Document:

Amendment No.3 to the Third Amended and Restated Receivables Purchase Agreement

 Exhibit 10.59 
 Portions of this Exhibit 10.59 have been omitted based upon a request for confidential treatment. This Exhibit 10.59, including the non-public information, has been filed separately with the Securities and Exchange Commission.
“[*]” designates portions of this document that have been redacted pursuant to the request for confidential treatment filed with the Securities and Exchange Commission. 
 EXECUTION COPY 
 AMENDMENT NO. 3 TO THIRD AMENDED AND RESTATED 

RECEIVABLES PURCHASE AGREEMENT 
 THIS AMENDMENT NO. 3 to THIRD AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT (this “Amendment”), dated as of January 30, 2009, is entered into among AFC FUNDING CORPORATION, an Indiana corporation (the
“Seller”), AUTOMOTIVE FINANCE CORPORATION, an Indiana corporation (the “Servicer”), FAIRWAY FINANCE COMPANY, LLC (a “Purchaser”), MONTEREY FUNDING LLC (a “Purchaser”), DEUTSCHE BANK
AG, NEW YORK BRANCH, as Purchaser Agent for MONTEREY FUNDING LLC (a “Purchaser Agent”) and BMO CAPITAL MARKETS CORP., as Purchaser Agent for Fairway Finance Company, LLC (a “Purchaser Agent”) and as the initial
agent (the “Agent”). 
 RECITALS 
 A. The Seller, the Servicer, the Purchasers, the Purchaser Agents, and the Agent are parties to that certain Third Amended and Restated Receivables Purchase Agreement dated as of April 20, 2007 (as amended,
amended and restated, supplemented or otherwise modified prior to the date hereof, the “Agreement”). 
 B. The Seller, the
Servicer, the Purchasers, the Purchaser Agents and the Agent desire to amend the Agreement as hereinafter set forth. 
 NOW THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
 1. Certain
Defined Terms. Capitalized terms which are used herein without definition and that are defined in the Agreement shall have the same meanings herein as in the Agreement. 
 2. Amendments to Agreement. The Agreement is amended as follows: 
 2.1 Section 1.4(a) is hereby amended by inserting the following parenthetical after the words “Deposit Accounts” in the last sentence of such paragraph: 
 “(other than those amounts identified as “cash collateral” with respect to the Deposit Account held at [*] (numbered [*]))”

 2.2 Section 1.4(e) is hereby amended by inserting the following parenthetical after the words “Deposit Accounts” in the
introductory sentence thereto: 

 “(other than those amounts identified as “cash collateral” with respect to the Deposit
Account held at [*] (numbered [*]))” 
 2.3 Section 4.7 is hereby amended and restated in its entirety as follows: 
 “Section 4.7. Specified Ineligible Receivables. On or prior to the initial date of purchase of a Receivable under the Purchase and Sale
Agreement, the Servicer (so long as the Originator is the Servicer) may designate such Receivable as a “Specified Ineligible Receivable” (which designation may take the form of a specification that a certain class or category of
Receivables to be transferred from the Originator to the Seller after such designation will be treated as “Specified Ineligible Receivables”). In addition, the Servicer (so long as the Originator is the Servicer) may, on behalf of the
Seller, (i) designate an existing Receivable then owned by the Seller as a “Specified Ineligible Receivable” or (ii) designate an existing Specified Ineligible Receivable then owned by the Seller as a Receivable (i.e., no longer
a “Specified Ineligible Receivable”), in each of cases (i) and (ii) with the prior written consent of the Majority Purchasers. For the avoidance of doubt, any Receivable which was treated as an Eligible Receivable hereunder at
any time may not be treated as a “Specified Ineligible Receivable” without the prior written consent of the Majority Purchasers. The Servicer (so long as the Originator is the Servicer) shall identify the aggregate Outstanding Balance of
all such “Specified Ineligible Receivables” on the Servicer Report. To the extent the Servicer has from time to time identified a Receivable as a “Specified Ineligible Receivable” in accordance with this Section, for so long as
such Receivable is a Specified Ineligible Receivable, (i) such Receivable shall not he included as an Eligible Receivable by the Seller or the Servicer hereunder. (ii) such Receivable shall not be included in any calculations of the
Delinquency Ratio or the Default Ratio or other Receivable Pool information (other than a statement of the aggregate Outstanding Balance of such Specified Ineligible Receivables) hereunder and (iii) shall not be considered a Receivable for
purposes of clause (o) of Exhibit V hereof.” 
 2.4 The definition of “Loss Percentage” in Exhibit I is hereby
amended by replacing the number “[*]” in clause (iii) thereof with the number “[*].” 
 2.5 The definition of
“Participation” in Exhibit I is hereby amended by adding the following to the end of the parenthetical in the paragraph defining “LA” for the Participation calculation: 
 “, and, for the avoidance of doubt, those amounts identified as “cash collateral” with respect to the Deposit Account held at [*]
(numbered [*]) shall not be deposited into the Liquidation Account or taken into consideration for the calculation of the Participation” 
  

