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<br />Paris Economic Development Corporation <br />June 4, 2003 <br />Page 1 of 5 <br /> <br /> <br />June 4, 2003 <br /> <br /> <br />Mr. Gary Vest <br />Paris Economic Development Corporation <br />1125 Bonham Street <br />Paris, TX 75460 <br /> <br /> <br />Dear Gary: <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 ' <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: Paris Economic Development Corporation <br /> <br />Facility: 1) Revolving Line of Credit <br /> 2) 5-Year Term Out of above Line of Credit <br /> 3) Revolving Line of Credit <br /> <br />Amount of Loan: 1) $1,000,000 <br /> 2) $1,000,000 <br /> 3) $1,000,000 <br /> <br />Purpose: 1) Provide funds for project Holt <br /> 2) Term out line of credit facility for project Holt <br /> 3) Provide funds as deemed appropriate by the PEDC <br /> for working capital . <br />Interest Rate: <br />Taxable Rate Options: <br /> 1) Floating rate of I-month LIBOR plus 1.44 BPS <br /> (current rate would be 2.76%). <br /> 2) Wall 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 />