Document:

Amendment of Mortgage, Assignment of Leases and Rents

 EXHIBIT 10.18 
 This Amendment was prepared 
 by and when recorded should 
 be mailed to: 
 Erika K. Del Duca, Esq. 
 Milbank,
Tweed, Hadley & McCloy LLP 
 1 Chase Manhattan Plaza 
 New York, New York 10005 
  
  

 Space above this line for recorder’s use 
 AMENDMENT OF MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, 
 SECURITY AGREEMENT AND FIXTURE FILING 
 KNOW ALL PERSONS BY THESE PRESENTS: 
 THIS
AMENDMENT OF MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT AND FIXTURE FILING (this “Amendment”) is made as of the 19th day of May, 2006 by WINCUP HOLDINGS, INC., a Delaware corporation, having an office at c/o Radnor Holdings Corporation, Radnor Financial Center, 150 Radnor Chester Road, Building A, Suite 300, Radnor,
Pennsylvania 19087 (the “Mortgagor”), and TENNENBAUM CAPITAL PARTNERS, LLC, having an office at 2951 28th Street, Suite 1000, Santa Monica, California 90405, in its capacity as collateral agent (together with its successors and assigns in such capacity, the “Mortgagee”). 
 WITNESSETH 
 WHEREAS, reference is made to
the Credit Agreement dated as of December 1, 2005 (the “Original Credit Agreement”) among Radnor Holdings Corporation, as borrower (the “Company”), the Mortgagor, as one of several guarantors, the other
Guarantors, the Lenders and the Mortgagee, as agent and collateral agent; 
 WHEREAS, as security for the promises, terms, conditions,
agreements and obligations imposed on the Mortgagor under the Original Credit Agreement and the Other Documents, the Mortgagor executed and delivered to the Mortgagee a Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing
dated as of December 1, 2005 and recorded on December 23, 2005 as Document Number R2005-283499 with the Office of the County Recorder in DuPage County of the State of Illinois (the “Existing Mortgage”), which covers the
real property described in Exhibit A attached hereto; and 
 WHEREAS, pursuant to the terms of that certain Amendment No. 1 dated
as of April 4, 2006 (as may be further amended, restated, supplemented or otherwise modified and in effect from time to time, the “Amendment No. 1”) among the Company, the Mortgagor, as one 
  

					
		  		  	West Chicago, Illinois

 of several guarantors, the Guarantors, the Lenders and the Mortgagee, the parties have agreed to amend the Original
Credit Agreement to authorize the issuance of additional loans in the amount of Twenty Three Million Five Hundred Thousand Dollars ($23,500,000) (the “Tranche C Loans”), increasing the aggregate principal amount of Indebtedness from
Ninety Five Million Dollars ($95,000,000) to One Hundred Eighteen Million Five Hundred Thousand Dollars ($118,500,000); and 
 WHEREAS, the
Mortgagor and the Mortgagee desire to amend, extend and modify the Existing Mortgage, and the liens created thereby, as set forth herein. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree that the Existing Mortgage shall be hereby amended and modified as follows: 
 Section 1. Defined Terms. Each capitalized term used herein and not otherwise defined herein shall have the meaning assigned thereto in the
Existing Mortgage, as amended by this Amendment, or if not defined therein, in the Original Credit Agreement, as amended by Amendment No. 1. Each reference in the Existing Mortgage to “this Mortgage” shall be deemed to be a reference
to the Existing Mortgage, as amended by this Amendment. 
 Section 2. Modification. The Existing Mortgage is hereby amended as
follows: 
 (a) The first WHEREAS clause is hereby amended and restated in full by deleting it in its entirety and replacing it with the
following: 
 “WHEREAS, the Lenders (as defined in the Credit Agreement (as defined below)) have extended, at the request of Radnor
Holdings Corporation (the “Company”), ninety two million six hundred thousand dollars ($92,600,000) aggregate principal amount of Tranche A Loans (the “Tranche A Loans”), two million four hundred thousand dollars
($2,400,000) aggregate principal amount of Tranche B Loans (the “Tranche B Loans”) and twenty three million five hundred thousand dollars ($23,500,000) aggregate principal amount of Tranche C Loans (the “Tranche C
Loans”) (the Tranche A Loans, Tranche B Loans and Tranche C Loans are collectively referred herein as, the “Loans”); the total aggregate principal amount of the Loans not exceeding one hundred eighteen million five hundred
thousand dollars ($118,500,000) and which Loans are evidenced by the Tranche A Notes executed by the Company (the “Tranche A Notes”), the Tranche B Notes executed by the Company (the “Tranche B Notes”) and the
Tranche C Notes executed by the Company (the “Tranche C Notes”) pursuant to the Credit Agreement, dated December 1, 2005, between the Company, the Company’s subsidiaries that provide guarantees under the Credit Agreement
(the “Guarantors”), the Lenders and Tennenbaum Capital Partners, LLC, as agent and collateral agent, as amended by Amendment No. 1, dated as of April 4, 2006 (as amended, the “Credit Agreement”);”;

