Exhibit 10.2

 

FIFTH AMENDMENT TO

RECEIVABLES PURCHASE AGREEMENT

 

THIS FIFTH AMENDMENT TO RECEIVABLES PURCHASE AGREEMENT, dated as of January 9,
2004 (this “Amendment”), is entered into by and among ARCH CHEMICALS RECEIVABLES
CORP., as seller (the “Seller”), ARCH CHEMICALS, INC., as the servicer (the
“Servicer”), BLUE RIDGE ASSET FUNDING CORPORATION, as a purchaser (“Blue Ridge”)
and WACHOVIA BANK, NATIONAL ASSOCIATION (f/k/a Wachovia Bank, N.A.), as the
Agent. Capitalized terms used and not otherwise defined herein are used as
defined in the Agreement (as defined below and amended hereby).

 

WHEREAS, the parties hereto have entered into that certain Receivables Purchase
Agreement, dated as of March 19, 2002 (as amended, restated, supplemented or
otherwise modified to the date hereof, the “Agreement”);

 

WHEREAS, the parties hereto desire to amend the Agreement in certain respects as
hereinafter set forth;

 

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

 

Section 1.1 Amendments.

 

Section 9.1(h)(iii) of the Agreement is hereby deleted and replaced with the
following:

 

“the three-month rolling average Dilution Ratio shall exceed 8.25%.”

 

Section 1.2 Reference to and Effect on the Agreement and the Related Documents.

 

(a) Upon the effectiveness of this Amendment, (i) each of the Seller Parties
hereby reaffirms all representations and warranties made by it in Article V of
the Agreement (as amended hereby) and agrees that all such covenants,
representations and warranties shall be deemed to have been remade as of the
effective date of this Amendment, (ii) each of the Seller Parties hereby
represents and warrants that no Amortization Event or Unmatured Amortization
Event shall have occurred and be continuing and (iii) each reference in the
Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like
import shall mean and be, and any references to the Agreement in any other
document, instrument or agreement executed and/or delivered in connection with
the Agreement shall mean and be, a reference to the Agreement as amended hereby.

 

(b) The Seller hereby agrees that in addition to any costs otherwise required to
be paid pursuant to the Transaction Documents, the Seller shall pay the
reasonable legal fees and out-of

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pocket expenses of the Agent’s counsel, Hunton & Williams, and all audit fees
and due diligence costs incurred by the Agent in connection with the
consummation of this Amendment.

 

Section 1.3 Effectiveness and Effect.

 

This Amendment shall be effective on the day (the “Amendment Effective Date”) on
which the last to occur of the following: (i) execution by the Seller Parties of
this Amendment and (ii) payment to the Agent of an amendment fee in the amount
of $10,000 by wire transfer in immediately available funds. Except as otherwise
amended by this Amendment, the Agreement shall continue in full force and effect
and is hereby ratified and confirmed.

 

Section 1.4 Governing Law.

 

This Amendment will be governed by and construed in accordance with the laws of
the State of New York.

 

Section 1.5 Severability.

 

Each provision of this Amendment shall be severable from every other provision
of this Amendment for the purpose of determining the legal enforceability of any
provision hereof, and the unenforceability of one or more provisions of this
Amendment in one jurisdiction shall not have the effect of rendering such
provision or provisions unenforceable in any other jurisdiction.

 

Section 1.6 Counterparts.

 

This Amendment may be executed in one or more counterparts, each of which shall
be deemed to be an original, but all of which together shall constitute one and
the same instrument. Delivery of an executed counterpart of a signature page by
facsimile shall be effective as delivery of a manually executed counterpart of
this Amendment.

 

 

-2-

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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.,

as the Seller

 

By:   /s/    W. Paul Bush            

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Name: W. Paul Bush

   

Title: VP & Treasurer

 

ARCH CHEMICALS, INC.,

as the Servicer

 

By:   /s/    W. Paul Bush            

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Name: W. Paul Bush

   

Title: VP & Treasurer

 

 

[additional signatures to follow]

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BLUE RIDGE ASSET FUNDING

CORPORATION,

as a Purchaser

 

    by Wachovia Capital Markets, LLC,

          as Attorney-in-Fact

By:   /s/    Douglas R. Wilson, Sr.             

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Name: Douglas R. Wilson, Sr.

   

Title: Vice President

 

 

WACHOVIA BANK,

NATIONAL ASSOCIATION,

as Agent

 

By:   /s/    Gary G. Fleming, Jr.            

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Name: Gary G. Fleming, Jr.

   

Title: Director

 

Consented to this 9th day of January, 2004

 

WACHOVIA BANK,

NATIONAL ASSOCIATION,

as sole Liquidity Bank

 

By:   /s/    Gary G. Fleming, Jr.            

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Name: Gary G. Fleming, Jr.

   

Title:

 

 

[end of signatures]