AMENDMENT AGREEMENT NO. 3 dated 1 February 2011 for CLOSURE SYSTEMS INTERNATIONAL B.V. as Chargor and WILMINGTON TRUST (LONDON) LIMITED as Chargee RELATING TO A QUOTA CHARGE AGREEMENT DATED 29 JANUARY 2010 AS AMENDED ON 4 MAY 2010 AND ON 16 NOVEMBER 2010

EXHIBIT 4.348

AMENDMENT AGREEMENT NO. 3

dated 1 February 2011

for

CLOSURE SYSTEMS INTERNATIONAL B.V.

as Chargor

and

WILMINGTON TRUST (LONDON) LIMITED

as Chargee

RELATING TO A
QUOTA CHARGE AGREEMENT

DATED 29 JANUARY 2010 AS AMENDED ON 4 MAY 2010
AND ON 16 NOVEMBER 2010

in respect of its Quota in CSI Hungary Gyártó és Kereskedelmi Korlátolt Felelosségu Társaság

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 AMENDMENT AGREEMENT (the “Agreement”) is made on 1 February 2011

BETWEEN:

(1)		Closure Systems International B.V., a private company with limited liability incorporated under the laws of The Netherlands, having its seat as at the date of this Agreement at Xxxxxxxxxxxxxxxxx 000, 0000 XX Xxxxxxxxx, Xxx Xxxxxxxxxxx, registered with the Chamber of Commerce in Amsterdam, The Netherlands, under registration number 34291082, as owner of the Quota (as defined below) and chargor under this Agreement (hereinafter referred to as the “Chargor”);
		and
(2)		Wilmington Trust (London) Limited, acting as chargee under this Agreement, in its capacity as collateral agent 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 assign 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.

This Agreement is hereby acknowledged and accepted by:

(3) CSI Hungary Gyártó és Kereskedelmi Korlátolt Felelosségu Társaság a limited liability company (korlátolt felelosségu társaság) incorporated under the laws of Hungary, having its registered seat as at the date of this Agreement at Xxxxxxx út 72-100., 8000 Székesfehérvár, Hungary, registered with the Fejér County Court in Székesfehérvár, Hungary, under registration number: Cg.00-00-000000, with tax identification number: 14122952-2-07 (hereinafter referred to as the “Company”).

RECITALS:

(A) The Parties hereby declare that the Quota Charge Agreement (as defined below) was originally concluded on 29 January 2010 between the Chargee and the Chargor, pursuant to both (i) a credit agreement dated 5 November 2009 (as subsequently amended) between among others Xxxxxxxx Group Holdings Inc., Xxxxxxxx Consumer Products Holdings Inc., Closure Systems International Holdings Inc., SIG Euro Holding AG & Co KGaA, SIG Austria Holding GmbH, Pactiv Corporation, Closure Systems International BV, the other borrowers party thereto, the lenders from time to time parties thereto, and Credit Suisse AG (formerly known as Credit Suisse) as administrative agent (the “Credit Agreement”) and (ii) an indenture dated 5 November 2009 between, among others, Xxxxxxxx Group Escrow LLC, Xxxxxxxx Group DL Escrow Inc. and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent and registrar, as modified, amended or supplemented from time to time (the “2009 Indenture”), and the Quota Charge Agreement was amended pursuant to an indenture dated 15 October 2010 between, among others, RGHL US Escrow I Inc., RGHL US Escrow I LLC and RGHL

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Escrow Issuer (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent, registrar and collateral agent and Wilmington Trust (London) Limited as additional collateral agent (the “2010 Indenture”).

(B)		In connection with the Credit Agreement, the 2009 Indenture and the 2010 Indenture certain parties have entered into a first lien intercreditor agreement dated 5 November 2009 between, among others, The Bank of New York Mellon as trustee under the 2009 Indenture, Credit Suisse AG as representative under the Credit Agreement and each grantor that are parties thereto, as subsequently amended by Amendment No. 1 and Joinder Agreement dated 21 January 2010, which added the Collateral Agent as a collateral agent under the First Lien Intercreditor Agreement (the “First Lien Intercreditor Agreement”).
(C)		Pursuant to an indenture (the “February 2011 Secured Notes Indenture”) dated on or about the date of this Agreement and entered into between, among others the Issuers (as defined below), The Bank of New York Mellon, as trustee, principal paying agent, transfer agent, registrar and collateral agent and Wilmington Trust (London) Limited as additional collateral agent, certain secured notes (the “ February 2011 Secured Notes”) were issued by the Issuers.
(D)		The obligations in respect of the February 2011 Secured Notes Indenture and any Senior Secured Note Documents (as defined therein) will or have been designated as “Additional Obligations” under, and in accordance with, section 5.02(c) of the First Lien Intercreditor Agreement (the “Secured Notes Designation”).
(E)		As a consequence of the issue of the February 2011 Secured Notes, the Parties agreed to amend the Quota Charge Agreement and enter into this Agreement.

