Document:

EX-10.15.3

 

Exhibit 10.15.3

AMENDMENT NO. 4 TO RECEIVABLES SALE AGREEMENT

     THIS AMENDMENT NO. 4 TO RECEIVABLES SALE AGREEMENT, dated as of March 8, 2005, is by and among
Weatherproofing Technologies, Inc., a Delaware corporation, DAP Products Inc., a Delaware
corporation, The Testor Corporation, an Ohio corporation, Zinsser Co., Inc., a New Jersey
corporation, Tremco Incorporated, an Ohio corporation, Rust-Oleum Corporation, an Illinois
corporation, The Euclid Chemical Company, an Ohio corporation, and Republic Powdered Metals, Inc.,
an Ohio corporation, Tremco Barrier Solutions, Inc., a Delaware corporation f/k/a Koch
Waterproofing Solutions, Inc. (each of the foregoing, an “Originator” and collectively, the
“Originators”), and RPM Funding Corporation, a Delaware corporation (“Buyer”), and pertains to that
certain Receivables Sale Agreement dated as of June 6, 2002, by and among the Originators and
Buyer, as heretofore amended (the “Agreement”). Unless defined elsewhere herein, capitalized terms
used in this Agreement shall have the meanings assigned to such terms in Exhibit I thereto (or, if
not defined in Exhibit I thereto, the meanings assigned to such terms in Exhibit I to the Purchase
Agreement referred to therein).

PRELIMINARY STATEMENTS

          Rust-Oleum Corporation, an Illinois corporation (“Rust-Oleum”) wishes to
exclude accounts receivable as to which AutoZone, Inc. is the Obligor from the
Receivables it is selling to the Buyer pursuant to the Agreement.

          The Buyer is willing to exclude such accounts receivable from the Receivables
under the Agreement.

          Accordingly, the parties hereby agree to modify the Agreement as hereinafter
set forth.

     NOW, THEREFORE, in consideration of the premises and the other mutual covenants herein
contained, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

     1. Amendments.

     1.1. The definition of “Receivable” in Exhibit I to the Agreement is hereby amended and
restated in its entirety to read as follows:

          “Receivable” means all rights to payment owed to an Originator (at the times it
arises, and before giving effect to any transfer or conveyance under the Agreement)
or Buyer (after giving effect to the transfers under the Agreement) constituting an
account arising in connection with the sale of goods or the rendering of services by
such Originator and further includes, without limitation, the obligation to pay any
Finance Charges with respect thereto; provided,

 

 

however, that in no event shall the term “Receivable” include such right to
payment arising from any sale of goods or the rendering of services by any
Originator to any Excluded Obligor which occurs after the effective date of the
amendment designating such Obligor as being an Excluded Obligor. Indebtedness and
other rights and obligations arising from any one transaction, including, without
limitation, indebtedness and other rights and obligations represented by an
individual invoice, shall constitute a Receivable separate from a Receivable
consisting of the indebtedness and other rights and obligations arising from any
other transaction; provided, further, that any indebtedness, rights or obligations
referred to in the immediately preceding sentence shall be a Receivable regardless
of whether the account debtor or such Originator treats such indebtedness, rights or
obligations as a separate payment obligation.

     1.2. The following new definition is hereby inserted into Exhibit I to the Agreement in its
appropriate alphabetical order:

     “Excluded Obligor” means AutoZone, Inc.

     2. Representations. In order to induce the other parties hereto to consent to this
Amendment, (a) each of the Originators hereby represents and warrants that, as of the date of this
Amendment, no event has occurred and is continuing that will constitute a Termination Event or a
Potential Termination Event, and (b) Rust-Oleum Corporation hereby represents and warrants that
from and after the date hereof, (i) no proceeds of any right to payment arising from the sale of
goods or the rendering of services by Rust-Oleum Corporation to AutoZone, Inc. (“AutoZone
Receivables”) will be directed to be deposited into any Lock-Box or Collection Account or otherwise
“commingled” with the proceeds of any of the Receivables (as amended hereby) or the Related
Security if such deposit or “commingling” cannot be traced and identified as being proceeds of
AutoZone Receivables,, and (ii) Rust-Oleum can and will account for the AutoZone Receivables
separately from the Receivables.

     3. Condition Precedent. This Amendment will become effective as of the date first
above written upon receipt by the Agent of counterparts of this Amendment, duly executed by each of
the parties hereto and consented to by the Agent.

     4. Miscellaneous.

     4.1. CHOICE OF LAW. THIS AMENDMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE
WITH THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF ILLINOIS.

     4.2. 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
ANY OTHER TRANSACTION DOCUMENTS OR THE RELATIONSHIP ESTABLISHED HEREUNDER OR THEREUNDER.

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     4.3. 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).

     4.4. 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.

<Signature pages follow>

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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.

