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                                                               EXHIBIT 4(ii)

                          CERTIFICATE OF AMENDMENT

                                   OF THE

                        CERTIFICATE OF INCORPORATION

                                     OF

                       GRAYBAR ELECTRIC COMPANY, INC.
                          (a New York corporation)
              Under Section 805 of the Business Corporation Law

                  We, the undersigned, Robert A. Reynolds, Jr. and Thomas F.
Dowd, being respectively the Chairman of the Board, President and Chief
Executive Officer and the Vice President, Secretary and General Counsel of
GRAYBAR ELECTRIC COMPANY, INC., hereby certify:

                  1. The name of the Corporation is GRAYBAR ELECTRIC
COMPANY, INC. (the "Corporation").

                  2. The Certificate of Incorporation of the Corporation was
filed by the Department of State of New York on the 11th day of December,
1925.

                  3. The Restated Certificate of Incorporation of the
Corporation was filed by the Department of State of New York on March 26,
1984 and was subsequently amended by a Certificate of Amendment filed on
July 14, 1995 and a Certificate of Change filed on September 15, 1999.

                  4. Article THIRD of the Certificate of Incorporation,
which sets forth the authorized capital stock of the Corporation is amended
to increase the number of authorized shares of common stock from 7,500,000
to 15,000,000, to cancel the existing class of 300,000 shares of preferred
stock of the par value of $20 per share (the "Existing Preferred"), none of
which are issued or outstanding, and to authorize a new class of 10,000,000
shares of preferred stock of the par value of $.01 per share (the "New
Preferred"), and in furtherance thereof said Article THIRD is amended to
read in its entirety as follows:

         "THIRD: The aggregate number of shares that the corporation shall
         have authority to issue is 25,000,000, of which 10,000,000 shares
         of the par value of One Cent ($.01) shall be preferred stock and
         15,000,000 shares of the par value of One Dollar ($1.00) each shall
         be common stock."

                  5. Article FOURTH of the Certificate of Incorporation is
amended to delete references to the Existing Preferred and to set forth that
the New Preferred is issuable in one or more series, with the designations,
relative rights, preferences and limitations of shares of each such series
being fixed by resolution of the board of directors of the Corporation, and
in furtherance thereof said Article FOURTH is amended to read in its
entirety as follows:

         "FOURTH: The rights, preferences and limitations of the shares of
         each class are as follows:

                  A. The preferred stock shall be designated as "Preferred
Stock."

                           (a) Shares of Preferred Stock may be issued in
                  one or more series, and each series shall be so designated
                  as to distinguish the shares thereof from the shares of
                  all other series. All shares of Preferred Stock shall be
                  identical except as to the relative rights, preferences
                  and limitations as are stated and expressed in the
                  resolution or resolutions providing for the issue of a
                  series adopted by the board of directors as hereinafter
                  provided.

                           (b) Authority is hereby expressly granted to the
                  board of directors to fix, before the issuance of any
                  shares of a particular series, the designation of the
                  series, the number of shares to be included in such
                  series, the dividend rate per annum, the amount in
                  addition to any accrued dividends thereon that the holders
                  of shares of such series shall be entitled to receive upon
                  the voluntary or involuntary liquidation, dissolution or
                  winding up of the corporation, the redemption price or
                  prices, if any, and the terms and conditions of the
                  redemption, any sinking fund provisions for the redemption
                  or purchase of the shares of the series, the terms and
                  conditions on which the shares are convertible, if they
                  are convertible, and any other rights, preferences, and
                  limitations pertaining to such series.

                  B. The common stock shall be designated as "Common Stock."

                           (a) No holder of Common Stock shall sell,
                  transfer, or otherwise dispose of any shares of such stock
                  to any party other than the corporation without first
                  offering to sell said shares to the corporation at the
                  price for which said shares were issued by the corporation
                  (or in the event of any change, subdivision, combination
                  or reclassification of said shares, then at the price for
                  which were issued the shares so changed, subdivided,
                  combined or reclassified into the shares so offered to the
                  corporation), plus an amount equal to dividends accrued on
                  said stock from the beginning of the calendar quarter to
                  be paid at the close of such calendar quarter only if a
                  dividend for said quarter is declared, and tendering to
                  the corporation the certificates therefor duly endorsed in
                  proper form for transfer, and the corporation is hereby
                  given an option to purchase all or any part of the Common
                  Stock held by such holder at the price aforesaid good from
                  the date of such offer and tender until the expiration of
                  thirty (30) days after said date. Nothing in this Section
                  B contained, however, shall be construed to prevent any
                  holder of shares of Common Stock from transferring such
                  shares to voting or other trustees under a voting trust
                  agreement, or under any other agreement relating to stock
                  of the corporation approved by the board of directors of
                  the corporation or to prevent any subscriber to the Common
                  Stock from causing the stock subscribed for by him from
                  being issued direct to such voting or other trustees and
                  in either event receiving voting trust certificates or
                  other certificates of interest covering the shares so
                  transferred to or issued to such voting or other trustees;
                  and in the event that shares of Common Stock of the
                  corporation shall be transferred to or issued to such
                  voting or other trustees, the voting trust certificates or
                  other certificates of interest so issued to such
                  stockholders or subscribers shall be held by each and
                  every owner thereof subject to the same

                  terms and conditions as provided in this Section B for
                  shares of Common Stock of the corporation; and the terms
                  "shares," "stock," "Common Stock," "shares of stock,"
                  "shares of Common Stock," "stock certificates," or
                  "certificates for stock" whenever used in this Section B
                  shall be deemed to include voting trust certificates or
                  other certificates of interest covering shares of Common
                  Stock of the corporation unless otherwise stated, and the
                  term "stockholder" as used in this Section B shall also be
                  deemed to include the owner of such voting trust
                  certificates or other certificates of interest covering
                  shares of Common Stock of the corporation.

