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<br />Paris Economic Development Corporation <br />June 4, 2003 <br />Page I of 5 <br /> <br />June 4, 2003 <br /> <br />-- <br /> <br />Mr. Gal)' Vest <br />Paris Economic Development Corporation <br />1125 Bonham Street <br />Paris, TX 75460 <br /> <br />Dear Gal)': <br /> <br />"On behalf of Hibernia National Bank ("Lender"), I am authorized to extend a <br />commitment to making the following loans to Paris Economic Development <br />Corporation ("PEDC" or "Borrower"), subject to the terms and conditions set forth <br />below. The following terms and conditions are not intended to be exhaustive, since final I <br />documentation of the facilities will require further discussions between Lender and <br />Borrower and approval of Lender's and Borrower's legal counsel. <br /> <br />Borrower: <br /> <br />Paris Economic Development Corporation <br /> <br />Facilitv: <br /> <br />Amount of Loan: <br /> <br />Puroose: <br /> <br />Interest Rate: <br />Taxable Rate Options: <br /> <br />1) <br />2) <br />3) <br /> <br />Revolving Line of Credit <br />5-Year Term Out of above Line of Credit <br />Revolving Line of Credit <br /> <br />1) <br />2) <br />3) <br /> <br />$1,000,000 <br />$1,000,000 <br />$1,000,000 <br /> <br />1) <br />2) <br />3) <br /> <br />Provide funds for project Holt <br />Term out line of credit facility for project Holt <br />Provide funds as deemed appropriate by the PEDC <br />for working capital . <br /> <br />1) Floating rate of I-month LIBOR plus 1.44 BPS <br />(current rate would be 2.76%). <br />2) \-Vall Street Journal Prime Rate minus 0.308 BPS to <br />be fixed at closing (current rate would be 3.942%). <br />3) Same as number (1) above <br /> <br />EXHIBIT J2. <br />