Document:

Second Amended and Restated Intercreditor Agreement dated as of May 31, 2005

 Exhibit 10.70 
  
 EXECUTION COPY 
  
 SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT 
  

SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT (as amended, modified or supplemented from time to time, this “Agreement”), dated
as of December 22, 2003, as amended and restated on January 24, 2005, and as further amended and restated on May 31, 2005, among JPMorgan Chase Bank, N.A., as Collateral Agent, in such capacity as successor to Wilmington Trust Company (the
“First Prior Collateral Agent”), as a successor to General Electric Capital Corporation (together with the First Prior Collateral Agent, the “Prior Collateral Agents”) and Morgan Stanley & Co., Incorporated (the
“Original Collateral Agent”), and acknowledged and agreed to by Holdings, the U.S. Borrower and each Subsidiary from time to time party hereto (collectively, the “U.S. Credit Parties”). Capitalized terms used herein
shall have the meaning specified in Section 9 hereof or, if not defined therein, as specified in the Senior First Lien Collateral Agreement. 
  
 W I T N E S S E T H : 
  
 WHEREAS, Resolution Performance Products Inc. (“RPP Inc.”), Resolution Performance Products LLC (“RPP USA”), RPP Capital
Corporation (“U.S. Finance Corp.”), Resolution Europe B.V. (“REBV”), the lenders from time to time party thereto, Salomon Smith Barney Inc., as syndication agent, JPMorgan Chase Bank, as documentation agent, and
Morgan Stanley Senior Funding, Inc., as sole lead arranger, sole book manager and administrative agent, entered into a Credit Agreement, dated as of November 14, 2000 (the “Original Bank Credit Agreement”). 
  
 WHEREAS, RPP Inc., RPP USA, U.S. Finance Corp., REBV, certain other
subsidiaries of RPP Inc. designated as “Credit Parties” thereunder, the financial institutions from time to time party thereto and General Electric Capital Corporation and GE Leveraged Loans Limited, as agents, entered into a Credit
Agreement, dated as of January 24, 2005 (the “Prior Bank Credit Agreement”), providing for, among other things, the refinancing in full of the Original Bank Credit Agreement; 
  
 WHEREAS, Hexion LLC, a Delaware limited liability company and
successor-in-interest to RPP Inc. (“Holdings”), Hexion Specialty Chemicals, Inc., a New Jersey corporation and successor-in-interest to RPP USA (the “U.S. Borrower”), Borden Chemical Canada, Inc., a Canadian
corporation, REBV, Bakelite AG, a company registered in the commercial register of Iserlohn/Germany, Borden Chemical GB Limited, a corporation organized under the laws of England and Wales, and Borden Chemical UK Limited, a corporation organized
under the laws of England and Wales, the lenders party thereto from time to time (the “Lenders”), JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”), Citicorp North America, Inc., as
syndication agent, Credit Suisse, as documentation agent, and J.P. Morgan Securities Inc., Citigroup Global Markets Inc. and Credit Suisse, as joint lead arrangers and joint bookrunners, have entered into a Credit Agreement dated as of the date
hereof (as amended, modified, extended, renewed, replaced, restated, supplemented or refinanced from time to time, and including any agreement extending the maturity of, or refinancing or restructuring (including, but not limited to, the inclusion
of additional borrowers or guarantors thereunder or any increase in the amount borrowed thereunder) all or any portion of the indebtedness under such agreement or any successor agreement, whether or not with the same agent, trustee, 

 
representative, lenders, holders or group of lenders or holders, the “Bank Credit Agreement”), providing for, among other things, the
refinancing in full of the Prior Bank Credit Agreement (the Lenders, the Issuing Banks (as defined in the Bank Credit Agreement) and the Administrative Agent are herein called the “Bank Lender Creditors”); 
  
 WHEREAS, the U.S. Borrower or another U.S. Credit Party has entered into, or
may at any time and from time to time after the date hereof enter into or guaranty the obligations of one or more Subsidiaries thereof under, one or more Swap Agreements with one or more Bank Lender Creditors or any affiliate thereof (each such Bank
Lender Creditor or affiliate, even if the respective Bank Lender Creditor subsequently ceases to be a Lender under the Bank Credit Agreement for any reason, together which such Bank Lender Creditor’s or affiliate’s successors and assigns,
if any, collectively, the “Other Creditors” and together with the Bank Lender Creditors, the “Senior First Lien Creditors”); 
  

WHEREAS, the U.S. Borrower, U.S. Finance Corp. (together, the “Issuers”) and The Bank of New York, as trustee (together with any
successor trustee, the “Additional Senior Secured Notes Trustee”) are party to an Indenture, dated as of December 22, 2003 (as amended, modified, extended, renewed, replaced, restated, supplemented or refinanced from time to time,
and including any agreement extending the maturity of, or refinancing or restructuring (including, but not limited to, the inclusion of additional borrowers, issuers or guarantors thereunder or any increase in the amount borrowed thereunder) all or
any portion of the indebtedness under such indenture or any successor agreement whether or not with the same trustee, representative, agent, lenders, holders or group of lenders or holders, the “Note Credit Agreement” and, together
with the Bank Credit Agreement, collectively, the “Credit Agreement”), providing for (i) the issuance by the Issuers of their 8% Senior Secured Notes due December 15, 2009 (the “Additional Senior Secured Notes”) to
the holders thereof from time to time (such holders, the “Additional Senior Secured Noteholders” and, together with the Additional Senior Secured Notes Trustee and the Junior First Lien Collateral Agent (as defined below), the
“Junior First Lien Creditors”; and the Junior First Lien Creditors, together with the Senior First Lien Creditors, the “First Lien Creditors”) and (ii) the guaranty by certain future subsidiaries of the U.S.
Borrower of the Issuers’ obligations under the Note Credit Agreement and the Additional Senior Secured Notes (each such guaranty, together with the Note Credit Agreement and the Additional Senior Secured Notes, are herein called the
“Note Credit Documents”); 
  
 WHEREAS, the
Original Collateral Agent and the Additional Senior Notes Trustee were parties to an Intercreditor Agreement, dated December 22, 2003, as acknowledged and agreed to by RPP USA and certain of its affiliates (the “Original Intercreditor
Agreement”); 
  
 WHEREAS, the Original Intercreditor
Agreement was amended and restated on January 24, 2005, in accordance with the Prior Bank Credit Agreement and acknowledged and agreed to by RPP USA and certain of its affiliates (the Original Intercreditor Agreement, as so amended and restated, the
“Prior Intercreditor Agreement”); 
  
 WHEREAS,
the Lenders have appointed JPMorgan Chase Bank, N.A. as Collateral Agent, effective as of the date hereof; 
  

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 WHEREAS, pursuant to the Senior First Lien Collateral Documents, each U.S. Credit Party party thereto has
granted to the Collateral Agent a security interest in the Collateral for the benefit of the Senior First Lien Creditors; 
  
 WHEREAS, pursuant to the Junior First Lien Collateral Documents, each U.S. Credit Party party thereto has granted to Wilmington Trust Company, as
collateral agent for the Additional Senior Secured Noteholders (the “Junior First Lien Collateral Agent”), a security interest in the Collateral for the benefit of the Junior First Lien Creditors; 
  
 WHEREAS, pursuant to the Bank Credit Agreement, the Required First Lien
Creditors have authorized the Collateral Agent to enter into this Agreement; and 
  
 WHEREAS, the Required First Lien Creditors wish to amend and restate the Prior Intercreditor Agreement effective on the date hereof as set forth below, to, inter alia, set forth the rights, benefits and privileges, as
among the First Lien Creditors, in respect of the Collateral, this Agreement and the Collateral Documents. 
  
 NOW, THEREFORE, it is agreed that the Prior Intercreditor Agreement is hereby amended and restated as follows: 
  
 1. Appointment; etc. 
  
 (a) The Junior First Lien Creditors, by their acceptance of the benefits of
the Junior First Lien Collateral Documents, hereby (x) irrevocably designate the Collateral Agent to act as specified herein and the Junior First Lien Collateral Agent to act as specified in the applicable Junior First Lien Collateral Documents, (y)
agree to all of the provisions of this Agreement and (z) agree to all of the provisions of the applicable Collateral Documents. Each Junior First Lien Creditor hereby irrevocably authorizes, and each holder of any Junior First Lien Obligation by the
acceptance of such Junior First Lien Obligation and by the acceptance of the benefits of the applicable Junior First Lien Collateral Documents shall be deemed irrevocably to authorize, (a) the Collateral Agent to take such action on its behalf under
the provisions of this Agreement and (b) the Junior First Lien Collateral Agent to take such action on its behalf under the applicable Junior First Lien Collateral Documents and, in each case, any instruments and agreements referred to herein and
therein and to exercise such powers and to perform such duties thereunder as are specifically delegated to or required of the Collateral Agent or the Junior First Lien Collateral Agent, as applicable, by the terms hereof or thereof and such other
powers as are reasonably incidental thereto. The Collateral Agent and the Junior First Lien Collateral Agent, as applicable, may perform any of its duties hereunder or thereunder by or through its affiliates, agents, sub-agents or employees and such
affiliates, agents, sub-agents and employees shall be afforded all of the Collateral Agent’s or the Junior First Lien Collateral Agent’s, as applicable, rights hereunder and under any Collateral Document. 
  
 (b) Each Senior First Lien Creditor (by their acceptance of the benefits of
the applicable Senior First Lien Collateral Documents) also agrees to the provisions of this Agreement. 
  
 2. Priorities with Respect to the Collateral. The Junior First Lien Creditors hereby acknowledge and agree that all Obligations shall be secured
pursuant to the Collateral 

  

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Documents in accordance with the terms thereof, provided that, notwithstanding anything to the contrary contained in any Secured Debt Agreement (including
any Collateral Document), as between the Senior First Lien Creditors and the Junior First Lien Creditors, the following priorities and other rights, benefits and privileges with respect to the Collateral and the applicable Collateral Documents shall
apply: 
  
 (i) the security interests granted
pursuant to (x) the Senior First Lien Collateral Documents for the benefit of the Senior First Lien Creditors shall be senior in priority in all respects to the security interests granted pursuant to the Junior First Lien Collateral Documents for
the benefit of the Junior First Lien Creditors and (y) the Junior First Lien Collateral Documents for the benefit of the Junior First Lien Creditors shall be junior, subordinate and subject in all respects to the security interests granted under the
Senior First Lien Collateral Documents for the benefit of the Senior First Lien Creditors; 
  
 (ii) the Junior First Lien Creditors agree that (x) all of their rights, benefits and privileges afforded to them hereunder and under the
applicable Collateral Documents are expressly subject to the terms and conditions of this Agreement and (y) they shall not be entitled to receive any of the proceeds or other distributions in respect of (or from) any Collateral until all Senior
First Lien Obligations have been paid in full in cash in accordance with the terms thereof (including, without limitation, all interest that accrues after the commencement of any case, proceeding or other action relating to the bankruptcy,
insolvency, reorganization or similar proceeding of any U.S. Credit Party at the rate provided for in the respective documentation for the Senior First Lien Obligations, whether or not a claim for post-petition interest is allowed in any such case,
proceeding or other action or under applicable law); 
  
 (iii) until all Senior First Lien Obligations have been paid in full in cash in accordance with the terms thereof, all letters of credit under the Bank Credit Agreement have been terminated and the commitments under the Bank Credit
Agreement have been terminated, each Junior First Lien Creditor hereby agrees (A) to the extent that any amendment, modification, change, waiver, consent, release or variance to any of the Collateral Documents or the Hexion Intercreditor Agreement,
or any action (or inaction) to be taken (or not taken) by the Collateral Agent under (or pursuant to, including pursuant to any of the remedial provisions of) any of the Collateral Documents or the Hexion Intercreditor Agreement, in either case
would require the vote or consent of any of the Junior First Lien Creditors, whether acting as part of the Required Lenders (as defined in the Hexion Intercreditor Agreement), as part of the class of First Lien Creditors, as part of the class of
secured creditors, as part of the Intercreditor Agent or the Senior-Priority Agents (as defined in the Hexion Intercreditor Agreement) or otherwise, each such Junior First Lien Creditor hereby agrees that any such amendment, modification, change,
waiver, consent, release, variance, action or inaction may be taken (or not taken, as the case may be) at the direction of the Required First Lien Creditors, provided that, except as permitted by Section 14(b) hereof, in the case of any
amendment, modification, change, waiver, consent, release or variance to any Collateral Document or the Hexion Intercreditor Agreement materially adversely affecting the rights and benefits of the Junior First Lien Creditors (and not all First Lien
Creditors in a like or similar manner), such amendment, modification, change, waiver, release or variance shall be 

  

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made at the direction of the Required First Lien Creditors and the Additional Senior Secured Notes Trustee (acting at the direction of the Additional Senior
Secured Noteholders holding at least a majority of the then outstanding principal amount of all Additional Senior Secured Notes), and (B) to effectuate the foregoing, except in cases described in the proviso to preceding clause (A), each Junior
First Lien Creditor hereby (x) authorizes and instructs the Additional Senior Secured Notes Trustee to (and the Additional Senior Secured Notes Trustee agrees to) vote (on behalf of the Junior First Lien Creditors) in a manner consistent with, and
to sign any such amendment, modification, change, waiver, consent, release or variance, or any direction for any such action or inaction, in either case which has otherwise been approved by the Required First Lien Creditors, and (y) constitutes and
appoints the Collateral Agent its true and lawful attorney, irrevocably (which power is coupled with an interest), to sign on behalf of the Additional Senior Secured Notes Trustee any such amendment, modification, change, waiver, consent, release or
variance, or any such action or inaction, to the extent that the Additional Senior Secured Notes Trustee refuses to sign same as provided above; and 
  
 (iv) the Junior First Lien Creditors do not have a security interest in, and the grant of security interests pursuant to the applicable
Junior First Lien Collateral Documents for the benefit of the Junior First Lien Creditors shall not extend to, any Additional Senior Secured Notes Excluded Collateral, and with respect to the Junior First Lien Creditors, the term
“Collateral” shall not include the Additional Senior Secured Notes Excluded Collateral. 
  