                           (b) The corporation is hereby given an option in
                  the event of the death of the holder of any shares of
                  Common Stock of the corporation to purchase from his
                  estate all or any part of such shares at the price per
                  share provided in paragraph (a) of this Section B, at any
                  time from and after the expiration of one year from the
                  date of his death until thirty (30) days after such shares
                  shall have been offered for sale to the corporation at the
                  said price and certificates for said shares of stock duly
                  endorsed in proper form for transfer shall have been
                  tendered to the corporation, accompanied by any other
                  papers necessary or proper to effect a valid transfer. The
                  option in this paragraph (b) given to the corporation,
                  however, is subject to the provision that in the event the
                  estate of any deceased stockholder shall offer to sell and
                  shall tender to the corporation at any time before the
                  expiration of the period of one year from the date of
                  death of such deceased stockholder any stock held by his
                  estate, the option shall terminate unless within thirty
                  (30) days from the time said stock is presented to the
                  corporation for purchase, the corporation shall purchase
                  said stock at the said purchase price.

                           (c) In the event that any holder of Common Stock
                  ceases to be an employee of the corporation, or of a
                  subsidiary corporation, for any cause other than death or
                  retirement on a pension allowed by the corporation or by
                  such subsidiary corporation, the corporation is hereby
                  given an option to purchase all the Common Stock held by
                  such stockholder at the price provided in paragraph (a) of
                  this Section B good from the date such holder ceases to be
                  an employee as aforesaid until the expiration of thirty
                  (30) days after he has made an offer to the corporation to
                  sell said stock at said price and a tender of the
                  certificates therefor duly endorsed in proper form for
                  transfer.

                           (d) All offers for sale of shares to the
                  corporation and tenders of certificates for such shares
                  must be made at the principal office of the corporation,
                  in the County of St. Louis, State of Missouri or such
                  other place as the corporation shall designate by notice
                  in writing to stockholders of record. In the event of any
                  such offer and tender, the mailing of a check for the
                  purchase price as determined pursuant to the provisions of
                  paragraph (a) of this Section B of the shares under option
                  to the seller at the address shown upon the books of the
                  corporation or in the event that the seller is a holder of
                  a voting trust certificate at the address shown upon the
                  books of the voting trustees or at any other address
                  furnished by the seller for such purpose at any time
                  within the option period shall be deemed to be due
                  exercise of the option. The corporation may at any time,
                  whether or not such offer and tender has been made,
                  exercise any option to purchase, redeem, or otherwise
                  acquire any

                  shares of stock of the corporation granted to it hereunder
                  by mailing notice of its election so to do to the record
                  holder of the stock covered thereby at his address as
                  shown upon the stock books of the corporation, or in case
                  of voting trust certificates or other certificates of
                  interest covering stock of the corporation then at the
                  address of the owner thereof as shown upon the books of
                  the voting or other trustees. Said notice shall state in
                  substance that the corporation has elected to exercise its
                  option and that it will make payment for the stock to be
                  thus purchased upon delivery to it at its principal office
                  in the County of St. Louis, State of Missouri or such
                  other place as the corporation shall designate by notice
                  in writing to stockholders of record, of the certificates
                  therefor, properly endorsed for transfer, accompanied by
                  such instruments as the corporation may deem necessary,
                  and such stockholder, or his executors or administrators
                  as the case may be, shall forthwith surrender and deliver
                  at said office the certificates for said stock duly
                  endorsed in blank, accompanied by such instruments, and
                  shall be entitled to receive payment (which payment may be
                  by check) of the purchase price therefor as determined
                  pursuant to the provisions of paragraph (a) of this
                  Section B.

                           (e) In the event that the corporation shall
                  purchase any of the Common Stock upon exercising any of
                  the aforesaid options, the corporation may purchase such
                  stock in the name and for the account of any employee of
                  the corporation or of a subsidiary corporation with funds
                  provided by any such party, or at its option, if it has
                  funds available for the purpose, the corporation may
                  purchase the shares for its own account and deposit them
                  in its treasury, and may resell from time to time any or
                  all such shares purchased for its own account for such
                  price or prices, and to such employee or employees of the
                  corporation or of a subsidiary corporation as the board of
                  directors may determine, or at the option of the board of
                  directors, any or all of such shares may be retired or
                  cancelled in any manner permitted by law.

                           (f) Subject to all of the rights of the Preferred
                  Stock, dividends may be paid upon the Common Stock if and
                  when declared by the board of directors out of any funds
                  of the corporation legally available therefor.

                           (g) Except as otherwise provided in the
                  certificate of incorporation as amended or in the terms of
                  any series of Preferred Stock as fixed by the board of
                  directors as provided herein, the holders of the Common
                  Stock shall have exclusive voting power for the election
                  of directors and upon all other matters that may be
                  submitted to the stockholders for their vote or consent.

