Document:

<PAGE>

                                                                   Exhibit 10.31

                          COPYRIGHT SECURITY AGREEMENT
                          ----------------------------

                  THIS COPYRIGHT SECURITY AGREEMENT (the "Agreement") dated as
of December 26, 2001, is made by and between RADNOR DELAWARE, INC., having its
principal place of business at 919 North Market Street, Wilmington, Delaware
19801 (the "Assignor"), and PNC BANK, NATIONAL ASSOCIATION, having an office at
1600 Market Street, P2-P070-31-2, Philadelphia, PA 19103, Attn: Janeann Fehrle,
as Agent (hereinafter, in such capacity, the "Agent"), for itself and other
financial institutions (hereinafter, collectively, the "Lenders"):

                               W I T N E S S E T H
                              --------------------

                  WHEREAS, Assignor, its parent and certain affiliates, as
borrowers, Agent and Lenders are parties to a certain Fourth Amended and
Restated Revolving Credit Agreement of even date herewith (as the same may be
amended or otherwise modified from time to time, the "Credit Agreement"),
providing for extensions of credit to be made to Borrowers (as defined in the
Credit Agreement) by Lenders; and

                  WHEREAS, pursuant to the terms of the Credit Agreement,
Assignor has granted to Agent, for the benefit of itself and Lenders, a security
interest in substantially all of the assets of Assignor including all right
title and interest of Assignor in, to and under all now owned and hereafter
acquired or arising (a) copyrights, rights and interests in copyrights, works
protectable by copyright, copyright registrations and copyright applications,
(b) all renewals of any of the foregoing; (c) all income, royalties, damages and
payments now or hereafter due and/or payable under any of the foregoing,
licenses of the foregoing, or with respect to any of the foregoing, including,
without limitation, damages or payments for past, present or future
infringements of any of the foregoing; (d) the right to sue for past, present
and future infringements of any of the foregoing; and (e) all rights
corresponding to any of the foregoing throughout the world (collectively,
"Copyrights") and all products and proceeds thereof, to secure the payment of
all Obligations under the Credit Agreement;

                  NOW, THEREFORE, in consideration of the premises set forth
herein and for other good and valuable consideration, receipt and sufficiency of
which are hereby acknowledged, Assignor agrees as follows:

                  1.     Incorporation of Credit  Agreement.  The Credit
                         -----------------------------------
Agreement and the terms and provisions  thereof are hereby incorporated  herein
in their entirety by this reference  thereto.  All terms capitalized but not
otherwise defined herein shall have the same meanings herein as in the Credit
Agreement.

                  2.     Grant and Reaffirmation of Grant of Security Interests.
                         ------------------------------------------------------

To secure the complete and timely payment and satisfaction of the Obligations,
Assignor hereby grants to Agent, for the benefit of Agent and Lenders, and
hereby reaffirms its prior grant pursuant to any other agreement with Agent or
its predecessors of, a continuing security interest in Assignor's entire right,
title and interest in and to the following (all of the following items or types
of property being herein collectively referred to as the "Copyright
Collateral"), whether now owned or existing and hereafter acquired or arising:

                                     1
<PAGE>

                   (i)   each Copyright and application for Copyright,
including without limitation the Copyrights listed on Schedule 1 annexed
                                                      ----------
hereto, together with any reissues, continuations or extensions thereof;and

                   (ii)  all products and proceeds of the foregoing,
including, without limitation, any claim by Assignor against third parties for
past, present or future infringement of any Copyright.

                   3.    Warranties and  Representations.  Subject to Schedule
                         -------------------------------
5.9 of the Credit  Agreement,  Assignor warrants and represents to Agent that:

                   (i)   Assignor is the sole and exclusive owner of the entire
and unencumbered right, title and interest in and to each Copyright, free and
clear of any liens, charges and encumbrances, including without limitation
licenses (other than licenses to affiliates of Assignor) and covenants by
Assignor not to sue third persons;

                   (ii)  To the best of its knowledge  after due inquiry
Assignor has no notice of any suits or actions commenced or threatened with
reference to any Copyright; and

                   (iii) Assignor has the unqualified right to execute and
deliver this Agreement and perform its terms.

                   4.    Restrictions on Future Agreements. Assignor agrees
                         ---------------------------------
that until the Obligations shall have been indefeasibly paid and satisfied in
full and the Credit Agreement shall have been terminated, Assignor shall not
sell or assign its interest in, or grant any license (other than licenses to
affiliates of Assignor) under, any Copyright or enter into any other agreement
with respect to any Copyright, without Agent's consent (such consent not to be
unreasonably withheld) and Assignor further agrees that it shall not take any
action or permit any action to be taken by others subject to its control,
including licensees, or fail to take any action which would affect the validity
or enforcement of the rights transferred to Agent under this Agreement without
Agent's consent (such consent not to be unreasonably withheld).

                   5.    New Copyrights. If, before the Obligations shall have
                         --------------
been indefeasibly paid and satisfied in full or before the Credit Agreement has
been terminated, Assignor shall (i) become aware of any existing Copyrights
material to the operation of Assignor's business of which Assignor has not
previously informed Agent, (ii) obtain rights to any new Copyrights material to
the operation of Assignor's business, or (iii) become entitled to the benefit
of any Copyrights material to the operation of Assignor's business, which
benefit is not in existence on the date hereof, the provisions of this
Agreement above shall automatically apply thereto and Assignor shall give to
Agent prompt written notice thereof. Assignor hereby authorizes Agent to modify
this Agreement by amending Schedule 1 to include any such Copyrights and to
                           ----------
take such further actions as may be necessary or appropriate to obtain and
perfect Agent's security interest in any such right, title or interest of
Assignor (including but not limited to recording any such amended Agreement
with the United States Copyright Office).

