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Exhibit 10.2

     July 20, 2001

Georgia Gulf Corporation
400 Perimeter Center Terrace
Suite 595
Atlanta, Georgia 30346

GGRC Corp.
400 Perimeter Center Terrace
Suite 595
Atlanta, Georgia 30346

Gentlemen:

    Reference is made to that certain Amended and Restated Receivables Transfer
Agreement (the "Transfer Agreement"), dated as of June 22, 2001 among GGRC
Corp., ("GGRC") as seller, Georgia Gulf Corporation ("Georgia Gulf"), as an
initial servicer, Georgia Gulf Chemicals and Vinyls, LLC ("GGCV"), as an initial
servicer, Blue Ridge Asset Funding Corporation ("Blue Ridge"), as purchaser and
Wachovia Bank, N.A. ("Wachovia"), as administrative agent and the Amended and
Restated Receivables Purchase Agreement, dated as of May 24, 2000 among GGRC, as
purchaser, Georgia Gulf, as a seller, GGCV, as a seller and Georgia Gulf Lake
Charles, LLC ("GGLC" and together with GGRC, Georgia Gulf and GGCV, the
"Securitization Parties"), as a seller (the "Securitization Program").
Capitalized terms used but not defined herein shall have the meaning given to
them in the Securitization Program.

    This letter confirms the understanding between you and each of us regarding
the termination of the Securitization Program and the subsequent restructuring
by Wachovia and you of a new securitization program ("New Securitization
Program").

    Pursuant to clause (ii) of the definition of Termination Date in Appendix A
of the Transfer Agreement, GGRC may designate a date as the "Termination Date"
on at least five (5) Business Days' notice to Wachovia, provided  that on such
date the Invested Amount has been reduced to zero, all accrued Earned Discount
and fees have been paid in full and all other amounts due to Wachovia and Blue
Ridge have been paid in full. Wachovia hereby waives the requirement that GGRC
provide at least five (5) Business Days' notice to designate the "Termination
Date" and accepts and agrees that GGRC hereby designates July 20, 2001 as the
Termination Date. It is agreed that on the "Termination Date, the Invested
Amount will be reduced to zero, all accrued and Earned Discount and fees will be
paid in full, all other amounts due under the Securitization Program will be
paid in full and the Securitization Program will be terminated.

    So long as no New Securitization Program has been entered into, you agree
that for a period of one (1) year following the Termination Date, you will
continue to provide Wachovia with monthly settlement reporting in form and
substance satisfactory to Wachovia (the "Monthly Report") on the 18th day of
each calendar month (and if such day is not a Business Day then on the next
Business Day). So long as no New Securitization Program has been entered into,
you hereby agree to pay to Wachovia, an administration fee in the aggregate
amount of $25,000 to compensate Wachovia for continuing its review of the
Monthly Reports provided by you. Such administration fee shall be payable
monthly, in arrears, in the amount of $2,777.78 per calendar month, with the
first such payment to be made with the delivery of the Monthly Report in August,
2001 and the last payment to be made with the delivery of the Monthly Report in
April 2002; provided, however, if during such period a New Securitization
Program has been entered into, no administration fee shall be payable from and
after the calendar month immediately following the calendar month in which such
New Securitization Program has been entered into.

    You agree that you will not solicit any commitment or otherwise seek any
offers from any banks, financial institutions or any other bona fide
institutions to provided financing to GGRC or any other special purpose
affiliate created for the purpose of entering into a securitized financing that
is secured

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directly or indirectly, by any receivables originated by Georgia Gulf, GGCV,
GGLC or any of its affiliate or subsidiaries (the "Seller Parties") or any other
asset securitization, secured loan or similar transaction involving any portion
or all of the receivables originated by the Seller Parties ("Alternate
Securitization Program") for a period of one (1) year following the Termination
Date. If you are offered a commitment for an Alternate Securitization Program
(whether solicited or unsolicited), at any time during the period that is one
(1) year from the Termination Date, Wachovia and Blue Ridge shall have the
right, each in its sole discretion, to require that you decline such offer and
enter into the New Securitization Program.