                  C. No holder of Common Stock shall hypothecate or pledge
                  any Common Stock except under an agreement of
                  hypothecation or pledge with the pledgee containing the
                  following provisions together in the following sequence:

                           "In the event of the death of the pledgor or in
                  the event that he ceases to be an employee of Graybar
                  Electric Company, Inc. or of a subsidiary corporation for
                  any cause other than death or retirement on a pension,
                  Graybar Electric Company, Inc. shall have the same right
                  to purchase any or all of the

                  pledged stock as it would have had if the stock had not
                  been pledged, and may make payment therefor to the pledgee
                  or any party presenting the certificates therefor,
                  properly endorsed for transfer. The provisions of the
                  certificate of incorporation of the corporation relating
                  to the rights of the corporation to such stock and the
                  price to be paid therefor are set forth on the back of the
                  stock certificates pledged and the pledgee has notice
                  thereof.

                           "In the event that the pledgor shall be in
                  default under the pledge, Graybar Electric Company, Inc.
                  shall have an option, good until the expiration of thirty
                  (30) days from the time written notice of such default is
                  served upon said corporation by the pledgee, to take over
                  the stock pledged and the debt to secure which such stock
                  has been pledged, upon payment to the pledgee of the
                  amount then owing on said debt, and no sale shall be made
                  by the pledgee under said pledge until such option has
                  expired.

                           "In the event that the pledgor shall be in
                  default under the pledge and the amount then owing on the
                  debt shall exceed the price at which Graybar Electric
                  Company, Inc. would be entitled to purchase stock under
                  option given to it in case the pledgor should desire to
                  sell same, said corporation shall have the right, good
                  until the expiration of thirty (30) days from the time
                  written notice is served upon said corporation by the
                  pledgee, to redeem or purchase such stock, at said option
                  price, and may make payment therefor to the pledgee or any
                  party presenting the certificates therefor properly
                  endorsed for transfer, and no sale shall be made by the
                  pledgee until such option has expired.

                           "No other provisions in the hypothecation or
                  pledge shall in any way affect the rights given in the
                  three preceding paragraphs, and by accepting the pledge
                  the pledgee agrees to carry out and be bound by the
                  provisions of the three preceding paragraphs and of the
                  certificate of incorporation as amended of Graybar
                  Electric Company, Inc.

                           "Any right or option in the corporation to
                  purchase, redeem, take over or otherwise acquire any stock
                  of the corporation shall, in accordance with the
                  provisions of the certificate of incorporation as amended,
                  also accrue to and may be exercised by any person,
                  persons, firm or corporation designated by the corporation
                  to purchase or acquire such stock or any part thereof.

                           "It is understood that the certificate of
                  incorporation of Graybar Electric Company, Inc. also
                  provides, in substance, that if any party shall claim or
                  establish ownership of or any interest in shares of stock
                  of the corporation and if such ownership or interest is
                  the result of a sale or transfer in breach of the
                  provisions of the certificate of incorporation, such
                  shares or interest shall at the option of the corporation
                  be subject at all times to purchase by said corporation at
                  prices and under terms and conditions set forth in or to
                  be determined as provided in said certificate of
                  incorporation."

                           In the event that the corporation shall have
                  exercised any such option to take over any stock which
                  shall have been pledged or hypothecated and the debt to
                  secure which such stock has been pledged, the corporation
                  shall have the right, at any time after the expiration of
                  thirty (30) days after written notice mailed to the holder
                  of record of the pledged stock at his address as shown on

                  the books of the corporation, to purchase said stock by
                  paying or tendering to the pledgor the difference, if any,
                  between the amount paid by the corporation to the pledgee
                  in taking over said stock, together with interest to the
                  time of such purchase, and the price which the corporation
                  would be required to pay to purchase said stock in case of
                  sale by the stockholder to the corporation under the
                  provisions of paragraph (a) of Section B; provided,
                  however, that at any time prior to such purchase of said
                  stock by the corporation the pledgor may redeem said stock
                  from the corporation by paying to the corporation the
                  amount which the corporation paid to the pledgee in taking
                  over the said stock, together with interest thereon. All
                  such interest shall be computed at the rate of six per
                  cent (6%) per annum.

                           In the event that the corporation shall have
                  exercised its option to take over any stock which shall
                  have been pledged or hypothecated, and the debt to secure
                  which the stock has been pledged, the corporation shall,
                  in addition to any rights herein granted, be subrogated to
                  all the rights of the pledgee of said stock.

                           No pledge or hypothecation of any stock of the
                  corporation, except in accordance with the foregoing
                  conditions, shall in any way affect the right of the
                  corporation to treat the stock as if it had not been
                  pledged, whether in the hands of the pledgee or any
                  subsequent holder whose title is through the pledgee or
                  through any sale or transfer resulting from the pledge.

                  D. All certificates of Common Stock of the corporation
                  shall contain or have endorsed thereon the provisions of
                  the certificate of incorporation as amended in respect of
                  the sale, transfer and pledge of stock, and all voting
                  trust certificates or other certificates of interest
                  covering stock of the corporation issued under a voting
                  trust agreement or other agreement to which the
                  corporation may be a party shall likewise contain or have
                  endorsed thereon said provisions. No transfers of stock
                  shall be recorded on the books of the corporation unless
                  effected in accordance with the provisions of the
                  certificate of incorporation as amended. Each holder of a
                  certificate of stock of the corporation shall be charged
                  with notice of the provisions of the certificate of
                  incorporation of the corporation as amended and shall by
                  receiving any such stock certificate be deemed to assent
                  to and be bound by all of the provisions of the
                  certificate of incorporation as amended.