 3. Application of Proceeds. 
  
 (a) All moneys collected or otherwise received by the Collateral Agent or the Junior First Lien Collateral Agent pursuant to the applicable Collateral
Documents for application to the First Lien Obligations (including, for the avoidance of doubt, upon any (i) distribution of any Collateral in the event of any bankruptcy, arrangement, receivership, assignment for the benefit of creditors or any
other action or proceeding involving the readjustment of the obligations and indebtedness of any U.S. Credit Party or the application of any Collateral to the payment thereof, (ii) distribution of the Collateral upon the liquidation or dissolution
of any U.S. Credit Party, or the winding up of the assets or business of any U.S. Credit Party, (iii) realization by the Collateral Agent or any of the other Secured Creditors with respect to the Liens pursuant to any Secured Debt Agreement, whether
pursuant to a Remedial Action or otherwise, or (iv) Disposition of any Collateral (to the extent that any part of the proceeds of such Disposition are required to be applied to any of the Obligations or held by the Collateral Agent in accordance
with the provisions of any of the Collateral Documents), shall, as between the Senior First Lien Creditors and the Junior First Lien Creditors, be distributed or paid to (or retained by) the Collateral Agent for application in the following manner:

  
 (i) first, an amount equal to the outstanding
Senior First Lien Obligations shall be paid to the Senior First Lien Creditors as provided in Section 3(e) hereof, with each Senior First Lien Creditor receiving an amount equal to its outstanding Senior First Lien Obligations or, if the proceeds
are insufficient to pay in full all such Senior First Lien Obligations, its Senior First Lien Creditor Pro Rata Share of the amount remaining to be distributed; 
  

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 (ii) second, to the extent proceeds remain after the application pursuant to the
preceding clause (i), to the payment of all amounts owing the Additional Senior Secured Notes Trustee in its capacity as such pursuant to the Note Credit Agreement and the Junior First Lien Collateral Agent or, if the proceeds are insufficient to
pay in full all such amounts, such proceeds shall be applied pro rata in accordance with the respective amounts owed to them on the date of any such application; and 
  
 (iii) third, to the extent proceeds remain after the application pursuant to the preceding clauses (i) and
(ii), an amount equal to the outstanding Junior First Lien Obligations shall be paid to the Junior First Lien Creditors as provided in Section 3(e) hereof, with each Junior First Lien Creditor receiving an amount equal to its outstanding Junior
First Lien Obligations or, if the proceeds are insufficient to pay in full all such Junior First Lien Obligations, its Junior First Lien Creditor Pro Rata Share of the amount remaining to be distributed. 
  
 (b) (i) For purposes of this Agreement, “Senior First Lien Creditor Pro
Rata Share” shall mean, when calculating a Senior First Lien Creditor’s portion of any distribution or amount, that amount (expressed as a percentage) equal to a fraction the numerator of which is the then unpaid amount of such Senior
First Lien Creditor’s Senior First Lien Obligations, and the denominator of which is the then outstanding amount of all Senior First Lien Obligations. 
  
 (ii) For the purposes of this Agreement, “Junior First Lien Creditor Pro Rata Share” shall mean, when calculating a Junior First
Lien Creditor’s portion of any distribution or amount, that amount (expressed as a percentage) equal to a fraction the numerator of which is the then unpaid amount of such Junior First Lien Creditor’s Junior First Lien Obligations and the
denominator of which is the then outstanding amount of all Junior First Lien Obligations. 
  
 (c) [Intentionally Omitted.] 
  
 (d) [Intentionally Omitted.] 
  
 (e) All payments
required to be made hereunder shall be made (x) if to the Senior First Lien Creditors, to the Administrative Agent for the account of the Senior First Lien Creditors, and (y) if to the Junior First Lien Creditors, to the Additional Senior Secured
Notes Trustee. 
  
 (f) For purposes of applying payments received
in accordance with this Section 3, the Collateral Agent shall be entitled to rely upon (i) the Administrative Agent under the Bank Credit Agreement, (ii) any other trustee, paying agent or similar representative for the Other Creditors (each, a
“Representative”) or, in the absence thereof, the Other Creditors and (iii) the Additional Senior Secured Notes Trustee, in each case, for a determination (which the Administrative Agent, each Representative for the Other Creditors,
the Additional Senior Secured Notes Trustee and the First Lien Creditors agree (or shall agree) to provide upon request of the Collateral Agent) of the outstanding Obligations (and type of Obligations) owed to the Bank Lender Creditors, the Other
Creditors or the Junior First Lien Creditors, as the case may be. 
  

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 4. Relative Acknowledgment/Priorities of Security Interests and Liens. 
  
 (a) Each of the First Lien Creditors acknowledges and agrees (x) to the
relative priorities as to the Collateral (and the application of the proceeds therefrom) as provided in this Agreement and acknowledges and agrees that such priorities (and the application of the proceeds from the Collateral) shall not be affected
or impaired in any manner whatsoever including, without limitation, on account of (i) the invalidity, irregularity, diminution in value or unenforceability of all or any part of any Secured Debt Agreement or any of the Obligations thereunder, (ii)
the actual date and time of execution, delivery, recording, filing or perfection of any security interests in the Collateral, (iii) any nonperfection of any Lien purportedly securing any of the Obligations, (iv) any amendment, change or modification
of any Secured Debt Agreement or (v) any impairment, modification, change, exchange, release or subordination of or limitation on, any liability of, or stay of actions or lien enforcement proceedings against, any U.S. Credit Party, its property, or
its estate in bankruptcy resulting from any bankruptcy, arrangement, readjustment, composition, liquidation, rehabilitation, similar proceeding or otherwise involving or affecting any U.S. Credit Party, and (y) that the provisions of the Collateral
Documents do not require the U.S. Credit Parties to take certain actions to perfect a security interest in certain Collateral that may not be perfected by filing a UCC financing statement. 
  
 (b) Each of the First Lien Creditors hereby agrees not to challenge or
question in any proceeding the validity or enforceability of this Agreement or any Collateral Document (or any Obligations secured thereunder) (in each case as a whole or in part or any term or provision contained therein) or the validity of any
Lien, mortgage or financing statement in favor of the Collateral Agent or the Junior First Lien Collateral Agent for the benefit of the respective First Lien Creditors as provided in the respective Collateral Document, or the relative priority of
any such Lien. 
  
 (c) If any First Lien Creditor shall acquire by
indemnification, subrogation, contract or otherwise (including pursuant to the Collateral Documents), any lien, estate, right or other interest in, or possession or control of, any of the assets of any U.S. Credit Party that would otherwise
constitute Collateral to secure (or providing security for) the respective Obligations owed to such First Lien Creditor, that lien, estate, right or other interest shall, and any such possession or control shall, be held for the benefit of the
Secured Creditors under the applicable Collateral Documents and shall be subject to the relative priorities set forth in such Collateral Documents and in this Agreement. 
  
 5. Sharing Arrangements. 
  
 (a) The First Lien Creditors hereby agree that the provisions of this Agreement with respect to allocations and distributions of proceeds of the
Collateral shall prevail notwithstanding any event or circumstance, including, without limitation, in the event that, through the operation of any bankruptcy, reorganization, insolvency or other laws or otherwise, any of the Senior First Lien
Creditors’ security interest in the Collateral is avoided in whole or in part for any reason or is enforced with respect to some, but not all, of the Senior First Lien Obligations then outstanding. 
  

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 (b) The First Lien Creditors agree that none of them shall be entitled to benefit from any avoidance
action affecting or otherwise relating to any distribution or allocation made in accordance with this Agreement, whether by preference or otherwise, it being understood and agreed that the benefit of any such avoidance action otherwise allocable to
them shall instead be allocated and turned over for application in accordance with the priorities set forth in this Agreement. 
  
 (c) In the event that any payment or distribution shall be received by any First Lien Creditor in a manner that is inconsistent with the provisions of
Section 3 hereof, such payment or distribution shall be held by the respective First Lien Creditor for the benefit of, and shall be paid over or delivered to, the respective First Lien Creditors entitled thereto for application to such entitled
First Lien Creditors’ Obligations (including, without limitation, all interest that accrues after the commencement of any case, proceeding or other action relating to the bankruptcy, insolvency, reorganization or similar proceeding of any U.S.
Credit Party at the rate provided for in the respective documentation for such Obligations, whether or not a claim for post-petition interest is allowed in any such case, proceeding or other action or under applicable law) in accordance with Section
3 hereof. 
  
 6. Provisions in the Event of Insolvency
Proceedings. Without limiting the other provisions of this Agreement, upon the commencement of a case under the Bankruptcy Code by or against any U.S. Credit Party: 
  
 (a) This Agreement and the Collateral Documents shall remain in full force and effect and enforceable
pursuant to their respective terms in accordance with Section 510(a) of the Bankruptcy Code, and all references herein to such U.S. Credit Party shall be deemed to apply to such entity as debtor-in-possession and to any trustee in bankruptcy for the
estate of such entity. 
  
 (b) In any such case
under the Bankruptcy Code, each Junior First Lien Creditor agrees not to take any action or vote in any way so as to contest (1) the validity or enforceability of this Agreement or any of the Senior First Lien Collateral Documents or any of the
Obligations thereunder, (2) the validity, priority or enforceability of the Liens, mortgages, assignments and security interests granted and/or established pursuant to this Agreement or the Collateral Documents with respect to the Senior First Lien
Obligations, or (3) the relative rights, benefits, privileges and duties of the holders of the Senior First Lien Obligations and the Junior First Lien Obligations granted and/or established in this Agreement or any Collateral Document with respect
to such Liens, mortgages, assignments and security interests. 
  
 (c) So long as any Senior First Lien Obligations are outstanding, without the express written consent of the Required First Lien Creditors, none of the Junior First Lien Creditors (or their representative) shall (i)
with respect to any rights under any Secured Debt Agreement, seek in respect of any part of the Collateral or proceeds thereof or any Lien which may exist thereon, any relief from or modification of the automatic stay as 

  

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provided in Section 362 of the Bankruptcy Code or seek or accept any form of adequate protection under either or both Sections 362 and 363 of the Bankruptcy
Code with respect thereto to the extent that their receipt of any such adequate protection would reduce (or would have the effect of reducing) or adversely affect the adequate protection that the Senior First Lien Creditors otherwise would be
entitled to receive (it being understood that, in any event, any such adequate protection shall only be afforded to the Junior First Lien Creditors if the Senior First Lien Creditors are satisfied with the adequate protection afforded to the Senior
First Lien Creditors), (ii) oppose or object to any Senior First Lien Creditor obtaining a Lien or grant of administrative claim in connection with a grant of adequate protection, use of cash collateral or post-petition financing under Section 362,
363 or 364 of the Bankruptcy Code on the basis that the Junior First Lien Creditors are not receiving any adequate protection or are not receiving satisfactory adequate protection, (iii) oppose or object to the use of cash collateral by a U.S.
Credit Party on the basis that the Junior First Lien Creditors are not receiving any adequate protection or are not receiving satisfactory adequate protection, (iv) oppose or object to any post-petition financing (including any debtor-in-possession
financing) provided by any of the Senior First Lien Creditors or provided by a third party pursuant to Section 364 of the Bankruptcy Code on terms acceptable to the Required First Lien Creditors on the basis that the Junior First Lien Creditors are
not receiving any adequate protection or are not receiving satisfactory adequate protection, (v) oppose or object to or withhold consent from the disposition of assets by any U.S. Credit Party under Section 363(b) or (f) of the Bankruptcy Code,
provided that the interest, if any, which the Junior First Lien Creditors have in the assets shall attach to the proceeds of such disposition, on the basis that the Junior First Lien Creditors are not receiving any adequate protection or are not
receiving satisfactory adequate protection, (vi) oppose, object to, or vote against any plan of reorganization or disclosure statement the terms of which are consistent with the rights of the Senior First Lien Creditors under this Agreement and the
Collateral Documents under which the Liens, mortgages, assignments and security interests and the priority thereof are granted and established on the basis that the Junior First Lien Creditors are not receiving any adequate protection or are not
receiving satisfactory adequate protection, (vii) make an election pursuant to Section 1111(b) of the Bankruptcy Code, (viii) oppose or object to the determination of the extent of any Liens held by any of the Senior First Lien Creditors or the
value of any claims of Senior First Lien Creditors under Section 506(a) of the Bankruptcy Code, or (ix) oppose or object to the payment of interest and expenses as provided under Sections 506(b) and (c) of the Bankruptcy Code. 
  
 (d) The Senior First Lien Obligations owed to each Senior
First Lien Creditor under the Secured Debt Agreements shall continue to be effective, or to be reinstated, as the case may be, as to any payment in respect of any Senior First Lien Obligation that is rescinded or must otherwise be returned by the
holder of such Senior First Lien Obligation upon the occurrence or as a result of applicable provisions of the Bankruptcy Code, all as though such payment had not been made. 
  
 7. Waivers. (a) Each Junior First Lien Creditor agrees that neither the Collateral Agent nor the Senior First Lien
Creditors (in directing the Collateral Agent to take any action with respect to the Collateral) shall have any duty or obligation to realize first upon any type of Collateral (including Additional Senior Secured Notes Excluded Collateral) or to
sell, 

  

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dispose of or otherwise liquidate all or any portion of the Collateral in any manner that would maximize the return to any Class (or portion of a Class) of
First Lien Creditors holding Obligations of any type (whether Bank Credit Document Obligations, Other Obligations or Junior First Lien Obligations), notwithstanding that the order and timing of any such realization, sale, disposition or liquidation
may affect the amount of proceeds actually received by such Class (or portion of a Class) of First Lien Creditors from such realization, sale, disposition or liquidation. 
  
 (b) Each of the Junior First Lien Creditors waives any claim which each such Junior First Lien Creditor may now or hereafter
have against the Senior First Lien Creditors (or their representatives) arising out of (i) any and all actions which the Collateral Agent or the other Senior First Lien Creditors take or omit to take (including, without limitation, actions with
respect to the creation, perfection or continuation of Liens on the Collateral, actions with respect to the occurrence of an Event of Default, actions with respect to the foreclosure upon, sale, release, or depreciation of, or failure to realize
upon, any of the security for the Obligations and actions with respect to the collection of any claim for all or any part of the Obligations from any account debtor, guarantor or any other party) with respect to the respective Secured Debt
Agreements or any other agreement related thereto or to the collection of the Obligations or the valuation, use, protection or release of the security for the Obligations, (ii) the Collateral Agent’s or the other Senior First Lien
Creditors’ election, in any proceeding instituted under the Bankruptcy Code, of the application of Section 1111(b) of the Bankruptcy Code and/or (iii) any borrowing of, or grant of a security interest or administrative expense priority under
Section 364 of the Bankruptcy Code to, any U.S. Credit Party as debtor-in-possession. 
  
