Document:

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                                                                   Exhibit 10.53

                         UNITED STATES BANKRUPTCY COURT
                              DISTRICT OF DELAWARE

In re:                                  :
                                        :   Jointly Administered
BORDEN CHEMICALS AND                    :   Case No. 01-1268 (PJW)
PLASTICS OPERATING LIMITED              :
PARTNERSHIP, a Delaware limited         :
partnership, et al.,                    :   Chapter 11
                                        :
                       Debtors.         :

           BRIDGE ORDER AUTHORIZING EXTENSION OF DEBTOR'S OBLIGATIONS
            UNDER A MODIFIED LOAN AGREEMENT WITH BORDEN CHEMICALS AND
                     PLASTICS OPERATING LIMITED PARTNERSHIP

          This matter coming before the Court on the Motion of Debtors and
Debtors in Possession for Authority to Extend the Obligations of Borden
Chemicals and Plastics Operating Limited Partnership Under Modified Loan
Agreement With BCP Management, Inc. (the "Motion"); the Court having heard the
preliminary statements of counsel in support of the relief requested in the
Motion at a hearing held on April 24, 2002 (the "Hearing") at which certain
parties in interest were present; and the Court having determined that the legal
and factual bases set forth in the Motion and at the Hearing establish just
cause for granting on a bridge basis the relief requested in the Motion;

          THE COURT HEREBY FINDS THAT:

          A.   The Court has jurisdiction over this matter pursuant to 28
U.S.C. Sections 157 and 1334.

          B.   This is a core proceeding pursuant to 28 U.S.C. Section
157(b)(2)(M) and (O).

          C.   No objections to the entry of a bridge order were made by any
party in interest present at the Hearing.

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          D.   The obligation of the Debtor to loan money under the original
Loan Agreement expires on April 30, 2002. A sound business purpose exists for
the Debtor to extend its obligations under the Modified Loan Agreement (as that
term is defined in the Motion), pursuant to section 363(b) of the United States
Bankruptcy Code, 11 U.S.C. Sections 101-1330 (the "Bankruptcy Code"). In
addition, the extension of its obligations under the Modified Loan Agreement is
appropriate under Section 105 of the Bankruptcy Code.

          IT IS HEREBY ORDERED THAT:

          1.   The Motion is GRANTED on a bridge basis.

          2.   Capitalized terms not otherwise defined herein shall have the
meanings given to them in the Motion, the Modified Loan Agreement, or the Note
contemplated thereby.

          3.   The terms and conditions of the Modified Loan Agreement, Note,
and Borrowing Certificate are hereby approved on a bridge basis.

          4.   The Debtor is hereby authorized to borrow on a bridge basis up to
$6,000,000 from BCP Management, Inc., in accordance with the terms and
conditions of the Modified Loan Agreement.

          5.   A final hearing on the Motion shall be held on May 23, 2002 at
11:00 a.m. EST. Objections to the Motion shall be filed and served on or before
May 16, 2002 at 5:00 p.m. EST.

          IT IS SO ORDERED.

Dated:  April 30, 2002                        /s/ Peter J. Walsh
                                            ------------------------------
                                            HONORABLE PETER J. WALSH

                                        2<PAGE>

                                                                   Exhibit 10.54

                         UNITED STATES BANKRUPTCY COURT
                              DISTRICT OF DELAWARE

In re:                                  :
                                        :     Jointly Administered
BORDEN CHEMICALS AND                    :     Case No. 01-1268 (PJW)
PLASTICS OPERATING LIMITED              :
PARTNERSHIP, a Delaware limited         :
partnership, et al.,                    :     Chapter 11
                                        :
                       Debtors.         :

                      FINAL ORDER AUTHORIZING EXTENSION OF
                     BORDEN CHEMICALS AND PLASTICS OPERATING
               LIMITED PARTNERSHIP'S OBLIGATIONS UNDER A MODIFIED
            LOAN AGREEMENT WITH BCP MANAGEMENT, INC. (DOCKET NO. 735)

          This matter coming before the Court on the Motion of Debtors and
Debtors in Possession for Authority to Extend Obligations of Borden Chemicals
and Plastics Operating Limited Partnership Under a Modified Loan Agreement with
BCP Management, Inc. (the "Motion"); and the Court having entered a bridge order
approving the Motion on a bridge basis; and the Court having held a final
hearing (the "Final Hearing") on May 23, 2002; and the Court having determined
that the legal and factual bases set forth in the Motion and at the Final
Hearing establish just cause for granting on a final basis the relief requested
in the Motion;

          THE COURT HEREBY FINDS THAT:

          A.   The Court has jurisdiction over this matter pursuant to 28
U.S.C. Sections 157 and 1334.

          B.   This is a core proceeding pursuant to 28 U.S.C. Section
157(b)(2)(D)(M) and (O).

          C.   Notice of the Motion and the Final Hearing was sufficient under
the circumstances.

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          D.   A sound business purpose exists for Debtor Borden Chemicals And
Plastics Operating Limited Partnership ("BCP") to extend its obligations under
the Modified Loan Agreement (as that term is defined in the Motion) with BCP
Management, Inc. ("BCPM"), pursuant to sections 105(a), 363 and 364(b) of the
United States Bankruptcy Code, 11 U.S.C. Sections 101-1330, Rule 4001 of the
Federal Rules of Bankruptcy Procedure, and Del. Bankr. LR 9006-2.

          IT IS HEREBY ORDERED THAT:

          1.   The Motion is GRANTED on a final basis.

          2.   Capitalized terms not otherwise defined herein shall have the
meanings given to them in the Motion, the Modified Loan Agreement or the Note
contemplated thereby.

