Document:

Amendment No.1 to Credit Agreement

 EXHIBIT 10.2 
 EXECUTION COPY 
 AMENDMENT NO. 1 TO CREDIT
AGREEMENT 
 This AMENDMENT NO. 1, dated as of March 30, 2006 (this
“Amendment”) to the Term Loan Agreement dated as of June 30, 2005 (as the same may be further amended, supplemented or otherwise modified from time to time, the “Credit Agreement”) entered into among
STYROCHEM FINLAND OY, a limited liability company organized under the laws of Finland with Business ID 1094747-6 (the “Borrower”), the other Loan Parties party thereto, the institutions
from time to time party thereto as Lenders (the “Lenders”), and GUGGENHEIM CORPORATE FUNDING, LLC, a Delaware limited liability company, as administrative agent (in such capacity, the
“Administrative Agent”), is entered into among the Borrower, the other Loan Parties party hereto, the Administrative Agent and the Lenders party hereto. Capitalized terms used herein and not otherwise defined herein shall have the
meanings ascribed to them in the Credit Agreement. 
 W I T N E S
S E T H: 
 WHEREAS, the Borrower has requested that the Lenders
amend the Credit Agreement in certain respects as set forth below; and 
 WHEREAS, the Lenders have agreed, subject to the
terms and conditions hereinafter set forth, to amend the Credit Agreement in certain respects as set forth below; 
 NOW,
THEREFORE, in consideration of the premises and the covenants and obligations contained herein, the sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 Section 1. Amendments to the Credit Agreement 
 Except as otherwise expressly set forth herein, the Amendment is, effective as of December 31, 2005 and subject to the satisfaction (or due waiver) of the conditions set forth in Section 2 (Conditions
Precedent to the Effectiveness of this Amendment) hereof, the Credit Agreement is hereby amended as follows: 
 (a) Amendments to
Section 1.1 (Defined Terms) 
 (i) Insert the following new definitions in Section 1.1 (Defined Terms) in the proper
alphabetical order: 
 “Amendment No. 1 to the Credit Agreement.” that certain Amendment No. 1 to
the Credit Agreement, dated as of March 30, 2006, entered into among the Borrower, other Loan Parties party thereto, the institutions from time to time party thereto as Lenders, and the Administrative Agent. 
 “Available Liquidity”: at any time, the sum of the amount of (a) unrestricted cash and Cash Equivalents of the
Borrower and its Subsidiaries and (b) the aggregate undrawn amounts then available under the Senior Credit Agreement or any committed working capital or other committed line of credit of the Borrower and its Subsidiaries. 

 AMENDMENT NO 1 TO 
 CREDIT AGREEMENT 
 (ii) The definition of “Consolidated EBITDA” is hereby amended by (a) replacing the word “and” immediately prior to clause (ii) with “,”, (b) adding the word “and” at the
end of clause (ii) thereof and (c) adding the following as a new clause (iii) thereof: 
 “
and (iii) any pension or disability plan liability or vacation social security accrual recorded in the fiscal year 2005 may be added-back to the calculation of Consolidated EBITDA, provided, however, any other amounts to be
added-back to the calculation of Consolidated EBITDA that are not expressly set forth in this definition shall be subject to the prior review by, and consent of, the Administrative Agent, in its sole discretion.” 
 (b) Amendments to Annex A to the Credit Agreement 
 Annex A is hereby deleted from the Credit Agreement and replaced with the corresponding Annex A attached hereto as Exhibit A. 
 (c) Amendments to Article V (Affirmative Covenants) 
 (i) Section 5.1
(Financial Statements) of the Credit Agreement is hereby amended by inserting at the end of clause (a) of Section 5.1 immediately after “;” the following: 
 “provided, however, and solely in connection with the fiscal year 2005, the above referenced financial statements shall be
delivered within 104 days after the end such fiscal year;”. 
 (ii) Section 5.2 (Certificates; Other Information) of the
Credit Agreement is hereby amended by: 
 (1) inserting at the end of clause (a) of Section 5.2 immediately after
“;” the following: “ provided, however, that the certificates required to be furnished to the Administrative Agent pursuant to Section 5.2(a) and (b) shall be based upon generally accepted accounting
principles in the United States of America (“U.S”) and that the certificate required to be delivered under this Section 5.2(a) may be delivered by the Borrower’s U.S. based independent certified public accountant
and provided, further, that any such certificate required to be delivered for the fiscal year 2005 shall be delivered within 120 days after the end of such fiscal year 2005.” 
 (2) inserting at the end of clause (b) of Section 5.2 immediately after the word “therewith” the following: “
provided, however, that any such certificates required to be delivered for the fiscal year 2005 shall be delivered within 120 days after the end of such fiscal year 2005. 
 (3) deleting the word “and” at the end of clause (f), (b) renumbering clause (g) thereof clause (h) (and renumbering
accordingly each reference to such clause in any Loan Document that is not an amendment to another Loan Document) and (c) inserting a new clause (g) immediately after clause (f) thereof to read in its entirety as follows: 

“(g) within 30 days after the end of each month, or 45 days after the end of each of the first three quarterly periods of each
fiscal year of the Borrower, or 90 days after the end of each fiscal year of the Borrower, as the case may be a report setting forth Available Liquidity of the Borrower and its Subsidiaries as of the last day of the applicable period, accompanied by
a certificate of a Responsible Officer certifying to the accuracy and completeness of the information contained in such report; and”. 
  

 2 

 AMENDMENT NO 1 TO 
 CREDIT AGREEMENT 
 (d) Amendments to Article VI (Negative Covenants) 
 (i) Clauses (b) and (c) of
Section 6.1 are hereby amended and restated in their entirety to read as follows: 
 “(b) Maximum Consolidated Leverage
Ratio. Permit the Consolidated Leverage Ratio on the last day of each fiscal quarter ending on the date set forth below to exceed the ratio set forth below opposite such fiscal quarter: 
  

			
	 Fiscal Quarter
	  	Maximum Consolidated Leverage Ratio
	December 31, 2005	  	Not Applicable
	March 31, 2006	  	Not Applicable
	June 30, 2006	  	5.60 to 1
	September 30, 2006	  	5.20 to 1
	December 31, 2006	  	3.75 to 1
	March 31, 2007	  	3.75 to 1
	June 30, 2007	  	3.75 to 1
	September 30, 2007	  	3.75 to 1
	December 31, 2007	  	3.75 to 1
	March 31, 2008	  	3.75 to 1
	June 30, 2008	  	3.75 to 1

 “(c) Minimum Consolidated Fixed Charge Coverage Ratio. Permit the Consolidated Fixed
Charge Coverage Ratio for any period of four consecutive fiscal quarters of the Borrower ending with the fiscal quarters set forth below (or, if less, the number of full fiscal quarters subsequent to the Closing Date) to be less than the ratio set
forth below opposite such fiscal quarter: 
  

			
	 Fiscal Quarter
	  	Minimum Consolidated Fixed Coverage Ratio
	December 31, 2005	  	1.75 to 1
	March 31, 2006	  	1.30 to 1
	June 30, 2006	  	1.75 to 1
	September 30, 2006	  	2.0 to 1
	December 31, 2006	  	2.0 to 1
	March 31, 2007	  	2.0 to 1
	June 30, 2007	  	2.0 to 1
	September 30, 2007	  	2.0 to 1
	December 31, 2007	  	2.0 to 1
	March 31, 2008	  	2.0 to 1
	June 30, 2008	  	2.0 to 1

 (ii) Section 6.7 (Limitation on Capital Expenditures) is hereby amended by deleting
the existing “€ 1,000,000” Capital Expenditure amount set forth for fiscal year December 31, 2005 and replacing it with “€ 1,100,000”. 
  

