Document:

exv4w491

EXHIBIT 4.491

Confirmation and Amendment Agreement

dated 8 September 2011

between

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

SIG COMBIBLOC GROUP AG

SIG ALLCAP AG

SIG COMBIBLOC (SCHWEIZ) AG

SIG SCHWEIZERISCHE INDUSTRIE-GESELLSCHAFT AG

SIG TECHNOLOGY AG

SIG COMBIBLOC PROCUREMENT AG

SIG REINAG AG

(collectively the “Confirming Grantors”)

and

THE BANK OF NEW YORK MELLON

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

(the “Collateral Agent”)

relating to

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

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

 

 

			
	 
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THIS CONFIRMATION AND AMENDMENT AGREEMENT is entered into as of the date set forth on the
front page and shall be contingent upon the Merger Effectiveness (as defined in recital R below))
and entered into BETWEEN:

	(1)	 	Beverage Packaging Holdings (Luxembourg) III S.à r.l., a private limited liability company
(société à responsabilité limitée) incorporated under the laws of Luxembourg and having its
registered office at 6C, rue Gabriel Lippmann, L-5365 Munsbach, Grand Duchy of Luxembourg,
registered in the Luxembourg register of commerce and companies under file number B 128135,
having a share capital of EUR 404,969,325;
	 
	(2)	 	SIG Combibloc Group AG, a company limited by shares incorporated under the laws of
Switzerland, having its registered office at Laufengasse 18, 8212 Neuhausen am Rheinfall,
Switzerland and registered in the Commercial Register of the Canton of Schaffhausen with the
federal register number CH-290.3.004.149-2;
	 
	(3)	 	SIG allCap AG, a company limited by shares incorporated under the laws of Switzerland, having
its registered office at Industrieplatz, 8212 Neuhausen am Rheinfall, Switzerland and
registered in the Commercial Register of the Canton of Schaffhausen with the federal register
number CH-290.3.013.656-7;
	 
	(4)	 	SIG Combibloc (Schweiz) AG, a company limited by shares incorporated under the laws of
Switzerland, having its registered office at Laufengasse 18, 8212 Neuhausen am Rheinfall,
Switzerland and registered in the Commercial Register of the Canton of Schaffhausen with the
federal register number CH-020.3.021.306-8;
	 
	(5)	 	SIG Schweizerische Industrie-Gesellschaft AG, a company limited by shares incorporated under
the laws of Switzerland, having its registered office at Industrieplatz, 8212 Neuhausen am
Rheinfall, Switzerland and registered in the Commercial Register of the Canton of Schaffhausen
with the federal register number CH-290.3.004.148-4;
	 
	(6)	 	SIG Technology AG, a company limited by shares incorporated under the laws of Switzerland,
having its registered office at Laufengasse 18, 8212 Neuhausen am Rheinfall, Switzerland and
registered in the Commercial Register of the Canton of Schaffhausen with the federal register
number CH-160.3.002.649-1;
	 
	(7)	 	SIG Combibloc Procurement AG, a company limited by shares incorporated under the laws of
Switzerland, having its registered office at Laufengasse 18, 8212 Neuhausen am Rheinfall,
Switzerland and registered in the Commercial Register of the Canton of Schaffhausen with the
federal register number CH-290.3.016.591-1;
	 
	(8)	 	SIG Reinag AG, a company limited by shares incorporated under the laws of Switzerland, having
its registered office at Laufengasse 18, 8212 Neuhausen am Rheinfall, Switzerland and
registered in the Commercial Register of the Canton of

 

 

			
	 
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	 	 	Schaffhausen with the federal register number CH-290.3.003.796-7;
	 
	 	 	(the entities under (1) to (8) collectively, the “Confirming Grantors”; the entities under
(2) to (8), collectively, the “Swiss Confirming Grantors”), on the one part;
and
	 
	(9)	 	The Bank of New York Mellon, having its business address at 1, Wall Street, New York, N.Y.
10286, The United States of America, acting under the First Lien Intercreditor Agreement (as
defined below) as Collateral Agent for itself and for the benefit and for the account of the
Secured Parties (as defined in the applicable Security Documents) (the “Collateral Agent”), on
the other part.

RECITALS

	(A)	 	Pursuant to a credit agreement (the “Credit Agreement”) dated November 5, 2009 made
between inter alia Reynolds Group Holdings Inc. (“RGHI”), Reynolds
Consumer Products Holdings Inc., SIG Euro Holding AG & Co. KG aA, Closure Systems
International Holdings Inc., Closure Systems International B.V., Pactiv Corporation and SIG
Austria Holding GmbH as borrowers (“the Borrowers”), Reynolds Group
Holdings Limited, certain Confirming Grantors as current guarantors, the lenders from time to
time party thereto, and Credit Suisse AG, Cayman Islands Branch, as administrative agent (the
“Administrative Agent”), as amended by Amendment No. 1 dated as of January 21, 2010, as
further amended by an Amendment No. 2 and Incremental Term Loan Assumption Agreement dated as
of May 4, 2010 (the “Amendment No. 2”), as further amended by an Amendment No. 3 and
Incremental Term Loan Assumption Agreement dated as of September 30, 2010 (the “Amendment No.
3”), as further amended and restated by an Amendment No. 4 and Incremental Term Loan
Assumption Agreement dated as of February 9, 2011 (the “Amendment No. 4”) and as further
amended by an Amendment No. 5 dated as of March 11, 2011 (the “Amendment No. 5”), certain
facilities were made available to the Borrowers on the terms and conditions thereof.
	 
