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Mutual Release Dated July 28, 2000

This is an actual contract by Borden Chemicals & Plastics.
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MUTUAL RELEASE AND TERMINATION AGREEMENT
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This MUTUAL RELEASE AND TERMINATION AGREEMENT (this "Agreement") dated as of July 28, 2000 is made by and between Borden Chemicals and Plastics Operating Limited Partnership, a Delaware limited partnership ("Seller"), and Borden Chemical, Inc., a Delaware corporation ("Purchaser").


R E C I T A L S
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WHEREAS, Seller and Purchaser are parties to that certain Conveyance and Transfer Agreement dated as of June 27, 2000 (the "Conveyance Agreement");


WHEREAS, Seller and Purchaser are parties to that certain Formaldehyde Processing Agreement dated as of November 30, 1987, as amended (the "Formaldehyde Processing Agreement");


WHEREAS, Seller and Purchaser are parties to that certain Ammonia Purchase Agreement dated as of November 30, 1987, as amended (the "Ammonia Purchase Agreement");


WHEREAS, Seller and Purchaser are parties to that certain Urea Formaldehyde Concentrate Processing Agreement dated as of November 30, 1987, as amended (the "Urea Formaldehyde Concentrate Processing Agreement");


WHEREAS, Seller and Purchaser are parties to that certain Methanol Purchase Agreement dated as of November 30, 1987, as amended, and that certain Option Agreement dated as of December 23, 1998, extending the term thereof (collectively, the "Methanol Purchase Agreement"); and


WHEREAS, as a mutual condition to their respective obligations under the Conveyance Agreement, Seller and Purchaser are required to enter into this Agreement in order to release each other from their respective liabilities, duties and obligations arising under the Formaldehyde Processing Agreement, Ammonia Purchase Agreement, Urea Formaldehyde Concentrate Processing Agreement and Methanol Purchase Agreement;


NOW THEREFORE, in consideration of the covenants and agreements set forth in the Conveyance Agreement and in further consideration of the mutual covenants and agreements contained herein, the parties hereto agree as follo
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