Document:

exv4w181

EXHIBIT 4.181

BEVERAGE
PACKAGING HOLDINGS (LUXEMBOURG) III S.À.R.L.

AS PLEDGOR

AND

THE BANK OF NEW YORK MELLON

AS COLLATERAL AGENT

 

PLEDGE OVER RECEIVABLES

 

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.

 

 

CONTENTS

	 	 	 	 	 
	CLAUSE	 	PAGE	 
	1. DEFINITIONS AND INTERPRETATION
	 	 	2	 
	2. PLEDGE OVER PLEDGED CLAIMS
	 	 	4	 
	3. PLEDGOR’S REPRESENTATIONS AND
UNDERTAKINGS
	 	 	5	 
	4. POWER OF ATTORNEY
	 	 	6	 
	5. REMEDIES UPON DEFAULT
	 	 	6	 
	6. EFFECTIVENESS OF COLLATERAL
	 	 	7	 
	7. INDEMNITY
	 	 	8	 
	8. DELEGATION
	 	 	9	 
	9. RIGHTS OF RECOURSE
	 	 	9	 
	10. PARTIAL ENFORCEMENT
	 	 	9	 
	11. COSTS AND EXPENSES
	 	 	9	 
	12. CURRENCY CONVERSION
	 	 	9	 
	13. NOTICES
	 	 	10	 
	14. SUCCESSORS
	 	 	10	 
	15. AMENDMENTS AND PARTIAL INVALIDITY
	 	 	10	 
	16. LAW AND JURISDICTION
	 	 	10	 

 

 

THIS PLEDGE AGREEMENT has been entered into on 4 May 2010

BETWEEN

	(1)	 	BEVERAGE PACKAGING HOLDINGS (LUXEMBOURG) III S.À.R.L. , a société à responsabilité
limitée incorporated under Luxembourg law with registered office at 6C, Parc d’Activités
Syrdall, L-5365 Munsbach, Grand-Duchy of Luxembourg, registered with the Luxembourg register
of commerce and companies under the number B128.135 and having a share capital of EUR
404,969,325.- (the “Pledgor”); and
	 
	(2)	 	THE BANK OF NEW YORK MELLON, acting for itself and as collateral agent as appointed
under the First Lien Intercreditor Agreement (as defined below) for the benefit of the Secured
Parties (as defined below), together with its successors and permitted assigns in such
capacity (the “Collateral Agent”);

AND IN THE PRESENCE OF:

	(3)	 	SIG COMBIBLOC HOLDING GMBH, a German limited liability company, having its registered
office at Rurstraße 58, 52441 Linnich, Germany, and registered with the Commercial Register of
the Local Court Düren under HR B 5751 (the “German Debtor”).

WHEREAS:

	(A)	 	Pursuant to a credit agreement (the “Credit Agreement”) dated 5 November 2009 and entered
into between 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. and SIG Austria Holding GmbH as borrowers, Reynolds Group Holdings Limited,
the lenders from time to time party thereto and Credit Suisse AG, as administrative agent, as
amended by an amendment agreement dated 21 January 2010, and as further amended, extended,
restructured, renewed, novated, supplemented, restated, refunded, replaced or modified from
time to time, certain loan facilities (the “Facilities”) have been made available to the
Borrowers (as defined below).
	 
	(B)	 	Pursuant to an indenture (the “Senior Secured Note Indenture”) dated 5 November 2009 and
entered into between the Issuers (as defined below), 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, certain notes have been issued by the
Issuers.
	 
	(C)	 	On 5 November 2009, the Collateral Agent, The Bank of New York Mellon, as trustee under the
Senior Secured Note Indenture, Credit Suisse AG, as administrative agent under the Credit
Agreement, and the Loan Parties (as defined below), entered into an intercreditor agreement
(the “First Lien Intercreditor Agreement”) as amended by an amendment agreement dated 21
January 2010, and as further amended, novated, supplemented, restated or modified from time to
time.

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	(D)	 	On or about the date hereof, 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. and SIG Austria Holding GmbH as borrowers, Reynolds Group
Holdings Limited, the lenders from time to time party thereto and Credit Suisse, as
administrative agent have entered into an amendment N°2 and incremental term loan assumption
agreement (the “Amendment and Incremental Assumption Agreement”) relating to the Credit
Agreement.
	 
	(E)	 	As a condition precedent to any further borrowings under the Credit Agreement, as amended
pursuant to the Amendment and Incremental Assumption Agreement and as required by the Senior
Secured Note Indenture, the Pledgor has agreed, for the payment and discharge of and as
security for all of the Secured Obligations as defined herein, to enter into this pledge
agreement (the “Pledge Agreement”) which the Pledgor declares to be in its best corporate
interest.

IT IS AGREED as follows:

1. DEFINITIONS AND INTERPRETATION

	1.1	 	Unless defined in this Pledge Agreement or the context otherwise requires, a term
defined in the First Lien Intercreditor Agreement has the same meaning in this Pledge
Agreement and in any notice given under this Pledge Agreement.
	 
	1.2	 	In this Pledge Agreement:
	 
	 	 	“Applicable Representative” has the meaning ascribed to such term in the First Lien
Intercreditor Agreement.
	 
	 	 	“Agreed Security Principles” has the meaning it is given in the Credit Agreement and the
Senior Secured Note Indenture and to the extent of any inconsistency the meaning it is
given in the Credit Agreement shall prevail.
	 
	 	 	“Borrowers” shall mean the “Borrowers” under, and as defined in, the Credit Agreement from
time to time.
	 
	 	 	“Business Day” has the meaning ascribed to such term in the Credit Agreement.
	 
	 	 	“Debtors” means the German Debtor and the Future Debtors.
	 
	 	 	“Event of Default” shall mean an “Event of Default” under, and as defined in, the First
Lien Intercreditor Agreement.
	 
	 	 	“Financial Collateral Law” means the Luxembourg law of 5 August 2005 on financial
collateral arrangements.
	 
	 	 	“Future Debtors” means any and all persons being or becoming debtor to the Pledgor after
the date hereto except for the German Debtor.
	 
	 	 	“Group” means Reynolds Group Holdings Limited and its subsidiaries from time to time.

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	 	 	“Intercreditor Arrangements” means the First Lien Intercreditor Agreement and any other
document that is designated by the Loan Parties’ Agent and the Collateral Agent as an
intercreditor agreement, in each case as amended, novated, supplemented, restated, replaced
or modified from time to time.
	 
	 	 	“Issuers” shall mean the “Issuers” under and as defined in the Senior Secured Note
Indenture, including their successors in interest.
	 
	 	 	“Loan Documents” shall mean the “Credit Documents” under, and as defined in, the First Lien
Intercreditor Agreement and any other document designated by the Loan Parties’ Agent and
the Collateral Agent as a Loan Document.
	 
	 	 	“Loan Parties” shall mean the “Grantors” under, and as defined in, the First Lien
Intercreditor Agreement.
	 
	 	 	“Loan Parties’ Agent” shall mean Reynolds Group Holdings Limited (formerly known as Rank
Group Holdings Limited).
	 
	 	 	“Luxembourg Loan Agreements” means the loans given by the Pledgor to the German Debtor
pursuant to intercompany loan agreements to be entered into on or about the date hereof.
	 
	 	 	“Pledged Claims” means all claims, regardless of the nature thereof (including interest,
default interest, commissions, expenses, costs, indemnities and any other amounts due
thereunder), whether actual, future or contingent, whether owed jointly or severally, and
whether subordinated or not, owed by the German Debtor to the Pledgor under the Luxembourg
Loan Agreements as well as any other loan agreement or other debt instrument and
receivables owed to the Pledgor by any Debtor (the “Future Receivables”), together with, to
the largest extent permitted by law, any accessory rights, claims or actions, including any
security interest or rights, under whatever law, attaching to such claims or granted to the
Pledgor as security for such claims.
	 
	 	 	“Principal Finance Documents” means the Credit Agreement, the Senior Secured Note
Indenture, the Intercreditor Arrangements and any Additional Agreement.
	 
	 	 	“Rights of Recourse” means all and any rights, actions and claims the Pledgor may have
against any Loan Party or any other person having granted security or given a guarantee for
the Secured Obligations, arising under or pursuant to the enforcement of the present Pledge
including, in particular, the Pledgor’s right of recourse against any such entity under the
terms of Article 2028 et seq. of the Luxembourg Civil Code (including, for the avoidance of
doubt, any right of recourse prior to enforcement), or any right of recourse by way of
subrogation or any other similar right, action or claim under any applicable law.
	 
	 	 	“Secured 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 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, for
the avoidance of doubt, any liability in respect of any further advances made under the
Loan Documents or resulting from an amendment or an increase of the principal

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	 	 	amount of the Facilities), 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 document evidencing or securing any
such liabilities.
	 
	 	 	“Secured Parties” shall mean the “Secured Parties” under, and as defined in, the First Lien
Intercreditor Agreement.
	 
	1.3	 	This Pledge Agreement is subject to the terms of the Intercreditor Arrangements. In
the event of a conflict between the terms of this Agreement and the Intercreditor
Arrangements, the terms of the Intercreditor Arrangements will prevail.
	 
