Document:

exv4w88

			
	 
	 	EXHIBIT 4.88

DEED OF PLEDGE OF REGISTERED SHARES

On the fifth day of November two thousand and nine, appeared before me, Geneviéve Mireille
Ghislaine Dony, kandidaat-notaris, hereinafter: “civil law notary” deputising for dr. Thomas Pieter
van Duuren, civil law notary (notaris) in Amsterdam, The Netherlands:

Ms Catherine Annemieke Desiree Kuijper, in this matter with residence at the offices of Clifford
Chance LLP, Droogbak 1a, 1013 GE Amsterdam, The Netherlands, born in Amsterdam, The Netherlands on
the eleventh day of November nineteenhundred and eighty five, in this respect, acting as
attorney-in-fact, duly authorised in writing:

	1.	 	REYNOLDS CONSUMER PRODUCTS (LUXEMBOURG) S.À R.L., a private limited liability company
(société à responsabilité limitée), having its registered office at 6C Parc d’Activités
Syrdall, L-5365 Munsbach, Luxembourg, the Grand Duchy of Luxembourg, and being in the process
of registration with the Registre de Commerce et des Sociétés (the “Pledgor”);

	2.	 	THE BANK OF NEW YORK MELLON, a company, incorporated under the laws of the State of New
York, having its registered office at One Wall Street, New York, New York, and registered with
the Internal Revenue Service under number 13-5160382 (the “Collateral Agent”); and

	3.	 	REYNOLDS CONSUMER PRODUCTS INTERNATIONAL B.V., a private company with limited liability
(besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of The
Netherlands, having its seat (statutaire zetel) in Amsterdam, The Netherlands, having its
registered office at Teleportboulevard 140, 1043 EJ Amsterdam, The Netherlands, and registered
with the Dutch Commercial Register (Handelsregister) under number 34291091 (the “Company”).

The authorisation of the person appearing before me appears from three (3) written powers of
attorney, photocopies of which shall be attached to this Deed.

The person appearing before me, acting as stated, declared that:

IT IS HEREBY AGREED AS FOLLOWS:

	1.	 	DEFINITIONS AND INTERPRETATION

	1.1	 	Definitions

	 	1.1.1	 	Unless defined in this Deed or the context otherwise requires, a term
defined in the First Lien Intercreditor Agreement has the same meaning in this Deed.

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	 	1.1.2	 	In addition the following terms shall have the following meaning:

	 	 	 	“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;

	 	 	 	“Articles of Association” means the articles of association (statuten) of the
Company as they currently stand and as amended at any time;

	 	 	 	“Borrowers” mean the Borrowers under, and as defined in, the Credit Agreement from
time to time;

	 	 	 	“Collateral Agent” means The Bank of New York Mellon in its capacity as collateral
agent under the First Lien Intercreditor Agreement, and its successors and
permitted assigns in such capacity;

	 	 	 	“Credit Agreement” means the Credit Agreement dated as of five November two
thousand and nine, among Reynolds Consumer Products Holdings Inc., SIG Euro Holding
AG & Co KG aA, SIG Austria Holding GmbH, Closure Systems International B.V. and
Closure Systems International Holdings Inc., as borrowers, Reynolds Group Holdings
Limited, the lenders from time to time party thereto and Credit Suisse, as
administrative agent, as amended, extended, restructured, renewed, novated,
supplemented, restated, replaced or modified from time to time;

	 	 	 	“Deed” means this deed of pledge of registered shares;

	 	 	 	“Depository Receipts” means depository receipts of shares in the capital of the
Company issued with the co-operation of the Company (met medewerking van de
vennootschap uitgegeven certificaten van aandelen);

	 	 	 	“Dividends” means cash dividends, distribution of reserves, repayments of capital
and all other distributions and payments in any form which at any time during the
existence of the right of pledge created hereby, become payable in respect of any
one of the Shares;

	 	 	 	“Enforcement Event” means an Event of Default under, and as defined in, the First
Lien Intercreditor Agreement;

	 	 	 	“First Lien Intercreditor Agreement” means the First Lien Intercreditor Agreement
dated as of five November two thousand and nine, among the Collateral Agent, The
Bank of New York Mellon, as trustee under the

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	 	 	 	Senior Secured Note Indenture, Credit Suisse, as administrative agent under the
Credit Agreement, and the Loan Parties, as amended, novated, supplemented, restated
or modified from time to time;

	 	 	 	“First Ranking Deed of Pledge” means the first ranking deed of pledge of shares in
the capital of Reynolds Consumer Products International B.V. as the Company,
Reynolds Consumer Products (NZ) Limited as Pledgor and Credit Suisse, Sydney Branch
as Pledgee, dated on the twenty first day of February two thousand eight;

	 	 	 	“Future Shares” means all shares in the capital of the Company, which are acquired
by the Pledgor after the date of this Deed;

	 	 	 	“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” means the Issuers under, and as defined in, the Senior Secured Note
Indenture, including their successors in interest;

	 	 	 	“Lien” has the meaning it is given in the First Lien Intercreditor Agreement;

	 	 	 	“Loan Documents” 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 Credit Document;

	 	 	 	“Loan Parties” means the Grantors under, and as defined in, the First Lien
Intercreditor Agreement;

	 	 	 	“Loan Parties’ Agent” means Reynolds Group Holdings Limited (formerly known as Rank
Group Holdings Limited);

	 	 	 	“Parallel Debt” has the meaning ascribed thereto in Section 4.10 (Parallel Debt) of
the First Lien Intercreditor Agreement;

	 	 	 	“Present Shares” means all of the issued and paid shares in the capital of the
Company and registered in the name of the Pledgor, being one hundred eighty-one
(181) registered ordinary shares (aandelen op naam) numbered 1 through 181 with a
nominal value of one hundred euro

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	 	 	 	(EUR 100.00);

	 	 	 	“Principal Finance Documents” means the Credit Agreement, the Senior Secured Note
Indenture and the First Lien Intercreditor Agreement;

	 	 	 	“Principal Obligations” means all present and future obligations and liabilities
(whether actual or contingent and whether owed jointly or severally or in any other
capacity whatsoever) of each Loan Party and each grantor of a security interest to
the Secured Parties (or any of them) under each or any of the Loan Documents,
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 other than the obligations pursuant to the Parallel Debt;

	 	 	 	“Related Rights” means the Dividends, all present and future rights of the Pledgor
to acquire shares in the capital of the Company and all other present and future
rights arising out of or in connection with the Shares other than the Voting
Rights;

	 	 	 	“Secured Obligations” means all present and future obligations and liabilities
(whether actual or contingent and whether owed jointly or severally or in any other
capacity whatsoever) of each Loan Party and each grantor of a security interest to
the Collateral Agent under each or any of the Loan Documents, together with all
costs, charges and expenses incurred by the Collateral Agent 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, in
each case, pursuant to the Parallel Debt and all Principal Obligations that are
secured obligations pursuant to Clause 3.1.3.;

	 	 	 	“Secured Parties” means the Secured Parties under, and as defined in, the First
Lien Intercreditor Agreement;

	 	 	 	“Security Assets” means the Shares and the Related Rights;

	 	 	 	“Security Documents” means the Security Documents under, and as defined in, the
First Lien Intercreditor Agreement;

	 	 	 	“Senior Secured Note Indenture” means the Indenture dated as of five November two
thousand and nine, among the 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,

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	 	 	 	restructured, renewed, novated, supplemented, restated, replaced or modified from
time to time;

	 	 	 	“Shares” means the Present Shares and the Future Shares; and

	 	 	 	“Voting Rights” means the voting rights in respect of any of the Shares.

	1.2	 	Interpretation

	 	1.2.1	 	Continuing security

	 	 	 	Any references made in this Deed to any Loan Document or to any agreement or
document (under whatever name), shall, where applicable, be deemed to be references
to (i) such Loan Document or such other agreement or documents as the same may have
been, or may at any time be, extended, prolonged, amended, restated, supplemented,
restructured, replaced, modified, renewed or novated, as persons may accede thereto
as a party or withdraw therefrom as a party in part or in whole or be released
thereunder in part or in whole, and as facilities and financial services are or may
at any time be granted, extended, prolonged, increased, reduced, cancelled,
withdrawn, amended, restated, supplemented, restructured, replaced, modified,
renewed or novated thereunder including, without limitation, (a) any increase or
reduction in any amount available thereunder or any alteration of or addition to
the purpose for which any such amount, or increased or reduced amount may be used,
(b) any facility provided in substitution of or in addition to the facilities
originally made available thereunder, (c) any rescheduling of the indebtedness
incurred thereunder whether in isolation or in connection with any of the
foregoing, and (d) any combination of the foregoing and/or (ii) any document
designated as Loan Document by the Collateral Agent in accordance with the Loan
Documents, and consequently, the rights of pledge created under and pursuant to
this Deed and any supplemental deed of pledge will secure any additional amounts
which are or may be made available or become payable under the Loan Documents from
time to time.

