EXHIBIT 10.2

FIRST AMENDMENT
Dated as of April 30, 2013
to
TRANSFER AND ADMINISTRATION AGREEMENT
Dated as of August 31, 2012

This FIRST AMENDMENT (this “Amendment”) dated as of April 30, 2013 is entered
into among ASHLAND INC., a Kentucky corporation (“Ashland”), CVG CAPITAL III
LLC, a Delaware limited liability company (“SPV”), the Investors, Letter of
Credit Issuers, Managing Agents and Administrators party hereto, and THE BANK OF
NOVA SCOTIA, as Agent for the Investors.
RECITALS
WHEREAS, the parties hereto have entered into a certain Transfer and
Administration Agreement dated as of August 31, 2012 (as amended, supplemented
or otherwise modified from time to time, the “TAA”);
WHEREAS, the parties hereto wish to make certain changes to the TAA as herein
provided;
NOW, THEREFORE, in consideration of the premises and the mutual agreements
contained herein and in the TAA, the parties hereto agree as follows:
SECTION 1. Definitions. All capitalized terms not otherwise defined herein are
used as defined in the TAA.
SECTION 2. Changes to TAA. Effective as of the date the conditions specified in
Section 3 hereof are satisfied, the TAA is hereby amended as follows:
2.1    The definition of “Eligible Receivable” in Section 1.1 of the TAA is
hereby amended by replacing clause (b)(iii) thereof in its entirety as follows:
“(iii) which, according to the Contract related thereto, is required to be paid
in full within (x) if such Obligor is one of the Obligors listed on Schedule
1.1, the applicable time period appearing opposite the name of such Obligor on
such Schedule or (y) if such Obligor is any other Person, 90 days of the
original billing date therefor.”
2.2    The definition of “Loss Horizon Ratio” on Schedule II of the TAA is
hereby amended by replacing “four (4.0)” with “five and one half (5.5)” in such
definition.
2.3    The Schedules to the TAA are hereby amended to add new Schedule 1.1 as
set forth in Exhibit A to this Amendment.
SECTION 3. Conditions Precedent. Section 2 hereof shall become effective on the
date on which the Agent shall have received (i) a counterpart (or counterparts)
of this Amendment, executed and delivered by each of the parties hereto, or
other evidence satisfactory to the Agent of the execution and delivery of this
Amendment by such parties, and (ii) an updated Master Servicer Report, pro forma
after giving effect to this Amendment, demonstrating that the sum of the Net
Investment (as determined after giving effect to all distributions pursuant to
this Agreement on such date and less any portion of the Letter of Credit
Liability that has been Cash Collateralized as of such date) and the Required
Reserves do not exceed the Net Pool Balance.

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SECTION 4. Miscellaneous.
4.1.Representations and Warranties. The SPV hereby represents and warrants that
(i) this Amendment constitutes a legal, valid and binding obligation of the SPV,
enforceable against it in accordance with its terms and (ii) upon the
effectiveness of this Amendment, no Termination Event or Potential Termination
Event shall exist.
4.2.References to TAA. Upon the effectiveness of this Amendment, each reference
in the TAA to “this Agreement”, “hereunder”, “hereof”, “herein”, or words of
like import shall mean and be a reference to the TAA as amended hereby, and each
reference to the TAA in any other document, instrument or agreement executed
and/or delivered in connection with the TAA shall mean and be a reference to the
TAA as amended hereby.
4.3.Effect on TAA. Except as specifically amended above, the TAA and all other
documents, instruments and agreements executed and/or delivered in connection
therewith shall remain in full force and effect and are hereby ratified and
confirmed.
4.4.Costs and Expenses. The SPV hereby agrees to the pay the reasonable costs
and expenses of the Agent, including legal fees, in connection with this
Amendment within thirty (30) days of receipt of a statement therefor.
4.5.No Waiver. The execution, delivery and effectiveness of this Amendment shall
not operate as a waiver of any right, power or remedy of any Agent or any
Investor under the TAA or any other document, instrument or agreement executed
in connection therewith, nor constitute a waiver of any provision contained
therein, except as specifically set forth herein.
4.6.Governing Law. This Amendment, including the rights and duties of the
parties hereto, shall be governed by, and construed in accordance with, the
internal laws of the State of New York (without reference to the conflicts of
law principles thereof other than Section 5-1401 of the New York General
Obligations Law).
4.7.Successors and Assigns. This Amendment shall be binding upon and shall inure
to the benefit of the parties hereto and their respective successors and
assigns.
4.8.Headings. The Section headings in this Amendment are inserted for
convenience of reference only and shall not affect the meaning or interpretation
of this Amendment or any provision hereof.
4.9.Counterparts. This Amendment may be executed by the parties hereto in
several counterparts, each of which shall be deemed to be an original and all of
which shall constitute together but one and the same agreement.

