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Warrant Agreement - Nonvoting - Special Value Opportunities Fund LLC

 EXHIBIT 10.30 
 CONFIDENTIAL TREATMENT 
 PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED AND FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO THE REGISTRANT’S APPLICATION OBJECTING TO DISCLOSURE AND REQUESTING CONFIDENTIAL TREATMENT UNDER RULE 24b-2; THE OMITTED PORTIONS HAVE BEEN MARKED WITH BRACKETS. 
 THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES LAWS
AND, ACCORDINGLY, MAY NOT BE SOLD, TRANSFERRED, OR OTHERWISE DISPOSED OF EXCEPT (1) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR (2) PURSUANT TO AN APPLICABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF SUCH ACT AND SUCH LAWS. 
 WARRANT AGREEMENT 
 To Purchase Shares of Nonvoting Common Stock, par value $.10 per share of 
 RADNOR HOLDINGS CORPORATION 
 Dated as of October 27, 2005 (the “Effective Date”) 
 WHEREAS, Radnor Holdings Corporation, a Delaware corporation (the “Company”), has entered into a Purchase Agreement dated as of
the date hereof (the “Purchase Agreement”) with Special Value Expansion Fund, LLC, a Delaware limited liability company and Special Value Opportunities Fund, LLC, a Delaware limited liability company, and such purchasers are
entitled to receive warrants to purchase a number of shares equal to at least 6.875%, but not more than 15.625% of the shares outstanding (on a Fully Diluted Basis) as of the date hereof of the Company’s Effective Date Nonvoting Common Stock
(as defined below); and 
 WHEREAS, the Company desires to grant to Warrantholder, in consideration for its commitment under the
Purchase Agreement, the right to purchase shares of the Company’s Nonvoting Common Stock, $.10 par value per share (the “Nonvoting Common Stock”). 
 NOW, THEREFORE, in consideration of the Warrantholder’s execution of the Purchase Agreement and providing the financial accommodations provided for therein, and the mutual covenants and agreements
contained herein, the Company and the Warrantholder agree as follows: 
 1. GRANT OF THE RIGHT TO PURCHASE NONVOTING COMMON STOCK. 

The Company hereby grants to Special Value Opportunities Fund, LLC (the “Warrantholder”), and the Warrantholder is entitled, upon the
terms and subject to the conditions hereinafter set forth, to subscribe to and purchase, from the Company, at a purchase price per share equal to $0.01 (the “Exercise Price”) under this Warrant Agreement (“Warrant
Agreement” or this “Warrant”): 
 (a) From the date hereof until the Warrant Adjustment Date, three hundred
ninety-three (393) fully paid and non-assessable shares of the Nonvoting Common Stock (the “Initial Share Amount”); 

 (b) On the Warrant Adjustment Date, the Initial Share Amount shall be adjusted upward or downward to a
number of fully paid and non-assessable shares of the Nonvoting Common Stock, at the Exercise Price, equal to the following (the “2006 Adjusted Share Amount”):
[                                        ]

 (c) If the Warrantholder exercises this Warrant at any time prior to the Warrant Adjustment Date, such exercise is for an amount of shares
of Nonvoting Common Stock greater than 6.875% of the Effective Date Nonvoting Common Stock and a downward adjustment is required as set forth in Section 1(b)(i) or (ii) above, then the Warrantholder agrees promptly to return to the Company
the number of shares of Nonvoting Common Stock in excess of the 2006 Adjusted Share Amount (and the Company agrees promptly to return the Exercise Price paid for such returned shares of Nonvoting Common Stock after their return). 
 (d) Notwithstanding the foregoing, if the Company has not delivered its 2006 Audited Financial Statements to the Warrantholder by the Warrant Adjustment
Date, thereafter, the 2006 Adjusted Share Amount shall equal 15.625% of the Effective Date Nonvoting Common Stock. If the Company delivers the 2006 Audited Financial Statements to the Warrantholder prior to June 30, 2007, Section 1(b) will
again be applicable. If the Company fails to deliver the 2006 Audited Financial Statements by the Warrant Adjustment Date, but does deliver such financial statements by June 30, 2007, the Warrantholder shall return to the Company shares of
Nonvoting Common Stock received upon exercise of the Warrant during the Default Period to the extent such shares exceed the 2006 Adjusted Share Amount (and the Company agrees promptly to return the Exercise Price paid for such returned shares of
Nonvoting Common Stock after their return). 
 (e) The number of shares and Exercise Price for such shares set forth in subsections (a),
(b) and (d) above are subject to adjustment as provided in Section 8 hereof. 
 2. TERM OF THE WARRANT AGREEMENT. 
 Except as otherwise provided for herein, the term of this Warrant Agreement and the right to purchase Nonvoting Common Stock as granted herein shall
commence on the Effective Date and shall be exercisable for a period ending on the seventh (7th) anniversary of the Effective Date. 
 3. EXERCISE
OF THE PURCHASE RIGHTS. 
 (a) Exercise. The purchase rights set forth in this Warrant Agreement are exercisable by the
Warrantholder, in whole or in part, at any time, or from time to time, prior to the expiration of the term set forth in Section 2 above, by tendering to the Company at its principal office a notice of exercise in the form attached hereto as
Exhibit I (the “Notice of Exercise”), duly completed and executed. Promptly upon receipt of the Notice of Exercise and the payment of the Exercise Price in accordance with the terms set forth below, and in no event later than
five (5) business days thereafter, the Company shall issue to the Warrantholder a certificate for the number of shares of Nonvoting Common Stock purchased and shall execute the acknowledgment of exercise in the form attached hereto as
Exhibit II (the “Acknowledgment of Exercise”) indicating the number of shares which remain subject to future purchases, if any. Notwithstanding the foregoing, in the event that the Warrantholder elects to effect a Net
Issuance (as defined below), the Company and the Warrantholder shall execute, and shall effect such Net Issuance pursuant to, an exchange agreement in the form attached hereto as Exhibit III (the “Exchange Agreement”).

 The Exercise Price may be paid at the Warrantholder’s election either (i) by cash or check, or (ii) at any time on or after
the Company completes a registered public offering of its common stock (the “Common Stock”), by surrender of Warrants (“Net Issuance”) as determined below. 

 If the Warrantholder elects the Net Issuance method, the Company will issue Nonvoting Common Stock in
accordance with the following formula: 
  

					
	X	 	=	  	 Y(A-B)

		 		  	     A

  

					
	Where:	 	X =	  	    the number of shares of Nonvoting Common Stock to be issued to the Warrantholder.
			
		 	Y =	  	    the number of shares of Nonvoting Common Stock requested to be exercised under this Warrant Agreement.
			
		 	A =	  	    the fair market value of one (1) share of Common Stock at the time the net issuance election is made.
			
		 	B =	  	    the Exercise Price.

 For purposes of the above calculation, current fair market value of Common Stock shall mean with
respect to each share of Common Stock: 
 (i) if the exercise is in connection with an initial public offering of the
Company’s Common Stock, and if the Company’s Registration Statement relating to such public offering has been declared effective by the SEC, then the fair market value per share shall be the initial “Price to Public” of the
Common Stock specified in the final prospectus with respect to the offering; 
 (ii) if this Warrant is exercised after, and
not in connection with the Company’s initial public offering, and: 
 (a) if the Common Stock is traded on a securities
exchange, the fair market value shall be deemed to be the average of the closing prices over a ten (10) day period ending three days before the day the current fair market value of the Nonvoting Common Stock is being determined; or 

(b) if the Common Stock is traded over-the-counter, the fair market value shall be deemed to be the average of the closing bid and
asked prices quoted on the NASDAQ system (or similar system) over the ten (10) day period ending three days before the day the current fair market value of the Nonvoting Common Stock is being determined. 
 (iii) if at any time the Common Stock is not listed on any securities exchange or quoted in the NASDAQ system or over-the-counter market,
then the Exercise Price may be paid only by cash or check. 
 Upon partial exercise by either cash or Net Issuance, the Company shall
promptly issue an amended Warrant Agreement representing the remaining number of shares purchasable hereunder. All other terms and conditions of such amended Warrant Agreement shall be identical to those contained herein, including, but not limited
to, the Effective Date hereof. 
 (b) Exercise Prior to Expiration. Notwithstanding any other provision of this Warrant
Agreement and to the extent this Warrant is not previously exercised as to all Nonvoting Common Stock subject hereto, and if the fair market value of one share of Common Stock, calculated as set forth above, is greater than the Exercise Price then
in effect, this Warrant shall be deemed automatically exercised by Net Issuance pursuant to Section 3(a) above (even if not surrendered) immediately before its expiration. For purposes of such automatic exercise, the fair market value of one
share of Common Stock upon such expiration shall be determined pursuant to Section 3(a) above. To the extent this Warrant or any portion thereof is deemed automatically exercised pursuant to this Section 3(b), the Company agrees to
promptly notify the Warrantholder of the number of shares of Nonvoting Common Stock the Warrantholder is to receive by reason of such automatic exercise. 
 4. RESERVATION OF SHARES. 
 During the term of this Warrant Agreement, the Company will at all times have authorized
and reserved a sufficient number of shares of its Nonvoting Common Stock to provide for the exercise of the rights to purchase Nonvoting Common Stock as provided for herein. 

 5. NO FRACTIONAL SHARES OR SCRIP. 
 No fractional shares or scrip representing fractional shares shall be issued upon the exercise of the Warrant, but in lieu of such fractional shares the
Company shall make a cash payment therefor upon the basis of the Exercise Price then in effect. 
 6. NO RIGHTS AS STOCKHOLDER. 
 This Warrant Agreement alone does not entitle the Warrantholder to any voting rights or other rights as a stockholder of the Company prior to the
exercise of the Warrant. 
 7. WARRANTHOLDER REGISTRY. 
 The Company shall maintain a registry showing the name and address of the registered holder of this Warrant Agreement. 
 8. ADJUSTMENT RIGHTS. 
 The purchase price per share and the number of shares of Nonvoting Common Stock purchasable
hereunder are subject to adjustment, as follows: 
 (a) Merger and Sale of Assets. If at any time there shall be a capital
reorganization of the shares of the Company’s stock (other than a combination, reclassification, exchange or subdivision of shares otherwise provided for herein), or a merger or consolidation of the Company with or into another corporation
whether or not the Company is the surviving corporation, or the sale of all or substantially all of the Company’s properties and assets to any other person (hereinafter referred to as a “Merger Event”), then, as a part of such
Merger Event, lawful provision shall be made so that the Warrantholder shall thereafter be entitled to receive, upon exercise of the Warrant, the number of shares of stock, property, money or other securities of the successor corporation resulting
from such Merger Event, equivalent in value to that which would have been issuable if Warrantholder had exercised this Warrant immediately prior to the Merger Event. In any such case, appropriate adjustment (as determined in good faith by the
Company’s Board of Directors) shall be made in the application of the provisions of this Warrant Agreement with respect to the rights and interest of the Warrantholder after the Merger Event to the end that the provisions of this Warrant
Agreement (including adjustments of the Exercise Price and number of shares of Nonvoting Common Stock purchasable) shall be applicable to the greatest extent possible. 
 (b) Reclassification of Shares. If the Company at any time shall, by combination, reclassification, exchange or subdivision of securities or otherwise, change any of the securities as to which purchase
rights under this Warrant Agreement exist into the same or a different number of securities of any other class or classes, this Warrant Agreement shall thereafter represent the right to acquire such number and kind of securities as would have been
issuable as the result of such change with respect to the securities which were subject to the purchase rights under this Warrant Agreement immediately prior to such combination, reclassification, exchange, subdivision or other change. 

(c) Subdivision or Combination of Shares. If the Company at any time shall combine its Nonvoting Common Stock or its Class B Nonvoting
Common Stock, the number of shares exercisable under this Warrant Agreement shall be proportionately decreased (on a weighted average with regard to the class or classes of shares being adjusted) and the Exercise Price shall be proportionately
increased (on a weighted average with regard to the class or classes of shares being adjusted), and if the Company at any time shall subdivide its Nonvoting Common Stock or its Class B Nonvoting Common Stock, the number of shares exercisable under
this Warrant Agreement shall be proportionately increased (on a weighted average with regard to the class or classes of shares being adjusted)and the Exercise Price shall be proportionately decreased (on a weighted average with regard to the class
or classes of shares being adjusted). 
 (d) Stock Dividends. If the Company at any time shall pay a dividend payable in, or
make any other distribution (except any distribution specifically provided for in the foregoing subsections (a) or (b) or a distribution payable in cash or any other property other than capital stock) on the Company’s Nonvoting Common
Stock or its Class B Nonvoting Common Stock, then the number of shares exercisable under this Warrant Agreement shall be adjusted, from and after the record date of such dividend or distribution, to that number and type of shares of Nonvoting Common
Stock that would have been received by the holder of this Warrant had the Warrantholder exercised this Warrant immediately prior to the payment of such dividend or distribution. After such adjustment, such adjusted number of shares receivable upon
exercise of this Warrant shall be further adjusted from time as set forth in this Section 8. 

