Document:

EX-10.3.2

 

Exhibit 10.3.2

AMENDMENT NO. 1 TO AMENDED AND RESTATED RECEIVABLES PURCHASE

AGREEMENT

     THIS AMENDMENT NO. 1 TO AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT, dated as of May
31, 2006 (this “Amendment”), is entered into by and among:

     (a) RPM Funding Corporation, a Delaware corporation (“Seller”),

     (b) RPM International Inc., a Delaware corporation (“RPM-Delaware”), as initial Servicer,

     (c) Victory Receivables Corporation, a Delaware corporation (“Victory” or a “Conduit”),
and Variable Funding Capital Company LLC, a Delaware limited liability company (“VFCC” or a
“Conduit”),

     (d) The Bank of Tokyo-Mitsubishi UFJ, Ltd., Chicago Branch (together with Victory, the
“Victory Group”), and Wachovia Bank, National Association (together with VFCC, the “VFCC
Group”),

     (e) The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as agent for the Victory
Group (in such capacity, a “Co-Agent”), and Wachovia Bank, National Association, as agent for
the VFCC Group (in such capacity, a “Co-Agent”), and

     (f) Wachovia Bank, National Association, as administrative agent for the Victory Group,
the VFCC Group and each Co-Agent (in such capacity, together with its successors and assigns,
the “Administrative Agent” and, together with each of the Co-Agents, the “Agents”),

and pertains to that certain Amended and Restated Receivables Purchase Agreement dated as of May
10, 2006 among the parties hereto (the “Agreement”). Unless defined elsewhere herein, capitalized
terms used in this Amendment shall have the meanings assigned to such terms in the Agreement.

PRELIMINARY STATEMENT

     Seller wishes to amend the Agreement has hereinafter set forth, and the Agents
and the Purchasers are willing to agree to such amendments on the terms and subject to
the conditions set forth in this Amendment.

          Section 1. Amendment. The definition of “EBITDA” set forth in Exhibit I to the
Agreement is hereby amended and restated in its entirety to read as follows:

     “EBITDA” means, for any period, determined on a consolidated basis for
RPM-Delaware and its Subsidiaries, (i) net income of RPM-Delaware and its Subsidiaries
(calculated before provision for income taxes, interest expense, extraordinary items,
non-recurring gains or losses in connection with asset dispositions, income
attributable to equity in affiliates, all amounts attributable to

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depreciation and amortization and non-cash charges associated with asbestos
liabilities) for such period, minus (ii) cash payments made by RPM-Delaware or
any of its Subsidiaries in respect of asbestos liabilities (which liabilities include,
without limitation, defense costs and indemnification liabilities incurred in
connection with asbestos liabilities) during such period.

          Section 2. Representations and Warranties. In order to induce the Agents and the
Purchasers to enter into this Amendment, Seller hereby represents and warrants to the Agents and
the Purchasers, as of the date hereof, that (a) the execution and delivery by Seller of this
Amendment are within its corporate powers and authority and have been duly authorized by all
necessary corporate action on its part, (b) this Amendment has been duly executed and delivered by
Seller, (c) no event has occurred and is continuing that will constitute an Amortization Event or a
Potential Amortization Event, and (d) each of Seller’s representations and warranties set forth in
Section 5.1 of the Agreement (other than Section 5.1(m) thereof) is true and correct on and as of
the date hereof as though made on and as of the date hereof.

          Section 3. Effectiveness. This Amendment shall become effective as of the date
hereof upon receipt by the Administrative Agent of counterparts hereof, duly executed by each of
the parties hereof, and of a copy of an amendment to the definition of “EBITDA” in the RPM-Delaware
Credit Agreement that is consistent with the definition set forth in Section 1 hereof, duly
executed by each of the parties to the RPM-Delaware Credit Agreement.

          Section 4. Bankruptcy Petition. With respect to each Conduit, each of the other
parties hereto hereby covenants and agrees that, prior to the date that is one year and one day
after the payment in full of all outstanding senior indebtedness of such Conduit, it will not
institute against, or join any other Person in instituting against, such Conduit any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings or other similar proceeding
under the laws of the United States or any state of the United States.

          Section 5. CHOICE OF LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS
PRINCIPLES THEREOF OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW
WHICH SHALL APPLY HERETO).

          Section 6. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES TRIAL BY JURY IN
ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT,
CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AMENDMENT OR
THE OTHER TRANSACTION DOCUMENTS OR THE RELATIONSHIP ESTABLISHED HEREUNDER OR THEREUNDER.

          Section 7. Binding Effect. This Amendment shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and permitted assigns (including any
trustee in bankruptcy).

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          Section 8. Counterparts. 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 hereof via facsimile or electronic
mail of an executed .pdf copy thereof shall, to the fullest extent permitted by applicable law,
have the same force and effect and delivery of an originally executed counterpart hereof.

<Balance of page intentionally left blank>

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          IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered
by their duly authorized officers as of the date hereof.