IT IS AGREED as follows:

1.		DEFINITIONS AND INTERPRETATION
1.1		Definitions
		In this Agreement:
		“Issuers” means Xxxxxxxx Group Issuer LLC, Xxxxxxxx Group Issuer Inc. and Xxxxxxxx Group Issuer (Luxembourg) S.A. and their respective successors in interest and assigns.
		“Quota Charge Agreement” means the quota charge agreement concluded in the form of a notarial deed dated 29 January 2010, as amended on 4 May 2010 and on 16 November 2010 between the Chargor and the Chargee.
1.2		Incorporation of defined terms

(a) Unless a contrary indication appears, a term defined in the First Lien Intercreditor Agreement and in the Quota Charge Agreement has the same meaning in this Agreement and in any notice given under this Agreement.

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(b) The principles of construction set out in the Quota Charge Agreement shall have effect as if set out in this Agreement.

1.3		Clauses
		In this Agreement any reference to a “Clause” or a “Schedule” is, unless the context otherwise requires, a reference to a Clause or a Schedule to this Agreement.

2.		AMENDMENTS TO THE QUOTA CHARGE AGREEMENT
		With effect from the date of this Agreement:

	(a)		The following new definitions shall be inserted in clause 1.1 (Definitions) of the Quota Charge Agreement in alphabetical order:
			““February 2011 Issuers” means the “Issuers” under, and as defined in, the February 2011 Secured Notes Indenture, including their successors in interest.”
			““February 2011 Secured Notes Indenture” means the indenture dated 1 February 2011, among the February 2011 Issuers and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent, registrar and collateral agent and Wilmington Trust (London) Limited as additional collateral agent, as amended, extended, restructured, renewed, refunded, novated, supplemented, restated, replaced or modified from time to time, attached as Part VII of Schedule 3 (February 2011 Secured Notes Indenture) to this Agreement.”
			““May 2010 Incremental Assumption and Amendment Agreement” means the amendment no. 2 and incremental term loan assumption agreement dated 4 May 2010 entered into between, among others, Xxxxxxxx Group Holdings Inc., Xxxxxxxx Consumer Products Holdings Inc., Closure Systems International Holdings Inc., SIG Euro Holding AG & Co. KGAA, SIG Austria Holding GmbH and Closure Systems International B.V. as borrowers, Xxxxxxxx Group Holdings Limited, the Guarantors from time to time party thereto (as defined therein), the Lenders from time to time party thereto, the Incremental U.S. Term Lenders (as defined therein), the other Lenders party thereto and the Administrative Agent (as defined therein), as amended, novated, supplemented, restated or modified from time to time, the text of which is attached as Part IV of Schedule 1 (Incremental Assumption and Amendment Agreement) to this Agreement.”
			““September 2010 Incremental Assumption and Amendment Agreement” means the amendment no. 3 and incremental term loan assumption agreement dated 30 September 2010 entered into between, among others, Xxxxxxxx Group Holdings Inc., Xxxxxxxx Consumer Products Holdings Inc., Closure Systems International Holdings Inc., SIG Euro Holding AG & Co. KGAA, SIG Austria Holding GmbH and Closure Systems International B.V. as borrowers, Xxxxxxxx Group Holdings Limited, the Guarantors from time to

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time party thereto (as defined therein), the Lenders from time to time party thereto, the Incremental U.S. Term Lenders (as defined therein), the other Lenders party thereto and the Administrative Agent (as defined therein), as amended, novated, supplemented, restated or modified from time to time, the text of which is attached as Part IV of Schedule 3 (Incremental Assumption and Amendment Agreement) to this Agreement.”

	(b)		The definition of “Incremental Assumption and Amendment Agreement” in clause 1.1 (Definitions) of the Quota Charge Agreement shall be deleted.
	(c)		Clause 2.1 (i) of the Quota Charge Agreement shall be replaced with the following wording:

(i) “USD 7,850,000,000 (that is seven billion eight hundred and fifty million U.S. $) and EUR 780,000,000 (that is seven hundred and eighty million euro) (the “Secured Principal”); plus”

(d) Schedule 3 of the Quota Charge Agreement shall be supplemented with Schedule A (Part VI of Schedule 3 (February 2011 Secured Notes Indenture)) of this Agreement.