	1.4	 	In this Pledge Agreement, any reference to (a) a “Clause” is, unless otherwise
stated, a reference to a Clause hereof and (b) to any agreement (including this Pledge
Agreement, the First Lien Intercreditor Agreement, the Credit Agreement or any other Loan
Document) is a reference to such agreement as amended, varied, modified or supplemented
(however fundamentally) from time to time. Clause headings are for ease of reference only.
	 
	1.5	 	This Pledge Agreement may be executed in any number of counterparts and by way of
facsimile exchange of executed signature pages, all of which together shall constitute one and
the same Pledge Agreement.
	 
	2.	 	PLEDGE OVER PLEDGED CLAIMS
	 
	2.1	 	The Pledgor pledges the Pledged Claims in favour of the Collateral Agent acting for
itself and as collateral agent for the benefit of the Secured Parties, who accepts, as
first-priority pledge (gage) (the “Pledge”) for the due and full payment and discharge of all
of the Secured Obligations.
	 
	2.2	 	The Pledgor shall within three (3) months of the end of each calendar year ending
after 1 January 2010, notify this Pledge to any Future Debtor that has not received notice
(provided that no notice shall be required to be given to any third party trade debtor not
within the Group unless an Event of Default has occurred and is continuing), with copy to the
Collateral Agent, such notice to be in the form set out in Schedule 1 and undertakes to use
reasonable endeavours to obtain a duly executed acknowledgement (in the form set out in
Schedule 2 hereto) by the Future Debtor and to provide evidence thereof to the Collateral
Agent.
	 
	2.3	 	Without prejudice to the above provisions, the Pledgor hereby irrevocably authorises
and empowers the Collateral Agent to take or to cause any formal steps to be taken for the
purpose of perfecting the present Pledge, if the Pledgor has failed to comply with such
perfection steps within 10 Business Days of being notified of that failure and, for the
avoidance of doubt, subject to the Agreed Security Principles, undertakes to take any such
steps itself if so directed by the Collateral Agent (provided that no notice shall be required
to be given to any third party trade debtor not within the Group unless an Event of Default
has occurred and is continuing).

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	2.4	 	Provided that no Event of Default has occurred and is continuing, the Pledgor is
authorised by the Collateral Agent to collect and exercise any rights and claims in respect
of the Pledged Claims in accordance with the Principal Finance Documents.
	 
	2.5	 	The Pledgor undertakes that, during the subsistence of the Pledge Agreement, it will
not grant any pledge with a lower ranking without the prior approval of the Collateral Agent
except as contemplated under the Principal Finance Documents.
	 
	3.	 	PLEDGOR’S REPRESENTATIONS AND UNDERTAKINGS
	 
	3.1	 	The Pledgor hereby represents to the Collateral Agent that, as of the date hereof,
except as permitted by the Principal Finance Documents:

	 	3.1.1	 	no counterclaims as to which a right to set-off or right of retention could
be exercised exist with respect to the Pledged Claims except those permitted to exist
under the Principal Finance Documents; and
	 
	 	3.1.2	 	confirms to the Collateral Agent the representations contained in Section
3.02, 3.03 and 3.19 of the Credit Agreement.

	3.2	 	Unless permitted by the terms of the Principal Finance Documents, except with the
Collateral Agent’s prior written consent, the Pledgor shall not:

	 	3.2.1	 	sell or otherwise dispose of all or any of its rights, title and interest in
the Pledged Claims; or
	 
	 	3.2.2	 	create, grant or permit to exist (a) any encumbrance or security interest
over or (b) any restriction on the ability to transfer or realise, all or any part of
the Pledged Claims (other than, for the avoidance of doubt, the Pledge, and liens and
privileges arising mandatorily by law).

	 	3.3	 	The Pledgor hereby undertakes that, subject to the Agreed Security Principles, during
the subsistence of this Pledge Agreement:

	 	3.3.1	 	it will ensure that no counterclaims as to which a right to set-off or right
of retention could be exercised will exist with respect to the Pledged Claims except
those permitted to exist under the Principal Finance Documents;
	 
	 	3.3.2	 	it shall cooperate with the Collateral Agent and sign or cause to be signed
all such further documents and take all such further action as the Collateral Agent may
from time to time reasonably request to perfect and protect this Pledge or to exercise
its rights under this Pledge Agreement and in particular to deliver any Notice of
Pledge to any Future Debtor in accordance with Clause 2.2 hereof;
	 
	 	3.3.3	 	it shall act in good faith and, unless otherwise permitted by the Principal
Finance Documents, not knowingly take any steps nor do anything which would adversely
affect the existence of the Pledge created hereunder;
	 
	 	3.3.4	 	it shall inform the Collateral Agent as soon as possible in case the Pledge
is prejudiced or jeopardised by actions of third parties (including, but without

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	 	 	 	being limited to, by attachments). Such information shall be accompanied, in case
of any attachment, by a copy of the order for attachment, as well as all documents
required for the filing of an objection against the attachment, and, in case of any
other actions by third parties, by copies evidencing which actions have or will be
taken, respectively, as well as all documents required for the filing of an
objection against such actions. Subject to Clause 11 (Costs and Expenses) hereof,
all reasonable and adequately documented costs and expenses for any actions of
intervention and measures of the Collateral Agent shall be borne by the Pledgor.
This shall also apply to the institution of legal action, which the Collateral
Agent may consider necessary; and
	 
	 	3.3.5	 	it shall notify the Collateral Agent as soon as possible of any event or
circumstance which would have a material adverse effect on the validity or
enforceability of this Pledge Agreement.

	3.4	 	Subject to the Agreed Security Principles, the Pledgor hereby undertakes that it will
comply with all reasonably necessary procedures and fulfil all perfection requirements
reasonably required for the effectiveness and the enforceability of this Pledge against the
Pledgor, including but not limited thereto all the measures foreseen under Luxembourg and
Austrian law or the law of any other relevant jurisdiction.
	 
	4.	 	POWER OF ATTORNEY
	 
	4.1	 	The Pledgor irrevocably appoints the Collateral Agent to be its attorney and in its
name and on its behalf to execute, deliver and perfect all documents and do all things that
the Collateral Agent may consider to be requisite for (a) carrying out any obligation imposed
on the Pledgor under this Pledge Agreement or (b) exercising any of the rights conferred on
the Collateral Agent or the Secured Parties by this Pledge Agreement or by law, it being
understood that the enforcement of the pledge over the Pledged Claims must be carried out as
described in Clause 5 (Remedies upon Default) hereunder. The powers under this Clause 4.1
shall only be exercised upon the occurrence of an Event of Default and provided that such
Event of Default is continuing, or if the Pledgor has failed to comply with a further
assurance or any perfection obligation hereunder within 10 Business Days of being notified of
that failure.
	 
	4.2	 	The Pledgor shall ratify and confirm all things done and all documents executed by
the Collateral Agent in the exercise of that power of attorney.
	 
	4.3	 	The Collateral Agent shall not be obliged to exercise the powers conferred upon it by
the Pledgor under Clause 4.1 unless and until it shall have been (a) instructed to do so by
the Applicable Representative and (b) indemnified and/or secured and/or prefunded to its
satisfaction.
	 
	5.	 	REMEDIES UPON DEFAULT
	 
	5.1	 	Upon the occurrence of an Event of Default and provided that such Event of Default is
continuing, the Collateral Agent shall be entitled to realise the Pledged Claims in the most
favourable manner provided for by Luxembourg law and in particular the Financial Collateral
Law, and may, in particular, but without limitation,

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	 	5.1.1	 	appropriate the Pledged Claims in which case the Pledged Claims will be
valued at their fair value, as determined by an independent expert appointed by the
Collateral Agent, to the extent possible among the members of the Institut
Luxembourgeois des réviseurs d’entreprises or, if no such appointment can be made or no
valuation can be obtained within a reasonable time, by the Collateral Agent in its
commercially reasonable discretion. The Collateral Agent may appoint a qualified third
party to make (or to assist the Collateral Agent in making) such valuation;
	 
	 	5.1.2	 	sell the Pledged Claims in a private sale at normal commercial terms
(conditions commerciales normales); or
	 
	 	5.1.3	 	request direct payment of the Pledged Claims from the Debtors and the
Collateral Agent (or the Secured Parties, as the case may be) may proceed to a set-off
between the Pledged Claims and the Secured Obligations (each time in accordance with
the terms of the Financial Collateral Law).

	5.2	 	The Collateral Agent shall apply the proceeds of the sale in paying the costs of that
sale or disposal and in or towards the discharge of the Secured Obligations, in accordance
with the terms of the Loan Documents.
	 
	6.	 	EFFECTIVENESS OF COLLATERAL
	 
	6.1	 	The Pledge shall be a continuing security and shall not be considered as satisfied or
discharged or prejudiced by any intermediate payment, satisfaction or settlement of any part
of the Secured Obligations and shall remain in full force and effect until it has been
discharged in accordance with the terms of Clause 6.2 of the Pledge Agreement.
	 
	6.2	 	The security constituted by this Pledge Agreement shall be released and cancelled (a)
by the Collateral Agent at the request and cost of the Pledgor, upon the Secured Obligations
being irrevocably paid or discharged in full and none of the Secured Parties being under any
further actual or contingent obligation to make advances or provide other financial
accommodation to the Pledgor or any other person under any of the Loan Documents; or (b) in
accordance with, and to the extent required by, the First Lien Intercreditor Agreement.
	 