    You may request Wachovia and Blue Ridge to enter into the New Securitization
Program by providing Wachovia with a written notice ("Notice"). The structuring
fee payable to Wachovia for any New Securitization Program shall be (i) $37,500,
if you provide the Notice within three (3) months following the Termination Date
and (ii) $50,000, if you provide the Notice after three (3) months following the
Termination Date. It is understood and agreed that if the New Securitization
Program is entered into with an expiration date that is 364 days from the
closing date of the New Securitization Program, Wachovia and Blue Ridge will
require that a full audit of the Seller Parties be conducted by Arthur Andersen
LLP or other independent public accountants of recognized national standing
acceptable to Wachovia and Blue Ridge and if the New Securitization Program is
entered into with an expiration date of May 22, 2002, such audit shall be
completed in March or April in the year 2002, as determined by Wachovia and Blue
Ridge.

    Notwithstanding any changes that are acceptable to each of Wachovia and Blue
Ridge (as determined by each in its sole discretion), Wachovia and Blue Ridge
currently intend to enter into the he New Securitization Program under terms and
conditions that are identical to the Securitization Program so long as (i) there
has been no change in the condition (financial or otherwise), business,
operations or prospects of the Securitization Parties (as determined in the sole
discretion of each of Wachovia and Blue Ridge) and (ii) no event has occurred
during the period between the Termination Date and the date of any New
Securitization Program that would constitute a Liquidation Event or an Unmatured
Liquidation Event under the Securitization Program. However, Wachovia and Blue
Ridge shall each determine, in its sole discretion, whether it will enter into
the New Securitization Program. It is understood and agreed that none of
Wachovia, any of its affiliates or Blue Ridge is or will be under any commitment
or other legal obligation of any kind whatsoever to enter into the New
Securitization Program. No such obligation or commitment shall arise unless and
until definitive written financing documentation has been duly executed by
Wachovia, Blue Ridge and the Seller Parties following (a) completion of all due
diligence, with results satisfactory to Wachovia and Blue Ridge in their sole
discretion, (b) completion of Wachovia's internal review process and approval
process, with results satisfactory to Wachovia in its sole discretion,
(c) receipt by Wachovia of necessary internal credit approvals for the New
Securitization Program, and (d) completion of negotiations of all final terms
and conditions of the New Securitization Program, with all final terms and
conditions satisfactory to Wachovia and Blue Ridge in their sole discretion.

    This letter may be executed in counterparts and this letter and all matters
relating in any way to this letter shall be governed by, and construed in
accordance with, the laws of the State of New York. This letter supercedes any
and all discussions, representations and understandings (whether written, verbal
or implied) among Wachovia, Blue Ridge and the Seller Parties with respect to
the termination of the Securitization Program and any subsequent restructuring
of the New Securitization Program and may not be contradicted by evidence of any
actual or alleged prior, contemporaneous or subsequent

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understandings, representations or other actions of the parties (whether
written, verbal or implied), other than a writing signed by the parties which
expressly modifies or supercedes this letter.

    Sincerely,
 
 
WACHOVIA BANK, N.A.
 
 
By:
 
         

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Name:
Title:
 
 
BLUE RIDGE ASSET FUNDING CORPORATION
 
 
By:
 
Wachovia Bank N.A. as Attorney in Fact
 
 
By:
 
         

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Name:
Title:

AGREED TO AND ACCEPTED this
     day of             , 2001:
GGRC CORP.
By:
 
     

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Name:
Title:
GEORGIA GULF CORPORATION
By:
 
     

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Name:
Title:
GEORGIA GULF CHEMICALS & VINYLS, LLC
By:
 
     

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Name:
Title:
GEORGIA GULF LAKE CHARLES, LLC
By:
 
     

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Name:
Title:

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Exhibit 10.2