 (e) Notice of Amendments. The Company shall promptly provide the Warrantholder with any
restatement, amendment, modification or waiver of the Company’s Certificate of Incorporation that pertains to the Nonvoting Common Stock or the Class B Nonvoting Common Stock. 
 (f) Notice of Adjustments. If: (i) the Company shall declare any dividend or distribution upon its stock, whether in cash, property,
stock or other securities; (ii) the Company shall offer for subscription prorata to the holders of any class of its stock any additional shares of stock of any class or other rights; (iii) there shall be any Merger Event; (iv) there
shall be an initial public offering; or (v) there shall be any voluntary dissolution, liquidation or winding up of the Company; then, in connection with each such event, the Company shall send to the Warrantholder: (A) no later than the
date such notice, if any, is provided to the Company’s stockholders, written notice of the date on which the books of the Company shall close or a record shall be taken for such dividend, distribution, subscription rights (specifying the date
on which the holders of Nonvoting Common Stock or Class B Nonvoting Common Stock shall be entitled thereto) or for determining rights to vote in respect of such Merger Event, dissolution, liquidation or winding up; (B) in the case of any such
Merger Event, dissolution, liquidation or winding up, no later than the date such notice, if any, is provided to the Company’s stockholders, written notice of the date when the same shall take place (and specifying the date on which the holders
of Nonvoting Common Stock shall be entitled to exchange their Nonvoting Common Stock for securities or other property deliverable upon such Merger Event, dissolution, liquidation or winding up); and (C) in the case of a public offering, the
Company shall give the Warrantholder no later than the date such notice, if any, is provided to the Company’s stockholders, written notice prior to the effective date thereof. To the extent the foregoing provisions conflict with any term of the
Investor Rights Agreement (as defined below), the Investor Rights Agreement shall control. 
 Each such written notice shall set forth, in
reasonable detail, (i) the event requiring the adjustment, (ii) the amount of the adjustment, (iii) the method by which such adjustment was calculated, (iv) the Exercise Price, and (v) the number of shares subject to
purchase hereunder after giving effect to such adjustment, and shall be given by first class mail, postage prepaid, addressed to the Warrantholder, at the address as shown on the books of the Company. 
 (g) Timely Notice. Failure to timely provide such notice required by subsection (f) above shall entitle Warrantholder to retain the
benefit of the applicable notice period notwithstanding anything to the contrary contained in any insufficient notice received by Warrantholder. 
 9.
REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY . 
 (a) Reservation of Common Stock. The Nonvoting Common
Stock issuable upon exercise of the Warrantholder’s rights has been duly and validly reserved and, when issued in accordance with the provisions of this Warrant Agreement, will be validly issued, fully paid and non-assessable, and will be free
of any taxes, liens, charges or encumbrances of any nature whatsoever; provided, however, that the Nonvoting Common Stock issuable pursuant to this Warrant Agreement may be subject to restrictions on transfer under state and/or Federal securities
laws. The Company has made available to the Warrantholder true, correct and complete copies of its Charter and Bylaws, as amended. The issuance of certificates for shares of Nonvoting Common Stock upon exercise of the Warrant Agreement shall be made
without charge to the Warrantholder for any issuance tax in respect thereof, or other cost incurred by the Company in connection with such exercise and the related issuance of shares of Nonvoting Common Stock. The Company shall not be required to
pay any tax which may be payable in respect of any transfer involved and the issuance and delivery of any certificate in a name other than that of the Warrantholder. 
 (b) Due Authority. The execution and delivery by the Company of this Warrant Agreement and the performance of all obligations of the Company hereunder, including the issuance to Warrantholder of the
right to acquire the shares of Nonvoting Common Stock, have been duly authorized by all necessary corporate action on the part of the Company, and this Warrant Agreement is not inconsistent with the Company’s Charter or Bylaws, does not
contravene any law or governmental rule, regulation or order applicable to it, does not and will not contravene any provision of, or constitute a default under, any indenture, mortgage, contract, shareholders agreement, registration rights agreement
or other instrument to which it is a party or by which it is bound, and constitutes a legal, valid and binding agreement of the Company, enforceable in accordance with its terms. 
 10. TRANSFERS. 
 Subject to the terms and conditions contained in the Investor Rights
Agreement dated as of even date herewith (as amended from time to time, the “Investor Rights Agreement”) among the Company, the Warrantholder and other holders of the Company’s securities, this Warrant Agreement and all rights
hereunder are 

 
transferable in whole or in part by the Warrantholder and any successor transferee. The transfer shall be recorded on the books of the Company upon receipt
by the Company of a notice of transfer in the form attached hereto as Exhibit IV (the “Transfer Notice”), at its principal offices and the payment to the Company of all transfer taxes and other governmental charges imposed on
such transfer. 
 11. Registration Rights. Warrantholder shall be entitled, with respect to the shares of Nonvoting Common Stock issued
upon exercise hereof or the shares of Common Stock or other securities issued upon conversion of such Nonvoting Common Stock as the case may be, to all of the registration rights set forth in the Investor Rights Agreement. 
 12. DEFINITIONS. 
 (a) For the purposes of
this Warrant Agreement, the following terms shall have the meanings indicated: 
 “Acknowledgment of Exercise” shall have
the meaning given thereto in Section 3(a) hereof. 
 “Capital Stock” means, with respect to any Person, any common
stock, preferred stock and any other capital stock of such Person and shares, interests, participations or other ownership interest (however designated), of any Person and any rights (other than debt securities convertible into, or exchangeable for,
capital stock), warrants or options to purchase any of the foregoing, including (without limitation) each class of common stock and preferred stock of such Person if such Person is a corporation and each general and limited partnership interest of
such Person if such Person is a partnership. 
 “Capitalized Lease Obligation” means Indebtedness represented by obligations
under a lease that is required to be capitalized for financial reporting purposes in accordance with GAAP and the amount of such Indebtedness shall be the capitalized amount of such obligations determined in accordance with GAAP. 
 “Common Stock” shall have the meaning given thereto in Section 3(a) hereof. 
 “Company” shall have the meaning given thereto in the preambles hereof. 
 “Consolidated Interest Expense” means, for any period, the total interest expense of the Company and the Subsidiaries, on a consolidated
basis, plus, to the extent not included in such interest expense, (i) interest expense attributable to Capitalized Lease Obligations, (ii) amortization of debt discount and debt issuance cost, (iii) non-cash interest expense,
(iv) commissions, discounts and other fees and charges owed, in each case, with respect to letters of credit and bankers’ acceptance financing, (v) interest actually paid by the Company or any such Subsidiary under any guarantee of
Indebtedness, (vi) net costs associated with Hedging Obligations (including fees and amortization of discounts), and (vii) preferred stock dividends in respect of all redeemable stock of the Company held by Persons other than the Company
or a Subsidiary (to the extent reflected on the Company’s statement of income or operations for such period). 
 “Consolidated
Net Income” means, for any period, the aggregate net income (loss) of the Company and the Subsidiaries for such period determined on a consolidated basis in accordance with GAAP; provided that (i) the Net Income of any Person that
is not a Subsidiary of the Company but that is consolidated with the Company or a consolidated Subsidiary or is accounted for by the Company or a consolidated Subsidiary by the equity method of accounting shall be included only to the extent of the
amount of cash dividends or cash distributions actually paid to the Company or a consolidated Subsidiary, (ii) all gains and losses that are extraordinary or are either unusual or nonrecurring (including any gain or loss realized upon the
termination of any employee pension benefit plan and any gain or loss from the sale or other disposition of assets other than in the ordinary course of business or from the issuance or sale of any Equity Interests) shall be excluded; and
(iii) the net income from any entity acquired (whether by assets acquisition, merger, share purchase or otherwise) by the Company or any of the consolidated Subsidiaries from the date hereof until December 31, 2006 shall be excluded.

 “Default Period” shall having the meaning given thereto in Section 1(d) hereof. 
 “Effective Date” shall have the meaning given thereto in the heading of this Warrant Agreement. 
 “Effective Date Nonvoting Common Stock” shall mean, collectively and in sum, the Nonvoting Common Stock of the Company outstanding as of
the date hereof and the Class B Nonvoting Common Stock of the Company outstanding as of the date hereof, calculated on a Fully Diluted Basis; provided that (i) in the event of any combination, reclassification, exchange or subdivision of
or affecting the Nonvoting Common Stock or the class B Nonvoting Common Stock, the Effective Date Nonvoting Common Stock shall thereafter mean such number and 

 
kind of securities as the Effective Date Nonvoting Common Stock would represent upon such combination, reclassification, exchange, subdivision or other
change, (ii) upon a Merger Event, the Effective Date Nonvoting Common Stock shall thereafter mean such number of shares of stock, property, money or other securities of the successor corporation resulting from such Merger Event as the Effective
Date Nonvoting Common Stock would represent upon giving effect to such Merger Event, and (iii) in the event that the Company at any time shall make a distribution or pay a dividend payable in the Company’s Nonvoting Common Stock, Class B
Nonvoting Common Stock or any other Capital Stock of the Company, then the Effective Date Nonvoting Common Stock shall thereafter mean such number and kind of securities as the Effective Date Nonvoting Common Stock would represent upon payment of
such dividend or distribution. 
 “Equity Interests” means shares, interests, participations or other equivalents (however
designated) of Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 
 “Exchange Agreement” shall have the meaning given thereto in Section 3(a) hereof. 
 “Exercise Price” shall have the meaning given thereto in Section 1 hereof. 
 “Fully Diluted Basis” means, as of any date of determination, the sum of (a) the number of shares of Nonvoting Common Stock
outstanding as of such date of determination plus (b) the number of shares of Class B Nonvoting Common Stock outstanding as of such date of determination plus (c) the number of shares of Nonvoting Common Stock issuable upon the exercise,
conversion or exchange of all then-outstanding warrants, options, or other rights exercisable for, directly or indirectly, shares of Nonvoting Common Stock, whether at the time of issue or upon the passage of time or upon the occurrence of some
future event, and whether or not in the money as of such date of determination. 
 “GAAP” means accounting principles
generally accepted in the United States of America. 
 “Hedging Obligations” means the obligations of any Person or entity
pursuant to any swap or cap agreement, exchange agreement, collar agreement, option, futures or forward hedging contract or other similar agreement or arrangement designed to protect such Person or entity against fluctuations in interest rates.

 “Indebtedness” with respect to any Person means, at any time, without duplication, (i) all liabilities for borrowed
money and its redemption obligations in respect of mandatorily redeemable preferred stock, (ii) all liabilities for the deferred purchase price of property acquired by such Person (excluding accounts payable arising in the ordinary course of
business but including all liabilities created or arising under any conditional sale or other title retention agreement with respect to any such property), (iii) all synthetic lease obligations and all liabilities appearing on its balance sheet
in accordance with GAAP in respect of capital leases, (iv) all liabilities for borrowed money secured by any Lien with respect to any property owned by such Person (whether or not it has assumed or otherwise become liable for such liabilities);
and (v) all liabilities in respect of letters of credit or instruments serving a similar function issued or accepted for its account by banks and other financial institutions (whether or not representing obligations for borrowed money).
Indebtedness of any Person shall include all obligations of such Person of the character described in clauses (i) through (v) of the foregoing sentence to the extent such Person remains legally liable in respect thereof notwithstanding
that any such obligation is deemed to be extinguished under GAAP. Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture in which such Person is a general partner or a joint venturer, unless such Indebtedness
is, by its terms, non-recourse to the assets of such Person other than as a result of customary exclusions. 
 “Initial Share
Amount” shall have the meaning given thereto in Section 1(a) hereof. 
 “Investor Rights Agreement” shall have
the meaning given thereto in Section 10 hereof. 
 “Merger Event” shall have the meaning given thereto in
Section 8(a) hereof. 
 “Net Issuance” shall have the meaning given thereto in Section 3(a) hereof. 
 “Nonvoting Common Stock” shall have the meaning given thereto in the preambles hereof. 
 “Notice of Exercise” shall have the meaning given thereto in Section 3(a) hereof. 

 “Person” means any individual, corporation, partnership, limited partnership, limited
liability company, joint venture, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 
 “Purchase Agreement” shall have the meaning given thereto in the preambles hereof. 
 “Subsidiary” means, as to any Person, any corporation, association or other business entity in which such Person or one or more of its
Subsidiaries or such Person and one or more of its Subsidiaries owns sufficient equity or voting interests to enable it or them (as a group) ordinarily, in the absence of contingencies, to elect a majority of the directors (or Persons performing
similar functions) of such entity, and any partnership or joint venture if more than a 50% interest in the profits or capital thereof is owned by such Person or one or more of its Subsidiaries or such Person and one or more of its Subsidiaries.
Unless the context otherwise clearly requires, any reference to a “Subsidiary” is a reference to a Subsidiary of the Company. 
 “Transfer Notice” shall have the meaning given thereto in Section 10 hereof. 
 “2006 Adjusted Share
Amount” shall have the meaning given thereto in Section 1(b) hereof. 
 “2006 Audited Financial Statements”
means the audited consolidated financial statements of the Company and its consolidated Subsidiaries for the fiscal year ended December 29, 2006, duly certified by the Chief Financial Officer of the Company. 
 “2006 EBITDA” means the Consolidated Net Income of the Company and the Subsidiaries for the fiscal year ended December 29, 2006,
plus, without duplication, the following to the extent included in calculating such Consolidated Net Income: (i) Consolidated Interest Expense, (ii) consolidated income tax expense and (iii) consolidated depreciation and amortization
expense. 2006 EBITDA shall be calculated based on the 2006 Audited Financial Statements. 
 “Warrant” or “Warrant
Agreement” shall have the meaning given thereto in Section 1 hereof. 
 “Warrant Adjustment Date” means the
earlier of (i) the date that the Company delivers the 2006 Audited Financial Statements to the Warrantholder (which delivery shall be deemed to have occurred upon the Company’s filing of an annual report on Form 10-K containing the 2006
Audited Financial Statements with the United States Securities and Exchange Commission), and (ii) March 31, 2007. 
 “Warrantholder” shall have the meaning given thereto in Section 1 hereof. 
 (b) Capitalized terms used but
not defined herein shall have the respective meanings given thereto in the Purchase Agreement. 
 13. MISCELLANEOUS. 
 (a) Effective Date. The provisions of this Warrant Agreement shall be construed and shall be given effect in all respects as if it had been
executed and delivered by the Company on the date hereof. This Warrant Agreement shall be binding upon any successors or assigns of the Company. 
 (b) Attorneys’ Fees. In any litigation, arbitration or court proceeding between the Company and the Warrantholder relating hereto, the prevailing party shall be entitled to attorneys’ fees and expenses and all costs
of proceedings incurred in enforcing this Warrant Agreement. 
 (c) Governing Law. This Warrant Agreement shall be governed by
and construed for all purposes under and in accordance with the laws of the State of New York. 
 (d) Counterparts. This
Warrant Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 (e) Notices. Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal
delivery, facsimile transmission (provided that the original is sent by personal delivery or mail as hereinafter set forth) or seven (7) days after deposit in the United States mail, by registered or certified mail, addressed (i) to the
Warrantholder at 2951 28th Street, Suite 1000, Santa Monica, California 90405 Attn: General Counsel (and/or, if
by facsimile, (310) 566-1010); and (ii) to the Company at Radnor Financial 

 
Center, Suite 300, 150 Radnor Chester Road, Radnor, Pennsylvania 19087, Attention: Michael T. Kennedy (Fax: (610) 995-2697), with a copy to Duane Morris
LLP, 30 South 17th Street, Philadelphia, Pennsylvania 19103-4196, Attention: Thomas G. Spencer (Fax:
(215) 979-1020); or at such other address as any such party may subsequently designate by written notice to the other party. 
 (f)
Remedies. In the event of any default hereunder, the non-defaulting party may proceed to protect and enforce its rights either by suit in equity and/or by action at law, including but not limited to an action for damages as a result of
any such default, and/or an action for specific performance for any default where Warrantholder will not have an adequate remedy at law and where damages will not be readily ascertainable. The Company expressly agrees that it shall not oppose an
application by the Warrantholder or any other person entitled to the benefit of this Warrant Agreement requiring specific performance of any or all provisions hereof or enjoining the Company from continuing to commit any such breach of this Warrant
Agreement. 
 (g) No Impairment of Rights. The Company will not, by amendment of its Charter or through any other means, avoid
or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate in order to
protect the rights of the Warrantholder against impairment. The foregoing notwithstanding, the Company shall not be deemed to have impaired the Warrantholder’s rights hereunder if it amends its Charter, or the holders of the Nonvoting Common
Stock or Class B Nonvoting Common Stock waive rights thereunder, in a manner that does not affect the Warrantholder in a manner different from the effect that such amendments or waivers have on the rights of the holders of the Nonvoting Common Stock
or Class B Nonvoting Common Stock. 
 (h) Survival. The representations, warranties, covenants and conditions of the respective
parties contained herein or made pursuant to this Warrant Agreement shall survive the execution and delivery of this Warrant Agreement. 
 (i) Severability. In the event any one or more of the provisions of this Warrant Agreement shall for any reason be held invalid, illegal or unenforceable, the remaining provisions of this Warrant Agreement shall be unimpaired,
and the invalid, illegal or unenforceable provision shall be replaced by a mutually acceptable valid, legal and enforceable provision, which comes closest to the intention of the parties underlying the invalid, illegal or unenforceable provision.