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 2.6 The definition of “Specified Ineligible Receivables” in Exhibit I is amended and restated
in its entirety as follows: 
 “Specified Ineligible Receivables” means those Pool Receivables that the Servicer has identified as
“Specified Ineligible Receivables” pursuant to Section 4.7.” 
 2.7 Clause (j) in Exhibit IV is hereby
amended and restated in its entirety as follows: 
 “(j) Deposit Accounts. Each Deposit Account shall at all times be subject to
a Deposit Account Agreement. Neither the Seller nor the Servicer will deposit or otherwise credit, or cause or permit to be so deposited or credited, to any Deposit Account, the Liquidation Account or the Cash Reserve Account cash or cash proceeds
other than Collections of Pool Receivables; provided that, with respect to the Deposit Account held at [*] (numbered [*]), only cash attributable to “cash collateral” (as such term is defined in the applicable Contract) shall be
deposited into such account and such amounts shall be separately tracked and individually identified on the Servicer Report. In addition, any such “cash collateral” amounts so set aside with respect to a particular Obligor shall be held in
the aforementioned Deposit Account until such amounts are either (i) transferred to the Liquidation Account, if such amounts are being applied to such Obligor’s related Receivables (in such event, the “cash collateral” so applied
shall be deemed Collections) or (ii) returned to such Obligor, if such Obligor has paid its related Receivables in full or as specified in the related Contract documentation.” 
 2.8 Exhibit IV is hereby amended by adding the following new clause (u) thereto: 
 “(u) Cash Collateral Amounts. With respect to each Eligible Receivable, if the related Contract (or related documentation) includes a
“cash collateral” feature, then all such “cash collateral” shall be deposited to the Deposit Account held at [*] (numbered [*]) and such amounts shall be used to secure the obligations of the related Obligor.” 
 2.9 Clause (j) in Exhibit V is hereby amended and restated in its entirety as follows: 
 “(j) The Net Spread shall be [*]: or” 
 2.10 The “Maximum Commitment” listed on the signature page of Fairway Finance Company, LLC is hereby changed from [*]. 
 2.11 The “Maximum Commitment” listed on the signature page of Monterey Funding LLC is hereby changed from [*]. 
 3.
Representations and Warranties. Each of the Seller and the Servicer hereby represents and warrants to the Agent and the Purchasers as follows: 
  

