Document:

Patent Security Agreement

 EXHIBIT 10.4 
  
 PATENT SECURITY AGREEMENT 
  
 This Patent Security Agreement (“Agreement”) is made this 17th day of November, 2003, by WINCUP HOLDINGS, INC., a Delaware corporation having a mailing address at Three Radnor Corporate Center, Suite 300, 100
Matsonford Road, Radnor, PA 19087 (“Grantor”) and delivered to PNC BANK, NATIONAL ASSOCIATION having a mailing address at 1600 Market Street, P2-P070-31-2, Philadelphia, PA 19103, Attn: Janeann Fehrle (“Agent”) as agent
for the Lenders under the Credit Agreement (as defined below). 
  
 Background 
  
 A. This Agreement is being
executed in connection with that certain Fourth Amended and Restated Revolving Credit, Term Loan and Security Agreement among Agent, Fleet Capital Corporation as documentation agent, the financial institutions which are now or which hereafter become
a party thereto as Lenders, the Grantor named therein and the other Borrowers named as Borrowers therein, dated December 26, 2001 (as same has been and may hereafter be amended, modified, restated or replaced from time to time, the “Credit
Agreement”), under which, inter alia, Grantor is (i) granting Agent, for the benefit of Lenders, a lien on and security interest in the Patent Collateral (as defined herein) of Grantor as security for the payment and performance of all of the
Obligations (as defined in the Credit Agreement) of Grantor under the Credit Agreement, and under which Agent is entitled to foreclose or otherwise deal with such Patent Collateral under the terms and conditions set forth therein and (ii) granting
Agent a license to use or dispose of (conditioned upon the occurrence and continuance of an Event of Default) the Patent Collateral of Grantor. Capitalized terms not defined herein shall have the meanings given to such terms in the Credit Agreement.

  
 B. Grantor owns (i) the United States Letters Patent and the
inventions described and claimed therein set forth on Schedule A hereto and the patents issued by jurisdictions and/or patent authorities other than the United States and the inventions described and claimed therein set forth on
Schedule B hereto (hereinafter referred to collectively as the “Patents”) and (ii) the applications for Letters Patent and the inventions described and claimed therein set forth on Schedule A hereto and any
United States Letters Patent which may be issued upon any of said applications and the applications to any jurisdictions and/or patent authorities other than the United Stated and the inventions described and claimed therein set forth on
Schedule B hereto and any patents which may be issued upon any of said applications (hereinafter referred to collectively as the “Applications”). In conjunction with the Patents and Applications, Grantor may use or adopt any
reissues, extensions, divisions or continuations of the Patents or Applications (such reissues, extension, divisions and continuations being herein referred to collectively as the “Reissued Patents”); and may be entitled to all future
royalties or other fees paid or payments made to Grantor in respect of the Patents (hereinafter referred to collectively as the “Royalties”). The Patents, Applications, Reissued Patents and Royalties are herein referred to collectively as
the “Patent Rights”. 
  
 C. Grantor and Agent desire to
have the security interest of Agent in such Patent Collateral confirmed by a document identifying same and in such form that it may be recorded in the United States Patent and Trademark Office or other appropriate patent office. 
  

 NOW THEREFORE, with the foregoing Background hereinafter deemed incorporated by reference and made a part
hereof, and in consideration of the premises and mutual promises herein contained, the parties hereto, intending to be legally bound hereby, covenant and agree as follows: 
  
 1. In consideration of and pursuant to the terms of the Credit Agreement and Other Documents, and for other good, valuable
and sufficient consideration, the receipt of which is hereby acknowledged, and to secure the payment and performance of all of the Obligations of Grantor under the Credit Agreement, Grantor grants a lien on and security interest to Agent for the
benefit of Lenders in all of the Patent Rights and all proceeds thereof (including license royalties) and all the right, title, interest, claims and demands that Grantor has or may have in profits and damages for past and future infringements of the
Patent Rights, and the proceeds thereof, including, without limitation, license royalties and proceeds of infringement suits (such rights, interest, claims and demand being herein called the “Claims”) (the Patent Rights and Claims are
collectively referred to as the “Patent Collateral”). 
  
 2. Grantor hereby covenants and agrees to maintain the Patent Collateral in full force and effect, provided however, that Grantor may, in its reasonable business judgment, abandon any Application or permit any Patent to become cancelled or
expire before its maximum term, and otherwise perform all of its obligations and undertakings under this Agreement until all of the Obligations of Grantor are indefeasibly paid and satisfied in full and the Credit Agreement and the obligations of
the Lenders under the Credit Agreement to make Advances (the “Revolving Credit Commitments”) have been terminated. 
  
 3. Grantor represents, warrants and covenants to Agent that: 
  
 (a) The Patent Collateral is subsisting and has not been adjudged invalid or unenforceable; 
  
 (b) All of the Patents are registered (or in the process of
application for registration); granted, and all of the Applications are pending; 
  
 (c) Except for any Permitted Encumbrances, Grantor is the sole and exclusive owner of the entire and unencumbered right, title and
interest in and to the Patent Collateral, and all of the Patent Collateral is free and clear of any liens, claims, charges, encumbrances and licenses (other than licenses to affiliates of Grantor) including, without limitation, pledges, assignments,
options, and covenants by Grantor not to sue third persons, except as set forth on Schedule C; 
  
 (d) Grantor has the full right, power and authority to enter into this Agreement and perform its terms; 
  
 (e) to Grantor’s knowledge, Grantor has complied with,
and will continue for the duration of this Agreement to comply with the requirements set forth in 35 U.S.C. §1 et seq., and any other applicable statutes, rules and regulations in connection with its use of the Patent Collateral; and

  
 (f) Grantor has no notice of any suits or
actions commenced or threatened against it, or notice of claims asserted or threatened against it, with reference to the Patent Collateral, except as set forth on Schedule D. 
  

 4. Grantor further covenants that: 
  
 (a) Until all of the Obligations of Grantor have been indefeasibly paid and satisfied in full and the Credit
Agreement and Revolving Credit Commitments have been terminated (other than Indemnification Obligations which survive the Credit Agreement), Grantor will not enter into any agreement which is inconsistent with the obligations of Grantor under this
Agreement, the Obligations of Grantor under the Credit Agreement or which may restrict or impair the rights or priorities of Agent hereunder. 
  
