EXHIBIT 10.1

FOURTH AMENDMENT
Dated as of June 30, 2014
to
TRANSFER AND ADMINISTRATION AGREEMENT
Dated as of August 31, 2012

This FOURTH AMENDMENT (this “Amendment”) dated as of June 30, 2014 is entered
into by and among ASHLAND INC., a Kentucky corporation (“Ashland”), CVG CAPITAL
III LLC, a Delaware limited liability company (“SPV”), the Originators,
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, concurrently herewith, the parties to the First Tier Agreement (as
defined in the TAA) are entering into that certain First Amendment thereto (the
“First Tier Amendment”); and
WHEREAS, the parties hereto wish to amend the TAA as set forth herein;
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.    Amendments to the TAA. The TAA is hereby amended as follows:
2.1. The definition of “Eligible Receivable” set forth in Section 1.1 of the TAA
is hereby amended by (i) deleting the word “and” from the end of clause (p)
thereof, (ii) replacing the period at the end of clause (q) thereof with “;
and”, and (iii) adding the following new clause (r) thereto immediately
following clause (q) thereof:
(r)    such Receivable does not meet the criteria set forth in the First Tier
Agreement’s definition of “Retained Receivable”.
2.2.    Schedule 1.1 of the TAA is replaced in its entirety with Schedule 1.1
attached hereto.
SECTION 3.    Miscellaneous.
3.1.    First Tier Amendment. The parties hereto acknowledge, consent and agree
to the terms of the First Tier Amendment. The parties hereto hereby waive any
breach of the TAA by Ashland or the SPV and any Termination Event or Potential
Termination Event, in each case, solely to the extent cured as of the date
hereof and arising directly from the tradename “Valvoline Oil & Tire” not being
listed on Schedule I to the First Tier Agreement prior to the date hereof.

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3.2.    Representations and Warranties. The SPV, Ashland, and each Originator
hereby represents and warrants, as to itself, that (i) this Amendment
constitutes a legal, valid and binding obligation of such Person, 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.
3.3.    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.
3.4.    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.
3.5.    Effectiveness. This Amendment shall become effective as of the date
hereof upon Ashland’s and the Agent’s receipt of (i) counterparts hereto duly
executed by each of the parties hereto, and (ii) counterparts to the First Tier
Amendment duly executed by each of the parties thereto.
3.6.     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.
3.7.    Severability. Each provision of this Amendment shall be severable from
every other provision of this Amendment for the purpose of determining the legal
enforceability of any provision hereof, and the unenforceability of any
provision hereof, and the unenforceability of one or more provisions of this
Amendment in one jurisdiction shall not have the effect of rendering such
provision or provisions unenforceable in any other jurisdiction.
3.8.    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.
3.9.    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).
3.10.    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.
3.11.    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.
3.12.    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. Delivery of an
executed counterpart of a signature page to this Amendment by facsimile or
e-mail transmission shall be effective as delivery of a manually executed
counterpart hereof.

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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/ Brian D. Menshouse
 
Name:
Brian D. Menshouse
 
Title:
President

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

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Ashland/CVG III Fourth Amendment
Transfer and Administration Agreement

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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

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

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Ashland/CVG III Fourth Amendment
Transfer and Administration Agreement

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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

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

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Transfer and Administration Agreement

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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

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

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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

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

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THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as a Managing Agent and Administrator
for the BTMU Investor Group

 
 
 
 
 
 
 
By:
/s/ Christopher Pohl
 
Name:
Christopher Pohl
 
Title:
Managing 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

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

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PNC BANK, NATIONAL ASSOCIATION,
as a Letter of Credit Issuer, Managing Agent, Administrator, Committed Investor
for the PNC Investor Group and Assignee

 
 
 
 
 
 
 
By:
/s/ Robyn Reeher
 
Name:
Robyn Reeher
 
Title:
Vice President

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

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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/ Emily Shields
 
Name:
Emily Shields
 
Title:
First Vice President

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

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Transfer and Administration Agreement

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HERCULES INCORPORATED, as Originator

 
 
 
 
 
 
 
By:
/s/ Eric N.Boni
 
Name:
Eric N. Boni
 
Title:
Vice President - Finance

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

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ASHLAND SPECIALTY INGREDIENTS G.P., as Originator

 
 
 
 
 
 
 
By:
/s/ Lynn P. Freeman
 
Name:
Lynn P. Freeman
 
Title:
Vice President / Assistant Secretary and Treasurer

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

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ISP TECHNOLOGIES INC., as Originator

 
 
 
 
 
 
 
By:
/s/ Lynn P. Freeman
 
Name:
Lynn P. Freeman
 
Title:
Vice President / Assistant Secretary and Treasurer

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

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ASHLAND ELASTOMERS LLC, as Originator

 
 
 
 
 
 
 
By:
/s/ Eric N.Boni
 
Name:
Eric N. Boni
 
Title:
Vice President - Finance

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