EXHIBIT 10.64
StyroChem International, Ltd.
00000 Xxxxx Xxxxxx
Xxxx x'Xxxx, Xxxxxx
X0X 0X0
December 5, 0000
Xxxx xx Xxxxxxxx
Xxxxxxxx
0000 Xx. Xxxxxxx Xxxxxxxxx
Xxxxxxxx, Xxxxxx
X0X 385
Attention: Xx. Xxxx Xxxxxxx
Ladies and Gentlemen:
Reference is hereby made to that certain Agreement Respecting a Term Loan
and other Credit Facilities between the Bank of Montreal (the "Bank") and
StyroChem International, Ltd. ("StyroChem") dated February 25, 1994 (as amended
to date, the "Credit Agreement"). Capitalized terms used herein but not defined
shall have the meanings ascribed to them in the Credit Agreement.
The undersigned hereby covenant that, during the term of the Credit
Agreement, StyroChem will not, and Radnor Holdings Corporation ("Radnor") will
not permit StyroChem to declare or pay any dividend, or make any distribution of
cash or property, including without limitation bonuses, administration fees, or
interest paid on intercompany loans, to Radnor without the prior written consent
of the Bank; provided that StyroChem may declare and may pay Radnor dividends
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not exceeding $25,000 during any fiscal year.
Sincerely,
STYROCHEM INTERNATIONAL, LTD.
By: /s/ Xxxxxxx X. Xxxxxxx
---------------------------
Xxxxxxx X. Xxxxxxx
President
RADNOR HOLDINGS CORPORATION
By: /s/ Xxxxxxx X. Xxxxxxx
---------------------------
Xxxxxxx X. Xxxxxxx
President