	 	 	 	 	 
	DAP PRODUCTS INC.,	 	 
	THE TESTOR CORPORATION,	 	 
	ZINSSER CO., INC.,	 	 
	TREMCO INCORPORATED,	 	 
	RUST-OLEUM CORPORATION,	 	 
	THE EUCLID CHEMICAL COMPANY AND	 	 
	REPUBLIC POWDERED METALS, INC.	 	 
	 
	 	 	 	 
	By:

	 	/s/P. Kelly Tompkins	 	 
	

	 	 	 	 
	Name:

	 	P. Kelly Tompkins	 	 
	Title:

	 	Secretary	 	 
	 
	 	 	 	 
	WEATHERPROOFING TECHNOLOGIES, INC.	 	 
	 
	 	 	 	 
	By:

	 	/s/Michael J. Drumm	 	 
	

	 	 	 	 
	Name:

	 	Michael J. Drumm	 	 
	Title:

	 	Treasurer	 	 
	 
	 	 	 	 
	TREMCO BARRIER SOLUTIONS, INC.	 	 
	 
	 	 	 	 
	By:

	 	/s/P. Kelly Tompkins	 	 
	

	 	 	 	 
	Name:

	 	P. Kelly Tompkins	 	 
	Title:

	 	Secretary	 	 
	 
	 	 	 	 
	RPM FUNDING CORPORATION	 	 
	 
	 	 	 	 
	By:

	 	/s/P. Kelly Tompkins	 	 
	

	 	 	 	 
	Name:

	 	P. Kelly Tompkins	 	 
	Title:

	 	Vice President & Secretary	 	 

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Consented to as of the date first above written:

JPMORGAN CHASE BANK, N.A. (successor by merger to Bank One, NA), AS AGENT

	 	 	 	 	 
	By:

	 	/s/Sherri Gerner	 	 
	

	 	 	 	 
	Name:
	 	 	 	 
	Title:
	 	 	 	 

5EX-10.16.3

 

Exhibit 10.16.3

AMENDMENT NO. 4 TO RECEIVABLES PURCHASE AGREEMENT

     THIS AMENDMENT (this “Amendment”) is entered into as of May 24, 2005 by and among:

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

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

     (c) Jupiter Securitization Corporation, a Delaware corporation
(“Jupiter”  or a “Conduit”), and Blue Ridge Asset Funding Corporation,
a
Delaware corporation (“Blue Ridge”  or a “Conduit”),

     (d) Wachovia Bank, National Association, a national banking
association, individually (“Wachovia”  or a “Liquidity Bank” and, together
with
Blue Ridge, the “Blue Ridge Group”), and as a
co-agent (a “Co-Agent”), and

     (e) JPMorgan Chase Bank, N.A., successor by merger to Bank One,
NA (Main Office Chicago), individually (“JPMorgan
Chase”  or a “Liquidity
Bank” and, together with Jupiter, the “Jupiter Group”), as a co-agent (a
“Co-
Agent”)  and as administrative agent the “Administrative Agent” and, together
with each of the Co-Agents, the “Agents”),

with respect to the Receivables Purchase Agreement dated as of June 6, 2002 by and among the
Seller, RPM-Delaware, the Jupiter Group, the Blue Ridge Group, and the Agents, as heretofore
amended from time to time (the “RPA”).

Unless defined elsewhere herein, capitalized terms used in this Amendment shall have the
meanings assigned to such terms in the RPA.

W I T N E S S E T H:

     WHEREAS, the parties wish to amend the
RPA as hereinafter set forth.

             NOW, THEREFORE, in consideration of the premises and the other mutual covenants herein
contained, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

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     1. Amendments.

     1.1. All references in the RPA to “Jupiter Securitization Corporation” and
“Jupiter” (whether alone or as part of another defined term) are hereby replaced with “Blue
Ridge Asset Funding Corporation” and “Blue Ridge,” respectively. From and after effectiveness
of this Amendment in accordance with Section 4 below: (a) Blue Ridge hereby assumes all of
Jupiter’s rights and obligations (if any) under the Transaction Documents, (b) Jupiter is
hereby
released from further obligation under the Transaction Documents, (c) Jupiter shall no longer
be
required to consent to or be a party to any amendment to or waiver or restatement of any
Transaction Document, and (d) Seller and RPM are hereby released from further obligation
under the Transaction Documents to the Jupiter Agent and the members of the Jupiter Group
except that the rights and remedies of the Jupiter Agent and the Jupiter Group with respect to (i)
any breach of any representation and warranty made by any Seller Party pursuant to Article V,
(ii) the indemnification and payment provisions of Article X of the RPA and Sections 14.5 and
14.6 of the RPA shall be continuing and shall survive effectiveness of this Amendment and any
subsequent termination of the RPA.