                           If for any reason whatsoever any party to whom a
                  sale or transfer has been made in breach of any of the
                  provisions of the certificate of incorporation as amended
                  should claim or establish ownership of or any interest in
                  any shares of stock of the corporation, such shares shall
                  thereupon become subject to redemption or purchase at any
                  and all times thereafter at the option of the corporation,
                  whether in the hands of such party or any subsequent
                  transferee, immediate or remote, upon mailing thirty (30)
                  days notice of the election of the corporation to redeem
                  or purchase such shares to the then holder of record at
                  its address as it appears upon the stock books of the
                  corporation or the books of the voting or other trustees
                  at the price provided in paragraph (a) of Section B
                  hereof, and the corporation may redeem or purchase any
                  such shares upon paying the price specified.

                           The corporation shall withhold any dividends and
                  refuse to permit the exercise of any voting right upon any
                  shares transferred in violation of the provisions of the
                  certificate of incorporation as amended or in regard to
                  which there has been any default in notifying the
                  corporation of the stockholder's desire to sell his stock
                  in order to give the corporation opportunity to exercise
                  its option to purchase, or default in delivery of stock
                  after the corporation has given notice of its election to
                  exercise any option to purchase.

                           Whenever herein the corporation shall be given
                  any right or option to purchase, redeem or otherwise
                  acquire any shares of stock of the corporation in any
                  manner whatsoever, such rights shall also accrue and may
                  be exercised by any person, persons, firm or corporation
                  designated by the corporation to purchase or acquire such
                  stock or any part thereof.

                           If any one or more provisions of Section A, B or
                  C or of this Section D shall be declared to be invalid, it
                  shall not affect the validity of any other provisions of
                  said sections or this section or of the certificate of
                  incorporation as amended, nor shall the fact that any
                  shares of the corporation shall be held at any time by any
                  party not entitled to hold the same or from whom the
                  corporation might purchase the same under the provisions
                  of this Section D relieve any other stockholder from
                  compliance with the terms of the provisions of Sections A,
                  B and C and of this Section D.

                           The term "employee" as used in Sections B and C
                  shall be deemed to include salaried officers.

                           The term "subsidiary" or "subsidiary company" as
                  used in the certificate of incorporation as amended shall
                  be deemed to mean any company seventy-five per cent (75%)
                  of whose outstanding shares of equity stock, as
                  hereinafter defined, shall be owned by the corporation or
                  by another subsidiary. The term "equity stock" as herein
                  used means the outstanding class or classes of shares
                  entitled upon liquidation of a company to the final
                  distribution of all assets remaining after the payment and
                  discharge of all obligations and after payment and
                  distribution to all classes of shares entitled to priority
                  on the distribution of assets.

                  E. No stockholder of any class of the corporation shall as
                  such be entitled as of right to purchase or subscribe for
                  stock of any class of the corporation, whether authorized
                  by this certificate of incorporation or by any amendment
                  to this certificate of incorporation or to purchase or
                  subscribe for any other securities of the corporation
                  whether or not such securities may be convertible into
                  stock of any class of the corporation.

                  6. The aforesaid amendment to the Certificate of
Incorporation was authorized, in accordance with Section 803(a) of the
Business Corporation Law, by resolution of the board of directors of the
Corporation adopted at a meeting held duly called and held on March 11,
2004, followed by the vote of the holders of a majority of all the
outstanding shares of the Corporation entitled to vote thereon at a meeting
of shareholders duly called and held on June 10, 2004.

                  IN WITNESS WHEREOF, we have signed this certificate of
amendment on the 10th day of June, 2004 and we affirm the statements
contained herein as true under penalties of perjury.

                                        GRAYBAR ELECTRIC COMPANY, INC.

                                        By:  /s/Robert A. Reynolds, Jr.
                                             --------------------------------
                                             Robert A. Reynolds, Jr.
                                             Chairman of the Board, President
                                             and Chief Executive Officer

                                        By:  /s/Thomas F. Dowd
                                             --------------------------------
                                             Thomas F. Dowd
                                             Vice President, Secretary
                                             and General Counsel<PAGE>

                                                               EXHIBIT 10(v)

                             AMENDMENT NO. 9 TO
                       RECEIVABLES PURCHASE AGREEMENT

                  This Amendment No. 9 to Receivables Purchase Agreement
(this "Amendment") is entered into as of October 22, 2003, among Graybar
      ------------
Commerce Corporation, a Delaware corporation, as Seller ("Seller"), Graybar
Electric Company, Inc., a New York corporation ("Graybar"), as Servicer,
                                               ------------
Falcon Asset Securitization Corporation ("Conduit"), Lloyds TSB Bank plc
                                        ------------
("Lloyds"), as a departing Financial Institution, and Bank One, NA (Main
Office Chicago) ("Bank One"), as Agent and as a Financial Institution.
                ------ ------

                                  RECITALS,
                                  ---------

                  Each of Seller, Graybar, Conduit and Bank One, NA (Main
Office Chicago) entered into that certain Receivables Purchase Agreement,
dated as of June 30, 2000, and each of the parties thereto amended such
Receivables Purchase Agreement pursuant to the following amendments: (i)
that certain Amendment No. 1 to Receivables Purchase Agreement, dated as of
July 12, 2000, (ii) that certain Waiver and Amendment No. 2 to Receivables
Purchase Agreement, dated as of January 1, 2001, (iii) that certain
Amendment No. 3 to Receivables Purchase Agreement, dated as of June 22,
2001, (iv) that certain Amendment No. 4 to Receivables Purchase Agreement,
dated as of August 29, 2001, (v) that certain Amendment No. 5 to Receivables
Purchase Agreement, dated as of October 26, 2001, (vi) that certain
Amendment No. 6 to Receivables Purchase Agreement, dated as of December 31,
2001, (vii) that certain Amendment No. 7 to Receivables Purchase Agreement,
dated as of October 23, 2002, and (viii) that certain Amendment No. 8 to
Receivables Purchase Agreement, dated as of December 23, 2003 (such
Receivables Purchase Agreement as so amended, the "Purchase Agreement").
                                                  --------- ------------

                  Lloyds, as a departing Financial Institution, desires to
assign and transfer an undivided 100% interest in its, and Bank One desires
to acquire an undivided 100% interest in Lloyds's, rights and obligations as
a Financial Institution under the Purchase Agreement and the other
Transaction Documents as set forth herein.

