exv4w167

ACKNOWLEDGEMENT

ELISMERVÉNY

Wilmington Trust (London) Limited (registered seat: [*], registration number [*]) as Chargee or Collateral Agent (hereinafter: “Collateral Agent”)

Wilmington Trust (London) Limited (székhely: [*], cégjegyzékszáma [*]) mint zálogjogosult és Biztosítéki Megbízott (továbbiakban: a “Biztosítéki Megbízott”)

[*] (registered seat: [*]; Company registration number: Cg. [*]) as Chargor (hereinafter: “Chargor”)

[*] (székhely: [*], cégjegyzékszám: [*]) mint zálogkötelezett (továbbiakban: a “Zálogkötelezett”)

EXHIBIT 4.167

SIG COMBIBLOC GMBH & CO KG

and

WILMINGTON TRUST (LONDON) LIMITED

CHARGE AND SECURITY DEPOSIT OVER BANK ACCOUNTS AGREEMENT
(BANKSZÁMLA-KÖVETELÉSEN ALAPÍTOTT ZÁLOG- ÉS ÓVADÉKI
SZERZŐDÉS)

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 CHARGE AND SECURITY DEPOSIT OVER BANK ACCOUNTS AGREEMENT (the “Agreement”) is made on 4 March 2010

BETWEEN:

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

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

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

WHEREAS

(A)		Pursuant to the Loan Documents (as defined below) the Chargor was requested to provide security to the Chargee for the Obligations under the Loan Documents (each as defined below).

(B)		The Parties have agreed to enter into this Agreement to create a security interest over the Accounts (as defined below) in accordance with and subject to the terms and conditions as set out herein.

(C)		The Secured Parties (as defined below) have duly authorised and empowered the Chargee to enter into this Agreement and to represent their joint and several rights in connection with the security interest over the Accounts, acting for its own and for the Secured Parties’ benefit.

NOW IT IS HEREBY AGREED AS FOLLOWS:

1.		INTERPRETATION

1.1		Definitions

		Unless defined in this Agreement or the context otherwise requires, a term defined in the First Lien Intercreditor Agreement has the same meaning in this Agreement and in any notice given under this Agreement.

		In this Agreement:

		“Account Banks” means the banks with whom the Accounts listed in Schedule 1 (List of Bank Accounts) of this Agreement are held, and “Account Bank” means any of them.

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		“Accounts” means together the Hungarian bank accounts of SIG Combibloc listed in Schedule 1 (List of Bank Accounts) of this Agreement, and “Account” means any of them.

		“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.

		“Applicable Representative” has the meaning given to that term in the First Lien Intercreditor Agreement.

		“Authorisation to Act on a Prompt Collection Order” means the authorisation sent to an Account Bank by SIG Combibloc in a similar form as set out in Schedule 3 (Form of Authorisation to Act on a Prompt Collection Order) or in a form acceptable to the Collateral Agent, in accordance with Decree No. 18/2009. of the National Bank of Hungary on Money Circulation.

		“Business Day” means a day (other than Saturday or Sunday) on which banks are open for business in New York, London and Budapest.

		“Charge” has the meaning given to such term in Clause 2.1.

		“Civil Code” means Act IV of 1959 (as amended) on the Civil Code of the Republic of Hungary.

		“Collateral” means all rights and interests in respect of all amounts at any time held on the Accounts.

		“Court Enforcement Act” means Act LIII of 1994 on Judicial Execution.

		“Credit Agreement” means the Credit Agreement dated as of 5 November 2009, among Closure Systems International B.V., Reynolds Group Holdings Inc., Reynolds Consumer Products Holdings Inc., SIG Euro Holding AG & Co. KGaA, Closure Systems International Holdings Inc. and SIG Austria Holding GmbH 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, as amended, extended, restructured, renewed, novated, supplemented, restated, refunded, replaced or modified from time to time.

		“Enforcement Event ” means the occurrence of an Event of Default which is continuing unremedied and unwaived and in respect of which a notice has been served in accordance with Article VII of the Credit Agreement or the equivalent provisions of the other Principal Finance Documents except that any rights of the Chargee in respect of the preservation of the assets or the security may be exercised if the Chargee determines that they are required to be exercised if an Event of Default has occurred and is continuing (i.e. without any notice).

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

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		“First Lien Intercreditor Agreement” means the First Lien Intercreditor Agreement dated as of 5 November 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, novated, supplemented, restated or modified from time to time (including by the Joinder Agreement which added the Collateral Agent as a collateral agent under the First Lien Intercreditor Agreement).

		“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.

		“Joinder Agreement” means the joinder agreement dated on 21 January 2010 made among (amongst others) the Collateral Agent, The Bank of New York Mellon, Credit Suisse AG and Reynolds Group Holdings Limited pursuant to which the Collateral Agent is appointed an additional collateral agent and becomes a party to the First Lien Intercreditor Agreement.

		“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).

		“Notice of Charge over Accounts” means the notice sent to an Account Bank by SIG Combibloc substantially in a similar form as set out in Schedule 2 (Form of Notice of Charge over Accounts) or in a form acceptable to the Collateral Agent.

		“Notice of Enforcement Event” means a notice sent to an Account Bank by the Collateral Agent substantially in a similar form as set out in Schedule 2 (Form of Notice of Enforcement Event) or in a form acceptable to the Collateral Agent.

		“Notice of Security Deposit” means a notice sent to an Account Bank by the Collateral Agent substantially in a similar form as set out in Schedule 2 (Form of Notice of Security Deposit) or in a form acceptable to the Collateral Agent.

		“Obligations” means all present and future obligations and liabilities (whether actual or contingent and whether owed jointly or severally or in any other capacity whatsoever) of each Loan Party and each grantor of a security interest to the Secured Parties (or any of them) under each or any of the Loan Documents, including in particular, but not limited

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		to, the Parallel Obligations, together with all costs, charges and expenses incurred by any Secured Party in connection with the protection, preservation or enforcement of its respective rights under the Loan Documents or any other document evidencing or securing any such liabilities.

		“Parallel Obligations” means the independent obligations of any of the Loan Parties arising pursuant to the First Lien Intercreditor Agreement to pay to the Collateral Agent sums equal to the sums owed by such Loan Party to the other Secured Parties (or any of them) under the Loan Documents.

		“Principal Finance Document” means the Credit Agreement, the Senior Secured Note Indenture, the Intercreditor Arrangements and any Additional Agreement.

		“Prompt Collection Order” means any prompt collection order (in Hungarian “beszedési megbízás") sent to an Account Bank by the Collateral Agent substantially in the form set out in Schedule 3 (Form of Authorisation to act on a Prompt Collection Order) or if such form is not acceptable to any of the Account Banks, in any form so required.

		“Prompt Collection Right” means any and all rights of the Collateral Agent, if an Enforcement Event has occurred, to collect amounts from the Accounts on the basis of a Prompt Collection Order granted under this Agreement.

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

		“Secured Principal” has the meaning given to such term in Clause 2.1 of this Agreement.

		“Senior Secured Note Indenture” means the Indenture dated as of 5 November 2009, 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.

1.2

Construction

	1.2.1		Headings are for convenience of reference only.

	1.2.2		Where the context so permits, the singular includes the plural and vice versa.

	1.2.3		Save where the contrary is indicated, any reference in this Agreement to the “Chargee”, the “Chargor”, a “Secured Party”, the “Depositor”, “SIG Combibloc”, the “Collateral Agent”, a “Loan Party” or a “Lender” shall be construed so as to include its (or their) respective successors, transferees and assignees from time to time and any successor of such a successor, transferee or assignee in accordance with its (or their) respective interests.

	1.2.4		The Parties agree and confirm that any person becoming a transferee of any rights and obligations of the Collateral Agent under the First Lien Intercreditor Agreement shall thereupon become entitled to the benefit of the provisions

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			contained herein as if it had originally been and had been named as a party hereto.

	1.2.5		References to Clause and Schedule shall, subject to any indication to the contrary, mean the respective Clause and Schedule of this Agreement.

	1.2.6		References to the Credit Agreement, the First Lien Intercreditor Agreement, the other Loan Documents, this Agreement or any other agreement or document shall, where applicable, be deemed to be references to such Credit Agreement, the First Lien Intercreditor Agreement, the other Loan Documents, this Agreement or such other agreement or document as the same may have been, or may from time to time be, amended, extended, restructured, renewed, novated, supplemented, restated, refunded, replaced or modified from time to time, 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 from time to time be granted, extended, prolonged, increased, reduced, cancelled, withdrawn, amended, restated, supplemented, restructured, refunded, replaced, modified, renewed or novated thereunder.

	1.2.7		Any amount will be deemed irrevocably paid in full if it has been paid in full and there is no evidence such as to give a reasonable belief that any claim will be brought to revoke such payment.