  

					
		  	- 2 -	  	West Chicago, Illinois

 (b) The second WHEREAS clause is hereby amended and restated in full by deleting it in its entirety and
replacing it with the following: 
 “WHEREAS, the Company, the Guarantors, and Mortgagee, as collateral agent, have entered into
that certain Tranche A Security Agreement dated as of December 1, 2005 pursuant to which the Company and the Guarantors have granted a security interest in, and undertaken obligations with respect to, certain collateral and other property
described therein, as amended by that certain Amendment No. 1 To Tranche A Security Agreement dated as of April 4, 2006 (as amended, the “Tranche A Security Agreement”);”; 
 (c) The fourth WHEREAS clause is hereby amended and restated in full by deleting it in its entirety and replacing it with the following: 
 “WHEREAS, pursuant to the Credit Agreement, the Guarantors have unconditionally guaranteed the repayment of the indebtedness evidenced and
represented by the Tranche A Notes and the Tranche C Notes (the “Indebtedness”), as well as the payment, performance, observance and discharge by the Company of all obligations, covenants, conditions and agreements made by the
Company to, with, in favor of and for the benefit of Mortgagee or any of the Tranche A Lenders and the Tranche C Lenders (as those terms are defined in the Credit Agreement) under the Credit Agreement and the Other Documents (as defined
below);”; 
 (d) The fifth WHEREAS clause is hereby amended and restated in full by deleting it in its entirety and replacing it with
the following: 
 “WHEREAS, Mortgagee, the Tranche A Lenders and the Tranche C Lenders, as a condition precedent to the
transactions contemplated by the Credit Agreement, have required that Mortgagor execute and deliver this Mortgage in favor of Mortgagee; and”; 
 (e) The first paragraph of the Granting Clauses is hereby amended and restated in full by deleting it in its entirety and replacing it with the following: 
 “NOW, THEREFORE, to secure to Mortgagee (i) the payment or performance and discharge of all sums due under this Mortgage; (ii) the payment or performance and discharge of all terms, conditions
and covenants, including the Secured Obligations, set forth in the Credit Agreement and the Other Documents, other than the payment of principal, prepayment premium, if any, and interest on, the Tranche B Loans and the performance of the Guarantors
with respect thereto; and (iii) the payment or performance and discharge of all other obligations or indebtedness of Mortgagor, the Company, or the other Guarantors to Mortgagee, Tranche A Lenders or Tranche C Lenders of 
  