	(B)	 	Pursuant to a senior secured note indenture dated November 5, 2009 (the “2009 Senior Secured
Note Indenture”), as supplemented by various supplemental indentures entered into on or before
the date of this Agreement, among inter alia Reynolds Group Issuer LLC, Reynolds Group Issuer
Inc., and Reynolds Group Issuer (Luxembourg) S.A as ultimate issuers (collectively, the
“Issuers”) , the Note Guarantors (as defined therein) and The Bank of New York Mellon, as
trustee (the “Trustee”) certain senior

 

 

			
	 
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	 	 	secured notes due 2016 were issued to certain noteholders on the terms and conditions
thereof.
	 
	(C)	 	Pursuant to a first lien intercreditor agreement dated November 5, 2009 among The Bank of New
York Mellon as collateral agent and as trustee, the Administrative Agent and, among others,
the Confirming Grantors, as amended by Amendment No. 1 dated as of January 21, 2010 (which
added Wilmington Trust (London) Limited as a collateral agent under the first lien
intercreditor agreement) (the “First Lien Intercreditor Agreement”), The Bank of New York
Mellon and, later, Wilmington Trust (London) Limited were appointed each as a Collateral Agent
(as defined therein) with regard to, among other things, the acquisition, holding and
enforcement of Liens on Collateral (both as defined in therein).
	 
	(D)	 	Pursuant to a senior secured note indenture dated October 15, 2010 (the “2010 Senior Secured
Note Indenture”) as supplemented by various supplemental indentures entered into on or before
the date of this Agreement among inter alia RGHL US Escrow I Inc., RGHL US Escrow I LLC and
RGHL Escrow Issuer (Luxembourg) I S.A., the Note Guarantors (as defined therein) and The Bank
of New York Mellon, as trustee, principal paying agent, transfer agent, registrar and
collateral agent and Wilmington Trust (London) Limited as additional collateral agent, certain
senior secured notes due 2019 were issued to certain noteholders on the terms and conditions
thereof.
	 
	(E)	 	Pursuant to a senior secured note indenture dated 1 February 2011 (the “February 2011 Senior
Secured Note Indenture”) as supplemented by various supplemental indentures entered into on or
before the date of this Agreement among inter alia the 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, certain senior secured
notes due 2021 were issued to certain noteholders on the terms and conditions thereof.
	 
	(F)	 	The Credit Agreement, the 2009 Senior Secured Note Indenture, the 2010 Senior Secured Note
Indenture, the February 2011 Senior Secured Note Indenture and the First Lien Intercreditor
Agreement were supplemented several times by means of guarantor joinders to the Credit
Agreement (which also provide for the accession to the First Lien Intercreditor Agreement),
supplemental indentures (see also recital (B)) to the 2009 Senior Secured Note Indenture,
supplemental indentures (see also recital (D)) to the 2010 Senior Secured Note Indenture and
supplemental indentures (see also recital (E)) to the February 2011 Senior Secured Note
Indenture.

 

 

			
	 
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	(G)	 	Pursuant to the Principal Finance Documents, the Parties hereto (and, as applicable, SIG
Finanz AG (see recital (M) below)) have entered into the Swiss law security documents as
listed and described in Schedule 1 hereto (the “Security Documents”) over certain assets
respectively owned by the Confirming Grantors in order to secure the performance of the
Secured Obligations.
	 
	(H)	 	RGHI, the Borrowers, the Guarantors from time to time party thereto (as defined therein), the
Lenders from time to time party thereto, the Incremental U.S. Term Lenders (as defined
therein), the other Lenders party thereto and the Administrative Agent, among others, have
entered into the Amendment No. 2 relating to the Credit Agreement and pursuant to which (i)
the Credit Agreement has been amended to inter alia increase the incremental term facilities
from an amount of USD 400,000,000 to an amount of USD 1,550,000,000 and (ii) certain
incremental term lenders have agreed to make available incremental term loans in an amount of
USD 800,000,000 to the Borrowers.
	 
	(I)	 	RGHI, the Borrowers, the Guarantors from time to time party thereto (as defined therein), the
Lenders from time to time party thereto and the Administrative Agent, among others, have
entered into the Amendment No. 3 relating to the Credit Agreement and pursuant to which the
Credit Agreement has been amended to, inter alia, add an incremental tranche A facility of up
to USD 500,000,000 and an incremental tranche D facility of up to USD 1,520,000,000.
	 
	(J)	 	RGHI, the Borrowers, the Guarantors from time to time party thereto (as defined therein), the
Lenders from time to time party thereto and the Administrative Agent, among others, have
entered into the Amendment No. 4 relating to the Credit Agreement and pursuant to which the
Credit Agreement has been amended and restated to, inter alia, add new incremental term loans
of up to USD 2,325,000,000 and EUR 250,000,000.
	 
	(K)	 	RGHI, the Borrowers, the Guarantors from time to time party thereto (as defined therein), the
Lenders from time to time party thereto and the Administrative Agent, among others, have
entered into the Amendment No. 5 relating to the Credit Agreement.
	 
	(L)	 	The Confirming Grantors (and SIG Finanz AG, as applicable), among others, have entered into
Swiss law-governed confirmation and amendment agreements dated May

 

 

			
	 
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	 	 	4, 2010, November 16, 2010, February 1, 2011, February 9, 2011 and March 2, 2011,
respectively, pursuant to which, among other provisions, each of the Confirming Grantors has
confirmed that the obligations of the Credit Agreement as amended under the Amendment No. 2,
the Amendment No. 3 and the Amendment No. 4, respectively, and the obligations of the 2010
Senior Secured Note Indenture and the February 2011 Senior Secured Note Indenture are also
secured by the security interest created by the Security Documents to which it is a party.
	 