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 (a) Representations and Warranties. The representations and warranties of such
Person contained in Exhibit III and Exhibit VII to the Agreement are true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations and warranties were true and
correct as of such earlier date). 
 (b) Enforceability. The execution and delivery by such Person of this Amendment,
and the performance of its obligations under this Amendment and the Agreement, as amended hereby, are within its corporate powers and have been duly authorized by all necessary corporate action on its part. This Amendment and the Agreement, as
amended hereby, are its valid and legally binding obligations, enforceable in accordance with its terms. 
 (c) Termination
Event. No Termination Event or Unmatured Termination Event has occurred and is continuing. 
 4. Effectiveness. This Amendment
shall become effective upon the later of (a) February 4, 2009 and (b) receipt by the Agent of each of the counterparts of this Amendment (whether by facsimile or otherwise) executed by each of the parties hereto. Each of the parties
hereto acknowledges and agrees that (x) the Servicer Reports due in [*] shall be prepared after giving effect to the amendments herein and (y) after the date hereof, the Purchasers shall not make any purchase or reinvestment, if, after
giving effect to such purchase or reinvestment, the aggregate Investment of such Purchaser would exceed its Maximum Commitment as such Maximum Commitment is amended herein. 
 5. Effect of Amendment. Except as expressly amended and modified by this Amendment, all provisions of the Agreement shall remain in full force and
effect. After this Amendment becomes effective, all references in the Agreement (or in any other Transaction Document) to “the Receivables Purchase Agreement,” “this Agreement,” “hereof,” “herein” or words of
similar effect, in each case referring to the Agreement, shall be deemed to be references to the Agreement as amended by this Amendment. This Amendment shall not be deemed to expressly or impliedly waive, amend or supplement any provision of the
Agreement other than as set forth herein. 
 6. Counterparts. This Amendment may be executed in any number of counterparts and by
different parties on separate counterparts, and each counterpart shall be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 
 7. Governing Law. This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of Indiana without
reference to conflict of laws principles. 
 8. Section Headings. The various headings of this Amendment are inserted for convenience
only and shall not affect the meaning or interpretation of this Amendment or the Agreement or any provision hereof or thereof. 
  

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

 

			
	AFC FUNDING CORPORATION
		
	By:	 	/s/    JAMES E. MONEY II
	 Name:
 Title:
	 	 James E. Money II
 Treasurer

  

			
	AUTOMOTIVE FINANCE CORPORATION
		
	By:	 	/s/    JAMES E. MONEY II
	 Name:
 Title:
	 	 James E. Money II
 V.P. of Finance & Treasurer

  

 S-1 

			
	FAIRWAY FINANCE COMPANY, LLC, as a Purchaser
		
	By:	 	/s/    PHILIP A. MARTONE
	 Name:
 Title:
	 	 Philip A. Martone
 Vice President

  

			
	BMO CAPITAL MARKETS CORP., as Purchaser Agent for Fairway Finance Company, LLC, and as Agent
		
	By:	 	/s/    JOHN PAPPANO
	 Name:
 Title:
	 	 John Pappano
 Managing Director

  

 S-2 

			
	DEUTSCHE BANK AG, NEW YORK BRANCH, as Purchaser Agent for Monterey Funding LLC
		
	By:	 	/s/    ROBERT SHELDON
	 Name:
 Title:
	 	 Robert Sheldon
 Director

		
	By:	 	/s/    DANIEL GERBER
	 Name:
 Title:
	 	 Daniel Gerber
 Vice President

  

			
	MONTEREY FUNDING LLC, as a Purchaser
		
	By:	 	/s/    LORI GEBRON
	 Name:
 Title:
	 	 Lori Gebron
 Vice President

  

 S-3 

 Consented to: 
 BANK
OF MONTREAL, as a 
 Program Support Provider to Fairway Finance Company, LLC 
  

			
		
	By:	 	/s/    ANN KOZAK
	 Name:
 Title:
	 	 Ann Kozak
 Vice President

  

 S-42009 Leadership Long-Term Cash Incentive Plan

 Exhibit 10.21 
 

 
 Hexion Specialty Chemicals, Inc. (the “Company”) 
 2009 Leadership Long-Term Cash Incentive Plan 
 The
objective of the Hexion Specialty Chemicals, Inc. 2009 Leadership Long-Term Cash Incentive Plan (the “Plan”) is to provide a long-term performance based incentive program to certain key leadership during an extraordinary financial period.
Hexion Specialty Chemicals, Inc. is defined as the “Company” for purposes of the Plan. 
 Eligibility 
 Participants are selected based on the scope of their responsibility and contribution in building value for the total enterprise. Participants are nominated by the CEO
and his direct reports and approved by the Company’s Compensation Committee (the “Committee”). Only employees of the Company are eligible to participate in the Plan. 
 Program Financial Performance Measures 
 There are two financial performance measures for the Plan: 
  

	 	1.	Cost Reduction – The global Cost Reduction target for the Company for the measurement period identified below (the “Cost Reduction Target”) will be established by the
Board of Directors. [The Cost Reduction Target is a targeted net cost savings amount expressed in USD.] 