                  Each of the parties hereto now desires to amend the
Purchase Agreement, subject to the terms and conditions hereof, to remove
Lloyds as a Financial Institution and to make such other amendments as the
parties hereto agree as more particularly described herein.

                                  AGREEMENT
                                  ---------

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

                  Section 1. Definitions Used Herein. Capitalized terms used
                             ------------------------
herein and not otherwise defined herein shall have the respective meanings
set forth for such terms in the Purchase Agreement.

                  Section 2. Removal of Lloyds as a Financial Institution.
                             ---------------------------------------------
Subject to the terms and conditions set forth herein, from and after the
effective date hereof, Lloyds shall no longer be a Financial Institution
party to the Purchase Agreement and the Commitment of Lloyds listed on
Schedule A to the Purchase Agreement is reduced to zero; provided, however,
                                                         --------  --------
that the provisions of Article X of the Purchase Agreement shall continue in
effect for its benefit with respect to Purchaser Interests held by Lloyds
prior to its termination as a Financial Institution. Subject to the terms
and conditions set forth herein, on the date hereof, Lloyds shall be deemed
to have hereby transferred and assigned to Bank One without recourse,
representation or warranty of any kind, and Bank One shall be deemed to have
hereby irrevocably taken, received and assumed from Lloyds, 100% of Lloyd's
Commitment representing $55,080,000 and all rights and obligations
associated therewith under the terms hereof and of the Purchase Agreement.

                  Section 3. Amendment to Section 9.1(k). Subject to the
                             ----------------------------
terms and conditions set forth herein, Section 9.1(k) of the Purchase
Agreement is hereby amended and restated in its entirety to read as follows:

                           (k) (i) The Leverage Ratio, as of the last day of
each fiscal quarter of Originator, shall be greater than 4.0 to 1.0 or (ii)
the Interest Coverage Ratio, as of the last day of each fiscal quarter of
Originator, shall be less than 2.5 to 1.0 or (iii) the Consolidated Tangible
Net Worth shall at any time be less than $405,000,000, increased by the sum
of (A) on a cumulative basis as of the end of each fiscal quarter of
Originator, commencing with the fiscal quarter ending June 30, 2003, an
amount equal to 50% of Consolidated Net Income (to the extent positive) for
the fiscal quarter then ended plus (B) an amount equal to 100% of the Net
                              ----
Cash Proceeds from any Equity Issuance occurring after July 30, 2003.

                  Section 4. Amendments to Section 10.2. Subject to the
                             ---------------------------
terms and conditions set forth herein, Section 10.2 of the Purchase
Agreement is hereby amended and restated in its entirety to read as follows:

                           Section 10.2 Increased Cost and Reduced Return.
                                        ----------------------------------

                  If after the date hereof, any Funding Source shall be
charged any fee, expense or increased cost on account of the adoption of any
applicable law, rule or regulation (including any applicable law, rule or
regulation regarding capital adequacy), any accounting principles or any
change in any of the foregoing, or any change in the interpretation or
administration thereof by the Financial Accounting Standards Board ("FASB"),
any governmental authority, any central bank or any comparable agency
charged with the interpretation or administration thereof, or compliance
with any request or directive (whether or not having the force of law) of
any such authority or agency (a "Regulatory Change"): (i) that subjects any
                                ---------------------
Funding Source to any charge or withholding on or with respect to any
Funding Agreement or a Funding Source's obligations under a Funding
Agreement, or on or with respect to the Receivables, or changes the basis of
taxation of payments to any Funding Source of any amounts payable under any
Funding Agreement (except for changes in the rate of tax on the overall net
income of a Funding Source or taxes excluded by Section 10.1) or (ii) that
imposes, modifies or deems applicable any reserve, assessment, insurance
charge, special deposit or similar requirement against assets of, deposits
with or for the account of a Funding Source, or credit extended by a Funding
Source pursuant to a Funding Agreement or (iii) that imposes any other
condition the result of which is to increase the cost to a Funding Source of
performing its obligations under a Funding Agreement, or to reduce the rate
of return on a Funding Source's capital as a consequence of its obligations
under a Funding Agreement, or to reduce the amount of any sum received or
receivable by a Funding Source under a Funding Agreement or to require any
payment calculated by reference to the amount of interests or loans held or
interest received by it, then, upon demand by the Agent, Seller shall pay to
the Agent, for the benefit of the relevant Funding Source, such amounts
charged to such Funding Source or such amounts to otherwise compensate such
Funding Source for such increased cost or such reduction. For the avoidance
of doubt, if the issuance of FASB Interpretation No. 46, or any other change
in accounting standards or the issuance of any other pronouncement, release
or interpretation, causes or requires the consolidation of all or a portion
of the assets and liabilities of Graybar or Seller with the assets and
liabilities of the Agent, any Financial Institution or any other Funding
Source, such event shall constitute a circumstance on which such Funding
Source may base a claim for reimbursement under this Section.

