Document:

Additional Secured Party Consent

 Exhibit 10.3 
 EXECUTION VERSION 
 ADDITIONAL SECURED PARTY CONSENT 

 

			
		  	JPMorgan Chase Bank, N.A.
		  	1111 Fannin, 10th Floor
		  	Houston, Texas 770002
		  	Investment Bank Loan
		  	Operations, Sushma Charania

 March 14, 2012 
 The undersigned is the Authorized Representative for persons wishing to become Secured Parties (the “New Secured Parties”) under the Third Amended and Restated Collateral Agreement, dated
as of January 29, 2010 (as amended, supplemented or otherwise modified from time to time, the “Collateral Agreement”) among MOMENTIVE SPECIALTY CHEMICALS HOLDINGS LLC (f/k/a HEXION LLC), a Delaware limited liability company
(“Holdings”), MOMENTIVE SPECIALTY CHEMICALS INC. (f/k/a HEXION SPECIALTY CHEMICALS, INC.), a New Jersey corporation (the “U.S. Borrower”), each Subsidiary Party party thereto and JPMORGAN CHASE BANK, N.A., as
Applicable First Lien Representative (in such capacity, the “Applicable First Lien Representative”). Capitalized terms in this Agreement but not otherwise defined herein have the meanings set forth in the Collateral Agreement.

 Section 1: General. 
 In consideration of the foregoing, the undersigned hereby: 
 (i)
represents that the Authorized Representative has been duly authorized by the New Secured Parties to become a party to the Collateral Agreement on behalf of the New Secured Parties under the Indenture, dated as of the date hereof (as amended,
supplemented or otherwise modified from time to time, the “Indenture”), by and among Wilmington Trust, National Association, as trustee (the “New Trustee”), Hexion U.S. Finance Corp., as issuer (the
“Issuer”), and the guarantors named therein (the Notes Obligations as defined in the Indenture, the “New Secured Obligations”) and to act as the Authorized Representative for the New Secured Parties; 

(ii) acknowledges that the New Trustee has received a copy of the Collateral Agreement and the First Lien Intercreditor
Agreement; 
 (iii) appoints and authorizes the Applicable First Lien Representative to take such action as agent
on its behalf and on behalf of all other Secured Parties and to exercise such powers under the Collateral Agreement and First Lien Intercreditor Agreement as are delegated to the Applicable First Lien Representative by the terms thereof, together
with all such powers as are reasonably incidental thereto; and 
 (iv) accepts and acknowledges the terms of the
First Lien Intercreditor Agreement applicable to it and the New Secured Parties and agrees to serve as Authorized 

  
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Representative for the New Secured Parties with respect to the New Secured Obligations and agrees on its own behalf and on behalf of the New Secured Parties to be bound by the terms thereof
applicable to holders of Other First Lien Obligations, with all the rights and obligations of a Secured Party thereunder and bound by all the provisions thereof as fully as if it had been a Secured Party on the Intercreditor Effective Date and
agrees that its address for receiving notices pursuant to the Security Documents (as defined in the First Lien Intercreditor Agreement) shall be as follows: 
 Wilmington Trust, National Association 
 Corporate Capital Markets

 50 South Sixth Street 
 Suite 1290 
 Minneapolis, Minnesota 55402 

Telephone: 612-217-5632 
 Facsimile: 612-217-5651 
 Attention: Hexion Administrator

 The Applicable First Lien Representative, by acknowledging and agreeing to this Other First Lien Secured Party Consent,
accepts the appointment set forth in clause (iii) above. 
 Section 2: Parallel Debt Notes Obligations.

 For the purposes of creating security rights governed by Dutch law, 

(a) the Issuer hereby irrevocably and unconditionally undertakes to pay to the Collateral Agent (as defined in the First Lien
Intercreditor Agreement) (the “Collateral Agent”) an amount equal to the aggregate amount payable (verschuldigd) by it to the Holders (as defined in the Indenture) under the Notes Obligations (as defined in the Indenture).
The payment undertaking of the Issuer under this Section 2(a) is hereinafter referred to as its “Parallel Debt Notes Obligations”; 
 (b) the Parallel Debt Notes Obligations of the Issuer constitute obligations and liabilities of the Issuer to the Collateral Agent which are separate and independent from, and without prejudice to, the
Notes Obligations and the Parallel Debt Notes Obligations represent the Collateral Agent’s own independent right to receive payment of the Parallel Debt Notes Obligations from the Issuer; 