	1.2.8		References to any element of the legislation, statute, act, law, regulation or any provision thereof shall, where applicable, be deemed to be references to that element of the legislation, as amended or re-enacted.

	1.2.9		This 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.

2.		CHARGE

2.1		Creation of the Charge

2.1.1

In order to secure the Obligations up to the maximum amount of:

	(i)		USD 2,280,000,000 (that is two billion two hundred and eighty million U.S.$ and EUR 780,000,000 (that is seven hundred and eighty million euro) (the “Secured Principal”); plus

	(ii)		all accrued interest (as calculated in accordance with Loan Documents); plus all accrued default interest (as calculated in accordance with Loan Documents); plus any other amounts, monetary obligations, indemnities, fees, commissions, costs and expenses arising under and payable in accordance with the terms of the Loan Documents, which amounts, monetary obligations, indemnities, fees, commissions, costs, expenses, and the costs of the enforcement of this Agreement shall not exceed an aggregate amount representing 40% of the aggregate amount of Secured Principal,

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the Chargor hereby grants to the Chargee a first priority charge over the Accounts and the Collateral in accordance with Sections 267 and 268 of the Civil Code (the “Charge”).

2.1.2

The Chargee hereby accepts such Charge.

2.2

Nature of the Charge

	2.2.1		The Charge constituted by, and pursuant to, this Agreement shall:

	(a)		subject to any Lien permitted by the Loan Documents, subject to obtaining any necessary consents to such security from any third party, and subject to the Legal Reservations (as defined in the Credit Agreement) be a first priority security over the Accounts and the Collateral; and

	(b)		to the extent permitted by Hungarian law, be of the nature of “framework security” (in Hungarian “keretbiztosítéki jellegû”), the maximum amount of which is the sum set out under Clause 2.1. If the framework security nature of the Charge constituted by this Agreement is not recognised by a court for any reason, then the Charge shall be deemed to secure the Obligations.

	2.2.2		The Charge constituted by this Agreement will come into existence upon the execution of this Agreement by the Parties.

2.3

Prompt Collection Right

	2.3.1		In order to secure the Obligations (as set out above) and to facilitate the enforcement of the Charge or the Security Deposit (as applicable) as set out in this Agreement, SIG Combibloc hereby grants to the Chargee a Prompt Collection Right in respect of, and over, the Accounts.

	2.3.2		SIG Combibloc undertakes to deliver to the Account Banks within twenty (20) Business Days of the execution of this Agreement, (i) a Notice of Charge over Accounts and (ii) an Authorisation to Act on Prompt Collection Order:

	(a)		notifying the Account Banks of the establishment of the Prompt Collection Right and the Charge over the Accounts;

	(b)		authorising the Account Banks that, after the delivery of a Notice of Enforcement Event by the Chargee to the Account Banks, they should comply with any Prompt Collection Order received by it from the Chargee for the withdrawal of amounts from the Accounts held with them; and

	(c)		notifying the Account Banks that after the delivery of a Notice of Enforcement Event by the Chargee to the Account Banks, the Chargee is entitled to demand the amounts held on the Accounts as set out in Article 268(2) of the Civil Code, and authorising the Account Banks to comply with such demand.

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2.3.3

SIG Combibloc shall use its reasonable efforts, for a period of thirty (30) days after service, to obtain the acknowledgement of receipt of the (i) Notice of Charge over Accounts and (ii) Authorisation to Act on Prompt Collection Order by the Account Banks.

2.4

Enforcement of the Charge

	2.4.1		The Chargor hereby acknowledges that if an Enforcement Event has occurred, the Chargee becomes immediately entitled to enforce the Charge as set out in Clauses 2.4.2 to 2.4.4 below.

	2.4.2		If the Chargee becomes entitled to enforce the Charge and the Prompt Collection Right pursuant to Clause 2.4.1, the Chargee shall notify the Account Banks about the occurrence of an Enforcement Event in the Notice of Enforcement Event and the Charge may be enforced, upon the decision of the Chargee made in its absolute discretion, by

	(a)		exercising the Prompt Collection Right by issuing and delivering a Prompt Collection Order to the Account Banks; or

	(b)		demanding the amounts held on an Account from any of the Account Banks in accordance with Article 268(2) of the Civil Code; or

	(c)		court enforcement proceedings (as set out in Article 255(1) of the Civil Code).

	2.4.3		The Chargor shall, upon the request of the Chargee upon the exercise of the rights of the Chargee under Clause 2.4.1 above, deliver any document relating to the Accounts and/or the Collateral, which is required by the Chargee for the purposes of exercising its rights under Clause 2.4 of this Agreement.

	2.4.4		The Chargee shall utilise the proceeds received under this Clause 2.4 and shall return the surplus amounts, if any, in accordance with the provisions of the First Lien Intercreditor Agreement.

3.		SECURITY DEPOSIT

3.1		Subject to Clause 3.2 and in order to secure the Obligations, the maximum aggregate amount of:

	(i)		the Secured Principal; plus

	(ii)		all accrued interest (as calculated in accordance with Loan Documents); plus all accrued default interest (as calculated in accordance with Loan Documents); plus any other amounts, monetary obligations, indemnities, fees, commissions, costs and expenses arising under and payable in accordance with terms of the Loan Documents, which amounts, monetary obligations, indemnities, fees, commissions, costs, expenses, and the costs of the enforcement of this Agreement shall not exceed an aggregate amount representing 40% of the aggregate amount of Secured Principal,

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		the Depositor hereby creates a security deposit (in Hungarian “óvadék") over the entire balance (from time to time) of the Accounts in accordance with Sections 270 and 271 of the Civil Code in favour of the Collateral Agent (the “Security Deposit”).

3.2		The Security Deposit shall be perfected if an Enforcement Event has occurred in accordance with Clause 3.3 below.

3.3		If an Enforcement Event has occurred, the Collateral Agent shall be entitled to perfect the Security Deposit created hereunder, in a way that dispatches a Notice of Security Deposit in which it instructs the Account Banks to block the Accounts in part or in whole which blocking of the Accounts shall be considered as a hand over of the Collateral (in Hungarian “átadás”) in respect of the Account blocked to the Collateral Agent within the meaning of Section 270 (2) of the Civil Code (the “Perfection of the Security Deposit”).

3.4		Following the Perfection of the Security Deposit set out in Clause 3.3 above, the Collateral Agent becomes entitled to directly — i.e. without judicial execution — satisfy the Obligations from the Security Deposit in accordance with the provisions of the Hungarian law. By blocking the Accounts by the Account Banks pursuant to Clause 3.3 above, the Account Banks shall restrict the disposal right (in Hungarian “rendelkezési jog") of the Depositor over the Accounts. The Security Deposit shall cover any and all rights, title and interests in and to, and the balance of Accounts, including accrued interest and any further amount (in Hungarian “kamatai, hasznai, gyümölcse") accrued, existing and recorded from time to time on the Accounts and all amounts credited thereto at any particular time.

3.5		The Charge terminates if, after an Enforcement Event has occurred, the Collateral Agent decides, in accordance with its right stipulated in the present Agreement, to declare the perfection of the Security Deposit by the delivery of a Notice of Security Deposit to the Account Banks.

4.		DISTINCT RIGHTS

		SIG Combibloc and the Collateral Agent hereby confirm and agree that:

	(a)		the Charge and the Security Deposit are separate and distinct rights granted or created hereunder; and

	(b)		the exercise of remedies under the Charge and the effectiveness of the Security Deposit are mutually exclusive.

5.		NATURE OF THE SECURITY INTEREST

5.1		The Charge and the Security Deposit (together, the “Security Interest”) constituted by, and pursuant to, this Agreement shall:

5.1.1

be a continuing security for the payment, satisfaction and discharge in full of the Obligations and shall not be considered as satisfied or discharged or prejudiced by any intermediate payment, satisfaction or settlement of any part of the Obligations unless and until discharged by the Chargee;

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	5.1.2		be in addition to and shall not operate so as in any way to prejudice or affect or be prejudiced or affected by any security, encumbrance, guarantee, suretyship, indemnity or other right or remedy which the Collateral Agent or any other Secured Party (or any person on their behalf) may now or at any time hereafter hold for or in respect of the Obligations or any part thereof; and

	5.1.3		not be prejudiced by any time or indulgence granted to any person, or any abstention or delay by the Collateral Agent or any other Secured Party (or any person on their behalf) in perfecting or enforcing any security, encumbrance, guarantee, suretyship, right or remedy that the Collateral Agent or any other Secured Party (or any person on their behalf) may now or at any time hereafter have from or against the Loan Parties.

