Exhibit 10.3.2
AMENDMENT NO. 1 TO AMENDED AND RESTATED RECEIVABLES PURCHASE
AGREEMENT
     THIS AMENDMENT NO. 1 TO AMENDED AND RESTATED RECEIVABLES PURCHASE
AGREEMENT, dated as of May 31, 2006 (this “Amendment”), is entered into by and
among:
     (a) RPM Funding Corporation, a Delaware corporation (“Seller”),
     (b) RPM International Inc., a Delaware corporation (“RPM-Delaware”), as
initial Servicer,
     (c) Victory Receivables Corporation, a Delaware corporation (“Victory” or a
“Conduit”), and Variable Funding Capital Company LLC, a Delaware limited
liability company (“VFCC” or a “Conduit”),
     (d) The Bank of Tokyo-Mitsubishi UFJ, Ltd., Chicago Branch (together with
Victory, the “Victory Group”), and Wachovia Bank, National Association (together
with VFCC, the “VFCC Group”),
     (e) The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as agent for
the Victory Group (in such capacity, a “Co-Agent”), and Wachovia Bank, National
Association, as agent for the VFCC Group (in such capacity, a “Co-Agent”), and
     (f) Wachovia Bank, National Association, as administrative agent for the
Victory Group, the VFCC Group and each Co-Agent (in such capacity, together with
its successors and assigns, the “Administrative Agent” and, together with each
of the Co-Agents, the “Agents”),
and pertains to that certain Amended and Restated Receivables Purchase Agreement
dated as of May 10, 2006 among the parties hereto (the “Agreement”). Unless
defined elsewhere herein, capitalized terms used in this Amendment shall have
the meanings assigned to such terms in the Agreement.
PRELIMINARY STATEMENT
     Seller wishes to amend the Agreement has hereinafter set forth, and the
Agents and the Purchasers are willing to agree to such amendments on the terms
and subject to the conditions set forth in this Amendment.
          Section 1. Amendment. The definition of “EBITDA” set forth in
Exhibit I to the Agreement is hereby amended and restated in its entirety to
read as follows:
     “EBITDA” means, for any period, determined on a consolidated basis for
RPM-Delaware and its Subsidiaries, (i) net income of RPM-Delaware and its
Subsidiaries (calculated before provision for income taxes, interest expense,
extraordinary items, non-recurring gains or losses in connection with asset
dispositions, income attributable to equity in affiliates, all amounts
attributable to

1

--------------------------------------------------------------------------------

 

depreciation and amortization and non-cash charges associated with asbestos
liabilities) for such period, minus (ii) cash payments made by RPM-Delaware or
any of its Subsidiaries in respect of asbestos liabilities (which liabilities
include, without limitation, defense costs and indemnification liabilities
incurred in connection with asbestos liabilities) during such period.
          Section 2. Representations and Warranties. In order to induce the
Agents and the Purchasers to enter into this Amendment, Seller hereby represents
and warrants to the Agents and the Purchasers, as of the date hereof, that
(a) the execution and delivery by Seller of this Amendment are within its
corporate powers and authority and have been duly authorized by all necessary
corporate action on its part, (b) this Amendment has been duly executed and
delivered by Seller, (c) no event has occurred and is continuing that will
constitute an Amortization Event or a Potential Amortization Event, and (d) each
of Seller’s representations and warranties set forth in Section 5.1 of the
Agreement (other than Section 5.1(m) thereof) is true and correct on and as of
the date hereof as though made on and as of the date hereof.
          Section 3. Effectiveness. This Amendment shall become effective as of
the date hereof upon receipt by the Administrative Agent of counterparts hereof,
duly executed by each of the parties hereof, and of a copy of an amendment to
the definition of “EBITDA” in the RPM-Delaware Credit Agreement that is
consistent with the definition set forth in Section 1 hereof, duly executed by
each of the parties to the RPM-Delaware Credit Agreement.
          Section 4. Bankruptcy Petition. With respect to each Conduit, each of
the other parties hereto hereby covenants and agrees that, prior to the date
that is one year and one day after the payment in full of all outstanding senior
indebtedness of such Conduit, it will not institute against, or join any other
Person in instituting against, such Conduit any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings or other similar proceeding
under the laws of the United States or any state of the United States.
          Section 5. CHOICE OF LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT GIVING
EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF OTHER THAN SECTIONS 5-1401 AND
5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW WHICH SHALL APPLY HERETO).
          Section 6. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES TRIAL
BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER
(WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF,
RELATED TO, OR CONNECTED WITH THIS AMENDMENT OR THE OTHER TRANSACTION DOCUMENTS
OR THE RELATIONSHIP ESTABLISHED HEREUNDER OR THEREUNDER.
          Section 7. Binding Effect. This Amendment shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and
permitted assigns (including any trustee in bankruptcy).

2

--------------------------------------------------------------------------------

 

          Section 8. Counterparts. This Amendment may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each
of which when so executed shall be deemed to be an original and all of which
when taken together shall constitute one and the same agreement. Delivery of an
executed counterpart hereof via facsimile or electronic mail of an executed .pdf
copy thereof shall, to the fullest extent permitted by applicable law, have the
same force and effect and delivery of an originally executed counterpart hereof.
<Balance of page intentionally left blank>

3

--------------------------------------------------------------------------------

 

          IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be executed and delivered by their duly authorized officers as of the date
hereof.
RPM FUNDING CORPORATION, as Seller

         
By:
    /s/ Keith R. Smiley
 
    Name: Keith R. Smiley     Title: Vice President & Treasurer    

RPM INTERNATIONAL INC., as Servicer

         
By:
    /s/ P. Kelly Tompkins
 
    Name: P. Kelly Tompkins     Title: Senior Vice President, General Counsel
and Secretary    

4

--------------------------------------------------------------------------------

 

VICTORY RECEIVABLES CORPORATION

         
 
       
By:
  /s/ R. Douglas Donaldson     
 
       
Name:
  R. Douglas Donaldson     
Title:
  Treasurer     

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, as Victory Agent

         
 
       
By:
  /s/ Van Dusenbury     
 
       
Name:
  Van Dusenbury     
Title:
  Senior Vice President    

5

--------------------------------------------------------------------------------

 

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., CHICAGO BRANCH

         
 
       
By:
  /s/ Tsuguyuki Umene    
 
       
Name:
  Tsuguyuki Umene    
Title:
  Deputy General Manager    

6

--------------------------------------------------------------------------------

 

VARIABLE FUNDING CAPITAL COMPANY LLC
By: Wachovia Capital Markets, LLC, attorney-in fact

         
 
       
By:
  /s/ Douglas R. Wilson, Sr.    
 
       
Name:
  Douglas R. Wilson, Sr.    
Title:
  Vice President    

7

--------------------------------------------------------------------------------

 

WACHOVIA BANK, NATIONAL ASSOCIATION, individually, as VFCC Agent and as
Administrative Agent

         
 
       
By:
  /s/ Michael J. Landry    
 
       
Name:
  Michael J. Landry    
Title:
  Vice President    

8