					
		  	- 3 -	  	West Chicago, Illinois

 whatever kind or character and whenever borrowed or incurred under the Credit Agreement or the Other
Documents, including without limitation, principal, prepayment premium, if any, and interest (as the same may vary in accordance with the terms of the Credit Agreement) on the Tranche A Loans and the Tranche C Loans (but excluding the payment of
principal, prepayment premium, if any, and interest on, the Tranche B Loans), fees, late charges and expenses, including attorneys’ fees (subsections (i), (ii) and (iii) collectively, the “Liabilities”), Mortgagor has
warranted, mortgaged, granted, conveyed, assigned, remised and released and by these presents DOES HEREBY WARRANT, MORTGAGE, GRANT, CONVEY, ASSIGN REMISE AND RELEASE TO MORTGAGEE, ITS SUCCESSORS AND ASSIGNS FOREVER, AND HEREBY GRANTS A CONTINUING
SECURITY INTEREST TO MORTGAGEE IN all of Mortgagor’s right, title and interest now owned or hereafter acquired in and to each of the following (collectively, the “Property”):”; 
 (f) The references in the fourth grammatical paragraph on page 4 of the Existing Mortgage (i.e., the paragraph beginning with the words “The present
principal amount of the Liabilities”) to “$92,600,000” are hereby deleted and “$116,100,000” is substituted therefor; 
 (g) Section 1 is hereby amended and restated in full by deleting it in its entirety and replacing it with the following: 
 “FUTURE ADVANCES; PROTECTION OF PROPERTY. The parties intend that this Mortgage shall secure any additional loans as well as any and all present or future advances and re-advances under the Credit Agreement or any other
Liabilities made by Mortgagee, any Tranche A Lender or any Tranche C Lender to or for the benefit of Mortgagor, the Company, the other Guarantors or the Property, including, without limitation: (a) principal, interest, late charges, fees and
other amounts due under the Credit Agreement, the Other Documents or this Mortgage; (b) all advances by Mortgagee to Mortgagor or any other person to pay costs of erection, construction, alteration, repair, restoration, maintenance and
completion of any Improvements; (c) all advances made or costs incurred by Mortgagee for the payment of real estate taxes, assessments or other governmental charges, maintenance charges, insurance premiums, appraisal charges, environmental
inspection, audit, testing or compliance costs, and costs incurred by Mortgagee for the enforcement and protection of the Property or the lien of this Mortgage; and (d) all legal fees, costs and other expenses incurred by Mortgagee by reason of
any default or otherwise in connection with the Liabilities. Mortgagor agrees that if, at any time during the term of this Mortgage or following a foreclosure hereof (whether before or after the entry of a judgment of foreclosure), Mortgagor fails
to perform or observe any covenant or obligation under this Mortgage including, without limitation, 
  

					
		  	- 4 -	  	West Chicago, Illinois

 payment of any of the foregoing, Mortgagee may (but shall not be obligated to) take such steps as are
reasonably necessary to remedy any such nonperformance or nonobservance and provide payment thereof. All amounts advanced by Mortgagee shall be added to the amount secured by this Mortgage (and, if advanced after the entry of a judgment of
foreclosure, by such judgment of foreclosure), and shall be due and payable on demand, together with interest at the rate borne by the Tranche A Loans or the Tranche C Loans, as applicable, such interest to be calculated from the date of such
advance to the date of repayment thereof.”; 
 (h) Section 8.3 is hereby amended and restated in full by deleting it in its
entirety and replacing it with the following: 
 “Foreclosure. Mortgagee may institute any one or more actions of mortgage
foreclosure against all or any part of the Property, or take such other action at law, equity or by contract for the enforcement of this Mortgage and realization on the security herein or elsewhere provided for, as the law may allow, and may proceed
therein to final judgment and execution for the entire unpaid balance of the Liabilities. The unpaid balance of any judgment shall bear interest at the greater of (a) the statutory rate provided for judgments, or (b) the rate borne by the
Tranche A Loans or the Tranche C Loans, as applicable. Without limiting the foregoing, Mortgagee may foreclose this Mortgage and exercise its rights as a secured party for all or any portion of the Liabilities which are then due and payable, subject
to the continuing lien of this Mortgage for the balance not then due and payable. In case of any sale of the Property by judicial proceedings, the Property may be sold in one parcel or in such parcels, manner or order as Mortgagee in its sole
discretion may elect. Mortgagor, for itself and anyone claiming by, through or under it, hereby agrees that Mortgagee shall in no manner, in law or in equity, be limited, except as herein provided, in the exercise of its rights in the Property or in
any other security hereunder or otherwise appertaining to the Liabilities or any other obligation secured by this Mortgage, whether by any statute, rule or precedent which may otherwise require said security to be marshalled in any manner and
Mortgagor, for itself and others as aforesaid, hereby expressly waives and releases any right to or benefit thereof. The failure to make any tenant a defendant to a foreclosure proceeding shall not be asserted by Mortgagor as a defense in any
proceeding instituted by Mortgagee to collect the Liabilities or any deficiency remaining unpaid after the foreclosure sale of the Property.”; 
 (i) Section 10.8(g)(ii) is hereby amended and restated in full by deleting it in its entirety and replacing it with the following: 
 “All Protective Advances shall be additional Liabilities secured by this Mortgage, and shall become immediately due and payable without notice and with interest thereon from 
  