(c) the Parallel Debt Notes Obligations of the Issuer will be payable in the currency or currencies of the corresponding Notes
Obligations and will become due and payable as and when and to the extent one or more of the Notes Obligations become due and payable; 
 (d) to the extent the Collateral Agent receives any amount in payment of the Parallel Debt Notes Obligations of the Issuer, the Collateral Agent shall distribute that amount among the New Secured Parties
in accordance with the First Lien Intercreditor Agreement and any other applicable intercreditor agreement. Upon receipt by the Collateral Agent of any amount in payment of the Parallel Debt Notes Obligations (a “Received Amount”),
the corresponding Notes Obligations shall be reduced by amounts totaling an amount (a “Deductible Amount”) equal to the Received Amount in the manner as if the Deductible Amount were received by the Collateral Agent as a payment of
the relevant Notes Obligations on the date of receipt by the Collateral Agent of the Received Amount; and 

  
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 (e) the Issuer and the Collateral Agent acknowledge and confirm that pursuant to the
provisions contained in this Section 2, the amount which may become payable by the Issuer as its Parallel Debt Notes Obligations from time to time shall not exceed the aggregate amount which is payable for principal and interest under the Notes
Obligations from time to time. 
 THIS ADDITIONAL SECURED PARTY CONSENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

  
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 IN WITNESS WHEREOF, the undersigned has caused this Additional Secured
Party Consent to be duly executed by its authorized officer as of the 14th day of March 2012. 
  

			
	WILMINGTON TRUST BANK, NATIONAL
ASSOCIATION, AS TRUSTEE AND AS
AUTHORIZED REPRESENTATIVE
		
	 By:
	 	 /s/ Authorized Signatory

		 	Name:
		 	Title:

 ACKNOWLEDGED AND AGREED: 
  

			
	 JPMORGAN CHASE BANK, N.A.,
 AS APPLICABLE FIRST LIEN
REPRESENTATIVE AND COLLATERAL
AGENT

		
	 By:
	 	 /s/ Authorized Signatory

		 	 Name:

		 	 Title:

  

					
	MOMENTIVE SPECIALTY CHEMICALS
HOLDINGS LLC
		
	By:	 	 /s/ Authorized Signatory

		 	Name:	 	
		 	Title:	 	
	
	MOMENTIVE SPECIALTY CHEMICALS INC.
		
	By:	 	 /s/ Authorized Signatory

		 	Name:	 	
		 	Title:	 	

 [Signature Page to Additional Secured Party Consent] 

					
	HEXION U.S. FINANCE CORP.
		
	By:	 	 /s/ Authorized Signatory

		 	Name:	 	
		 	Title:	 	
	
	BORDEN CHEMICAL FOUNDRY, LLC
		
	By:	 	 /s/ Authorized Signatory

		 	Name:	 	
		 	Title:	 	
	
	MOMENTIVE INTERNATIONAL INC.
		
	By:	 	 /s/ Authorized Signatory

		 	Name:	 	
		 	Title:	 	
	
	MOMENTIVE SPECIALTY CHEMICALS INVESTMENTS INC.
		
	By:	 	 /s/ Authorized Signatory

		 	Name:	 	
		 	Title:	 	
	
	MOMENTIVE CI HOLDING COMPANY (CHINA) LLC
		
	By:	 	Lawter International Inc., its sole managing member
		
	By:	 	 /s/ Authorized Signatory

		 	Name:	 	
		 	Title:	 	
	
	HSC CAPITAL CORPORATION
		
	By:	 	 /s/ Authorized Signatory

		 	Name:	 	
		 	Title:	 	

 [Signature Page to Additional Secured Party Consent] 

					
	LAWTER INTERNATIONAL INC.
		
	By:	 	 /s/ Authorized Signatory

		 	Name:	 	
		 	Title:	 	
	
	OILFIELD TECHNOLOGY GROUP, INC.
		
	By:	 	 /s/ Authorized Signatory

		 	Name:	 	
		 	Title:	 	
	
	NL COOP HOLDINGS LLC
		
	By:	 	Momentive Specialty Chemicals Inc., a sole member
		
	By:	 	 /s/ Authorized Signatory

		 	Name:	 	
		 	Title:	 	

 [Signature Page to Additional Secured Party Consent]Joinder and Supplement to Intercreditor Agreement

 Exhibit 10.4 
 EXECUTION COPY 
 JOINDER AND SUPPLEMENT 

to 

INTERCREDITOR AGREEMENT 
 Reference is made to (i) that certain Intercreditor Agreement, dated as of January 29, 2010 (as supplemented on the date hereof through the execution and delivery of this Agreement and as the
same may be further amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), among JPMorgan Chase Bank, N.A., as Intercreditor Agent (the “Intercreditor Agent”),
Wilmington Trust FSB, as Trustee and as Collateral Agent (the “Trustee”), Momentive Specialty Chemicals Holdings LLC (f/k/a Hexion LLC) (“MSCH”), Momentive Specialty Chemicals Inc. (f/k/a Hexion Specialty Chemicals,
Inc.) (the “Company”) and each subsidiary of the Company party thereto, and (ii) the 1-1/2 Lien Notes Indenture. Capitalized terms used but not defined herein shall have the meanings assigned in the Intercreditor Agreement.