 3 

 AMENDMENT NO 1 TO 
 CREDIT AGREEMENT 
 (iii) Section 6.10 (Limitations on Transactions with Affiliates) is hereby amended as of the date of the execution of this Amendment by deleting the last sentence in that Section and replacing it with the following: 

“Notwithstanding the foregoing the Borrower and its Subsidiaries may pay to Holdings fees and expenses pursuant to the Management Agreement in an
aggregate amount not to exceed one-percent (1%) of the Borrower’s revenue in any fiscal year, provided that, (i) no Default or Event of Default has occurred and is continuing (or would result therefrom), (ii) the Borrower
is in compliance with the initial financial covenants set forth in Section 6.1 in effect on the Closing Date (without giving effect to amendments to such covenant levels set forth in Amendment No. 1 to the Credit Agreement (the
“Original Covenant Levels”) and (iii) the Borrower is in compliance with the covenants set forth in Section 6.9 hereto”; provided, however, so long as the Borrower and its Subsidiaries are in compliance
with clauses (i) through (iii) above, the Borrower may pay an amount equal to (x) one twelfth of current fees and expenses payable annually by the Borrower to Holdings under the Management Agreement for each month in
which the Borrower is in compliance with the Original Covenant Levels, (y) 25% of any previously accrued but unpaid management fees if the Borrower is in compliance with the Original Covenant Levels for any one fiscal quarter and (z) the
remaining 75% of any previously accrued but unpaid management fees if the Borrower has satisfied the foregoing in subclause (y) above and is in compliance with the Original Covenant Levels for a second consecutive fiscal quarter. 
 Section 2. Conditions Precedent to the Effectiveness of this Amendment 
 This Amendment shall become effective as of the date set forth in Section 1 when, and only when, the Administrative Agent shall have received
(a) this Amendment, duly executed by the Borrower, the Administrative Agent and the Lenders constituting the Required Lenders, (b) a certain side letter (the “Side Letter”), dated as of the date hereof, duly executed by
the Borrower, the Administrative Agent and the Lenders constituting the Required Lenders and (c) all outstanding and unpaid fees and expenses of Weil, Gotshal & Manges LLP, counsel to the Administrative Agent. 
 Section 3. Representations and Warranties 
 On and as of the date hereof, after giving effect to this Amendment, the Borrower hereby represents and warrants to the Administrative Agent and each Lender as follows: 
 (a) this Amendment has been duly authorized, executed and delivered by the Borrower and constitutes the legal, valid and binding obligation of the
Borrower, enforceable against the Borrower in accordance with its terms, and the Credit Agreement as amended by this Amendment constitutes the legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with
its terms; 
 (b) each of the representations and warranties contained in Section 3 (Representations and Warranties) of the Credit
Agreement, the other Loan Documents or in any certificate, document or financial or other statement furnished at any time under or in connection therewith is true and correct in all material respects on and as of the date hereof as if made on and as
of such date and except to the extent that such representations and warranties specifically relate to a specific date, in which case such representations and warranties shall be true and correct in all material respects as of such specific date;
provided, however, that references therein to the “Credit Agreement” shall be deemed to refer to the Credit Agreement as amended hereby (if applicable); 
  

 4 

 AMENDMENT NO 1 TO 
 CREDIT AGREEMENT 
 (c) no Default or Event of Default has occurred and is continuing under the Credit Agreement, as amended hereby or under any other Loan Document; and 
 (d) no litigation has been commenced against any Loan Party or any of its Subsidiaries seeking to restrain or enjoin (whether temporarily, preliminarily or permanently) the performance of any action by any Loan Party
required or contemplated by this Amendment, the Credit Agreement or any Loan Document, in each case as amended hereby (if applicable). 
 Section 4. Fees and Expenses 
 The Borrower and each other Loan Party agrees to pay on demand in accordance with
the terms of Section 9.5 (Payment of Expenses) of the Credit Agreement all reasonable out of pocket costs and expenses of the Administrative Agent in connection with the preparation, reproduction, execution and delivery of this Amendment
and all other Loan Documents entered into in connection herewith. 
 Section 5. Reaffirmation of Guaranties. 

The Guarantor hereby reaffirms its Guarantee Obligations under the Guarantee Agreement, taking into account the provisions of this Amendment.

 Section 6. Reference to the Effect on the Loan Documents 
 (a) As of the date hereof, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,”
“herein,” or words of like import, and each reference in the other Loan Documents to the Credit Agreement (including, without limitation, by means of words like “thereunder”, “thereof” and words of like import), shall
mean and be a reference to the Credit Agreement as modified hereby, and this Amendment and the Credit Agreement shall be read together and construed as a single instrument. Each of the table of contents and lists of Exhibits and Schedules of the
Credit Agreement shall be amended to reflect the changes made in this Amendment as of the date hereof. 
 (b) Except as expressly modified
hereby, all of the terms and provisions of the Credit Agreement and all other Loan Documents are and shall remain in full force and effect and are hereby ratified and confirmed. 
 (c) The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power
or remedy of the Lenders or the Administrative Agent under any of the Loan Documents, nor constitute a waiver or amendment of any other provision of any of the Loan Documents or for any purpose except as expressly set forth herein. 
 (d) This Amendment shall be deemed a Loan Document. 
 Section 7. Execution in Counterparts 
 This Amendment may be executed in any number of counterparts and by
different parties in separate counterpart (including by facsimile), 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 pages may be detached from
multiple separate counterparts and attached to a single counterpart so that all signature pages are attached to the same document. Delivery of an executed counterpart by telecopy shall be effective as delivery of a manually executed counterpart of
this Amendment. 
  

 5 

 AMENDMENT NO 1 TO 
 CREDIT AGREEMENT 
 Section 8. Governing Law 
 This Amendment shall be governed by and construed in accordance with the law of the
State of New York. 
 Section 9. Section Titles 
 The Section titles contained in this Amendment are and shall be without substantive meaning or content of any kind whatsoever and are not a part of the
agreement between the parties hereto. 
 Section 10. Notices 
 All communications and notices hereunder shall be given as provided in the Credit Agreement. 
 Section 11. Severability 
 The fact that any term or provision of this Agreement is held invalid, illegal or unenforceable as to any person in any situation in any jurisdiction shall not affect the validity, enforceability or legality of the remaining terms or
provisions hereof or the validity, enforceability or legality of such offending term or provision in any other situation or jurisdiction or as applied to any person. 
 Section 12. Successors 
 The terms of this Amendment shall be binding upon, and shall
inure to the benefit of, the Lenders, the other parties hereto and their respective successors and assigns. 
 Section 13. Waiver
of Jury Trial 
 Each of the parties hereto irrevocably waives trial by jury in any action or proceeding with respect to this
Amendment or any other Loan Document. 
 [Signature Pages Follow] 
  

 6 

 IN WITNESS WHEREOF, the parties hereto have caused
this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first written above. 
  

			
	STYROCHEM FINLAND OY,
	as the Borrower
		
	By:	 	 /s/ Michael T. Kennedy

	Name:	 	Michael T. Kennedy
	Title:	 	Authorized Signatory
	
	STYROCHEM EUROPE (THE NETHERLANDS) B.V.
		
	By:	 	 /s/ Michael T. Kennedy

	Name:	 	Michael T. Kennedy
	Title:	 	Managing Director
	
	 RADNOR HOLDINGS CORPORATION,
 as the
Guarantor

		
	By:	 	 /s/ Michael T. Kennedy

	Name:	 	Michael T. Kennedy
	Title:	 	President and Chief Executive Officer
	
	GUGGENHEIM CORPORATE FUNDING,
	    LLC, as Administrative Agent
		
	By:	 	 /s/ Todd Boehly

	Name:	 	Todd Boehly
	Title:	 	Managing Partner
	
	 ORPHEUS FUNDING LLC, by Guggenheim Investment Management, LLC as its Manager

		
	By:	 	 /s/ Stephen Sautel

	Name:	 	Stephen Sautel
	Title:	 	Managing Director

 EXHIBIT A 
 Annex A 
 PRICING GRID FOR TERM LOANS 
  

							
	 Consolidated Leverage Ratio
	  	 Applicable Margin
 for Eurodollar Loans
	 	 	Applicable Margin
for Base Rate Loans	 
	 Less than 5.75 to 1 and equal to or greater than 4.75 to 1
	  	8.00	%	 	5.25	%
	 Less than 4.75 to 1 and equal to or greater than 3.75 to 1
	  	7.25	%	 	4.50	%
	 Less than 3.75 to 1 and equal to or greater than 3.25 to 1
	  	6.50	%	 	3.75	%
	 Less than 3.25 to 1 and equal to or greater than 2.75 to 1
	  	5.75	%	 	3.00	%
	 Less than 2.75 to 1 and equal to or greater than 2.25 to 1
	  	5.00	%	 	2.25	%
	 Less than 2.25 to 1 and equal to or greater than 1.75 to 1
	  	3.50	%	 	0.75	%
	 Less than 1. 75 to 1
	  	3.00	%	 	0.25	%