 (b) If Grantor acquires rights of ownership to any new Patents or Applications not listed on Schedule “A” attached
hereto or Schedule “B” hereto, as applicable, (“Additional Patents”), then (i) the provisions of this Agreement shall be deemed to automatically apply thereto and such Additional Patents shall be deemed part of the
Patent Collateral, (ii) Grantor shall give Agent written notice promptly upon its acquisition of any such Patent or Application or, in the case of an application for patent by Grantor, on the filing of such application, and (iii) Grantor shall
promptly deliver to Agent with respect to such Additional Patents a Supplement to Patent Security Agreement in the form attached hereto as Exhibit II, duly completed and executed by Grantor and accompanied by a fully completed
Schedule A-1/Schedule B-1 with respect to such Additional Patents. Each such Schedule A-1/ Schedule B-1 attached to each such Supplement to Patent Security Agreement shall be incorporated and become part of Schedule
A/Schedule B attached hereto and all references to Schedule A/Schedule B contained in this Agreement shall be deemed, for all purposes, to also include each such Schedule A-1/Schedule B-1. 
  
 5. So long as this Agreement is in effect and so long as Grantor has not
received notice from Agent that an Event of Default has occurred and is continuing under the Credit Agreement and that Agent has elected to exercise its rights hereunder, (i) Grantor shall continue to have the right to use the Patent Collateral; and
(ii) Agent shall have no right to use the Patent Collateral or issue any exclusive or non-exclusive license with respect thereto, or assign, pledge or otherwise transfer title in the Patent Collateral to anyone else. 
  
 6. Grantor agrees not to sell, grant any license, grant any option, assign or
further encumber its rights and interest in the Patent Collateral without the prior written consent of Agent or as may be expressly permitted under the Credit Agreement. 
  
 7. Following the occurrence and during the continuance of an Event of Default under the Credit Agreement (including without
limitation an Event of Default arising from any failure of Grantor to comply with any covenant or undertaking under this Agreement), Agent, as the holder of a security interest under the Uniform Commercial Code, as now or hereafter in effect in the
jurisdiction whose law governs the interpretation of the Credit Agreement, may take such action permitted under the Credit Agreement and Other Documents, hereunder or under any law, in its exclusive discretion, to record, foreclose upon or otherwise
exercise its rights against the Patent Collateral covered hereby. For such purposes, and only upon the occurrence and during the continuance of an Event of Default, Grantor hereby authorizes, appoints and empowers Agent, its successors and assigns,
and any officer or agent of Agent as Agent may select, in its exclusive discretion, as the true and lawful attorney-in-fact of Grantor, with the power to endorse the name of Grantor on all applications, documents, papers and instruments necessary
for Agent to record its interest in any Patent Collateral or Additional Patents in the United States Patent and Trademark Office or in the patent office of any jurisdiction or patent authority other than the United States, as applicable, including,
without limitation, the power to execute on behalf of 

  

 
Grantor a Supplement to Patent Security Agreement, to use the Patent Collateral or to grant or issue any exclusive or non-exclusive license under the Patent
Collateral to anyone else, or necessary for Agent to assign, pledge, convey or otherwise transfer title in or dispose of the Patent Collateral to anyone else including, without limitation, the power to execute on behalf of Grantor an assignment of
Patent Collateral in the form attached hereto as Exhibit I. Grantor hereby ratifies all that such attorney shall lawfully do or cause to be done by virtue hereof and in accordance with the terms hereof, except for the gross negligence
or willful misconduct of such attorney. This power of attorney shall be irrevocable for the life of this Agreement, the Credit Agreement, Other Documents, and until all of the Obligations of Grantor are indefeasibly paid and satisfied in full and
the Credit Agreement and the Revolving Credit Commitments are terminated. 
  
 8. This Agreement shall be subject to the terms, provisions, and conditions set forth in the Credit Agreement and may not be modified without the written consent of the parties hereto. 
  
 9. All rights and remedies herein granted to Agent shall be in addition to
any rights and remedies granted to Agent under the Credit Agreement and Other Documents and shall be cumulative. In the event of an inconsistency between this Agreement and the Credit Agreement, the language of the Credit Agreement shall control.
All obligations of Grantor under this Agreement that are addressed in the Credit Agreement shall be satisfied by compliance by the Grantor with the Credit Agreement. 
  
 10. Upon full and unconditional satisfaction and performance of all of the Obligations of Grantor and termination of the
Credit Agreement and the Revolving Credit Commitments, Agent shall execute and deliver to Grantor all documents reasonably necessary to terminate the security interest of Agent in the Patent Collateral. 
  
 11. Any and all reasonable fees, costs and expenses, of whatever kind or
nature, including attorneys’ fees and legal expenses incurred by Agent in connection with the preparation of this Agreement and all other documents relating hereto and the consummation of this transaction, the filing or recording of any
documents (including all taxes in connection therewith) in public offices, the payment or discharge of any taxes, counsel fees, maintenance fees, encumbrances or costs otherwise incurred in protecting, maintaining, preserving the Patent Collateral,
or in defending or prosecuting any actions or proceedings arising out of or related to the Patent Collateral, or in defending, protecting, enforcing or terminating the rights of Agent hereunder, in each case in accordance with the terms of this
Agreement, shall be borne and paid by Grantor on demand by Agent and until so paid shall be added to the principal amount of the Obligations of Grantor and shall bear interest at the highest rate applicable to Revolving Advances from time to time
under the Credit Agreement. 
  
 12. Subject to any applicable
terms of the Credit Agreement, Grantor shall have the duty to prosecute diligently any application with respect to the Patent Collateral pending as of the date of this Agreement or thereafter, and maintain all rights in the Patent Collateral,
provided, however, that Grantor may, in its reasonable judgment, abandon any Application or permit any Patent to become cancelled or expire before its maximum term, and upon request of Agent, Grantor shall make the appropriate application regarding
Patent Collateral belonging to Grantor. Any expenses incurred in connection with such applications shall be borne exclusively by Grantor. Subject to applicable terms of the Credit Agreement, Grantor shall not abandon any Patent Collateral without
the prior written consent of the Agent. 
  

 13. Grantor shall have the right to bring suit in its own name to enforce the Patent Collateral, in which
event Agent may, if Grantor reasonably deems it necessary, be joined as a nominal party to such suit if Agent shall have been satisfied, in its sole discretion, that it is not thereby incurring any risk of liability because of such joinder. Grantor
shall promptly, upon demand, reimburse and indemnify Agent for all damages, costs and expenses, including attorneys’ fees and costs, incurred by Agent in the fulfillment of the provisions of this paragraph. 
  
