Document:

Credit Agreement

 EXHIBIT 10.21 
 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. 
 Execution Version 
 RADNOR HOLDINGS
CORPORATION 
 $95,000,000 
 CREDIT AGREEMENT 
 December 1, 2005 

 TABLE OF CONTENTS 
  

					
	 1. The Loans
	  	1
	 (a)
	  	Loans	  	1
	 (b)
	  	Collateral	  	1
	 (c)
	  	Transfer Taxes	  	2
	 (d)
	  	Use of Proceeds	  	2
	 (e)
	  	Operative Documents	  	2
	 2. Representations and Warranties of the Company and the Guarantors
	  	2
	 (a)
	  	Amended Credit Agreement	  	2
	 (b)
	  	SEC Reports	  	2
	 (c)
	  	No Material Adverse Change	  	2
	 (d)
	  	Title to Properties; Liens	  	3
	 (e)
	  	Organization, Powers, Qualification, Good Standing, Business and Subsidiaries	  	3
	 (f)
	  	Capitalization	  	4
	 (g)
	  	Credit Agreement	  	4
	 (i)
	  	Notes	  	5
	 (j)
	  	Guarantees	  	5
	 (l)
	  	Intercreditor Agreement	  	5
	 (m)
	  	Collateral Documents	  	5
	 (n)
	  	Mortgages; Fixture Filings	  	6
	 (o)
	  	No Conflict; Consents and Approvals	  	6
	 (p)
	  	Litigation	  	7
	 (q)
	  	Material Licenses	  	7
	 (r)
	  	Financial Condition	  	8
	 (s)
	  	Projections	  	8
	 (t)
	  	Internal Controls	  	8
	 (u)
	  	Independent Auditors	  	9
	 (v)
	  	Affiliate Transactions	  	9
	 (w)
	  	Employee Matters	  	9
	 (x)
	  	ERISA	  	10
	 (y)
	  	Intellectual Property	  	10
	 (z)
	  	Environmental Protection	  	11
	 (aa)
	  	No Violation	  	12
	 (bb)
	  	No Default	  	12
	 (cc)
	  	Zoning, Land Use, Employee and Occupational Safety Compliance	  	12
	 (dd)
	  	Taxes	  	12
	 (ee)
	  	No Undisclosed Liabilities	  	13
	 (ff)
	  	Foreign Assets Control Regulations, etc	  	13
	 (gg)
	  	Disclosure Controls	  	14
	 (hh)
	  	Insurance	  	14
	 (ii)
	  	Solvency	  	14
	 (kk)
	  	Governmental Regulation	  	15
	 (nn)
	  	No Brokers	  	15
	 (oo)
	  	Regulation T, U and X	  	15
	 (pp)
	  	No Inaccurate Statements	  	16

					
	 (qq)
	  	Officers’ Certificates	  	16
	 (rr)
	  	Existing Indebtedness; Future Liens	  	16
	 (ss)
	  	Senior Indebtedness	  	16
	 (tt)
	  	Off-Balance Sheet Arrangements	  	16
	 (uu)
	  	No Forward-Looking Statements	  	16
	 (vv)
	  	Non-Obligor Guarantors	  	17
	 (ww)
	  	Perseco Agreements	  	17
	 3. Representation and Warranty of the Lenders
	  	17
	 (a)
	  	Due Authorization	  	17
	 (b)
	  	ERISA	  	17
	 4. Amounts and Terms of Loans
	  	17
	 (a)
	  	Commitments	  	17
	 (b)
	  	Closing	  	18
	 (c)
	  	Expenses	  	18
	 (d)
	  	Obligation of the Lenders	  	18
	 (e)
	  	The Loan Register	  	18
	 (g)
	  	Rate of Interest	  	19
	 (h)
	  	Interest Payments	  	19
	 (i)
	  	Default Rate	  	19
	 (j)
	  	Computation of Interest	  	20
	 (k)
	  	Maximum Rate	  	20
	 (l)
	  	Maturity	  	20
	 (m)
	  	Manner and Time of Payment	  	20
	 (o)
	  	Apportionment of Payments	  	20
	 (p)
	  	Payments on Business Days	  	20
	 (r)
	  	Compensation for Increased Costs	  	20
	 (s)
	  	Capital Adequacy	  	21
	 (t)
	  	Taxes	  	22
	 (u)
	  	Statements	  	24
	 (v)
	  	Mitigation	  	24
	 5. Covenants of the Company and the Guarantors
	  	25
	 (a)
	  	Payment of Principal, Premium and Interest	  	25
	 (b)
	  	Maintenance of Office or Agency	  	25
	 (c)
	  	Inspection Rights	  	25
	 (d)
	  	Compliance With Laws, etc	  	25
	 (e)
	  	Monthly and Quarterly Financials	  	26
	 (f)
	  	Year-End Financials	  	26
	 (g)
	  	Quarterly Certificates	  	27
	 (h)
	  	SEC Filings	  	27
	 (i)
	  	Events of Default, etc	  	27
	 (j)
	  	Taxes	  	28
	 (k)
	  	Limitations on Investments	  	28
	 (l)
	  	Limitations on Restricted Payments	  	28
	 (m)
	  	Limitations on Payment Restrictions Affecting Restricted Subsidiaries	  	30

					
	 (n)
	  	Limitations on Indebtedness	  	31
	 (o)
	  	Limitations on Asset Sales	  	31
	 (p)
	  	Limitations on Sale and Leaseback Transactions	  	34
	 (q)
	  	Limitations on Transactions With Affiliates	  	35
	 (r)
	  	Limitations on Liens	  	36
	 (s)
	  	Corporate Existence	  	38
	 (t)
	  	Change of Control	  	38
	 (u)
	  	Maintenance of Properties	  	40
	 (v)
	  	Maintenance of Insurance	  	40
	 (w)
	  	Events of Loss	  	41
	 (y)
	  	Subsidiary Guarantees	  	42
	 (z)
	  	Limitations on Issuances and Sales of Capital Stock of Restricted Subsidiaries	  	43
	 (aa)
	  	Further Assurances	  	44
	 (bb)
	  	Priority	  	44
	 (cc)
	  	Use of Proceeds	  	44
	 (dd)
	  	Additional Collateral	  	44
	 (ee)
	  	Minimum EBITDA	  	44
	 (ff)
	  	Negative Pledges	  	45
	 (gg)
	  	Consolidation, Merger, Conveyance, Transfer or Lease	  	45
	 (hh)
	  	Brokers’ and Advisors’ Fees	  	47
	 6. Remedies
	  	48
	 (a)
	  	Events of Default	  	48
	 (b)
	  	Remedies	  	50
	 (c)
	  	Other Remedies	  	51
	 (d)
	  	Waiver of Past Defaults	  	52
	 (e)
	  	Other Remedies	  	52
	 (f)
	  	Waiver of Stay, Extension or Usury Laws	  	52
	 (g)
	  	Application of Proceeds	  	52
	 7. Expenses
	  	53
	 (a)
	  	Transaction Expenses	  	53
	 (b)
	  	Survival	  	54
	 8. Conditions of the Lenders’ Obligations
	  	54
	 (a)
	  	Representations and Warranties; Performance; No Default	  	54
	 (b)
	  	No Injunction	  	55
	 (e)
	  	Officers’ Certificate	  	55
	 (f)
	  	Guarantors’ Officer’s Certificates	  	55
	 (h)
	  	Documentation	  	55
	 (i)
	  	Opinion of Company’s Counsel	  	55
	 (k)
	  	Opinion of Corporate Counsel	  	55
	 (l)
	  	Solvency Certificate	  	55
	 (m)
	  	Material Adverse Effect	  	56
	 (o)
	  	Intercreditor Agreement	  	56
	 (p)
	  	Security Agreements	  	56
	 (q)
	  	Real Property Collateral	  	56

					
	 (r)
	  	UCC Financing Statements; Perfection	  	57
	 (s)
	  	Fixture Filings	  	57
	 (t)
	  	Lien Releases	  	58
	 (u)
	  	Landlord Waivers	  	58
	 (v)
	  	Perfection Certificate	  	58
	 (w)
	  	Lien Searches	  	58
	 (x)
	  	Insurance	  	58
	 (y)
	  	Opinions, etc	  	58
	 (z)
	  	Fees and Expenses	  	58
	 (bb)
	  	Consents and Approvals	  	58
	 (cc)
	  	Notes	  	59
	 (dd)
	  	Secretary’s Certificates; Good Standing	  	59
	 (ee)
	  	Indebtedness	  	60
	 (ff)
	  	Brokers’ and Advisors’ Fees	  	60
	 9. Prepayment
	  	60
	 (a)
	  	Rights of Prepayment	  	60
	 (b)
	  	Applicability of Section	  	61
	 (c)
	  	Election to Prepay; Notice to Agent	  	61
	 (d)
	  	Selection of Loans to Be Prepaid	  	61
	 (e)
	  	Notice of Prepayment	  	61
	 (g)
	  	Loans Payable on Prepayment Date	  	63
	 (h)
	  	Loans Prepaid or Purchased in Part	  	63
	 (i)
	  	Application of Prepayments	  	63
	 (j)
	  	Asset Sale Offers and Event of Loss Offers	  	63
	 11. Indemnification and Contribution
	  	65
	 12. Definitions
	  	67
	 13. Guarantee
	  	95
	 (a)
	  	Guarantee	  	95
	 (b)
	  	Acknowledgments, Waivers and Consents	  	96
	 (c)
	  	Understanding With Respect to Waivers and Consents	  	97
	 (d)
	  	Subrogation	  	98
	 (e)
	  	Reinstatement	  	98
	 (f)
	  	Remedies	  	98
	 (g)
	  	Separate Action	  	99
	 (h)
	  	Subordination of Indebtedness of the Company; Security Interest	  	99
	 (i)
	  	Certain Limitations	  	99
	 (j)
	  	Revocation	  	99
	 14. Amendments and Waivers
	  	99
	 (a)
	  	Requirements	  	100
	 (b)
	  	Solicitation of Lenders	  	100
	 (c)
	  	Binding Effect, etc	  	100
	 (d)
	  	Loans held by the Company, etc	  	100
	 16. Assignments
	  	101

					
	 17. Appointment of Agent
	  	103
	 (a)
	  	Appointment	  	103
	 (b)
	  	Rights of Agent	  	104
	 (c)
	  	Administration of the Collateral	  	104
	 (d)
	  	Application of Proceeds	  	105
	 (e)
	  	Duties of Agent	  	105
	 (f)
	  	Reliance by Agent	  	106
	 (g)
	  	Appointment of Sub-Agents	  	106
	 (h)
	  	Resignation of Agent	  	106
	 (i)
	  	Lender Non-Reliance	  	107
	 (j)
	  	Indemnification	  	107
	 (k)
	  	Holders	  	107
	 (l)
	  	Action by Agent	  	108
	 18. Survival Clause
	  	108
	 20. Confidentiality
	  	108
	 21. Notices
	  	109
	 22. Successors
	  	110
	 23. Applicable Law
	  	110
	 24. Waiver of Jury Trial
	  	110
	 25. Submission to Jurisdiction
	  	111
	 26. Counterparts
	  	111

 CREDIT AGREEMENT 
 This Credit Agreement (the “Credit Agreement”) is dated as of December 1, 2005, and entered into by and among Radnor Holdings Corporation, a Delaware corporation (the “Company”),
each of the Guarantors referred to below, Special Value Expansion Fund, LLC, a Delaware limited liability company and Special Value Opportunities Fund, LLC, a Delaware limited liability company (each, a “Lender” and collectively,
the “Lenders”) and Tennenbaum Capital Partners, LLC as Agent and Collateral Agent (the “Agent” and, in its capacity as Collateral Agent, the “Collateral Agent”), as set forth below. 
 1. The Loans. 
 (a)
Loans. Subject to the terms and conditions herein contained, the Lenders propose to extend, at the Company’s request, $92,600,000 aggregate principal amount of Tranche A Loans, bearing interest at the rate of three-month LIBOR + 7.25%
(the “Tranche A Loans”) and $2,400,000 aggregate principal amount of Tranche B Loans, bearing interest at the rate of three-month LIBOR + 7.25% (the “Tranche B Loans” and together with the Tranche A Loans, the
“Loans”). The Tranche A Loans and Tranche B Loans will be evidenced by promissory notes in substantially the form attached hereto as Exhibit A-1 (the “Tranche A Notes”) and Exhibit A-2 (the
“Tranche B Notes” and, together with the Tranche A Notes, the “Notes”), respectively. The Loans and other obligations hereunder will be fully and unconditionally guaranteed (the “Guarantees”) as to
payment of principal, interest, premium, if any, and any other amounts due thereon and hereunder on a senior secured basis, jointly and severally, by each entity listed on Schedule 1(a) hereto (collectively, the
“Guarantors”). 
 (b) Collateral. The Company and the Guarantors have agreed to secure, equally and ratably, the
Tranche A Loans and the Guarantees by granting to the Collateral Agent for the ratable benefit of the Lenders, the Agent and the Collateral Agent (collectively, the “Secured Parties”), first priority and second priority security
interests in certain assets of the Company and certain of the Guarantors (the “Tranche A Collateral”) as evidenced by a Security Agreement among the obligors party thereto and the Collateral Agent to be dated as of the Closing Date
(the “Tranche A Security Agreement”), certain landlord and mortgagee waivers described on Schedule 1(b) hereto (the “Landlord Waivers”), and certain mortgages or deeds of trust encumbering all of the real
property set forth on Schedule 1(b) hereto, in each case, to be dated the Closing Date (the “Mortgages” and, together with the Tranche A Security Agreement and the Landlord Waivers, the “Tranche A Collateral
Documents”). 
 The Company and certain of the Guarantors have agreed to secure, equally and ratably, the Tranche B Loans and the
Guarantees by granting to the Collateral Agent for the ratable benefit of the Secured Parties, first priority security interests in certain assets of the Company and certain of the Guarantors (the “Tranche B Collateral” and,
together with the Tranche A Collateral, the “Collateral”) as evidenced by a Security Agreement among the obligors party thereto and the Collateral Agent to be dated as of the Closing Date (the “Tranche B Security
Agreement” and, together with the Tranche A Security Agreement, the “Security Agreements” and the Tranche B Security Agreement together with the Tranche A Collateral Documents, the 

 
“Collateral Documents”). The Company and the Guarantors party to the Collateral Documents, in their capacity as obligors under the Security
Agreements and as mortgagors under the Mortgages, shall be collectively referred to herein as the “Obligors.”) 
 (c)
Transfer Taxes. The Company shall pay transfer taxes, if any, payable in connection with the initial delivery to the Lenders of the Notes. 
 (d) Use of Proceeds. The net proceeds from the issuance of the Loans will be used to (i) repay in full the Indebtedness of the Company and the Guarantors set forth on Schedule 1(d) hereto, including any related interest
and fees, (ii) purchase certain equipment in accordance with the provisions hereof, (iii) repay a portion of the outstanding revolving credit facility borrowings drawn under the Fourth Amended and Restated Credit Agreement dated as of
December 26, 2001 with PNC Bank, National Association, as Lead Arranger and Administrative Agent and Fleet Capital Corporation as Documentation Agent, and the lenders party thereto (as amended through the Closing Date, the “Amended
Credit Agreement”), and (iv) pay fees and expenses incurred in connection with the making of the Loans under this Agreement. 
 (e) Operative Documents. This Agreement, the Notes, the Guarantees, the Intercreditor Agreement and the Collateral Documents are hereinafter sometimes referred to collectively as the “Operative Documents”.

 2. Representations and Warranties of the Company and the Guarantors. In order to induce the Lenders and the Agent to enter
into this Agreement and to induce the Lenders to extend the Loans, the Company and each of the Guarantors jointly and severally represent and warrant to the Lenders and the Agent that: 
 (a) Amended Credit Agreement. All of the representations and warranties in the Amended Credit Agreement of the Company and the Subsidiaries of the
Company party thereto are true and correct in all material respects as if made on and as of the date hereof. 
 (b) SEC Reports.
Except as set forth on Schedule 2(b) hereto, at the time of its effective filing, the Company’s annual report on form 10-K for the fiscal year ended December 31, 2004 filed with the Commission (the “2004 10-K”) and
all subsequent reports that have been filed by the Company with the Commission (collectively with the 2004 10-K, the “SEC Reports”) or sent to stockholders pursuant to the Exchange Act did not include any untrue statement of a
material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading. Such documents, when they were filed with the Commission, conformed in all material
respects to the requirements of the Exchange Act and the rules and regulations of the Commission thereunder. 
 (c) No Material Adverse
Change. Except as disclosed in the interim financial statements of the Company for 2005 previously delivered to the Lenders, since December 31, 2004, no event or change has occurred that has resulted in or evidences or would reasonably be
expected to have, either in any case or in the aggregate a material adverse effect on the business, 

  

 -2- 

 
assets, Properties, consolidated financial condition or results of operations or business prospects of the Company and its Subsidiaries, taken as a whole, on
the ability of the Company or any Guarantor to perform its obligations under the Operative Documents to which it is a party, or on the validity or enforceability of this Agreement, the Notes or any other Operative Document (a “Material
Adverse Effect”); and, since such date, except as set forth on Schedule 2(c) hereto, there has not been any change in the capital stock or other Equity Interests, membership interests, partnership interests or long-term debt of the
Company or any of the Restricted Subsidiaries (other than changes occurring in the ordinary course of business in the outstanding amount of loans under credit agreements of the Company or the Restricted Subsidiaries) or any other change that has or
would reasonably be expected to have a Material Adverse Effect. 
 (d) Title to Properties; Liens. Each of the Company and the Primary
Domestic Subsidiaries has, as of the date hereof, good and marketable title in fee simple to all real property and good and marketable title to all personal property owned by it, in each case free and clear of all Liens, encumbrances and defects,
except as set forth on Schedule 2(d) hereto, and any real property, personal property and buildings held under lease by the Company and the and the Primary Domestic Subsidiaries are, as of the date hereof, held by them under valid, subsisting
and enforceable leases with such exceptions as are not material and do not interfere with the use made of such real property, personal property and buildings by the Company and the and the Primary Domestic Subsidiaries. All rent and other sums and
charges payable by the Company and the and the Primary Domestic Subsidiaries as tenants thereunder are current in all material respects and no termination event or condition or uncured default on the part of the Company or any of the and the Primary
Domestic Subsidiaries exists under any such lease, except for any such events, conditions or defaults which would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. Each of the Company and the and the
Primary Domestic Subsidiaries has complied with all material obligations, considering applicable grace periods, under all material leases to which such person is a party and under which such person is in occupancy or has possession; with respect to
all such leases, to the best knowledge of the Company, no person has instituted or threatened to institute proceedings, or has taken or threatened to take any other action, to challenge or terminate, and no event or circumstance has occurred that
reasonably could be expected to materially interfere with, the lessee’s right to occupy the premises or possess the property leased thereunder or to continue to use such premises or property in the manner in which it is currently being used,
except in all instances as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. None of such leases contains any provision restricting the incurrence of indebtedness by the lessee. 
 (e) Organization, Powers, Qualification, Good Standing, Business and Subsidiaries. Each of the Company and its Subsidiaries has been duly
incorporated or organized and will be validly existing as a corporation, limited liability company or limited partnership in good standing or similar status under the laws of the jurisdiction of its incorporation or formation as specified in
Schedule 2(e) hereto, with power and authority to own its Properties and to conduct its business as now conducted and to enter into and perform its obligations under the Operative Documents to which it is a party and has been duly qualified
as a foreign corporation, limited 

  

 -3- 

 
liability company or limited partnership for the transaction of business and is in good standing or similar status under the laws of each other jurisdiction
in which it owns or leases property, or conducts any business, so as to require such qualification, except where the failure to be so qualified or in good standing has not had and would not reasonably be expected to have a Material Adverse Effect.
Other than the Subsidiaries listed on Schedule 2(e) hereto, the Company has no direct or indirect Subsidiaries. None of the Subsidiaries of the Company other than Radnor Chemical Corporation, WinCup Holdings, Inc., WinCup Texas, Ltd.,
Radnor Investments, L.L.C., Radnor Investments III, Inc., Radnor Management, Inc., Radnor Management Delaware, Inc., StyroChem Canada, Ltd., StyroChem Finland Oy, and StyroChem U.S., Ltd. is a “significant subsidiary,” as such term is
defined in Rule 405 of the rules and regulations under the Act. The Company and each of its Subsidiaries as of the Closing Date, their correct names and their jurisdictions of organization, together with each such Person’s directors and
senior officers, are identified in Schedule 2(e) hereto. Schedule 2(e) also sets forth each Affiliate of the Company as of the Closing Date. 
 (f) Capitalization. The authorized capital stock of the Company consists of 11,650 shares of Voting Common Stock, par value $0.10 per share, 5,650 shares of Nonvoting Common Stock, par value $0.10 per share,
5,400 shares of Class B Nonvoting Common Stock, par value $0.01 per share, and 2,000 shares of Preferred Stock, par value $0.10 per share. As of the date hereof, there are outstanding 600 shares of Voting Common Stock, 270 shares of Nonvoting Common
Stock, 5,400 shares of Class B Nonvoting Common Stock and 1,250 shares of Preferred Stock. As of the date hereof, with the exception of (i) outstanding options to purchase 666 shares of the Company’s Nonvoting Common Stock,
(ii) outstanding warrants to purchase 53 shares of the Company’s Voting Common Stock and (iii) outstanding warrants to purchase 559 shares of the Company’s Nonvoting Common Stock, there are no outstanding rights, warrants or
options to acquire, or instruments convertible into or exchangeable for any of the Company’s capital stock. As of the date hereof (i) all of the outstanding shares of capital stock of the Company are duly and validly authorized and issued,
fully paid and non-assessable, and are owned of record free and clear of all preemptive rights, subscription rights, other rights to purchase, voting (to the extent such shares have voting rights) or, except as set forth on Schedule 2(f)
hereto, transfer restrictions and other similar claims, (ii) except as set forth on Schedule 2(f) hereto, all of the outstanding shares of capital stock of each Subsidiary of the Company that is a corporation, all of the outstanding
membership interests of each Subsidiary of the Company that is a limited liability company and all of the outstanding partnership interests of each Subsidiary of the Company that is a partnership are duly and validly authorized and issued, fully
paid and non-assessable (with respect to shares of capital stock only) and are owned directly by the Company or a wholly-owned Subsidiary, free and clear of all Liens, encumbrances, preemptive rights, subscription rights, other rights to purchase,
voting or transfer restrictions and other claims, and none of such Capital Stock constitutes Margin Stock; and (iii) there are no outstanding rights, warrants or options to acquire, or instruments convertible into or exchangeable for, any
Equity Interests, membership interests or partnership interests of any Subsidiary. 
 (g) Credit Agreement. This Agreement has been
duly authorized, executed and delivered by the Company and each of the Guarantors and, assuming the due authorization, 

  

 -4- 

 
execution and delivery hereof by the Lenders and the Agent and Collateral Agent, is the legally valid and binding obligation of each such Person enforceable
against each such Person in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to
enforceability. 
 (h) [Intentionally Omitted] 
 (i) Notes. The Notes have been duly authorized by the Company and, when executed and delivered to and paid for by the Lenders in accordance with the terms of this Agreement, will be legal, valid and binding
obligations of the Company enforceable against the Company in accordance with their terms, except as (A) may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or fraudulent transfer or other similar laws
relating to or affecting creditors’ rights generally and (B) such enforceability is subject to general principles of equity regardless of whether such enforceability is considered in a proceeding in equity or at law. 
 (j) Guarantees. The Guarantees set forth herein have been duly authorized, executed and delivered by each of the Guarantors and, assuming the due
authorization, execution and delivery of this Agreement by the Lenders and the Agent and Collateral Agent, are the legal, valid and binding obligations of the Guarantors enforceable against such Guarantors in accordance with their terms, except as
(A) may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or fraudulent transfer or other similar laws relating to or affecting creditors’ rights generally and (B) such enforceability is subject
to general principles of equity regardless of whether such enforceability is considered in a proceeding in equity or at law. 
 (k)
[Intentionally Omitted] 
 (l) Intercreditor Agreement. The Intercreditor Agreement has been duly authorized by the Company and, when
executed and delivered by the Company on or prior to the Closing Date, and assuming due authorization, execution and delivery by the other parties thereto, will be a legal, valid and binding agreement of the Company, enforceable against the Company
in accordance with its terms, except as (i) may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or fraudulent transfer or other similar laws relating to or affecting creditors’ rights generally and
(ii) such enforceability is subject to general principles of equity regardless of whether such enforceability is considered in a proceeding in equity or at law. 
 (m) Collateral Documents. Each Collateral Document has been duly authorized by the Company and each of the Guarantors party thereto and, when executed and delivered by each of the Company and each of the
Guarantors party thereto on or prior to the Closing Date, and assuming due authorization, execution and delivery by the Collateral Agent, will be a legal, valid and binding agreement of the Company and the Guarantors party thereto, enforceable
against the Company and the Guarantors party thereto in accordance with its terms, except as (i) may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance 

  

 -5- 

 
or fraudulent transfer or other similar laws relating to or affecting creditors’ rights generally and (ii) such enforceability is subject to
general principles of equity regardless of whether such enforceability is considered in a proceeding in equity or at law. 
 (n)
Mortgages; Fixture Filings. The Collateral Documents that constitute mortgages or deeds of trust on real property, and the fixture filings, when executed, delivered and recorded by each of the Guarantors party thereto on or prior to the
Closing Date, will create, in favor of the Collateral Agent for the benefit of the Secured Parties, (i) valid and enforceable mortgage liens on such real property and (ii) perfected security interests in such fixtures superior to and prior
to the Liens of all third persons subject only to the Permitted Liens. Each of the Guarantors party thereto is the sole beneficial owner of the Collateral in which it will grant a Lien (including a mortgage Lien) pursuant to the Collateral Documents
and no Lien will exist upon such Collateral, except for Permitted Liens. Upon the filing of the fixture filings and mortgages or deeds of trust and the other acts contemplated by the Collateral Documents, the Liens (including mortgage Liens) created
pursuant to the Collateral Documents will constitute (A) a first priority perfected security interest in the Collateral constituting fixtures under the Uniform Commercial Code, in the case of the fixture filings, and (B) a validly created
and enforceable Lien on the real property, in the case of the mortgages or deeds of trust, in which each Guarantor party thereto will grant a Lien pursuant to the Collateral Documents, subject to no equal or prior Lien except as expressly permitted
hereby. 
 (o) No Conflict; Consents and Approvals. The execution, delivery and performance of the Operative Documents by the Company
and each Guarantor party thereto, and the consummation by the Company and the Guarantors of the transactions contemplated hereby and thereby including, without limitation, the making of the Loans and the use of proceeds contemplated hereby
(including, without limitation, the refinancing of the Indebtedness set forth on Schedule 1(d) hereto), do not and will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute (with due
notice or lapse of time or both) a default under, any indenture, mortgage, deed of trust, bank loan or credit agreement, lease or other agreement or instrument to which the Company or any of the Restricted Subsidiaries is a party or by which the
Company or any of the Restricted Subsidiaries is bound or to which any of the Property or assets of the Company or any of the Restricted Subsidiaries is subject, or any federal, state, local or foreign statute or any order, rule or regulation of any
federal, state, local or foreign court or governmental agency or body having jurisdiction over the Company or any of the Restricted Subsidiaries or any of their properties; (ii) result in any violation of the provisions of the charter,
including without limitation any Certificate of Incorporation or Articles of Incorporation or By-laws (or other organizational or governing documents), in each case as amended, of the Company or any of the Restricted Subsidiaries; (iii) result
in or require the creation or imposition of any Lien upon or with respect to any of the properties or assets of the Company or any of the Restricted Subsidiaries, except pursuant to or as contemplated by the terms of this Agreement and the
Collateral Documents, or (iv) constitute a default under any ordinance, license or permit, except, in the case of the events specified in clauses (i), (iii) and (iv) above, for such conflicts, violations or defaults which would
not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. No consent, approval, authorization, order, registration or 

  

 -6- 

 
qualification of or with any federal, state, local or foreign court or governmental agency or body is required for the execution, delivery and performance by
the Company and each of the Guarantors of the Operative Documents to which they are or will be a party or for the consummation by the Company and the Guarantors of the transactions contemplated thereby, including, without limitation, the making of
the Loans and the use of proceeds contemplated hereby (including, without limitation, the refinancing of the Indebtedness set forth on Schedule 1(d) hereto), except such consents, approvals, authorizations, registrations or qualifications as have
been obtained and for the recording or filing of certain of the Collateral Documents. Each of the Company and the Guarantors has full power and authority to enter into and perform its obligations under the Operative Documents to which it is or will
be a party, to incur and (as applicable) guarantee the Loans and to issue and deliver the Notes as provided herein and therein. 
 (p)
Litigation. Except as set forth in Schedule 2(p) hereto, there are no legal or governmental proceedings (other than proceedings with respect to Environmental Laws (as defined below) or Hazardous Materials (as defined below) in respect
of which Section 2(z) is applicable) pending to which the Company or any of the Restricted Subsidiaries is a party or of which any Property of the Company or any of the Restricted Subsidiaries is the subject which, if determined
adversely to the Company or any of the Restricted Subsidiaries, would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, or which would reasonably be expected to materially and adversely affect the
consummation by the Company and the Guarantors of the transactions contemplated by the Operative Documents or the performance by the Company and the Guarantors of their respective obligations hereunder and thereunder; to the best knowledge of the
Company, no such proceedings are threatened or contemplated by governmental authorities or threatened or contemplated by others. Neither the Company nor any of the Restricted Subsidiaries (i) is in violation of any Applicable Laws that,
individually or in the aggregate, would reasonably be expected to result in a Material Adverse Effect, or (ii) is subject to or in default with respect to any final judgments, orders, writs, injunctions, decrees, rules or regulations of any
court or other Governmental Authority that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. 
 (q) Material Licenses. Except as set forth in Schedule 2(q) hereto, each of the Company and the Restricted Subsidiaries owns or possesses all governmental licenses, permits, certificates, consents, orders, approvals and other
authorizations (including those required by applicable Environmental Laws (as defined below)) necessary to own, lease, construct and operate its properties and to conduct its business as presently conducted by it, except where the failure to own or
possess such licenses, permits, certificates, consents, orders, approvals and other authorizations would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect (collectively, “Material
Licenses”). All of the Material Licenses are valid and in full force and effect, each of the Company and the Restricted Subsidiaries has fulfilled and performed its respective obligations with respect to such Material Licenses, and no event
has occurred which allows, or after notice or lapse of time or both would allow, revocation or termination thereof or result in any other material impairment of the rights of the holder of any such Material Licenses. Neither the Company nor any of
the Restricted Subsidiaries has received any written notice of proceedings relating to revocation, modification or termination of any such Material 

  

 -7- 

 
Licenses which would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 
 (r) Financial Condition. Except as set forth on Schedule 2(b) hereto, the consolidated financial statements of the Company and its
Subsidiaries included in the SEC Reports present fairly the financial condition, results of operations, and cash flows of the Company and its Subsidiaries as of the dates and for the periods therein specified and the balance sheets included in the
SEC Reports present fairly, as of the date specified, the financial condition and stockholders’ equity of the Company and its Subsidiaries in conformity with United States generally accepted accounting principles consistently applied throughout
the periods involved, except as otherwise stated therein; and the other financial and accounting information and data related to the Company and the Restricted Subsidiaries set forth in the SEC Reports present fairly, in all material respects, the
information purported to be shown thereby at the respective dates and for the respective periods to which they apply, and except as otherwise disclosed therein, have been prepared on a basis consistent with the financial statements and the books and
records of the entities as to which such information is shown. 
 (s) Projections. The forecasted financial statements of the Company
and its Subsidiaries delivered to the Lenders, consisting of balance sheets, income statements and cash flow statements for the Company and its Subsidiaries giving effect to the consummation of the transactions contemplated by this Agreement and the
making of Loans hereunder, dated September 23, 2005 (the “Projections”), have been diligently prepared on a basis consistent with the financial statements included in the SEC Reports, and are based on good faith estimates and
assumptions believed by management of the Company to be reasonable as of the date of the Projections, and there are no statements or conclusions in any of the Projections which are based upon or include information known to the Company or any of its
Subsidiaries to be misleading in any material respect or which fail to take into account material information regarding the matters reported therein. On the Closing Date, the Company believes that the Projections were reasonable, it being recognized
by the Lenders, however, that projections as to future events are not to be viewed as facts and that the actual results during the period or periods covered by the Projections may differ from the projected results and such differences may be
material. 
 (t) Internal Controls. Except as set forth on Schedule 2(t) hereto: 
 (i) since the date of the most recent evaluation by the Company of its disclosure controls and procedures, there has been no change in
internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting, including any corrective actions with regard to significant
deficiencies and material weaknesses; 
 (ii) from December 31, 2004 through September 30, 2005, the date as of
which the most recent evaluation by the Company of its disclosure controls was made, there had not been (1) any significant deficiency in the design or operation of internal controls of the Company which could adversely affect the
Company’s ability to record, 

  

 -8- 

 
process, summarize, and report financial data, (2) any material weakness in internal controls or (3) any fraud, whether or not material, that
involves management or other employees who have a significant role in the Company’s internal controls; and 
 (iii) the
Company and its Subsidiaries (i) make and keep accurate books and records and (ii) maintain internal accounting controls which provide reasonable assurance that (A) transactions are executed in accordance with management’s
authorization, (B) transactions are recorded as necessary to permit preparation of their financial statements and to maintain accountability for their assets, (C) access to their assets is permitted only in accordance with
management’s authorization and (D) the reported accountability for their assets is compared with existing assets at reasonable intervals. 
 (u) Independent Auditors. KPMG LLP, who have certified certain financial statements of the Company and Radnor Investments, L.P., whose reports appear in the 2004 10-K, are independent public accountants as required by the Act and the
related rules and regulations. KPMG LLP has not engaged in any “prohibited activities” (as defined in Section 10A of the Exchange Act) on behalf of the Company. PricewaterhouseCoopers LLP, who have been engaged to serve as the
Company’s independent public accounting firm, have not engaged in, and are not engaging in, any “prohibited activities” (as defined in Section 10A of the Exchange Act) on behalf of the Company. 
 (v) Affiliate Transactions. Except as set forth in Schedule 2(v) hereto, no relationship, direct or indirect, exists between or among the
Company or any Subsidiary on the one hand, and the directors, officers, stockholders, customers or suppliers of the Company on the other hand that is of a type referenced in Item 404 of Regulation S-K under the Act. Except as set forth in
Schedule 2(v) hereto, the Company has not, directly or indirectly, including through any Subsidiary, extended or maintained credit, or arranged for the extension of credit, or renewed an extension of credit, in the form of a personal loan to
or for any of its directors or executive officers. 
 (w) Employee Matters. Neither the Company nor any of the Restricted Subsidiaries
has violated any federal, state, local or foreign law relating to discrimination in employment nor any applicable wage or hour laws, nor has the Company or any of the Restricted Subsidiaries engaged in any unfair labor practice, which in each case
would reasonably be expected to result, singly or in the aggregate, in a Material Adverse Effect. Except as disclosed in Schedule 2(w) hereto, there is (i) no unfair labor practice complaint pending against the Company or any of the
Restricted Subsidiaries, or to the best knowledge of the Company and each of the Guarantors, threatened against any of them, before the National Labor Relations Board or any federal, state, local or foreign labor relations board, and no significant
grievance or significant arbitration proceeding arising out of or under any collective bargaining agreement pending or, to the best knowledge of the Company and each of the Guarantors, threatened against any of them, and (ii) no significant
strike, labor dispute, slowdown or stoppage pending against the Company or any of the Restricted Subsidiaries, or, to the best knowledge of the Company and 

  

 -9- 

 
each of the Guarantors, threatened against any of them or by the employers of any of their principal suppliers or contractors, except (with respect to any
matter specified in clause (i) or (ii) above, singly or in the aggregate) such as would not reasonably be expected to have a Material Adverse Effect. 
 (x) ERISA. 
 (i) Each Employee Benefit Plan of the Company, each of its Restricted
Subsidiaries and each of their respective ERISA Affiliates is in compliance with, and has been operated in compliance with, all applicable provisions and requirements of all Applicable Laws, including ERISA and the Internal Revenue Code, and the
regulations and published interpretations thereunder, and the Company, its Restricted Subsidiaries and each of their respective ERISA Affiliates have performed all their obligations under each Employee Benefit Plan. Each Employee Benefit Plan that
is intended to qualify under Section 401(a) of the Internal Revenue Code is so qualified and nothing has occurred since the date of any determination or opinion regarding qualification that would reasonably be expected to adversely affect the
qualified status of each such Employee Benefit Plan. 
 (ii) No Employee Benefit Plan is or was a defined benefit Pension
Plan, a Foreign Plan or a Multiemployer Plan. None of the Employee Benefit Plans is or has been subject to Section 302 of ERISA, Title IV of ERISA or Section 412 of the Code. Neither the Company nor any ERISA Affiliate has or has had any
direct or contingent liability or obligation of any nature to the Pension Benefit Guaranty Corporation or any other person arising directly or indirectly under Part 3 of Subtitle B of Title I of ERISA, Title IV of ERISA or Section 412 of the
Code. 
 (iii) Except to the extent required under Section 4980B of the Internal Revenue Code, no Employee Benefit Plan
provides health or welfare benefits (through the purchase of insurance or otherwise) for any retired or former employee of the Company, any of its Restricted Subsidiaries or any of their respective ERISA Affiliates. 
 (y) Intellectual Property. Each of the Company and the Restricted Subsidiaries, as of the date hereof, owns or possesses adequate patent rights or
licenses or other rights to use patent rights, inventions, trademarks, service marks, trade names, copyrights, software, know-how and processes (collectively, “Intellectual Property”) necessary to conduct the general business now
operated by it and neither the Company nor any of the Restricted Subsidiaries has received any written notice of infringement of or conflict with asserted rights of others with respect to any Intellectual Property which, individually or in the
aggregate, would reasonably be expected to have a Material Adverse Effect, nor does the Company know of any valid basis for any such claim. The use of such Intellectual Property by the Company and its Subsidiaries does not infringe on the rights of
any Person, except for such claims and infringements that, in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. All federal and state and all foreign registrations of and applications for Intellectual Property
that are owned or licensed by the Company or any of its Subsidiaries on the Closing Date are described on Schedule 2(y). 
  

 -10- 

 (z) Environmental Protection. Except as set forth in Schedule 2(z): 
 (i) (A) neither the Company nor any of its Subsidiaries nor any of their respective Properties or operations currently or formerly
owned, leased or operated by any of them or any of their respective predecessors or Affiliates are subject to any outstanding order, consent decree or settlement agreement with any Person, and (B) neither the Company nor any Subsidiary has
knowledge of any claim or has received any notice of any claim, and no proceeding or other action has been instituted or threatened raising any claim against the Company or any of its Subsidiaries or any of their respective Properties or operations
currently or formerly owned, leased or operated by any of them or any of their respective predecessors or Affiliates that has had or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in each case
with respect to (A) and (B) above, alleging or relating to (x) any Environmental Law, (y) any Environmental Claim, or (z) any Hazardous Materials Activity; 
 (ii) neither the Company nor any of its Subsidiaries has received any letter or request for information under Section 104 of the
Comprehensive Environmental Response, Compensation, and Liability Act (42 U.S.C. § 9604) or any comparable state law; 
 (iii) there are and have at all times been no conditions, occurrences, or Hazardous Materials Activities that could hinder or limit the ability of the Company and each of its Subsidiaries to comply with any Environmental Laws or form the
basis of an Environmental Claim against the Company or any of its Subsidiaries that, in each case, has had or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect (whether with respect to any currently or
formerly owned, leased or operated Properties or operations of the Company, any of its Subsidiaries or any of their respective predecessors or Affiliates); 
 (iv) commencing at least five years prior to the Closing Date, the Company has maintained a system of tracking and updating environmental compliance for its and each of its Subsidiaries’ operations that
demonstrates a commitment to environmental compliance and includes procedures for (i) preparing and updating information covering pertinent regulatory areas, (ii) tracking changes in applicable Environmental Laws and appropriating
necessary funds and modifying operations to comply with new requirements thereunder, (iii) training employees to comply with applicable environmental requirements and updating such training as necessary, (iv) performing periodic internal
compliance inspections of each Facility and taking measures to correct any incidents of non-compliance detected by means of such inspections, and (v) informally reviewing the compliance status of off-site waste disposal
facilities. 
  