 (j) Amendments. Any provision of this Warrant Agreement may be amended or waived by a written instrument signed by the
Company and by the Warrantholder, except as may otherwise be provided in the Purchase Agreement. 

 IN WITNESS WHEREOF, the parties hereto have caused this Warrant Agreement to be executed by its
officers thereunto duly authorized as of the Effective Date. 
  

									
	 COMPANY:
	 		 	RADNOR HOLDINGS CORPORATION
					
		 		 		 	 By:
	 	 /s/ Michael T. Kennedy

		 		 		 	 Title:
	 	 President and CEO

			
	 WARRANTHOLDER:
	 		 	SPECIAL VALUE OPPORTUNITIES FUND, LLC
					
		 		 		 	 By:
	 	 /s/ David Hollander

		 		 		 	 Title:
	 	 Authorized Person

  
  
  
  
  
 [EXHIBITS OMITTED]Deed of Trust - Business Highway 287 North

 EXHIBIT 10.31 
 THIS DOCUMENT WAS PREPARED 
 BY AND WHEN RECORDED, RETURN 
 BY MAIL TO: 
 Erika K. Del Duca, Esq. 
 Milbank, Tweed, Hadley & McCloy LLP 
 1 Chase Manhattan Plaza 
 New York, NY 10005-1413 
 DEED OF TRUST, ASSIGNMENT OF LEASES AND RENTS, 
 SECURITY AGREEMENT AND FIXTURE FILING 
 DEED OF TRUST, ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT AND FIXTURE FILING dated December 1, 2005 (together with any amendments or
modifications hereto in effect from time to time, the “Deed of Trust”), by STYROCHEM U.S., LTD., a Texas limited partnership, having an address c/o Radnor Holdings Corporation, Radnor Financial Center, 150 Radnor Chester
Road, Building A, Suite 300, Radnor, Pennsylvania 19087 (“Grantor”) in favor of COMMONWEALTH LAND TITLE OF FORT WORTH, INC., having an address at 777 Taylor Street, Suite 902, Fort Worth, TX 76102 (the
“Trustee”) for the benefit of TENNENBAUM CAPITAL PARTNERS, LLC, having an address of 2951 28th Street, Suite 1000, Santa Monica, CA 90405, in its capacity as collateral agent (together with its successors and assigns in such capacity, “Beneficiary”). 
 WITNESSETH: 
 WHEREAS, the Lenders (as defined in the Credit Agreement
(as defined below)) have extended, at the request of Radnor Holdings Corporation (the “Company”), $92,600,000 aggregate principal amount of Tranche A Loans (the “Tranche A Loans”) and $2,400,000 aggregate principal
amount of Tranche B Loans (the “Tranche B Loans”)(the Tranche A Loans and the Tranche B Loans are collectively referred herein as, the “Loans”); the total aggregate principal amount of the Loans not exceeding
ninety-five million dollars ($95,000,000) and which Loans are evidenced by the Tranche A Notes executed by the Company (the “Tranche A Notes”) and Tranche B Notes executed by the Company (the “Tranche B Notes”)
pursuant to that certain Credit Agreement, of even date herewith (the “Credit Agreement”), between the Company, the Company’s subsidiaries that provide guarantees under the Credit Agreement (the “Guarantors”),
the Lenders and Tennenbaum Capital Partners, LLC, as agent and collateral agent; 
 WHEREAS, the Company, the Guarantors, and
Beneficiary, as collateral agent, have entered into that certain Tranche A Security Agreement (the “Tranche A Security Agreement”) dated as of the date hereof pursuant to which the Company and the Guarantors have granted a security
interest in, and undertaken obligations with respect to, certain collateral and other property described therein; 
 WHEREAS, Grantor
is the owner of fee simple title to certain tract of land located at 11591 Business Highway 287 North, in the City of Fort Worth, County of Tarrant, State of Texas, as more particularly described in Schedule “A” attached hereto and
made a part hereof (the “Real Estate”); 

 WHEREAS, pursuant to the Credit Agreement, the Guarantors have unconditionally guaranteed the
repayment of the indebtedness evidenced and represented by the Tranche A Notes (the “Indebtedness”), as well as the payment, performance, observance and discharge by the Company of all obligations, covenants, conditions and
agreements made by the Company to, with, in favor of and for the benefit of Beneficiary or any of the Tranche A Lenders (as defined in the Credit Agreement) under the Credit Agreement and the Other Documents (as defined below); 
 WHEREAS, Beneficiary and the Tranche A Lenders, as a condition precedent to the transactions contemplated by the Credit Agreement, have required
that Grantor execute and deliver this Deed of Trust to the Trustee for the benefit of Beneficiary; and 
 WHEREAS, Grantor is one of
the Guarantors and Grantor will directly and substantially benefit from the transactions contemplated by the Credit Agreement. 
 GRANTING
CLAUSES 
 NOW, THEREFORE, to secure to Tranche A Lenders (i) the payment or performance and discharge of all sums due under
this Deed of Trust; (ii) the payment or performance and discharge of all terms, conditions and covenants, including the Secured Obligations, set forth in the Credit Agreement and the Other Documents, other than the payment of principal,
prepayment premium, if any, and interest on, the Tranche B Loans and the performance of the Guarantors with respect thereto; and (iii) the payment or performance and discharge of all other obligations or indebtedness of Grantor, the Company, or
the other Guarantors to Beneficiary or Tranche A Lenders of whatever kind or character and whenever borrowed or incurred under the Credit Agreement or the Other Documents, including without limitation, principal, prepayment premium, if any, and
interest (as the same may vary in accordance with the terms of the Credit Agreement) on the Tranche A Loans (but excluding the payment of principal, prepayment premium, if any, and interest on, the Tranche B Loans), fees, late charges and expenses,
including attorneys’ fees (subsections (i), (ii) and (iii) collectively, the “Liabilities”), Grantor DOES HEREBY GRANT, BARGAIN, SELL, CONVEY, TRANSFER, ASSIGN, MORTGAGE and SET OVER to Trustee, his/her
substitutes and assigns, for the benefit of Beneficiary and Tranche A Lenders, all right, title and interest of Grantor in and to the following (collectively, the “Property”): 
 (A) The Real Estate; 
 (B) Any and all
buildings and improvements now or hereafter erected on, under or over the Real Estate (the “Improvements”); 
 (C) Any and
all fixtures, machinery, equipment and other articles of real, personal or mixed property, belonging to Grantor, at any time now or hereafter installed in, attached to or situated in or upon the Real Estate, or the Improvements, or used or intended
to be used in connection with the Real Estate, or in the operation of the Improvements, plant, business or dwelling situate thereon, whether or not such real, personal or mixed property is or shall be affixed thereto, and all replacements,
substitutions and proceeds of the foregoing (all of the foregoing herein called the “Service Equipment”), including without limitation: (i) all appliances, furniture and furnishings; all articles of interior decoration, floor,
wall and window coverings; all office, restaurant, bar, kitchen and laundry fixtures, utensils, appliances and equipment; all supplies, tools and accessories; all storm and screen windows, shutters, doors, decorations, awnings, shades, blinds,
signs, trees, shrubbery and other plantings; (ii) all building service fixtures, machinery and equipment of any kind whatsoever; all lighting, heating, ventilating, air conditioning, refrigerating, sprinkling, plumbing, security, irrigating,
cleaning, incinerating, waste disposal, communications, alarm, fire prevention and extinguishing systems, fixtures, apparatus, 

  

 Page 2 

 
machinery and equipment; all elevators, escalators, lifts, cranes, hoists and platforms; all pipes, conduits, pumps, boilers, tanks, motors, engines,
furnaces and compressors; all dynamos, transformers and generators; (iii) all building materials, building machinery and building equipment delivered on site to the Real Estate during the course of, or in connection with any construction or
repair or renovation of the Improvements; (iv) all parts, fittings, accessories, accessions, substitutions and replacements therefor and thereof; and (v) all files, books, ledgers, reports and records relating to any of the foregoing;

 (D) Any and all leases, subleases, tenancies, licenses, occupancy agreements or agreements to lease all or any portion of the Real Estate,
Improvements, Service Equipment or all or any other portion of the Property and all extensions, renewals, amendments, modifications and replacements thereof, and any options, rights of first refusal or guarantees relating thereto (collectively, the
“Leases”); all rents, income, receipts, revenues, security deposits, escrow accounts, reserves, issues, profits, awards and payments of any kind payable under the Leases or otherwise arising from the Real Estate, Improvements,
Service Equipment or all or any other portion of the Property including, without limitation, minimum rents, additional rents, percentage rents, parking, maintenance and deficiency rents (collectively, the “Rents”); all of the
following personal property to the extent assignable (collectively referred to as the “Contracts”): all accounts, general intangibles and contract rights (including any right to payment thereunder, whether or not earned by
performance) of any nature relating to the Real Estate, Improvements, Service Equipment or all or any other portion of the Property or the use, occupancy, maintenance, construction, repair or operation thereof; all management agreements, franchise
agreements, utility agreements and deposits, building service contracts, maintenance contracts, construction contracts and architect’s agreements; all maps, plans, surveys and specifications; all warranties and guaranties; all permits, licenses
and approvals; and all insurance policies, books of account and other documents, of whatever kind or character, relating to the use, construction upon, occupancy, leasing, sale or operation of the Real Estate, Improvements, Service Equipment or all
or any other portion of the Property; 
 (E) Any and all estates, rights, tenements, hereditaments, privileges, easements, reversions,
remainders and appurtenances of any kind benefiting or appurtenant to the Real Estate, Improvements or all or any other portion of the Property; all means of access to and from the Real Estate, Improvements or all or any other portion of the
Property, whether public or private; all streets, alleys, passages, ways, water courses, water and mineral rights relating to the Real Estate, Improvements or all or any other portion of the Property; all rights of Grantor as declarant or unit owner
under any declaration of condominium or association applicable to the Real Estate, Improvements or all or any other portion of the Property including, without limitation, all development rights and special declarant rights; and all other claims or
demands of Grantor, either at law or in equity, in possession or expectancy of, in, or to the Real Estate, Improvements or all or any other portion of the Property (all of the foregoing described in this subsection E herein called the
“Appurtenances”); and 
 (F) Any and all “proceeds” of any of the above-described Real Estate, Improvements,
Service Equipment, Leases, Rents, Contracts and Appurtenances, which term “proceeds” shall have the meaning given to it in the Uniform Commercial Code, as amended, (the “Code”) of the State in which the Real Estate is
located (collectively, the “Proceeds”) and shall additionally include whatever is received upon the use, lease, sale, exchange, transfer, collection or other utilization or any disposition or conversion of any of the Real Estate,
Improvements, Service Equipment, Leases, Rents, Contracts and Appurtenances, voluntary or involuntary, whether cash or non-cash, including, subject to the terms of this Deed of Trust, proceeds of insurance and condemnation awards, rental or lease
payments, accounts, chattel paper, instruments, documents, contract rights, general intangibles, equipment and inventory. 
  

 Page 3 

 TO HAVE AND TO HOLD the above granted and conveyed Property unto and to the proper use and benefit
of Trustee, its successors and assigns, in trust, forever, to secure the payment and performance of the Liabilities. 
 IN TRUST, WITH THE
POWER OF SALE, to secure payment and performance to Beneficiary of the Liabilities at the time and in the manner provided for its payment in the Credit Agreement and in this Deed of Trust. 
 PROVIDED, HOWEVER, these presents are upon the express condition that, if Grantor shall well and truly perform and pay to Beneficiary the
Liabilities at the time and in the manner provided in the Credit Agreement, this Deed of Trust and the Other Documents, and shall well and truly perform the Liabilities as set forth in the Credit Agreement, this Deed of Trust and the Other Documents
and shall well and truly abide by and comply with each and every covenant and condition set forth herein and in the Credit Agreement and the Other Documents, these presents and the estate hereby granted shall cease, terminate and be void and
Beneficiary shall release the lien and security interest created by this Deed of Trust upon the request of and at the sole cost and expense of Grantor; provided, however, that any obligation of Grantor to indemnify and hold harmless Beneficiary
pursuant to the Credit Agreement, this Deed of Trust and/or the Other Documents, to the extent specified herein or therein to survive, and any other obligation that is specifically agreed to survive such full repayment, performance and release and
shall survive any such payment, performance or release. 
 All capitalized terms not otherwise defined herein shall have the meaning ascribed
to them in the Tranche A Security Agreement. To the extent of any inconsistency between the terms hereof and the terms of the Tranche A Security Agreement, the terms of the Tranche A Security Agreement shall control, except that with respect to the
remedies of a Trustee under the law of the State of Texas, the terms of this Deed of Trust shall govern; provided, however, that Grantor and Trustee expressly agree that no conflict shall be deemed to exist where one document imposes a
stricter obligation than another, so long as compliance with the stricter obligation does not make compliance with the less strict obligation impossible. This Deed of Trust, the Tranche A Security Agreement, the other Collateral Documents (as
defined in the Credit Agreement) and any other instrument given to evidence or further secure the payment and performance of any of the Liabilities are sometimes hereinafter collectively referred to as the “Other Documents”.

 The present principal amount of the Liabilities secured hereby is $92,600,000; the maximum principal amount, including present and future
Liabilities, which may be secured hereby at any one time is $92,600,000, plus interest, plus prepayment premium, if any, plus any disbursements and taxes and insurance on the Property and any other sums advanced in accordance with the terms hereof
or the Credit Agreement or any of the Other Documents to protect the security of this Deed of Trust, the Credit Agreement or any of the Other Documents, plus interest on such disbursements and advances at the rates set forth in the Credit Agreement
(the “Secured Amount”). For purposes of this Deed of Trust, so long as the aggregate principal balance of the Liabilities outstanding equals or exceeds the Secured Amount, the amount of the Liabilities secured by this Deed of Trust
shall at all times equal only the Secured Amount. The Secured Amount shall be reduced only by the last and final sums that are repaid with respect to the Liabilities so as to make the aggregate principal balance of the Liabilities equal to an amount
less than the Secured Amount, and shall not be reduced by any intervening repayments of the Liabilities. The parties acknowledge and agree that this Deed of Trust does not secure the Tranche B Loans as evidenced by the Tranche B Notes or the
obligations of the Guarantors under the Credit Agreement with respect to the Tranche B Loans. 
  