 14. If an Event of Default has occurred and is continuing under the Credit
Agreement, Agent may, without any obligation to do so, complete any obligation of Grantor hereunder, in the name of Grantor or in the name of Agent, but at the expense of Grantor, and Grantor hereby agrees to reimburse Agent in full for all costs
and expenses, including, without limitation, all attorneys’ fees, incurred by Agent in protecting, defending and maintaining the Patent Collateral. 
  
 15. No course of dealing between Grantor and Agent, nor any failure to exercise, nor any delay in exercising, on the part of Agent, any right, power or
privilege hereunder, shall operate as a waiver thereof, and all of the rights and remedies of Agent with respect to the Patent Collateral, whether established hereby or by the Credit Agreement and Other Documents, or by any other future agreements
between Grantor and Agent or by law, shall be cumulative and may be exercised singularly or concurrently. 
  
 16. The provisions of this Agreement are severable and the invalidity or unenforceability of any provision herein shall not affect the remaining
provisions which shall continue unimpaired and in full force and effect. 
  
 17. This Agreement shall inure to the benefit of and be binding upon the respective successors and permitted assigns of the parties. 
  
 18. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA
WITHOUT REFERENCE TO ITS CONFLICTS OF LAWS RULES. Any judicial proceeding brought by or against any Grantor with respect to this Agreement or any related agreement may be brought in any court of competent jurisdiction located in the Commonwealth of
Pennsylvania, and, by execution and delivery of this Agreement, Grantor accepts for itself and in connection with its properties, generally and unconditionally, the non-exclusive jurisdiction of the aforesaid courts, and irrevocably agrees to be
bound by any judgment rendered thereby in connection with this Agreement. Grantor hereby waives personal service of any and all process upon it and consents that all such service of process may be made by internationally recognized overnight courier
directed to Grantor at its address set forth in Section 16.6 of the Credit Agreement and service so made shall be deemed completed one (1) day after the same shall have been so delivered to such overnight courier. Nothing herein shall affect the
right to serve process in any manner permitted by law or shall limit the right of Agent or any Lender to bring proceedings against Grantor in the courts of any other jurisdiction. Grantor waives any objection to jurisdiction and venue of any action
instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. Any judicial proceeding by Grantor against Agent or any Lender involving, directly or indirectly, any matter or
claim in any way arising out of, related to or connected with this Agreement or any related agreement, shall be brought only in a federal or state court located in the County of Philadelphia, Commonwealth of Pennsylvania. 
  

 19. GRANTOR HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF
ACTION (A) ARISING UNDER THIS AGREEMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF GRANTOR, LENDERS AND/OR AGENT OR ANY OF
THEM WITH RESPECT TO THIS AGREEMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER
SOUNDING IN CONTRACT OR TORT OR OTHERWISE AND GRANTOR HEREBY CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT GRANTOR, AGENT AND/OR LENDERS MAY FILE AN ORIGINAL COUNTERPART OR A
COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF GRANTOR TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 
  
 IN WITNESS WHEREOF, and intending to be legally bound the parties hereto have executed this Patent Security Agreement, under seal, the day and year first
above written. 
  

									
	 ATTEST:
	 	 	 	 WINCUP HOLDINGS, INC. 

					
	By:	 	 [signature]
	 	 	 	By:	 	/s/    R. RADCLIFFE
HASTINGS        
	 	 	 	 	 	 	 Name:
	 	 
	 	 	 	 	 	 	 Title:
	 	 

  
 Acknowledged and agreed: 

 

			
	PNC BANK, NATIONAL ASSOCIATION
	 As Agent under the Credit Agreement

		
	By:	 	/s/    JANEANN FEHRLE VP        
	 	 	Janeann Fehrle, Vice President

  

 COMPANY ACKNOWLEDGMENT 
  

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

  
 On this 17th of November, 2003, 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 WINCUP HOLDINGS, 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/    DOROTHY L. WYDRA        
	 Notary Public

	
	 My Commission Expires: 10/31/06

	
	 NOTARIAL SEAL
 DOROTHY L. WYDRA, Notary Public
 City of Philadelphia, Phila. County
 My Commission Expires October 31, 2006

  
  

 SCHEDULE A 
  
 United States Patents 
  

							
	 Title

	  	Type

	  	Patent No.

	  	Issue Date

	 Cup with space for printed matter
	  	Design	  	D 386,947	  	December 2, 1997

  

 SCHEDULE B 
  
 Foreign Patents 
  

							
	 Patent

	 	 Registration No.

	 	 Country

	  	Filing Date

  

 Exhibit I 
  
 PATENT ASSIGNMENT 
  
 WHEREAS, WINCUP HOLDINGS, INC., a Delaware corporation (“Grantor”) is the registered owner of: (i) the United States Letters Patent and the
inventions described and claimed therein set forth on Schedule A hereto and the patents issued by jurisdictions or patent authorities other than the United States and the inventions described and claimed therein set forth on Schedule B hereto
(hereinafter referred to collectively as the “Patents”) and (ii) the applications for Letters Patent and the inventions described and claimed therein set forth on Schedule A hereto and any United States Letters Patent which may be issued
upon any of said applications and the applications for patents made to jurisdiction or patent authorities other than the United States and the inventions described and claimed therein set forth on Schedule B hereto and any patents which may be
issues upon any of said applications (hereinafter referred to collectively as the “Applications”), which are registered with the United States Patent and Trademark Office (in the case of Patents and Applications on Schedule A) or with
other appropriate patent offices (in the case of Patents and Applications on Schedule B). 
  
 WHEREAS, in conjunction with the Patents and Applications, Grantor may use or adopt any reissues, extensions, divisions or continuations of the Patents or Applications (such reissues, extension, divisions and
continuations being herein referred to collectively as the “Reissued Patents”); may be entitled to all future royalties or other fees paid or payments made to Grantor in respect of the Patents (hereinafter referred to collectively as the
“Royalties”), (the Patents, Applications and the Reissued Patents and the Royalties being herein referred to collectively as the “Patent Rights”) and may be entitled to profits and damages for past and future infringements of the
Patent Rights (such rights, interest, claims and demand being herein called the “Claims”) (the Patent Rights and Claims are collectively referred to as the “Patent Collateral”). 
  