 -11- 

 (v) The Company and its Subsidiaries are in material compliance with all current or
reasonably foreseeable future requirements pursuant to or under Environmental Laws and have at all times complied in all material respects with all Environmental Laws, including any permits, licenses, authorizations and other approvals required
under any Environmental Law. 
 (vi) Neither the Company nor any of its Subsidiaries nor any of their respective predecessors
or Affiliates has assumed, retained or otherwise become subject to, by operation of law or otherwise, any liability or obligation of another Person arising under any Environmental Law that has had or would reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect. 
 (aa) No Violation. Neither the Company nor any of the Restricted
Subsidiaries is in violation of any term or provision of its Certificate of Incorporation or Articles of Incorporation or its By-Laws (or other organizational or governing documents), in each case as amended to the date hereof. The Company and each
of the Restricted Subsidiaries is in compliance with all Applicable Laws (other than Environmental Laws in respect of which Section 2(z) is applicable) other than those as to which failure to be in compliance, individually or in the
aggregate, would not reasonably be expected to have a Material Adverse Effect, and neither the Company nor any of the Restricted Subsidiaries is subject to or in default with respect to any final judgments, orders, writs, injunctions, decrees, rules
or regulations of any court or other Governmental Authority that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. 
 (bb) No Default. No default exists, no waiver of default is currently in effect and no event has occurred which with notice or lapse of time, or both, would constitute a default in the due performance and
observance of any term, covenant or condition of any document evidencing or related to any Indebtedness or any other indenture, mortgage, deed of trust, bank loan or credit agreement, lease or other agreement or instrument to which the Company or
any of the Restricted Subsidiaries is a party or by which the Company or any of the Restricted Subsidiaries is bound or to which any of the Property or assets of the Company or any of the Restricted Subsidiaries is subject, which would reasonably be
expected to have a Material Adverse Effect. 
 (cc) Zoning, Land Use, Employee and Occupational Safety Compliance. Each of the Company
and the Restricted Subsidiaries is conducting its business in compliance with all Applicable Laws relating to zoning, land use and employee or occupational safety, except where such noncompliance would not, singly or in the aggregate, reasonably be
expected to have a Material Adverse Effect. 
 (dd) Taxes. Each of the Company and the Restricted Subsidiaries has timely filed all
federal, state, local and foreign income and other tax returns and notices required to be filed by applicable law, except where the failure to file such tax returns would not reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect, and all such tax returns were in all material respects true, correct and complete. Except as set forth on Schedule 2(dd) 

  

 -12- 

 
hereto, no audit, administrative proceedings or court proceedings are presently pending with regard to any material potential federal, state, local or
foreign tax of any nature; neither the Company nor any of the Guarantors has knowledge of any tax deficiencies which would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. Each of the Company and the
Restricted Subsidiaries has paid (within the time and in the manner prescribed by law) all federal, state, local and foreign taxes of any nature which are shown on its returns to be due, in each case except for those not yet delinquent and those
being contested in good faith by appropriate proceedings diligently conducted for which the Company and/or each of the Restricted Subsidiaries has established on its books and records adequate reserves to pay all outstanding tax liabilities in
accordance with United States generally accepted accounting principles. Neither the Company nor any of the Restricted Subsidiaries has requested any extension of time within which to file any material tax return, which return has not since been
filed within the time period permitted by such extension; the amounts currently set up as provisions for taxes or otherwise by the Company and the Restricted Subsidiaries on their books and records are reasonably sufficient for the payment of all
their unpaid federal, state, local and foreign taxes accrued through the dates as of which they speak, and for which the Company and the Restricted Subsidiaries may be liable in their own right, or as a transferee of the assets of, or as successor
to any other corporation, association, partnership, joint venture or other entity. 
 (ee) No Undisclosed Liabilities. Except as set
forth on Schedule 2(ee) hereto, since December 31, 2004, the Company has not (i) issued or granted any securities, (ii) incurred any liability or obligation, direct or contingent, other than non-material liabilities and
obligations which were incurred in the ordinary course of business, (iii) entered into any transaction not in the ordinary course of business or (iv) declared or paid any dividend on its capital stock. 
 (ff) Foreign Assets Control Regulations, etc. 
 (i) Neither the incurrence of the Loans by the Company hereunder nor its use of the proceeds thereof will violate (i) the United States Trading with the Enemy Act, as amended, (ii) any of the foreign assets
control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto, (iii) Executive Order No. 13,224, 66 Fed Reg 49,079 (2001), issued by
the President of the United States (Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit or Support Terrorism) (the “Terrorism Order”) or (iv) the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, Public Law 107-56 (October 26, 2001) (as amended, the “PATRIOT Act”). No part of the proceeds from the making of the
Loans to the Company hereunder will be used, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official
capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign 

  

 -13- 

 
Corrupt Practices Act of 1977, as amended (the “FCPA”). Neither the Company nor any of its Subsidiaries, nor any director, officer, agent,
employee or, to the knowledge of the Company, any other person associated with or acting on behalf of the Company or any of its Subsidiaries, has used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense
relating to political activity; made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; violated or is in violation of any provision of the FCPA; or made any bribe, rebate,
payoff, influence payment, kickback or other unlawful payment. 
 (ii) Neither the Company nor any Subsidiary (i) is or
will become a “blocked person” as described in Section 1 of the Terrorism Order or (ii) engages or will engage in any dealings or transactions, or is otherwise associated, with any such blocked person or any such Person.

 (iii) The Company and its Subsidiaries and its Affiliates are in compliance, in all material respects, with the PATRIOT
Act. 
 (gg) Disclosure Controls. Except as set forth on Schedule 2(t) hereto, the Company has established and maintains
disclosure controls and procedures (as such term is defined in Rule 13a-15e under the Exchange Act), which (i) are designed to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known
to the Company’s principal executive officer and its principal financial officer by others within those entities, particularly during the periods in which the periodic reports required under the Exchange Act are being prepared;
(ii) provide for the periodic evaluation of the effectiveness of such disclosure controls and procedures as of the end of the period covered by the Company’s most recent annual or quarterly report filed with the Commission; and
(iii) are effective in all material respects to perform the functions for which they were established. 
 (hh) Insurance. Each of
the Company and the Restricted Subsidiaries maintains insurance covering their properties, operations, personnel and businesses, and such insurance insures against such losses and risks as are adequate in accordance with customary industry practice
in the opinion of the Company to protect the Company and the Restricted Subsidiaries and their businesses. Neither the Company nor any of the Restricted Subsidiaries has received written notice from any insurer or agent of such insurer that
substantial capital improvements or other expenditures will have to be made in order to continue such insurance; and all such insurance is outstanding and duly in force on the date hereof. 
 (ii) Solvency. Each of (i) the Company, (ii) each Operating Subsidiary and (iii) the Company and its Subsidiaries on a consolidated
basis, immediately after the Closing Date and after giving effect to the making of the Loans, the repayment in full of the Indebtedness of the Company and the Guarantors set forth on Schedule 1(d) hereto, the repayment of a portion of the
outstanding revolving credit facility borrowings drawn under the Amended Credit Agreement, and the payment of fees and expenses in connection herewith and therewith will, in the opinion of the Company and the Guarantors, be Solvent; as used herein,
the term “Solvent” 

  

 -14- 

 
means, with respect to any such entity on a particular date (i) the fair value of the Property of such entity is greater than the total amount of
liabilities (including contingent liabilities reasonably allocated to such entity) of such entity, (ii) the present fair saleable value of the assets of such entity is greater than the probable liability of such entity on its total existing
debts (including contingent liabilities reasonably allocated to such entity) as they become absolute and matured, (iii) such entity will be able to pay its debts and liabilities as they mature and (iv) such entity will not have
unreasonably small capital for the business in which it is engaged, as now conducted and as proposed to be conducted following the consummation of the making of the Loans, the repayment in full of the Indebtedness of the Company and the Guarantors
set forth on Schedule 1(d) hereto, the repayment of a portion of the outstanding revolving credit facility borrowings drawn under the Amended Credit Agreement, and the payment of fees and expenses in connection herewith and therewith. No
transfer of Property is being made by the Company or any of its Subsidiaries and no obligation is being incurred by the Company or any of its Subsidiaries in connection with the transactions contemplated by this Agreement, the Notes or the other
Operative Documents with the intent to hinder, delay, or defraud either present or future creditors of the Company and its Subsidiaries. 
 (jj) [Intentionally Omitted] 
 (kk) Governmental Regulation. Neither the Company nor any of the Restricted Subsidiaries is,
or as of the Closing Date after giving effect to the making of the Loans and the application of the net proceeds therefrom will be, an “investment company” or an entity “controlled” by an “investment company,” as such
terms are defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”), and the published rules and regulations thereunder; Neither the Company nor any of its Subsidiaries is subject to regulation under
the Public Utility Holding the Company Act of 1935, the Federal Power Act, the Interstate Commerce Act, or the ICC Termination Act, as amended or under any other federal or state statute or regulation which may limit its ability to incur
Indebtedness or Contingent Obligations or which may otherwise render all or any portion of the Obligations unenforceable. 
 (ll)
[Intentionally Omitted] 
 (mm) [Intentionally Omitted] 
 (nn) No Brokers. Except with respect to the fees and expenses set forth on Schedule 2(nn) hereto, all of which fees and expenses will be paid by the Company on the Closing Date, neither the Company nor
any of the Restricted Subsidiaries nor any of their respective officers, directors or employees has employed any broker or finder or incurred any liability for any brokerage fees, commissions or finders’ fees in connection with the making of
the Loans. 
 (oo) Regulation T, U and X. None of the Company or the Guarantors or any agent thereof acting on the behalf of any of
them has taken, and none of them will take, any action that might cause this Agreement or the making of the Loans to violate Regulation T, U or X 

  

 -15- 

 
of the Board of Governors of the Federal Reserve System, in each case as in effect, or as the same may hereafter be in effect, on the Closing Date.

 (pp) No Inaccurate Statements. No statement, representation, warranty or covenant to be made in the Operative Documents on or prior
to the Closing Date by the Company and the Guarantors party thereto or by any officer of the Company or any Guarantor in any certificate or document required by or delivered in connection with any of the Operative Documents will be, when made,
inaccurate, untrue or incorrect in any material respect. 
 (qq) Officers’ Certificates. Any certificate signed by an officer of
the Company or any Guarantor pursuant to or in connection with this Agreement or any Collateral Document or in connection with the payment of the purchase price and delivery of the certificates for the Notes, and delivered to the Lenders or to
counsel for the Lenders shall be deemed a joint and several representation and warranty by the Company and each Guarantor to the Lenders as to the matters covered thereby. 
 (rr) Existing Indebtedness; Future Liens. 
 (i) Set forth on Schedule 2(rr) hereto is a true and complete list of all Indebtedness of the Company and each Restricted Subsidiary outstanding immediately prior to the Closing Date that is to remain
outstanding after the Closing Date and such Schedule accurately reflects the aggregate principal amount of such Indebtedness. 
 (ii) Neither the Company nor any Restricted Subsidiary has agreed or consented to cause or permit in the future (upon the happening of a contingency or otherwise) any of its Property, whether now owned or hereafter acquired, to be subject
to a Lien other than a Permitted Lien. 
 (ss) Senior Indebtedness. The Obligations constitute Senior Indebtedness that is entitled to
the benefits of the subordination provisions, if any, of all Indebtedness and Contingent Obligations of the Company and its Subsidiaries. 
 (tt) Off-Balance Sheet Arrangements. Except as set forth in Schedule 2(tt) hereto, there are no material “off-balance sheet arrangements” (as defined in Regulation S-K Item 303(a)(4)(ii) promulgated by the
Commission) that would be reasonably expected to have a material current or future effect on the Company’s or any of its Subsidiaries’ financial condition, changes in financial condition, results of operations, liquidity, capital
expenditures, capital resources, or significant components of revenues or expenses. 
 (uu) No Forward-Looking Statements. No
forward-looking statement (within the meaning of Section 27A of the Act and 21E of the Exchange Act) has been made without a reasonable basis or has been disclosed other than in good faith. 
  

 -16- 

 (vv) Non-Obligor Guarantors. Except as set forth on Schedule 2(vv) hereto, no Guarantor
that is not also an Obligor owns or possesses any Property that would, if owned or possessed by an Obligor as of the April 2004 Closing, constitute Collateral; neither the Company nor any Restricted Subsidiary has agreed or consented to cause or
permit in the future any such Guarantor to own or possess any such Property. 
 (ww) Perseco Agreements. The Perseco Agreements are in
full force and effect and each constitutes a legal, valid and binding agreement, enforceable against WinCup Holdings, Inc. in accordance with its terms. Neither WinCup Holdings, Inc. nor, to the Company’s knowledge, Perseco is in violation or
breach of, or has provided any written notice of an intent to breach, any material provision thereof. 
 The Company and each of the
Guarantors acknowledge that the Lenders and, for purposes of the opinions to be delivered to the Lenders pursuant to Section 8 hereof, counsel for the Company, will rely upon the accuracy and truth of the foregoing representations and
hereby consent to such reliance. 
 3. Representation and Warranty of the Lenders. 
 (a) Due Authorization. Each of the Lenders, the Agent and the Collateral Agent severally and not jointly represents that the execution, delivery
and performance of this Agreement and the other Operative Documents to which such Person is party is within its power and authority and has been duly authorized by all necessary action. 
 (b) ERISA. Each of the Lenders severally and not jointly represents that either (i) no part of the funds used by it to make the Loans
hereunder constitutes assets of any “employee benefit plan” (as defined in Section 3(3) of ERISA) or “plan” (as defined in Section 4975 of the Internal Revenue Code) or (ii) the making of the Loans by it is exempt
from the restrictions on prohibited transactions of ERISA and the Internal Revenue Code pursuant to one or more statutory, regulatory or administrative exemptions. 
 Each of the Lenders acknowledges that, for purposes of the opinions to be delivered to the Lenders pursuant to Section 8 hereof, counsel for the Company will rely upon the accuracy and truth of the
foregoing representation and hereby consents to such reliance. 
 4. Amounts and Terms of Loans. 
 (a) Commitments. On the basis of the representations, warranties, agreements and covenants herein contained and subject to the terms and
conditions herein set forth: 
 (i) Each Lender severally and not jointly agrees to lend to the Company, on the Closing Date,
its proportionate share of the Tranche A Loans in the amounts set forth on Annex A hereto, which Tranche A Loans will be made at [        ]% of their principal amount (the “Tranche A Loan
Price”). 
  

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 (ii) Each Lender severally and not jointly agrees to lend to the Company, on the Closing
Date, its proportionate share of the Tranche B Loans in the amounts set forth on Annex A hereto, which Tranche B Loans will be made at [            ]% of their principal amount (the
“Tranche B Loan Price” and, together with the Tranche A Loan Price, the “Loan Price”). 
 (b)
Closing. The Company shall execute and deliver on the Closing Date to Lenders the Notes evidencing each Lender’s Tranche A Loan and Tranche B Loan, against payment by or on behalf of such Lender of the purchase price therefor by wire
transfer of immediately available funds, to such account or accounts as the Company shall specify prior to the Closing Date, or by such means as the parties hereto shall agree prior to the Closing Date. Such delivery of and payment for the Notes
shall be made at the offices of Milbank, Tweed, Hadley & McCloy LLP (“Milbank”), One Chase Manhattan Plaza, New York, New York 10005 at 10:00 A.M., New York time, on December 1, 2005, or at such other place, time
or date as the Lenders, on the one hand, and the Company, on the other hand, may agree upon, such time and date of delivery against payment being herein referred to as the “Closing Date.” The Company will make such Notes available
for checking by the Lenders at the offices of Milbank in New York, New York, or at such other place as the Lenders may designate, at least 24 hours prior to the Closing Date. 
 (c) Expenses. Without limiting and subject to the provisions of Section 7, on the Closing Date, the Company will pay to the Agent and
the Lenders the reasonable fees and disbursements of legal counsel and consultants and such other expenses, including, without limitation, search fees, diligence fees and expenses, documentation fees and filing fees, incurred by the Lenders and the
Agent in connection with the transactions contemplated herein, set forth in a statement (accompanied by reasonable detail) delivered to the Company on or prior to the Closing Date, and thereafter the Company will pay, promptly upon receipt of a
supplemental statement therefor (accompanied by reasonable detail), such additional reasonable fees and expenses, if any, as the Lenders may incur in connection with such transactions. 
 (d) Obligation of the Lenders. The Company hereby acknowledges and agrees that no Lender shall have any obligation to make the Loans or otherwise
consummate the transactions contemplated by this Agreement if any of the conditions described in Section 8 have not been satisfied to the Agent’s or such Lender’s satisfaction or waived by the Agent or such Lender on or prior
to the Closing Date. 
 (e) The Loan Register. The Agent, acting for these purposes solely as an agent of Company (it being
acknowledged that the Agent, in such capacity, and its officers, directors, employees, agents and affiliates shall constitute Indemnified Parties under Section 11), 

  

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shall maintain (and make available for inspection by the Lenders upon reasonable prior notice at reasonable times) at its address referred to in
Section 21 a register for the recordation of, and shall record, the names and addresses of Lenders and the Tranche A Loans and Tranche B Loans of each Lender from time to time (the “Loan Register”). The Company, the
Agent and Lenders shall deem and treat the Persons listed as Lenders in the Loan Register as the holders and owners of the corresponding Loans listed therein for all purposes hereof; all amounts owed with respect to any Loan shall be owed to the
Lender listed in the Loan Register as the owner thereof; and any request, authority or consent of any Person who, at the time of making such request or giving such authority or consent, is listed in the Loan Register as a Lender shall be conclusive
and binding on any subsequent holder, assignee or transferee of the corresponding Loans. Each Lender shall record on its internal records the amount of its Loans and each payment in respect thereof, and any such recordation shall be conclusive and
binding on Company, absent manifest error, subject to the entries in the Loan Register, which shall, absent manifest error, govern in the event of any inconsistency with any Lender’s records. Failure to make any recordation in the Loan Register
or in any Lender’s records, or any error in such recordation, shall not affect any Loans or any Obligations in respect of any Loans. 
 (f) Notes. The Agent may deem and treat the payee of any Note as the owner thereof for all purposes hereof unless and until an Assignment Agreement effecting the assignment or transfer thereof shall have been accepted by the Agent as
provided in Section 16. Any request, authority or consent of any person or entity who, at the time of making such request or giving such authority or consent, is the holder of any Note shall be conclusive and binding on any subsequent
holder, assignee or transferee of that Note or of any Note or Notes issued in exchange therefor. 
 (g) Rate of Interest. Subject to
the provisions of Sections 4(i), (r), (s) and (t), each Loan shall bear interest on the unpaid principal amount thereof from the Closing Date through Maturity (whether by acceleration or otherwise) at a rate of LIBOR
+ 7.25%. 
 (h) Interest Payments. Subject to the provisions of Section 4(i), interest on each Loan shall be payable in
arrears on and to each Interest Payment Date, upon any prepayment of that Loan (to the extent accrued on the amount being prepaid) and at Maturity (including final maturity). 
 (i) Default Rate. Upon the occurrence and during the continuation of any Event of Default, the outstanding principal amount of all Loans and, to
the extent permitted by Applicable Law, any interest payments thereon not paid when due and any prepayment premium, fees and other amounts then due and payable hereunder, shall thereafter bear interest (including post-petition interest in any
proceeding under Bankruptcy Law) payable upon demand at a rate that is 2% per annum in excess of the interest rate otherwise payable under this Agreement with respect to the applicable Loans (or, in the case of any such fees and other amounts,
at a rate which is 2% per annum in excess of the interest rate otherwise payable under this Agreement). Payment or acceptance of the increased rates of interest provided for in this Section 4(i) is not a permitted alternative to
timely payment and shall not constitute a waiver of any Event of Default 

  

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or otherwise prejudice or limit any rights or remedies of the Collateral Agent, the Agent or any Lender. 
 (j) Computation of Interest. Interest on the Loans shall be computed on the basis of a 360-day year, in each case for the actual number of days
elapsed in the period during which it accrues. In computing interest on any Loan, the first day of an Interest Period applicable to such Loan shall be included, and the date of payment of such Loan or the expiration date of an Interest Period
applicable to such Loan, as the case may be, shall be excluded; provided that if a Loan is repaid on the same day on which it is made, one day’s interest shall be paid on that Loan. 
 (k) Maximum Rate. Notwithstanding the foregoing provisions of this Section 4, in no event shall the rate of interest payable by
Company with respect to any Loan exceed the maximum rate of interest permitted to be charged under applicable law. 
 (l) Maturity.
The Company shall pay in full the outstanding principal amount of all Loans to the Lenders on September 15, 2009 and shall pay in full all other Obligations owed hereunder to the Lenders, the Agent and the Collateral Agent no later than such
date. 
 (m) Manner and Time of Payment. All payments by Company of principal, interest, premium, if any, and other Obligations shall
be made in Dollars in same day funds, without defense, setoff or counterclaim, free of any restriction or condition, and delivered to the Lenders, the Agent and the Collateral Agent, as applicable not later than 3:00 p.m. (New York City time) on the
date due at the applicable Funding and Payment Offices; funds received by a Lender Party after that time on such due date shall be deemed to have been paid by Company on the next succeeding Business Day. 
 (n) [Intentionally Omitted] 
 (o)
Apportionment of Payments. Aggregate principal and interest payments in respect of Loans shall be apportioned among all outstanding Loans, in each case on a pro rata basis. 
 (p) Payments on Business Days. Whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, such
payment shall be made on the next succeeding Business Day and such extension of time shall be included in the computation of the payment of interest hereunder. 
 (q) [Intentionally Omitted] 
 (r) Compensation for Increased Costs. Subject to the provisions of
Section 4(t) (which shall be controlling with respect to the matters covered thereby), in the event that any Lender shall determine (which determination shall, absent manifest error, be final and conclusive and binding upon all parties
hereto) that any law, treaty or governmental rule, regulation or 

  

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order, or any change therein or in the interpretation, administration or application thereof (including the introduction of any new law, treaty or
governmental rule, regulation or order), or any determination of a court or other Government Authority, in each case that becomes effective after the date hereof, or compliance by such Lender with any guideline, request or directive issued or made
after the date hereof by any central bank or other Government Authority (whether or not having the force of law): 
 (1)
subjects such Lender to any additional Tax with respect to this Agreement or any of its obligations hereunder or any payments to such Lender of principal, interest, premium or any other amount payable hereunder; 
 (2) imposes, modifies or holds applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against
assets held by, or deposits or other liabilities in or for the account of, or advances or loans by, or other credit extended by, or any other acquisition of funds by, any office of such Lender; or 
 (3) imposes any other condition (other than with respect to Taxes) on or affecting such Lender or its obligations hereunder or the London
interbank market; 
 and the result of any of the foregoing is to increase the cost to such Lender of maintaining its Loans or to reduce any amount received
or receivable by such Lender with respect thereto; then, in any such case, the Company shall promptly pay to such Lender, upon receipt of the statement referred to in Section 4(u), such additional amount or amounts (in the form of an
increased rate of, or a different method of calculating, interest or otherwise as such Lender in its sole discretion shall determine) as may be necessary to compensate such Lender for any such increased cost or reduction in amounts received or
receivable hereunder. 
 (s) Capital Adequacy. If any Lender shall have determined that the adoption after the date hereof of any law,
rule, regulation, agreement or guideline regarding capital adequacy, or any amendment or modification after the date hereof to or of any such law, rule, regulation, agreement or guideline (whether such law, rule, regulation, agreement or guideline
had been originally adopted before or after the date hereof) or any change after the date hereof in the interpretation or administration of any such law, rule, regulation, agreement or guideline by any Governmental Authority charged with the
interpretation or administration thereof, or compliance by such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) of any Governmental Authority has or would have the effect of reducing the rate
of return on such Lender’s capital as a consequence of the Loans made pursuant hereto to a level below that which such Lender could have achieved but for such applicability, adoption, change or compliance (taking into consideration such
Lender’s policies with respect to capital adequacy), then from time to time the Company agrees to pay to such Lender such additional amount or amounts as will compensate such holder for any such reduction suffered. 
  

 -21- 

 (t) Taxes. 
 (1) All sums payable by the Company or any Guarantor under this Agreement and the other Operative Documents shall be paid free and clear
of, and without any deduction or withholding on account of, any Tax imposed, levied, collected, withheld or assessed by or within the United States of America or any political subdivision in or of the United States of America or any other
jurisdiction from or to which a payment is made by or on behalf of Company or by any federation or organization of which the United States of America or any such jurisdiction is a member at the time of payment. 
 (2) If the Company or any other Person is required by law to make any deduction or withholding on account of any such Tax from any sum
paid or payable by Company to the Agent, the Collateral Agent or any Lender under any of the Operative Documents: 
 (i) the
Company shall notify the Agent of any such requirement or any change in any such requirement as soon as the Company becomes aware of it; 
 (ii) the Company shall pay any such Tax when such Tax is due, such payment to be made (if the liability to pay is imposed on the Company) for its own account or (if that liability is imposed on the Agent, the
Collateral Agent or such Lender, as the case may be) on behalf of and in the name of the Agent, the Collateral Agent or such Lender; 
 (iii) the sum payable by Company in respect of which the relevant deduction, withholding or payment is required shall be increased to the extent necessary to ensure that, after the making of that deduction, withholding or payment, the
Agent, the Collateral Agent or such Lender, as the case may be, receives on the due date a net sum equal to what it would have received had no such deduction, withholding or payment been required or made; and 
 (iv) within 30 days after paying any sum from which it is required by law to make any deduction or withholding, and within 30 days after
the due date of payment of any Tax which it is required by clause (ii) above to pay, the Company shall deliver to the Agent evidence satisfactory to the other affected parties of such deduction, withholding or payment and of the remittance
thereof to the relevant taxing or other authority; 
 provided that no such additional amount shall be required to be paid to any Lender under clause
(iii) above except to the extent that any change after the date on which such Lender became a Lender in any such requirement for a deduction, withholding or payment as is mentioned therein shall result in an increase in the rate of such
deduction, withholding or payment from that in effect on the date on which such Lender became a Lender, in respect of payments to such Lender. 
 (3) (i) Each Non-US Lender shall deliver to the Company, on or prior to the Closing Date (in the case of each Lender listed on the signature pages 

  

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hereof) or on or prior to the date of the Assignment Agreement pursuant to which it becomes a Lender (in the case of each other Lender), and at such other
times as may be necessary in the determination of Company or the Agent (each in the reasonable exercise of its discretion), two original copies of Internal Revenue Service Form W-8BEN or W-8ECI (or any successor forms) properly completed and duly
executed by such Lender, or, in the case of a Non-US Lender claiming exemption from United States federal withholding tax under Section 871(h) or 881(c) of the Internal Revenue Code with respect to payments of “portfolio interest”, a
form W-8BEN, and, in the case of a Lender that has certified in writing to the Company that it is not a “bank” (as defined in Section 881(c)(3)(A) of the Internal Revenue Code), a certificate of such Lender certifying that such Lender
is not (i) a “bank” for purposes of Section 881(c) of the Internal Revenue Code, (ii) a ten-percent shareholder (within the meaning of Section 871(h)(3)(B) of the Internal Revenue Code) of the Company or (iii) a
controlled foreign corporation related to the Company (within the meaning of Section 864(d)(4) of the Internal Revenue Code) in each case together with any other certificate or statement of exemption required under the Internal Revenue Code or
the regulations issued thereunder to establish that such Lender is not subject to United States withholding tax with respect to any payments to such Lender of interest payable under any of the Operative Documents. 
 (ii) Each Non-US Lender, to the extent it does not act or ceases to act for its own account with respect to any portion of any sums paid
or payable to such Lender under any of the Operative Documents, shall deliver to the Company, on or prior to the Closing Date (in the case of each Lender listed on the signatures pages hereof), on or prior to the date of the Assignment Agreement
pursuant to which it becomes a Lender (in the case of each other Lender), or on such later date when such Lender ceases to act for its own account with respect to any portion of any such sums paid or payable, and at such other times as may be
necessary in the determination of the Company or the Agent (each in the reasonable exercise of its discretion), (1) two original copies of the forms or statements required to be provided by such Lender under the subclause (i) above,
properly completed and duly executed by such Lender, to establish the portion of any such sums paid or payable with respect to which such Lender acts for its own account that is not subject to United States withholding tax, and (2) two original
copies of Internal Revenue Service Form W-8IMY (or any successor forms) properly completed and duly executed by such Lender, together with any information, if any, such Lender chooses to transmit with such form, and any other certificate or
statement of exemption required under the Internal Revenue Code or the regulations issued thereunder, to establish that such Lender is not acting for its own account with respect to a portion of any such sums payable to such Lender. 
 (iii) Each Non-US Lender hereby agrees, from time to time after the initial delivery by such Lender of such forms, whenever a lapse in
time or 

  

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change in circumstances renders such forms, certificates or other evidence so delivered obsolete or inaccurate in any material respect, that such Lender
shall promptly (1) deliver to the Agent and to the Company two original copies of renewals, amendments or additional or successor forms, properly completed and duly executed by such Lender, together with any other certificate or statement of
exemption required in order to confirm or establish that such Lender is not subject to United States withholding tax with respect to payments to such Lender under the Operative Documents and, if applicable, that such Lender does not act for its own
account with respect to any portion of such payment, or (2) notify the Agent and Company of its inability to deliver any such forms, certificates or other evidence. 
 (iv) Company shall not be required to pay any additional amount to any Non-US Lender under clause (iii) of
Section 4(t)(2), (A) with respect to any Tax required to be deducted or withheld on the basis of the information, certificates or statements of exemption such Lender chooses to transmit with an Internal Revenue Service Form W-8IMY
pursuant to subclause (3)(ii)(2) above or (B) if such Lender shall have failed to satisfy the requirements of clause (i), (ii) or (iii)(1) of this Section 4(t)(3); provided that if such Lender shall have satisfied the
requirements of Section 4(t)(3)(i) on the date such Lender became a Lender, nothing in this Section 4(t)(3)(iv) shall relieve Company of its obligation to pay any amounts pursuant to Section 4(t)(2)(iii) in the
event that, as a result of any change in any applicable law, treaty or governmental rule, regulation or order, or any change in the interpretation, administration or application thereof, such Lender is no longer properly entitled to deliver forms,
certificates or other evidence at a subsequent date establishing the fact that such Lender is not subject to withholding as described in Section 4(t)(3)(i). 
 (u) Statements. Each Lender claiming compensation or reimbursement pursuant to Sections 4(r), (s) and/or (t) shall deliver to Company (with a copy to the Agent) a written
statement, setting forth in reasonable detail the basis of the calculation of such compensation or reimbursement, which statement shall be conclusive and binding upon all parties hereto absent manifest error. 
 (v) Mitigation. Each Lender agrees that, as promptly as practicable after the officer of such Lender responsible for administering the Loans of
such Lender, as the case may be, becomes aware of the occurrence of an event or the existence of a condition that would entitle such Lender to receive payments under Sections 4(r), (s) and/or (t), use reasonable
effort to maintain such Lender’s Loans through another lending office of such Lender, if (i) as a result thereof the additional amounts which would otherwise be required to be paid to such Lender pursuant to Sections 4(r),
(s) and/or (t) would be materially reduced and (ii) as determined by such Lender in its sole discretion, such action would not otherwise be disadvantageous to such Lender; provided that such Lender will not be
obligated to utilize such other lending office 

  

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pursuant to this Section 4(v) unless Company agrees to pay all incremental expenses incurred by such Lender as a result of utilizing such other
lending office as described above. 
 5. Covenants of the Company and the Guarantors. The Company and each of the Guarantors
jointly and severally covenant and agree with the Lenders and the Agent that: 
 (a) Payment of Principal, Premium and Interest. The
Company shall duly and punctually pay the principal of, premium, if any, interest and any other amounts due on the Loans in accordance with the terms of the Notes and this Agreement. 
 (b) Maintenance of Office or Agency. The Company shall maintain (or cause to be maintained) an office or agency where the Notes evidencing the
Loans may be presented or surrendered for payment and where Notes may be surrendered for transfer, prepayment or exchange and where notices and demands to or upon the Company in respect of the Loans and this Agreement may be served. The Company
shall give prompt written notice to the Agent of the location and any change in the location of any such offices or agencies. If at any time the Company shall fail to maintain (or cause to be maintained) any such required offices or agencies or
shall fail to furnish the Agent with the address thereof, such presentations, surrenders, notices and demands may be made or served at the office of the Agent and the Company hereby appoints the Agent as its agent to receive all such presentations,
surrenders, notices and demands. 
 The Company may from time to time designate one or more other offices or agencies where the Notes may be
presented or surrendered for any or all such purposes, and may from time to time rescind such designation. The Company shall give prompt written notice to the Agent of any such designation or rescission and any change in the location of any such
office or agency. 
 (c) Inspection Rights. The Company will, and will cause each of its Subsidiaries to, permit any authorized
representatives designated by any Lender or the Agent to visit and inspect any of the Properties of the Company or of any of its Subsidiaries, to inspect, copy and take extracts from its and their financial and accounting records, and to discuss its
and their affairs, finances and accounts with its and their officers and independent public accountants (provided that the Company may, if it so chooses, be present at or participate in any such discussion), all upon reasonable prior written
notice, at, in the case of inspections by the Agent, the expense of the Company, at such reasonable times during normal business hours as may reasonably be requested; provided that neither the Agent nor any Lender may exercise such inspection
rights more than two times in any calendar year and the costs of such inspections by the Agent shall be reasonable. All proprietary information disclosed to or otherwise learned by Agent and/or Lenders in connection with the inspections permitted by
this Section 5(c) shall be deemed to be Confidential Information and subject to the restrictions set forth in Section 20. 
 (d)
Compliance With Laws, etc. The Company will comply, and will cause each of its Subsidiaries to comply, with the requirements of all Applicable Laws (including all 

  

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Environmental Laws), noncompliance with which could reasonably be expected to result in, individually or in the aggregate, a Material Adverse Effect.

 (e) Monthly and Quarterly Financials. Upon the Agent’s or a Lender’s request, the Company shall deliver to the Agent or
such Lender, as soon as available and in any event within 30 days after the end of each month and within 45 days after the end of each of the first three fiscal quarters of each fiscal year of the Company, (i) the consolidated balance sheets of
the Company and its Subsidiaries as at the end of such fiscal period and the related consolidated statements of income and cash flows of the Company and its Subsidiaries for such fiscal period and for the period from the beginning of the then
current fiscal year to the end of such fiscal period, setting forth in each case in comparative form the corresponding figures for the corresponding periods of the previous fiscal year and the corresponding figures from the Projections for the
current fiscal year, to the extent prepared for such fiscal period, all in reasonable detail and certified by the chief financial officer of the Company that they were prepared in accordance with GAAP and fairly present, in all material respects,
the financial condition of the Company and its Subsidiaries as at the dates indicated and the results of their operations and their cash flows for the periods indicated, subject to changes resulting from audit and normal year-end adjustments, and
(ii) on a quarterly basis, a narrative report describing the operations of the Company and its Subsidiaries in the form prepared for presentation to senior management for such fiscal period and for the period from the beginning of the then
current fiscal year to the end of such fiscal period; 
 (f) Year-End Financials. The Company shall deliver to the Agent, as soon as
available and in any event within 105 days after the end of each fiscal year of the Company, (i) the consolidated balance sheets of the Company and its Subsidiaries as at the end of such fiscal year and the related consolidated statements of
income, stockholders’ equity and cash flows of the Company and its Subsidiaries for such fiscal year, all in reasonable detail and certified by the chief financial officer of the Company that they fairly present, in all material respects, the
financial condition of the Company and its Subsidiaries as at the dates indicated and the results of their operations and their cash flows for the periods indicated, (ii) a narrative report describing the operations of the Company and its
Subsidiaries in the form prepared for presentation to senior management for such fiscal year, and (iii) in the case of such consolidated financial statements, a report thereon of PricewaterhouseCoopers LLC or other independent certified public
accountants of recognized national standing selected by the Company and satisfactory to Agent, which report shall be unqualified, shall express no doubts about the ability of the Company and its Subsidiaries to continue as a going concern, and shall
state that such consolidated financial statements fairly present, in all material respects, the consolidated financial position of the Company and its Subsidiaries as at the dates indicated and the results of their operations and their cash flows
for the periods indicated in conformity with GAAP applied on a basis consistent with prior years (except as otherwise disclosed in such financial statements) and that the examination by such accountants in connection with such consolidated financial
statements has been made in accordance with generally accepted auditing standards. So long as not contrary to the then current recommendations of the American Institute of Certified Public Accountants, the year-end financial statements delivered to
the Agent pursuant to this Section 5(f) shall be accompanied by 

  

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a written statement of the Company’s independent public accountants that in making the examination necessary for certification of such financial
statements nothing has come to their attention which would lead them to believe that the Company or any of its Subsidiaries has violated any provisions of Sections 5(l), (n), (p) and (gg) hereof or, if any such
violation has occurred, specifying the nature and period of existence thereof, it being understood that such accountants shall not be liable directly or indirectly to any Person for any failure to obtain knowledge of any such violation. 

(g) Quarterly Certificates. Together with each delivery of quarterly or annual financial statements of the Company and its Subsidiaries
pursuant to Sections 5(e) and (f) hereof, an Officers’ Certificate of the Company in substantially the form attached hereto as Exhibit F stating that the signers have reviewed the terms of this Agreement and have made,
or caused to be made under their supervision, a review in reasonable detail of the transactions and condition of the Company and its Subsidiaries during the accounting period covered by such financial statements and that such review has not
disclosed the existence during or at the end of such accounting period, and that the signers do not have knowledge of the existence as at the date of such Officers’ Certificate, of any condition or event that constitutes a Default or an Event
of Default, or, if any such condition or event existed or exists, specifying the nature and period of existence thereof and what action the Company has taken, is taking and proposes to take with respect thereto. 
 (h) SEC Filings. Promptly upon their becoming available, the Company shall deliver to the Agent copies of (i) all financial statements,
reports, notices and proxy statements sent or made available generally by the Company to its security holders or by any Subsidiary of the Company to its security holders other than the Company or another Subsidiary of the Company, and (ii) all
regular and periodic reports and all registration statements (other than on Form S-8 or a similar form) and prospectuses, if any, filed by the Company or any of its Subsidiaries with any securities exchange or with the Securities and Exchange
Commission or any governmental or private regulatory authority. 
 (i) Events of Default, etc. The Company shall, so long as any of
the Loans are outstanding, deliver to the Agent, forthwith upon any Officer becoming aware (i) of any Default or Event of Default, (ii) that any Person has given any notice to the Company or any of its Subsidiaries or taken any other
action with respect to a claimed default or event or condition of the type referred to in Section 6(a)(9), and such claimed default or event or condition has not been cured within 15 days of receipt of such notice, or (iii) of the
occurrence of any event or change that has caused or evidences, either in any case or in the aggregate, a Material Adverse Effect, an Officers’ Certificate specifying the nature and period of existence of such condition, event or change, or
specifying the notice given or action taken by any such Person and the nature of such claimed Default, Event of Default, default, event or condition, and what action the Company or its Subsidiaries, as applicable, has taken, is taking and proposes
to take with respect thereto; 
  

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 (j) Taxes. The Company shall, and shall cause each of its Subsidiaries to, pay prior to
delinquency all material taxes, assessments and governmental levies except as are being contested in good faith and by appropriate proceedings diligently conducted and in respect of which appropriate reserves (in the good faith judgment of
management of the Company) are being maintained in accordance with GAAP. 
 (k) Limitations on Investments. The Company shall
not, and shall not permit any Restricted Subsidiaries, directly or indirectly, to make any Investment after the Closing Date, other than (i) Permitted Investments; and (ii) Restricted Investments permitted pursuant to
Section 5(l) hereof. 
 (l) Limitations on Restricted Payments. Subject to the other provisions of this
Section 5(l), the Company shall not, nor shall it cause, permit or suffer any Restricted Subsidiary to, (i) declare or pay any dividends or make any other distributions (including through mergers, liquidations or other transactions)
on any class of Equity Interests of the Company or such Restricted Subsidiary or the exercise thereof (other than (x) dividends or distributions payable by a Restricted Subsidiary on account of its Equity Interests held by the Company or
another Restricted Subsidiary or (y) payable in shares of Capital Stock of the Company other than Redeemable Stock), (ii) make any payment on account of, or set apart money for a sinking or other analogous fund for, the purchase,
redemption or other retirement of such Equity Interests, (iii) purchase, defease, redeem or otherwise retire any Indebtedness issued by the Company or any Restricted Subsidiary that is Subordinated Indebtedness to the Loans, or (iv) make
any Restricted Investment, either directly or indirectly, whether in cash or Property or in obligations of the Company (all of the foregoing being called “Restricted Payments”), unless (x) in the case of a dividend, such
dividend is payable not more than 60 days after the date of declaration and (y) after giving effect to such proposed Restricted Payment, all the conditions set forth in clauses (1) through (3) below are satisfied (A) at the date
of declaration (in the case of any dividend), (B) at the date of such setting apart (in the case of any such fund) or (C) on the date of such other payment or distribution (in the case of any other Restricted Payment) (each such date being
referred to as a “Computation Date”): 
 (1) no Default or Event of Default shall have occurred and be
continuing or would result from the making of such Restricted Payment; 
 (2) at the Computation Date for such Restricted
Payment and after giving effect to such Restricted Payment on a pro forma basis, the Company or such Restricted Subsidiary could incur $1.00 of additional Indebtedness pursuant to the covenant described in the initial paragraph of
Section 5(n) hereof; and 
 (3) the aggregate amount of Restricted Payments declared, paid or distributed
subsequent to the Closing Date (including the proposed Restricted Payment) shall not exceed the sum of (i) 50% of the cumulative Consolidated Net Income of the Company for the period (taken as one accounting period) commencing on the first day
of the first full quarter after the Closing Date to and including the last day of the Company’s 

  

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last fiscal quarter ending prior to the Computation Date (each such period to constitute a “Computation Period”) (or, in the event
Consolidated Net Income of the Company during the Computation Period is a deficit, then minus 100% of such deficit), (ii) the aggregate Net Cash Proceeds of the issuance or sale or the exercise (other than to a Subsidiary or an employee stock
ownership plan or other trust established by the Company or any of its Subsidiaries for the benefit of their employees) of the Company’s Equity Interests (other than Redeemable Stock) subsequent to the Closing Date, (iii) the aggregate Net
Cash Proceeds received by the Company since the Closing Date as a contribution to its common equity capital, (iv) to the extent any Restricted Investment that was made after the Closing Date in compliance with, and in reliance on, this first
paragraph of Section 5(l) is sold for cash or otherwise liquidated, repaid, repurchased or redeemed for cash, the lesser of (A) the cash return of capital with respect to such Restricted Investment (less the cost of disposition, if any)
and (B) the initial amount of such Restricted Investment, and (v) $5,000,000. 
 If no Default or Event of Default has occurred and
is continuing or would occur as a result thereof, the prohibitions set forth above are subject to the following exceptions: (a) Restricted Investments acquired by the Company in connection with any Asset Sale consummated in accordance with
Section 5(o) hereof, to the extent such Investments are permitted under such covenant, provided, however, that such Restricted Investments shall be excluded in the calculation of the amount of Restricted Payments previously made for
purposes of clause (3) of the preceding paragraph; (b) any purchase or redemption of Equity Interests or Subordinated Indebtedness made by exchange for, or out of the proceeds of the substantially concurrent sale of, Equity Interests of
the Company (other than Redeemable Stock and other than Equity Interests issued or sold to a Subsidiary or an employee stock ownership plan), provided, however, that (x) such purchase or redemption shall be excluded in the calculation of the
amount of Restricted Payments previously made for purposes of clause (3) of the preceding paragraph and (y) the Net Cash Proceeds from such sale shall be excluded for purposes of clause 3(ii) of the preceding
paragraph to the extent utilized for purposes of such purchase or redemption; (c) any purchase or redemption of Subordinated Indebtedness of the Company made by exchange for, or out of the proceeds of the substantially concurrent sale of,
Subordinated Indebtedness of the Company or any Restricted Subsidiary that is permitted to be issued pursuant to the provisions of Section 5(n) hereof, provided, however, that such purchase or redemption shall be excluded in the
calculation of the amount of Restricted Payments previously made for purposes of clause (3) of the preceding paragraph; and (d) the purchase of Capital Stock held by employees of the Company or any Subsidiary pursuant to any employee stock
ownership plan thereof upon the termination, retirement or death of any such employee in accordance with the provisions of any such plan in an amount not greater than $2,000,000 in any calendar year (of which amount up to $500,000 may be used to
purchase Capital Stock held by former employees of the Company or any Subsidiary, whether or not held pursuant to an employee stock ownership plan or purchased pursuant to any such plan), provided, however, that any such purchase shall be included
in the calculation of the amount of Restricted Payments previously made for purposes of clause (3) of the preceding paragraph. 
  

