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<br />FIRST ADDENDUM TO <br /> <br />SECURITY AGREEMENT <br />(CONSUMER GOODS, EQUIPMENT AND FARM PRODUCTS) <br /> <br />THE STATE OF TEXAS )( <br />)( <br />COUNTY OF LAMAR )( <br /> <br />KNOW ALL MEN BY THESE PRESENTS: <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 ofJuly 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 1,2003, 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 MONTI-a Y P A Yl\t1ENTS, <br />COMMENCING JULY 15, 2003, IN THE AMOUNT OF $32,000 AND ONE <br />MONTHL Y 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 />and extensions 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 />