3. REGISTRATION OF CHANGES

3.1		The Chargor shall file with the Court of Registration an extract of this Agreement, attached as Schedule B (Form of the Extract of this Quota Charge Agreement) (the “Extract”) within 10 (ten) Business Days of the date of this Agreement, in order to inform the Court of Registration of the amendment of the Quota Charge Agreement.
3.2		The Parties hereby authorise Xxxxxxxxx Ügyvédi Iroda (1053 Xxxxxxxx, Xxxxxxx Xxxxxx x. 00., Xxxxxxx) to act before the Court of Registration in connection with the filing (including but not limited to sign any documents in relation thereto) of the Extract with the Court of Registration.
4.		CONTINUITY AND FURTHER ASSURANCE
4.1		Continuing obligations
		The provisions of the Quota Charge Agreement shall, save as amended by this Agreement, continue in full force and effect.
4.2		Further assurance
		The Chargor shall, at the reasonable request of the Chargee and at its own expense, do all such acts and things necessary to give effect to the amendments effected or to be effected pursuant to this Agreement.
5.		INCORPORATION OF TERMS
		The provisions of clause 8 (Remedies and waivers), clause 9 (Severability), clause 13 (Notices) and clause 15 (Jurisdiction) of the Quota Charge Agreement shall be

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incorporated into this Agreement as if set out in full in this Agreement and as if references in those clauses to “this Agreement” are references to this Agreement.

6.		GOVERNING LAW
		This Agreement is governed by Hungarian law.
7.		RIGHTS OF THE COLLATERAL AGENT
		Notwithstanding anything contained herein, the Parties agree that this Agreement shall be deemed a “Security Document” for the purposes of and as defined in the First Lien Intercreditor Agreement (and for no other purpose) and accordingly each of the protections, immunities, rights, indemnities and benefits conferred on the Collateral Agents under the Quota Charge Agreement and the First Lien Intercreditor Agreement shall continue in full force and effect and shall apply to this Agreement as if set out in full herein.

[Certification of the Public Notary and the related powers of attorney inserted]

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SCHEDULE A

“SCHEDULE 3

Part VI

February 2011 Secured Notes Indenture”

(To Be Inserted)

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SCHEDULE B

ÜZLETRÉSZ ZÁLOGSZERZODÉST MÓDOSÍTÓ SZERZŐDÉS KIVONATA

EXTRACT OF THE AMENDMENT TO THE QUOTA CHARGE AGREEMENT

a cégnyilvántartásról, a bírósági cégeljárásról és a végelszámolásról szóló 2006. évi V. törvény 2. számú melléklete
II. 1. ea) pontjának figyelembe vételével
with regard to the Clause II.1.ea) of Schedule No. 2 of the Act V of 2006 on Public
Company Information, Company Registration and Winding-up Proceedings

(a továbbiakban: “Kivonat”) amely az xxxxxx xxxxx xxxxxx xxxxxxx Xxxxxxxxxx, 0000. február 1. napján létrejött módosító szerzodés (a továbbiakban: “Szerzodős”) alapján:

(hereinafter referred to as the “Extract”), which has been prepared on the basis of the amendment agreement entered into by and between the parties named below in Budapest on 1 February 2011 (hereinafter referred to as the “Agreement”):

(1)		A Wilmington Trust (London) Limited, amelynek székhelye 0 Xxxxx Xxxxxx Xxxxx, Xxxxxx XX0X 0XX, Egyesült Királyság cím alatt található, képviseli __________________________, meghatalmazás alapján,
(1)		Wilmington Trust (London) Limited, having its registered office at: 0 Xxxxx Xxxxxx Xxxxx, Xxxxxx XX0X 0XX, Egyesült Királyság, represented by __________________________, under a power of attorney,
		mint zálogjogosult (a továbbiakban: “Zálogjogosult”)
		as chargee (hereinafter referred to as the “Chargee”),

valamint

and

(2)		CLOSURE SYSTEMS INTERNATIONAL B.V., amelynek székhelye a Xxxxxxxxxxxxxxxxx 000, 0000 XX Xxxxxxxxxx, Xxxxxxxxx cím alatt található, és amelyet az amszterdami Kereskedelmi Kamaránál a 34291082-es számon tartanak nyilván, képviseli xx. Xxxxxx-Xxxxxxxxxxx Xxxxx, meghatalmazás alapján,
(2)		CLOSURE SYSTEMS INTERNATIONAL B.V. having its registered seat at Xxxxxxxxxxxxxxxxx 000, 0000 XX Xxxxxxxxx, Xxx Xxxxxxxxxxx, registered with the Chamber of Commerce in Amsterdam with registration number 34291082, represented by xx. Xxxxx Xxxxxx-Xxxxxxxxxxx, under a power of attorney,
		mint zálogkötelezett (a továbbiakban: “Zálogkötelezett”)
		as chargor (hereinafter referred to as the “Chargor”).

