Exhibit 10

 

AMENDMENT NO. 1 TO RECEIVABLES SALE AGREEMENT

 

THIS AMENDMENT NO. 1 TO RECEIVABLES SALE AGREEMENT, dated as of July 28, 2005
(this “Amendment”), is by and among ARCH CHEMICALS, INC., a Virginia
corporation, ARCH CHEMICALS SPECIALTY PRODUCTS, INC., a Delaware corporation,
ARCH TREATMENT TECHNOLOGIES, INC., a Virginia corporation, ARCH WOOD PROTECTION,
INC., a Delaware corporation, ARCH PERSONAL CARE PRODUCTS, L.P., a New Jersey
limited partnership, and ARCH CHEMICALS RECEIVABLES CORP., a Delaware
corporation (“Buyer”), and pertains to the Receivables Sale Agreement among the
parties dated as of June 27, 2005 (the “Existing Agreement”). Capitalized terms
used and not otherwise defined herein are used with the meanings attributed
thereto in the Existing Agreement.

 

BACKGROUND

 

A. The parties wish to remove Arch Chemicals Specialty Products, Inc. as an
Originator under the Existing Agreement, and

 

B. Buyer is willing to agree to such amendment on the terms and subject to the
conditions set forth in this Amendment.

 

NOW, THEREFORE, in consideration of the premises and the mutual agreements
herein contained, the parties hereto agree as follows:

 

1. Amendments.

 

1.1. The definition of “Originators” set forth in the preamble to the Existing
Agreement is hereby amended to delete Arch Chemicals Specialty Products, Inc., a
Delaware corporation, therefrom.

 

1.2. All other references in the Existing Agreement to Arch Chemicals Specialty
Products, Inc. are hereby deleted, the Buyer hereby releases any ownership
interest or security interest it may have in any rights to payment acquired from
Arch Chemicals Specialty Products, Inc.

 

2. Representations and Warranties. In order to induce Buyer to enter into this
Amendment, each of the remaining Originators hereby represents and warrants to
Buyer (and Administrator as its assignee), that (a) the Facility Termination
Date has not occurred under the Purchase Agreement; (b) the representations and
warranties of such Originator set forth in Article II of the Existing Agreement
are true and correct on and as of the date such Receivable came into existence
as though made on and as of such date; and (c) no event has occurred and is
continuing that will constitute a Termination Event or an Unmatured Termination
Event.

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3. Conditions Precedent. This Amendment shall become effective as of the date
first above written when Administrator (as Buyer’s assignee) shall have received
counterparts hereof duly executed by each of the parties hereto and consented to
by the Administrator.

 

4. Continuing Effect. Except as expressly amended above, the Existing Agreement
remains unaltered and in full force and effect and is hereby ratified and
confirmed.

 

5. Binding Effect. This Amendment shall become effective when it shall have been
executed and delivered by each of the parties hereto and thereafter shall be
binding upon and inure to the benefit of the parties and their respective
successors and assigns.

 

6. Expenses. Originators agree to pay all reasonable costs and expenses incurred
by Buyer and Administrator (as Buyer’s assignee) in connection with the
preparation, execution, delivery, administration and enforcement of, or any
breach of this Amendment, including without limitation the reasonable fees and
expenses of counsel.

 

7. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO THE
CONFLICT OF LAWS PRINCIPLES THEREOF (OTHER THAN SECTION 5-1401 OF THE NEW YORK
GENERAL OBLIGATIONS LAW)).

 

8. Counterparts. This Amendment may be executed in any number of 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 of a signature page to this Amendment by facsimile
shall be effective as delivery of a manually executed counterpart of this
Amendment.

 

<signature pages follow>

 

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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.

 

ARCH CHEMICALS, INC. By:  

/s/ W. Paul Bush

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Name:   W. Paul Bush Title:   Treasurer ARCH CHEMICALS SPECIALTY PRODUCTS, INC.
By:  

/s/ W. Paul Bush

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Name:   W. Paul Bush Title:   Treasurer ARCH TREATMENT TECHNOLOGIES, INC. By:  

/s/ W. Paul Bush

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Name:   W. Paul Bush Title:   Vice President and Treasurer ARCH WOOD PROTECTION,
INC. By:  

/s/ W. Paul Bush

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Name:   W. Paul Bush Title:   Treasurer ARCH PERSONAL CARE PRODUCTS, L.P. By:
ARCH PCI, INC., AS GENERAL PARTNER By:  

/s/ W. Paul Bush

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Name:   W. Paul Bush Title:   Treasurer ARCH CHEMICALS RECEIVABLES CORP. By:  

/s/ W. Paul Bush

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Name:   W. Paul Bush Title:   Vice President and Treasurer

 

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By its signature below, the undersigned hereby consents to the foregoing
Amendment:

 

SUNTRUST CAPITAL MARKETS, INC., AS ADMINISTRATOR

 

By:  

/s/ James R. Bennison

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Name:   James R. Bennison Title:   Managing Director

 

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