6.		CHARGOR’S RIGHTS

		Notwithstanding any other provision of this Agreement, at all times unless an Enforcement Event has occurred, SIG Combibloc is authorised by the Chargee to deal with the Accounts and the Collateral in any manner and to exercise all of its rights under and in respect of the Accounts and the Collateral (including the disposal of or closing of any Account if permitted by the Principal Finance Documents) freely and without restrictions in accordance with the terms and conditions of the Principal Finance Documents.

7.		REPRESENTATIONS, WARRANTIES AND COVENANTS

7.1		Representations and Warranties

		In addition and without prejudice to those representations and warranties made by or in respect of SIG Combibloc herein or in any other Principal Finance Document, SIG Combibloc hereby represents and warrants that on the date of this Agreement with reference to the facts and circumstances then existing, and subject to the provisions of the Principal Finance Documents:

	(a)		it is the sole owner of the Accounts subject to any Liens permitted by the Principal Finance Documents, and it has not sold, transferred, encumbered or otherwise disposed of, nor has it agreed to sell, transfer, encumber or otherwise dispose of, any or all of its rights in the Collateral to any third person, in each case other than as permitted by the Principal Finance Documents or this Agreement; and

	(b)		the representations and warranties made by SIG Combibloc as Loan Party in Sections 3.01 (Organization; Powers), 3.02 (Authorization), 3.03 (Enforceability), 3.06 (No Material Adverse Change), 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 SIG Combibloc and this Agreement;

	(c)		it has not taken any action that would have an adverse effect on the validity and enforceability of security constituted by this Agreement hereunder, other than as permitted by the Principal Finance Documents; and

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(d)

subject to any Liens permitted by the Principal Finance Documents, subject to obtaining any necessary consents to such security from any third party and subject to the Legal Reservations (as defined in the Credit Agreement), this Agreement constitutes a first priority Charge and, subject to the Perfection of the Security Deposit, a Security Deposit over the Accounts and the Collateral.

7.2		Covenants

		In addition and without prejudice to those covenants, undertakings, commitments and obligations made by or in respect of SIG Combibloc herein or in any other Loan Documents, SIG Combibloc hereby covenants that, so long as this Agreement shall be in force, it shall:

	(a)		unless otherwise permitted by the Principal Finance Documents, not give a prompt collection right and not grant any Lien to any third party in respect of the Accounts;

	(b)		waive its right to deposit the Collateral with court (in Hungarian “bírói letétbe helyezés”) in accordance with Section 268 (1) of the Civil Code;

	(c)		unless pursuant to a release of security in accordance with Clause 15, not revoke the Authorisation to Act on a Prompt Collection Order or any other notices sent or to be sent to the Account Banks pursuant to this Agreement;

	(d)		not take or omit to take any action the taking or omission of which would result in the alteration or impairment of any rights of the Collateral Agent under the Security Interest which would have an adverse effect on the validity and enforceability of the security hereunder except if such actions or omissions are permitted by the Principal Finance Documents;

	(e)		promptly notify the Collateral Agent of any event or circumstance of which SIG Combibloc is aware which would (i) materially and adversely affect, alter or impair the Collateral Agent’s rights relating to the validity and enforceability of the Security Interest under or pursuant to this Agreement, (ii) materially and adversely affect, alter or impair the Collateral Agent’s rights under or pursuant to this Agreement in relation to the filing of a petition for the bankruptcy or insolvency of SIG Combibloc, the initiation of an execution in respect of the Accounts in accordance with the Court Enforcement Act or similar laws applicable in other jurisdictions, the termination of SIG Combibloc’s commercial activities or the winding up of SIG Combibloc (unless the termination of SIG Combibloc’s commercial activities or the winding up of SIG Combibloc is permitted by the Principal Finance Documents); and

	(f)		unless otherwise permitted by the Principal Finance Documents and subject to the Agreed Security Principles, ensure that the Security Interest, subject to any Lien permitted by the Principal Finance Documents, or any third party consent, is a first priority security interest over the Collateral and the Accounts.

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8.		COLLATERAL AGENT’S RIGHTS

8.1		For the avoidance of doubt, it is acknowledged that the Collateral Agent is permitted to act on the instructions of the Applicable Representative in accordance with clause 2.02(a)(i) of the First Lien Intercreditor Agreement. It is further acknowledged that the Collateral Agent may assume that any and all instructions received by it from the Applicable Representative under this Agreement are reasonable, and that any question as to the reasonableness or otherwise of such instructions shall be determined as between the Applicable Representative and SIG Combibloc.

8.2		SIG Combibloc acknowledges and agrees that the Collateral Agent’s actions under this Agreement are on the basis of authority conferred under the Principal Finance Documents to which the Collateral Agent is a party, and on directions of the Applicable Representative. In so acting, the Collateral Agent shall have the protections, immunities, rights, indemnities and benefits conferred on a collateral agent under the Principal Finance Documents.

8.3		The powers conferred by this Agreement on the Collateral Agent in relation to the Accounts and the Collateral shall be in addition to and not in substitution for the rights conferred on the Collateral Agent by applicable law except insofar as they are excluded by this Agreement and, where there is any ambiguity or conflict between the rights contained in any such applicable law and those conferred by this Agreement, then the terms of this Agreement shall prevail to the extent permitted by such law.

8.4		The Collateral Agent will be entitled, subject to the Agreed Security Principles, the terms of the Principal Finance Documents and this Agreement and the reasonable instructions of the Applicable Representative, at any time to take any such action permitted under the relevant laws as it in their/its discretion thinks fit for the purpose of protecting the Security Interest constituted by this Agreement.

8.5		Subject to Section 4.05 of the First Lien Intercreditor Agreement, the Collateral Agent may, at any time and from time to time, delegate by power of attorney to any person all or any of the rights conferred on it by this Agreement which are for the time being exercisable by the Collateral Agent hereunder in relation to the Accounts and the Collateral or any part thereof and the Collateral Agent shall inform SIG Combibloc of such a delegation or appointment of a delegate.

8.6		The Collateral Agent does not need, before it exercises any of the rights conferred upon it by this Agreement or by law, to (i) initiate proceedings or obtain a judgement against SIG Combibloc or any other person in any court; (ii) make or file a claim in a bankruptcy or liquidation with respect to SIG Combibloc or any other person; or (iii) enforce any of its rights in respect of any part of the Obligations, except as expressly required by Hungarian law from time to time.

9.		GENERAL PROVISIONS

9.1		Separate Agreements

		This Agreement shall be construed so as to constitute a separate security agreement between the Collateral Agent on the one hand and SIG Combibloc on the other hand and if such separate agreement between SIG Combibloc and the Collateral Agent becomes

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		invalid or unenforceable, is terminated, rescinded, released, void, voidable, amended, restated, renewed, novated, supplemented or otherwise affected, the obligations of SIG Combibloc are satisfied or any of the rights of Collateral Agent created thereby is ineffective, the foregoing shall, to the fullest extent permitted by law, not affect the validity or enforceability of any of the other agreements between SIG Combibloc on the one hand and the Collateral Agent on the other hand.

9.2		Immediate Recourse

		To the fullest extent allowed by applicable law SIG Combibloc waives any right it may have of first requiring the Collateral Agent to proceed against or claim payment from any other person or entity or enforce any guarantee, suretyship or security granted by any other person or entity with respect to the Obligations before enforcing this Agreement and/or its rights hereunder or pursuant hereto.

9.3		Certificates

	(a)		A certificate (including but not limited to the Declaration) signed by any duly authorised officer of the Chargee setting forth any amount due to the Secured Parties from either of SIG Combibloc and/or the Loan Parties in respect of any part of the Obligations as well as the occurrence of an Event of Default which is continuing shall be prima facie evidence of such amount against the Loan Parties and SIG Combibloc except in case of manifest error or fraud on the part of the Chargee.

	(b)		SIG Combibloc hereby acknowledges that after the occurrence of an Event of Default which is continuing the Chargee shall be entitled to incorporate such certificate, setting out the outstanding amount of all or any part of the Obligations in a notarial certificate (in Hungarian: “ténytanúsítvány”/“ténytanúsító okirat”), the costs of which are to be borne in accordance with the Principal Finance Documents. SIG Combibloc accepts any notarial certificate issued according to this Clause as prima facie evidence except in case of manifest error or fraud on the part of the Chargee.

9.4		Discharge

		Where any discharge (whether in respect of this Agreement, or other Security Document for the Obligations or otherwise) is made in whole or in part or any arrangement is made on the faith of any payment, security or other disposition which is subsequently avoided or must be restored on bankruptcy, insolvency or otherwise without limitation, the liability of SIG Combibloc under this Agreement and the rights of the Collateral Agent created hereby and pursuant hereto shall continue as if there had been no discharge or arrangement. The Collateral Agent shall be under no obligation to challenge, contest or otherwise take any steps to remedy any avoidance of any payment, security or other disposition or the restoration thereof by any liquidator, receiver or similar officer on bankruptcy, insolvency or otherwise.