                                     2
<PAGE>

                  6.     Duties of Assignor. Assignor shall (i) file and
                         ------------------
prosecute diligently any copyright applications pending as of the date hereof
or hereafter, (ii) preserve and except as otherwise authorized by Agent for
good cause shown, maintain all rights in the Copyrights and ensure that the
Copyrights are and remain enforceable, provided, however, that Grantor may, in
its reasonable business judgment, choose not to file and prosecute such
applications or preserve and maintain such rights.

                  7.     Agent's Right to Sue. After the occurrence and
                         --------------------
continuance of an Event of Default, Agent shall have the right, but shall in no
way be obligated, to bring suit in its own name to enforce the Copyrights and,
if Agent shall commence any such suit, Assignor shall, at the request of Agent,
do any and all lawful acts and execute any and all proper documents required by
Agent in aid of such enforcement and Assignor shall promptly, upon demand,
reimburse and indemnify Agent for all costs and expenses incurred by Agent in
the exercise of its rights under this Section

                  8.     Cumulative Remedies; Power of Attorney. Agent hereby
                         --------------------------------------
acknowledges and affirms that the rights and remedies with respect to the
Copyrights, whether established hereby or by the Credit Agreement, or by any
other agreements or by law shall be cumulative and may be exercised singularly
or concurrently. Assignor hereby authorizes and empowers Agent, its successors
and assigns, and any officer or agent of Agent as Agent may select, in its
exclusive discretion, as Assignor's true and lawful attorney-in-fact, with the
power to endorse Assignor's name on all applications, assignments, documents,
papers and instruments necessary for Agent, to use the Copyrights or to grant
or issue any exclusive or non-exclusive license under the Copyrights to anyone
else, or necessary for Agent to assign, pledge, convey or otherwise transfer
title in or dispose of the Copyrights to anyone else including, without
limitation, the power to execute a copyright assignment in the form attached
hereto as Exhibit I. Assignor hereby ratifies all that such attorney shall
          ---------
lawfully do or cause to be done by virtue hereof. This power of attorney shall
be irrevocable until all the Obligations shall have been indefeasibly paid and
satisfied in full and the Credit Agreement has been terminated. Assignor hereby
further acknowledges and agrees that the use by Agent of all Copyrights shall
be worldwide, except as limited by their terms, and without any liability for
royalties or other related charges from Agent to Assignor.

                        SIGNATURES ON FOLLOWING PAGE

                                     3
<PAGE>

                  IN WITNESS  WHEREOF, Assignor has duly executed this
Agreement as of the date first written above.

                                     RADNOR DELAWARE, INC.

                                     By: /s/ R. Radcliffe Hastings, Sr.
                                        ---------------------------------------
                                        R. Radcliffe Hastings, Sr. VP, Treasurer

                                     PNC BANK, NATIONAL ASSOCIATION
                                       AS AGENT

                                     By: /s/ John J. Shields, Jr.
                                        ---------------------------------------
                                        John J. Shields, Jr., Vice President

                                     4
<PAGE>

                            CORPORATE ACKNOWLEDGMENT
                            ------------------------

UNITED STATES OF AMERICA            :
COMMONWEALTH OF PENNSYLVANIA        :       SS
COUNTY OF PHILADELPHIA              :

         On this 26th of December, 2001, before me personally appeared
R. Radcliffe Hastings, to me known and being duly sworn, deposes and says that
s/he is authorized to sign on behalf of Radnor Delaware, Inc.; that s/he signed
the Agreement thereto pursuant to the authority vested in him by law; that the
within Agreement is the voluntary act of such company; and s/he desires the
same to be recorded as such.

                                   /s/ Carolyn Elliott
                                   -------------------------------
                                   Notary Public

                                   My Commission Expires:

                                    10
<PAGE>

                                  EXHIBIT I
                                  ---------

                             COPYRIGHT ASSIGNMENT
                             --------------------

         WHEREAS, Radnor Delaware, Inc., a Delaware corporation ("Assignor") is
the registered owner of the United States copyrights and copyright applications
listed on Schedule A attached hereto and made a part hereof ("Assets"), which
          ----------
are registered in the United States Copyright Office; and

         WHEREAS,_________________________________________("Agent"), having a
place of business at_______________________________, is desirous of acquiring
said Assets;

         NOW THEREFORE, for good and valuable consideration, receipt of which
is hereby acknowledged, and intending to be legally bound hereby, Assignor, its
successors and assigns, does hereby transfer, assign and set over unto Agent,
its successors, transferees and assigns, subject to the terms of the Copyright
Security Agreement, of even date herewith, between Assignor and Agent, all of
its present and future right, title and interest in and to the Assets and all
proceeds thereof and all goodwill associated therewith.

         IN WITNESS WHEREOF, the undersigned has caused this Copyright
Assignment to be executed as of the ___ day of _________________.

                                            -----------------------------------
                                            By:________________________________
                                            Attorney-in-fact
Witness:

                                     6
<PAGE>

                                  EXHIBIT I
                                  ---------

                          CORPORATE ACKNOWLEDGMENT
                          ------------------------

UNITED STATES OF AMERICA                    :
STATE OF ___________________________        :        SS
COUNTY OF _________________________         :

         On this______ day of____________ 200__, before me, a Notary Public
for the said County and State, personally appeared__________________
known to me or satisfactorily proven to me to be attorney-in-fact on
behalf of ______________________, and s/he acknowledged to me that
s/he executed the foregoing Copyright Assignment on behalf of
Assignor,and as the act and deed of Assignor for the purposes therein
contained.

         IN WITNESS WHEREOF, I hereunto set my hand and official seal.