	(M)	 	Pursuant to a Swiss statutory merger between SIG Combibloc Group AG and SIG Finanz AG which
became effective as of June 15, 2010 (the “Swiss Merger”), all of the rights and obligations
of SIG Finanz AG have been assumed by, and transferred to, SIG Combibloc Group AG by operation
of law. Therefore, all confirmations and amendments under this Agreement in respect of
Security Documents originally entered into by SIG Finanz AG shall be given by SIG Combibloc
Group AG, but for (i) the non-accessory Swiss receivables assignment agreement and Swiss bank
account assignment agreement to which SIG Finanz AG was a party and which terminated due to
the combination of the receivables / bank accounts of SIG Combibloc Group AG with the
receivables / bank accounts of the former SIG Finanz AG and (ii) the accessory Swiss share
pledge over the shares of SIG Finanz AG to which SIG Combibloc Group AG was a party and which
terminated due to the cancellation of the shares of SIG Finanz AG, all as detailed, inter
alia, in Schedule 1 hereto.
	 
	(N)	 	Pursuant to a share purchase and contribution agreement between SIG Combibloc Group AG and
SIG allCap AG dated May 12, 2011 SIG Combibloc Group AG transferred 100% of its shares of SIG
Technology AG to SIG allCap AG, which became the sole shareholder of SIG Technology AG (the
“Share Transfer”). Concurrently with the Share Transfer, SIG Combibloc Group AG as original
pledgor, SIG allCap AG as pledgor and The Bank of New York Mellon acting as collateral agent
for itself and for the benefit and for the account of the secured parties and as pledgee,
entered into a release and pledge of registered shares dated May 12, 2011, pursuant to which,
amongst others, the security created under the pledge of registered shares dated November 5,
2009 and originally entered into between SIG Finanz AG as pledgor (to which due to the Merger
SIG Combibloc Group AG became a party) and The Bank of New York Mellon acting as collateral
agent for itself and for the benefit and for the account of the secured parties and as
pledgee, and relating to the pledge of shares of SIG Technology AG, was released and a new
security over the shares of SIG Technology AG was provided by SIG allCap AG to secure the
performance of the Secured Obligations (as defined below).

 

 

			
	 
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	(O)	 	RGHI, the Borrowers, the Guarantors from time to time party thereto, the Lenders from time to
time party thereto and the Administrative Agent (all as defined therein), among others, have
entered into an amendment No. 6 and incremental term loan assumption agreement (the “Amendment
No. 6”) dated August 9, 2011, relating to the Credit Agreement and pursuant to which the
Credit Agreement has been amended and restated to, inter alia, add new incremental Tranche C
term loans of up to USD 2,000,000,000 (the “Second Amended and Restated Credit Agreement”).
	 
	(P)	 	Pursuant to a senior secured note indenture dated August 9, 2011 (the “August 2011 Senior
Secured Note Indenture”) entered into among inter alia RGHL US Escrow II Inc. and RGHL US
Escrow II LLC (collectively, 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, certain senior secured
notes due 2019 (the “August 2011 Senior Secured Notes”) were issued by the August 2011 Escrow
Issuers to certain noteholders on the terms and conditions thereof.
	 
	(Q)	 	On the date on which the Merger Effectiveness (as defined below) occurs, the August 2011
Senior Secured Note Indenture and any Senior Secured Note Documents (as defined in the August
2011 Senior Secured Note Indenture) will each be an “Additional Agreement” under the First
Lien Intercreditor Agreement as a result of the designation of the obligations with respect to
the August 2011 Senior Secured Note Indenture and any Senior Secured Note Documents (as
defined in the August 2011 Senior Secured Note Indenture) as “Additional Obligations” under
section 5.02(c) of the First Lien Intercreditor Agreement (the “August 2011 Senior Secured
Notes Designation”). Each of the Swiss Confirming Grantors has consented to the August 2011
Senior Secured Notes Designation in writing in its resolutions of the board of directors
approving, inter alia, this Agreement.
	 
	 	 	In this respect, it should be noted that the definition of “Loan Documents” in each Security
Document (which is defined to include the “Credit Documents” under, and as defined in, the
First Lien Intercreditor Agreement) extends to any “Additional Agreement” (as defined in the
First Lien Intercreditor Agreement).
	 
	(R)	 	To effect the release of the August 2011 Senior Secured Notes from escrow, the August 2011
Escrow Issuers have, or will, merge with Reynolds Group Issuer LLC and Reynolds Group Issuer
Inc., or otherwise transfer all of their assets and liabilities to the

 

 

			
	 
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	 	 	Issuers and following the consummated merger or transfer (i) the obligations of the August
2011 Escrow Issuers have been, or will be, assumed by the Issuers and (ii) the obligations as
co-issuer with respect to the August 2011 Senior Secured Notes constitute, or will
constitute, legal, valid and binding obligations of the Issuers only and are enforceable
against such Issuers in accordance with its terms (the occurrence of the merger being the
“Merger Effectiveness”).
	 
	(S)	 	Concurrently with this Agreement, the Confirming Grantors, among others, have entered into a
New York law governed reaffirmation agreement dated as of the date hereof in respect of the
non-Swiss law security to which each Confirming Grantor is a party and the guarantee of the
Credit Agreement by each Confirming Grantor and pursuant to which, among other provisions,
each of the Confirming Grantors has (i) ratified and affirmed the Amendment No. 6 and the
transactions contemplated thereby, (ii) confirmed and re-affirmed its respective
guarantee of the obligations as provided in the Second Amended and Restated Credit Agreement
and (iii) confirmed and reaffirmed that its respective non-Swiss law security extends to the
Second Amended and Restated Credit Agreement and the Additional Obligations as a result of the
August 2011 Senior Secured Notes Designation.
	 