 8. Nature of Obligations; Post-Petition Interest. Each Junior First Lien Creditor hereby acknowledges and agrees that (i) the Junior First Lien Creditors’ claims against the U.S. Credit Parties in respect
of the Collateral constitute junior and subordinated claims separate and apart (and of a different class) from the claims of the Senior First Lien Creditors against the U.S. Credit Parties in respect of the Collateral and (ii) the Senior First Lien
Obligations include all interest that accrues after the commencement of any case, proceeding or other action relating to the bankruptcy, insolvency, reorganization or similar proceeding of any U.S. Credit Party at the rate provided for in the
respective Secured Debt Agreements governing the same, whether or not a claim for post-petition interest is allowed in any such case, proceeding or other action or under applicable law. To further effectuate the intent of the parties as provided in
the immediately preceding sentence, the Senior First Lien Creditors shall be entitled to receive, in addition to amounts distributed to them in respect of principal, pre-petition interest and other claims, all amounts owing in respect of
post-petition interest at the relevant contract rate (even though such claims may or may not be allowed in whole or in part in the respective bankruptcy, insolvency, reorganization or similar proceeding or under applicable law) before any
distribution is made in respect of the claims held by the Junior First Lien Creditors, with each Junior First Lien Creditor hereby acknowledging and agreeing to turn over to the Senior First Lien Creditors all amounts otherwise received or
receivable by it to the extent needed to effectuate the intent of this sentence even if such turn-over of amounts has the effect of reducing the amount of the claim of the Junior First Lien Creditors. 
  

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 9. Definitions. The following terms shall have the meanings herein specified. Such definitions
shall be equally applicable to the singular and plural forms of the terms defined. 
  
 “Additional Senior Secured Noteholders” shall have the meaning provided in the recitals to this Agreement. 
  
 “Additional Senior Secured Notes” shall have the meaning provided in the recitals to this Agreement. 
  
 “Additional Senior Secured Notes Excluded Collateral” shall
include (i) more than 65% of the issued and outstanding voting Equity Interests of any Foreign Subsidiary, (ii) any property or assets owned by Holdings and (iii) any Collateral excluded by operation of the second proviso of Section 3.01 of the
Junior First Lien Collateral Agreement. 
  
 “Additional
Senior Secured Notes Trustee” shall have the meaning provided in the preamble to this Agreement. 
  
 “Administrative Agent” shall have the meaning provided in the recitals to this Agreement. 
  
 “Agreement” shall have the meaning provided in the preamble
to this Agreement. 
  
 “Bank Credit Agreement”
shall have the meaning provided in the recitals to this Agreement. 
  
 “Bank Lender Creditors” shall have the meaning provided in the recitals to this Agreement. 
  
 “Bankruptcy Code” shall mean Title 11 of the United States Code entitled “Bankruptcy”, as now or hereafter in effect, or any
successor thereto. 
  
 “Class” shall have the
meaning provided in Section 14(a) of this Agreement. 
  
 “Collateral” shall mean all “Collateral” (or similar defined term) under, and as defined in, the Collateral Documents but, in any event, for purposes of this Agreement, the term “Collateral” shall
specifically exclude Additional Senior Secured Notes Excluded Collateral. 
  
 “Collateral Agent” shall mean JPMorgan Chase Bank, N.A., as successor agent to each Prior Collateral Agent and the Original Collateral Agent, acting as Collateral Agent pursuant to this Agreement and
as Administrative Agent under the Senior First Lien Collateral Documents. 
  
 “Collateral Documents” shall mean the Senior First Lien Collateral Documents and the Junior First Lien Collateral Documents. 
  
 “Credit Agreement” shall have the meaning provided in the recitals to this Agreement. 
  

 -11- 

 “Deposit Account” shall have the meaning set forth in the Uniform Commercial Code.

  
 “Deposit Account Collateral” shall mean that
part of the Collateral comprised of or contained in Deposit Accounts or Securities Accounts. 
  
 “Disposition” means the sale, assignment, transfer, lease, conveyance or other disposition by any U.S. Credit Party of any Collateral, including, without limitation, an involuntary disposition as a
result of a casualty or condemnation. 
  
 “Event of
Default” shall mean any Event of Default (or similar term) under, and as defined in, the Bank Credit Agreement. 
  
 “First Lien Creditors” shall have the meaning provided in the recitals of this Agreement. 
  
 “Hexion Intercreditor Agreement” shall mean the Second
Amended and Restated Intercreditor Agreement dated as of August 12, 2004, as amended and restated on April 29, 2005, and as further amended and restated on May 31, 2005, among JPMorgan Chase Bank, N.A., as Intercreditor Agent, Wilmington Trust
Company, as Trustee, the U.S. Borrower and the Subsidiaries of the U.S. Borrower party thereto, as amended, modified or supplemented from time to time. 
  
 “Holdings” shall have the meaning provided in the recitals to this Agreement. 
  
 “Issuers” shall have the meaning provided in the recitals to
this Agreement. 
  
 “Junior First Lien Collateral
Agent” shall have the meaning provided in the recitals to this Agreement. 
  
 “Junior First Lien Collateral Agreement” shall mean the Amended and Restated Collateral Agreement dated as of May 31, 2005, among the U.S. Borrower, the other U.S. Credit Parties and the Junior First
Lien Collateral Agent. 
  
 “Junior First Lien Collateral
Documents” shall mean the documents or instruments pursuant to which a Lien is granted by any U.S. Credit Party to secure any Junior First Lien Obligations or under which rights or remedies with respect to any such Lien are governed.

  
 “Junior First Lien Creditor Pro Rata Share”
shall have the meaning provided in Section 3(b)(ii) of this Agreement. 
  
 “Junior First Lien Creditors” shall have the meaning provided in the recitals to this Agreement. 
  
 “Junior First Lien Obligations” shall have the meaning provided in clause (ii) of the definition of “Obligations” appearing in
this Section 9. 
  

 -12- 

 “Lien” shall mean, with respect to any asset, (i) any mortgage, deed of trust, lien,
hypothecation, pledge, encumbrance, charge or security interest in or on such asset, (ii) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having
substantially the same economic effect as any of the foregoing) relating to such asset and (iii) in the case of securities (other than securities representing an interest in a joint venture that is not a Subsidiary (as defined in the Bank Credit
Agreement), any purchase option, call or similar right of a third party with respect to such securities; provided that in no event shall an operating lease or an agreement to sell be deemed to constitute a Lien. 
  
 “Lenders” shall have the meaning provided in the recitals to
this Agreement. 
  
 “Note Credit Agreement” shall
have the meaning provided in the recitals to this Agreement. 
  
 “Note Credit Documents” shall have the meaning provided in the recitals to this Agreement. 
  
 “Obligations” shall mean and include all of the following: 
  
 (i) the Obligations as defined in the Senior First Lien Collateral Agreement (all such obligations,
indebtedness and liabilities under this clause (i) being herein collectively called the “Senior First Lien Obligations”); and 
  
 (ii) the full and prompt payment when due (whether at the stated maturity, by acceleration or otherwise) of all obligations, liabilities
and indebtedness (including, without limitation, indemnities, fees and interest thereon (including, without limitation, all interest that accrues after the commencement of any case, proceeding or other action relating to the bankruptcy, insolvency,
reorganization or similar proceeding of any U.S. Credit Party at the rate provided for in the respective documentation, whether or not a claim for post-petition interest is allowed in any such case, proceeding or other action or under applicable
law) of each U.S. Credit Party owing to the Junior First Lien Creditors, whether now existing or hereafter incurred under, arising out of, or in connection with the Additional Senior Secured Notes and the other Note Credit Documents (including all
such obligations, indebtedness and liabilities of any U.S. Credit Party under any guaranty constituting a Note Credit Document) and the due performance and compliance by each U.S. Credit Party with all of the terms, conditions and agreements
contained in the Additional Senior Secured Notes and in such other Note Credit Documents (all such obligations, liabilities and indebtedness under this clause (iv) being herein collectively called the “Junior First Lien
Obligations”); 
  
 it being acknowledged and agreed that the
“Obligations” shall include extensions of credit of the types described above, whether outstanding on the date of this Agreement or extended from time to time after the date of this Agreement. 
  
 “Original Bank Credit Agreement” shall have the meaning
provided in the recitals to this Agreement. 
  

 -13- 

 “Original Collateral Agent” shall have the meaning provided in the preamble to this
Agreement. 
  
 “Original Intercreditor Agreement”
shall have the meaning provided in the recitals to this Agreement. 
  
 “Other Creditors” shall have the meaning provided in the recitals to this Agreement. 
  
 “Pledged Collateral” shall mean the Collateral in the possession of the Collateral Agent (or its agents or bailees), to the extent that
possession thereof is necessary to perfect a Lien thereon under the Uniform Commercial Code. 
  
 “Prior Bank Credit Agreement” shall have the meaning provided in the recitals to this Agreement. 
  
 “Prior Collateral Agent” shall have the meaning provided in the preamble to this Agreement. 
  
 “Prior Intercreditor Agreement” shall have the meaning
provided in the recitals to this Agreement. 
  
 “REBV” shall have the meaning provided in the recitals to this Agreement 
  
 “Remedial Actions” shall mean any claim, proceeding or action to foreclose upon, take possession or control of, sell, lease or otherwise
dispose of, or in any other manner realize, take steps to realize or seek to realize upon, the whole or any part of any Collateral, whether pursuant to the UCC, by foreclosure, by setoff, by self-help repossession, by notification to account
debtors, by deed in lieu of foreclosure, by exercise of power of sale, by judicial action or otherwise, or the exercise of any other remedies with respect to any Collateral available under any of the Collateral Documents, or under applicable law.

  
 “Required Bank Lender Creditors” shall mean
the “Required Lenders” under, and as defined in, the Bank Credit Agreement (or, to the extent provided in Section 9.08 of the Bank Credit Agreement, each of the Lenders). 
  
 “Required First Lien Creditors” shall mean (i) at any time when any Obligations are outstanding under the
Bank Credit Agreement, the Required Bank Lender Creditors and (ii) at any time after all of the Obligations under the Bank Credit Agreement have been paid in full in cash in accordance with the terms thereof and all Commitments and Letters of Credit
under the Bank Credit Agreement have been terminated, the holders of a majority of the Senior First Lien Obligations. 
  
 “Requisite Creditors” shall have the meaning provided in Section 14(a) of this Agreement. 
  
 “RPP Inc.” shall have the meaning provided in the recitals
to this Agreement. 
  

 -14- 

 “RPP USA” shall have the meaning provided in the recitals to this Agreement. 

 
 “Secured Creditors” shall have the meaning provided in
Section 14(b) of this Agreement. 
  
 “Secured Debt
Agreements” shall mean and include (a) the Loan Documents and (b) the Existing Notes Documents with respect to the Existing Borden Second Secured Notes and the Existing RPP Second Secured Notes, in each case as defined in the Bank Credit
Agreement. 
  
 “Securities Account” shall have
the meaning set forth in the Uniform Commercial Code. 
  
 “Senior First Lien Collateral Agreement” shall mean the Amended and Restated Collateral Agreement dated as of May 31, 2005, among the U.S. Borrower, the other U.S. Credit Parties and the Administrative Agent. 
  
 “Senior First Lien Collateral Documents” shall mean the
documents or instruments pursuant to which Liens are granted by any U.S. Credit Party to secure any Senior First Lien Obligations or under which rights or remedies with respect to any such Lien are governed. 
  
 “Senior First Lien Creditor Pro Rata Share” shall have the
meaning provided in Section 3(b)(i) of this Agreement. 
  
 “Senior First Lien Creditors” shall have the meaning provided in the recitals to this Agreement. 
  
 “Senior First Lien Obligations” shall have the meaning provided in clause (i) of the definition of “Obligations” appearing in
this Section 9. 
  
 “Uniform Commercial Code”
shall mean the Uniform Commercial Code as in effect from time to time in the State of New York. 
  
 “U.S. Borrower” shall have the meaning provided in the recitals to this Agreement. 
  
 “U.S. Credit Parties” shall have the meaning provided in the
preamble to this Agreement. 
  
 “U.S. Finance
Corp.” shall have the meaning provided in the recitals to this Agreement. 
  
 10. Each party hereto hereby represents and warrants that (i) such party has the power and authority to execute, deliver and perform the terms and provisions of this Agreement and has taken all necessary action to
authorize the execution, delivery and performance by it of this Agreement and (ii) such party has duly executed and delivered this Agreement, and that this Agreement constitutes its legal, valid and binding obligation enforceable in accordance with
its terms, except to the extent that the enforceability hereof may 

  

 -15- 

 
be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting creditors’ rights and by equitable
principles (regardless of whether enforcement is sought in equity or at law). 
  
 11. Notices. Except as otherwise specified herein, all notices, requests, demands or other communications to or upon the respective parties hereto shall be in writing and shall be deemed to have been duly given
or made when delivered to the party to which such notice, request, demand or other communication is required or permitted to be given or made under this Agreement, addressed in the manner provided in the applicable Secured Debt Agreement.

  
 12. GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE;
WAIVER OF JURY TRIAL. 
  
 (a) THIS AGREEMENT AND THE
RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK (WITHOUT REGARD TO CONFLICT OF LAWS PROVISIONS). ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS
AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, IN EACH CASE WHICH ARE LOCATED IN THE COUNTY OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY
HEREBY IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFOREMENTIONED COURTS. EACH PARTY HEREBY FURTHER IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH COURTS LACK PERSONAL
JURISDICTION OVER SUCH PARTY, AND AGREES NOT TO PLEAD OR CLAIM, IN ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT BROUGHT IN ANY OF THE AFOREMENTIONED COURTS, THAT SUCH COURTS LACK PERSONAL JURISDICTION OVER SUCH PARTY. EACH PARTY
FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO SUCH PARTY AT ITS ADDRESS SET FORTH
IN THE APPLICABLE SECURED DEBT AGREEMENT UNTIL ANOTHER ADDRESS IS PROVIDED IN ACCORDANCE WITH THE APPLICABLE SECURED DEBT AGREEMENT, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY OBJECTION TO
SUCH SERVICE OF PROCESS AND FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY ACTION OR PROCEEDING COMMENCED HEREUNDER THAT SUCH SERVICE OF PROCESS WAS IN ANY WAY INVALID OR INEFFECTIVE IF IN CONFORMITY WITH THE FOREGOING. NOTHING
HEREIN SHALL AFFECT THE RIGHT OF ANY PARTY TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY OTHER PARTY IN ANY OTHER JURISDICTION. 
  