                                  ---------------------------------
                                  Notary Public

My Commission Expires:

                                     7
<PAGE>

                                POWER OF ATTORNEY
                                -----------------

         RADNOR DELAWARE, INC. ("Assignor"), hereby authorizes PNC BANK,
NATIONAL ASSOCIATION, its successors and assigns, as agent for various
financial institutions, and any officer or agent thereof (collectively, the
"Agent") as Assignor's true and lawful attorney-in-fact, with the power to
endorse Assignor's name on all applications, assignments, documents, papers and
instruments necessary for Agent to enforce and effectuate its rights under a
certain Copyright Security Agreement between Assignor and Agent dated the date
hereof (as it may hereafter be supplemented, restated, superseded, amended or
replaced, the "Agreement"), including, without limitation, the power to use the
Assets (as defined in the Agreement) and listed on Schedule A attached hereto
                                                   ----------
and made a part hereof, to grant or issue any exclusive or nonexclusive license
under the Assets to anyone else, or to assign, pledge, convey or otherwise
transfer title in or dispose of the Assets, in each case subject to the terms
of the Agreement.

         This Power of Attorney is given and any action taken pursuant hereto
is intended to be so given or taken pursuant to and subject to the provisions
of a certain Fourth Amended and Restated Revolving Credit Agreement dated as of
even date herewith among Assignor, Agent and various other financial
institutions as lenders, as each document may be hereinafter supplemented,
restated, superseded, amended or replaced.

         Assignor hereby unconditionally ratifies all that such attorney shall
lawfully do or cause to be done by virtue hereof and in accordance with the
terms of the Agreement.

         This Power of Attorney shall be irrevocable for the life of the
Agreement.

         IN WITNESS WHEREOF, Assignor has executed this Power of Attorney,
under seal, this 26th day of December, 2001.

                                RADNOR DELAWARE, INC.

                                By:    /s/ R. Radcliffe Hastings, Sr.
                                       ------------------------------------
                                       R. Radcliffe Hastings, Sr. VP, Treasurer

                                     8
<PAGE>

                            CORPORATE ACKNOWLEDGMENT
                            ------------------------

UNITED STATES OF AMERICA            :
COMMONWEALTH OF PENNSYLVANIA        :       SS
COUNTY OF PHILADELPHIA              :

         On this 26th of December, 2001, before me personally appeared
R. Radcliffe Hastings to me known and being duly sworn, deposes and says that
s/he is the SR. VP and Treasurer of Radnor Delaware, Inc., the Assignor,
described in the foregoing Power of Attorney; that s/he signed the Power of
Attorney thereto as such officer pursuant to the authority vested in her/him
by law; that the within Power of Attorney is the voluntary act of such
corporation; and s/he desires the same to be recorded as such.

                                  /s/ Carolyn Elliott
                                  -----------------------------------
                                  Notary Public

My Commission Expires:

                                     9
<PAGE>

                                 Schedule A
                             Radnor Delaware, Inc.

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
Type               Countries   Description/Title                 Registration Date  Registration Number
-----------------------------------------------------------------------------------------------------------
<S>                <C>         <C>                               <C>                <C>
-----------------------------------------------------------------------------------------------------------
COPYRIGHT          US          CAPPUCCINO                        03/05/99           VA978-777
-----------------------------------------------------------------------------------------------------------
COPYRIGHT          US          CONFETTI                          06/01/99           VA987-152
-----------------------------------------------------------------------------------------------------------
COPYRIGHT          US          CAFE ULTIMA                       06/23/00           VA101-604
-----------------------------------------------------------------------------------------------------------
COPYRIGHT          US          FIESTA                            12/31/93           VA992-293
-----------------------------------------------------------------------------------------------------------
COPYRIGHT          US          HOLLY                             06/01/99           VA987-159
-----------------------------------------------------------------------------------------------------------
COPYRIGHT          US          WREATHS                           06/01/99           VA987-158
-----------------------------------------------------------------------------------------------------------
COPYRIGHT          US          SNOWFLAKE                         02/14/01           VAu510-956
-----------------------------------------------------------------------------------------------------------
</TABLE>

                                     5<PAGE>

                                                                   Exhibit 10.32

                              ASSIGNMENT AGREEMENT
                              --------------------

     This Assignment Agreement (this "Assignment") is entered into as of
December 26, 2001 by and among Bank of America, N.A. ("B OF A"), in its capacity
as Agent and in its capacity as Lender under the Credit Agreement described
below, First Union National Bank, as Lender ("First Union"; together with B of
A, the "Assignors") and PNC Bank, National Association, as Assignee
("Assignee").

                                    RECITALS
                                    --------

     WHEREAS, B of A is the Agent under that certain Third Amended and Restated
Revolving Credit and Security Agreement dated as of December 29, 1999 (as same
has been heretofore amended, supplemented or otherwise modified in accordance
with the terms thereof, the "Credit Agreement") among: (i) Wincup Holdings,
Inc., Radnor Chemical Corporation, StyroChem U.S. Ltd., Radnor Holdings
Corporation, Radnor Delaware, Inc., StyroChem Delaware, Inc. and Wincup Texas,
Ltd. as Borrowers (each, a "Borrower" and jointly and severally, the
"Borrowers"); (ii) StyroChem Finland Oy and StyroChem Europe (The
Netherlands), B.V. (jointly and severally, the "StyroChem Group"); and (iii)
Thermisol Denmark A/S, Thermisol Sweden AB and Thermisol Finland Oy (jointly
and severally, the "Thermisol Group"); (iv) the Agent, and (v) the Lenders;

     WHEREAS, in connection with execution of the Credit Agreement, the
Borrowers and other parties thereto executed and/or delivered certain documents,
instruments, and agreements to the Assignors as more particularly set for on
Exhibit A hereof (collectively, the "Financing Documents");
---------

     WHEREAS, on November 16, 2001, Radnor Holdings Corporation and StyroChem
Europe (the Netherlands) B.V. entered into that certain Agreement dated and
effective as of November 16, 2001 ("Purchase Agreement") with CRH Europe B.V.
and CRH Nederland B.V. ("Purchaser") pursuant to which Purchaser, effective
December 12, 2001, acquired all of the stock of the Thermisol Group, and as
such, each member of the Thermisol Group has been released as Borrowers under
the Credit Agreement and any and all rights of the Thermisol Group to the
benefits and privileges under the Credit Agreement have been terminated.