 Changes in the Applicable Margin with respect to Term Loans resulting from changes in the Consolidated Leverage
Ratio shall become effective 5 Business Days after the date (the “Adjustment Date”) on which financial statements with respect to the fiscal quarter ended March 31, 2006 are delivered to the Lenders pursuant to
Section 5.1(b) and shall remain in effect until the next change to be effected pursuant to this paragraph. If any financial statements referred to above are not delivered within the time periods specified above, then, until such financial
statements are delivered, the Consolidated Leverage Ratio as at the end of the fiscal period that would have been covered thereby shall for the purposes of this definition be deemed to be 5.75 to 1. In addition, at all times while an Event of
Default shall have occurred and be continuing, the Consolidated Leverage Ratio shall for the purposes of this Pricing Grid be deemed to be 5.75 to 1. Each determination of the Consolidated Leverage Ratio pursuant to this Pricing Grid shall be made
for the periods and in the manner contemplated by Section 6.1(a). 
  

 iiFirst Amendment to Revolving Credit and Security Agreement

 EXHIBIT 10.3 
 FIRST AMENDMENT TO 
 REVOLVING CREDIT AND SECURITY AGREEMENT 
 First Amendment to Revolving Credit and Security Agreement, dated as of the 31st day of March, 2006, by and among Radnor Holdings Corporation, a Delaware corporation (“Radnor”), StyroChem U.S., Ltd., a Texas limited partnership
(“SUL”), WinCup Texas, Ltd., a Texas limited partnership (“WTL”), Wincup Holdings, Inc., a Delaware corporation (“WHI”) (Radnor, SUL, WTL and WHI are each, a “Borrower” and collectively, the
“Borrowers”), WinCup Europe Delaware, Inc., a Delaware corporation (“WEDI”), StyroChem Europe Delaware, Inc., a Delaware corporation (“SEDI”), Radnor Chemical Corporation, a Delaware corporation (“RCC”),
StyroChem Delaware, Inc., a Delaware corporation (“SDI”), StyroChem GP, L.L.C., a Delaware limited liability company (“SGL”), StyroChem LP, L.L.C., a Delaware limited liability company (“SLL”), WinCup GP, L.L.C., a
Delaware limited liability company (“WGL”) and WinCup, LP, L.L.C., a Delaware limited liability company (“WLL”) (WEDI, SEDI, RCC, SDI, SGL, SLL WGL and WLL are each a “Guarantor” and collectively, the
“Guarantors”), National City Business Credit, Inc., an Ohio corporation (“NCBC”), Bank of America, N.A. (“BOA”) and various other financial institutions from time to time (NCBC, BOA and such other financial institutions
are each, a “Lender” and collectively, the “Lenders”), NCBC, as administrative and collateral agent for the Lenders and the Issuer (as hereinafter defined) (in such capacity, the “Agent”), BOA, as syndication agent for
the Lenders and National City Bank, a national banking association, as the issuer (the “Issuer”) (the “First Amendment”). 
 W I T N E S S E T H: 
 WHEREAS, the Borrowers, the
Guarantors, the Lenders, the Issuer and the Agent entered into that certain Revolving Credit and Security Agreement, dated December 29, 2005, pursuant to which, among other things, the Lenders agreed to extend credit to the Borrowers (the
“Credit Agreement”); and 
 WHEREAS, the Borrowers and the Guarantors desire to amend certain provisions of the Credit Agreement
and the Lenders, the Issuer and the Agent desire to permit such amendments pursuant to the terms and conditions set forth herein. 
 NOW,
THEREFORE, in consideration of the premises contained herein and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows: 

1. All capitalized terms used herein which are defined in the Credit Agreement shall have the same meaning herein as in the Credit Agreement unless
the context clearly indicates otherwise. 
 2. Section 1.2 of the Credit Agreement is hereby amended by deleting the following
definitions in their entirety: 
 “Measurement Quarter” 
 “Reporting Quarter” 
  

 3. Section 1.2 of the Credit Agreement is hereby amended by deleting the following definitions in
their entirety and in their stead inserting the following: 
 “Financial Covenant Triggering Event” shall
mean (a) the occurrence of a Default or Event of Default that is continuing, or (b) the Borrowers’ Undrawn Availability is less than Ten Million and 00/100 Dollars ($10,000,000.00) on any day, at which time the Borrowers shall comply
with the terms of Section 6.5. 
 “Maximum Revolving Advance Amount” shall mean Eighty Five Million and
00/100 Dollars ($85,000,000.00). 
 “Tennenbaum Credit Agreement” shall mean the Credit Agreement dated as of
December 1, 2005 by and among Radnor, as the borrower, RCC, RMDI, RMI, SDI, SEDI, SUL, SGL, SLL, WEDI, WGL, WLL, WTL, WHI and RD2I, all as guarantors, the Tennenbaum Lenders, each as a lender, and Tennenbaum, as agent and collateral agent,
as amended by the 2006 Tennenbaum Amendment, with respect to loans made by the Tennenbaum Lenders to Radnor in the aggregate principal amount of One Hundred Eighteen Million Five Hundred Thousand and 00/100 Dollars ($118,500,000.00), as further
amended from time to time. 
 “Undrawn Availability” shall mean, at a particular date, an amount equal to
(a) the lesser of (i) the Formula Amount plus the amount in Section 2.1(a)(y)(v) or (ii) the Maximum Revolving Advance Amount, minus the aggregate amount of outstanding Letters of Credit, minus (b) the sum of (w) the
outstanding amount of Revolving Advances plus (x) the outstanding amounts of Swing Loans plus (y) all amounts due and owing to the Borrowers’ trade creditors which are outstanding sixty (60) days or more beyond the due date
(without duplication with respect to any such amount deducted from the Formula Amount), plus (z) fees and expenses for which the Borrowers are liable but which have not been paid or charged to the Borrowers’ Account. 
 4. Section 1.2 of the Credit Agreement is hereby amended by inserting the following definitions: 
 “Average Undrawn Availability Certificate” shall mean a certificate duly executed by an officer of the Borrowing Agent
showing the average daily Undrawn Availability for the applicable month, as calculated from the Borrowing Base Certificates submitted during such month. 
  

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 “Early Termination Date” shall have the meaning set forth in
Section 13.1 hereof. 
 “Tranche C Notes” shall mean the Tranche C Notes in the aggregate principal
amount of Twenty Three Million Five Hundred Thousand and 00/100 Dollars ($23,500,000.00), due September 15, 2009 and issued on April 4, 2006 pursuant to the 2006 Tennenbaum Amendment. 
 “2006 Senior Notes Amendment” shall mean the Supplemental Indenture, dated April 3, 2006, by and among Radnor, the
guarantors party thereto and Wachovia Bank, National Association, as Trustee, which amends and supplements the Senior Notes Indenture. 
 “2006 Tennenbaum Amendment” shall mean the Amendment No. 1 dated as of April 4, 2006 by and among Radnor, as the borrower, RCC, RMDI, RMI, SDI, SEDI, SUL, SGL, SLL, WEDI, WGL, WLL, WTL, WHI
and RD2I, all as guarantors, the Tennenbaum Lenders, each as a lender, and Tennenbaum, as agent and collateral agent. 
 5.
Section 2.1(a) of the Credit Agreement is hereby deleted in its entirety and in its stead is inserted the following: 
 (a) Subject to the terms and conditions set forth in this Agreement including, without limitation, Section 2.1(b), each Lender, severally and not jointly, will make Revolving Advances to the Borrowers in aggregate amounts outstanding
at any time equal to such Lender’s Commitment Percentage of the lesser of (x) the Maximum Revolving Advance Amount less the aggregate amount of outstanding Letters of Credit and Swing Loans or (y) an amount equal to the sum of:

 (i) up to eighty-five percent (85%), subject to the provisions of Section 2.1(b) hereof (“Receivables Advance
Rate”), of Eligible Receivables, plus 
 (ii) up to the lesser of (A) sixty percent (60%), subject to the provisions
of Section 2.1(b) hereof (“Inventory Advance Rate”) (the Receivables Advance Rate and the Inventory Advance Rate shall be referred to collectively, as the “Advance Rates”), of the value of Eligible Inventory, or
(B) Forty Million and 00/100 Dollars ($40,000,000.00) in the aggregate at any one time, minus 
 (iii) the aggregate
amount of outstanding Letters of Credit, minus 
  