     1.2. All references in the RPA to “Bank One, NA” and “Bank One” are hereby
replaced with “Wachovia Bank, National Association” and “Wachovia,” respectively. From and
after effectiveness of this Amendment in accordance with Section 4 below: (a) Wachovia hereby
assumes all of JPMorgan Chase’s rights and obligations under the Transaction Documents
(including, without limitation, JPMorgan Chase’s Commitment as a Liquidity Bank and its rights
and obligations as the Administrative Agent), (b) JPMorgan Chase is hereby released from
further obligation under the Transaction Documents, and (c) JPMorgan Chase shall no longer be
required to consent to or be a party to any amendment to or waiver or restatement of any
Transaction Document.

     1.3. The definition of “Liquidity Termination Date” is hereby amended and
restated (solely as to the Blue Ridge Group) to read as follows:

     “Liquidity Termination Date” means August 26, 2005.

     1.4. The definition of “Facility Termination Date” is hereby amended and
restated (solely as to the Blue Ridge Group) to read as follows:

     “Facility Termination Date” means the earlier of (i) the Liquidity
Termination Date, and (ii) the Amortization Date.

     2. Reaffirmation of Performance Undertaking. RPM-Delaware hereby
ratifies the Performance Undertaking and confirms that its obligations thereunder remain in
full
force and effect.

     3. Representations. In order to induce the Agents and the Purchasers to
agree to this Amendment, each of the Seller Parties hereby represents and warrants that (a)
the
representations and warranties set forth in Section 5.1 of the RPA (other than Section 5.1(m))
are
true and correct on and as of the date hereof, and (b) no event has occurred and is continuing
that constitutes an Amortization Event or Potential Amortization Event.

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             4. Conditions
Precedent. This Amendment will become effective as of the
date first above written upon satisfaction of each of the following conditions precedent:

     (a) receipt by each of the Agents of executed counterparts of this
Amendment, duly executed by each of the parties hereto;

     (b) execution and delivery by Wachovia and Blue Ridge of an
amendment to the Blue Ridge Liquidity Agreement to increase the aggregate
commitment thereunder to $127,500,000;

     (c) execution and delivery by Wachovia and each of the parties to the
Collection Account Agreement with National City Bank dated June 6, 2002 of an
assignment thereof in favor of Wachovia as the successor Administrative Agent;
and

     (d) payment of all accrued and unpaid fees under the Fee Letters and,
if applicable, all accrued and unpaid CP Costs and Yield, through May 24, 2005.

Upon effectiveness of this Amendment in accordance with this Section 4, Wachovia is hereby
authorized to file UCC-3 amendments with respect to all financing statements filed against any of
the Originators or the Seller pursuant to the Transaction Documents reflecting Wachovia’s
replacement of JPMorgan Chase as the Administrative Agent.

             5. 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.

             6. CHOICE
OF LAW. THIS AMENDMENT SHALL BE GOVERNED AND
CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (AND NOT THE LAW
OF CONFLICTS) OF THE STATE OF ILLINOIS.

             7. 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 ANY OTHER TRANSACTION DOCUMENTS OR THE
RELATIONSHIP ESTABLISHED HEREUNDER OR THEREUNDER.

             8. 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).

             9. Counterparts. This Amendment may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so

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executed shall be deemed to be an original and all of which when taken together shall constitute
one and the same agreement.

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

	 	 	 	 	 
	RPM FUNDING CORPORATION	 	 
	 
	 	 	 	 
	By:

	 	/s/ Keith R. Smiley	 	 
	 

	 	 	 	 
	Name:

	 	Keith R. Smiley	 	 
	Title:

	 	Vice President and Treasurer	 	 

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	RPM INTERNATIONAL INC.	 	 
	 
	 	 	 	 
	By:

	 	/s/ P. Kelly Tompkins	 	 
	 

	 	 	 	 
	Name:

	 	P. Kelly Tompkins	 	 
	Title:

	 	Secretary	 	 

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	JUPITER SECURITIZATION CORPORATION	 	 
	 
	 	 	 	 
	By:

	 	/s/ Maureen Marcon	 	 
	 

	 	 	 	 
	Name:

	 	Maureen Marcon	 	 
	Title:

	 	Authorized Signer	 	 

	 	 	 	 	 
	JPMORGAN CHASE BANK, N.A., individually , as Jupiter Agent And as retiring
Administrative Agent  
	 
	 	 	 	 
	By:

	 	/s/ Maureen Marcon	 	 
	 

	 	 	 	 
	Name:

	 	Maureen Marcon	 	 
	Title:

	 	Vice President	 	 

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	BLUE RIDGE ASSET FUNDING CORPORATION	 	 
	 
	 	 	 	 
	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 Blue Ridge Agent
and as successor Administrative Agent  
	 
	 	 	 	 
	By:

	 	/s/ Gary G. Fleming, Jr.	 	 
	 

	 	 	 	 
	Name:

	 	Gary G. Fleming, Jr.	 	 
	Title:

	 	Director	 	 

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