     WHEREAS, on the date hereof, all of the European Advances under the Credit
Agreement have been repaid and, as such, Borrowers and the StyroChem Group have
requested and Agent has agreed to release the StyroChem Group as borrowers
under the Credit Agreement and any and all rights of the StyroChem Group to the
benefits and privileges under the Credit Agreement have been terminated.

     WHEREAS, at the Borrowers' request, (i) the Assignors have agreed to
assign, and the Assignee has agreed to accept Assignors' rights and obligations
under Credit Agreement, including without limitation their rights in and to the
Financing Documents, (ii) the Assignors have agreed to assign, and the Assignee
has agreed to accept, their respective Commitment Percentage") and the loans
made with respect thereto (the "Loans"), and (iii) the parties hereto have
agreed that the Assignee shall become the successor Agent under the Credit
Agreement and the Other Documents referred to therein; and
<PAGE>

     WHEREAS, this Assignment is being executed and delivered in accordance
with Section 15.3 of the Credit Agreement;

     NOW, THEREFORE, the parties hereto hereby agree as follows:

     1.   All capitalized terms used herein which are not defined shall have
the meanings given to them in the Credit Agreement.

     2.   This Assignment shall become effective on the Transfer Effective Date
(as defined below) and from and after the Transfer Effective Date, (a) the
Assignee shall be the Agent under the Credit Agreement and for all purposes
related thereto, (b) the Assignee shall obtain all right, title and interest of
Assignors in and to the Financing Documents and the Other Documents, and (c)
upon Assignors simultaneously transferring their Commitments, as Lenders, to
Assignee, the Assignors shall no longer be parties to the Credit Agreement or
the Other Documents; provided, however, Assignors shall continue to retain their
                     --------  -------
rights under the Credit Agreement and the Other Documents as to any rights
accruing to Assignors prior to the Transfer Effective Date, including any
indemnity rights which survive the termination of the Credit Agreement pursuant
to the terms thereof.

     3.   The Assignors shall pay to the Assignee the portion, if any, of any
fees or monies received by Assignor that relate to amounts payable to Assignee
and due after the Transfer Effective Date and the Assignee shall pay to the
Assignor, in its capacity as Agent, the portion, if any, of any fees or monies
received by Assignee that relate to amounts payable to Assignor and which were
due prior to the Transfer Effective Date. The parties hereto acknowledge and
agree that each Lender under the Credit Agreement hereby waives its respective
rights to any prepayment and/or termination fee under the Credit Agreement.

     4.   All principal payments that would otherwise be payable from and after
the Transfer Effective Date to or for the account of Assignors pursuant to the
Credit Agreement and/or the Notes shall, instead, be payable to or for the
account of the Assignee.

     5.   Concurrently with the execution and delivery hereof, the Assignors
will provide to the Assignee conformed copies of the Credit Agreement and all
related documents delivered to the Assignors to the extent such documents have
not previously been delivered to the Assignee.

     6.   Each of the Assignors represents and warrants that it is a holder of
the Financing Documents being assigned by it hereunder and that its interest as
described in the Financing Documents to their knowledge re free and clear of any
adverse claim.

     7.   Further, each of the Assignors represents and warrants to the
Assignee as follows:

          (a)  It has not previously assigned or pledged any of its rights
under any of the Financing Documents to any other person.

                                       2
<PAGE>

          (b)  To its knowledge, there currently exists no Default or Event of
Default under any of the Financing Documents.

          (c)  It is not prohibited under any agreement with any other person
or under any judgment or decree from the execution and delivery of this
Assignment.

          (d)  To its knowledge, there is no action that has been brought or
threatened which would in any way prohibit or impair the execution and delivery
of this Assignment.

          (e)  No consent or other approval is required in connection with its
execution and delivery of this Assignment other than the consent of the
Borrowers hereunder.

     8.   Each of the parties to this Assignment agrees that at any time and
from time to time upon the written request of any other party, it will execute
and deliver such further documents and do such further acts and things as such
other party may reasonably request in order to effect the purposes of this
Assignment at the Borrowers' cost.

     9.   This Assignment is made WITHOUT RECOURSE to Assignors on an "AS IS",
"WHERE IS" basis, with all faults. By executing and delivering this Assignment,
the Assignors and the Assignee confirm to, and agree with each other, as
follows: (a) other than the representation and warranty that each is the legal
and beneficial owner of the interest being assigned hereby free and clear of any
adverse claim and those set forth in Section 7 hereof, neither Assignor makes
any representation or warranty, oral or written, past, present or future, or
assumes and responsibility with respect to any statements, warranties or
representations made in or in connection with the Credit Agreement, the
Financing Documents or any Other Documents or the execution, legality, validity,
enforceability, genuineness, sufficiency or value of the Credit Agreement, the
Financing Documents or any Other Documents or any other instrument or document
furnished pursuant thereto; (b) neither Assignor makes any representation or
warranty, oral or written, past, present or future, or assumes any
responsibility with respect to the financial condition of Borrowers or the
performance or observance by Borrowers of any of their Obligations under the
Credit Agreement, the Financing Documents or any Other Documents or any other
instrument or document furnished pursuant thereto; (c) the Assignee is hereby
authorized to file any and all documents necessary to carry out the intent of
this Assignment including, without limitation, documents required under the
Uniform Commercial Code as in effect from time to time in the Commonwealth of
Pennsylvania; (d) the Assignee confirms that it has received a copy of the
Credit Agreement, together with copies of such financial statements and such
other documents and information as it has deemed appropriate to make its own
credit analysis and decision to enter into this Assignment; (e) the Assignee
will, independently and without reliance upon Assignors and based on such
documents and information as it shall deem appropriate at the time, continue to
make its own credit decisions in taking or not taking action under the Credit
Agreement, the Financing Documents or any of the Other Documents; (f) the
Assignee agrees that it will perform all of its respective obligations as set
forth in the Credit Agreement to be performed by it as a Lender and as Agent;
and (g) the Assignee represents and warrants to Assignors and the Borrowers that
it is either (i) entitled to the benefits of an income tax treaty with the
United States of America that provides for an exemption from the United States
withholding tax on interest and other payments made by Borrowers under the
Credit

                                       3
<PAGE>

Agreement and the Other Documents or (ii) is engaged in trade or business
within the United States of America.