	(T)	 	The Confirming Grantors and the Collateral Agent (acting for itself and for the benefit and
for the account of the Secured Parties) (collectively, the “Parties” and each a “Party”) have
agreed to enter into this Agreement in order to ensure that the Security Documents continue to
secure the Secured Obligations and extend to all obligations of the Confirming Grantors (i)
under the Amendment No. 6 and the Second Amended and Restated Credit Agreement and (ii) in
connection with the August 2011 Senior Secured Notes Designation.

NOW IT IS HEREBY AGREED as follows:

1. DEFINITIONS AND CONSTRUCTION

	(a)	 	Unless defined otherwise herein, capitalized terms and expressions used herein shall have
the meaning ascribed to them in the Security Documents.
	 
	 	 	The parties agree that in each Security Document:

 

 

			
	 
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	 	 	“Secured Obligations” means 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 Loan Party and each grantor of a security interest to the Secured
Parties (or any of them) under each or any of the Loan Documents including in particular,
but not limited to, the Parallel Obligations together with all costs, charges and expenses
incurred by any Secured Party in connection with the protection, preservation or enforcement
of its respective rights under the Loan Documents or any other documents evidencing or
securing any such liabilities provided always that the Pledgor or Assignor, as applicable,
shall (A) only be liable under this Agreement or any other Loan Document (including, for the
avoidance of doubt, any restructuring of the Pledgor’s or Assignor’s, as applicable, rights
of set-off and/or subrogation and its duties to subordinate claims) in relation to
obligations (other than obligations under the Loan Documents of (y) the Pledgor or Assignor,
as applicable, (i) incurred as Borrower under the Credit Agreement, (ii) incurred as
borrower under any agreement pursuant to which a Local Facility (as defined in the Credit
Agreement) is made available, (iii) incurred as a party to and beneficiary under any Hedging
Agreement (as defined in the Credit Agreement), (iv) owed as Cash Management Obligations,
provided the Pledgor or Assignor, as applicable, is a beneficiary of the Cash Management
Services causing such Cash Management Obligations (all as defined in the Credit Agreement),
(v) incurred as a party to and beneficiary under any Additional Agreement or (vi) to the
extent certain proceeds of the 2009 Senior Secured Note Indenture, the 2010 Senior Secured
Note Indenture, the February 2011 Senior Secured Note Indenture or the August 2011 Senior
Secured Note Indenture have been made available to the Pledgor or Assignor, as applicable,
up to such proceeds and (z) a direct or indirect subsidiary of the Pledgor or Assignor, as
applicable, (the “Subsidiary”) (i) incurred as Borrower under the Credit Agreement, (ii)
incurred as borrower under any agreement pursuant to which a Local Facility (as defined in
the Credit Agreement) is made available, (iii) incurred as a party to and beneficiary under
any Hedging Agreement (as defined in the Credit Agreement), (iv) owed as Cash Management
Obligations, provided the Subsidiary is a beneficiary of the Cash Management Services
causing such Cash Management Obligations (all as defined in the Credit Agreement), (v)
incurred as a party to and beneficiary under any Additional Agreement or (vi) to the extent
certain proceeds of the 2009 Senior Secured Note Indenture, the 2010 Senior Secured Note
Indenture, the February 2011 Senior Secured Note Indenture or the August 2011 Senior Secured
Note Indenture have been made available to the Subsidiary, up to such proceeds) to the
extent such obligations do not constitute a repayment of capital (Einlagerueckgewaehr), a
violation of the legally protected reserves (gesetzlich geschuetzte Reserven) or a payment
of a (constructive) dividend prohibited by the Swiss Federal Code of Obligations by the
Pledgor or Assignor, as applicable, and in the maximum amount of its profits available for
the distribution of dividends at the point in time the Pledgor’s or Assignor’s, as
applicable, obligations fall due (being the balance sheet profits and any free reserves made
for this purpose, in each case in accordance with the relevant Swiss law); (B) pass for such
payments shareholder’s resolutions for the distribution of dividends in accordance with the
relevant provisions of the Swiss Federal Code of Obligations being in

 

 

			
	 
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	 	 	force at that time (currently the profits available for the distribution of dividends as
described above must be determined based on an audited balance sheet and such shareholders’
resolution must be based on a report from the Pledgor’s or Assignor’s, as applicable,
auditors approving the proposed distribution of dividends); and (C) deduct from such
payments Swiss Anticipatory Tax (withholding tax) at the rate of 35% (or such other rate as
in force from time to time) and subject to any applicable double taxation treaty and/or
agreements entered into with the Swiss Federal Tax administration:

	 	(i)	 	pay such deduction to the Swiss Federal Tax Administration; and
	 
	 	(ii)	 	give evidence to the respective Secured Party beneficiary or Secured Parties
beneficiaries (as the case may be) of such deduction in accordance with Section 2.20 of
the Credit Agreement (Taxes) and Section 4.15 of the 2009 Senior Secured Note
Indenture, the 2010 Senior Secured Note Indenture, the February 2011 Senior Secured
Note Indenture or the August 2011 Senior Secured Note Indenture (Withholding Taxes);
	 
	 	(iii)	 	but if such a deduction is made, the Pledgor or Assignor, as applicable, shall
not be obliged to gross-up pursuant to Section 2.20 of the Credit Agreement (Taxes) and
Section 4.15 of the 2009 Senior Secured Note Indenture, the 2010 Senior Secured Note
Indenture, the February 2011 Senior Secured Note Indenture or the August 2011 Senior
Secured Note Indenture (Withholding Taxes) to the extent that such gross-up would
result in the aggregate amounts paid to the Secured Parties beneficiaries and the Swiss
Federal Tax administration exceeding the maximum amount of its profits available for
the distribution of dividends.