	 	1.2.2	 	Annex; Clause

	 	 	 	Except as otherwise specified, a reference in this Deed to an Annex or a Clause
shall be construed as a reference to such Annex to or Clause of this Deed.

	 	1.2.3	 	Construction

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	 	(a)	 	This Deed is subject to the terms of the Intercreditor
Arrangements. In the event of a conflict between the terms of this Deed and
the Intercreditor Arrangements, the terms of the Intercreditor Arrangements
will prevail, subject to the mandatory provisions of Dutch law. This does not
apply to the extent that the inconsistency between the Intercreditor
Arrangements and any term of this Deed that relates to creation or perfection
of the security, to applicable law or to choice of court, in which case this
Deed will prevail.

	 	(b)	 	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, any delegate and any trustee in bankruptcy
(curator) or administrator (bewindvoerder) 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 Deed, the exercise or purported exercise of any of the rights and powers
conferred on them by this Deed or otherwise relating to the Security Assets.

	1.3	 	Unlawful financial assistance

	 	 	The right of pledge granted by the Pledgor under this Deed shall not constitute a financial
assistance pursuant to Article 49-6 of the Luxembourg law dated the tenth day of August
nineteen hundred fifteen on commercial companies (a “Financial Assistance”), to the extent
applicable as at the date of execution of this Deed, to a private limited liability company
incorporated under the laws of Luxembourg, and none of the obligations under or pursuant to
the Loan Documents shall be included in the definition of “Secured Obligations” to the
extent that, if they were included, the security interest granted pursuant to this Deed or
any part thereof would be void as a result of violation of the prohibition on Financial
Assistance (the “Prohibition”) and all provisions hereof will be interpreted accordingly.
For the avoidance of doubt, this Deed shall continue to secure those obligations which, if
included in the definition of “Secured Obligations”, do not constitute a violation of the
Prohibition.

	2.	 	UNDERTAKING TO PLEDGE AND PARALLEL DEBT

	2.1	 	Undertaking to pledge

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	 	 	The Pledgor has agreed, or, as the case may be, hereby agrees with the Collateral Agent
that the Pledgor shall grant to the Collateral Agent a right of pledge (pandrecht) over the
Security Assets, as security for the payment of the Secured Obligations.

	2.2	 	Parallel Debt

	 	 	Pursuant to the Parallel Debt the Collateral Agent has its own claim in respect of the
payment obligations of the Loan Parties to the Secured Parties. With respect to this claim
the Collateral Agent acts in its own name and not as representative (vertegenwoordiger) of
the Secured Parties or any of them and consequently the Collateral Agent becomes the sole
pledgee (pandhouder) under this Deed.

	3.	 	PLEDGE

	3.1	 	Pledge of Security Assets

	 	3.1.1	 	To secure the payment of the Secured Obligations the Pledgor hereby
grants to the Collateral Agent a second ranking right of pledge (pandrecht tweede in
rang) over the Present Shares and the Related Rights pertaining thereto and grants in
advance (bij voorbaat) to the Collateral Agent a right of pledge over the Future
Shares and the Related Rights pertaining thereto, which rights of pledge are hereby
accepted by the Collateral Agent.

	 	3.1.2	 	To the extent the pledge in advance referred to in Clause 3.1.1 is not
effective under Dutch law the Pledgor will forthwith execute a supplemental pledge in
the form of this Deed or such other form as the Collateral Agent may, acting
reasonably, agree in consultation with the Pledgor in order to perfect the pledge over
such Future Shares and the Related Rights pertaining thereto.

	 	3.1.3	 	If and to the extent that at the time of the creation of this right of
pledge, or at any time hereafter, a Principal Obligation owed to the Collateral Agent
cannot be validly secured through the Parallel Debt, such Principal Obligation itself
shall be a Secured Obligation.

	 	3.1.4	 	The Collateral Agent is entitled to present this Deed and any other
document pursuant hereto for registration to any office, registrar or governmental
body in any jurisdiction the Collateral Agent deems necessary or useful to protect its
interests.

	3.2	 	Related Rights

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	 	 	Only the Collateral Agent is entitled to receive and exercise the Related Rights pledged
pursuant hereto. The Collateral Agent hereby authorises the Pledgor to receive Dividends
(as envisaged by Article 3:246 paragraph 4 Dutch Civil Code). The Collateral Agent is
entitled to revoke this authorisation if an Enforcement Event has occurred and is
continuing.

	3.3	 	Voting Rights

	 	3.3.1	 	Pursuant to the provision of article 25.1 of the Articles of
Association, the Pledgor in its capacity of sole shareholder of the Company, hereby
approves, by means of a written resolution, the pledge of the Shares with the
conditional transfer to the Collateral Agent of the Voting Rights and other rights and
powers attached to the Shares, in respect of which resolution the members of the
management board (bestuur) of the Company have been given the opportunity to cast
their advisory votes.

	 	3.3.2	 	The Voting Rights are hereby transferred to the Collateral Agent under
the conditions precedent (opschortende voorwaarden) of (i) the occurrence of an
Enforcement Event and while it is continuing, (ii) the occurrence of an Enforcement
Event and while it is continuing, written notice by the Collateral Agent to the
Pledgor and the Company that it, the Collateral Agent, will be entitled to exercise
the Voting Rights and (iii) the release of the right of pledge created pursuant to the
First Ranking Deed of Pledge.

	 	3.3.3	 	Prior to receipt by the Company of a notice as referred to in Clause
3.3.2:

	 	(a)	 	the Pledgor shall have the right to exercise the Voting
Rights and other rights and powers attached to the Shares provided it shall
not at any time exercise, or refrain from exercising, such rights in a manner
which would adversely affect the validity or enforceability of the security
created hereby or cause an Event of Default to occur; and

	 	(b)	 	the Collateral Agent shall not have the rights attributed
by law to the holders of depository receipts issued with the company’s
co-operation (rechten die door de wet zijn toegekend aan de houders van met
medewerking ener vennootschap uitgegeven certificaten van aandelen) (i.e. such
rights will remain vested in the Pledgor until receipt by the Company of a
notice as referred to in Clause 3.3.2).

	 	3.3.4	 	Forthwith upon a notification pursuant to Clause 3.3.2 the Pledgor
shall

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	 	 	 	no longer be entitled to exercise the Voting Rights.

	 	3.3.5	 	After the Collateral Agent has notified the Pledgor and the Company
pursuant to Clause 3.3.2 that it will exercise any or all of the rights attributed by
law to the holders of depository receipts issued with the company’s co-operation
(rechten die door de wet zijn toegekend aan de houders van met medewerking ener
vennootschap uitgegeven certificaten van aandelen) and/or any or all of the Voting
Rights, the Collateral Agent shall have the right to convene a general meeting of
shareholders regardless of the number of Voting Rights it can exercise pursuant to
Clause 3.3.2.

	4.	 	REPRESENTATIONS, WARRANTIES AND COVENANTS

	4.1	 	Representations and warranties

	 	4.1.1	 	The Pledgor hereby represents and warrants to the Collateral Agent that
the following is true and correct at the date hereof:

	 	(a)	 	it is entitled to pledge the Security Assets as envisaged
hereby;

	 	(b)	 	the right of pledge created hereby over the Security
Assets is a second ranking right of pledge (pandrecht tweede in rang) ranking
immediately behind the right of pledge created pursuant to the First Ranking
Deed of Pledge, the Security Assets have not been encumbered with limited
rights (beperkte rechten) other than the First Ranking Deed of Pledge or
otherwise and no attachment (beslag) on the Security Assets has been made, in
each case, except as permitted by the Principal Finance Documents; and

	 	(c)	 	other than the right of pledge created pursuant to the
First Ranking Deed of Pledge, the Security Assets have not been transferred,
encumbered or attached in advance, nor has it agreed to such transfer or
encumbrance in advance, in each case, except as permitted by the Principal
Finance Documents.