	6.3	 	The Pledge shall be cumulative, in addition to, and independent of every other
security which the Collateral Agent and Secured Parties may at any time hold as security for
the Secured Obligations or any rights, powers and remedies provided by law and shall not
operate so as in any way to prejudice or affect or be prejudiced or affected by any security
interest or other right or remedy which the Collateral Agent and Secured Parties may now or at
any time in the future have in respect of the Secured Obligations.
	 
	6.4	 	This Pledge shall not be prejudiced by any time or indulgence granted to any person,
or any abstention or delay by the Secured Parties or the Collateral Agent in perfecting or
enforcing any security interest or rights or remedies that the Secured Parties or the
Collateral Agent may now or at any time in the future have from or against the Pledgor or any
other person.

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	6.5	 	No failure on the part of the Collateral Agent or the Secured Parties to exercise, or
delay on its part in exercising, any of its rights under this Pledge Agreement shall operate
as a waiver thereof, nor shall any single or partial exercise of any such right preclude any
further or other exercise of that or any other rights.
	 
	6.6	 	Neither the obligations of the Pledgor contained in this Pledge Agreement nor the
rights, powers and remedies conferred upon the Collateral Agent or the Secured Parties by this
Pledge Agreement or by law, nor the Pledge created hereby shall be discharged, impaired or
otherwise affected by:

	 	6.6.1	 	any amendment to, or any variation, waiver or release of, any Secured
Obligation or of the obligations of any Loan Party under any other Loan Documents;
	 
	 	6.6.2	 	any failure to take, or fully to take, any security contemplated by the Loan
Documents or otherwise agreed to be taken in respect of the Secured Obligations;
	 
	 	6.6.3	 	any failure to realise or fully to realise the value of, or any release,
discharge, exchange or substitution of, any security taken in respect of the Secured
Obligations; or
	 
	 	6.6.4	 	any other act, event or omission which, but for this Clause 6.5, might
operate to discharge, impair or otherwise affect any of the obligations of the Pledgor
contained in this Pledge Agreement, the rights, powers and remedies conferred upon the
Collateral Agent or the Secured Parties by this Pledge Agreement, the Pledge or by law.

	6.7	 	For the avoidance of doubt, the Pledgor hereby waives any rights arising for it now
or in the future (if any) under Article 2037 of the Luxembourg Civil Code.
	 
	6.8	 	Subject to the terms of the Principal Finance Documents, neither the Secured Parties,
nor the Collateral Agent or any of their agents shall be liable by reason of (a) taking any
action permitted by this Pledge Agreement or (b) any neglect or default in connection with the
Pledged Claims or (c) the realisation of all or any part of the Pledged Claims, except in the
case of bad faith, gross negligence or wilful misconduct upon their part.

	7.	 	INDEMNITY
	 
	 	 	To the extent set out in Section 4.11 of the First Lien Intercreditor Agreement, the
Pledgor shall, notwithstanding any release or discharge of all or any part of the security,
indemnify the Collateral Agent, its agents, its attorneys and any delegate against any
action, proceeding, claims, losses, liabilities, expenses, demands, taxes, and costs which
it may sustain as a consequence of any breach by the Pledgor of the provisions of this
Pledge Agreement, the exercise or purported exercise of any of the rights and powers
conferred on them by this Pledge Agreement or otherwise relating to the Pledged Claims.

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	8.	 	DELEGATION
	 
	 	 	Subject to Section 4.05 of the First Lien Intercreditor Agreement (to the extent permitted
by Luxembourg law), each of the Collateral Agent shall have full power to delegate (either
generally or specifically) the powers, authorities and discretions conferred on it by this
Pledge Agreement (including the power of attorney) on such terms and conditions as it shall
see fit which delegation shall not preclude either the subsequent exercise, any subsequent
delegation or any revocation of such power, authority or discretion by the Collateral Agent
itself.
	 
	9.	 	RIGHTS OF RECOURSE
	 
	9.1	 	For as long as the Secured Obligations are outstanding and have not been
unconditionally and irrevocably paid and discharged in full or the Collateral Agent or the
Secured Parties have any obligations under the Loan Documents, the Pledgor shall not exercise
any Rights of Recourse, arising for any reason whatsoever, by any means whatsoever (including
for the avoidance of doubt, by way of provisional measures such as provisional attachment
(“saisie-arrêt conservatoire”) or by way of set-off.
	 
	9.2	 	The Pledgor irrevocably agrees to waive its Rights of Recourse if the relevant person
against whom the Rights of Recourse are to be exercised has come under the direct or indirect
control of the Collateral Agent or the Secured Parties or any third party following or in
connection with, the enforcement of any security granted in connection with the Secured
Obligations.
	 
	9.3	 	Without prejudice to Clause 9.1 above, this clause shall remain in full force and
effect notwithstanding any discharge, release or termination of this Pledge (whether or not in
accordance with Clause 6.1 of this Pledge Agreement).
	 
	10.	 	PARTIAL ENFORCEMENT
	 
	 	 	Subject to Clause 5 (Remedies upon Default), the Collateral Agent shall be entitled, to
request enforcement of the Pledge over all or part of the Pledged Claims in its most
absolute discretion. No action, choice or absence of action in this respect, or partial
enforcement, shall in any manner affect the Pledge created hereunder over the Pledged
Claims, as it then shall be. The Pledge shall continue to remain in full and valid
existence until enforcement, discharge or termination hereof, as the case may be.
	 
	11.	 	COSTS AND EXPENSES
	 
	 	 	Section 9.05 (Expenses, Indemnity) of the Credit Agreement applies to this Agreement.
	 
	12.	 	CURRENCY CONVERSION
	 
	 	 	Without prejudice to the terms of the Loan Documents, for the purpose of, or pending the
discharge of, any of the Secured Obligations the Collateral Agent may convert any money
received, recovered or realised or subject to application by it under this Pledge Agreement
from one currency to another, as the Collateral Agent (acting reasonably) may think fit and
any such conversion shall be effected at the Collateral Agent’s spot rate of exchange for
the time being for obtaining such other currency with the first currency.

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	13.	 	NOTICES
	 
	 	 	Any notice or demand to be served by one person on another pursuant to this Pledge
Agreement shall be served in accordance with the provisions of the First Lien Intercreditor
Agreement.
	 
	14.	 	SUCCESSORS
	 
	14.1	 	This Pledge Agreement shall remain in effect despite any amalgamation or merger
(however effected) relating to the Secured Parties or the Collateral Agent, and references to
the Secured Parties or the Collateral Agent shall be deemed to include any assignee or
successor in title of the Secured Parties or the Collateral Agent and any person who, under
any applicable law, has assumed the rights and obligations of the Secured Parties or the
Collateral Agent hereunder or to which under such laws the same have been transferred or
novated or assigned in any manner.
	 
	14.2	 	For the purpose of Articles 1278 et seq .of the Luxembourg Civil Code and any other
relevant legal provisions, to the extent required under applicable law and without prejudice
to any other terms hereof or of any other Loan Documents and in particular Clause 14.1 hereof,
the Secured Parties and the Collateral Agent hereby expressly reserve and the Pledgor agrees
to the preservation of this Pledge and the security interest created thereunder in case of
assignment, novation, amendment or any other transfer of the Secured Obligations or any other
rights arising under the Loan Documents.
	 
	14.3	 	To the extent a further notification or registration or any other step is required
by law to give effect to the above, such further registration shall be made and the Pledgor
hereby gives power of attorney to the Collateral Agent to make any notifications and/or to
proceed to any required registrations, or to take any other steps, and undertakes to do so
itself if so requested by the Collateral Agent.
	 
	15.	 	AMENDMENTS AND PARTIAL INVALIDITY
	 
	15.1	 	Changes to this Pledge Agreement and any waiver of rights under this Pledge
Agreement shall require written form.
	 
	15.2	 	If any provision of this Pledge Agreement is declared by any judicial or other
competent authority to be void or otherwise unenforceable, that provision shall be severed
from this Agreement and the remaining provisions of this Pledge Agreement shall remain in full
force and effect. The Pledge Agreement shall, however, thereafter be amended by the parties in
such reasonable manner so as to achieve, without illegality, the intention of the parties with
respect to that severed provision.
	 
	16.	 	LAW AND JURISDICTION
	 
	 	 	This Pledge Agreement shall be governed by Luxembourg law and the courts of Luxembourg-City
shall have exclusive jurisdiction to settle any dispute which may arise from or in
connection with it.
	 
	 	 	This Pledge Agreement has been duly executed by the parties in three originals.

 - 10 - 

 

SCHEDULE 1

NOTICE OF PLEDGE TO ANY FUTURE DEBTOR

 

(ON THE LETTERHEAD OF THE PLEDGOR)

Date
[• ]

	 	 	 

	To:

	 	[Future Debtor]
	 

	 	[Details]
	 
	 	 
	Copy to:

	 	THE BANK OF NEW YORK MELLON
	 

	 	101 Barclay Street, 4E
	 

	 	New York, N.Y. 10286
	 

	 	Attn: International Corporate Trust

Dear Sirs,

Notice of new Pledge

We refer to the receivables in the amount of [...] your Company owes to us as well as any
accessories, rights, claims or actions and, for the avoidance of doubt, including interest, default
interest, commissions expenses, cost, indemnities and any other amount due thereunder (the
“Receivables”).