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 (iv) the aggregate amount of outstanding Swing Loans, minus 
 (v) Six Million and 00/100 Dollars ($6,000,000.00), minus 
 (vi) such reserves as the Agent may reasonably deem proper and necessary from time to time. 
 The amount derived from the sum of Sections 2.1(a)(y)(i) and (ii) minus the sum of Section 2.1(a)(y)(iii) through
(vi) at any time and from time to time shall be referred to as the “Formula Amount”. The Revolving Advances shall be evidenced by one or more secured promissory notes (collectively, the “Revolving Credit Note”) substantially
in the form attached hereto as Exhibit 2.1(a). 
 6. Section 3.1 of the Credit Agreement is hereby deleted in its entirety and in
its stead is inserted the following: 
 3.1 Interest. 
 (a) Interest on Advances shall be payable in arrears on the first (1st) day of each calendar month with respect to Domestic Rate
Loans and on the last day of the Term and, with respect to Libor Rate Loans, at the end of each Interest Period or, for Libor Rate Loans with an Interest Period in excess of three (3) months, at the earlier of (a) each three
(3) months on the anniversary date of the commencement of such Libor Rate Loan or (b) the end of the Interest Period. Interest charges shall be computed on the actual principal amount of Advances outstanding during the calendar month (the
“Monthly Advances”). From March 31, 2006, through the day immediately preceding the first (1st) Incentive Pricing Effective Date, (x) Domestic Rate Loans shall bear interest for each day at a rate per annum equal to the
Alternate Base Rate plus three quarters of one percent (.75%), and (y) Libor Rate Loans shall bear interest for each applicable Interest Period at a rate per annum equal to the Libor Rate plus two and one half of one percent (2.50%).

 (b) Subject to the terms and conditions of this Agreement, during each fiscal month of the Borrowers, in accordance with
Section 9.2 hereof, the Borrowers shall submit to the Agent an Average Undrawn Availability Certificate as of the last day of the prior fiscal month. Upon receipt of the Average Undrawn Availability Certificate by the Agent as of April 30,
2006 and as of the last day of each fiscal month thereafter, the 

  

 - 4 - 

 
Borrowers’ daily average Undrawn Availability shall be calculated for the fiscal month then ending. From the first (1st) day of the first (1st) full fiscal month following the Agent’s receipt of such Average Undrawn Availability Certificate (the “Incentive Pricing Effective Date”) until the next Incentive Pricing Effective Date, (x) Domestic Rate
Loans shall bear interest for each day at a rate per annum equal to the Alternate Base Rate plus the applicable margin determined by reference to the Borrowers’ daily average Undrawn Availability (the “Applicable Base Rate Margin”)
set forth below and (y) Libor Rate Loans shall bear interest during each applicable Interest Period at a rate per annum equal to the Libor Rate plus the applicable margin determined by reference to the Borrowers’ daily average Undrawn
Availability (the “Applicable Libor Rate Margin”) set forth below: 
  

													
	 Tier
	  	 Undrawn
Availability
 (in Millions)
	  	Applicable
Libor Rate
Margin	 	 	Applicable
Base Rate
Margin	 	 	Applicable
Letter of
Credit Fee
Percentage	 
	 I
	  	> $	22.5	  	1.75	%	 	0.00	%	 	1.75	%
	 II
	  	> $
$	20.0 <
22.5	  	2.00	%	 	0.25	%	 	2.00	%
	 III
	  	> $
$	17.5 <
20.0	  	2.25	%	 	0.50	%	 	2.25	%
	 IV
	  	> $
$	15.0 <
17.5	  	2.50	%	 	0.75	%	 	2.50	%
	 V
	  	> $
$	12.5 <
15.0	  	2.75	%	 	1.00	%	 	2.75	%
	 VI
	  	> $
$	10.0 <
12.5	  	3.00	%	 	1.25	%	 	3.00	%
	 VII
	  	< $	10.0	  	3.25	%	 	1.50	%	 	3.25	%

 (c) Subject to the terms and conditions of this Agreement, in the event that the
Borrowers fail to timely deliver the Average Undrawn Availability Certificate in accordance with Section 9.2 hereof, the Applicable Margin and the Applicable Letter of Credit Fee Percentage shall be the amount corresponding to Tier VII until
the delivery of such Average Undrawn Availability Certificate. 
 (d) Whenever, subsequent to the date of this Agreement, the
Alternate Base Rate is increased or decreased, the Contract Rate for Domestic Rate Loans shall be similarly changed without notice or demand of any kind by an amount equal to the amount of such change in the Alternate Base Rate during the time such
change or changes remain in effect. The Libor Rate shall be 

  

 - 5 - 

 
adjusted with respect to Libor Rate Loans without notice or demand of any kind on the effective date of any change in the Eurocurrency Reserve Percentage as
of such effective date. Upon and after the occurrence of an Event of Default, and during the continuation thereof, the Obligations shall bear interest at the applicable Contract Rate plus two percent (2.00%) per annum (the “Default
Rate”). 
 7. The first sentence of Section 3.2(a) of the Credit Agreement is hereby deleted in its entirety and in its stead is
inserted the following: 
 The Borrowers shall pay (x) to the Agent, for the ratable benefit of the Lenders, fees for
each Letter of Credit for the period from and excluding the date of issuance of same to and including the date of expiration or termination, equal to the average daily face amount of each outstanding Letter of Credit multiplied by (i) from
March 31, 2006, until the first (1st) Incentive Pricing Effective Date, two and one half of one percent (2.50%) per annum and (ii) on and after the first (1st) Incentive Pricing Effective Date, the applicable percentage per
annum determined by reference to the Borrowers’ daily average Undrawn Availability as set forth in Section 3.1(b) hereof (the “Applicable Letter of Credit Fee Percentage”), such fees to be calculated on the basis of a 360-day
year for the actual number of days elapsed and to be payable monthly in arrears on the first day of each calendar month and on the last day of the Term and (y) to the Issuer, for its own account, fees for each Letter of Credit for the period
from and excluding the date of issuance of same to and including the date of expiration or termination, equal to the average daily face amount of each outstanding Letter of Credit multiplied by one-quarter of one percent (0.25%) per annum, such fees
to be calculated on the basis of a three hundred sixty (360) day year for the actual number of days elapsed and to be payable monthly in arrears on the first (1st) day of each calendar month and on the last day of the Term and (z) to
the Issuer, for its own account, any and all fees and expenses as agreed upon by the Issuer and the Borrowing Agent in connection with any Letter of Credit, including, without limitation, in connection with the opening, amendment or renewal of any
such Letter of Credit and any acceptances created thereunder and shall reimburse the Agent for any and all fees and expenses, if any, paid by the Agent to the Issuer (all of the foregoing fees, the “Letter of Credit Fees”). 
  

 - 6 - 

 8. Section 4.10 of the Credit Agreement is hereby deleted in its entirety and in its stead is
inserted the following: 
 4.10 Inspection of Premises. 
 At all reasonable times (after providing reasonable advance notice to the Loan Parties) as the Agent deems necessary, the Agent shall have
full access to and the right to audit, check, inspect and make abstracts and copies from each Loan Party’s books, records, audits, correspondence and all other papers relating to the Collateral and the operation of each Loan Party’s
business. The Agent and its agents may enter upon any of each Loan Party’s premises at any time during business hours and at any other reasonable time (after providing reasonable advance notice to the Loan Parties), and from time to time as the
Agent deems necessary, for the purpose of inspecting and appraising the Collateral and any and all records pertaining thereto and the operation of such Loan Party’s business. Notwithstanding anything herein to the contrary, (i) prior to
the occurrence of a Default or Event of Default that is continuing, the Agent and/or its agents shall conduct such audits, inspections, field examinations and appraisals no more frequently than once per fiscal quarter (for each audit, inspection,
field examination and appraisal), and (ii) after the occurrence of a Default or Event of Default that is continuing, the Agent may conduct such audits, inspections, field examinations and appraisals at any time and from time to time and the
Agent shall not be required to provide advance notice to the Loan Parties with respect thereto. 
 9. The second sentence of
Section 5.5(b) of the Credit Agreement is hereby deleted in its entirety and in its stead is inserted the following: 
 From December 31, 2004 through the Closing Date, except as otherwise disclosed in the draft unaudited financial statements of Radnor and its Subsidiaries for fiscal year ended December 30, 2005 previously delivered to the Agent,
there has been no change in the financial condition of Radnor and its Subsidiaries as shown on the consolidated balance sheet as of December 31, 2004 and no change in the aggregate value of Equipment and Real Property owned by Radnor and its
Subsidiaries, except changes in the ordinary course of business, none of which individually or in the aggregate has had, or reasonably could be believed to cause in the future, a Material Adverse Effect. 
  