	 	4.1.2	 	Furthermore, the Pledgor hereby represents and warrants to the
Collateral Agent that the following is true and correct at the date hereof:

	 	(a)	 	except as disclosed under the Credit Agreement or
otherwise permitted by the Principal Finance Documents, the Present Shares
have been validly issued and fully paid up and constitute one hundred per cent
(100%) of the share capital of the Company at

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	 	 	 	the time of this Deed;

	 	(b)	 	it has acquired the Present Shares by means of a notarial
deed of transfer of shares in the capital of the Company, executed before a
deputy of T.P. Flokstra, civil law notary (notaris) in Amsterdam, The
Netherlands, on the third day of November two thousand nine; and

	 	(c)	 	no Depository Receipts have been issued with respect to
the Present Shares.

	 	4.1.3	 	The Pledgor hereby represents and warrants to the Collateral Agent at
the date hereof that the right of pledge created pursuant to this Deed constitutes a
first ranking right of pledge (Pandrecht eerste in rang) upon the release of the First
Ranking Deed of Pledge.

	4.2	 	Covenants

	 	 	The Pledgor hereby covenants that, subject to the Agreed Security Principles, it will:

	 	(a)	 	other than as permitted under the terms of the Principal Finance
Documents not release, settle or subordinate any Related Rights without the Collateral
Agent’s prior written consent (such consent not to be unreasonably withheld or
delayed);

	 	(b)	 	at its own expense execute all documents and do all such acts as the
Collateral Agent may reasonably request for creating, perfecting or protecting the
right of pledge envisaged hereby;

	 	(c)	 	other than envisaged hereby or as permitted under the terms of the
Principal Finance Documents, not pledge, otherwise encumber or transfer any Security
Assets, whether or not in advance, or permit to subsist any kind of encumbrance or
attachment over the Security Assets;

	 	(d)	 	other than as permitted under the terms of the Principal Finance
Documents, not perform any act that would affect the validity or enforceability of the
security under this Deed or cause an Event of Default to occur;

	 	(e)	 	as soon as practicable inform the Collateral Agent of any event or
circumstance which may be of importance to the Collateral Agent for the preservation
or exercise of the Collateral Agent’s rights pursuant hereto

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	 	 	 	and provide the Collateral Agent, upon its written request, with any other
information in relation to the (pledge of the) Security Assets as the Collateral
Agent may from time to time request acting reasonably, provided that no more than
one request shall be made in any 12 month period unless an Enforcement Event has
occurred and is continuing;

	 	(f)	 	as soon as reasonable practicable inform in writing persons such as a
liquidator (curator) in bankruptcy, an administrator (bewindvoerder) in a
(preliminary) suspension of payment or persons making an attachment, of the existence
of the rights of the Collateral Agent pursuant hereto;

	 	(g)	 	not procure the issue of any (rights to acquire) shares in the capital of
the Company or any Depositary Receipts, except to the extent permitted under the terms
of the other Principal Finance Documents; and

	 	(h)	 	except to the extent permitted under the terms of the Principal Finance
Documents, not vote on any of the Shares without the consent of the Collateral Agent,
in favour of a proposal to (i) an amendment of the Articles of Association, (ii) a
dissolution of the Company, (iii) an application for the bankruptcy or a (preliminary)
suspension of payment of the Company, (iv) a conversion (omzetting), merger (fusie) or
division (splitsing) of the Company or (v) a distribution of Related Rights.

	5.	 	ENFORCEMENT

	5.1	 	Any failure by the Pledgor to satisfy the Secured Obligations when due shall constitute a
default (verzuim) in the performance of the Secured Obligations, without any reminder letter
(sommatie) or notice of default (ingebrekestelling) being required.

	5.2	 	Subject to the First Ranking Deed of Pledge, if an Enforcement Event has occurred and is
continuing, the Collateral Agent may enforce its right of pledge and take recourse against the
proceeds thereof.

	5.3	 	The Pledgor shall not be entitled to request the court to determine that the Security
Assets pledged pursuant hereto shall be sold in a manner deviating from the provisions of
Article 3:250 Dutch Civil Code.

	5.4	 	The Collateral Agent shall not be obliged to give notice to the Pledgor of any intention
to sell the pledged Security Assets (as provided in Article 3:249 Dutch Civil Code) or, if
applicable, of the fact that it has sold the same Security Assets (as provided in Article
3:252 Dutch Civil Code).

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	5.5	 	All monies received or realised by the Collateral Agent in connection with the Security
Assets shall be applied by the Collateral Agent in accordance with the Intercreditor
Arrangements, subject to the mandatory provisions of Dutch law on enforcement (uitwinning).

	6.	 	MISCELLANEOUS PROVISIONS

6.1 Waiver

	 	6.1.1	 	To the fullest extent allowed by applicable law, the Pledgor waives
(doet afstand van) any right it may have of first requiring the Collateral Agent to
proceed against or claim payment from any other person or enforce any guarantee or
security granted by any other person before exercising its rights pursuant hereto,
which waiver is hereby accepted by the Collateral Agent.

	 	6.1.2	 	The Pledgor hereby irrevocably and unconditionally waives (doet afstand
van) any rights it has under or pursuant to any Dutch law provisions for the
protection of grantors of security for the debts of third parties, including, to the
extent relevant, any rights it may have pursuant to Articles 3:233, 3:234 and 6:139
Dutch Civil Code, which waiver is hereby accepted by the Collateral Agent.

	 	6.1.3	 	The Pledgor hereby irrevocably and unconditionally waives (doet afstand
van), to the extent necessary in advance, any and all rights of recourse (regres) or
subrogation (subrogatie) vis-à-vis any Loan Party that it has or may obtain or acquire
after the date of this Deed as a result of any enforcement action in respect of the
rights of pledge granted under or in connection with this Deed (and, to the extent
such waiver is not enforceable in whole or in part, any rights of recourse or
subrogation to which the Pledgor is or may become entitled under or pursuant to
enforcement of any rights of pledge created under or pursuant to this Deed are hereby
pledged to the Collateral Agent by way of a non disclosed pledge governed by the terms
of this Deed), which waiver is hereby accepted by the Collateral Agent.

	6.2	 	Evidence of indebtedness

	 	 	An excerpt from the Collateral Agent’s records shall serve as conclusive evidence (dwingend
bewijs) of the existence and the amounts of the Secured Obligations, subject to proof to
the contrary.

	6.3	 	Unenforceability

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	 	 	The Pledgor and the Collateral Agent hereby agree that they will negotiate in good faith to
replace any provision hereof which may be held unenforceable with a provision which is
enforceable and which is as similar as possible in substance to the unenforceable
provision.

	6.4	 	Power of attorney

	 	 	The Pledgor hereby grants an irrevocable power of attorney to the Collateral Agent and any
trustee in bankruptcy (curator) or administrator (bewindvoerder) severally provided always
that the Collateral Agent may only be entitled to exercise the power of attorney granted to
it by the Pledgor under this Clause 6.4 if (i) an Enforcement Event has occurred which is
continuing and/or (ii) the Collateral Agent 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 ten (10) Business Days of
being notified of that failure (with a copy of that notice being sent to the Loan Party’s
Agent) authorising the Collateral Agent to execute on its behalf all documents and to
perform all such acts on behalf of the Pledgor as the Collateral Agent may deem necessary
or useful in order to have the full benefit of the rights (to be) granted to the Collateral
Agent pursuant hereto, including (i) the exercise of any ancillary rights (nevenrechten) as
well as any other rights it has in relation to the Security Assets and (ii) the performance
of obligations of the Pledgor hereunder, which authorisations permits the Collateral Agent
to (also) act as the Pledgor’s counterparty within the meaning of Article 3:68 Dutch Civil
Code. Provided further that the Collateral Agent shall not be obliged to exercise the power
of attorney granted to it by the Pledgor under this Clause 6.4 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 satisfaction.

	6.5	 	Delegation

	 	 	Subject to Section 4.05 of the First Lien Intercreditor Agreement (to the extent permitted
by Dutch law), each of the Collateral Agent and any trustee in bankruptcy (curator) or
administrator (bewindvoerder) shall have full power to delegate (either generally or
specifically) the powers, authorities and discretions conferred on it by this Deed
(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 or any
trustee in bankruptcy (curator) or administrator (bewindvoerder) itself.