	(b)	 	The Parties agree that this Agreement shall be deemed a “Security Document” for the purposes
of and as defined in the First Lien Intercreditor Agreement (and for no other purpose) and
that, accordingly, all rights, duties, privileges, protections, indemnities and benefits of
the Collateral Agent set forth in the First Lien Intercreditor Agreement are hereby
incorporated by reference.
	 
	(c)	 	For the avoidance of doubt, the Parties confirm, in respect of the Security Documents to
which they are a party, that any reference in each of the Security Documents to the term
“Credit Agreement” shall be read and construed as a reference to the Credit Agreement as
amended, varied, novated, supplemented, restated, superseded or extended from time to time,
including pursuant to the Amendment No. 6 and the Second Amended and Restated Credit
Agreement.

 

 

			
	 
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2. EFFECTIVE DATE

	 	 	This Agreement is effective upon the Merger Effectiveness (as defined in recital R, above).

3. CONFIRMATION — AMENDMENT

	 	 	Each Party hereby confirms and agrees that any and all Obligations (as defined in the First
Lien Intercreditor Agreement and thus including (i) any and all obligations under or in
connection with the Amendment No. 6 and the Second Amended and Restated Credit Agreement and
(ii) any and all obligations that are “Additional Obligations” as a result of the August 2011
Senior Secured Notes Designation, in each case) constitute “Secured Obligations” as set forth
and defined in the Security Documents to which it is a party and that, therefore, any and all
obligations under or in connection with the Amendment No. 6, the Second Amended and Restated
Credit Agreement, the August 2011 Senior Secured Note Indenture and the Senior Secured Note
Documents (as defined in the August 2011 Senior Secured Note Indenture), shall also be
secured by the security interest created by and pursuant to the Security Documents to which
it is a party.

4. CONTINUITY

	 	 	Each Party hereby confirms that, notwithstanding the effectiveness of the Amendment No. 6,
the Second Amended and Restated Credit Agreement, the August 2011 Senior Secured Notes
Designation, the August 2011 Senior Secured Note Indenture and the Senior Secured Note
Documents (as defined in the August 2011 Senior Secured Note Indenture), and subject to Legal
Reservations (as defined in the Credit Agreement), the Security Documents continue to be in
full force and effect, save as amended by this Agreement, and acknowledges that the security
constituted by the Security Documents continues to be in full force and effect so as to
secure, on a pari passu basis, any and all Secured Obligations (as amended by this Agreement)
under or in connection with the Amendment No. 6, the Second Amended and Restated Credit
Agreement, the August 2011 Senior Secured Note Indenture, the Senior Secured Note Documents
(as defined in the August 2011 Senior Secured Note Indenture) and the other Loan Documents.

	 	 	For the avoidance of doubt, for Swiss law purposes, the Collateral Agent shall act and shall
be deemed to act for the benefit and for the account of each of the Secured Parties,
including the Additional Secured Parties (as defined in the First Lien Intercreditor

 

 

			
	 
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	 	 	Agreement) as a result of the August 2011 Senior Secured Notes Designation, for the purposes
of this Agreement, without any prejudice to the rights and duties laid upon the Collateral
Agent under the laws applicable to the Loan Documents.

5. MISCELLANEOUS

	(a)	 	To the extent permitted under the Principal Finance Documents, this Agreement may not be
modified, amended, altered or supplemented, in whole or in part, except by a written agreement
signed by all the Parties.
	 
	(b)	 	If any provision of this Agreement is found by any competent authority to be void, invalid or
unenforceable, such provision shall be deemed to be deleted from this Agreement and the
remaining provisions of this Agreement shall continue in full force. In this event, the
Agreement shall be construed, and, if necessary, amended in a way to give effect to, or to
approximate, or to achieve a result which is as close as legally possible to the result
intended by the provision hereof determined to be void, illegal or unenforceable.
	 
	(c)	 	The rights of a Party to this Agreement shall not be prejudiced or restricted by any
indulgence or forbearance extended to the other Party. A waiver to pursue any breach of
contract by a Party shall not operate as a waiver of the respective right or as a waiver to
claim any subsequent breach. Any provision of this Agreement may be waived only by a written
statement of the waiving Party.

6. NOTICES

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

 

 

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

7. FURTHER ASSURANCE

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

8. GOVERNING LAW AND JURISDICTION

	(a)	 	This Agreement shall be governed by and construed in accordance with the substantive laws of
Switzerland (without regard to the International Private Law provisions thereof).
	 
	(b)	 	Any and all litigation to which this Agreement may give rise shall be subject to the
exclusive jurisdiction of the competent authorities and the Commercial Court of the Canton of
Zurich (“Handelsgericht”), with reservation of the right of appeal to the Swiss Federal Court
in Lausanne. The Parties submit to the jurisdiction of said authorities and Courts.