 WHEREAS,
                     (“Grantee”) having a place of business at
                     is desirous of acquiring said Patent Collateral; 
  
 NOW THEREFORE, for good and valuable consideration, receipt of which is hereby acknowledged, and intending to be legally
bound hereby, Grantor, its successors and assigns, does hereby transfer, assign and set over unto Grantee, its successors, transferees and assigns, all of its present and future right, title and interest in and to the Patent Collateral and all
proceeds thereof and all goodwill associated therewith. 
  
 IN
WITNESS WHEREOF, the undersigned has caused this Patent Assignment to be executed as of the      day of
                    ,
                    . 
  

			
	WINCUP HOLDINGS, INC.
		
	By:	 	 
	 As Attorney-in-fact

  

			
	 STATE OF
	    	:
	 	    	: S.S.
	 COUNTY OF
	    	:

  
 On this
             day of                     ,
             before me, a Notary Public for the said County and Commonwealth, personally appeared known to me or satisfactorily proven to me to be attorney-in-fact on behalf of
WINCUP HOLDINGS, INC. (“Grantor”) and s/he acknowledged to me that s/he executed the foregoing Patent Assignment on behalf of Grantor, and as the act and deed of Grantor for the purposes therein contained. 
  
 IN WITNESS WHEREOF, I hereunto set my hand and official seal. 
  

	
	
	 
	 Notary Public

  

	
	 My Commission Expires:

	
	  

  

 POWER OF ATTORNEY 
  
 WINCUP HOLDINGS, INC., a Delaware corporation (“Grantor”), hereby authorizes PNC BANK, NATIONAL ASSOCIATION, its
successors and assigns, and any officer or agent thereof (collectively, “Agent”) as agent for the Lenders under the Fourth Amended and Restated Revolving Credit and Security Agreement among Agent, Fleet Capital Corporation as documentation
agent, the financial institutions which are now or which hereafter become a party thereto as Lenders, the Grantor named therein and the other Borrowers named as Borrowers therein, dated December 26, 2001 (as same has been and may hereafter be
amended, modified, restated or replaced from time to time, the “Credit Agreement”), as the true and lawful attorney-in-fact of Grantor, with the following powers exercisable only following the occurrence and during the continuance of an
Event of Default under the Credit Agreement (including without limitation an Event of Default arising from any failure of Grantor to comply with any covenant or undertaking under the Patent Security Agreement referenced below), with the power to
endorse the name of Grantor on all applications, assignments, documents, papers and instruments necessary for Agent to enforce and effectuate its rights under a certain Patent Security Agreement between Grantor and Agent dated the date hereof (as it
may hereafter be supplemented, restated, superseded, amended or replaced, the “Patent Agreement”), including, without limitation, the power to record its interest in any Patent Collateral or Additional Patents in the United States Patent
and Trademark Office or other appropriate patent office including, without limitation, the power to execute on behalf of Grantor a supplement to Patent Security Agreement, to use the Patent Collateral or to grant or issue any exclusive or
non-exclusive license under the Patent Collateral to anyone else, to assign, pledge, convey or otherwise transfer title in or dispose of the Patent Collateral to anyone else including, without limitation, the power to execute on behalf of Grantor an
assignment of Patent Collateral, in each case subject to the terms of the Patent Agreement. Nothing herein contained shall obligate Agent to use or exercise any rights granted herein. 
  
 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 the Credit Agreement. 
  
 Grantor
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 Patent Agreement, the Credit Agreement and the Other Documents. 
  
 This Power of Attorney shall be irrevocable for the life of the Patent
Agreement. 
  
 IN WITNESS WHEREOF, the Grantor has executed this
Power of Attorney, under seal, this 17th day of November, 2003. 
  

			
	WINCUP HOLDINGS, INC.
		
	By:	 	/s/    R. RADCLIFFE
HASTINGS        
	 Name:
	 	 
	 Title:
	 	 

  

 COMPANY ACKNOWLEDGMENT 
  

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

  
 On this 17th of November, 2003 personally appeared R. Radcliffe Hastings to me known and being duly sworn, deposes and says that s/he
authorized to sign on behalf the Grantor company described in the foregoing Power of Attorney; that s/he signed the Power of Attorney pursuant to the authority vested in her/him by law; that the within Power of Attorney is the voluntary act of such
company; and s/he desires the same to be recorded as such. 
  

	
	
	/s/    DOROTHY L. WYDRA        
	 Notary Public

	
	 NOTARIAL SEAL
 DOROTHY L. WYDRA, Notary Public
 City of Philadelphia, Phila. County
 My Commission Expires October 31, 2006

  

 EXHIBIT II 
 Supplement to Patent Security Agreement 
  
 This Supplement to Patent Security Agreement (“Supplement”), dated                     
            ,                     , is entered into by WINCUP HOLDINGS,
INC., a Delaware corporation having a mailing address at Three Radnor Corporate Center, Suite 300, 100 Matsonford Road, Radnor, PA 19087 (“Grantor”) and delivered to PNC BANK, NATIONAL ASSOCIATION having a mailing address at
1600 Market Street, Philadelphia, PA 19103, Attn: Janeann Fehrle (“Agent”) as agent for the Lenders under the Credit Agreement (as defined below). 
  
 Background 
  
 A. This Supplement is being delivered in connection with that certain Fourth Amended and Restated Revolving Credit and Security Agreement among Agent,
Fleet Capital Corporation as documentation agent, the financial institutions which are now or which hereafter become a party thereto as Lenders, the Grantor named therein and the other Borrowers named as Borrowers therein, dated December 26, 2001
(as same has been and may hereafter be amended, modified, restated or replaced from time to time, the “Credit Agreement”), and that certain Patent Security Agreement, dated as of the date of the Credit Agreement, by and between Grantor and
Agent, (as it may have been and may hereafter be amended, supplemented, restated, replaced, or otherwise modified from time to time “Patent Security Agreement”). Capitalized terms used but not defined herein shall have the respective
meanings given to such terms in, or by reference in, the Patent Security Agreement. 
  
 B. Pursuant to the Credit Agreement and the Patent Security Agreement, Grantor granted to Agent for the benefit of Lenders a lien on and security interest in all of the Patent Collateral of Grantor (as defined
therein). 
  
