Amendment No. 14 to Receivables Purchase Agreement



 Exhibit 10.48 
 EXECUTION COPY 
 AMENDMENT NO. 14 TO RECEIVABLES PURCHASE AGREEMENT

 THIS AMENDMENT NO. 14 TO RECEIVABLES PURCHASE AGREEMENT (this “Amendment”), dated as of
July 15, 2013, is entered into among WORTHINGTON RECEIVABLES CORPORATION, a Delaware corporation, as Seller (the “Seller”), WORTHINGTON INDUSTRIES, INC., an Ohio corporation, as Servicer (the “Servicer”), THE
MEMBERS OF THE VARIOUS PURCHASER GROUPS FROM TIME TO TIME PARTY TO THE AGREEMENT (as defined below) (each, a “Purchaser Group” and collectively, the “Purchaser Groups”), and PNC BANK, NATIONAL ASSOCIATION, as
Administrator (the “Administrator”). 
 RECITALS 

The Seller, the Servicer, each member of each of the Purchaser Groups and the Administrator are parties to the
Receivables Purchase Agreement, dated as of November 30, 2000 (as amended, supplemented or otherwise modified through the date hereof, the “Agreement”); and 

The parties hereto desire to amend the Agreement as hereinafter set forth. 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows: 
 1. Certain Defined Terms. Capitalized terms that are used
herein without definition and that are defined in Exhibit I to the Agreement shall have the same meanings herein as therein defined. 
 2. Amendments to Agreement. The Agreement is hereby amended as follows: 
 2.1 The following new defined term and definition thereof is hereby added to Exhibit I to the Agreement in appropriate alphabetical order: 

“Excluded Receivable” means any Receivable, the Obligor of which is E. I. du Pont de
Nemours and Company or any Subsidiary thereof and originated on or after July 15, 2013. 

2.2 The definition of “Receivable” set forth in Exhibit I to the Agreement is
hereby replaced in its entirety with the following: 
 “Receivable” means any
indebtedness and other obligations owed to the Seller or any Originator by, or any right of the Seller or any Originator to payment from or on behalf of, an Obligor, whether constituting an account, chattel paper, instrument or general intangible,
arising in connection with the sale of goods or the rendering of services by an Originator, and includes the obligation to pay any finance charges, fees and other charges with respect thereto; provided however, that
“Receivable” shall not include any Excluded Receivable. Indebtedness and other obligations arising from any one transaction, including 







 
indebtedness and other obligations represented by an individual invoice or agreement, shall constitute a Receivable separate from a Receivable consisting of indebtedness and other obligations
arising from any other transaction. 
 3. Representations and Warranties. The Seller and the Servicer
each hereby represents and warrants to the Administrator and each member of the various Purchaser Groups from time to time party to the Agreement as follows: 

(a) Representations and Warranties. Its representations and warranties contained in Exhibit
III of the Agreement are true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations or warranties were true and correct as of such earlier date); 

(b) Enforceability. The execution and delivery by each of the Seller and the Servicer of this
Amendment, and the performance of each of its obligations under this Amendment and the Agreement, as amended hereby, are within each of its corporate powers and have been duly authorized by all necessary corporate action on each of its parts. This
Amendment and the Agreement, as amended hereby, are each of the Seller’s and the Servicer’s valid and legally binding obligations, enforceable in accordance with its terms; and 

(c) No Default. Both before and immediately after giving effect to this Amendment and the
transactions contemplated hereby, no Termination Event or Unmatured Termination Event exists or shall exist. 

4. Effect of Amendment. All provisions of the Agreement, including as expressly amended and modified by this
Amendment, shall remain in full force and effect and are hereby ratified. After this Amendment becomes effective, all references in the Agreement (or in any other Transaction Document) to “this Agreement”, “hereof, “herein”
or words of similar effect referring to the Agreement shall be deemed to be references to the Agreement as amended by this Amendment. This Amendment shall not be deemed, either expressly or impliedly, to waive, amend or supplement any provision of
the Agreement other than as set forth herein. 
 5. Effectiveness. This Amendment shall become effective
as of the date hereof upon receipt by the Administrator of: (i) counterparts of this Amendment (whether by facsimile or otherwise) executed by each of the parties hereto and (ii) such other documents, instruments and agreements as the
Administrator may request. 
 6. Counterparts. This Amendment may be executed in any number of
counterparts and by different parties on separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute but one and the same instrument. 

7. Governing Law. This Amendment shall be governed by, and construed in accordance with, the internal laws of the
State of New York (without regard to any otherwise applicable principles of conflicts of law other than Sections 5-1401 and 5-1402 of the New York General Obligations Law). 

  
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 8. Section Headings. The various headings of this Amendment are
included for convenience only and shall not affect the meaning or interpretation of this Amendment, the Agreement or any provision hereof or thereof. 
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 IN WITNESS WHEREOF, the parties have executed this Amendment as of the date
first written above. 
  

			
	 WORTHINGTON RECEIVABLES CORPORATION, as
Seller

		
	 By: 
	 	 /s/ Matt Lockard

	       Name: Matt Lockard

      Title: Treasurer

	
	 WORTHINGTON INDUSTRIES, INC.,
as Servicer

		
	 By: 
	 	 /s/ Matt Lockard

	       Name: Matt Lockard

      Title: Treasurer




  
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	 MARKET STREET FUNDING LLC

		
	 By:
	 	 /s/ Doris J. Hearn

		 	 Name: Doris J. Hearn
 Title: Vice President

	
	 PNC BANK, NATIONAL ASSOCIATION

		
	 By:
	 	 /s/ William P. Falcon

		 	 Name: William P. Falcon
 Title: Senior Vice President




  
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