 -16- 

 (b) EACH PARTY HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE
LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT BROUGHT IN THE COURTS REFERRED TO IN CLAUSE (a) ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY
SUCH COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
  
 (c) EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT
OF OR RELATING TO THIS AGREEMENT. 
  
 13.
Miscellaneous. This Agreement shall be binding upon the U.S. Credit Parties and the First Lien Creditors and shall inure to the benefit of and be enforceable by the successors and assigns of such Persons. Each of the agreements and
acknowledgments made by each First Lien Creditor is made on behalf of itself and its successors and assigns and is deemed effective by virtue of such First Lien Creditor’s acceptance of the benefits of the applicable Collateral Documents. The
headings in this Agreement are for purposes of reference only and shall not limit or define the meaning hereof. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which shall constitute one
instrument. In the event that any provision of this Agreement shall prove to be invalid or unenforceable, such provision shall be deemed to be severable from the other provisions of this Agreement which shall remain binding on all parties hereto.
The Collateral Agent may execute any of its duties hereunder by or through agents or employees and shall be entitled to advice of counsel concerning all matters pertaining to its duties hereunder. Neither the Collateral Agent, nor any of its
respective officers, directors, employees, agents or counsel shall be liable for any action lawfully taken or omitted to be taken by it or them hereunder or in connection herewith, except for its or their own gross negligence or willful misconduct
as finally determined by a court of competent jurisdiction. 
  
 14. Amendment; Waiver. 
  
 (a) None of the terms
and conditions of this Agreement or any of the defined terms contained in the Senior First Lien Collateral Agreement that are incorporated herein pursuant to the terms of this Agreement (but only insofar as such terms are used in this Agreement) may
be amended, changed, waived, modified or varied in any manner whatsoever unless in writing duly signed by the Collateral Agent (with the consent of the Required First Lien Creditors only); provided, (i) that any such amendment, change,
waiver, modification or variance materially adversely affecting the rights and benefits of the Junior First Lien Creditors (and not all First Lien Creditors in a like or similar manner) shall require the written consent of the Requisite Creditors of
the Junior First Lien Creditors unless such amendment is of the type described in Section 14(b) hereof, and (ii) that any amendment, change, waiver, modification or variance to the extent relating to any Additional Senior Secured Notes Excluded
Collateral may be made without the consent of the Junior First Lien Creditors. For the purpose of this Agreement, the term “Class” shall mean each class of First Lien Creditors i.e., whether (x) the 

  

 -17- 

 
Senior First Lien Creditors as holders of the Senior First Lien Obligations, or (y) the Junior First Lien Creditors as holders of the Junior First Lien
Obligations. For the purpose of this Agreement, the term “Requisite Creditors” of any Class shall mean (x) with respect to the Senior First Lien Obligations, the Required First Lien Creditors, and (y) with respect to the Junior First Lien
Obligations, the Additional Senior Secured Notes Trustee (acting at the direction of Additional Senior Secured Noteholders holding at least a majority of the then outstanding aggregate principal amount of Additional Senior Secured Notes).

  
 (b) Notwithstanding anything to the contrary contained in this
Agreement, and as permitted by the Note Credit Agreement, the Junior First Lien Creditors hereby agree that (i) in the event that the Collateral Agent and the Senior First Lien Creditors enter into any amendment, waiver or consent in respect of or
replace any of the Senior First Lien Collateral Documents for the purpose of adding to, or deleting from, or waiving or consenting to any departures from any provisions of, any Senior First Lien Collateral Document or changing in any manner the
rights of the Collateral Agent, the Senior First Lien Creditors, the U.S. Borrower or any other Pledgor thereunder (including the release of any Liens on Collateral), then such amendment, waiver or consent shall apply automatically to any comparable
provision of each Junior First Lien Collateral Document without the consent of the Junior First Lien Collateral Agent or any Junior First Lien Creditors and without any action by the Junior First Lien Collateral Agent; provided that any such
amendment, waiver or consent does not materially adversely affect the rights and benefits of the Junior First Lien Creditors (and not all First Lien Creditors in a like or similar manner), and (ii) the Required First Lien Creditors may at any time
and from time to time agree to amend, modify or supplement this Agreement and each of the Collateral Documents to secure additional extensions of credit and add new creditors as “Secured Creditors” under this Agreement and such Collateral
Documents (either as part of an existing class or as a newly created class), so long as such amendments, modifications or supplements do not expressly violate the provisions of the Bank Credit Agreement or the Note Credit Agreement, and to the
extent that any such amendment, modification or supplement to any of the Collateral Documents would otherwise require the consent of all or any portion of the Junior First Lien Creditors, such Junior First Lien Creditors shall give such consent as
provided in Section 2(iii) hereof. 
  
 15. Right to Amend,
etc. As between the Junior First Lien Creditors on the one hand and the Senior First Lien Creditors (including, without limitation, the Lenders) on the other hand, it is agreed that the Senior First Lien Creditors may at any time and from time
to time, in their sole discretion, and without any obligation to give any notice or receive any consent from the Junior First Lien Creditors, (i) change the manner, place or terms of payment, or change or extend the time of payment of, or renew,
alter, refinance, increase or add to the Senior First Lien Obligations, or (ii) obtain, release, or dispose of any Collateral for the Senior First Lien Obligations, and the provisions of this Agreement shall continue in full force and effect with
respect to all such Senior First Lien Obligations. 
  
 16.
Further Assurances. Each First Lien Creditor agrees to take such further action and shall execute and deliver to the Administrative Agent, the Collateral Agent and the other First Lien Creditors such additional documents and instruments (in
recordable form, if requested) as the Collateral Agent or the Required First Lien Creditors may reasonably request to effectuate the terms of and agreements contemplated by this Agreement. 
  

 -18- 

 17. Additional Credit Parties. It is understood and agreed that any Subsidiary of the U.S.
Borrower that is required to execute a counterpart of the Junior First Lien Collateral Agreement or the Senior First Lien Collateral Agreement after the date hereof pursuant to the respective Secured Debt Agreements shall execute a counterpart
hereof and deliver the same to the Collateral Agent and shall automatically become a party hereunder. 
  
 18. Termination. This Agreement shall terminate on the first date upon which the Commitments under the Bank Credit Agreement have been terminated,
no Note under the Bank Credit Agreement is outstanding and the Senior First Lien Obligations have been repaid in full in cash in accordance with the terms thereof and all letters of credit issued under the Bank Credit Agreement have been terminated.

  
 19. Inconsistent Provisions. If any provision of this
Agreement or any provision in any Collateral Document shall be inconsistent with, or contrary to, any provision of the Note Credit Documents, then to the maximum extent permitted under applicable law the provision in this Agreement and the
respective Collateral Documents shall be controlling, and shall supersede such inconsistent provision to the extent necessary to give full effect to all provisions contained in this Agreement and the Collateral Documents. 
  
 20. Collateral Agent as Gratuitous Bailee for Perfection. 

 
 (a) The Collateral Agent agrees to hold the Pledged Collateral that is
part of the Collateral in its possession or control (or in the possession or control of its agents or bailees) as gratuitous bailee for the Junior First Lien Collateral Agent and any assignee solely for the purpose of perfecting the security
interest granted in such Pledged Collateral pursuant to the Junior First Lien Collateral Documents, subject to the terms and conditions of this Section 20. 
  
 (b) The Collateral Agent agrees to hold the Deposit Account Collateral that is part of the Collateral and controlled by the Collateral Agent as gratuitous
bailee for the Junior First Lien Collateral Agent and any assignee solely for the purpose of perfecting the security interest granted in such Deposit Account Collateral pursuant to the Junior First Lien Collateral Documents, subject to the terms and
conditions of this Section 20. 
  
 (c) In the event that the
Collateral Agent (or its agent or bailees) has Lien filings against Intellectual Property that is part of the Collateral that are necessary for the perfection of Liens in such Collateral, the Collateral Agent agrees to hold such Liens as gratuitous
bailee for the Junior First Lien Collateral Agent and any assignee solely for the purpose of perfecting the security interest granted in such Liens pursuant to the Junior First Lien Collateral Documents, subject to the terms and conditions of this
Section 20. 
  
 (d) Except as otherwise specifically provided
herein, until the Senior First Lien Obligations have been repaid in full in cash in accordance with the terms thereof and all letters of credit issued and commitments to extend credit under the Bank Credit Agreement have been terminated, the
Collateral Agent shall be entitled to deal with the Pledged Collateral in accordance with the terms of the Senior First Lien Collateral Documents as if the Liens under the Junior First Lien Collateral Documents did not exist. The rights of the
Junior First Lien Collateral Agent and the Junior First Lien Creditors with respect to such Pledged Collateral shall at all times be subject to the terms of this Agreement. 
  

 -19- 

 (e) The Collateral Agent shall have no obligation whatsoever to the Junior First Lien Collateral Agent or
any Junior First Lien Creditor to assure that the Pledged Collateral is genuine or owned by the applicable U.S. Credit Parties or to protect or preserve rights or benefits of any Person or any rights pertaining to the Collateral except as expressly
set forth in this Section 20. The duties or responsibilities of the Collateral Agent under this Section 20 shall be limited solely to holding the Pledged Collateral as gratuitous bailee for the Junior First Lien Collateral Agent for purposes of
perfecting the Lien held by the Junior First Lien Creditors. 
  
 (f) The Collateral Agent shall not have by reason of the Junior First Lien Collateral Documents or this Agreement or any other document a fiduciary relationship in respect of the Junior First Lien Collateral Agent or any other Junior First
Lien Creditor and the Junior First Lien Collateral Agent and the other Junior First Lien Creditors hereby waive and release the Collateral Agent from all claims and liabilities arising pursuant to the Collateral Agent’s role under this Section
20, as agent and gratuitous bailee with respect to the Collateral. 
  
 (g) Upon the repayment in full in cash of the Senior First Lien Obligations in accordance with the terms thereof and the termination of all letters of credit issued and commitments to extend credit under the Bank Credit Agreement, the
Collateral Agent shall deliver to the Junior First Lien Collateral Agent, to the extent that it is legally permitted to do so, the remaining Pledged Collateral (if any) and the Deposit Account Collateral (if any) together with any necessary
endorsements (or otherwise allow the Junior First Lien Collateral Agent to obtain control of such Pledged Collateral and Deposit Account Collateral) or as a court of competent jurisdiction may otherwise direct. The U.S. Borrower shall take such
further action as is required to effectuate the transfer contemplated hereby and shall indemnify the Collateral Agent for loss or damage suffered by the Collateral Agent as a result of such transfer except for loss or damage suffered by the
Collateral Agent as a result of its own willful misconduct, gross negligence or bad faith. The Collateral Agent has no obligation to follow instructions from Junior First Lien Collateral Agent in contravention of this Agreement. 
  
 (h) Neither the Collateral Agent nor the Senior First Lien Creditors shall be
required to marshal any present or future collateral security for the U.S. Borrower’s or its Subsidiaries’ obligations to the Collateral Agent or the Senior First Lien Creditors under the Bank Credit Agreement or the Senior First Lien
Collateral Documents or any assurance of payment in respect thereof or to resort to such collateral security or other assurances of payment in any particular order, and all of their rights in respect of such collateral security or any assurance of
payment in respect thereof shall be cumulative and in addition to all other rights, however existing or arising. 
  
 * * * 
  

 -20- 

			
	 Acknowledged and Agreed to:

	
	 HEXION LLC,

		
	 By:
	 	 /s/ William H. Carter

	 Name:
	 	 William H. Carter

	 Title:
	 	 Vice President and Chief Financial Officer

	
	 HEXION SPECIALTY CHEMICALS, INC.,

		
	 By:
	 	 /s/ William H. Carter

	 Name:
	 	 William H. Carter

	 Title:
	 	 Executive Vice President and Chief Financial Officer

	
	 BORDEN U.S. FINANCE CORP.,

		
	 By:
	 	 /s/ William H. Carter

	 Name:
	 	 William H. Carter

	 Title:
	 	 Vice President and Chief Financial Officer

	
	 BORDEN SERVICES COMPANY

		
	 By:
	 	 /s/ William H. Carter

	 Name:
	 	 William H. Carter

	 Title:
	 	 Vice President

	
	 BORDEN CHEMICAL FOUNDRY, INC.,

		
	 By:
	 	 /s/ William H. Carter

	 Name:
	 	 William H. Carter

	 Title:
	 	 Vice President

	
	BAKELITE NORTH AMERICA HOLDING COMPANY,
		
	 By:
	 	 /s/ William H. Carter

	 Name:
	 	 William H. Carter

	 Title:
	 	 Vice President

	
	BAKELITE EPOXY POLYMERS CORPORATION,
		
	 By:
	 	 /s/ William H. Carter

	 Name:
	 	 William H. Carter

	 Title:
	 	 Vice President

			
	 BORDEN CHEMICAL INVESTMENTS,

		
	 By:
	 	 /s/ William H. Carter

	 Name:
	 	 William H. Carter

	 Title:
	 	 Vice President

	
	 BDS TWO, INC.,

		
	 By:
	 	 /s/ William H. Carter

	 Name:
	 	 William H. Carter

	 Title:
	 	 Vice President

	
	 RPP CAPITAL CORPORATION

		
	 By:
	 	 /s/ William H. Carter

	 Name:
	 	 William H. Carter

	 Title:
	 	 Vice President

	
	 RESOLUTION SPECIALTY MATERIALS LLC,

		
	 By:
	 	 /s/ William H. Carter

	 Name:
	 	 William H. Carter

	 Title:
	 	 Vice President

	
	 OILFIELD TECHNOLOGY GROUP, INC.,

		
	 By:
	 	 /s/ William H. Carter

	 Name:
	 	 William H. Carter

	 Title:
	 	 Vice President

	
	 LAWTER INTERNATIONAL INC.