 C. Grantor has acquired certain additional Patents
and/or Applications as set forth on Schedule A-1/Schedule B-1 attached hereto and made part hereof (collectively, “Additional Patents”). Grantor and Agent desire to execute this Supplement for the purpose of, inter
alia, granting, ratifying and confirming the lien and security interest of Agent on and in the Additional Patents, as more fully set forth in the Patent Security Agreement, and for recording in the United States Patent and Trademark Office or
other appropriate patent office. 
  
 NOW THEREFORE, with the
foregoing Background hereinafter deemed incorporated by reference and made a part hereof, and for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Grantor, intending to be legally bound hereby, covenants
and agrees as follows. 
  
 1. In consideration of and pursuant to
the terms of the Credit Agreement and Other Documents, and for other good, valuable and sufficient consideration, the receipt of which is hereby acknowledged, and to secure the Obligations, Grantor grants a lien and security interest to Agent, for
the benefit of Lenders, in all of its present and future right, title and interest in and to the Additional Patents, and the registration thereof and the right (but not obligation) to sue for past, present and future infringements thereof,
including, without limitation, license royalties and proceeds of infringement suits. 
  

 
2. Grantor acknowledges and confirms that the rights and remedies of Agent with respect to the security interest in the Additional Patents granted hereby are
more fully set forth in the Credit Agreement and the Patent Security Agreement, the terms and provisions of which are incorporated herein by reference. All references to the Patent Security Agreement contained in the Credit Agreement or Other
Documents shall be deemed, for all purposes, to also refer to and include this Supplement. 
  
 3. Schedule A/Schedule B to the Patent Agreement is hereby supplemented by the information contained on Schedule A-1/ 
 Schedule B-1 attached hereto. All references to Schedule A/Schedule B contained in the Credit Agreement, Patent Security Agreement or Other Documents shall be deemed, for all purposes, to
also refer to and include Schedule A-1/Schedule B-1. 
  
 4. Except as expressly amended by this Supplement, all of the terms, conditions and provisions of the Credit Agreement and Patent Security Agreement are hereby ratified and continue unchanged and remain in full force and effect. 

 
 5. This Supplement may be executed in any number of counterparts, each of
which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Signature by facsimile shall also bind the parties hereto. 
  
 IN WITNESS WHEREOF, the parties hereto have executed this Supplement on the
day and year first above written. 
  

			
	 WINCUP HOLDINGS, INC.

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

			
	Approved and accepted:
	 PNC BANK, NATIONAL ASSOCIATION

	 As Agent under the Credit Agreement

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 COMPANY ACKNOWLEDGMENT 
  

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

  
 On this
[     day of                     , 200  ], before me personally appeared
                            , and
                             who being duly sworn, deposes and says that he/she is authorized to sign
on behalf of WinCup Holdings, Inc., the company described in the foregoing document, that he/she in such capacity is authorized to execute on behalf of the said company the foregoing document for the purposes contained therein, and that he/she is
the person whose name and signature is subscribed to the foregoing document. 
  

	
	
	 
	 Notary Public

	
	 My commission expires:Guaranty and Suretyship Agreement by Radnor Management, Inc.

 EXHIBIT 10.5 
  
 GUARANTY AND SURETYSHIP AGREEMENT 
  
 April 26, 2004 
  
 FOR VALUE RECEIVED, and in consideration of loans made or to be made or credit otherwise extended or to be extended by PNC Bank, National Association
(“PNC”), each of the financial institutions (collectively, “Lenders”) named in or which hereafter become a party to the Credit Agreement (as hereinafter defined) and PNC as lead arranger and administrative agent for Lenders (in
such capacity “PNC”) and Fleet Capital Corporation as documentation agent for Lenders (in such capacity “Fleet” and collectively with PNC, the “Agent”) to or for the account of WinCup Holdings, Inc., Radnor Chemical
Corporation, Radnor Holdings Corporation, Radnor Delaware II, Inc., StyroChem U.S., Ltd., StyroChem Delaware, Inc., WinCup Texas, Ltd., StyroChem GP, L.L.C., StyroChem LP, L.L.C., WinCup GP, L.L.C. and WinCup LP, L.L.C. (each, a “Borrower”
and jointly and severally, the “Borrowers”), from time to time and at any time and for other good and valuable consideration and to induce Agent and Lenders, in their discretion, to make such loans or extensions of credit and to make or
grant such renewals, extensions, releases of collateral or relinquishments of legal rights as Agent and Lenders may deem advisable, the undersigned (and each of them if more than one, the liability under this Guaranty being joint and several)
unconditionally guaranties to Agent for its own benefit and for the ratable benefit of Lenders, their successors, endorsees and assigns the prompt payment when due (whether by acceleration or otherwise) of all present and future obligations and
liabilities of any and all kinds of each Borrower to Agent or Lenders and of all instruments of any nature evidencing or relating to any such obligations and liabilities upon which any Borrower is or may become liable to Agent or Lenders, whether
incurred by a Borrower as maker, endorser, drawer, acceptor, guarantor, accommodation party or otherwise, and whether due or to become due, secured or unsecured, absolute or contingent, joint or several, and however or whenever acquired by Agent or
Lenders, whether arising under, out of, or in connection with that certain Fourth Amended and Restated Revolving Credit, Term Loan and Security Agreement by and among Borrowers, Lenders and Agent dated as of December 26, 2001 (as amended,
supplemented, modified or restated from time to time, the “Credit Agreement”) or any documents, instruments or agreements relating to or executed in connection with the Credit Agreement or any documents, instruments or agreements referred
to therein (together with the Credit Agreement, the “Loan Documents”), (all of which are herein collectively referred to as the “Obligations”), and irrespective of the genuineness, validity, regularity or enforceability of such
Obligations, or of any instrument evidencing any of the Obligations or of any collateral therefore or of the existence or extent of such collateral, and irrespective of the allowability, allowance or disallowance of any or all of the Obligations in
any case commenced by or against Borrowers under Title 11, United States Code, including, without limitation, obligations or indebtedness of Borrowers for post-petition interest, fees, costs and charges that would have accrued or been added to
Borrowers’ Obligations to Agent and the Lenders but for the commencement of such case. Terms defined in the Credit Agreement shall have the same meanings herein, unless otherwise herein expressly provided. In furtherance of the foregoing, the
undersigned hereby agrees as follows: 
  
 1. No Impairment.
Agent and Lenders may at any time and from time to time, either before or after the maturity thereof, without notice to or further consent of the undersigned, extend the time of payment of, exchange or surrender any collateral for, renew or extend
any of the Obligations or increase or decrease the interest rate thereon, and may also make any agreement with Borrowers or with any other party to or person liable on any of the Obligations, or interested therein, for the extension, renewal,
payment, compromise, discharge or release thereof, in whole or in part, or for any modification of the terms thereof or of any agreement between or among Agent, Lenders and Borrowers or any such other party or person, or make any election of rights
Agent and Lenders may deem desirable under the United States Bankruptcy Code, as amended, or any other federal or state bankruptcy, reorganization, moratorium or insolvency law relating to or affecting the enforcement of creditors’ rights
generally (any of the foregoing, an “Insolvency Law”) without in any way impairing or affecting this Guaranty. This instrument shall be effective regardless of the subsequent incorporation, merger or consideration of any Borrower, or any
change in the composition, nature, personnel or location of any Borrower and shall extend to any successor entity to each Borrower, including a debtor in possession or the like under any Insolvency Law. 
  