 - 7 - 

 10. Section 5.18 of the Credit Agreement is hereby deleted in its entirety and in its stead is
inserted the following: 
 5.18 Delivery of Tennenbaum Loan Documents, 2006 Tennenbaum Amendment and Senior Notes
Documentation. 
 Agent has received complete copies of the Tennenbaum Loan Documents, the 2006 Tennenbaum Amendment,
the Senior Notes Documentation, the 2006 Supplemental Indenture and all amendments and waivers with respect thereto. None of such documents and agreements have been amended or supplemented, nor have any of the provisions thereof been waived, except
pursuant to a written agreement or instrument which has heretofore been delivered to the Agent. 
 11. Section 6.5 of the Credit
Agreement is hereby deleted in its entirety and in its stead is inserted the following: 
 6.5 Fixed Charge Coverage
Ratio. 
 Maintain a Fixed Charge Coverage Ratio (for Radnor and its Subsidiaries on a consolidated basis) of not less
than 1.10 to 1.00 (i) as of the last day of the fiscal quarter ending on or about June 30, 2006 for the fiscal quarter then ending, (ii) as of the last day of the fiscal quarter ending on or about September 30, 2006 for the
period equal to the two (2) consecutive fiscal quarters then ending, (iii) as of the last day of the fiscal quarter ending on or about December 31, 2006 for the period equal to the three (3) consecutive fiscal quarters then
ending, (iv) as of the last day of the fiscal quarter ending on or about March 31, 2007 for the period equal to the four (4) consecutive fiscal quarters then ending, and (v) as of the last day of each fiscal quarter thereafter
for the period equal to the four (4) consecutive fiscal quarters then ending; provided, however, unless a Financial Covenant Triggering Event occurs during the fiscal quarter immediately following the most recently ended fiscal quarter, the
requirement to maintain the Fixed Charge Coverage Ratio pursuant to this Section 6.5 shall not be applicable. Accordingly, if a Financial Covenant Triggering Event occurs during the fiscal quarter immediately following the most recently ended
fiscal quarter, the requirement to maintain the Fixed Charge Coverage Ratio with respect to such most recently ended fiscal quarter shall be applicable and such Fixed Charge Coverage Ratio shall be calculated based upon the compliance certificate
previously delivered or required to be delivered pursuant to Article IX hereof with respect to such most recently ended fiscal quarter and, in such case, if the Fixed Charge Coverage Ratio was not maintained as set forth in this Section 6.5
with respect to such most 

  

 - 8 - 

 
recently ended fiscal quarter, the Loan Parties shall have breached this Section 6.5 on the later of (i) the date on which the Financial Covenant
Triggering Event occurred or (ii) the date on which the compliance certificate was required to be delivered pursuant to Article IX hereof. 
 12. Section 7.6 of the Credit Agreement is hereby deleted in its entirety and in its stead is inserted the following: 
 7.6 Capital Expenditures. 
 Make or incur any Capital Expenditure or commitments for Capital
Expenditures (including capitalized leases) in calendar year 2006 or in any calendar year thereafter in an aggregate amount for Radnor and its Subsidiaries on a consolidated basis with respect to each such year in excess of Seventeen Million Five
Hundred Thousand and 00/100 Dollars ($17,500,000.00). 
 13. Section 7.17 of the Credit Agreement is hereby deleted in its entirety and
in its stead is inserted the following: 
 7.17 Prepayment of Indebtedness. 
 At any time, directly or indirectly, prepay any Indebtedness or repurchase, redeem, retire or otherwise acquire any Indebtedness of any
Loan Party, except for the prepayment, repurchase, redemption, retirement or acquisition of (a) any Indebtedness of any Loan Party owed to the Lenders pursuant to this Agreement or the Other Documents; (b) any Indebtedness of any Loan
Party owed to another Loan Party; (c) in connection with a refinancing of such Indebtedness permitted under this Agreement; or (d) the Tranche C Notes so long as (i) immediately prior to and after giving effect to such prepayment,
(y) no Default or Event of Default shall exist, and (z) the Borrowers’ daily average Undrawn Availability shall exceed Twenty Million and 00/100 Dollars ($20,000,000.00) for the most recently ended fiscal month, and (ii) such
prepayment occurs after December 31, 2006; provided, however and notwithstanding the foregoing subsections (d)(i)(z) and (d)(ii), such prepayment may occur at any time if such prepayment is made solely with the proceeds of an equity issuance
permitted by this Agreement and after taking into account such prepayment, Undrawn Availability exceeds Twenty Million and 00/100 Dollars ($20,000,000.00). 
  

 - 9 - 

 14. Section 7.18 of the Credit Agreement is hereby deleted in its entirety and in its stead is
inserted the following: 
 7.18 Other Agreements. 
 Enter into any amendment, waiver or modification of the Tennenbaum Loan Documents or the Senior Notes Documentation that could reasonably
be expected to materially and adversely affect the Agent, the Lenders or the Issuer; provided, however, that, notwithstanding anything to the contrary in this Agreement, the Loan Parties may (a) enter into the 2006 Supplemental Indenture and
the 2006 Tennenbaum Amendment, and (b) incur the Indebtedness and create the Liens contemplated by the 2006 Tennenbaum Amendment. 
 15.
The first sentence of Section 9.2 of the Credit Agreement is hereby deleted in its entirety and in its stead is inserted the following: 
 Deliver to the Agent on or before the fifteenth (15th) day following the fiscal month end as and for the prior fiscal month (a) accounts receivable agings of the Borrowers (reconciled to the general ledger
and Borrowing Base Certificate), (b) accounts payable schedules of the Borrowers (reconciled to the general ledger), (c) Inventory reports of the Borrowers (which shall include a lower of cost or market calculation), (d) a Borrowing
Base Certificate (which shall be executed by the Chief Executive Officer, Chief Financial Officer, Treasurer or any Executive Vice President of Radnor and calculated as of the last day of the prior fiscal month and which shall not be binding upon
the Agent or restrictive of the Agent’s rights under this Agreement) and (e) an Average Undrawn Availability Certificate (which shall be executed by the Chief Executive Officer, Chief Financial Officer, Treasurer or any Executive Vice
President of Radnor and calculated as of the last day of the prior fiscal month and which shall not be binding upon the Agent or restrictive of the Agent’s rights under this Agreement). 
 16. Section 9.4 of the Credit Agreement is hereby deleted in its entirety and in its stead is inserted the following: 
 9.4 Material Occurrences. 
 Promptly, but in any event no later than five (5) days after such occurrence, notify the Agent in writing upon the occurrence of (a) any Event of Default or Default; (b) any event of default under the
Tennenbaum Loan Documents or the Senior Notes Documentation; (c) any event, development or circumstance 

  

 - 10 - 

 
whereby any financial statements or other reports furnished to the Agent fail in any material respect to present fairly, in accordance with GAAP consistently
applied, the financial condition or operating results of Radnor and its Subsidiaries on a consolidated basis as of the date of such statements; (d) any accumulated retirement plan funding deficiency which, if such deficiency continued for two
(2) plan years and was not corrected as provided in Section 4971 of the Code, could subject any Loan Party to a tax imposed by Section 4971 of the Code; (e) each and every default by any Loan Party which would reasonably be
expected to result in the acceleration of the maturity of any Indebtedness which individually, or in the aggregate, is in excess of Five Million and 00/100 Dollars ($5,000,000.00), including the names and addresses of the holders of such
Indebtedness with respect to which there is a default existing or with respect to which the maturity has been or could be accelerated, and the amount of such Indebtedness; and (f) any other development in the business or affairs of any Loan
Party which could reasonably be expected to have a Material Adverse Effect; in each case, to the extent permitted by applicable law, describing the nature thereof and the action the Loan Parties propose to take with respect thereto. 
 17. The following is hereby inserted as a new Section 9.15 of the Credit Agreement: 
 9.15 Updated January/February 2005 Monthly Financials. 
 Furnish the Agent on or before April 5, 2006, updated monthly financial statements for the months ended January 31, 2005 and
February 28, 2005, all in form and substance as required by Section 9.8 hereof. 
 18. Section 10.2 of the Credit Agreement is
hereby deleted in its entirety and in its stead is inserted the following: 
 10.2 Misrepresentations.

