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<br /> FIRST ADDENDUM TO <br /> SECURITY AGREEMENT <br /> (CONSUMER GOODS, EQUIPMENT AND FARM PRODUCTS) <br /> <br /> THE STATE OF TEXAS )( <br /> )( KNOW ALL MEN BY THESE PRESENTS: <br /> COUNT OF LAMAR )( <br /> <br /> This First Addendum to Security Agreement (Consumer Goods, Equipment and Farm <br /> Products), between Paris Packaging, Inc. and Paris Economic Development Corporation (the <br /> "Addendum") is made and entered into by and between Paris Packaging, Inc. ("Debtor") and <br /> Paris Economic Development Corporation ("Secured Party") as of the date hereinafter set forth. <br /> <br /> This is an addendum to that certain agreement entitled "Security. Agreement (Consumer <br /> Goods, Equipment and Farm Products)," by'and between the Debtor and the Secured Party, <br /> executed as of July 15, 1998 (the "Security Agreement"). <br /> <br /> 1. The third paragraph of the Security Agreement is hereby amended to read as follows: <br /> <br /> "This security interest is to secure the payment of an indebtedness owing by <br /> Debtor to Secured Party and evidenced by that one certain promissory note, dated July <br /> 15, 1998, in the original principal amount of $4,000,000.00 executed by Debtor, as <br /> renewed and extended by that one certain renewal and extension promissory noted dated <br /> July l, 2003, in the principal amount of $3,392,165.54 executed by Maker, payable to the <br /> order of Secured Party as follows: <br /> <br /> BEARING INTEREST AT 7% PER ANNUM, WITH 165 MONTHLY PAYMENTS, <br /> COMMENCING JULY 15, 2003, IN THE AMOUNT OF $32,000 AND ONE <br /> MONTHLY PAYMENT OF THE UNPAID BALANCE DUE AND PAYABLE ON <br /> APRIL 15, 2017. <br /> <br /> Providing for acceleration of maturity and for attorney's fees and to secure all renewal <br /> andextensions of all or any part of said indebtedness hereby secured." <br /> <br /> 2. NOTWITHSTANDING ANYTHING TO THE CONTRARY, THE SECURITY <br /> INTEREST IN THE COLLATERAL EVIDENCED BY THE SECURITY AGREEMENT AS <br /> AMENDED BY THIS ADDENDUM IS SUBORDINATE IN ALL RESPECTS TO (1) THE <br /> FIRST PRIORITY SECURITY INTEREST GRANTED TO HIBERNIA NATIONAL BANK <br /> AND ITS SUCCESSORS AND ASSIGNS, AND (2) THE SECOND AND EQUAL PRIORITY <br /> SECURITY INTERESTS GRANTED TO EARL D. BELLAMY AND DONALD G. WILSON, <br /> AND THEIR RESPECTIVE HEIRS, PERSONAL REPRESENTATIVES, SUCCESSORS AND. <br /> ASSIGNS (COLLECTIVELY THE "SENIOR DEBT"). <br /> <br /> EXHIBIT C <br /> <br /> <br />