Ardagh Glass Finance plc - Irish Stock Exchange

(c)
(including any deemed release upon payment in full of all obligations under such Debt
other than as a result of payment under such guarantee), at a time when:
(i) no other Debt of the Issuer, the Parent Guarantor or any Subsidiary Guarantor has
been guaranteed by such Restricted Subsidiary; or
(ii) the holders of all such other Debt that is guaranteed by such Restricted Subsidiary
also release their guarantee by such Restricted Subsidiary (including any deemed
release upon payment in full of all obligations under such Debt other than as a result
of payment under such guarantee); or
the release of the Guarantees on the terms and conditions and in the circumstances
described in ‘‘—Ranking of the Notes and the Guarantees; Subordination’’ and in ‘‘—The
Guarantees’’.
Limitation on Dividends and Other Payment Restrictions Affecting Restricted Subsidiaries
(1) The Parent Guarantor will not, and will not permit any Restricted Subsidiary to, directly or
indirectly, create or otherwise cause or suffer to exist or become effective any consensual
encumbrance or restriction of any kind on the ability of any Restricted Subsidiary to:
(a) pay dividends, in cash or otherwise, or make any other distributions on or in respect of its
Capital Stock or any other interest or participation in, or measured by, its profits;
(b) pay any Debt owed to the Parent Guarantor or any other Restricted Subsidiary;
(c) make loans or advances to the Parent Guarantor or any other Restricted Subsidiary; or
(d) transfer any of its properties or assets to the Parent Guarantor or any other Restricted
Subsidiary.
(2) The provisions of the covenant described in paragraph (1) above will not apply to:
(a) encumbrances and restrictions imposed by the Notes, the Existing Ardagh Bonds, the
Indenture, the 2007 Indenture, the 2009 Indenture, the Senior Credit Facilities, the
Intercreditor Agreement, the Senior PIK Notes and the security documents related
thereto or by other indentures or agreements governing other Debt we incur ranking
equally with the Notes provided that the encumbrances or restrictions imposed by such
other indentures or agreements are not materially more restrictive, taken as a whole, than
the encumbrances or restrictions imposed by the Indenture;
(b) any customary encumbrances or restrictions created under any agreements with respect to
Debt of the Parent Guarantor or any Restricted Subsidiary permitted to be incurred
subsequent to the date of the Indenture pursuant to the provisions of ‘‘—Limitation on
Debt’’, including encumbrances or restrictions imposed by Debt permitted to be incurred
under Credit Facilities or any guarantees thereof in accordance with such covenant;
provided that such agreements do not prohibit the payment of interest with respect to the
Notes or the Guarantees absent a default or event of default under such agreement;
(c) encumbrances or restrictions contained in any agreement in effect on the date of the
Indenture (other than an agreement described in another clause of this paragraph (2));
(d) with respect to restrictions or encumbrances referred to in clause (1)(d) above,
encumbrances and restrictions that restrict in a customary manner the subletting,
assignment or transfer of any properties or assets that are subject to a lease, license,
conveyance or other similar agreement to which the Parent Guarantor or any Restricted
Subsidiary is a party;
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