                  Section 5. Amendments to Section 14.5(a). Subject to the
                             ------------------------------
terms and conditions set forth herein, Section 14.5(a) of the Purchase
Agreement is hereby amended by adding the following language at the end of
such section:

                           Anything herein to the contrary notwithstanding,
each Seller Party, each Purchaser, the Agent, each Indemnified Party and any
successor or assign of any of the forgoing (and each employee,
representative or other agent of any of the foregoing) may disclose to any
and all Persons, without limitation of any kind, the "tax treatment" and
"tax structure" (in each case, within the meaning of Treasury Regulation
Section 1.6011-4) of the transactions contemplated herein and all materials
of any kind (including opinions or other tax analyses) that are or have been
provided to any of the foregoing relating to such tax treatment or tax
structure, and it is hereby confirmed that each of the foregoing have been
so authorized since the commencement of discussions regarding the
transactions.

                  Section 6. Amendments to Exhibit I. Subject to the terms
                             ------------------------
and conditions set forth herein, Exhibit I to the Purchase Agreement is
hereby amended by:

                               (a) adding thereto the following new defined
terms in proper alphabetical order:

                           "Accumulated Other Comprehensive Income and
                           -------------------------------------------
Losses" means, as of any date with respect to Originator and its Covenant
-------
Subsidiaries on a consolidated basis, accumulated other comprehensive income
and losses, as determined in accordance with GAAP.

                           "Credit Rate" means, on each day that a
                           -------------
Replacement Credit Agreement is in effect, a rate per annum equal to the sum
of (i) the lowest rate available to Graybar on such date for a revolving
loan made pursuant to such Replacement Credit Agreement plus (ii) .25% per
annum.

                           "Excluded Amount" means collectively each of the
                           -----------------
amounts set forth in the table below, provided (i) for each related Site
                                      --------
Location, the Excluded Amount shall not exceed (but can be equal to or less
than) the amount set forth in the table below and (ii) for each related Site
Location, either (A) the Excluded Amount must relate to the synthetic lease
or other financing product in existence on October 22, 2003 with respect to
such Site Location or (B) Graybar must own such Site Location:

                     Site Location                      Excluded Amount
                    ---------------------------------------------------
                    Stafford, TX                          $7,660,000
                    Austell, GA                           $7,452,000
                    Youngstown, OH                        $7,008,000
                    Rogers, MN                            $6,600,000
                    Joliet, IL                            $9,917,744
                    Puyallup, WA                          $9,305,219
                    Cincinnati, OH                        $5,967,833
                    Tampa, FL                             $9,773,687
                    Taunton, NJ                           $9,793,000

                           "Replacement Credit Agreement" means any revolving
                           ------------------------------
credit agreement or similar agreement in effect on or after July 30, 2004
that replaces, amends, amends and restates, refinances, extends, or
otherwise changes the pricing of that certain Five Year Credit Agreement,
dated as of July 30, 1999, among Graybar, the banks and financial
institutions party thereto, and First Union National Bank, as administrative
agent; provided that, for any such agreement to be a "Replacement Credit
       --------
Agreement", the term of such agreement must extend beyond October 21, 2006.

                               (b) amending and restating, in its entirety,
                  the definition of "Consolidated Tangible Net Worth" appearing
                  in such Exhibit I to read as follows:

                           "Consolidated Tangible Net Worth" means, as of
                           ---------------------------------
any date with respect to Originator and its Covenant Subsidiaries on a
consolidated basis, Consolidated Total Tangible Assets minus Consolidated
                                                       -----
Total Liabilities, plus Accumulated Other Comprehensive Income and Losses to
                   ----
the extent it reduces shareholder's equity, all as determined in accordance
with GAAP.

                               (c) replacing the percentage "2%" in clause
(ii) of the definition of "Default Fee" appearing in such Exhibit I with the
percentage "3%".

                               (d) amending and restating, in its entirety,
the definition of "Discount Rate" appearing in such Exhibit I to read as
follows:

                           "Discount Rate" means, (i) (A) if a Replacement
                           ---------------
Credit Agreement is in effect, the Credit Rate or (B) if a Replacement Credit
Agreement is not in effect, the LIBO Rate or (ii) the Prime Rate, as
applicable, with respect to each Purchaser Interest of the Financial
Institutions.

                               (e) replacing the date "October 23, 2003" in
clause (i) of the definition of "Facility Termination Date" appearing in such
Exhibit I with the date "October 22, 2006".

                               (f) replacing the parenthetical "(excluding
for purposes hereof, Funded Debt of the type set forth in subsection (1) of
the definition of 'Covenant Indebtedness' to the extent that it is less than
$75,000,000 in the aggregate)" in clause (a) of the definition of "Leverage
Ratio" appearing in such Exhibit I with the parenthetical "(excluding for
purposes hereof, the Excluded Amount)".

                               (g) replacing the percentage "1.25%" in
clause (ii) of the definition of "LIBO Rate" appearing in such Exhibit I
with the percentage "3.75%".

                               (h) replacing the date "October 23, 2003" in
the definition of "Liquidity Termination Date" appearing in such Exhibit I
with the date "October 22, 2006".

                  Section 7. Amendments to Exhibit IV. Subject to the terms
                             -------------------------
and conditions set forth herein, Exhibit IV to the Purchase Agreement is
hereby amended and restated, and replaced, in its entirety by Annex I
                                                              -------
hereto.