 2. Guaranty Absolute. The undersigned guarantees that the Obligations will be paid strictly in
accordance with the terms of the Credit Agreement and/or any other document, instrument or agreement creating or evidencing the Obligations, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of
such terms or the rights of Borrowers with respect thereto. The undersigned hereby knowingly accepts the full range of risk encompassed within a contract of “continuing guaranty” which risk includes the possibility that Borrowers will
contract additional indebtedness for which the undersigned may be liable hereunder after Borrowers’ financial condition or ability to pay their lawful debts when they fall due has deteriorated, whether or not Borrowers have properly authorized
incurring such additional indebtedness. The undersigned acknowledges that (i) no oral representations, including any representations to extend credit or provide other financial accommodations to Borrowers, have been made by Agent or any Lender to
induce the undersigned to enter into this Guaranty and (ii) any extension of credit to the Borrowers shall be governed solely by the provisions of the Credit Agreement. The liability of the undersigned under this Guaranty shall be absolute and
unconditional, in accordance with its terms, and shall remain in full force and effect without regard to, and shall not be released, suspended, discharged, terminated or otherwise affected by, any circumstance or occurrence whatsoever, including,
without limitation: (a) any waiver, indulgence, renewal, extension, amendment or modification of or addition, consent or supplement to or deletion from or any other action or inaction under or in respect of the Loan Documents or any other
instruments or agreements relating to the Obligations or any assignment or transfer of any thereof; (b) any lack of validity or enforceability of any Loan Document or other documents, instruments or agreements relating to the Obligations or any
assignment or transfer of any thereof; (c) any furnishing of any additional security to Agent for the ratable benefit of the Lenders or its assignees or any acceptance thereof or any release of any security by Agent or its assignees; (d) any
limitation on any party’s liability or obligation under the Loan Documents or any other documents, instruments or agreements relating to the Obligations or any assignment or transfer of any thereof or any invalidity or unenforceability, in
whole or in part, of any such document, instrument or agreement or any term thereof; (e) any 

  

 2 

 
bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like proceeding relating to Borrowers, or any action taken
with respect to this Guaranty by any trustee or receiver, or by any court, in any such proceeding, whether or not the undersigned shall have notice or knowledge of any of the foregoing; (f) any exchange, release or nonperfection of any collateral,
or any release, or amendment or waiver of or consent to departure from any guaranty or security, for all or any of the Obligations; or (g) any other circumstance which might otherwise constitute a defense available to, or a discharge of, the
undersigned. Any amounts due from the undersigned to Agent or any Lender shall bear interest until such amounts are paid in full at the highest rate then applicable to the Obligations of Borrowers to Lenders under the Credit Agreement. Obligations
include post-petition interest whether or not allowed or allowable. 
  
 3. Waivers. (a) This Guaranty is a guaranty of payment and not of collection. Neither Agent nor any Lender shall be under any obligation to institute suit, exercise rights or remedies or take any other action against Borrowers or any
other person liable with respect to any of the Obligations or resort to any collateral security held by it to secure any of the Obligations as a condition precedent to the undersigned being obligated to perform as agreed herein and the undersigned
hereby waives any and all rights which it may have by statute or otherwise which would require Agent or any Lender to do any of the foregoing. The undersigned further consents and agrees that neither Agent nor Lenders shall be under any obligation
to marshal any assets in favor of the undersigned, or against or in payment of any or all of the Obligations. The undersigned hereby waives any rights to interpose any defense, counterclaim or offset of any nature and description which may have or
which may exist between and among Agent, Lenders, Borrowers and/or the undersigned with respect to the undersigned’s obligations under this Guaranty, or which Borrowers may assert on the underlying debt, including but not limited to failure of
consideration, breach of warranty, fraud, payment (other than cash payment in full of the Obligations), statue of frauds, bankruptcy, infancy, statue of limitations, accord and satisfaction, and usury. 
  
 (b) The undersigned further waives (i) notice of the acceptance of this
Guaranty, of the making of any such loans or extensions of credit, and of all notices and demands of any kind to which the undersigned may be entitled, including, without limitations, notice of adverse change in Borrowers’ financial condition
or of any other fact which might materially increase the risk of the undersigned; and (ii) presentment to or demand of payment from anyone whomsoever liable upon any of the Obligations, protest, notices of presentment, non-payment or protest and
notice of any sale of collateral security or any default of any sort. 
  
 (c) Notwithstanding any payment or payments made by the undersigned hereunder, or any setoff or application of funds of the undersigned by Agent or any Lender, the undersigned shall not be entitled to be subrogated to any of the rights of
Agent or any Lender against Borrowers or against any collateral or guarantee or right of offset held by Agent or any Lender for the payment of the Obligations, nor shall the undersigned seek or be entitled to seek any contribution or reimbursement
from Borrowers in respect of payments made by the undersigned hereunder, until all amounts owing to Agent and each Lender by Borrowers on account of the Obligations are paid in full and the Credit Agreement has been terminated. If, notwithstanding
the foregoing, any amount shall be paid to the undersigned on account of such 

  

 3 

 
subrogation rights at any time when all of the Obligations shall not have been paid in full and the Credit Agreement shall not have been terminated, such
amount shall be held by the undersigned in trust for Agent and Lenders, segregated from other funds of the undersigned, and shall forthwith upon, and in any event within two (2) business days of, receipt by the undersigned, be turned over to Agent
for the retable benefit of the Lenders in the exact form received by the undersigned (duly endorsed by the undersigned to Agent, if required), to be applied against the Obligations, whether matured or unmatured, in such order as Agent and Lenders
may determine, subject to the provisions of the Credit Agreement. Repayment of any and all present and future debts and obligations of Borrowers to any of the undersigned are hereby subordinated to the full payment and performance of, all present
and future debts and obligations of Borrowers to Agent and Lenders provided however, payments may be made to and retained by the undersigned in the ordinary course of business in the absence of an Event of Default. 
  