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 For purposes of this Section 5(l), (a) the amount of any Restricted Payment declared,
paid or distributed in Property of the Company or any Restricted Subsidiary shall be deemed to be the net book value of any such Property that is intangible property and the Fair Market Value of any such Property that is tangible property at the
Computation Date, in each case, after deducting related reserves for depreciation, depletion and amortization; (b) the amount of any Restricted Payment declared, paid or distributed in obligations of the Company or any Restricted Subsidiary
shall be deemed to be the principal amount of such obligations as of the date of the adoption of a resolution by the Board of Directors or such Restricted Subsidiary authorizing such Restricted Payment; and (c) a distribution to holders of the
Company’s Equity Interests of (i) shares of Capital Stock or other Equity Interests of any Restricted Subsidiary or (ii) other assets of the Company, without, in either case, the receipt of equivalent consideration therefor shall be
regarded as the equivalent of a cash dividend equal to the excess of the Fair Market Value of the Equity Interests or other assets being so distributed at the time of such distribution over the consideration, if any, received therefor. 

(m) Limitations on Payment Restrictions Affecting Restricted Subsidiaries. The Company shall not, and shall not permit any Restricted
Subsidiary to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction of any kind on the ability of any Restricted Subsidiary to (i) pay dividends or make any other
distribution to the Company or the Restricted Subsidiaries on its Equity Interests, (ii) pay any Indebtedness owed to the Company or any other Restricted Subsidiary, (iii) make loans or advances to the Company or any other Restricted
Subsidiary or (iv) transfer any of its Property or assets to the Company or any other Restricted Subsidiary, except (A) consensual encumbrances or restrictions contained in or created pursuant to the Amended Credit Agreement and Existing
Indebtedness, (B) consensual encumbrances or restrictions in this Agreement, the Notes, the Guarantees and the Collateral Documents, (C) any restriction, with respect to a Restricted Subsidiary that is not a Subsidiary of the Company on
the Closing Date, in existence at the time such entity becomes a Restricted Subsidiary; provided that such encumbrance or restriction is not created in anticipation of or in connection with such entity becoming a Subsidiary of the Company and is not
applicable to any Person or the properties or assets of any Person other than a Person that becomes a Subsidiary, (D) any encumbrances or restrictions pursuant to an agreement effecting a refinancing of Indebtedness referred to in clause
(A), (B) or (C) of this Section 5(m) or contained in any amendment to any agreement creating such Indebtedness, provided that the encumbrances and restrictions contained in any such refinancing or amendment are not more
restrictive taken as a whole (as determined in good faith by the chief financial officer of the Company) than those provided for in such Indebtedness being refinanced or amended, (E) encumbrances or restrictions contained in any other
Indebtedness permitted to be incurred subsequent to the Closing Date pursuant to Section 5(n) hereof, provided that any such encumbrances or restrictions are not more restrictive taken as a whole (as determined in good faith by the chief
financial officer of the Company) than the most restrictive of those provided for in the Indebtedness referred to in clause (A), (B) or (C) of this Section 5(m), (F) any such encumbrance or restriction consisting
of customary nonassignment provisions in leases governing leasehold interests to the extent such provisions restrict the transfer of the lease, (G) any restriction with respect to a Restricted Subsidiary imposed pursuant to an agreement entered
into for the sale or 

  

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disposition of all or substantially all of the Capital Stock or assets of such Restricted Subsidiary in compliance with this Agreement pending the closing of
such sale or disposition, provided that such restrictions apply solely to the Capital Stock or assets of such Restricted Subsidiary that are being sold, or (H) any encumbrance or restriction due to applicable law. 
 (n) Limitations on Indebtedness. The Company shall not, and shall not permit the Restricted Subsidiaries to, directly or indirectly, create,
incur, issue, assume, guarantee or otherwise become liable with respect to or become responsible for the payment of, contingently or otherwise (“incur”), any Indebtedness (including any Acquired Indebtedness); provided, however, that the
Company or a Guarantor may incur Indebtedness if, at the time of such incurrence and after giving pro forma effect thereto, the Company’s Interest Coverage Ratio for the most recently ended four full fiscal quarters for which internal financial
statements are available immediately preceding the date on which such Indebtedness is incurred, calculated on a pro forma basis as if such Indebtedness was incurred on the first day of such four full fiscal quarter period, would be at least 2.0 to
1.0. 
 Notwithstanding the foregoing, the limitations of this Section 5(n) shall not prevent the Company from incurring
Permitted Indebtedness. 
 (o) Limitations on Asset Sales. 
 (1) The Company shall not, and shall not permit any Restricted Subsidiary to, make any Asset Sale (other than to the Company or a
Guarantor (other than a Foreign Subsidiary of the Company) that is party to the Collateral Documents) unless (i) the Company or such Restricted Subsidiary receives consideration at the time of such Asset Sale at least equal to the Fair Market
Value of the assets sold or otherwise disposed of, and (a) in the case of an Asset Sale with respect to assets or Property that do not constitute Collateral, at least 75% of the consideration received by the Company or such Restricted
Subsidiary from such Asset Sale is in the form of cash or Cash Equivalents or (b) in the case of an Asset Sale with respect to assets or Property that constitute Collateral, (1) at least 75% of the consideration received by the Company or
such Restricted Subsidiary is in the form of cash, Cash Equivalents or Specified Collateral Assets that become subject to a first priority perfected security interest in favor of the Collateral Agent, for the ratable benefit of the Secured Parties,
in the manner provided in the Collateral Documents, or any combination thereof and (2) no more than 25% of the consideration received is in the form of Qualified Consideration that becomes subject, upon receipt by the Company or such Restricted
Subsidiary and assignment and delivery to the Collateral Agent, to a first priority perfected security interest in favor of the Collateral Agent, for the ratable benefit of the Secured Parties, in the manner provided in the Collateral Documents, and
(ii) the Net Proceeds received by the Company or such Restricted Subsidiary from such Asset Sale are applied in accordance with the following paragraphs; provided, that for purposes of this Section 5(o) and any other covenant that
requires compliance with this Section 5(o), the Company shall cause any Designated Unrestricted Subsidiary that consummates an Asset Sale to comply with this Section 5(o) and this Agreement as 

  

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though such Designated Unrestricted Subsidiary was a Restricted Subsidiary for purposes of this clause (1) of this Section 5(o). For
purposes of this Section 5(o), “cash” will be deemed to include any Indebtedness of the Company or any Restricted Subsidiary that is assumed by the transferee of such assets in any Asset Sale pursuant to a customary novation
agreement that releases the Company and the Restricted Subsidiaries from further liability. 
 (2) In the event of an Asset
Sale permitted by clause (1) with respect to assets or Property that do not constitute Collateral, if all or a portion of the Net Proceeds of such Asset Sale are not required to be applied to repay permanently any Senior Indebtedness of the
Company then outstanding as required by the terms thereof, or the Company determines not to apply such Net Proceeds to the permanent prepayment of any Senior Indebtedness outstanding or if no such Senior Indebtedness is then outstanding, then the
Company may within 365 days of the Asset Sale, invest the Net Proceeds in the Company or one or more Restricted Subsidiaries. The amount of such Net Proceeds neither used to permanently repay or prepay Senior Indebtedness nor used or invested as set
forth in this clause (2) constitutes “Non-Collateral Excess Proceeds.” 
 (3) When the aggregate amount
of Non-Collateral Excess Proceeds from one or more of such Asset Sales equals $10,000,000 or more, the Company shall apply 100% of such Non-Collateral Excess Proceeds within 365 days subsequent to the consummation of such Asset Sale that resulted in
the Non-Collateral Excess Proceeds equaling $10,000,000 or more to the prepayment of Loans tendered to the Company for prepayment at a price (the “Non-Collateral Asset Sale Price”) equal to the Prepayment Price for such Loans then
in effect, plus accrued interest, if any, and any other amounts due, if any, to the date of prepayment pursuant to an offer to prepay made by the Company (a “Non-Collateral Asset Sale Offer”) with respect to the Loans. Any
Non-Collateral Asset Sale Offer may include a pro rata offer under similar circumstances to purchase other Senior Indebtedness requiring a similar offer. Any Non-Collateral Asset Sale Offer shall be made substantially in accordance with the
procedures described under Section 9(j) hereof. Until such time as the Net Proceeds from any Asset Sale with respect to assets or Property that do not constitute Collateral are applied in accordance with this Section 5(o),
such Net Proceeds shall be segregated from the other assets of the Company and the Subsidiaries and invested in cash or Cash Equivalents, except that the Company or any Restricted Subsidiary may use any Net Proceeds pending the utilization thereof
in the manner (and within the time period) described above, to repay revolving loans (under the Amended Credit Agreement or otherwise) without a permanent reduction of the commitment thereunder. 
 (4) The Company shall cause a notice of any Non-Collateral Asset Sale Offer to be mailed to the Agent and the Lenders at their registered
addresses not less than 20 days before the prepayment date. Such notice shall contain all instructions and materials necessary to enable Lenders to tender their Loans to the Company. Upon receiving notice of a Non-Collateral Asset Sale Offer,
Lenders may elect to tender their 

  

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Loans in whole or in part in integral multiples of $1,000 in exchange for cash. To the extent that Lenders properly tender Loans in an amount exceeding the
Non-Collateral Asset Sale Offer, Loans of tendering Lenders will, subject to Section 9(i) hereof, be prepaid on a pro rata basis (based on amounts tendered). To the extent that Lenders properly tender Loans in an amount less than the
Non-Collateral Asset Sale Offer, any Non-Collateral Excess Proceeds remaining after the completion of the prepayment of such tendered Loans may be used by the Company for any purpose not otherwise prohibited by this Agreement or the Collateral
Documents. Upon completion of the prepayment of all the Loans tendered pursuant to a Non-Collateral Asset Sale Offer (if any), the amount of Non-Collateral Excess Proceeds, if any, shall be reset at zero. 
 (5) In the event of an Asset Sale permitted by clause (1) of this Section 5(o) with respect to assets or Property that
constitute Collateral, upon consummation of any such Asset Sale the Company will apply, or cause the applicable Restricted Subsidiary to apply, the Net Proceeds relating to such Asset Sale within 365 days of such Asset Sale to make an investment in
Specified Collateral Assets of the Company or one or more Guarantors; provided, that the Company or a Guarantor, as the case may be, shall own such Specified Collateral Assets, and shall, subject only to Permitted Liens, cause such assets to be
subject to a first priority perfected Lien under the Collateral Documents. The amount of such Net Proceeds not used or invested as set forth in this clause (5) constitutes “Collateral Excess Proceeds.” 
 (6) When the aggregate amount of Collateral Excess Proceeds from one or more of such Asset Sales with respect to assets or Property that
constitute Collateral equals $3,000,000 or more, the Company shall apply 100% of such Collateral Excess Proceeds within 365 days subsequent to the consummation of such Asset Sale that resulted in the Collateral Excess Proceeds equaling $3,000,000 or
more to the prepayment of Loans tendered to the Company for prepayment at a price (the “Collateral Asset Sale Price”) equal to the Prepayment Price for such Loans then in effect, plus accrued interest, if any, and any other amounts
due, if any, to the date of prepayment pursuant to an offer to prepay made by the Company (a “Collateral Asset Sale Offer”) with respect to the Loans. Any Collateral Asset Sale Offer shall be made substantially in accordance with
the procedures described under Section 9(j) hereof. 
 (7) Until such time as the Net Proceeds from any such Asset
Sale from assets or Property that constitute Collateral are applied in accordance with this Section 5(o), whether before or after the 365 day period referred to in the preceding paragraphs, such Net Proceeds (together with any investment
in cash or Cash Equivalents therefrom) shall be segregated from the other assets of the Company or any of its Subsidiaries and shall be held in the Collateral Account. 
 (8) The Company shall cause a notice of any Collateral Asset Sale Offer to be mailed to the Agent and the Lenders at their registered
addresses not less than 20 days before the prepayment date. Such notice shall contain all instructions and materials 

  

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necessary to enable Lenders to tender their Loans to the Company. Upon receiving notice of a Collateral Asset Sale Offer, Lenders may elect to tender their
Loans in whole or in part in integral multiples of $1,000 in exchange for cash. To the extent that Lenders properly tender Loans in an amount exceeding the Collateral Asset Sale Offer, Loans of tendering Lenders shall, subject to
Section 9(i) hereof, be prepaid on a pro rata basis (based on amounts tendered). To the extent that Lenders properly tender Loans in an amount less than the Collateral Asset Sale Offer, any Collateral Excess Proceeds remaining after the
completion of the prepayment of such tendered Loans may be used by the Company for any purpose not otherwise prohibited by this Agreement or the Collateral Documents. Upon completion of the prepayment of all the Loans tendered pursuant to a
Collateral Asset Sale Offer (if any), the amount of Collateral Excess Proceeds, if any, shall be reset at zero. 
 (9) In the
event the Company is required to make a Non-Collateral Asset Sale Offer or a Collateral Asset Sale Offer (an “Asset Sale Offer”) at a time when the Company is prohibited from making such an Asset Sale Offer, the Company shall, on or
prior to the date that the Company is required to make an Asset Sale Offer, (i) seek the consent of its lenders to prepay Loans pursuant to such an Asset Sale Offer or (ii) refinance the Indebtedness that prohibits such Asset Sale Offer;
provided, however, that the failure to make or consummate such Asset Sale Offer as provided herein shall constitute an Event of Default. 
 (10) The Company shall not, and shall not permit any of the Restricted Subsidiaries to, create or permit to exist or become effective any consensual restriction (other than restrictions not more restrictive taken as a
whole (as determined in good faith by the chief financial officer of the Company) than those in effect under (i) Existing Indebtedness and (ii) Indebtedness under the Amended Credit Agreement) that would materially impair the ability of
the Company to comply with the provisions of this Section 5(o). 
 (11) Notwithstanding anything herein to the
contrary, neither the Company nor any Restricted Subsidiary shall be permitted to make an investment in any Specified Collateral Assets in accordance with the foregoing paragraphs of this Section 5(o), unless the conditions set forth in
Section 5.12(e) of the Security Agreements shall have been satisfied. 
 (p) Limitations on Sale and Leaseback Transactions. The
Company shall not, and shall not permit any Restricted Subsidiary to, enter into any Sale and Leaseback Transaction unless (i) at the time of the occurrence of such transaction and after giving effect to such transaction and (x) in the
case of a Sale and Leaseback Transaction that is a Capitalized Lease Obligation, giving effect to the Indebtedness in respect thereof, and (y) in the case of any other Sale and Leaseback Transaction, giving effect to the Attributable
Indebtedness in respect thereof, the Company or such Restricted Subsidiary could incur $1.00 of additional Indebtedness pursuant to the covenant described in the initial paragraph under Section 5(n) hereof, (ii) at the time of
the 

  

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occurrence of such transaction, the Company or such Restricted Subsidiary could incur Indebtedness secured by a Lien on Property in a principal amount equal
to or exceeding the Attributable Indebtedness in respect of such Sale and Leaseback Transaction pursuant to Section 5(r) hereof, and (iii) the transfer of assets in such Sale and Leaseback Transaction is permitted by, and the
Company applies the proceeds of such transaction in compliance with, Section 5(o) hereof. 
 (q) Limitations on Transactions
With Affiliates. 
 (1) The Company and the Restricted Subsidiaries shall not, directly or indirectly, enter into any
transaction or series of related transactions with or for the benefit of any of their respective Affiliates other than with, between or among the Company and any Restricted Subsidiaries, except on an arm’s-length basis and if
(x) (i) in the case of any such transaction in which the aggregate remuneration, rental value or other consideration (including the value of a loan), together with the aggregate remuneration, rental value or other consideration (including
the value of a loan) of all such other transactions consummated in the year during which such transaction is proposed to be consummated, exceeds $2,000,000, the Company delivers board resolutions to the Agent evidencing that the Board of Directors
and the Independent Directors that are disinterested each have (by a majority vote) determined in good faith that such transaction is in the best interests of the Company and that the aggregate remuneration, rental value or other consideration
(including the value of any loan) inuring to the benefit of such Affiliate from any such transaction is not greater than that which would be charged to or extended by the Company or its Subsidiaries, as the case may be, on an arm’s-length basis
for similar properties, assets, rights, goods or services by or to a Person not affiliated with the Company or its Subsidiaries, as the case may be, and (ii) in the case of any such transaction in which the aggregate remuneration, rental value
or other consideration (including the value of any loan), together with the aggregate remuneration, rental value or other consideration (including the value of any loan) of all such other transactions consummated in the year during which such
transactions are proposed to be consummated, exceeds $10,000,000, in addition to the requirements set forth in clause (x)(i) above, the Company delivers to the Agent an opinion evidencing that a nationally recognized investment banking firm,
unaffiliated with the Company and the Affiliate that is party to such transaction, has determined that the aggregate remuneration, rental value or other consideration (including the value of a loan) inuring to the benefit of such Affiliate from any
such transaction is not greater than that which would be charged to or extended by the Company or its Subsidiaries, as the case may be, on an arm’s-length basis for similar properties, assets, rights, goods or services by or to a Person not
affiliated with the Company or its Subsidiaries, as the case may be, and (y) all such transactions referred to in clauses (x)(i) and (ii) of this Section 5(q) are entered into in good faith. Any transaction required to be
approved by Independent Directors pursuant to the preceding paragraph must be approved by at least one such Independent Director. 
  

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 (2) The provisions of the preceding paragraph do not prohibit (i) any
Restricted Payment permitted to be paid pursuant to the provisions of Section 5(l) hereof, except any such Restricted Payments that would not be permitted under Section 5(l) hereof if subclause (3)(v) of the first
paragraph thereof were deleted, (ii) any Permitted Investment (other than as contained in clauses (ix) and (xi) of such definition), (iii) any issuance of securities, or other payments, awards or grants in cash, securities or
otherwise pursuant to, or the funding of, employment arrangements, stock options and stock ownership plans approved by the Board of Directors, (iv) loans or advances to employees in the ordinary course of business consistent with past
practices, not to exceed $1,000,000 aggregate principal amount outstanding at any time, (v) the payment of fees and compensation to, and indemnity provided on behalf of, officers, directors, employees or consultants of the Company or any of its
Subsidiaries, as determined by the Board of Directors in good faith and as paid or provided pursuant to agreements or arrangements entered into in the ordinary course of business and (vi) transactions between or among the Company and its
Wholly-Owned Restricted Subsidiaries and transactions among the Company’s Wholly-Owned Restricted Subsidiaries. 
 (r) Limitations on
Liens. The Company shall not, and shall not permit any Restricted Subsidiary to, create, incur, assume or suffer to exist any Lien upon any of their respective assets or properties now owned or acquired after the Closing Date, or any income or
profits therefrom, excluding, however, from the operation of the foregoing any of the following: 
 (1) Liens on Collateral
created under this Agreement and the Collateral Documents securing the Loans and the Guarantees; 
 (2) Liens, other than
Liens on Collateral, existing as of the Closing Date or pursuant to an agreement in existence on the Closing Date, including the Amended Credit Agreement; 
 (3) Permitted Liens; 
 (4) Liens on assets or properties of the Company, or on assets or
properties of Restricted Subsidiaries, other than Liens on Collateral, to secure the payment of all or a part of the purchase price of assets or Property acquired or constructed after the Closing Date; provided, however, that (i) the aggregate
principal amount of Indebtedness secured by such Liens shall not exceed the original cost or purchase price of the assets or Property so acquired or constructed, (ii) the Indebtedness secured by such Liens is otherwise permitted to be incurred
hereunder and (iii) such Liens shall not encumber any assets or Property of the Company or any Restricted Subsidiary other than the assets or Property acquired (plus improvements, accessions, additions, repairs, and replacements in respect
thereof) and the Indebtedness secured by the Lien shall not be created more than 120 days after the later of the acquisition, completion of construction, repair, improvement, addition or commencement of full operation of the property subject to the
Lien; 
  

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 (5) Liens, other than Liens on Collateral, on the assets or Property acquired by the
Company or any Restricted Subsidiary after the Closing Date; provided, however, that (i) such Liens existed on the date such asset or Property was acquired and were not incurred as a result of or in anticipation of such acquisition and
(ii) such Liens shall not extend to or cover any Property or assets of the Company or any Restricted Subsidiary other than the Property or assets so acquired (plus improvements, accessions, additions, repairs, and replacements in respect
thereof); 
 (6) Liens, other than Liens on Collateral, securing Indebtedness which is incurred to refinance, refund, extend,
defer or renew Indebtedness which has been secured by a Lien permitted under this Agreement and which is permitted to be refinanced, refunded, extended, deferred, or renewed under this Agreement; provided, however, that such Liens shall not
extend to or cover any Property or assets of the Company or any Restricted Subsidiary other than the Property or assets (plus improvements, accessions, additions, repairs, and replacements in respect thereof) securing the Indebtedness so refinanced,
refunded, extended, deferred, or renewed; 
 (7) Liens, other than Liens on Collateral, on assets or Property of the Company
or any Restricted Subsidiary that is subject to a Sale and Leaseback Transaction, provided, that the aggregate principal amount of Attributable Indebtedness in respect of all Sale and Leaseback Transactions then outstanding shall not at the time
such a Lien is incurred exceed $5,000,000; 
 (8) Liens, other than Liens on Collateral, on Property or shares of Capital
Stock of a Person at the time such Person becomes a Restricted Subsidiary; provided, however, that such Liens are not created, incurred or assumed in contemplation of the acquisition thereof by the Company or a Subsidiary; provided, further, that
such Liens shall not extend to any other Property owned by the Company or a Restricted Subsidiary; 
 (9) Liens, other than
Liens on Collateral, securing Indebtedness of a Restricted Subsidiary owing to the Company or a Wholly-Owned Restricted Subsidiary; 
 (10) Liens, other than Liens on Collateral, on assets or Property (and the proceeds thereof) of the Company or any Restricted Subsidiary securing the obligations incurred under clause (e) of the definition of “Permitted
Indebtedness” in Section 12 hereof; 
 (11) Liens on assets or properties (and the proceeds thereof) of
Restricted Subsidiaries that are Foreign Subsidiaries securing the obligations incurred under clause (f) of the definition of “Permitted Indebtedness” in Section 12 hereof; 
 (12) Liens, other than Liens on Collateral, securing Indebtedness in respect of Hedging Obligations permitted to be incurred pursuant to
the provisions of the definition of “Permitted Indebtedness” in Section 12 hereof; 
  

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 (13) Liens on shares of Capital Stock or other securities of an Unrestricted Subsidiary
that secure Indebtedness or other obligations of such Unrestricted Subsidiary; and 
 (14) other Liens, other than Liens on
Collateral, incurred in the ordinary course of business of the Company or any Restricted Subsidiary with respect to Indebtedness or other obligations of the Company or any of the Restricted Subsidiaries that do not exceed at any one time outstanding
$10,000,000 in the aggregate. 
 (s) Corporate Existence. Subject to Section 5(gg) hereof, the Company shall do or cause
to be done all things necessary to preserve and keep in full force and effect (i) its corporate existence and the corporate or other existence of each of the Restricted Subsidiaries, in accordance with their respective organizational documents
(as the same may be amended from time to time) and (ii) its (and the Restricted Subsidiaries) rights (charter and statutory), licenses and franchises; provided, however, that the Company shall not be required to preserve any such right, license
or franchise, or the corporate or other existence of any Restricted Subsidiary, if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and the Restricted
Subsidiaries taken as a whole and that the loss thereof is not adverse in any material respect to the Lenders. 
 (t) Change of
Control. 
 (1) In the event of a Change of Control (the date of such occurrence being the “Change of Control
Date”), the Company shall notify the Agent and the Lenders in writing of such occurrence and shall make an irrevocable offer (the “Change of Control Offer”) to prepay on a Business Day (the “Change of Control
Payment Date”) not later than 60 days following the Change of Control Date, all Loans then outstanding at a prepayment price (the “Change of Control Prepayment Price”) equal to the greater of (i) 101% of the principal
amount thereof and (ii) the Prepayment Price then in effect, in each case plus accrued and unpaid interest, if any, to the Change of Control Payment Date. 
 (2) Notice of a Change of Control Offer shall be mailed by the Company to the Agent and the Lenders at their registered addresses not less
than 30 days nor more than 60 days before the Change of Control Payment Date. The Change of Control Offer shall remain open for at least 20 Business Days and until 5:00 p.m., New York City time, on the Business Day immediately preceding the
Change of Control Payment Date. Substantially simultaneously with mailing of the notice, the Company shall cause a copy of such notice to be published in a newspaper of general circulation in the Borough of Manhattan, The City of New York. The
notice shall contain all instructions and materials necessary to enable Lenders to tender (in whole or in part in a principal amount equal to $1,000 or a whole multiple thereof) their Loans pursuant to the Change of Control Offer. 
  

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 (3) The notice, which governs the terms of the Change of Control Offer, shall state:

 (i) that the Change of Control Offer is being made pursuant to this Section 5(t) and that all Loans (or
portions thereof) tendered will be accepted for payment; 
 (ii) the Change of Control Prepayment Price and the Change of
Control Payment Date; 
 (iii) that any Loans not surrendered or accepted for payment shall continue to accrue interest in
accordance with this Agreement; 
 (iv) that, unless the Company defaults in the payment of the Change of Control Prepayment
Price, any Loans accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest after the Change of Control Payment Date; 
 (v) that any Lender electing to have a Loan prepaid (in whole or in part) pursuant to a Change of Control Offer shall be required to surrender the Note, with the form entitled “Option of Lender to Elect
Prepayment” on the reverse of the Note completed, to the Company at the address specified in the notice at least five Business Days before the Change of Control Payment Date; 
 (vi) that any Lender shall be entitled to withdraw its election if the Company receives, not later than three (3) Business Days prior
to the Change of Control Payment Date, a telegram, telex, facsimile transmission or letter setting forth the name of the Lender, the principal amount of the Loan the Lender delivered for purchase, the certificate number of the Note and a statement
that such Lender is withdrawing his or her election to have such Loan prepaid; 
 (vii) that Lenders whose Loans are prepaid
only in part shall be issued new Notes equal in principal amount to the unprepaid portion of the Loans, which unprepaid portion must be equal to $1,000 principal amount or an integral multiple thereof; 
 (viii) the instructions that Lenders must follow in order to tender their Loans; and 
 (ix) the circumstances and relevant facts regarding such Change of Control (including but not limited to information with respect to pro
forma financial information after giving effect to such Change of Control, and information regarding the Persons acquiring control). 
  

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 (4) On the Change of Control Payment Date, the Company shall: 
 (i) accept for payment the Loans, or portions thereof, surrendered and properly tendered and not withdrawn, pursuant to the Change of
Control Offer; and 
 (ii) pay the Change of Control Prepayment Price of all the Loans, or portions thereof, so accepted.

 The Company shall promptly mail to such Lenders a new Note equal in principal amount to the unpurchased portion of the Note surrendered.

 (5) In the event a Change of Control occurs at a time when the Company is prohibited from prepaying Loans, the Company
shall, within thirty (30) days following a Change of Control (i) seek the consent of its lenders to the prepayment of the Loans or (ii) refinance the Indebtedness that prohibits such prepayment; provided, however, that the failure to
make or consummate the Change of Control Offer shall constitute an Event of Default. 
 (6) The Company shall not, and shall
not permit any of the Restricted Subsidiaries to, create or permit to exist or become effective any restriction (other than restrictions not more restrictive taken as a whole (as determined in good faith by the chief financial officer of the
Company) than those in effect under Existing Indebtedness and Indebtedness under the Amended Credit Agreement) that would materially impair the ability of the Company to make a Change of Control Offer to prepay the Loans or, if such Change of
Control Offer is made, to pay for the Loans tendered for prepayment. 
 (u) Maintenance of Properties. The Company shall, and shall
cause the Restricted Subsidiaries to, maintain their respective properties and assets in normal working order and condition as on the Closing Date (reasonable wear and tear excepted) and make all repairs, renewals, replacements, additions,
betterments and improvements thereto, as shall be reasonably necessary for the proper conduct of the business of the Company and the Restricted Subsidiaries taken as a whole, provided that nothing herein shall prevent the Company or any of the
Restricted Subsidiaries from discontinuing any maintenance of any such properties if such discontinuance is desirable in the conduct of the business of the Company and the Restricted Subsidiaries taken as a whole. 
 (v) Maintenance of Insurance. The Company shall, and shall cause the Restricted Subsidiaries to, maintain liability, casualty and other insurance
(subject to customary deductibles and retentions) with responsible insurance companies in such amounts and against such risks as is customarily carried by responsible companies engaged in similar businesses and owning similar assets in the general
areas in which the Company and the Restricted Subsidiaries operate (which may include self-insurance in comparable form to that maintained by such responsible companies). 
  

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 (w) Events of Loss. 
 (1) Within 365 days after any Event of Loss with respect to any Collateral with a Fair Market Value (or replacement cost, if greater) in
excess of $500,000, the Company or the affected Restricted Subsidiary, as the case may be, may apply the Net Loss Proceeds from such Event of Loss to the rebuilding, repair, replacement or construction of improvements to the Property affected by
such Event of Loss (the “Subject Property”) with no concurrent obligation to offer to prepay any Loans; provided, however, that the Company delivers to the Agent within 90 days of such Event of Loss: 
 (i) a written opinion from a reputable contractor that the Subject Property can be rebuilt, repaired, replaced or constructed in, and
operating in, substantially the same condition as it existed prior to the Event of Loss within 12 months of the Event of Loss; and 
 (ii) an Officers’ Certificate certifying that the Company has available from Net Loss Proceeds or other sources sufficient funds to complete the rebuilding, repair, replacement or construction described in clause (i) above.

 (2) Any rebuilt, repaired, replaced, constructed or improved Property shall remain Collateral and shall remain subject to a
first priority perfected Lien under the Collateral Documents. Any Net Loss Proceeds from an Event of Loss with respect to Collateral shall be segregated from the other assets of the Company or any of its Subsidiaries and shall be held in the
Collateral Account. Any Net Loss Proceeds that are not reinvested, or not permitted to be reinvested, as provided in the first sentence of this Section 5(w) shall be deemed “Excess Loss Proceeds.” When the aggregate
amount of Excess Loss Proceeds exceeds $3,000,000, the Company shall make an offer (an “Event of Loss Offer”) to all Lenders to prepay the maximum principal amount of Loans that may be prepaid out of the Excess Loss Proceeds. The
offer price in any Event of Loss Offer (the “Event of Loss Price”) shall be equal to 100% of the principal amount of, plus accrued and unpaid interest and any other amounts due, if any, on the Loans to the date of purchase, and
shall be payable in cash. Any Event of Loss Offer shall be made substantially in accordance with the procedures set forth in Section 9(j) hereof. If any Excess Loss Proceeds remain after consummation of an Event of Loss Offer, the
Company may use such Excess Loss Proceeds for any purpose not otherwise prohibited by this Agreement and the Collateral Documents. If the aggregate principal amount of Loans tendered pursuant to an Event of Loss Offer exceeds the Excess Loss
Proceeds, the Company will, subject to Section 9(i) hereof, select the Loans to be prepaid on a pro rata basis based on the principal amount of Loans tendered. Upon completion of any such Event of Loss Offer, the amount of Excess Loss
Proceeds shall be reset at zero. 
 (3) In the event of an Event of Loss with respect to any Collateral pursuant to
clause (iii) of the definition of “Event of Loss” with respect to any Property or 

  

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assets that have a Fair Market Value (or replacement cost, if greater) in excess of $500,000, the Company or the affected Restricted Subsidiary, as the case
may be, shall be required to receive consideration at least equal to the Fair Market Value of the Property or assets subject to the Event of Loss. 
 (4) Notwithstanding anything herein to the contrary, neither the Company nor any Restricted Subsidiary affected by an Event of Loss with respect to any Collateral shall be permitted to reinvest Net Loss Proceeds in
the rebuilding, repair, replacement, or construction of improvements to the Subject Property in accordance with the foregoing paragraphs of this Section 5(w), unless the conditions set forth in Section 5.12(e) of each of the
Security Agreements shall have been satisfied. 
 (x) [Intentionally Omitted] 
 (y) Subsidiary Guarantees. 
 (1) If (i) any Domestic Subsidiary of the Company becomes a Restricted Subsidiary after the Closing Date, (ii) the Company or any Restricted Subsidiary acquires, constructs or owns any Specified Collateral Assets after the Closing
Date that are required to become Collateral under this Agreement or the Collateral Documents, (iii) any Domestic Subsidiary of the Company that has a value equal to or greater than 5% of the Company’s total assets determined on a
consolidated basis as of the time of determination directly or indirectly guarantees any Senior Indebtedness of the Company, or (iv) any Foreign Subsidiary of the Company which has a value equal to or greater than 5% of the Company’s total
assets determined on a consolidated basis as of the time of determination and is not a Guarantor (x) directly or indirectly guarantees any Senior Indebtedness of the Company or (y) causes more than two-thirds of its Capital Stock to be
pledged to secure any Senior Indebtedness of the Company, the Company shall cause such Subsidiary or Subsidiaries to execute and deliver to the Agent a written instrument in form and substance reasonably satisfactory to the Agent pursuant to which
such Subsidiary or Subsidiaries shall (a) unconditionally guarantee, in accordance with Section 13 hereof, all of the Company’s obligations under this Agreement, the Notes and the other Operative Documents on the same terms as
the other Guarantors, which Guarantee shall rank pari passu with any Senior Indebtedness of such Subsidiary and (b) unless such Subsidiary is already party to the Collateral Documents, grant or cause such Subsidiary or Subsidiaries to grant to
the Collateral Agent for the ratable benefit of the Secured Parties a first priority Lien in all of the Specified Collateral Assets of such Subsidiary of the Company in the manner provided in the Collateral Documents to secure the Obligations on the
same basis as the Guarantees of the other Guarantors and deliver an Opinion of Independent Counsel (which opinion need not address the priority of Liens) with respect to such grant and the due authorization, execution, delivery and enforceability of
such Guarantee (subject, in each case, to customary exceptions) within 10 Business Days of the obligation to make such grant. The Company may, at its option, cause any Subsidiary of the Company that is a Foreign Subsidiary to execute and deliver to
the Agent a written 

  

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instrument in form and substance reasonably satisfactory to the Agent pursuant to which such Foreign Subsidiary shall unconditionally guarantee, in
accordance with Section 13 hereof, all of the Company’s obligations under this Agreement, the Notes and the other Operative Documents on the same terms as the other Guarantors. 
 (2) Each guarantee created pursuant to the provisions described in the foregoing paragraph is referred to as a “Guarantee” and
the issuer of each such Guarantee is referred to as a “Guarantor.” Notwithstanding the foregoing, upon (i) any sale, exchange, transfer or other disposition (by way of merger, consolidation or otherwise), to any Person (provided, that
if such Person is a Guarantor, the Guarantee of such Person shall not also be released and discharged) of (x) all of the Equity Interests of any Guarantor owned by the Company and any Restricted Subsidiaries, or all or substantially all of the
assets of any Guarantor or (y) an amount of Equity Interests that results in any Guarantor no longer being a Guarantor that is a Subsidiary of the Company, which, in each case, is in compliance with this Agreement, or (ii) the designation
by the Company of any Guarantor to be an Unrestricted Subsidiary in accordance with this Agreement, or (iii) the release of the guarantee or other obligation of any Guarantor (other than a Guarantor whose assets or properties constitute
Collateral) with respect to any other Senior Indebtedness of the Company which guarantee was the sole cause of such Guarantor’s guarantee of the Company’s obligations under this Agreement and the Notes in accordance with clause (iii)
or (iv) of paragraph (a) of this Section 5(y), such Guarantor will be automatically and unconditionally released and discharged from all of its obligations under its Guarantee and the Collateral Documents, including any Lien on
its assets under this Agreement or the Collateral Documents; provided that the release of any Guarantor that is a party to the Collateral Documents from its obligations under its Guarantee and the Collateral Documents pursuant to the foregoing
clause (i) of this clause (2) of this Section 5(y) shall be deemed an Asset Sale of Collateral equal in value to the Fair Market Value of the Collateral owned by such Guarantor immediately prior to such release, and the Company
and the Guarantor shall comply with the provisions of Section 5(o) hereof as though the Collateral held by such Guarantor were sold in such Asset Sale. 
 (z) Limitations on Issuances and Sales of Capital Stock of Restricted Subsidiaries. The Company (i) shall not, and shall not permit any Restricted Subsidiary to, transfer, convey, sell, lease or otherwise
dispose of any Capital Stock of any Restricted Subsidiary to any Person (other than the Company or a Wholly-Owned Restricted Subsidiary), unless such transfer, conveyance, sale, lease or other disposition (A) is of all of the Capital Stock of
such Restricted Subsidiary held by the Company and any other Restricted Subsidiary, (B) constitutes an Asset Sale or a Permitted Investment, and (C) in the case of an Asset Sale, the cash Net Proceeds from such transfer, conveyance, sale,
lease or other disposition are applied in accordance with the covenant in Section 5(o) hereof, and (ii) shall not permit any Restricted Subsidiary to issue any of its Capital Stock (other than directors’ qualifying shares or
shares to be held by foreign nationals, in each case to the extent mandated by applicable law) to any Person other than the Company or a Wholly-Owned Restricted Subsidiary. 
  

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 (aa) Further Assurances. The Company shall, and shall cause each of the Restricted Subsidiaries
to, execute and deliver such additional instruments, certificates, agreements or documents, and take all such actions as may be reasonably required from time to time in order to: 
 (i) carry out more effectively the purposes of the Collateral Documents; 
 (ii) create, grant, perfect and maintain the validity, effectiveness, perfection and priority of any of the Collateral Documents and the
Liens created, or intended to be created, thereby; and 
 (iii) ensure the protection and enforcement of any of the rights
granted or intended to be granted to the Agent, the Collateral Agent or the Lenders under any other instrument executed in connection therewith. 
 Upon the
exercise by the Agent, the Collateral Agent or any Lender of any power, right, privilege or remedy under this Agreement or any of the Collateral Documents which requires any consent, approval, recording, qualification or authorization of any
governmental authority, the Company shall, and shall cause each of the Restricted Subsidiaries to, execute and deliver all applications, certifications, instruments and other documents and papers that may be required from the Company or any of the
Restricted Subsidiaries for such governmental consent, approval, recording, qualification or authorization. 
 (bb) Priority. The
Company and the Guarantors shall cause the Loans and the Guarantees thereon to be secured on or prior to the Closing Date by perfected first priority liens (except as provided in this Agreement and the Collateral Documents) on the Collateral to the
extent and in the manner provided for in this Agreement and the Collateral Documents. 
 (cc) Use of Proceeds. The Company and the
Guarantors will apply the net proceeds from the issuance of the Loans as set forth in Section 1(d) above. 
 (dd) Additional
Collateral. In addition to the Collateral existing as of June 29, 2005, the Company and the Obligors have used or will use not less than an aggregate of US $18 million to purchase or manufacture Equipment (including Equipment purchased in
accordance with Section 1(d)(ii) above) between June 30, 2005 and December 31, 2006, which Equipment will be, or became, at the time of such purchase(s) or manufacture, Collateral subject to a first priority security interest granted
to the Collateral Agent for the benefit of the Secured Parties, of which no more than US $8 million may be manufactured by the Company and its Subsidiaries. 
 (ee) Minimum EBITDA. The Company’s EBITDA for fiscal year 2006 and any subsequent fiscal year shall not be less than US$ 55.0 million. 
  