We hereby give you notice, for the purpose of the Luxembourg law of 5 August 2005 on financial
collateral arrangements, as well as any other applicable laws, if any, of a pledge granted by
ourselves pursuant to a pledge agreement in favour of THE BANK OF NEW YORK MELLON, acting for
itself and as collateral agent for the benefit of the Secured Parties (as defined therein) over the
Receivables.

We kindly ask you to return the attached acknowledgement form, duly executed, to our above address,
with a copy to the Collateral Agent.

Yours sincerely,

BEVERAGE PACKAGING HOLDINGS (LUXEMBOURG) III S.ÀR.L.

Represented by:

	 	 	 

	 

Name:

	 	 
	Title:
	 	 

 - 11 - 

 

SCHEDULE 2

FORM OF ACKNOWLEDGEMENT

 

(ON THE LETTERHEAD OF THE FUTURE DEBTOR)

Date
[• ]

	 	 	 

	To:

	 	BEVERAGE PACKAGING HOLDINGS (LUXEMBOURG) III S.ÀR.L.
	 
	 	 
	 

	 	6, Parc d’Activités Syrdall
	 

	 	L-5365 Munsbach
	 

	 	Grand-Duchy of Luxembourg
	 
	 	 
	Copy to:

	 	THE BANK OF NEW YORK MELLON
	 

	 	101 Barclay Street, 4E
	 

	 	New York, N.Y. 10286
	 

	 	Attn: International Corporate Trust

Dear Sirs,

Notice of new Pledge

We refer to the notice of pledge dated ______________ and regarding a pledge over receivables
agreement (the “Pledge Agreement”) entered into between THE BANK OF NEW YORK MELLON as collateral
agent acting for itself and for the benefit of the Secured Parties (as defined in the Pledge
Agreement) and Beverage Packaging Holdings (Luxembourg) III S.àr.l. as pledgor for the purpose of
creating a pledge over the Pledged Claims (as defined therein).

We acknowledge receipt of this notice of pledge as well as the security interest created by the
Pledge Agreement.

Yours sincerely,

[the Future Debtor]

	 	 	 

	 

Name:

	 	 
	Title:
	 	 

 - 12 - 

 

SIGNATURE PAGE — BPH III LUX PLEDGE OVER RECEIVABLES

The Collateral Agent

THE BANK OF NEW YORK MELLON

Duly represented by:

	 	 	 

	/s/ Catherine F. Donohue
 

Name: Catherine F. Donohue

	 	 
	Title: Vice President
	 	 

	 	 	 

	The Pledgor
	 	 
	 
	 	 
	BEVERAGE PACKAGING HOLDINGS (LUXEMBOURG) III S.ÀR.L.
	 
	 	 
	Duly represented by:
	 	 
	 
	 	 
	/s/ Chiara Brophy
 

Name: Chiara Brophy

	 	 
	Title: Authorised Signatory
	 	 

 - 13 - 

 

SIGNATURE PAGE — BPH III LUX PLEDGE OVER RECEIVABLES

ACCEPTANCE

The German Debtor, by signing hereunder for acceptance, acknowledges and accepts the existence of
this Pledge Agreement and of the Pledge created hereunder over the Pledged Claims for the purposes
of the Financial Collateral Law, and takes notice of the terms of the Pledge Agreement.

	 	 	 

	The German Debtor
	 	 
	 
	 	 
	SIG COMBIBLOC HOLDING GMBH
	 	 
	 
	 	 
	Duly represented by:
	 	 
	 
	 	 
	 
	 	 
	 

Name:

	 	 
	Title:
	 	 

 - 14 -exv4w182

EXHIBIT 4.182

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 Floating Lien Pledge Agreement (Contrato de Prenda sin Transmisión de Posesión) is
entered into on this 4 day of May, 2010 (the “Agreement”), by and between Evergreen
Packaging México, S. de R.L. de C.V., as pledgor (the “Pledgor”), and The Bank of New York
Mellon, acting solely in its capacity as Collateral Agent (as defined below) on behalf and for the
benefit of the Secured Parties (as defined below) (in such capacity, together with its successors
and assigns in such capacity, the “Pledgee”), as pledgee, in accordance with the following
Recitals, Representations and Warranties and Clauses. Terms used in the Recitals and
Representations and Warranties and not otherwise defined herein shall have the meaning set forth in
Clause First hereto.

Recitals

     I. Credit Agreement. On November 5, 2009, Reynolds Group Holdings Inc., Reynolds
Consumer Products Holdings Inc., Closure Systems International Holdings Inc., SIG Euro Holding AG
& Co KGaA, SIG Austria Holding Gmbh and Closure Systems International B.V., as borrowers, Reynolds
Group Holdings Limited, the lenders from time to time party thereto, and Credit Suisse AG
(formerly known as Credit Suisse), as administrative agent (in such capacity, together with its
successors and assigns in such capacity, the “Administrative Agent”), entered into a
credit agreement (as amended by the Amendment No. 1 dated as of January 21, 2010 and by the
Amendment No. 2 and Incremental Term Loan Assumption Agreement dated as of May 4, 2010, and as
further amended, extended, restructured, renewed, novated, supplemented, restated, refunded,
replaced or modified from time to time, the “Credit Agreement”).

     II. Senior Secured Note Indenture. On November 5, 2009, Reynolds Group Escrow LLC,
Reynolds Group DL Escrow Inc. and The Bank of New York Mellon, acting in its capacity as trustee,
principal paying agent, transfer agent and collateral agent, entered into the Senior Secured Note
Indenture (as amended, extended, restructured, renewed, refunded, novated, supplemented, restated,
replaced or modified from time to time, the “Senior Secured Note Indenture”).

 

 

Representations and Warranties

	I.	 	The Pledgor hereby represents and warrants, through its legal representative, that
on the date hereof:

	 	(a)	 	it is a sociedad de responsabilidad limitada de capital variable duly
organized and validly existing under the laws of Mexico, as evidenced in public deed
number 24,398, dated January 30, 2007, granted before Mr. José Luis Villavicencio
Castañeda, Notary Public number 218 for the Federal District, Mexico, recorded in the
Public Registry of Commerce of Mexico City under commercial folio number 360731;
	 
	 	(b)	 	the individual executing this Agreement in the name and on behalf of the
Pledgor has sufficient power and authority, as well as the necessary authority
(corporate, organizational or otherwise) to validly execute and deliver this Agreement
on its behalf and to validly bind the Pledgor under the terms herein, as evidenced in
public deed number 31,735, dated April 27, 2010, granted before Mr. José Luis
Villavicencio Castañeda, Notary Public number 218 for the Federal District, Mexico,
and that such powers, authority and corporate or other authorizations have not been
revoked, modified or limited in any manner; and
	 
	 	(c)	 	with reference to the facts and circumstances then existing and subject to
the provisions of the Loan Documents and the Intercreditor Arrangements, the
representations and warranties made by the Pledgor as Loan Party in Section 3.01
(Organization; Powers), 3.02 (Authorization), 3.03 (Enforceability), 3.06 (No Material
Adverse Change), 3.07 (Title to Properties; Possession under Leases), 3.09
(Litigation, Compliance with Laws), 3.10 (Agreements), 3.19 (Security Documents) and
3.22 (Solvency) of the Credit Agreement, are true and accurate as regards to the
Pledgor and this Agreement.

NOW, THEREFORE, based on the Recitals and Representations and Warranties contained herein, the
parties hereto agree as follows:

Clauses

First.- Certain Defined Terms.

	 	(a)	 	Unless defined in this Agreement or the context otherwise requires, a term defined in
the First Lien Intercreditor Agreement has the same meaning in

-2-

 

	 	 	this Agreement and in any notice given under this Agreement. As used in this Agreement, the
following terms shall have the following meanings:
	 
	 	 	“Accounts Receivable” means and includes, with respect to the Pledgor, all accounts
receivable, trade accounts or instruments of the Pledgor, including, without limitation, all
rights of the Pledgor to payment for goods sold or leased, or to be sold or to be leased, or
for services rendered or to be rendered, however evidenced or incurred, and together with
all returned or repossessed goods and all books, records, computer tapes, programs and
ledger books arising therefrom or relating thereto, all whether now owned or hereafter
acquired or arising.
	 
	 	 	“Additional Agreement” shall have the meaning assigned to the term “Additional
Agreement” under, and as defined in, the First Lien Intercreditor Agreement.
	 
	 	 	“Administrative Agent” has the meaning specified in Recital I hereof.
	 
	 	 	“Agreed Security Principles” has the meaning it is given in the Credit Agreement and
the Senior Secured Note Indenture, and to the extent of any inconsistency the meaning it is
given in the Credit Agreement shall prevail.
	 
	 	 	“Agreement” means this Floating Lien Pledge Agreement, as the same may be amended,
extended, restructured, renewed, novated, supplemented, restated, refunded, replaced or
modified from time to time.
	 
	 	 	“Applicable Representative” shall have the meaning assigned to the term
“Applicable Representative” under, and as defined in, the First Lien Intercreditor
Agreement.
	 
	 	 	“Business Day” shall mean a day (other than a Saturday or Sunday) on which
banks are open for business in New York City, New York, United States of America and Mexico.
	 
	 	 	“Collateral Agent” shall mean the Pledgee, in its capacity as collateral agent as
appointed under the First Lien Intercreditor Agreement, and its successors and permitted
assigns in such capacity.
	 
	 	 	“Commercial Code” shall mean the Mexican Commercial Code (Código de Comercio).
	 