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	6.6	 	Costs

	 	 	With respect to costs and expenses, Clause 9.05 (Expenses; Indemnity) of the Credit
Agreement shall apply mutatis mutandis and the provisions thereof are incorporated here by
reference.

	7.	 	POWER TO TRANSFER

	7.1	 	The Collateral Agent is entitled to transfer all or part of its rights and/or obligations
pursuant hereto to any replacement collateral agent appointed in accordance with the First
Lien Intercreditor Agreement and to the extent such transfer is in accordance with the terms
of the First Lien Intercreditor Agreement, the Pledgor hereby in advance gives its irrevocable
consent to and hereby in advance irrevocably co-operates with any such transfer (within the
meaning of Articles 6:156 and 6:159 Dutch Civil Code).

	7.2	 	Subject to Section 9.16 (Confidentiality) of the Credit Agreement and the terms of the
other Loan Documents the Collateral Agent is entitled to impart any information concerning the
Pledgor or the Security Assets to any (proposed) transferee.

	8.	 	TERMINATION

	8.1	 	Unless terminated by operation of law, the Collateral Agent’s right of pledge created
pursuant hereto shall be in full force and effect vis-à-vis the Pledgor until it shall have
terminated, in part or in whole, as described in Clause 8.2 and Clause 8.3 below.

	8.2	 	The Collateral Agent will be entitled to terminate by notice (opzeggen) the right of
pledge created hereunder and pursuant hereto, in part or in whole, in respect of all or part
of the Security Assets and/or all or part of the Secured Obligations. If and insofar as the
purported effect of any such termination would require a waiver (afstand) by the Collateral
Agent, such termination shall be construed accordingly and the Pledgor hereby in advance
agrees to such waiver.

	8.3	 	The Collateral Agent’s right of pledge created pursuant hereto in respect of any or all
of the Security Assets shall be released and cancelled (a) by the Collateral Agent (acting on
the instructions 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 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

- 14 -

 

	 	 	Intercreditor Arrangements (to the extent it is possible to give effect to such
arrangements under Dutch law).

	9.	 	NO LIABILITY

	 	 	None of the Collateral Agent, its nominee(s) or any trustee in bankruptcy (curator) or
administrator (bewindvoerder) or delegate appointed pursuant to this Deed shall be liable
by reason of (a) taking any action permitted by this Deed or (b) any neglect or default in
connection with the Security Assets or (c) the taking possession or realisation of all or
any part of the Security Assets, except to the extent provided in the Principal Finance
Documents.

	10.	 	GOVERNING LAW AND JURISDICTION

	10.1	 	This Deed is governed by and shall be interpreted in accordance with Dutch law. All
disputes arising from or in connection with this Deed shall be submitted to the competent
court in Amsterdam without prejudice to the Collateral Agent’s right to submit any disputes to
any other competent court in The Netherlands or in any other jurisdiction.

	10.2	 	If a party to this Deed is represented by (an) attorney(s) in connection with the
execution of this Deed or any agreement or document pursuant hereto, and the relevant power of
attorney is expressed to be governed by Dutch law, such choice of law is hereby accepted by
the other party, in accordance with Article 14 of the ‘The Hague Convention on the Law
Applicable to Agency’ of the fourteenth day of March nineteen hundred seventy-eight.

	10.3	 	Pursuant to Article 1:15 Dutch Civil Code the Pledgor hereby designates the offices of
the Company as its domicile (woonplaats) for service of process in any proceedings in
connection with this Deed. This designation shall be without prejudice to any other method of
service of process permitted by law.

	11.	 	THE COMPANY

	 	 	By signing this Deed the Company:

	 	(a)	 	acknowledges the right of pledge created over the Security Assets;

	 	(b)	 	confirms that it has been notified (medegedeeld) of the right of pledge
created over the Related Rights;

	 	(c)	 	undertakes to register in its shareholders’ register:

	 	(i)	 	the right of pledge over the Shares;

- 15 -

 

			
	
	 	 

	 	(ii)	 	the conditional transfer of Voting Rights to the
Collateral Agent; and

	 	(iii)	 	that, if an Enforcement Event has occurred and is
continuing and notice is given to the Company, as set out in more detail in
this Deed, the Collateral Agent shall have the rights attributed by law to the
holders of depository receipts issued with the company’s co-operation (rechten
die door de wet zijn toegekend aan de houders van met medewerking ener
vennootschap uitgegeven certificaten van aandelen);

	 	(d)	 	confirms that the members of the management board (bestuur) of the
Company have been given the opportunity to cast an advisory vote in respect of the
resolution referred to in Clause 3.3.1 of this Deed;

	 	(e)	 	represents and warrants that to the best of its knowledge and belief the
representations and warranties of the Pledgor made pursuant to Clauses 4.1.1(a) and
4.1.2(a) of this Deed are true and correct;

	 	(f)	 	represents and warrants that no Depository Receipts have been issued with
respect to the Present Shares;

	 	(g)	 	represents and warrants that no rights to acquire shares in the capital
of the Company have been issued which are still outstanding except to the extent
permitted under the terms of the Loan Documents; and

	 	(h)	 	covenants that it shall not co-operate in the issue of any Depository
Receipts or issue any (rights to acquire) shares in the capital of the Company, except
to the extent permitted under the terms of the other Loan Documents.

	12.	 	CIVIL LAW NOTARY

	 	 	Each of the parties to this Deed acknowledges that:

	 	(a)	 	dr. T.P. van Duuren, civil law notary (notaris) in Amsterdam, The
Netherlands, is a partner of Clifford Chance LLP; and

	 	(b)	 	Clifford Chance LLP acts as the legal adviser to the Administrative
Agent, Linklaters LLP in Amsterdam acts as the Dutch legal adviser to the Collateral
Agent and that Freshfields Bruckhaus Deringer LLP in Amsterdam acts as the Dutch legal
adviser to the Pledgor and the Company in this transaction; and,

- 16 -

 

			
	
	 	 

	 	 	having consulted its legal advisers, confirms its agreement and accepts that dr. T.P. van
Duuren aforementioned or one of his deputies (waarnemers or kandidaten) shall execute this
Deed and that this shall not prevent Clifford Chance LLP from continuing to act as legal
adviser to the Administrative Agent.

	 	 	The person appearing before me is known to me, civil law notary

	 	 	This deed, drawn up to be kept in the civil law notary’s custody was executed in Amsterdam,
The Netherlands, on the date first above written.

	 	 	The contents of this deed were given and explained to the person appearing before me, who
then declared to have noted and approved the contents and not to require a full reading
thereof. Thereupon, after limited reading, this deed was signed by the person appearing
before me and by me, civil law notary.

- 17 -exv4w89

EXHIBIT 4.89

REYNOLDS GROUP HOLDINGS LIMITED 
 Chargor

THE BANK OF NEW YORK MELLON
 Collateral Agent

 

GENERAL SECURITY DEED

 

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

	 	 	 	 	 

	1. INTERPRETATION
	 	 	1	 
	2. SECURITY
	 	 	4	 
	3. NEGATIVE COVENANT
	 	 	6	 
	4. LIEN ENFORCEABLE
	 	 	6	 
	5. COLLATERAL AGENT MAY REMEDY BREACH
	 	 	6	 
	6. ENFORCEMENT BY COLLATERAL AGENT
	 	 	6	 
	7. APPOINTMENT OF RECEIVER
	 	 	6	 
	8. DELEGATION
	 	 	8	 
	9. PROTECTION OF PERSONS DEALING WITH COLLATERAL AGENT OR RECEIVER
	 	 	8	 
	10. PROTECTION OF COLLATERAL AGENT, RECEIVER OR OTHER PERSON
	 	 	9	 
	11. ATTORNEY
	 	 	9	 
	12. ASSIGNMENT
	 	 	10	 
	13. NOTICES
	 	 	10	 
	14. RELEASE AND REINSTATEMENT
	 	 	11	 
	15. PPSA RIGHTS
	 	 	11	 
	16. APPLICATION OF PLA AND OTHER LAWS
	 	 	12	 
	17. INDEMNITY
	 	 	13	 
	18. MISCELLANEOUS
	 	 	13	 
	19. GOVERNING LAW AND JURISDICTION
	 	 	14	 
	20. COUNTERPARTS
	 	 	14	 

i

 

DEED dated 5 November 2009

MADE BY

	 	 	REYNOLDS GROUP HOLDINGS LIMITED incorporated under the laws of New Zealand and having its
registered office at C/- Bell Gully, Level 22, Vero Centre, 48 Shortland Street, Auckland
(“Chargor”)

IN FAVOUR OF

	 	 	THE BANK OF NEW YORK MELLON, 101 Barclay Street, 4E, New York, N.Y. 10286 as Collateral
Agent (as defined below)

COVENANTS

	1.	 	INTERPRETATION
	 
	1.1	 	Definitions in the First Lien Intercreditor Agreement: Words and expressions defined in the
First Lien Intercreditor Agreement and used in this deed shall, unless otherwise defined
herein or the context otherwise requires, have the meanings given to them in the First Lien
Intercreditor Agreement.
	 
