgee (such consent
not to be unreasonably withheld), any party other than itself or SIG
Combibloc Group AG to subscribe for any Future Shares, and not to
defeat, impair or circumvent in any way the rights of the Pledgee
created hereunder;
	 
	9.7	 	to pledge in favour of the Pledgee on terms identical to the terms of
this Agreement any Future Shares which it acquires upon an increase
of the capital of the Company by way of capital contribution
(Kapitalerhöhung gegen Einlage) or out of authorised capital
(Kapitalerhöhung aus genehmigtem Kapital) promptly after the
registration of such increase of the capital of the Company in the
competent commercial register (Handelsregister) and the acquisition
of such Future Shares;
	 
	9.8	 	to promptly inform the Pledgee in writing of all matters concerning
the Company of which the Pledgor is aware which would materially
adversely affect the security interest of the Pledgee. In particular,
the Pledgor shall notify the Pledgee, forthwith of any shareholders’
meeting at which a shareholders’ resolution is intended to be adopted
which would have a materially adverse effect upon any of the Pledges.
The Pledgor shall allow, following the occurrence and during the
continuance of an Enforcement Event, the Pledgee or, as the case may
be, its proxy or any other person designated by the Pledgee, to
participate in all such shareholders’ meetings of the Company as
attendants without power to vote. Subject to the provision contained
in sub- Clause 13.1, the Pledgee’s right to attend the shareholders’
meeting shall lapse immediately upon complete satisfaction and
discharge of the Obligations;
	 
	9.9	 	to refrain from any acts or omissions, subject to the performance of
its rights and duties under the Existing Share Pledge Agreements, the
purpose or effect of which is or would be the dilution of the value
of the Shares or the Shares ceasing to exist except if permitted by
the Pledgee (acting reasonably);
	 
	9.10	 	not to amend the articles of association of the Company to the extent
that such amendment would materially adversely affect the security
interest of the Pledgee created hereunder without the prior written
consent of the Pledgee (such consent not to be unreasonably
withheld); and
	 
	9.11	 	insofar as additional declarations or actions are necessary for the
creation of the Pledges (or any of them) in favour of the Pledgee,
the Pledgor shall at the Pledgee’s reasonable request (acting on the
reasonable request of the Secured Parties) make such declarations and
undertake such actions at the Pledgor’s costs and expenses. For the
avoidance of doubt, notification and consent requirements as set out
in sub-Clause 9.1 to 9.10 of this Agreement are deemed to be
satisfied by the Pledgor if and to the extent

- 17 -

 

	 	 	such notification or consent has been delivered under the Existing
Share Pledge Agreements provided that such notification to the
Pledgee or consent of the Pledgee makes reference to this Agreement
and the Existing Share Pledge Agreements.
	 
	10.	 	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.
	 
	11.	 	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
Pledges.
	 
	12.	 	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.
	 
	13.	 	DURATION AND INDEPENDENCE
	 
	13.1	 	This Agreement shall remain in full force and effect until complete
satisfaction of the Obligations. The Pledges shall not cease to
exist, if any Grantor under the Credit Documents has only temporarily
discharged the Obligations.
	 
	13.2	 	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.

- 18 -

 

	13.3	 	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.
	 
	13.4	 	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.
	 
	14.	 	RELEASE (PFANDFREIGABE)
	 
	14.1	 	Upon complete and irrevocable satisfaction of the Obligations, the
Pledgee (as instructed in accordance with the First Lien
Intercreditor Agreement) will as soon as reasonably practical declare
in writing the release of the Pledges (Pfandfreigabe) to the Pledgor
as a matter of record. For the avoidance of doubt, the parties are
aware that upon full and complete satisfaction of the Obligations the
Pledges, due to their accessory nature (Akzessorietät), cease to
exist by operation of German mandatory law.
	 
	14.2	 	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 may in its reasonable
discretion (as instructed in accordance with the First Lien
Intercreditor Agreement) determine so as to reduce the realisable
value of the Security to the Limit.
	 
	14.3	 	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 Pledges (Pfandfreigabe) to the
Pledgor in accordance with, and to the extent required by, the
Intercreditor Arrangements.
	 
	15.	 	PARTIAL INVALIDITY; WAIVER
	 
	15.1	 	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 (including Austrian law, in particular
Austrian capital maintenance rules), 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

- 19 -

 

	 	 	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.
	 
	15.2	 	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.
	 
	15.3	 	In particular, the Pledges shall not be affected and shall in any
event extend to any and all shares in the Company even if the number
or nominal value of the Existing Shares or the aggregate share
capital of the Company as stated in Clause 2 are inaccurate or
deviate from the actual facts.
	 
	16.	 	AMENDMENTS
	 
	 	 	Changes and amendments to this Agreement including this Clause 16
shall be made in writing.
	 
	17.	 	AUSTRIAN STAMP DUTY
	 
	17.1	 	The parties to this Agreement (each a “Party” and together the
“Parties”) shall perform their obligations under or in connection
with the Agreement exclusively at the Place of Performance (as
defined below), but in no event at a place in Austria and the
performance of any obligations or liability under or in connection
with the Agreement within the Republic of Austria shall not
constitute discharge or performance of such obligation or liability.
For the purposes of the above, “Place of Performance” means: (i) in
relation to any payment under or in connection with the Agreement,
the place at which such payment is to be made pursuant to the Credit
Documents; and (ii) in relation to any other obligation or liability
under or in connection with the Agreement, the premises of the
Administrative Agent or the Indenture Trustee (as the case may be) in
New York or any other place outside of Austria as the Administrative
Agent or the Indenture Trustee (as the case may be) may specify from
time to time. Any payment made under or in connection with the
Agreement shall be made from and to an account outside of Austria.
	 
	17.2	 	No Party shall bring or send to, or otherwise produce in, Austria a
Stamp Duty Sensitive Document or communicate in writing other than in
compliance with the Stamp Duty Guidelines, in each case other than in
the event that: (i) it does not cause a liability of a Party to pay
stamp duty in the Republic of Austria; (ii) a Party wishes to enforce
any of its rights under or in connection with a Credit Document in
any form of proceedings in the Republic of Austria and is only able
to do so by bringing or sending to, or otherwise producing in,
Austria a Stamp Duty Sensitive Document and it would not be
sufficient for that Party to bring or send to, or otherwise produce
in, Austria a document that is not a Stamp Duty Sensitive Document
(e.g. a simple/uncertified

- 20 -

 

	 	 	copy (i.e. a copy which is not an original, notarised or certified
copy) of the relevant Stamp Duty Sensitive Document) for the purposes
of such enforcement; in furtherance of the foregoing, no Party shall
(A) object to the introduction into evidence of an uncertified copy
of any Stamp Duty Sensitive Document or raise a defence to any action
or to the exercise of any remedy on the basis of an original or
certified copy of any Stamp Duty Sensitive Document not having been
introduced into evidence, unless such uncertified copy actually
introduced into evidence does not accurately reflect the content of
the original document and (B) if such Party is a party to proceedings
before an Austrian court or authority, contest the authenticity
(Echtheit) of an uncertified copy of any such Stamp Duty Sensitive
Document, unless such uncertified copy actually introduced into
evidence does not accurately reflect the content of the original
document; or (iii) a Party is required by law, governmental body,
court, authority or agency pursuant to any legal requirement (whether
for the purposes of initiating, prosecuting, enforcing or executing
any claim or remedy or enforcing any judgment or otherwise) to bring
or send a Stamp Duty Sensitive Document into, or otherwise produce a
Stamp Duty Sensitive Document in, the Republic of Austria.
	17.3	 	The Pledgor shall indemnify the Administrative Agent, each Lender,
each Issuing Bank, the Indenture Trustee and the Pledgee against any
cost, loss or liability in respect of Austrian stamp duty unless such
cost, loss or liability is incurred as a result of the Administrative
Agent, a Lender, an Issuing Bank, the Indenture Trustee or the
Pledgee breaching any obligations under this Clause 17, in which case
the breaching party shall be liable for payment of such stamp duty.
	 
	18.	 	NOTICES AND THEIR LANGUAGE
	 
	18.1	 	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:

	 	c/o SIG Combibloc Holding GmbH
	 
	 	 	 	 
	 

	 	Address:
	 	Rurstraße 58
	 

	 	 	 	52441 Linnich
	 

	 	 	 	Germany
	 
	 	 	 	 
	 

	 	Fax:
	 	+41 52674 6556
	 
	 	 	 	 
	 

	 	Attention:
	 	Daniel Petitpierre
	 
	 	 	 	 
	 

	 	Email:
	 	Daniel.Petitpierre@sig.biz
	 
	 	 	 	 

- 21 -

 

	 	 	 	 	 

	 
	For the Pledgor with a copy to:
	 	 	 	 
	 

	 	Address:
	 	c/o Rank Group Limited
	 

	 	 	 	Level 22,
	 

	 	 	 	20 Bond Street,
	 

	 	 	 	Sydney NSW 2000
	 

	 	 	 	Australia
	 
	 	 	 	 
	 

	 	Fax:
	 	+64 2 9268 6693
	 
	 	 	 	 
	 

	 	Email:
	 	helen.golding@rankgroup.
	 

	 	 	 	co.nz
	 
	 	 	 	 
	 

	 	Attention:
	 	Helen Golding
	 
	 	 	 	 
	For the Pledgee:

	 	 	 	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

	18.2	 	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.
	 