 4. Security. All sums at any time to the credit of the undersigned and
any property of the undersigned in Agent’s or any Lender’s possession or in the possession of any bank, financial institution or other entity that directly or indirectly, through one or more intermediaries, controls or is controlled by, or
is under common control with, Agent or any Lender (each such entity, an “Affiliate”) shall be deemed held by Agent, such Lender or such Affiliate, as the case may be, as security for any and all of the undersigned’s obligations to
Agent and Lenders and to any Affiliate of Agent or any Lender, no matter how or when arising and whether under this or any other instrument, agreement or otherwise. 
  
 5. Representations and Warranties. The undersigned hereby represents and warrants (all of which representations and
warranties shall survive until all Obligations are indeafeasibly satisfied in full and there remain no outstanding commitments under the Credit Agreement), that: 
  
 (a) Corporate Status. The undersigned is a corporation duly organized, validly existing and in good
standing under the laws of the State of Delaware and has full power, authority and legal right to own its property and assets and to transact the business in which it is engaged. 
  
 (b) Authority and Execution. The undersigned has full power, authority and legal right to execute and
deliver, and to perform its obligations under, this Guaranty and has taken all necessary corporate and legal action to authorize the execution, delivery and performance of this Guaranty. 
  
 (c) Legal, Valid and Binding Character. This Guaranty constitutes the legal, valid and binding
obligation of the undersigned enforceable in accordance with its terms, except as enforceability may be limited by applicable Insolvency Law. 
  
 (d) Violations. The execution, delivery and performance of this Guaranty will not violate any requirement of law applicable to the
undersigned or any material contract, agreement or instrument to which the undersigned is a party or by which the undersigned or its property is bound or result in the creation or 

  

 4 

 
imposition of any mortgage, lien or other encumbrance other than to Agent for the ratable benefit of Lenders on any of the property or assets of the
undersigned pursuant to the provisions of any of the foregoing. 
  
 (e) Consents or Approvals. No consent of any other Person (including, without limitation, any creditor of the undersigned) and no consent, license, permit, approval or authorization of, exemption by, notice or
report to, or registration, filing or declaration with, any governmental authority is required in connection with the execution, delivery, performance, validity or enforceability of this Guaranty. 
  
 (f) Litigation. No litigation, arbitration,
investigation or administrative proceeding of or before any court, arbitrator or governmental authority, bureau or agency is currently pending or, to the best knowledge of the undersigned, threatened (i) with respect to this Guaranty or any of the
transactions contemplated by this Guaranty or (ii) against or affecting the undersigned, or any of its property or assets, which, if adversely determined, would have a material adverse effect on the business, operations, assets or condition,
financial or otherwise, of the undersigned. 
  
 (g) Financial Benefit. The undersigned has derived or expects to derive a financial or other advantage from each and every loan, advance or extension of credit made under the Credit Agreement or other Obligation incurred by Borrowers
to Agent and Lenders. 
  
 The foregoing representations and
warranties shall be deemed to have been made by the undersigned on the date of each borrowing by Borrowers under the Credit Agreement on and as of such date of such borrowing as though made hereunder on and as of such date. 
  
 6. Acceleration. If either Borrowers or the undersigned should at any
time become insolvent, or make a general assignment, or if a proceeding in or under any Insolvency Law shall be filed or commenced by, or in respect of, the undersigned, or if a notice of any lien, levy, or assessment is filed of record with respect
to any assets of the undersigned by the United States or any department, agency, or instrumentality thereof, or if any taxes or debts owing at any time or times hereafter to any one of them becomes a lien or encumbrance upon any assets of the
undersigned in Agent’s or any Lender’s possession, or otherwise, any and all Obligations shall for purposes hereof, at Agent’s or any Lender’s option, be deemed due and payable without notice. 
  
 7. Payments for Guarantor. Upon the occurrence of and during the
continuance of Event of Default, Agent, on behalf of Lenders, in its sole and absolute discretion, with or without notice to the undersigned, may apply on account of the Obligations any payment from the undersigned or any other guarantor, or amounts
realized from any security for the Obligations, or may deposit any and all such amounts realized in a non-interest bearing cash collateral deposit account to be maintained as security for the Obligations. 
  

 5 

 8. Costs. The undersigned shall pay on demand, all fees and expenses (including reasonable
expenses for legal services of every kind) relating or incidental to the enforcement or protection of the rights of Agent or any Lender hereunder or under any of the Obligations. 
  
 9. No Termination. This is a continuing irrevocable guaranty and shall remain in full force and effect and be binding
upon the undersigned, and the undersigned’s successors and assigns, until all of the Obligations have been paid in full and the Credit Agreement has been terminated. If any of the present or future Obligations are guarantied by persons,
partnerships or corporations in addition to the undersigned, the death, release or discharge in whole or in part or the bankruptcy, merger, consolidation, incorporation, liquidation or dissolution of one or more of them shall not discharge or effect
the liabilities of the undersigned under this Guaranty. 
  
 10.
Recapture. Anything in this Guaranty to the contrary notwithstanding, if Agent or any Lender receives any payment or payments on account of the liabilities guarantied hereby, which payment or payments or any part thereof are subsequently
invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver, or any other party under any Insolvency Law, common law or equitable doctrine, then to the extent of any sum not finally retained
by Agent or any such Lender, the undersigned’s obligations to Agent and Lenders shall be reinstated and this Guaranty shall remain in full force and effect (or be reinstated) until payment shall have been made to Lender, which payment shall be
due on demand. 
  
 11. Books and Records. The books and
records of Agent showing the account among Agent, Lenders and Borrowers shall be admissible in evidence in any action or proceedings, shall be binding upon the undersigned for the purpose of establishing the items therein set forth and shall
constitute prima facie proof thereof. 
  