		
	 By:
	 	 /s/ William H. Carter

	 Name:
	 	 William H. Carter

	 Title:
	 	 Vice President

	
	 RESOLUTION SPECIALTY MATERIALS
 CAPITAL
CORP.

		
	 By:
	 	 /s/ William H. Carter

	 Name:
	 	 William H. Carter

	 Title:
	 	 Vice President

	
	 RESOLUTIONS’ JV LLC,

		
	 By:
	 	 /s/ William H. Carter

	 Name:
	 	 William H. Carter

	 Title:
	 	 Vice President

	
	 BORDEN CHEMICAL INTERNATIONAL, INC.,

		
	 By:
	 	 /s/ William H. Carter

	 Name:
	 	 William H. Carter

	 Title:
	 	 Vice President

  

 -22- 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and delivered by their
duly authorized officers as of the date first above written. 
  

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

		
	 By:
	 	 /s/ Peter DeDousis

	 Name:
	 	 Peter DeDousis

	 Title:
	 	 Managing Director

  

 -23-Registration Rights Agreement dated as of May 20, 2005

 Exhibit 10.71 
  
 EXECUTION COPY 
  
 HEXION ESCROW CORP. 
  
 14,000,000 Shares 
 Series A Floating
Rate Preferred Stock 
  
 REGISTRATION RIGHTS AGREEMENT

  
 May 20, 2005 
 CREDIT SUISSE FIRST BOSTON LLC 
 GOLDMAN, SACHS & CO. 
 LEHMAN BROTHERS INC. 
 LEHMAN COMMERCIAL PAPER INC. 
 J.P. MORGAN SECURITIES INC., 

	    c/o	Credit Suisse First Boston LLC 

 Eleven Madison Avenue,

 New York, New York 10010-3629 
  
 Ladies and Gentlemen: 
  
 Hexion Escrow Corp., a New Jersey corporation (the “Issuer”), proposes, to issue and sell to Credit Suisse First Boston LLC, Goldman,
Sachs & Co., J.P. Morgan Securities Inc., Lehman Brothers Inc., and Lehman Commercial Paper Inc. (each an “Initial Purchaser” and collectively, the “Initial Purchasers”), upon the terms set forth in a purchase
agreement of dated as of May 16, 2005 (the “Purchase Agreement”), 14,000,000 shares of its series A floating rate preferred stock, par value $0.01 per share (liquidation preference $25 per share) (the “Initial
Securities”). The term “Initial Securities” shall include any shares of series A floating rate stock of the Issuer issued as a dividend or other distribution with respect to, or in exchange for, or in replacement of, such
above-described securities. Terms used but not defined in this Agreement shall have the meanings assigned thereto in the Purchase Agreement. 
  
 On April 29, 2005, Borden Chemical Inc., a New Jersey corporation (“BCI”, together with its successors, the “Parent”),
acquired all of the outstanding share capital of Bakelite Aktiengesellschaft (the “Bakelite Acquisition”). In addition, pursuant to a transaction agreement (the “RPP/RSM Acquisition Agreement”) dated as of April 22,
2005, among BCI, RPP Holdings LLC, Resolution Specialty Materials Holdings LLC, BHI Acquisition Corp., BHI Merger Sub One Inc. and BHI Merger Sub Two Inc., the Parent will combine with Resolution Performance Products LLC (“RPP”) and
Resolution Specialty Materials LLC (“RSM”) (the “RPP/RSM Acquisition”, and together with the Bakelite Acquisition, the “Combinations”). Upon consummation of the Combinations, BCI will change its
name to Hexion Specialty Chemicals, Inc. (referred to herein as “Hexion”). In connection therewith, the Issuer will merge with and into the Parent with the Parent surviving such merger. We refer to this merger as the “Escrow
Merger” and the merger agreement governing such Escrow Merger as the “Merger Agreement”. As a result of the Escrow Merger, the holders of the Initial Securities will receive securities having comparable rights and
preferences of the surviving corporation, which shall be the Parent. All references to the Issuer refer to Hexion Escrow Corp. prior to the Escrow Merger and the Parent following the Escrow Merger. 
  
 On the Closing Date (as defined below), BHI Acquisition Corp., a Delaware
corporation, and its successors (“BHI Acquisition”), will enter into a letter agreement with the Initial Purchasers (the “Side Letter Agreement”) pursuant to which the Initial Purchasers will have an Exchange Right,
a Flip Request and certain other rights and obligations (each as defined therein). 
  
 If the date on which the Initial Purchasers purchase the Initial Securities pursuant to the Purchase Agreement occurs prior to the Escrow Release Date (as defined below) (the “Escrow Trigger”), it
shall be a condition to the Initial Purchasers’ obligations under Section 3 that the Issuer and/or its affiliates will, on 

 
the date on which the Initial Purchasers purchase the Initial Securities pursuant to the Purchase Agreement (the “Closing Date”), deposit with UMB
Bank, N.A. (in such capacity, the “Escrow Agent”) the gross proceeds of the offering of the Initial Securities together with an amount of cash or treasury securities such that the aggregate amount in escrow (the “Escrowed
Funds”) will be an amount sufficient to redeem in cash the Offered Securities at a redemption price equal to 99% of the aggregate liquidation preference plus accreted and unpaid dividends to the latest possible date for a Special Mandatory
Redemption in the event that the Combinations are not consummated as described under the heading “Description of the Preferred Stock—Escrow of Proceeds; Special Mandatory Redemption from Escrow” in the offering circular relating to
the Initial Securities. As set forth in an Escrow Agreement to be dated as of the Closing Date among the Issuer, BCI and the Escrow Agent (the “Escrow Agreement”), the Escrowed Funds will be released to the Parent in connection with
the consummation of the Combinations if the Combinations will be consummated and certain other conditions in the Escrow Agreement are satisfied, all of which are provided for in the offering circular relating to the Initial Securities, the Escrow
Agreement and the Purchase Agreement, on or prior to the date specified in the Escrow Agreement and the offering circular relating to the Initial Securities. In the event that the Combinations are not consummated on or prior to July 31, 2005, or the
RPP/RSM Acquisition Agreement is terminated on or prior to July 31, 2005 or the other conditions set forth in the Escrow Agreement are not satisfied, on or prior to such date, the Issuer will redeem the Initial Securities at a redemption price equal
to 99% of the aggregate liquidation preference plus accreted and unpaid dividends to but not including the date of redemption. The term “Escrow Release Date” means the date, if any, on which the Escrowed Funds are released to the
Parent pursuant to the Escrow Agreement. 
  
 As an inducement to
the Initial Purchasers to enter into the Purchase Agreement, the Issuer agrees with the Initial Purchasers, for the benefit of the Initial Purchasers and the holders of the Securities (as defined below) (collectively the “Holders”),
as follows: 
  
 1. Registered Exchange Offer. Unless not
permitted by applicable law, the Issuer shall, within 365 days after the Closing Date (which date may be extended to the 455th day after the Closing Date if the Initial Purchasers have exercised the Flip Request (as defined in the Side Letter Agreement)), prepare and use its commercially reasonable efforts to file with the Securities and Exchange Commission
(the “Commission”) a registration statement (the “Exchange Offer Registration Statement”) on an appropriate form under the Securities Act of 1933, as amended (the “Securities Act”), with respect to
a proposed offer (the “Registered Exchange Offer”) to the Holders of Transfer Restricted Securities (as defined in Section 6 hereof), who are not prohibited by any law or policy of the Commission from participating in the Registered
Exchange Offer, to issue and deliver to such Holders, in exchange for the Initial Securities, a like aggregate principal amount of preferred stock of the Issuer, substantially identical in all material respects to the Initial Securities (except for
the transfer restrictions relating to the Initial Securities and the provisions relating to the matters described in Section 6 hereof) and registered under the Securities Act (the “Exchange Securities”). The Issuer shall use its
commercially reasonable efforts (i) to cause such Exchange Offer Registration Statement to become effective under the Securities Act and (ii) to keep the Exchange Offer Registration Statement effective for not less than 20 business days (or longer,
if required by applicable law) after the date notice of the Registered Exchange Offer is mailed to the Holders (such period being called the “Exchange Offer Registration Period”). 
  
 If the Issuer commences the Registered Exchange Offer, the Issuer will be
required to consummate the Registered Exchange Offer no later than 455 days after the Closing Date (which date may be extended to 545th day after the Closing Date if the Initial Purchasers have exercised the Flip Request) (such 455th day (or 545th
day if the Initial Purchasers have exercised the Flip Request) being the “Consummation Deadline”). 
  
 Following the declaration of the effectiveness of the Exchange Offer Registration Statement, the Issuer shall, as promptly as practicable, commence the
Registered Exchange Offer, it being the objective of such Registered Exchange Offer to enable each Holder of Transfer Restricted Securities (as defined in Section 6 hereof) electing to exchange the Initial Securities for Exchange Securities
(assuming that such Holder is not an affiliate of the Issuer within the meaning of the Securities Act, acquires the Exchange Securities in the ordinary course of such Holder’s business and has no arrangements with any person to participate in
the distribution of the Exchange Securities and is not prohibited by any law or policy of the 

  

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Commission from participating in the Registered Exchange Offer) to trade such Exchange Securities from and after their receipt without any limitations or
restrictions under the Securities Act and without material restrictions under the securities laws of the several states of the United States. 
  
 The Issuer acknowledges that, pursuant to current interpretations by the Commission’s staff of Section 5 of the Securities Act, in the absence of an
applicable exemption therefrom, (i) each Holder which is a broker-dealer electing to exchange Initial Securities, acquired for its own account as a result of market making activities or other trading activities, for Exchange Securities (an
“Exchanging Dealer”), is required to deliver a prospectus containing the information set forth in (a) Annex A hereto on the cover, (b) Annex B hereto in the “Exchange Offer Procedures” section and the “Purpose of the
Exchange Offer” section, and (c) Annex C hereto in the “Plan of Distribution” section of such prospectus in connection with a sale of any such Exchange Securities received by such Exchanging Dealer pursuant to the Registered Exchange
Offer and (ii) an Initial Purchaser that elects to sell Securities (as defined below) acquired in exchange for Initial Securities constituting any portion of an unsold allotment is required to deliver a prospectus containing the information required
by Items 507 or 508 of Regulation S-K under the Securities Act, as applicable, in connection with such sale. 
  
 The Issuer shall keep the Exchange Offer Registration Statement effective and shall amend and supplement the prospectus contained therein, in order to
permit such prospectus to be lawfully delivered by all persons subject to the prospectus delivery requirements of the Securities Act for such period of time as such persons must comply with such requirements in order to resell the Exchange
Securities; provided, however, that (i) in the case where such prospectus and any amendment or supplement thereto must be delivered by an Exchanging Dealer or an Initial Purchaser, such period shall be the lesser of 180 days and the
date on which all Exchanging Dealers and the Initial Purchasers have sold all Exchange Securities held by them (unless such period is extended pursuant to Section 3(j) below) and (ii) the Issuer shall make such prospectus and any amendment or
supplement thereto available to any broker-dealer for use in connection with any resale of any Exchange Securities for a period of not less than 180 days after the consummation of the Registered Exchange Offer (or such shorter period during which
such persons are required by applicable law to deliver such prospectus). 
  
 If, upon consummation of the Registered Exchange Offer, any Initial Purchaser holds Initial Securities acquired by it as part of its initial distribution, the Issuers, simultaneously with the delivery of the Exchange
Securities pursuant to the Registered Exchange Offer, shall issue and deliver to such Initial Purchaser upon the written request of such Initial Purchaser, in exchange (the “Private Exchange”) for the Initial Securities held by such
Initial Purchaser, a like principal amount of preferred stock which is identical in all material respects (including the existence of restrictions on transfer under the Securities Act and the securities laws of the several states of the United
States, but excluding provisions relating to the matters described in Section 6 hereof) to the Initial Securities (the “Private Exchange Securities”). The Initial Securities, the Exchange Securities and the Private Exchange
Securities are herein collectively called the “Securities”. 
  
 In connection with the Registered Exchange Offer, the Issuer shall: 
  
 (a) mail to each Holder a copy of the prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate
letter of transmittal and related documents; 
  
 (b) keep the Registered Exchange Offer open for not less than 20 business days (or longer, if required by applicable law) after the date notice thereof is mailed to the Holders; 
  
 (c) utilize the services of a depositary for the Registered Exchange Offer with an address in the Borough of
Manhattan, The City of New York, which may be the Transfer Agent or an affiliate of the Transfer Agent; 
  
 (d) permit Holders to withdraw tendered Securities at any time prior to the close of business, New York time, on the last business day on
which the Registered Exchange Offer shall remain open; and 
  

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 (e) otherwise comply in all material respects with all applicable laws. 
  
 As soon as practicable after the close of the Registered Exchange Offer or
the Private Exchange, as the case may be, the Issuers shall: 
  
 (x) accept for exchange all the Securities validly tendered and not withdrawn pursuant to the Registered Exchange Offer and the Private Exchange; 
  
 (y) deliver to the Transfer Agent for cancellation all the Initial Securities so accepted for exchange; and

  
 (z) cause the Transfer Agent to authenticate
and deliver promptly to each Holder of the Initial Securities or Exchange Securities, as the case may be, equal in principal amount to the Initial Securities of such Holder so accepted for exchange. 
  
 The Preferred Certificate will provide that the Exchange Securities will not
be subject to the transfer restrictions set forth in the Preferred Certificate and that all the Securities will vote and consent together on all matters as one class and that none of the Securities will have the right to vote or consent as a class
separate from one another on any matter. 
  
 Dividends on each
Exchange Security and Private Exchange Security issued pursuant to the Registered Exchange Offer and in the Private Exchange will accumulate from the last dividend date on which dividends were paid or deemed paid on the Initial Securities
surrendered in exchange therefor or, if no dividends have been paid or deemed paid on the Initial Securities, from the date of original issue of the Initial Securities. 
  
 Each Holder participating in the Registered Exchange Offer shall be required to represent in writing (which may be contained
in the applicable letter of transmittal) to the Issuer that at the time of the consummation of the Registered Exchange Offer (i) any Exchange Securities received by such Holder will be acquired in the ordinary course of business, (ii) such Holder
will have no arrangements or understanding with any person to participate in the distribution of the Securities or the Exchange Securities within the meaning of the Securities Act, (iii) such Holder is not an “affiliate,” as defined in
Rule 405 of the Securities Act, of the Issuer or if it is an affiliate, such Holder will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable, (iv) if such Holder is not a broker-dealer,
that it is not engaged in, and does not intend to engage in, the distribution of the Exchange Securities and (v) if such Holder is a broker-dealer, that it will receive Exchange Securities for its own account in exchange for Initial Securities that
were acquired as a result of market-making activities or other trading activities and that it will be required to acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. 
  