	18.3	 	All notices and other communications given to any party in connection
with this Agreement in accordance with the provisions of this
Agreement shall be deemed (widerlegbare Vermutung) received on the
date sent (if a business day) and on the next business day thereafter
(in all other cases) if delivered by hand or overnight courier
service or sent by fax or on the date five business days after
dispatch by certified or registered mail if mailed, in each case
delivered, sent or mailed (properly addressed) to

- 22 -

 

	 	 	such party as provided in this Clause 18 or in accordance with the latest
unrevoked direction from such party given in accordance with this Clause
18.
	 
	18.4	 	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.
	 
	18.5	 	No communication (including fax, electronic message or communication in
any other written form) under or in connection with the Credit Documents
shall be made to or from an address located inside of the Republic of
Austria.
	 
	19.	 	APPLICABLE LAW, JURISDICTION
	 
	19.1	 	This Agreement is governed by the laws of the Federal Republic of Germany.
	 
	19.2	 	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.
	 
	20.	 	CONCLUSION OF THIS AGREEMENT (VERTRAGSSCHLUSS)
	 
	20.1	 	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.
	 
	20.2	 	If the parties to this Agreement choose to conclude this Agreement
pursuant to sub- Clause 20.1 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).
	 
	20.3	 	For the purposes of this Clause 20 only, the parties to this Agreement
appoint each Recipient as their attorney (Empfangsvertreter) and
expressly allow (gestatten) the Recipient to collect the signed signature
page(s) from all and for all parties to this Agreement. For the avoidance
of doubt, the Recipients will have no further duties connected with their
position as Recipient. In particular, the Recipients may assume the
conformity to the authentic original(s) of the signature page(s)
transmitted to it by

- 23 -

 

	 	 	means of telecommunication, the genuineness of all signatures on the original signature page(s)
and the signing authority of the signatories.

- 24 -

 

SCHEDULE 1

Part I

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 II

List of Current Guarantors, Current 2009 Senior Secured Notes Guarantors, Current

October 2010 Secured Notes Guarantors and Current February 2011 Secured Notes

Guarantors

	 	 	Whakatane Mill Australia Pty Limited

	 	 	SIG Austria Holding GmbH

	 	 	SIG Combibloc GmbH & Co KG

	 	 	SIG Combibloc GmbH

	 	 	SIG Beverages Brasil Ltda.

	 	 	SIG Combibloc do Brasil Ltda.

	 	 	Closure Systems International (Brazil) Sistemas de Vedação Ltda.

	 	 	CSI Latin American Holdings Corporation

	 	 	Evergreen Packaging Canada Limited

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

	 	 	SIG Holdings (UK) Limited

- 25 -

 

	 	 	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 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 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

- 26 -

 

	 	 	Closure Systems International Japan, Limited
	 
	 	 	Beverage Packaging Holdings (Luxembourg) I S.A.
	 
	 	 	Beverage Packaging Holdings (Luxembourg) III S.à r.l.
	 
	 	 	Evergreen Packaging (Luxembourg) S.à r.l.
	 
	 	 	Reynolds Group Issuer (Luxembourg) S.A.
	 
	 	 	Bienes Industriales del Norte S.A. de C.V.
	 
	 	 	CSI en Ensenada, S. de R.L. de C.V.
	 
	 	 	CSI en Saltillo, S. de R.L. de C.V.
	 
	 	 	CSI Tecniservicio, S. de R.L. de C.V.
	 
	 	 	Grupo CSI de Mexico, S. de R.L. de C.V.
	 
	 	 	Técnicos de Tapas Innovativas S.A. de C.V.
	 
	 	 	Evergreen Packaging Mexico, S. de R.L. de C.V.
	 
	 	 	Reynolds Metals Company de Mexico, S. de R.L. de C.V.
	 
	 	 	Maxpack, S. de R.L. de C.V.
	 
	 	 	Closure Systems International B.V.
	 
	 	 	Reynolds Consumer Products International B.V.
	 
	 	 	Evergreen Packaging International B.V.
	 
	 	 	Reynolds Packaging International B.V.
	 
	 	 	Reynolds Group Holdings Limited
	 
	 	 	Whakatane Mill Limited
	 
	 	 	SIG Combibloc Group AG
	 
	 	 	SIG Technology AG
	 
	 	 	SIG allCap AG
	 
	 	 	SIG Combibloc (Schweiz) AG
	 
	 	 	SIG Schweizerische Industrie-Gesellschaft AG
	 
	 	 	SIG Combibloc Procurement AG
	 
	 	 	SIG Reinag AG

- 27 -

 

	 	 	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.

- 28 -

 

	 	 	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.
	 
	 	 	Servicio Terrestre Jaguar, S. de C.V.

	 	 	Grupo Corporativo Jaguar, S. de C.V.
	 
	 	 	Pactiv México, S. de R.L. de C.V.

- 29 -

 

Part III

List of Current New Secured Notes Guarantors

	 	 	Whakatane Mill Australia Pty Limited
	 
	 	 	SIG Austria Holding GmbH
	 
	 	 	SIG Combibloc GmbH & Co KG
	 
	 	 	SIG Combibloc GmbH
	 
	 	 	SIG Beverages Brasil Ltda.
	 
	 	 	SIG Combibloc do Brasil Ltda.
	 
	 	 	Closure Systems International (Brazil) Sistemas de Vedação Ltda.
	 
	 	 	CSI Latin American Holdings Corporation
	 
	 	 	Evergreen Packaging Canada Limited
	 
	 	 	CSI Closure Systems Manufacturing de Centro America, S.R.L.
	 
	 	 	SIG Holdings (UK) Limited
	 
	 	 	SIG Combibloc Limited
	 
	 	 	Closure Systems International (UK) Limited
	 
	 	 	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 Beteiligungs GmbH
	 
	 	 	SIG Combibloc GmbH
	 
	 	 	SIG Combibloc Systems GmbH
	 
	 	 	SIG Combibloc Zerspanungstechnik GmbH
	 
	 	 	SIG Information Technology GmbH

- 30 -

 

	 	 	SIG International Services GmbH
	 
	 	 	Closure Systems International Holdings (Germany) GmbH
	 
	 	 	Closure Systems International Deutschland GmbH
	 
	 	 	Pactiv Deutschland Holdinggesellschaft mbH
	 
	 	 	Omni-Pac Ekco GmbH Verpackungsmittel
	 
	 	 	Omni-Pac GmbH Verpackungsmittel
	 
	 	 	SIG Asset Holdings Limited
	 
	 	 	Closure Systems International (Hong Kong) Limited
	 
	 	 	SIG Combibloc Limited
	 
	 	 	Evergreen Packaging (Hong Kong) Limited
	 
	 	 	Closure Systems International Holdings (Hungary) Kft.
	 
	 	 	CSI Hungary Gyártó és Kereskedelmi Kft. (aka CSI Hungary)
	 
	 	 	Closure Systems International Holdings (Japan) KK
	 
	 	 	Closure Systems International Japan, Limited
	 
	 	 	Beverage Packaging Holdings (Luxembourg) I S.A.
	 
	 	 	Beverage Packaging Holdings (Luxembourg) III S.à r.l.
	 
	 	 	Evergreen Packaging (Luxembourg) S.à r.l.
	 
	 	 	Reynolds Group Issuer (Luxembourg) S.A.
	 
	 	 	Bienes Industriales del Norte S.A. de C.V.
	 
	 	 	CSI en Ensenada, S. de R.L. de C.V.
	 
	 	 	CSI en Saltillo, S. de R.L. de C.V.
	 
	 	 	CSI Tecniservicio, S. de R.L. de C.V.
	 
	 	 	Grupo CSI de Mexico, S. de R.L. de C.V.
	 
	 	 	Técnicos de Tapas Innovativas S.A. de C.V.
	 
	 	 	Evergreen Packaging Mexico, S. de R.L. de C.V.
	 
	 	 	Reynolds Metals Company de Mexico, S. de R.L. de C.V.
	 
	 	 	Maxpack, S. de R.L. de C.V.

- 31 -

 

	 	 	Closure Systems International B.V.
	 
	 	 	Reynolds Consumer Products International B.V.
	 
	 	 	Evergreen Packaging International B.V.
	 
	 	 	Reynolds Packaging International B.V.
	 
	 	 	Reynolds Group Holdings Limited
	 
	 	 	Whakatane Mill Limited
	 
	 	 	SIG Combibloc Group AG
	 
	 	 	SIG Technology AG
	 
	 	 	SIG allCap AG
	 
	 	 	SIG Combibloc (Schweiz) AG
	 
	 	 	SIG Schweizerische Industrie-Gesellschaft AG
	 
	 	 	SIG Combibloc Procurement AG
	 
	 	 	SIG Reinag AG
	 
	 	 	SIG Combibloc Ltd.
	 