          3.   The terms and conditions of the Modified Loan Agreement, Note and
Borrowing Certificate are hereby approved, except that the loan amount is
limited to $4,500,000 and there shall be no sub-limits with respect to the loan.

          4.   BCP is authorized to borrow up to $4,500,000 from BCPM, in
accordance with the terms and conditions of the Modified Loan Agreement, through
June 30, 2002, and that the loan will mature and be payable on June 30, 2002,
unless otherwise modified or extended by further Court order.

          IT IS SO ORDERED.

Dated:  May 23, 2002                       /s/ Peter J. Walsh
                                        ------------------------------
                                        HONORABLE PETER J. WALSH

                                        2<PAGE>

                                                                   Exhibit 10.55

                   FIRST AMENDMENT TO MODIFIED LOAN AGREEMENT
                           AND FIRST AMENDMENT TO NOTE

          THIS FIRST AMENDMENT TO MODIFIED LOAN AGREEMENT AND FIRST AMENDMENT TO
NOTE (the "Amendment") is made and entered into to be effective as of May 23,
2002, by and between BORDEN CHEMICALS AND PLASTICS OPERATING LIMITED
PARTNERSHIP, a Delaware limited partnership, in its capacity as
debtor-in-possession under that certain Chapter 11 bankruptcy case filed as Case
No. 01-1268 (the "Case") filed on April 3, 2001 with the United States
Bankruptcy Court for the District of Delaware (the "Court") (the "Borrower"),
and BCP MANAGEMENT, INC., a Delaware corporation, in its capacity as
debtor-in-possession under that certain Chapter 11 bankruptcy case filed as Case
No. 02-10875 (the "Lender Case") filed on March 22, 2002 with the Court (the
"Lender"). For valuable consideration, the receipt, sufficiency and adequacy of
which are hereby acknowledged, the Borrower and the Lender, intending to be
legally bound, hereby recite and agree as follows:

                                    Recitals

          A.   On April 30, 2002, the Borrower and the Lender entered into that
certain Modified Loan Agreement (the "Loan Agreement") pursuant to which the
Lender agreed to lend to the Borrower up to $6,000,000 subject to the terms and
conditions contained therein. The borrowings under the Loan Agreement were
evidenced further by that certain Note in the original principal amount of
$6,000,000 executed by the Borrower in favor of the Lender on April 30, 2002
(the "Note").

          B.   The Court has this day issued in the Lender Case a Final Order
Authorizing Extension of Debtor's Obligations under a Modified Loan Agreement
with Borden Chemicals and Plastics Operating Limited Partnership Through June
30, 2002 (the "Order") authorizing the extension of the maturity date under the
Loan Agreement until June 30, 2002 and the reduction of the Commitment to
$4,500,000.

          C.   The Borrower and the Lender mutually wish to amend the Loan
Agreement, according to the terms and conditions hereinafter set forth.

                                    Agreement

          1.   Definitions. All capitalized terms used herein which are
defined in the Loan Agreement shall have the same meanings when used herein.

          2.   Amendments to the Loan Agreement and Note. As of the date
hereof, the Loan Agreement shall be and hereby is amended and modified as
follows:

               a. The definition of "Maturity Date" contained in Section
     1.1 of the Loan Agreement is hereby modified to delete therefrom the
     phrase "May 23, 2002" and replace it with the phrase "June 30, 2002".

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               b. All references in the Loan Agreement and the Note to "Six
     Million Dollars" and "$6,000,000" are hereby deleted and replaced with
     "Four Million Five Hundred Thousand Dollars" and "$4,500,000",
     respectively.

               c. Section 2.1 of the Loan Agreement is hereby amended (i)
     by deleting therefrom the phrase ", subject to the sublimits set forth
     in this Section 2.1" from the first sentence, (ii) by deleting the
     phrase "May 23, 2002" and replacing it with "June 30, 2002" and (iii)
     by deleting all words appearing after the semi-colon in the second
     sentence.

               d. Exhibit B to the Loan Agreement is hereby amended to
     delete paragraph 4 therefrom.

          3.   Confirmation and Ratification. Except as specifically modified
and amended pursuant to the terms hereof, the Loan Agreement remains unchanged
and in full force and effect as written. The parties hereto hereby ratify and
confirm in all respects, as of the date hereof, all of the terms, conditions,
representations, warranties, covenants and provisions contained therein, as
modified and amended hereby, and the Borrower hereby confirms and ratifies in
all respects all of the Obligations.

          4.   No Default. The Borrower hereby ratifies and confirms that there
are no Defaults or Events of Default which have occurred and are continuing as
of the date hereof.

          5.   Governing Law. This Amendment, and the rights and obligations of
the parties hereunder, shall be governed by, and construed and interpreted in
accordance with, the laws of the State of Ohio, except and only to the extent
precluded by other laws of mandatory application. Notwithstanding the foregoing,
the Court shall retain jurisdiction over this Amendment and the forum for any
action relating hereto shall be the Court.

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

                                  BORDEN CHEMICALS AND PLASTICS
                                  OPERATING LIMITED PARTNERSHIP, a Delaware
                                  limited partnership

                                  By: BCP Management, Inc., a Delaware
                                  corporation, its general partner

                                  By:
                                     ------------------------------------------
                                     Mark J. Schneider
                                     President and Chief Executive Officer

                                  BCP MANAGEMENT, INC.
                                  a Delaware corporation

                                  By:
                                     ------------------------------------------
                                     Mark J. Schneider
                                     President and Chief Executive Officer

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