Write the velocity gradient as
where is the spin tensor. Expanding the upper-convected derivative in the structure equation gives
For , the first four terms reproduce the upper-convected derivative. Setting
therefore gives
With polymeric stress , this is the Oldroyd-B model. For , its relaxation time and polymer viscosity are
Indeed the total stress obeys
For , the coefficient of

is , so the objective derivative becomes the lower-convected derivative. Hence
recovers the Oldroyd-A model, again with for a finite positive relaxation time. Parameter choices such as give the degenerate Newtonian limit.
A plain material derivative of the conformation tensor is not an objective time derivative: an observer undergoing a time-dependent rigid rotation would infer a different constitutive response, and even rigid-body rotation could appear to change polymer deformation. The upper-convected derivative subtracts deformation and rotation carried by the velocity gradient and is frame indifferent.
The Oldroyd-B model is often inadequate because its Hookean dumbbells are infinitely extensible. It predicts constant shear viscosity rather than shear thinning, zero second normal-stress difference, and an unbounded extensional viscosity at a finite extension rate. Real polymer chains have finite extensibility and commonly exhibit shear thinning, bounded extensional stress, multiple relaxation times, and nonlinear solvent or concentration effects.