2003-072-RES PEDC AUTHORIZING PROMISSORY NOTE TO PARIS PACKAGING

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RENEWAL AND EXTENSION PROMISSORY NOTE July 1,2003 1651 Clarksville Street Paris, Texas 1. RENEWAL AND EXTENSION OF NOTE This Note renews and extends the balance of$3,392,165.54 that Maker owes to Payee on a prior note in the original principal amount of $4,000,000.00, which is' dated July 15, 1998, executed by Paris Packaging Inc. as Maker and payable to the order of Paris Economic Development Corporation as Payee. The prior note is also described in and secured by a Security Agreement, which is dated July 15, 1998, and for which a Financing Statement is recorded in the Office of the Secretary of State of the Sate of Texas. Maker acknowledges that the security interest securing the Note is valid, that it subsists against the collateral, and that the security interest remains in full force and effect to secure the payment of the Note. 2. BORROWER'S PROMISE TO PAY In return for a loan that I have received, I promise to pay U.S. $3,392,165.54 (this amount is called principal"), plus interest, to the order of the Payee. The Payee is PARIS ECONOMIC DEVELOPMENT CORPORATION, Paris, Texas. I understand that the Payee may transfer this Note. The Payee or anyone who takes this Note by transfer and who is entitled to receive payments under this Note is called the "Note Holder." 3. INTEREST Interest will be charged on unpaid principal until the full amount of principal has been paid. I will pay interest at a yearly rate of Seven percent (7.00%). The interest rate required by this Section 2 is the rate I will pay both before and after any default described in Section 6(B) of this Note. 4. PAYMENTS (A) Time and Place of Payments I will pay principal and interest by making payments every month I will make my monthly payments on the 15th day of each month beginning on July 15, 2003. I will make these payments every month until I have paid all of the principal and interest and any other charges described below that I may owe under this Note. My monthly payments will be applied to interest before principal. If, on April 15, 2017, I still owe amounts under this Note, I will pay those amounts in full on that date, which is called the "maturity date." I will make my monthly payments at 1651 Clarksville Street, Paris, Texas 75460 or at a EXHIBIT 11.