 Page 4 

 AND Grantor covenants and agrees with and represents to Trustee as follows: 
 1. FUTURE ADVANCES; PROTECTION OF PROPERTY. This Deed of Trust shall secure any additional loans as well as any and all present or future advances and
re-advances under the Credit Agreement or any other Liabilities made by Beneficiary or any Tranche A Lender to or for the benefit of Grantor, the Company, the other Guarantors or the Property, including, without limitation: (a) principal,
interest, late charges, fees and other amounts due under the Credit Agreement, the Other Documents or this Deed of Trust; (b) all advances by Beneficiary to Grantor or any other person to pay costs of erection, construction, alteration, repair,
restoration, maintenance and completion of any Improvements; (c) all advances made or costs incurred by Beneficiary for the payment of real estate taxes, assessments or other governmental charges, maintenance charges, insurance premiums,
appraisal charges, environmental inspection, audit, testing or compliance costs, and costs incurred by Beneficiary for the enforcement and protection of the Property or the lien of this Deed of Trust; and (d) all legal fees, costs and other
expenses incurred by Beneficiary and/or Trustee by reason of any default or otherwise in connection with the Liabilities. Grantor agrees that if, at any time during the term of this Deed of Trust or following a foreclosure hereof (whether before or
after the entry of a judgment of foreclosure), Grantor fails to perform or observe any covenant or obligation under this Deed of Trust including, without limitation, payment of any of the foregoing, Trustee may (but shall not be obligated to) take
such steps as are reasonably necessary to remedy any such nonperformance or nonobservance and provide payment thereof. All amounts advanced by Trustee or Beneficiary shall be added to the amount secured by this Deed of Trust (and, if advanced after
the entry of a judgment of foreclosure, by such judgment of foreclosure), and shall be due and payable on demand, together with interest at the rate borne by the Tranche A Loans, such interest to be calculated from the date of such advance to the
date of repayment thereof. 
 2. REPRESENTATIONS, WARRANTIES AND COVENANTS. 
 2.1. Payment and Performance. Grantor shall (a) pay all sums required to be paid by Grantor under the Credit Agreement and the Other
Documents, in accordance with their stated terms and conditions; (b) perform and comply with all terms, conditions and covenants set forth in the Credit Agreement and each of the Other Documents by which Grantor is bound; and (c) perform
and comply with all of Grantor’s obligations and duties as landlord under any Leases. 
 2.2. Seisin and Warranty. Grantor
hereby warrants that (a) Grantor is seized of an indefeasible estate in fee simple in, and warrants the title to, the Real Estate and the Improvements subject only to those exceptions more particularly described in the title pro forma Policy
No. 2211001053.M issued by Commonwealth Land Title Insurance Company and accepted by Beneficiary in connection with this transaction (the “Permitted Exceptions”); (b) Grantor has the right, full power and lawful authority to
warrant, grant, bargain, sell, convey, transfer, assign and set over the same to Trustee in the manner and form set forth herein; and (c) this Deed of Trust is a valid and enforceable first lien on the Property. Grantor hereby covenants that
Grantor shall (a) preserve such title and the validity and priority of the lien of this Deed of Trust and shall forever warrant and defend the same, subject to the Permitted Exceptions, to Trustee against all lawful claims whatsoever; and
(b) execute, acknowledge and deliver all such further documents or assurances as may at any time hereafter be required by Deed of Trust to protect fully the lien of this Deed of Trust. 
 2.3. Insurance. 
 (a) Grantor shall obtain and maintain at all times throughout the term of this Deed of Trust the following insurance: (i) insurance in accordance with the terms of the Credit Agreement; 

  

 Page 5 

 
(ii) “All-Risk” fire and extended coverage hazard insurance (non-reporting Commercial Property Policy with Special Cause of Loss form)
covering the Property in an aggregate amount not less than 100% of the agreed upon full insurable replacement value of the tangible Property, including coverage for loss of rents or business interruption and excluding roads, foundations, parking
areas, walkways and like improvements to the extent customarily excluded from policies being issued by insurers of similarly situated properties; (iii) during the course of any construction, reconstruction, remodeling or repair of any
Improvements, builders’ all-risk extended coverage insurance (non-reporting Completed Value with Special Cause of Loss form) in amounts based upon the completed replacement value of the Improvements (excluding roads, foundations, parking areas,
paths, walkways and like improvements) and endorsed to provide that occupancy by any person shall not void such coverage; and (iv) if the Improvements are required to be insured pursuant to the National Flood Insurance Reform Act of 1994, and
the regulations promulgated thereunder, flood insurance in an amount at least equal to the lesser of the agreed upon full insurable replacement value of the Improvements or the maximum limit of coverage available. 
 (b) Each insurance policy required under this Section shall: (i) be written by an insurance company authorized or licensed to do
business in the state within which the Real Estate is located having an Alfred M. Best Company, Inc. rating of “A-” or higher and a financial size category of not less than IX; (ii) be for terms of a least one year, with premium
prepaid; (iii) be subject to the reasonable approval of Beneficiary as to insurance companies, amounts, content, forms of policies and expiration dates; and (iv) name Beneficiary, Trustee, their successors and assigns: (1) as
additional insureds under all liability insurance policies, and (2) as the first mortgagee, under a standard non-contributory mortgagee clause, on all property insurance policies and all loss of rents or loss of business income insurance
policies. 
 (c) Grantor further agrees that each insurance policy: (i) shall provide at least thirty (30)
days’ prior written notice to Beneficiary prior to any policy reduction or cancellation for any reason; (ii) shall contain an endorsement or agreement by the insurer that any loss shall be payable to Beneficiary in accordance with the
terms of such policy notwithstanding any act or negligence of Grantor which might otherwise result in forfeiture of such insurance; (iii) shall waive all rights of setoff, counterclaim, deduction or subrogation against Grantor; and
(iv) shall exclude Beneficiary from the operation of any coinsurance clause. 
 (d) On or before the date hereof, Grantor
will deliver to Beneficiary certificates of insurance reasonably satisfactory to Beneficiary evidencing the existence of all insurance required to be maintained by Grantor hereunder setting forth the respective coverages, limits of liability,
carrier, policy number and period of coverage and showing that such insurance will remain in effect through the December 31 falling at least six months after the date hereof, subject only to the payment of premiums as they become due, together
with an Officers Certificate stating that such insurance complies with the provisions hereof. At least thirty (30) days prior to the expiration of any insurance policy, Grantor shall furnish evidence satisfactory to Beneficiary that such policy
has been renewed or replaced or is no longer required. Nothing in this Section 2.3 shall be deemed to limit in any respect the obligations of the Grantor under any applicable provision of the Tranche A Security Agreement. 
 2.4. Transfer of Title. Except as expressly provided in the Credit Agreement, without the prior written consent of Beneficiary in each
instance, Grantor shall not cause or permit any transfer of the Property or any part thereof, whether voluntarily, involuntarily (other than by reason of condemnation) or by operation of law, nor shall Grantor enter into any agreement or transaction
to transfer, or accomplish in form or substance a transfer, of the Property. A “transfer” of the Property includes: (a) the direct or indirect sale, transfer or conveyance of the Property or any portion thereof or interest
therein; (b) the 

  

 Page 6 

 
execution of an installment sale contract or similar instrument affecting all or any portion of the Property; (c) if Grantor, or any general partner or
member of Grantor, is a corporation, partnership, limited liability company or other business entity, the transfer (whether in one transaction or a series of transactions) of any stock, partnership, limited liability company or other ownership
interests in such corporation, partnership, limited liability company or entity other than the transfer of any such interest between or among the members of Grantor, or to the estate of its current owner, upon the death of such owner; (d) if
Grantor, or any general partner or member of Grantor, is a corporation, the creation or issuance of new stock by which an aggregate of more than 10% of such corporation’s stock shall be vested in a party or parties who are not now stockholders;
and (e) an agreement by Grantor leasing all or a substantial part of the Property for other than actual occupancy by a space tenant thereunder or a sale, assignment or other transfer of or the grant of a security interest in and to any Leases.

 2.5. No Encumbrances. Except as permitted in the Credit Agreement and for the Permitted Exceptions, Grantor shall not create
or permit to exist any mortgage, deed of trust, pledge, lien, security interest (including, without limitation, a purchase money security interest), encumbrance, attachment, levy, distraint or other judicial process on or against the Property or any
part thereof (including, without limitation, fixtures and other personalty), whether superior or inferior to the lien of this Deed of Trust. 
 2.6. Removal of Fixtures. Except as permitted in the Credit Agreement or the Tranche A Security Agreement, Grantor shall not remove or permit to be removed from the Real Estate any fixtures presently or in the future owned by
Grantor as the term “fixtures” is defined by the law of the state where the Property is located (unless such fixtures have been replaced with similar fixtures of equal or greater utility and value). 
 2.7. Compliance with Applicable Laws. Grantor agrees to observe, conform and comply, and to cause its tenants to observe, conform and
comply in all material respects with all applicable federal, state, county, municipal and other governmental or quasi-governmental laws, rules, regulations, ordinances, codes, requirements, covenants, conditions, orders, licenses, permits, approvals
and restrictions, including without limitation, Environmental Laws (as defined below) and the Americans with Disabilities Act of 1990 (collectively, the “Legal Requirements”), now or hereafter affecting all or any part of the
Property, its occupancy or the business or operations now or hereafter conducted thereon and the personalty contained therein, within such time as required by such Legal Requirements to the extent the non-observance, non-conformance or
non-compliance with the Legal Requirements could have a Material Adverse Effect. Grantor represents and warrants that the Property currently is in compliance in all material respects with all Legal Requirements applicable to the Property.

 2.8. Damage, Destruction and Condemnation. 
 (a) If all or any part of the Property shall be damaged or destroyed, or if title to or the temporary use of the whole or any part of the
Property shall be taken or condemned by a competent authority for any public or quasi-public use or purpose, subject to the terms of the Credit Agreement, there shall be no abatement or reduction in the amounts payable by Grantor under the Credit
Agreement and Grantor shall continue to be obligated to make such payments. 
 (b) If all or any part of the Property is
partially or totally damaged or destroyed, Grantor shall give prompt notice thereof to Beneficiary, and Beneficiary may make proof of loss if not made promptly by Grantor. Grantor hereby authorizes and directs any affected insurance company to make
payment in excess of $500,000 under such insurance, including return of unearned premiums, to Beneficiary instead of to Grantor and Beneficiary jointly, and Grantor appoints Beneficiary as Grantor’s attorney-in-fact to endorse any draft
thereof, which appointment, being for security, is coupled with an 

  

 Page 7 

 
interest and irrevocable. Beneficiary is hereby authorized and empowered by Grantor to settle, adjust or compromise, any claim for loss, damage or
destruction to the Property if Grantor does not promptly settle, adjust or compromise such claim. Grantor shall pay all costs of collection of insurance proceeds payable on account of such damage or destruction. Grantor shall have no claim against
the insurance proceeds, or be entitled to any portion thereof, and all rights to the insurance proceeds are hereby assigned to Beneficiary as security for payment of the Liabilities. Beneficiary and Grantor shall pay or apply all or any part of the
insurance proceeds in accordance with the terms of the Credit Agreement. 
 (c) Promptly upon obtaining knowledge of the
institution of any proceeding for the condemnation of all or any part of the Property, Grantor shall give notice to Beneficiary. Grantor shall, at its sole cost and expense, diligently prosecute any such proceeding and shall consult with
Beneficiary, its attorneys and experts, and shall cooperate with it in the defense of any such proceeding. Beneficiary may participate in any such proceeding and Grantor shall from time to time deliver to Beneficiary all instruments requested by it
to permit such participation. Grantor shall not, without Beneficiary’s prior written consent in accordance with the Credit Agreement, enter into any agreement (i) for the taking or conveyance in lieu thereof of all or any part of the
Property, or (ii) to compromise, settle or adjust any such proceeding. All awards and proceeds of condemnation in excess of $500,000 are hereby assigned to Beneficiary, and Grantor, upon request by Beneficiary, agrees to make, execute and
deliver any additional assignments or documents necessary from time to time to enable Beneficiary to collect the same. Such awards and proceeds shall be paid or applied by Beneficiary and Grantor, in accordance with the applicable provisions of the
Credit Agreement. 
 (d) Nothing herein shall relieve Grantor of its duty to repair, restore, rebuild or replace the Property
following damage or destruction or partial condemnation if no or inadequate insurance proceeds or condemnation awards are available to defray the cost of repair, restoration, rebuilding or replacement. 
 (e) Nothing in this Section 2.8 shall be deemed to limit in any respect the obligations of the Grantor under any applicable provision
of the Credit Agreement or Other Documents. In the event of any conflict between the terms of this Section 2.8 and the terms of the Credit Agreement, the term of the Credit Agreement shall apply. 
 2.9. Required Notices. Grantor shall notify Beneficiary within five (5) days of: (a) receipt of any notice from any governmental
or quasi-governmental authority relating to the structure, use or occupancy of the Property or alleging a violation of any Legal Requirement; (b) a substantial change in the occupancy or use of all or any part of the Property; (c) receipt
of any default notice from the holder of any lien or security interest in all or any part of the Property; (d) commencement of any litigation that could have a Material Adverse Effect; (e) a pending or threatened condemnation of all or any
part of the Property; (f) a fire or other casualty causing damage in excess of $10,000 to all or any part of the Property; (g) receipt of any notice with regard to any Release of Hazardous Substances (as such terms are defined below) or
any other environmental matter which could have a Material Adverse Effect; (h) receipt of any request for information, demand letter or notification of potential liability from any entity relating to potential responsibility for investigation
or clean-up of Hazardous Substances on the Property or at any other site owned or operated by Grantor; (i) receipt of any notice from any tenant of all or any part of the Property alleging a default, failure to perform or any right to terminate
its lease or to set-off rents; or (j) receipt of any notice of the imposition of, or of threatened or actual execution on, any lien on or security interest in all or any part of the Property. 
 3. SECURITY AGREEMENT. This Deed of Trust (i) shall be construed as a Deed of Trust on real property, and (ii) shall also constitute and serve as
a “Security Agreement” on personal property 

  