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 (ff) Negative Pledges. Neither the Company nor any Guarantor shall, in connection with the
incurrence of any Indebtedness, enter into any agreement that would impose any limitation on such Person’s ability to grant to the Collateral Agent, for the ratable benefit of the Secured Parties, a first or second priority lien on any
Equipment now owned or hereafter acquired by the Company or any Guarantor, except for limitations: 
 (1) existing on the date
hereof; 
 (2) imposed in connection with the incurrence of Indebtedness by the Company or any Restricted Subsidiary secured
by Liens permitted by this Agreement; and 
 (3) imposed in connection with the incurrence of Indebtedness in an amount not to
exceed $3,000,000 outstanding at any time; 
 provided that in the case of subsection (3) above, the Fair Market
Value of the assets and Property subject to such limitations does not exceed the aggregate principal amount of the Indebtedness in respect of which such limitations are granted. 
 (gg) Consolidation, Merger, Conveyance, Transfer or Lease. 
 (1) The Company shall not consolidate with or merge into, or sell, assign, convey, lease or transfer all or substantially all of its
assets and those of its Subsidiaries taken as a whole to, any Person, unless 
 (i) the resulting, surviving or transferee
Person expressly assumes all the obligations of the Company under the Notes, this Agreement and the Collateral Documents and promptly executes such amendments, supplements or other instruments, and causes the same to be filed in such jurisdictions
as may be required by applicable law, to preserve and protect the Liens on the Collateral owned by or transferred to the surviving entity, together with such financing statements, consents, agreements and other documents as may be required to
perfect any security interests in such Collateral which may be perfected under applicable law; 
 (ii) such Person shall be
organized and existing under the laws of the United States of America, a state thereof or the District of Columbia; 
 (iii)
at the time of the occurrence of such transaction and after giving effect to such transaction on a pro forma basis, such Person could incur $1.00 of additional Indebtedness pursuant to the covenant described in the initial paragraph under
Section 5(n) hereof (assuming a market rate of interest with respect to such additional Indebtedness); 
  

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 (iv) at the time of the occurrence of such transaction and after giving effect to such
transaction on a pro forma basis, the Consolidated Net Worth of such Person shall be equal to or greater than the Consolidated Net Worth of the Company immediately prior to such transaction; 
 (v) each Guarantor, to the extent applicable, shall confirm in writing in form and substance reasonably satisfactory to the Agent that its
Guarantee shall apply to such Person’s obligations under the Notes and shall take any and all such other action as required to preserve and protect the Lien on the Collateral securing the obligations under this Agreement, its Guarantee and the
Collateral Documents, including executing, delivering and filing such financing statements, consents, agreements and other documents as may be required to perfect any security interests in such Collateral which may perfected under applicable law;
and 
 (vi) immediately before and immediately after giving effect to such transaction and treating any Indebtedness that
becomes an obligation of the Company or any of its Subsidiaries or of such Person as a result of such transaction as having been incurred by the Company or such Subsidiary or such Person, as the case may be, at the time of such transaction, no
Default or Event of Default shall have occurred and be continuing. 
 The Company shall deliver to the Agent prior to the consummation of the
proposed transaction an Officers’ Certificate to the foregoing effect and an Opinion of Counsel, covering clauses (i), (ii), (v) and (vi) above, stating that the proposed transaction complies with this Agreement. The Agent shall
be entitled to conclusively rely upon such Officers’ Certificate and Opinion of Counsel. 
 (2) No Guarantor shall, and
the Company shall not permit a Guarantor to, in a single transaction or series of related transactions merge or consolidate with or into any other corporation or other entity (other than the Company or any other Guarantor), or sell, assign, convey,
transfer, lease or otherwise dispose of all or substantially all of its properties and assets to any entity (other than the Company or any other Guarantor) unless at the time and giving effect thereto: 
 (i) either (1) such Guarantor shall be the continuing corporation or entity or (2) the entity (if other than such Guarantor)
formed by such consolidation or into which such Guarantor is merged or the entity that acquires by sale, assignment, conveyance, transfer, lease or disposition the properties and assets of such Guarantor shall be a corporation or entity duly
organized and validly existing under the laws of the jurisdiction under which such Subsidiary was organized or under the laws of the United States of America, any state thereof or the District of Columbia or under the laws of any jurisdiction within
the European Union and expressly assumes by a written instrument, executed and delivered to the Agent, in a form reasonably satisfactory to the Agent, all the obligations of such Guarantor under this Agreement, the Notes, the Guarantee provided by
such Guarantor and the Collateral Documents and executes such amendments, supplements or 

  

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other instruments and cause the same to be filed in such jurisdictions as may be required by applicable law, to preserve and protect the Liens on the
Collateral owned by or transferred to the surviving entity, together with such financing statements, consents, agreements and other documents as may be required to perfect any security interests in such Collateral which may be perfected under
applicable law; and 
 (ii) immediately before and immediately after giving effect to such transaction, no Default or Event of
Default shall have occurred and be continuing. 
 Such Guarantor shall deliver to the Agent prior to the consummation of the proposed
transaction, in form and substance reasonably satisfactory to the Agent, an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, assignment, conveyance, transfer, lease or disposition and such
written instrument, if required, comply with this Agreement. The Agent shall be entitled to conclusively rely upon such Officers’ Certificate and Opinion of Counsel. 
 The provisions of this Section 5(gg)(2) shall not apply to any transaction (including any Asset Sale made in accordance with Section 5(n) hereof) with respect to any Guarantor if the Guarantee
of such Guarantor is released in connection with such transaction in accordance with Section 5(y)(2) hereof. 
 (3) Upon any consolidation or merger, or any sale, assignment, conveyance, transfer or disposition of all or substantially all of the properties and assets of the Company or any Guarantor in accordance with this Section 5(gg),
the successor Person formed by such consolidation or into which the Company or such Guarantor, as the case may be, is merged or the successor Person to which such sale, assignment, conveyance, transfer, lease or disposition is made shall succeed to,
and be substituted for, and may exercise every right and power of, the Company or such Guarantor, as the case may be, under this Agreement, the Notes, such Guarantee and/or the Collateral Documents, as the case may be, with the same effect as if
such successor had been named as the Company or such Guarantor, as the case may be, herein, in the Notes, in such Guarantee and/or in the Collateral Documents, as the case may be. When a successor assumes all the obligations of its predecessor under
this Agreement, the Notes, a Guarantee or the Collateral Documents, as the case may be, the predecessor shall be released from those obligations; provided that in the case of a transfer by lease, the predecessor shall not be released from the
payment of principal and interest on the Loans, the Notes or a Guarantee, as the case may be. 
 (hh) Brokers’ and Advisors’
Fees. There are no fees payable to the Company’s investment advisors and investment bankers with respect to the preferred stock issuance consummated on October 27, 2005 and the transactions contemplated hereby (or any unconsummated
predecessor financing to this financing in which the Agent was involved or which involved a proposed amendment to the Secured Indenture) other than those set forth on Schedule 2(nn) hereto, which amounts include all amounts previously paid as
retainers to such advisors and bankers. 
  

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 6. Remedies. 
 (a) Events of Default. An “Event of Default” shall occur if: 
 (1)
there shall be a default in the payment of interest on any Loan when the same becomes due and payable and the Default continues for a period of thirty (30) days; 
 (2) there shall be a default in the payment of the principal of, or premium with respect to, any Loan when the same becomes due and
payable, at maturity, upon prepayment (upon the satisfaction of any conditions thereto as set forth in the applicable notice of prepayment), in connection with a Change of Control, an Asset Sale, an Event of Loss or otherwise (including any failure
to prepay the Loans tendered pursuant to a Change of Control Offer, an Asset Sale Offer or an Event of Loss Offer in accordance with the terms of this Agreement); 
 (3) the Company or any Guarantor fails to observe or perform any covenant, condition or agreement on the part of the Company or such
Guarantor to be observed or performed pursuant to Section 5(gg) hereof; 
 (4) any representation or warranty made
in writing by or on behalf of the Company or any Guarantor or by any officer of the Company or any Guarantor in this Agreement or any other Operative Document or in any writing furnished in connection with the transactions contemplated hereby or
thereby proves to have been false or incorrect in any material respect on the date as of which made (or, in respect of any representation or warranty qualified as to materiality or “Material Adverse Effect,” proves to have been false or
incorrect on the date as of which made); 
 (5) the Company or any Guarantor fails to observe or perform any other covenant,
condition or agreement in this Agreement, the Notes or the Collateral Documents and such failure continues for 30 days from the earlier of (i) an Officer of the Company or any Guarantor obtaining actual knowledge of such default and
(ii) the Company receiving written notice of such default from any Lender or the Agent (any such written notice to be identified as a “notice of default” and to refer specifically to this paragraph (5) of
Section 6(a); 
 (6) the Company denies or disaffirms in writing its obligations under this Agreement or the
Notes; 
 (7) a Guarantor denies or disaffirms in writing its obligations under its Guarantee, or any Guarantee for any reason
ceases to be, or is asserted in writing by any Guarantor or the Company not to be, in full force and effect and enforceable in accordance with its terms, except to the extent contemplated by this Agreement and any such Guarantee; 
  

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 (8) the Company or any of the Restricted Subsidiaries denies or disaffirms in writing its
obligations under any Collateral Document, or any Collateral Document for any reason ceases to be, or is asserted in writing by any Restricted Subsidiary or the Company not to be, in full force and effect and enforceable in accordance with its
terms, except to the extent contemplated by this Agreement and any such Collateral Document; or the Collateral Agent shall not have or shall cease to have a valid and perfected first priority Lien in any Collateral (or, in the case of the Lien on
the Tranche B Collateral securing the Tranche A Loans, a valid and perfected second priority Lien) purported to be covered by the Collateral Documents; 
 (9) a default occurs under any Indebtedness of the Company or any of its Subsidiaries (other than the Loans or the Guarantees), whether such Indebtedness now exists or is created after the Closing Date if either
(A) such default results from the failure to pay the final scheduled principal installment in respect of any such Indebtedness on the Stated Maturity thereof (after giving effect to any applicable grace period) or (B) as a result of such
default, the maturity of such Indebtedness has been accelerated prior to its express maturity and, in each case, the principal amount of such Indebtedness, together with the principal amount of all other Indebtedness with respect to which the
principal amount remains unpaid at its final maturity (after giving effect to any applicable grace period) or the maturity of which has been so accelerated, aggregates $7,500,000 or more; 
 (10) a final judgment or final judgments for the payment of money are entered by a court or courts of competent jurisdiction against the
Company or any of the Restricted Subsidiaries and such judgment or judgments remain undischarged, unbonded or unstayed for a period of sixty (60) days, provided that the aggregate of all such judgments (other than any judgment as to which and
only to the extent, a reputable insurance company has acknowledged coverage of such claim in writing) exceeds $7,500,000; 
 (11) the Company, any Guarantor or any other Restricted Subsidiary pursuant to or within the meaning of any Bankruptcy Law: 
 (i) commences a voluntary case, 
 (ii) consents to the entry of an order for relief against it in an involuntary
case in which it is a debtor, 
 (iii) consents to the appointment of a Custodian of it or for all or substantially all of its
Property, 
 (iv) makes a general assignment for the benefit of its creditors, or 
 (v) admits in writing its inability to pay debts as the same become due; or 
  

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 (12) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law
that: 
 (i) is for relief against the Company, any Guarantor or any other Restricted Subsidiary in an involuntary case in
which it is a debtor, 
 (ii) appoints a Custodian of the Company, any Guarantor or any other Restricted Subsidiary or for all
or substantially all of their Property, 
 (iii) orders the liquidation of the Company, any Guarantor or any other Restricted
Subsidiary, 
 and the order or decree remains unstayed and in effect for sixty (60) days. 
 The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 
 The failure to make any payment on the Loans when due shall, after the expiration date of any applicable grace period, constitute an Event of Default under this
Agreement. 
 (b) Remedies. If an Event of Default (other than an Event of Default specified in clauses (11) and (12) of
Section 6(a) hereof) occurs and is continuing, the Agent by notice to the Company, or the Required Lenders by written notice to the Company and the Agent, may declare the unpaid principal of all the Loans, plus (x) any
accrued and unpaid interest thereon and (y) the prepayment premium applicable to the Loans if the Loans were to be prepaid as of such date pursuant to Section 9 hereof, to be due and payable and exercise any remedies available under
the Collateral Documents in accordance with the terms thereof. Upon such declaration the principal, prepayment premium and interest shall be due and payable immediately. If an Event of Default specified in clause (11) or (12) of
Section 6(a) hereof occurs, such an amount shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Agent or any Lender. The Required Lenders by written notice to the Agent may
rescind an acceleration and its consequences if the rescission would not conflict with any judgment or decree and if: 
 (1) the Company has
paid or deposited with the Agent a sum sufficient to pay 
 (i) all sums paid or advanced by the Agent under this
Agreement and the reasonable compensation, expenses, disbursements and advances of the Agent and Collateral Agent, their agents and counsel, 
 (ii) all overdue interest on all Loans, 
  

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 (iii) the principal of and premium, if any, on any Loans which have become due
otherwise than by such declaration of acceleration and interest thereon at a rate borne by the Loans, and 
 (iv) to the
extent that payment of such interest is lawful, interest upon overdue interest at the rate borne by the Loans; and 
 (2) all Events of
Default, other than the non-payment of principal of the Loans which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 6(d) hereof. No such rescission shall affect any subsequent
Default or impair any right consequent thereon provided in Section 6(d) hereof. 
 If the Obligations are accelerated in accordance with
Section 6(b) of this Agreement for any reason, including, without limitation, because of default, sale, transfer or encumbrance (including that by operation of law or otherwise), the Prepayment Premium will also be due and payable as
though said indebtedness was voluntarily prepaid and shall constitute part of the Obligations, in view of the impracticability and extreme difficulty of ascertaining actual damages and by mutual agreement of the parties as to a reasonable
calculation of each Lender’s lost profits as a result thereof. Any Prepayment Premium payable above shall be presumed to be the liquidated damages sustained by each Lender as the result of the early termination and the Company agrees that
it is reasonable under the circumstances currently existing. The Prepayment Premium shall also be payable in the event the Obligations (and/or this Agreement or the Notes evidencing the Obligations) are satisfied or released by foreclosure
(whether by power of judicial proceeding), deed in lieu of foreclosure or by any other means. THE COMPANY EXPRESSLY WAIVES THE PROVISIONS OF ANY PRESENT OR FUTURE STATUTE OR LAW WHICH PROHIBITS OR MAY PROHIBIT THE COLLECTION OF THE FOREGOING
PREPAYMENT PREMIUM IN CONNECTION WITH ANY SUCH ACCELERATION. The Company expressly agrees that: (A) the Prepayment Premium provided for herein is reasonable and is the product of an arm’s length transaction between sophisticated
business people, ably represented by counsel; (B) the Prepayment Premium shall be payable notwithstanding the then prevailing market rates at the time payment is made; (C) there has been a course of conduct between the Lenders and the
Company giving specific consideration in this transaction for such agreement to pay the Prepayment Premium; and (D) the Company shall be estopped hereafter from claiming differently than as agreed to in this paragraph. The Company
expressly acknowledges that its agreement to pay the Prepayment Premium to the Lenders as herein described is a material inducement to the Lenders to make the Loans. 
 (c) Other Remedies. If an Event of Default occurs and is continuing, the Agent may, and at the direction of the Required Lenders shall, pursue any available remedy (under this Agreement, the Collateral
Documents or otherwise) to collect the payment of principal, premium, if any, or interest on the Loans or to enforce the performance of any provision of the Loans, this Agreement, the Notes, the Guarantees or the Collateral Documents. 
  

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 The Agent may maintain a proceeding even if it does not possess any of the Loans or does not produce any
of them in the proceeding. A delay or omission by the Agent or any Lender in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default.

 No right or remedy herein conferred upon or reserved to the Agent or to the Lenders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 (d) Waiver of Past Defaults. The Required Lenders, by notice to the Agent, may waive an existing Default or Event of Default and its consequences, except a continuing Default or Event of Default in the payment of the principal of or
interest on any Loan held by a non-consenting Lender. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Agreement; but no such waiver
shall extend to any subsequent or other Default or impair any right consequent thereon. 
 (e) Other Remedies. If any Default or Event
of Default has occurred and is continuing, and irrespective of whether any Loans have become or have been declared immediately due and payable under Section 6(b), any Lender may proceed to protect and enforce the rights of such Lender by
an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein, in any Note or in any other Operative Document (including, without limitation, the Guarantees), or for an
injunction against a violation of any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise. 
 (f) Waiver of Stay, Extension or Usury Laws. The Company and each Guarantor covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, or plead, or in any manner whatsoever
claim or take the benefit or advantage of, any stay or extension law or any usury or other law wherever enacted, now or at any time hereafter in force, which would prohibit or forgive the Company or any Guarantor from paying all or any portion of
the principal of, premium, if any, or interest on the Loans contemplated herein or in the Notes or which may affect the covenants or the performance of this Agreement; and the Company and each Guarantor (to the extent that it may lawfully do so)
hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not hinder, delay or impede the execution of any power herein granted to the Agent, but shall suffer and permit the execution of every such power as though
no such law had been enacted. 
 (g) Application of Proceeds. After any acceleration of the Obligations as provided for in
Section 6(b) (including any acceleration resulting from the occurrence of an Event of 

  

 -52- 

 
Default specified clause (11) or (12) of Section 6(a) hereof), any amounts received on account of the Obligations shall be applied by
the Agent in the following order: 
 First, to payment of that portion of the Obligations constituting indemnities, expenses and other
amounts (other than principal and interest, but including charges and disbursements of counsel to the Agent and amounts payable under Section 7) payable to the Agent and Collateral Agent in their respective capacities as such;

 Second, to payment of that portion of the Obligations constituting indemnities and other amounts (other than principal and
interest) payable to the Lenders, ratably among them in proportion to the amounts described in this clause Second payable to them; 
 Third, to payment of that portion of the Obligations constituting accrued and unpaid interest on the Loans and other Obligations, ratably among the Lenders in proportion to the respective amounts described in this clause Third
payable to them; 
 Fourth, to payment of that portion of the Obligations constituting unpaid principal of, and any premium on, the
Loans, ratably among the Lenders in proportion to the respective amounts described in this clause Fourth held by them; and 
 Last, the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Company or as otherwise required by Applicable Law. 
 7. Expenses. 
 (a) Transaction Expenses. Whether or not the transactions contemplated
hereby shall be consummated, the Company and the Guarantors jointly and severally agree to pay promptly (i) all the actual and reasonable out-of-pocket costs and expenses of negotiation, preparation and execution of the Operative Documents and
any consents, amendments, waivers or other modifications thereto (whether or not any such amendments, waivers or consents become effective); (ii) all the costs of furnishing all opinions by counsel for the Company and its Subsidiaries
(including any opinions requested by the Collateral Agent, Agent or the Lenders as to any legal matters arising hereunder) and of the Company and each Subsidiary’s performance of and compliance with all agreements and conditions on its part to
be performed or complied with under this Agreement and the other Operative Documents including with respect to confirming compliance with environmental, insurance and solvency requirements; (iii) the reasonable fees, expenses and disbursements
of counsel to the Agent in connection with the negotiation, preparation, execution and administration of the Operative Documents and any consents, amendments, waivers or other modifications thereto (whether or not any such amendments, waivers or
consents become effective) and any other documents or matters requested by the Company or any Subsidiary; (iv) all the actual costs and reasonable expenses of creating, perfecting establishing or maintaining Liens in favor of the Collateral
Agent on behalf of the Secured Parties pursuant to any Collateral Document, including filing and recording fees, expenses 

  

 53 

 
and taxes, stamp or documentary taxes, search fees, title insurance premiums, and reasonable fees, expenses and disbursements of counsel to the Collateral
Agent and of counsel providing any opinions that the Collateral Agent or the Lenders may request in respect of the Collateral Documents or the Liens created pursuant thereto; (v) all the actual costs and reasonable expenses (including the
reasonable fees, expenses and disbursements of any auditors, accountants or appraisers and any environmental or other consultants, advisors and agents employed or retained by the Collateral Agent or its counsel) of obtaining and reviewing any
environmental audits or reports; (vi) the costs incurred by the Collateral Agent in connection with the custody or preservation of any of the Collateral; (vii) all costs and expenses, including reasonable attorneys’ fees and costs of
settlement, incurred by the Collateral Agent and the Lenders in enforcing any Obligations of or in collecting any payments due from the Company or any Guarantor hereunder or under the other Operative Documents (including in connection with the sale
of, collection from, or other realization upon any of the Collateral or the enforcement of any Guarantee or in connection with any refinancing or restructuring of the credit arrangements provided under this Agreement and the other Operative
Documents in the nature of a “work-out” or pursuant to any insolvency or bankruptcy proceedings; and (vii) all costs and expenses, in an amount not to exceed $20,000 per calendar year, incurred by the Lenders in obtaining periodic
appraisals and market valuations of the Notes from time to time as required or otherwise desirable (as determined by the applicable Lender in its sole discretion) pursuant to any Contractual Obligation of a Lender. The Company and the Guarantors
will pay, and will save each Lender harmless from, all claims in respect of any fees, costs or expenses if any, of brokers and finders (other than those retained by a Lender or the Agent). 
 (b) Survival. The obligations of the Company and the Guarantors under this Section 7 will survive the payment or transfer of any Loan,
the enforcement, amendment or waiver of any provision of this Agreement, the Notes or any other Operative Document, and the termination of this Agreement. 
 8. Conditions of the Lenders’ Obligations. The obligation of the each of the Lenders to purchase and pay for the Notes shall, in its sole discretion, be subject to the satisfaction or waiver of the
following conditions on or prior to the Closing Date: 
 (a) Representations and Warranties; Performance; No Default. The
representations and warranties of the Company and the Guarantors contained in this Agreement shall be true and correct as of the date hereof and as of the Closing Date; the representations and warranties of the Company and the Guarantors contained
in the Collateral Documents shall be true and correct as of the Closing Date; the Company and the Guarantors shall have performed all covenants and agreements and satisfied all of the conditions on their part to be performed or satisfied under this
Agreement and under the Collateral Documents at or prior to the Closing Date; and immediately prior to and after giving effect to the funding of the Loans (and the application of the proceeds thereof in accordance with Sections 1(d) and
5(cc), no default or event of default under any Operative Document shall have occurred and be continuing. 
  

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 (b) No Injunction. The incurrence of the Loans by the Company hereunder shall not be enjoined
(temporarily or permanently) on the Closing Date. 
 (c) [Intentionally Omitted] 
 (d) [Intentionally Omitted] 
 (e)
Officers’ Certificate. The Lenders shall have received on the Closing Date a certificate of the Company dated the Closing Date and signed by its chief executive officer and by its chief financial officer, to the effect set forth in
clauses (a) and (b) above. 
 (f) Guarantors’ Officer’s Certificates. The Lenders shall have received on the
Closing Date a certificate from each Guarantor, dated the Closing Date and signed by an executive officer of such Guarantor, to the effect that the representations and warranties of such Guarantor contained in this Agreement are true and correct as
of the Closing Date, that the representations and warranties of such Guarantor contained in the Collateral Documents are true and correct as of the Closing Date and that such Guarantor has performed all covenants and agreements and satisfied all of
the conditions on its part to be performed or satisfied hereunder and under the Collateral Documents at or prior to the Closing Date. 
 (g)
[Intentionally Omitted] 
 (h) Documentation. The Lenders shall have been furnished with such documents, letters, schedules, opinions,
certificates, instruments and other information as they may reasonably request relating to the issuance of the Loans, the creation, perfection, priority and maintenance of the Liens imposed by the Collateral Documents and the business, corporate,
legal and financial affairs of the Company and its Subsidiaries. 
 (i) Opinion of Company’s Counsel. Duane Morris LLP, counsel
to the Company and the Guarantors, shall have furnished to the Lenders its written opinion, dated the Closing Date, substantially in the form attached hereto as Exhibit B. 
 (j) [Intentionally Omitted] 
 (k) Opinion
of Corporate Counsel. Caroline J. Williamson, Vice President and Corporate Counsel to the Company, shall have furnished to the Lenders her written opinion dated the Closing Date, substantially in the form attached hereto as Exhibit C.

 (l) Solvency Certificate. The Lenders shall have received on the Closing Date a certificate of the chief financial officer of the
Company, dated the Closing Date, in the form attached hereto as Exhibit D (a “Solvency Certificate”) (i) to the effect that the Company and the Restricted Subsidiaries shall be Solvent upon the consummation of the
transactions contemplated herein and in the other Operative Documents; and (ii) containing such other statements 

  

 -55- 

 
with respect to the solvency of the Company and its Subsidiaries and matters related thereto as the Lenders shall request. 
 (m) Material Adverse Effect. Except as disclosed in the interim financial statements of the Company for 2005 previously delivered to the Lenders,
no event, claim or circumstance shall have occurred since December 31, 2004 that has had or could reasonably be expected to have a Material Adverse Effect. 
 (n) [Intentionally Omitted] 
 (o) Intercreditor Agreement. The Intercreditor Agreement shall have
been duly executed by each of the parties thereto and shall have been delivered to the Agent and shall be in form and substance satisfactory to the Agent and shall be in full force and effect on the Closing Date. 
 (p) Security Agreements. The Security Agreements shall have been duly executed by the Company and the Guarantors party thereto and shall have been
delivered to the Collateral Agent and shall be in form and substance satisfactory to the Agent and in full force and effect on the Closing Date. 
 (q) Real Property Collateral. Each of the following documents, which shall be in form and substance satisfactory to the Lenders and their counsel, shall have been delivered to the Lenders in respect of that portion of the Collateral
consisting of real property: 
 (i) the Mortgages, duly executed and delivered in recordable form by the respective Obligors
that own the properties identified in Schedule 1(b) hereto that are subject to the Lien of a Mortgage; 
 (ii) a
lenders fee policy of title insurance or a binding marked commitment to issue such policy from one or more title companies with respect to each of the real property interests to be covered by the Mortgages; 
 (iii) the following opinions of counsel with respect to the Mortgages identified in Schedule 1(b): 
 (1) with respect to real property of one of the Guarantors hereto located in Metuchen, New Jersey and West Chicago, Illinois, an opinion
of Duane Morris LLP; 
 (2) with respect to real property of one of the Guarantors hereto located in Shreveport, Louisiana, an
opinion of Deutsch, Kerrigan & Stiles, L.L.P.; 
  

 -56- 

 (3) with respect to real property of one of the Guarantors hereto located in
Higginsville, Missouri, an opinion of Shook, Hardy & Bacon L.L.P.; 
 (4) with respect to real property of one of the
Guarantors hereto located in Mt. Sterling, Ohio, an opinion of Hemmer Pangburn DeFrank PLLC; and 
 (5) with respect to real
property of certain of the Guarantors hereto located in El Campo, Saginaw, and Fort Worth, Texas, an opinion of Winstead Sechrest & Minick; 
 (iv) such other approvals or documents as the Lenders shall have reasonably requested in order to perfect the Liens created pursuant to the Mortgages and to preserve the validity thereof; and 
 (v) flood certificates in form and substance reasonably satisfactory to the Agent with respect to each of the properties identified on
Schedule 1(b) hereto that are subject to the Lien of a Mortgage. 
 In addition, the Company shall have paid to the respective title
companies (x) all expenses of such title companies in connection with the issuance of such policies and (y) an amount equal to the recording and stamp taxes payable in connection with recording the Mortgages in the appropriate county land
office(s). 
 (r) UCC Financing Statements; Perfection. The Lenders shall have received evidence in form and substance satisfactory to
the Lenders that all Uniform Commercial Code financing statements (appropriately completed and naming the Company and each Obligor as debtors and the Collateral Agent as the secured party) and such other instruments or documents filed or to be filed
under the Uniform Commercial Code (including without limitation any amendments or terminations thereto) of the applicable jurisdiction as may be necessary or, in the reasonable opinion of the Lenders, desirable to perfect the security interests
created thereunder, have been executed and delivered to the Lenders in form suitable for filing. In addition, the Company and each Obligor shall have taken such other action (including providing evidence that the Collateral Agent shall have
“control” (within the meaning of Section 8-106 and Section 9-104 of the Uniform Commercial Code, as the case may be) of the collateral account included in the Collateral) as the Lenders shall have requested in order to perfect
the Liens created therein pursuant to the Security Agreements and to preserve the validity thereof. 
 (s) Fixture Filings. Fixture
filings and any amendments or terminations thereto as may be necessary, in form and substance satisfactory to the Lenders and its counsel, shall have been executed and delivered to the Lenders in form suitable for filing in each jurisdiction that
the Lenders may reasonably designate. 
  

 -57- 

 (t) Lien Releases. The Lenders shall have received release agreements in form and substance
satisfactory to the Lenders, together with all appropriately completed copies of Uniform Commercial Code termination statements, fixture filing termination statements, and a satisfaction or release for each existing mortgage, deed of trust or
security agreement necessary to release all Liens (other than Permitted Liens), if any, of any Person in any Collateral previously granted to any Person. 
 (u) Landlord Waivers. The Lenders shall have received the Landlord Waivers, in form and substance reasonably satisfactory to the Lenders, duly executed and delivered by the respective parties thereto.

 (v) Perfection Certificate. The Lenders shall have received perfection certificates duly executed and delivered by the Company in
the form attached to the Security Agreements. 
 (w) Lien Searches. The Lenders shall have received copies of Uniform Commercial Code
financing statements and fixture filings search results, dated a date reasonably satisfactory to the Lenders, listing all effective financing statements and fixture filings which name the Company or any Guarantor (under its present name or any
previous names or under any trade names or assumed names) as the debtor, together with copies of such financing statements and fixture filings. 
 (x) Insurance. The Lenders shall have received certificates of insurance in form and substance satisfactory to the Lenders, in each case evidencing the existence of all insurance required to be maintained by the Company and the
Guarantors pursuant to Section 5(v) hereof and each applicable Collateral Document and, if applicable, the designation of the Collateral Agent as an additional insured and loss payee as its interest may appear thereunder, or solely as
the additional insured, as the case may be, thereunder. 
 (y) Opinions, etc. The Collateral Agent shall have received (with a copy
for the Lenders) on the Closing Date in form and substance reasonably satisfactory to the Lenders such other approvals, opinions, certificates or documents as the Lenders or the Collateral Agent may reasonably request. 
 (z) Fees and Expenses. The Company shall have paid all costs, fees and expenses (including, without limitation, legal fees and expenses) payable
by the Company or any Guarantor through the Closing Date pursuant to Section 7 hereof. 
 (aa) [Intentionally Omitted]

 (bb) Consents and Approvals. All consents, exemptions, authorizations, or other actions by, or notices to, or filings with,
Governmental Authorities and other Persons in respect of all Applicable Law, necessary or desirable in connection with the execution, delivery or performance (including, without limitation, the payment of interest on the Loans) by 

  

 -58- 

 
the Company and the Guarantors, or enforcement against the Company and each of the Guarantors of the Operative Documents to which it is a party including,
without limitation, all federal, state and local regulatory filings, consents and approvals necessary or desirable in connection therewith, shall have been obtained and be in full force and effect, and the Agent shall have been furnished with
appropriate evidence thereof (including, with respect to all federal, state and local regulatory filings, consents and approvals, opinions in form and substance satisfactory to the Lenders, dated as of the Closing Date, from outside counsel for the
Company reasonably satisfactory to the Lenders covering the foregoing), and all waiting periods related thereto shall have lapsed or expired without extension or the imposition of any conditions or restrictions. 
 (cc) Notes. The Company shall have executed and delivered the Notes to the Lenders. 
 (dd) Secretary’s Certificates; Good Standing. The Lenders shall have received the following from or with respect to the Company and each
Guarantor: 
 (i) A certificate, dated the Closing Date and signed by the secretary or similar officer of the Company or such
Guarantor, as applicable, certifying (x) that the attached copies of the Organizational Documents of the Company or such Guarantor, as applicable, and resolutions of the Governing Body of the Company or such Guarantor, as applicable, approving
and authorizing the execution, delivery and performance of the Operative Documents to which it is a party and the transactions contemplated hereby and thereby are all true, complete and correct and remain unamended and in full force and effect as of
the Closing Date, and (ii) the incumbency and specimen signature of each officer of the Company or such Guarantor, as applicable, executing any Operative Documents on the Closing Date to which it is a party or any other document delivered in
connection herewith and therewith on behalf of the Company or such Guarantor, as applicable; 
 (ii) A copy of a certificate
of the Secretary of State or other applicable Governmental Authority of the jurisdiction in which the Company or such Guarantor, as applicable, is organized, dated reasonably near the Closing Date, listing the Organizational Documents of the Company
or such Guarantor, as applicable, and each amendment thereto on file in such office and certifying that (i) such amendments are the only amendments to the Company’s or such Guarantor’s Organizational Documents on file in such office,
(ii) the Company or such Guarantor, as applicable, has paid all franchise taxes due and payable on or prior to the date of such certificate and (iii) the Company or such Guarantor is duly organized and in good standing under the laws of
such jurisdiction; and 
 (iii) A copy of a certificate of the Secretary of State or other applicable Governmental Authority
of each jurisdiction in which the Company or such Guarantor, as applicable, is required to be qualified as a foreign entity, dated reasonably near the Closing Date, stating that the Company or such Guarantor, as applicable, is duly qualified and

  

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in good standing as a foreign corporation or entity in each such jurisdiction and has filed all annual reports required to be filed to the date of such
certificate. 
 (ee) Indebtedness. The Secured Indenture and all other agreements, indentures or instruments evidencing the
Indebtedness set forth on Schedule 1(d) shall have been extinguished and all security interests related thereto shall have been released, and evidence of such extinguishment and release shall have been delivered to the Agent in form and substance
reasonably satisfactory to the Agent. 
 (ff) Brokers’ and Advisors’ Fees. There shall be no fees payable to the
Company’s investment advisors and investment bankers with respect to the preferred stock issuance consummated on October 27, 2005 and the transactions contemplated hereby (or any unconsummated predecessor financing to this financing in
which the Agent was involved or which involved a proposed amendment to the Secured Indenture) other than those set forth on Schedule 2(nn) hereto, which amounts include all amounts previously paid as retainers to such advisors and bankers.

 All opinions, letters, evidence and certificates mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with
the provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the Lenders. 
 9.
Prepayment. 
 (a) Rights of Prepayment. 
 The Loans shall be prepayable at the option of the Company, in whole or in part from time to time, on not less than 10 Business Days’ prior notice, mailed by first-class mail to the Agent’s and the
Lenders’ registered addresses, in cash, at the following prepayment prices (expressed as percentages of the principal amount), if prepaid in the period commencing on the Closing Date (in 2005) and ending on November 30, 2006 and,
thereafter, in the 12-month period commencing on December 1 in each other year indicated below, in each case plus accrued and unpaid interest to the Prepayment Date: 
  

				
	 Year
	  	Prepayment	 
	 20051
	  	102.000	%
	 2006
	  	101.000	%
	 2007 and thereafter
	  	100.000	%

	1	Indicates period commencing on the Closing Date and ending on November 30, 2006. 

  

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 Any such prepayment and notice may, in the Company’s discretion, be subject to the satisfaction of
one or more conditions precedent. The Loans will not be subject to, or entitled to the benefits of, any sinking fund. 
 Loans may be prepaid
as set forth in Sections 5(o), 5(t), 5(w) and 9(j) hereof at the prepayment prices set forth therein. Any prepayment pursuant to this Section 9(a) shall be made pursuant to the provisions of Sections
9(b) through (i) hereof. 
 (b) Applicability of Section. 
 Prepayment of Loans at the election of the Company or otherwise, as permitted or required by any provision of this Agreement, shall be made in accordance
with such provision and this Section 9. 
 (c) Election to Prepay; Notice to Agent. 
 The election of the Company to prepay any Loans pursuant to Section 9(a) hereof shall be evidenced by a Company Order and an Officers’
Certificate. In case of any prepayment at the election of the Company, the Company shall, not less than 10 Business Days prior to the Prepayment Date fixed by the Company (unless a shorter notice period shall be satisfactory to the Agent), notify
the Agent and the Lenders in writing of such Prepayment Date, the Prepayment Price and of the principal amount of Loans to be prepaid. 
 (d)
Selection of Loans to Be Prepaid. 
 If less than all the Loans are to be prepaid, the particular Loans or portions hereof to
be prepaid shall, subject to Section 9(i) hereof, be selected by the Company from the Outstanding Loans not previously called for prepayment on a pro rata basis (with such adjustments as may be deemed appropriate by the Company so that
only Loans in denominations of $1,000, or integral multiples thereof, shall be purchased). 
 For all purposes of this Agreement,
unless the context otherwise requires, all provisions relating to prepayment of Loans shall relate, in the case of any Loan prepaid or to be prepaid only in part, to the portion of the principal amount of such Loan which has been or is to be
prepaid. 
 (e) Notice of Prepayment. 
 Notice of prepayment shall be given by the Company by first-class mail, postage prepaid, mailed not less than 10 Business Days prior to the Prepayment Date, to each Lender of Loans to be prepaid, at such Lender’s
address appearing in the Loan Register. In connection with a prepayment pursuant to Section 9(a) hereof, such notice may, at the Company’s discretion, be subject to the satisfaction of one or more conditions precedent. 

 

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 All notices of prepayment shall state: 
 (1) the Prepayment Date; 
 (2) the
Prepayment Price; 
 (3) if less than all Outstanding Loans are to be prepaid, the identification of the particular Loans to be prepaid;

 (4) in the case of a Loan to be prepaid in part, the principal amount of such Loan to be prepaid and that after the Prepayment Date upon
surrender of the Note evidencing such Loan, new Note or Notes in the aggregate principal amount equal to the unprepaid portion thereof will be issued; 
 (5) that Notes evidencing Loans called for prepayment must be surrendered to the Company to collect the Prepayment Price; 
 (6) that on the Prepayment Date and, if applicable, upon the satisfaction of any conditions to such prepayment set forth in such notice of prepayment, the Prepayment Price will become due and payable upon each such
Loan or portion thereof, and that (unless the Company shall default in payment of the Prepayment Price) interest thereon shall cease to accrue on and after said date; 
 (7) the place or places where such Loans are to be surrendered for payment of the Prepayment Price; and 
 (8) the paragraph of the Loans and/or Section of this Agreement pursuant to which the Loans called for prepayment are being prepaid. 
 In addition, if such prepayment is subject to satisfaction of one or more conditions precedent, such notice of prepayment shall describe each such condition, and if applicable, shall state that, in the Company’s discretion, the
Prepayment Date may be delayed until such time as any or all such conditions shall be satisfied, or such prepayment may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the
Prepayment Date as stated in such notice, or by the Prepayment Date as so delayed. 
 The notice if mailed in the manner herein provided
shall be conclusively presumed to have been given, whether or not the Lender receives such notice. In any case, failure to mail such notice, or any defect in any notice so mailed, to any particular Lender of any Loan designated for prepayment as a
whole or in part shall not affect the validity of the proceedings for the prepayment of any other Loan. 
 (f) [Intentionally Omitted]

  

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 (g) Loans Payable on Prepayment Date. 
 Notice of prepayment having been given as aforesaid, the Loans so to be prepaid shall, on the Prepayment Date and, if applicable, upon satisfaction of
any conditions to such prepayment set forth in such notice of prepayment, become due and payable at the Prepayment Price therein specified and from and after such date (unless the Company shall default in the payment of the Prepayment Price and
accrued interest) such Loans shall cease to bear interest. Upon surrender of a Note evidencing any such Loan for prepayment in accordance with said notice, such Loan shall be paid by the Company at the Prepayment Price together with accrued interest
to the Prepayment Date. 
 If any Loan called for prepayment shall not be so paid upon surrender thereof for prepayment, the principal and
premium, if any, shall, until paid, bear interest from the Prepayment Date at the rate borne by such Loan. 
 (h) Loans Prepaid or
Purchased in Part. 
 Any Note evidencing a Loan which is to be prepaid or purchased only in part shall be surrendered to the Company,
and the Company shall execute and deliver to the Lender owning such Loan without service charge, a new Note or Notes, of any authorized denomination as requested by such Lender in aggregate principal amount equal to, and in exchange for, the
unprepaid portion of the principal of the Loan that is not prepaid or purchased. 
 (i) Application of Prepayments. Any prepayments
pursuant to this Section 9 or any offers to prepay Loans by the Company pursuant to Sections 5(o), 5(t), 5(w) and/or 9(j) shall be applied on a pro rata basis among Lenders; provided that any such
prepayment shall be applied first to repay outstanding Tranche B Loans pro rata among the holders thereof to the full extent thereof and second to repay outstanding Tranche A Loans pro rata among the holders thereof to the full extent thereof.