Fent nevezett felek a jelen Kivonatban az alábbiakat kívánják rögzíteni:

The parties named above wish to declare the following in the present Extract:

1. A Zálogkötelezett és a Zálogjogosult a 2010. január 29-én kelt zálogszerzodéssel (a “Zálogszerzodés”) üzletrész zálogjogot alapítottak a Zálogjogosult javára Zálogkötelezettnek a CSI Hungary Gyártó és Kereskedelmi Korlátolt Felelosségu Társaságban (székhelye: 8000 Székesfehérvár, Xxxxxxx xx 00-000., Xxxxxxxxxxxx;

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		cégjegyzékszáma a Fejér Megyei Bíróság mint Cégbíróságnál: Cg. 00-00-000000, adószáma: 14122952-1-07, a továbbiakban: “Társaság”) fennálló 1.246.180.000,- Ft, azaz egymilliárd-kétszáznegyvenhatmillió-egyszáznyolcvanezer forint névértéku, a Társaság jegyzett tokéjének 100%-át megtestesíto üzletrészén. A Zálogszerzodést a Zálogkötelezett és a Zálogjogosult 2010. május 4. és 2010. november 16. napján módosította.
		The Chargor and the Chargee created a quota charge in favour of the Chargee over the quota of the Chargor held in CSI Hungary Gyártó és Kereskedelmi Korlátolt Felelosségu Társaság (registered seat: 8000 Székesfehérvár, Xxxxxxx xx 00-000., Xxxxxxx, company registration number: Cg. 00-00-000000 with the Fejér County Court as the Court of Registration, tax number: 14122952-1-07, hereinafter referred to as the “Company”) with a nominal value of HUF 1,246,180,000 (i.e. one billion two hundred fourty six million one hundred and eighty thousand Forint) representing 100% of the Company’s registered capital by virtue of the quota charge agreement dated 29 January 2010 (the “Quota Charge Agreement”). The Quota Charge Agreement was amended by the Chargor and the Chargee on 4 May 2010 and on 16 November 2010.
2.		A Zálogkötelezett és a Zálogjogosult a Szerzodés rendelkezései alapján újból módosították a Zálogszerzodés rendelkezéseit, többek között felemelték a Kötelezettségek összegét, melynek biztosítására az üzletrész zálogjog szolgál.
		The Chargor and the Chargee have amended again the terms of the Quota Charge Agreement in accordance with the provisions of the Agreement; and, among others, increased the amount of the Obligations secured by the quota charge.
3.		Jelen Kivonat a Szerzodés rendelkezései alapján — kizárólag a Zálogszerzodés módosításának cégbírósági bejelentése céljából — készült, és nem helyettesíti a felek között a Szerzodésben foglaltak szerint létrejött részletes megállapodást. A Szerzodés xx xxxxx Kivonat közötti esetleges ellentmondás vagy eltérés esetén a Szerzodés rendelkezései az irányadóak.
		This Extract has been prepared on the basis of the terms and conditions set out in the Agreement exclusively for the purpose of giving notice to the court of registration on the amendment to the Quota Charge Agreement, and therefore, it may not substitute the detailed agreement between the parties contemplated in the Agreement. In case of any discrepancy between the Agreement and this Extract, the provisions of the Agreement shall prevail.
4.		Jelen Kivonat magyar és angol nyelven készült, a magyar és az angol nyelvu változat közötti eltérés esetén a magyar nyelvu verzió az irányadó.
		This Extract has been prepared in the Hungarian and English language. In the event of any discrepancy between the Hungarian language and the English language versions, the Hungarian language version shall prevail.
5.		A Zálogkötelezett és a Zálogjogosult meghatalmazzák az Xxxxxxxxx Ügyvédi Irodát (cím: 1053 Budapest, Xxxxxxx Xxxxxx u. 12.) hogy a Fejér Megyei Bíróságnál, mint Cégbíróságnál a Kivonat benyújtásával kapcsolatban eljárjon (beleértve, de nem kizárólag bármely, ehhez kapcsolódó dokumentum aláírását).

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The Chargor and the Chargee hereby authorise Xxxxxxxxx Law Firm (address: 1053 Budapest, Xxxxxxx Xxxxxx u. 12.) to act before the Fejér County Court as the Court of Registration in connection with filing (including but not limited to sign any documents relating thereto) this Extract.

Budapest, 2011. február 1. / 1 February 0000

XXXXXXXXXX XXXXX (XXXXXX) LIMITED		CLOSURE SYSTEMS INTERNATIONAL B.V.
Zálogjogosult / Chargee		Zálogkötelezett / Chargor

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SIGNATURES

Closure Systems International B.V. — as Chargor
 

By:  

Wilmington Trust (London) Limited — as Chargee
 

By:  

CSI Hungary Gyártó és Kereskedelmi Korlátolt Felelosségu Társaság — as Company
 

By:  

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