 Page 8 

 
within the meaning of the Code, and shall evidence until the grant of this Deed of Trust shall terminate, a first and prior security interest under the Code
as to property within the scope thereof and in the state where the Property is situated with respect to the Service Equipment, fixtures, Contracts, Rents and Leases. To this end, Grantor GRANTS to, has GRANTED, BARGAINED, CONVEYED, ASSIGNED,
TRANSFERRED and SET OVER, and by these presents does GRANT, BARGAIN, CONVEY, ASSIGN, TRANSFER and SET OVER, unto Trustee and Beneficiary, a first and prior security interest and all of Grantor’s right, title and interest in, to, under and with
respect to the Service Equipment, fixtures, Contracts, Rents, Leases and Proceeds to secure the full and timely payment of the Tranche A Notes, and the full and timely performance and discharge of the Liabilities. It is the intent of Grantor,
Beneficiary and Trustee that this Deed of Trust encumber all Leases and that all items contained in the definition of “Leases” which are included within the Code be covered by the security interest granted in this Section 3;
and all items contained in the definition of “Leases” which are excluded from the Code be covered by the provisions of the grant to Trustee herein. Grantor hereby agrees with Beneficiary to deliver to Beneficiary, in form and substance
reasonably satisfactory to Beneficiary, such “Financing Statements”, as such term is used in the Code, and execute and deliver such further assurances as Beneficiary may, from time to time, reasonably consider necessary to create, perfect,
and preserve Beneficiary’s security interest herein granted, and Tranche A Lenders may cause such statements and assurances to be recorded and filed, as such times and places as may be required or permitted by law to so create, perfect and
preserve such security interest. Grantor authorizes Beneficiary to file such Financing Statements describing such parts of the Property as Beneficiary may desire. This Deed of Trust shall also constitute a “fixture filing” for the purposes
of the Code. All or part of the Property are or are to become fixtures; information concerning the security interest herein granted may be obtained from either party at the address of such party set forth herein. For purposes of the security
interest herein granted, the addresses of debtor (Grantor) and the secured party (Beneficiary) are set forth in the first paragraph of this Deed of Trust. 
 4. ASSIGNMENT OF LEASES. 
 4.1. Assignment: For good and valuable consideration, including the
indebtedness evidenced by the Tranche A Notes, the receipt and sufficiency of which are hereby acknowledged and confessed, Grantor has absolutely GRANTED, BARGAINED, SOLD and CONVEYED, and by these presents does absolutely and unconditionally GRANT,
BARGAIN, SELL and CONVEY the Rents and Leases unto Beneficiary, in order to provide a source of future payment of the Tranche A Notes and the Liabilities, subject only to the Permitted Exceptions applicable thereto and the License (herein defined),
it being the intention of Grantor and Beneficiary that this conveyance be presently effective; TO HAVE AND TO HOLD the Rents and Leases unto Beneficiary, forever, and Grantor does hereby bind itself, its successors and assigns to warrant and forever
defend the title to the Rents and Leases unto Beneficiary against every Person whomsoever lawfully claiming or to claim the same or any part thereof; provided, however, that if Grantor shall pay or cause to be paid the Tranche A Notes as and when
same shall become due and payable and shall perform and discharge or cause to be performed and discharged the Liabilities on or before the date same are to be performed and discharged, then this assignment shall terminate and be of no further force
and effect. 
 4.2. Limited License. Beneficiary hereby grants to Grantor a limited license (the “License”)
subject to termination of the License and the other terms and provisions of Section 4, to exercise and enjoy all incidences of the status of a lessor with respect to the Rents and Leases, including the right to collect, demand, sue for,
attach, levy, recover and receive the Rents, and to give proper receipts, releases and acquittances therefor. Grantor hereby agrees to lawfully receive all Rents and hold the same as Beneficiary’s agent (for the limited purposes set forth
herein) to be applied, and to apply the Rents so collected, first to the payment of the Tranche A Notes, next to the performance and discharge of the 

  

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Liabilities, and next to the payment of any operating expenses of the Property. Thereafter, Grantor may use the balance of the Rents collected in any manner
not inconsistent with this Deed of Trust, the Credit Agreement and the Other Documents. Neither this assignment nor the receipt of Rents by Beneficiary (except to the extent, if any, that the Rents are actually applied to the Tranche A Notes by
Beneficiary upon and after such receipt) shall effect a pro tanto payment of the debt evidenced by the Tranche A Notes, and such Rents shall be applied as provided in Section 4.4 below. Furthermore, and notwithstanding the
provisions of Section 4.4, no credit shall be given by Beneficiary for any Rents until the money collected is actually received by Beneficiary at its principal office, or at such other place as Beneficiary shall designate in writing, and
no such credit shall be given for any Rents after termination of the License, after foreclosure or other transfer of the Property (or part thereof from which Rents are derived pursuant to this Deed of Trust) to Beneficiary or any other third party.

 4.3. Lease Representations and Warranties. Grantor shall timely perform all of its obligations under the Leases. Grantor
represents and warrants that: (a) Grantor has title to and full right to assign presently, absolutely and unconditionally the Leases and Rents; (b) no other assignment of any interest in any of the Leases or Rents has been made;
(c) there are no leases or agreements to lease all or any portion of the Property now in effect except the Leases, true and complete copies of which have been furnished to Beneficiary, and no written or oral modifications have been made
thereto; (d) there is no existing default by Grantor or by any tenant under any of the Leases, nor has any event occurred which due to the passage of time, the giving or failure to give notice, or both, would constitute a default under any of
the Leases and, to the best of Grantor’s knowledge, no tenant has any defenses, set-offs or counterclaims against Grantor; (e) the Leases are in full force and effect; and (f) Grantor has not accepted Rent under any Lease more than
thirty (30) days in advance of its accrual, and payment thereof has not otherwise been forgiven, discounted or compromised. 
 4.4.
Reliance Upon Lease Rent Notice. Upon receipt from Beneficiary of a Lease Rent Notice (as defined in Section 10.9 hereof), each lessee under the Leases is hereby authorized and directed to pay directly to Beneficiary all
Rents thereafter accruing and the receipt of Rents by Beneficiary shall be a release of such lessee to the extent of all amounts so paid. The receipt by a lessee under the Leases of a Lease Rent Notice shall be sufficient authorization for such
lessee to make all future payments of Rents directly to Beneficiary and each such lessee shall be entitled to rely on such Lease Rent Notice and shall have no liability to Grantor for any Rents paid to Beneficiary after receipt of such Lease Rent
Notice. Rents so received by Beneficiary for any period prior to foreclosure under this Deed of Trust or acceptance of a deed in lieu of such foreclosure shall be applied by Beneficiary to the payment of the following (in such order and priority as
Beneficiary shall determine): (i) all expenses relating to the operation of the Property; (ii) all expenses incident to taking and retaining possession of the Property and/or collecting Rent as it becomes due and payable; and
(iii) the Secured Obligations in the manner set forth in Section 5.08 of the Tranche A Security Agreement. In no event will the provisions of this Section 4 reduce the Tranche A Notes except to the extent, if any, that Rents
are actually received by Beneficiary and applied upon or after said receipt to the Tranche A Notes in accordance with the preceding sentence. Without impairing its rights hereunder, Beneficiary may, at its option, at any time and from time to time,
release to Grantor, Rents so received by Beneficiary or any part thereof. As between Grantor and Beneficiary, and any person claiming through or under Grantor, other than any lessee under the Leases who has not received a Lease Rent Notice, this
assignment is intended to be absolute, unconditional and presently effective (and not an assignment for additional security), and the Lease Rent Notice hereof is intended solely for the benefit of each such lessee and shall never inure to the
benefit of Grantor or any person claiming through or under Grantor, other than a lessee who has not received such notice. It shall never be necessary for Beneficiary to institute legal proceedings of any kind whatsoever to enforce the provisions of
this Deed of Trust with respect to Rents. GRANTOR SHALL HAVE NO RIGHT OR CLAIM AGAINST ANY LESSEE FOR THE PAYMENT OF 

  

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ANY RENTS TO BENEFICIARY HEREUNDER, AND GRANTOR HEREBY INDEMNIFIES AND AGREES TO HOLD FREE AND HARMLESS EACH LESSEE FROM AND AGAINST ALL LIABILITY, LOSS,
COST, DAMAGE OR EXPENSE SUFFERED OR INCURRED BY SUCH LESSEE BY REASON OF SUCH LESSEE’S COMPLIANCE WITH ANY DEMAND FOR PAYMENT OF RENTS MADE BY BENEFICIARY CONTEMPLATED BY THIS DEED OF TRUST. 
 5. DECLARATION OF NO OFFSET. Grantor represents to Beneficiary that Grantor has no knowledge of any offsets, counterclaims or defenses to the Liabilities
either at law or in equity. Grantor shall, within ten (10) days after written request, furnish to Beneficiary or Beneficiary’s designee a written statement in form reasonably satisfactory to Beneficiary stating the amount due under the
Liabilities and whether, to Grantor’s knowledge, there are offsets or defenses against the same, and if so, the nature and extent thereof. 
 6.
ENVIRONMENTAL MATTERS. 
 6.1. Definitions. As used herein, “Environmental Laws” shall mean all
applicable existing or future federal, state and local statutes, ordinances, regulations, rules, executive orders, standards and requirements, including the requirements imposed by common law, concerning or relating to industrial hygiene and the
protection of health and the environment including but not limited to: (a) those relating to the generation, manufacture, storage, transportation, disposal, release, emission or discharge of Hazardous Substances (as hereinafter defined);
(b) those in connection with the construction, fuel supply, power generation and transmission, waste disposal or any other operations or processes relating to the Property; and (c) those relating to the atmosphere, soil, surface and ground
water, wetlands, stream sediments and vegetation on, under, in or about the Property. Any terms mentioned herein which are defined in any Environmental Law shall have the meanings ascribed to such terms in said laws; provided, however, that if any
of such laws are amended so as to broaden any term defined therein, such broader meaning shall apply subsequent to the effective date of such amendment. 
 6.2. Representations, Warranties and Covenants. Except as disclosed in that certain Phase I Environmental Site Assessment Update dated February 18, 2003 prepared by URS Corporation (a copy of
which has been provided to Beneficiary by Grantor), Grantor represents, warrants, covenants and agrees as follows: 
 (a) To
Grantor’s knowledge, neither Grantor nor the Property or any occupant thereof is in material violation of or subject to any existing, pending or threatened investigation or inquiry by any governmental authority pertaining to any Environmental
Law. Grantor shall not cause or permit the Property to be in violation in any material respect of, or do anything which would subject the Property to any remedial obligations under, any Environmental Law, and shall promptly notify Beneficiary in
writing of any existing, pending or threatened investigation or inquiry of which Grantor has knowledge by any governmental authority in connection with any Environmental Law. In addition, Grantor shall provide Beneficiary with copies of any and all
material written communications with any governmental authority in connection with any violation of any Environmental Law, concurrently with Grantor’s giving or promptly after Grantor’s receiving of same. 
 (b) To Grantor’s knowledge, no material release, spill, discharge, leak, disposal or emission (individually a
“Release” and collectively, “Releases”) of a Hazardous Material (as defined in the Credit Agreement), including gasoline, petroleum products, explosives, toxic substances, solid wastes and radioactive materials in
any material amount (collectively, “Hazardous Substances”) has occurred, nor are there any visible signs of, any Release(s) at, upon, under or within the Property. During the term 

  

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of this Deed of Trust, to the extent required by any Environmental Laws, Grantor shall remove or remediate any Release at the Property promptly upon
discovery at its sole cost and expense. 
 (c) To Grantor’s knowledge, the Property has never been used by the previous
owners and/or operators nor has it or will it be used by Grantor during the term of this Deed of Trust to refine, produce, store, handle, transfer, process, transport, generate, manufacture, heat, treat, recycle or dispose of Hazardous Substances,
except for such quantities as are handled in accordance with applicable manufacturers’ instructions and Environmental Laws and in proper storage containers as are necessary for the operation of the commercial business of Grantor or its tenants
(“Permitted Substances”). 
 (d) The Property: (i) is being and has been operated by Grantor in
compliance in all material respects with all Environmental Laws, and all permits required thereunder have been obtained and complied with in all material respects; and (ii) does not have any Hazardous Substances present excepting Permitted
Substances. 
 (e) Grantor will, and will cause its tenants to, operate the Property in material compliance with all
Environmental Laws and, other than Permitted Substances, will not place or permit to be placed any Hazardous Substances on the Property. 
 (f) During Grantor’s period of ownership of the Real Estate, and to Grantor’s knowledge prior thereto, no lien has been attached to or threatened to be imposed upon the Property, and, to Grantor’s
knowledge, there is no basis for the imposition of any such lien based on any governmental action under Environmental Laws. In the event that any environmental lien is filed against the Property, Grantor shall, within thirty (30) days from the
date that Grantor is given notice of such lien (or within such shorter period of time as is appropriate in the event that steps have commenced to have the Property sold), either: (i) pay the claim and remove the lien from the Property; or
(ii) furnish a cash deposit, bond or other security reasonably satisfactory in form and substance to Beneficiary in an amount sufficient to discharge the claim out of which the lien arises. 
 6.3. Right to Inspect and Cure. To the extent provided in the Tranche A Security Agreement, Beneficiary shall have the right to conduct or
have conducted by its agents or contractors such environmental inspections, audits and tests as Beneficiary shall deem necessary or advisable from time to time at the sole cost and expense of Grantor. 
 Nothing in this Article 6 shall be deemed to limit in any respect the obligations of the Grantor under any applicable provision of the Tranche A Security
Agreement. 
 7. INTENTIONALLY DELETED 
 8.
REMEDIES. If an Event of Default (as defined in the Credit Agreement) shall have occurred, Beneficiary may take any of the following actions: 
 8.1. Acceleration. Beneficiary may exercise all rights and remedies under the Credit Agreement. 
 8.2. Possession. Beneficiary may enter upon and take possession of the Property, with or without legal action, lease the Property and, after deducting all out-of-pocket costs of collection and administration expense, apply the
net rentals to any one or more of the following items in such manner and in such order of priority as Beneficiary, in Beneficiary’s sole discretion, may elect: the payment of any sums due under any prior lien, taxes, water and sewer rents,
charges and claims, insurance premiums and all other carrying charges, to the maintenance, repair or restoration of the Property, or on account of 

  

