Document:

exv4w299

EXHIBIT 4.299

Confirmation Letter

Date 16 November 2010

	TO : 	 	
	 
	(i)	 	Credit Suisse AG (formerly known as Credit Suisse), as administrative agent under the Credit
Agreement (as defined below)
	 
	(ii)	 	Wilmington Trust (London) Limited as collateral agent under the First Lien Intercreditor
Agreement and the Existing Security Documents (each as defined below)
	 
	 	 	WHEREAS:
	 
	A.	 	SIG Combibloc Ltd. (the “Company”) has provided security in respect of obligations under the
Credit Agreement and the Secured Notes (each as defined below) under the following security
documents:

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

	B.	 	Reynolds Group Holdings Inc., the Borrowers, the Guarantors, the Lenders, the New Incremental
Term Lenders and the Administrative Agent (each as defined therein) have entered into the
amendment no. 3 and incremental term loan assumption agreement dated 30 September 2010
relating to the Credit Agreement (as defined below) (the “Amendment Agreement”).
	 
	C.	 	The Issuers, the Collateral Agent and Trustee and the Additional Collateral Agent (each as
defined therein) have entered into the new secured notes indenture (and related documentation)
dated 15 October 2010 in respect of the New Secured Notes (as defined below) (the “New Secured
Notes Indenture”).

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

	1.	 	Definitions
	 
	 	 	In this Confirmation Letter:

 

 

	 	 	“Amendment No. 2” means the amendment no. 2 and incremental term loan assumption agreement
dated 4 May 2010 relating to the Credit Agreement;
	 
	 	 	“Credit Agreement” means the credit agreement dated 5 November 2009 by and among Reynolds
Group Holdings Inc., Reynolds Consumer Products Holdings Inc., Closure Systems International
Holdings Inc., SIG Euro Holding AG & Co. KGaA, SIG Austria Holding GmbH, Closure Systems
International B.V., Reynolds Group Holdings Limited, the Guarantors from time to time party
thereto, the Lenders from time to time party thereto and Credit Suisse AG (formerly known as
Credit Suisse), as administrative agent for the Lenders as amended, restated or otherwise
modified from time to time;
	 
	 	 	“Credit Documents” has the meaning given to it in the First Lien Intercreditor Agreement;
	 
	 	 	“Existing Incremental Term Loans” has the meaning given to the term “Incremental U.S. Term
Loans” in the Amendment No. 2;
	 
	 	 	“Existing Security Documents” means the Conditional Assignment of Bank Accounts and the
Conditional Assignment of Receivables;
	 
	 	 	“First Confirmation Letter” means the Confirmation Letter dated 4 May 2010, executed by the
Company in connection with the Amendment No. 2;
	 
	 	 	“First Lien Intercreditor Agreement” means the first lien intercreditor agreement dated 5
November 2009, between, among others, the Administrative Agent, the Trustee, the Collateral
Agent and the Grantors (as defined therein) as amended, restated or otherwise modified from
time to time;
	 
	 	 	“New Secured Notes” means the senior secured notes in an aggregate principal amount of
US$1,500,000,000 due 2019 to be issued under the New Secured Notes Indenture;
	 
	 	 	“Secured Notes” means the senior lien notes in an aggregate amount of approximately
US$1,125,000,000 aggregate principal amount of senior secured notes due 2016 and
approximately €450,000,000 aggregate principal amount of senior secured notes due 2016 of
Reynolds Group Issuer (Luxembourg) S.A., Reynolds Group Issuer LLC and Reynolds Group Issuer
Inc.; and
	 
	 	 	“Thai Business Permit” means the requisite permit under the Alien Business Act B.E. 2542
from the Director-General of the Department of Business Development, Ministry of Commerce of
Thailand permitting the Company to provide a guarantee of
the Amended Credit Agreement (as defined in the Amendment Agreement) or a guarantee for
payment of the New Secured Notes (as the case may be).

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	 	 	Save as otherwise defined in this Confirmation Letter, words and expressions defined in the
First Lien Intercreditor Agreement (whether directly or by incorporation therein) shall have
the same meanings when used herein.
	 
	2.	 	Effectiveness of the Existing Security Documents and its guarantee
	 
	2.1	 	Subject to Clause 2.2 below, the Company hereby:

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

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

	 	(i)	 	the obligations and liabilities of the Company with respect to the Credit
Documents are limited to such obligations and liabilities existing immediately prior to
the date hereof or, in the case of any obligations and liabilities in respect of the
Credit Agreement, the Amendment Effective Date (as defined in the Amendment Agreement)
and do not in either case extend to:

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

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

	 	 	For the avoidance of doubt, the limitations set out in this Clause 2.2 shall not prejudice
or affect the Company’s obligations and undertakings with respect to the Bank of Thailand
in-principle approval and the Thai Business Permit including the entering into any relevant
documents or agreements thereafter as required under the Amendment Agreement or the New
Secured Notes Indenture (the “Documents”) and any action or obtaining any authorisation
required or in relation to the Company’s execution and delivery of, and performance under,
the Documents, the Bank of Thailand in-principle approval or the Thai Business Permit.

