Document:

Affirmation of Guaranty Agreement

 EXHIBIT 10.5 
  
 AFFIRMATION OF GUARANTY AGREEMENT 
  
 Reference is made to that certain Fourth Amended and Restated Revolving Credit and Security Agreement dated December 26,
2001, among WinCup Holdings, Inc., Radnor Chemical Corporation, StyroChem U.S., Ltd., Radnor Holdings Corporation, Radnor Delaware II, Inc., StyroChem Delaware, Inc., WinCup Texas, Ltd., StyroChem G.P., L.L.C., StyroChem L.P., L.L.C., WinCup G.P.,
L.L.C., WinCup L.P., L.L.C., (each individually a “Borrower” and collectively, “Borrowers”) and PNC Bank, National Association, as administrative agent and lead arranger (“Agent”), for itself and the financial
institutions which are now or which hereafter become a party thereto (individually, a “Lender” and collectively, the “Lenders”) and Fleet Capital Corporation, as documentation agent (as amended by that certain First Amendment to
Fourth Amended and Restated Revolving Credit, Term Loan and Security Agreement, dated February 4, 2002, letter agreement, dated March 21, 2002, Second Amendment to Fourth Amended and Restated Revolving Credit, Term Loan and Security Agreement dated
March 5, 2003, Third Amendment to Fourth Amended and Restated Revolving Credit, Term Loan and Security Agreement dated August 1, 2003, Fourth Amendment to Fourth Amended and Restated Revolving Credit, Term Loan and Security Agreement dated September
12, 2003, Fifth Amendment to Fourth Amended and Restated Revolving Credit, Term Loan and Security Agreement dated October 27, 2003, Sixth Amendment to Fourth Amended and Restated Revolving Credit, Term Loan and Security Agreement dated November 17,
2003, Seventh Amendment to Fourth Amended and Restated Revolving Credit, Term Loan and Security Agreement dated March 12, 2004, and Eighth Amendment to Fourth Amended and Restated Revolving Credit, Term Loan and Security Agreement dated April 27,
2004 (collectively, the “Credit Agreement”). 
  
 Pursuant to the terms of the Credit Agreement, Agent, and Lenders made available to Borrowers an original revolving credit facility in the amount of Thirty-Five Million Dollar ($35,000,000), which was increased to Fifty-Five Million Dollars
($55,000,000), an original term loan in the amount of Forty-Five Million Dollars ($45,000,000) and a first supplemental term loan in the amount of Five Million Dollars ($5,000,000). On April 26, 2004, the undersigned executed and delivered to Agent
for the benefit of Lenders a Guaranty and Suretyship Agreement whereby undersigned unconditionally guaranteed, inter alia, all present and future obligations and liabilities of each Borrower to Agent and/or Lenders, which was reaffirmed on
April 27, 2004 (collectively, the “Guaranty Agreement”). 
  
 Borrowers have requested and Agent and Lenders have agreed pursuant to the terms of that certain Ninth Amendment to Fourth Amended and Restated Revolving Credit and Security Agreement (the “Ninth Amendment”) among Borrowers,
Agent, and Lenders dated the date hereof, to amend certain terms and conditions set forth in the Credit Agreement. 
  
 The undersigned hereby (i) acknowledges that undersigned has read the terms and conditions of the Ninth Amendment, (ii) consents to the terms and
conditions of the Ninth Amendment and (iii) agrees that its Guaranty Agreement shall continue in full force and effect 

 and shall continue to cover all Obligations (as defined in the Credit Agreement), in accordance with the terms of the
Guaranty Agreement, as affirmed hereby. 
  
 Dated: September 27, 2004 

 

			
	STYROCHEM EUROPE DELAWARE, INC.
		
	By:	 	 /s/ R. Radcliffe Hastings

	Name:	 	R. Radcliffe Hastings
	Title:	 	Executive Vice PresidentCredit Facility Agreement dated March 26, 2003

 EXHIBIT 4.25 
  

	To:	The Hongkong and Shanghai Banking Corporation Limited 

  
 Date: 26th MAR, 2003 
  
 Dear Sirs 
  
 BANKING FACILITIES 
  
 In consideration of your agreeing to grant, continue and / or further extend credit facilities and other financial accommodation to Pentalpha Hong Kong Ltd (the
“Customer”) upon and subject to such terms and conditions as you shall from time to time think fit, we hereby irrevocably and unconditionally covenant and undertake with you as follows: 
  

	1.	Without prejudice to any other undertakings on our part, we shall not, and shall procure that none of our subsidiaries shall, without your prior written consent:

  

	 	(a)	create or attempt to create or permit to subsist any mortgage, debenture, charge, pledge, lien or other encumbrance upon, or permit any lien or other encumbrance (save a lien
arising by -operation of law in the ordinary course of trading) to arise on or affect, the whole or any part of our or their respective undertaking, property, assets and rights other than pledges created over goods and / or services acquired
pursuant to documentary credits opened in the ordinary course of trading for the purpose of financing the acquisition or provision of goods and services; or 

  

	 	(b)	part with, assign, transfer, sell or dispose of or attempt or agree to part with, assign, transfer, sell or dispose of the whole or any part of our or their respective undertaking,
property, assets and rights except by way of sale at full value in the usual and ordinary course of trading as now conducted and for the purpose of carrying on the relevant business; or 

  

	 	(c)	grant, issue or extend any guarantee or indemnity or enter into any other form of contractual undertaking or arrangement of similar effect in respect of any indebtedness or
obligations, actual or contingent, of any other person whatsoever except in the usual and ordinary course of trading as now conducted by us and our subsidiaries and for the purpose of the carrying on by us or the relevant subsidiary of our or its
business. 

  

	2.	The undertakings set out in item 1 above shall not be deemed breached by reason only of the existence of any mortgage, debenture, charge, pledge, lien or other encumbrance or
guarantee or indemnity which has been created or which subsists or has arisen prior to the date hereof, provided that any further or additional encumbrance over or affecting the relevant asset, or increase in the amount secured by or other variation
of the relevant encumbrance or guarantee or indemnity of similar effect, shall constitute such a breach. 

  

	3.	We acknowledge and accept that you will rely on the above undertakings in relation to the extension by you of credit facilities and other financial accommodation to or at the
request of the Customer. 

  

	4.	We further authorize you, in your absolute discretion, at any time and from time to time to notify any other creditors of our company and / or creditors of any of our subsidiaries
of the terms of the undertakings set out in item 1 above in the event that you receive notice of any proposed arrangement between such creditors and our company and / or any of our subsidiaries which, if implemented, would or might be in breach of
such undertakings. 

  
 Yours faithfully 
  

	
	
	/S/    JOHN C. K. SHAM
	 For and on behalf of Global-Tech Appliances Inc.Banking facilities letter dated November 4, 2003

			
	CONFIDENTIAL	  	EXHIBIT 4.26

  
 Pentalpha Macau Commercial Offshore
Ltd 
 Flat C 15/F 
 Macau Finance Centre 
 244-246 Rua de Pequim 
 Macau 
  

					
	 	  	 	  	04 November 2003
	 Attention :
	  	 Mr Samuel K S Leung
	  	 

  
 Our Ref: MMO CBA 030391 
  
 Dear Sir 
  
 BANKING FACILITIES 
 ACCOUNT NO.
001-144781 
  
 This letter supersedes our previous letter dated 20 June 2002
REF: MMO CBA 020231. 
  
 With reference to our recent discussions, we are pleased
to advise that we have reviewed your banking facilities and offer a renewal within the following limits which will be made available on the specific terms and conditions outlined below and subject to the satisfactory completion of the security
detailed below. These facilities are also subject to review at any time and, in any event by 15 October 2004, and also subject to our overriding right of withdrawal and repayment on demand, including the right to call for cash cover on demand
for prospective and contingent liabilities. 
  

			
	 Overdraft (A/C No. 001-144781-001)
 Interest on
the overdraft facility will be charged on daily balances at 1% per annum over our best lending rate, (BLR is currently 5.125% per annum, but subject to fluctuation at our discretion) and payable monthly in arrears to the debit of your current
account.
	  	MOPS 15,000*
		
	 Export Facilities
 Purchase of D/P bills on
approved drawees
	  	HKD6,500,000*
		
	 Within which
 Purchase of D/A bills on approved
drawees up to 90 days
	  	(HKD6,500,000)*

  

	*	Combined Overdraft and Export (DA) Facilities at a total of HKD6,500,000 within which Overdraft not to exceed MOP515,000. 

  
 We may, at our sole and absolute discretion, refuse to allow drawings under the facilities if
the drawee is considered by us to be unacceptable and / or if the transaction in question does not meet our operational requirements in respect of these facilities. 
  

			
	 Packing Credit
 Up to 70% of valid export
Documentary Credits in your favour deposited with us and within 90 days ahead of the shipment date.
	 	HKD2,000,000

  

 Interest on HKD export DA/DP loans and packing credit facility will be charged on a daily basis at 1% per annum over our
BLR, and payable monthly in arrears to the debit of your current account. 
  