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10.		REMEDIES AND WAIVERS

		No failure on the part of the Collateral Agent to exercise, and no delay on its part in exercising, any right or remedy under this Agreement will operate as a waiver thereof, nor will any single or partial exercise of any right or remedy preclude any other or further exercise thereof or the exercise of any other right or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by applicable law, the Credit Agreement or any other Loan Documents.

11.		SEVERABILITY

		If any of the terms hereof is or becomes invalid or unenforceable (or the security purported to be created hereunder or pursuant hereto are ineffective) for any reason under the laws of any jurisdiction or in relation to SIG Combibloc, such invalidity or unenforceability shall, to the fullest extent possible under applicable law, not affect its validity or enforceability in any other jurisdiction or invalidate or make unenforceable any other term hereof. The Parties hereto agree that they will negotiate in good faith to replace any provision hereof held invalid, illegal or unenforceable with a valid, legal and enforceable provision which is as similar as possible in substance to the invalid, illegal or unenforceable provision.

12.		STAMP DUTY

		The Parties agree that the provisions of sections 9.19 (Place of Performance) and 9.20 (Austrian Stamp Duty) of the Credit Agreement (and, if the Credit Agreement is no longer in existence, an equivalent clause in any Additional Agreement) and the provisions of sections 5.15 (Place of Performance) and 5.16 (Austrian Stamp Duty) of the First Lien Intercreditor Agreement (and, if the First Lien Intercreditor Agreement is no longer in existence, an equivalent clause in any Intercreditor Arrangements) shall apply to this Agreement as if incorporated herein mutatis mutandis, to the extent relating to SIG Combibloc and the Collateral Agent.

13.		CAPITAL MAINTENANCE

	(a)		The liability of SIG Combibloc under this Agreement shall at all times be limited so that at no time the granting of security under this Agreement be required if this would violate mandatory Austrian capital maintenance rules (Kapitalerhaltungsvorschriften) pursuant to Austrian company law, in particular Sections 82 et seq of the Austrian Act on Limited Liability Companies (Gesetz über Gesellschaften mit beschränkter Haftung) and/or Sections 52 and 65 et seq of the Austrian Stock Corporation Act (Aktiengesetz).

	(b)		Should any obligation under this Agreement violate or contradict Austrian capital maintenance rules and should therefore be held invalid or unenforceable, such obligation shall be deemed to be replaced by an obligation of a similar nature which is in compliance with Austrian capital maintenance rules and which provides the best possible security interest in favour of the Secured Parties. By way of example, should it be held that the security interest created under the Agreement is contradicting Austrian capital maintenance rules in relation to any amount of the Obligations, the security interest created under the

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Agreement shall be reduced to the maximum amount of the Obligations which is permitted pursuant to Austrian capital maintenance rules.

14.		ATTORNEY

		To the fullest extent permitted by applicable law, SIG Combibloc hereby appoints the Chargee, such appointment being made for the benefit of the Chargee and the other Secured Parties represented by the Chargee and shall be effective if an Enforcement Event has occurred to be its true and lawful attorney (with full power of substitution and delegation) for and on behalf of SIG Combibloc and in its name or in the name of the Chargee and as SIG Combibloc’s attorney in act and deed to sign, execute, seal, deliver, acknowledge, file, register and perfect any and all such assurances, documents, instruments, agreements (including any agreements to which the Chargee itself is a party) certificates and consents and to do any and all such acts and things as SIG Combibloc itself could do in relation to the Charged Assets or in relation to any matters dealt with in this Agreement and which the Chargee may, (upon the reasonable instruction of the Applicable Representative), deem to be necessary in order to give full effect to the purposes of this Agreement. SIG Combibloc will ratify and confirm whatever the Chargee shall do or cause to be done in pursuance of the powers conferred to it hereunder. For the avoidance of any doubt, this Clause constitutes the express consent of SIG Combibloc to the appointment of the Collateral Agent as its representative for the purposes of Article 221 (3) of the Civil Code except that the Collateral Agent shall not be entitled to conclude or amend any agreement between SIG Combibloc and any of the Secured Parties or to waive any rights of SIG Combibloc against any of the Secured Parties.

15.		TERMINATION

15.1		The security constituted by this Agreement shall be released, re-assigned, re-transferred and cancelled (as applicable):

	(a)		by the Collateral Agent at the request and cost of SIG Combibloc, upon the 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 SIG Combibloc or any other person under any of the Loan Documents; or

	(b)		in accordance with, and to the extent required by, the Intercreditor Arrangements.

15.2		Upon termination of this Agreement and subject to Clause 15.1, the Collateral Agent shall promptly (but in any event within fifteen (15) days), at the cost of SIG Combibloc, issue all certificates or other documents and sign all other documents and do all such acts as are required by law or requested by SIG Combibloc in order that this Agreement will be terminated.

15.3		If the Chargor disposes of or closes any of the Accounts and that disposal or closing is permitted by the Principal Finance Documents, that Account shall (to the extent necessary), unless an Enforcement Event has occurred, be: (a) automatically released, re-assigned, re-transferred and cancelled (as applicable) from the Charge constituted by this

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		Agreement with effect from the day of such disposal or closing or (b) released, re-assigned, re-transferred and cancelled (as applicable) in accordance with and to the extent required by, the Intercreditor Arrangements.

15.4		Upon the Chargor disposing or closing of any of the Accounts (which disposal or closing is permitted by the Principal Finance Documents), the Chargee shall promptly (but in any event within fifteen (15) days) at the cost of the Chargor, issue all certificates or other documents and sign all other documents and do all such acts as are required by law or requested by the Chargor in order to release the relevant Accounts from the Charge constituted by this Agreement.

16.		POWER TO ASSIGN

		To the fullest extent permitted under the laws of Hungary and subject to the terms of the Loan Documents, only the Collateral Agent (but not, for the avoidance of doubt, SIG Combibloc, unless otherwise permitted by the Principal Finance Documents) shall be entitled to assign and/or transfer all or part of its rights and obligations under this Agreement to a replacement Collateral Agent appointed in accordance with the Principal Finance Documents and SIG Combibloc hereby in advance gives its irrevocable consent to, within the meaning of Sections 328-331 of the Civil Code, and hereby in advance irrevocably co-operates with any such assignment and/or transfer (as the case may be) hereunder.

17.		NOTICES

		Each notice or other communication to be given or made by a Party under this Agreement shall be given or made in accordance with the First Lien Intercreditor Agreement, subject to Clause 19 below.

18.		GOVERNING LAW

		This Agreement and all non-contractual obligations arising from or connected with it are governed by, and construed in accordance with, Hungarian law.

19.		JURISDICTION

19.1		The Parties agree that any dispute arising out of or in connection with this Agreement (including a dispute regarding the existence, validity or termination of this Agreement or the consequences of its nullity) (the “Dispute”) shall be exclusively decided by the Court of Arbitration attached to the Hungarian Chamber of Commerce and Industry, Budapest (the “Court of Arbitration”) in accordance with its own rules of proceedings.

19.2		The number of arbitrators shall be three. Both Parties may designate one arbitrator each and those two arbitrators elect the presiding arbitrator of the tribunal.

19.3		The language to be used in the arbitral proceedings shall be English.

19.4		The address and fax number (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with the arbitral proceedings (including the

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delivery of the statement of claim for the purpose of article 21 (3) of the rules of proceedings of the Court of Arbitration) is:

(a)

in the case of SIG Combibloc:

			Address: c/o Closure Systems International Holdings (Hungary) Vagyonkezelő Korlátolt Felelősségű Társaság

			Berényi út 72-100, 8000 Székesfehérvár, Hungary

			Fax: +64 2 9268 6693; and

(b)

in the case of the Collateral Agent:

			Address: 6 Broad Street Place, London EC2M 7JH, United Kingdom

			Fax: +44 207 614 1122

		or any substitute address or fax number or department or officer as a Party may notify to the other Party, and (in case of ongoing arbitral proceedings) to the Court of Arbitration by not less than five (5) Business Days’ notice in writing.

20.		LANGUAGE

		This Agreement shall be executed in English language only. This Agreement may be translated into Hungarian but in the event of any ambiguity or conflict between the two versions, the English version shall prevail to the extent permitted by law.

21.		AMENDMENTS

21.1		This Agreement may be amended only by a written instrument executed by the Parties.

21.2		With consideration to the forthcoming potential enactment of a new Hungarian civil code, SIG Combibloc hereby undertakes that, subject to the Agreed Security Principles, upon the request of the Collateral Agent:

	21.2.1		it shall agree to an amendment and restatement of this Agreement following the entry into force of such a new civil code, in order to reflect the provisions thereof, to the extent such amendment is necessary to preserve the Charge or to clarify the security position of the Collateral Agent; and

	21.2.2		it shall enter into good faith negotiations on the amendment and restatement terms of this Agreement, in order to reflect the provisions of the new civil code, other than those which are referred to in Clause 21.2.1 above.