 (j) Asset Sale Offers and Event of Loss Offers. 
 In the event that the Company shall commence an offer pursuant to (i) Section 5(o) hereof in the case of an Asset Sale Offer or (ii) Section 5(w) hereof in the case of an Event of
Loss Offer, it shall follow the procedures specified below. 
 The Asset Sale Offer or Event of Loss Offer, as applicable, shall remain open
for twenty (20) days after the date on which such offer is commenced (the “Commencement Date”) except to the extent required to be extended pursuant to applicable law (as so extended, the “Asset Sale Offer
Period”). No later than one Business Day after the termination of the Asset Sale Offer Period (the “Asset Sale Prepayment Date”), the Company shall prepay the principal amount (the “Asset Sale Offer
Amount”) of Loans required pursuant to Section 5(o) or Section 5(w) hereof, as applicable, to be prepaid in such Asset Sale Offer or Event of Loss Offer, as 

  

 -63- 

 
applicable, or, if less than the Asset Sale Offer Amount has been tendered, all Loans tendered in response to the Asset Sale Offer or Event of Loss Offer, as
applicable. 
 On any Commencement Date, the Company shall send or cause to be sent, by first class mail, a notice to each of the Lenders,
with a copy to the Agent. Such notice, which shall govern the terms of the Asset Sale Offer or Event of Loss Offer, as applicable, shall contain all instructions and materials necessary to enable the Lenders to tender Notes evidencing Loans pursuant
to the Asset Sale Offer or Event of Loss Offer, as applicable, and shall state: 
 (1) that the offer is (x) a Collateral Asset Sale
Offer or a Non-Collateral Sale Offer being made pursuant to Section 5(o) hereof and this Section 9(j) or (y) an Event of Loss Offering being made pursuant to Section 5(w) hereof and this
Section 9(j), and, in either case, the length of time such offer shall remain open; 
 (2) the Asset Sale Offer Amount, the Asset
Sale Prepayment Price and the Asset Sale Prepayment Date; 
 (3) that any Loan not tendered or accepted for payment shall continue to accrue
interest in accordance with this Agreement; 
 (4) that, unless the Company defaults in the payment of the Asset Sale Prepayment Price or
Event of Loss Price, as applicable, all Loans accepted for payment pursuant to the Asset Sale Offer or Event of Loss Offer, as applicable ,shall cease to accrue interest after the Asset Sale Prepayment Date; 
 (5) that Lenders electing to have Loans prepaid pursuant to any Asset Sale Offer or Event of Loss Offer, as applicable, shall be required to surrender
the Note evidencing the Loan being prepaid, with the form entitled “Option of Lender to Elect Prepayment” on the reverse of the Note completed, to the Company at the address specified in the notice prior to the close of business on the
Business Day preceding the Asset Sale Prepayment Date; 
 (6) that Lenders shall be entitled to withdraw their election if the Company
receives not later than the close of business on the Business Day preceding the termination of the Asset Sale Offer Period, a telegram, telex, facsimile transmission or letter setting forth the name of the Lender, the principal amount of the Note
the Lender delivered for prepayment, the certificate number on the Note and a statement that such Lender is withdrawing its election to have the Loan prepaid; 
 (7) that, if the aggregate principal amount of Loans surrendered by Lenders exceeds the Asset Sale Offer Amount, the Company shall, subject to Section 9(i) hereof, select the Loans to be prepaid on a pro
rata basis (with such adjustments as may be deemed appropriate by the Company so that only Loans in denominations of $1,000, or integral multiples thereof, shall be prepaid); and 
  

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 (8) that Lenders whose Loans are prepaid only in part shall be issued new Notes equal in principal amount
to the unprepaid portion of the Loans surrendered, which unprepaid portion must be equal to $1,000 principal amount or an integral multiple thereof. 
 On the Asset Sale Prepayment Date, the Company shall, to the extent lawful, (i) accept for payment, on a pro rata basis to the extent necessary, an aggregate principal amount equal to the Asset Sale Offer Amount
of Loans tendered pursuant to the Asset Sale Offer or Event of Loss Offer, as applicable, or if less than the Asset Sale Offer Amount has been tendered, all Loans or portions thereof tendered, and (ii) deliver to the Agent an Officers’
Certificate stating that such Loans or portions thereof were accepted for payment by the Company in accordance with the terms of this Section 9(j). On the Asset Sale Prepayment Date, the Company shall deliver to each tendering Lender an
amount in cash equal to the Asset Sale Prepayment Price or Event of Loss Price, as applicable, with respect to the Loans tendered by such Lender and accepted by the Company for prepayment, including in each case accrued interest to and including the
Asset Sale Prepayment Date, and the Company shall promptly issue a new Note or Notes to such Lender, equal in principal amount to any unprepaid portion of such Lender’s Loans surrendered. Any Note evidencing a Loan not accepted in the Asset
Sale Offer or Event of Loss Offer, as applicable, shall be promptly mailed or delivered by the Company to the Lender thereof. 
 The Asset
Sale Offer or Event of Loss Offer, as applicable, shall be made by the Company in compliance with all applicable laws, including, without limitation, the requirements of Rule 14e-1 under the Exchange Act, any other tender offer rules under the
Exchange Act and all other applicable federal and state securities laws. 
 Other than as specifically provided in this
Section 9(j), each prepayment pursuant to this Section 9(j) shall be made pursuant to the provisions of Sections 9(a) through 9(i) hereof. 
 10. [Intentionally Omitted] 
 11.
Indemnification and Contribution. 
 (a) The Company and each Guarantor will jointly and severally indemnify and hold harmless
each Lender, the Agent, the Collateral Agent, each person who controls a Lender within the meaning of the Act or the Exchange Act and each of such Person’s Subsidiaries and each of their respective directors, officers, employees, principals,
members, agents, advisors and partners (any and all of whom are referred to as the “Indemnified Party”) from and against any and all losses, claims, damages, and liabilities, whether joint or several (including all legal fees or
other expenses reasonably incurred by any Indemnified Party in connection with the preparation for or defense of any pending or threatened third party claim, action or proceeding, whether or not resulting in any liability), to which such Indemnified
Party may become subject, under any Applicable Law or otherwise, whenever arising or occurring and caused by or arising out of, or allegedly caused by or arising out of, (i) this Agreement, any other Operative Document or any transaction
contemplated hereby or thereby (including, without limitation, any 

  

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failure to make the Loans other than by reason of a breach of this Agreement by the Indemnified Party), (ii) any enforcement of any of the Operative
Documents (including any sale of, collection from, or other realization upon any of the Collateral or the enforcement of any Guarantee, or (iii) any Environmental Law, Environmental Claim or any Hazardous Materials Activity relating to or
arising from, directly or indirectly, any past or present activity, operation, land ownership, or practice of the Company or any of its Subsidiaries or any of their respective predecessors and Affiliates; provided, however, that the Company
shall have no obligation to indemnify an Indemnified Party from or against any loss, claim, damage, liability or expense to the extent that the same resulted from the gross negligence or willful misconduct of such Indemnified Party as determined by
a court of competent jurisdiction in a final, non-appealable decision. 
 (b) Promptly after receipt by an Indemnified Party of notice of any
claim, action or proceeding with respect to which an Indemnified Party is entitled to indemnity hereunder, such Indemnified Party will notify the Company of such claim or the commencement of such action or proceeding, provided that the
failure of an Indemnified Party to give notice as provided herein shall not relieve the Company or any Guarantor of its obligations under this Section 11 with respect to such Indemnified Party, except to the extent that the Company or
such Guarantor is actually prejudiced by such failure. The Company will assume the defense of such claim, action or proceeding and will employ counsel satisfactory to the Indemnified Party and the Company and the Guarantors will pay the fees and
expenses of such counsel. Notwithstanding the preceding sentence, the Indemnified Party will be entitled, at the expense of the Company and the Guarantors, to employ counsel separate from counsel for the Company and for any other party in such
action if the Indemnified Party reasonably determines upon advice of counsel that a conflict of interest exists which makes representation by counsel chosen by the Company not advisable. 
 (c) THE INDEMNIFICATION PROVISIONS IN THIS SECTION 11 SHALL BE ENFORCEABLE REGARDLESS OF WHETHER THE LIABILITY IS BASED UPON PAST, PRESENT OR
FUTURE ACTS, CLAIMS OR LAWS (INCLUDING ANY PAST, PRESENT OR FUTURE BULK SALES LAW, ENVIRONMENTAL LAW, FRAUDULENT TRANSFER ACT, OCCUPATIONAL SAFETY AND HEALTH LAW OR PRODUCTS LIABILITY, SECURITIES OR OTHER LAW) AND REGARDLESS OF WHETHER ANY PERSON
(INCLUDING THE PERSON FROM WHOM INDEMNIFICATION IS SOUGHT) ALLEGES OR PROVES THE SOLE, CONCURRENT, CONTRIBUTORY OR COMPARATIVE NEGLIGENCE OF THE PERSON SEEKING INDEMNIFICATION OR THE SOLE OR CONCURRENT STRICT LIABILITY IMPOSED UPON THE PERSON
SEEKING INDEMNIFICATION. 
 (d) If the indemnification provided for in this Section 11 shall for any reason be unavailable to or
insufficient to hold harmless an Indemnified Party under Section 11(a) in respect of any loss, claim, damage or liability, or any action in respect thereof, referred to therein, then the Company and each Guarantor shall, in lieu of
indemnifying such Indemnified Party, contribute to the amount paid or payable by such Indemnified Party as a result of such loss, claim, damage or liability, or action in respect thereof: 
 (i) in such proportion as is appropriate to reflect the relative benefits received by the Company and the Guarantors on the one hand and
the Lenders, the Agent or the Collateral Agent, as applicable, on the other from making of the Loans, or 
  

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 (ii) if the allocation provided by clause 11(d)(i) is not permitted by applicable
law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause 11(d)(i), but also the relative fault of the Company and the Guarantors on the one hand and the Lenders, the Agent or the Collateral
Agent, as applicable, on the other with respect to the acts or omissions which resulted in such loss, claim, damage or liability, or action in respect thereof, as well as any other relevant equitable considerations. 
 The relative benefits received by the Company and the Guarantors on the one hand and the Lenders on the other with respect to the making of the Loans
shall be deemed to be in the same proportion as the total net proceeds from the Loans issued under this Agreement (before deducting expenses) received by the Company and the Guarantors, on the one hand, and the discount received by the Lenders with
respect to the Loans made under this Agreement, on the other hand, bear to $95,000,000. The relative fault shall be determined by reference to the intent of the parties and their relative knowledge, access to information and opportunity to correct
or prevent such act or omission. The Company, the Guarantors, the Agent, the Collateral Agent and the Lenders agree that it would not be just and equitable if the amount of contributions pursuant to this Section 11(d) were to be
determined by pro rata allocation or by any other method of allocation which does not take into account the equitable considerations referred to herein. 
 12. Definitions. As used herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following such term: 
 “Act” shall mean the Securities Act of 1933, as amended. 
 “Acquired Indebtedness” means, with respect to any specified Person, Indebtedness of any other Person (the “Acquired Person”) existing at the time the Acquired Person merges with or into, or
becomes a Subsidiary of, such specified Person, including Indebtedness incurred in connection with, or in contemplation of, the Acquired Person merging with or into, or becoming a Subsidiary of, such specified Person, or is existing at the time such
Person becomes a Restricted Subsidiary or is merged into or consolidates with a Restricted Subsidiary. 
 “Affiliate” means,
with respect to any party, any Person directly or indirectly controlling or controlled by or under direct or indirect common control with such party including any estate or trust under will of such party. For purposes of this definition,
“control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of
the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise; provided, however, that 

  

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beneficial ownership of 5% or more of the voting securities of a Person shall be deemed to be control. 
 “Agent” shall have the meaning given thereto in the first paragraph hereof. 
 “Agreement” shall mean this Credit Agreement. 
 “Amended Credit Agreement” shall have the meaning given thereto in Section 1(d) hereof. 
 “Applicable Law” means all laws, rules and regulations applicable to a Person, its Property or a transaction, as the case may be, including all applicable common law principles and all provisions of
all applicable United States federal, state, local and foreign constitutions, treatises, codes, statutes, rules, regulations, orders and ordinances of any Governmental Authority; and writs, orders, judgments, injunctions and decrees of all courts
and arbitrators. 
 “April 2004 Closing” shall mean the issuance of notes under the Secured Indenture on April 27,
2004. 
 “Asset Sale” means, with respect to the Company or any Restricted Subsidiary, the sale, lease, conveyance, transfer
or other disposition (including, without limitation, by way of merger or consolidation, and whether by operation of law or otherwise) to any Person other than the Company or a Wholly-Owned Restricted Subsidiary of any of the Company’s or such
Restricted Subsidiary’s assets (including, without limitation, (x) any sale or other disposition of Equity Interests of any Restricted Subsidiary and (y) any sale or other disposition of any non-cash consideration received by the
Company or such Restricted Subsidiary from any prior transaction or series of related transactions that constituted an Asset Sale pursuant to the provisions of Section 5(o) hereof), whether owned on the Closing Date or subsequently
acquired, in one transaction or a series of related transactions; provided, however, that the following shall not constitute Asset Sales: (i) transactions (other than transactions described in clause (y) above) in any
calendar year with aggregate cash and/or Fair Market Value of any other consideration received (including, without limitation, the unconditional assumption of Indebtedness) of less than $1,000,000; (ii) a transaction or series of related
transactions that results in a Change of Control; (iii) any sale of assets of the Company and the Restricted Subsidiaries or merger permitted under Section 5(gg) hereof; (iv) any sale or other disposition of inventory, Property
(whether real, personal or mixed) or equipment that has become worn out, obsolete or damaged or otherwise unsuitable or no longer needed for use in connection with the business of the Company or any Restricted Subsidiary, as the case may be;
provided, that in the case of Property with an aggregate Fair Market Value of $500,000 or more, any determination that such Property has become worn out, obsolete or damaged or otherwise unsuitable or no longer needed must be made by the
Board of Directors in good faith; (v) any sale of inventory to customers in the ordinary and customary course of business; (vi) any disposition of properties or assets of the Company or any Restricted Subsidiary permitted pursuant to the
provisions of Section 5(l) hereof; and (vii) any Permitted Investment or the sale or other disposition thereof; provided that any Designated Unrestricted Subsidiary Asset Sale shall constitute an Asset Sale; provided,
further that any release of 

  

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Guarantees or Collateral pursuant to the proviso contained in clause (2) of Section 5(y) hereof shall constitute an Asset Sale;
provided, further that, notwithstanding the foregoing, any sale, lease, conveyance, transfer or other disposition of Collateral by the Company or any Restricted Subsidiary (other than to the Company or a Guarantor (other than a Foreign
Subsidiary of the Company) that is party to the Collateral Documents) shall constitute an Asset Sale; provided, further, however, that a transaction involving the sale, lease, conveyance, transfer or other disposition of Collateral
described in the foregoing clause (i) of this definition of Asset Sale (but replacing $1,000,000 with $750,000 (with any unused amounts in any calendar year carried forward to the next calendar year or years)) shall be excluded from the
foregoing proviso and shall not constitute an Asset Sale so long as (1) the aggregate Fair Market Value of the Collateral subject to such transactions does not exceed $750,000 in any calendar year (with any unused amounts carried forward to the
next calendar year or years) and $3,750,000 in the aggregate and (2) the Company delivers to the Collateral Agent, concurrently with such transaction, an Officer’s Certificate stating that the Fair Market Value of the sum of (a) all
Collateral subject to such transaction and released from the Lien of the Collateral Documents and (b) all Collateral previously released from the Lien of the Collateral Documents in reliance on this proviso, is not greater than the Fair Market
Value of all Property and assets added by the Company and the Guarantors to the Collateral since the Closing Date. 
 “Asset Sale
Offer” has the meaning given thereto in Section 5(o)(9) hereof. 
 “Asset Sale Offer Amount” has the
meaning given thereto in Section 9(j) hereof. 
 “Asset Sale Offer Period” has the meaning given thereto in
Section 9(j) hereof. 
 “Asset Sale Prepayment Date” has the meaning given thereto in Section 9(j)
hereof. 
 “Asset Sale Prepayment Price” means the Collateral Asset Sale Price or the Non-Collateral Asset Sale Price, as
applicable. 
 “Assignee” has the meaning given thereto in Section 16(b)(i) hereof. 
 “Assignment Agreement” means an Assignment Agreement in substantially the form attached hereto as Exhibit E. 
 “Attributable Indebtedness” means, with respect to any Sale and Leaseback Transaction, as at the time of determination, the greater of
(i) the Fair Market Value of the Property subject to such transaction and (ii) the present value (discounted at a rate equivalent to the Company’s then current weighted average cost of funds for borrowed money, compounded on a
semi-annual basis) of the total net obligations of the lessee for rental payments during the remaining term of the lease included in such arrangement (including any period for which such lease has been extended). As used in the preceding sentence,
the “total net obligations of the lessee for rental payments” under any lease for any such period means the sum of rental and other 

  

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payments required to be paid with respect to such period by the lessee thereunder excluding any amounts required to be paid by such lessee on account of
maintenance and repairs, insurance, taxes, assessments, water rates or similar charges. In the case of any lease that is terminable by the lessee upon payment of a penalty, such net amount of rent also includes the amount of such penalty, but no
rent shall be considered as required to be paid under such lease subsequent to the first date upon which it may be so terminated. 
 “Bankruptcy Law” means chapter 11 of Title 11 of the United States Code, as amended, or any similar United States federal or state law relating to bankruptcy, insolvency, receivership, winding-up, liquidation,
reorganization or relief of debtors or any amendment to, succession to or change in any such law. 
 “Board of Directors”
means the Board of Directors of the Company or any committee thereof duly authorized to act on behalf of such Board. 
 “Borrowing
Base” means, as of any date, an amount equal to the sum of (a) 85% of the net book value of the accounts receivable of the Company and the Restricted Subsidiaries which are Domestic Subsidiaries as of such date, and (b) 60% of the
net book value of the inventory owned by the Company and the Restricted Subsidiaries which are Domestic Subsidiaries as of such date, all calculated on a consolidated basis and in accordance with GAAP. To the extent that information is not available
as to the amount of accounts receivable or inventory as of a specific date, the Company may utilize the most recent available quarterly or annual financial report for purposes of calculating the Borrowing Base. 
 “Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in The City
of New York are authorized or obligated by law or executive order to close. 
 “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. 
 “Cash Equivalents” mean (i) securities issued or directly and fully guaranteed or insured by the United
States of America or any agency or instrumentality thereof (provided that the full faith and credit of the United States of America is pledged in support thereof) having maturities of not more than 90 days from the date of acquisition,
(ii) time deposits and certificates of 

  

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deposit with maturities of not more than 90 days from the date of acquisition, of any commercial banking institution that is a member of the Federal Reserve
System having capital and surplus in excess of $500,000,000, whose debt has a rating at the time of any such investment of at least “A-1” or the equivalent thereof by Standard & Poor’s Ratings Group or at least
“P-1” or the equivalent thereof by Moody’s Investors Service, Inc., or any bank or financial institution party to the Amended Credit Agreement, (iii) fully secured repurchase obligations with a term of not more than seven days
for underlying securities of the types described in clause (i) entered into with any bank or financial institution meeting the qualifications specified in clause (ii) above, (iv) commercial paper issued by the parent
corporation of any commercial banking institution that is a member of the Federal Reserve System having capital and surplus in excess of $500,000,000 and commercial paper or master notes of issuers, rated at the time of any such investment at least
“A-1” or the equivalent thereof by Standard & Poor’s Ratings Group or at least “P-1” or the equivalent thereof by Moody’s Investors Service, Inc., or any bank or financial institution party to the Amended
Credit Agreement, and in each case maturing within 270 days after the date of acquisition, (v) any money market deposit accounts issued or offered by a domestic commercial bank having combined capital and surplus of at least $500,000,000, and
(vi) any shares in an open-end mutual fund organized by a bank or financial institution having combined capital and surplus of at least $500,000,000 investing solely in investments permitted by the foregoing clauses (i), (ii),
(iv) and (v). 
 “Change of Control” means the occurrence of any of the following events: (i) any
“person” or “group” (as such terms are used in Section 13(d) and 14(d) of the Exchange Act) other than Permitted Holders (as defined below), is or becomes the “beneficial owner” (as defined in Rules 13d-3 and
13d-5 under the Exchange Act, except that a Person shall be deemed to have beneficial ownership of all shares that such Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or
indirectly, of more than 50% of the voting power of the total outstanding Voting Stock of the Company voting as one class; (ii) during any period of two consecutive years, individuals who at the beginning of such period constituted the Board of
Directors of the Company (together with any new directors whose election to such Board or whose nomination for election by the stockholders of the Company was approved by a vote of a majority of the directors then still in office who were either
directors at the beginning of such period or whose election or nomination for election was previously so approved) for any reason cease to constitute a majority of such Board of Directors then in office; (iii) the Company consolidates with or
merges with or into any Person or conveys, transfers or leases all or substantially all of its assets to any Person other than a wholly-owned Subsidiary (in one transaction or a series of related transactions), or any corporation consolidates with
or merges into or with the Company, in any such event pursuant to a transaction in which the outstanding Voting Stock of the Company is changed into or exchanged for cash, securities or other Property, and as a result of such transaction any
“person” or “group,” other than Permitted Holders, is or becomes the “beneficial owner” (as described in clause (i) above) immediately after such transaction, directly or indirectly, of more than 50% of the
voting power of the total outstanding Voting Stock of the surviving corporation voting as one class; or (iv) the Company is liquidated or dissolved or adopts a plan of liquidation or dissolution other than in a transaction that is permitted by
Section 5(gg) hereof. 
  

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 “Change of Control Date” shall have the meaning given thereto in
Section 5(t)(1) hereof. 
 “Change of Control Offer” shall have the meaning given thereto in
Section 5(t)(1) hereof. 
 “Change of Control Payment” shall have the meaning given thereto in
Section 5(t)(1) hereof. 
 “Change of Control Prepayment Price” shall have the meaning given thereto in
Section 5(t)(1) hereof. 
 “Closing Date” shall have the meaning given thereto in Section 4(b)
hereof. 
 “Collateral” shall have the meaning given thereto in Section 1(b) hereof. 
 “Collateral Account” has the meaning assigned to such term in the Security Agreements. 
 “Collateral Agent” shall have the meaning given thereto in the first paragraph hereof. 
 “Collateral Asset Sale Offer” shall have the meaning given thereto in Section 5(o)(6) hereof. 
 “Collateral Asset Sale Price” shall have the meaning given thereto in Section 5(o)(6) hereof. 
 “Collateral Documents” shall have the meaning given thereto in Section 1(b) hereof. 
 “Collateral Excess Proceeds” shall have the meaning given thereto in Section 5(o)(5) hereof. 
 “Commencement Date” has the meaning given thereto in Section 9(j) hereof. 
 “Commission” means the United States Securities and Exchange Commission. 
 “Company” shall have the meaning given thereto in the first paragraph of this Agreement. 
 “Company Order” means a written request or order signed in the name of the Company by any one of its Chairman of the Board of Directors,
its President or a Vice President (regardless of vice presidential designation), and by any one of its Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary, and delivered to the Agent. 
  

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 “Compliance Certificate” means a certificate substantially in the form attached hereto
as Exhibit F. 
 “Computation Date” shall have the meaning given thereto in Section 5(l) hereof.

 “Computation Period” shall have the meaning given thereto in Section 5(l)(3) hereof. 
 “Consolidated Interest Expense” means, for any period, the total interest expense of the Company and its consolidated Restricted
Subsidiaries, excluding amortization of any deferred financing fees, 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) capitalized interest, (iv) non-cash interest expense, (v) commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance financing, (vi) interest
actually paid by the Company or any such Restricted Subsidiary under any guarantee of Indebtedness or other obligation of any other Person, (vii) net costs associated with Hedging Obligations (including fees and amortization of discounts),
(viii) Preferred Stock dividends in respect of all Redeemable Stock of the Company held by Persons other than the Company or a Wholly-Owned Restricted Subsidiary and (ix) the cash contributions to any employee stock ownership plan or
similar trust to the extent such contributions are used by such plan or trust to pay interest or fees to any Person (other than the Company) in connection with loans incurred by such plan or trust to purchase newly issued or treasury shares of
the Capital Stock of the Company. 
 “Consolidated Interest Expense For EBITDA” 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, and as to any Person, the aggregate Net Income of such Person and its Subsidiaries
(other than, in the case of the Company, the Unrestricted Subsidiaries of the Company) 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 such Person but that is consolidated with such Person or is accounted for by such Person 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
such Person or a wholly-owned Subsidiary of such Person (other than, in the case of the Company, the Unrestricted Subsidiaries of the 

  

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Company), (ii) the Net Income of any Person acquired by such Person or a Subsidiary of such Person in a pooling of interests transaction for any period
prior to the date of such acquisition shall be excluded, (iii) the Net Income of any Subsidiary of such Person that is subject to restrictions, direct or indirect, on the payment of dividends or the making of distributions to such Person shall
be excluded to the extent of such restrictions, (iv) the Net Income of (A) any Unrestricted Subsidiary and (B) any Subsidiary less than 80% of whose securities having the right (apart from the right under special circumstances) to
vote in the election of directors are owned by the Company or its Wholly-Owned Restricted Subsidiaries shall be included only to the extent of the amount of cash dividends or cash distributions actually paid by such Subsidiary to the Company or a
Wholly-Owned Restricted Subsidiary of the Company, and (v) all gains (but not losses) that are extraordinary or are either unusual or nonrecurring (including any gain realized upon the termination of any employee pension benefit plan and any
gain 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. 
 “Consolidated Net Income For EBITDA” means, for any period, the aggregate net income (loss) of the Company and its 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. 
 “Consolidated Net Worth” means, for any Person, the total of
the amounts shown on the balance sheet of such Person and its consolidated Subsidiaries, determined on a consolidated basis without duplication in accordance with GAAP, as of the end of the most recent fiscal quarter of such Person ending at least
45 days prior to the taking of any action for the purpose of which the determination is being made, as (i) the amount of Capital Stock (other than Redeemable Stock) plus (ii) the amount of surplus and retained earnings (or, in the case of
a surplus or retained earnings deficit, minus the amount of such deficit). 
 “Contingent Obligation”, as applied to any
Person, means any direct or indirect liability, contingent or otherwise, of that Person (i) with respect to any Indebtedness, lease, dividend or other obligation of another if the primary purpose or intent thereof by the Person incurring the
Contingent Obligation is to provide assurance to the obligee of such obligation of another that such obligation of another will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders of such
obligation will be protected (in whole or in part) against loss in respect thereof, (ii) with respect to any acceptance, letter of credit or 

  

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surety bond or similar facility issued for the account of that Person or as to which that Person is otherwise liable for reimbursement of drawings, or
(iii) under hedge agreements. Contingent Obligations shall include (a) the direct or indirect guaranty, endorsement (otherwise than for collection or deposit in the ordinary course of business), co-making, discounting with recourse or sale
with recourse by such Person of the obligation of another, (b) the obligation to make take-or-pay or similar payments if required regardless of non-performance by any other party or parties to an agreement, and (c) any liability of such
Person for the obligation of another through any agreement (contingent or otherwise) (1) to purchase, repurchase or otherwise acquire such obligation or any security therefore, or to provide funds for the payment or discharge of such obligation
(whether in the form of loans, advances, stock purchases, capital contributions or otherwise) or (2) to maintain the solvency or any balance sheet item, level of income or financial condition of another if, in the case of any agreement
described under subclauses (1) or (2) of this sentence, the primary purpose or intent thereof is as described in the preceding sentence. The amount of any Contingent Obligation shall be equal to the amount of the obligation so guaranteed
or otherwise supported or, if less, the amount to which such Contingent Obligation is specifically limited. 
 “Contractual
Obligation”, as applied to any Person, means any provision of any note issued by that Person or of any material indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by
which it or any of its Properties is bound or to which it or any of its Properties is subject. 
 “Controlled Subsidiary”
means a Restricted Subsidiary (i) 80% or more of the total Equity Interests or other ownership interests of which (other than directors’ qualifying shares or shares required to be held by foreign nationals, in each case to the extent
mandated by applicable law) is at the time owned by the Company (directly or through one or more Controlled Subsidiaries of the Company) and (ii) of which the Company possesses, directly or indirectly, the power to direct or cause the
direction of the management or policies, whether through the ownership of voting securities, by agreement or otherwise. 
 “Credit
Agreement” shall have the meaning given thereto in the first paragraph hereof. 
 “Credit Facilities” means one or
more debt facilities (including, without limitation, the Amended Credit Agreement) or commercial paper facilities, in each case with banks or other institutional lenders providing for revolving credit loans, term loans, receivables financing
(including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables) or letters of credit, in each case, as amended, restated, modified, renewed, refunded, replaced
(whether upon termination or otherwise) or refinanced (including by means of sales of debt securities to institutional investors) in whole or in part from time to time. 
 “Date of Determination” means, with respect to any Interest Period, the second Business Day prior to the first day of such Interest Period. 
  

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 “Default” means any event which is, or after notice or passage of any time or both would
be, an Event of Default. 
 “Designated Unrestricted Subsidiary” means any Subsidiary of StyroChem Europe Delaware, Inc.

 “Designated Unrestricted Subsidiary Asset Sale” means the sale, lease, conveyance, transfer or other disposition
(including, without limitation, by way of merger or consolidation, and whether by operation of law or otherwise) to any Person other than the Company or a Wholly-Owned Restricted Subsidiary of any of a Designated Unrestricted Subsidiary’s
assets (including, without limitation, (x) any sale or other disposition of Equity Interests of any Designated Unrestricted Subsidiary and (y) any sale or other disposition of any noncash consideration received by the Company or such
Designated Unrestricted Subsidiary from any prior transaction or series of related transactions that constituted an Asset Sale under this Agreement), whether owned on the Closing Date or subsequently acquired, in one transaction or a series of
related transactions; provided, however, that the following will not constitute Asset Sales with respect to such Designated Unrestricted Subsidiary: (i) transactions (other than transactions described in clause (y) above) in any calendar
year with aggregate cash and/or Fair Market Value of any other consideration received (including, without limitation, the unconditional assumption of Indebtedness) of less than $1.0 million; (ii) a transaction or series of related
transactions that results in a Change of Control; (iii) any sale or other disposition of inventory, Property (whether real, personal or mixed) or equipment that has become worn out, obsolete or damaged or otherwise unsuitable or no longer
needed for use in connection with the business of such Designated Unrestricted Subsidiary, in the good faith determination of the Board of Directors and (iv) any sale of inventory to customers in the ordinary and customary course of business.

 “Domestic Subsidiary” means, with respect to any Person, any Subsidiary of such Person that is not incorporated or
organized in any jurisdiction outside of the United States of America. 
 “EBITDA” means (A) for purposes of the
definition of “Interest Coverage Ratio” and for any period, the Consolidated Net Income of the Company for such period, plus, without duplication, the following to the extent included in calculating such Consolidated Net Income:
(i) Consolidated Interest Expense, (ii) consolidated income tax expense, (iii) consolidated depreciation and amortization expense and (iv) charges or expenses related to the write off of any of the following: goodwill,
intangibles or deferred financing fees, and (B) for all other purposes and for any period, the Consolidated Net Income For EBITDA of the Company for such period, plus, without duplication, the following to the extent included in calculating
such Consolidated Net Income For EBITDA: (i) Consolidated Interest Expense For EBITDA, (ii) consolidated income tax expense, (iii) consolidated depreciation and amortization expense and (iv) charges or expenses related to the
write off of any of the following: goodwill, intangibles or deferred financing fees. For purposes of subclause (B) of the foregoing sentence, EBITDA for any fiscal year shall be calculated by reference to the audited consolidated financial
statements of the Company and its consolidated Subsidiaries for such fiscal year. 
  

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 “Employee Benefit Plan” means any “employee benefit plan” as defined in
Section 3(3) of ERISA which is or was maintained or contributed to by the Company, any of its Subsidiaries or any of their respective ERISA Affiliates. 
 “Environmental Claim” means any investigation, notice, notice of violation, claim, action, suit, proceeding, demand, abatement order or other order or directive (conditional or otherwise), by any
Government Authority or any other Person, arising (i) pursuant to or in connection with any actual or alleged violation of any Environmental Law, (ii) in connection with any Hazardous Materials or any actual or alleged Hazardous Materials
Activity, or (iii) in connection with any actual or alleged damage, injury, threat or harm to health, safety, natural resources or the environment. 
 “Environmental Laws” means any and all Federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises,
licenses, agreements or governmental restrictions relating to pollution, the protection of public health and safety, natural resources or the environment or the release of any materials into the environment, including but not limited to those
related to hazardous substances or wastes, air emissions and discharges to waste or public systems. 
 “Equipment” shall
have the meaning given thereto in Article 9 of the Uniform Commercial Code as in effect in the State of New York from time to time. 
 “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). 
 “ERISA” means the Employee Retirement Income Security Act of
1974, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect. 
 “ERISA
Affiliate” as applied to any Person, means (i) any corporation that is a member of a controlled group of corporations within the meaning of Section 414(b) of the Internal Revenue Code of which that Person is a member;
(ii) any trade or business (whether or not incorporated) that is a member of a group of trades or businesses under common control within the meaning of Section 414(c) of the Internal Revenue Code of which that Person is a member; and
(iii) any member of an affiliated service group within the meaning of Section 414(m) or (o) of the Internal Revenue Code of which that Person, any corporation described in clause (i) above or any trade or business described in
clause (ii) above is a member. Any former ERISA Affiliate of a Person shall continue to be considered an ERISA Affiliate of such Person within the meaning of this definition with respect to the period such entity was an ERISA Affiliate of such
Person and with respect to liabilities arising after such period for which such Person could be liable under the Internal Revenue Code or ERISA. 
 “Event of Default” shall have the meaning given thereto in Section 6(a) hereof. 
  

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 “Event of Loss” means, with respect to any asset, any (i) loss, destruction or
damage of such asset, (ii) condemnation, seizure or taking by exercise of the power of eminent domain or otherwise of such Property or asset , or confiscation of such asset or the requisition of the use of such asset or (iii) settlement in
lieu of clause (ii) of this definition. 
 “Event of Loss Offer” shall have the meaning given thereto in
Section 5(w)(2) hereto. 
 “Event of Loss Price” shall have the meaning given thereto in Section 5(w)(2)
hereof. 
 “Excess Loss Proceeds” shall have the meaning given thereto in Section 5(w)(2) hereto.

 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 
 “Existing Indebtedness” means all Indebtedness (other than Indebtedness outstanding pursuant to the Amended Credit Agreement) of the
Company or any Restricted Subsidiary existing on the Closing Date and listed on Schedule 12(a) hereto. 
 “Fair Market
Value” means, with respect to any asset or Property, the price that could be negotiated in an arm’s-length transaction, for cash, between a willing seller and a willing buyer, neither of whom is under undue pressure or compulsion to
complete the transaction. Fair Market Value shall be determined in good faith by the chief financial officer, chief accounting officer or controller of the Company or by the Board of Directors; provided that any determination that assets or
Property have an aggregate Fair Market Value equal to or in excess of $1.0 million must be made by a majority of the members of the Board of Directors, and a majority of the disinterested members of such Board of Directors, if any, acting in good
faith, and such determination shall be evidenced by a duly and properly adopted resolution of the Board of Directors. 
 “FCPA” shall have the meaning given thereto in Section 2(ff) hereof. 
 “Foreign Plan”
means any employee benefit plan maintained by the Company or any of its Subsidiaries that is mandated or governed by any law, rule or regulation of any Government Authority other than the United States of America, any state thereof or any other
political subdivision thereof. 
 “Foreign Subsidiary” means, with respect to any Person, any Subsidiary of such Person
other than a Domestic Subsidiary of such Person. 
 “Foreign Subsidiary Borrowing Base” means, as of any date, an amount
equal to the sum of (a) 85% of the net book value of the accounts receivable of the Restricted Subsidiaries that are Foreign Subsidiaries as of such date, and (b) 60% of the net book value of the inventory 

  

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owned by the Restricted Subsidiaries that are Foreign Subsidiaries as of such date, all calculated on a consolidated basis and in accordance with GAAP. To
the extent that information is not available as to the amount of accounts receivable or inventory as of a specific date, the Company may utilize the most recent available quarterly or annual financial statements of such Subsidiaries for purposes of
calculating the Foreign Subsidiary Borrowing Base. 
 “Funding and Payment Office” means, in respect of each Lender, the
Agent and the Collateral Agent, (i) the office of such Lender Party set forth in Section 21 hereof or (ii) such office as may from time to time hereafter be designated as such in a written notice delivered by such Lender Party
to the Company and the Agent. 
 “Funding Guarantor” has the meaning given thereto in Section 13(a) hereof.

 “GAAP” means accounting principles generally accepted in the United States of America as set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as approved by
a significant segment of the accounting profession, which are in effect from time to time. 
 “Governing Body” shall mean
the board of directors or other body having the power to direct or cause the direction of the management and policies of a Person that is a corporation, partnership, trust or limited liability company. 
 “Governmental Authority” means any political subdivision or department thereof, any other governmental or regulatory body, commission,
central bank, board, bureau, organ or instrumentality or any court, in each case whether federal, state, local or foreign. 
 “Guaranteed Obligations” has the meaning given thereto in Section 13(a) hereof. 
 “Guarantees” shall have the meaning given thereto in Section 1(a) hereof. 
 “Guarantors” shall have the meaning given thereto in Section 1(a) hereof. 
 “Hazardous
Material” means any and all pollutants, toxic or hazardous wastes or any other substances that might pose a hazard to health or safety, the removal of which may be required or the generation, manufacture, refining, production, processing,
treatment, storage, handling, transportation, transfer, use, disposal, arrangement for disposal, release, discharge, spillage, seepage, or filtration of which is or shall be restricted, prohibited or penalized by any applicable law (including,
without limitation, petroleum products and byproducts, asbestos, urea formaldehyde foam insulation and polychlorinated biphenyls). 
 “Hazardous Materials Activity” means any past, current, proposed or threatened activity, event or occurrence involving any Hazardous Materials, including the use, manufacture, possession, storage, holding, presence,
existence, location, Release, threatened Release, discharge, 

  

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placement, generation, transportation, processing, construction, treatment, abatement, removal, remediation, disposal, arrangement for or permitting
disposal, disposition or handling of any Hazardous Materials, or any corrective action or response action with respect to any of the foregoing. 
 “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 or foreign exchange rates or the price of raw materials and other chemical products used or produced in the Company’s business, as the case may be.

 “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 Redeemable 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 in excess of $1,000,000 in aggregate and (without duplication) all
Capitalized Lease Obligations, (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. 
 “Indemnified Party”
shall have the meaning given thereto in Section 11(a) hereof. 
 “Independent Director” means a director of the
Company other than a director (i) who (apart from being a director of the Company or any of its Subsidiaries) is an employee, insider, associate or Affiliate of the Company or any of its Subsidiaries or has held any such position during the
previous year or (ii) who is a director, an employee, insider, associate or Affiliate of another party to the transaction in question. 
 “Intellectual Property” shall have the meaning given thereto in Section 2(y) hereof. 
 “Intercreditor Agreement” shall mean that certain Intercreditor Agreement of even date herewith, by and among the Company, the Agent in its capacity as Agent for the Lenders holding Tranche A Loans and the Agent in its
capacity as Agent for the Lenders holding Tranche B Loans. 
  

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 “Interest Coverage Ratio” as of any date of determination means the ratio of
(i) the aggregate amount of EBITDA for the period of the most recent four consecutive fiscal quarters for which internal financial statements are available prior to the date of such determination to (ii) Consolidated Interest Expense for
such four fiscal quarters of the Company and the Restricted Subsidiaries; provided, however, that (A) if the Company or any Restricted Subsidiary has incurred any Indebtedness since the beginning of such period that remains
outstanding or if the transaction giving rise to the need to calculate the Interest Coverage Ratio is an incurrence of Indebtedness, or both, EBITDA and Consolidated Interest Expense for such period shall be calculated after giving effect on a pro
forma basis to such Indebtedness as if such Indebtedness had been issued on the first day of such period and the discharge of any other Indebtedness repaid, repurchased, defeased or otherwise discharged with the proceeds of such new Indebtedness as
if such discharge had occurred on the first day of such period, (B) if since the beginning of such period the Company or any Restricted Subsidiary has made any Asset Sale, EBITDA for such period shall be reduced by an amount equal to EBITDA (if
positive), directly attributable to the assets that are the subject of such Asset Sale for such period, or increased by an amount equal to EBITDA (if negative), directly attributable thereto for such period and Consolidated Interest Expense for such
period shall be reduced by an amount equal to the Consolidated Interest Expense directly attributable to any Indebtedness of the Company or any Restricted Subsidiary repaid, repurchased, defeased or otherwise discharged with respect to the Company
and its continuing Restricted Subsidiaries in connection with any such sale or other disposition for such period (or, if the Capital Stock of any Subsidiary is sold, the Consolidated Interest Expense for such period directly attributable to the
Indebtedness of such Subsidiary to the extent the Company and its continuing Restricted Subsidiaries are no longer liable for such Indebtedness after such sale), (C) if since the beginning of such period the Company or any Restricted Subsidiary
(by merger or otherwise) has made an Investment in any Restricted Subsidiary (or any Person that becomes a Restricted Subsidiary) or an acquisition of assets, including any acquisition of assets occurring in connection with a transaction
causing a calculation to be made under this Agreement, which constitutes all or substantially all of an operating unit of a business, EBITDA and Consolidated Interest Expense for such period shall be calculated after giving pro forma effect thereto
(including the incurrence of any Indebtedness) as if such Investment or acquisition occurred on the first day of such period and (D) in making such computation, Consolidated Interest Expense attributable to any Indebtedness incurred under any
revolving credit facility shall be computed based on the average daily balance of such Indebtedness during such period. For purposes of this definition, whenever pro forma effect is to be given to an acquisition of assets, the amount of income or
earnings relating thereto, and the amount of Consolidated Interest Expense associated with any Indebtedness incurred in connection therewith, the pro forma calculations shall be determined in good faith by a responsible financial or accounting
officer of the Company. If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the date of determination had been the applicable
rate for the entire period. 
 “Interest Payment Date” means each March 15, June 15, September 15
and December 15, commencing on March 15, 2006 and any such other date that is the Maturity of the Loans. 
  

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 “Interest Period” means the period commencing on and including an Interest Payment Date
and ending on and including the day immediately preceding the next succeeding Interest Payment Date, with the exception that the first Interest Period shall commence on and include the Closing Date. 
 “Internal Revenue Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated
thereunder from time to time. 
 “Investment” means any direct or indirect advance, loan, other extension of credit or
capital contribution (by means of any transfer of cash or other Property to others or any payment for Property or services for the account or use of others) to, purchase or acquisition of Equity Interests, bonds, notes, debentures or other
securities of, or purchase or other acquisition of all or a substantial part of the business, Equity Interests or other evidence of beneficial ownership of, or any other investment in or guarantee of any Indebtedness (other than guarantees of
Indebtedness of the Company or any Restricted Subsidiary permitted by Section 5(n)) of, any Person or any other item that would be classified as an investment on a balance sheet prepared in accordance with GAAP. Investments do not
include advances to customers and suppliers in the ordinary and customary course of business and on commercially reasonable terms. For the purposes of Section 5(l), “Investment” shall include, and be valued at the Fair Market Value
of, the net assets of any Restricted Subsidiary at the time that such Restricted Subsidiary is designated an Unrestricted Subsidiary (proportionate to the Company’s equity interest in such Subsidiary). 
 “Investment Company Act” shall have the meaning given thereto in Section 2(kk) hereof. 
 “Landlord Waivers” shall have the meaning given thereto in Section 1(b) hereof. 
 “Lender” shall have the meaning given thereto in the first paragraph hereof. 
 “Lender Party” has the meaning given thereto in Section 13(b)(iv) hereof. 
 “LIBOR” means, with respect to an Interest Period, the three-month London Interbank Offered Rate (rounded upward to the nearest 1/16 of
one percent) that appears on Bloomberg as of approximately 11:00 a.m. (Los Angeles time) on the applicable Date of Determination; provided, that if such index ceases to exist or is no longer published or announced, then the term
“LIBOR” means the three-month London Interbank Offered Rate (rounded upward to the nearest 1/16 of one percent) as published in The Wall Street Journal on such Date of Determination, and if this later index ceases to exist or is no longer
published or announced, then the term “LIBOR” means the three-month London Interbank Offered Rate (rounded upward to the nearest 1/16 of one percent) that appears on Telerate Page 3750 as of approximately 11:00 a.m. (Los Angeles time) on
the applicable Date of Determination. If an interest rate is not ascertainable pursuant to the foregoing provisions, the term “LIBOR” shall have a meaning agreed to in good faith by the Agent and the Company. Except as set forth in the
preceding sentence, LIBOR shall be determined on any Date of Determination by the Agent or, if no Agent then exists, by the Lenders. 
  