 This Joinder and Supplement to the Intercreditor Agreement (this “Agreement”), dated as of March 14,
2012 (the “Effective Date”), by and among (i) Wilmington Trust, National Association, as trustee (the “New Trustee”) pursuant to that certain Indenture (the “New Indenture”), dated as of the
date hereof, among Hexion U.S. Finance Corp. (the “Issuer”), the guarantors named therein and the New Trustee, (ii) the Intercreditor Agent, (iii) Wilmington Trust, National Association, as Trustee and Collateral Agent and
as Second-Priority Agent, (iv) MSCH, (v) the Company and (vi) each Subsidiary of the Company listed on Schedule I hereto, has been entered into to (A) record the accession of the New Trustee as an additional
Senior-Priority Agent under the Intercreditor Agreement on behalf of the holders of the 6.625% first-priority senior secured notes due 2020 (the “New Notes”) issued under the New Indenture, (B) with respect to the Liens
securing certain Obligations as set forth below, to confirm and evidence that such Liens shall, for purposes of the Intercreditor Agreement, be equal and ratable with all Liens on the Common Collateral securing any other Senior Lender Claims and
(C) for certain related purposes. 
 The parties to this Agreement hereby agree as follows: 

A. The New Trustee agrees to become, with immediate effect, a party to and agrees to be bound by the terms of the Intercreditor Agreement
as a Senior-Priority Agent, as if it had originally been party to the Intercreditor Agreement as a Senior-Priority Agent. 
 B.
The New Indenture has been designated by the Company and the Issuer as being included in the definition of “Credit Agreement” set forth in the 1-1/2 Lien Notes Indenture, which designation shall be irrevocable until such time as all Liens
securing the New Notes have been released pursuant to Section 11.03 of the New 

 
Indenture (and any purported revocation of such designation prior to such time shall be ineffective for all purposes of the Intercreditor Agreement). The New Indenture, the New Notes, the
Security Documents (as defined in the New Indenture), and any related document or instrument executed and delivered pursuant to any of the foregoing shall constitute “Senior Credit Documents” as defined in the 1-1/2 Lien Notes Indenture.

 C. The Liens securing the Obligations under the New Notes, the New Indenture and any other document or agreement entered into
pursuant thereto granted pursuant to the Security Documents have been designated by the Company and the Issuer as having been incurred pursuant to clause (8)(B) of the definition of “Permitted Liens” set forth in the 1-1/2 Lien Notes
Indenture, which designation shall be irrevocable until such time as all Liens securing the New Notes have been released pursuant to Section 11.03 of the New Indenture (and any purported revocation of such designation prior to such time shall
be ineffective for all purposes of the Intercreditor Agreement). The Obligations under the New Indenture and any other document or agreement entered into pursuant thereto constitute First-Lien Indebtedness (which First-Lien Indebtedness, for the
avoidance of doubt, also constitutes Future First-Lien Indebtedness) and Senior Lender Claims. 
 D. The Liens on the Common
Collateral securing such Senior Lender Claims shall have priority over and be senior in all respects to all Liens on the Common Collateral securing any Second-Priority Claims on the terms set forth in the Intercreditor Agreement and, subject to the
terms of any other applicable intercreditor agreement (including that certain Intercreditor Agreement, dated as of the Effective Date (as the same may be further amended, restated, supplemented or otherwise modified from time to time, the
“First Lien Intercreditor Agreement”)) then in effect, shall be equal and ratable with all Liens on the Common Collateral securing any other Senior Lender Claims. 

E. So long as the Discharge of Senior Lender Claims has not occurred and subject to the terms of any other applicable intercreditor
agreement (including the First Lien Intercreditor Agreement) then in effect, the Common Collateral or proceeds thereof received in connection with the sale or other disposition of, or collection on, the Common Collateral upon the exercise of
remedies shall be applied by the Intercreditor Agent ratably to the Senior Lender Claims and, with respect to each class of Senior Lender Claims, in such order as is specified in the relevant Senior Lender Documents until the Discharge of Senior
Lender Claims has occurred. 
 F. The New Trustee confirms that its address for notices pursuant to the Intercreditor Agreement
is as follows: 
 Wilmington Trust, National Association 
 Corporate Capital Markets 
 50 South Sixth Street 

Suite 1290 

Minneapolis, Minnesota 55402 

  
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 Telephone: 612-217-5632 

Facsimile: 612-217-5651 
 Attention: Hexion Administrator 
 G. Each party to this Agreement (other than the
New Trustee) confirms the acceptance of the New Trustee as a Senior-Priority Agent for purposes of the Intercreditor Agreement. 