IN WITNESS WHEREOF the Parties hereto have caused this Agreement to be duly executed by their respective duly authorised officers as of the above date.

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SCHEDULE 2
FORM OF NOTICE OF CHARGE OVER BANK ACCOUNTS


		BANKSZÁMLA-KÖVETELÉSEN
NOTICE OF CHARGE OVER BANK		ALAPÍTOTT ZÁLOGJOGRÓL SZÓLÓ
ACCOUNTS		ÉRTESÍTÉS

To: [Account Bank] (address:[]) as Account Bank (hereinafter: the “Account Bank*”)		Címzett: [Számlavezetõ Bank] (székhely:[]) mint számlavezetõ bank (továbbiakban: a “Számlavezetõ Bank*”)

Subject: Notice on charge		Tárgy: Értesítés zálogjog alapításról

Dated: Budapest, ________________		Kelt: Budapest, ______________________

Dear Sir/Madam,		Tisztelt Címzett!

With reference to the Charge and Security Deposit over Bank Accounts Agreement dated __ 2010 (hereinafter: the “Agreement”), entered into between us, the [] (registered seat: []; Company registration number: []) as chargor (hereinafter: the “Chargor”), and [], (registered seat: [], registration number []) as chargee and Collateral Agent (hereinafter, with its successors, permitted transferees and permitted assigns in such capacity, the “Collateral Agent”), we hereby give notice that we have established a charge in favour of the Collateral Agent over the bank account No.:_______________(hereinafter: the “Bank Account”).		Hivatkozással a 2010. _______-án kelt Bankszámla-követelésen Alapított Zálog és Óvadéki Szerzõdésre (továbbiakban: a “Szerzõdés”), amely köztünk, az [] (székhely: [], cégjegyzékszám: []) mint zálogkötelezett (továbbiakban: a “Zálogkötelezett”), és az [] (székhely: [], cégjegyzékszáma []) mint zálogjogosult és Biztosítéki Megbízott (továbbiakban, annak jogutódjaként, átruházottjaként és engedményesként eljáró valamennyi személyt is ideértve: a “Biztosítéki Megbízott”) között jött létre, ezúton értesítjük Önöket, hogy cégünk a Biztosítéki Megbízott javára zálogjogot alapított a [] számú bankszámlánk (továbbiakban: a “Bankszámla*”) felett.

Therefore, we request you to kindly acknowledge and register the charge over the Bank Account, as		Ebből fakadóan kérjük, hogy ismerjék el és vegyék nyilvántartásba a Bankszámlán alapított

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follows:		zálogjogot; az alábbiakban leírtak figyelembe vételével:

1. The right of the Chargor to deal with the Bank Account and amounts in respect of the Bank Account in any manner and to exercise all of its rights under and in respect of the Bank Account (including the disposal or closing thereof) shall remain unrestricted until the receipt of a notice of an Enforcement Event (as defined in the Agreement) which is continuing (hereinafter: “Notice of Enforcement Event”) by the Account Bank, sent in accordance with the terms of the Agreement to the address of the Account Bank, and made substantially in the form and substance attached hereto (hereinafter: “Form of Notice of Enforcement Event”).		1. A Zálogkötelezett joga, hogy rendelkezzen a Bankszámlával és a Bankszámlához kapcsolódó bármilyen összeggel minden tekintetben korlátlan, valamint jogosult gyakorolni valamennyi Bankszámlához kapcsolódó jogát (beleértve a rendelkezési jogot és a Bankszámla bezárását is) a Végrehajtási Eseményrõl (a Szerzõdés szerint meghatározott, angolul: “Enforcement Event”) szóló, a jelen Értesítéshez csatolt mintával (továbbiakban: a “Végrehajtási Eseményrõl szóló Értesítés Mintája”) lényegében megegyezõ formában és tartalommal kiállított, Szerzõdés rendelkezései szerint a Számlavezetõ Bank címére megküldött értesítés (továbbiakban: a “Végrehajtási Eseményrõl szóló Értesítés”) Számlavezetõ Bank által történő kézhezvételéig.

2. The Collateral Agent upon the delivery of the Notice of Enforcement Event to the Account Bank is entitled to seek satisfaction from the charge in accordance with the applicable Hungarian legal norms. Particularly (but not exclusively), the Collateral Agent will be entitled to enforce any claim which is already due and arising from any of the claims of the Secured Parties (as defined in the Agreement), by submitting prompt collection orders on the basis of the Authorisation to Act on a Prompt Collection Order (as defined in the Agreement) delivered together with the present Notice. The Collateral Agent will be entitled to enforce its claim only once the		2. A Biztosítéki Megbízott Végrehajtási Esemény bekövetkezésének a Számlavezető Banknál történt bejelentése után a hatályos magyar jogszabályoknak megfelelõen jogosult a zálogjogból kielégítést keresni. Így különösen, de nem kizárólag a Biztosítéki Megbízott a jelen Értesítéssel egyidejűleg megküldött Felhatalmazó Levél (a Szerződés szerint meghatározott, angolul: “Authorisation to Act on a Prompt Collection Order”) alapján beszedés útján is végrehajthatja a Biztosított Felek (a Szerzõdés szerint meghatározott, angolul: “Secured Parties”) bármely

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Account Bank has received the Notice of Enforcement Event made by the Collateral Agent. We hereby accept your priority right of satisfaction over the Bank Account vis-à-vis to the charge established in our favour and our prompt collection rights concerning your matured claims deriving from your banking services rendered.		igényébõl eredõ bármely esedékessé vált követelést, de csak azt követõen, hogy a Számlavezetõ Bank megkapta a Biztosítéki Megbízottnak a Végrehajtási Eseményrõl szóló Értesítését. Az Önök Bankszámlára vonatkozó kielégítési elsõbbségét elfogadjuk a jelzálogjogunkkal és a felhatalmazó levélen alapuló beszedési megbízás benyújtására vonatkozó jogunkkal szemben, az Önök bankszolgáltatásaiból eredõ esedékes követeléseik tekintetében.

3. The charge over the Bank Account terminates if, while an Enforcement Event has occurred under the Agreement, the Collateral Agent elects, in accordance with its right stipulated in the Agreement, to declare the Perfection of Security Deposit (as defined in the Agreement) over the Bank Account by delivering a notice to the Account Bank, (hereinafter: “Notice of Security Deposit”) incorporated in a notarial deed in Hungary and made in the form and substance attached hereto (hereinafter: “Form of Notice of Security Deposit”).		3. A Bankszámlán fennálló zálogjog megszûnik, amennyiben a Szerzõdés szerinti Végrehajtási Esemény bekövetkezése esetén a Biztosítéki Megbízott él a Szerzõdésben biztosított jogával, és a jelen Értesítéshez csatolt mintával (továbbiakban: az “Óvadéki Értesítés Mintája”) lényegében megegyezõ formában és tartalommal kiállított, Magyarországon közokiratba foglalt értesítés (továbbiakban: az “Óvadéki Értesítés”) Számlavezetõ Banknak történõ megküldésével bejelenti az Óvadék Létrejöttét (a Szerzõdés szerint meghatározott, angolul: “Perfection of the Security Deposit”) a Bankszámla felett.

4. We hereby request, after the Account Bank has received a Form of Notice of Enforcement Event or a Form of Notice of Security Deposit, the Account Bank to disclose to the Collateral Agent any information on the Bank Account upon its request. Further, we hereby authorise the Account Bank, after the Account Bank has received a Form of Notice of		4. Felhívjuk a Számlavezetõ Bankot, azt követõen, hogy a Végrehajtási Eseményrõl szóló Értesítést vagy az Óvadéki Értesítést átvette, a Bankszámlára vonatkozó bármely információt, a Biztosítéki Megbízott kérésére bocsássa annak rendelkezésére, és felhatalmazzuk a Számlavezetõ Bankot a Hitelintézetekről és a Pénzügyi

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Enforcement Event or a Form of Notice of Security Deposit, to disclose to the Collateral Agent any information on the Bank Account, which qualifies as bank secret on the basis of Act CXII of 1996 on Credit Institutions and Financial Enterprises.		Vállalkozásokról szóló 1996. évi CXII. törvény alapján banktitoknak minõsülõ, a Bankszámlára vonatkozó bármely információnak a Biztosítéki Megbízott részére történõ kiszolgáltatására.

We request you to kindly acknowledge the receipt of the present Notice by countersigning and returning to us the Acknowledgment attached hereto.		Kérjük Önöket, hogy a jelen Értesítés tudomásulvételét jelen Értesítés mellékletét képezõ Elismervény aláírásával és részünkre való visszaküldésével ismerjék el.