	1.2	 	Definitions: In addition, in this deed, unless the context otherwise requires:
	 
	 	 	“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.
	 
	 	 	“Collateral Agent” means The Bank of New York Mellon in its capacity as collateral agent
under the First Lien Intercreditor Agreement, and includes its successors and permitted
assigns in such capacity.
	 
	 	 	“Companies Act” means the Companies Act 1993.
	 
	 	 	“Credit Agreement” means the Credit Agreement dated on or about the date of this deed,
among Reynolds Consumer Products Holdings Inc., Reynolds Group 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, as amended, extended, restructured, renewed, novated, supplemented, restated,
refunded, replaced or modified from time to time.
	 
	 	 	“Delegate” means any delegate, agent, attorney or co-trustee appointed by the Collateral
Agent.
	 
	 	 	“Enforcement Event” means an “Event of Default” under, and as defined in, the First Lien
Intercreditor Agreement.
	 
	 	 	“Existing Intercreditor Agreement” means the Intercreditor Agreement dated as of 11 May
2007, as amended by a letter dated as of 21 June 2007 and a further letter dated as of 29
June 2007, among Reynolds Group Holdings Limited (formerly known as Rank Group Holdings
Limited), Beverage Packaging Holdings (Luxembourg) I S.A. (formerly known as Rank Holdings
I S.A.), the senior lenders party thereto, the senior issuing

 

 

	 	 	banks party thereto, the subordinated bridging lenders party thereto and Credit Suisse, as
security agent, subordinated bridging agent and security trustee.
	 
	 	 	“First Lien Intercreditor Agreement” means the First Lien Intercreditor Agreement dated on
or about the date of this deed, among the Collateral Agent, The Bank of New York Mellon,
as trustee under the Senior Secured Note Indenture, Credit Suisse, as administrative agent
under the Credit Agreement, and the Loan Parties, as amended, novated, supplemented,
restated or modified from time to time.
	 
	 	 	“Intercreditor Arrangements” means the First Lien Intercreditor Agreement, the Existing
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” means the “Issuers” under, and as defined in, the Senior Secured Note Indenture,
including their successors in interest.
	 
	 	 	“Lien” has the meaning it is given in the First Lien Intercreditor Agreement.
	 
	 	 	“Loan Documents” means 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” means the “Grantors” under, and as defined in, the First Lien Intercreditor
Agreement.
	 
	 	 	“Loan Parties’ Agent” means Reynolds Group Holdings Limited (formerly known as Rank Group
Holdings Limited).
	 
	 	 	“Other Property” has the meaning given to it in clause 2.1, and a reference to Other
Property includes any part of it.
	 
	 	 	“Personal Property” has the meaning given to it in clause 2.1, and a reference to Personal
Property includes any part of it.
	 
	 	 	“PLA” means the Property Law Act 2007.
	 
	 	 	“PPSA” means the Personal Property Securities Act 1999.
	 
	 	 	“Principal Finance Documents” means the Credit Agreement, the Senior Secured Note
Indenture, the Intercreditor Arrangements and any Additional Agreement.
	 
	 	 	“Receiver” means a receiver, or receiver and manager, appointed by the Collateral Agent
under this deed.
	 
	 	 	“Secured Liabilities” means all present and future obligations and liabilities (whether
actual or contingent and whether owed jointly or severally or in any other capacity
whatsoever) of each Loan Party and each grantor of a security interest to the Secured
Parties (or any of them) under each or any of the Loan Documents, 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” means the “Secured Parties” under, and as defined in, the First Lien
Intercreditor Agreement.

2

 

	 	 	“Secured Property” means the Personal Property and the Other Property and a reference to
Secured Property includes any part of it.
	 
	 	 	“Senior Secured Note Indenture” means the Indenture dated on or about the date of this
deed, among the 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.
	 
	1.3	 	References: Except to the extent that the context otherwise requires, any reference in this
deed to:
	 
	 	 	“disposal” includes any sale, assignment, exchange, transfer, concession, loan, lease,
surrender, licence, reservation, waiver, compromise, release, dealing or parting with
possession, or the granting of any option, security, right or interest whatever, or any
agreement for any of the same, and “dispose” means to make a disposal, and “acquisition”
and “acquire” shall be construed accordingly.
	 
	 	 	a “government agency” includes any government or any governmental, semi-governmental or
judicial entity or authority.
	 
	 	 	a “law” includes common or customary law and any constitution, decree, judgment,
legislation, order, ordinance, regulation, by-law, statute, treaty or other legislative
measure.
	 
	 	 	a “person” includes an individual, firm, company, corporation, unincorporated body of
persons, organisation or trust, and any government agency, in each case whether or not
having separate legal personality.
	 
	 	 	“written” and “in writing” include all means of reproducing words in a tangible and
permanently visible form.
	 
	1.4	 	PLA references: The expressions “further advance by way of financial accommodation”,
“mortgage debenture”, “stated priority limit” and “subsequent mortgage” have the respective
meanings given to them under, or in the context of, the PLA.
	 
	1.5	 	PPSA references: The expressions “accession”, “account receivable”, “financing statement”,
“financing change statement”, “personal property”, “security interest” and “verification
statement” have the respective meanings given to them under, or in the context of, the PPSA.
	 
	1.6	 	Miscellaneous:

	 	(a)	 	Headings are inserted for convenience only and do not affect interpretation
of this deed.
	 
	 	(b)	 	Unless the context otherwise requires, the singular includes the plural and
vice versa and words denoting individuals include other persons and vice versa.
	 
	 	(c)	 	A reference to any legislation includes any statutory regulations, rules,
orders or instruments made or issued pursuant to that legislation and any amendment
to, re-enactment of, or replacement of, that legislation.
	 
	 	(d)	 	Except where inconsistent with the context, the expression “at any time”
also means from time to time.

3

 

	 	(e)	 	A reference to any document includes reference to that document as amended,
extended, restructured, renewed, restated, refunded, modified, novated, supplemented,
varied or replaced from time to time.
	 
	 	(f)	 	A reference to any party to a Loan Document or any other document includes
its successors and permitted assigns.
	 
	 	(g)	 	Unless otherwise stated, reference to a clause, section or schedule is a
reference to a clause or section of, or schedule to, this deed.

	1.7	 	Capacity: The Collateral Agent enters into this deed in its capacity as collateral agent for
the Secured Parties.
	 
	2.	 	SECURITY
	 
	2.1	 	Charging clause: As security for the payment, delivery, performance and observance of the
Secured Liabilities, the Chargor:

	 	(a)	 	grants a security interest in all of the Chargor’s present and
after-acquired personal property, and all of the Chargor’s present and future rights
in relation to any personal property (“Personal Property”), to the Collateral Agent
(which, so far as it concerns each security interest over or in respect of any
present or future account receivable and present and future rights in relation to any
account receivable, shall take effect as a transfer (as “transfer” is used in the
context of and for the purposes of the PPSA));
	 
	 	(b)	 	charges all of the Chargor’s present and future interest in, and all of the
Chargor’s present and future rights in relation to, any land and any other property,
other than any Personal Property to which the PPSA applies (“Other Property”), in
favour of the Collateral Agent; and
	 
	 	(c)	 	agrees to mortgage all of the Chargor’s present and future interests in any
land to the Collateral Agent.

	2.2	 	Priority:

	 	(a)	 	The security interest granted in Personal Property has the same priority in
respect of all Secured Liabilities, including future advances.
	 
	 	(b)	 	For the purposes of sections 91, 92 and 93 of the PLA:

	 	(i)	 	the Chargor acknowledges that this deed secures further
advances by way of financial accommodation up to a stated priority limit;
and
	 
	 	(ii)	 	the maximum amount for which this deed has priority in
relation to any subsequent mortgage is US$7,500,000,000 plus interest (and
accordingly such amount is the stated priority limit).