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IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by
their respective officers thereunto duly authorized, as of the date first above
written.
 
CVG CAPITAL III LLC, as SPV
 
 
 
 
 
 
 
By:
/s/ Lynn P. Freeman
 
Name:
Lynn P. Freeman
 
Title:
Treasurer

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Ashland/CVG III First Amendment

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ASHLAND INC., individually and as Master Servicer
 
 
 
 
 
 
 
By:
/s/ Eric N. Boni
 
Name:
Eric N. Boni
 
Title:
Vice President and Treasurer

 
ASHLAND INC., individually and as Originator
 
 
 
 
 
 
 
By:
/s/ Eric N. Boni
 
Name:
Eric N. Boni
 
Title:
Vice President and Treasurer

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HERCULES INCORPORATED, as Originator
 
 
 
 
 
 
 
By:
/s/ Eric N. Boni
 
Name:
Eric N. Boni
 
Title:
Vice President - Finance

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AQUALON COMPANY, as Originator
 
 
 
 
 
 
 
By:
/s/ Lynn P. Freeman
 
Name:
Lynn P. Freeman
 
Title:
Vice President/Assistant Secretary and
 
 
Treasurer

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ISP TECHNOLOGIES INC., as Originator
 
 
 
 
 
 
 
By:
/s/ Lynn P. Freeman
 
Name:
Lynn P. Freeman
 
Title:
Treasurer

    

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ISP SYNTHETIC ELASTOMERS LLC, as Originator
 
 
 
 
 
 
 
By:
/s/ Lynn P. Freeman
 
Name:
Lynn P. Freeman
 
Title:
Treasurer

    

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LIBERTY STREET FUNDING LLC, as a Conduit Investor and Uncommitted Investor
 
 
 
 
 
 
 
By:
/s/ Jill A. Russo
 
Name:
Jill A. Russo
 
Title:
Vice President

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MARKET STREET FUNDING LLC, as a Conduit Investor and Uncommitted Investor
 
 
 
 
 
 
 
By:
/s/ Doris J. Hearn
 
Name:
Doris J. Hearn
 
Title:
Vice President

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GOTHAM FUNDING CORPORATION, as a Conduit Investor and Uncommitted Investor
 
 
 
 
 
 
 
By:
/s/ David V. DeAngelis
 
Name:
David V. DeAngelis
 
Title:
Vice President

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THE BANK OF NOVA SCOTIA, as Agent, as a Letter of Credit Issuer, as a Managing
Agent, Administrator and Committed Investor for the Scotiabank Investor Group
 
 
 
 
 
 
 
By:
/s/ Darren Ward
 
Name:
Darren Ward
 
Title:
Director

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THE BANK OF TOKYO-MITSUBISHI UFJ, LTD, as a Managing Agent and Administrator for
the BTMU Investor Group
 
 
 
 
 
 
 
By:
/s/ Eric Williams
 
Name:
Eric Williams
 
Title:
Director

 
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD, as a Letter of Credit Issuer and
Committed Investor for the BTMU Investor Group
 
 
 
 
 
 
 
By:
/s/ Mark Campbell
 
Name:
Mark Campbell
 
Title:
Authorized Signatory

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PNC BANK, NATIONAL ASSOCIATION, as a Letter of Credit Issuer, Managing Agent,
Administrator and Committed Investor for the PNC Investor Group
 
 
 
 
 
 
 
By:
/s/ Mark Falcione
 
Name:
Mark Falcione
 
Title:
Executive Vice President

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SUNTRUST BANK, as a Letter of Credit Issuer, a Committed Investor, the Managing
Agent and Administrator for the SunTrust Investor Group
 
 
 
 
 
 
 
By:
/s/ Jason Meyer
 
Name:
Jason Meyer
 
Title:
First Vice President

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