 12. No Waiver. No
failure on the part of Agent to exercise, and no delay in exercising, any right, remedy or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by Agent of any right, remedy or power hereunder preclude any
other or future exercise of any other legal right, remedy or power. Each and every right, remedy and power hereby granted to Agent or allowed it by law or other agreement shall be cumulative and not exclusive of any other, and may be exercised by
Agent at any time and from time to time. 
  
 13. Waiver of Jury
Trial. THE UNDERSIGNED DOES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED ON OR WITH RESPECT TO THIS GUARANTY OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY OR RELATING OR
INCIDENTAL HERETO. THE UNDERSIGNED DOES HEREBY CERTIFY THAT NO REPRESENTATIVE OR AGENT OF AGENT OR ANY LENDER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT AGENT OR ANY LENDER WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THIS WAIVER OR
RIGHT TO JURY TRIAL PROVISION. 
  

 6 

 14. Governing Law, Jurisdiction; Amendments. THIS INSTRUMENT CANNOT BE CHANGED OR TERMINATED
ORALLY, AND SHALL BE GOVERNED, CONSTRUED AND INTERPRETED AS TO VALIDITY, ENFORCEMENT AND IN ALL OTHER RESPECTS IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA. THE UNDERSIGNED EXPRESSLY CONSENTS TO THE JURISDICTION AND VENUE OF THE
COMMONWEALTH COURTS OF THE COMMONWEALTH OF PENNSYLVANIA LOCATED IN COUNTY OF MONTGOMERY OR PHILADELPHIA, PENNSYLVANIA, AND OF THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF PENNSYLVANIA FOR ALL PURPOSES IN CONNECTION HEREWITH. ANY
JUDICIAL PROCEEDING BY THE UNDERSIGNED AGAINST AGENT AND/OR ANY LENDER INVOLVING, DIRECTLY OR INDIRECTLY ANY MATTER OR CLAIM IN ANY WAY ARISING OUT OF, RELATED TO OR CONNECTED HEREWITH SHALL BE BROUGHT ONLY IN THE COMMONWEALTH COURTS OF THE
COMMONWEALTH OF PENNSYLVANIA LOCATED IN COUNTY OF MONTGOMERY OR PHILADELPHIA, PENNSYLVANIA, AND OF THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF PENNSYLVANIA. THE UNDERSIGNED FURTHER CONSENTS THAT ANY SUMMONS, SUBPOENA OR OTHER
PROCESS OR PAPERS (INCLUDING WITHOUT LIMITATION, ANY NOTICE OR MOTION OR OTHER APPLICATION TO EITHER OF THE AFOREMENTIONED COURTS OR A JUDGE THEREOF) OR ANY NOTICE IN CONNECTION WITH ANY PROCEEDINGS HEREUNDER, MAY BE SERVED INSIDE OR OUTSIDE OF THE
COMMONWEALTH OF PENNSYLVANIA OR THE EASTERN DISTRICT OF PENNSYLVANIA BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED OR BY PERSONAL SERVICE PROVIDED A REASONABLE TIME OR APPEARANCE IS PERMITTED, OR IN SUCH OTHER MANNER AS MAY BE
PERMISSIBLE UNDER THE RULES OF SAID COURTS. THE UNDERSIGNED WAIVES ANY OBJECTION TO JURISDICTION AND VENUE OF ANY ACTION INSTITUTED HEREON AND SHALL NOT ASSERT ANY DEFENSE BASED ON LACK OF JURISDICTION OR VENUE OR BASED UPON FORUM NON
COVENIENS. 
  
 15. Severability. To the extent
permitted by applicable law, any provision of this Guaranty which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  
 16. Amendments, Waivers. No amendment or waiver of any provision of this Guaranty nor consent to any departure by the
undersigned therefrom shall in any event be effective unless the same shall be in writing executed by the undersigned, Agent and Lenders. 
  
 17. Notice. All notices, requests and demands to or upon the undersigned, shall be in writing or by telecopy or telex and shall be deemed to have
been duly given or made (a) when delivered, if by hand, (b) three (3) days after being deposited in the mail, postage prepaid, if by mail (c) when confirmed, if by telecopy or, (d) in the case of telex notice, when sent, answer back receiver, in
each event, to the number and address set forth beneath the signature of the undersigned. 
  

 7 

 18. Successors. Agent or any Lender may, from time to time, without notice to the undersigned,
sell, assign, transfer or otherwise dispose of all or any part of the Obligations and/or rights under this Guaranty. Without limiting the generality of the foregoing, Agent or any Lender may assign, or grant participations to, one or more banks,
financial institutions or other entities all or any part of any of the Obligations. In each such event, Agent, any Lender, its Affiliates and each and every immediate and successive purchaser, assignee, transferee or holder of all or any part of the
Obligations shall have the right to enforce this Guaranty, by legal action or otherwise, for its own benefit as fully as if such purchaser, assignee, transferee or holder were herein by name specifically given such right. Agent or any Lender shall
have an unimpaired right to enforce this Guaranty for its benefit with respect to that portion of the Obligations which Agent or any such Lender has not disposed of, sold, assigned, or otherwise transferred. 
  
 19. Release. Nothing except cash payment in full of the Obligations
shall release the undersigned from liability under this Guaranty. 
  
 IN WITNESS WHEREOF, this Guaranty has been executed by the undersigned this 26th day of April, 2004. 
  

			
	RADNOR MANAGEMENT, INC.
		
	By:	 	/s/    MICHAEL V.
VALENZA        
	 	 	Michael V. Valenza, Sr. Vice President of Finance

  

 8 

							
	 COMMONWEALTH OF PENNSYLVANIA
	  	)	 	 	  	 
	 	  	)	 	: ss	  	 
	 COUNTY OF PHILADELPHIA
	  	)	 	 	  	 

  
 On the 26th day of
April, 2004, before me personally came MICHAEL V. VALENZA, to me known, who being by me duly sworn, did depose and say that he is the Sr. Vice President of Finance of Radnor Management, Inc., the
corporation described in and which executed the foregoing instrument; that he knows the seal of said corporation; that the seal affixed to said instrument is such corporate seal; that it was so affixed by order of the board of directors of said
corporation, and that he signed his name thereto by order of said corporation. 
  

	
	
	/s/    SHARON B. ROMAN        
	 Notary Public

  

	
	 My commission expires:

	
	 Notarial Seal
 Sharon B. Roman, Notary Public
 City Of Philadelphia, Philadelphia County
 My Commission Expires Nov. 29, 2006
 Member, Pennsylvania Association of
Notaries

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