	 	 	SIG Holding USA Inc.
	 
	 	 	SIG Combibloc Inc.
	 
	 	 	Closure Systems International Americas, Inc.
	 
	 	 	Closure Systems International Holdings Inc.
	 
	 	 	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.

- 32 -

 

	 	 	Reynolds Group Holdings Inc.
	 
	 	 	Reynolds Services Inc.
	 
	 	 	Blue Ridge Holding Corp.
	 
	 	 	Blue Ridge Paper Products Inc.
	 
	 	 	Evergreen Packaging International (US) Inc.
	 
	 	 	Evergreen Packaging Inc.
	 
	 	 	Evergreen Packaging USA Inc.
	 
	 	 	Reynolds Packaging, Inc.
	 
	 	 	Reynolds Packaging LLC
	 
	 	 	Reynolds Packaging Kama Inc.
	 
	 	 	Reynolds Food Packaging LLC
	 
	 	 	Reynolds Flexible Packaging Inc.
	 
	 	 	Southern Plastics Inc.
	 
	 	 	Ultra Pac, Inc.
	 
	 	 	BRPP, LLC
	 
	 	 	Reynolds Group Issuer Inc.
	 
	 	 	Reynolds Group Issuer LLC
	 
	 	 	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.

- 33 -

 

	 	 	PWP Industries, Inc.
	 
	 	 	Newspring Industrial Corp.
	 
	 	 	Pactiv Canada Inc.
	 
	 	 	The Baldwin Group Limited
	 
		 	J. & W. Baldwin (Holdings) Limited
	 
	 	 	Omni-Pac U.K. Limited
	 
	 	 	Conference Cup Ltd.
	 
	 	 	Dopaco Canada, Inc.
	 
	 	 	Dopaco, Inc.
	 
	 	 	Garven Incorporated
	 
	 	 	Central de Bolsas, S. de R.L. de C.V.
	 
	 	 	Servicios Industriales Jaguar, S. de C.V.
	 
	 	 	Servicio Terrestre Jaguar, S. de C.V.
	 
	 	 	Grupo Corporativo Jaguar, S. de C.V.
	 
	 	 	Pactiv México, S. de R.L. de C.V.

- 34 -

 

SCHEDULE 2

COPY OF APPROVAL AND CONSENT

- 35 -

 

MINUTES OF THE GENERAL MEETING OF THE LIMITED

SHAREHOLDERS OF

SIG Euro Holding AG & Co. KGaA

on July 22, 2011 in Neuhausen am Rheinfall (Switzerland)

A.

PREAMBLE

I. SIG Euro Holding AG & Co. KGaA (“Company”) with its registered seat in
Linnich, registered with the Commercial Register of the Local Court Düren under HR B 5754 has a
stated share capital of EUR 10,000,000 (ten million Euros), consisting of 10,000 (ten thousand)
shares. 9,499 (nine thousand four hundred ninety nine) of the shares in the Company are held by SIG
Austria Holding GmbH (“SIG Austria Holding”) with its seat in Saalfelden (Austria), and 501 (five
hundred one) of the shares in the Company are held by SIG Combibloc Group AG (“SIG Combibloc
Group”) with its registered seat in Neuhausen am Rheinfall (Switzerland), registered in the
commercial register of the Canton of Schaffhausen under the company number CH-290.3.004.149-2.
The Company’s sole general partner is SIG Reinag AG (“SIG Reinag”) with its registered seat
in Neuhausen am Rheinfall (Switzerland).

     The chairman of the supervisory board, Mr. Rolf Stangl took the chair (“Chairman”)
pursuant to 20 para. 1 of the Articles of Association and started the general meeting at l0 am. The
Chairman declared the attendance register which was made available for inspection before the first
vote to be true and correct and signed it. The attendance register is enclosed to these minutes as
Annex 1. The Chairman further declared that, according to the attendance register, the whole share
capital of the Company is represented. Pursuant to 20 para. 2 of the Articles of Association the
Chairman decided that voting on the agenda items is done by raising the hand. The Chairman informed
the general meeting of the following

II. The Company is part of the Reynolds group of companies, which includes RGHL (as defined below)
and each of its subsidiaries (the “Reynolds Group”).

As part of the Reynolds Group, the Company is a borrower, guarantor and security provider in
respect of the Reynolds Group’s existing financing arrangements, including
by:

	 	a)	 	providing a guarantee and security with respect to the senior secured credit agreement (the
“Senior Secured Credit Agreement”) dated as of November 5, 2009, between, among others,
Reynolds Group Holdings Limited (“RGHL”), the borrowers listed therein and Credit Suisse
AG, as amended, amended or restated, supplemented or otherwise modified from time to time (the
“Senior Secured Credit Facilities”);
	 
	 	b)	 	providing a guarantee and security with respect to the 7.75% senior secured

 

 

	 	 	 	notes due 2016 issued by members of the Reynolds Group in aggregate principal amounts of
US$1,125,000,000 and €450,000,000 pursuant to an indenture dated as of November 5, 2009 (the “2009
Notes”);
	 
	 	c)	 	providing a guarantee and security with respect to the 7.125% senior secured notes due 2019
issued by members of the Reynolds Group in an aggregate principal amount of US$l,500,000,000
pursuant to an indenture dated as of October 15, 2010 (the “October 2010 Secured Notes”);
and
	 
	 	d)	 	providing a guarantee and security with respect to the 6.875% senior secured notes due 2021
issued by members of the Reynolds Group in an aggregate principal amount of US$1,000,000,000
pursuant to an indenture dated as of February 1, 2011 (the “February 2011 Secured Notes”);

	 	 	(the 2009 Notes, the October 2010 Secured Notes and the February 2011 Secured Notes being together,
the “Existing Secured Notes,” and together with the Senior Secured Credit Facilities, the
“Existing Secured Indebtedness”),

	 	e)	 	incurring and providing a guarantee of certain notes issued by members of the Reynolds Group,
including (i) 8% senior notes due 2016 issued in an aggregate principal amount of
€480,000,000 pursuant to an indenture dated June 29, 2007, (ii) 9.5% senior subordinated notes due
2017 issued in an aggregate principal amount of €420,000,000 pursuant to an indenture dated June
29, 2007 (together with (i), the “2007 Notes”), (iii) 8.5% senior notes due 2018 issued in an
aggregate principal amount of US$1,000,000,000 pursuant to an indenture dated May 4, 2010 (the “May
2010 Notes”), (iv) 9.0% senior notes due 2019 issued in an aggregate principal amount of
US$l,500,000,000 pursuant to an indenture dated October 15, 2010 (the “October 2010 Senior
Notes”) and (v) 8.250% senior notes due 2021 issued in an aggregate principal amount of
US$1,000,000,000 pursuant to an indenture dated February 1, 2011 (the “February 2011  Senior
Notes”) (the 2007 Notes, the May 2010 Notes, the October 2010 Senior Notes and the February 2011
Senior Notes being together, the “Existing Notes”); and
	 
	 	f)	 	being party to the intercreditor arrangements in respect of the guarantees,
indebtedness and security described above (the “Intercreditor Arrangements”),

	 	 	the Existing Secured Indebtedness, the Existing Notes and the Intercreditor Arrangements being,
together, the “Existing Financing Arrangements”.

It is currently intended that RGHL will indirectly acquire the GPC group of companies (the “GPC
Group”) through the merger of an indirect wholly owned subsidiary of RGHL with and into Graham
Packaging Company Inc. (“GPC”), with GPC surviving such merger and becoming an indirect wholly owned
subsidiary of RGHL (the “Acquisition”).

The Company has previously considered and approved the entry by the Company into the Senior
Secured Credit Agreement, as amended or otherwise modified from time to time;

RGHL has determined it may be necessary or advisable to incur additional indebtedness under
the Senior Secured Credit Facilities in order to partially fund the Acquisition, the

2

 

associated costs and transactions required to effect the Acquisition and for general corporate
purposes, and the Company is now considering entering into amendments to, and/or an amendment and
restatement of, the Senior Secured Credit Agreement, pursuant to which additional indebtedness
would be incurred and the proceeds made available under certain incremental facilities and subject
to certain conditions (the “Credit Agreement Amendment”).

RGHL has entered into a commitment letter, attached hereto as Exhibit 1, (together with the
term sheets attached thereto, the “Commitment Letter”), pursuant to which certain lenders
have provided commitments for three bridge financing facilities comprised of: a senior secured bank
bridge facility, a senior secured notes bridge facility and a senior unsecured notes bridge
facility, each as more particularly described in the Commitment Letter (collectively, the
“Bridge Financing Facilities”), which may be used to partially fund the Acquisition and the
associated costs and transactions required to effect the Acquisition.

RGHL may determine, in lieu of or in combination with issuing the New Secured Notes (as defined
below), New Unsecured Notes (as defined below) and/or incurring the Additional Bank Debt (as
defined below), that it is necessary or advisable to draw on one or more of the Bridge Financing
Facilities in order to fund all or part of the Acquisition.

