Exhibit 10.46

Nobel Insurance company
Suite 402
2296 Henderson Mill Road
Atlanta, Georgia  30345

                                PERFORMANCE BOND

                                                        BOND NUMBER   644927
                                                                    ------------

KNOW ALL MEN BY THESE PRESENTS,  That we, D. B. Western, Inc. hereinafter called
Principal,  and NOBEL INSURANCE  COMPANY,  a corporation  organized and existing
under the laws of the State of Texas, as Surety,  hereinafter called Surety, are
held and firmly bound unto Spurlock Adhesives,  Inc. hereinafter called Obligee,
in the penal sum of Seven Million,  Eight Hundred  Seventy One  Thousand,  Seven
Hundred  Fifty  Eight  Dollars  ($7,871,758.00 --),  for the  payment  whereof
Principal and Surety bind themselves,  their heirs,  executors,  administrators,
successors  and  assigns,  jointly  and  severally,  firmly  by these  presents.
WHEREAS,  Principal has by written  agreement dated September 30, 1997,  entered
into a contract  with the Obligee for HCHO/UFC  Turnkey  Plant "B" in accordance
with the  drawings  and  specifications  prepared by D. B.  Western,  Inc.  NOW,
THEREFORE, THE CONDITION OF THIS OBLIGATION is such, that if the Principal shall
promptly and faithfully  perform the work called for under said  Contract,  then
this obligation shall be null and void;  otherwise it shall remain in full force
and effect.

Whenever  Principal  shall be, and be declared by Obligee to be in default under
the Contract, the Obligee having performed Obligee's obligations hereunder,  the
Surety may:
         (1)      Promptly  remedy  the  default  subject to the  provisions  of
                  paragraph (5) herein; or
         (2)      Complete  the work under the contract in  accordance  with its
                  terms and  conditions  subject to the  provisions of paragraph
                  (5) herein; or
         (3)      Give reasonable notice to Obligee to arrange for completion of
                  Principal's  work under the contract subject to the provisions
                  of paragraph (5) herein; or
         (4)      Obtain  a bid  or  bids  for  submission  to the  Obligee  for
                  completing  the work  called for under the  Contract  and upon
                  determination   by  the  Obligee  and  Surety  of  the  lowest
                  responsible  bondable  bidder  arrange for a contract  between
                  such bidder with  corporate  Surety and Obligee,  and then pay
                  the  Obligee  the  bidder's  price  less  the  balance  of the
                  contract  amount;  subject to the  provisions of paragraph (5)
                  herein;
         (5)      The balance of the contract amount, as defined below, shall be
                  credited against the reasonable cost of completing performance
                  of the work under the  Contract.  If completed by the Obligee,
                  and the  reasonable  cost  exceeds the balance of the contract
                  amount,  the Surety shall pay to the obligee such excess,  but
                  in no event shall the aggregate liability of the Surety exceed
                  the penal sum  amount of this  bond.  If the  Surety  arranges
                  completion or


<PAGE>


NOBEL INSURANCE COMPANY

                               DUAL OBLIGEE RIDER


         Attached to and forming a part of bond #(s) 644927  issued on behalf of
D. B. Western,  Inc.  hereinafter called Principal,  for the benefit of Spurlock
Adhesives,  Inc.  and Key  Bank,  Albany,  N.Y.  and  National  Bank of  Canada,
hereinafter called Obligees.

         1.       The  Surety  shall  not  be  liable  under  this  bond  to the
                  Obligees, or either of them unless the said Obligees or either
                  of them make all  payments to the  principal or (to the Surety
                  in  the  event  the  Surety  arranges  for  completion  of the
                  construction  upon  default  of  the  Principal)  strictly  in
                  accordance  with the  terms  of any  loans,  financing  or any
                  Agreement or  obligations  in place.  Any default by either or
                  any Obligee will  automatically  relieve the Principal and the
                  Surety from performance of the contract.

         2.       Further,  Obligees shall perform all the other  obligations to
                  be  performed  by  the  Obligees  under  any  financing,  Loan
                  Agreement or other Agreement  between  Obligees,  Obligees and
                  Principal  or Obligee and Surety at the time and in the manner
                  herein set forth.  Any default by either or both Obligees will
                  automatically  relieve  the  principal  and  the  Surety  from
                  performance of the contract.

         3.       The  aggregate  limit under this Bond to all Obligees or Owner
                  shall not exceed  the  penalty of the Bond to which this rider
                  is attached.  Further,  NOBEL  INSURANCE  COMPANY shall not be
                  liable  except for a single  payment for each single breach or
                  single default.

         4.       NOBEL INSURANCE COMPANY, at its election, may request that any
                  payment  due the  Obligee  or  Principal  be  issued  to NOBEL
                  INSURANCE COMPANY.

         5.       Further,  NOBEL INSURANCE COMPANY may at its option,  make any
                  payments  under said Bond by check issued jointly to the Owner
                  and the Co-Obligee(s).