 Any representation or warranty made by any Loan Party in this Agreement or any related agreement or in any certificate,
document or financial or other statement furnished at any time in connection herewith or therewith, as the case may be, shall prove to have been misleading in any material respect on the date when made or deemed to have been made; provided,
however, that solely with respect to the representations and warranties contained in Section 5.5(b) and the second sentence of Section 5.17, this Section 10.2 shall not be applicable and the Agent, the Lenders and 

  

 - 11 - 

 
the Issuer shall have no rights under this Section 10.2 solely with respect to Section 5.5(b) and the second sentence of Section 5.17 so long
as the Borrowers’ Undrawn Availability is greater than or equal to Ten Million and 00/100 Dollars ($10,000,000.00); 
 19.
Section 10.10 of the Credit Agreement is hereby deleted in its entirety and in its stead is inserted the following: 
 10.10 Material Adverse Effect. 
 Any change in any Loan Party’s condition or affairs (financial
or otherwise) which in the Agent’s reasonable opinion has a Material Adverse Effect; provided, however, that this Section 10.10 shall not be applicable and the Agent, the Lenders and the Issuer shall have no rights under this
Section 10.10 so long as the Borrowers’ Undrawn Availability is greater than or equal to Ten Million and 00/100 Dollars ($10,000,000.00); 
 20. Section 13.1 of the Credit Agreement is hereby deleted in its entirety and in its stead is inserted the following: 
 13.1 Term. 
 This Agreement, which shall inure to the benefit of and shall be binding upon the
respective successors and permitted assigns of each Loan Party, the Agent, each Lender, and the Issuer, shall become effective on the date hereof and shall continue in full force and effect until June 15, 2009 (the “Term”) unless
sooner terminated as herein provided. The Loan Parties may terminate this Agreement at any time upon thirty (30) days’ prior written notice upon payment in full of the Obligations. In the event the Obligations are prepaid in full prior to
the last day of the Term (the date of such prepayment hereinafter referred to as the “Early Termination Date”), the Loan Parties shall pay to the Agent for the benefit of the Lenders an early termination fee in an amount equal to
(x) two percent (2%) of the Maximum Revolving Advance Amount if the Early Termination Date occurs on or after the Closing Date to and including the date immediately preceding the first (1st) anniversary of the Closing Date, (y) one percent (1%) of the Maximum Revolving Advance Amount if the Early Termination Date occurs on or after
the first (1st) anniversary of the Closing Date to and including the date immediately preceding the second
(2nd) anniversary of the Closing Date, and (z) one half of one percent (0.5%) of the Maximum Revolving
Advance Amount if the Early Termination Date occurs on or after the second (2nd) anniversary of the Closing
Date to and including the date immediately preceding the third (3rd) anniversary of the 

  

 - 12 - 

 
Closing Date; provided, however, to the extent the Loan Parties refinance the Obligations with any Lender, or any syndicate in which any Lender is a party,
then such Lender shall not be entitled to an early termination fee and the early termination fee payable under this Section 13.1 shall be reduced by such Lender’s pro rata share thereof. 
 21. Section 14.9 of the Credit Agreement is hereby deleted in its entirety and in its stead is inserted the following: 
 14.9 Delivery of Documents. 
 To the extent the Agent receives financial statements required under Sections 9.7, 9.9, 9.10 and 9.12, a Borrowing Base Certificate pursuant to the terms of this Agreement, an Average Undrawn Availability Certificate
pursuant to the terms of this Agreement and any notice required under Section 9.4, the Agent will promptly furnish such documents and information to the Lenders and the Issuer. 
 22. Section 16.2(b)(ix) of the Credit Agreement is hereby deleted in its entirety and in its stead is inserted the following: 
 (ix) alter, amend or modify Section 2.1(a)(y)(v), Section 7.17, Section 11.5 or Section 13.1 hereof; 
 23. Section 16.9 of the Credit Agreement is hereby deleted in its entirety and in its stead is inserted the following: 
 16.9 Expenses. 
 All costs and expenses including, without limitation, reasonable attorneys’ fees (including the allocated costs of in house counsel) and disbursements incurred by the Agent on its behalf or on behalf of the
Lenders and/or the Issuer and all reasonable attorneys’ fees incurred by each Lender (other than NCBC) (a) in all efforts made to enforce payment of any Obligation or effect collection of any Collateral, or (b) in connection with the
entering into, modification, amendment, administration and enforcement of this Agreement or any consents or waivers hereunder and all related agreements, documents and instruments, or (c) in instituting, maintaining, preserving, enforcing and
foreclosing on the Agent’s security interest in or Lien on any of the Collateral, whether through judicial proceedings or otherwise, or (d) in defending or prosecuting any actions or proceedings arising out of or relating to the
Agent’s, any Lender’s or the Issuer’s transactions with any Loan Party, or (e) in connection with any advice given to the Agent, any Lender or the Issuer with respect to its rights and 

  

 - 13 - 

 
obligations under this Agreement and all related agreements, may be charged to the Borrowers’ Account and shall be part of the Obligations (the Agent
shall promptly thereafter provide notice thereof to the Borrowing Agent). Notwithstanding the foregoing, the reimbursement with respect to attorneys’ fees of each Lender (other than NCBC) referenced above shall only be applicable during
calendar year 2006 and shall not exceed Ten Thousand and 00/100 Dollars ($10,000.00) for each such Lender (other than NCBC) during each calendar year. 
 24. Section 16.19 of the Credit Agreement is hereby deleted in its entirety. 
 25. The provisions of
Section 2 through 24 of this First Amendment shall not become effective until the Agent has received the following, each in form and substance acceptable to the Agent: 
  

	 	(a)	this First Amendment, duly executed by each Loan Party, each Lender and the Issuer; 

  

	 	(b)	payment of all agreed upon fees; 

  

	 	(c)	evidence that the transactions contemplated by the 2006 Tennenbaum Amendment have been consummated and the Tranche C Loans (as defined in the 2006 Tennenbaum Amendment) have been
funded; 

  

	 	(d)	the documents and conditions listed in the Preliminary Closing Agenda set forth on Exhibit A attached hereto and made a part hereof; and 

  

	 	(e)	such other documents as may be reasonably requested by the Agent. 

 26. The Loan Parties hereby reconfirm and reaffirm all representations and warranties, agreements and covenants made by and pursuant to the terms and conditions of the Credit Agreement, except as such representations and warranties,
agreements and covenants may have heretofore been amended, modified or waived in writing in accordance with the Credit Agreement or as set forth in this First Amendment or the exhibits attached hereto, and except any such representations or
warranties made as of a specific date or time, which shall have been true and correct in all material respects as of such date or time. 
 27. The Loan Parties acknowledge and agree that each and every document, instrument or agreement which at any time has secured payment of the Obligations including, but not limited to, the Credit Agreement, continue to secure prompt payment
when due of the Obligations. 
 28. The Loan Parties hereby represent and warrant to the Lenders and the Agent that (i) the Loan Parties
have the legal power and authority to execute and deliver this 

  