In addition, RGHL and/or certain direct or indirect subsidiaries of RGHL intend to incur additional
indebtedness as set forth below. In connection with such incurrence of indebtedness, it is intended
that the Existing Financing Arrangements be supplemented and/or amended, by, among other things,
RGHL and/or certain of its direct or indirect subsidiaries doing one or more of the following:

	 	a)	 	the entry into of a new indenture (the “New Unsecured Notes Indenture”), or accession
thereto, by certain members of the Reynolds Group in respect of the issue of new unsecured notes by
indirect subsidiaries of RGHL (the “New Unsecured Notes”), including the issuance of the
New Unsecured Notes and provision of related guarantees in respect of the New Unsecured Notes by
certain members of the Reynolds Group (including the Company, as applicable) and,
following the Acquisition, potentially by certain members of the GPC Group (the “New Unsecured
Notes Guarantees”);
	 
	 	b)	 	the entry into of a new indenture (the “New Secured Notes Indenture”), or accession
thereto, by certain members of the Reynolds Group in respect of the issue of new senior secured
notes by indirect subsidiaries of RGHL (the “New Secured Notes”), including the issuance of
the New Secured Notes and the provision of related guarantees in respect of the New Secured Notes
by certain members of the Reynolds Group (including the Company, as applicable) and, following the
Acquisition, potentially by certain members of the GPC Group (the “New Secured Notes
Guarantees”).
	 
	 	 	 	The proceeds from the issuance of the New Unsecured Notes and the New Secured Notes may be used to
partially fund the Acquisition and the associated costs and transactions required (including,
without limitation, the repayment of existing indebtedness of GPC Group and contractual payments to
existing shareholders of GPC Group) to effect the Acquisition and for general corporate purposes.

3

 

	 
	 	 	 	It is expected that the Existing Secured Indebtedness and/or the intercreditor Arrangements will be
amended, restated, extended, confirmed, affirmed, reaffirmed, released and/or retaken, as
necessary, in order to ensure that following the entry into the New Secured Notes Indenture, the
New Secured Notes will have the benefit of (i) guarantees from substantially the same guarantors
(including the Company) that guarantee the Existing Secured Indebtedness and, following the
Acquisition, potentially from certain member s of the GPC Group and (ii) substantially the same
collateral provided in respect of the Existing Secured Indebtedness and, following the Acquisition,
potentially security provided by certain members of the GPC Group.
	 
	 	 	 	The New Secured Notes and the New Unsecured Notes may be issued into escrow prior to the date of
the Acquisition. If the New Secured Notes or the New Unsecured Notes are issued into escrow, the
Company will not be required to provide its guarantees and security with respect to the New Secured
Notes or the New Unsecured Notes (as relevant) until such time as the escrow is released. It is
currently intended that if the New Secured Notes or the New Unsecured Notes are issued into escrow
the relevant escrow issuers, which shall be affiliates of RGHL (the “Escrow Issuers”), will
merge or otherwise be consolidated with Reynolds Group Issuer Inc., a Delaware corporation,
Reynolds Group Issuer LLC, a Delaware limited liability company, and Reynolds Group Issuer
(Luxembourg) S.A., associate anonyme (a public limited liability company) under the laws of
Luxembourg (the “Existing Issuers”) or any other affiliates of RGHL which may issue the New
Secured Notes and the New Unsecured Notes (together with the Existing Issuers, the
“Issuers”) on the release of the escrow, with the Issuers being the surviving entities
(the “Escrow and Merger Arrangements”).
	 
	 	 	 	It is currently intended that if the New Secured Notes or the New Unsecured Notes are not issued
into escrow, the New Secured Notes and the New Unsecured Notes may be issued by the Issuers;
	 
	 	c)	 	the entry into of one or more registration rights agreements or joinders there to by certain
members of the Reynolds Group (including the Company) and, following the Acquisition, potentially
certain members of the GPC Group pursuant to which such entities agree to register the re-sale of
the New Unsecured Notes and the New Secured Notes and/or register the issuance of the Unsecured
Exchange Securities and the Secured Exchange Securities (each as defined below) (the “Unsecured
Notes Registration Rights Agreement” and the “Secured Notes Registration Rights
Agreement”, respectively);
	 
	 	d)	 	the entry into of one or more purchase agreements or joinders thereto providing for the issuance
and sale of the New Unsecured Notes and the New Secured Notes and related guarantees by certain
members of the Reynolds Group (including the Company) and , following the Acquisition, potentially
certain members of the GPC Group (the “Unsecured Notes Purchase Agreement” and the
“Secured Notes Purchase Agreement”, respectively);

4

 

	 	e)	 	the entry into the Credit Agreement Amendment and/or joinders thereto;
	 
	 	f)	 	the incurrence of additional indebtedness (the “Additional Bank Debt”) under the Senior
Secured Credit Facilities as amended by the Credit Agreement Amendment (the “Amended Senior
Secured Credit Facilities”) which will have the benefit of substantially the same guarantees
and security as already provided in respect of the Senior Secured Credit Facilities and it is
expected that the security and guarantees provided in respect of the Senior Secured Credit
Facilities and/or the intercreditor Arrangements will be amended, restated, extended, affirmed,
re-affirmed, confirmed, released and/or retaken, as necessary, in order to effectuate the
foregoing. The Additional Bank Debt may also have the benefit of guarantees and security provided,
following the Acquisition, potentially by certain members of the GPC Group, as a result of such GPC
Group entities granting guarantees and security in respect of the Amended Senior Secured Credit
Facilities.
	 
	 	 	 	It is intended that the Additional Bank Debt will not be drawn down until the date of the
Acquisition, however the Credit Agreement Amendment will allow for such funds either (i)
to be made available as delayed draw term loans that would be funded on the date of the
Acquisition or (ii) to be drawn down into escrow prior to the date of the Acquisition.
	 
	 	 	 	If the Additional Bank Debt is either made available as delayed draw term loans or is drawn into
escrow prior to the date of the Acquisition, the Company will not be required to confirm its
guarantees and security with respect to the Additional Bank Debt until such time as either the
delayed draw term loans are funded or the escrow is released or otherwise terminated (the “Bank
Escrow Arrangements”) ;
	 
	 	g)	 	the incurrence of additional indebtedness pursuant to the terms described in the Commitment
Letter;
	 
	 	h)	 	the entry into the Facilities Documents (as such term is defined in the Commitment Letter),
including, without limitation, any credit agreements, intercreditor agreements, security documents,
indentures, registration rights agreements, purchase agreements, notes, joinders or any other
documents in connection with the Bridge Financing Facilities or the conversion of any such Bridge
Financing Facilities into term loans and/or exchange notes as described in the Commitment Letter;
	 
	 	i)	 	the provision by certain members of the Reynolds Group (including the Company as an existing
guarantor) of certain affirmations, reaffirmations and/or confirmations that the guarantees in
place in respect of the Existing Secured Indebtedness and Existing Notes continue in full force and
effect, notwithstanding the Transactions (as defined below), the Escrow and Merger Arrangements,
the Bank Escrow Arrangements and, in the case of the Senior Secured Credit Facilities, extend to
the Additional Bank Debt, the Amended Senior Secured Credit Facilities and the Bridge Financing
Facilities, if any, as applicable;
	 
	 	j)	 	the amendment, restatement, affirmation, re-affirmation, supplement,

5

 

	 	 	 	extension, confirmation or release and retake of security, or grant of new or additional
security (which may be second, third or junior ranking) or other action in respect of collateral
under the applicable agreements, instruments or other documents creating security interests in
respect of the Existing Secured Indebtedness (collectively, the “Security Documents”) in
order to provide that such Security Documents (i) secure obligations with respect to the New
Secured Notes, the Additional Bank Debt and any secured Bridge Financing Facilities, as applicable,
on a pari passu basis with the Existing Secured Indebtedness to the extent possible and
(ii) continue to secure obligations in respect of the Existing Secured Indebtedness
(including after the consummation of the Escrow and Merger Arrangements and the Bank Escrow
Arrangements);
	 
	 	k)	 	the entry into any amendments, supplements, joinders, designations, confirmations or other
documents in connection with the first lien intercreditor agreement dated as of November 5, 2009,
between, among others, The Bank of New York Mellon, as the collateral agent, Credit Suisse AG, and
the grantors from time to time party thereto and the representatives from time to time party
thereto as amended by Amendment No. 1 and Joinder Agreement, dated as of January 21, 2010 (as
further amended, extended, restated or otherwise modified the “FLICA”) to the extent
required in order to permit the New Secured Notes and/or the Additional Bank Debt to be included as
“Obligations” thereunder;
	 
	 	l)	 	the entry into of any amendments, supplements, accessions, designations, confirmations or
other documents in connection with the intercreditor agreement dated May 11, 2007, as amended
and/or restated, including, without limitation, as of (i) November 5, 2009 by an
amendment and restatement agreement and (ii) November 5, 2010 by an amendment
agreement, both between, among others, RGHL as parent, Credit Suisse AG, Cayman Islands Branch, as
administrative agent and The Bank of New York Mellon as collateral agent, senior secured notes
trustee and high yield noteholders trustee (as such intercreditor agreement may be further amended,
extended, restated or otherwise modified, the “2007 ICA”); and
	 
	 	m)	 	following the Acquisition, the possible accession by certain members of the GPC
Group to the Existing Financing Arrangements and the Transaction Documents (as defined below) as
guarantors and/or security providers.