SIGNED AND SEALED THIS 9th day of October, 1997, in the presence of:


D.B. Western, Inc.                           Spurlock Adhesives, Inc.
---------------------------------            ---------------------------------
         Principal                                       Obligee



By: /s/                      (Seal)          By: /s/ Irvine R. Spurlock  (Seal)
    -------------------------                    -----------------------
                                                    Title President

NOBEL INSURANCE COMPANY                      Key Bank
                                             ---------------------------------
                                                         Obligee

By: /s/ Arthur H. Jones      (Seal)          By: /s/ Richard C. Van Auken (Seal)
    -------------------------                    ------------------------
       Attorney-In-Fact
       Arthur H. Jones                       National Bank of Canada
                                             ---------------------------------
                                                         Obligee

                                             By: /s/                      (Seal)
                                                 ------------------------
                                                 Title VP


<PAGE>

                             NOBEL INSURANCE COMPANY

                            GENERAL POWER OF ATTORNEY


KNOW  ALL  MEN BY  THESE  PRESENTS,  that  NOBEL  INSURANCE  COMPANY  has  made,
constituted  and  appointed,  and by these  presents does make,  constitute  and
appoint

           J. Russell Tyldesley, Arthur H. Jones, Michael E. Schendel
                            or Catherine M. Mathews

its true and lawful  attorney-in-fact,  for it and in its name, place, and stead
to execute on behalf of the said Company,  as surety,  bonds,  undertakings  and
contracts of suretyship to be given to

                                  ALL OBLIGEES

provided that no bond or  undertaking  or contract of suretyship  executed under
this authority shall exceed in amount the sum of

               ********Eight Million Dollars ($8,000,000)********

         This Power of Attorney is granted and is signed and sealed by facsimile
under and by the authority of the following  Resolution  adopted by the Board of
Directors of the Company on the 24th day of August, 1995.

         "RESOLVED,  that the  Chairman of the Board,  the Vice  Chairman of the
Board, the President,  an Executive Vice President or a Senior Vice President or
a Vice President of the Company, be, and that each or any of them is, authorized
to execute Powers of Attorney qualifying the attorney-in-fact named in the given
Power of Attorney to executive on behalf of the Company, bonds, undertakings and
all contracts of suretyship;  and that an Assistant Vice President,  a Secretary
or an Assistant Secretary be, and that each or any of them hereby, authorized to
attest the  execution of any such Power of Attorney,  and to attach  thereto the
seal of the Company.

         FURTHER RESOLVED,  that the signatures of such officers and the seal of
the Company  may be affixed to any such Power of Attorney or to any  certificate
relating  thereto by  facsimile,  and any such Power of Attorney or  certificate
bearing such  facsimile  signatures or facsimile seal shall be valid and binding
upon the Company  when so affixed  and in the future  with  respect to any bond,
undertaking or contract of suretyship to which it is attached."

         In Witness  Whereof,  NOBEL  INSURANCE  COMPANY has caused its official
seal to be hereunto affixed,  and these presents to be signed by one of its Vice
Presidents and attested by one of its Assistant Vice  Presidents this 1st day of
October, 1995.
<TABLE>
<CAPTION>
<S>                                                    <C>                        <C>   
    Attest:                                            [CORPORATE                 NOBEL INSURANCE COMPANY
                                                       SEAL OF                      By
                                                       NOBEL INSURANCE
                                                       COMPANY]
    /s/ William Osceola Gordon                                                    /s/ Emil B. Askew
    William Osceola Gordon, Assistant Vice President                              Emil B. Askew, Vice President
</TABLE>

STATE OF GEORGIA
                 }  SS:
COUNTY OF DEKALB

         On this 1st day of October,  1995,  before me  personally  came Emil B.
Askew,  to me known,  who being by me duly sworn did depose and say that he is a
Vice President of NOBEL  INSURANCE  COMPANY,  the  corporation  described in and
which  executed  the  above  instrument;  that he  knows  the  seal of the  said
corporation;  that the seal  affixed to the said  instrument  is such  corporate
seal;  that it was so  affixed  by  order  of the  Board  of  Directors  of said
corporation and that he signed his name thereto by like order.

            OFFICIAL SEAL      
           LENORA N. CAPE      
            NOTARY PUBLIC                   /s/ Lenora N. Cape
        MY COMMISSION EXPIRES               Lenora N. Cape
           AUGUST 3, 1998                   NOTARY PUBLIC
                                            My Commission Expires August 3, 1998
       


                                   CERTIFICATE

         I, the undersigned,  an Assistant Secretary of NOBEL INSURANCE COMPANY,
a Texas corporation,  DO HEREBY CERTIFY that the foregoing and attached Power of
Attorney  remains in full force and has not been revoked;  and furthermore  that
the  Resolution  of the  Board of  Directors,  set  forth  in the said  Power of
Attorney, is now in force.

Signed and sealed at the city of Atlanta in the State of Georgia.  Dated the 9th
day of October, 1997.
<TABLE>
<CAPTION>
<S>                                                     <C>
                                [CORPORATE     
                                SEAL OF        
                                NOBEL INSURANCE         /s/ Charles B. Cape
                                COMPANY]                Charles B. Cape,  Assistant Secretary 
</TABLE>