	 	(c)	 	Nothing in clause 2.2(b) is to be construed as limiting either the Secured
Liabilities or the amount of the Secured Liabilities.

	2.3	 	Continuing security: This deed is a continuing security in respect of the Chargor and shall
operate irrespective of any intervening payment, settlement of account or other matter or
thing whatever, until a final release has been signed by the Collateral Agent and delivered to
the Chargor in accordance with clause 14.

4

 

	2.4	 	Nature of charge over Other Property: The charge under this deed is a fixed charge in
respect of all Other Property of the Chargor, except where, but only to the extent that, that
charge is not legally and fully effective as a fixed charge, in which event that charge shall
be a floating charge.
	 
	2.5	 	Automatic crystallisation: Any floating charge shall become a fixed charge automatically and
immediately in respect of all Other Property subject to that floating charge:

	 	(a)	 	without the need for any notice or act by the Collateral Agent, if an
Enforcement Event occurs; and
	 
	 	(b)	 	in respect of any such Other Property specified in any notice which may be
given by the Collateral Agent (acting reasonably) to the Chargor at any time if, in
the opinion of the Collateral Agent, that Other Property is at risk of being seized,
taken or becoming subject to any Lien (other than a Lien permitted under the
Principal Finance Documents.

	2.6	 	Automatic de-crystallisation: Any floating charge that has become a fixed charge in
accordance with clause 2.5(a) shall revert to a floating charge automatically and immediately
if no Enforcement Event is continuing.
	 
	2.7	 	Other securities:

	 	(a)	 	This deed is collateral to each other Lien (whenever executed or given)
which is at any time held by a Secured Party in respect of the Secured Liabilities.
	 
	 	(b)	 	The Collateral Agent or any other Secured Party may exercise any of its
rights, powers and remedies under this deed and any such other Lien separately or
concurrently.
	 
	 	(c)	 	Nothing in this deed shall discharge, abate or prejudice any other Lien at
any time held by any person.

	2.8	 	Further assurance: Subject to the Agreed Security Principles, the Chargor shall deliver to
the Collateral Agent any transfer, assignment, Lien, instrument, or other deed or document,
and shall do any other thing, which the Collateral Agent reasonably requires to enable it to:

	 	(a)	 	ensure the Secured Property is subject to an effective security;
	 
	 	(b)	 	perfect the Chargor’s title to any of its Secured Property;
	 
	 	(c)	 	perfect the Lien intended to be created by this deed, including, without
limitation, in accordance with the provisions of the PPSA;
	 
	 	(d)	 	more satisfactorily secure to the Collateral Agent the Secured Liabilities,
including the granting of fixed or specific Liens;
	 
	 	(e)	 	if an Enforcement Event has occurred and is continuing, transfer to, or
vest in, the Collateral Agent (or any purchaser from the Collateral Agent or a
Receiver) any of the Secured Property;
	 
	 	(f)	 	if an Enforcement Event has occurred and is continuing, facilitate the
realisation of any of the Secured Property;

5

 

	 	(g)	 	exercise all or any of the rights, powers and remedies conferred on the
Collateral Agent or a Receiver by this deed or by law; and
	 
	 	(h)	 	secure to the Collateral Agent the full benefit of the provisions of this
deed.

	3.	 	NEGATIVE COVENANT
	 
	 	 	The Chargor shall not change its name without first notifying the Collateral Agent of the
new name not less than 7 business days before the change takes effect.
	 
	4.	 	LIEN ENFORCEABLE
	 
	4.1	 	The Lien created by this deed shall become enforceable if any Enforcement Event has occurred
and is continuing.
	 
	5.	 	COLLATERAL AGENT MAY REMEDY BREACH
	 
	5.1	 	If the Chargor fails to comply with any of its obligations under this deed, the Collateral
Agent may and shall if so instructed by the Applicable Representative, after giving 14 days’
notice to the Chargor, (without prejudice to the Collateral Agent’s other rights, powers and
remedies) pay all amounts and do all such other things as it deems necessary or desirable to
remedy any such default or otherwise protect the Lien created by this deed, provided that the
Collateral Agent is indemnified and/or secured and/or prefunded to its satisfaction.
	 
	6.	 	ENFORCEMENT BY COLLATERAL AGENT
	 
	6.1	 	At any time if an Enforcement Event has occurred and is continuing, the Collateral Agent may
and shall if so instructed by the Applicable Representative (without it being necessary to
appoint a Receiver under this deed and without prejudice to any other rights, powers or
remedies it may have under this deed or by law) by notice to the Chargor:

	 	(a)	 	declare the Secured Liabilities to be due and payable, whereupon they shall
become immediately due and payable;
	 
	 	(b)	 	exercise any of the powers which are conferred upon a Receiver by clause
7.2 or by law; and
	 
	 	(c)	 	pay any expenses incurred in the exercise of any of such powers out of the
revenue from, or proceeds of realisation of, the Secured Property of the Chargor.

	7.	 	APPOINTMENT OF RECEIVER
	 
	7.1	 	Power to appoint Receiver: The Collateral Agent may and shall if so instructed by the
Applicable Representative (whether or not the Collateral Agent has exercised any of its powers
under clause 6.1):

	 	(a)	 	at any time if an Enforcement Event has occurred and is continuing; or
	 
	 	(b)	 	at the Chargor’s request (in which case it shall),

6

 

	 	 	appoint in writing any person or persons (whether an officer of the Collateral Agent or
the Chargor or not) to be Receiver of all or any of the Secured Property. A Receiver
shall be the agent of the Chargor, and the Chargor alone shall be responsible for the acts
and defaults of the Receiver. The Collateral Agent may remove any Receiver and may
appoint a new Receiver in place of a Receiver who has been removed, retired or died, or in
addition to a Receiver already appointed.
	 
	7.2	 	Powers of Receiver: Every Receiver appointed in respect of any Secured Property of the
Chargor shall (in addition to the powers which a receiver, or receiver and manager, has at
law) have power to do all or any of the following things, in such manner and on such terms and
conditions as the Receiver thinks fit:

	 	(a)	 	enter upon and take possession of that Secured Property;
	 
	 	(b)	 	carry on, or concur in carrying on, any business of the Chargor;
	 
	 	(c)	 	carry out necessary repairs, effect insurances, and do anything else which
the Chargor could do in the conduct of its business;
	 
	 	(d)	 	employ, appoint and terminate the employment or appointment of, any
officer, manager, employee or agent;
	 
	 	(e)	 	dispose, or agree to the disposal, of any interest in that Secured
Property;
	 
	 	(f)	 	give receipts for money, and do all acts, matters and things which the
Receiver thinks proper for realising that Secured Property;
	 
	 	(g)	 	acquire an interest in any asset to form part of that Secured Property;
	 
	 	(h)	 	compromise, settle or submit to arbitration any accounts, claims, questions
or disputes which may arise in connection with the business of the Chargor;
	 
	 	(i)	 	bring, take, defend or compromise any proceedings in the name of the
Chargor or otherwise;
	 
	 	(j)	 	sign in the name and on behalf of the Chargor, and/or affix the common seal
(if any) of the Chargor to, all documents which the Receiver considers necessary or
expedient;
	 
	 	(k)	 	vary, or agree to the variation of, any contract or arrangement to which
the Chargor is a party;
	 
	 	(l)	 	make calls upon shareholders and contributories in respect of any uncalled
amounts on shares in the Chargor and enforce payment of all unpaid calls, for which
purpose the provisions contained in the constitution of the Chargor, or otherwise
provided by law, in respect of calls shall (with necessary modifications) apply,
shall continue to subsist notwithstanding any change in directors of the Chargor, and
shall be exercisable to the exclusion of the powers of the directors;
	 
	 	(m)	 	exercise and enforce all rights, powers and remedies which the Chargor
could exercise over or in relation to its assets while a going concern, whether or
not the Chargor is then in liquidation;
	 
	 	(n)	 	raise or borrow any money and secure the same with interest by any form of
Lien over that Secured Property in priority to, equally with, or subsequent to, any
Secured Liabilities of the Chargor, or otherwise;

7

 

	 	(o)	 	generally do, procure or allow such acts and things in respect of that
Secured Property as could the Receiver if he or she had absolute ownership of that
Secured Property and carried on the business of the Chargor for the Receiver’s own
benefit, without being answerable for any consequent loss or damage;
	 
	 	(p)	 	delegate any of the Receiver’s powers to any person or persons for such
time as the Collateral Agent approves; and
	 
	 	(q)	 	do all or any of the things in paragraphs (a) — (p) above alone or in
conjunction with any receiver or receiver and manager appointed by the holder or
holders of any other Lien over that Secured Property.