 Notwithstanding any other provisions hereof, the Issuer will ensure that (i)
any Exchange Offer Registration Statement and any amendment thereto and any prospectus forming part thereof and any supplement thereto complies as to form in all material respects with the Securities Act and the rules and regulations thereunder,
(ii) any Exchange Offer Registration Statement and any amendment thereto does not, when it becomes effective, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading and (iii) any prospectus forming part of any Exchange Offer Registration Statement, and any supplement to such prospectus, does not include an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. 
  
 2. Shelf Registration. If, (i) because of any law or applicable interpretations thereof by the staff of the
Commission or any change with respect thereto, the Issuer is not permitted to effect a Registered Exchange Offer, as contemplated by Section 1 hereof, (ii) the Issuer is unable to consummate a Registered Exchange Offer by the 455th day after the Closing Date (which date may be extended to the 545th day after 

  

 4 

 
the Closing Date if the Initial Purchasers have exercised the Flip Request), (iii) any Initial Purchaser so requests in writing on or prior to the 60th day
after the consummation of the Registered Exchange Offer with respect to the Initial Securities not eligible to be exchanged for Exchange Securities in the Registered Exchange Offer and held by it following consummation of the Registered Exchange
Offer or (iv) any Holder (other than an Exchanging Dealer) is not eligible to participate in the Registered Exchange Offer or, in the case of any Holder (other than an Exchanging Dealer) that participates in the Registered Exchange Offer, such
Holder does not receive freely tradeable Exchange Securities on the date of the exchange or may not resell the Exchange Securities acquired by it in the Registered Exchange Offer to the public without delivering a prospectus, and any such Holder so
requests in writing on or prior to the 60th day after the consummation of the Registered Exchange Offer, the Issuer shall take the following actions (the date on which any of the conditions described in the foregoing clauses (i) through (iv) occur,
including in the case of clauses (iii) or (iv) the receipt of the required notice, being a “Trigger Date”): 
  
 (a) The Issuer shall, at its cost, file with the Commission and thereafter use its commercially reasonable efforts to cause to be declared
effective (x) in the case of a Shelf Registration Statement filed pursuant to clause (i) of the foregoing paragraph, no later than 455 days after the Closing Date (which date may be extended to the 545th day after the Closing Date if the Initial Purchasers have exercised the Flip Request) and (y) in the case of a Shelf Registration Statement filed pursuant to
clause (ii), (iii) or (iv) of the foregoing paragraph, no later than the 60th day after the Trigger Date (such
455th day, as may extend pursuant to clause (x), in the case of clause (x), or such 60th day, in the case of clause (y), as the case may be, being an “Effectiveness Deadline”) a registration
statement (the “Shelf Registration Statement” and, together with the Exchange Offer Registration Statement, a “Registration Statement”) on an appropriate form under the Securities Act relating to the offer and sale
of the Transfer Restricted Securities by the Holders thereof from time to time in accordance with the methods of distribution set forth in the Shelf Registration Statement and Rule 415 under the Securities Act (hereinafter, the “Shelf
Registration”); provided, however, that no Holder (other than an Initial Purchaser) shall be entitled to have the Securities held by it covered by such Shelf Registration Statement unless such Holder agrees in writing to be
bound by all the provisions of this Agreement applicable to such Holder. 
  
 (b) The Issuer shall use its commercially reasonable efforts to keep the Shelf Registration Statement continuously effective in order to permit the prospectus included therein to be lawfully delivered by the Holders
of the relevant Securities, for a period of two years (or for such longer period if extended pursuant to Section 3(j) below) from the date of its effectiveness or such shorter period that will terminate when all the Securities covered by the Shelf
Registration Statement (i) have been sold pursuant thereto or (ii) can be sold pursuant to Rule 144 under the Securities Act, without any limitations under clauses (c), (e), (f) and (h) thereof). 
  
 (c) Notwithstanding any other provisions of this Agreement
to the contrary, the Issuer shall cause the Shelf Registration Statement and the related prospectus and any amendment or supplement thereto, as of the effective date of the Shelf Registration Statement, amendment or supplement, (i) to comply as to
form in all material respects with the applicable requirements of the Securities Act and the rules and regulations of the Commission and (ii) not to contain any untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. 
  
 3. Registration Procedures. In connection with any Shelf Registration contemplated by Section 2 hereof and, to the extent applicable, any
Registered Exchange Offer contemplated by Section 1 hereof, the following provisions shall apply: 
  
 (a) The Issuer or the Parent shall (i) furnish to each Initial Purchaser, prior to the filing thereof with the Commission, a copy of the
Registration Statement and each amendment thereof and each supplement, if any, to the prospectus included therein and, in the event that an Initial Purchaser (with respect to any portion of an unsold allotment from the original offering) is 

  

 5 

 
participating in the Registered Exchange Offer or the Shelf Registration Statement, the Issuer shall use its commercially reasonable efforts to reflect in
each such document, when so filed with the Commission, such comments as such Initial Purchaser reasonably may propose; (ii) include the information set forth in Annex A hereto on the cover, in Annex B hereto in the “Exchange Offer
Procedures” section and the “Purpose of the Exchange Offer” section and in Annex C hereto in the “Plan of Distribution” section of the prospectus forming a part of the Exchange Offer Registration Statement and include the
information set forth in Annex D hereto in the Letter of Transmittal delivered pursuant to the Registered Exchange Offer; (iii) if requested by an Initial Purchaser in writing, include the information required by Items 507 or 508 of Regulation S-K
under the Securities Act, as applicable, in the prospectus forming a part of the Exchange Offer Registration Statement; (iv) include within the prospectus contained in the Exchange Offer Registration Statement a section entitled “Plan of
Distribution,” reasonably acceptable to the Initial Purchasers, which shall contain a summary statement of the positions taken or policies made by the staff of the Commission with respect to the potential “underwriter” status of any
broker-dealer that is the beneficial owner (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of Exchange Securities received by such broker-dealer in the Registered Exchange Offer
(a “Participating Broker-Dealer”), whether such positions or policies have been publicly disseminated by the staff of the Commission or such positions or policies, in the reasonable judgment of the Initial Purchasers based upon
advice of counsel (which may be in-house counsel), represent the prevailing views of the staff of the Commission; and (v) in the case of a Shelf Registration Statement, include the names of the Holders who propose to sell Securities pursuant to the
Shelf Registration Statement as selling securityholders. 
  
 (b) The Issuer or the Parent shall give written notice to the Initial Purchasers, any Participating Broker-Dealer from whom the Issuer or the Parent have received prior written notice that it will be a Participating
Broker-Dealer in the Registered Exchange Offer and, in the case of a Shelf Registration only, each Holder of the Securities (which notice pursuant to clauses (ii)-(v) hereof shall be accompanied by an instruction to suspend the use of the prospectus
until the requisite changes have been made): 
  
 (i) when the Registration Statement or any post-effective amendment thereto has become effective; 
  
 (ii) of any request by the Commission after the Registration Statement has become effective for amendments or supplements to the
Registration Statement or the prospectus included therein or for additional information; 
  
 (iii) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or the initiation of
any proceedings for that purpose; 
  
 (iv) of the
receipt by the Issuer, the Parent or their legal counsel of any notification with respect to the suspension of the qualification of the Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and

  
 (v) of the happening of any event during the
period that the Registration Statement is effective that requires the Issuer to make changes in the Registration Statement or the prospectus in order that the Registration Statement or the prospectus do not contain an untrue statement of a material
fact nor omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of the prospectus, in light of the circumstances under which they were made) not misleading. 
  
 (c) The Issuer shall make every reasonable effort to obtain
the withdrawal at the earliest possible time, of any order suspending the effectiveness of the Registration Statement. 
  

 6 

 (d) The Issuer shall furnish to each Holder of Securities included within the coverage of
the Shelf Registration, without charge, at least one copy of the Shelf Registration Statement and any post-effective amendment thereto, including financial statements and schedules, and, if the Holder so requests in writing, all exhibits thereto
(including those, if any, incorporated by reference). 
  
 (e) The Issuer shall deliver to each Exchanging Dealer and each Initial Purchaser, and to any other Holder who so requests, without charge, at least one copy of the Exchange Offer Registration Statement and any post-effective amendment
thereto, including financial statements and schedules, and, if any Initial Purchaser or any such Holder requests, all exhibits thereto (including those incorporated by reference). 
  
 (f) The Issuer shall, during the Shelf Registration Period, deliver to each Holder of Securities included
within the coverage of the Shelf Registration, without charge, as many copies of the prospectus (including each preliminary prospectus) included in the Shelf Registration Statement and any amendment or supplement thereto as such person may
reasonably request. The Issuer consents, subject to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by each of the selling Holders of the Securities in connection with the offering and sale of
the Securities covered by the prospectus, or any amendment or supplement thereto, included in the Shelf Registration Statement. 
  
 (g) The Issuer shall deliver to each Initial Purchaser, any Exchanging Dealer, any Participating Broker-Dealer and such other persons
required to deliver a prospectus following the Registered Exchange Offer, without charge, as many copies of the final prospectus included in the Exchange Offer Registration Statement and any amendment or supplement thereto as such persons may
reasonably request. The Issuer consents, subject to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by any Initial Purchaser, if necessary, any Participating Broker-Dealer and such other persons
required to deliver a prospectus following the Registered Exchange Offer in connection with the offering and sale of the Exchange Securities covered by the prospectus, or any amendment or supplement thereto, included in such Exchange Offer
Registration Statement. 
  
 (h) Prior to any
public offering of the Securities pursuant to any Registration Statement the Issuer shall use its commercially reasonable efforts to register or qualify or cooperate with the Holders of the Securities included therein and their respective counsel in
connection with the registration or qualification of the Securities for offer and sale under the securities or “blue sky” laws of such states of the United States as any Holder of the Securities reasonably requests in writing and do any
and all other acts or things necessary or advisable to enable the offer and sale in such jurisdictions of the Securities covered by such Registration Statement; provided, however, that the Issuer shall not be required to (i) qualify
generally to do business or as a dealer in securities in any jurisdiction where it is not then so qualified or (ii) take any action which would subject it to general service of process or to taxation in any jurisdiction where it is not then so
subject. 
  
 (i) The Issuer shall cooperate with
the Holders of the Securities to facilitate the timely preparation and delivery of certificates representing the Securities to be sold pursuant to any Registration Statement free of any restrictive legends and in such denominations and registered in
such names as the Holders may request a reasonable period of time prior to sales of the Securities pursuant to such Registration Statement. 
  
 (j) Upon the occurrence of any event contemplated by paragraphs (ii) through (v) of Section 3(b) above during the period for which the
Issuer is required to maintain an effective Registration Statement, the Issuer shall promptly prepare and file a post-effective amendment to the Registration Statement or a supplement to the related prospectus and any other required document so
that, as thereafter delivered to Holders of the Securities or purchasers of Securities, the prospectus will not contain an untrue statement of a material fact or omit to state any material 

  

 7 

 
fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. If
the Issuer notifies the Initial Purchasers, the Holders of the Securities and any known Participating Broker-Dealer in accordance with paragraphs (ii) through (v) of Section 3(b) above to suspend the use of the prospectus until the requisite changes
to the prospectus have been made, then the Initial Purchasers, the Holders of the Securities and any such Participating Broker-Dealers shall suspend use of such prospectus and expressly agree to maintain the information contained in such notice
confidential (except that such information may be disclosed to its counsel) until it has been publicly disclosed by the Issuer; notwithstanding the foregoing, the Issuer shall not be required to amend or supplement a Registration Statement or any
related prospectus if (i) an event occurs and is continuing as a result of which the Shelf Registration or any related prospectus would, in the Issuer’s good faith judgment, contain an untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements therein not misleading (with respect to such prospectus only, in light of the circumstances under which they were made) and (ii) (a) the Issuer determines in its good faith judgment that the
disclosure of such event at such time would have a material adverse effect on its business, operations or prospects or (b) the disclosure otherwise relates to a pending material business transaction that has not yet been publicly disclosed; and the
period of effectiveness of the Shelf Registration Statement provided for in Section 2(b) above and the Exchange Offer Registration Statement provided for in Section 1 above shall each be extended by the number of days from and including the date of
the giving of such notice to and including the date when the Initial Purchasers, the Holders of the Securities and any known Participating Broker-Dealer shall have received such amended or supplemented prospectus pursuant to this Section 3(j).

  
 (k) Not later than the effective date of the
applicable Registration Statement, the Issuer will provide a CUSIP number for the Initial Securities, the Exchange Securities or the Private Exchange Securities, as the case may be. 
  
 (l) The Issuer will comply with all rules and regulations of the Commission to the extent and so long as
they are applicable to the Registered Exchange Offer or the Shelf Registration and will make generally available to its security holders (or otherwise provide in accordance with Section 11(a) of the Securities Act) an earnings statement satisfying
the provisions of Section 11(a) of the Securities Act, no later than 50 days after the end of a 12-month period (or 105 days, if such period is a fiscal year) beginning with the first month of the Issuer’s first fiscal quarter commencing after
the effective date of the Registration Statement, which statement shall cover such 12-month period. 
  
 (m) The Issuer may require each Holder of Securities to be sold pursuant to the Shelf Registration Statement to furnish to the Issuer such
information regarding the Holder and the distribution of the Securities as the Issuer may from time to time reasonably require for inclusion in the Shelf Registration Statement, and the Issuer may exclude from such registration the Securities of any
Holder that fails to furnish such information within a reasonable time after receiving such request. 
  
 (n) In the case of an offering of Securities to an underwriter or underwriters for reoffering to the public (an “Underwritten
Offering”) pursuant to any Shelf Registration, the Issuer shall enter into such customary agreements (including, if requested, an underwriting agreement in customary form) and take all such other action, if any, as any Holder of the
Securities shall reasonably request in order to facilitate the disposition of the Securities pursuant to any Shelf Registration. 
  