	 	 	(collectively, the “Transactions”).

In order to effect the Transactions, it is intended that the Company enter into and/or approve, as
relevant, the following documents, (collectively, the “Transaction Documents”):

	 	a)	 	the documents relating to the Bridge Financing Facilities, including, without limitation, the
Facilities Documents, and any credit agreements, intercreditor agreements, security documents,
indentures, registration rights agreements, purchase agreements, notes, joinders, offering material
or any other documents in connection with the Bridge Financing Facilities or the conversion of any
such Bridge Financing Facilities into term loans and/or exchange notes as

6

 

	 	 	 	described in the Commitment Letter;
	 
	 	b)	 	the documents relating to the Amended Senior Secured Credit Facilities, the New Secured Notes
and the New Unsecured Notes, as more particularly described in
Schedule 1; and
	 
	 	c)	 	the documents relating to the intercreditor arrangements in respect of Amended Senior Secured
Credit Facilities, the New Secured Notes, the New Unsecured Notes, the Existing Secured Notes and
the Existing Notes, as more particularly described in Schedule 2.

B.

SHAREHOLDER RESOLUTIONS

     The Chairman further declared that, according to the attendance register, the whole share
capital of the Company is represented and that no shareholder opposed the resolution and therefore
compliance with sections 121-128 German Stock Corporation Act was not required for the general
meeting to pass resolutions (section 121 subsection 6 German Stock Corporation Act). SIG Austria
Holding and SIG Combibloc Group further waive all legal and statutory requirements as
to form and time of convening and holding a shareholder meeting. The following items of the agenda
were called and then resolved unanimously:

I. The entry into the Transactions is hereby approved.

II. The execution, delivery and performance of the Transaction Documents and any other documents
related thereto or required to be executed, delivered and performed in order to give effect to the
Acquisition and the Transactions, (including any notices, certificates, requests, communications or
other documents (together with the Transaction Documents, the “Documents”), are hereby
approved or, as the case may be, ratified.

III. IT IS HEREBY APPROVED, that the managing directors (Geschäftsführer), proxy
holders (Prokurilen) and specified persons authorized by power of attorney (together
the “Representatives” and each of them individually a “Representative”) be, and
each of them hereby is, authorised to (i) negotiate, approve, make, agree and/or execute any
amendments to any Document as that Representative may (in his absolute discretion) think fit, the
execution of any Document by such Representative being conclusive evidence of the due authorisation
by the Company of the execution and delivery, on the Company’s behalf, of that Document, as so
amended, (ii) take such action and make such filings as are required under applicable law and (iii)
do all other acts and things as he or she may consider necessary or desirable, including granting
powers of attorneys, in connection with the transactions contemplated by the Documents.

IV. IT IS HEREBY APPROVED, that the Company be, and it hereby is, authorized and empowered to
prepare, with the Escrow Issuers or the Issuers, as applicable, one or more offering memoranda to
be used in connection with the offer and sale of (i) the New Unsecured Notes Guarantees and the New
Unsecured Notes (the “New Unsecured Securities”) and (ii) the New Secured Notes Guarantees
and the New Secured Notes (the “New Secured Securities”) and security thereunder;

7

 

V. IT IS HEREBY APPROVED, that the Company be, and it hereby is, authorized and empowered to
file one or more registration statements on Form F-4 or any other form as appropriate, and/or shelf
registration statements (including the prospectuses contained therein and any required exhibits
thereto) (the “Registration Statement”) to register under the United States Securities Act
1933, as amended (the “Securities Act”) (i) the resale of the New Unsecured
Securities and the New Secured Securities, or (ii) the offer or offers to exchange (a) the New
Unsecured Notes for new unsecured notes (the “Unsecured Exchange Notes”) and new unsecured
guarantees (the “Unsecured Exchange Guarantees”) (the Unsecured Exchange Notes and
Unsecured Exchange Guarantees are together the “Unsecured Exchange Securities”) and (b) the
New Secured Notes for the new secured notes (the “Secured Exchange Notes”) and the new
secured guarantees (the “Secured Exchange Guarantees”) (the Secured Exchange Notes and the
Secured Exchange Guarantees are together the “Secured Exchange Securities”), ((a) and (b)
collectively, and in each case, with terms substantially identical in all material respects (other
than with respect to transfer restrictions and provision requiring the payment of additional
interest in certain circumstances) to the New Unsecured Securities and the New Secured Securities,
as applicable, constitute the “Exchange Offer”);

VI. IT IS HEREBY APPROVED, that any Representative be, and each of them hereby is, authorized and
empowered, in the name and on behalf of the Company to (i) prepare, execute (manually or by
facsimile signature), and file with the U.S. Securities and Exchange Commission (the
“Commission”), each such Registration Statement, and any amendment or amendments to any
such Registration Statement, and any supplement or supplements to the prospectus therein, (ii)
prepare and make use of one or more written communications that would constitute a “free writing
prospectus” as defined in Rule 405 under the Securities Act and take all actions to comply with the
requirements of Rules 164 and 433 under the Securities Act with respect to timely filing with the
Commission, legending and reeordkeeping, (iii) to make any other filings related to the New
Unsecured Securities or the Unsecured Exchange Securities and the New Secured Securities or the
Secured Exchange Securities in other jurisdictions or with other agencies, regulatory authorities,
self-regulatory bodies or entities (including, without limitation, in connection with securities
laws of any U.S. state or territory) and (iv) to do and perform any and all such other acts, deeds
and things, in each case as such Representative may deem necessary or appropriate, to effect the
registration, provided, however, that in the case of each of clauses (i), (ii), (iii) and (iv)
above, no change, amendment, supplement, filing, act, deed or thing shall be inconsistent with any
determination made by this Board;

VII. IT IS HEREBY APPROVED, that any Representative be, and each of them hereby is, in the event of
an Exchange Offer authorized and empowered, in the name and on behalf of the Company, to negotiate
and agree upon the form, terms and provisions of one or more exchange agent
agreements, in such form or forms, and providing for such fees to be paid in respect of the
proposed exchange of the New Unsecured Securities for the Unsecured Exchange Securities and the New
Secured Securities for the Secured Exchange Securities (the “Exchange Agent Agreement”) as such
Representative may approve; and that the Company be, and it hereby is, authorized and empowered to
enter into and perform its obligations under each Exchange Agent Agreement; and that any
Representative be, and each of them hereby is, authorized and empowered, in the name of and on
behalf of the Company, to execute, (manually or by facsimile signature), each Exchange Agent
Agreement, such Representative’s execution

8

 

thereof to be conclusive evidence of such Representative’s approval thereof and of such

Representative’s authority to do so;

VIII. IT IS HEREBY APPROVED FURTHER, that any Representative be, and each of them hereby is,
authorized and empowered, in the name and on behalf of the Company, to execute, (manually or by
facsimile signature), and deliver one or more supplemental indentures providing for the issuance of
the Unsecured Exchange Securities and the Secured Exchange Securities (the “Exchange
Securities”) and any certificates or other instruments evidencing any of the Exchange
Securities, including one or more certificates for any Exchange Securities in global form, the
execution of such supplemental indentures, certificates or other instruments by such Representative
to be conclusive evidence of the approval by such Representative of the terms thereof and of such
Representative’s authority to do so;

IX. IT IS HEREBY APPROVED, that if any Representative executes any of the Exchange Securities,
either manually or by facsimile signature, and then ceases to be an Representative before the
Exchange Securities so executed are authenticated or delivered under the New Unsecured Notes
Indenture and the New Secured Notes Indenture, as applicable or any related supplemental indenture,
or disposed of by the Company or any of its successors, as the case may be, such Exchange
Securities shall nevertheless be valid and may be authenticated and delivered or disposed of as
though the person who executed any of such Exchange Securities had not ceased to be an
Representative;

X. IT IS HEREBY APPROVED, that the offering, issuance and sale by the Company of the
Exchange Securities be, and they hereby are, approved, ratified and confirmed in all respects; and

XI. IT IS HEREBY APPROVED, that any Representative be, and each of them hereby is, if required,
authorized and empowered, in the name and on behalf of the Company, to determine the states of the
United States in which appropriate action shall be taken to qualify or register the New Unsecured
Securities and Unsecured Exchange Securities of the Company with respect to the New Unsecured Notes
and the Unsecured Exchange Notes, and the New Secured Securities and Secured Exchange Securities of
the Company with respect to the New Secured Notes and the Secured Exchange Notes, to take or cause
to be taken any and all actions as such Representative may deem necessary or appropriate in order
to effect the registration or qualification (or exemption therefrom) of the New Unsecured
Securities and Unsecured Exchange Securities with respect to the New Unsecured Notes, and the New
Secured Securities and Secured Exchange Securities of the Company with respect to the New Secured
Notes, under the “blue sky” or securities laws of any of the states of the United States or under
the securities laws of any other nation, and in connection therewith, to verify, execute, deliver,
file, publish or cause to be verified, executed, delivered, filed or published all requisite
documents, including applications, reports, surety bonds, irrevocable consents and appointments of
attorneys for service of process and other papers and instruments which may be required under such
laws, and to take or cause to be taken any such further action as such Representative
may deem necessary or appropriate in order to maintain any such registration or qualification for
as long as such Representative may deem necessary or appropriate or as required by law; and that
the execution by any Representative of any such document or the performance by any Representative
of any such action in connection with the foregoing matters shall conclusively establish the

9

 

approval, ratification and confirmation by the Company and this Board of the documents so executed
and the actions so taken.