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the Liabilities. Beneficiary is given full authority to do any act which Grantor could do in connection with the management and operation of the Property.
This covenant is effective either with or without any action brought to foreclose this Deed of Trust and without applying for a receiver of such rents. In addition to the foregoing, upon the occurrence of an Event of Default, Grantor shall pay
monthly in advance to Beneficiary or to any receiver appointed to collect said rents the fair and reasonable rental value for Grantor’s use and occupation of the Property, and upon default in any such payment Grantor shall vacate and surrender
the possession of the Property to Beneficiary or to such receiver. If Grantor does not vacate and surrender the Property then Grantor may be evicted by summary proceedings. 
 8.3. Foreclosure. Beneficiary may institute any one or more actions of foreclosure against all or any part of the Property, or take such
other action at law, equity or by contract for the enforcement of this Deed of Trust and realization on the security herein or elsewhere provided for, as the law may allow, and may proceed therein to final judgment and execution for the entire
unpaid balance of the Liabilities. The unpaid balance of any judgment shall bear interest at the greater of (a) the statutory rate provided for judgments, or (b) the rate borne by the Tranche A Loans. Without limiting the foregoing,
Beneficiary may cause the foreclosure of this Deed of Trust and exercise its rights as a secured party for all or any portion of the Liabilities which are then due and payable, subject to the continuing lien of this Deed of Trust for the balance not
then due and payable. In case of any sale of the Property by judicial proceedings, the Property may be sold in one parcel or in such parcels, manner or order as Beneficiary in its sole discretion may elect. Grantor, for itself and anyone claiming
by, through or under it, hereby agrees that Beneficiary shall in no manner, in law or in equity, be limited, except as herein provided, in the exercise of its rights in the Property or in any other security hereunder or otherwise appertaining to the
Liabilities or any other obligation secured by this Deed of Trust, whether by any statute, rule or precedent which may otherwise require said security to be marshalled in any manner and Grantor, for itself and others as aforesaid, hereby expressly
waives and releases any right to or benefit thereof. The failure to make any tenant a defendant to a foreclosure proceeding shall not be asserted by Grantor as a defense in any proceeding instituted by Beneficiary to collect the Liabilities or any
deficiency remaining unpaid after the foreclosure sale of the Property. 
 8.4. Appointment of Receiver. Upon the occurrence of
an Event of Default, Beneficiary, as a matter of right and without regard to the then value of the Property or the adequacy of any security for the Liabilities, shall have the right to apply to any court having jurisdiction to appoint a receiver or
receivers for the Property, and Grantor hereby irrevocably consents to such appointment. Any such receiver or receivers shall have all the usual powers and duties of receivers in like or similar cases and all the powers and duties of Beneficiary in
case of entry as provided herein. Grantor agrees to promptly deliver to any such receiver all Leases, Rents, Contracts, documents, financial data and other information requested by such receiver in connection with the Property and, without limiting
the foregoing, Grantor hereby authorizes Beneficiary to deliver to any such receiver any or all of the Leases, Rents, Contracts, documents, data and information in Beneficiary’s possession relating to the Property. 
 8.5. Rights as a Secured Party. Beneficiary shall have, in addition to other rights and remedies available at law or in equity, the rights
and remedies of a secured party under the Code. Beneficiary may elect to foreclose such of the Property as then comprise fixtures pursuant either to the law applicable to foreclosure of an interest in real estate or to that applicable to personal
property under the Code. To the extent permitted by law, Grantor waives the right to any stay of execution and the benefit of all exemption laws now or hereafter in effect. 
 8.6. Excess Monies. Beneficiary may apply on account of the Liabilities any unexpended monies still retained by Beneficiary that were paid
by Grantor to Beneficiary: (a) for the payment of, or 

  

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as security for the payment of taxes, assessments or other governmental charges, insurance premiums, or any other charges; or (b) to secure the
performance of some act by Grantor. 
 8.7. Other Remedies. Beneficiary shall have the right, from time to time, to bring an
appropriate action to recover any sums required to be paid by Grantor under the terms of this Deed of Trust, as they become due, without regard to whether or not any other Liabilities shall be due, and without prejudice to the right of Beneficiary
or Trustee thereafter to bring an action of foreclosure, or any other action, for any default by Grantor existing at the time the earlier action was commenced. In addition, Beneficiary shall have the right to set-off all or any part of any amount
due by Grantor to Beneficiary under any of the Liabilities, against any indebtedness, liabilities or obligations owing by Beneficiary in any capacity to Grantor, including any obligation to disburse to Grantor any funds or other property on deposit
with or otherwise in the possession, control or custody of Beneficiary. 
 8.8. Attorney-In-Fact. Grantor hereby constitutes
Beneficiary its attorney-in-fact with full power of substitution to take possession of the Property upon any Event of Default and, as Beneficiary in its sole discretion deems necessary or proper, to execute and deliver all instruments required by
Beneficiary to accomplish the disposition of the Property; this power of attorney is a power coupled with an interest and is irrevocable while any of the Liabilities are outstanding. 
 8.9. Waiver. Grantor waives, to the extent permitted by law, (a) the benefit of all laws now existing or that may hereafter be enacted
providing for any appraisement before sale of any portion of the Property, (b) all rights of reinstatement, redemption, valuation, appraisement, homestead, moratorium, exemption, extension, stay of execution, notice of election to mature or
declare due the whole of the Liabilities in the event of foreclosure of the liens hereby created, (c) all rights and remedies which Grantor may have or be able to assert by reason of the laws of the State of Texas pertaining to the rights and
remedies of sureties, and (d) any rights, legal or equitable, to require marshaling of assets or to require foreclosure sales in a particular order. Without limiting the generality of the preceding sentence, Grantor, on its own behalf and on
behalf of each and every person acquiring any interest in or title to the Property subsequent to the date of this Deed of Trust, hereby irrevocably waives, to the extent permitted by law, any and all rights of reinstatement or redemption from sale
or from or under any order, judgment or decree of foreclosure of this Deed of Trust or under any sale pursuant to any statute order decree or judgment of any court. Grantor, for itself and for all persons hereafter claiming through or under it or
who may at any time hereafter become holders of liens junior to the lien of this Deed of Trust, hereby expressly waives and releases all rights to direct the order in which any of the Property shall be sold in the event of any sale or sales pursuant
hereto and to have any of the Property and/or any other property now or hereafter constituting security for any of the indebtedness secured hereby marshaled upon any foreclosure of this Deed of Trust or of any other security for any of said
indebtedness. Beneficiary shall have the right to determine the order in which any or all of the Property shall be subjected to the remedies provided herein. Beneficiary shall have the right to determine the order in which any or all portions of the
Liabilities are satisfied from the proceeds realized upon the exercise of the remedies provided herein, in accordance with the applicable provisions of the Tranche A Security Agreement. 
 8.10. No Liability on Beneficiary. Notwithstanding anything contained in this Deed of Trust, Beneficiary shall not be obligated to perform
or discharge, and does not undertake to perform or discharge, any obligation, duty or liability of Grantor, whether under this Deed of Trust, under any of the Leases, under any Contract or under any other Property, and Grantor shall and does hereby
agree to indemnify against and hold Beneficiary harmless of and from: any and all liabilities, losses or damages which Beneficiary may incur or pay under or with respect to any of the Property or under or by reason of its exercise of rights
hereunder; and any and all claims and demands whatsoever which may be asserted against it by reason of any alleged obligations or undertakings on its part to perform or discharge any of 

  

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the terms, covenants or agreements contained in any of the Property or in any of the contracts, documents or instruments evidencing or creating any of the
Property. Beneficiary shall not have responsibility for the control, care, management or repair of the Property or be responsible or liable for any negligence in the management, operation, upkeep, repair or control of the Property resulting in loss,
injury or death to any tenant, licensee, employee, stranger or other person. No liability shall be enforced or asserted against Beneficiary in its exercise of the powers herein granted to it, and Grantor expressly waives and releases any such
liability. Should Beneficiary incur any such liability, loss or damage under any of the Leases or under or by reason hereof, or in the defense of any claims or demands, Grantor agrees to reimburse Beneficiary within ten (10) days after demand
for the full amount thereof, including costs, expenses and reasonable attorneys’ fees. Notwithstanding the foregoing, Beneficiary shall not be released of liability nor entitled to be indemnified by Grantor for any liability, loss or damage to
the extent arising from any act or omission of Beneficiary after Beneficiary takes physical possession of the Property or becomes owner of the Property. 
 9. MISCELLANEOUS. 
 9.1. Notices. All notices and communications under this Deed
of Trust shall be in writing and shall be given by either (a) hand-delivery, (b) first class mail (postage prepaid), or (c) reliable overnight commercial courier (charges prepaid), to the addresses listed in the preamble of this Deed
of Trust. Notice shall be deemed to have been given and received: (a) if by hand delivery, upon delivery; (b) if by mail, three (3) business days after the date first deposited in the United States mail; and (c) if by overnight
courier, on the date scheduled for delivery. A party may change its address by giving written notice to the other party as specified herein. 
 9.2. No Property Manager Lien. Any property management agreement for or relating to all or any part of the Property, whether now in effect or entered into hereafter by Grantor or on behalf of Grantor, shall contain a
subordination provision whereby the property manager forever and unconditionally subordinates to the lien of this Deed of Trust any and all mechanic’s lien rights and claims that it or anyone claiming through or under it may have at any time
pursuant to any statute or law. Such property management agreement or a short form thereof, including such subordination, shall, at Beneficiary’s request, be recorded with the office of the recorder of deeds for the county in which the Property
is located. Grantor’s failure to cause any of the foregoing to occur shall constitute an Event of Default under this Deed of Trust. 
 9.3. Remedies Cumulative. The rights and remedies of Beneficiary as provided in this Deed of Trust, in the Credit Agreement or in any Other Document shall be cumulative and concurrent, may be pursued separately, successively
or together, may be exercised as often as occasion therefor shall arise, and shall be in addition to any other rights or remedies conferred upon Beneficiary at law or in equity. The failure, at any one or more times, of Beneficiary to assert the
right to declare the Liabilities due, grant any extension of time for payment of the Liabilities, take other or additional security for the payment thereof, release any security, change any of the terms of the Credit Agreement or any of the Other
Documents, or waive or fail to exercise any right or remedy under the Credit Agreement or any Other Document shall not in any way affect this Deed of Trust or the rights of Beneficiary. 
 9.4. No Implied Waiver. Beneficiary shall not be deemed to have modified or waived any of its rights or remedies hereunder unless such
modification or waiver is in writing and signed by Beneficiary, and then only to the extent specifically set forth therein. A waiver in one event shall not be construed as continuing or as a waiver of or bar to such right or remedy on a subsequent
event. 
  

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 9.5. Partial Invalidity. The invalidity or unenforceability of any one or more provisions
of this Deed of Trust shall not render any other provision invalid or unenforceable. In lieu of any invalid or unenforceable provision, there shall be added automatically a valid and enforceable provision as similar in terms to such invalid or
unenforceable provision as may be possible. 
 9.6. Binding Effect. The covenants, conditions, waivers, releases and agreements
contained in this Deed of Trust shall bind, and the benefits thereof shall inure to, the parties hereto and their respective heirs, executors, administrators, successors and assigns and are intended and shall be held to be real covenants running
with the land; provided, however, that, except in connection with a transfer expressly permitted by the Credit Agreement or consented to in writing by Beneficiary, this Deed of Trust cannot be assigned by Grantor without the prior written consent of
Beneficiary, and any such assignment or attempted assignment by Grantor shall be void and of no effect with respect to Beneficiary. 
 9.7.
Modifications. This Deed of Trust may not be supplemented, extended, modified or terminated except by an agreement in writing signed by the party against whom enforcement of any waiver, change, modification or discharge is
sought.
 9.8. Governing Law. This Deed of Trust shall be governed, construed, interpreted and enforced in accordance with the
laws of the State of New York, without regard to principles of conflicts of law, except as to matters relating to the creation, perfection and enforcement of the liens on and security interests in the Property (including, without limitation,
requests for injunctive relief or appointment of a receiver) which shall be governed by the laws of the state where the Property is located. 
 9.9. Non-Merger. In the event Beneficiary shall acquire title to the Property by conveyance from Grantor or as a result of foreclosure, this Deed of Trust shall not merge in the fee estate of the Property but shall remain and
continue as an existing and enforceable lien for the Liabilities secured hereby until the same shall be released of record by Beneficiary in writing. 
 9.10. Tax Identification Number. Grantor hereby represents and warrants to Beneficiary that Grantor’s Federal Tax Identification Number is 52-1592452. 
 10. STATE SPECIFIC PROVISIONS. If there is any inconsistency in the terms and provisions elsewhere in this Deed of Trust and the terms and provisions of
Sections 10 and 11, the terms and provisions of those Sections 10 and 11 shall control. 
 10.1.
Beneficiary’s Remedies Upon Default. Upon the occurrence of an Event of Default, Beneficiary may, at Beneficiary’s option, and by or through Trustee, by Beneficiary itself or otherwise, do any one or more of the following
actions set forth in Sections 10.2 through 10.10 hereof: 
 10.2. Right to Perform Grantor’s Covenants.
If Grantor has failed to keep or perform any covenant whatsoever contained in this Deed of Trust, the Credit Agreement or the Other Documents, Beneficiary may, but shall not be obligated to any person to do so, perform or attempt to perform said
covenant, and any payment made or expense incurred in the performance or attempted performance of any such covenant shall be and become a part of the Liabilities, and Grantor promises, upon demand, to pay to Beneficiary, at the place where the
Liabilities are payable, all sums so advanced or paid by Beneficiary, with interest from the date when paid or incurred by Beneficiary at the rate borne by the Tranche A Loans. No such payment by Beneficiary shall constitute a waiver of any Event of
Default. In addition to the liens and security interests hereof, Beneficiary shall be subrogated to all rights, titles, liens 

  

