Document:

EX-10.2

 Exhibit 10.2 

TWELFTH AMENDMENT 
 Dated
as of September 15, 2016 
 to the 

TRANSFER AND ADMINISTRATION AGREEMENT 

Dated as of August 31, 2012 

This TWELFTH AMENDMENT (this “Amendment”) dated as of September 15, 2016 is entered into among ASHLAND INC., a Kentucky
corporation (“Ashland” or “Master Servicer”), CVG CAPITAL III LLC, a Delaware limited liability company (“SPV”), the Originators, the Investors, Letter of Credit Issuers, Managing Agents and
Administrators party hereto, and THE BANK OF NOVA SCOTIA (“Agent” or “Scotiabank”), as agent for the Investors. 

RECITALS 
 WHEREAS, the
parties hereto have entered into that certain Transfer and Administration Agreement, dated as of August 31, 2012 (as amended, supplemented or otherwise modified through the date hereof, the “Agreement”); 

WHEREAS, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Gotham Funding Corporation and PNC Bank, National Association (the “Payoff
Parties”) have been paid in full all amounts payable under the Agreement and the other Transaction Documents pursuant to that certain payoff letter dated September 15, 2016 (the “Payoff Letter”); 

WHEREAS, pursuant to the Payoff Letter, the Payoff Parties are no longer parties to the Agreement or any other Transaction Document; 

WHEREAS concurrently herewith, the parties hereto are entering into that certain Originator Removal Agreement and Facility Amendment (the
“Valvoline Removal Agreement”) by which Valvoline LLC will cease to be a party to the Agreement, the First Tier Agreement (as defined in the Agreement) and each of the other Transaction Documents; and 

WHEREAS, the parties hereto desire to amend the Agreement as set forth herein. 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as
follows: 
 SECTION 1. Definitions. 

All capitalized terms not otherwise defined herein are used as defined in the Transaction Documents. 

SECTION 2. Reduction of Facility Limit and Commitments, Rebalancing. (a) Effective as of the date hereof, the Facility Limit is hereby
reduced to $100,000,000. In connection with such reduction of the Facility Limit, the Committed Investors’ Commitments are hereby ratably reduced to the respective amounts set forth in the following table: 

 

					
	 Committed Investor
	  	Commitment	 
	 Scotiabank
	  	$	57,500,000.00	  
	 CACIB
	  	$	42,500,000.00	  

 On the date hereof, the SPV requests the non-ratable Investments described in this paragraph in order to repay
the outstanding principal amount of BTMU Investor Group’s and the PNC Investor Group’s Pro Rata Shares of the Net Investment and to rebalance the CACIB Investor Group’s and the Scotiabank Investor Group’s Pro Rata Shares of the
remaining Net Investment consistent with their new Commitments set forth above, in each case, as described in Exhibit A hereto. The SPV hereby requests that (i) the CACIB Investor Group fund an Investment on the date hereof in the
principal amount of $12,660,000 (the “CACIB Investment”) and (ii) the Scotiabank Investor Group fund an Investment on the date hereof in the principal amount of $13,020,000 (the “Scotiabank Investment”). The
CACIB Investment and the Scotiabank Investment shall be funded by the CACIB Investor Group and the Scotiabank Investor Group on the date hereof in accordance with the terms of, and subject to the conditions specified in, the Agreement, except as
expressly stated herein. For administrative convenience, the SPV hereby instructs (i) the CACIB Investor Group to fund the CACIB Investment by paying all the proceeds thereof (on behalf of the SPV) directly to the account of Liberty Street
specified in Exhibit A hereto, and (ii) the Scotiabank Investor Group to fund the Scotiabank Investment and to disburse the amount received by the Scotiabank Investor Group as proceeds of the CACIB Investment by (x) paying $12,840,000 thereof
(on behalf of the SPV) directly to the account of Gotham specified in Exhibit A hereto, which amount shall be applied to reduce the outstanding principal amount of BTMU Investor Group’s Pro Rata Share of the Net Investment to zero ($0),
and (y) paying $12,840,000 thereof (on behalf of the SPV) directly to the account of PNC specified in Exhibit A hereto, which amount shall be applied to reduce the outstanding principal amount of PNC Investor Group’s Pro Rata Share of
the Net Investment to zero ($0). Upon receipt by the Scotiabank Investor Group of the proceeds of the CACIB Investment pursuant to clause (i) above and receipt by the BTMU Investor Group and PNC Investor Group of the proceeds of the
CACIB Investment and the PNC Investment pursuant to clause (ii) above, the SPV shall be deemed to have received the proceeds of the CACIB Investment and the PNC Investment for all purposes. Each of the parties hereto hereby consents to
the non-ratable Investments and repayments to be made pursuant to this paragraph. 
 SECTION 3. Additional Amendments to the Agreement.