	 	 	“Credit Agreement” shall have the meaning assigned to such term in Recital I hereof.

-3-

 

	 	 	“Equipment” shall mean, with respect to the Pledgor, all equipment and fixtures
of the Pledgor, whether now owned or hereafter acquired, wherever located, including,
without limitation, all machinery, furniture, furnishings, spare parts, repair parts,
leasehold improvements, computer equipment, books and records, motor vehicles, forklifts,
rolling stock, dies and tools used or useful in the Pledgor’s business operations.
	 
	 	 	“Event of Default” shall have the meaning assigned to the term “Event of Default”
under, and as defined in, the First Lien Intercreditor Agreement.
	 
	 	 	“First Lien Intercreditor Agreement” shall mean the First Lien Intercreditor
Agreement dated as of November 5, 2009, among the Collateral Agent, The Bank of New York
Mellon, as trustee under the Senior Secured Note Indenture, Credit Suisse AG (formerly known
as Credit Suisse), as administrative agent under the Credit Agreement and the Loan Parties,
as amended on January 21, 2010 and as further amended, novated, supplemented, restated or
modified from time to time. A copy of the First Lien Intercreditor Agreement and of its
amendment is attached hereto as Exhibit “A”.
	 
	 	 	“Governmental Authority” shall mean any national or federal government, any state,
regional, local or other political subdivision thereof with jurisdiction and any individual
or entity with jurisdiction exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to government or quasi-governmental issues
(including any court).
	 
	 	 	“Instruments” shall mean, with respect to the Pledgor, all certificated and
uncertificated instruments, negotiable instruments, securities, all security entitlements,
all securities accounts, commodity contracts and commodity accounts, including without
limitation, instruments and letters of credit evidencing, representing, arising from or
existing in respect of, relating to, securing or otherwise supporting the payment of, any of
the Accounts Receivable, whether now or hereafter owned or acquired by the Pledgor or in
which the Pledgor now or hereafter has or acquires any rights.
	 
	 	 	“Intangibles” shall mean, with respect to the Pledgor, all intangibles of the
Pledgor, whether now existing or hereafter acquired or arising, including, without
limitation, all royalties, tax refunds, rights to tax refunds, and any and all other rights
held by the Pledgor and all goodwill of the Pledgor associated therewith.
	 
	 	 	“Intellectual Property” shall mean, with respect to the Pledgor, all intellectual
and similar property of the Pledgor of every kind and nature hereafter acquired

-4-

 

	 	 	by the Pledgor, any inventions, designs, drawings, plans, diagrams, schematics and assembly
and display materials relating thereto, patents and proprietary rights, patent licenses,
trademarks, service marks, trademark licenses, trade names, copyrights, copyrights licenses,
royalties, domain names and domain name registrations, trade secrets, confidential or
proprietary technical and business information, know how or other data or information,
programs, software and databases and all embodiments or fixations thereof and related
documentation, registration and franchises, licenses for any of the foregoing and all
license rights, and all additions, improvements and accessions to, and books and records
describing or used in connection with, any of the foregoing.
	 
	 	 	“Intercreditor Arrangements” means the First Lien Intercreditor Agreement and any
other document that is designated by the Loan Parties’ Agent and the Collateral Agent as an
intercreditor agreement, in each case as amended, novated, supplemented, restated, replaced
or modified from time to time.
	 
	 	 	“Inventory” shall mean, with respect to the Pledgor, all inventory of the Pledgor,
whether now owned or hereafter acquired, wherever located, including, without limitation,
all goods of the Pledgor held for sale or lease or furnished or to be furnished under
contracts of service, all goods held for display or demonstration, goods on lease or
consignment, returned and repossessed goods, all raw materials, work-in-progress, finished
goods and supplies used or consumed in the Pledgor’s businesses together with all documents,
documents of title, dock warrants, dock receipts, warehouse receipts, bills of lading or
orders for the delivery of all, or any portion, of the foregoing.
	 
	 	 	“Law” shall mean the General Law of Negotiable Instruments and Credit Transactions.
	 
	 	 	“Lien” shall have the meaning assigned to the term “Lien” under, and as defined in,
the First Lien Intercreditor Agreement.
	 
	 	 	“Loan Documents” shall have the meaning assigned to the term “Credit Documents”
under, and as defined in, the First Lien Intercreditor Agreement and any other document
designated by the Loan Parties’ Agent and the Collateral Agent as a Loan Document.
	 
	 	 	“Loan Parties” shall have the meaning assigned to the term “Grantors” under,
and as defined in, the First Lien Intercreditor Agreement.
	 
	 	 	“Loan Parties’ Agent” shall mean Reynolds Group Holdings Limited (formerly
known as Rank Group Holdings Limited).

-5-

 

	 	 	“Mexico” shall mean the United Mexican States.
	 
	 	 	“Person” shall mean any individual or entity, trust, joint venture,
partnership, corporation, Governmental Authority or any other entity of any nature
whatsoever.
	 
	 	 	“Pesos” shall mean the legal currency of Mexico.
	 
	 	 	“Pledged Assets” shall mean all of the following generically described personal
property of the Pledgor, pledged by the Pledgor in favor of the Pledgee for the benefit of
the Secured Parties as provided herein, wherever located, whether now existing or hereafter
acquired or arising from, (a) all Accounts Receivable, (b) all Inventory, (c) all
Equipment, (d) all Intangibles, (e) all Instruments, (f) all Intellectual Property, (g) all
cash, money, cash equivalents and goods, including without limitation, the bank accounts of
the Pledgor, and (h) all products and/or proceeds of any and all of the foregoing,
including, without limitation, indemnification in the event of expropriation, revocation of
such assets either by third parties or acts of government and insurance proceeds which,
pursuant to Article 354 of the Law, comprise all of the personal property used by the
Pledgor to carry out its main activity.
	 
	 	 	“Pledgee” has the meaning assigned to such term in the preamble to this Agreement.
	 
	 	 	“Pledgor” has the meaning assigned to such term in the preamble to this
Agreement.
	 
	 	 	“Principal Finance Documents” means the Credit Agreement, the Senior Secured Note
Indenture, the Intercreditor Arrangements and any Additional Agreement.
	 
	 	 	“Registry” has the meaning assigned to such term in Clause Second of this Agreement.
	 
	 	 	“Secured 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 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, 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
document evidencing or securing any such liabilities.

-6-

 

	 	 	“Secured Parties” shall have the meaning assigned to the term “Secured Parties”
under, and as defined in, the First Lien Intercreditor Agreement.
	 
	 	 	“Security Interest” has the meaning assigned to such term in Clause Second of this
Agreement.
	 
	 	 	“Senior Secured Note Indenture” has the meaning assigned to such term in
Recital II hereof.
	 
	 	 	“Termination Notice” has the meaning assigned to such term in Clause Tenth of this
Agreement.
	 
	 	 	“Transfer” shall mean, with respect to the Pledgor, any sale, lease or other type of
transfer made by the Pledgor.
	 
	(b)	 	Usage. The definitions in this Clause First shall apply equally to both the
singular and plural forms of the terms defined. Whenever the context may require, any
pronoun shall include the corresponding masculine, feminine and neutral forms. The words
“hereof”, “herein” and “hereunder” and words of similar import, when used in this
Agreement, shall refer to this Agreement as a whole and not to any particular provision of
this Agreement, unless otherwise expressly indicated, and all references in this Agreement
to Clauses, sections, paragraphs and Exhibits shall be deemed to be references to Clauses,
sections, paragraphs and Exhibits of this Agreement, unless the context shall otherwise
require. As used herein and any certificate or other document made or delivered pursuant
hereto, (i) the words “include”, “includes” and “including” shall be deemed to be followed
by the phrase “without limitation”, (ii) the word “incur” shall be construed to mean incur,
create, issue, assume, become liable in respect of or suffer to exist (and the words
“incurred” and “incurrence” shall have correlative meanings), (iii) the words “asset” and
“property” shall be construed to have the same meaning and effect and to refer to any and
all tangible and intangible assets and properties, including cash, capital stock,
securities, revenues, accounts, leasehold interests and contract rights, (iv) references to
agreements shall, unless otherwise specified, be deemed to refer to such agreements as
amended, extended, restructured, renewed, novated, supplemented, restated, refunded,
replaced or modified from time to time, and (v) references to any statute, law or
regulation shall be deemed to include any amendments thereto from time to time or any
successor statute, law or regulation thereof.

-7-

 

Second.- Pledge; Grant of Security Interest.

     (a) In accordance with Title II, Chapter IV, Section VII (Título II, Capítulo IV, Sección VII)
of the Law, the Pledgor hereby grants, subject to any Liens permitted by the Loan Documents, a
first priority floating lien pledge (prenda sin transmisión de posesión) and security interest (the
“Security Interest”) to the Pledgee for the benefit of the Secured Parties, in and to the
Pledged Assets now or hereafter owned or acquired by the Pledgor or in which the Pledgor now or
hereafter has or acquires any right or interest, wherever located and with everything that
corresponds thereto by law or in fact, as collateral security for the due and timely payment,
performance and satisfaction when due (whether at stated maturity, by acceleration or otherwise) of
the Secured Obligations.