 (o) In the case of any Shelf Registration, the Issuer shall (i) make reasonably available for inspection by the Holders of the Securities,
any underwriter participating in any disposition pursuant to the Shelf Registration Statement and any attorney, accountant or other agent retained by the Holders of the Securities or any such underwriter, at reasonable times and in a reasonable
manner, all relevant financial and other records, pertinent corporate documents and properties of 

  

 8 

 
the Issuer and (ii) cause the Issuer’s officers, directors, employees, accountants and auditors to supply all relevant information reasonably requested
by the Holders of the Securities or any such underwriter, attorney, accountant or agent in connection with the Shelf Registration Statement, in each case, as shall be reasonably necessary to enable such persons, to conduct a reasonable investigation
within the meaning of Section 11 of the Securities Act; provided, however, that the foregoing inspection and information gathering shall be coordinated on behalf of the Initial Purchasers by you and on behalf of the other parties, by
one counsel designated by and on behalf of such other parties as described in Section 4 hereof; and provided further, that each such Holder, underwriter, attorney, accountant or agent shall agree in writing that it will keep such information
confidential and that it will not disclose any of the information that the Issuer determines, in good faith, to be confidential, and notifies them in writing are confidential, unless (A) the disclosure of such information is necessary to avoid or
correct a material misstatement or material omission in such Registration Statement or prospectus, (B) the release of such information is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, or is reasonably
necessary in order to establish a “due diligence” defense pursuant to Section 11 of the Securities Act, or (C) the information has been made generally available to the public other than by any of such persons or their respective
affiliates; provided, however, that prior notice shall be provided as soon as practicable to the Issuer of the potential disclosure of any information by such person pursuant to clause (A) or (B) of this sentence in order to permit the
Issuer to obtain a protective order (or to waive the provisions of this paragraph (p)). 
  
 (p) In the case of an Underwritten Offering pursuant to any Shelf Registration, the Issuer, if requested by any Holder of Securities
covered thereby, shall cause (i) its counsel to deliver an opinion and updates thereof relating to the Securities in customary form and covering matters customarily covered in opinions delivered in connection with such transactions and addressed to
such Holders and the managing underwriters, if any, thereof and dated, in the case of the initial opinion, the effective date of such Shelf Registration Statement; (ii) its officers to execute and deliver all customary documents and certificates and
updates thereof requested by any underwriters of the applicable Securities and (iii) its independent public accountants and the independent public accountants of any company or business whose financial statements are included or incorporated by
reference to provide to the selling Holders of the applicable Securities and any underwriter therefor a comfort letter in customary form and covering matters of the type customarily covered in comfort letters in connection with primary underwritten
offerings, subject to receipt of appropriate documentation as contemplated, and only if permitted, by Statement of Auditing Standards No. 72. 
  
 (q) If a Registered Exchange Offer is to be consummated, upon delivery of the Initial Securities by Holders to the Issuer (or to such
other Person as directed by the Issuer) in exchange for the Exchange Securities, the Issuer shall mark, or cause to be marked, on the Initial Securities so exchanged that such Initial Securities are being canceled in exchange for the Exchange
Securities; in no event shall the Initial Securities be marked as paid or otherwise satisfied. 
  
 (r) The Issuer will use its commercially reasonable efforts to (i) if the Initial Securities have been rated prior to the initial sale of
such Initial Securities, confirm such ratings will apply to the Securities covered by a Registration Statement, or (ii) if the Initial Securities were not previously rated, cause the Securities covered by a Registration Statement to be rated with
the appropriate rating agencies, if so requested by Holders of a majority in aggregate principal amount of Securities covered by such Registration Statement, or by the managing underwriters, if any. 
  
 (s) In the event that any broker-dealer registered under the
Exchange Act shall underwrite any Securities or participate as a member of an underwriting syndicate or selling group or “assist in the distribution” (within the meaning of the Conduct Rules (the “Rules”) of the National
Association of Securities Dealers, Inc. (“NASD”)) thereof, whether as a Holder of such Securities or as an underwriter, a placement or sales agent or a broker or dealer in respect thereof, or otherwise, the Issuer will cooperate
with such broker-dealer in complying with the requirements of such Rules, including, without limitation, by (i) if such Rules, including Rule 2720, shall so 

  

 9 

 
require, at the expense of the Holders, engaging a “qualified independent underwriter” (as defined in Rule 2720) to participate in the preparation
of the Registration Statement relating to such Securities, to exercise usual standards of due diligence in respect thereto and, if any portion of the offering contemplated by such Registration Statement is an underwritten offering or is made through
a placement or sales agent, to recommend the yield of such Securities, (ii) indemnifying any such qualified independent underwriter to the extent of the indemnification of underwriters provided in Section 5 hereof and (iii) providing such
information to such broker-dealer as may be required in order for such broker-dealer to comply with the requirements of the Rules. 
  
 4. Registration Expenses. All expenses incident to the Issuer’s performance of and compliance with this Agreement will be borne by the Issuer,
regardless of whether a Registration Statement is ever filed or becomes effective, including without limitation: 
  
 (a) all registration and filing fees and expenses; 
  
 (b) all fees and expenses of compliance with federal securities and state “blue sky” or securities
laws; 
  
 (c) all expenses of printing (including
printing of Prospectuses), messenger and delivery services and telephone; 
  
 (d) all fees and disbursements of counsel for the Issuer and the Parent; and 
  
 (e) all fees and disbursements of independent certified public accountants of the Issuer and the Parent (including the expenses of any
special audit and comfort letters required by or incident to such performance). 
  
 The Issuer and the Parent will bear its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expenses of any annual audit and the fees and
expenses of any person, including special experts, retained by the Issuer or the Parent. Each Holder shall pay all underwriting discounts and commissions, and the fees of any counsel retained by or on behalf of the underwriters, and transfer taxes,
if any, related to the sale or disposition of a Holder’s Securities pursuant to any Shelf Registration Statement. 
  
 5. Indemnification. 
  
 (a) The Issuer and the Parent agree to indemnify and hold harmless each Holder of the Securities, any Participating Broker-Dealer and each
person, if any, who controls such Holder or such Participating Broker-Dealer within the meaning of the Securities Act or the Exchange Act (each Holder, any Participating Broker-Dealer and such controlling persons are referred to collectively as the
“Indemnified Parties”) from and against any losses, claims, damages or liabilities, joint or several, or any actions in respect thereof (including, but not limited to, any losses, claims, damages, liabilities or actions relating to
purchases and sales of the Securities) to which each Indemnified Party may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or actions arise out of or are based upon any
untrue statement or alleged untrue statement of a material fact contained in a Registration Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus relating to a Shelf Registration, or arise out of, or are
based upon, the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and shall reimburse, as incurred, the Indemnified Parties for any legal or other
expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action in respect thereof; provided, however, that (i) the Issuer and the Parent shall not be liable in any
such case to the extent that such loss, claim, damage or liability arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in a Registration Statement or 

  

 10 

 
prospectus or in any amendment or supplement thereto or in any preliminary prospectus relating to a Shelf Registration in reliance upon and in conformity
with written information pertaining to such Holder and furnished to the Issuer or the Parent by or on behalf of such Holder specifically for inclusion therein and (ii) with respect to any untrue statement or omission or alleged untrue statement or
omission made in any preliminary prospectus relating to a Shelf Registration Statement, the indemnity agreement contained in this subsection (a) shall not inure to the benefit of any Holder or Participating Broker-Dealer from whom the person
asserting any such losses, claims, damages or liabilities purchased the Securities concerned, to the extent that a prospectus relating to such Securities was required to be delivered by such Holder or Participating Broker-Dealer under the Securities
Act in connection with such purchase and any such loss, claim, damage or liability of such Holder or Participating Broker-Dealer results from the fact that there was not sent or given to such person, at or prior to the written confirmation of the
sale of such Securities to such person, a copy of the final prospectus if the Issuer or the Parent had previously furnished copies thereof to such Holder or Participating Broker-Dealer; provided further, however, that this indemnity
agreement will be in addition to any liability which the Issuer may otherwise have to such Indemnified Party. The Issuer and the Parent shall also indemnify underwriters, their officers and directors and each person who controls such underwriters
within the meaning of the Securities Act or the Exchange Act to the same extent as provided above with respect to the indemnification of the Holders of the Securities if requested by such Holders. 
  
 (b) Each Holder of the Securities, severally and not
jointly, will indemnify and hold harmless the Issuer, the Parent and each person, if any, who controls the Issuer within the meaning of the Securities Act or the Exchange Act from and against any losses, claims, damages or liabilities or any actions
in respect thereof, to which the Issuer, the Parent or any such controlling person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or actions arise out of or are based
upon any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus relating to a Shelf Registration, or arise out of
or are based upon the omission or alleged omission to state therein a material fact necessary to make the statements therein not misleading, but in each case only to the extent that the untrue statement or omission or alleged untrue statement or
omission was made in reliance upon and in conformity with written information pertaining to such Holder and furnished to the Issuer or the Parent by or on behalf of such Holder specifically for inclusion therein; and, subject to the limitation set
forth immediately preceding this clause, shall reimburse, as incurred, the Issuer or the Parent for any legal or other expenses reasonably incurred by the Issuer, the Parent or any such controlling person in connection with investigating or
defending any loss, claim, damage, liability or action in respect thereof. This indemnity agreement will be in addition to any liability which such Holder may otherwise have to the Issuer, the Parent or any of the Issuer’s controlling persons.

  
 (c) Promptly after receipt by an indemnified
party under this Section 5 of notice of the commencement of any action or proceeding (including a governmental investigation), such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section
5, notify the indemnifying party of the commencement thereof; but the failure to notify the indemnifying party shall not relieve the indemnifying party from any liability that it may have under subsection (a) or (b) above except to the extent that
it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided further that the failure to notify the indemnifying party shall not relieve it from any liability that it may have to
an indemnified party otherwise than under subsection (a) or (b) above. In case any such action is brought against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled to
participate therein and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party (which counsel shall not, except
with the consent of the indemnified party, be counsel to the indemnifying party), and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof the indemnifying party will not be liable to
such indemnified party under this 

  

 11 

 
Section 5 for any legal or other expenses, other than reasonable costs of investigation, subsequently incurred by such indemnified party in connection with
the defense thereof. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and the
indemnified party shall have mutually agreed to the contrary; (ii) the indemnifying party has failed within a reasonable time to retain counsel reasonably satisfactory to the indemnified party; (iii) the indemnified party shall have reasonably
concluded that there may be legal defenses available to it that are different from or in addition to those available to the indemnifying party; or (iv) the named parties in any such proceeding (including any impleaded parties) include both the
indemnifying party and the indemnified party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood and agreed that the indemnifying party shall
not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and expenses or more than one separate firm (in addition to any local counsel) for all indemnified parties, and that all such fees and
expenses shall be reimbursed as they are incurred. Any such separate firm for any Initial Purchaser, its affiliates, directors and officers and any control persons of such Initial Purchaser shall be designated in writing by CSFB and any such
separate firm for the Issuer, its directors and officers and any control persons of the Issuer shall be designated in writing by the Issuer. No indemnifying party shall, without the prior written consent of the indemnified party; provided that such
consent is not unreasonably withheld or delayed, effect any settlement of any pending or threatened action in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified
party unless such settlement (i) includes an unconditional release of such indemnified party from all liability on any claims that are the subject matter of such action, and (ii) does not include a statement as to or an admission of fault,
culpability or a failure to act by or on behalf of any indemnified party. 
  
 (d) If the indemnification provided for in this Section 5 is unavailable or insufficient (although applicable in accordance with its terms) to hold harmless an indemnified party under subsections (a) or (b) above,
then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to in subsection (a) or (b) above (i) in such
proportion as is appropriate to reflect the relative benefits received by the indemnifying party or parties on the one hand and the indemnified party on the other from the exchange of the Securities, pursuant to the transactions contemplated by this
Agreement, or (ii) if the allocation provided by the foregoing clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault
of the indemnifying party or parties on the one hand and the indemnified party on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities (or actions in respect thereof) as well as any
other relevant equitable considerations. The relative fault of the parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by the Issuer on the one hand or such Holder or such other indemnified party, as the case may be, on the other, and the parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission. The amount paid by an indemnified party as a result of the losses, claims, damages or liabilities referred to in the first sentence of this subsection (d) shall be deemed to include any legal or other
expenses reasonably incurred by such indemnified party in connection with investigating or defending any action or claim which is the subject of this subsection (d). Notwithstanding any other provision of this Section 5(d), the Holders of the
Securities shall not be required to contribute any amount in excess of the amount by which the net proceeds received by such Holders from the sale of the Securities pursuant to a Registration Statement exceeds the amount of damages which such
Holders have otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this paragraph (d), each person, if any, who controls such indemnified party within the 

  

 12 

 
meaning of the Securities Act or the Exchange Act shall have the same rights to contribution as such indemnified party and each person, if any, who controls
the Issuer within the meaning of the Securities Act or the Exchange Act shall have the same rights to contribution as the Issuer. 
  
 (e) The agreements contained in this Section 5 shall survive the sale of the Securities pursuant to a Registration Statement and shall
remain in full force and effect, regardless of any termination or cancellation of this Agreement or any investigation made by or on behalf of any indemnified party. 
  
 6. Additional Dividends Under Certain Circumstances. 
  
 (a) Additional cumulative preferential dividends (the “Additional Dividends”) with respect
to the Securities shall accumulate as follows if any of the following events occur (each such event in clauses (i) through (vi) below being herein called a “Registration Default”): 
  
 (i) if the Issuer fails to file the Exchange Offer
Registration Statement or a Shelf Registration Statement with the Commission on or prior to the 365th day after the Closing Date (which date may be extended to the 455th day after the Closing Date if the Initial Purchasers have exercised the Flip Request); 
  
 (ii) unless a Shelf Registration Statement has been filed, if the Registered Exchange Offer is not
consummated by the 455th day after the Closing Date (which date may be extended to the 545th day after the Closing
Date if the Initial Purchasers have exercised the Flip Request); 
  
 (iii) if obligated to file a Shelf Registration Statement pursuant to Section 2(i), a Shelf Registration Statement is not declared effective by the Commission by the 455th day after the Closing Date (which date may be extended to the 545th day after the Closing Date if the Initial Purchasers have exercised the Flip Request); 
  
 (iv) if obligated to file a Shelf Registration Statement pursuant to Section 2(ii), (iii) or (iv), the Shelf Registration Statement is not
declared effective on or prior to the 60th day after the date on which the obligation to file a Shelf Registration
Statement arises; or 
  
 (v) if after either the
Exchange Offer Registration Statement or the Shelf Registration Statement, as the case may be, is declared effective (A) such Registration Statement thereafter ceases to be effective; or (B) such Registration Statement or the related prospectus
ceases to be usable (except as permitted in paragraph (b)) in connection with resales of Transfer Restricted Securities during the periods specified herein because either (1) any event occurs as a result of which the related prospectus forming part
of such Registration Statement would include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein in the light of the circumstances under which they were made not misleading or (2) it
shall be necessary to amend such Registration Statement or supplement the related prospectus, to comply with the Securities Act or the Exchange Act or the respective rules thereunder. 
  