(a) The definition of “Letter of Credit Sublimit” in the Agreement is hereby replaced in its entirety with the following:

 “Letter of Credit Sublimit” means, at any time, an amount equal to $100,000,000. 

(b) Clause (d) of the definition of “Related Security” in the Agreement is hereby replaced in its entirety with the
following: 
 (d) all records, instruments, documents and other agreements (including any Contract with respect thereto)
related to such Receivable; 

  

					
		  	2	  	 TWELFTH

Amendment to the TAA

(Ashland – CVG Capital III LLC)

 (c) The definition of “Valvoline Credit” in the Agreement is hereby deleted in
its entirety. 
 (d) The definition of “Dilution” in Schedule II of the Agreement is hereby replaced in its entirety with the
following: 
 “Dilution” means, on any date, an amount equal to the sum, without duplication, of the
aggregate reduction effected on such day in the Unpaid Balances of the Receivables attributable to any non-cash items including credits, rebates, billing errors, sales or similar taxes, cash discounts, volume discounts, allowances, disputes (it
being understood that a Receivable is “subject to dispute” only if and to the extent that, in the reasonable good faith judgment of the applicable Originator (which shall be exercised in the ordinary course of business) such Obligor’s
obligation in respect of such Receivable is reduced on account of any performance failure on the part of such Originator), set-offs, counterclaims, chargebacks, returned or repossessed goods, sales and marketing discounts, warranties, any unapplied
credit memos and other adjustments that are made in respect of Obligors; provided that writeoffs or credits related to an Obligor’s bad credit shall not constitute Dilution; provided further that writeoffs or credits related to
pricing adjustments shall not constitute Dilution so long as (a) such pricing adjustments are treated as sale reversals and (b) the applicable pricing adjustment is processed the same calendar month during which the related Receivable was
generated. 
 (e) Section 2.16 of the Agreement is hereby amended by deleting “$250,000,000” where it appears therein and
inserting “$100,000,000” in its stead. 
 (f) Schedule 4.1(i) of the Agreement is amended by deleting the words “Suite
1600” therefrom in each instance in where they appear and inserting the words “Suite 1700” in their stead. 
 (g) Schedule
4.1(r) of the Agreement is amended as set forth on Annex 1 attached hereto. 
 (h) Schedule 11.3 of the Agreement is replaced in
its entirety with Schedule 11.3 attached hereto. 
 SECTION 4. Payoff Letter. The parties hereto acknowledge, consent and agree to the
terms of the Payoff Letter. 
 SECTION 5. Representations and Warranties. Each of Ashland, each Originator and the SPV, as to itself, hereby
represents and warrants to each of the other parties hereto as follows: 
  

	 	(i)	after giving effect to this Amendment and the transactions contemplated hereby, no Termination Event or Potential Termination Event shall exist; 

 

	 	(ii)	the representations and warranties of such Person set forth in the Transaction Documents to which it is a party (as amended hereby) are true and correct as of the date hereof (except to the extent such representations
and warranties relate solely to an earlier date and then as of such earlier date); and 

  

	 	(iii)	this Amendment constitutes the legal, valid and binding obligations of such Person enforceable against such Person in accordance with their respective terms, subject to the effect of any applicable bankruptcy,
insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally and to the effect of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

  

					
		  	3	  	 TWELFTH

Amendment to the TAA

(Ashland – CVG Capital III LLC)

 SECTION 6. Effectiveness. This Amendment shall become effective as of the date first above written
upon: 
  

	 	(i)	receipt by the Agent of counterparts of this Amendment duly executed by each of the parties hereto; 

  

	 	(ii)	effectiveness of the Valvoline Removal Agreement in accordance with its terms; and 

  

	 	(iii)	effectiveness of the Payoff Letter in accordance with its terms. 