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 “Lien” means, with respect to any Person, any mortgage, lien, pledge, charge, security
interest or other encumbrance, or any interest or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention agreement, capital lease or synthetic lease, upon or with respect
to any Property of such Person (including in the case of stock, stockholder agreements, voting trust agreements and all similar arrangements) or other preferential arrangement having the practical effect of any of the foregoing. 
 “Loan Price” shall have the meaning given thereto in Section 4(a)(ii) hereof. 
 “Loan Register” has the meaning given thereto in Section 4(e) hereof. 
 “Loans” shall have the meaning given thereto in Section 1(a) hereof. 
 “Margin Stock” has the meaning assigned to that term in Regulation U of the Board of Governors of the Federal Reserve System as in
effect from time to time. 
 “Material Adverse Effect” shall have the meaning given thereto in Section 2(c)
hereof. 
 “Material Licenses” shall have the meaning given thereto in Section 2(q) hereof. 
 “Maturity” when used with respect to any Loan means the date on which the principal of such Loan becomes due and payable as therein
provided or as provided in this Agreement, whether at Stated Maturity, the Asset Sale Prepayment Date, the Change of Control Payment Date, or the Prepayment Date and whether by declaration of acceleration, Change of Control, call for prepayment or
otherwise. 
 “Milbank” shall have the meaning given thereto in Section 4(b) hereof. 
 “Mortgages” shall have the meaning given thereto in Section 1(b) hereof. 
 “Multiemployer Plan” means any Employee Benefit Plan that is a “multiemployer plan” as defined in Section 3(37) of ERISA.

 “Net Cash Proceeds” means, with respect to any issuance or sale of Equity Interests or debt securities that have been
converted into or exchanged for Equity Interests, as referred to under Section 5(l) hereof, the proceeds of such issuance or sale in the form of cash or Cash Equivalents, net of attorneys’ fees, accountants’ fees and brokerage,
consultation, underwriting and other fees and expenses actually incurred in connection with such issuance or sale and net of taxes paid or payable as a result thereof. 
 “Net Income” of any Person, for any period, means the net income (loss) of such Person and its Subsidiaries (other than, in the case of the Company, its Unrestricted Subsidiaries) determined in
accordance with GAAP. 
  

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 “Net Loss Proceeds” means the aggregate cash proceeds received by the Company or any of
the Restricted Subsidiaries in respect of any Event of Loss, including, without limitation, insurance proceeds, proceeds from condemnation awards or damages awarded by any judgment, net of the direct costs in recovery of such proceeds (including,
without limitation, legal, accounting, appraisal and insurance adjuster fees and any relocation expenses incurred as a result thereof), amounts required to be applied to the repayment of Indebtedness secured by a Lien on the asset or assets that
were the subject of such Event of Loss, and any taxes attributable to such Event of Loss paid or payable as a result thereof. 
 “Net
Proceeds” means the aggregate cash proceeds received by the Company or any of the Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, the proceeds of insurance paid on account of the loss of or damage to any
Property, or compensation or other proceeds for any Property taken by condemnation, eminent domain or similar proceedings, and any non-cash consideration received by the Company or any Restricted Subsidiary from any Asset Sale that is converted into
or sold or otherwise disposed of for cash within 90 days after the relevant Asset Sale), net of (i) the direct costs relating to such Asset Sale (including, without limitation, legal, accounting and investment banking fees and sales
commissions), (ii) any taxes paid or payable as a result thereof, (iii) all amounts required to be applied to the repayment of, or representing the amount of permanent reductions in the commitments relating to, Indebtedness secured by a
Lien on the asset or assets the subject of such Asset Sale which Lien is permitted pursuant to the terms of this Credit Agreement, (iv) any reserve for adjustment in respect of the sale price of such asset or assets required by GAAP, and
(v) all distributions and other payments required to be made (including any amounts held pending distribution) to minority interest holders in Subsidiaries or joint ventures as a result of such Asset Sale. The amount of any Net Proceeds other
than cash shall be the Fair Market Value thereof as determined in good faith by the Board of Directors of the Company. The amount of any taxes required to be accrued as a liability under GAAP as a consequence of an Asset Sale shall be the amount
thereof as determined in good faith by the Board of Directors of the Company. 
 “Non-Collateral Asset Sale Offer” shall
have the meaning given thereto in Section 5(o)(3) hereof. 
 “Non-Collateral Asset Sale Price” shall have the
meaning given thereto in Section 5(o)(3) hereof. 
 “Non-Collateral Excess Proceeds” shall have the meaning
given thereto in Section 5(o)(2) hereof. 
 “Non-US Lender” means a Lender that is organized under the laws of
any jurisdiction other than the United States or any state or other political subdivision thereof. 
 “Notes” shall have the
meaning given thereto in Section 1(a) hereof. 
 “Obligations” means all obligations of every nature of the
Company and each Guarantor from time to time owed to the Collateral Agent, the Agent, Lenders or any of them 

  

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under the Operative Documents, whether for principal, interest, premium, liquidation preference, fees, expenses, indemnification or otherwise. 
 “Obligors” shall have the meaning given thereto in Section 1(b) hereof. 
 “Officer” shall mean the Chairman of the Board, Vice Chairman, the President or a Vice President (regardless of vice presidential
designation), the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of the Company or any Guarantor, as the case may be. 
 “Officers’ Certificate” means a certificate signed by the Chairman of the Board, Vice Chairman, the President or a Vice President (regardless of vice presidential designation), and by the Treasurer, an Assistant
Treasurer, the Secretary or an Assistant Secretary, of the Company. 
 “Operating Subsidiary” means each Restricted
Subsidiary except Radnor Management, Inc. 
 “Operative Documents” shall have the meaning given thereto in
Section 1(e) hereof. 
 “Opinion of Counsel” means a written opinion of counsel, who may be counsel for the
Company or any of the Guarantors, unless an Opinion of Independent Counsel is required pursuant to the terms of this Agreement, and who shall be reasonably acceptable to the Agent. 
 “Opinion of Independent Counsel” means a written opinion of counsel issued by someone who is not an employee or consultant of the
Company or any Guarantor and who shall be reasonably acceptable to the Agent. 
 “Organizational Documents” means with
respect to any Person, its charter, certificate or articles of incorporation, bylaws, articles of organization, operating agreement, members agreement, partnership agreement, voting trust, or similar agreement or instrument governing the formation
or operation of such Person. 
 “Participant” has the meaning given thereto in Section 16(c)(i) hereof.

 “PATRIOT Act” shall have the meaning given thereto in Section 2(ff) hereof. 
 “Pension Plan” means any Employee Benefit Plan, other than a Multiemployer Plan, that is subject to Section 412 of the Internal
Revenue Code or Section 302 of ERISA. 
 “Permitted Holders” means (i) Michael T. Kennedy; (ii) the spouse
and children or grandchildren (including children or grandchildren by adoption) of Michael T. Kennedy; (iii) any controlled Affiliate of any of the foregoing; (iv) in the event of the incompetence or death of any of the Persons described
in clause (i) and (ii), such Person’s estate, executor, administrator, 

  

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committee or other personal representative, in each case who at any particular date shall beneficially own or have the right to acquire, directly or
indirectly, Capital Stock of the Company; or (v) any trusts created for the benefit of the Persons described in clause (i), (ii), or (iv) or any trust for the benefit of any such trust. 
 “Permitted Indebtedness” means, collectively, the following: 
 (a) Indebtedness of the Company evidenced by the Loans, Indebtedness of any Guarantor evidenced by the Guarantees and Indebtedness of the
Company or any Guarantor arising under the Collateral Documents and relating to Collateral owed to the Collateral Agent and the Lenders, and any Permitted Refinancing thereof; provided that in no event shall any Lien on the Collateral granted
in favor of the Collateral Agent for the benefit of the Secured Parties be released in connection with any such Permitted Refinancing. 
 (b) [Intentionally Omitted]; 
 (c) [Intentionally Omitted]; 
 (d) Indebtedness of the Company or any Restricted Subsidiary constituting Existing Indebtedness, and any Permitted Refinancing thereof;
provided that in no event shall the Indebtedness set forth on Schedule 1(d) hereto constitute Existing Indebtedness; and provided further that in no event shall the Company or any Restricted Subsidiary be permitted to refinance,
replace, refund, defer, renew or extend any Existing Indebtedness (or any Permitted Refinancing thereof) to the extent such Existing Indebtedness (or Permitted Refinancing thereof) is repaid, prepaid, repurchased, redeemed or otherwise retired
directly or indirectly with the proceeds of any sale or other disposition of real property, plant or equipment. 
 (e)
Indebtedness of the Company or any Restricted Subsidiary incurred under the Credit Facilities in an aggregate principal amount at any one time outstanding not to exceed the greater of (x) $55,000,000 and (y) the Borrowing Base at the time
such Indebtedness was incurred, or any Permitted Refinancing thereof not in excess of such amount; 
 (f) Indebtedness of any
Restricted Subsidiary that is a Foreign Subsidiary in an aggregate principal amount at any one time outstanding not to exceed the greater of (x) $10,000,000 (or the equivalent amount thereof, at the time of incurrence, in other foreign
currencies) and (y) the Foreign Subsidiary Borrowing Base at the time such Indebtedness was incurred, or any Permitted Refinancing thereof not in excess of such amount; 
 (g) Capitalized Lease Obligations of the Company or any Restricted Subsidiary and Indebtedness of the Company or any Restricted Subsidiary
secured by Liens that secure Indebtedness incurred for the purpose of financing, whether or not incurred at the time of such cost or acquisition, all or any part of the purchase price or cost of design, construction, installation or improvement of
property, plant or equipment used in the business of the Company or any of its Restricted Subsidiaries, and any Permitted Refinancing thereof; provided, however, 

  

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that the aggregate principal amount of such Capitalized Lease Obligations plus all such Indebtedness of the Company and all of the Restricted Subsidiaries
and all Permitted Refinancings thereof does not exceed $10,000,000 outstanding at any time; 
 (h) Indebtedness of the Company
to any Restricted Subsidiary or of any Restricted Subsidiary to the Company or another Restricted Subsidiary (but only so long as such Indebtedness is held by the Company or a Restricted Subsidiary); 
 (i) Indebtedness in respect of Hedging Obligations; provided, however, that the notional principal amount of any such Hedging Obligation
does not exceed the principal amount of the Indebtedness to which such Hedging Obligation relates; 
 (j) Indebtedness
represented by performance, completion, guarantee, surety and similar bonds provided by the Company or any Restricted Subsidiary in the ordinary course of business; 
 (k) In addition to any Indebtedness otherwise permitted to be incurred under the provisions of this Agreement, up to $10,000,000 aggregate
principal amount of Indebtedness at any one time outstanding; 
 (l) Indebtedness of the Company or any Restricted Subsidiary
consisting of guarantees, indemnities, or obligations in respect of earnouts or purchase price adjustments, in connection with the acquisition or disposition of assets permitted under this Agreement; 
 (m) Indebtedness of the Company or any Restricted Subsidiary with respect to (i) letters of credit securing obligations under or
relating to (x) insurance contracts entered into in the ordinary course of business, (y) expenses under leases pursuant to which the Company or any Restricted Subsidiary is lessee or (z) self-insurance in respect of worker
compensation, or (ii) other letters of credit issued, or relating to liabilities or obligations incurred, in the ordinary course of business; and 
 (n) Any Permitted Refinancing of any Indebtedness of the Company or any Restricted Subsidiary permitted by the initial paragraph of Section 5(n) hereof. 
 “Permitted Investment” means (i) any Investment in Cash Equivalents, (ii) any Investment in the Company,
(iii) Investments in existence on the Closing Date, (iv) intercompany notes permitted under clause (h) of the definition of “Permitted Indebtedness” in this Section 12, (v) Investments in any Controlled
Subsidiary or any Guarantor, or any Person that, as a result of such Investment, becomes a Controlled Subsidiary or a Guarantor, (vi) any non-cash consideration of an Asset Sale made pursuant to, and in compliance with, Section 5(o)
hereof, (vii) Investments represented by Hedging Obligations, (viii) payroll, travel and similar advances to cover matters that are expected at the time of such advances ultimately to be treated as expenses for accounting purposes and that
are made in the ordinary course of business, (ix) loans or 

  

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advances to employees made in the ordinary course of business of the Company or such Restricted Subsidiary permitted under Section 5(q) hereof,
(x) any Investments received in compromise or resolution of (A) obligations of trade creditors, franchisees or customers that are accounts receivable of the Company or any of its Restricted Subsidiaries, including pursuant to any plan of
reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor, franchisee or customer or (B) litigation, arbitration or other disputes with Persons who are not Affiliates, and (xi) other Investments that,
when taken together with all other Investments made pursuant to this clause (xi), do not at one time outstanding exceed $10,000,000 (with the Fair Market Value of each Investment being measured at the time such Investment is made and
without giving effect to subsequent changes in value). 
 “Permitted Liens” shall mean as of any particular time, any one or
more of the following: 
 (a) Liens for taxes, rates and assessments not yet past due or, if past due, the validity of which
is being contested in good faith by the Company or any Restricted Subsidiary by appropriate proceedings promptly instituted and diligently conducted and against which the Company has established appropriate reserves in accordance with GAAP;

 (b) the Lien of any judgment rendered that is being contested in good faith by the Company or any Restricted Subsidiary by
appropriate proceedings promptly instituted and diligently conducted and against which the Company has established appropriate reserves in accordance with GAAP and that does not have a material adverse effect on the ability of the Company and the
Restricted Subsidiaries to operate their business or operations; 
 (c) other than in connection with Indebtedness, any Lien
arising in the ordinary course of business (i) to secure payments of workers’ compensation, unemployment insurance, pension or other social security or retirement benefits, or to secure the performance of bids, tenders, leases, progress
payments, contracts (other than for the payment of money) or to secure public or statutory obligations of the Company, or any Restricted Subsidiary, or to secure surety or appeal bonds to which the Company or any Restricted Subsidiary is a
party, (ii) imposed by law dealing with materialmen’s, mechanics’, workmen’s, repairmen’s, warehousemen’s, landlords’, vendors’ or carriers’ Liens created by law, or deposits or pledges that are not yet
due or, if due, the validity of which is being contested in good faith by the Company or any Restricted Subsidiaries by appropriate proceedings promptly instituted and diligently conducted and against which the Company has established appropriate
reserves in accordance with GAAP, (iii) rights of financial institutions to setoff and chargeback arising by operation of law, and (iv) similar Liens that are imposed by applicable law; 
 (d) servitudes, licenses, easements, encumbrances, restrictions, rights-of-way and rights in the nature of easements or similar charges
that shall not in the aggregate 

  

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materially adversely impair the use of the subject Property by the Company or a Restricted Subsidiary; 
 (e) zoning and building by-laws and ordinances, municipal bylaws and regulations, and restrictive covenants, which do not materially
interfere with the use of the subject Property by the Company or a Restricted Subsidiary as such Property is used as of the Closing Date; and 
 (f) any extension, renewal, substitution or replacement (or successive extensions, renewals, substitutions or replacements), as a whole or in part, of any of the Liens referred to in clauses (a) through
(e) of this definition or the Indebtedness secured thereby; provided that (i) such extension, renewal, substitution or replacement Lien is limited to that portion of the Property or assets, now owned or hereafter acquired, that
secured the Lien prior to such extension, renewal, substitution or replacement Lien and (ii) the Indebtedness secured by such Lien (assuming all available amounts were borrowed) at such time is not increased to an amount greater than the amount
originally secured by such Lien. 
 “Permitted Refinancing” means any refinancing, replacement, refunding, deferral, renewal
or extension (each, a “Refinancing”) of any Indebtedness of the Company or any Restricted Subsidiary (together with any Refinancing of such Indebtedness “Refinancing Indebtedness”); provided, however, that
(1) the Refinancing Indebtedness is incurred in an aggregate principal amount (or if issued with original issue discount, an aggregate issue price) that is equal to or less than the greater of (A) the aggregate principal amount (or if
issued with original issue discount, the aggregate accreted value) then outstanding of the Indebtedness being Refinanced, and (B) the aggregate principal amount (or if issued with original issue discount, the aggregate accreted value) as of the
Closing Date of the Indebtedness being Refinanced (plus, in each case, accrued and unpaid interest thereon and premiums not to exceed those applicable to the Indebtedness being Refinanced at the Closing Date), (2) the Refinancing Indebtedness
does not provide for any mandatory redemption, amortization or sinking fund requirement in an amount greater than or at a time prior to the amounts and times specified in the Indebtedness being Refinanced, (3) such Refinancing Indebtedness does
not shorten the maturity date or weighted average life to maturity date of the Indebtedness being Refinanced, (4) if the Indebtedness being Refinanced is subordinated to the Loans, the Refinancing Indebtedness incurred to Refinance such
Indebtedness is subordinated in right of payment to the Loans on terms no less favorable to the Lenders as those contained in the documentation governing the Indebtedness being so Refinanced, as determined by the Board of Directors and evidenced by
a duly and properly adopted resolution thereof, and (5) the Refinancing Indebtedness is (other than as specifically set forth in this definition above) on terms no less favorable to the Company than the Indebtedness being Refinanced, as
reasonably determined in good faith by the Board of Directors and evidenced by a duly and properly adopted resolution thereof. 
 “Perseco Agreements” shall mean (i) that certain letter agreement, dated as of September 28, 2005, by and among Perseco and WinCup Holdings, Inc., (ii) that certain letter 

  

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agreement, dated as of July 6, 2004, by and among Perseco and WinCup Holdings, Inc., and (iii) that certain Business Relationship Agreement, dated
as of September 25, 2003, by and among Perseco and WinCup Holdings, Inc. 
 “Perseco Award Letter” shall mean that
certain letter agreement, dated as of September 28, 2005, by and among Perseco and WinCup Holdings, Inc. 
 “Person”
means and includes natural persons, corporations, limited partnerships, general partnerships, limited liability companies, limited liability partnerships, joint stock companies, joint ventures, associations, companies, trusts, banks, trust
companies, land trusts, business trusts or other organizations, whether or not legal entities, and governments (whether federal, state or local, domestic or foreign, and including political subdivisions thereof) and agencies or other administrative
or regulatory bodies thereof. 
 “Preferred Stock” shall mean, with respect to any Person, any and all shares, interests,
participations or other equivalents (however designated, whether voting or non-voting) of such Person’s preferred or preference equity, whether outstanding on the date of this Agreement or issued thereafter, including, without limitation, all
series and classes of such preferred or preference stock. 
 “Prepayment Date” when used with respect to any Loan to be
prepaid pursuant to any provision in this Agreement means the date fixed for such prepayment by or pursuant to this Agreement. 
 “Prepayment Premium” means the amount of the Prepayment Price in excess of 100% of the principal amount of the applicable Loans. 
 “Prepayment Price” when used with respect to any Loan to be prepaid pursuant to any provision in this Agreement means the price at which it is to be prepaid as set forth in Section 9(a) of
this Agreement. 
 “Primary Domestic Subsidiaries” means each of the Restricted Subsidiaries as of the date hereof, other
than Styrochem Canada, Ltd. 
 “Projections” shall have the meaning given thereto in Section 2(s) hereof.

 “Property” or “Properties” means, unless otherwise specifically limited, real, personal or mixed assets or
property of any kind, tangible or intangible, choate or inchoate. 
 “Qualified Consideration” means a promissory note
signed by the obligor that (i) evidences an unconditional promise to pay a sum certain to the order of the applicable selling entity, (ii) is payable by its terms on demand or at a definite time without a right of set-off, deduction or
counter-claim, (iii) is freely assignable by its terms by endorsement to the Collateral Agent or its assignees without the consent of the obligor, (iv) can be held and possessed by the 

  

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Collateral Agent for purposes of perfection and (v) can be enforced directly by the Collateral Agent or its assignees. 
 “Redeemable Stock” means any Equity Interest that by its terms or otherwise (i) is required to be redeemed prior to the date that
is six months after the maturity of the Loans, (ii) matures or is redeemable, in whole or in part, at the option of the Company, any Subsidiary or the holder thereof or pursuant to a mandatory sinking fund at any time prior to the date that is
six months after the maturity of the Loans, or (iii) is convertible into or exchangeable for debt securities that provide for any scheduled payment of principal prior to the date that is six months after the maturity of the Loans at the option
of the issuer at any time prior to the date that is six months after the maturity of the Loans, until the right to so convert or exchange is irrevocably relinquished. Notwithstanding the preceding sentence, any Capital Stock that would constitute
Redeemable Stock solely because the holders of the Capital Stock have the right to require the Company to repurchase such Capital Stock upon the occurrence of a change of control or an asset sale will not constitute Redeemable Stock if the asset
sale or change of control provisions applicable to such Capital Stock are not more favorable to the holders of such Capital Stock than the provisions of Sections 5(o) and 5(t), respectively, are to the Lenders. 
 “Refinancing” shall have the meaning given thereto under clause (n) of the definition of “Permitted Indebtedness” in this
Section 12. 
 “Refinancing Indebtedness” shall have the meaning given thereto under clause (n) of the
definition of “Permitted Indebtedness” in this Section 12. 
 “Representative Amount” means a
principal amount of not less than U.S.$1,000,000 for a single transaction in the relevant market at the relevant time. 
 “Required
Lenders” shall mean the Lenders owning more than 50% in aggregate principal amount of the Loans then outstanding. 
 “Restricted Investment” means any Investment other than a Permitted Investment. 
 “Restricted
Payment” shall have the meaning given thereto in Section 5(l) hereof. 
 “Restricted Subsidiaries”
shall mean (i) any Guarantor, (ii) any Subsidiary of the Company in existence on the Closing Date to which any line of business or division (and the assets associated therewith) of any Guarantor are transferred after the Closing Date,
(iii) any Subsidiary of the Company organized or acquired after the Closing Date, unless such Subsidiary has been designated as an Unrestricted Subsidiary by a resolution of the Board of Directors as provided in the definition of
“Unrestricted Subsidiary” and (iv) any Unrestricted Subsidiary that is designated as a Restricted Subsidiary by the Board of Directors; provided, that, immediately after giving effect to any such designation (A) no
Default or Event of Default has occurred and is continuing and (B) in the case of any designation referred to in clause (iii) or (iv) hereof, the Company could incur at least $1.00 of Indebtedness pursuant to the covenant
described in the initial paragraph under Section 5(n) hereof, on a pro forma basis taking into account such designation. 

  

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The Company shall evidence any such designation to the Agent by promptly filing with the Agent an Officers’ Certificate certifying that such designation
has been made and complies with the requirements of the immediately preceding sentence. Notwithstanding any provision of this Agreement to the contrary, each Guarantor shall be a Restricted Subsidiary. The Restricted Subsidiaries of the Company on
the Closing Date shall be the Guarantors party hereto and StyroChem Canada, Ltd. 
 “Sale and Leaseback Transaction” with
respect to any Person, means any arrangement with another Person for the leasing of any real or tangible personal property, which property has been or is to be sold or transferred by such Person to such other Person in contemplation of such leasing.

 “SEC Reports” shall have the meaning given thereto in Section 2(b) hereof. 
 “Secured Indenture” shall mean that certain Indenture, dated as of April 27, 2004, by and among the Company, the Guarantors party
thereto and Wachovia Bank, N.A. as Trustee, relating to the Company’s $70,000,000 Senior Secured Floating Rate Notes due 2009. 
 “Secured Parties” shall have the meaning given thereto in Section 1(b) hereof. 
 “Security
Agreements” shall have the meaning given thereto in Section 1(b) hereof. 
 “Senior Indebtedness” means
Indebtedness of any Person that is not Subordinated Indebtedness. 
 “Solvency Certificate” shall have the meaning given
thereto in Section 8(l) hereof. 
 “Solvent” has the meaning given thereto in Section 2(ii) hereof.

 “Specified Collateral Assets” means Equipment located in the United States and owned by the Company or a Restricted
Subsidiary that is a Domestic Subsidiary of the Company, and that is of the same type or similar to Equipment that constitutes Collateral on the Closing Date. 
 “Stated Maturity” when used with respect to any Indebtedness, means the date specified in such Indebtedness as the fixed date on which the principal of such Indebtedness is due and payable.

 “Subject Property” shall have the meaning given thereto in Section 5(w)(1) hereto. 
  

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 “Subordinated Indebtedness” means Indebtedness of the Company, any Guarantor or any
other Person that expressly provides that such Indebtedness is junior or subordinated in right of payment to the Loan or any Guarantee, as the case may be. 
 “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. 
 “Tax” or “Taxes” means any present
or future tax, levy, impost, duty, charge, fee, deduction or withholding of any nature and whatever called, by whomsoever, on whomsoever and wherever imposed, levied, collected, withheld or assessed, including interest, penalties, additions to tax
and any similar liabilities with respect thereto; except that, in the case of a Lender, there shall be excluded (i) taxes that are imposed on the overall net income or net profits (including franchise taxes imposed in lieu thereof) (a) by
the United States, (b) by any other Government Authority under the laws of which such Lender is organized or has its principal office or maintains its applicable lending office, or (c) by any jurisdiction solely as a result of a present or
former connection between such Lender and such jurisdiction (other than any such connection arising solely from such Lender having executed, delivered or performed its obligations or received a payment under, or enforced, any of the Operative
Documents), and (ii) any branch profits taxes imposed by the United States or any similar tax imposed by any other jurisdiction in which such Lender is located. 
 “Terrorism Order” shall have the meaning given thereto in Section 2(ff) hereof. 
 “Tranche A Collateral” shall have the meaning given thereto in Section 1(b) hereof. 
 “Tranche
A Collateral Documents” shall have the meaning given thereto in Section 1(b) hereof. 
 “Tranche A
Lenders” shall mean the Lenders holding the Tranche A Loans. 
 “Tranche A Loan Price” shall have the meaning given
thereto in Section 4(a)(i) hereof. 
 “Tranche A Loans” shall have the meaning given thereto in
Section 1(a) hereof. 
 “Tranche A Notes” shall have the meaning given thereto in Section 1(a)
hereof. 
  

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 “Tranche A Secured Parties” shall have the meaning given thereto in
Section 1(b) hereof. 
 “Tranche A Security Agreement” shall have the meaning given thereto in
Section 1(b) hereof. 
 “Tranche B Collateral” shall have the meaning given thereto in Section 1(b)
hereof. 
 “Tranche B Lenders” shall mean the Lenders holding the Tranche B Loans. 
 “Tranche B Loan Price” shall have the meaning given thereto in Section 4(a)(ii) hereof. 
 “Tranche B Loans” shall have the meaning given thereto in Section 1(a) hereof. 
 “Tranche B Notes” shall have the meaning given thereto in Section 1(a) hereof. 
 “Tranche B Secured Parties” shall have the meaning given thereto in Section 1(b) hereof. 
 “Tranche B Security Agreement” shall have the meaning given thereto in Section 1(b) hereof. 
 “2004 10-K” shall have the meaning given thereto in Section 2(b) hereof. 
 “Unrestricted Subsidiary” shall mean, until such time as it may be designated as a Restricted Subsidiary by the Board of Directors as
provided in and in compliance with the definition of “Restricted Subsidiary,” (i) any Subsidiary of the Company organized or acquired after the Closing Date designated as an Unrestricted Subsidiary by the Board of Directors in which
all investments by the Company or any Restricted Subsidiary are made only from funds available for the making of Permitted Investments or Restricted Payments as described under Section 5(l) hereof and whose assets or properties do not
constitute Collateral and (ii) any Subsidiary of an Unrestricted Subsidiary whose assets or properties do not constitute Collateral. The Board of Directors may designate any Subsidiary of the Company (including any newly acquired or newly
formed Subsidiary) to be an Unrestricted Subsidiary unless such Subsidiary owns any assets or Property that constitute Collateral or any Equity Interests of, or owns, or holds any Lien upon, any Property of, any Subsidiary of the Company that
is not a Subsidiary of such Subsidiary to be so designated; provided that (i) such designation complies with Section 5(l) and (ii) each Subsidiary to be so designated and each of its Subsidiaries has not, at the time of
designation, and does not thereafter, directly or indirectly, incur any Indebtedness pursuant to which the lender has recourse to any of the assets of the Company or any of the Restricted Subsidiaries. The Company shall evidence any such designation
by promptly filing with the Agent an Officers’ Certificate certifying that such designation has been made and complies with the requirements of the immediately preceding sentence. The Unrestricted Subsidiaries of the Company on the 

  

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Closing Date shall be all of the Subsidiaries of the Company on the Closing Date other than Restricted Subsidiaries of the Company on the Closing Date.

 “Voting Stock” of any Person means Capital Stock of such Person that ordinarily has voting power for the election of
directors (or Persons performing similar functions) of such Person, whether at all times or only so long as no senior class of securities has such voting power by reason of any contingency. 
 “Wholly-Owned Restricted Subsidiary” means a Restricted Subsidiary all of the Capital Stock of which (other than Capital Stock
constituting directors’ qualifying shares or shares required to be held by foreign nationals, in each case to the extent mandated by applicable law) is owned by the Company or one or more Wholly-Owned Restricted Subsidiaries or by the Company
and one or more Wholly-Owned Restricted Subsidiaries. 
 13. Guarantee. 
 (a) Guarantee. Each Guarantor hereby jointly and severally irrevocably guarantees to each Lender and the Agent, as primary obligors and not merely
as sureties (i) the prompt payment in full, in Dollars, when due (whether at Stated Maturity, by acceleration, by mandatory or optional prepayment or otherwise, including amounts that would become due but for the operation of
Section 362(a) of the Bankruptcy Code, 11 U.S.C. §362(a)) of the principal of and Prepayment Premium (if any) and interest on the Loans (including, without limitation, interest on any overdue principal, Prepayment Premium and, to the
extent permitted by applicable law, on any overdue interest and on payment of additional amounts described in Sections 4(r), (s) and (t) of this Agreement and all other amounts from time to time owing by the Company
under this Agreement, the Notes and the other Operative Documents (including, without limitation, indemnities, costs, expenses and taxes, in each case whether or not a claim is allowed for such amounts in any bankruptcy case), and (ii) the
prompt performance and observance by the Company of all covenants, agreements and conditions on its part to be performed and observed under this Agreement and the other Operative Documents, in each case strictly in accordance with the terms thereof
(such payments and other obligations referred to in clauses (i) and (ii) being herein collectively called the “Guaranteed Obligations”). Each Guarantor hereby further agrees that if the Company shall default in the payment
or performance of any of the Guaranteed Obligations, such Guarantor will (x) promptly pay or perform the same, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed
Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration, by optional prepayment or purchase or otherwise) in accordance with the terms of such extension or renewal and (y) pay to each Lender
such amounts, to the extent lawful, as shall be sufficient to pay the costs and expenses of collection or of otherwise enforcing any of such Lender’s rights under this Agreement and the other Operative Documents, including, without limitation,
reasonable counsel fees. This Agreement is irrevocable and unconditional in nature and is made with respect to any Guaranteed Obligations now existing or in the future arising. The Guarantors’ liability under this Agreement shall continue until

  

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full satisfaction of all Guaranteed Obligations. This Agreement is a guarantee of due and punctual payment and performance and is not merely a guarantee of
collection. 
 Each Guarantor that makes a payment or distribution (the “Funding Guarantor”) under this Section 13 shall be
entitled to a contribution from each other Guarantor for all payments, damages and expenses incurred by the Funding Guarantor in discharging the Company’s obligations with respect to the Notes or any other Guarantor’s Obligations with
respect to this Section 13 in an amount pro rata, based on the net assets of each Guarantor, determined in accordance with GAAP. 
 (b) Acknowledgments, Waivers and Consents. 
 (1) Each Guarantor acknowledges that the
obligations undertaken by it under this Agreement involve the guarantee of obligations of Persons other than itself and that the obligations of the Guarantors under Section 13(a) are joint and several, absolute and unconditional,
irrespective of the value, genuineness, validity, regularity or enforceability of this Agreement or any of the other Operative Documents or any other agreement or instrument referred to therein, or any substitution, release, impairment or exchange
of any other guarantee of or security for any of the Guaranteed Obligations and irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, it being the intent
of this Section 13(b) that the obligations of the Guarantors hereunder shall be absolute and unconditional under any and all circumstances, to the fullest extent permitted by Applicable Law. Without limiting the generality of the
foregoing, it is agreed that, to the fullest extent permitted by Applicable Law, the occurrence of any one or more of the following shall not alter or impair the liability of any Guarantor hereunder, which shall remain absolute and unconditional as
described above: 
 (i) at any time or from time to time, without notice to any Guarantor, the time for any performance of or
compliance with any of the Guaranteed Obligations shall be extended, or such performance or compliance shall be waived; 
 (ii) any of the acts mentioned in any of the provisions of any of the Operative Documents or any other agreement or instrument referred to in the Operative Documents shall be done or omitted; 
 (iii) the maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Guaranteed Obligations shall be modified,
supplemented or amended in any respect, or any right under any of the Operative Documents or any other agreement or instrument referred to in the Operative Documents shall be waived or any other guarantee of any of the Guaranteed Obligations or any
security therefor shall be released, impaired or exchanged in whole or in part or otherwise dealt with; 
  

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 (iv) any Lien granted to, or in favor of, Lenders, the Agent and/or the Collateral Agent
(each, a “Lender Party” and collectively, the “Lender Parties”) as security for any of the Guaranteed Obligations shall fail to attach or be perfected; or 
 (v) any of the Guaranteed Obligations shall be determined to be void or voidable (including, without limitation, for the benefit of any
creditor of any Guarantor) or shall be subordinated to the claims of any Person (including, without limitation, any creditor of any Guarantor). 
 (2) Each Guarantor expressly waives, for the benefit of the Lenders, all set-offs and counterclaims and all presentments, demands for payment or performance, notices of nonpayment or nonperformance, protests, notices
of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with respect to the Guaranteed Obligations, and all notices of acceptance of this Agreement or of the existence, creation, incurring or assumption of
new or additional Guaranteed Obligations. Each Guarantor further expressly waives the benefit of any and all statutes of limitation and any and all laws providing for the exemption of Property from execution or for valuation and appraisal upon
foreclosure, to the maximum extent permitted by applicable law. 
 (3) Each Guarantor represents and warrants to the Lender
Parties that it has established adequate means of obtaining financial and other information pertaining to the business, operations and condition (financial and otherwise) of the Company and its properties on a continuing basis and that it is now and
will in the future remain fully familiar with the business, operations and condition (financial and otherwise) of the Company and its properties. Each Guarantor further represents and warrants that it has reviewed and approved each of the Operative
Documents and is fully familiar with the transaction contemplated by the Operative Documents and that it will in the future remain fully familiar with that transaction and with any new Operative Documents and the transactions contemplated by those
Operative Documents. Each Guarantor hereby expressly waives and relinquishes any duty on the part of any Lender Party (should any such duty exist) to disclose to any Guarantor any matter of fact or other information related to the business,
operations or condition (financial or otherwise) of the Company or its properties or to any Operative Document or the transactions undertaken pursuant to, or contemplated by, any such Operative Document, whether now or in the future known by any
Lender Party. 
 (4) Each Guarantor intends that its rights and obligations shall be those expressly set forth in this
Agreement and that its obligations shall not be affected, limited, reduced, discharged or terminated by reason of any principles or provisions of law that conflict with the terms of this Agreement. 
 (c) Understanding With Respect to Waivers and Consents. Each Guarantor warrants and agrees that each of the waivers and consents set forth in this
Agreement is made voluntarily and unconditionally after consultation with outside legal counsel and with full 

  

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knowledge of its significance and consequences, with the understanding that events giving rise to any defense or right waived may diminish, destroy or
otherwise adversely affect rights that any Guarantor otherwise may have against the Company, any Lender Party or any other Person or against any Collateral. If, notwithstanding the intent of the parties that the terms of this Agreement shall control
in any and all circumstances, any such waivers or consents are determined to be unenforceable under applicable law, those waivers and consents shall be effective to the maximum extent permitted by law. 
 (d) Subrogation. Each Guarantor hereby waives, until the payment and satisfaction in full of all of the Guaranteed Obligations, any right, remedy,
power or privilege, such as any right of subrogation, contribution or indemnity or related remedy, power or privilege, arising (whether by contract or operation of law, including under any Bankruptcy Law) against the Company, any other Guarantor,
any other guarantor, any issuer of any letter of credit or any other Person or any Collateral by reason of any payment or other performance pursuant to the provisions of this Agreement and, if any amount is paid to any Guarantor on account of those
rights, remedies, powers or privileges, it will hold that amount in trust for the benefit of, and pay the same over to, the Collateral Agent (for the benefit of the other Lender Parties) on account of the Guaranteed Obligations. Each Guarantor
understands that the exercise by any Lender Party of any right, remedy, power or privilege that it may have under the Operative Documents, security agreement, guarantee, letter of credit or other instrument for or relative to all or any part of the
Guaranteed Obligations or otherwise may affect or eliminate any Guarantor’s right of subrogation or similar recovery against the Company, any other Guarantor, any other guarantor, any issuer of any letter of credit or any other Person or
against any Collateral and that each Guarantor may therefore incur partially or totally non-reimbursable liability under this Agreement. Nevertheless, each Guarantor hereby authorizes and empowers the Collateral Agent and the other Lender Parties to
exercise, in its or their sole discretion, any combination of those rights, remedies, powers and privileges. 
 (e) Reinstatement. The
obligations of each Guarantor under this Agreement shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of the Company, any other Guarantor, any other guarantor, any issuer of any letter of credit or
any other Person or any other application of funds (including the proceeds of any Collateral for all or any part of the Guaranteed Obligations) in respect of all or any part of the Guaranteed Obligations is rescinded or must be otherwise restored by
any holder of those Guaranteed Obligations, whether as a result of any proceedings in bankruptcy, reorganization or otherwise and the Guarantors jointly and severally agree that they will indemnify each Lender Party on demand for all reasonable
costs and expenses (including fees and expenses of counsel) incurred by that Lender Party in connection with that rescission or restoration. 
 (f) Remedies. The Guarantors hereby jointly and severally agree that, between each of them and the Lender Parties, the obligations of the Company under this Agreement and the other Operative Documents may be declared to be forthwith
(or may become automatically) due and payable as provided in Section 6 of this Agreement for purposes of Section 13(a) hereof notwithstanding any stay, injunction or other prohibition preventing that declaration 

  

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(or those obligations becoming due and payable as against the Company) and that, in the event of that declaration (or that obligation being deemed due and
payable), those obligations (whether or not due and payable by the Company) shall forthwith become due and payable for purposes of Section 13(a). 
 (g) Separate Action. Any Lender Party may bring and prosecute a separate action or actions against any Guarantor whether or not any other Guarantor, the Company, any other guarantor, any issuer of any letter of
credit or any other Person is joined in any such action or a separate action or actions are brought against any other Guarantor, the Company, any other guarantor, any issuer of any letter of credit or any other Person or any Collateral for all or
any part of the Guaranteed Obligations. The obligations of each Guarantor under, and the effectiveness of, this Agreement are not conditioned upon the existence or continuation of any other guarantee or any letter of credit for or relative to all or
any part of the Guaranteed Obligations. 
 (h) Subordination of Indebtedness of the Company; Security Interest. Each Guarantor agrees
that any Indebtedness now or in the future owed to it by the Company is hereby subordinated to the Guaranteed Obligations. If the Collateral Agent so requests, any such Indebtedness shall be collected, enforced and received by any Guarantor as
trustee for the Collateral Agent and shall be paid over to the Collateral Agent (for the benefit of the other Lender Parties) in kind on account of the Guaranteed Obligations. If, after the Collateral Agent’s request, any Guarantor fails to
collect or enforce any such Indebtedness or to pay the proceeds of that Indebtedness to the Collateral Agent, the Collateral Agent as that Guarantor’s attorney-in-fact may do such acts and sign such documents in that Guarantor’s name and
on that Guarantor’s behalf as the Collateral Agent considers necessary or desirable to effect that collection, enforcement or payment, the Collateral Agent being hereby appointed that Guarantor’s attorney-in-fact for that purpose.

 (i) Certain Limitations. In any proceeding involving any state corporate law or any state or federal bankruptcy, insolvency,
reorganization or other law affecting the rights of creditors generally, if the obligations of the Guarantors under Section 13(a) would otherwise, without taking into account the provisions of Section 13(i), be held or
determined to be void, invalid or unenforceable or if the claims of the Lender Parties in respect of those obligations would be subordinated to the claims of any other creditors on account of the Guarantors’ liability under
Section 13(a), then, notwithstanding any other provision of this Agreement to the contrary, the amount of that liability shall, without any further action by the Guarantors, any Lender Party or any other Person, be automatically limited
and reduced to the highest amount that is valid and enforceable and not subordinated to the claims of other creditors as determined in that action or proceeding. 
 (j) Revocation. To the fullest extent permitted by law, each Guarantor hereby waives all rights it may have to revoke its obligations under Section 13(a) with respect to all or any part of the
Guaranteed Obligations. 
  

