Exhibit 10.1
 
SECOND AMENDMENT TO RECEIVABLES PURCHASE AGREEMENT
 
THIS SECOND AMENDMENT TO RECEIVABLES PURCHASE AGREEMENT, dated as of May 15,
2002 (this “Amendment”), is entered into by and among Arch Chemicals Receivables
Corp., a Delaware corporation ( the “Seller”) as seller, Arch Chemicals, Inc., a
Virginia corporation (“Arch”), as initial servicer, Blue Ridge Asset Funding
Corporation, a Delaware corporation (“Blue Ridge”), as purchaser and Wachovia
Bank, National Association (f/k/a Wachovia Bank, N.A.), a national banking
association (“Wachovia”) as Agent. Capitalized terms used and not otherwise
defined herein are used as defined in the Agreement.
 
WHEREAS, the Seller, Arch, Blue Ridge and Wachovia entered into that certain
Receivables Purchase Agreement, dated as of March 19, 2002 (as amended to the
date hereof, the “Agreement”);
 
WHEREAS, the parties hereto desire to amend the Agreement in certain respects as
provided herein;
 
NOW THEREFORE, in consideration of the premises and the other mutual covenants
contained herein, the parties hereto agree as follows:
 
SECTION 1.    Amendments to the Agreement.
 
(a)  The definition of “Eligible Receivable” is hereby amended by deleting the
word “and” at the end of clause (xix), by inserting the word “and” after the
semi-colon at the end of clause (xx) and adding the following additional clause
(xxi):
 
“(xxi) which is not an Ineligible Receivable”
 
(b)  The definition of “Default Ratio” is hereby amended by deleting such
definition and substituting in its place the following:
 
“Default Ratio: As of any Cut-Off Date, the ratio (expressed as a percentage)
computed by dividing (1) the total amount of Receivables (other than Ineligible
Receivables) which became Defaulted Receivables during the Calculation Period
that includes such Cut-Off Date, by (2) the aggregate sale s generated by an
Originator during the Calculation Period occurring six (6) months prior to the
Calculation Period ending on such Cut-Off Date.”
 
(c)  The definition of “Delinquency Ratio” is hereby amended by deleting such
definition and substituting in it s place the following:
 
“Delinquency Ratio: At any time, a percentage equal to (1) the aggregate
Outstanding Balance of all Receivables (other than Ineligible Receivables) that
were Delinquent Receivables at such time divided by (2) the aggregate
Outstanding Balance of all Receivables (other than Ineligible Receivables) at
such time.”

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(d)  The definition of “Dilution Ratio” is hereby amended by deleting such
definition and substituting in its place the following:
 
“Dilution Ratio: As of any Cut-Off Date, a ratio (expressed as a percentage),
computed by dividing (1) the total amount of decreases in Outstanding Balances
of all Receivables (other than Ineligible Receivables) due to Dilutions during
the two previous Calculation Periods ending on such Cut-Off Date, by (2) the
aggregate sales generated by an Originator during the second preceding
Calculation Period ending on such Cut-Off Date.”
 
(e)  The following definition of “Ineligible Receivable” is hereby added in
alphabetical order:
 
“Ineligible Receivable: Any Receivable the Obligor of which is Chemical Sales &
Service Co., Inc., George S. Coyne Chemical Co., Baleco International, Inc.,
Excel Garden Products or Pennington Seed, Inc. (subsidiary of Central Garden &
Pet Company) or any of their respective affiliates, successors or assigns.”
 
SECTION 2.    Amended Agreement in Full Force and Effect as Amended. Except as
specifically amended hereby, the Agreement shall remain in full force and
effect. This Amendment shall not constitute a novation of the Agreement, but
shall constitute an amendment thereof. The parties hereto agree to be bound by
the terms and conditions of the Agreement, as amended by this Amendment, as
though such terms and conditions were set forth herein.
 
SECTION 3.    Miscellaneous.
 
(a) 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
of a signature page to this Amendment by facsimile shall be effective as
delivery of a manually executed counterpart of this Amendment.
 
(b)  The descriptive headings of the various sections of this Amendment are
inserted for convenience of reference only and shall not be deemed to affect the
meaning or construction of any of the provisions hereof.
 
(c)  This Amendment may not be amended or otherwise modified except as provided
in the Agreement.
 
(d)  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS
AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO CONFLICT OF LAWS
PRINCIPLES OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW.
 
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IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by
their respective officers thereunto duly authorized, as of the date first above
written.
 
ARCH CHEMICALS RECEIVABLES CORP.
By:
 
/S/    W. PAUL BUSH

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Name:  W. Paul Bush
   
Title:    Treasurer      

 
Address:
US Mail:
c/o Arch Chemicals, Inc.
501 Merritt 7
P.O. Box 5204
Norwalk, CT 06856-5204
 
Hand Delivery:
c/o Arch Chemicals, Inc.
501 Merritt 7
Norwalk, CT 06851
 
Attention: Corporate Secretary
Phone: (203) 229-2900
Fax: (203) 229-2713
 

ARCH CHEMICALS, INC.
By:
 
/S/    W. PAUL BUSH

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Name:  W. Paul Bush
   
Title:    Treasurer      

 
Address:
US Mail:
501 Merritt 7
P.O. Box 5204
Norwalk, CT 06856-5204
 
Hand Delivery:
501 Merritt 7
Norwalk, CT 06851
 
Attention: Corporate Secretary
Phone: (203) 229-2900
Fax: (203) 229-2713

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BLUE RIDGE ASSET FUNDING
CORPORATION
By:
 
Wachovia Bank, National Association,
as Attorney-in-Fact
By:
 
/S/    ELIZABETH R. WAGNER

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Name:   Elizabeth R. Wagner
   
Title:  Director                 

 
Address:
c/o Wachovia Bank, National Association,
as Administrative Agent
100 North Main Street
Winston-Salem, NC 27150
Telephone: (336) 735-6097
Fax: (336) 735-6099

 
WACHOVIA BANK, NATIONAL
ASSOCIATION, as a Liquidity Bank and as Agent
By:
 
/S/    RICHARD A. OGLESBY, JR.

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Name:   Richard A. Oglesby, Jr.                        
   
    Title:    Senior Vice President – Group Executive

 
Address:
191 Peachtree Street, N.E., GA-8047
Atlanta, Georgia 30303
Telephone: (404) 332-1398
Fax: (404) 332-5152

 
 

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