					
		  	- 5 -	  	West Chicago, Illinois

 the date of the advance thereof, or if later, the date of any notice required under the Mortgage, until
paid at the rate borne by the Tranche A Loans or the Tranche C Loans, as applicable;”; 
 it being the intent of this Amendment that the obligations of
the Mortgagor under the Credit Agreement shall be entitled to the benefits and collateral security under the Existing Mortgage as fully as if such obligations had been incurred under the Original Credit Agreement as originally in effect. 

Section 3. Confirmation and Restatement. The Mortgagor, in order to continue to secure the payment of the Liabilities, hereby confirms and
restates (a) the grant of a mortgage pursuant to the Existing Mortgage to the Mortgagee with respect to the Property and (b) the grant pursuant to the Existing Mortgage of a security interest in the Service Equipment. Nothing contained in
this Amendment shall be construed as (a) a novation of the Liabilities or (b) a release or waiver of all or any portion of the grant of a mortgage to the Mortgagee with respect to the Property or the grant to the Mortgagee of a security
interest in the Service Equipment pursuant to the Existing Mortgage. 
 Section 4. Representations and Warranties. The Mortgagor
hereby represents and warrants that the representations and warranties made by it in the Existing Mortgage are true and complete in all material respects on and as of the date hereof as if made on and as of the date hereof. 
 Section 5. Covenants. The Mortgagor hereby covenants and agrees to perform each and every duty and obligation of the Mortgagor contained in
the Existing Mortgage as amended by this Amendment. 
 Section 6. Effectiveness. This Amendment shall be effective as of the day
and year first written above upon its execution and delivery by the Mortgagor. Except as herein provided, the Existing Mortgage shall remain unchanged and in full force and effect. 
 Section 7. Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original and all of
which shall constitute one instrument. 
 [Signature Page Follows] 
  

					
		  	- 6 -	  	West Chicago, Illinois

 IN WITNESS WHEREOF, this Amendment has been duly executed by the Mortgagor as of the day and year first
above written. 
  

			
	MORTGAGOR:
	
	WINCUP HOLDINGS, INC., a Delaware corporation
		
	By:	 	 /s/ Michael T. Kennedy

	Name:	 	Michael T. Kennedy
	Title:	 	President

 AGREED TO AND ACCEPTED: 
 TENNENBAUM CAPITAL PARTNERS, LLC, as collateral agent for the Lenders 
  

			
	By:	 	 /s/ José Feliciano

	Name:	 	José Feliciano
	Title:	 	Partner

  

					
		  	- 7 -	  	West Chicago, Illinois

 [Mortgagor] 
  

					
	COMMONWEALTH OF PENNSYLVANIA	 	)	 	
		 	)	 	SS.
	COUNTY OF DELAWARE	 	)	 	

 I, Susan E. Dear, a notary public in and for said County, in the State aforesaid, DO HEREBY
CERTIFY that Michael T. Kennedy personally known to me to be the President of WINCUP HOLDINGS INC. and personally known to me to be the same person whose name is subscribed to the foregoing instrument, appeared before me this day in person and
acknowledged that as such President, she/he signed and delivered the said instrument and caused the seal of said entity be affixed thereto, pursuant to authority given to him/her by the by-laws of such entity as his/her free and voluntary act, for
the uses and purposes therein set forth. 
 GIVEN under my hand and official seal this 16th day of May, 2006. 
  