 SECTION 7. Reference to the Effect on the
Transaction Documents. 
 (a) On and after the effectiveness of this Amendment, each reference in the Agreement to “this
Agreement”, “hereunder”, “hereof” or words of like import referring to the Agreement, and each reference in each of the other Transaction Documents to “the Transfer and Administration Agreement” or “the
TAA,” “thereunder”, “thereof” or words of like import referring to the Agreement, shall mean and be a reference to the Agreement, as amended by this Amendment. 

(b) The Agreement and each of the related documents, as specifically amended by this Amendment, is and shall continue to be in full force and
effect and is hereby in all aspects ratified and confirmed. The covenants and other obligations of the SPV, Master Servicer, and each Originator (each in any capacity) shall continue under the Transaction Documents. 

(c) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of Agent, any of
the Investors or any Indemnified Party under the Agreement or any other Transaction Document, nor constitute a waiver of any provision of the Agreement or any other Transaction Document. 

SECTION 8. Counterparts. This Amendment may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of
which together shall constitute one and the same instrument. Delivery by facsimile or email of an executed signature page of this Amendment shall be effective as delivery of an executed counterpart hereof. 

SECTION 9. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK
(INCLUDING SECTIONS 5-1401-1 AND 5-1401-2 OF THE GENERAL OBLIGATIONS LAW, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF). 

  

					
		  	4	  	 TWELFTH

Amendment to the TAA

(Ashland – CVG Capital III LLC)

 SECTION 10. Transaction Document. This Amendment shall be deemed to be a Transaction Document for all
purposes of the Agreement and each other Transaction Document. 
 SECTION 11. Severability. If any one or more of the agreements, provisions or
terms of this Amendment shall for any reason whatsoever be held invalid or unenforceable, then such agreements, provisions or terms shall be deemed severable from the remaining agreements, provisions and terms of this Amendment and shall in no way
affect the validity or enforceability of the provisions of this Amendment or the Agreement. 
 SECTION 12. Section Headings. The various
headings of this Amendment are included for convenience only and shall not affect the meaning or interpretation of this Amendment, the Agreement or any provision hereof or thereof. 

[Signature pages follow.] 

  

					
		  	5	  	 TWELFTH

Amendment to the TAA

(Ashland – CVG Capital III LLC)

 IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.

  

			
	ASHLAND INC.
		
	By:	 	 /s/ J. William Heitman

	Name:	 	J. William Heitman
	Title:	 	Vice President
	
	ASHLAND SPECIALTY INGREDIENTS G.P.
		
	By:	 	 /s/ Jennifer I. Henkel

	Name:	 	Jennifer I. Henkel
	Title:	 	Assistant Secretary

  
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 11.3-1 

 
			
	CVG CAPITAL III LLC
		
	By:	 	 /s/ Asad P. Lodhi

	Name:	 	Asad P. Lodhi
	Title:	 	President

  
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 11.3-2 

 
			
	LIBERTY STREET FUNDING LLC, as a Conduit Investor and an Uncommitted Investor
		
	By:	 	 /s/ Jill A. Russo

	Name:	 	Jill A. Russo
	Title:	 	Vice President

  
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 11.3-3 

 
			
	ATLANTIC ASSET SECURITIZATION LLC, as a Conduit Investor and an Uncommitted Investor
		
	By:	 	 /s/ Sam Pilcer

	Name:	 	Sam Pilcer
	Title:	 	Managing Director
		
	By:	 	 /s/ Kostantina Kourmpetis

	Name:	 	Kostantina Kourmpetis
	Title:	 	Managing Director

  
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 11.3-4 

 
			
	THE BANK OF NOVA SCOTIA, as Agent, a Letter of Credit Issuer, a Committed Investor, a Managing Agent and an Administrator
		
	By:	 	 /s/ Diane Emanuel

	Name:	 	Diane Emanuel
	Title:	 	Managing Director

  
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 11.3-5 

 
			
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Committed Investor, a Managing Agent and an Administrator
		
	By:	 	 /s/ Sam Pilcer

	Name:	 	Sam Pilcer
	Title:	 	Managing Director
		
	By:	 	 /s/ Kostantina Kourmpetis

	Name:	 	Kostantian Kourmpetis
	Title:	 	Managing Director

  
 11.3-6EX-10.3

 Exhibit 10.3 

ORIGINATOR REMOVAL AGREEMENT AND FACILITY AMENDMENT 

This ORIGINATOR REMOVAL AGREEMENT (this “Agreement”), dated as of September 15, 2016, is entered into by and among the
following parties: 
  

	 	i.	ASHLAND, INC., a Kentucky corporation (“Ashland”); 