In case of any discrepancies in the interpretation of the English and the Hungarian version of this document, the English version shall prevail.		Jelen okirat angol és magyar nyelvû változatának eltérõ értelmezése esetén az angol nyelvû szöveg az irányadó.

_______________________

SIG Combibloc GmbH & Co KG

Acting as a Chargor/ mint Zálogkötelezett


Schedules:		Mellékletek:

•	Form of Notice of Enforcement	•	Végrehajtási Eseményrõl szóló Értesítés Mintája
	Event

•	Form of Notice of Security	•	Óvadéki Értesítés Mintája
	Deposit

•	Acknowledgement	•	Elismervény

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Dated: Budapest,_________________________		Kelt: Budapest, _______________________

The undersigned, on behalf of [] (hereinafter: “Bank”), with reference to the Notice of Charge and Security Deposit over Bank Accounts Agreement dated [] 2010 and delivered to us, we inform you that the Bank acknowledges and registers the Charge established over the bank account number [] (hereinafter: “Bank Account*”) held by the Bank.		Alulírottak, a [] (továbbiakban: a ,,Bank”) képviseletében, hivatkozással a 2010. [] napján kelt és részünkre megküldött Bankszámla-követelésen Alapított Zálog és Óvadéki Szerződésről szóló értesítésre tájékoztatjuk, hogy Bankunk a nála vezetett [] számú bankszámlán (továbbiakban: a “Bankszámla*”) alapított zálogjogot jóváhagyólag elismeri és nyilvántartásba veszi.

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FORM OF NOTICE OF ENFORCEMENT EVENT


		VÉGREHAJTÁSI ESEMÉNYRÕL
NOTICE OF ENFORCEMENT EVENT		SZÓLÓ ÉRTESÍTÉS

To: [Account Bank] (address:[*]) as Account		Címzett: [Számlavezetõ Bank]
Bank (hereinafter: the “Account Bank”)		(székhely:[]) mint számlavezetõ bank (továbbiakban: a “Számlavezetõ Bank*”)

Subject: Notice of an Enforcement Event		Tárgy: Értesítés Végrehajtási Esemény bekövetkezésérõl

Dated: _____ Budapest,		Kelt: Budapest,________________________

Dear Sir/Madam,		Tisztelt Címzett!

We hereby refer to		Hivatkozunk

i. the Charge and Security Deposit over Bank Accounts Agreement dated __ 2010 (hereinafter: the “Agreement”), entered into between the [] (registered seat: []; Company registration number: []) as chargor (hereinafter: the “Chargor”), and [], (registered seat: [], registration number []) as chargee and Collateral Agent (hereinafter together its successors and permitted assigns in such capacity: the “Collateral Agent”) over the bank		i. a 2010. _______-án kelt Bankszámla-követelésen Alapított Zálog és Óvadéki Szerzõdésre (továbbiakban: a “Szerzõdés”), amely az [] (székhely: [], cégjegyzékszám: []) mint zálogkötelezett (továbbiakban: a “Zálogkötelezett”), és az [] (székhely: [], cégjegyzékszáma []) mint zálogjogosult és Biztosítéki Megbízott (továbbiakban, annak jogutódjaként eljáró valamely személyt is ideértve: a “Biztosítéki Megbízott”) között jött létre, a [*] számú

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account No.: [] (hereinafter: the “Bank Account*”); and		bankszámlánk (továbbiakban:
		a “Bankszámla”) felett; továbbá

ii. the Notice of Charge over Bank Accounts, dated [*], and delivered to you by the Chargor.		ii. a [*]-én kelt, és Önöknek a Zálogkötelezett által megküldött Bankszámla-követelésen Alapított Zálogjogról szóló Értesítésre.

We hereby inform you that an Enforcement Event has occurred and is continuing under the Agreement, and as from today, the Collateral Agent is entitled to seek satisfaction from the Charge, in accordance with the applicable Hungarian legal norms. This instruction shall be valid until withdrawn in a declaration of the Collateral Agent, made in the form of a notarial deed. The Collateral Agent in particular (but not exclusively) is entitled to enforce any claim which becomes due and is arising from any of the claims of the Secured Parties (as defined in the Agreement), by submitting prompt collection orders on the basis of the Authorisation to Act on a Prompt Collection Order (as defined in the Agreement) delivered to you by the Chargor.		Ezennel értesítjük Önöket a Szerzõdés szerinti Végrehajtási Esemény bekövetkezésérõl, valamint arról, hogy a mai naptól a Biztosítéki Megbízott a hatályos magyar jogszabályoknak megfelelõen jogosult a zálogjogból kielégítést keresni, mindaddig, amíg közokiratba foglalt nyilatkozattal errõl le nem mond. Így különösen, de nem kizárólag a Biztosítéki Megbízott az Önöknek a Zálogkötelezett által megküldött Felhatalmazó Levél (a Szerzõdés szerint meghatározott, angolul: “Authorisation to Act on a Prompt Collection Order”) alapján beszedés útján is végrehajthatja a Biztosított Felek (a Szerzõdés szerint meghatározott, angolul: “Secured Parties”) bármely igényébõl eredõ bármely esedékessé vált követelést.

We hereby accept your priority right of satisfaction over the Bank Account vis-à-vis to the Charge established in our favour and our prompt collection rights concerning your matured claims deriving from your banking services rendered.		Az Önök Bankszámlára vonatkozó kielégítési elsõbbségét elfogadjuk a jelzálogjogunkkal és a felhatalmazó levélen alapuló beszedési megbízás benyújtására vonatkozó jogunkkal szemben, az Önök bankszolgáltatásaiból eredõ esedékes követeléseik tekintetében.

We request you to kindly acknowledge the receipt of the present Notice by countersigning and returning to us one copy thereof. We declare that the Agreement excluded any depositing with court (Section 268 (1) of the Civil Code).		Kérjük Önöket, hogy a jelen Értesítés tudomásulvételét jelen Értesítés egy példányának aláírásával és részünkre való visszaküldésével ismerjék el. Kijelentjük, hogy a Szerzõdés kizárta a bírói letétbe helyezés lehetõségét (Ptk. 268. § (1) bek.).

In case of any discrepancies in the interpretation of the English and the Hungarian version of this document, the English version shall prevail.		Jelen okirat angol és magyar nyelvû változatának eltérõ értelmezése esetén az angol nyelvû szöveg az irányadó.

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ACKNOWLEDGEMENT		ELISMERVÉNY

We hereby acknowledge and confirm the above Notice of Enforcement Event and undertake to perform the obligations contained in the Notice of Enforcement Event in accordance with terms set out therein; until it will be withdrawn by the Collateral Agent in a declaration incorporated in a notarial deed.		Elismerjük és jóváhagyjuk a fenti Végrehajtási Eseményrõl szóló Értesítést, és vállaljuk, hogy Végrehajtási Eseményrõl szóló Értesítéssel összhangban teljesítjük az abban foglalt kötelezettségeket, mindaddig, amíg a Biztosítéki Megbízott közokiratba foglalt nyilatkozatával errõl le nem mond.

Dated/ Kelt: Budapest, ________________________

Name/ Név:

Title/ Beosztás:

[ACCOUNT BANK/ SZÀMLAVEZETŐ BANK]

as Account Bank/ mint Számlavezető Bank

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FORM OF NOTICE OF SECURITY DEPOSIT


Subject: Notice of Security Deposit		Tárgy: Értesítés óvadékról

Dated: Budapest, ________________________		Kelt: Budapest, ________________________

Dear Sir/Madam,		Tisztelt Címzett!

We hereby refer to		Hivatkozunk

(ii) the Charge and Security Deposit over Bank Accounts Agreement dated [] 2010 (hereinafter: the “Agreement”), entered into between the [] (registered seat: []; Company registration number: []) as chargor (hereinafter: the “Chargor”), and [], (registered seat: [], registration number []) as chargee and Collateral Agent (hereinafter together its successors and permitted assigns in such capacity: the “Collateral Agent”) over the bank account No.: [] (hereinafter: the “Bank Account”); and		i. a 2010. []-án kelt Bankszámla-követelésen Alapított Zálog és Óvadéki Szerzõdésre (továbbiakban: a “Szerzõdés”), amely az [] (székhely: [], cégjegyzékszám: []) mint zálogkötelezett (továbbiakban: a “Zálogkötelezett”), és az [] (székhely: [], cégjegyzékszáma []) mint zálogjogosult és Biztosítéki Megbízott (továbbiakban, annak jogutódjaként eljáró valamely személyt is ideértve: a “Biztosítéki Megbízott”) között jött létre, a [] számú bankszámlánk (továbbiakban: a “Bankszámla”) felett; továbbá

(iii) the Notice of Charge over Bank Accounts, dated [*], and delivered to you by the Chargor		ii. a [*]-én kelt, és Önöknek a Zálogkötelezett által megküldött Bankszámla-követelésen Alapított Zálogjogról szóló Értesítésre.