 Each of the foregoing will constitute a Registration Default whatever the reason for any such event and whether it is
voluntary or involuntary or is beyond the control of the Issuer or pursuant to operation of law or as a result of any action or inaction by the Commission. 
  
 Additional dividends shall accumulate on the Securities over and above the otherwise applicable dividends set forth in “Description of the Preferred
Stock” in the Offering Circular from and including the date on which any such Registration Default shall occur to but excluding the date on which all such Registration Defaults have been cured, at a rate of 1.00% per annum (the 

  

 13 

 
“Additional Dividend Rate”) until all Registration Defaults have been cured. In no event shall the Issuer be obligated to pay Additional
Dividends under more than one of the clauses in this Section 6(a) at any one time and, in the case of a Shelf Registration (other than a Shelf Registration filed under the circumstances described in Section 2(i) or Section 2(ii)), it is expressly
understood that Additional Dividends should accrue only with respect to Securities so requested to be registered pursuant to Section 2 hereof. 
  
 (b) A Registration Default referred to in Section 6(a)(vi) hereof shall be deemed not to have occurred and be continuing in relation to a
Shelf Registration Statement or the related prospectus if (i) such Registration Default has occurred solely as a result of (x) the filing of a post-effective amendment to such Shelf Registration Statement to incorporate annual audited financial
information with respect to the Issuer where such post-effective amendment is not yet effective and needs to be declared effective to permit Holders to use the related prospectus, (y) other material events with respect to the Issuer that would need
to be described in such Shelf Registration Statement or the related prospectus or (z) the suspension of the effectiveness of such Registration Statement because the Issuer does not wish to disclose publicly a pending material business transaction
that has not yet been publicly disclosed, and (ii) in the case of clause (y), the Issuer is proceeding promptly and in good faith to amend or supplement such Shelf Registration Statement and related prospectus to describe such events;
provided, however, that if (A) in the case of a Registration Default described in clause(i)(x), such Registration Default occurs for a continuous period in excess of 30 days and (B) in the case of a Registration Default described in
clause(i)(y) or (i)(z), such Registration Default occurs for a period of more than 45 days in any three-month period or more than an aggregate of 90 days in any 12-month period, then Additional Dividends shall accrue in accordance with the above
paragraph from the day such Registration Default occurs until such Registration Default is cured. 
  
 (c) Any amounts of Additional Dividends due pursuant to Section 6(a) will be payable in the same manner as the regular dividend payment on
the regular interest payment dates with respect to the Securities. The amount of Additional Dividends will be determined by multiplying the applicable Additional Dividend Rate by the aggregate liquidation preference of the Securities and further
multiplied by a fraction, the numerator of which is the actual number of days such Additional Dividend Rate was applicable during such period (determined on the basis of a 360 day year comprised of twelve 30 day months), and the denominator of which
is 360. 
  
 (d) “Transfer Restricted
Securities” means each Security until (i) the date on which such Security has been exchanged by a person other than a broker-dealer for a freely transferable Exchange Security in the Registered Exchange Offer, (ii) following the exchange by
a broker-dealer in the Registered Exchange Offer of an Initial Security for an Exchange Security, the date on which such Exchange Security is sold to a purchaser who receives from such broker-dealer on or prior to the date of such sale a copy of the
prospectus contained in the Exchange Offer Registration Statement, (iii) the date on which such Security has been effectively registered under the Securities Act and disposed of in accordance with the Shelf Registration Statement or (iv) the date on
which such Security is distributed to the public pursuant to Rule 144 under the Securities Act or is saleable pursuant to Rule 144(k) under the Securities Act. 
  

7. Agreement to Provide Information. The Parent shall use commercially reasonable efforts to file the reports required to be filed by it under
the Securities Act and the Exchange Act in a timely manner and, if at any time the Parent is not required to file such reports, it will, upon the request of any Holder of Transfer Restricted Securities, make publicly available other information so
long as reasonably necessary to permit sales of their securities pursuant to Rules 144 and 144A. The Issuer will provide a copy of this Agreement to prospective purchasers of Initial Securities identified to the Issuer or the Parent by the Initial
Purchasers upon request. Upon the request of any Holder of Initial Securities, the Issuer shall deliver to such Holder a written statement as to whether it has complied with such requirements. Notwithstanding the foregoing, nothing in this Section 7
shall be deemed to require the Issuer to register any of their securities pursuant to the Exchange Act. 
  

 14 

 8. Underwritten Registrations. If any of the Transfer Restricted Securities covered by any Shelf
Registration are to be sold in an Underwritten Offering, the investment banker or investment bankers and manager or managers that will administer the offering (“Managing Underwriters”) will be selected by the Holders of a majority
in aggregate principal amount of such Transfer Restricted Securities to be included in such offering. 
  
 No person may participate in any Underwritten Offering hereunder unless such person (i) agrees to sell such person’s Transfer Restricted Securities
on the basis reasonably provided in any underwriting arrangements approved by the persons entitled hereunder to approve such arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements
and other documents reasonably required under the terms of such underwriting arrangements. 
  
 9. Miscellaneous. 
  
 (a) Remedies. The Issuer and the Parent acknowledges and agrees that any failure by the Issuer to comply with its obligations under Section 1 and 2 hereof may result in material irreparable injury to the
Initial Purchasers or the Holders for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of any such failure, the Initial Purchasers or any Holder may obtain
such relief as may be required to specifically enforce the Issuer’s obligations under Sections 1 and 2 hereof. The Issuer further agrees to waive the defense in any action for specific performance that a remedy at law would be adequate.

  
 (b) No Inconsistent Agreements. The
Issuer will not on or after the date of this Agreement enter into any agreement with respect to its securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. The
rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of the Issuer’s securities under any agreement in effect on the date hereof. 
  
 (c) Amendments and Waivers. The provisions of this
Agreement may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, except by the Issuer and the written consent of the Holders of a majority in principal amount of the
Securities affected by such amendment, modification, supplement, waiver or consents. Without the consent of the Holder of each Security, however, no modification may change the provisions relating to the payment of Additional Dividends. Subject to
the foregoing sentence, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders of Securities whose Securities are being sold pursuant to a Registration Statement and that
does not directly or indirectly affect, impair, limit or compromise the rights of other Holders of Securities may be given by Holders of at least a majority in aggregate principal amount of the Securities being sold pursuant to such Registration
Statement. 
  
 (d) Notices. All notices
and other communications provided for or permitted hereunder shall be made in writing by hand delivery, first-class mail, facsimile transmission, or air courier which guarantees overnight delivery: 
  
 (1) if to a Holder of the Securities, at the most current
address given by such Holder to the Issuer. 
  
 (2) if to the Initial Purchasers: 
  
 c/o Credit Suisse
First Boston LLC 
 Eleven Madison Avenue 
 New York, NY 10010-3629 
 Fax No.: (212) 325-8278 
 Attention: Transactions Advisory Group 
  

 15 

 with a copy to: 
  
 Cravath, Swaine & Moore LLP 
 Worldwide Plaza 
 825 Eighth Avenue 
 New York, NY 10019 
 Fax No.: (212) 474-3700

 Attention: LizabethAnn R. Eisen 
  
 (3) if to the Issuer: 
  
 Borden Chemical Inc. 
 180 East Broad Street

 Columbus, OH 43215 
 Attention: General Counsel 
  
 with a
copy to: 
  
 O’Melveny & Myers LLP 
 Times Square Tower 
 7 Times Square

 New York, NY 10036 
 Fax No.:
(212) 326-2061 
 Attention: William Kuesel 
  
 All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; three
business days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged by recipient’s facsimile machine operator, if sent by facsimile transmission; and on the day delivered, if sent by overnight air courier
guaranteeing next day delivery. 
  
 (e) Third
Party Beneficiaries. The Holders shall be third party beneficiaries to the agreements made hereunder between the Issuer, on the one hand, and the Initial Purchasers, on the other hand, and shall have the right to enforce such agreements directly
to the extent they may deem such enforcement necessary or advisable to protect their rights or the rights of Holders hereunder. 
  
 (f) Successors and Assigns. This Agreement shall be binding upon the Issuer and its successors and assigns. 
  
 (g) Counterparts. This Agreement may be executed in
any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
  
 (h) Headings. The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
  
 (i) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. 
  

 16 

 (j) Severability. If any one or more of the provisions contained herein, or the
application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or
impaired thereby. 
  
 (k) Securities Held by
the Issuer. Whenever the consent or approval of Holders of a specified number of Securities is required hereunder, Securities held by the Issuer or its affiliates (other than subsequent Holders of Securities if such subsequent Holders are deemed
to be affiliates solely by reason of their holdings of such Securities) shall not be counted in determining whether such consent or approval was given by the Holders of such required number. 
  
 (l) Submission to Jurisdiction. The Issuer hereby
submits to the non-exclusive jurisdiction of, the Federal and state courts in the Borough of Manhattan in The City of New York in any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

  

 17 

 If the foregoing is in accordance with your understanding of our agreement, please sign and return to the
Issuer a counterpart hereof, whereupon this instrument, along with all counterparts, will become a binding agreement among the several Initial Purchasers and the Issuer in accordance with its terms. 
  

			
	Very truly yours,
	
	 HEXION ESCROW CORP.,

		
	 by
	 	 /s/ George F. Knight

	 Name:
	 	 George F. Knight

	 Title:
	 	 Vice President

	
	 BORDEN CHEMICAL, INC.,

		
	 By
	 	 /s/ George F. Knight

	 Name:
	 	 George F. Knight

	 Title:
	 	 Vice President

  

 18 

 The foregoing Registration Rights Agreement is hereby confirmed and accepted as of the date first above written.

  

			
	CREDIT SUISSE FIRST BOSTON LLC,
as representative of the Initial Purchasers,
		
	by	 	 /s/ Malcolm Price

	Name:	 	Malcolm Price
	Title:	 	Managing Director

  

 19 

 ANNEX A 
  
 Each broker-dealer that receives Exchange Securities for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus
in connection with any resale of such Exchange Securities. The Letter of Transmittal states that by so acknowledging and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter” within the meaning
of the Securities Act. This Prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of Exchange Securities received in exchange for Initial Securities where such Initial
Securities were acquired by such broker-dealer as a result of market-making activities or other trading activities. The Issuer has agreed that, for a period of 180 days after the Expiration Date (as defined herein), it will make this Prospectus
available to any broker-dealer for use in connection with any such resale. See “Plan of Distribution.” 

 ANNEX B 
  
 Each broker-dealer that receives Exchange Securities for its own account in exchange for Initial Securities, where such Initial Securities were acquired
by such broker-dealer as a result of market-making activities or other trading activities, must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. See “Plan of Distribution.”

 ANNEX C 
  
 PLAN OF DISTRIBUTION 
  
 Each broker-dealer that receives Exchange Securities for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus
in connection with any resale of such Exchange Securities. This Prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of Exchange Securities received in exchange for Initial
Securities where such Initial Securities were acquired as a result of market-making activities or other trading activities. The Issuer has agreed that, for a period of 180 days after the Expiration Date, it will make this prospectus, as amended or
supplemented, available to any broker-dealer for use in connection with any such resale. In addition, until, 200, all dealers effecting transactions in the Exchange Securities may be required to deliver a prospectus.1 
  
 The Issuer will not receive any proceeds from
any sale of Exchange Securities by broker-dealers. Exchange Securities received by broker-dealers for their own account pursuant to the Exchange Offer may be sold from time to time in one or more transactions in the over-the-counter market, in
negotiated transactions, through the writing of options on the Exchange Securities or a combination of such methods of resale, at market prices prevailing at the time of resale, at prices related to such prevailing market prices or negotiated
prices. Any such resale may be made directly to purchasers or to or through brokers or dealers who may receive compensation in the form of commissions or concessions from any such broker-dealer or the purchasers of any such Exchange Securities. Any
broker-dealer that resells Exchange Securities that were received by it for its own account pursuant to the Exchange Offer and any broker or dealer that participates in a distribution of such Exchange Securities may be deemed to be an
“underwriter” within the meaning of the Securities Act and any profit on any such resale of Exchange Securities and any commission or concessions received by any such persons may be deemed to be underwriting compensation under the
Securities Act. The Letter of Transmittal states that, by acknowledging that it will deliver and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter” within the meaning of the Securities Act.

  
 For a period of 180 days after the Expiration Date the Issuer
will promptly send additional copies of this Prospectus and any amendment or supplement to this Prospectus to any broker-dealer that requests such documents in the Letter of Transmittal. The Issuer has agreed to pay all expenses incident to the
Exchange Offer (including the expenses of one counsel for the Holders of the Securities) other than commissions or concessions of any brokers or dealers and will indemnify the Holders of the Securities (including any broker-dealers) against certain
liabilities, including liabilities under the Securities Act. 

	1	In addition, the legend required by Item 502(e) of Regulation S- K will appear on the inside front cover page of the Exchange Offer prospectus below the Table of
Contents. 

 ANNEX D 
  

	 ̈	CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO. 

  

			
	Name:	 	  

	Address:	 	  

  
 If the undersigned is not a
broker-dealer, the undersigned represents that it is not engaged in, and does not intend to engage in, a distribution of Exchange Securities. If the undersigned is a broker-dealer that will receive Exchange Securities for its own account in exchange
for Initial Securities that were acquired as a result of market-making activities or other trading activities, it acknowledges that it will deliver a prospectus in connection with any resale of such Exchange Securities; however, by so acknowledging
and by delivering a prospectus, the undersigned will not be deemed to admit that it is an “underwriter” within the meaning of the Securities Act.

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