  

	 	2.	EBITDA – The global EBITDA Threshold Target will be established by the Board of Directors. [“EBITDA” means the Company’s earnings before interest expense, taxes,
depreciation and amortization for the relevant period as reported on the Company’s financial statements.] 

 The Committee may, in its
sole discretion, adjust performance measures, performance goals, relative weights of the measures, and other provisions of the Plan to the extent (if any) it determines that the adjustment is necessary or advisable to preserve the intended
incentives and benefits to reflect (1) any material change in corporate capitalization, any material corporate transaction (such as a reorganization, combination, separation, merger, acquisition, or any combination of the foregoing), or any
complete or partial liquidation of the Company, (2) any change in accounting policies or practices, or (3) the effects of any special charges to the Company’s earnings, or (4) any other similar special circumstances. 

Program Measurement Periods 
  

	 	•	 	 The measurement period for the achievement of the Cost Reduction Target is July 1, 2008 through December 31, 2010 

  

 1 

 

 
  

	 	•	 	 The measurement period for the achievement of the EBITDA Threshold Target begins January 1, 2009 and runs until such time (if any) as the EBITDA Threshold
Target is achieved, subject to earlier termination of the Plan as provided herein. EBITDA achievement is measured and reported for each calendar year. 

 Individual Target Award 
 Each Plan participant will have a target award set at the beginning of his or her
participation in the Plan based upon the participant’s scope of responsibility and ability to contribute to building value within the enterprise. The Target Award for each participant under the Plan will be expressed as a multiplier of the
participant’s annual base salary at the rate in effect at the time the participant commences participation in the Plan. 
 Determination of the
Incentive Award Amount 
 At the end of the Cost Reduction measurement period identified above, the percentage of the Cost Reduction Target achieved will
be calculated (the “Cost Reduction Percentage”); provided, however, that in no event shall the Cost Reduction Percentage exceed 100%. The Cost Reduction Percentage will then be multiplied by the participant’s Target Award to determine
the participant’s incentive award amount (the “Incentive Award”). Notwithstanding the foregoing, if the Cost Reduction Percentage is less than 75%, the Incentive Award for each participant will be zero, and no participant will be
entitled to any payment under the Plan. 
 Vesting 
 Once
the participant’s Incentive Award amount is determined, the participant’s right to any payment of the Incentive Award is subject to both time-based and performance-based vesting requirements as set forth in the participant’s
individual award letter. In order to be eligible to receive any payment of the Incentive Award, the participant is required to agree to the terms of the Plan and promptly sign and return to the Plan administrator an acknowledgement (in the form
prescribed by the Plan administrator). 
 Plan participants must be actively employed with the Company or one of its affiliates on the date that vesting
occurs to be eligible to receive payment of the vested Incentive Award. There is no partial or prorated vesting credit under the Plan. Participants whose employment terminates for any reason prior to the date the participant’s Incentive Award
vests pursuant to the provisions hereof will not be entitled to any award payment under the Plan. 
 If a Change in Control Event (as this term is defined in
the Hexion Specialty Chemicals, Inc. 2007 Incentive Compensation Plan) occurs while a Plan participant is employed with the Company or one of its affiliates and while the participant’s Incentive Award opportunity is still outstanding and has
not otherwise vested or terminated, the time-based (but not performance-based) vesting requirements applicable to this opportunity will be deemed satisfied upon the Change in Control Event. For purposes of clarity, if the Change in Control Event
occurs before the EBITDA Threshold Target is achieved, the participant’s Incentive Award will not vest unless and until that target has been achieved. 
  