We hereby inform you that an Enforcement Event (as defined in the Agreement) has		Ezennel értesítjük Önöket a Szerzõdés szerinti Végrehajtási Esemény bekövetkezésérõl,

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occurred under the Agreement, and that the Charge over the Bank Account terminates as of today and the provisions of the Agreement on the Security Deposit shall apply, i.e. the Security Deposit is created and perfected over the balance of the Bank Account available at the Chargor’s free disposal as of the blocking of the Bank Account (Perfection of the Security Deposit).		valamint arról, hogy a mai naptól a Bankszámlán fennálló zálogjog megszûnik és a Szerzõdés Óvadékról (a Szerzõdés szerint meghatározott, angolul: “Security Deposit”) szóló rendelkezései alkalmazandóak, azaz a Bankszámlának a Zálogkötelezett szabad rendelkezése alatt álló egyenlege felett, annak zárolásával Óvadék jön létre (a Szerzõdés szerint meghatározott, angolul: “Perfection of the Security Deposit”).

We hereby request you to block the entire balance (available at the Chargor’s free disposal) as of today and the entire future balance of the Bank Account as a Security Deposit for the benefit of the Collateral Agent. This instruction shall be valid until withdrawn in a joint declaration of the Collateral Agent and the Chargor.		Ezúton kérjük Önöket, hogy ellenkezõ tartalmú, a Zálogkötelezettel közös rendelkezésünkig zárolják a Bankszámla mai napon (a Zálogkötelezett szabad rendelkezése alatt) fennálló és a jövõben beérkezõ teljes pozitív egyenlegét mint Óvadékot a Biztosítéki Megbízott javára.

We hereby accept your priority right of satisfaction over the Bank Account vis-à-vis to the security deposit established in our favour and our prompt collection rights concerning your matured claims deriving from your banking services rendered		Az Önök Bankszámlára vonatkozó kielégítési elsõbbségét elfogadjuk az óvadéki jogunkkal és a felhatalmazó levélen alapuló beszedési megbízás benyújtására vonatkozó jogunkkal szemben, az Önök bankszolgáltatásaiból eredõ esedékes követeléseik tekintetében.

The Collateral Agent is entitled to seek satisfaction from the Security Deposit, in accordance with the applicable Hungarian laws. The Collateral Agent in particular (but not exclusively) is entitled to enforce any claim, which becomes due and is arising from any of the claims of the Secured Parties (as defined in the Agreement), by submitting prompt collection orders on the basis of the Authorisation to Act on a Prompt Collection Order (as defined in the Agreement) delivered to you by the Chargor.		A Biztosítéki Megbízott a hatályos magyar jogszabályoknak megfelelõen jogosult az Óvadékból kielégítést keresni. Így különösen, de nem kizárólag a Biztosítéki Megbízott az Önöknek a Zálogkötelezett által megküldött Felhatalmazó Levél (a Szerzõdés szerint meghatározott, angolul: “Authorisation to Act on a Prompt Collection Order”) alapján beszedés útján is végrehajthatja a Biztosított Felek (a Szerzõdés szerint meghatározott, angolul: “Secured Parties”) bármely igényébõl eredõ bármely esedékessé vált követelést.

We hereby request the Account Bank to disclose to the Collateral Agent any information on the Bank Account upon its request. Further, we hereby authorise the Account Bank to disclose to the Collateral Agent any information on the Bank Account, which qualifies as bank secret on the basis of Act CXII of 1996 on the Credit Institutions and the Financial Enterprises.		Felhívjuk a Számlavezetõ Bankot, hogy a Bankszámlára vonatkozó bármely információt a Biztosítéki Megbízott kérésére bocsássa annak rendelkezésére, és felhatalmazzuk a Számlavezetõ Bankot a Hitelintézetekrõl és a Pénzügyi Vállalkozásokról szóló 1996. évi CXII. törvény alapján banktitoknak minõsülõ a Bankszámlára vonatkozó bármely információnak Biztosítéki

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		Megbízott részére történõ kiszolgáltatására.

We request you to kindly acknowledge the receipt of the present Notice by countersigning and returning to us one copy thereof.		Kérjük Önöket, hogy a jelen Értesítés tudomásulvételét jelen Értesítés egy példányának aláírásával és részünkre való visszaküldésével ismerjék el.

In case of any discrepancies in the interpretation of the English and the Hungarian version of this document, the English version shall prevail.		Jelen okirat angol és magyar nyelvû változatának eltérõ értelmezése esetén az angol nyelvû szöveg az irányadó.

_______________________

Name/ Név:

Title/ Beosztás:

WILMINGTON TRUST (LONDON) LIMITED

as Collateral Agent/ mint Biztosítéki Megbízott

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ACKNOWLEDGEMENT		ELISMERVÉNY

We hereby acknowledge and approve all the rights and authorisations granted to the Collateral Agent under this Notice of Security Deposit:		Elismerjük és jóváhagyjuk a fenti Óvadéki Értesítés alapján a Biztosítéki Megbízottat megilletõ valamennyi jogosultságot és felhatalmazást:

_______________________

Name/ Név:

Title/ Beosztás:

SIG COMBIBLOC GMBH & CO KG

as Chargor / mint Zálogkötelezett

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ACKNOWLEDGEMENT		ELISMERVÉNY

We hereby acknowledge and approve the above Notice of Security Deposit and undertake to perform the obligations set out therein, in particular the followings:		Elismerjük és jóváhagyjuk a fenti Óvadéki Értesítést, és vállaljuk, hogy az Óvadéki Értesítéssel összhangban teljesítjük az abban foglalt kötelezettségeket, így különösen a következõket :

- we acknowledge the termination of the Charge; and		- tudomásul vesszük a zálogjog megszûnését; és

- undertake to block the entire balance available at the Chargor’s free disposal as of today and the entire future balance of the Bank Account as a security deposit for the benefit of the Collateral Agent; until the instruction is withdrawn in a joint declaration of the Chargor and the Collateral Agent, made in the form of a notarial deed.		- vállaljuk, hogy a Bankszámlának a Zálogkötelezett szabad rendelkezése alatt álló teljes jelenlegi és jövõben beérkezõ pozitív egyenlegét óvadékként zároljuk a Biztosítéki Megbízott javára, a Zálogkötelezett és a Biztosítéki Megbízott ellenkezõ tartalmú, közokiratba foglalt közös rendelkezéséig.

The Bank shall be entitled to satisfy any of its matured claims from the Security Deposit deriving from its banking services rendered.		A Banknak a bankszolgáltatásokból eredõ esedékes követelései a Bank által az óvadék terhére kielégíthetõk.

In case of any discrepancies in the interpretation of the English and the Hungarian version of this document, the English version shall prevail.		Jelen okirat angol és magyar nyelvû változatának eltérõ értelmezése esetén az angol nyelvû szöveg az irányadó.

Dated/ Kelt: Budapest, ________________________

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SCHEDULE 3

FORM OF AUTHORISATION TO ACT ON A

PROMPT COLLECTION ORDER


		FELHATALMAZÓ LEVÉL BESZEDÉSI
AUTHORISATION		MEGBÍZÁSRA
To [Account Bank] (address:[]) as Account Bank (hereinafter: the “Account Bank*”) to enforce payment instructions for prompt collection.		A [Számlavezető Bank]-nak (székhely:[]) mint számlavezető banknak (továbbiakban: a “Számlavezető Bank*”), hogy beszedési megbízásokat hajtson végre, az alábbiak szerint:

1. We hereby refer to the Charge and Security Deposit over Bank Accounts Agreement dated [] 2010 (hereinafter: the “Agreement”), entered into between us, the [] (registered seat: []; Company registration number: []) as chargor (hereinafter: the “Chargor”), and [], (registered seat: [], registration number []) as chargee and Collateral Agent (hereinafter together its successors and permitted assigns in such capacity: the “Collateral Agent* ”) over the bank account No.: [] (hereinafter: the “Bank Account*”).		1. Hivatkozunk a 2010. []-án kelt Bankszámla-követelésen Alapított Zálog és Óvadéki Szerződésre (továbbiakban: a “Szerződés”), amely köztünk, az [] (székhely: [], cégjegyzékszám: []) mint zálogkötelezett (továbbiakban: a “Zálogkötelezett”), és az [] (székhely: [], cégjegyzékszáma []) mint zálogjogosult és Biztosítéki Megbízott (továbbiakban, annak jogutódjaként eljáró valamely személyt is ideértve: a “Biztosítéki Megbízott”) között jött létre, a [] számú bankszámlánk (továbbiakban: a “Bankszámla”) felett.