 - 14 - 

 
First Amendment; (ii) the officers of the Loan Parties executing this First Amendment have been duly authorized to execute and deliver the same and bind
the Loan Parties with respect to the provisions hereof; (iii) the execution and delivery hereof by the Loan Parties and the performance and observance by the Loan Parties of the provisions hereof and of the Credit Agreement and all documents
executed or to be executed therewith, do not violate or conflict with the organizational documents of the Loan Parties or any law applicable to the Loan Parties or result in a breach of any provision of or constitute a default under any other
agreement, instrument or document binding upon or enforceable against the Loan Parties and (iv) this First Amendment, the Credit Agreement and the documents executed or to be executed by the Loan Parties in connection herewith or therewith
constitute valid and binding obligations of the Loan Parties in every respect, enforceable in accordance with their respective terms. 
 29.
The Loan Parties represent and warrant that (i) no Event of Default exists under the Credit Agreement, nor will any occur as a result of the execution and delivery of this First Amendment or the performance or observance of any provision
hereof; and (ii) they presently have no claims or actions of any kind at law or in equity against the Lenders, the Agent or the Issuer arising out of or in any way relating to the Credit Agreement or the Other Documents. 
 30. Each reference to the Credit Agreement that is made in the Credit Agreement or any other document executed or to be executed in connection therewith
shall hereafter be construed as a reference to the Credit Agreement as amended hereby. 
 31. The agreements contained in this First
Amendment are limited to the specific agreements made herein. Except as amended hereby, all of the terms and conditions of the Credit Agreement shall remain in full force and effect. This First Amendment amends the Credit Agreement and is not a
novation thereof. 
 32. This First Amendment may be executed in any number of counterparts and by the different parties hereto on separate
counterparts each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute but one and the same instrument. 
 33. This First Amendment shall be governed by, and shall be construed and enforced in accordance with, the Laws of the Commonwealth of Pennsylvania without regard to the principles or the conflicts thereof. The Loan
Parties hereby consent to the jurisdiction and venue of any federal or state court located in the County of Allegheny, Commonwealth of Pennsylvania with respect to any suit arising out of or mentioning this First Amendment. 
 [INTENTIONALLY LEFT BLANK] 
  

 - 15 - 

 IN WITNESS WHEREOF, and intending to be legally bound, the parties hereto, have caused this First
Amendment to be duly executed by their duly authorized officers as of the day and year first above written. 
  

					
	 BORROWERS:

	
	 Radnor Holdings Corporation

		
	 By:
	 	 /s/ Michael T. Kennedy

		 	 Michael T. Kennedy

		 	 President and CEO

	
	 Styrochem U.S., Ltd.

	 By:  StyroChem GP, L.L.C.

	 Its:  General Partner

		 	 By:
	 	 Radnor Chemical Corporation

		 	 Its:
	 	 Sole Member

		
	 By:
	 	 /s/ Paul D. Ridder

		 	 Paul D. Ridder

		 	 Vice President and CFO

	
	 Wincup Holdings, Inc.

		
	 By:
	 	 /s/ Michael T. Kennedy

		 	 Michael T. Kennedy

		 	 President

	
	 WinCup Texas, Ltd.

	 By:
	 	 WinCup GP, L.L.C.

	 Its:
	 	 General Partner

		 	 By:
	 	 Wincup Holdings, Inc.

		 	 Its:
	 	 Sole Member

		
	 By:
	 	 /s/ Michael T. Kennedy

		 	 Michael T. Kennedy

		 	 President

			
	 GUARANTORS:

	
	 Radnor Chemical Corporation

		
	 By:
	 	 /s/ Paul D. Ridder

		 	 Paul D. Ridder

		 	 President

	
	 StyroChem Delaware, Inc.

		
	 By:
	 	 /s/ Paul D. Ridder

		 	 Paul D. Ridder

		 	 Vice President

	
	 StyroChem GP, L.L.C.

	 By:  Radnor Chemical Corporation

	 Its:  Sole Member

		
	 By:
	 	 /s/ Paul D. Ridder

		 	 Paul D. Ridder

		 	 President

	
	 StyroChem LP, L.L.C.

	 By:  Radnor Chemical Corporation

	 Its:  Sole Member

		
	 By:
	 	 /s/ Paul D. Ridder

		 	 Paul D. Ridder

		 	 President

	
	 WinCup GP, L.L.C.

	 By:  Wincup Holdings, Inc.

	 Its:  Sole Member

		
	 By:
	 	 /s/ Michael T. Kennedy

		 	 Michael T. Kennedy

		 	 President

			
	 WinCup LP, L.L.C.

	 By:  Wincup Holdings, Inc.

	 Its:  Sole Member

		
	 By:
	 	 /s/ Michael T. Kennedy

		 	 Michael T. Kennedy

		 	 President

	
	 WinCup Europe Delaware, Inc.

		
	 By:
	 	 /s/ Paul D. Ridder

		 	 Paul D. Ridder

		 	 President

	
	 StyroChem Europe Delaware, Inc.

		
	 By:
	 	 /s/ Paul D. Ridder

		 	 Paul D. Ridder

		 	 President

			
	 AGENT, LENDERS AND ISSUER:

	
	 National City Business Credit, Inc.,
 as
Lender and as Agent

		
	 By:
	 	 /s/ Michael Fine

	 Name:
	 	 Michael Fine

	 Title:
	 	 Director

	
	Bank of America, N.A., as Lender and as Syndication Agent
		
	 By:
	 	 /s/ Robert Anchundia

	 Name:
	 	 Robert Anchundia

	 Title:
	 	 Vice President

	
	 KeyBank National Association, as Lender

		
	 By:
	 	 /s/ Nadine M. Eames

	 Name:
	 	 Nadine M. Eames

	 Title:
	 	 Vice President

	
	National City Bank, a national banking association, as Issuer
		
	 By:
	 	 /s/ Joseph Kwasny

	 Name:
	 	 Joseph Kwasny

	 Title:
	 	 Senior Vice President

 ACKNOWLEDGMENT 
  

					
	COMMONWEALTH/STATE OF PENNSYLVANIA	  	)	  	
		  	)	  	SS:
	COUNTY OF DELAWARE	  	)	  	

 On this, the 4th day of April, 2006, before me, a Notary Public, the undersigned officer,
personally appeared Michael T. Kennedy who acknowledged himself to be the President and CEO of Radnor Holdings Corporation, a Delaware corporation, (the “Company”), and that he as such officer, being authorized to do so, executed the
foregoing instrument for the purposes therein contained by himself as such officer on behalf the Company. 
 IN WITNESS WHEREOF, I hereunto
set my hand and official seal. 
  

	
	
	 /s/ Susan E. Dear

	Notary Public

  

			
	Commission expires January 8, 2009.	  	Notarial Seal
		  	Susan E. Dear, Notary Public
		  	Bethel Twp., Delaware County
		  	My Commission Expires January 8, 2009

 ACKNOWLEDGMENT 
  

					
	COMMONWEALTH/STATE OF PENNSYLVANIA	  	)	  	
		  	)	  	SS:
	COUNTY OF DELAWARE	  	)	  	

 On this, the 4th day of April, 2006, before me, a Notary Public, personally appeared Paul D.
Ridder who acknowledged himself to be the Vice President and CFO of Radnor Chemical Corporation, a Delaware corporation (the “Sole Member”), the sole member of StyroChem GP, L.L.C., a Delaware limited liability company (the “General
Partner”), the general partner of StyroChem U.S., Ltd., a Texas limited partnership (the “Partnership”), and that he, as such officer of the Sole Member of the General Partner, executed the foregoing instrument for the purposes
therein contained by signing his name on behalf of the Sole Member. 
 IN WITNESS WHEREOF, I hereunto set my hand and official seal.

  

	
	/s/ Susan E. Dear
	Notary Public

  

			
	Commission expires January 8, 2009.	  	Notarial Seal
		  	Susan E. Dear, Notary Public
		  	Bethel Twp., Delaware County
		  	My Commission Expires January 8, 2009

 ACKNOWLEDGMENT 
  

					
	COMMONWEALTH/STATE OF PENNSYLVANIA	  	)	  	
		  	)	  	SS:
	COUNTY OF DELAWARE	  	)	  	

 On this, the 4th day of April, 2006, before me, a Notary Public, the undersigned officer,
personally appeared Michael T. Kennedy who acknowledged himself to be the President of Wincup Holdings, Inc., a Delaware corporation (the “Company”), and that he as such officer, being authorized to do so, executed the foregoing instrument
for the purposes therein contained by himself as such officer on behalf the Company. 
 IN WITNESS WHEREOF, I hereunto set my hand and
official seal. 
  

	
	/s/ Susan E. Dear
	Notary Public

  

			
	Commission expires January 8, 2009.	  	Notarial Seal
		  	Susan E. Dear, Notary Public
		  	Bethel Twp., Delaware County
		  	My Commission Expires January 8, 2009

 ACKNOWLEDGMENT 
  

					
	COMMONWEALTH/STATE OF PENNSYLVANIA	  	)	  	
		  	)	  	SS:
	COUNTY OF DELAWARE	  	)	  	

 On this, the 4th day of April, 2006, before me, a Notary Public, personally appeared Michael T.
Kennedy who acknowledged himself to be the President of Wincup Holdings, Inc., a Delaware corporation (the “Sole Member”), the sole member of WinCup GP, L.L.C., a Delaware limited liability company (the “General Partner”), the
general partner of WinCup Texas, Ltd., a Texas limited partnership (the “Partnership”), and that he, as such officer of the Sole Member of the General Partner, executed the foregoing instrument for the purposes therein contained by signing
his name on behalf of the Sole Member. 
 IN WITNESS WHEREOF, I hereunto set my hand and official seal. 
  