			
		 	 /s/ Susan E. Dear

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

  

					
		  		  	West Chicago, Illinois

 [Mortgagee] 
  

					
	STATE OF CALIFORNIA	 	)	 	
		 	)	 	SS.
	COUNTY OF LOS ANGELES	 	)	 	

 I CERTIFY that José Feliciano, the Partner of Tennenbaum Capital Partners, LLC, a limited
liability company, as collateral agent, personally appeared before me, who is known to me or satisfactorily proven to be the person who signed the foregoing instrument and acknowledged that he/she was authorized to execute the same on behalf of said
limited liability company in such capacity. 
 GIVEN under my hand and official seal this 18th day of May, 2006. 
  

			
		 	 /s/ Leng Ky Vuong

		 	Notary Public
		
	Commission expires June 29, 2007.	 	Leng Ky Vuong
		 	Comm. # 1427303
		 	Notary Public – California
		 	Los Angeles County
		 	Comm. Exp. June 29, 2007

  

					
		  		  	West Chicago, Illinois

 Exhibit A 
 Legal Description 
 Lot 1 in West Chicago Industrial Center Second Consolidation Plat, a Resubdivision of Lots 3 and 4 in
West Chicago Industrial Center Resubdivision, a Subdivision of parts of Section 32, Township 40 North, Range 9, East of the Third Principal Meridian, according to the Plat thereof recorded March 28, 1983 as Document Number R83-16724 and
Certificate of Correction recorded March 30, 1983, as Document Number R83-17509, in DuPage County, Illinois. 
 The above description is shown on a
Survey prepared by Webster, McGrath & Ahlberg Ltd., Consulting Engineers, dated November 30, 1995, last revised January 16, 1996, entitled “James River Paper Company, Inc., West Chicago, Illinois, Job Number 35733.”

 Being the same premises conveyed to Wincup Holdings, Inc., a Delaware corporation by deed dated January 20, 1996 from James River Paper Company,
Inc., a Virginia corporation, as successor by merger for Jacobs River-Newark, Inc., a Delaware corporation, as successor by merger to James River-Handi Kup, Inc., a Virginia corporation, and recorded in the office of the Recorder of Deeds in and for
DuPage County, Illinois, on February 13, 1996, as document No. R96-023419. 
  

					
		  		  	West Chicago, IllinoisAmendment No.1 to Investor Rights Agreement

 EXHIBIT 10.19 
 Execution Version 
 AMENDMENT NO. 1 TO INVESTOR RIGHTS AGREEMENT 
 This Amendment No. 1 to Investor Rights Agreement (this “Amendment”) is entered into as of April 4, 2006, by and among Radnor
Holdings Corporation, a Delaware corporation (the “Company”), the shareholders of the Company listed on the signature pages hereof under the heading “Management Shareholders” (the “Management
Shareholders”), and Special Value Expansion Fund, LLC and Special Value Opportunities Fund, LLC (the “Investors”). 
 RECITALS 
 WHEREAS, the Company, the Management Shareholders and the Investors are parties to that certain Investor Rights
Agreement dated as of October 27, 2005 (the “Investor Rights Agreement”); 
 WHEREAS, the Investors constitute the
Required Investors under and as defined in the Investor Rights Agreement; and 
 WHEREAS, the parties desire to amend the Investor Rights
Agreement in accordance with the terms of this Amendment. Each capitalized term used and not otherwise defined herein shall have the meaning assigned to such term (whether directly or by reference to another agreement or document) in the Investor
Rights Agreement. 
 NOW, THEREFORE, the parties agree as follows: 
 I. AMENDMENTS 
 Section 1.1. Amendment to Section 1.1 of the Investor Rights Agreement. Section 1.1 of the Investor Rights Agreement is hereby amended by deleting and replacing, or adding thereto, as the case may be, the
following definitions in proper alphabetical order: 
 ““Kennedy Employment Agreement” shall mean that
certain Employment Agreement, dated as of October 26, 2005, by and between the Company and Michael T. Kennedy, as amended on April 3, 2006.” 
 ““Warrants” shall mean (i) the Warrants dated the date hereof in the name of the Investors, and (ii) the Warrants dated April 4, 2006 in the name of the Investors and, in each
case, any replacement, adjustments or balance warrants hereafter issued by the Company with respect thereto.” 