	7.3	 	Application of proceeds: Except to the extent otherwise required by law, all amounts
received by the Collateral Agent or a Receiver under this deed, shall be applied in accordance
with the provisions of the First Lien Intercreditor Agreement.
	 
	7.4	 	Remuneration of Receiver: The Collateral Agent may fix the remuneration of a Receiver at an
amount, or on a basis, agreed with the Receiver or, failing agreement, as determined by the
Collateral Agent in each case in accordance with the terms of the Principal Finance Documents.
	 
	8.	 	DELEGATION
	 
	8.1	 	Subject to section 4.05 of the First Lien Intercreditor Agreement (to the extent permitted by
New Zealand law), each of the Collateral Agent and any Receiver shall have full power to
delegate (either generally or specifically) the powers, authorities and discretions conferred
on it by this deed (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 or
the Receiver itself.
	 
	9.	 	PROTECTION OF PERSONS DEALING WITH COLLATERAL AGENT OR RECEIVER
	 
	9.1	 	Purchaser or other person: No purchaser or other person dealing with the Collateral Agent or
a Receiver, or with any agent or attorney of the Collateral Agent or a Receiver, shall be
concerned:

	 	(a)	 	to enquire:

	 	(i)	 	whether the Lien created by this deed has become
enforceable;
	 
	 	(ii)	 	whether a Receiver has been properly appointed;
	 
	 	(iii)	 	whether the powers which the Collateral Agent, Receiver,
agent or attorney, as the case may be, is exercising or is purporting to
exercise have become exercisable;
	 
	 	(iv)	 	as to the necessity for, or the expediency of, the
stipulations or conditions subject to which any disposal or Lien is made or
given; or
	 
	 	(v)	 	otherwise as to the propriety or regularity of any
disposal, Lien, calling in, collection or conversion of any money or asset;
or

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	 	(b)	 	to see to the application of any amount paid to the Collateral Agent or a
Receiver, agent or attorney, as the case may be.

	9.2	 	Damages only remedy: The remedy of the Chargor in respect of any actionable impropriety or
irregularity in the exercise, or purported exercise, of the rights, powers or remedies under
this deed by a Secured Party, a Receiver or an agent or attorney of a Secured Party or a
Receiver, shall be in damages only. This clause shall not affect the right of the Chargor to
take any action to the extent that that action is permitted by the Principal Finance
Documents.
	 
	10.	 	PROTECTION OF COLLATERAL AGENT, RECEIVER OR OTHER PERSON
	 
	10.1	 	Proceeds of sale: If the Collateral Agent or a Receiver sells any Secured Property pursuant
to this deed or otherwise, the Collateral Agent and the Receiver shall be accountable only for
any purchase money which they actually receive.
	 
	10.2	 	Entry into possession: If the Collateral Agent or a Receiver enters into possession of any
Secured Property:

	 	(a)	 	neither of them shall be liable to account as mortgagee in possession in
respect of that Secured Property or for any loss for which a mortgagee in possession
might otherwise be held liable; and
	 
	 	(b)	 	the Collateral Agent or a Receiver, as the case may be, may at any time
give up possession of any Secured Property.

	10.3	 	No liability: Except to the extent provided in the Principal Finance Documents, none of the
Collateral Agent, its nominee(s), a Delegate or a Receiver shall be liable by reason of (a)
any action taken or omitted to be taken by it as permitted by this deed or (b) any neglect or
default in connection with the Secured Property or (c) the taking of possession or realisation
of all or any part of the Secured Property.
	 
	10.4	 	Recovery of costs: Except to the extent provided in the Principal Finance Documents, on
enforcement (whether successful or not) of this deed, each of the Collateral Agent and the
Receiver shall be entitled to deduct from the proceeds of the Secured Property its costs,
charges and expenses incurred in connection with such enforcement.
	 
	11.	 	ATTORNEY
	 
	11.1	 	Appointment: The Chargor irrevocably appoints the Collateral Agent and any Receiver
severally to be its attorney 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 may consider
to be required or desirable for:

	 	(a)	 	carrying out any obligation imposed on the Chargor by this deed or any
other agreement binding on the Chargor to which the Collateral Agent is a party
(including the execution and delivery of any deeds, charges, assignments or other
security and any transfers of the Secured Property); and
	 
	 	(b)	 	enabling the Collateral Agent to exercise, or delegate the exercise of, all
or any of the rights, powers and remedies of the Collateral Agent provided by or
pursuant to this deed or by law; and

9

 

	 	(c)	 	enabling any Receiver to exercise, or delegate the exercise of, any of the
rights, powers and authorities conferred on them by or pursuant to this deed or by
law,

	 	 	provided always that the Collateral Agent may only be entitled to exercise the powers
conferred upon it by the Chargor under this clause 11 if:

	 	(a)	 	an Enforcement Event has occurred and is continuing; and/or
	 
	 	(b)	 	the Collateral Agent has received notice from the Applicable
Representative, the Loan Parties’ Agent and/or the Chargor that the Chargor has
failed to comply with a further assurance or perfection obligation within 10 business
days of being notified of that failure (with a copy of that notice being sent to the
Loan Parties’ Agent),

	 	 	provided further that the Collateral Agent shall not be obliged to
exercise the powers conferred upon it by the Chargor under this
clause 11 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.
11.2 Delegation and conflict: Each attorney may:

	 	(a)	 	delegate its powers (including this power of delegation) to any person for
any period, and revoke a delegation; and
	 
	 	(b)	 	exercise or concur in exercising the attorney’s powers even if the attorney
has a conflict of duty in doing so, or has a direct or personal interest in the means
or result of that exercise of such powers.

	11.3	 	Ratification: The Chargor hereby ratifies anything done by its attorney or a delegate of the
attorney in accordance with this clause 11.
	 
	12.	 	ASSIGNMENT
	 
	12.1	 	Deed binding: This deed is binding on, and is for the benefit of, the parties and their
respective successors, permitted assigns and transferees.
	 
	12.2	 	Chargor may not assign: Unless otherwise permitted under the Principal Finance Documents,
the Chargor may not assign or transfer any of its rights or obligations under this deed.
	 
	12.3	 	Collateral Agent may assign and transfer: The Collateral Agent may assign and/or transfer
all or part of its rights or obligations under this deed to any replacement collateral agent
appointed in accordance with the provisions of the First Lien Intercreditor Agreement.
	 
	13.	 	NOTICES
	 
	13.1	 	Each notice or other communication to be given or made by a party under this deed shall be
given or made in accordance with the First Lien Intercreditor Agreement.

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	14.	 	RELEASE AND REINSTATEMENT
	 
	14.1	 	Release of Lien and Chargor: The Secured Property shall be released, reassigned and/or
cancelled (as applicable) from the Lien under this deed and the Chargor shall be released from
this deed:

	 	(a)	 	by the Collateral Agent (acting on the instructions of the Applicable
Representative) at the request and cost of the Chargor, upon the Secured Liabilities
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 Chargor or any other person under any of the Loan
Documents; or
	 
	 	(b)	 	by the Collateral Agent (acting on the instructions of the Applicable
Representative) at the request and cost of the Chargor, upon the Chargor ceasing to
be a Loan Party; or
	 
	 	(c)	 	in accordance with, and to the extent required by, the Intercreditor
Arrangements.

	14.2	 	Release of Secured Property: If the Chargor disposes of any Secured Property and that
disposal is permitted by the Principal Finance Documents, that Secured Property shall, unless
an Enforcement Event has occurred and is continuing, be automatically released from the Lien
under this deed with effect from the day of such disposal and the Collateral Agent shall do
all such acts which are reasonably requested by the Chargor in order to release the relevant
Secured Property from the Lien under this deed.
	 
	14.3	 	Reinstatement: If any payment received or recovered by any Secured Party, a Receiver, or any
other person on behalf of any of them is or may be avoided by law or required to be repaid to
a liquidator or similar official:

	 	(a)	 	such payment shall be deemed not to have affected or discharged the
liability of the Chargor under this deed or any other Lien given by the Chargor in
favour of the Collateral Agent or, as the case may be, the relevant Secured Party
and, the Collateral Agent, each Secured Party and the Chargor shall, to the maximum
extent permitted by law, be restored to the position in which each would have been if
such payment had not been received or recovered; and
	 
	 	(b)	 	the Collateral Agent and each other Secured Party shall be entitled to
exercise all its rights which it would have been entitled to exercise if such payment
had not been received or recovered,

	 	 	notwithstanding that the Collateral Agent may have signed a release pursuant to clause
14.1.
	 