     10.  Assignee hereby represents and warrants to Assignors that (a) it has
completed its own independent investigation of the Loans, the Credit Agreement,
the Financing Documents, the Other Documents, the Borrowers and Borrowers'
assets, (b) it is relying solely on the investigations conducted by it and not
on any information (whether written or oral) provided by any Assignor, (iii) it
has analyzed and reviewed the Credit Agreement, the Financing Documents, the
Other Documents, this Assignment and related documents and has had the
opportunity to consult with Assignee's legal, tax and financial advisors with
respect to such documents and its investment, and (iv) it acknowledges that
Assignors may have material, non-public information about Borrowers as a result
of their confidential relationship as secured lenders to Borrowers, and that
Assignors have no obligation whatsoever to disclose any such information to
Assignee.

     11.  This Assignment shall be effective as of the date hereof (the
"Transfer Effective Date") but only upon (a) the payment to Assignors of the
amounts set forth on Schedule 1, such payment to be made in immediately
                     ----------
available U.S. Dollars in accordance with the wire transfer instructions set
forth on Schedule 1 attached hereto, (b) the execution and delivery by Assignee
         ----------
of this Assignment, (c) the payment by Borrowers of an amount equal to 105% of
the aggregate face amount of all Letters of Credit outstanding in a cash
collateral account maintained with Bank of America, and (d) the execution and
delivery by Borrowers of the Acknowledgment, Indemnity and Release attached
thereto.

     12.  By their signature below, the Borrowers hereby acknowledge and agree
that (a) Borrowers shall pay or reimburse the Agent on demand for the unpaid
fees and disbursements of Kopia Vinge, Reims & Co. and any other foreign
counsel retained by the Agent with respect to periods prior to the Transfer
Effective Date. and (b) B of A and First Union shall have no further
obligations under the Credit Agreement, the Financing Documents or the Other
Agreements.

     13.  This Assignment may be executed in a number of multiple identical
counterparts which, when taken together, shall constitute collectively one
Assignment, but in making proof of this Assignment it shall not be necessary to
produce or account for more than one such counterpart executed by the party to
be charged.

                                       4
<PAGE>

     14.  This Assignment shall be governed by, and construed in accordance
with, the laws of the State of New York.

                                   Bank of America, N.A.,
                                   As Assignor

                                   By: /s/ Peter R. Brach
                                       -----------------------------------

                                   Name: Peter R. Brach
                                         ---------------------------------

                                   Title: Principal
                                          --------------------------------

                                   First Union National Bank,
                                   As Lender

                                   By: /s/ Alkesh V. Nanavaty
                                       -----------------------------------

                                   Name: Alkesh V. Nanavaty
                                         ---------------------------------

                                   Title: Vice President
                                          --------------------------------

[Signatures continued on next page]

                                       5
<PAGE>

                                   PNC Bank, National Association,
                                   As Assignee

                                   By: /s/ John J. Shields, Jr.
                                       -----------------------------------

                                   Name: John J. Shields, Jr.
                                         ---------------------------------

                                   Title: Vice President
                                          --------------------------------

Consented to:
Wincup Holdings, Inc.

By: /s/ R. Radcliffe Hastings
    --------------------------------

Name: R. Radcliffe Hastings
      ------------------------------

Title: Sr. Vice President, Treasurer
       -----------------------------

Radnor Chemical Corporation

By: /s/ R. Radcliffe Hastings
    --------------------------------

Name: R. Radcliffe Hastings
      ------------------------------

Title: Sr. Vice President, Treasurer
       -----------------------------

Styrochem U.S., Ltd.
   By: StyroChem GP, L.L.C., its General Partner

By: /s/ R. Radcliffe Hastings
    --------------------------------

Name: R. Radcliffe Hastings
      ------------------------------

Title: Sr. Vice President, Treasurer
       -----------------------------

                                       6
<PAGE>

Radnor Delaware, Inc.

By: /s/ R. Radcliffe Hastings
    --------------------------------

Name: R. Radcliffe Hastings
      ------------------------------

Title: Sr. Vice President, Treasurer
       -----------------------------

Styrochem Delaware, Inc.

By: /s/ R. Radcliffe Hastings
    --------------------------------

Name: R. Radcliffe Hastings
      ------------------------------

Title: Sr. Vice President, Treasurer
       -----------------------------

Wincup Texas, Ltd.
   By: WinCup, GP, L.L.C., its General Partner

By: /s/ R. Radcliffe Hastings
    --------------------------------

Name: R. Radcliffe Hastings
      ------------------------------

Title: Sr. Vice President, Treasurer
       -----------------------------

                                       7
<PAGE>

                                   EXHIBIT "A"
                                   -----------

                              Financing Documents
                              -------------------

A. NOTES
   -----

1.   That certain Amended and Restated Revolving Credit Note issued by the
Borrowers and StyroChem Europe (The Netherlands), B.V., Thermisol Denmark
A/S, Thermisol Sweden AB and Thermisol Finland Oy to Bank of America, N.A. in
the original principal amount of Sixteen Million Dollars ($16,000,000).

2.   That certain Amended and Restated Revolving Credit Note issued by the
Borrowers and StyroChem Europe (The Netherlands), B.V., Thermisol Denmark A/S,
Thermisol Sweden AB and Thermisol Finland Oy to First Union National Bank in
the original principal amount of Sixteen Million Dollars ($16,000,000).