     (b) For purposes of Article 366 of the Law, the Pledgor hereby covenants and agrees, that as
soon as reasonably practicable but, in any event, no later than 10 (ten) Business Days following
the execution date of this Agreement or such longer period as the Pledgee may agree, acting on the
instructions of the Applicable Representative, the Pledgor shall file this Agreement, through a
Mexican commercial notary public, for registration with the Public Registry of Commerce of the
jurisdiction in which the Pledgor maintains its corporate domicile (the “Registry”) and to
provide written evidence thereof to the Pledgee, for which purpose the Pledgor shall deliver to the
Pledgee an original letter executed by such Mexican commercial notary public whereby such Mexican
notary public certifies that this Agreement has been presented for registration in the Registry.

     (c) In addition, the Pledgor hereby covenants and agrees to deliver to the Pledgee, as soon as
reasonably practicable but, in any event, no later than 45 (forty five) Business Days following the
execution date of this Agreement or such longer period as the Pledgee may agree, acting on the
instructions of the Applicable Representative, an original executed copy of this Agreement duly
sealed by the Registry evidencing that this Agreement has been properly registered with such
Registry.

     (d) Subject to the Agreed Security Principles, if and when the Pledgor owns any Intellectual
Property, the Pledgor hereby agrees to file this Agreement for registration in the corresponding
file before the Mexican Institute of Intellectual Property, as soon as reasonably practicable but,
in any event, no later than 15 (fifteen) Business Days from the date on which such event occurs or
such longer period as the Pledgee may agree, acting on the instructions of the Applicable
Representative.

     (e) Without prejudice to the rights of the Pledgee under the Loan Documents, the Pledgee
hereby irrevocably waives the provisions of, and any rights it might have under Articles 357 final
paragraph and 361 third paragraph of the Law.

     (f) For the purposes of the first paragraph of Article 348 of the Law, the

-8-

 

amount of the Secured Obligations shall be an amount ascertainable at the time of foreclosure.

Third.- Continuing Security Interest. The Security Interest shall be continuing and shall
(i) remain in full force and effect until all of the Secured Obligations have been paid pursuant to
the Loan Documents unless otherwise released pursuant to this Clause Third or Clause Tenth; (ii) be
binding upon the Pledgor, and its respective successors and assigns; and (iii) inure to the benefit
of and be enforceable by the Pledgee, acting in the name and on behalf of the Secured Parties, and
their respective successors and assigns; provided, however, that if the Pledgor
disposes of any Pledged Assets and that disposal is permitted by the Loan Documents, those Pledged
Assets shall, unless an Event of Default has occurred and is continuing, be automatically released
from the Security Interest created under this Agreement with effect from the day of such disposal,
and the Pledgee, upon receipt of written instructions from the Applicable Representative, shall do
all such acts which are reasonably requested by the Pledgor in order to release the relevant
Pledged Assets from the Security Interest created under this Agreement.

Fourth.- Covenants of the Pledgor.

     (a) So long as this Agreement is in effect, the Pledgor covenants and agrees, that the Pledgor
(i) shall not create, incur, assume, or permit to exist any Lien in favor of, or any claim of any
Person with respect to, any of the Pledged Assets, whether now owned or hereafter acquired, except
for the Security Interest or as permitted by the Loan Documents; (ii) except to the extent
permitted by the Loan Documents, shall not sell, transfer, assign, pledge, deliver, transfer in
trust, grant, usufruct or otherwise dispose of, or grant any option with respect to, any such
Pledged Assets or any interest therein without the prior written consent of the Pledgee; and (iii)
subject to the Agreed Security Principles, shall execute and deliver to the Pledgee such documents
in favor of the Pledgee and do such things relating to the Security Interest as the Pledgee may
reasonably request in order to protect and maintain the Security Interest and to protect and
preserve the Pledgor’s and/or the Pledgee’s title and interest in and to the Pledged Assets, and
pay all costs arising from or in connection therewith.

     (b) The Pledgor hereby expressly and irrevocably waives the exercise of any and all rights set
forth in Article 358 of the Law without the prior written consent of the Pledgee, and with respect
to such waiver, except as otherwise permitted by the Loan Documents.

Fifth.- Use and Transfer of Pledged Assets. The Pledgor shall be entitled to (i) use its
Pledged Assets as permitted by the Loan Documents; (ii) Transfer or otherwise dispose of its
Pledged Assets as permitted by the Loan Documents; provided, however that the proceeds or assets
received by the Pledgor in consideration of any such

-9-

 

Transfer shall become part of the Pledged Assets; and (iii) collect and receive any and all
payments, distributions or any other consideration arising from or relating to its Pledged Assets
and use the proceeds from any Transfer of its Pledged Assets only as permitted by the Loan
Documents. For purposes of Article 374, paragraph I, of the Law, the Pledgee hereby authorizes the
Pledgor to Transfer cash or other Pledged Assets to its partners as permitted by the Loan
Documents, regardless of the equity interest percentage that such transferees may hold in the
Pledgor.

Pursuant to Article 357 of the Law, the parties hereby agree that (i) the Pledged Assets shall be
located where the Pledgor carries out its main activities in the ordinary course of business; (ii)
the Pledgor may only make Transfers within the ordinary course of business pursuant to the terms of
this Agreement or as permitted by the Loan Documents; and (iii) the proceeds or assets received by
the Pledgor in consideration of such Transfer shall become part of the Pledged Assets, in each
case, except as otherwise permitted by the Loan Documents.

Sixth.- Events of Default. If an Event of Default has occurred and is continuing, (i) each
and every right of the Pledgor under Clause Fifth will automatically cease; (ii) any and all rights
relating to or in connection with the Pledged Assets may be exercised exclusively by the Pledgee;
and (iii) the Pledgee shall have the right to foreclose upon the Pledged Assets pursuant to the
provisions of Clause Seventh of this Agreement, and to exercise its rights in any other manner as
set forth in the Law and the Commercial Code.

Seventh.- Foreclosure Procedure.

(a) If an Event of Default has occurred and is continuing, the Pledgee shall be entitled to
initiate the foreclosure of the Pledged Assets and commence an extra-judicial or judicial
foreclosure procedure, as the case may be, pursuant to Book V, Title III Bis, Chapters I and/or II,
as the case may be, of the Commercial Code, in order to seek payment of the Secured Obligations and
to pursue the delivery and physical possession of the Pledged Assets through any such procedure.

(b) Pursuant to Article 1414 bis and 1414 bis 17 of the Commercial Code, the parties hereby agree
that for purposes of appraising the Pledged Assets, the Pledgor hereby expressly authorizes the
Pledgee, at the sole expense of the Pledgor, to obtain an appraisal of the Pledged Assets from an
authorized Mexican banking institution (institución de crédito) designated by the Pledgee.

(c) The Pledgor shall take any and all actions and/or initiate any and all proceedings that may be
necessary or convenient, in the Pledgee’s sole discretion, to facilitate the foreclosure and
transfer of the Pledged Assets. The Pledgor further agrees to do or cause to be done all such other
acts as may be necessary or convenient to

-10-

 

expedite such sale or sales of all or any portion of the Pledged Assets, and to execute and deliver
such documents and take such other action as the Pledgee deems necessary or advisable in order that
any such sale may be in compliance with applicable law.

(d) The Pledgee shall apply all amounts received under this Agreement pursuant to the provisions of
the First Lien Intercreditor Agreement.

Eighth.- Capacity of Collateral Agent. The Pledgor hereby (i) expressly acknowledges that
the Pledgee, in its capacity as Collateral Agent, has all necessary appointments, legal capacity
and authority to act in the name and on behalf of the Secured Parties for all matters arising from
or relating to this Agreement; and (ii) expressly waives its rights to carry out any action
challenging the legal existence, appointments, legal or other capacity and authority of the Pledgee
to act in the name and on behalf of the Secured Parties for all matters arising from, or relating
to, this Agreement or otherwise. The rights, duties, privileges, protections and benefits of the
Pledgee as Collateral Agent set forth in the First Lien Intercreditor Agreement are hereby
incorporated herein by reference and made a part hereof. The Pledgor agrees that all acts to be
executed by the Pledgor under this Agreement shall be in accordance with the terms and conditions
of the Intercreditor Arrangements.

Ninth.- Power of Attorney. The Pledgor, by way of security irrevocably appoints the Pledgee
and any receiver appointed by the Pledgee to be its attorney in fact, and in its name, on its
behalf and as its act and deed to execute, deliver and perfect all documents and do all things
which the attorney in fact may consider to be required or desirable for:

	 	(a)	 	carrying out any obligation imposed on the Pledgor by this Agreement or any
other agreement binding on the Pledgor to which the Pledgee is a party (including the
execution and delivery of any deeds, charges, assignments or other security and any
transfers of the Pledged Assets);
	 
	 	(b)	 	enabling the Pledgee to exercise, or delegate the exercise of, all or any of
its rights over the Pledged Assets; and
	 
	 	(c)	 	enabling any receiver appointed by Pledgee to exercise, or delegate the
exercise of, any of the rights, powers and authorities conferred on them by or pursuant
to this Agreement or by law,

	 	 	provided always that the Pledgee may only be entitled to exercise the powers conferred upon
it by the Pledgor under this Clause Ninth if:

	 	(i)	 	an Event of Default has occurred and is continuing; and/or

-11-

 

	 	(ii)	 	the Pledgee has received notice from the Applicable Representative, the
Loan Parties’ Agent and/or the Pledgor that the Pledgor has failed to comply with a
further assurance or perfection obligation within 10 (ten) Business Days of being
notified of that failure (with a copy of that notice being sent to the Loan Party’s
Agent),

	 	 	provided further that the Pledgee shall not be obliged to exercise the powers conferred upon
it by the Pledgor under this Clause Ninth unless and until it shall have been (a) instructed
to do so by the Applicable Representative and (b) indemnified and/or secured and/or prefunded
to its satisfaction.