H. Except as expressly provided herein, in the Intercreditor Agreement or in any Senior Lender Documents, the New Trustee is acting in
the capacity of Senior-Priority Agent solely with respect to the Senior Lender Claims owed to the New Trustee and the holders of the New Notes issued pursuant to the New Indenture. For the avoidance of doubt, the provisions of Article VII of the New
Indenture applicable to the New Trustee thereunder shall also apply to the New Trustee acting under or in connection with the Intercreditor Agreement. 
 I. This Agreement shall be construed in accordance with and governed by the laws of the State of New York. 
 J. This Agreement may be executed in counterparts, each of which shall constitute an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature
page to this Agreement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. 
 [SIGNATURE PAGES FOLLOW] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Effective Date. 

 

			
	 JPMORGAN CHASE BANK, N.A.,
 as Intercreditor Agent

		
	By:	 	 /s/ Authorized Signatory

		 	Name:
		 	Title:
	
	 WILMINGTON TRUST, NATIONAL ASSOCIATION (as successor by merger to Wilmington Trust FSB),

as Trustee, Collateral Agent and as Second Priority Agent

		
	By:	 	 /s/ Authorized Signatory

		 	Name:
		 	Title:
	
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,
 as a Senior-Priority Agent for holders of the New Notes

		
	By:	 	 /s/ Authorized Signatory

		 	Name:
		 	Title:

 [Signature Page for Joinder and Supplement to 1.5 Lien Intercreditor Agreement] 

 
					
	MOMENTIVE SPECIALTY CHEMICALS HOLDINGS LLC
		
	By:	 	 /s/ Authorized Signatory

		 	Name:	 	
		 	Title:	 	
	
	MOMENTIVE SPECIALTY CHEMICALS INC.
		
	By:	 	 /s/ Authorized Signatory

		 	Name:	 	
		 	Title:	 	
	
	BORDEN CHEMICAL FOUNDRY, LLC
		
	By:	 	 /s/ Authorized Signatory

		 	Name:	 	
		 	Title:	 	
	
	MOMENTIVE SPECIALTY CHEMICAL INVESTMENTS, INC.
		
	By:	 	 /s/ Authorized Signatory

		 	Name:	 	
		 	Title:	 	
	
	MOMENTIVE INTERNATIONAL INC.
		
	By:	 	 /s/ Authorized Signatory

		 	Name:	 	
		 	Title:	 	
	
	MOMENTIVE CI HOLDING COMPANY (CHINA) LLC
		
	By:	 	Lawter International Inc., as sole managing member
		
	By:	 	 /s/ Authorized Signatory

		 	Name:	 	
		 	Title:	 	

 [Signature Page for Joinder and Supplement to 1.5 Lien Intercreditor Agreement] 

 
					
	HEXION U.S. FINANCE CORP.
		
	By:	 	 /s/ Authorized Signatory

		 	Name:	 	
		 	Title:	 	
	
	HSC CAPITAL CORPORATION
		
	By:	 	 /s/ Authorized Signatory

		 	Name:	 	
		 	Title:	 	
	
	LAWTER INTERNATIONAL INC.
		
	By:	 	 /s/ Authorized Signatory

		 	Name:	 	
		 	Title:	 	
	
	OILFIELD TECHNOLOGY GROUP, INC.
		
	By:	 	 /s/ Authorized Signatory

		 	Name:	 	
		 	Title:	 	
	
	NL COOP HOLDINGS LLC
		
	By:	 	Momentive Specialty Chemicals Inc., as sole member
		
	By:	 	 /s/ Authorized Signatory

		 	Name:	 	
		 	Title:	 	

 [Signature Page for Joinder and Supplement to 1.5 Lien Intercreditor Agreement] 

 SCHEDULE I 
 Subsidiary Parties 
 Borden Chemical Foundry, LLC 

Momentive Specialty Chemicals Investments, Inc. 

Momentive International Inc. 
 Momentive CI
Holding Company (China) LLC 
 Hexion U.S. Finance Corp. 
 HSC Capital Corporation 
 Lawter International Inc. 

Oilfield Technology Group, Inc. 
 NL COOP
Holdings LLC

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