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and security interests securing the payment of any debt, claim, tax or assessment for the payment of which Beneficiary may make an advance, or which
Beneficiary may pay. 
 10.3. Right of Entry. Beneficiary may, prior or subsequent to the institution of any foreclosure
proceedings, enter upon the Property, or any part thereof, and take exclusive possession of the Property and of all books, records and accounts relating thereto and to exercise without interference from Grantor any and all rights which Grantor has
with respect to the management, possession, operation, protection, or preservation of the Property. GRANTOR SHALL AND DOES HEREBY AGREE TO INDEMNIFY BENEFICIARY FOR, AND TO HOLD BENEFICIARY HARMLESS FROM, ANY AND ALL LIABILITY, LOSS OR DAMAGE
(INCLUDING REASONABLE ATTORNEYS’ FEES), WHICH MAY OR MIGHT BE INCURRED BY BENEFICIARY UNDER ANY SUCH LEASE OR UNDER OR BY REASON HEREOF OR THE EXERCISE OF RIGHTS OR REMEDIES HEREUNDER, AND FROM ANY AND ALL CLAIMS AND DEMANDS WHATSOEVER WHICH
MAY BE ASSERTED AGAINST BENEFICIARY BY REASON OF ANY ALLEGED OBLIGATIONS OR UNDERTAKINGS ON ITS PART TO PERFORM OR DISCHARGE ANY OF THE TERMS, COVENANTS OR AGREEMENTS CONTAINED IN ANY SUCH LEASE; PROVIDED, HOWEVER, THAT THE FOREGOING INDEMNITY SHALL
NOT APPLY TO ANY ACT OR OMISSION OF BENEFICIARY OCCURRING AFTER BENEFICIARY BECOMES THE OWNER OF, OR TAKES POSSESSION OF, THE PROPERTY. Should Beneficiary incur any such liability, loss or damage, the amount thereof, including costs, expenses
and reasonable attorneys’ fees, together with interest thereon from the date of expenditure until paid at the rate borne by the Tranche A Loans, shall be secured hereby, and Grantor shall reimburse Beneficiary therefor immediately upon demand.
Nothing in this subsection shall impose any duty, obligation or responsibility upon Beneficiary for the control, care, management, leasing or repair of the Property, nor for the carrying out of any of the terms and conditions of any such Lease; nor
shall it operate to make Beneficiary responsible or liable for any waste committed on the Property by the tenants or by any other parties, or for any Hazardous Substances in, on or under the Property, or for any dangerous or defective condition of
the Property or for any negligence in the management, leasing, upkeep, repair or control of the Property resulting in loss or injury or death to any tenant, licensee, employee or stranger. Grantor hereby assents to, ratifies and confirms any and all
actions of Beneficiary with respect to the Property taken under this subsection. The remedies in this subsection are in addition to other remedies available to Beneficiary and the exercise of the remedies in this subsection shall not be deemed to be
an election of nonjudicial or judicial remedies otherwise available to Beneficiary. The remedies in this Section are available under and governed by the real property laws of Texas and are not governed by the personal property laws of Texas,
including the power to dispose of personal property in a commercially reasonable manner under the Code. No action by Beneficiary, taken pursuant to this subsection, shall be deemed to be an election to retain personal property under the Code. Any
receipt of consideration received by Beneficiary pursuant to this subsection shall be immediately credited against the Liabilities and the value of said consideration shall be treated like any other payment against the Liabilities. 
 10.4. Right to Accelerate. Except as expressly provided in the Credit Agreement and this Deed of Trust, Beneficiary may, without notice,
demand, presentment, notice of nonpayment or nonperformance, protest, notice of protest, notice of intent to accelerate, notice of acceleration or any other notice or any other action, all of which are hereby waived by Grantor and all other parties
obligated in any manner whatsoever on the Liabilities, declare the entire unpaid balance of the Tranche A Notes immediately due and payable, and upon such declaration, the entire unpaid balance of the Tranche A Notes shall be immediately due and
payable. The failure to exercise any remedy available to Beneficiary shall not be deemed to be a waiver of any rights or remedies of Beneficiary under the Credit Agreement or Other Documents, at law or in equity. 
  

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 10.5. Foreclosure-Power of Sale. Beneficiary may request Trustee to proceed with
foreclosure under the power of sale which is hereby conferred, such foreclosure to be accomplished in accordance with the following provisions: 
 (a) Public Sale. Trustee is hereby authorized and empowered, and it shall be Trustee’s special duty, upon such request of Beneficiary, to sell the Property, or any part thereof, at public auction to
the highest bidder for cash, with or without having taken possession of same. Any such sale (including notice thereof) shall comply with the applicable requirements, at the time of the sale, of Section 51.002 of the Property Code or, if and to
the extent such statute is not then in force, with the applicable requirements, at the time of the sale, of the successor statute or statutes, if any, governing sales of Texas real property under powers of sale conferred by deeds of trust. If there
is no statute in force at the time of the sale governing sales of Texas real property under powers of sale conferred by deeds of trust, such sale shall comply with applicable law, at the time of the sale, governing sales of Texas real property under
powers of sale conferred by deeds of trust. 
 (b) Partial Foreclosure. Sale of a part of the Property shall not
exhaust the power of sale, but sales may be made from time to time until the Liabilities are paid and the Liabilities are performed and discharged in full. It is intended by each of the foregoing provisions of this subsection that Trustee may, after
any request or direction by Beneficiary, sell not only the Real Estate and the Improvements, but also the fixtures and Service Equipment and other interests constituting a part of the Property or any part thereof, along with the Real Estate and the
Improvements or any part thereof, as a unit and as a part of a single sale, or may sell at any time or from time to time any part or parts of the Property separately from the remainder of the Property. It shall not be necessary to have present or to
exhibit at any sale any of the Property. 
 (c) Trustee’s Deeds. After any sale under this subsection,
Trustee shall make good and sufficient deeds, assignments and other conveyances to the purchaser or purchasers thereunder in the name of Grantor, conveying the Property or any part thereof so sold to the purchaser or purchasers with special warranty
of title by Grantor. It is agreed that in any deeds, assignments or other conveyances given by Trustee, any and all statements of fact or other recitals therein made as to the identity of Beneficiary, the occurrence or existence of any Event of
Default, the notice of intention to accelerate, or acceleration of, the maturity of the Indebtedness, the request to sell, notice of sale, time, place, terms and manner of sale, and receipt, distribution, and application of the money realized
therefrom, the due and proper appointment of a substitute Trustee, and without being limited by the foregoing, any other act or thing having been duly done by or on behalf of Beneficiary or by or on behalf of Trustee, shall be taken by all courts of
law and equity as prima facie evidence that such statements or recitals state true, correct and complete facts and are without further question to be so accepted, and Grantor does hereby ratify and confirm any and all acts that Trustee
may lawfully do in the premises by virtue hereof. 
 10.6. Beneficiary’s Judicial Remedies. Beneficiary, or Trustee, upon
written request of Beneficiary, may proceed by suit or suits, at law or in equity, to enforce the payment of the Liabilities and the performance and discharge of the Liabilities in accordance with the terms hereof, of the Credit Agreement and the
Other Documents, to foreclose the liens and security interests of this Deed of Trust as against all or any part of the Property, and to have all or any part of the Property sold under the judgment or decree of a court of competent jurisdiction. This
remedy shall be cumulative of any other nonjudicial remedies available to Beneficiary with respect to the Credit Agreement or the Other Documents. Proceeding with a request or receiving a judgment for legal relief shall not be or be deemed to be an
election of remedies or bar any available nonjudicial remedy of Beneficiary. 
  

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 10.7. Beneficiary’s Right to Appointment of Receiver. Beneficiary, as a matter of
right and without notice to Grantor, without any showing of insolvency, fraud or mismanagement on the part of Grantor, and without the necessity of filing any judicial or other proceeding other than the proceeding for appointment of a receiver,
shall be entitled to the appointment of a receiver or receivers of the Property. 
 10.8. Beneficiary’s Uniform Commercial Code
Remedies. Beneficiary may exercise its rights of enforcement with respect to Service Equipment, fixtures, Contracts, Leases, Rents and Proceeds under the Code. Beneficiary may appoint or delegate any one or more persons as agent to perform
any act or acts necessary or incident to any sale held by Beneficiary, including the sending of notices and the conduct of the sale, but in the name and on behalf of Beneficiary, and Beneficiary shall have the right at any time to enforce
Grantor’s rights against account debtors and obligors. 
 10.9. Rights Relating to Rents. Grantor has, pursuant to this
Deed of Trust, assigned absolutely to Beneficiary all Rents under each of the Leases. Beneficiary, or Trustee on Beneficiary’s behalf, may at any time, and without notice, either in person, by agent or by receiver to be appointed by a court,
enter and take possession of the Property or any part thereof, and in its own name, sue for or otherwise collect the Rents. Grantor hereby agrees that, upon the occurrence of an Event of Default, the License granted to Grantor shall automatically
terminate, and thereafter Beneficiary may direct the lessees under the Leases (“Lease Rent Notice”) to pay directly to Beneficiary the Rents due and to become due under the Leases and attorn in respect of all other obligations
thereunder directly to Beneficiary, or Trustee on Beneficiary’s behalf, without any obligation on the part of Trustee or Beneficiary to determine whether an Event of Default does in fact exist or has in fact occurred. All Rents collected by
Beneficiary, or Trustee acting on Beneficiary’s behalf, shall be applied as provided for in this Deed of Trust; provided, however, that if the costs, expenses and attorneys’ fees shall exceed the amount of Rents collected, the excess shall
be added to the Liabilities, shall bear interest at the rate borne by the Tranche A Loans and shall be immediately due and payable. The entering upon and taking possession of the Property, the collection of Rents and the application thereof as
aforesaid shall not cure or waive any Event of Default or notice of default, if any, hereunder nor invalidate any act done pursuant to such notice, except to the extent any such default is fully cured. Failure or discontinuance by Beneficiary, or
Trustee on Beneficiary’s behalf, at any time or from time to time, to collect said Rents shall not in any manner impair the subsequent enforcement by Beneficiary, or Trustee on Beneficiary’s behalf, of the right, power and authority herein
conferred upon it. Nothing contained herein, nor the exercise of any right, power or authority herein granted to Beneficiary, or Trustee on Beneficiary’s behalf, shall be, or shall be construed to be, an affirmation by it of any tenancy, lease,
or option, nor an assumption of liability under, nor the subordination of, the lien or charge of this Deed of Trust, to any such tenancy, lease or option, nor an election of judicial relief, if any such relief is requested or obtained as to Leases
or Rents, with respect to the Property or any collateral given by Grantor to Beneficiary. In addition, from time to time Beneficiary may elect, and notice hereby is given to each lessee under any Lease, to subordinate the lien of this Deed of Trust
to any Lease by unilaterally executing and recording an instrument of subordination, and upon such election the lien of this Deed of Trust shall be subordinate to the Lease identified in such instrument of subordination; provided, however, in each
instance such subordination will not affect or be applicable to, and expressly excludes any lien, charge, encumbrance, security interest, claim, easement, restriction, option, covenant and other rights, titles, interests or estates of any nature
whatsoever with respect to all or any part of the Property to the extent that the same may have arisen or intervened during the period between the recordation of this Deed of Trust and the execution of the Lease identified in such instrument of
subordination. 
 10.10. Beneficiary as Purchaser. Beneficiary may be the purchaser of the Property or any part thereof, at any
sale thereof, whether such sale be under the power of sale herein vested in Trustee or upon any other foreclosure of the liens and security interests hereof, or otherwise, and Beneficiary shall, upon 

  

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any such purchase, acquire good title to the Property so purchased, free of the liens and security interests hereof, unless the sale was made subject to an
unmatured part of the Indebtedness. Beneficiary, as purchaser, shall be treated in the same manner as any third party purchaser and the proceeds of Beneficiary’s purchase shall be applied in accordance with Section 10.11 of this
Deed of Trust. 
 10.11. Application of Proceeds. The proceeds from any sale, lease or other disposition made pursuant to this
Section 10, or the proceeds from the surrender of any insurance policies pursuant hereto, or any Rents collected by Beneficiary from the Property (following any application of such Rents in accordance with the assignment herein) or sums
received pursuant hereto, or proceeds from insurance which Beneficiary elects to apply to the Liabilities pursuant to this Deed of Trust, shall be applied by Trustee, or by Beneficiary, as the case may be, to the Liabilities in the following order
and priority: (i) to the payment of all expenses of advertising, selling and conveying the Property or part thereof, and/or prosecuting or otherwise collecting rents, proceeds, premiums or other sums; (ii) to the remainder of the
Liabilities, unless otherwise required by the applicable provisions of the Tranche A Security Agreement, as follows: first, to the remaining accrued but unpaid interest, second, to the matured part of principal of the Tranche A Notes, and third, to
prepayment of the unmatured part, if any, of principal of the Tranche A Notes applied to installments of principal in inverse order of maturity; (iii) the balance, if any and to the extent applicable, remaining after the full and final payment
of the Tranche A Notes and full performance and discharge of the Liabilities to the holder of any inferior liens covering the Property, if any, in order of the priority of such inferior liens (Trustee and Beneficiary shall hereby be entitled to rely
exclusively upon a commitment for title insurance issued to determine such priority); and (iv) the cash balance, if any, to Grantor. The application of proceeds of sale or other proceeds as otherwise provided herein shall be deemed to be a
payment of the Liabilities like any other payment. The balance of the Liabilities remaining unpaid, if any, shall remain fully due and owing in accordance with the terms of the Credit Agreement or the Other Documents. 
 10.12. Abandonment of Sale. If a foreclosure hereunder is commenced by Trustee in accordance with Section 10 of this Deed of
Trust, at any time before the sale, Trustee may abandon the sale, and Beneficiary may then institute suit for the collection of the Liabilities and for the foreclosure of the liens and security interests hereof, the Credit Agreement and the Other
Documents. If Beneficiary should institute a suit for the collection of the Liabilities and for a foreclosure of the liens and security interests, Beneficiary may, at any time before the entry of a final judgment in said suit, dismiss the same and
require Trustee to sell the Property or any part thereof in accordance with the provisions of this Deed of Trust. 
 10.13.
Miscellaneous. 
 (a) Discontinuance of Remedies. In case Beneficiary shall have proceeded to
invoke any right, remedy or recourse permitted under the Credit Agreement or the Other Documents and shall thereafter elect to discontinue or abandon same for any reason, Beneficiary shall have the unqualified right so to do, and in such event,
Grantor and Beneficiary shall be restored to their former positions with respect to the Liabilities, the Credit Agreement and the Other Documents, the Property or otherwise, and the rights, remedies, recourses and powers of Beneficiary shall
continue as if same had never been invoked. 
 (b) Other Remedies. In addition to the remedies set forth in this
Section 10, upon the occurrence of an Event of Default, Beneficiary and Trustee shall, in addition, have all other remedies available to them at law or in equity. 
  

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 (c) Remedies Cumulative; Non-Exclusive; Etc. All rights, remedies and
recourses of Beneficiary granted in this Deed of Trust, the Credit Agreement and the Other Documents, any other pledge of collateral or otherwise available at law or equity: (i) shall be cumulative and concurrent; (ii) may be pursued
separately, successively or concurrently against Grantor, the Property or any one or more of them, at the sole discretion of Beneficiary; (iii) may be exercised as often as occasion therefor shall arise, it being agreed by Grantor that the
exercise or failure to exercise any of same shall in no event be construed as a waiver or release thereof or of any other right, remedy or recourse; (iv) shall be nonexclusive; (v) shall not be conditioned upon Beneficiary exercising or
pursuing any remedy in relation to the Property prior to Beneficiary bringing suit to recover the Liabilities or suit on the Liabilities; and (vi) if Beneficiary elects to bring suit on the Liabilities and/or the Liabilities and obtains a
judgment against Grantor prior to exercising any remedies in relation to the Property, all liens and security interests, including the lien of this Deed of Trust, shall remain in full force and effect and may be exercised at Beneficiary’s
option. 
 (d) Partial Release; Etc. Beneficiary may release, regardless of consideration, any part of the
Property without, as to the remainder, in any way impairing, affecting, subordinating or releasing the lien or security interests evidenced by this Deed of Trust, the Credit Agreement or the Other Documents or affecting the obligations of Grantor or
any other party to pay the Liabilities or perform and discharge the Liabilities. For payment of the Liabilities, Beneficiary may resort to any of the collateral therefor in such order and manner as Beneficiary may elect. No collateral heretofore,
herewith or hereafter taken by Beneficiary shall in any manner impair or affect the collateral given pursuant to this Deed of Trust, the Credit Agreement and the Other Documents, and all collateral shall be taken, considered and held as cumulative.