For purposes of this Clause, the Pledgor shall grant a notarized irrevocable special power of
attorney, substantially in terms of Exhibit “B” hereto, pursuant to the terms of article
2,596 of the Federal Civil Code and its correlatives for the other States of Mexico and the Federal
District, in order to allow the Pledgee to perform any and all acts referred to in this Clause
Ninth, with the authorities referred to in the first, second and third paragraph of article 2,554
of the Federal Civil Code and its correlative Articles of the Civil Codes of the States of the
United Mexican States and the Federal District and that includes the authority to delegate such
special power of attorney.

Tenth.- Release and Termination. The Security Interest constituted by this Agreement shall
be released and cancelled:

	 	(a)	 	by the Pledgee (acting on the instruction of the Applicable Representative)
at the request and cost of the Pledgor, upon the Secured Obligations being irrevocably
paid or discharged in full and none of the Secured Parties being under further actual or
contingent obligation to make advances or provide other financial accommodation to the
Pledgor or any other person under any of the Loan Documents; or
	 
	 	(b)	 	in accordance with, and to the extent required by, the Intercreditor
Arrangements (to the extent it is possible to give effect to such arrangements under
Mexican law).

As soon as is reasonably practicable and (i) in respect of paragraph (a) above, following a written
request from the Pledgor, or (ii) in respect of paragraph (b) above, following receipt of a written
instruction from the Applicable Representative, the Pledgee shall deliver to the Pledgor a
termination notice (the “Termination Notice”), ratified before a Mexican notary public, who
shall be instructed to present such Termination Notice to the Registry for the cancellation of the
Security Interest. Upon delivery of the Termination Notice by the Pledgee to the Pledgor as herein
contemplated, this Agreement shall terminate and the Security Interest shall cease,

-12-

 

terminate and be released. The Pledgor shall be responsible, jointly and without limitation, for
the payment of any and all costs, expenses or fees, related to the cancellation of the Security
Interest contemplated in this Agreement.

Eleventh.- Delegation. The Pledgee, and any receiver appointed by Pledgee, shall have full
power to delegate (either generally or specifically) the powers, authorities and discretions
conferred on it by this Agreement (including the power of attorney referred to in Clause Ninth
hereto) on such terms and conditions as it shall see fit which delegation shall not preclude either
the subsequent exercise, any subsequent delegation or any revocation of such power, authority or
discretion by the Pledgee or any receiver hereto.

Twelfth.- No Liability. None of the Pledgee, its nominee(s) or any receiver or delegate
appointed pursuant to this Agreement shall be liable by reason of (a) taking any action permitted
under this Agreement, (b) any neglect or default in connection with the Security Interest, or (c)
taking possession or realization of all or any part of the Pledged Assets, except to the extent
provided in the Principal Finance Documents.

Thirteenth.- Indemnity. To the extent set out in Section 4.11 of the First Lien
Intercreditor Agreement, the Pledgor shall, notwithstanding any release or discharge of all or any
part of the security, indemnify the Pledgee, its agents, its attorneys, any delegate and any
receiver against any action, proceeding, claims, losses, liabilities, expenses, demands, taxes 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 it by
this Agreement or otherwise relating to the Security Interest.

Fourteenth.- Assignments. Unless otherwise permitted under the Loan Documents, the rights
and obligations arising from this Agreement may not be assigned or transferred by the Pledgor to
any third party without the prior written consent of the Pledgee. The Pledgee may assign or
transfer, in whole or in part, its rights and obligations hereunder in accordance with the Loan
Documents.

Fifteenth.- Amendments. This Agreement may only be amended or modified with the prior
written consent of the Pledgor and the Pledgee.

Sixteenth.- Notices. Each notice or other communication to be given or made by a party in
connection with this Agreement shall be given or made in accordance with the provisions of the
First Lien Intercreditor Agreement, provided that with respect to any notice to be given or made
pursuant to or under a judicial procedure, the Pledgor designates the following address:

-13-

 

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

Indiana 435

Fracc. Industrial Valle de Saltillo

25217, Saltillo, Coahuila, México

Attention: General Manager

All with a copy (which shall not constitute notice) to:

Rank Group Limited

Suite 2502

Level 25, Citgroup Centre

2 Park Street

Sydney 2000

Australia

Attention: Helen Golding

Seventeenth.- Exhibits and Captions. All documents attached hereto or to which reference is
made herein are hereby incorporated by reference into, and shall be deemed a part of, this
Agreement. The captions and headings contained in this Agreement are for convenience only and shall
not affect the interpretation of this Agreement.

Eighteenth.- Further Assurances. Subject to the Agreed Security Principles, the Pledgor, at
the Pledgee’s request, agrees to promptly execute or cause to be executed and deliver to the
Pledgee any and all documents, instruments and agreements, in connection with this Agreement,
deemed necessary by the Pledgee (acting on the instructions of the Applicable Representative) to
give effect to or carry out the terms or intent of this Agreement or any of the Loan Documents.

Nineteenth.- Jurisdiction, Governing Law. For all matters relating to the interpretation
and fulfillment of this Agreement, the parties hereto expressly and irrevocably submit to the
applicable laws of Mexico, and to the jurisdiction of the competent courts sitting in Mexico,
Federal District, Mexico, and the parties hereby expressly and irrevocably waive their rights to
any other jurisdiction to which they may be entitled to by reason of their present or any future
domiciles, or for any other reason.

Twentieth.- Language. This Agreement is entered into in both the Spanish and English
languages; provided that, in the case of any judicial procedure before a Mexican court, the Spanish
version shall govern for all purposes.

[Signature page continues]

-14-

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on this 4 day
of May 2010.

The Pledgor:

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

	 	 	 	 	 
	 	 	 
	 	/s/ Silvia Ema Roldan Gregory
 	 
	 	Name:  	Silvia Ema Roldan Gregory 	 
	 	Title:  	Attorney-in-fact 	 
	 

The Pledgee:

The Bank of New York Mellon, acting solely in its capacity as Collateral Agent on behalf and for
the benefit of the Secured Parties.

	 	 	 	 	 
	 	 	 
	 	/s/ Hernando Becerra de Cima
 	 
	 	Name:  	Hernando Becerra de Cima 	 
	 	Title:  	Attorney-in-fact 	 
	 

-15-

 

Exhibit “A”

Floating Lien Pledge Agreement

Copy of First Lien Intercreditor Agreement

and Amendment

 

 

Exhibit “B”

Floating Lien Pledge Agreement

Form of Power of Attorney

	 	 	 
	PODER ESPECIAL	 	SPECIAL POWER OF ATTORNEY
	 
	En la Ciudad de ____________,
el __ de __________ de 2010, ante mi
__________, Notario Público,
compareció __________ en su carácter
de ______________ de Evergreen
Packaging México, S. de R.L. de
C.V., (la “Sociedad”) una sociedad
debidamente constituida y existente
de conformidad con las leyes de
____________, con su domicilio en
______________

	 	In the City of __________, on
_________, 2010, before me
______________ Notary Public,
appeared __________, in his capacity
as ______________ of Evergreen
Packaging México, S. de R.L. de C.V.
(the “Corporation”) a corporation
organized and existing pursuant to
the laws of ________________, and
having its principal offices in
_________________ and declared:
	_________, y expuso:
	 	 

	 	 	 

	Que en nombre y representación de la
Sociedad y de conformidad con los
poderes que le confiere la Sociedad,
por medio del presente otorga como
garantía:

	 	That in the name and on behalf of
the Corporation and in accordance
with the powers conferred by the
Corporation, hereby grants by way of
security:
	 
	 	 
	1. Un PODER ESPECIAL en cuanto a su
objeto pero general en cuanto a las
facultades otorgadas, con facultades
de delegación, a favor de The Bank
of New York Mellon (el “Acreedor
Prendario”), actuando únicamente en
su carácter de Agente de Garantías
(Collateral Agent), en
representación y para el beneficio
de las Partes Garantizadas (Secured
Parties) y cualquier delegado
designado por el Acreedor Prendario,
para que, en nombre y representación
de la Sociedad, puedan,
individualmente, celebrar, firmar y
perfeccionar cualquier documento y
llevar a cabo cualesquiera
actuaciones que el apoderado
considere necesarias o deseables, en
relación con el Contrato de Prenda
sin Transmisión de Posesión
celebrado entre la Sociedad, como
deudor

	 	1. A SPECIAL POWER-OF-ATTORNEY
deemed as special in regards to its
purpose but as general in regards to
the powers granted, with authority
to delegate such power, in favor of
The Bank of New York Mellon (the
“Pledgee”), acting solely in its
capacity as Collateral Agent, on
behalf and for the benefit of the
Secured Parties and any receiver
appointed by the Pledgee, so that in
the name and on behalf of the
Corporation they may, severally,
execute, deliver and perfect all
documents and do all things which
the attorney in fact may consider to
be required or desirable, in
connection with the Floating Lien
Pledge Agreement (Contrato de Prenda
sin Transmisión de Posesión) entered
into, by and between the
Corporation, as pledgor, and the
Pledgee, acting solely in its