B.   INTELLECTUAL PROPERTY AGREEMENTS
     --------------------------------

1.   Trademark Collateral Security Agreement dated December 5, 1996 between
StyroChem U.S., Ltd. as successor in interest to StyroChem International, Inc.
and Bank of America, N.A., as successor by assignment to The Bank of New York
Commercial Corporation and the assignment thereof dated December 29, 1999.

2.   Trademark Collateral Security Agreement dated December 5, 1996 between
WinCup Holdings, Inc. and Bank of America, N.A., as successor by assignment to
The Bank of New York Commercial Corporation and the assignment thereof dated
December 29, 1999.

3.   Notice of Grant of Security Interest in Copyrights dated as of December 29,
1999 by and between between WinCup Holding, Inc. and Bank of America, N.A.

4.   Notice of Grant of Security Interest in Trademarks dated as of December 29,
1999 by and between Radnor Delaware, Inc. and Bank of America, N.A.

5.   Notice of Grant of Security Interest in Trademarks dated as of December 29,
1999 by and between StyroChem U.S., Ltd. (f/k/a StyroChem U.S., Inc. and Bank of
America, N.A.

C.   LANDLORD WAIVERS
     ----------------

1.   Landlord Waiver dated April 10, 1998 between Radnor Center Associates and
     WinCup Holdings, Inc. for property located at 100 Matsonford Road, Radnor,
     Pennsylvania.

2.   Landlord Waiver dated December 12, 1997 between Stone Mountain Industrial
     Park, Inc. and WinCup Holdings, Inc. for property located at 1625 Litton
     Drive, Stone Mountain, Georgia.

3.   Landlord Waiver dated June 22, 1998 between Hunt Brothers Leasing, LLC and
     WinCup Holdings, Inc. for property located at 195 Tamal Vista Road, Corte
     Madera, California.

                                       8
<PAGE>

4.   Landlord Waiver dated June 22, 1998 between Hunt Brothers Leasing LLC and
     WinCup Holdings, Inc. for property located at 201 Tamal Vista Road, Corte
     Madera, California.

5.   Landlord Waiver dated June 22, 1998 between Hunt Brothers Leasing, LLC and
     WinCup Holdings, Inc. for property located at 205 Tamal Vista Road, Corte
     Madera, California.

6.   Landlord Waiver dated December 13, 1997 between ________Dunnell and WinCup
     Holdings, Inc. for property located at 5355 Shawland Road, Jacksonville,
     Florida.

7.   Landlord Waiver dated December 18, 1995 between Etzioni Partners and WinCup
     Holdings, Inc. for property located at 64 Brunswick Avenue, Edison, New
     Jersey.

8.   Landlord Waiver dated December 5, 1996 between Bradford Management Company
     of Dallas, Inc. and StyroChem U.S., Ltd. for property located at 4929 &
     4933 Pylon Street, Fort Worth, Texas.

9.   Landlord Waiver dated December 5, 1996 between Bradford Management Company
     of Dallas, Inc. and WinCup Texas, Ltd. for property located at 4929 & 4933
     Pylon Street, Fort Worth, Texas.

10.  Landlord Waiver dated ________ between CK Airpark Associates and WinCup
     Holdings, Inc. for property located at 2215 East University Dr., Phoenix,
     Arizona.

11.  Landlord Waiver dated _____________ between CK Airpark Associates and
     WinCup Holdings, Inc. for property located at 2093 East Magnolia St.,
     Phoenix, Arizona.

12.  Landlord Waiver dated January 19, 1996 between Centerpoint Properties
     Corporation and Bank of New York and James River Paper Company, Inc. for
     property located at 1250 Carolina Avenue, West Chicago, Illinois.

E.   UCC FINANCING STATEMENTS
     ------------------------

(see Schedule I attached hereto)
--------------------------------

F.   OTHER DOCUMENTS
     ---------------

1.   Collateral Assignment of Rights under the Stock Purchase Agreement and
     Environmental Escrow Agreement dated December 5, 1996 between Radnor
     Holdings Corporation and Bank of America, N.A. (as assignee of The Bank of
     New York Commercial Corporation.)

2.   Amended and Restated Guaranty Agreement dated December 29, 1999 executed by
     Radnor Management Delaware, Inc., WinCup Europe Delaware, Inc., StyroChem
     GP, L.L.C., StyroChem LP, L.L.C., WinCup GP, L.L.C. and WinCup LP, L.L.C.

3.   Reaffirmation and Ratification Agreement dated December 29, 1999 between
     WinCup Holdings, Inc., Radnor Chemical Corporation, StyroChem U.S., Ltd.,
     Radnor Holdings Corporation, Radnor Delaware, Inc., StyroChem Delaware,
     Inc., WinCup Texas, Ltd., StyroChem Europe, (the Netherlands) B.V.,
     Thermisol Denmark A/S, Thermisol Sweden A/B and Thermisol Finalnd OY and
     Bank of America, N.A.

                                       9
<PAGE>

3.   Reaffirmation and Ratification Agreement dated December 29, 1999 between
     WinCup Holdings, Inc., Radnor Chemical Corporation (f/k/a SP Acquisition
     Co.), Styrochem U.S., Ltd. (f/k/a/ Styrochem International, Inc.), Radnor
     Holdings Corporation) and Bank of America, N.A.