 (e) Waiver and Release by Grantor. Grantor hereby irrevocably and unconditionally waives and releases:
(i) all benefits that might accrue to Grantor by virtue of any present or future law exempting the Property from attachment, levy or sale on execution or providing for any appraisement, valuation, stay of execution, exemption from civil
process, redemption or extension of time for payment; (ii) except as expressly provided in this Deed of Trust, the Credit Agreement or the Other Documents, all notices of any Event of Default or of Trustee’s exercise of any right, remedy
or recourse provided for under this Deed of Trust, the Credit Agreement and the Other Documents; and (iii) any right to a marshaling of assets or a sale in inverse order of alienation. 
 (f) Real Property Laws Govern. The remedies in this Section shall be available under and governed by the real property laws
of Texas and shall not be governed by the personal property laws of Texas provided Beneficiary elects to proceed as to the Service Equipment, Contracts, Rents, Leases, Proceeds and fixtures together with the other Property under and pursuant to the
real property remedies of this Section. 
 11. CONCERNING THE TRUSTEE 
 11.1. No Required Action. Trustee shall not be required to take any action toward the execution and enforcement of the trust hereby created
or to institute, appear in or defend any action, suit or other proceeding in connection therewith where, in Trustee’s opinion, such action would be likely to involve Trustee in expense or liability, unless requested so to do by a written
instrument signed by Beneficiary and, if Trustee so requests, unless Trustee is tendered security and indemnity satisfactory to Trustee against any and all cost, expense and liability arising therefrom. Trustee shall not be responsible for the
execution, acknowledgment or validity of this Deed of Trust, the Credit Agreement or the Other Documents, or for the proper authorization thereof, or for the sufficiency of the lien and security interest 

  

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purported to be created hereby, and Trustee makes no representation in respect thereof or in respect of the rights, remedies and recourses of Beneficiary.

 11.2. Certain Rights. With the approval of Beneficiary, Trustee shall have the right to take any and all of the following
actions: (i) to select, employ and advise with counsel (who may be, but need not be, counsel for Beneficiary) upon any matters arising hereunder, including the preparation, execution, and interpretation of this Deed of Trust, the Credit
Agreement and the Other Documents, and shall be fully protected in relying as to legal matters on the advice of counsel; (ii) to execute any of the trusts and powers hereof and to perform any duty hereunder either directly or through his agents
or attorneys; (iii) to select and employ, in and about the execution of his duties hereunder, suitable accountants, engineers and other experts, agents and attorneys-in-fact, either corporate or individual, not regularly in the employ of
Trustee, and Trustee shall not be answerable for any act, default, negligence or misconduct of any such accountant, engineer or other expert, agent or attorney-in-fact, if selected with reasonable care, or for any error of judgment or act done by
Trustee in good faith, or be otherwise responsible or accountable under any circumstances whatsoever, except for Trustee’s gross negligence or bad faith; and (iv) any and all other lawful action as Beneficiary may instruct Trustee to take
to protect or enforce Beneficiary’s rights hereunder. Trustee shall not be personally liable in case of entry by Trustee, or anyone entering by virtue of the powers herein granted to Trustee, upon the Property for debts contracted for or
liability or damages incurred in the management or operation of the Property. Trustee shall have the right to rely on any instrument, document or signature authorizing or supporting any action taken or proposed to be taken by Trustee hereunder,
believed by Trustee in good faith to be genuine. Trustee shall be entitled to reimbursement for expenses incurred by Trustee in the performance of Trustee’s duties hereunder and to reasonable compensation for such of Trustee’s services
hereunder as shall be rendered. 
 11.3. Retention of Money. All monies received by Trustee shall, until used or applied as
herein provided, be held in trust for the purposes for which they were received, but need not be segregated in any manner from any other monies (except to the extent required by applicable law) and Trustee shall be under no liability for interest on
any monies received by Trustee hereunder. 
 11.4. Successor Trustees. Trustee may resign by the giving of notice of such
resignation in writing or verbally to Beneficiary. If Trustee shall die, resign or become disqualified from acting in the execution of this trust, or if, for any reason, Beneficiary shall prefer to appoint a substitute trustee or multiple substitute
trustees, or successive substitute trustees or successive multiple substitute trustees, to act instead of the aforenamed Trustee, Beneficiary shall have full power to appoint a substitute trustee (or, if preferred, multiple substitute trustees) in
succession who shall succeed (and if multiple substitute trustees are appointed, each of such multiple substitute trustees shall succeed) to all the estates, rights, powers and duties of the aforenamed Trustee. Such appointment may be executed by
any authorized agent of Beneficiary, and if such Beneficiary be a corporation and such appointment be executed in its behalf by any officer of such corporation, such appointment shall be conclusively presumed to be executed with authority and shall
be valid and sufficient without proof of any action by the board of directors or any superior officer of the corporation. Grantor hereby ratifies and confirms any and all acts which the aforenamed Trustee, or Trustee’s successor or successors
in this trust, shall do lawfully by virtue hereof. If multiple substitute trustees are appointed, each of such multiple substitute trustees shall be empowered and authorized to act alone without the necessity of the joinder of the other multiple
substitute trustees, whenever any action or undertaking of such substitute trustees is requested or required under or pursuant to this Deed of Trust or applicable law. 
 11.5. Perfection of Appointment. Should any deed, conveyance, or instrument of any nature be required from Grantor by any Trustee or substitute trustee to more fully and certainly vest in and 

  

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confirm to Trustee or the substitute trustee such estates, rights, powers and duties, then, upon request by Trustee or the substitute trustee, any and all
such deeds, conveyances and instruments shall be made, executed, acknowledged, and delivered and shall be caused to be recorded and/or filed by Grantor. 
 11.6. Succession Instruments. Any substitute trustee appointed pursuant to any of the provisions hereof shall, without any further act, deed or conveyance, become vested with all the estates, properties,
rights, powers, and trusts of its or his predecessor in the rights hereunder with like effect as if originally named as Trustee herein; but nevertheless, upon the written request of Beneficiary or of the substitute trustee, the trustee ceasing to
act shall execute and deliver any instrument transferring to such substitute trustee, upon the trusts herein expressed, all the estates, properties, rights, powers, and trusts of the trustee so ceasing to act, and shall duly assign, transfer and
deliver any of the property and monies held by such trustee to the substitute trustee so appointed in the trustee’s place. 
 11.7.
No Representation by Trustee or Beneficiary. By accepting or approving anything required to be observed, performed or fulfilled or to be given to Trustee or Beneficiary pursuant to this Deed of Trust, the Credit Agreement and the Other
Documents, including any officer’s certificate, balance sheet, statement of profit and loss or other financial statement, survey, appraisal or insurance policy, neither Trustee nor Beneficiary shall be deemed to have warranted, consented to or
affirmed the sufficiency, legality, effectiveness or legal effect of the same, or of any term, provision or condition thereof, and such acceptance or approval thereof shall not be or constitute any warranty or affirmation with respect thereto by
Trustee or Beneficiary. 
 [Continued on following page] 
  

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 IN WITNESS WHEREOF, Grantor, intending to be legally bound, has duly executed and delivered this
Deed of Trust as of the day and year first above written. 
  

							
	GRANTOR:
	
	STYROCHEM U.S., LTD., a Texas limited partnership
		
	By:	 	StyroChem GP, L.L.C., a Delaware limited liability company, its general partner
			
		 	By:	 	Radnor Chemical Corporation, a Delaware corporation, its sole member
				
		 		 	By:	 	 /s/ R. Radcliffe Hastings

		 		 	Name:	 	 R. Radcliffe Hastings

		 		 	Title:	 	 Executive Vice President

					
	COMMONWEALTH OF PENNSYLVANIA	  	)	  	
		  	)	  	 SS.

	COUNTY OF DELAWARE	  	)	  	

 I CERTIFY that R. Radcliffe Hastings, the Executive Vice President of Radnor Chemical Corporation,
a Delaware corporation and the sole member of StyroChem GP, L.L.C., a Delaware limited liability company and the general partner of STYROCHEM U.S., LTD., a Texas limited partnership, personally appeared before me, who is known to me or
satisfactorily proven to be the person who signed the foregoing instrument and acknowledged that he/she was authorized to execute the same on behalf of said corporation in such capacity. 
 GIVEN under my hand and official seal this 1st day of December, 2005. 
  

					
			
	 	 		 	 /s/ Susan E. Dear

		 		 	Notary Public
			
	 Commission expires January 8, 2009.
	 		 	[SEAL]
			
	 Notarial Seal
 Susan E. Dear, Notary Public
 Bethel Twp., Delaware County
 My commission expires January 8, 2009
	 		 	

 SCHEDULE A 
 Legal Description 
 That certain real property located at 11591 Business Highway 287 North, in the City of Fort Worth,
County of Tarrant, State of Texas 76179, more particularly described as follows: 
 A 20.127 acre tract of land situated in the J.C. Bates Survey, Abstract
No. 226, the E.M. Brown Survey, Abstract No. 247, the M.E.P. & P.R.R. Survey, Abstract No. 1138, and the M.E.P. & P.R.R. Survey, Abstract No. 1110, Tarrant County, Texas, said tract of land being that particular
tract of land described in deed to TPI Plastic Company recorded in Volume 7318, Page 2160, Deed Records, Tarrant County, Texas, less a 0.114 acre tract of land conveyed by Scott Polymers, Inc. to the State of Texas by deed recorded in Volume 9551,
Page 1007, Deed Records, Tarrant County, Texas and all of a tract of land conveyed by D.J. (Bud) Starnes to Scott Polymers, Inc. by warranty deed recorded in Volume 9683, page 0023, Deed Records, Tarrant County, Texas; said 20.127 acre tract of land
being more particularly described as follows: 
 BEGINNING at an axle found at the southeast corner of said tract; said point being in the north line of
Peden Road (County Road No. 4033, 50 foot right-of-way), and being South 89 degrees 41 minutes 10 seconds West, along said north right-of-way line of Peden Road from the intersection of said north right-of-way line of Peden Road with the
southwesterly right-of-way line of Old Decatur Road (Old Highway 287, 120 foot right-of-way) a distance of 109.25 feet; said beginning point being also the southwest corner of said Starnes tract; 
 THENCE South 89 degrees 41 minutes 10 seconds West, with said north right-of-way line of Peden Road, a distance of 795.34 feet (Deed 793.60 feet) to a  1/2-inch iron rod with “Powell & Powell” cap found for corner; said point being in the east line of
a 50 foot strip of land retained by Texas Electric Service Co., and a curve to the left whose center bears North 38 degrees 03 minutes 19 seconds West, a distance of 598.69 feet from said point; said point being also a distance of 25.00 feet from
the centerline of the Texas Electric Service Co. spur track; 
 THENCE in a northerly direction with the easterly line of said 50 foot strip, along
said curve to the left maintaining a distance of 25.00 feet from the centerline of said Texas Electric Service Company’s spur track, through a central angle of 81 degrees 44 minutes 41 seconds, an arc distance of 854.16 feet (Deed 853.85 feet)
to a  1/2-inch iron rod with “Powell & Powell” cap found at the end of said curve (chord bears
North 11 degrees 04 minutes 20 seconds East, a distance of 783.54 feet); 
 THENCE North 29 degrees 48 minutes 00 seconds West, with the easterly line
of said 50 foot strip, a distance of 335.70 feet to a  1/2-inch iron rod with “GSES, INC., RPLS 4804”
cap set at the beginning of a curve to the right whose center bears North 60 degrees 12 minutes 00 seconds East, a distance of 548.69 feet from said point; 
 THENCE in a northwesterly direction with the easterly line of said 40 foot strip, along said curve to the right, continuing to maintain 25.00 feet from said Texas Electric Service Company’s rail spur track, through a central angle of
30 degrees 00 minutes 00 seconds, an arc distance of 287.29 feet to a 5/8-inch iron rod with “GSES, INC., RPLS 4804” cap set at the end of said curve (chord bears North 14 degrees 48 minutes 00 seconds West, a distance of 284.02 feet);

 THENCE North 00 degrees 12 minutes 00 seconds East with the easterly line of said 50-foot strip, continuing along a line 25.00 feet east of said Texas
Electric Service Company rail spur track, a distance 

 
of 1072.70 feet to a 5/8-inch iron rod with “Gonzalez & Schneeberg” cap found for corner, said point being the most westerly southwest
corner of said 0.114 acre tract; 
 THENCE North 83 degrees 20 minutes 09 seconds East, with the south line of said 0.114 acre tract, a distance of 11.84
feet (Deed 12.08 feet) to a Railroad monument in concrete found for an interior corner of said 0.114 acre tract; 
 THENCE South 16 degrees 13 minutes 19
seconds East, with a westerly line of said 0.114 acre tract, a distance of 104.67 feet (Deed 104.60 feet) to a Railroad monument in concrete found for the southeast corner of said 0.114 acre tract, said point being in the westerly right-of-way line
of Old Decatur Road (120’ right-of-way at this point); and said point being also on a curve to the left whose center bears North 80 degrees 31 minutes 30 seconds East, a distance of 1969.90 feet from said point; 
 THENCE in a southeasterly direction, along said curve to the left, with said westerly and southwesterly right-of-way line of Old Decatur Road, through a central angle of
14 degrees 19 minutes 05 seconds, an arc distance of 492.27 feet to a  1/2-inch iron rod with
“Powell & Powell” cap found at the end of said curve (chord bears South 16 degrees 38 minutes 03 seconds East, a distance of 490.99 feet); 
 THENCE South 23 degrees 47 minutes 35 seconds East, continuing with said southwesterly right-of-way line of Old Decatur Road, at a distance of 1748.54 feet (Deed 1745.8 feet) pass a  1/2-inch iron rod with “Powell & Powell” cap found for the north corner of said Starnes tract;
continuing, in all a distance of 2003.29 feet to a 5/8-inch iron rod with “Gonzalez & Schneeberg” cap found for corner at the intersection of said southwesterly right-of-way line of Old Decatur Road with said north right-of-way
line of Peden Road; 
 THENCE South 89 degrees 41 minutes 10 seconds West, with said north right-of-way line of Peden Road, a distance of 109.25 feet
to the Point of Beginning; containing 876,737 square feet or 20.127 acres of land, more or less.

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