Exhibit 10(n)

NOTICE OF REVOLVER REDUCTION

October 26, 2004

JP Morgan Chase Bank   By fax to 713-427-6307 and overnight courier   10 South
LaSalle Street  23rd Floor  Chicago, IL 60603  Attention: Jaime Garcia 

  Re:   FIVE-YEAR CREDIT AGREEMENT dated as of November 17, 2000

Ladies and Gentlemen:

Pursuant to Section 2.07 of the above Credit Agreement, The Valspar Corporation
hereby notifies you that effective November 1, 2004, it is reducing the
Commitments on the above referenced Credit Agreement from $1 billion to $500
million as follows:

US
Tranche

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MultiCurrency
Tranche

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Australia
Tranche

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Total

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Existing Facility Amount   500,000,000   450,000,000   50,000,000  
1,000,000,000   Reduce Facility  (150,000,000 ) (350,000,000 ) —   (500,000,000
)

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New Amount as of November 1, 2004  350,000,000   100,000,000   50,000,000  
500,000,000  

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Please send us written acknowledgement of your acceptance of this reduction.

                THE VALSPAR CORPORATION

   

By:    

/s/   Deborah D. Weiss    

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Vice President and Treasurer  

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