9. COUNTERPARTS

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

THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK

THE FOLLOWING PAGES ARE THE SIGNATURE PAGES

 

 

			
	 
	 	14/19

SIGNATURE PAGE COLLATERAL AGENT

THE BANK OF NEW YORK MELLON, by

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

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

 

 

			
	 
	 	15/19

SIGNATURE PAGE SIG GROUP COMPANIES

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

 	 
	 	By:  	/s/ Prudence Wyllie
 	 
	 	 	Name:  	Prudence Wyllie 	 
	 	 	Title:  	Authorised Signatory 	 
	 
	 	SIG COMBIBLOC GROUP AG

 	 
	 	By:  	/s/ Prudence Wyllie
 	 
	 	 	Name:  	Prudence Wyllie 	 
	 	 	Title:  	Attorney 	 
	 
	 	SIG ALLCAP AG

 	 
	 	By:  	/s/ Prudence Wyllie
 	 
	 	 	Name:  	Prudence Wyllie 	 
	 	 	Title:  	Attorney 	 
	 
	 	SIG COMBIBLOC (SCHWEIZ) AG

 	 
	 	By:  	/s/ Prudence Wyllie
 	 
	 	 	Name:  	Prudence Wyllie 	 
	 	 	Title:  	Attorney 	 
	 
	 	SIG SCHWEIZERISCHE INDUSTRIE-GESELLSCHAFT AG

 	 
	 	By:  	/s/ Prudence Wyllie
 	 
	 	 	Name:  	Prudence Wyllie 	 
	 	 	Title:  	Attorney 	 

 

 

			
	 
	 	16/19

	 	 	 	 	 
	 	SIG TECHNOLOGY AG

 	 
	 	By:  	/s/ Prudence Wyllie
 	 
	 	 	Name:  	Prudence Wyllie 	 
	 	 	Title:  	Attorney 	 
	 
	 	SIG COMBIBLOC PROCUREMENT AG

 	 
	 	By:  	/s/ Prudence Wyllie
 	 
	 	 	Name:  	Prudence Wyllie 	 
	 	 	Title:  	Attorney 	 
	 
	 	SIG REINAG AG

 	 
	 	By:  	/s/ Prudence Wyllie
 	 
	 	 	Name:  	Prudence Wyllie 	 
	 	 	Title:  	Attorney 	 

 

 

	 	 	 	 	 

			
	 
	 	17/19

SCHEDULE 1

Security Documents

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

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

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

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

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

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

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

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

 

 

			
	 
	 	18/19

Release and pledge of registered shares dated May 12, 2011 and entered into between SIG Combibloc
Group AG as original pledgor, SIG allCap AG as pledgor and The Bank of New York Mellon acting as
collateral agent for itself and for the benefit and for the account of the secured parties and as
pledgee and relating to the release and pledge of shares of SIG Technology AG.

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

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

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

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

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

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

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

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

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

Receivables Assignment dated November 5, 2009 and entered into between SIG Technology AG as
assignor and The Bank of New York Mellon acting as collateral agent for itself and for

 

 

			
	 
	 	19/19

the benefit and for the account of the secured parties and as assignee.

Pledge of intellectual property rights dated November 5, 2009 and entered into between SIG
Technology AG as pledgor and The Bank of New York Mellon acting as collateral agent for itself and
for the benefit and for the account of the secured parties and as pledgee.

Assignment of bank accounts dated December 2, 2009 and entered into between SIG Combibloc
Procurement AG as assignor and The Bank of New York Mellon acting as collateral agent for itself
and for the benefit and for the account of the secured parties and as assignee.

Receivables Assignment dated December 2, 2009 and entered into between SIG Combibloc Procurement AG
as assignor and The Bank of New York Mellon acting as collateral agent for itself and for the
benefit and for the account of the secured parties and as assignee.

Receivables Assignment dated January 29, 2010 and entered into between SIG Reinag AG as assignor
and The Bank of New York Mellon acting as collateral agent for itself and for the benefit and for
the account of the secured parties and as assignee.exv4w492

EXHIBIT 4.492

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.

DATED 8 SEPTEMBER 2011

J. & W. BALDWIN (HOLDINGS) LIMITED

AND

THE BANK OF NEW YORK MELLON

AS COLLATERAL AGENT

 

DEED OF CONFIRMATION AND AMENDMENT

 

 

 

THIS DEED is made the 8th day of September 2011

BETWEEN:

	(1)	 	J. & W. BALDWIN (HOLDINGS) LIMITED registered in England and Wales with company
number 00800719 (the “Chargor”); and
	 
	(2)	 	THE BANK OF NEW YORK MELLON in its capacity as collateral agent as appointed under
the First Lien Intercreditor Agreement for the Secured Parties (the “Collateral Agent”)

WHEREAS:

	(A)	 	The Chargor has entered into the debenture dated 16 November 2010 in favour of the
Collateral Agent (the “Debenture”) pursuant to (i) a credit agreement dated as of 5 November
2009 (as subsequently amended) 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, Reynolds Group Holdings Limited, Closure Systems
International B.V., Pactiv Corporation, the other borrowers party thereto, the guarantors from
time to time party thereto, the lenders from time to time party thereto, and Credit Suisse AG,
as administrative agent (as amended, restated, supplemented or otherwise modified from time to
time, the “Credit Agreement”), (ii) an indenture dated 5 November 2009 between Reynolds Group
Escrow LLC, Reynolds Group DL Escrow Inc. and The Bank of New York Mellon, as trustee,
principal paying agent, transfer agent, registrar and collateral agent, as modified, amended
or supplemented from time to time (the “2009 Senior Secured Notes Indenture”), (iii) an
indenture dated 15 October 2010 and entered into 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 and
Wilmington Trust (London) Limited, as additional collateral agent as modified, amended or
supplemented from time to time (the “2010 Senior Secured Notes Indenture”) and (iv) an
indenture dated 1 February 2011 and entered into 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 Senior Secured Notes
Indenture”).
	 