	15.	 	PPSA RIGHTS
	 
	15.1	 	No consent or subordination: Nothing in this deed shall be construed as:

	 	(a)	 	an agreement to subordinate the Lien created by this deed in favour of any
person;
	 
	 	(b)	 	a consent by the Collateral Agent to any other Lien attaching (as that term
is used in the context of the PPSA) to, or any other Lien subsisting over, any
Secured Property; or

11

 

	 	(c)	 	a consent by the Collateral Agent to any property that is not Secured
Property becoming an accession to any Secured Property.

	15.2	 	Verification statement: The Chargor waives the right to receive a copy of the verification
statement confirming registration of a financing statement or financing change statement
relating to the Lien created by this deed.
	 
	15.3	 	Contracting out of PPSA rights: The Chargor:

	 	(a)	 	agrees that nothing in sections 114(1)(a), 133 and 134 of the PPSA shall
apply to this deed, or the Lien created by this deed; and
	 
	 	(b)	 	waives its right to:

	 	(i)	 	receive notice of the Collateral Agent’s proposal to
retain any Secured Property under section 120(2) of the PPSA;
	 
	 	(ii)	 	object to the Collateral Agent’s proposal to retain any
Secured Property under section 121 of the PPSA;
	 
	 	(iii)	 	not have goods damaged when the Collateral Agent removes
an accession under section 125 of the PPSA;
	 
	 	(iv)	 	be reimbursed for damage caused when the Collateral Agent
removes an accession under section 126 of the PPSA;
	 
	 	(v)	 	refuse permission to remove an accession under section
127 of the PPSA;
	 
	 	(vi)	 	receive notice of the removal of an accession under
section 129 of the PPSA; and
	 
	 	(vii)	 	apply to the Court for an order concerning the removal
of an accession under section 131 of the PPSA.

	16.	 	APPLICATION OF PLA AND OTHER LAWS
	 
	16.1	 	Mortgage Debenture: This deed is intended to take effect as a mortgage debenture.
	 
	16.2	 	Relationship with PLA:

	 	(a)	 	The covenants, conditions and powers implied in mortgages of goods by
section 96 of the PLA do not apply to this deed.
	 
	 	(b)	 	The covenants, conditions and powers implied in mortgages of land by
section 95 of the PLA do not apply to this deed, other than for the following
sections of Part 1 of the Schedule 2 to the PLA (which will continue to apply):

	 	(i)	 	sections 4 — 10 (inclusive); and
	 
	 	(ii)	 	sections 14 — 17 (inclusive).

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	16.3	 	Relationship with other laws:

	 	(a)	 	Subject to clause 16.2, the rights, powers and remedies of the Collateral
Agent provided in this deed are in addition to, and not exclusive of, any rights,
powers or remedies provided by law.
	 
	 	(b)	 	If any provision in this deed conflicts with the provisions of any law or
any provisions implied by any law (after taking account of the implied covenants,
conditions, powers and rights negated by clauses 15.2, 15.3 and 16.2), then:

	 	(i)	 	if the provisions of or implied by that law may be varied
or negatived, the provisions of this deed will take precedence and the
provisions of or implied by that law will be deemed not to apply to this
deed or to apply only as varied by the provisions of this deed; or
	 
	 	(ii)	 	if the provisions of or implied by that law may not be
varied or negatived, then the provisions of this deed must be read subject
to the provisions of or implied by that law.

	17.	 	INDEMNITY
	 
	17.1	 	To the extent set out in section 4.11 of the First Lien Intercreditor Agreement, the Chargor
shall, notwithstanding any release or discharge of all or any part of the security, indemnify
the Collateral Agent, its agents, 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 Chargor of the provisions of this deed, the
exercise or purported exercise of any of the rights and powers conferred on them by this deed
or otherwise relating to the Secured Property.
	 
	18.	 	MISCELLANEOUS
	 
	18.1	 	Partial invalidity: If at any time any provision of this deed or any other document relating
to the Secured Liabilities is or becomes illegal, invalid or unenforceable in any respect
under the law of any relevant jurisdiction, that illegality, invalidity or unenforceability
shall not affect the enforceability of the provisions, or (as the case may be) the remaining
provisions, of this deed, nor shall the legality, validity or enforceability of any of those
provisions under the law of any other jurisdiction be in any way affected or impaired thereby.
	 
	18.2	 	No implied waivers: Time shall be of the essence in respect of performance by the Chargor of
the Chargor’s obligations under this deed, but no failure on the part of the Collateral Agent
to exercise, and no delay on its part in exercising, any right, power or remedy under this
deed shall operate as a waiver thereof, nor shall any single or partial exercise of any right,
power or remedy preclude any other or further exercise thereof or the exercise of any other
right, power or remedy.
	 
	18.3	 	Obligations independent: Each of the obligations of the Chargor under clauses 10.4 and 17.1
shall constitute a continuing obligation, separate and independent from the Chargor’s other
obligations under this deed and shall survive discharge of the Secured Liabilities and release
of this deed.
	 
	18.4	 	Enforcement: It shall not be necessary for the Collateral Agent to incur any expense or make
any payment before enforcing any of its rights in respect of any obligation of the Chargor
referred to in clause 18.3.

13

 

	18.5	 	No merger or marshalling: The right of each Secured Party to payment or performance of any
Secured Liabilities (including under any negotiable instrument or a Loan Document) shall not
merge in the Chargor’s liability for those Secured Liabilities under this deed. The
Collateral Agent has no duty to marshall in favour of the Chargor or any other person.
	 
	18.6	 	Conflict of provisions: This deed is subject to the terms of the Intercreditor Arrangements.
In the event of a conflict between the terms of this deed and the Intercreditor Arrangements,
the terms of the Intercreditor Arrangements will prevail.
	 
	18.7	 	Consents: Subject to express wording to the contrary contained in this deed, the Collateral
Agent or a Receiver may give or withhold any approval or consent in that person’s absolute
discretion, and either conditionally or unconditionally.
	 
	18.8	 	Delivery: For the purposes of Section 9 of the PLA, and without limiting any other mode of
delivery, this deed will be delivered by the Chargor immediately on the earlier of:

	 	(a)	 	physical delivery of an original of this deed, executed by the Chargor,
into the custody of the Collateral Agent or the Collateral Agent’s solicitors; or
	 
	 	(b)	 	transmission by the Chargor or its solicitors (or any other person
authorised in writing by the Chargor) of a facsimile, photocopied or scanned copy of
an original of this deed, executed by the Chargor, to the Collateral Agent or the
Collateral Agent’s solicitors.

	19.	 	GOVERNING LAW AND JURISDICTION
	 
	19.1	 	This deed shall be governed by, and construed in accordance with, the laws of New Zealand,
and the parties hereby submit to the non-exclusive jurisdiction of the courts of New Zealand.
	 
	20.	 	COUNTERPARTS
	 
	20.1	 	This deed may be signed in any number of counterparts, all of which will together constitute
one and the same instrument, and any of the parties may execute this deed by signing any such
counterpart.

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SIGNED AND DELIVERED AS A DEED

Executed on behalf of REYNOLDS

GROUP HOLDINGS LIMITED by its duly

appointed attorney / authorised signatory

in the presence of:

	 	 	 	 	 
	 	 	 
	 	                                /s/ Philip West
 	 
	 	Signature of attorney / authorised signatory 	 
	 	 	 
	 	                                /s/ Philip West
 	 
	 	Name of attorney / authorised signatory 	 

	 	 	 	 	 
	 	 	 
	 	/s/ Alex Howard
 	 
	 	Signature of witness 	 
	 	 	 
	 	/s/Alex Howard
 	 
	 	Name of witness 	 
	 	 	 
	 	/s/Trainee Solicitor
 	 
	 	Occupation 	 
	 	 	 
	 	/s/London
 	 
	 	City/town of residence 	 

THE BANK OF NEW YORK MELLON by 
 its authorised signatory:

	 	 	 	 	 
	 	
 	 
	 	Signature of authorised signatory 	 
	 	
 	 
	 	Name of authorised signatory

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00198-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00198-of-00352.parquet"}]]