 Section 1.2. Amendment to Exhibit A to the Investor Rights Agreement. Exhibit A to the
Investor Rights Agreement is hereby amended and restated in full by deleting it in its entirety and replacing it with Exhibit A attached hereto. 
 II. MISCELLANEOUS. 
 2.1. Counterparts. This Amendment may be executed in two or more
counterparts, each of which shall he deemed an original, but all of which together shall constitute one instrument. 
 2.2.
Operative Document. This Amendment shall constitute an Operative Document under and as defined in that certain Purchase Agreement of even date herewith, by and between the Company and the Investors, and shall be subject to the provisions
regarding governing law, waiver of jury trial, jurisdiction and venue applicable to the Investor Rights Agreement. 
 [Signature Pages Follow]

  

 2 

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

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

		 	 Michael T. Kennedy
 President and Chief Executive
Officer

	
	THE MANAGEMENT SHAREHOLDERS:
		
	By:	 	 /s/ Michael T. Kennedy

		 	Michael T. Kennedy
		
		 	Address for Notices:
		
		 	 c/o Radnor Holdings Corporation
 Radnor Financial
Center, Suite 300, 150 Radnor Chester Road
 Radnor, Pennsylvania 19087
 Fax: (610) 995-2697

		
	By:	 	 /s/ R. Radcliffe Hastings

		 	R. Radcliffe Hastings
		
		 	Address for Notices:
		
		 	 c/o Radnor Holdings Corporation
 Radnor Financial
Center, Suite 300,
 150 Radnor Chester Road
 Radnor, Pennsylvania
19087
 Fax: (610) 995-2697

 [Amendment No. 1 to Investor Rights Agreement] 

			
	
	THE INVESTORS:
	
	SPECIAL VALUE EXPANSION FUND, LLC
		
	By:	 	 /s/ José Feliciano

	Name:	 	José Feliciano
	Title:	 	Authorized Signatory
		
		 	Address for Notices:
		
		 	2951 28th Street
		 	Suite 1000
		 	Santa Monica, CA 90405
		 	Attn: General Counsel
	
	SPECIAL VALUE OPPORTUNITIES FUND, LLC
		
	By:	 	 /s/ José Feliciano

	Name:	 	José Feliciano
	Title:	 	Authorized Signatory
		
		 	Address for Notices:
		
		 	2951 28th Street
		 	Suite 1000
		 	Santa Monica, CA 90405
		 	Attn: General Counsel

 [Amendment No. 1 to Investor Rights Agreement] 

 EXHIBIT A 
 Investors 
  

									
	 Name and Address
	  	 Number of Series A
 Preferred Shares
	  	 Initial Number of
 Voting Common
 Warrants
	  	 Initial Number of
 Nonvoting Common
 Warrants
	  	 Number of other
 Registrable
 Securities

	 Special Value Expansion Fund, LLC
 2951 28th Street, Suite 1000
 Santa Monica, CA 90405
	  	371	  	31	  	306	  	0
					
	 Special Value Opportunities Fund, LLC
 2951 28th Street, Suite 1000
 Santa Monica, CA 90405
	  	879	  	71	  	725	  	0
		  	 	  	 	  	 	  	 
	 Total:
	  	1250	  	102	  	1031	  	0

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}]]