	3.	 	No Novation
	 
	 	 	Subject to Clause 2.2 above, the Company confirms that this Confirmation Letter, the
Amendment Agreement, the New Secured Notes Indenture and the transactions contemplated
thereby shall not extinguish the obligations for the payment of money outstanding under any
Credit Document or discharge or release the priority of any Credit Document or any other
security therefor. Nothing herein and in the Amendment Agreement or the New Secured Notes
Indenture shall be construed as a substitution or novation of the obligations outstanding
under any Credit Document or instruments securing the same, which shall remain in full force
and effect. Nothing in or implied by this Confirmation Letter, the Amendment Agreement, the
New Secured Notes Indenture or in any other document contemplated thereby shall be construed
as a release or other discharge of the Company under any Credit Document from any of its
obligations and liabilities thereunder. Each of the Credit Documents shall remain in full
force and effect notwithstanding the execution and delivery of this Confirmation Letter, the
Amendment Agreement and the New Secured Notes Indenture.
	 
	4.	 	Parallel Debt Provision
	 
	 	 	Subject to Clause 2.2 above and (subject to the guarantee and security in respect of the
Existing Incremental Term Loans not having been confirmed and acknowledged by the Company)
to the limitations contained in the First Confirmation Letter, the Company hereby agrees
that its Parallel Debt created under the First Lien Intercreditor Agreement, or under any
guarantor joinder to the First Lien Intercreditor
Agreement, in effect prior to the date hereof shall, subject to the Legal Reservation,
continue to be in full force and effect and shall accrue to the benefit of each Collateral
Agent (for the benefit of the Secured Parties) and shall continue to apply, as applicable,
in relation to all amounts owing from time to time by the Company under or pursuant to the
Obligations (as defined in the First Lien Intercreditor Agreement)

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	 	 	notwithstanding the
effectiveness of the Amendment Agreement and the New Secured Notes Indenture.
	 
	5.	 	Rights of the Collateral Agent
	 
	 	 	For the avoidance of doubt, notwithstanding anything contained herein, each of the
protections, immunities, rights, indemnities and benefits conferred on the Collateral Agent
under the Existing Security Documents and the First Lien Intercreditor Agreement shall
continue in full force and effect and shall apply to this Confirmation Letter as if set out
in full herein.
	 
	6.	 	Governing Law
	 
	 	 	This Confirmation Letter shall be governed by, and construed in accordance with, the law of
the Kingdom of Thailand.

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

	 	 	 	 	 
	 	SIG COMBIBLOC LTD.

 	 
	 	By:  	/s/Helen Golding
 	 
	 	 	Name:  	Helen Golding 	 
	 	 	Title:  	Attorney 	 

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EXECUTION COPY

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

	 	 	 	 	 
	 	COLLATERAL AGENT

EXECUTED for and on behalf of

WILMINGTON TRUST (LONDON) LIMITED

 	 
	 	By:  	/s/Elaine Lockhart
 	 
	 	 	Name:  	Elaine Lockhart 	 
	 	 	Title:  	Relationship Manager 	 
	 
	 	SECURED PARTIES

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

WILMINGTON TRUST (LONDON) LIMITED

 	 
	 	By:  	/s/Elaine Lockhart
 	 
	 	 	Name:  	Elaine Lockhart 	 
	 	 	Title:  	Relationship Managerexv4w300

EXHIBIT 4.300

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 16 NOVEMBER 2010

CLOSURE SYSTEMS INTERNATIONAL (UK) LIMITED

AND

THE BANK OF NEW YORK MELLON

AS COLLATERAL AGENT

 

DEED OF CONFIRMATION AND AMENDMENT

 

 

 

THIS DEED is made the 16th day of November 2010

BETWEEN:

	(1)	 	CLOSURE SYSTEMS INTERNATIONAL (UK) LIMITED, a company incorporated in England and
Wales with company number 06474959 (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 2 December 2009 granted by Closure
Systems International (UK) Limited in favour of the Collateral Agent (the “Debenture”)
pursuant to both (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 BV, the other
borrowers party thereto, 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 Reynolds Group Escrow LLC, Reynolds Group DL Escrow Inc. and The Bank of New York
Mellon, as trustee, principal paying agent, transfer agent and collateral agent, as modified,
amended or supplemented from time to time (the “2009 Indenture”).
	 
