Multi Packaging Solutions Acquisitions 2 Limited

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All monies

All monies

All monies

All monies

All monies

All monies

All monies

ALL ADVANCES,DEBTS,LIABILITIES,U.K.OBLIG ATIONS,COVENANTS AND DUTIES DUE OR TO BE COME DUE FROM THE COMPANY (THE "DEPOSITO R") OR ANY U.K.OBLIGOR (AS DEFINED) TO A NY LENDER (AS DEFINED) UNDER ANY LOAN DO CUMENT (AS DEFINED)

IN FAVOUR OF THE CHARGEE ALL ADVANCES, D EBTS, LIABILITIES, INDEMNITIES, U.K. OBL IGATIONS, COVENANTS AND DUTIES WHICH ARE OWING BY THE COMPANY OR ANY U.K. OBLIGO R TO ANY LENDER, WHETHER DIRECT OR INDIR ECT (INCLUDING THOSE ACQUIRED BY ASSIGNM ENT), ABSOLUTE OR CONTINGENT, DUE OR TO BECOME DUE, ARISING ON OR AFTER 23RD FEB RUARY 2000 OR ARISING, UNDER ANY LOAN DO CUMENT, PROVIDED THAT THERE SHALL BE EXC LUDED FROM THE FOREGOING ANY ADVANCE, DE BT, LIABILITIY, OBLIGATION, INDEMNITY, C OVENANT OR DUTY WHICH WOULD, BUT FOR THI S PROVISO, CAUSE THE SECURITY WHICH WOUL D OTHERWISE BE CONSTITUTED BY THE CHARGE AND MEMORANDUM TO CONSTITUTE SECURITY P ROVIDED BY A "CONTROLLED FOREIGN CORPORA TION" FOR U.S. FEDRAL INCOME TAX PURPOSE S OF THE OBLIGATIONS OF ANY U.S. ENTITY WHICH IS EITHER (A) A "UNITED STATES SHA REHOLDER" OF THE DEPOSITOR, WITHIN THE M EANING OF SECTION 951(B) OF THE CODE, OR (B) A CORPORATION 25 PRECENT OR MORE OF THE TOTAL COMBINED VOTING POWER WHICH I S OWNED (DIRECTLY, INDIRECTLY OR CONSTRU CTIVELY) BY ONE OR MORE UNITED STATES SH AREHOLDERS OF THE DEPOSITOR IN THE AGGRE GATE (THE "SECURED OBLIGATIONS")