XII. IT IS HEREBY APPROVED, that the shares in the Company are pledged as security under or in
connection with the Transactions and that such shares are transferred in case of an enforcement of
the pledges over the shares.

XIII. In order to effect the resolutions passed above, the Representatives are instructed to sign
in the name and on behalf of the Company all necessary documents, and to give and receive all
declarations required in connection with the conclusion, execution and performance of the Documents
and any related transactions and actions as referred to above including, without limitation, the
granting of powers of attorney in relation to the execution of any such document or the carrying
out of any such action.

XIV. For the purposes of the Transactions, the managing directors (Geschäftsführer) are
released from the restrictions of Section 181 German Civil Code and are authorised to grant a
release from the restrictions of Section 181 German Civil Code to the other Representatives.

XV. The managing directors (Geschäftsführer) and proxy holders ()
of the Company are instructed to pass corresponding shareholder resolutions in respect of
the Company’s direct or indirect subsidiaries, and with respect to the approval and execution of
the Documents by such subsidiary.

XVI. The shareholders voted by raising their hands and the Chairman declared that each of the above
resolutions were passed unanimously. The Chairman then announced the resolution as resolved upon.

XVII. There are no further resolutions to pass.

XVIII. The shareholder meeting of the Company is declared closed.

C.

WAIVER DECLARATION OF

SIG AUSTRIA HOLDING AND SIG COMBlBLOC GROUP

     The signatories, acting in the name and on behalf of SIG Austria Holding and SIG Combibloc Group,
declare:

     As a precaution, any avoidance of the aforementioned resolutions is waived on the part of SIG
Austria Holding and SIG Combibloc Group, respectively.

D.

APPROVAL DECLARATION BY SIG REINAG

     SIG Reinag hereby acknowledges and approves each of the aforementioned resolutions adopted by the
shareholders.

10

 

E.

INSTRUCTIONS UNDER THE DOMINATION AGREEMENT BETWEEN THE

COMPANY SIG AUSTRIA HOLDING AND SIG COMBIBLOC GROUP

     Insofar as the ability of SIG Austria Holding and SIG Combibloc Group to give instructions as
dominating company within the scope of the domination agreement between SIG Austria Holding and SIG
Combibloc Group and the Company, in respect of the Transactions and Transaction Documents described
under A., is not removed or superseded by the shareholders of the company following a
meeting of shareholders of the Company, the approvals and instructions given under B. are to be interpreted, as a precaution, and also as approvals and instructions by SIG Austria Holding
and SIG Combibloc Group as dominating company (as defined in the domination agreement) to the
Representatives of the Company.

[signature page follows]

11

 

Neuhausen am Rheinfall, July 22, 2011

The chairman of the supervisory board:

	 	 	 	 	 
	/s/ Rolf Stangl
 	 
	Rolf Stangl	 

	 	 	 	 	 
	 	Acknowledged and approved by SIG Reinag AG

 	 
	 	By:  	/s/ Daniel Petitpierre
 	 
	 	 	Name:  	Daniel Petitpierre 	 
	 	 	Function: Attorney-in-fact 	 
	 
	 	Acknowledged and approved by SIG Combibloc Group AG

 	 
	 	By:  	/s/ Heinz  Gasser
 	 
	 	 	Name:  	Heinz  Gasser 	 
	 	 	Function: Attorney-in-fact 	 
	 
	 	Acknowledged and approved by SIG Austria Holding GmbH

 	 
	 	By:  	/s/ Gian Duri Zender
 	 
	 	 	Name:  	Gian Duri Zender 	 
	 	 	Function: Attorney-in-fact 	 

12

 

	 	 	 	 	 

ANNEX 1

Attendance register of the general meeting of

SIG Euro Holding AG & Co. KGaA

with seat in Linnich, held in Neuhausen am Rheinfall/Switzerland on

July 22, 2011

The general partner and following shareholders appeared:

1. the general partner SIG Reinag AG with seat in Neuhausen am
Rheinfall/Switzerland

represented by

Daniel Petitpierre

acting upon power of attorney granted by the representatives of SIG Reinag AG
on July 20, 2011.

2. SIG Combibloc Group AG with seat in Neuhausen am Rheinfall/Switzerland
with 501 no-par value shares

represented by

Heinz Gasser

acting upon power of attorney dated July 22, 2011 granted by SIG Combibloc
Group AG.

3. SIG Austria Holding GmbH with seat in Saalfelden/Austria with 9,499 no-par
value shares

represented by

Gian Duri Zender

acting upon power of attorney dated July 20, 2011 granted by SIG Austria
Holding GmbH.

Overall 10,000 registered shares without par value, representing the stated share
capital in the amount of EUR 10,000,000.00.

Neuhausen am Rheinfall, July 22, 2011

The chairperson of the supervisory board

	 	 	 	 	 
	/s/ Rolf Stangl
 	 
	Rolf Stangl	 

13

 

SCHEDULE 1

New Secured Notes

	 	1.	 	The New Secured Notes Indenture, between, among others, the duly appointed
trustee for the New Secured Notes, the Escrow Issuers or Issuers and the
guarantors, or any access ion, joinder or supplemental indenture thereto.
	 
	 	2.	 	The Secured Notes Purchase Agreement, or any accession or joinder thereto.
	 
	 	3.	 	The Secured Notes Registration Rights Agreement, or any accession or joinder
thereto.
	 
	 	4.	 	Officer’s certificates in respect of the New Secured Notes and any officer’s
certificates in respect of any opinion given in respect of the New Secured Notes.

New Unsecured Notes

	 	5.	 	The New Unsecured Notes Indenture, between, among others, the duly appointed
trustee for the New Unsecured Notes, the Escrow Issuers or Issuers and the
guarantors, or any accession, joinder or supplemental indenture thereto.
	 
	 	6.	 	The Unsecured Notes Purchase se Agreement, or any accession or joinder thereto.
	 
	 	7.	 	Unsecured Notes Registration Rights Agreement, or any access ion or joinder
thereto.
	 
	 	8.	 	Officer’s certificates in respect of the New Unsecured Notes and any officer’s
certificates in respect of any opinion given in respect of the New Unsecured
Notes.

Other Documents relating to the New Secured Notes, the New Unsecured Notes, and/or
the Amended
Senior Secured Credit Facilities

	 	9.	 	A confirmation, affirmation or re-affirmation agreement, between, among others, certain
of the Loan Parties, each duly appointed collateral agent under the First Lien Intercreditor
Agreement, Credit Suisse AG, as administrative agent under the Senior Secured Credit Facilities,
and The Bank of New York Mellon, as trustee under the 2009 Indenture and in other capacities, with
respect to the continuing security and/or guarantees in respect of the New Secured Notes and/or the
Additional Bank Debt (the “Reaffirmation Agreement” ).
	 
	 	10.	 	The Credit Agreement Amendment, and any ancillary and/or related documents
necessary to give effect to such amendments to the Senior Secured Credit Agreement.
	 
	 	11.	 	the amendment, restatement, affirmation, re-affirmation, supplement, creation,
extension, confirmation or release and retake of security, or grant of new or additional security
(which may be second ranking) or other action in respect of collateral under the applicable
agreements, instruments or other documents creating security interests, in particular:

14

 

	 	•	 	various confirmation, reaffirmation or amendment agreements under German law (including such
agreements that require notarial recording) with respect to the continuing or amendment of the
existing German security agreements (the “German Confirmation Agreements”);
	 
	 	•	 	Any agreements under which the Company grants new security such as new share pledge agreements or
new account pledge agreements (including such agreements that require notarial recording) (the
“German New Pledge Agreements”);
	 
	 	•	 	Any agreements under which the Company grants new security under non-German law or confirms,
reaffirms or amends existing agreements including but not limited to share pledge agreements or
interest pledge agreements relating to any shares/interests in non-German subsidiaries (including,
without limitation, a Brazilian law amendment to a quota pledge agreement over quotas in SIG
Beverages Brasil Ltda.) (the “Non-German Pledge Agreements”).

	 	12.	 	Any other document, instrument and/or agreement for the purpose of confirming, affirming,
retaking or creating security in respect of the Additional Bank Debt and/or the New Secured Notes.
	 