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 14. Amendments and Waivers. 
 (a) Requirements. This Agreement and the Notes may be amended, and the observance of any term hereof or of the Notes may be waived (either
retroactively or prospectively), with (and only with) the written consent of the Company and the Required Lenders, except that no such amendment or waiver may, without the written consent of each Lender affected thereby, (i) subject to the
provisions of Section 6 relating to acceleration or rescission, reduce the amount or extend the time of any prepayment or payment of principal of, or reduce the rate or extend the time of payment or method of computation of interest or
of the premium or any fee on, the Loans, (ii) reduce the percentage of the principal amount of the Loans the holders of which are required to consent to any such amendment or waiver, or (iii) amend any of Sections 6(a)(1),
6(a)(2), 6(b), 9, 14 or 20. 
 (b) Solicitation of Lenders. 
 (1) The Company will provide each Lender (irrespective of the amount of Loans then held by it) and the Agent with sufficient information,
sufficiently far in advance of the date a decision is required, to enable such Lender to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any of the provisions of this Agreement, of the
Notes or of any other Operative Document. The Company will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to the provisions of this Section 14 to each Lender and the Agent promptly
following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite Lenders. 
 (2) The Company will not directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or additional interest, fee or otherwise, or grant any security, to any Lender as consideration for or as an inducement
to the entering into by any Lender of any waiver or amendment of any of the terms and provisions of this Agreement, of any Note or of any other Operative Document unless such remuneration is concurrently paid, or security is concurrently granted, on
the same terms, ratably to each Lender then outstanding even if such Lender did not consent to such waiver or amendment. 
 (c) Binding
Effect, etc. Any amendment or waiver consented to as provided in this Section 14 applies equally to all Lenders and the Agent and is binding upon them and upon each future Lender and Agent (including transferees) and upon the Company
without regard to whether any Note has been marked to indicate such amendment or waiver. No such amendment or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair
any right consequent thereon. No course of dealing between the Company and any Lender or the Agent nor any delay in exercising any rights under this Agreement, under any Note or under any other Operative Document shall operate as a waiver of any
rights of any Lender or the Agent. As used herein, the term “this Agreement” and references thereto shall mean this Agreement as it may from time to time be amended or supplemented. 
  

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 (d) Loans held by the Company, etc. Solely for the purpose of determining whether the holders of
the requisite percentage of the aggregate principal amount of Loans then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement, the Notes or any other Operative Document, or have directed the taking
of any action provided in this Agreement, in the Notes or in any other Operative Document to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Loans then outstanding, Loans directly or
indirectly owned by the Company or any of its Subsidiaries shall be deemed not to be outstanding. 
 15. [Intentionally Omitted] 

16. Assignments. 
 (a) The
provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that (i) the Borrower may not assign or otherwise transfer any of its rights
or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or
obligations hereunder except in accordance with this Section 16. 
 (b) (i) Subject to the conditions set forth in paragraph
(b)(ii) below, any Lender may assign to one or more assignees (each, an “Assignee”) all or a portion of the Loans at the time owing to it with the prior written consent (such consent not to be unreasonably withheld) of the Agent,
provided that no consent of the Agent shall be required for an assignment to an Assignee that is a Lender immediately prior to giving effect to such assignment. 
 (ii) Assignments shall be subject to the following additional conditions: 
 (A) except in the case of an assignment to a Lender, an affiliate of a Lender or an assignment of the entire remaining amount of the
assigning Lender’s Tranche A Loans or Tranche B Loans under any Facility, the amount of the Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment Agreement with respect to such assignment is
delivered to the Agent) shall not be less than $1,000,000 unless the Agent otherwise consents, provided that such amounts shall be aggregated in respect of each Lender and its affiliates, if any; 
 (B) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and
obligations under this Agreement, provided that this clause shall not be construed to prohibit the assignment of a proportionate part of all the assigning Lender’s rights and obligations under the Tranche A Loans or the Tranche B Loans;

  

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 (C) the parties to each assignment shall execute and deliver to the Agent an Assignment
Agreement; and 
 (D) the Assignee, if it shall not be a Lender, shall deliver to the Agent and the Company an
administrative questionnaire. 
 (iii) Subject to acceptance by the Agent and recording thereof pursuant to
paragraph (b)(iv) and (v) below, from and after the effective date specified in each Assignment Agreement, the Assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment Agreement, have the
rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment Agreement, be released from its obligations under this Agreement (and, in the case of an
Assignment Agreement covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 4(r), 4(s),
4(t), 7 and 11). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 16 shall be treated for purposes of this Agreement as a sale by such Lender
of a participation in such rights and obligations in accordance with paragraph (c) of this Section 16. 
 (iv) The assigning Lender under any Assignment Agreement shall deliver a copy of such Assignment Agreement to the Company for recordation of such assignment in the Loan Register. 
 (v) Upon its receipt of a duly completed Assignment Agreement executed by an assigning Lender, an Assignee and the Agent, the
Assignee’s completed administrative questionnaire (unless the Assignee shall already be a Lender hereunder), the Company shall record the information contained therein in the Loan Register. No assignment shall be effective for purposes of this
Agreement unless it has been recorded in the Register as provided in this paragraph. 
 (c) (i) Any Lender may, without the consent of
the Borrower, sell participations to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitments and the
Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations
and (C) the Borrower, the Agent, the Lender selling a participation and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any
agreement pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement;
provided that such agreement may provide that such Lender will not, 

  

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without the consent of the Participant, agree to any amendment, modification or waiver that (1) requires the consent of each Lender directly affected
thereby pursuant to Section 14(a) hereof and (2) directly affects such Participant. Subject to paragraph (c)(ii) of this Section 16, the Borrower agrees that each Participant shall be entitled to the benefits of
Sections 4(r), 4(s) and 4(t) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section 16. 
 (ii) A Participant shall not be entitled to receive any greater payment under Section 4(r), 4(s) or 4(t) than
the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. Any Participant
that is a Non-U.S. Lender shall not be entitled to the benefits of Section 4(t) unless such Participant complies with Section 4(t)(3)(i). 
 (d) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure
obligations to a Federal Reserve Bank, and this Section 16 shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any
of its obligations hereunder or substitute any such pledgee or Assignee for such Lender as a party hereto. 
 17. Appointment of
Agent. 
 (a) Appointment. Each of the Lenders hereby irrevocably appoints the Agent as its agent hereunder and under the
other Operative Documents, and to act as the Collateral Agent on behalf of the Lenders hereunder and under the other Operative Documents, and in each case authorizes the Agent to take such actions on its behalf and to exercise such powers as are
delegated to the Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. Any reference herein to the Agent shall include the Agent in its capacity as Agent hereunder and as Collateral Agent
under any Operative Document. Each Lender does hereby make, constitute and appoint the Agent its true and lawful attorney-in-fact with full powers of substitution and resubstitution for such Lender and in its name, place and stead, in any and all
capacities, to execute for such Lender and on its behalf any document or agreement for which the Agent is empowered to act on behalf of such Lender under this Section 17, granting to the Agent full power and authority to do and perform
each act requisite and necessary to be done, as fully to all intents and purposes as the Lender could do in person, provided that such power shall be granted only to the extent necessary to undertake the actions permitted to be done or taken by the
Agent under this Section 17. Each of the Lenders hereby irrevocably authorizes the Agent to take such action on their behalf under the provisions of this Agreement, the other Operative Documents and any other instruments and agreements
referred to herein or therein and to exercise such powers and to perform such duties hereunder and thereunder as are specifically delegated to or required of the Agent by the terms hereof and thereof and such other powers as are reasonably
incidental hereto and thereto. The Agent may perform any of its duties 

  

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hereunder by or through its officers, directors, agents, employees or affiliates. The Agent shall not have, by reason of this Agreement or any of the other
Operative Documents, a fiduciary relationship in respect of any Lender, the Company or any Guarantor, and nothing in this Agreement or any of the other Operative Documents, expressed or implied, is intended to or shall be so construed as to impose
upon the Agent any obligations in respect of this Agreement or any of the other Operative Documents except as expressly set forth herein or therein. Each Lender hereby accepts the pledges, mortgages and fiduciary assignments created for its benefit
under the Security Agreements and empowers the Agent to enter into such agreements and act as Collateral Agent on behalf and for the benefit of each Lender. The provisions of this Section 17 are solely for the benefit of the Agent and
the Lenders, and neither the Company nor any of the Subsidiaries or Affiliates (other than an Affiliate that is a Lender) of the Company shall have any rights as a third party beneficiary of any of the provisions hereof. In performing its functions
and duties under this Agreement, the Agent shall act solely as agent of the Lenders and the Agent does not assume and shall not be deemed to have assumed any fiduciary relationship or other obligation or relationship of agency or trust with the
Company or for any of their Subsidiaries or Affiliates (other than Affiliates that are Lenders). 
 (b) Rights of Agent. With respect
to its obligation to any Loans held by the Agent, the Agent shall have the rights and powers specified herein for a “Lender” and may exercise the same rights and powers as though it were not performing the duties specified herein; and the
term “Lenders,” “Required Lenders,” “holders of Loans” or any similar terms shall, unless the context clearly otherwise indicates, include the Agent in its individual capacity as such (as the case may be). The Agent and
its affiliates may accept deposits from, lend money to, and generally engage in any kind of banking, investment banking, trust or other business with, or provide debt financing, equity capital or other services (including financial advisory
services) to, the Company or any of its Affiliates (or any Person engaged in similar business with the Company or any Affiliate thereof) as if they were not performing the duties specified herein, and may accept fees and other consideration from the
Company or any of its Affiliates for services in connection with this Agreement and otherwise without having to account for the same to the Lenders. 
 (c) Administration of the Collateral. The Agent as Collateral Agent shall administer the Collateral and any Lien thereon for the benefit of the Lenders in the manner provided herein and in the Security
Agreements and in any other related Operative Documents; provided, however, that in the event of conflict between the provisions relating to administration of Collateral included in this Agreement and those included in the Security
Agreements, the latter shall prevail. The Agent shall exercise such rights and remedies with respect to the Collateral as are granted to it hereunder and as Collateral Agent under the Security Agreements and related documents and applicable law and
as shall be directed by the Required Lenders. Upon payment in full of all Obligations under the Operative Documents, the Agent and its Affiliates shall promptly release any and all Liens, Collateral and other security arrangements entered into in
connection with this Agreement, the Operative Documents and the transactions contemplated hereby and thereby. 
  

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 (d) Application of Proceeds. Except as otherwise specifically provided herein and in the other
Operative Documents hereof, the proceeds of any collection, sale, disposition, foreclosure or other realization of all or any part of the Collateral shall be applied by the Agent in the following order of priority: 
 (1) FIRST: to the payment of all costs, taxes and expenses of such collection, sale, disposition, foreclosure or other realization,
including reasonable compensation to the Collateral Agent, the Agent, and their respective agents and counsel in connection therewith, and all other expenses, liabilities and advances made or incurred by the Agent or Collateral Agent in connection
therewith, and all amounts for which the Collateral Agent is entitled to indemnification under any Collateral Document and all advances made by the Collateral Agent under any Collateral Document for the account of the Company or any Guarantor, and
to the payment of all costs and expenses paid or incurred by the Collateral Agent in connection with the exercise of any right or remedy under any Collateral Document; 
 (2) SECOND: to the payment of any other amounts payable to the Agent under the Operative Documents; 
 (3) THIRD: to the payment of the accrued and unpaid interest in respect of the Loans; 
 (4) FOURTH: to the payment of the outstanding principal and prepayment premium, if any, due under the Notes; 
 (5) FIFTH: to the payment of all other unpaid Obligations, if any; and 
 (6) SIXTH: any surplus remaining after payment of the foregoing amounts shall be paid to the Company by the Agent, subject, however, to
the rights of the holder of any then existing Lien of which the Agent has actual notice (without investigation); it being understood that the Company shall remain liable to the extent of any deficiency between the amount of the proceeds of the
Collateral and the aggregate amount of the sums referred to in clauses (1) through (5) of this Section 17(d). 
 (e)
Duties of Agent. The Agent shall not have any duties or obligations except those expressly set forth herein and in the other Operative Documents. Without limiting the generality of the foregoing, (a) the Agent shall not be subject to any
fiduciary or other implied duties, regardless of whether a Default or Event of Default has occurred and is continuing, (b) the Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except
discretionary rights and powers expressly contemplated hereby or by the other Operative Documents that the Agent is required to exercise in writing by the Required Lenders, and (c) except as expressly set forth herein and in the other Operative
Documents, the Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Company or any of its Subsidiaries that is communicated to or obtained by 

  

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the Agent or any of its affiliates in any capacity. The Agent shall not be liable for any action taken or not taken by it with the consent or at the request
of the Required Lenders or in the absence of its own gross negligence or willful misconduct. The Agent shall be deemed not to have knowledge of any Default or Event of Default unless and until notice thereof is given to the Agent by the Company or a
Lender, and the Agent shall not be responsible for or have any duty to ascertain or inquire into (v) any statement, warranty or representation made in or in connection with this Agreement or any other Operative Document, (w) the contents
of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (x) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or
therein, (y) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Operative Document or any other agreement, instrument or document, or (z) the satisfaction of any condition set forth herein or therein,
other than to confirm receipt of items expressly required to be delivered to the Agent. In the event that the Agent receives such a notice, the Agent shall give prompt notice thereof to the other Lenders and the Company (if received from a Lender)
or to the Lenders (if received from the Company). 
 (f) Reliance by Agent. The Agent shall be entitled to rely upon, and shall not
incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Agent also may rely upon any
statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Agent may consult with legal counsel (who may be counsel for a Lender, the Company or any
Subsidiary of the Company), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 
 (g) Appointment of Sub-Agents. The Agent may perform any and all its duties and exercise its rights and powers by or through any one or more
sub-agents appointed by the Agent. The Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective affiliates. The exculpatory provisions of the preceding paragraphs shall apply to any
such sub-agent and to the affiliates of the Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Agent. 
 (h) Resignation of Agent. Subject to the appointment and acceptance of a successor Agent as provided below, the Agent may resign at any time by
notifying the Lenders and the Company. Upon any such resignation, the Required Lenders shall have the right, in consultation with the Company, to appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall
have accepted such appointment within 30 days after the retiring Agent gives notice of its resignation, then the retiring Agent may, upon not less than ten days’ notice, on behalf of the Lenders, appoint a successor Agent, which institution
shall be a bank with an office in Los Angeles, California or New York, New York, with a combined capital and surplus of at least $500,000,000. Upon the acceptance of its appointment as Agent hereunder by a successor, such successor shall succeed to
and become vested with all the rights, 

  

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powers, privileges and duties of the retiring (or retired) Agent and the retiring Agent shall be discharged from its duties and obligations hereunder. The
fees payable by the Company to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Company and such successor. After the Agent’s resignation hereunder, the provisions of this
Section 17 shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as Agent. 
 (i) Lender Non-Reliance. Independently and without reliance upon the Agent, each Lender, to the extent it deems appropriate, has made and shall continue to make (i) its own independent investigation of the
financial condition and affairs of the Company and its Subsidiaries in connection with the making of the Loans and the taking or not taking of any action in connection herewith and (ii) its own appraisal of the creditworthiness of the Company
and its Subsidiaries and, except as expressly provided in this Agreement, the Agent shall not have any duty or responsibility, either initially or on continuing basis, to provide any Lender with any credit or other information with respect thereto,
whether coming into its possession before the Closing Date or at any time or times thereafter. The Agent shall not be responsible to any Lender for any recitals, statements, information, representations or warranties herein or in any document,
certificate or other writing delivered in connection herewith or for the execution, effectiveness, genuineness, validity, enforceability, perfection, collectibility, priority or sufficiency of this Agreement or any other Operative Document or the
financial condition of the Company or any Subsidiary or be required to make any inquiry concerning either the performance or observance of any of the terms, provisions or conditions of this Agreement or any other Operative Document, or the financial
condition of the Company or any Subsidiary or the existence or possible existence of any Default or Event of Default. 
 (j)
Indemnification. To the extent the Agent is not reimbursed and indemnified by the Company, the Lenders will reimburse and indemnify the Agent in proportion to their respective “percentage” as used in determining the Required Holders
for and against any and all liabilities, obligations, losses, damages, penalties, claims, actions, judgments, costs, expenses or disbursements of whatsoever kind or nature (including fees and disbursements of any counsel or financial advisor engaged
by the Agent) which may be imposed on, asserted against or incurred by the Agent in performing its duties hereunder or under any other Operative Document or in any way relating to or arising out of this Agreement or any other Operative Document;
provided, however, that no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Agent’s gross negligence or
willful misconduct. If the indemnity furnished to any Agent by any Lender for any purpose shall, in the opinion of such Agent be insufficient or become impaired, such Agent may call for additional indemnity from such Lender (but not any other
Lender) and cease, or not commence, to do the acts indemnified against until such additional indemnity is furnished. The agreements in this Section 17(j) shall survive the payment of all Obligations. 
 (k) Holders. The Agent may deem and treat the payee of any Note as the owner of the Loan evidenced thereby for all purposes hereof unless and
until a written notice of 

  

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the assignment of such Loan shall have been recorded in the Loan Register maintained by the Company. Any request, authority or consent of any Person who, at
the time of making such request or giving such authority or consent, is the holder of any Note shall be conclusive and binding on any subsequent holder or assignee, as the case may be, of the Loan evidenced thereby or by any Note or Notes issued in
exchange therefore. 
 (l) Action by Agent. The Agent may take any action on behalf of the Required Lenders that has been approved by
the Required Lenders and any action that has otherwise been specified herein or in any of the other Operative Documents. For the avoidance of doubt, the Agent may, with the prior consent of the Required Lenders (but not otherwise) consent to any
amendment, restatement, supplement, waiver or other modification under any of the Operative Documents. 
 18. Survival Clause.
The respective representations, warranties, agreements, covenants, indemnities and other statements of the Company, the Guarantors, their respective officers and the Lenders set forth in this Agreement or made by or on behalf of them pursuant to
this Agreement shall remain in full force and effect, regardless of (i) any investigation made by or on behalf of the Company, the Guarantors, any of their respective officers or directors, the Lenders or any controlling person referred to in
Section 11 hereof and (ii) the making of the Loans. The respective agreements, covenants, indemnities and other statements set forth in Sections 7, 11, 18, 23, 24 and 25 hereof shall
remain in full force and effect, regardless of any termination or cancellation of this Agreement. 
 19. [Intentionally Omitted] 

20. Confidentiality. For the purposes of this Section 20, “Confidential Information” means information
delivered to a Lender or the Agent by or on behalf of the Company or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this Agreement that is proprietary in nature and that was clearly marked or labeled or
otherwise adequately identified when received by a Lender or the Agent as being confidential information of the Company or such Subsidiary, provided that such term does not include information that (a) was publicly known or otherwise
known to such Lender or the Agent prior to the time of such disclosure, (b) subsequently becomes publicly known through no act or omission by such Lender or the Agent or any person acting on its behalf, (c) otherwise becomes known to such
Lender or the Agent other than through disclosure by the Company or any Subsidiary or (d) constitutes financial statements delivered to such Lender or the Agent under Section 5(e) or (f) that are otherwise publicly
available. Each Lender and the Agent will maintain the confidentiality of Confidential Information in accordance with procedures adopted by it in good faith to protect confidential information of third parties delivered to such Lender and the Agent,
provided that such Lender and the Agent may deliver or disclose Confidential Information to (i) its directors, officers, employees, agents, attorneys and affiliates (to the extent such disclosure reasonably relates to the administration
of the investment represented by the Loans made by the Lenders), (ii) its financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in accordance with the terms of this
Section 20, (iii) any other 

  

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Lender or the Agent, (iv) any Person to which such Lender assigns or proposes to assign a Loan or any part thereof or any participation therein (if such
Person has agreed in writing prior to its receipt of such Confidential Information to maintain the confidentiality of the Confidential Information), (v) any Person from which such Lender offers to purchase any security of the Company (if such
Person has agreed in writing prior to its receipt of such Confidential Information to maintain the confidentiality of the Confidential Information), (vi) any federal or state regulatory authority having jurisdiction over such Lender or the
Agent, (vii) the National Association of Insurance Commissioners or any similar organization, or any nationally recognized rating agency that requires access to information about such Lender’s investment portfolio or (viii) any other
Person to which such delivery or disclosure may be necessary or appropriate (provided that the disclosing party shall use commercially reasonable efforts to notify the Company of disclosure pursuant to this clause (viii)) (w) to effect
compliance with any law, rule, regulation or order applicable to such Lender, (x) in response to any subpoena or other legal process, (y) in connection with any litigation to which such Lender or the Agent is a party or (z) if an
Event of Default has occurred and is continuing, to the extent such Lender or the Agent may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under
this Agreement, the Notes or any other Operative Document. Notwithstanding anything to the contrary set forth herein, in any other Operative Document or in any other written or oral understanding or agreement to which the parties hereto are parties
or by which they are bound, the parties acknowledge and agree that (i) any obligations of confidentiality contained herein and therein do not apply and have not applied from the commencement of discussions between the parties to the tax
treatment and tax structure of the Loans (and any related transactions or arrangements), and (ii) each party (and each of its employees, representatives, or other agents) may disclose to any and all persons, without limitation of any kind, the
tax treatment and tax structure of the Loans and all materials of any kind (including opinions or other tax analyses) that are provided to such party relating to such tax treatment and tax structure, all within the meaning of U.S. Treasury
Regulations Section 1.6011-4. 
 21. Notices. All statements, requests, notices and agreements hereunder shall be in
writing, and: 
  

	 	(a)	if to the Agent, the Collateral Agent or the Lenders, shall be delivered or sent by mail, or facsimile transmission c/o Tennenbaum Capital Partners, LLC, 2951 28th Street, Suite
1000, Santa Monica, CA 90405, Attention: General Counsel (Fax: (310) 566-1010), with a copy to Milbank, Tweed, Hadley & McCloy LLP, Five Palo Alto Square, 3000 El Camino Real, Palo Alto, California 94306, Attention: Melainie Mansfield
(Fax: (650) 739-7100); and 

  

	 	(b)	 if to the Company, shall be delivered or sent by mail, or facsimile transmission to Radnor Holdings Corporation, 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 

  

 -109- 

	 	 
LLP, 30 South 17th Street, Philadelphia, Pennsylvania 19103-4196, Attention: Thomas G. Spencer (Fax: (215) 979-1020). 

 22. Successors. This Agreement shall inure to the benefit of and be binding upon the Lenders, the Company, the Guarantors and their
respective successors and legal representatives, and nothing expressed or mentioned in this Agreement is intended or shall be construed to give any other person any legal or equitable right, remedy or claim under or in respect of this Agreement, or
any provisions herein contained; this Agreement and all conditions and provisions hereof being intended to be and being for the sole and exclusive benefit of such persons and for the benefit of no other person except that the indemnities of the
Company and the Guarantors contained in Section 11 hereof shall also be for the benefit of any person or persons who control any Lender within the meaning of Section 15 of the Act or Section 20 of the Exchange Act. 

23. Applicable Law. THE VALIDITY AND INTERPRETATION OF THIS AGREEMENT, AND THE TERMS AND CONDITIONS SET FORTH HEREIN SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED WHOLLY THEREIN, WITHOUT GIVING EFFECT TO ANY PROVISIONS THEREOF RELATING TO CONFLICTS OF LAW. 
 24. Waiver of Jury Trial. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM
OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE OTHER OPERATIVE DOCUMENTS OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS FINANCING TRANSACTION OR THE RELATIONSHIP THAT IS BEING ESTABLISHED. THE SCOPE
OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON
LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO
RELY ON THIS WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION
WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 24 AND EXECUTED BY EACH OF THE PARTIES HERETO), AND
THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR 

  

 -110- 

 
MODIFICATIONS TO THIS AGREEMENT OR ANY OF THE OTHER OPERATIVE DOCUMENTS OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE LOANS MADE HEREUNDER. IN THE
EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 25. Submission to
Jurisdiction. The Company, the Guarantors, the Lenders and the Agent and Collateral Agent hereby submit to the exclusive jurisdiction of the Federal and state courts in the Borough of Manhattan in The City of New York in any suit or
proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. 
 26. Counterparts. This
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. 
 [Signature Pages Follow] 
  

 -111- 

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

					
	 COMPANY:
  
 RADNOR HOLDINGS CORPORATION

		
	 By:
	 	 /s/ Michael T. Kennedy

		 	 Name: Michael T. Kennedy

		 	 Title: President and CEO

					
	 GUARANTORS:
  
 RADNOR CHEMICAL CORPORATION

		
	 By:
	 	 /s/ R. Radcliffe Hastings

		 	 Name: R. Radcliffe Hastings

		 	 Title: Executive Vice President

	
	 RADNOR DELAWARE II, INC.

		
	 By:
	 	 /s/ R. Radcliffe Hastings

		 	 Name: R. Radcliffe Hastings

		 	 Title: Executive Vice President

	
	 RADNOR MANAGEMENT DELAWARE, INC.

		
	 By:
	 	 /s/ Michael T. Kennedy

		 	 Name: Michael T. Kennedy

		 	 Title: President

	
	 RADNOR MANAGEMENT, INC.

		
	 By:
	 	 /s/ Michael T. Kennedy

		 	 Name: Michael T. Kennedy

		 	 Title: President

	
	 STYROCHEM DELAWARE, INC.

		
	 By:
	 	 /s/ R. Radcliffe Hastings

		 	 Name: R. Radcliffe Hastings

		 	 Title: Executive Vice President

  

 -2- 

					
	 STYROCHEM EUROPE DELAWARE, INC.

		
	 By:
	 	 /s/ R. Radcliffe Hastings

		 	 Name: R. Radcliffe Hastings

		 	 Title: Executive Vice President

	
	 STYROCHEM U.S., LTD.

		
	 By:
	 	 /s/ R. Radcliffe Hastings

		 	 Name: R. Radcliffe Hastings

		 	 Title: Executive Vice President

	
	 STYROCHEM GP, L.L.C.

		
	 By:
	 	 /s/ R. Radcliffe Hastings

		 	 Name: R. Radcliffe Hastings

		 	 Title: Executive Vice President

	
	 STYROCHEM LP, L.L.C.

		
	 By:
	 	 /s/ R. Radcliffe Hastings

		 	 Name: R. Radcliffe Hastings

		 	 Title: Executive Vice President

	
	 WINCUP EUROPE DELAWARE, INC.

		
	 By:
	 	 /s/ R. Radcliffe Hastings

		 	 Name: R. Radcliffe Hastings

		 	 Title: Executive Vice President

	
	 WINCUP GP, L.L.C.

		
	 By:
	 	 /s/ Michael T. Kennedy

		 	 Name: Michael T. Kennedy

		 	 Title: President and CEO

  

 -3- 

					
	 WINCUP LP, L.L.C.

		
	 By:
	 	 /s/ Michael T. Kennedy

		 	 Name: Michael T. Kennedy

		 	 Title: President and CEO

	
	 WINCUP TEXAS, LTD.

		
	 By:
	 	 /s/ Michael T. Kennedy

		 	 Name: Michael T. Kennedy

		 	 Title: President and CEO

	
	 WINCUP HOLDINGS, INC.

		
	 By:
	 	 /s/ Michael T. Kennedy

		 	 Name: Michael T. Kennedy

		 	 Title: President and CEO

  

 -4- 

					
	 AGENT AND COLLATERAL AGENT:
  
 TENNENBAUM CAPITAL PARTNERS, LLC

		
	 By:
	 	 /s/ José E. Feliciano

		 	 Name:
	 	 José E. Feliciano

		 	 Title:
	 	Partner

  

 -5- 

					
	 LENDERS:
  
 SPECIAL VALUE EXPANSION FUND, LLC

		
	 By:
	 	 /s/ David Hollander

		 	 Name:
	 	 David Hollander

		 	 Title:
	 	Authorized Signatory
	
	 SPECIAL VALUE OPPORTUNITIES FUND, LLC

		
	 By:
	 	 /s/ David Hollander

		 	 Name:
	 	 David Hollander

		 	 Title:
	 	Authorized Signatory

  

 -6- 

  
  
  
  
  
  
  
  
  
  
  
  
 [EXHIBITS AND ANNEX OMITTED]Tranche A Security Agreement

 EXHIBIT 10.22 
 Execution Version 
 TRANCHE A SECURITY AGREEMENT 
 SECURITY AGREEMENT dated as of December 1, 2005 among Radnor Holdings Corporation (the “Company”); WinCup Holdings, Inc., Radnor
Chemical Corporation, StyroChem U.S., Ltd., Radnor Delaware II, Inc., StyroChem Delaware, Inc., WinCup Texas, Ltd., StyroChem GP, L.L.C., StyroChem LP, L.L.C., WinCup GP, L.L.C. and WinCup LP, L.L.C. (together with the Company, the
“Obligors”); and Tennenbaum Capital Partners, LLC, as collateral agent (in such capacity, together with its successors in such capacity, the “Collateral Agent”) for the Secured Parties (as defined below).

 The Obligors, the other Guarantors party thereto, the Lenders party thereto and Tennenbaum Capital Partners, LLC, as Agent, are parties to
a Credit Agreement, dated as of December 1, 2005 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), providing, subject to the terms and conditions thereof, for the extension of the
Tranche A Loans referenced therein (the “Tranche A Loans”) by the Company to the Lenders referenced therein in an initial aggregate principal or face amount not exceeding $92,600,000, which Tranche A Loans and all other Obligations
(as defined in the Credit Agreement) are guaranteed by certain of the Obligors and the other Guarantors referenced therein. 
 To induce said
Lenders to make the Tranche A Loans, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Obligor has agreed to grant a security interest in the Tranche A Collateral (as hereinafter
defined) as security for the Secured Obligations (as hereinafter defined). Accordingly, the parties hereto agree as follows: 
 Section 1. Definitions, Etc. 
 (a) Terms defined in the Credit Agreement are used herein as defined therein.

 (b) The terms “Deposit Account”, “Equipment”, “Fixtures”, “Goods”,
“Instrument”, “Investment Property”, “New Debtor” and “Proceeds” have the respective meanings assigned to such terms in Article 9 of the UCC. The term “Financial
Assets” shall have the meaning assigned to such term in Article 8 of the UCC. 
 (c) In addition, as used herein: 
 “Collateral Account” has the meaning assigned to such term in Section 4. 
 “Collateral Certificate” means an Officers’ Certificate of the Company substantially in the form of Annex 3 (or any
other form approved by the Collateral Agent), completed and with the schedules and attachments contemplated thereby. Each Collateral Certificate furnished to the Collateral Agent hereunder shall comply with the requirements set forth in this
Agreement. 
 “Environmental Laws” means any federal, state, local or foreign law, regulation, license,
permit, certificate, consent, order, approval or other authorization applicable to the business operations of any Obligor or ownership or possession of any Obligor’s properties or assets relating to protection of the environment or hazardous or
toxic substances or wastes, pollutants and contaminants. 
  

 SECURITY AGREEMENT 

 “Fair Market Value” means, with respect to any asset or property, the
price that could be negotiated in an arm’s-length transaction, for cash, between a willing seller and a willing buyer, neither of whom is under undue pressure or compulsion to complete the transaction, as determined by the Company in a
commercially reasonable manner. 
 “Hazardous Materials” means those substances, wastes, pollutants or
contaminants that are regulated by or form the basis of liability under any Environmental Laws. 
 “Leased
Equipment” means the Equipment set forth in Part A of Annex 1 together with (i) necessary replacements or repairs thereof constituting maintenance in the ordinary course of business and (ii) replacements or repairs thereof from
any insurance proceeds in respect thereof, which Equipment is subject to a lease to which an Obligor is a party that restricts the ability of such Obligor to grant a Lien on the relevant Equipment to any Person other than the lessor thereof.

 “Material Adverse Effect” means a material adverse effect on the business, assets, consolidated financial
condition or results of operations or business prospects of the Company and its Subsidiaries taken as a whole, or on the ability of any Obligor to perform its obligations under the Credit Agreement, any Tranche A Note or any Tranche A Collateral
Document. 
 “Mooresville Excluded Equipment” means (i) any Equipment acquired or constructed by any
Obligor between April 27, 2004 and the date hereof and listed on Part C of Annex 1 hereto, and (ii) any Equipment acquired or constructed by any Obligor after the date hereof with assets other than Tranche A Collateral or Mortgaged
Property or any proceeds thereof and initially located on WinCup Holdings, Inc.’s leased property located at 314 Mooresville Boulevard, Mooresville, NC. 
 “Mortgaged Property” means, collectively, all of the “Property” defined in each of the Mortgages. 

“Motor Vehicles” means motor vehicles, tractors, trailers and other like property, whether or not the title thereto is
governed by a certificate of title or ownership. 
 “New Equipment Collateral” means (a) the Equipment
set forth on Part D of Annex 1 hereto, and (b) all Equipment acquired or constructed by any Obligor that is to become Collateral pursuant to Section 5(dd) of the Credit Agreement, and in each case all Proceeds, products, substitutions and
replacements therefor and thereof and accessions thereto and, to the extent related to any New Equipment Collateral, all warranties, service or repair contracts, books, manuals, operations or users guides, correspondence, files, records, invoices,
ledger sheets, ledger cards, files, computer software (owned by any Obligor or in which it has an interest), computer programs, tapes, disks and other papers. 
 “New Mooresville Collateral” means all Mooresville Excluded Equipment that on or before the date 120 days after the later
of the acquisition, completion of construction, repair, improvement, addition or commencement of full operation of such property by any Obligor, has not become subject to a Lien permitted by clause (4) of Section 5(r) of the Credit
Agreement. 
 “Original Real Property” means any real property owned or leased by any Obligor on the date
hereof and described in Schedule B to the Perfection Certificate delivered on the date hereof. 
 “Other Excluded
Equipment” has the meaning assigned to such term in Section 3 hereof. 
  

 SECURITY AGREEMENT 
 - 2 - 

 “Perfection Certificate” means an Officers’ Certificate of the
Company substantially in the form of Annex 2 (or any other form approved by the Collateral Agent), completed and with the schedules and attachments contemplated thereby. Each Perfection Certificate furnished to the Collateral Agent hereunder shall
comply with the requirements set forth in this Agreement. 
 “Secured Obligations” means, collectively,
(a) in the case of the Company, the principal of, Prepayment Premium, if any, and interest on, the Tranche A Loans and all other amounts whatsoever now or hereafter from time to time owing by the Company to the Secured Parties, or any of them,
under the Credit Agreement, the Tranche A Notes or any Tranche A Collateral Document, (b) in the case of the other Obligors, the obligations of said Obligors in respect of the Guarantees and all other amounts whatsoever now or hereafter from
time to time owing by said Obligors to the Secured Parties, or any of them, under the Credit Agreement or any Tranche A Collateral Document, and (c) all other Obligations, except, in each case, the principal of, prepayment premium, if any, and
interest on, the Tranche B Loans and the Guarantees of payment thereof. 
 “Secured Parties” means,
collectively, the Lenders holding (and the beneficial owners of any interest in) the Tranche A Loans, the Agent and the Collateral Agent. 
 “Tranche A Collateral” has the meaning assigned to such term in Section 3. 
 “Tranche B Secured Parties” means the Secured Parties under and as defined in that certain Tranche B Security Agreement of even date herewith, by and among the Obligors and the Collateral Agent as Collateral Agent for the
Tranche B Lenders. 
 “UCC” means the Uniform Commercial Code as in effect from time to time in the State of
New York. 
 “Waiver and Access Rights Agreement” means a waiver by a landlord, in the case of real property
leased by an Obligor, or by a mortgagee, in the case of real property owned by an Obligor that is mortgaged to a Person other than the Collateral Agent, waiving any lien arising by statute, contract or otherwise, to the Collateral located on the
premises and providing access for the Collateral Agent onto the premises, each in a form substantially similar to the “Landlord Waivers” and “Mortgagee Waivers” in effect on the date hereof and heretofore delivered for the
benefit of the Collateral Agent and described in Schedule B to the Perfection Certificate delivered on the date hereof or otherwise in form and substance satisfactory to the Collateral Agent. 
 (d) The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the
context requires otherwise (i) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or
otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the
words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof and (iv) all references herein to
Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement. 
  

 SECURITY AGREEMENT 
 - 3 - 

 Section 2. Representations and Warranties. Each Obligor represents and warrants to the
Secured Parties that: 
 (a) Organization; Powers. Each of the Obligors has been duly incorporated or organized and is
validly existing as a corporation, limited liability company or limited partnership in good standing or similar status under the laws of the jurisdiction of its incorporation or formation, with power and authority to own its properties and to
conduct its business as now conducted and to enter into and perform its obligations under the Tranche A Collateral Documents to which it is a party and has been duly qualified as a foreign corporation, limited liability company or limited
partnership for the transaction of business and is in good standing or similar status under the laws of each other jurisdiction in which it owns or leases property, or conducts any business, so as to require such qualification, except where the
failure to be so qualified or in good standing would not reasonably be expected to have a Material Adverse Effect. 
 (b)
Authorization; Enforceability. Each Tranche A Collateral Document has been duly authorized by each Obligor party thereto and constitutes a legal, valid and binding agreement of such Obligor, enforceable against such Obligor in accordance with
its terms, except as (i) may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or fraudulent transfer or other similar laws relating to or affecting creditors’ rights generally and (ii) such
enforceability is subject to general principles of equity regardless of whether such enforceability is considered in a proceeding in equity or at law. 
 (c) Governmental Approvals; No Conflicts. The execution, delivery and performance of the Tranche A Collateral Documents by each Obligor party thereto, and the consummation by such Obligor of the transactions
contemplated thereby, will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, bank loan or credit agreement, lease or other
agreement or instrument to which such Obligor is a party or by which such Obligor is bound or to which any of the property or assets of such Obligor is subject, or any federal, state, local or foreign statute or any order, rule or regulation of any
federal, state, local or foreign court or governmental agency or body having jurisdiction over such Obligor or any of its properties; (ii) result in any violation of the provisions of the charter, including any Certificate of Incorporation or
Articles of Incorporation or By-laws (or other organizational or governing documents), in each case as amended, of such Obligor; (iii) result in or require the creation or imposition of any Lien upon or with respect to any of the properties of
such Obligor, except pursuant to or as contemplated by the terms of the Credit Agreement or the Collateral Documents, or (iv) constitute a default under any ordinance, license or permit, except, in the case of the events specified in
clauses (i), (iii) and (iv) above, for such conflicts, violations or defaults which would not reasonably be expected to have a Material Adverse Effect. No consent, approval, authorization, order, registration or qualification of or
with any federal, state, local or foreign court or governmental agency or body is required for the execution, delivery and performance by each Obligor of the Tranche A Collateral Documents to which they are or will be a party or for the consummation
by such Obligor of the transactions contemplated thereby, except for the recording of the Mortgages and the filing of the financing statements contemplated hereby. Each of the Obligors has full power and authority to enter into and perform its
obligations under the Tranche A Collateral Documents to which it is or will be a party. 
 (d) Disclosure. None of the
reports, appraisals, searches, certificates or other information furnished by or on behalf of the Company to the Collateral Agent or the Lenders in connection with the Tranche A Collateral, the Mortgaged Property or any of the Tranche A 

  

 SECURITY AGREEMENT 
 - 4 - 

 
Collateral Documents or delivered hereunder (as modified or supplemented by other information so furnished) is untrue in any material respect. 
 (e) Title and Priority. All of the Equipment owned by the Obligors on the date hereof is located on the Original Real Property and,
except with respect to the Leased Equipment, all of the Equipment located on the Original Real Property on the date hereof is owned by one or more Obligors. Each Obligor is the sole beneficial owner of the Tranche A Collateral in which it purports
to grant a security interest hereunder and no Lien exists upon such Tranche A Collateral, except for Liens on the New Equipment Collateral granted to the Collateral Agent for the benefit of the Tranche B Secured Parties and Liens permitted under
Section 5(r) of the Credit Agreement. The security interest created hereunder constitutes (A) a valid, first priority perfected security interest in the Tranche A Collateral, other than the New Equipment Collateral, in which such Obligor
purports to grant a security interest hereunder (except, in the case of perfection and priority, in respect of Motor Vehicles subject to a certificate of title statute), subject to no equal or prior Lien except as permitted by said
Section 5(r), and (B) a valid, second priority perfected security interest in the New Equipment Collateral in which such Obligor purports to grant a security interest hereunder (except, in the case of perfection and priority, in respect of
Motor Vehicles subject to a certificate of title statute), subject to no equal or prior Lien, except for Liens granted to the Collateral Agent for the benefit of the Tranche B Secured Parties and except as permitted by said Section 5(r).