  

	 	ii.	ASHLAND SPECIALTY INGREDIENTS G.P., a Delaware general partnership (“Ashland Specialty Ingredients”); 

  

	 	iii.	VALVOLINE LLC, a Delaware limited liability company (“Valvoline”); 

  

	 	iv.	CVG CAPITAL III LLC, a Delaware limited liability company (the “SPV”); 

  

	 	v.	ATLANTIC ASSET SECURITIZATION LLC, a Delaware limited liability company (“Atlantic”), as a Conduit Investor and an Uncommitted Investor; 

 

	 	vi.	LIBERTY STREET FUNDING LLC, a Delaware limited liability company (“Liberty Street”), as a Conduit Investor and an Uncommitted Investor; 

 

	 	vii.	THE BANK OF NOVA SCOTIA (“BNS”), as Agent, a Letter of Credit Issuer, a Committed Investor, a Managing Agent and an Administrator; and 

 

	 	viii.	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK (“CACIB”), as a Letter of Credit Issuer, a Committed Investor and a Managing Agent. 

Capitalized terms used (including as used above) but not otherwise defined herein have the respective meanings assigned thereto in the TAA (as
defined below) or, if not defined therein, in the Sale Agreement (as defined below). 
 RECITALS 

1. Ashland, Ashland Specialty Ingredients, Valvoline and the SPV, have entered into that certain Sale Agreement, dated as of August 31, 2012
(as amended, supplemented or otherwise modified from time to time, the “Sale Agreement”). 
 2. The parties hereto have
entered into that certain Transfer and Administration Agreement, dated as of August 31, 2012 (as amended, supplemented or otherwise modified from time to time, the “TAA”). 

3. On or after the date hereof, in connection with a corporate restructuring, Valvoline shall cease to be an Affiliate of Ashland (such
transaction, the “Subject Transaction”). Valvoline is herein referred to as the “Subject Originator”. 

4. In connection with the Subject Transaction and on the terms and subject to the conditions set forth herein, the parties hereto desire to
remove the Subject Originator as a party to the Sale Agreement and the TAA as Originator thereunder and to enter into the other agreements hereinafter set forth. 

 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows: 
 SECTION 1. Removal of Subject Originator. Effective as of the
date hereof, the Subject Originator shall cease to be a party to the Sale Agreement and the TAA as an Originator thereunder; it being understood and agreed that, immediately prior to giving effect to the foregoing
removal of the Subject Originator as a party to the Sale Agreement and the TAA, Ashland shall, pursuant to Section 3 below, assume all of the Subject Originator’s duties, obligations and liabilities under the Sale Agreement, the TAA
and the other Transaction Documents. After giving effect to such removal and such assumption, the Subject Originator shall have no further rights, duties or obligations under the Sale Agreement, the TAA or any other Transaction
Document. After giving effect to this Agreement, Ashland and Ashland Specialty Ingredients shall be the sole Originators remaining party to the Sale Agreement and the TAA. 

SECTION 2. Payment in Full of the Subject Originator’s Deferred Purchase Price and other Subordinated Obligations. The
Subject Originator represents and warrants to the other parties hereto that (a) it remains the sole holder and beneficiary of all Subordinated Obligations (including the right to receive its Deferred Purchase Price) acquired under the Sale Agreement
and (b) it has not sold, pledged, assigned, or otherwise transferred any Subordinated Obligation (including the right to receive its Deferred Purchase Price) or any interest therein. The Subject Originator acknowledges and agrees that all the
SPV’s obligations (including, without limitation, any Subordinated Obligations and any obligation to pay any Deferred Purchase Price) to the Subject Originator (and its successors and assigns) under the Transaction Documents and otherwise have
been finally and fully paid and performed. The Subject Originator (or any successor or assignee thereof) shall not have any further right to receive payment or performance of any Subordinated Obligation (including any right to receive any
Deferred Purchase Price). 
 SECTION 3. No Letters of Credit Issued for the Account of the Subject Originator. The Subject
Originator, Ashland, Ashland Specialty Ingredients and the SPV represents and warrants to the other parties hereto that no currently outstanding Letters of Credit have been issued for the account of the Subject Originator (or its designees) pursuant
to the TAA and Section 3.1(c) of the Sale Agreement. 
 SECTION 4. Delegation and Assumption of Subject Originator’s
Obligations. Effective immediately prior to the removal of the Subject Originator as a party to the Sale Agreement and the TAA pursuant to Section 1 above, the Subject Originator hereby delegates and assigns to Ashland, and Ashland
hereby assumes, all the Subject Originator’s duties, obligations and liabilities under the Sale Agreement, the TAA and the other Transaction Documents. 