 2 

 

 
 Payment of the Award 
 All payments made under the Plan must be approved by the Committee. Provided the vesting requirements as stated above are satisfied and the Committee has approved payment of a participant’s Incentive Award, the Company will pay the
participant the vested portion of the Incentive Award as soon as reasonably practicable after the vesting date and in all events by March 15 of the year following the year in which the vesting requirements are satisfied. All payments made under
the Plan will be subject to any and all applicable income, employment and other tax withholding requirements. 
 If a participant voluntarily terminates
employment with the Company (or one of its affiliates) or is involuntarily terminated without Cause (or has his or her employment terminate due to death or disability), any then-unvested award granted to the participant under the Plan will be
forfeited, and the participant will have no rights with respect thereto. The then-vested and unpaid portion of the participant’s Incentive Award, if any, will be paid at the same time awards are paid generally under the Plan to the
participants. 
 If a participant is terminated for Cause then all of the participant’s rights to participate in the Plan or receive any payment
hereunder shall be immediately terminated. Cause is defined as a participant’s (a) commission of a crime of moral turpitude or a felony that involves financial misconduct or moral turpitude or has resulted, or reasonably could be expected
to result, in any adverse publicity regarding the participant or the Company or any of its affiliates or economic injury to the Company or any of its affiliates, (b) dishonesty or willful commission or omission of any action that has resulted,
or reasonably could be expected to result, in any adverse publicity regarding the participant or the Company or any of its affiliates or has caused, or reasonably could be expected to cause, demonstrable and serious economic injury to the Company or
any of its affiliates or (c) material breach of the terms of the Plan or any other agreement entered into between the participant and the Company or any of its affiliates after notice and a reasonable opportunity to cure (if such breach can be
cured). For purposes hereof, no act or omission shall be considered willful unless committed in bad faith or without a reasonable belief that the act or omission was in the best interests of the Company or any of its affiliates. 
 Other Required Program Information 
 The Company values its reputation
for integrity and honesty. Achieving business results at the expense of violation of the law, regulations, or business ethics or allowing individuals under one’s supervision to behave in this manner is never in the best interest of the Company.
Accordingly, if ethical or honesty standards of behavior are violated or if any such behavior of personnel under a participant’s supervision is knowingly condoned, any award earned by the participant under the Plan is subject to forfeiture.

  

 3 

 

 
 The Plan is strictly a voluntary undertaking on the part of the Company and is subject to modification and termination
by the Committee at any time, with or without notification to participants. 
 The Company is the Plan administrator. As administrator, the Company has the
responsibility to determine the Target Award for each participant, determine performance measure results, and determine what awards will be payable under the Plan in accordance with the terms of the Plan. All determinations made by the Company in
respect of the Plan will be conclusive and binding on all participants, and shall be given the maximum deference permitted by law. 
 All payments are
subject to applicable restrictions contained in the Company’s and its subsidiaries’ debt and equity financing agreements. If any such restrictions prohibit or otherwise delay payments due to participants in the Plan, then the Company shall
have the option to make such payments within thirty (30) days of the date that it is first permitted to make such payments, provided that in all events such payment shall be made within the time period prescribed under “Payment of the
Award” above. 
 Nothing contained in the Plan or any other document related to the Plan constitutes an employment or service commitment by the Company
(or its affiliates); affects the employment status of the participant who is subject to termination without cause; confers upon the participant any right to remain employed by or in the service of the Company (or its affiliates); interferes in any
way with the right of the Company (or its affiliates) to terminate the participant’s employment; or to change the participant’s compensation or other terms of employment at any time. 
 Participants and their beneficiaries or heirs shall have no legal or equitable rights, claims or interest in any specific property or assets of the Company. The
Company’s payment obligations under the Plan shall constitute merely an unfunded and unsecured promise of the Company to pay compensation in the future to those participants to whom the Company has an obligation under the Plan in accordance
with its terms. The rights of the participants and any beneficiaries or heirs shall be no greater than those of the Company’s unsecured general creditors. 
  

 4

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