	 	13.	 	Any document, instrument and/or agreement for the purposes of implementing, or required as a
result of the implementation of, the Escrow and Merger Arrangements and/or the Bank Escrow
Arrangements, including any document, instrument or agreement which amends or otherwise varies any
security interest and/or guarantee granted by the Company.
	 
	 	14.	 	Any letters, notices or agreements of appointment in favour of certain related or unrelated
persons to act as process agent on behalf of the Company in respect of the Transactions.
	 
	 	15.	 	Any notices, certificates, requests, waivers, authorisations, amendments, letter agreements,
restatements, communications or other documents to be made, executed or entered into in connection
with the above and/or the Transactions.

15

 

SCHEDULE 2

	1.	 	Any agreements, amendments, supplements, joinders, certificates or other documents
required to be entered into in connection with the 2007 ICA.
	 
	2.	 	Any agreements, amendments, supplements, joinders, certificates, designations, confirmations or
other documents required to be entered into in connection with the FLICA including, without
limitation, in order to permit the New Secured Notes and/or Additional Bank Debt to be included as
“Obligations” thereunder.

16

 

SCHEDULE 3

STAMP DUTY GUIDELINES

	1.	 	Introduction
	 
	1.1	 	These stamp duty guidelines (the “Guidelines”) shall apply to all written
communication
of the parties to this Agreement of which this Schedule 3 forms part.
	 
	1.2	 	In these Guidelines, unless a contrary indication appears a term defined in the
Agreement (including by way of reference) has the same meaning when used in these
Guidelines.
	 
	2.	 	Guidelines for Written Communication
	 
	2.1	 	Signed written communication that records or otherwise provides evidence of a transaction
(Rechtsgeschäft) contemplated by, or referenced in, any Credit Document, whether in the body of
the relevant communication, a schedule, an attachment, an annex or an appendix referred to therein
or incorporated by reference (Bezugnahme), may only be made from an address outside of the Republic
of Austria to an address outside of the Republic of Austria. For the avoidance of doubt, e-mails
where the server on which such e-mails will be received or from which such e-mails will be sent is
located in the Republic of Austria (e.g. this may be indicated by an e-mail address having a
country code top level domain “.at”) or other e-mail addresses where the person sending or the
person receiving such e-mail have their ordinary workplace (Arbeitsplatz) in the Republic of
Austria must not be signed (see also clause 2.2. and 2.3. below).
	 
	2.2	 	Letters that record or otherwise provide evidence of a transaction (Rechtsgeschäft)
contemplated by, or referenced in, any Credit Document, whether in the body of the letter, a
schedule, an attachment, an annex or an appendix referred to therein or incorporated by reference
(Bezugnahme), may only be brought or sent into, or produced in, the Republic of Austria in the
following format (provided that no Stamp Duty Sensitive Document is attached):

[party’s letterhead]

Dear....,

[text of message]

Kind regards

- 37 -

 

NO SIGNATURE OF SENDING PARTY (WHETHER MANUSCRIPT,
DIGITAL OR ELECTRONIC)

NO CONTACT DETAILS

DO NOT ATTACH A STAMP DUTY SENSITIVE DOCUMENT

CONFIDENTIALITY NOTICES AND OTHER FOOTERS ALLOWED

	2.3	 	E-mails and fax messages that record or otherwise provide evidence of a transaction
(Rechtsgeschäft) contemplated by, or referenced in, any Credit Document, whether in
the body of the e-mail or fax, a schedule, an attachment, an annex or an appendix referred to
therein or incorporated by reference (Bezugnahme), may only be brought or sent into, or
produced in, the Republic of Austria if in the following format (provided that no Stamp Duty
Sensitive Document is attached):

Dear....,

[text of message].

Kind regards

NO SIGNATURE OF SENDING PARTY (WHETHER MANUSCRIPT,
DIGITAL OR ELECTRONIC)

NO CONTACT DETAILS OR OTHER AUTOMATICALLY GENERATED

FOOTERS THAT REFER TO A PARTY

DO NOT ATTACH A STAMP DUTY SENSITIVE DOCUMENT

CONFIDENTIALITY NOTICES AND OTHER FOOTERS ALLOWED

In addition, the footer of such e-mails must not contain the company name, contact
details or any other information allowing identification of the sender. The company name, contact
details etc. of the original sender of a reply or forwarded message need not be deleted.

- 38 -

 

SIGNATURE PAGES

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

	 	 	 	 	 
	 	SIG Austria Holding GmbH

as Pledgor

 	 
	 	By:  	/s/ Jennie Blizard 	 
	 	 	Name:  	Jennie Blizard 	 
	 	 	Title:  

Date:	Attorney

14 October 2011 	 
	 

	 	 	 	 	 	 	 	 	 

	The Bank of New York Mellon	 	 	 	 	 	 
	as Collateral Agent and Pledgee	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Catherine F. Donohue 	 	
	 	 	 	 
	 

	 	 
	 	 	 	 	 	 
	 

	 	Name: Catherine F. Donohue
	 	 	 		 	 
	 

	 	Title: Vice President
	 	 	 		 	 
	 

	 	Date: 14 October 2011
	 	 	 		 	 
	 
	 	 	 	 	 	 	 	 
	Acknowledged and agreed	 	 	 	 	 	 
	SIG Euro Holding AG & Co. KGaA represented by the SIG Reinag AG as its general
partner (Komplementär).	 	
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Jennie Blizard 	 		 	 	 	 
	 

	 	 
	 	 	 	 	 	 
	 

	 	Name: Jennie Blizard
	 	 	 		 	 
	 

	 	Title: Authorised Signatory
	 	 	 		 	 
	 

	 	Date: 14 October 2011
	 	 	 		 	 

- 39 -exv4w520

EXHIBIT 4.520

AMENDMENT AGREEMENT NO. 4

dated 14 October 2011

for

SIG COMBIBLOC GMBH & CO KG

as Chargor

and

WILMINGTON TRUST (LONDON) LIMITED

as Chargee

 

RELATING TO A

CHARGE AND SECURITY DEPOSIT OVER BANK

ACCOUNTS AGREEMENT

DATED 4 MARCH 2010 AS AMENDED ON 27 AUGUST 2010, 

14 JANUARY 2011 AND 7 JUNE 2011

 

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

 

 

THIS AMENDMENT AGREEMENT (the “Agreement”) is made on 14 October 2011

BETWEEN:

	(1)	 	SIG Combibloc GmbH & Co KG, a limited partnership organised under the laws of the Republic of
Austria, having its registered seat as at the date of this Agreement in Saalfelden am
Steinernen Meer, Austria, and its business address as at the date of this Agreement at
Industriestrasse 3, 5760 Saalfelden, Austria, registered in the Austrian companies register
(Firmenbuch) under file number FN240335 i; as chargor and depositor under this Agreement (the
“Chargor”, the “Depositor”); and

	(2)	 	Wilmington Trust (London) Limited, acting as chargee under this Agreement, in its capacity as
collateral agent acting on behalf and for the benefit of the Secured Parties (as defined in
the Charge and Security Deposit over Bank Accounts Agreement (as defined below)) as appointed
under the First Lien Intercreditor Agreement (as defined below) and authorised to represent
their joint and several rights in connection with this Agreement (hereinafter, with its
successors, permitted transferees and permitted assigns in such capacity, referred to as the
“Collateral Agent” or the “Chargee”);

		 	(1)and (2) are together hereinafter referred to as the “Parties” and “Party” means any of
them, as the context may require.

RECITALS:

	(A)	 	The Parties hereby declare that the Charge and Security Deposit over Bank Accounts
Agreement (as defined below) was originally concluded on 4 March 2010 between the Chargee and
the Chargor, pursuant to both (i) a credit agreement dated 5 November 2009 (as subsequently
amended, amended and restated, supplemented and/or as otherwise modified) between among others
Reynolds Group Holdings Inc., Pactiv Corporation, Reynolds Consumer Products Holdings Inc.,
Closure Systems International Holdings Inc., SIG Euro Holding AG & Co KGaA, SIG Austria
Holding GmbH, Closure Systems International BV, the other borrowers party thereto, Reynolds
Group Holdings Limited, the lenders from time to time parties thereto, and Credit Suisse AG as
administrative agent (the “Credit Agreement”) and (ii) an indenture dated 5 November 2009
between, among others, Reynolds Group Escrow LLC, Reynolds Group DL Escrow Inc. and The Bank
of New York Mellon, as trustee, principal paying agent, transfer agent and registrar, as
modified, amended or supplemented from time to time (the “2009 Indenture”). The Charge and
Security Deposit over Bank Accounts Agreement was amended on (A) 27 August 2010 pursuant to
the amendment agreement No. 2 and incremental assumption agreement dated 4 May 2010 in
relation to the Credit Agreement; (B) 14 January 2011 pursuant to (i) an indenture dated 15
October 2010 between, among others, RGHL US Escrow I Inc., RGHL US Escrow I LLC and RGHL
Escrow Issuer (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee, principal
paying agent, transfer agent, registrar and collateral agent, The Bank of New York Mellon,
London Branch as paying agent and Wilmington Trust (London) Limited as additional collateral
agent, as modified, amended or supplemented from time to time (the “2010 Indenture”) and (ii)
the amendment agreement No. 3 and incremental assumption agreement dated 30 September 2010 in
relation to the Credit Agreement; and

 

 

		 	(C) 7 June 2011 pursuant to (i) an indenture dated 1
February 2011 between, among others, Reynolds Group Issuer LLC, Reynolds Group Issuer Inc.,
Reynolds Group Issuer (Luxembourg) S.A. and The Bank of New York Mellon, as trustee, principal
paying agent, transfer agent, registrar and collateral agent and Wilmington Trust (London) Limited,
as additional collateral agent, as modified, amended or supplemented from time to time (the
“February 2011 Indenture”) and (ii) an amendment no. 4 and incremental term loan assumption
agreement dated 9 February 2011 in relation to the Credit Agreement.