-17-

 

	 	 	 

	 prendario, y el Acreedor
Prendario, actuando únicamente en su
carácter de Agente de Garantías
(Collateral Agent), en
representación y para el beneficio
de las Partes Garantizadas (Secured
Parties), como acreedor prendario,
(según dicho Contrato de Prenda sin
Transmisión de Posesión haya sido o sea modificado, suplementado o
modificado y reexpresado de tiempo
en tiempo, en lo sucesivo, el
“Contrato de Prenda”), para:

	 	
capacity as Collateral Agent on
behalf and for the benefit of the
Secured Parties, as pledgee (as such
Floating Lien Pledge Agreement may
be amended, supplemented, modified
or amended and restated from time to
time, hereinafter, the “Pledge
Agreement”), for:
	 
	 	 
	(a) llevar a cabo cualquier acto
para cumplir con cualquier
obligación impuesta a la Sociedad
mediante el Contrato de Prenda o
cualquier otro contrato que obligue
a la Sociedad y del cual sea parte
el Acreedor Prendario (incluyendo la
celebración y entrega de cualesquier
actos, gravámenes, cesiones u otra
garantía y cualesquier transmisiones
de los Bienes Pignorados (según
dicho término se define en el
Contrato de Prenda));

	 	(a) carrying out any obligation
imposed on the Corporation by the
Pledge Agreement or any other
agreement binding on the Corporation
to which the Pledgee is a party
(including the execution and
delivery of any deeds, charges,
assignments or other security and
any transfers of the Pledged Assets
(as such term is defined in the
Pledge Agreement));
	 
	 	 
	(b) permitir al Acreedor Prendario
para que ejerza, o delegue el
ejercicio de, todos y o cualquiera
de sus derechos sobre los Bienes
Pignorados; y

	 	(b) enabling the Pledgee to
exercise, or delegate the exercise
of, all or any of its rights over
the Pledged Assets; and
	 
	 	 
	(c) permitir a cualquier delegado
designado por el Acreedor Prendario
para que ejerza, o delegue el
ejercicio de, cualquier de los
derechos, poderes y facultades
conferidos sobre los mismos por o
conforme al Contrato de Prenda o por
ley;

	 	(c) enabling any receiver appointed
by Pledgee to exercise, or delegate
the exercise of, any of the rights,
powers and authorities conferred on
them by or pursuant to the Pledge
Agreement or by law;
	 
	 	 
	en el entendido en todo momento que
el Acreedor Prendario únicamente
tendrá el derecho de ejercer los
poderes que le han sido conferidos
por este poder (incluyendo los
mencionados abajo) si: un Caso de
Incumplimiento ha ocurrido y
continúa;

	 	provided always that the Pledgee may
only be entitled to exercise the
powers conferred upon it by this
power of attorney (including those
below) if: an Event of Default has
occurred and is continuing; and/or
the Pledgee has

-18-

 

	 	 	 

	 y/o el Acreedor Prendario
ha recibido una notificación del
Representante Aplicable, el Agente
de las Partes del Crédito y/o de la
Sociedad de que la Sociedad ha
incumplido con cualquier obligación
(incluyendo obligaciones de
perfeccionamiento) dentro de los 10
(diez) Días Hábiles de que se le
haya notificado de dicho
incumplimiento (con copia de dicha
notificación entregada al Agente de
las Partes del Crédito), en el
entendido además que el Acreedor
Prendario no tendrá la obligación de
ejercer los poderes que le han sido
conferidos por la Sociedad conforme
al presente poder (incluyendo los
mencionados abajo), salvo y hasta
que se le haya (i) instruido a
ejercerlos por el Representante
Aplicable, e (ii) indemnizado y/o
garantizado y/o pre-fondeado a su
satisfacción

	 	 received notice from
the Applicable Representative, the
Loan Parties’ Agent and/or the
Corporation that the Corporation has
failed to comply with a further
assurance or perfection obligation
within 10 ten Business Days of being
notified of that failure (with a
copy of that notice being sent to
the Loan Party’s Agent), provided
further that the Pledgee shall not
be obliged to exercise the powers
conferred upon it by the Corporation
under this Power (including those
below) unless and until it shall
have been (a) instructed to do so by
the Applicable Representative and
(b) indemnified and/or secured
and/or prefunded to its
satisfaction.
	 
	 	 
	Para poder llevar a cabo los actos
mencionados en los incisos
anteriores, y sin perjuicio de la
especialidad de los facultades
otorgadas, los apoderados contarán
con:

	 	In order to carry out the acts
referred to in the preceding
sections, and notwithstanding the
special nature of the powers
granted, the attorneys-in-fact are
hereby granted with:
	 
	 	 
	(i) Poder para pleitos y cobranzas,
actos de administración y actos de
dominio en los términos del primer,
segundo y tercer párrafos del
artículo dos mil quinientos
cincuenta y cuatro del Código Civil
Federal y sus correlativos
contenidos en los Códigos Civiles de
los demás estados de los Estados
Unidos Mexicanos y el Distrito
Federal; y

	 	(i) A power of attorney for lawsuits
and collections, acts of
administration and acts of ownership
in terms of the first, second and
third paragraphs of Article two
thousand five hundred and fifty four
of the Federal Civil Code and its
correlative Articles of the Civil
Codes of the remaining States of the
United Mexican States and the
Federal District; and
	 
	 	 
	(ii) poder especial para suscribir y
endosar títulos de crédito en los
términos del artículo 9o de la Ley
General de Títulos y Operaciones de
Crédito.

	 	(ii) a special power of attorney to
subscribe and endorse negotiable
instruments in accordance with
article 9 of the General Law of
Negotiable Instruments and Credit
Operations.

-19-

 

	 	 	 

	El presente poder es irrevocable en
los términos de artículo 2596 (dos
mil quinientos noventa y seis) del
Código Civil Federal y sus artículos
correlativos en los Códigos Civiles
de los demás Estados de la
República, por haberse otorgado como
una condición en un contrato
bilateral y como un medio para el
cumplimiento de sus obligaciones
conforme al Contrato de Prenda.

	 	The special power of attorney
granted hereby is irrevocable
pursuant to the terms of article
2,596 of the Federal Civil Code its
correlative Articles of the Civil
Codes of the States of the United
Mexican States and the Federal
District, it being a condition of a
bilateral agreement and a mean to
comply with its obligations under
the Pledge Agreement.
	 
	 	 
	Para efectos del párrafo quinto del
Artículo 2554 del Código Civil
Federal, el mismo se transcribe a
continuación:

	 	For purposes of paragraph fifth of
Article 2554 of the Federal Civil
Code, a transcription thereof
follows:
	 
	 	 
	“Artículo 2554. En todos los
poderes generales para pleitos y
cobranzas bastará que se diga que se
otorga con todas las facultades
generales y las especiales que
requieran cláusula especial conforme
a la ley para que se entiendan
conferidos sin limitación alguna.

	 	“Article 2554. In all general powers
of attorney for lawsuits and
collections it shall be sufficient
to say that they are granted with
all the general powers and with the
special powers requiring special
clause in accordance with the law in
order that they may be considered as
granted without any limitation.
	 
	 	 
	En los poderes generales para
administrar bienes, bastará expresar
que se dan con este carácter para
que el apoderado tenga toda clase de
facultades administrativas.

	 	In general powers of attorney to
administer property, it shall be
sufficient to state that they are
given with that character, in order
that the attorneys-in-fact may have
all kinds of administrative powers.
	 
	 	 
	En los poderes generales, para
ejercer actos de dominio, bastará
que se den con ese carácter para que
el apoderado tenga todas las
facultades de dueño, tanto en lo
relativo a los bienes, como para
hacer toda clase de gestiones, a fin
de defenderlos.

	 	In general powers of attorney to
exercise acts of ownership, it shall
be sufficient that they be given
with that character, in order that
the attorneys-in-fact may have all
the powers of an owner, both with
respect to the property, and to take
all actions to defend it.
	 
	 	 
	Cuando se quisieren limitar, en los
tres casos antes mencionados, las
facultades de los apoderados, se
consignarán las limitaciones, o los
poderes serán especiales.

	 	If in any of the aforesaid three
cases it should be desired to limit
the authority of the
attorneys-in-fact, the limitation
shall be set out, or the powers of
the attorneys-in-fact shall be
special powers of attorney.

-20-

 

	 	 	 

	Los Notarios insertarán este
Artículo en los testimonios de los
poderes que otorguen.”

	 	Notaries shall insert this Article
in the instruments of powers of
attorney which they execute.”
	 
	Salvo que un término se encuentre
definido en este poder o el contexto
lo requiera de otra forma, un
término definido en el Contrato de
Prenda y/o el Convenio entre
Acreedores (como dicho término se
define en el Contrato de Prenda)
tiene el mismo significado en este
poder.

	 	Unless defined in this power of
attorney or the context otherwise
requires, a term defined in the
Pledge Agreement and/or the First
Lien Intercreditor Agreement (as
defined in the Pledge Agreement) has
the same meaning in this Power of
Attorney.
	 
	 	 
	
 
 

	 	 
 
	Nombre: [_____]

Cargo:

	 	Name: [__________]

Title:

-21-

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