 (f) Perfection Certificate, Filing Information, Etc. 
 (i) Perfection Certificate. A Perfection Certificate has been duly prepared, completed and executed and delivered to the Collateral
Agent, and the information set forth therein is correct and complete in all material respects as of the date hereof. 
 (ii)
Names and Identifying Information. As of the date hereof, set forth in Schedule A to the Perfection Certificate delivered on the date hereof are for each Obligor the (i) full and correct legal name, (ii) type of organization
(including any change in the identity or corporate structure within the past five years), (iii) jurisdiction of organization, (iv) Federal taxpayer identification number, (v) place of business(es) and (vi) former legal name(s)
within the last five years of each Obligor. 
 (iii) Real Property and Locations of Tranche A Collateral. Set forth in
Schedule B to the Perfection Certificate delivered on the date hereof is a list of all of the real property interests (including in respect of leased property) held by the Obligors as of the date hereof, indicating in each case (i) the
description of the location of the respective property, (ii) whether the respective property is owned or leased, (iii) the identity of the owner or lessee of the respective property, (iv) whether the respective property is subject to
the Lien of a Mortgage, (v) the filing office in which each Mortgage must be filed or recorded in order for the Collateral Agent to obtain a perfected security interest therein and (vi) either (A) a description of the relevant
Mortgage, if applicable, (B) if the respective property is owned by any Obligor and not subject to the Lien of a Mortgage, that the respective property is subject to no Lien other than Permitted Liens, (C) that the Collateral Agent has
received a Waiver and Access Rights Agreement with respect to such property that is currently in full force and effect (together with a description of such Waiver and Access Rights Agreement) or (D) that no Tranche A Collateral is located on
the respective property. 
 (iv) Motor Vehicles. As of the date hereof, the aggregate Fair Market Value 

  

 SECURITY AGREEMENT 
 - 5 - 

 
of the Tranche A Collateral consisting of Motor Vehicles subject to a certificate of title statute does not exceed $350,000. 
 (v) Filing Information. 
 (a) Uniform Commercial Code financing statements have been prepared for filing in the applicable Uniform Commercial Code filing office and, in the case of fixture filings, the applicable County recorder’s office
in each jurisdiction identified with respect to each Obligor in Part A of Schedule E to the Perfection Certificate delivered on the date hereof. 
 (b) Part A of Schedule E to the Perfection Certificate delivered on the date hereof correctly sets forth for each Obligor (i) the financing statements and fixture filings required under the terms of this
Agreement and the other Tranche A Collateral Documents and (ii) the respective filing or recorder’s offices for such financing statements and fixture filings, as the case may be. Except for (i) the financing statements and fixture
filings as to which amendments, termination statements and fixture filing terminations described in Part B of Schedule E to the Perfection Certificate delivered on the date hereof are to be filed by the Obligors and (ii) the financing
statements and fixture filings described in Part C of Schedule E to the Perfection Certificate delivered on the date hereof that cover property subject to Liens permitted by Section 5(r) of the Credit Agreement, there are no financing
statements or fixture filings with respect to any of the Tranche A Collateral that are effective and currently on file except for those in favor of the Collateral Agent and set forth in Part A of Schedule E to the Perfection Certificate delivered on
the date hereof. 
 (g) Real Property, Etc. Each of the Obligors has good title to, or a valid leasehold
interest in, all of its real property material to its business, subject only to Liens permitted by Section 5(r) of the Credit Agreement and except for minor defects in title that do not interfere with its ability to conduct its business as
currently conducted or to utilize such properties for their intended purposes. The Mortgages are effective to grant a legal and valid mortgage lien on all of the respective Obligor’s right, title and interest in each of the mortgaged properties
thereunder. Upon the due recording and indexing thereof, each Mortgage will constitute a validly perfected and enforceable first priority security interest in the related mortgaged property, for the benefit of the Secured Parties, subject only to
the encumbrances and exceptions to title expressly set forth therein and except to the extent that such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights
generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 
 (h) Environmental. Except as set forth in Schedule 2(z) to the Credit Agreement, (i) to the knowledge of the Obligors, each of the Obligors is in compliance with all Environmental Laws, except to the extent that failure
to comply with such Environmental Laws would not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect, (ii) none of the Obligors is the subject of any pending or, to the best knowledge of the Company,
threatened federal, state, local or foreign investigation evaluating whether any remedial action by any of the Obligors is needed to respond to a release of any Hazardous Materials into the environment, resulting from the business operations of any
of the Obligors or ownership or possession of any of their properties or assets or is in contravention of any Environmental Law that the would reasonably be expected to result, individually or in the aggregate, in a Material 

  

 SECURITY AGREEMENT 
 - 6 - 

 
Adverse Effect, and (iii) none of the Obligors has received any written notice or claim, nor are there pending or, to the knowledge of the Company,
threatened, lawsuits or governmental proceedings against them, with respect to violations of or liabilities under any Environmental Law or in connection with any release of any Hazardous Material into the environment that would reasonably be
expected to result in a Material Adverse Effect. 
 (i) Changes in Circumstances. Each Obligor has not (i) within
the period of four months prior to the date hereof, changed its location (as defined in Section 9-307 of the UCC), (ii) except as specified in the Schedule A to the Perfection Certificate delivered on the date hereof, heretofore changed
its name, or (iii) heretofore become a New Debtor with respect to a currently effective security agreement covering any of the Tranche A Collateral previously entered into by any other Person. 
 (j) Excluded Collateral. On the date hereof, the aggregate Fair Market Value of the Leased Equipment does not exceed $353,000 and
the aggregate Fair Market Value of the Mooresville Excluded Equipment does not exceed $17,000,000. 
 (k) New Equipment
Collateral. As of the date hereof, the aggregate Fair Market Value of the New Equipment Collateral is not less than $2,400,000. 
 (l) Patents. As of the date hereof, there are no patents or patent applications owned by any Obligor that are necessary or required to operate or sell, dispose or otherwise transfer any of the Tranche A Collateral, nor does the use
by any Obligor of any of the Tranche A Collateral violate or infringe upon any patent or patent application of any other Person or require any payment by any Obligor (whether as licensee or otherwise) in respect of any such patent or patent
application. 
 Section 3. Tranche A Collateral. As collateral security for the prompt payment or performance in full when due,
whether at stated maturity, by acceleration or otherwise, (including without limitation the payment of amounts that would become due but for the operation of the automatic stay under Section 362(c) of the Bankruptcy Code) of the Secured
Obligations, whether now existing or hereafter from time to time arising, each Obligor hereby grants to the Collateral Agent, for the benefit of the Secured Parties as hereinafter provided, a security interest in all of such Obligor’s right,
title and interest in, to and under the following property and assets, and whether (except as expressly provided in the proviso in this Section 3) now owned by such Obligor or hereafter acquired and whether now existing or hereafter
coming into existence (all of the property and assets described in this Section 3 being collectively referred to herein as the “Tranche A Collateral”): 
 (a) all Equipment, including without limitation the New Equipment Collateral; 
 (b) all New Mooresville Collateral; 
 (c) all Fixtures; 
 (d) the Collateral Account and all Financial Assets and other property
and balances credited thereto from time to time; 
 (e) all Qualified Consideration received by any Obligor pursuant to
Section 5(o) of the Credit Agreement, including any notes or Instruments with respect thereto; and 
 (f) all Proceeds,
products, substitutions and replacements of and to any of the Tranche A 

  

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Collateral (including Proceeds) and, to the extent related to any Tranche A Collateral, all warranties, service or repair contracts, books, manuals,
operations or users guides, correspondence, files, records, invoices, ledger sheets, ledger cards, files, computer software (owned by any Obligor or in which it has an interest), computer programs, tapes, disks and other papers; 
 PROVIDED that the definition of “Tranche A Collateral” shall not include (I) any Mooresville Excluded Equipment, unless and until, and then only to
the extent that, such Mooresville Excluded Equipment shall have become New Mooresville Collateral, which New Mooresville Collateral shall be included in the definition of “Tranche A Collateral”; (II) any Equipment acquired or constructed
after the date hereof with assets other than the Collateral or Mortgaged Property or any proceeds thereof and initially located on any real property other than Original Real Property (the “Other Excluded Equipment”); (III) the
Leased Equipment (whether or not such Equipment is acquired by any Obligor after the date hereof free and clear from the lease relating thereto); (IV) any Proceeds from dispositions contemplated by Section 5.11(d), unless and until any such
Proceeds are used to purchase Specified Collateral Assets (subject to clause (I) above), which Specified Collateral Assets shall be included in the definition of “Tranche A Collateral”; and (V) any Fixtures constituting doors,
wiring, heating, ventilating, air conditioning, sprinkler, plumbing, irrigating, elevators or escalators or other similar Fixtures used solely in the operation of buildings erected on land as leasable commercial real property; and 
 NOTWITHSTANDING anything herein to the contrary, any Equipment (including any Equipment acquired or constructed after the date hereof but excluding the equipment
described in clauses (III) and (V) above) located on any Original Real Property shall be presumed to be part of the “Tranche A Collateral” unless the Company shall have certified that such Equipment is Mooresville Excluded Equipment
or Other Excluded Equipment pursuant to a Collateral Certificate delivered to the Collateral Agent. 
 Section 4. Cash Proceeds of
Tranche A Collateral. 
 (a) Collateral Account. The Collateral Agent will cause to be established at a banking institution to be
selected by the Required Lenders a cash collateral account (the “Collateral Account”) in the sole name of the Collateral Agent, which 
 (i) to the extent of all Investment Property or Financial Assets (other than cash) credited thereto shall be a “securities account” (as defined in Section 8-501 of the UCC) in respect of which the
Collateral Agent shall be the “entitlement holder” (as defined in Section 8-102(a)(7) of the UCC) and 
 (ii)
to the extent of any cash credited thereto, shall be a Deposit Account, and 
 into which each Obligor agrees to deposit from time to time the proceeds of
any of the Tranche A Collateral or the Mortgaged Property consisting of Investment Property, Financial Assets and cash (including in respect of Asset Sales contemplated by Section 5(o) of the Credit Agreement and in respect of Events of Loss
contemplated by Section 5(w) of the Credit Agreement) required to be delivered to the Collateral Agent pursuant to said Sections 5(o) and 5(w). The balance from time to time in the Collateral Account shall constitute part of the Tranche A
Collateral hereunder and shall not constitute payment of the Secured Obligations until applied as hereinafter provided. Until so deposited, all such Proceeds shall be held in trust by such Obligor for and as the property of the Collateral Agent and
shall not be commingled with any other funds or property of such Obligor. 
 (b) Withdrawals. The balance from time to time in the
Collateral Account shall be 

  

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subject to withdrawal only as provided in this paragraph (b). If the Company has opted to (i) make an investment in Specified Collateral Assets of any
Obligor or make an Asset Sale Offer for the Loans pursuant to Section 5(o) of the Credit Agreement or (ii) reinvest Net Loss Proceeds in the rebuilding, repair, replacement or construction of improvements to property or make an Event of
Loss Offer for the Loans pursuant to Section 5(w) of the Credit Agreement, and subject to the satisfaction of the conditions set forth in Section 5.12(e) hereof, the applicable amount held in the Collateral Account shall be applied by the
Collateral Agent towards such investment or offer, as the case may be, and such amount shall be advanced to the Company by the Collateral Agent. Notwithstanding anything herein to the contrary, at any time following the occurrence and during the
continuance of an Event of Default (and irrespective of whether any investment as contemplated in the previous sentence is in progress), the Collateral Agent may (and, if instructed by the Required Lenders, shall) in its (or their) discretion apply
or cause to be applied the balance from time to time outstanding to the credit of the Collateral Account to the payment of the Secured Obligations in the manner specified in Section 5.08 hereof. 
 (c) Investment of Balance in Collateral Account. The cash balance outstanding to the credit of the Collateral Account shall be invested from time
to time in such Cash Equivalents as the Company (or, after the occurrence and during the continuance of an Event of Default, the Collateral Agent) shall determine, which Cash Equivalents shall be held in the name and be under the control of the
Collateral Agent (and credited to the Collateral Account), provided that at any time after the occurrence and during the continuance of an Event of Default, the Collateral Agent may (and, if instructed by the Required Lenders, shall) in its
(or their) discretion at any time and from time to time elect to liquidate any such Cash Equivalents and to apply or cause to be applied the proceeds thereof to the payment of the Secured Obligations in the manner specified in Section 5.08
hereof. 
 Section 5. Further Assurances; Remedies. In furtherance of the grant of the security interest hereunder, the Obligors
hereby agree with the Collateral Agent for the benefit of the Secured Parties as follows: 
 5.01 Delivery and Other Perfection; Further
Assurances. Each Obligor shall: 
 (a) give, execute, deliver, file, record, authorize or obtain all such financing
statements, fixture filings, notices, instruments, documents, agreements or consents or other papers, and take all such other actions, as may be necessary or (in the reasonable judgment of the Collateral Agent) desirable to create, maintain,
preserve, perfect or validate the security interest created hereunder or to enable the Collateral Agent to exercise and enforce its rights hereunder with respect to such security interest (including (i) delivering to the Collateral Agent any
and all Instruments constituting part of the Tranche A Collateral, endorsed and/or accompanied by such instruments of assignment and transfer in form and substance as the Collateral Agent may request, (ii) executing and delivering and, subject
to the execution thereof by the Collateral Agent, causing to be filed such continuation statements, and do such other acts and things, as may be reasonably necessary to maintain the perfection of the security interest created hereunder,
(iii) paying any fees and taxes required in connection with the execution and delivery of this Agreement, the grant of the security interest created hereunder and the filing of any financing statements, fixture filings or other documents in
connection herewith or therewith and (iv) delivering to the Collateral Agent such Uniform Commercial Code amendments (including fixture filing amendments) and such other documentation as shall be necessary or as the Collateral Agent shall
reasonably request in order to create, maintain, preserve, perfect or validate the security interest created hereunder with respect to any of the changes set forth on Schedule D in any Perfection Certificate delivered hereunder); 
  

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 (b) keep full and accurate books and records relating to the Tranche A Collateral, and
stamp or otherwise mark such books and records in such manner as the Collateral Agent may reasonably require in order to reflect the security interests created hereunder; 
 (c) take any and all actions necessary to defend title to the Tranche A Collateral against all persons and to defend the security interest
created hereunder and the priority thereof against any Lien not expressly permitted by Section 5(r) of the Credit Agreement; 
 (d) permit representatives of the Collateral Agent, upon reasonable notice, at any time during normal business hours to inspect and make abstracts from its books and records pertaining to the Tranche A Collateral, and permit representatives
of the Collateral Agent to be present at such Obligor’s place of business to receive copies of all communications and remittances relating to the Tranche A Collateral, and forward copies of any notices or communications received by such Obligor
with respect to the Tranche A Collateral, all in such manner as the Collateral Agent may require; and 
 (e) from time to time
upon the written request of the Collateral Agent, execute and deliver such further documents and do such other acts and things as the Collateral Agent may reasonably request in order fully to effect the purposes of this Agreement. 
 5.02 Other Financing Statements and Liens. Except in respect of Liens expressly permitted under Section 5(r) of the Credit Agreement and
except for Liens on the New Equipment Collateral granted to the Collateral Agent for the benefit of the Tranche B Secured Parties, no Obligor shall (a) file or suffer to be on file, or authorize or permit to be filed or to be on file, in any
jurisdiction, any financing statement, fixture filing or like instrument with respect to any of the Tranche A Collateral in which the Collateral Agent is not named as the sole secured party for the benefit of the Secured Parties, or (b) cause
or permit any Person other than the Collateral Agent to have “control” (as defined in Sections 8-106 and 9-104 of the UCC) of the Collateral Account. 
 5.03 Preservation of Rights. No Secured Party shall be required to take steps necessary to preserve any rights against prior parties to any of the Tranche A Collateral. 
 5.04 Events of Default, Etc. During the period during which an Event of Default shall have occurred and be continuing: 
 (a) each Obligor shall, at the request of the Collateral Agent, assemble the Tranche A Collateral owned by it at such place or places,
reasonably convenient to both the Collateral Agent and such Obligor, as are designated in its request, and, subject to any applicable Waiver and Access Rights Agreement, shall permit the Collateral Agent or any of its representatives to use any of
its lifts, hoists, trucks and other facilities or equipment (whether owned or leased) for handling or removing the Tranche A Collateral; 
 (b) the Collateral Agent may make any reasonable compromise or settlement deemed desirable with respect to any of the Tranche A Collateral and may extend the time of payment, arrange for payment in installments, or
otherwise modify the terms of, any of the Tranche A Collateral; 
 (c) the Collateral Agent shall have all of the rights and
remedies with respect to the Tranche A Collateral of a secured party under the Uniform Commercial Code (whether or not the Uniform Commercial Code is in effect in the jurisdiction where the rights and remedies are asserted) and such additional
rights and remedies to which a secured party is entitled under the 

  

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laws in effect in any jurisdiction where any rights and remedies hereunder may be asserted, including the right, to the fullest extent permitted by
applicable law, to exercise all voting, consensual and other powers of ownership pertaining to the Tranche A Collateral as if the Collateral Agent were the sole and absolute owner thereof (and each Obligor agrees to take all such action as may be
appropriate to give effect to such right); 
 (d) the Collateral Agent in its discretion may, in its name or in the name of
the Obligors or otherwise, demand, sue for, collect or receive any money or property at any time payable or receivable on account of or in exchange for any of the Tranche A Collateral, but shall be under no obligation to do so; 
 (e) subject to any applicable Waiver and Access Rights Agreement, the Collateral Agent shall have a right of ingress and egress to the
locations where the Tranche A Collateral is located, and may proceed over and through any Obligor’s owned or leased properties; and 
 (f) the Collateral Agent may, upon 10 days’ prior written notice to the Obligors of the time and place, with respect to the Tranche A Collateral or any part thereof that shall then be or shall thereafter come
into the possession, custody or control of the Collateral Agent, the other Secured Parties or any of their respective agents, sell, lease, assign or otherwise dispose of all or any part of such Tranche A Collateral, at such place or places as the
Collateral Agent deems best, and for cash or for credit or for future delivery (without thereby assuming any credit risk), at public or private sale, without demand of performance or notice of intention to effect any such disposition or of the time
or place thereof (except such notice as is required above or by applicable statute and cannot be waived), and any Secured Party or anyone else may be the purchaser, lessee, assignee or recipient of any or all of the Tranche A Collateral so disposed
of at any public sale (or, to the extent permitted by law, at any private sale) and thereafter hold the same absolutely, free from any claim or right of whatsoever kind, including any right or equity of redemption (statutory or otherwise), of the
Obligors, any such demand, notice and right or equity being hereby expressly waived and released (except as otherwise required by applicable law). The Collateral Agent may, without notice or publication, adjourn any public or private sale or cause
the same to be adjourned from time to time by announcement at the time and place fixed for the sale, and such sale may be made at any time or place to which the sale may be so adjourned. 
 The proceeds of each collection, sale or other disposition under this Section 5.04 shall be applied in the manner specified in Section 5.08. 
 5.05 Deficiency. If the proceeds of sale, collection or other realization of or upon the Tranche A Collateral pursuant to Section 5.04 are
insufficient to cover the costs and expenses of such realization and the payment in full of the Secured Obligations, the Obligors shall remain liable for any deficiency. 
 5.06 Locations; Names. Without at least 20 days’ prior written notice to the Collateral Agent, no Obligor shall change its location or change its name from the name shown as its current legal name in
Schedule A to the most recently delivered Perfection Certificate. 
 5.07 Private Sale. None of the Secured Parties shall incur any
liability as a result of the sale of the Tranche A Collateral, or any part thereof, at any private sale pursuant to Section 5.04 conducted in a commercially reasonable manner. Each Obligor hereby waives any claims against any Secured Party
arising by reason of the fact that the price at which the Tranche A Collateral may have been sold at such a private sale was less than the price that might have been obtained at a public sale or was 

  

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less than the aggregate amount of the Secured Obligations, even if the Collateral Agent accepts the first offer received and does not offer the Tranche A
Collateral to more than one offeree. 
 5.08 Application of Proceeds. Except as otherwise herein expressly provided, the Proceeds of
any collection, sale or other realization of all or any part of the Tranche A Collateral or Mortgaged Property pursuant hereto or any other Tranche A Collateral Document, and any other cash at the time held by the Collateral Agent under
Section 4 or this Section 5, shall be applied by the Collateral Agent pursuant to Section 17(d) of the Credit Agreement. 
 5.09 Attorney-in-Fact. Without limiting any rights or powers granted by this Agreement to the Collateral Agent while no Event of Default has occurred and is continuing, upon the occurrence and during the continuance of any Event of
Default the Collateral Agent is hereby appointed the attorney-in-fact of each Obligor for the purpose of carrying out the provisions of this Section 5 and taking any action and executing any instruments that the Collateral Agent may deem
necessary or advisable to accomplish the purposes hereof, which appointment as attorney-in-fact is irrevocable and coupled with an interest. 
 5.10 Perfection. Each Obligor hereby authorizes the Collateral Agent to file, and to have filed prior to the date hereof, one or more financing statements and fixture filings in respect of such Obligor as debtor in such filing
offices in such jurisdictions with which such a filing is (a) required to perfect the security interest created hereunder by such Obligor or (b) reasonably desirable (in the Collateral Agent’s discretion) to give notice of the
security interest created hereunder by such Obligor, in each case containing a description of the Tranche A Collateral in substantially the form set forth in Annex 4. 
 5.11 Termination; Partial Release; Uniform Commercial Code Amendments. 
 (a) Full
Termination. When all Secured Obligations shall have been paid in full, (i) this Agreement shall terminate, (ii) upon the written request of the Company, the Collateral Agent shall forthwith cause to be assigned, transferred and
delivered, against receipt but without any recourse, warranty or representation whatsoever, any remaining Tranche A Collateral and money received in respect thereof, to or on the order of the respective Obligor, and (iii) upon the written
request of the Company, the Collateral Agent shall also execute and deliver to the respective Obligor upon such termination such Uniform Commercial Code termination statements and such other documentation as shall be reasonably requested by the
respective Obligor to effect the termination and release of the Liens on the Tranche A Collateral. 
 (b) Asset Sale
Release. The Collateral Agent shall release any Lien covering any Tranche A Collateral or Mortgaged Property that has been disposed of pursuant to Section 5(o) of the Credit Agreement (including in respect of any Tranche A Collateral or
Mortgaged Property owned by any Obligor whose Equity Interests have been disposed of pursuant to said Section 5(o)) and shall execute and deliver to the Company (or its designee) such documents and instruments prepared by the Company and
delivered to the Collateral Agent pursuant to clause (iii) below that are reasonably required to effect or evidence such release, without any recourse or warranty or representation whatsoever, provided that each of the following actions
shall have been performed to the satisfaction of the Collateral Agent as a condition to such release: 
 (i) prior to or
concurrently with any such release the Company shall have (a) deposited the Proceeds of such Tranche A Collateral and/or Mortgaged Property consisting of Investment Property, Financial Assets and cash into the Collateral Account pursuant to
Section 4 to be applied as provided in Section 5(o) of the Credit Agreement 

  

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and (b) delivered to the Collateral Agent any Instruments constituting part of such Proceeds, endorsed and/or accompanied by such instruments of
assignment and transfer in form and substance as the Collateral Agent may request; 
 (ii) the Collateral Agent shall have
received a Collateral Certificate with respect to such released Tranche A Collateral or Mortgaged Property; and 
 (iii) the
Collateral Agent shall have received from the Company such Uniform Commercial Code amendments (including fixture filing amendments) and such other documentation (including any mortgage or deed of trust release documentation) as the Company shall
reasonably request in order to release the Lien created hereunder in the Tranche A Collateral and/or Mortgaged Property set forth in the attachment to the Collateral Certificate delivered in clause (ii) above. 
 (c) [Intentionally Omitted] 
 (d) Non-Asset Sale Dispositions. The Collateral Agent shall release any Lien covering any Tranche A Collateral that has been disposed of pursuant to a transaction not constituting an Asset Sale and certified as
such pursuant to the definition of “Asset Sale” in the Credit Agreement and shall execute and deliver to the Company (or its designee) such documents and instruments prepared by the Company and delivered to the Collateral Agent pursuant to
clause (ii) below that are reasonably required to effect or evidence such release, without any recourse or warranty or representation whatsoever, provided that each of the following actions shall have been performed to the satisfaction
of the Collateral Agent as a condition to such release: 
 (i) the Collateral Agent shall have received a Collateral
Certificate with respect to such released Tranche A Collateral; and 
 (ii) the Collateral Agent shall have received from the
Company such Uniform Commercial Code amendments as the Company shall reasonably request in order to release the Lien created hereunder in the Tranche A Collateral set forth in the attachment to the Collateral Certificate delivered in clause
(i) above. 
 (e) General Releases. The Collateral Agent shall release any Lien covering any Tranche A Collateral
that has been disposed of pursuant to a transaction not described in the foregoing clauses (a) through (d) and permitted by the Required Lenders pursuant to Section 14(a) of the Credit Agreement in the manner requested by the Company
and approved by the Required Lenders. 
 (f) Excluded Equipment Further Assurances. In connection with any acquisition
or disposition of any Mooresville Excluded Equipment or any Other Excluded Equipment by any Obligor, upon the reasonable request of the Company, and provided that the Company shall have delivered a Collateral Certificate to the Collateral Agent with
respect to such Mooresville Excluded Equipment or Other Excluded Equipment, the Collateral Agent shall execute and deliver to the Company (or its designee) such Uniform Commercial Code Amendments prepared by the Company and delivered to the
Collateral Agent as the Company shall reasonably request reflecting that such Mooresville Excluded Equipment or Other Excluded Equipment, as the case may be, that is set forth in such Collateral Certificate is not subject to the Lien created
hereunder. 
  

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 5.12 Special Provisions Relating to Tranche A Collateral. 
 (a) Location of Tranche A Collateral. 
 (i) No Obligor shall move or relocate any of the Tranche A Collateral to any real property that is not Original Real Property, unless: 
 (a) with respect to such real property (x) unless such real property is owned by any Obligor and subject to no Lien other than
Permitted Liens or Liens in favor of the Secured Parties, the Collateral Agent shall have received a Waiver and Access Rights Agreement, which Waiver and Access Rights Agreement shall be in full force and effect and (y) a fixture filing in
favor of the Collateral Agent shall have been made; and 
 (b) the Collateral Agent shall have received a Collateral
Certificate with respect to such moved or relocated Tranche A Collateral. 
 (ii) Each Obligor agrees that it will maintain
any and all Equipment constituting Tranche A Collateral on real property located in the United States of America and with respect to which a fixture filing in favor of the Collateral Agent has been made and either: 
 (a) such real property is subject to no Lien other than Permitted Liens or Liens in favor of the Secured Parties, or 
 (b) with respect to such real property the Collateral Agent shall have received a Waiver and Access Rights Agreement, which Waiver and
Access Rights Agreement shall be in full force and effect. 
 (iii) No Obligor shall sell, lease, convey, transfer or
otherwise dispose any of the Tranche A Collateral to any Guarantor that is not also an Obligor. 
 (b) Motor Vehicles.
If on any date (the “Motor Vehicles Perfection Date”) the aggregate Fair Market Value of Tranche A Collateral consisting of Motor Vehicles subject to a certificate of title statute exceeds $450,000, the Company shall, within 30 days
of the Motor Vehicles Perfection Date, deliver (or cause to be delivered) to the Collateral Agent originals of the certificates of title or ownership for all such Motor Vehicles with the Collateral Agent listed as lienholder and take such other
action as is necessary or as the Collateral Agent shall deem appropriate to perfect the security interest created hereunder in all such Motor Vehicles. With respect to any Motor Vehicles subject to a certificate of title that shall become part of
the Tranche A Collateral after the Motor Vehicles Perfection Date, the Company shall, within 30 days of the date such Motor Vehicles become part of the Tranche A Collateral, deliver (or cause to be delivered) to the Collateral Agent originals of the
certificates of title or ownership for all such Motor Vehicles with the Collateral Agent listed as lienholder and take such other action as is necessary or as the Collateral Agent shall deem appropriate to perfect the security interest created
hereunder in all such Motor Vehicles. 
 (c) Amendments and Terminations. The Company shall, within 10 days after the
date hereof, cause to be filed all of the amendments, termination statements and fixture filing terminations described in Part B of Schedule E to the Perfection Certificate delivered on the date hereof. 
  

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 (d) Perfection Certificate. The Company shall deliver a Perfection Certificate to
the Collateral Agent in the following circumstances: 
 (i) on the date hereof and annually together with the Officers’
Certificate required to be delivered with the annual financial statements of the Company and its Subsidiaries pursuant to Section 5(g) of the Credit Agreement, dated the date of each such delivery; and 
 (ii) on any other date in the discretion of the Company. 
 (e) New Tranche A Collateral. Notwithstanding anything herein or in the Credit Agreement to the contrary, no Obligor shall be
permitted to make an investment in Specified Collateral Assets of any Obligor pursuant to Section 5(o) of the Credit Agreement or reinvest Net Loss Proceeds in the rebuilding, repair, replacement or construction of improvements to property
pursuant to Section 5(w) of the Credit Agreement unless each of the following actions shall have been performed to the satisfaction of the Collateral Agent: 
 (i) the Collateral Agent shall have received a Collateral Certificate with respect to such investment or reinvestment at least 10 Business
Days prior to the date of such investment or reinvestment; and 
 (ii) upon the reasonable request of the Collateral Agent,
the Company shall have delivered to the Collateral Agent, at least 10 Business Days prior to the date of such investment or reinvestment, Uniform Commercial Code amendments for recordation in the appropriate filing or recordation offices set forth
in the most recently delivered Perfection Certificate. 
 (f) New Mooresville Collateral. The following actions shall
be performed to the satisfaction of the Collateral Agent: 
 (i) The Company shall deliver to the Collateral Agent a
Collateral Certificate with respect to any Mooresville Excluded Equipment that becomes New Mooresville Collateral (i) not more than 30 days after the end of any calendar month up to and including December 2006 in which any Mooresville Excluded
Equipment became New Mooresville Collateral and (ii) not more than 45 days after the end of any fiscal quarter thereafter in which any Mooresville Excluded Equipment became New Mooresville Collateral; and 
 (ii) at least 10 Business Days prior to the date any Mooresville Excluded Equipment is to become New Mooresville Collateral, upon the
reasonable request of the Collateral Agent, the Collateral Agent shall have received Uniform Commercial Code amendments for recordation in the appropriate filing or recordation offices set forth in the most recently delivered Perfection Certificate.

 (g) New Equipment Collateral. 
 (i) On or prior to the date of the acquisition or completion of manufacture, as applicable, of any New Equipment Collateral, the Company
shall provide to the Collateral Agent Uniform Commercial Code amendments, to the extent such New Equipment Collateral is not already covered by a prior Uniform Commercial Code filing in favor of the Collateral Agent for the benefit of the Secured
Parties, for recordation in 

  

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the appropriate filing or recordation offices set forth in the most recently delivered Perfection Certificate. 
 (ii) The Company shall deliver to the Collateral Agent a Collateral Certificate with respect to any newly manufactured or acquired New
Equipment Collateral (A) not more than 30 days after the end of any calendar month up to and including December 2006 and (B) not more than 45 days after the end of any fiscal quarter thereafter in which any New Equipment Collateral is
acquired or manufactured. 
 (iii) The Company shall cause the aggregate Fair Market Value of the New Equipment Collateral to
be greater than $3,000,000 at all times after December 31, 2006. 
 (h) Patents. Each Obligor agrees that it shall
not file any patents or patent applications with respect to any trade secrets, know-how or proprietary knowledge of any Obligor necessary or required to operate or sell, dispose or otherwise transfer any of the Tranche A Collateral unless, prior to
any such filing and at all times thereafter, there shall be in effect a legal, valid and binding, irrevocable and non-exclusive license agreement in favor of the Collateral Agent with respect to any such patent or patent application that (i) is
perpetual and binding on such Obligor and all other future owners of such patent or patent application, (ii) provides for the Collateral Agent to have royalty-free use of any such patent or patent application, and (iii) is assignable by
the Collateral Agent without consent of the owner of such patent or patent application to any assignee of the Collateral Agent or the Tranche A Collateral. 
 (i) Environmental. 
 (i) The Obligors shall ensure that all real property owned or
occupied by the Obligors remains in compliance in all material respects with all Environmental Laws and they will not place or permit to be placed any Hazardous Materials on any such property except as not prohibited by applicable law or appropriate
governmental authorities. 
 (ii) The Obligors will establish and maintain a system to assure and monitor continued compliance
with all applicable Environmental Laws which system shall include periodic reviews of such compliance. 
 (iii) Promptly upon
the written request of the Collateral Agent from time to time, the Company shall provide the Collateral Agent, at the Company’s expense, with an environmental site assessment or environmental audit report prepared by an environmental
engineering firm acceptable in the reasonable opinion of the Collateral Agent, to assess with a reasonable degree of certainty the existence of a Hazardous Discharge and the potential costs in connection with abatement, cleanup and removal of any
Hazardous Materials found on, under, at or within any real property owned or occupied by any Obligor. Any report or investigation of such Hazardous Material proposed and acceptable to an appropriate governmental authority that is charged to oversee
the clean-up of such Hazardous Material shall be acceptable to the Collateral Agent. If such estimates, either individually or in the aggregate, exceed $100,000, the Collateral Agent shall have the right to require the Company to post a bond, letter
of credit or other security reasonably satisfactory to the Collateral Agent to secure payment of these costs and expenses. 
 (iv) Each Obligor shall defend and indemnify the Collateral Agent and hold the Collateral Agent and its employees, agents, directors and officers harmless from and 

  

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against all loss, liability, damage and expense, claims, costs, fines and penalties, including attorney’s fees, suffered or incurred by the Collateral
Agent under or on account of any Environmental Laws, including the assertion of any Lien thereunder, with respect to any Hazardous Material, if the same originates or emerges from any real property owned or occupied by such Obligor or any contiguous
real estate, except to the extent such loss, liability, damage and expense is attributable to any Hazardous Material resulting from actions on the part of the Collateral Agent. The Obligors’ obligations and the indemnifications hereunder shall
survive the termination of this Agreement. 
 (v) For purposes of this clause (i), all references to any real property owned
or occupied by any Obligor shall be deemed to include all of such Obligor’s right, title and interest in and to its owned and leased premises. 
 Section 6. Miscellaneous. 
 6.01 Notices. All notices, requests, consents and demands hereunder shall be in
writing and telecopied or delivered as provided in Section 21 of the Credit Agreement and shall be deemed to have been given at the times specified in said Section. 
 6.02 No Waiver. No failure on the part of any Secured Party to exercise, and no course of dealing with respect to, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver
thereof; nor shall any single or partial exercise by any Secured Party of any right, power or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The remedies herein are cumulative and
are not exclusive of any remedies provided by law. 
 6.03 Amendments, Etc. The terms of this Agreement may be waived, amended or
modified only in accordance with the Credit Agreement and pursuant to an agreement or agreements in writing entered into by the Collateral Agent and the Obligor or Obligors with respect to which such waiver, amendment or modification is to apply.
Any such amendment or waiver shall be binding upon the Secured Parties and each holder of any of the Secured Obligations and each Obligor. 
 6.04 Expenses. The Obligors jointly and severally agree to reimburse each of the Secured Parties for all costs and expenses incurred by them (including the reasonable fees and expenses of legal counsel) in connection with
(i) any Default or Event of Default and any enforcement or collection proceeding resulting therefrom, including all manner of participation in or other involvement with (w) performance by the Collateral Agent of any obligations of the
Obligors in respect of the Tranche A Collateral or the Mortgaged Property that the Obligors have failed or refused to perform, (x) bankruptcy, insolvency, receivership, foreclosure, winding up or liquidation proceedings, or any actual or
attempted sale, or any exchange, enforcement, collection, compromise or settlement in respect of any of the Tranche A Collateral or the Mortgaged Property, and for the care of the Tranche A Collateral and the Mortgaged Property and defending or
asserting rights and claims of the Collateral Agent in respect thereof, by litigation or otherwise, including expenses of insurance, (y) judicial or regulatory proceedings and (z) workout, restructuring or other negotiations or proceedings
(whether or not the workout, restructuring or transaction contemplated thereby is consummated) and (ii) the enforcement of this Section 6.04, and all such costs and expenses shall be Secured Obligations entitled to the benefits of the
collateral security provided pursuant to Section 3. In addition, the Obligors jointly and severally agree to pay to the Collateral Agent reasonable compensation and fees for services rendered by the Collateral Agent upon and after the
commencement of any bankruptcy, insolvency, receivership, foreclosure, winding up or liquidation proceedings to which any Obligor is party, and all such fees and compensation shall be Secured Obligations entitled to the benefits of the collateral
security provided pursuant to Section 3. 
  

 SECURITY AGREEMENT 
 - 17 - 

 6.05 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the
respective successors and assigns of each Obligor and the Secured Parties, provided that no Obligor shall assign or transfer its rights or obligations hereunder without the prior written consent of the Collateral Agent (granted with the
authorization of the Lenders as specified in Section 14 of the Credit Agreement). 
 6.06 Counterparts. This Agreement may be
executed in any number of counterparts, all of which taken together shall constitute one and the same instrument and any of the parties hereto may execute this Agreement by signing any such counterpart. 
 6.07 Governing Law; Waiver of Jury Trial. 
 (a) This Agreement shall be governed by, and construed in accordance with, the law of the State of New York. 
 (b) EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE CREDIT
AGREEMENT, THIS AGREEMENT OR THE OTHER TRANCHE A COLLATERAL DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED
TO ENTER INTO THE CREDIT AGREEMENT, THIS AGREEMENT AND THE OTHER TRANCHE A COLLATERAL DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS CLAUSE (b). 
 6.08 Captions. The captions and section headings appearing herein are included solely for convenience of reference and are not intended to affect
the interpretation of any provision of this Agreement. 
 6.09 Agents and Attorneys-in-Fact. The Collateral Agent may employ agents
and attorneys-in-fact in connection herewith and shall not be responsible for the negligence or misconduct of any such agents or attorneys-in-fact selected by it in good faith. 
 6.10 Severability. If any provision hereof is invalid and unenforceable in any jurisdiction, then, to the fullest extent permitted by law,
(a) the other provisions hereof shall remain in full force and effect in such jurisdiction and shall be liberally construed in favor of the Secured Parties in order to carry out the intentions of the parties hereto as nearly as may be possible
and (b) the invalidity or unenforceability of any provision hereof in any jurisdiction shall not affect the validity or enforceability of such provision in any other jurisdiction. 
 6.11 Additional Obligors. As contemplated in Section 5(y) of the Credit Agreement, a new Subsidiary of the Borrower formed or acquired by the
Borrower after the date hereof may become a “Guarantor” under the Credit Agreement and an “Obligor” under this Agreement by executing and delivering to the Collateral Agent a written instrument as provided in said
Section 5(y). Accordingly, upon the execution and delivery of any such written instrument by any such Subsidiary, such new 

  

 SECURITY AGREEMENT 
 - 18 - 

 
Subsidiary shall automatically and immediately, and without any further action on the part of any Person, become an “Obligor” for all purposes of
this Agreement, and each of the Annexes hereto shall be supplemented in the manner specified in such written instrument. 
 6.12 The
Collateral Agent. The Collateral Agent shall be subject to such directions as may be given it by the Agent from time to time as required or permitted by the Credit Agreement. Except as directed by the Agent and as required by the Credit
Agreement or the Tranche A Collateral Documents, the Collateral Agent shall not be obligated (i) to act upon directions purported to be delivered to it by any other Person, (ii) to foreclose upon or otherwise enforce any Lien on the
Tranche A Collateral or the Mortgaged Property, or (iii) to take any other action whatsoever with regard to any or all of the Tranche A Collateral Documents or the Tranche A Collateral or the Mortgaged Collateral. 
  

 SECURITY AGREEMENT 
 - 19 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered as of
the day and year first above written. 
  

			
	 WINCUP HOLDINGS, INC.

		
	 By
	 	 /s/ Michael T. Kennedy

	 Name: Michael T. Kennedy

	 Title: President and CEO

	
	 RADNOR CHEMICAL CORPORATION

		
	 By
	 	 /s/ R. Radcliffe Hastings

	 Name: R. Radcliffe Hastings

	 Title: Executive Vice President

	
	 STYROCHEM U.S., LTD.

	 By:
	 	STYROCHEM GP, L.L.C., its general partner
	 By:
	 	RADNOR CHEMICAL CORPORATION, its sole member
		
	 By
	 	 /s/ R. Radcliffe Hastings

	 Name: R. Radcliffe Hastings

	 Title: Executive Vice President

	
	 RADNOR HOLDINGS CORPORATION

		
	 By
	 	 /s/ Michael T. Kennedy

	 Name: Michael T. Kennedy

	 Title: President and CEO

	
	 RADNOR DELAWARE II, INC.

		
	 By
	 	 /s/ R. Radcliffe Hastings

	 Name: R. Radcliffe Hastings

	 Title: Executive Vice President

	
	 STYROCHEM DELAWARE, INC.

		
	 By
	 	 /s/ R. Radcliffe Hastings

	 Name: R. Radcliffe Hastings

	 Title: Executive Vice President

  

 [Signature Page to Tranche A Security Agreement] 

			
	 WINCUP TEXAS, LTD.

	 By:
	 	WINCUP GP, L.L.C., its general partner
	 By:
	 	WINCUP HOLDINGS, INC., its sole member
		
	 By
	 	 /s/ Michael T. Kennedy

	 Name: Michael T. Kennedy

	 Title: President and CEO

	
	 STYROCHEM GP, L.L.C.

	 By:
	 	RADNOR CHEMICAL CORPORATION, its sole member
		
	 By
	 	 /s/ R. Radcliffe Hastings

	 Name: R. Radcliffe Hastings

	 Title: Executive Vice President

	
	 STYROCHEM LP, L.L.C.

	 By:
	 	RADNOR CHEMICAL CORPORATION, its sole member
		
	 By
	 	 /s/ R. Radcliffe Hastings

	 Name: R. Radcliffe Hastings

	 Title: Executive Vice President

	
	 WINCUP GP, L.L.C.

	 By:
	 	 WINCUP HOLDINGS, INC., its sole member

		
	 By
	 	 /s/ Michael T. Kennedy

	 Name: Michael T. Kennedy

	 Title: President and CEO

	
	 WINCUP LP, L.L.C.

	 By:
	 	WINCUP HOLDINGS, INC., its sole member
		
	 By
	 	 /s/ Michael T. Kennedy

	 Name: Michael T. Kennedy

	 Title: President and CEO

  

 [Signature Page to Tranche A Security Agreement] 

			
	TENNENBAUM CAPITAL PARTNERS, LLC, as Collateral Agent
		
	 By
	 	 /s/ José E. Feliciano

	 Name: José E. Feliciano

	 Title: Partner

  

 [Signature Page to Tranche A Security Agreement] 

  
 [ANNEXES OMITTED]

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