	(B)	 	In connection with the Credit Agreement, the 2009 Senior Secured Notes Indenture, the
2010 Senior Secured Notes Indenture and the February 2011 Senior Secured Notes Indentures,
certain parties to those documents have entered into a first lien intercreditor agreement
dated 5 November 2009 (as subsequently amended pursuant to Amendment No. 1 and Joinder
Agreement dated as of January 21, 2010) between, among others, The Bank of New York Mellon as
collateral agent and representative under the indenture, Credit Suisse AG as representative
under the credit agreement, Wilmington Trust (London) Limited as an additional collateral
agent and each grantor that are parties thereto (the “First Lien Intercreditor Agreement”).

- 1 -

 

	(C)	 	The parties to the Credit Agreement have entered into an amendment agreement dated 9
August 2011 to amend and restate the terms of the Credit Agreement (including Annex A attached
thereto, “Amendment No. 6”).

	(D)	 	Pursuant to an indenture (the “August 2011 Senior 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”) and The Bank of New York Mellon, as
trustee, principal paying agent, transfer agent, registrar and collateral agent and Wilmington
Trust (London) Limited, as additional collateral agent, certain secured notes (the “August
2011 Senior Secured Notes”) were issued by the August 2011 Escrow Issuers. On or about the
date of this agreement, the August 2011 Senior Secured Notes shall be released from escrow,
RGHL US Escrow II Inc. and RGHL US Escrow II LLC shall be merged with and into Reynolds Group
Issuer Inc. and Reynolds Group Issuer LLC (together with Reynolds Group Issuer (Luxembourg)
S.A., the “August 2011 Ultimate Issuers”), respectively, and the obligations of the August
2011 Escrow Issuers shall be assumed by the August 2011 Ultimate Issuers pursuant to one or
more supplemental indentures between, among others, the August 2011 Escrow Issuers, the August
2011 Ultimate Issuers, The Bank of New York Mellon, as trustee, principal paying agent,
transfer agent, registrar and collateral agent and Wilmington Trust (London) Limited, as
additional collateral agent.
	 
	(E)	 	The obligations in respect of the August 2011 Senior Secured Notes and any Senior
Secured Note Documents (as defined in the August 2011 Senior Secured Notes Indenture) will or
have been designated as “Additional Obligations” under, and in accordance with, section
5.02(c) of the First Lien Intercreditor Agreement and the August 2011 Senior Secured Notes
Indenture and the Senior Secured Note Documents (as defined in the August 2011 Senior Secured
Notes Indenture) are therefore “Additional Agreements” under the First Lien Intercreditor
Agreement (the “Secured Notes Designation”).
	 
	(F)	 	As a consequence of the execution of the August 2011 Senior Secured Notes Indenture
it is necessary for the Chargor to make certain amendments to the Debenture, and enter into
this Deed.

NOW THE PARTIES HEREBY AGREE:

	1.	 	In this Deed (including its recitals), unless otherwise defined herein terms defined
in the First Lien Intercreditor Agreement shall have the same meaning when used in this Deed.
	 
	2.	 	With effect from the date of this Deed, the Debenture shall be amended as follows:

	 	(a)	 	In Clause 1.1 (Definitions) the existing definition of “Agreed Security
Principles” shall be deleted in its entirety and replaced with the following:
	 
	 	 	 	““Agreed Security Principles” has the meaning given to such term in the Credit
Agreement, the 2009 Senior Secured Notes Indenture, the 2010 Senior Secured Notes
Indenture, the February 2011 Senior Secured Notes Indenture and the August 2011
Senior Secured Notes Indenture and, to the extent of any inconsistency, the meaning
in the Credit Agreement prevails.”

- 2 -

 

	 	(b)	 	In Clause 1.1 (Definitions) the following new definition of “August 2011
Issuers” shall be inserted in alphabetical order:
	 
	 	 	 	““August 2011 Issuers” means the “Issuers” under, and as defined in, the August
2011 Senior Secured Notes Indenture, including their successors in interest.”
	 
	 	(c)	 	In Clause 1.1. (Definitions) the following new definition of “August 2011
Escrow Issuers” shall be inserted in alphabetical order:
	 
	 	 	 	““August 2011 Escrow Issuers” means RGHL US Escrow II Inc. and RGHL US Escrow II
LLC, including their successors in interest.”
	 
	 	(d)	 	In Clause 1.1 (Definitions) the following new definition of “August 2011
Senior Secured Notes Indenture” shall be inserted in alphabetical order:
	 
	 	 	 	““August 2011 Senior 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. have or will
become 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 one or more supplemental indentures 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.”
	 
	 	(e)	 	In Clause 1.1 (Definitions) the existing definition of “Credit Agreement”
shall be deleted in its entirety and replaced with the following:
	 
	 	 	 	““Credit Agreement” means the second amended and restated credit agreement dated 9
August 2011 among Reynolds Group Holdings Inc., Reynolds Consumer Products Holdings
Inc., SIG Euro Holding AG & Co. KGaA, Closure Systems International Holdings Inc.,
Closure Systems International B.V., Pactiv Corporation and SIG Austria Holding GmbH
as borrowers, Reynolds Group Holdings Limited, the guarantors from time to time
party thereto, the lenders from time to time party thereto and Credit Suisse AG as
administrative agent, as further amended, extended, restructured, renewed, novated,
supplemented, restated, refunded, replaced or modified from time to time.”
	 