                  Section 8. Amendments to Exhibit V. Subject to the terms
                             ------------------------
and conditions set forth herein, Exhibit V to the Purchase Agreement is
hereby amended and restated, and replaced, in its entirety by Annex II
                                                              --------
hereto.

                  Section 9. Amendments to Schedule A. Subject to the terms
                             -------------------------
and conditions set forth herein, Schedule A to the Purchase Agreement is
hereby amended and restated, and replaced, in its entirety by Annex III
                                                              ---------
hereto.

                  Section 10. Condition to Effectiveness of Amendment. This
                              ----------------------------------------
Amendment shall become effective as of October 22, 2003 (the "Effective
                                                             ----------
Date"), upon the satisfaction of the condition precedent that:
-------

                               (a) Amendment. The Agent shall have received,
                                   ----------
         on or before the date hereof, executed counterparts of this Amendment,
         duly executed by each of the parties hereto.

                               (b) Fee Letter; Fees. The Agent shall have
                                   -----------------
         received, on or before the date hereof, (i) an amended and restated
         fee letter, in form and substance satisfactory to the Agent, duly
         executed by each of the parties thereto and (ii) all

         fees, costs and expenses due and payable to the Agent or any Purchaser
         on or before the effective date hereof pursuant to such amended and
         restated fee letter or any other Transaction Document.

                               (c) Deposit Account Control Agreement. The
                                   ----------------------------------
         Agent shall have received, on or before the date hereof, executed
         counterparts of the Deposit Account Control Agreement, duly executed
         by Seller, Graybar, the Agent and Bank of America, N.A.

                  Section 11. Representations and Warranties. By its
                              -------------------------------
execution hereof, each of Seller and Servicer shall be deemed to have
represented and warranted the following:

                               (a) Transaction Document Representations and
                                   ----------------------------------------
         Warranties. As of the Effective Date, both before and after giving
         ----------
         effect to this Amendment, all of the representations and warranties
         contained in the Purchase Agreement and in each other Transaction
         Document shall be true and correct in all material respects as though
         made on the Effective Date (and by its execution hereof, each of
         Seller and Servicer shall be deemed to have represented and warranted
         such).

                               (b) No Amortization Event. As of the
                                   ----------------------
         Effective Date, both before and after giving effect to this
         Amendment, no Amortization Event or Potential Amortization Event
         shall have occurred and be continuing (and by its execution
         hereof, each of Seller and Servicer shall be deemed to have
         represented and warranted such).

                  Section 12. Miscellaneous.
                              --------------

                               (a) Effect; Ratification. The amendments set
                                   ---------------------
         forth herein are effective solely for the purposes set forth
         herein and shall be limited precisely as written, and shall not be
         deemed to (i) be a consent to any amendment, waiver or
         modification of any other term or condition of the Purchase
         Agreement or of any other instrument or agreement referred to
         therein; or (ii) prejudice any right or remedy which any Purchaser
         or the Agent may now have or may have in the future under or in
         connection with the Purchase Agreement, as amended hereby, or any
         other instrument or agreement referred to therein. Each reference
         in the Purchase Agreement to "this Agreement," "herein," "hereof"
         and words of like import and each reference in the other
         Transaction Documents to the "Receivables Purchase Agreement" or
         to the "Purchase Agreement" shall mean the Purchase Agreement as
         amended hereby. This Amendment shall be construed in connection
         with and as part of the Purchase Agreement and all terms,
         conditions, representations, warranties,

         covenants and agreements set forth in the Purchase Agreement and
         each other instrument or agreement referred to therein, except as
         herein amended, are hereby ratified and confirmed and shall remain
         in full force and effect.

                               (b) Transaction Documents. This Amendment is
                                   ----------------------
         a Transaction Document executed pursuant to the Purchase Agreement
         and shall be construed, administered and applied in accordance
         with the terms and provisions thereof.

                               (c) Costs, Fees and Expenses. Seller agrees
                                   -------------------------
         to reimburse the Agent and each Purchaser on demand for all costs,
         fees and expenses incurred in connection with the preparation,
         execution and delivery of this Amendment (including the reasonable
         fees and expenses of counsels to the Agent, Lloyds and/or the
         other Purchasers).

                               (d) Counterparts. This Amendment may be
                                   -------------
         executed in any number of counterparts, each such counterpart
         constituting an original and all of which when taken together
         shall constitute one and the same instrument.

                               (e) Severability. Any provision contained in
                                   -------------
         this Amendment which is held to be inoperative, unenforceable or
         invalid in any jurisdiction shall, as to that jurisdiction, be
         inoperative, unenforceable or invalid without affecting the
         remaining provisions of this Amendment in that jurisdiction or the
         operation, enforceability or validity of such provision in any
         other jurisdiction.

                               (f) GOVERNING LAW. THIS AMENDMENT SHALL BE
                                   --------------
         GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE
         LAWS OF THE STATE OF ILLINOIS.