RPM FUNDING CORPORATION, as Seller

	 	 	 	 	 
	By:

	 	  /s/ Keith R. Smiley
 

	 	 
	Name: Keith R. Smiley	 	 
	Title: Vice President & Treasurer	 	 

RPM INTERNATIONAL INC., as Servicer

	 	 	 	 	 
	By:

	 	  /s/ P. Kelly Tompkins
 

	 	 
	Name: P. Kelly Tompkins	 	 
	Title: Senior Vice President, General Counsel and Secretary	 	 

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VICTORY RECEIVABLES CORPORATION

	 	 	 	 	 
	 

	 	 	 	 
	By:
	 	/s/ R. Douglas Donaldson 	 	 
	 

	 	 	 	 
	Name:
	 	R. Douglas Donaldson 	 	 
	Title:
	 	Treasurer 	 	 

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, as Victory Agent

	 	 	 	 	 
	 

	 	 	 	 
	By:
	 	/s/ Van Dusenbury 	 	 
	 

	 	 	 	 
	Name:
	 	Van Dusenbury 	 	 
	Title:
	 	Senior Vice President	 	 

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THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., CHICAGO BRANCH

	 	 	 	 	 
	 

	 	 	 	 
	By:
	 	/s/ Tsuguyuki Umene	 	 
	 

	 	 	 	 
	Name:
	 	Tsuguyuki Umene	 	 
	Title:
	 	Deputy General Manager	 	 

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VARIABLE FUNDING CAPITAL COMPANY LLC

By: Wachovia Capital Markets, LLC, attorney-in fact

	 	 	 	 	 
	 

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

	 	 	 	 
	Name:
	 	Douglas R. Wilson, Sr.	 	 
	Title:
	 	Vice President	 	 

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WACHOVIA BANK, NATIONAL ASSOCIATION, individually, as VFCC Agent and as Administrative
Agent

	 	 	 	 	 
	 

	 	 	 	 
	By:
	 	/s/ Michael J. Landry	 	 
	 

	 	 	 	 
	Name:
	 	Michael J. Landry	 	 
	Title:
	 	Vice President	 	 

8exv10w2

 

Exhibit 10.2

June 27,2006

WHITE ELECTRONIC DESIGNS CORPORATION

3601 East University Drive

Phoenix, Arizona 85034

	 	 	 	 	 
	 

	 	Re:
	 	Loan by JPMORGAN CHASE BANK, N.A. (successor by merger to
Bank One, NA (Main Office Chicago)) (“Lender”) to WHITE
ELECTRONIC DESIGNS CORPORATION (“Borrower”)

Ladies and Gentlemen:

                    Lender has extended to Borrower credit pursuant to the Loan and Security Agreement,
dated January 7, 2000 (as amended from time to time, “Loan Agreement”) in the principal
amount of $12,000,000.00 (the “Loan”) and evidenced by the Promissory Note, dated June 30,
2000 (“Note”). Capitalized terms used herein and not otherwise defined shall have the
meanings given them in the Loan Agreement.

                    Lender and Borrower agree to amend the Loan Documents as follows:

                    1. The definition of “Termination Date” in the Loan Agreement is hereby amended
to mean September 28,2006.

                    2. The definition of “Maturity Date” in the Note is hereby amended to mean
September 28,2006.

                    All other terms and conditions of the Loan Agreement and the other Loan Documents
shall remain unchanged and in full force and effect. All property or rights to or interest in
property granted as security for the Loan, shall remain as security for the Loan and the
obligations of Borrower in the Loan Documents.

 

 

     Please acknowledge your receipt and acceptance of the foregoing terms and conditions by
signing and returning a copy of this letter. In addition, please obtain the consent and
agreement of the Guarantors by having them sign the copy of this letter to be returned by you.

	 	 	 	 	 
	 	 	Sincerely,
	 
	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A., (successor by
	 	 	merger to BANK ONE, NA, (Main Office Chicago)
	 
	 	 	 	 
	 

	 	By:
	 	/s/ R. Mark Chambers
	 

	 	 	 	 
	 

	 	Name:
	 	R. Mark Chambers
	 

	 	Title:
	 	 Sr. Vice President

Consented and agreed to

this 28th day of June, 2006.

WHITE ELECTRONIC DESIGNS

CORPORATION, an Indiana corporation

	 	 	 	 	 
	By:

	 	/s/ Hamid R. Shokrgozar	 	 
	Name:

	 	 

Hamid R. Shokrgozar
	 	 
	Title:

	 	President & CEO	 	 

 

 

CONSENT AND AGREEMENT

     The foregoing amendments are hereby consented and agreed to this 28th day of
June, 2006.

	 	 	 	 	 
	 	 	PANELVIEW, INCORPORATED, an Oregon
	 	 	corporation
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Hamid R. Shokrgozar
	 

	 	 	 	 
	 

	 	Name:
	 	Hamid R. Shokrgozar
	 

	 	Title:
	 	President & CEO
	 
	 	 	 	 
	 	 	INTERFACE DATA SYSTEMS, INC., an Arizona
	 	 	corporation
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Hamid R. Shokrgozar
	 

	 	 	 	 
	 

	 	Name:
	 	Hamid R. Shokrgozar
	 

	 	Title:
	 	President & CEO
	 
	 	 	 	 
	 	 	IDS ACQUISITION CORPORATION, an Arizona
	 	 	corporation
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Hamid R. Shokrgozar
	 

	 	 	 	 
	 

	 	Name:
	 	Hamid R. Shokrgozar
	 

	 	Title:
	 	President & CEO

GUARANTORS

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