	 	(f)	 	In Clause 1.1 (Definitions) the existing definition of “First Lien
Intercreditor Agreement” shall be deleted in its entirety and replaced with the
following:

- 3 -

 

	 	 	 	""First Lien Intercreditor Agreement” means the First Lien Intercreditor Agreement
dated 5 November 2009 between, among others, the Collateral Agent, The Bank of New
York Mellon, as trustee under the 2009 Senior Secured Notes Indenture, the 2010
Senior Secured Notes Indenture, the February 2011 Senior Secured Notes Indenture
and the August 2011 Senior Secured Notes Indenture, Credit Suisse AG, as
administrative agent under the Credit Agreement, and the Loan Parties, as further
amended, novated, supplemented, restated or modified from time to time.”
	 
	 	(g)	 	In Clause 1.1 (Definitions) the existing definition of “Principal Finance
Documents” shall be deleted in its entirety and replaced with the following:
	 
	 	 	 	""Principal Finance Documents” means the Credit Agreement, the 2009 Senior Secured
Notes Indenture, the 2010 Senior Secured Notes Indenture, the February 2011 Senior
Secured Notes Indenture, the August 2011 Senior Secured Notes Indenture, the
Intercreditor Arrangements and any Additional Agreement.”
	 
	 	(h)	 	Sub- clauses 5.3.2 and 5.3.3 of Clause 5.3 (Further Advances) shall be
deleted in their entirety and replaced with the following:
	 
	 	 	 	“5.3.2 (a) Subject to the terms of the Loan Documents, each 2009 Issuer may issue
Additional Notes (as defined in the 2009 Senior Secured Notes Indenture) and
the obligations in respect of such Additional Notes will be deemed to be
incorporated into this Debenture as if set out in this Debenture.
	 
	 		 	(b) Subject to the terms of the Loan Documents, each 2010 Issuer may issue
Additional Notes (as defined in the 2010 Senior Secured Notes Indenture)
and the obligations in respect of such Additional Notes will be deemed to
be incorporated into this Debenture as if set out in this Debenture.
	 
	 		 	 (c) Subject to the terms of the Loan Documents, each February 2011 Issuer
may issue Additional Notes (as defined in the February 2011 Senior Secured
Notes Indenture) and the obligations in respect of such Additional Notes
will be deemed to be incorporated into this Debenture as if set out in
this Debenture.
	 
	 		 	(d) Subject to the terms of the Loan Documents, each August 2011 Issuer
may issue Additional Notes (as defined in the August 2011 Senior Secured
Notes Indenture) and the obligations in respect of such Additional Notes
will be deemed to be incorporated into this Debenture as if set out in
this Debenture.”

	3.	 	The Chargor confirms that, with effect from the date of this Deed, the Debenture shall
continue in full force and effect as amended by this Deed and extends to the obligations in
respect of the Credit Agreement as amended by Amendment No.6 and to the

- 4 -

 

		 	obligations in respect
of the Additional Agreements (as defined in the First Lien Intercreditor Agreement) as a
result of the Secured Notes Designation.

	4.	 	This Deed is supplemental to and shall be construed as one with the Debenture and all
documents or instruments which are expressed to supplement the Debenture shall be construed
accordingly.
	 
	5.	 	This Deed may be executed in two or more counterparts each of which shall be deemed an
original but which together shall constitute one and the same instrument.
	 
	6.	 	This Deed and any non-contractual obligations arising out of or in connection with it
shall be governed by and construed in accordance with English law.
	 
	7.	 	The courts of England have exclusive jurisdiction to settle any dispute (a “Dispute”)
arising out of, or connected with this Deed (including a dispute regarding the existence,
validity or termination of this Deed or the consequences of its nullity) or any
non-contractual obligations arising out of or in connection with this Deed.
	 
	8.	 	The parties agree that the courts of England are the most appropriate and convenient
courts to settle Disputes between them and, accordingly, that they will not argue to the
contrary.
	 
	9.	 	Clauses 7 to 9 (inclusive) of this Deed are for the benefit of the Collateral Agent
only. As a result and notwithstanding Clause 7, it does not prevent the Collateral Agent from
taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent
allowed by law, the Collateral Agent may take concurrent proceedings in any number of
jurisdictions.

- 5 -

 

IN WITNESS whereof this Deed has been duly executed as a deed by the Chargor and understood by the
Collateral Agent on the day and year first before written.

The Chargor

	 	 	 	 	 	 	 	 	 	 	 

	Signed as a deed by

Name: Karen Mower

	 	/s/ Karen Mower
	)	 	 

)	 	 	 	 	 
	as attorney for

	 	 	)	 	 	 	 	 	 	 
	J. & W. Baldwin (Holdings) Limited	)	 	 	 	 	 	 	 
	in the presence of:

	 	 	)	 	 	 	 	 	 	 
	Signature of witness

	 	/s/ Stephen Mihaljevic	 	 	 	 	 	 	 	 
	Name of witness

	 	Stephen Mihaljevic	 	 	 	 	 	 	 	 
	Address of witness

	 	Sydney, Australia	 	 	 	 	 	 	 	 
	Occupation of witness

	 	Solicitor	 	 	 	 	 	 	 	 

The Collateral Agent

	 	 	 	 	 	 	 

	Signed by

	 	 	)	 	 	 
	THE BANK OF NEW YORK MELLON

	 	 	)	 	 	 

By: /s/ Catherine F. Donohue

Name: Catherine F. Donohue

Title: Vice President

	 Address:	 	 The Bank of New York Mellon

101 Barclay Street, Floor 4E, New York, NY 10286, USA

Fax: +1 212 815 5366

Attention: International Corporate Trust

- 6 -

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