	
	/s/ Susan E. Dear
	Notary Public

  

			
	Commission expires January 8, 2009.	  	Notarial Seal
		  	Susan E. Dear, Notary Public
		  	Bethel Twp., Delaware County
		  	My Commission Expires January 8, 2009

 ACKNOWLEDGMENT 
  

					
	COMMONWEALTH/STATE OF PENNSYLVANIA	  	)	  	
		  	)	  	SS:
	COUNTY OF DELAWARE	  	)	  	

 On this, the 4th day of April, 2006, before me, a Notary Public, the undersigned officer,
personally appeared Paul D. Ridder who acknowledged himself to be the President of Radnor Chemical Corporation, a Delaware corporation (the “Company”), and that he as such officer, being authorized to do so, executed the foregoing
instrument for the purposes therein contained by himself as such officer on behalf the Company. 
 IN WITNESS WHEREOF, I hereunto set my hand
and official seal. 
  

	
	/s/ Susan E. Dear
	Notary Public

  

			
	Commission expires January 8, 2009.	  	Notarial Seal
		  	Susan E. Dear, Notary Public
		  	Bethel Twp., Delaware County
		  	My Commission Expires January 8, 2009

 ACKNOWLEDGMENT 
  

					
	COMMONWEALTH/STATE OF PENNSYLVANIA	  	)	  	
		  	)	  	SS:
	COUNTY OF DELAWARE	  	)	  	

 On this, the 4th day of April, 2006, before me, a Notary Public, the undersigned officer,
personally appeared Paul D. Ridder who acknowledged himself to be the President of StyroChem Delaware, Inc., a Delaware corporation (the “Company”), and that he as such officer, being authorized to do so, executed the foregoing instrument
for the purposes therein contained by himself as such officer on behalf the Company. 
 IN WITNESS WHEREOF, I hereunto set my hand and
official seal. 
  

	
	/s/ Susan E. Dear
	Notary Public

  

			
	Commission expires January 8, 2009.	  	Notarial Seal
		  	Susan E. Dear, Notary Public
		  	Bethel Twp., Delaware County
		  	My Commission Expires January 8, 2009

 ACKNOWLEDGMENT 
  

					
	COMMONWEALTH/STATE OF PENNSYLVANIA	  	)	  	
		  	)	  	SS:
	COUNTY OF DELAWARE	  	)	  	

 On this, the 4th day of April, 2006, before me, a Notary Public, personally appeared Paul D.
Ridder who acknowledged himself to be the President of Radnor Chemical Corporation, a Delaware corporation (the “Sole Member”), the sole member of StyroChem GP, L.L.C., a Delaware limited liability company (the “Company”) and
that he, as such officer of the Sole Member of the Company, executed the foregoing instrument for the purposes therein contained by signing his name on behalf of the Company. 
 IN WITNESS WHEREOF, I hereunto set my hand and official seal. 
  

	
	/s/ Susan E. Dear
	Notary Public

  

			
	Commission expires January 8, 2009.	  	Notarial Seal
		  	Susan E. Dear, Notary Public
		  	Bethel Twp., Delaware County
		  	My Commission Expires January 8, 2009

 ACKNOWLEDGMENT 
  

					
	COMMONWEALTH/STATE OF PENNSYLVANIA	  	)	  	
		  	)	  	SS:
	COUNTY OF DELAWARE	  	)	  	

 On this, the 4th day of April, 2006, before me, a Notary Public, personally appeared Paul D.
Ridder who acknowledged himself to be the President of Radnor Chemical Corporation, a Delaware corporation (the “Sole Member”), the sole member of StyroChem LP, L.L.C., a Delaware limited liability company (the “Company”) and
that he, as such officer of the Sole Member of the Company, executed the foregoing instrument for the purposes therein contained by signing his name on behalf of the Company. 
 IN WITNESS WHEREOF, I hereunto set my hand and official seal. 
  

	
	/s/ Susan E. Dear
	Notary Public

  

			
	Commission expires January 8, 2009.	  	Notarial Seal
		  	Susan E. Dear, Notary Public
		  	Bethel Twp., Delaware County
		  	My Commission Expires January 8, 2009

 ACKNOWLEDGMENT 
  

					
	COMMONWEALTH/STATE OF PENNSYLVANIA	  	)	  	
		  	)	  	SS:
	COUNTY OF DELAWARE	  	)	  	

 On this, the 4th day of April, 2006, before me, a Notary Public, personally appeared Michael T.
Kennedy who acknowledged himself to be the President of Wincup Holdings, Inc., a Delaware corporation (the “Sole Member”), the sole member of WinCup GP, L.L.C., a Delaware limited liability company (the “Company”) and that he, as
such officer of the Sole Member of the Company, executed the foregoing instrument for the purposes therein contained by signing his name on behalf of the Company. 
 IN WITNESS WHEREOF, I hereunto set my hand and official seal. 
  

	
	/s/ Susan E. Dear
	Notary Public

  

			
	Commission expires January 8, 2009.	  	Notarial Seal
		  	Susan E. Dear, Notary Public
		  	Bethel Twp., Delaware County
		  	My Commission Expires January 8, 2009

 ACKNOWLEDGMENT 
  

					
	COMMONWEALTH/STATE OF PENNSYLVANIA	  	)	  	
		  	)	  	SS:
	COUNTY OF DELAWARE	  	)	  	

 On this, the 4th day of April, 2006, before me, a Notary Public, personally appeared Michael T.
Kennedy who acknowledged himself to be the President of Wincup Holdings, Inc., a Delaware corporation (the “Sole Member”), the sole member of WinCup LP, L.L.C., a Delaware limited liability company (the “Company”) and that he, as
such officer of the Sole Member of the Company, executed the foregoing instrument for the purposes therein contained by signing his name on behalf of the Company. 
 IN WITNESS WHEREOF, I hereunto set my hand and official seal. 
  

	
	/s/ Susan E. Dear
	Notary Public

  

			
	Commission expires January 8, 2009.	  	Notarial Seal
		  	Susan E. Dear, Notary Public
		  	Bethel Twp., Delaware County
		  	My Commission Expires January 8, 2009

 ACKNOWLEDGMENT 
  

					
	COMMONWEALTH/STATE OF PENNSYLVANIA	  	)	  	
		  	)	  	SS:
	COUNTY OF DELAWARE	  	)	  	

 On this, the 4th day of April, 2006, before me, a Notary Public, the undersigned officer,
personally appeared Paul D. Ridder who acknowledged himself to be the President of WinCup Europe Delaware, Inc., a Delaware corporation (the “Company”), and that he as such officer, being authorized to do so, executed the foregoing
instrument for the purposes therein contained by himself as such officer on behalf the Company. 
 IN WITNESS WHEREOF, I hereunto set my hand
and official seal. 
  

	
	/s/ Susan E. Dear
	Notary Public

  

			
	Commission expires January 8, 2009.	  	Notarial Seal
		  	Susan E. Dear, Notary Public
		  	Bethel Twp., Delaware County
		  	My Commission Expires January 8, 2009

 ACKNOWLEDGMENT 
  

					
	COMMONWEALTH/STATE OF PENNSYLVANIA	  	)	  	
		  	)	  	SS:
	COUNTY OF DELAWARE	  	)	  	

 On this, the 4th day of April, 2006, before me, a Notary Public, the undersigned officer,
personally appeared Paul D. Ridder who acknowledged himself to be the President of StyroChem Europe Delaware, Inc., a Delaware corporation (the “Company”), and that he as such officer, being authorized to do so, executed the foregoing
instrument for the purposes therein contained by himself as such officer on behalf the Company. 
 IN WITNESS WHEREOF, I hereunto set my hand
and official seal. 
  

	
	/s/ Susan E. Dear
	Notary Public

  

			
	Commission expires January 8, 2009.	  	Notarial Seal
		  	Susan E. Dear, Notary Public
		  	Bethel Twp., Delaware County
		  	My Commission Expires January 8, 2009

 Exhibits and Schedules Omitted

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