SECTION 5. Sale of Subject Originator’s Receivables and Blocked Accounts. For purposes of facilitating the Subject
Transactions, the Subject Originator desires to purchase from the SPV, and the SPV desires to sell to the Subject Originator, each of the outstanding Receivables previously sold by the Subject Originator to the SPV under the Sale Agreement,

  
 2 

 
which Receivables are identified in the electronic data file delivered to the Agent and the Managing Agents by Ashland in connection with this Agreement (such Receivables with respect to the
Subject Originator, the “Subject Receivables”) and the Blocked Accounts listed in Schedule 1 hereto (such Blocked Accounts with respect to the Subject Originator, the “Subject Blocked Accounts”).

5.1 Transfer by Agent and Investors. To facilitate the foregoing sale, effective as of the date hereof, the Agent
(on behalf of the Investors) hereby sells, assigns and transfers to the SPV, and the SPV hereby purchases and accepts all the Agent’s and the Investors’ right, title and interest (including any security interest) in and to each of the
Subject Receivables, all Related Security with respect thereto and each Subject Blocked Account; excluding, for the avoidance of doubt, any Collections received with respect to the foregoing prior to the date hereof.

5.2 Transfer by SPV. On the date hereof, the SPV hereby sells, assigns and transfers to the Subject Originator, and
the Subject Originator hereby purchases and accepts all the SPV’s right, title and interest in and to each of the Subject Receivables, all Related Assets with respect thereto and the Subject Blocked Accounts; excluding, for the avoidance
of doubt, any Collections received with respect to the foregoing prior to the date hereof. As consideration for the foregoing sale by the SPV, all the SPV’s obligations to the Subject Originator are extinguished and paid in full pursuant
to Section 2 above, and the Subject Originator shall pay to the SPV the additional purchase price therefor previously agreed to between the Subject Originator and the SPV, which consideration the Subject Originator and the SPV hereby agree
represents fair value for the assets transferred pursuant to this Section 5.2 and which shall be deemed to be the Repurchase Price as defined in the Sale Agreement. 

5.3 Authorization to Terminate Financing Statements, Etc. The SPV, the Agent, the Investors, the Managing Agents
and the Administrators hereby authorize the Subject Originator (or its designee), at the Subject Originator’s sole expense, to record and file UCC-3 termination statements and to otherwise cause the termination of each UCC-1 financing statement
naming the Subject Originator as debtor or seller filed in connection with the transactions contemplated by the Sale Agreement and the TAA and covering the assets described in Sections 5.1 and 5.2 above. Additionally, BNS and the
SPV shall amend the applicable Blocked Account Agreements to remove the Subject Blocked Accounts by entering into amendments with the applicable Blocked Account Banks. For the avoidance of doubt, all Blocked Account Agreements shall remain in full
force and effect with respect to any Blocked Accounts that are not Subject Blocked Accounts. 
 5.4 No Recourse,
Representation or Warranty. The sales, assignments and transfers by the Agent, the Investors and the SPV made pursuant to Sections 5.1 and 5.2 above are made without recourse to, or representation or warranty by, any
Person except as expressly set forth herein. 
 SECTION 6. Consents. Each of the parties hereto agrees and consents to the
transactions set forth in Sections 1 through 5 above. 

  
 3 

 SECTION 7. Representations and Warranties. Each of Ashland, Ashland Specialty
Ingredients, Valvoline and the SPV, as to itself, hereby represents and warrants to each of the other parties hereto as follows: 

(a) after giving effect to this Agreement and the transactions contemplated hereby, no Termination Event or Potential
Termination Event shall exist; 
 (b) the representations and warranties of such Person set forth in the Transaction
Documents to which it is a party (as amended hereby) are true and correct as of the date hereof (except to the extent such representations and warranties relate solely to an earlier date and then as of such earlier date); and 