	(B)	 	In connection with the Credit Agreement, the 2009 Indenture, the 2010 Indenture and
the February 2011 Indenture certain parties have entered into a first lien intercreditor
agreement dated 5 November 2009 between, among others, The Bank of New York Mellon as trustee
under the 2009 Indenture, Credit Suisse AG as representative under the Credit Agreement and
each grantor that are parties thereto, as subsequently amended by Amendment No. 1 and Joinder
Agreement dated 21 January 2010, which added the Collateral Agent as a collateral agent under
the First Lien Intercreditor Agreement (the “First Lien Intercreditor Agreement”).

	(C)	 	Pursuant to an indenture (the “August 2011 Secured Notes Indenture”) dated 9 August
2011 and entered into between, among others, RGHL US Escrow II Inc. and RGHL US Escrow II LLC
(collectively, the “August 2011 Escrow 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, certain secured notes (the “August 2011
Secured Notes”) were issued by the August 2011 Escrow Issuers. On 8 September 2011, the
August 2011 Secured Notes were released from escrow, RGHL US Escrow II Inc. and RGHL US Escrow
II LLC 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 were assumed by the August
2011 Ultimate Issuers pursuant to a supplemental indenture 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.

	(D)	 	Pursuant to an amendment no. 6 and incremental term loan assumption agreement (the
“Amendment No. 6”) dated 9 August 2011 and entered into between, among others Reynolds Group
Holdings Inc., Reynolds Consumer Products Holdings Inc., Closure Systems International
Holdings Inc., SIG Euro Holding AG & Co KGaA, SIG Austria Holding GmbH, Pactiv Corporation,
Closure Systems International B.V., the other borrowers party thereto, the lenders from time
to time party thereto and Credit Suisse AG as administrative agent, the Credit Agreement has
been amended and restated in the form of Annex A attached thereto (the “Second Amended and
Restated Credit Agreement”).

	(E)	 	The obligations in respect of the August 2011 Secured Notes Indenture and any Senior
Secured Note Documents (as defined therein) have been designated as “Additional Obligations”
under, and in accordance with, section 5.02(c) of the First Lien Intercreditor Agreement.

 

 

	(F)	 	As a consequence of the execution of the Amendment No. 6 and the issuance of the
August 2011 Secured Notes, the Parties agreed to amend the Charge and Security Deposit over
Bank Accounts Agreement and enter into this Agreement.

IT IS AGREED as follows:

	1.	 	DEFINITIONS AND INTERPRETATION

	1.1	 	Definitions

	 	 	In this Agreement:

	 	 	“Charge and Security Deposit over Bank Accounts Agreement” means the charge and security
deposit over bank accounts agreement concluded in the form of a private deed dated 4 March
2010, as amended on 27 August 2010, on 14 January 2011 and 7 June 2011 between the Chargor
and the Chargee.

	1.2	 	Incorporation of defined terms

	 	(a)	 	Unless a contrary indication appears, a term defined in the First Lien
Intercreditor Agreement and in the Charge and Security Deposit over Bank Accounts
Agreement has the same meaning in this Agreement and in any notice given under this
Agreement.
	 
	 	(b)	 	The principles of construction set out in the Charge and Security Deposit over
Bank Accounts Agreement shall have effect as if set out in this Agreement.

	1.3	 	Clauses

	 	 	In this Agreement any reference to a “Clause” is, unless the context otherwise
requires, a reference to a Clause to this Agreement.

	2.	 	AMENDMENTS TO THE CHARGE AND SECURITY DEPOSIT OVER BANK ACCOUNTS AGREEMENT

	 	 	With effect from the date of this Agreement:

	 	(a)	 	The following new definitions shall be inserted in clause 1.1 (Definitions) of
the Charge and Security Deposit over Bank Accounts Agreement in alphabetical order:
	 
	 	 	 	““August 2011 Issuers” means the “Issuers” under, and as defined in, the August
2011 Secured Notes Indenture, including their successors in interest.”
	 
	 	 	 	““August 2011 Escrow Issuers” means RGHL US Escrow II Inc. and RGHL US Escrow II
LLC, including their successors in interest.”
	 
	 	 	 	““August 2011 Secured Notes Indenture” means the indenture dated 9 August 2011,
among the August 2011 Escrow Issuers and The Bank of New York Mellon, as
trustee, principal paying agent, transfer agent, registrar and collateral
agent and Wilmington Trust (London) Limited as additional collateral agent, as
amended, extended, restructured, renewed, refunded, novated, supplemented,

 

 

	 	 	 	restated, replaced or modified from time to time, and to which Reynolds Group
Issuer Inc., Reynolds Group Issuer LLC and Reynolds Group Issuer (Luxembourg)
S.A. became a party as issuers by way of RGHL US Escrow II Inc. and RGHL US
Escrow II LLC merging with and into Reynolds Group Issuer Inc. and Reynolds
Group Issuer LLC, respectively, and a supplemental indenture being entered
into between, among
others, the August 2011 Escrow Issuers, Reynolds Group Issuer Inc., Reynolds Group
Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., 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.”
	 
	 	 	 	““August 2011 Incremental Assumption and Amendment Agreement” means the amendment
no. 6 and incremental term loan assumption agreement dated 9 August 2011
entered into between, among others, Reynolds Group Holdings Inc., Reynolds
Consumer Products Holdings Inc., Closure Systems International Holdings Inc.,
SIG Euro Holding AG & Co. KGaA, SIG Austria Holding GmbH, Closure Systems
International B.V. and Pactiv Corporation as borrowers, Reynolds Group
Holdings Limited, the Guarantors from time to time party thereto (as defined
therein), certain of the Lenders party thereto and the Administrative Agent
(as defined therein), as amended, novated, supplemented, restated or modified
from time to time.”
	 
	 	(b)	 	Clause 2.1 (i) of the Charge and Security Deposit over Bank Accounts Agreement
shall be replaced in its entirety with the following wording:

	 	“(i)	 	USD 9,570,000,000 (that is nine billion and five hundred
seventy million U.S. $) and EUR 780,000,000 (that is seven hundred and eighty
million euro) (the “Secured Principal”); plus”.

	3.	 	CONTINUITY AND FURTHER ASSURANCE
	 
	3.1	 	Continuing obligations
	 
	 	 	The provisions of the Charge and Security Deposit over Bank Accounts Agreement shall,
save as amended by this Agreement, continue in full force and effect.
	 
	3.2	 	Further assurance
	 
	 	 	The Chargor shall, at the reasonable request of the Chargee and at its own expense, do
all such acts and things necessary to give effect to the amendments effected or to be
effected pursuant to this Agreement.
	 
	4.	 	INCORPORATION OF TERMS
	 
	 	 	The provisions of clause 10 (Remedies and waivers), clause 11 (Severability), clause 17
(Notices) and clause 19 (Jurisdiction) of the Charge and Security Deposit over Bank Accounts
Agreement shall be incorporated into this Agreement as if set out in full in this Agreement
and as if references in those clauses to “this Agreement” are references to this Agreement.

 

 

	5.	 	GOVERNING LAW

	 	 	This Agreement is governed by Hungarian law.

	6.	 	RIGHTS OF THE COLLATERAL AGENT

	 	 	Notwithstanding anything contained herein, the Parties agree that this Agreement shall
be deemed a “Security Document” for the purposes of and as defined in the First Lien
Intercreditor Agreement (and for no other purpose) and accordingly each of the protections,
immunities, rights, indemnities and benefits conferred on the Collateral Agents under the
Charge and Security Deposit over Bank Accounts Agreement and the First Lien Intercreditor
Agreement shall continue in full force and effect and shall apply to this Agreement as if
set out in full herein.

 

 

SIGNATURES

SIG Combibloc GmbH & Co KG, represented by its general partner SIG Combibloc GmbH - as Chargor

	 	 	 	 	 
	 	 	 
	                                                        
	 	By:  	/s/ Jennie Blizard
 	 
	 	 	Name:  	Jennie Blizard 	 
	 	 	Title:  	Authorised Signatory 	 
	                                                         
	 	 	 	 
	 
	 	Wilmington Trust (London) Limited - as Chargee

 	 
	 	By:  	/s/ Paul Barton
 	 
	 	 	Name:  	Paul Barton 	 
	 	 	Title:  	Relationship Manager

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