ORIGINATOR REMOVAL AGREEMENT AND FACILITY AMENDMENT

Exhibit 10.4

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:

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,

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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.

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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

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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.]

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

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