                                      10
<PAGE>

                                   Schedule I
                                   ----------

UCC Financing Statements to be assigned
---------------------------------------

<TABLE>
<S>                       <C>                      <C>                       <C>                        <C>
-------------------------------------------------------------------------------------------------------------------
Radnor Chemical           Bank of America, N.A.    State of Delaware         #20000000565               1/3/00
Corporation
-------------------------------------------------------------------------------------------------------------------
Radnor Delaware, Inc.     Bank of America, N.A.    State of Delaware         #19980015741               4/13/98
-------------------------------------------------------------------------------------------------------------------
Radnor Holdings           Bank of America, N.A.    State of Delaware         #20010827845               8/13/01
Corporation                                                                  #20011431308               10/18/01
-------------------------------------------------------------------------------------------------------------------
Radnor Holdings           Bank of America, N.A.    Commonwealth of           #26140944                  12/09/96
Corporation                                        Pennsylvania
-------------------------------------------------------------------------------------------------------------------
Radnor Holdings           Bank of America, N.A.    Prothonotary of Delaware  #96-203162                 12/10/96
Corporation                                        County, PA
-------------------------------------------------------------------------------------------------------------------
Styrochem Delaware, Inc.  Bank of America, N.A.    State of Delaware         #19990051592               10/5/99
-------------------------------------------------------------------------------------------------------------------
Styrochem U.S., Ltd.      Bank of America, N.A.    State of Arizona          #1098813                   1/3/00
-------------------------------------------------------------------------------------------------------------------
StyroChem U.S., Ltd.      Bank of America, N.A.    Commonwealth of           #31131274                  01/04/00
                                                   Pennsylvania
-------------------------------------------------------------------------------------------------------------------
Styrochem U.S., Ltd.      Bank of America, N.A.    Prothonotary of Delaware  #99-200006                 1/4/00
                                                   County, PA
-------------------------------------------------------------------------------------------------------------------
Styrochem U.S., Ltd.      Bank of America, N.A.    State of Texas            #400028                    1/3/00
-------------------------------------------------------------------------------------------------------------------
WinCup Holdings, Inc.     Bank of America, N.A.    State of Arizona          #858956                    12/21/95
-------------------------------------------------------------------------------------------------------------------
WinCup Holdings, Inc.     Bank of America, N.A.    State of California       #199725161066              9/5/97
-------------------------------------------------------------------------------------------------------------------
WinCup Holdings, Inc.     Bank of America, N.A.    State of Delaware         #20011431712               10/18/01
-------------------------------------------------------------------------------------------------------------------
WinCup Holdings, Inc.     Bank of America, N.A.    State of Florida          #970000200562              9/5/97
-------------------------------------------------------------------------------------------------------------------
WinCup Holdings, Inc.     Bank of America, N.A.    State of Georgia          #044-1997-009936           10/6/97
-------------------------------------------------------------------------------------------------------------------
WinCup Holdings, Inc.     Bank of America, N.A.    State of Georgia          #044-1998-006851           7/07/98
-------------------------------------------------------------------------------------------------------------------
WinCup Holdings, Inc.     Bank of America, N.A.    DeKalb County, Georgia    #441997009936              10/06/97
-------------------------------------------------------------------------------------------------------------------
WinCup Holdings, Inc.     Bank of America, N.A.    DeKalb County, Georgia    #0441998006851             07/07/98
-------------------------------------------------------------------------------------------------------------------
WinCup Holdings, Inc.     Bank of America, N.A.    State of Illinois         #003736294                 9/5/97
-------------------------------------------------------------------------------------------------------------------
WinCup Holdings, Inc.     Bank of America, N.A.    State of Mississippi      #1138725                   9/5/97
-------------------------------------------------------------------------------------------------------------------
WinCup Holdings, Inc.     Bank of America, N.A.    Lauderdale County, MS     #7784-97                   9/5/97
-------------------------------------------------------------------------------------------------------------------
WinCup Holdings, Inc.     Bank of America, N.A.    State of Missouri         #2827176                   9/5/97
-------------------------------------------------------------------------------------------------------------------
WinCup Holdings, Inc.     Bank of America, N.A.    Johnson County, MO        #061502                    1/4/00
-------------------------------------------------------------------------------------------------------------------
</TABLE>

                                      11
<PAGE>

<TABLE>
<CAPTION>

<S>                       <C>                      <C>                       <C>                        <C>
-------------------------------------------------------------------------------------------------------------------
WinCup Holdings, Inc.     Bank of America, N.A.    Lafayette County, MO      #02886                     9/5/97
-------------------------------------------------------------------------------------------------------------------
WinCup Holdings, Inc.     Bank of America, N.A.    State of New Jersey       #1791540                   9/17/97
-------------------------------------------------------------------------------------------------------------------
WinCup Holdings, Inc.     Bank of America, N.A.    Madison County, OH        #97-1705                   9/5/97
-------------------------------------------------------------------------------------------------------------------
WinCup Holdings, Inc.     Bank of America, N.A.    Commonwealth of           #25000497                  12/21/95
                                                   Pennsylvania
-------------------------------------------------------------------------------------------------------------------
WinCup Texas, Ltd.        Bank of America, N.A.    State of Arizona          #1098812                   1/3/00
-------------------------------------------------------------------------------------------------------------------
WinCup Texas, Ltd.        Bank of America, N.A.    Commonwealth of           #31131272                  1/4/00
                                                   Pennsylvania
-------------------------------------------------------------------------------------------------------------------
WinCup Texas, Ltd.        Bank of America, N.A.    Prothonothary, Delaware   #00-200005                 1/4/00
                                                   County, PA
-------------------------------------------------------------------------------------------------------------------
WinCup Texas, Ltd.        Bank of America, N.A.    State of Texas            #400029                    1/3/00
-------------------------------------------------------------------------------------------------------------------
</TABLE>

                                      12
<PAGE>

                                   SCHEDULE 1
                                   ----------

TRANSFER EFFECTIVE DATE PAYMENTS

Principal                                                     $20,000,000.00
Interest                                                      $    26,098.61
L/C Fees                                                      $     7,620.87
Facility Fees                                                 $     3,309.72
Breakfunding Fees                                             $     2,305.04
Field Exam                                                    $    12,923.60
Mayer, Brown & Platt                                          $    68,133.18
Troutman Sanders                                              $     6,000.00
                                                              ---------------