 Interest on foreign currency loans will be charged on a daily basis at the prevailing interest rates, published by us as Trade Finance Rates, subject to fluctuation at our discretion and payable monthly in arrears to the debit of your
current account. 
  
 Commission in lieu of exchange and HKD bill commission rate
will be charged as follows: 
  

					
	 •      For the first USD50,000 or its equivalent
	  	:	  	1/4%
			
	 •      Balance in excess of USD50,000 or its equivalent
	  	:	  	1/8%
			
	Export bills collection commission will be charged as follows:	  	 	  	 
			
	 •      DC/non-DC collection bills
	  	 	  	 
			
	        For the first USD50,000 or its equivalent
	  	:	  	1/8% (minimum HKD300)
			
	        Balance in excess of USD50,000 or its equivalent
	  	:	  	1/16%
			
	 •      DC bills sent to local banks on with recourse
	  	 	  	 
			
	        For the first USD50,000 or its equivalent
	  	:	  	1/4% (minimum 1-IKD350)
			
	        Balance in excess of USD50,000 or its equivalent
	  	:	  	1/8%
			
	 •      DC bills sent to local banks on without recourse
	  	 	  	 
			
	        For the first USD50,000 or its equivalent
	  	:	  	1/8% (minimum HKD350)
			
	        Balance in excess of USD50,000 or its equivalent
	  	:	  	1/16%
			
	 •      DC bills sent to local banks on without recourse
	  	 	  	 
			
	        For the first USD50,000 or its equivalent
	  	:	  	1/8% (minimum HKD350)
			
	        Balance in excess of USD50,000 or its equivalent
	  	:	  	1/16%

  
 Accrual of Interest and Other Sums 
  
 Please note that interest
and other sums expressed to be chargeable or payable on a periodic basis will nonetheless accrue from day to day and amounts so accrued may be demanded at any time. 
  
 Security 
  

As security for the foregoing facilities, we require:- 
  

	1)	Legally notarized livranca for HKD8,500,000 signed by Pentalpha Macau Commercial Offshore Limited and endorsed by Global-Tech Appliances Inc together with a letter of authority to
insert the maturity date at our option and board resolution. 

  

	2)	Corporate guarantee for HKD8,500,000 signed by Global-Tech Appliances Inc in our favour together with board resolution. 

  
 The livranca must be signed in the presence of a Macau Public/Private Notary. Please complete
the documents and return them to us at your earliest convenience. 
  

 Please note that all costs and expenses (including legal fees) incurred by us in connection with the extension of these
facilities and any matters arising are to be reimbursed by you on demand. 
  
 Please note that amounts which are overdue or overlimit (as well as amounts demanded and not paid) in respect of all or any of these facilities will bear interest at such rate charged by us from time to time on unauthorized overdrafts (UOD
is currently 5% over our BLR). Past due interest on loans will on the other hand be charged at 3% over the agreed interest rate. 
  
 Payments by the borrower/guarantor shall be made to the Bank without any set-off, counter-claim, withholding or condition of any kind except that if the
borrower/guarantor is compelled by law to make such withholding, the sum payable by the borrower/guarantor shall be increased so that the amount actually received by the Bank is the amount it would have received if there had been no withholding.

  
 Please arrange for the authorized signatories of your company to initial the
foot of the previous pages and to sign at the foot of the last page of the duplicate of this letter. Please also return to us the duplicate of this letter to signify your confirmation as to the correctness of the security to be held, and your
continued understanding and acceptance of the terms and conditions under which these facilities are granted. 
  
 Article 66 of the Financial System Act of Macau  
 Section 83 of the Hong Kong Banking Ordinance 
  
 Please note that Article 66 of the Financial System Act of Macau and Section 83 of the Hong
Kong Banking Ordinance have imposed on us as a bank certain limitations on advances to persons related to our directors or employees. In acknowledging this Facility Letter you should advise us whether you are in any way related to any of our
directors or employees within the meaning of Article 66 and Section 83 and in the absence of such advice we will assume that you are not so related. We would also ask, should you become so related subsequent to acknowledging this Facility Letter,
that you immediately advise us in writing. 
  
 These facilities will remain open
for acceptance until the close of business on 25 November 2003 and if not accepted by that date will be deemed to have lapsed. 
  
 We are pleased to be of continued assistance. Yours faithfully 
  

	
	Yours Faithfully
	
	 /s/ Synster H T Lee

	 Synster H T Lee

	 Corporate Banking Manager

	 RC/bt

	 Enc

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