                          (Signature Page Follows)

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

                                      GRAYBAR COMMERCE CORPORATION

                                      By:
                                         -------------------------------------
                                      Name: Martin J. Beagen
                                      Title: President

                                      GRAYBAR ELECTRIC COMPANY, INC.,
                                      as Servicer

                                      By:
                                         -------------------------------------
                                      Name: J. N. Reed
                                      Title: Vice President and Treasurer

                                      FALCON ASSET SECURITIZATION
                                      CORPORATION

                                      By:
                                         -------------------------------------
                                      Name: Ronald J. Atkins
                                      Title: Authorized Signatory

                                      BANK ONE, NA (MAIN OFFICE CHICAGO),
                                      as Agent and as a Financial Institution

                                      By:
                                         -------------------------------------
                                      Name: Ronald J. Atkins
                                      Title: Director, Capital Markets

                                      LLOYDS TSB BANK PLC,
                                      as a departing Financial Institution

                                      By:
                                         -------------------------------------
                                      Name:
                                      Title:

                                      By:
                                         -------------------------------------
                                      Name:
                                      Title:

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

                                      GRAYBAR COMMERCE CORPORATION

                                      By:
                                         -------------------------------------
                                      Name:
                                      Title:

                                      GRAYBAR ELECTRIC COMPANY, INC.,
                                      as Servicer

                                      By:
                                         -------------------------------------
                                      Name:
                                      Title:

                                      FALCON ASSET SECURITIZATION CORPORATION

                                      By:
                                         -------------------------------------
                                      Name: Ronald J. Atkins
                                      Title: Authorized Signatory

                                      BANK ONE, NA (MAIN OFFICE CHICAGO),
                                      as Agent and as a Financial Institution

                                      By:
                                         -------------------------------------
                                      Name: Ronald J. Atkins
                                      Title: Director, Capital Markets

                                      LLOYDS TSB BANK PLC,
                                      as a departing Financial Institution

                                      By:
                                         -------------------------------------
                                      Name:
                                      Title:

                                      By:
                                         -------------------------------------
                                      Name:
                                      Title:

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

                                      GRAYBAR COMMERCE CORPORATION

                                      By:
                                         -------------------------------------
                                      Name:
                                      Title:

                                      GRAYBAR ELECTRIC
                                      COMPANY, INC., as Servicer

                                      By:
                                         -------------------------------------
                                      Name:
                                      Title:

                                      FALCON ASSET SECURITIZATION CORPORATION

                                      By:
                                         -------------------------------------
                                      Name: Ronald J. Atkins
                                      Title: Authorized Signatory

                                      BANK ONE, NA (MAIN OFFICE
                                      CHICAGO), as Agent and as a Financial
                                      Institution

                                      By:
                                         -------------------------------------
                                      Name: Ronald J. Atkins
                                      Title: Director, Capital Markets

                                      LLOYDS TSB BANK PLC,
                                      as a departing Financial Institution

                                      By:
                                         -------------------------------------
                                      Name:
                                      Title:

                                      By:
                                         -------------------------------------
                                      Name:
                                      Title:

                                                                      Annex I

                                 EXHIBIT IV
               NAMES OF COLLECTION BANKS; COLLECTION ACCOUNTS

                                                                      Annex II

                                  EXHIBIT V
                       FORM OF COMPLIANCE CERTIFICATE

To: Bank One, NA (Main Office Chicago), as Agent

         This Compliance Certificate is furnished pursuant to that certain
Receivables Purchase Agreement, dated as of June 30, 2000, among Graybar
Commerce Corporation (the "Seller"), Graybar Electric Company, Inc. (the
"Servicer"), the Purchasers party thereto and Bank One, NA (Main Office
Chicago), as agent for such Purchasers (as amended from time to time, the
"Agreement").

         THE UNDERSIGNED HEREBY CERTIFIES THAT:

    1.   I am the duly elected                          of Seller.
                              --------------------------

    2.   I have reviewed the terms of the Agreement and I have made, or have
         caused to be made under my supervision, a detailed review of the
         transactions and conditions of Seller and its Subsidiaries during
         the accounting period covered by the attached financial statements.

    3.   The examinations described in paragraph 2 did not disclose, and I
         have no knowledge of, the existence of any condition or event which
         constitutes an Amortization Event or Potential Amortization Event,
         as each such term is defined under the Agreement, during or at the
         end of the accounting period covered by the attached financial
         statements or as of the date of this Certificate, except as set
         forth in paragraph 6 below.

    4.   Schedule I attached hereto sets forth financial data and
         computations evidencing the compliance with certain covenants of
         the Agreement, all of which data and computations are true,
         complete and correct.

    5.   Set forth in the table below is the Excluded Amount for each
         related Site Location and a designation of whether such Site
         Location is financed pursuant to the financing product in effect on
         October 22, 2003 or owned by Graybar:

Site Location             Excluded Amount                    Designation
------------------------------------------------------------------------
Stafford, TX                $
Austell, GA                 $
Youngstown, OH              $
Rogers, MN                  $
Joliet, IL                  $
Puyallup, WA                $
Cincinnati, OH              $
Tampa, FL                   $
Taunton, NJ                 $

    6.   Described below are the exceptions, if any, to paragraph 3 by
         listing, in detail, the nature of the condition or event, the period
         during which it has existed and the action which Seller has taken,
         is taking or proposes to take with respect to each such condition or
         event:

The foregoing certifications, together with the computations set forth in
Schedule I hereto and the financial statements delivered with this
Certificate in support hereof, are made and delivered this   day of
                                                           --      -----------

                    SCHEDULE I TO COMPLIANCE CERTIFICATE

A. Schedule of Compliance as of                       ,       with Section
                               ----------------------- -------            ---
of the Agreement. Unless otherwise defined herein, the terms used in this
Compliance Certificate have the meanings ascribed thereto in the Agreement.

This schedule relates to the month ended:

                                                                     Annex III

                                 SCHEDULE A
                    COMMITMENTS OF FINANCIAL INSTITUTIONS

==============================================================================
       Financial Institution                          Commitment
       ---------------------                          ----------
       Bank One, NA (Main Office Chicago)
==============================================================================

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