Total                                                         $20,126,391.02

WIRING INSTRUCTIONS

Bank:                      Bank of America, N.A.
City and State:            Charlotte, North Carolina
ABA #:                     053000196
Account #:                 1366212250600
I/N/O:                     Credit Services
Reference:                 Radnor Holdings
Telephone Notify:          Laura Schultz (704-388-6483)

                                      13
<PAGE>

                     ACKNOWLEDGEMENT, INDEMNITY AND RELEASE
                     --------------------------------------

     In connection with that certain Assignment Agreement dated as of December
26, 2001 by and among Bank of America, N.A. ("B of A") in its capacity as Agent
and Lender under the Credit Agreement, First Union National Bank, as Lender
(together with B of A, the "Assignors") and PNC Bank, National Association, as
Assignee ("Assignee") (the "Assignment"), the undersigned hereby acknowledge
receipt of a copy of the Assignment. Each term used herein and not defined
herein shall have the meaning given to such term in the Assignment.

     1.   The undersigned hereby acknowledge the sale and transfer of all of
the Assignors obligations under the Credit Agreement, the Financing Agreements
and any Other Documents pursuant to the foregoing Assignment.

     2.   The undersigned hereby release and forever discharge each Assignor,
and each Assignor's representatives, affiliates, shareholders, directors,
officers, employees, attorneys, agents, successors and assigns (each a "Released
Party"), from any and all claims, demands, counterclaims, liens, causes of
action, suits, damages, losses and claims for costs, attorneys' fees or
expenses, of whatever kind or nature which any of them has, may have, or might
assert at the time of execution of this Assignment, whether now existing or
hereafter arising, known or unknown, direct or indirect, or arising by
subrogation, either at law or in equity, against any Assignor or any other
Released Party which occurred, existed, was taken, permitted or begun prior to
the execution of this assignment, arising out of, based upon, or in any manner
connected with (i) any transaction, event, circumstance, action , failure to act
or occurrence of any sort or type, whether known or unknown, with respect to the
Credit Agreement, any of the Financing Agreements or any of the Other Documents
and/or the administration thereof or the obligations created thereby, (ii) any
discussions, commitments, negotiations, conversations or communications with
respect to the refinancing, restructuring or collection of any obligations
related to the Credit Agreement, any of the Financing Agreements or any of the
Other Documents and/or the administration thereof or the obligations created
thereby, or (iii) any matter related to the foregoing. The undersigned hereby
further agree and covenant not to sue

                                      14
<PAGE>

     any Assignor or any other Released Party for any matter released or
discharged hereby, and not to bring any such cause of action against any
Assignor or any other Released Party at any time in the future.

                                        WINCUP HOLDINGS, INC.

                                        By: /s/ R. Radcliffe Hastings
                                            ----------------------------------
                                        Name: R. Radcliffe Hastings
                                              --------------------------------
                                        Title: Sr. Vice President, Treasurer
                                               -------------------------------

                                        RADNOR CHEMICAL CORPORATION

                                        By: /s/ R. Radcliffe Hastings
                                            ----------------------------------
                                        Name: R. Radcliffe Hastings
                                              --------------------------------
                                        Title: Sr. Vice President, Treasurer
                                               -------------------------------

                                        STYROCHEM U.S., LTD.

                                        By: /s/ R. Radcliffe Hastings
                                            ----------------------------------
                                        Name: R. Radcliffe Hastings
                                              --------------------------------
                                        Title: Sr. Vice President, Treasurer
                                               -------------------------------

                                        RADNOR HOLDINGS CORPORATION

                                        By: /s/ R. Radcliffe Hastings
                                            ----------------------------------
                                        Name: R. Radcliffe Hastings
                                              --------------------------------
                                        Title: Sr. Vice President, Treasurer
                                               -------------------------------

                                        RADNOR DELAWARE, INC.

                                        By: /s/ R. Radcliffe Hastings
                                            ----------------------------------
                                        Name: R. Radcliffe Hastings
                                              --------------------------------
                                        Title: Sr. Vice President, Treasurer
                                               -------------------------------

                                        STYROCHEM DELAWARE, INC.

                                      15
<PAGE>

                                        By: /s/ R. Radcliffe Hastings
                                            ----------------------------------
                                        Name: R. Radcliffe Hastings
                                              --------------------------------
                                        Title: Sr. Vice President, Treasurer
                                               -------------------------------

                                        WINCUP TEXAS, LTD.

                                        By: /s/ R. Radcliffe Hastings
                                            ----------------------------------
                                        Name: R. Radcliffe Hastings
                                              --------------------------------
                                        Title: Sr. Vice President, Treasurer
                                               -------------------------------

                                      16
<PAGE>

                                        STYROCHEM EUROPE (THE NETHERLANDS) B.V.

                                        By:    /s/ R. Radcliffe Hastings
                                           ----------------------------------
                                        Name:  R. Radcliffe Hastings
                                             --------------------------------
                                        Title: Sr. VP
                                              -------------------------------

                                        STYROCHEM FINLAND OY

                                        By:    /s/ R. Radcliffe Hastings
                                           ----------------------------------
                                        Name:  R. Radcliffe Hastings
                                             --------------------------------
                                        Title: Director
                                              -------------------------------

                                        THERMISOL DENMARK A/S

                                        By:    /s/ R. Radcliffe Hastings
                                           ----------------------------------
                                        Name:  R. Radcliffe Hastings
                                             --------------------------------
                                        Title: Director
                                              -------------------------------

                                        THERMISOL SWEDEN AB

                                        By:    /s/ R. Radcliffe Hastings
                                           ----------------------------------
                                        Name:  R. Radcliffe Hastings
                                             --------------------------------
                                        Title: Director
                                              -------------------------------

                                        THERMISOL FINLAND OY

                                        By:    /s/ R. Radcliffe Hastings
                                           ----------------------------------
                                        Name:  R. Radcliffe Hastings
                                             --------------------------------
                                        Title: Director
                                              -------------------------------

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