2. In accordance with the applicable Hungarian laws, the Chargor — by executing of the present declaration — hereby authorises the Bank to enforce		2. A Zálogkötelezett a hatályos magyar jogszabályoknak megfelelően — a jelen nyilatkozat aláírásával — ezennel felhatalmazza a Bankot, hogy

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by prompt collection any of the claims of the Secured Parties (as defined in the Agreement) which becomes due, (i) upon the receipt by the Account Bank of a Notice of Enforcement Event or a Notice of Security Deposit sent by the Collateral Agent in accordance with the terms of the Agreement; and (ii) following the satisfaction of the privileged prompt collection orders in accordance with the Hungarian law. Under the present Authorisation a prompt collection order could be submitted only if a Notice of Enforcement Event or a Notice of Security Deposit is attached thereto, after an Enforcement Event (as defined in the Agreement) has occurred. Attachment of one of the Notices above (Notice of Enforcement Event or a Notice of Security Deposit) excludes the attachment of the other. In the event that no Notices are attached, or both Notices are attached thereto, the prompt collection order shall not be performed on the basis of the present Authorisation.		beszedéssel végrehajtsa a Biztosított Felek (a Szerződés szerint meghatározott, angolul: “Secured Parties”) bármely igényéből eredő bármely esedékessé vált követelést — azt követően, hogy a Számlavezető Bank megkapta a Biztosítéki Megbízottnak a Szerződés rendelkezései szerint a Végrehajtási Eseményről szóló Értesítését vagy az Óvadéki Értesítést a magyar jog szabályaival összhangban. Jelen Felhatalmazó Levél alapján kizárólag abban az esetben nyújtható be beszedési megbízás, amennyiben a Végrehajtási Eseményről szóló Értesítését vagy az Óvadéki Értesítést csatolják hozzá egy Végrehajtási Esemény (a hitelszerződésben definiálva) bekövetkezését követően. Bármelyik fenti (Óvadéki vagy a Végrehajtási Eseményről szóló) Értesítés csatolása kizárja a másik Értesítés csatolását, amennyiben Értesítés csatolásra nem kerül, vagy mindkét Értesítést csatolják, úgy a jelen Felhatalmazó Levél alapján a beszedési megbízás nem teljesíthető.

3. For the above purpose, we authorise the Account Bank to debit — following the receipt of a Notice of Enforcement Event or a Notice of Security Deposit (in the form of a notarial deed) by the Account Bank from the Collateral Agent — our account No. [], and credit to the [] of the Collateral Agent, at the time when the prompt collection order is submitted by the Collateral Agent.		3. A fentiek céljából felhatalmazzuk a Számlavezető Bankot, hogy megterhelje a [] számú bankszámlánkat — azt követően, hogy a Számlavezető Bank megkapta a Biztosítéki Megbízott Végrehajtási Eseményről szóló Értesítését vagy az Óvadéki Értesítést — és ezt az összeget jóváírja a Biztosítéki Megbízott részére a [] számú számlája javára, abban az időpontban, amikor a Biztosítéki Megbízott a fizetendő összeg beszedésére beszedési megbízást ad.

4. In accordance with section 8 of Decree No. 18/2009 (VIII. 6.) of the National Bank of Hungary (hereinafter: the “NBH Decree”), we authorise the		4. A Magyar Nemzeti Bank elnöke által kibocsátott 18/2009 (VIII. 6.) számú rendelet 8. §-ának megfelelően (továbbiakban: “MNB rendelet”),

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Account Bank (i) to keep the unperformed part of the payment instruction for prompt collection pending until such payment instruction shall have been fully performed — but not longer than for 35 days — if it cannot be performed due to lack of funds and inform the Security Trustee accordingly; and (ii) to the extent of the amount standing to our credit, to make a partial payment on the basis of the payment instruction for prompt collection relating to insufficient funds.		felhatalmazzuk a Számlavezető Bankot, hogy (i) tartsa függőben a beszedési megbízásra vonatkozó fizetési felszólítás teljesítését a még ki nem fizetett részre vonatkozóan mindaddig, amíg a felhatalmazó levélen alapuló beszedési megbízást teljes egészében nem teljesítik — de nem tovább, mint 35 napra — ha az pénzügyi fedezet hiánya miatt nem teljesíthető, és megfelelően értesítse erről a Biztosítéki Megbízottat; valamint (ii) a fedezethiányos felhatalmazó levélen alapuló beszedési megbízásra vonatkozó fizetési felszólításra a rendelkezésre álló fedezet erejéig részfizetést teljesítsen.

5. This Authorisation is valid and remains in full force until withdrawn by us in a statement countersigned by the Collateral Agent.		5. Jelen Felhatalmazó Levél érvényes és mindaddig hatályban marad, amíg azt vissza nem vonjuk, egy, a Biztosítéki Megbízott által is aláírt nyilatkozatban.

We request you to kindly acknowledge the receipt of the present Notice by countersigning and returning to us one copy thereof.		Kérjük Önöket, hogy a jelen Értesítés tudomásulvételét jelen Értesítés egy példányának aláírásával és részünkre való visszaküldésével ismerjék el.

In case of any discrepancies in the interpretation of the English and the Hungarian version of this document, the English version shall prevail.		Jelen okirat angol és magyar nyelvű változatának eltérő értelmezése esetén az angol nyelvű szöveg az irányadó.

Name/ név:

Title/ beosztás:

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ACKNOWLEDGEMENT		ELISMERVÉNY
We acknowledge and approve the content of the above Authorisation and, in accordance with the terms of the Authorisation, we undertake to perform the obligations contained therein, with special regard to the followings:		Elismerjük és jóváhagyjuk a fenti Felhatalmazó Levél tartalmát, és vállaljuk, hogy a Felhatalmazó Levéllel összhangban teljesítjük az abban foglalt kötelezettségeket, különös tekintettel a következőkre:

• if the prompt collection order cannot be performed due to lack of funds, we will treat the payment instruction for prompt collection as a pending instruction, but only for a period of 35 days;		• ha a felhatalmazó levélen alapuló beszedési megbízást pénzügyi forrás hiánya miatt nem lehet teljesíteni, az felhatalmazó levélen alapuló beszedésre vonatkozó fizetési felszólítást legfeljebb 35 napig függőben tartjuk;

• we undertake to execute the payment instruction for prompt collection in accordance with terms of the Authorisation to Act on a Prompt Collection Order (as defined in the Agreement), until it is withdrawn by the Chargor and the Collateral Agent jointly.		• vállaljuk a felhatalmazó levélen alapuló beszedésre vonatkozó megbízás teljesítését a Felhatalmazó Levélnek megfelelően mindaddig, amíg a Felhatalmazó Levélet (a Szerződés szerint meghatározott, angolul:
		“Authorisation to Act on a Prompt Collection Order”) a Zálogkötelezett és a Biztosítéki Megbízott közösen vissza nem vonja.

In case of any discrepancies in the interpretation of the English and the Hungarian version of this document, the English version shall prevail.		Jelen okirat angol és magyar nyelvű változatának eltérő értelmezése esetén az angol nyelvű szöveg az irányadó.

Budapest, ________________________

Name:

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1. INTERPRETATION			3
2. CHARGE			7
3. SECURITY DEPOSIT			9
4. DISTINCT RIGHTS			10
5. NATURE OF THE SECURITY INTEREST			10
6. CHARGOR’S RIGHTS			11
7. REPRESENTATIONS, WARRANTIES AND COVENANTS			11
8. COLLATERAL AGENT’S RIGHTS			12
9. GENERAL PROVISIONS			13
10. REMEDIES AND WAIVERS			14
11. SEVERABILITY			15
12. STAMP DUTY			15
13. CAPITAL MAINTENANCE			15
14. ATTORNEY			16
15. TERMINATION			16
16. POWER TO ASSIGN			17
17. NOTICES			17
18. GOVERNING LAW			17
19. JURISDICTION			17
20. LANGUAGE			18
21. AMENDMENTS			18
SCHEDULE 1 — ACCOUNTS
SCHEDULE 2 — FORM OF NOTICE OF CHARGE OVER BANK ACCOUNTS
SCHEDULE 3 — FORM OF AUTHORISATION TO ACT ON A PROMPT COLLECTION ORDER


No.	Account Bank	Account
1.	Name: Raiffeisen Bank Zrt.	Currency: EUR

	Seat: Budapesti Fiók 1054 Budapest, Akadémia u. 6.	Account Number: [____________] (EUR)
		IBAN: HU [______________________]

		SWIFT:UBRTHUHBXXX


Schedules:		Melléklet:

• Form of Notice of Enforcement Event		• Végrehajtási Eseményről szóló Értesítés Mintája

• Form of Notice of Security Deposit		• Óvadéki Értesítés Mintája


By:	/s/ Cindi Lefari	/s/ March Dunkley

	Cindi Lefari	March Dunkley