	(B)	 	In connection with the Credit Agreement and the 2009 Indenture certain parties to
both of those documents have entered into a first lien intercreditor agreement dated 5
November 2009 (as subsequently amended) 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, as subsequently amended (the “First Lien
Intercreditor Agreement”).
	 
	(C)	 	The parties to the Credit Agreement have entered into an amendment agreement dated 30
September 2010 to amend the terms of the Credit Agreement (“Amendment No.3”).
	 
	(D)	 	Pursuant to an indenture (the “2010 Secured Notes 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. (the “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 “2010
Secured Notes”) were issued by the Escrow Issuers. On or about the date of this agreement the
2010 Secured Notes shall be released from escrow and the obligations of the Escrow Issuers
shall be assumed by the issuers under the 2009 Indenture.
	 
	(E)	 	The obligations in respect of the 2010 Secured Notes and any Senior Secured Note
Documents (as defined therein) will or have been designated as
“Additional Obligations” 

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	 	 	 under, and in accordance with, section 5.02(c) of the First Lien Intercreditor Agreement
(the “Secured Notes Designation”).
	 
	(F)	 	As a consequence of the execution of the 2010 Secured Notes Indenture it is necessary
for the Chargor to make certain minor 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 following new definition of “2009 Issuers”
shall be inserted in alphabetical order:
	 
	 	 	 	“ “2009 Issuers” means the “Issuers” under, and as defined in, the 2009 Senior
Secured Note Indenture, including their successors in interest.”
	 
	 	(b)	 	In Clause 1.1 (Definitions) the following new definition of “2010 Issuers”
shall be inserted in alphabetical order:
	 
	 	 	 	“ “2010 Issuers” means the “Issuers” under, and as defined in, the 2010 Senior
Secured Note Indenture, including their successors in interest.”
	 
	 	(c)	 	In Clause 1.1. (Definitions) the following new definition of “Escrow Issuers”
shall be inserted in alphabetical order:
	 
	 	 	 	“ “Escrow Issuers” means RGHL US Escrow I Inc., RGHL US Escrow I LLC and RGHL Escrow
Issuer (Luxembourg) I S.A., including their successors in interest.”
	 
	 	(d)	 	In Clause 1.1 (Definitions) the following new definition of “2010 Senior
Secured Note Indenture” shall be inserted in alphabetical order:
	 
	 	 	 	“ “2010 Senior Secured Notes Indenture” means the indenture dated 15 October 2010,
among the 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 the 2010 Issuers have or will become a
party as issuers by way of the Escrow Issuers merging into the 2010 Issuers.”
	 
	 	(e)	 	In Clause 1.1 (Definitions) the definition of “Senior Secured Note Indenture”
shall be deleted in its entirety and replaced with the following:

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	 	 	 	“ “2009 Senior Secured Notes Indenture” means the Indenture dated 5 November, 2009,
among the 2009 Issuers, the Note Guarantors (as defined therein) and The Bank of
New York Mellon, as trustee, principal paying agent, transfer agent and registrar, as amended, extended, restructured, renewed,
refunded, novated, supplemented, restated, replaced or modified from time to time.”
	 	 	 	
	 	(f)	 	Clause 5.3.2 (Further Advances) shall be deleted in its 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.”

	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 the Amendment No.3 and to the obligations in
respect of the new “Additional Agreements” 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.

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

The Chargor

	 	 	 	 	 	 	 

	Signed as a deed by

	 	Helen Golding
	 	 	)	 
	 

	 	 	 	 	)	 
	as attorney for

	 	 	 	 	)	 
	Closure Systems International (UK) Limited	 	 	)	 
	in the presence of:

	 	 	 	 	)	/s/ HELEN GOLDING

	 
	 	 	 	 	 	 
	Signature of witness

	 	/s/ Julia Keppe	 	 	 	 
	 
	 	 	 	 	 	 
	Name of witness

	 	Julia Keppe	 	 	 	 
	 
	 	 	 	 	 	 
	Address of witness	 	Debevoise & Plimpton LLP, Tower 42, EC2N 1HQ
	 
	 	 	 	 	 	 
	Occupation of witness

	 	Solicitor	 	 	 	 
	 
	 	 	 	 	 	 
	The Collateral Agent
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Signed by

	 	 	 	 	)	 
	THE BANK OF NEW YORK MELLON

	 	 	)	 

	 	 	 	 	 
	 	 	 
	 	By:  	                        /s/ CATHERINE DONOHUE
 	 
	 	 	Name:  	Catherine Donohue 	 

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

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