(c) this Agreement constitutes the legal, valid and binding obligations of such Person enforceable against such Person in
accordance with their respective terms, subject to the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally and to the effect of general principles of equity
(regardless of whether such enforceability is considered in a proceeding in equity or at law). 
 SECTION 8. No
Proceedings. Notwithstanding the removal of the Subject Originator as a party to the Sale Agreement, the TAA and the other Transaction Documents hereby, the Subject Originator covenants and agrees, for the benefit of the remaining parties
to the Sale Agreement and the TAA, that it shall not institute against the SPV, or join any other Person in instituting against the SPV, any proceeding of a type referred to in the TAA’s definition of Event of Bankruptcy until one (1) year and
one (1) day after the Final Payment Date. This Section 8 shall survive the transactions contemplated hereby and any termination of this Agreement. 

SECTION 9. Pro Forma Master Servicer Report. On or prior to the date hereof, the Master Servicer shall deliver to the SPV,
the Agent and each Managing Agent a pro forma Master Servicer Report as of August 30, 2016 setting forth the characteristics of the Receivables, excluding the Subject Originator and the Receivables originated thereby. 

SECTION 10. Conditions to Effectiveness. This Agreement shall become effective as of the date hereof upon receipt by the
Agent of: 
 (a) counterparts to this Agreement duly executed by each of the parties hereto; and 

(b) the pro forma Master Servicer Report described in Section 9 above. 

SECTION 11. Effect of Agreement; Ratification. Except as specifically amended hereby, the Transaction Documents are hereby
ratified and confirmed in all respects, and all of their provisions shall remain in full force and effect. This Agreement shall not be deemed to expressly or impliedly waive, amend, or supplement any provision of any Transaction Document other
than as specifically set forth herein. 
 SECTION 12. Counterparts. This Agreement may be executed in any number of
counterparts and by different parties on separate counterparts, and each counterpart shall be 

  
 4 

 
deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of a signature page to this Agreement by
facsimile or other electronic means shall be effective as delivery of a manually executed counterpart of this Agreement. 
 SECTION
13. Governing Law. This Agreement shall be deemed to be a contract made under and governed by the internal laws of the State of New York without giving effect to any conflicts of laws principles that would apply the substantive laws
of any other jurisdiction. 
 SECTION 14. Section Headings. The various headings of this Agreement are inserted for
convenience only and shall not affect the meaning or interpretation of this Agreement or the Purchase Documents or any provision hereof or thereof. 

SECTION 15. 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. 
 [Signature pages follow.] 

  
 5 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

  

			
	ASHLAND INC.
		
	By:	 	 /s/ J. William Heitman

	Name:	 	J. William Heitman
	Title:	 	Vice President
	
	ASHLAND SPECIALTY INGREDIENTS G.P.
		
	By:	 	 /s/ Jennifer I. Henkel

	Name:	 	Jennifer I. Henkel
	Title:	 	Assistant Secretary
	
	VALVOLINE LLC
		
	By:	 	 /s/ Laura I. Pentova

	Name:	 	Laura I. Pentova
	Title:	 	Secretary

  
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	CVG CAPITAL III LLC
		
	By:	 	 /s/ Asad P. Lodhi

	Name:	 	Asad P. Lodhi
	Title:	 	President

  
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	ATLANTIC ASSET SECURITIZATION LLC, as a Conduit Investor and an Uncommitted Investor
		
	By:	 	 /s/ Sam Pilcer

	Name:	 	Sam Pilcer
	Title:	 	Managing Director
		
	By:	 	 /s/ Kostantina Kourmpetis

	Name:	 	Kostantina Kourmpetis
	Title:	 	Managing Director

  
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	LIBERTY STREET FUNDING LLC, as a Conduit Investor and an Uncommitted Investor
		
	By:	 	 /s/ Jill A. Russo

	Name:	 	Jill A. Russo
	Title:	 	Vice President

  
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	THE BANK OF NOVA SCOTIA, as Agent, a Letter of Credit Issuer, a Committed Investor, a Managing Agent and an Administrator
		
	By:	 	 /s/ Diane Emanuel

	Name:	 	Diane Emanuel
	Title:	 	Managing Director

  
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	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Committed Investor, a Managing Agent and an Administrator
		
	By:	 	 /s/ Sam Pilcer

	Name:	 	Sam Pilcer
	Title:	 	Managing Director
		
	By:	 	 /s/ Kostantina Kourmpetis

	Name:	 	Kostantina Kourmpetis
	Title:	 	Managing Director

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